Template-Type: ReDIF-Article 1.0
Author-Name: Mahendra Raj 
Author-X-Name-First: Mahendra 
Author-X-Name-Last: Raj 
Title: Pricing options on short-term interest rates using discrete arbitrage-free models 
Abstract:
  On June 23 1989, the Chicago Board of Options Exchange introduced a new
 option on short-term interest rate. These options were unique in that,
 unlike other interest rate dependent options, there were no assets like
 bonds underlying them. So, when these options are exercized, settlement
 delivery is in cash. These options opened new avenues for investors
 interested in hedging and speculating on interest rate movements. In the
 present study these short-term interest rate option markets are analysed
 utilizing recent developments on discrete interest rate stochastic
 processes. Of the various models developed to price interest contingent
 claims, Ho and Lee (1986) is especially important since these researchers
 use the entire term structure to derive relatively simple arbitrage based
 models. In this study these newly introduced options on interest rates are
 priced and empirically tested using the modified version of a Ho and Lee
 term structure model. 
Journal: Applied Economics Letters 
Pages: 1-3 
Issue: 1 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358339 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358339&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yang-Ming Chang 
Author-X-Name-First: Yang-Ming 
Author-X-Name-Last: Chang 
Author-Name: Victor Tremblay 
Author-X-Name-First: Victor 
Author-X-Name-Last: Tremblay 
Title: Duopsony models with consistent conjectural variations 
Abstract:
  In this note we develop a consistent conjectural variation model that
 generalizes Bresnahan's (1981) results to a duopoly-duopsony setting. This
 is the first duopsony model in which firms are constrained to have
 consistent conjectural variations, and two interesting results emerge.
 First, Bertrand conjectures occur when inputs are homogeneous and when
 input demand functions are horizontal. Second, the consistent conjectures
 equilibrium approaches Cournot when input demand functions are vertical or
 when the firm is a monopolist-monopsonist. This implies that firms will
 behave more competitively in a duopsony setting as inputs and outputs
 become more homogeneous and as input demand functions become relatively
 more elastic. 
Journal: Applied Economics Letters 
Pages: 8-11 
Issue: 1 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358357 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bijou Yang 
Author-X-Name-First: Bijou 
Author-X-Name-Last: Yang 
Author-Name: David Lester 
Author-X-Name-First: David 
Author-X-Name-Last: Lester 
Title: Capital punishment and deterrence: a comment on Cloninger's paper 
Abstract:
  Cloninger (1992) applied the portfolio approach to criminal behaviour and
 illustrated the deterrent effect of capital punishment by use of data from
 1983-1988 across the states of America and the District of Columbia. This
 comment suggests two possible flaws in Cloninger's analyses, which, if
 taken into account, may shed more light on the effect which he purports to
 demonstrate and it suggests that application of the analyses to an earlier
 historical period may be necessary. 
Journal: Applied Economics Letters 
Pages: 12-13 
Issue: 1 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358366 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358366&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Swarna Dutt 
Author-X-Name-First: Swarna 
Author-X-Name-Last: Dutt 
Title: Consistency under exponential forecasting 
Abstract:
  We study the consistency property in the exchange rate expectation
 formation process, which all rational forecasts have, but which itself
 does not require rationality. An alternative test procedure recommended by
 Pesaran (1989) is applied. Survey data helps avoid the risk premium issue
 altogether. The exponential forecasting framework provides evidence of
 bandwagon effects in the expectation formation process. Consistency is
 upheld at the shorter forecast horizon, but breaks down conclusively for
 the longer forecast periods. These results are supported by Froot and Ito
 (1989). 
Journal: Applied Economics Letters 
Pages: 14-18 
Issue: 1 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358375 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358375&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peijie Wang 
Author-X-Name-First: Peijie 
Author-X-Name-Last: Wang 
Author-Name: George Matysiak 
Author-X-Name-First: George 
Author-X-Name-Last: Matysiak 
Title: How do UK regional commercial rents move? 
Abstract:
  An investigation of UK rent movements and adjustment mechanisms shows
 London as unique in contrast with other regions in the country and
 distinguishes retail from office and industrial property markets. Two
 kinds of Granger causality of long run equilibrium and short term dynamics
 have been scrutinized to establish the evidence for our statement. 
Journal: Applied Economics Letters 
Pages: 19-23 
Issue: 1 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Qiang Du 
Author-X-Name-First: Qiang 
Author-X-Name-Last: Du 
Title: Price instability and inflation: empirical evidence from the People's Republic of China 
Abstract:
  The relationship between price instability and inflation is re-examined
 using the data for the People's Republic of China over the period 1953-91.
 The empirical results indicate that Friedman's conjecture of positive
 relationship between price instability and inflation is valid in China,
 where the economic system is quite different from those in market-oriented
 economy countries. Such a validation implies that higher inflation in
 China is unfavourable as it causes higher price instability that will
 reduce the efficiency of price system in allocating resource, hinder
 economic growth and could even result in economic disorder. This also
 suggests that a consistent and stable anti-inflation policy that reduces
 price instability would be preferable in China. 
Journal: Applied Economics Letters 
Pages: 25-28 
Issue: 2 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358302 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358302&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Miles Finney 
Author-X-Name-First: Miles 
Author-X-Name-Last: Finney 
Title: Property tax effects on intrametropolitan firm location: further evidence 
Abstract:
  This paper estimates the determinants of manufacturing firm location in
 an urban area, concentrating on the impact property taxes have on firm
 location. This note, which estimates location probabilities, provides
 further evidence under an alternative methodology on the role local taxes
 play in determining intrametropolitan location. 
Journal: Applied Economics Letters 
Pages: 29-31 
Issue: 2 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358311 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358311&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Johan Bring 
Author-X-Name-First: Johan 
Author-X-Name-Last: Bring 
Title: How not to find the relationship between foreign aid and economic growth 
Abstract:
Journal: Applied Economics Letters 
Pages: 32-33 
Issue: 2 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358320 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358320&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sharmila Choudhury 
Author-X-Name-First: Sharmila 
Author-X-Name-Last: Choudhury 
Title: Government wage differentials for women: do city dwellers earn more? 
Abstract:
  Previous research has shown that female workers, unlike other minorities,
 continue to earn a wage premium in the US public sector. We examine the
 nature of government wage differentials for female workers separately for
 city dwellers and non-city dwellers. A bivariate selectivity approach is
 used which recognizes the endogeneity of the government worker status
 variable and the union choice variable in the wage formation process. The
 public sector wage premium is found to be higher for city dwellers than
 non-city dwellers, pointing to the role of political influence in the
 government wage setting process. 
Journal: Applied Economics Letters 
Pages: 35-38 
Issue: 3 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358258 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358258&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Greasley 
Author-X-Name-First: David 
Author-X-Name-Last: Greasley 
Author-Name: Les Oxley 
Author-X-Name-First: Les 
Author-X-Name-Last: Oxley 
Title: Structural change and unit root testing: British industrial production 1700-1913 
Abstract:
  This paper considers unit root tests of the index of British industrial
 production 1700-1913. For the full sample the data are found to be I(1).
 However, three distinct phases are identified with alternating
 stationarity properties. One period, 1780-1851, is identified as the
 British Industrial Revolution. The results support the findings of Perron
 (1989) and Reichlin (1989) on the dangers of unit root testing in models
 with structural change. 
Journal: Applied Economics Letters 
Pages: 39-40 
Issue: 3 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358267 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358267&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Title: Testing nonlinearities in purchasing power parity 
Abstract:
  This note presents some empirical evidence on the presence of nonlinear
 adjustment in the PPP relationship. Nonlinearities are shown to be
 captured by a polynomial in the error correction term. It is also shown
 that there is some evidence for PPP when the hypothesis is tested over the
 period of the recent floating using the Yen/DM exchange rate. Using the
 residual of the cointegrating regression as an error correction term, two
 error correction models are estimated, and non-nested model selection
 testing reveals that nonlinear adjustment is predominant. 
Journal: Applied Economics Letters 
Pages: 41-43 
Issue: 3 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358276 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358276&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Swarna Dutt 
Author-X-Name-First: Swarna 
Author-X-Name-Last: Dutt 
Author-Name: Dipak Ghosh 
Author-X-Name-First: Dipak 
Author-X-Name-Last: Ghosh 
Title: An empirical investigation of the export growth-economic growth relationship 
Abstract:
  The export growth-economic growth cointegration structure is investigated
 for a large sample of low/middle/high income countries, including the
 newly industrialized ones. Previous Granger causality studies in this area
 are fundamentally flawed due to the absence of any form of pretesting for
 cointegration, hence we forward our study. Extensive stationarity tests
 are conducted including the KPSS procedure. In sequence we conduct
 cointegration tests based on the Phillips-Hansen fully modified OLS method
 and then run the Phillips-Ouliaris tests of non-stationarity on the
 residuals. For the majority of the countries in our sample, export growth
 and economic growth are cointegrated. 
Journal: Applied Economics Letters 
Pages: 44-48 
Issue: 3 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358285 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358285&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Salim Darbar 
Author-X-Name-First: Salim 
Author-X-Name-Last: Darbar 
Title: The unbiasedness of the forward exchange rate: evidence from the 1920s 
Abstract:
  The relationship between the spot and forward exchange rates during the
 1920s is reexamined for five major currencies with daily data. Johansen's
 (1988, 1991) methodology is used to test for cointegration between spot
 and forward exchange rates. The results show that the spot and forward
 exchange rates are cointegrated with a cointegrating vector of one,
 providing evidence in support of the unbiasedness of the forward exchange
 rate and market efficiency. Johansen's method provides stronger evidence
 in favour of the unbiasedness hypothesis compared to the residual based
 single equation OLS approach. 
Journal: Applied Economics Letters 
Pages: 49-53 
Issue: 3 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358294 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358294&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Mukum Mbaku 
Author-X-Name-First: John Mukum 
Author-X-Name-Last: Mbaku 
Title: Foreign aid and economic growth in Cameroon: a reply 
Abstract:
  Johan Bring (1994), in his criticism of my paper on Cameroon (Mbaku,
 1993), raises several issues related to the definition of aid, the time
 span used in the study, and the methodology adopted. In this reply, I
 shall address these issues and outline what I believe to be the key
 contributions and shortcomings of Bring's comments. I conclude that
 several of the issues raised by Bring were covered effectively in my
 original study, the methodology employed is based on one that has been
 made explicit in the literature, and I stand by the results and
 conclusions of my study. 
Journal: Applied Economics Letters 
Pages: 55-57 
Issue: 4 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358212 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358212&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdur Chowdhury 
Author-X-Name-First: Abdur 
Author-X-Name-Last: Chowdhury 
Title: Factors determining the income velocity of money in a developing economy 
Abstract:
  This paper investigates the influence of different factors on income
 velocity of money in 23 developing countries for the 1955-88 period. The
 results show that inflationary expectation raises income velocity in an
 agricultural developing economy. 
Journal: Applied Economics Letters 
Pages: 58-62 
Issue: 4 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358221 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358221&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Author-Name: Yijuan Zheng 
Author-X-Name-First: Yijuan 
Author-X-Name-Last: Zheng 
Title: Chaotic volatility in market portfolios 
Abstract:
  Empirical estimates of the Lorenz model of chaos are reported here for
 the conditional variances of returns of selected mutual funds over the
 period September 1988 to April 1993. These estimates show that chaotic
 instability may occur with a positive probability. 
Journal: Applied Economics Letters 
Pages: 63-65 
Issue: 4 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358230 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358230&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Easton 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Easton 
Title: Takeover activity and share returns in Australia: a note 
Abstract:
Journal: Applied Economics Letters 
Pages: 66-68 
Issue: 4 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358249 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358249&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cuddalore Sundar 
Author-X-Name-First: Cuddalore 
Author-X-Name-Last: Sundar 
Title: Impact of trade on purchasing power parity in black market and official exchange rates 
Abstract:
  In this study, the impact of trade on purchasing power parity was tested
 for a sample of Asian currencies using official and black market exchange
 rates. Cross exchange rates were used in order to directly compare prices
 between countries. The efficient markets version of PPP cannot be rejected
 for most trading country pairs using official exchange rates. For
 nontrading country pairs, PPP cannot be rejected using black market
 exchange rates. An implication of these results for future research is
 that the choice of exchange rates in PPP studies should be determined by
 trade or lack thereof between any two countries. 
Journal: Applied Economics Letters 
Pages: 69-73 
Issue: 5 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358168 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358168&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. Robert 
Author-X-Name-First: W. 
Author-X-Name-Last: Robert 
Author-Name: J. Alexander 
Author-X-Name-First: J. 
Author-X-Name-Last: Alexander 
Title: The investment-output ratio in growth regressions 
Abstract:
  The investment-output ratio is often used as a regressor in empirical
 studies of economic growth, although Scott (1991) is the only serious
 proponent of its being theoretically appropriate to do so. Evidence is
 here adduced that when capital stock data are available they ought to be
 used in preference to investment data. In addition, many growth studies
 employ population data to proxy, rather poorly, a labour force variable,
 although no one has ever suggested that this is more than a pis aller.
 Evidence is presented here that this is an unsatisfactory procedure. 
Journal: Applied Economics Letters 
Pages: 74-76 
Issue: 5 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358177 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358177&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. D. Byers 
Author-X-Name-First: J. D. 
Author-X-Name-Last: Byers 
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Title: Cross country evidence on nonlinearity in industrial production between the wars 
Abstract:
  We use the BDS statistic to test for unmodelled structure in the linearly
 filtered industrial production figures for Canada, France, Japan and the
 USA between 1919 and 1930. The i.i.d. null is rejected for France and
 Japan though there is other evidence for nonlinearity in the remaining
 series. In particular, we are able to fit self-exciting threshold
 autoregression (SETAR) models to each series. 
Journal: Applied Economics Letters 
Pages: 77-80 
Issue: 5 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mahendra Raj 
Author-X-Name-First: Mahendra 
Author-X-Name-Last: Raj 
Author-Name: David Thurston 
Author-X-Name-First: David 
Author-X-Name-Last: Thurston 
Title: January or April? Tests of the turn-of-the-year effect in the New Zealand stock market 
Abstract:
  Turn-of-the-year effect has been observed in many markets throughout the
 world and various explanations have been suggested for this anomaly in the
 markets. The 'tax-loss selling' hypothesis is one such explanation that
 has received some support. The present study examines the validity of this
 hypothesis in the New Zealand context. Since the financial year in New
 Zealand ends in March there should be an April effect if the tax-loss
 selling theory is to hold. The study finds that there is neither a January
 effect nor an April effect in New Zealand. The small size and the poor
 liquidity of the market may be factors influencing this observation. 
Journal: Applied Economics Letters 
Pages: 81-83 
Issue: 5 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358195 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358195&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Canopy Roychoudhury 
Author-X-Name-First: Canopy 
Author-X-Name-Last: Roychoudhury 
Title: A comparative analysis of the causes of discrimination between rental and owner-occupied housing units 
Abstract:
  Using fair housing audits, previous research has shown that black
 renters, unlike their white counterparts, continue to receive unfavourable
 treatment in the rental housing market. We extend the analysis to
 owner-occupied housing units for the Detroit Metropolitan area. Although
 racial discrimination appears to be declining in the rental market over
 time, our results show no sign of any change in the owner-occupied housing
 market. Probing the causes of discrimination, we find that significant
 differences and similarities exist in the hypotheses explaining
 discrimination between the two types of housing units. 
Journal: Applied Economics Letters 
Pages: 84-87 
Issue: 5 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358203 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358203&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Sonmez Atesoglu 
Author-X-Name-First: H. Sonmez 
Author-X-Name-Last: Atesoglu 
Title: Balance of payments determined growth in Germany 
Abstract:
Journal: Applied Economics Letters 
Pages: 89-91 
Issue: 6 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358122 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358122&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jakob Brochner Madsen 
Author-X-Name-First: Jakob Brochner 
Author-X-Name-Last: Madsen 
Title: Forecasts of inflation with price expectations 
Abstract:
  This paper embeds survey price expectations of manufacturing into a
 mark-up model of price determination. The model, which is employed to
 forecast (changes in) growth in consumer and producer prices one quarter
 ahead, is estimated for seven EEC countries. The predictive performance,
 in terms of the mean forecast error, of the model is compared with an
 ARIMA forecast of inflation. The results suggest that the predictive
 performance of the price-expectational-augmented price model is superior
 to the ARIMA model. 
Journal: Applied Economics Letters 
Pages: 92-95 
Issue: 6 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Title: A diffusion model of right-to-work law history in the United States 
Abstract:
  This study offers a new approach to measure the adoption practices of
 right-to-work legislation by states over time. By allowing the dependent
 variable to represent the number of years a state has had the RTW
 legislation (with 1989 as the terminal year), the intensity of adoption
 can be modelled. This technique allows the cross-section to represent the
 year of adoption rather than a single year, and represents an effort to
 compare states in like circumstances (a measure of diffusion).
 Interestingly, the result fails to support the theory that unionization
 rates are significantly negatively related to the adoption practices,
 although the degree of a state's labour force engaged in both construction
 and manufacturing are important. 
Journal: Applied Economics Letters 
Pages: 96-98 
Issue: 6 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358140 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358140&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Everton Dockery 
Author-X-Name-First: Everton 
Author-X-Name-Last: Dockery 
Author-Name: Yannis Georgellis 
Author-X-Name-First: Yannis 
Author-X-Name-Last: Georgellis 
Title: Long-run purchasing power parity: the case of Greece 1980-1992 
Abstract:
  In this paper we use cointegration techniques to test the long-run
 Purchasing Power Parity (PPP) hypothesis for nine Drachma exchange rates
 within the European currency area. The results support the long-run PPP
 hypothesis only in the cases of Portugal, Spain and the UK, as these
 countries were not seriously constrained by the Exchange Rate Mechanism
 (ERM). 
Journal: Applied Economics Letters 
Pages: 99-101 
Issue: 6 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358159 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358159&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Hynds 
Author-X-Name-First: Michael 
Author-X-Name-Last: Hynds 
Author-Name: Ian Smith 
Author-X-Name-First: Ian 
Author-X-Name-Last: Smith 
Title: The demand for test match cricket 
Abstract:
  Within an allocation of time framework, a demand function for test match
 cricket in Britain is estimated using 248 observations of daily
 attendances drawn from 52 matches over the period 1984 to 1992. We find
 that the time intensity of international cricket does have a mild
 deterrence effect on attendance as earnings rise. Consistent with other
 studies in the economics of sport, there is evidence that uncertainty of
 outcome augments demand. However, it is cricket, demographic and day
 specific, rather than economic, variables which account for most of the
 demand variation. The introduction in 1991 of test match cricket on
 Sundays added over 4000 spectators to total attendances. 
Journal: Applied Economics Letters 
Pages: 103-106 
Issue: 7 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358078 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358078&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Hansen 
Author-X-Name-First: Paul 
Author-X-Name-Last: Hansen 
Title: Investment data and the empirical relationship between exporters, government and economic growth 
Abstract:
  The effect of using gross investment data and utilized net capital stock
 data respectively to construct the investment-output ratio in growth
 equations modelling the effects of exporters and the government is
 demonstrated. Almost all such models in the literature use the former
 data, and yet, as discussed by Alexander (1994a), the latter data are
 theoretically superior. For a group of G7 countries evidence is produced
 that suggests the possibility that other researchers findings reflect the
 data they use to construct their investment-output ratio rather than a
 true relationship between exporters and the government respectively and
 economic growth. 
Journal: Applied Economics Letters 
Pages: 107-110 
Issue: 7 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358087 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358087&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Author-Name: David Smyth 
Author-X-Name-First: David 
Author-X-Name-Last: Smyth 
Title: Kuznets's inverted-U hypothesis revisited 
Abstract:
Journal: Applied Economics Letters 
Pages: 111-113 
Issue: 7 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Phanindra Wunnava 
Author-X-Name-First: Phanindra 
Author-X-Name-Last: Wunnava 
Author-Name: Syed Ali Raza Mehdi 
Author-X-Name-First: Syed Ali Raza 
Author-X-Name-Last: Mehdi 
Title: The effect of unemployment insurance on unemployment rate and average duration: evidence from pooled cross-sectional time-series data 
Abstract:
  This paper empirically analyses the impact of the unemployment insurance
 system upon the insured unemployment rate and the average duration of
 unemployment. It employs a simultaneous equation framework because of
 possible feedback effects between the insured unemployment rate and the
 average duration of unemployment. Based on a pooled crosssectional
 time-series model (covering all the 50 states in the USA for the years
 1967-88) that corrects for heteroscedasticity and autocorrelation, and the
 results show some support for the hypothesis that the unemployment
 insurance system, by providing workers with a safety net, increases both
 the insured unemployment rate and the duration period. 
Journal: Applied Economics Letters 
Pages: 114-118 
Issue: 7 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: A model of dynamic efficiency measurement 
Abstract:
  Methods of measuring dynamic efficiency of a set of units and comparing
 it with static efficiency are presented here through a linear programming
 model and illustrated by an empirical application. 
Journal: Applied Economics Letters 
Pages: 119-121 
Issue: 7 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358113 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358113&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maryann Brady 
Author-X-Name-First: Maryann 
Author-X-Name-Last: Brady 
Author-Name: Djeto Assane 
Author-X-Name-First: Djeto 
Author-X-Name-Last: Assane 
Author-Name: Lewis Karstensson 
Author-X-Name-First: Lewis 
Author-X-Name-Last: Karstensson 
Title: Cost structure in college and university student health centres 
Abstract:
  This study examines cost structure for the provision of health care in
 college and university student health centres. Empirical estimates of a
 translog cost function for 81 American College Health Association member
 institutions show economies of scale in the production of student health
 care. 
Journal: Applied Economics Letters 
Pages: 123-126 
Issue: 8 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Greene 
Author-X-Name-First: Michael 
Author-X-Name-Last: Greene 
Author-Name: Emily Hoffnar 
Author-X-Name-First: Emily 
Author-X-Name-Last: Hoffnar 
Title: Residential location and the earnings of white and Hispanic men 
Abstract:
  Much has been written on the impact of residential location on the
 earnings of males and whether the effect of residential location is
 different for African-American than white males. Unfortunately, very few
 researchers have devoted systematic attention to the impact of residential
 location on the earnings of Hispanics. Using data from the 1990 Current
 Population Survey, the authors estimate and compare the effect of
 residential location on the annual earnings of white and Hispanic males.
 Three principal findings emerge. First, the authors find that both central
 city and suburban Hispanics earn significantly less than white male
 residents of the suburbs. Secondly, the results reported here suggest that
 while central city residence lowers the earnings of both white and
 Hispanic men, the impact is more pronounced on the latter than the former.
 Third, this study finds no evidence that suburban earn more than central
 city Hispanics. This result stands in stark contrast to comparisons
 between suburban and central city whites, leading the authors to conclude
 that 'race rather than space' may play a more important role in
 contributing to the white-Hispanic male earnings differential. 
Journal: Applied Economics Letters 
Pages: 127-131 
Issue: 8 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358041 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358041&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Terence Mills 
Author-X-Name-First: Terence 
Author-X-Name-Last: Mills 
Title: Segmented trends and the stochastic properties of UK output 
Abstract:
  This letter confirms that annual UK output suffers a break in trend in
 1918 as suggested by Duck (1992). It then goes on to show that a segmented
 trend model with two breaks, in 1918 and 1921, with trend growth of
 approximately 2% and 2.25% per annum before and after these breaks, and
 with a cyclical component having a period of approximately 8 years,
 provides an excellent fit to the series. 
Journal: Applied Economics Letters 
Pages: 132-133 
Issue: 8 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358050 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358050&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkin Bairam 
Author-X-Name-First: Erkin 
Author-X-Name-Last: Bairam 
Title: The elasticity of scale in large New York Stock Exchange companies and corporations, 1975-92 
Abstract:
Journal: Applied Economics Letters 
Pages: 134-137 
Issue: 8 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358069 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358069&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nuno Crato 
Author-X-Name-First: Nuno 
Author-X-Name-Last: Crato 
Author-Name: Philip Rothman 
Author-X-Name-First: Philip 
Author-X-Name-Last: Rothman 
Title: A reappraisal of parity reversion for UK real exchange rates 
Abstract:
  We apply a new approach to test the long-run purchasing power parity
 theory of real exchange rate movements for the UK. The question of whether
 real exchange rates have a unit root or are mean reverting is set in the
 more general framework of fractionally differenced time-series models. Our
 results suggest that in the current period of floating rates, UK real
 exchange rates return to parity in the long run. 
Journal: Applied Economics Letters 
Pages: 139-141 
Issue: 9 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357970 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357970&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Robst 
Author-X-Name-First: John 
Author-X-Name-Last: Robst 
Title: Measurement error and the returns to excess schooling 
Abstract:
  This paper considers the degree of measurement error in estimates of
 required schooling for jobs and the bias created by errors when estimating
 the returns to overeducation. Using the Panel Study of Income Dynamics, it
 finds substantial differences between estimates of required schooling.
 Thus errors in measurement may seriously bias previous results examining
 the wage effects of overeducation. This paper uses instrumental variable
 techniques to correct for measurement error and finds no significant
 returns for surplus schooling. 
Journal: Applied Economics Letters 
Pages: 142-144 
Issue: 9 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357989 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357989&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dennis McCornac 
Author-X-Name-First: Dennis 
Author-X-Name-Last: McCornac 
Title: Velocity and money growth variability: evidence from Japan 
Abstract:
  This paper investigates the robustness of the Friedman hypothesis that
 states the volatility of money growth influences the velocity of money.
 Using data for Japan the Granger-causality method is implemented to test
 for the effect of the variability of the Japanese monetary aggregate
 M2+CDs on velocity. The regression estimates support the Friedman
 hypothesis. 
Journal: Applied Economics Letters 
Pages: 145-147 
Issue: 9 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Razzaque Bhatti 
Author-X-Name-First: Razzaque 
Author-X-Name-Last: Bhatti 
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Title: A new approach to testing ex ante purchasing power parity 
Abstract:
  Conventional PPP neglects the role of uncertainty and expectations in the
 determination of exchange rates. In the presence of uncertainty and
 expectations about the future, as postulated by ex ante PPP, the exchange
 rate is determined not only by current relative prices but also by the
 expected real exchange rate, implying that the omission of the latter
 makes the PPP model misspecified. Results of empirical testing indicate
 the importance of the role played by the expected real exchange rate in
 determining the current nominal exchange rate. These results support the
 ex ante PPP model against the conventional model. 
Journal: Applied Economics Letters 
Pages: 148-151 
Issue: 9 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358005 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358005&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Stuart McDougall 
Author-X-Name-First: R. Stuart 
Author-X-Name-Last: McDougall 
Title: The stability of velocity: a test for seasonal cointegration 
Abstract:
  This paper applies seasonal integration and cointegration tests to assess
 the non-stationary characteristics of velocity using 25 years of quarterly
 unadjusted New Zealand money and income data. Velocity is clearly
 non-stationary on the basis of the seasonal unit root tests and there is
 some evidence of a changing seasonal pattern. The non-stationarity of
 velocity is confirmed by the acceptance of the hypothesis of
 non-cointegration between money and income at both the zero and biannual
 frequency. On balance, the cointegration results indicate no long-run
 relationship between money and income. While not addressing the issue of
 direction of causation, these results could be interpreted as questioning
 the monetarist view that the stable relationship between money and income
 can be exploited so that important macroeconomic variables can be
 influenced by manipulating the money supply. 
Journal: Applied Economics Letters 
Pages: 152-157 
Issue: 9 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358014 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358014&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Parker 
Author-X-Name-First: Simon 
Author-X-Name-Last: Parker 
Author-Name: Timothy Dewhurst 
Author-X-Name-First: Timothy 
Author-X-Name-Last: Dewhurst 
Title: Hysteresis in the earnings function: an analysis by occupation 
Abstract:
  The theory of hysteresis in the earnings function is tested by
 investigating its existence across a variety of occupations. Hysteresis
 signals are detected for professionals and executives, but not for manual
 construction workers or for the self-employed, so lending support to the
 theory. 
Journal: Applied Economics Letters 
Pages: 158-160 
Issue: 9 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358023 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358023&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vasudeva Murthy 
Author-X-Name-First: Vasudeva 
Author-X-Name-Last: Murthy 
Author-Name: Victor Ukpolo 
Author-X-Name-First: Victor 
Author-X-Name-Last: Ukpolo 
Author-Name: John Mbaku 
Author-X-Name-First: John 
Author-X-Name-Last: Mbaku 
Title: Foreign aid and economic growth in Cameroon: evidence from cointegration tests 
Abstract:
  Mbaku (1993, 1994) presents empirical evidence to support the hypothesis
 that in Cameroon, during 1971-90, foreign aid had no impact on economic
 growth. In this note, we apply the recent technique of unit-root testing
 and Johansen's maximum likelihood procedure to show, on the contrary, that
 foreign aid had a positive contribution to economic growth in Cameroon
 during the period under study. We attribute the differences in the results
 to the differences in methodology, and the implied optimal lag structure
 in our study. We contend that cointegration tests are warranted in studies
 of this nature, before any structural analysis and policy implications of
 the model, are derived. 
Journal: Applied Economics Letters 
Pages: 161-163 
Issue: 10 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357916 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357916&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. H. J. Hassink 
Author-X-Name-First: W. H. J. 
Author-X-Name-Last: Hassink 
Author-Name: R. D. Huigen 
Author-X-Name-First: R. D. 
Author-X-Name-Last: Huigen 
Author-Name: Z. Zeelenberg 
Author-X-Name-First: Z. 
Author-X-Name-Last: Zeelenberg 
Title: Sampling errors and the substitution between white-collar and blue-collar workers 
Abstract:
  The consequences of sampling errors in estimating a simple labour demand
 model, using panel data of firms is discussed. It is found that the
 sampling errors of the variables at the firm-level due to the sampling
 process at the employee-level, have a substantial influence on the
 estimates of the elasticity of substitution between white-collar and
 blue-collar workers. It is shown that because of the large noise-to-signal
 ratio of the explanatory variable no evidence of substitution can be
 found. 
Journal: Applied Economics Letters 
Pages: 164-166 
Issue: 10 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357925 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357925&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Cooper 
Author-X-Name-First: John 
Author-X-Name-Last: Cooper 
Title: Purchasing power parity: a cointegration analysis of the Australian, New Zealand and Singaporean currencies 
Abstract:
  This paper provides a brief overview of tests for stationarity and
 cointegration and applies them in an attempt to establish the validity of
 purchasing power parity theory for the Australian, New Zealand and
 Singaporean currencies using quarterly time series for the period 1973 to
 1992. 
Journal: Applied Economics Letters 
Pages: 167-171 
Issue: 10 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357934 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357934&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Stern 
Author-X-Name-First: David 
Author-X-Name-Last: Stern 
Title: Accuracy of the translog function 
Abstract:
  There has been some discussion of the accuracy of the translog
 approximation. Various simulation studies have generated different
 assessments. It is shown that when data are generated using known
 elasticities but no explicit production or cost function, the translog
 estimates of own price and cross-price elasticities prove reasonably
 accurate. 
Journal: Applied Economics Letters 
Pages: 172-174 
Issue: 10 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357943 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357943&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Burdekin 
Author-X-Name-First: Richard 
Author-X-Name-Last: Burdekin 
Author-Name: Thomas Goodwin 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Goodwin 
Author-Name: Suyono Salamun 
Author-X-Name-First: Suyono 
Author-X-Name-Last: Salamun 
Author-Name: Thomas Willett 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Willett 
Title: The effects of inflation on economic growth in industrial and developing countries: is there a difference? 
Abstract:
  Using panel estimation for a large sample of industrial and developing
 countries we find significant negative effects of inflation on economic
 growth. The magnitude of these effects is, however, much larger for the
 industrial countries than for the developing countries 
Journal: Applied Economics Letters 
Pages: 175-177 
Issue: 10 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357952 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357952&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Majed Muhtaseb 
Author-X-Name-First: Majed 
Author-X-Name-Last: Muhtaseb 
Title: Motivations that underlie the subscription prices in common stocks rights offerings: industrial firms 
Abstract:
  The objective of this paper is to investigate the subscription price
 decision in a common stock rights offering. The competing prediction of
 the Heinkel and Schwartz model, in which a higher subscription price
 signals a higher quality firm, and the Myers and Majluf model in which the
 firm sets a low subscription price in order to secure the financing for a
 positive NPV project from the firm's existing stockholders are examined.
 For a sample of 69 industrial firms, the two-day offering period
 cumulative abnormal return is estimated using standard event study
 methodology. The relative subscription price is defined as the ratio of
 the subscription price to the mean of closing prices of the five trading
 days immediately preceding the two-day offering period. The sample was
 divided into two subsamples according to high and low relative
 subscription prices. The results indicate that industrial firms conform to
 the theoretical predictions of the Heinkel and Schwartz model. Higher
 quality firms use the subscription price in a rights offering as a
 signalling mechanism to distinguish themselves from lower quality firms.
 Relative subscription price is positively and significantly associated
 with the CAR. Apparently for industrials, securing the financing of a
 project is not a primary consideration. 
Journal: Applied Economics Letters 
Pages: 178-181 
Issue: 10 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357961 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357961&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Miller 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Miller 
Author-Name: Athanasios Noulas 
Author-X-Name-First: Athanasios 
Author-X-Name-Last: Noulas 
Title: Portfolio mix and net charge offs at large United States commercial banks 
Abstract:
  The United States banking industry experienced a period of poor
 performance in the late 1980s. Significant problems with loans as
 reflected in loan loss provisions and net charge offs hampered bank
 profitability. We examine the effect of portfolio composition on net
 charge offs at large commercial banks in the late 1980s. Among the various
 conclusions, one stands out: large banks that hold a higher share of total
 assets in loans also experience lower net charge offs to total loans,
 other things being constant. That is, the larger the exposure a bank has
 in loans relative to other assets, the better its experience with ultimate
 loan defaults. 
Journal: Applied Economics Letters 
Pages: 183-186 
Issue: 11 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357835 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357835&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Ermisch 
Author-X-Name-First: John 
Author-X-Name-Last: Ermisch 
Author-Name: Robert Wright 
Author-X-Name-First: Robert 
Author-X-Name-Last: Wright 
Title: Interpretation of negative sample selection effects in wage offer equations 
Abstract:
  The finding of negative sample selection effects in estimated wage offer
 equations is often viewed as being 'problematic', resulting from
 misspecification of the wage and selection processes. This note shows that
 negative sample selection effects are plausible in the context of
 Heckman's reservation wage model of labour supply. Therefore, such
 findings need not necessarily be cause for concern. 
Journal: Applied Economics Letters 
Pages: 187-189 
Issue: 11 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357844 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357844&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. Swidler 
Author-X-Name-First: S. 
Author-X-Name-Last: Swidler 
Author-Name: P. Ahmed 
Author-X-Name-First: P. 
Author-X-Name-Last: Ahmed 
Title: Wealth transfers and the initial pricing of PERCS 
Abstract:
  The purpose of this paper is to examine the initial pricing of a form of
 convertible preferred stock, PERCS (preferred equity redemption cumulative
 stock). The analysis shows that investors may pay more for the PERCS than
 the value of the individual components of the financially engineered
 security. The empirical results suggest that PERCS may be a cheaper way
 for firms to issue equity causing wealth transfers from holders of PERCS
 to common stock shareholders. 
Journal: Applied Economics Letters 
Pages: 190-193 
Issue: 11 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357853 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357853&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Judith Giles 
Author-X-Name-First: Judith 
Author-X-Name-Last: Giles 
Title: Another look at the evidence on foreign aid led economic growth 
Abstract:
  We apply recent time series techniques to Mbaku's Cameroon data to
 investigate the effects of foreign aid on economic growth. In contrast to
 Mbaku, we find some evidence to support the foreign aid led growth
 hypotheses in Cameroon. Our results illustrate the importance of testing
 hypotheses in an appropriate time series framework and the difficulties of
 time-series modelling with an insufficient span of data. 
Journal: Applied Economics Letters 
Pages: 194-199 
Issue: 11 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357862 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357862&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Jones 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Jones 
Author-Name: Richard Marriott 
Author-X-Name-First: Richard 
Author-X-Name-Last: Marriott 
Title: Determinants of the level and methods of charitable giving in the 1990 Family Expenditure Survey 
Abstract:
  The purpose of this note is to use the 1990 FES to update Jones and
 Posnett's analysis of the determinants of household giving to charity in
 the 1984 survey. Our analysis extends the earlier work by analysing the
 interaction between the level of giving and the method of payment. 
Journal: Applied Economics Letters 
Pages: 200-203 
Issue: 11 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357871 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357871&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Hondroyiannis 
Author-X-Name-First: George 
Author-X-Name-Last: Hondroyiannis 
Author-Name: Evangelia Papapetrou 
Author-X-Name-First: Evangelia 
Author-X-Name-Last: Papapetrou 
Title: Cointegration, causality and the government budget-inflation relationship in Greece 
Abstract:
  This paper considers the relationship between cointegration and causality
 and uses tests of cointegration as pre-test for Granger tests of
 causality. The analysis is employed in analysing the government
 budget-inflation relationship in Greece. Empirical evidence suggest that
 there is a long-run relationship between government budget and price level
 and support the hypothesis of a bidirectional causality between the two
 variables. 
Journal: Applied Economics Letters 
Pages: 204-206 
Issue: 11 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357880 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357880&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erdal Atukeren 
Author-X-Name-First: Erdal 
Author-X-Name-Last: Atukeren 
Title: A note on the tests of Granger-causality between exports and economic growth 
Abstract:
  This paper demonstrates that the Granger-causality tests are not affected
 by an accounting identity relationship. In the context of exports and
 economic growth relationship, this amounts to saying that if a
 Granger-causal relationship from exports to output is detected, this
 cannot be due to a built-in accounting identity relationship. 
Journal: Applied Economics Letters 
Pages: 207-209 
Issue: 11 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357899 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357899&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gregory Goering 
Author-X-Name-First: Gregory 
Author-X-Name-Last: Goering 
Author-Name: Michael Pippenger 
Author-X-Name-First: Michael 
Author-X-Name-Last: Pippenger 
Title: A note regarding ARCH and threshold processes: results from a Monte Carlo study 
Abstract:
  Many economic relationships are non-linear. Hence, when analysing
 economic data it is important to identify any non-linearity. The primary
 type of non-linearity examined by economists is the ARCH-class model.
 However, other types of non-linear processes may be expected in economic
 and financial data. One of these is the threshold-class autoregressive
 process. This paper finds that the power of standard ARCH pre-test
 procedures for detecting threshold type non-linearity is very poor under
 certain parameter specifications; and that ARCH may be 'detected' in a
 significant number of cases even though the true process is of the
 threshold class. Thus care should be taken when interpreting ARCH
 pre-tests in economic series that are likely to contain threshold
 boundaries. 
Journal: Applied Economics Letters 
Pages: 210-213 
Issue: 11 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357907 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357907&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Author-Name: Raymond Sfeir 
Author-X-Name-First: Raymond 
Author-X-Name-Last: Sfeir 
Title: Market volatility and skewness persistence 
Abstract:
  Skewness persistence and its impact on market volatility are examined
 here empirically over recent NYSE stock market data. The empirical results
 do not show any skewness persistence, although the skewness factor affects
 market volatility to a significant degree. This suggests the need to
 modify the volatility tests based on ARCH models. 
Journal: Applied Economics Letters 
Pages: 215-218 
Issue: 12 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357763 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357763&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdur Chowdhury 
Author-X-Name-First: Abdur 
Author-X-Name-Last: Chowdhury 
Title: The behaviour of closed-end country fund prices in the Asian NIEs 
Abstract:
  This paper tests the impact of international investment restrictions on
 closed-end country funds in four Asian countries - Hong Kong, Korea,
 Singapore and Taiwan. The results show that the relationship between the
 premiums or discounts on closed-end country funds and announcements of
 changes in investment restrictions is sensitive to how individual
 countries respond to foreign innovations. A strong relationship exists in
 countries with large restrictions on investment - Korea and Taiwan.
 However, the relationship seems to break down in countries where there are
 virtually no restrictions on investment - Hong Kong and Singapore. 
Journal: Applied Economics Letters 
Pages: 219-222 
Issue: 12 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357772 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357772&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bijou Yang 
Author-X-Name-First: Bijou 
Author-X-Name-Last: Yang 
Author-Name: David Lester 
Author-X-Name-First: David 
Author-X-Name-Last: Lester 
Title: The social impact of unemployment 
Abstract:
  Although it has been argued that unemployment results in an increased
 suicide rate in a society, this association was found in the present study
 in only a minority of a sample of nations with data available for the
 period 1950-85. 
Journal: Applied Economics Letters 
Pages: 223-226 
Issue: 12 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357781 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357781&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shujie Yao 
Author-X-Name-First: Shujie 
Author-X-Name-Last: Yao 
Title: Cointegration analysis of agriculture and non-agricultural sectors in the Chinese economy 1952-92 
Abstract:
  A vector autoregression (VAR) model is employed to investigate the
 cointegration relationship between agriculture and non-agricultural
 sectors in the Chinese economy during 1952-92. Three cointegration vectors
 are identified among agriculture, industry, construction, transport and
 services. Agriculture is found to be weakly exogenous to the economic
 system, suggesting that it was a main driving force for all the other
 sectors; but the converse is untrue. Government policies biased against
 agriculture are main reasons for agriculture's weak exogeneity. 
Journal: Applied Economics Letters 
Pages: 227-229 
Issue: 12 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357790 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357790&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Phillip Lawler 
Author-X-Name-First: Phillip 
Author-X-Name-Last: Lawler 
Author-Name: Neil Manning 
Author-X-Name-First: Neil 
Author-X-Name-Last: Manning 
Title: Purchasing power parity and market frictions: a neutral band analysis 
Abstract:
  The paper employs a simple threshold model of US bilateral real exchange
 rate dynamics. The econometric results appear consistent with the
 existence of a 'neutral band'. Real exchange rates seem to revert to
 purchasing power parity (PPP) levels only outside the neutral band. 
Journal: Applied Economics Letters 
Pages: 230-232 
Issue: 12 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357808 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357808&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Bailey 
Author-X-Name-First: Mark 
Author-X-Name-Last: Bailey 
Author-Name: Clive Collis 
Author-X-Name-First: Clive 
Author-X-Name-Last: Collis 
Title: A duration analysis approach to the examination of the lengths of periods of price stability in the UK retail petrol industry 
Abstract:
  This article applies duration analysis to pricing behaviour in an
 oligopolistic industry, namely the UK Retail Petrol Industry, for the
 period January 1983 to October 1989. The findings of the analysis are
 that: a period of rising or falling prices will reduce the lengths of
 price stability and that periods of price stability ending in March or
 April lasted longer than those ending in other months as firms awaited
 changes in the excise rate in the Budget. There was no evidence that the
 leading firm, Esso, exhibited longer periods of price stability, a result
 consistent with the hypothesis of conscious parallelism in pricing
 behaviour in an industry. 
Journal: Applied Economics Letters 
Pages: 233-235 
Issue: 12 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357817 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357817&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitris Kirikos 
Author-X-Name-First: Dimitris 
Author-X-Name-Last: Kirikos 
Title: Cointegration, risk aversion and real asset prices 
Abstract:
  In this letter a vector autoregressive framework is used in order to
 assess the empirical and economic relevance of the present value model of
 stock prices with varying discount factors, using data from the New York
 Stock Exchange over the period 1974-90. The time-series properties of the
 variables involved are determined by means of formal statistical tests and
 the relationship between risk aversion and stock price volatility is
 studied. The model performs poorly for all admissible values of the
 Arrow-Pratt measure of relative risk aversion. 
Journal: Applied Economics Letters 
Pages: 236-240 
Issue: 12 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357826 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357826&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yin-Wong Cheung 
Author-X-Name-First: Yin-Wong 
Author-X-Name-Last: Cheung 
Author-Name: Menzie David Chinn 
Author-X-Name-First: Menzie David 
Author-X-Name-Last: Chinn 
Author-Name: Tuan Tran 
Author-X-Name-First: Tuan 
Author-X-Name-Last: Tran 
Title: How sensitive are trends to data definitions? Results for East Asian and G5 countries 
Abstract:
  This paper examines whether test results characterizing per capita output
 as either trend or difference stationary are sensitive to whether output
 is valued in domestic currency terms, or in some international numeraire,
 such as the Summers-Heston international dollar. Using the conventional
 ADF test, and the Kwiatkowsi et al. test with a trend stationary null, we
 find that for economies such as those of the East Asian countries, the
 best description of the persistence of the data does depend upon the
 valuation of output. No such discrepancy is found for the output series of
 the G5 countries. We conclude that researchers should be extremely
 cautious about making generalizations regarding the time-series properties
 of output. 
Journal: Applied Economics Letters 
Pages: 1-6 
Issue: 1 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357708 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357708&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Geraint Johnes 
Author-X-Name-First: Geraint 
Author-X-Name-Last: Johnes 
Title: Scale and technical efficiency in the production of economic research 
Abstract:
  Data envelopment analysis is applied to the research assessment exercise
 data collected by the Higher Education Funding Councils in 1992, to study
 the relative performance of UK university departments of economics. The
 analysis throws light on returns to scale and on the characteristics
 deemed desirable by the peer review panel. 
Journal: Applied Economics Letters 
Pages: 7-11 
Issue: 1 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357717 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357717&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chris Gardiner 
Author-X-Name-First: Chris 
Author-X-Name-Last: Gardiner 
Author-Name: John Henneberry 
Author-X-Name-First: John 
Author-X-Name-Last: Henneberry 
Title: Analysing the property-gilts yield differential 
Abstract:
  Forecast rather than actual values of variables are used in an analysis
 of the property-gilts yield gap to mimic more closely the investor's
 decision-making environment. The estimated equations combine parsimony
 with a high level of explanatory power. The yield gap is found to vary
 simultaneously in all regions. This is attributed to the dominance of an
 aspatial influence: inflation. 
Journal: Applied Economics Letters 
Pages: 12-15 
Issue: 1 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357726 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357726&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christos Kollias 
Author-X-Name-First: Christos 
Author-X-Name-Last: Kollias 
Title: Preliminary findings on the economic effects of Greek military expenditure 
Abstract:
  Greece has regularly been ranked as the country with the highest defence
 burden in NATO and the European Union. This study, using an
 error-correction approach, is a preliminary empirical investigation into
 the economic effects of military spending in Greece during the period
 1963-90. 
Journal: Applied Economics Letters 
Pages: 16-18 
Issue: 1 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357735 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357735&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Oluwole Owoye 
Author-X-Name-First: Oluwole 
Author-X-Name-Last: Owoye 
Title: The causal relationship between taxes and expenditures in the G7 countries: cointegration and error-correction models 
Abstract:
  The paper examines the causal relationship between tax revenues and
 expenditures in the G7 countries using cointegration and error-correction
 methodology. This statistical technique provides additional channels
 through which causality could emerge. The empirical results show that
 bidirectional causality exists between government taxes and expenditures
 in all countries except in Japan and Italy. For Japan and Italy, causality
 runs from government taxes to expenditures. 
Journal: Applied Economics Letters 
Pages: 19-22 
Issue: 1 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357744 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357744&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkin Bairam 
Author-X-Name-First: Erkin 
Author-X-Name-Last: Bairam 
Title: Externality effect of the USA total, federal and state government expenditures on private investment, 1960-91 
Abstract:
  The main objective of this short paper is to measure the impact of
 increases in total, federal and state government expenditures on private
 investment in the USA. For this purpose a framework based on a variable
 elasticity approach is used and tested. The results obtained conclusively
 support the 'accelerator principle' and 'crowding out' hypothesis. 
Journal: Applied Economics Letters 
Pages: 23-25 
Issue: 1 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357753 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357753&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhenmin Fang 
Author-X-Name-First: Zhenmin 
Author-X-Name-Last: Fang 
Author-Name: Richard Yan-Ki Ho 
Author-X-Name-First: Richard Yan-Ki 
Author-X-Name-Last: Ho 
Title: Asset reallocation with interest rate swaps 
Abstract:
  A bond portfolio model with interest rate swaps is developed to carry out
 the mean-variance analysis. It is found that interest rate swaps can be
 used to reallocate non-marketable bonds in the portfolio by swapping out
 the non-traded fixed-rate bonds into LIBOR-based floating rate notes. The
 optimal allocation of bond portfolios can be achieved from the implicit
 reallocation of non-marketable bonds in the portfolios. 
Journal: Applied Economics Letters 
Pages: 27-30 
Issue: 2 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357636 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357636&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Roberts 
Author-X-Name-First: Mark 
Author-X-Name-Last: Roberts 
Title: The second J-curve and trade account dynamics 
Abstract:
  A second and an independent J-curve effect emerges where import
 expenditures depend on wealth and where current account imbalance feeds
 back on itself through its effect on asset accumulation. The combination
 of the two J-curves in conjunction gives rise to a wide range of dynamic
 possibilities for the trade account. 
Journal: Applied Economics Letters 
Pages: 31-33 
Issue: 2 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357645 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357645&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vani Borooah 
Author-X-Name-First: Vani 
Author-X-Name-Last: Borooah 
Author-Name: Patricia McKee 
Author-X-Name-First: Patricia 
Author-X-Name-Last: McKee 
Author-Name: Michael Smyth 
Author-X-Name-First: Michael 
Author-X-Name-Last: Smyth 
Title: A decomposition method for analysing inter-group income differences with an application to Catholics and Protestants in Northern Ireland 
Abstract:
  This paper argues that inter-group disparities in economic welfare are
 best measured by intercommunity income differences and it proceeds to
 analyse the structure of such income differences through the decomposition
 of the ratio of the respective group incomes. Simulation experiments then
 attempt to uncover the relationship between changes in unemployment rates
 and (consequent) changes in the Catholic-Protestant income ratio in
 Northern Ireland. The results of these experiments show that reductions in
 the overall unemployment rate - if unaccompanied by improvements in the
 unemployment position of Catholics relative to that of Protestants - would
 have the least effect on the relative income of Catholics. 
Journal: Applied Economics Letters 
Pages: 34-37 
Issue: 2 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357654 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357654&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Sonmez Atesoglu 
Author-X-Name-First: H. Sonmez 
Author-X-Name-Last: Atesoglu 
Author-Name: Donald Dutkowsky 
Author-X-Name-First: Donald 
Author-X-Name-Last: Dutkowsky 
Title: Money, output and prices in Turkey 
Abstract:
  The determination of aggregate output and the price level in Turkey is
 examined. Empirical results indicate that the Turkish economy behaves
 consistent with predictions of a simple real business cycle model. Output
 follows an autoregressive structure with trend. Monetary policy is neutral
 and the results point to unitary elasticity between money and prices. The
 findings are generally robust to estimations in levels or first
 differences, and hold for either the narrow or broad money stock. The
 results suggest a modelling and policy strategy which may be relevant for
 other semi-industrialized countries. 
Journal: Applied Economics Letters 
Pages: 38-41 
Issue: 2 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357663 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357663&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. Michael 
Author-X-Name-First: P. 
Author-X-Name-Last: Michael 
Author-Name: A. R. Nobay 
Author-X-Name-First: A. R. 
Author-X-Name-Last: Nobay 
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Title: A test for rational expectations when some variables are I(2) 
Abstract:
  This paper exploits the result that in the case of I(2) processes the
 precise dating of variables is crucial when empirically testing for
 cointegration. The data for the latter part of the German hyperinflation
 episode exhibit I(2) behaviour. We utilize these data to discriminate
 between alternative expectations hypotheses in the demand for money. 
Journal: Applied Economics Letters 
Pages: 42-44 
Issue: 2 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357672 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357672&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale 
Author-X-Name-First: Guglielmo Maria 
Author-X-Name-Last: Caporale 
Author-Name: Nikitas Pittis 
Author-X-Name-First: Nikitas 
Author-X-Name-Last: Pittis 
Title: Interest rate linkages within the European Monetary System: an alternative interpretation 
Abstract:
  In this note the empirical evidence presented by Karfakis and Moschos
 (1990) and Katsimbris and Miller (1993) on interest rate linkages in the
 EMS is reinterpreted and their finding of non-stationarity of interest
 rate differentials in the EMS is rationalized. It is argued that their
 results are not counterintuitive if it is taken into account that the
 integration of financial markets in the EMS has been a gradual process,
 which has implied slow convergence of interest rates to German levels.
 Such a dynamic process accounts for the non-stationarity of interest rate
 differentials. However, the argument that standard parity conditions
 require pairwise cointegration of interest rates is a valid one once
 convergence has been achieved. 
Journal: Applied Economics Letters 
Pages: 45-47 
Issue: 2 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357681 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357681&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lloyd Blenman 
Author-X-Name-First: Lloyd 
Author-X-Name-Last: Blenman 
Title: Tests of covered interest parity: a comment 
Abstract:
  Tests for the existence of covered interest arbitrage opportunity are
 complicated by the existence of market incompleteness and the lack of
 synchronous trading data in foreign exchange markets. The acquisition and
 use of synchronous data resolves some problems but does not address the
 issue of heterogeneity. Typically customers face different opportunity
 sets and tests which purport to find no arbitrage opportunities must take
 this fact into account. 
Journal: Applied Economics Letters 
Pages: 49-50 
Issue: 3 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357546 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357546&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdur Chowdhury 
Author-X-Name-First: Abdur 
Author-X-Name-Last: Chowdhury 
Author-Name: Minh Dao 
Author-X-Name-First: Minh 
Author-X-Name-Last: Dao 
Author-Name: Abu Wahid 
Author-X-Name-First: Abu 
Author-X-Name-Last: Wahid 
Title: Monetary policy, output and inflation in Bangladesh: a dynamic analysis 
Abstract:
  This paper investigates the relationship between money, prices, output,
 and the exchange rate in Bangladesh during the 1974-92 period. Several
 interesting conclusions can be derived from the paper. First, the
 inflationary process in Bangladesh cannot be explained exclusively by the
 monetarist or the structuralist explanation of inflation. Second,
 regardless of the monetary aggregate employed, monetary policy exerts a
 significant unidirectional impact on real output. Third, monetary policy
 and inflation together account for a significant portion of fluctuations
 in the exchange rate. Finally, it is noted that monetary shocks have a
 strong, but relatively short-run, impact on inflation. In light of these
 findings, it can be concluded that monetary policy in Bangladesh should be
 carried out with extreme caution. While tight money may put a short-term
 halt to inflation and help stabilize the foreign trade sector, it may also
 cause a slowdown in the economy. 
Journal: Applied Economics Letters 
Pages: 51-55 
Issue: 3 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357555 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357555&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Phil Holmes 
Author-X-Name-First: Phil 
Author-X-Name-Last: Holmes 
Title: Ex ante hedge ratios and the hedging effectiveness of the FTSE-100 stock index futures contract 
Abstract:
  This paper examines the hedging effectiveness of the FTSE-100 stock index
 futures contract over the period 1984-92. Previous studies have examined
 this issue using ex post hedge ratios, resulting in an overestimation of
 hedging performance. This study utilizes ex ante hedge ratios which are
 determined on the basis of historical information. It is shown that while
 hedge ratios vary through time, nonetheless it is possible to use this
 futures contract to achieve very substantial risk reduction as compared to
 an unhedged position. Hedge ratios estimated over longer periods are shown
 to provide greater risk reduction when applied in subsequent periods. 
Journal: Applied Economics Letters 
Pages: 56-59 
Issue: 3 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357564 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357564&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hans-Jurgen Engelbrecht 
Author-X-Name-First: Hans-Jurgen 
Author-X-Name-Last: Engelbrecht 
Title: The impact of international trade on the 'in-house' transaction sector: evidence from the United States, 1985-89 
Abstract:
  This study investigates the impact of international trade on the
 'in-house' transaction sector of US manufacturing industries over the
 period 1985-89. Higher import (export) intensity is found to have a
 strongly (weakly) negative effect on the relative size of the sector. The
 need for organizational restructuring seems especially urgent for
 'high-tech' industries, which tend to have relatively large private
 bureaucracies. 
Journal: Applied Economics Letters 
Pages: 60-63 
Issue: 3 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357573 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357573&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. C. Lee 
Author-X-Name-First: B. C. 
Author-X-Name-Last: Lee 
Author-Name: John Powell 
Author-X-Name-First: John 
Author-X-Name-Last: Powell 
Title: A behavioural approach to sovereign debt reschedulings 
Abstract:
  An early-warning model which predicts the extent of sovereign debt
 reschedulings is developedusing the behavioural assumption thatindividuals
 (and governments) develop minimum consumption requirements. Sharp and
 unexpected falls in income and consumption can threaten these minimum
 requirements, thus foreshadowing the magnitude of sovereign debt
 reschedulings as government decision-makers choose to suspend full
 sovereign debt servicing in order to avoid extreme marginal utility
 losses. This implication is empirically analysed using data for 88
 countries. 
Journal: Applied Economics Letters 
Pages: 64-66 
Issue: 3 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357582 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357582&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bwo-Nung Huang 
Author-X-Name-First: Bwo-Nung 
Author-X-Name-Last: Huang 
Author-Name: Chin Yang 
Author-X-Name-First: Chin 
Author-X-Name-Last: Yang 
Title: The fractal structure in multinational stock returns 
Abstract:
  The essence of fractal analysis is seeking for a pattern that is
 independent of scale. This paper examines the existence of long-term
 memory in nine Asian stock markets together with US and UK indices using
 the modified rescaled-ranged (R/S) statistic. The modified R/S statistic
 is robust not only with respect to the normality assumption,but also to
 short-term autocorrelation. The data in the sample range from 1 January
 1988 to 30 June 1992 and are arranged in daily, weekly and monthly
 returns. In most cases, the phenomenon of long-term memory is not found;
 hence the random walk hypothesis cannot be rejected.The UK market,
 however, exhibits some long-term memory for various data frequencies and
 lags. The result of this paper provides directions for future research. 
Journal: Applied Economics Letters 
Pages: 67-71 
Issue: 3 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357591 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357591&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Javed Ashraf 
Author-X-Name-First: Javed 
Author-X-Name-Last: Ashraf 
Title: The effect of race on earnings in the United States 
Abstract:
  Most studies that have examined the effect of race on earnings in the
 United States have used aggregated data. This often obscures as much as it
 reveals.This article computes white-black earnings differentials for a
 number of relatively narrow groups, and finds that the earnings gap varies
 considerably across them. By using recent data from 1987, the study also
 updates earlier estimates of racial differentials. The use of Cotton and
 Neumark's modified version of the widely used Oaxaca technique, and
 Heckman's corrections for selectivity bias strengthen the methodological
 underpinnings of the model, and constitute improvement over previous work. 
Journal: Applied Economics Letters 
Pages: 72-75 
Issue: 3 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357609 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357609&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Keith Blackburn 
Author-X-Name-First: Keith 
Author-X-Name-Last: Blackburn 
Author-Name: Felipe Orduna 
Author-X-Name-First: Felipe 
Author-X-Name-Last: Orduna 
Author-Name: Martin Sola 
Author-X-Name-First: Martin 
Author-X-Name-Last: Sola 
Title: Exponential smoothing and spurious correlation: a note 
Abstract:
  Exponential smoothing can introduce spurious auto-correlation in
 detrended data. The extent of this depends on the length of lag, the value
 of the smoothing parameter and the nature of the input process. The most
 widely-used version of exponential smoothing is the Hodrick-Prescott
 low-frequency filter. 
Journal: Applied Economics Letters 
Pages: 76-79 
Issue: 3 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357618 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357618&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jai Sheen Mah 
Author-X-Name-First: Jai Sheen 
Author-X-Name-Last: Mah 
Title: An analysis of the structural change in the exchange market pressure: Korea, 1980-89 
Abstract:
  This paper tests the stability of the exchange market pressure model in
 the case of Korea under a managed floating exchange rate. Using the cusum
 of squares test, we show that the structural stability was broken in about
 mid-1986. This is plausible given that there was a sudden surplus in the
 balance of payments in Korea in late 1985. Estimation results show that
 the exchange market pressure model works very well where there is a
 surplus in balance of payments; however, its explanatory power is poor in
 periods of deficit. 
Journal: Applied Economics Letters 
Pages: 80-82 
Issue: 3 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Bellak 
Author-X-Name-First: Christian 
Author-X-Name-Last: Bellak 
Title: Foreign direct investments bias the net external asset position 
Abstract:
  The bias of the net external asset position (NEAP) which arises from the
 revaluation of Foreign Direct Investment (FDI) is examined. The bias is
 defined as the difference between the historical value and the market
 value of the balance of inward and outward FDI. Possible effects of the
 revaluation of FDI on the NEAP are discussed theoretically and empirical
 evidence is given on the magnitude of the bias. It is concluded that the
 use of NEAP data with FDI at historic cost - as frequently found to test
 hypotheses in growth theory and finance theory - leads to positively or
 negatively biased results in countries with a large net-FDI position
 compared to their NEA 
Journal: Applied Economics Letters 
Pages: 83-85 
Issue: 4 
Volume: 2 
Year: 1987 
X-DOI: 10.1080/758529807 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529807&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Estimating efficiency by cost frontiers: a comparison of parametric and nonparametric methods 
Abstract:
  Two methods of estimating efficiency by cost frontiers are analysed here
 by way of generalizing Farrell's convex hull method and illustrated by an
 empirical application. 
Journal: Applied Economics Letters 
Pages: 86-90 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529808 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529808&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Sonmez Atesoglu 
Author-X-Name-First: H. Sonmez 
Author-X-Name-Last: Atesoglu 
Title: An explanation of the slowdown in US economic growth 
Abstract:
  This paper provides a Keynesian account of the slowdown in the United
 States economic growth as suggested by the growth model of Thirlwall.
 According to Thirlwall's model, economic growth is determined by the
 dynamic Harrod foreign trade multiplier. This multiplier relation
 indicates that the fall in the rate of economic growth has been brought
 about mainly by an increase in the income elasticity of demand for imports 
Journal: Applied Economics Letters 
Pages: 91-94 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529809 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529809&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. Arestis 
Author-X-Name-First: P. 
Author-X-Name-Last: Arestis 
Author-Name: I. Biefang-Frisancho Mariscal 
Author-X-Name-First: I. Biefang-Frisancho 
Author-X-Name-Last: Mariscal 
Author-Name: P. G. A. Howells 
Author-X-Name-First: P. G. A. 
Author-X-Name-Last: Howells 
Author-Name: H. -M. Trautwein 
Author-X-Name-First: H. -M. 
Author-X-Name-Last: Trautwein 
Title: The demand for broad money in the United Kingdom and in West Germany: a comparative dynamic short-run study 
Abstract:
  This paper examines the short-run adjustment process in the demand for
 money in the UK and in Germany with a view, particularly, to exploring the
 consequences of the different experiences of financial innovation in the
 two countries. Our hypothesis was that interest rate relativities might
 play a larger role in the UK where a major innovation of the last twenty
 years has been the rise in the proportion of deposits paying
 market-sensitive interest rates. The estimations of the short-run dynamic
 equations, which are satisfactory for both countries, confirmed our view. 
Journal: Applied Economics Letters 
Pages: 95-97 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529810 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529810&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jakob De Haan 
Author-X-Name-First: Jakob 
Author-X-Name-Last: De Haan 
Author-Name: Jan Egbert Sturm 
Author-X-Name-First: Jan Egbert 
Author-X-Name-Last: Sturm 
Title: Is it real? The relationship between real deficits and real growth: new evidence using long-run data 
Abstract:
  Long-run data for the USA is used to examine whether the inflation
 adjustment of the government budget deficit as proposed by Eisner and
 Pieper makes a difference in assessing the impact of fiscal policy on
 economic growth. Using Vector Autoregressions (VAR) it is found that both
 the inflation adjusted and the unadjusted deficit exert a negative
 influence on real growth. 
Journal: Applied Economics Letters 
Pages: 98-102 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529811 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529811&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald Fraser 
Author-X-Name-First: Donald 
Author-X-Name-Last: Fraser 
Author-Name: Hao Zhang 
Author-X-Name-First: Hao 
Author-X-Name-Last: Zhang 
Title: A note on board directors 
Abstract:
  Additional evidence on the importance of independent board directors is
 provided. A positive and statistically significant link between the
 shareholder wealth effects of acquisition decisions and the percentage of
 outside board directors is found. This result is controlled for the
 possible effects of manager-shareholder interest alignment and synergetic
 gains. Moreover, the positive wealth effect diminishes as the square of
 the percentage of outside directors increases, suggesting a critical
 percentage for outside directors. Also there is evidence that the benefits
 of outside director monitoring is weakened without a certain level of
 managerial ownership. 
Journal: Applied Economics Letters 
Pages: 103-106 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529812 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529812&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jim Millington 
Author-X-Name-First: Jim 
Author-X-Name-Last: Millington 
Title: Age and inter-county net migration in Great Britain 
Abstract:
  The net migration patterns of four age groups are analysed using National
 Health Service Central Register (NHSCR) inter-county migration data for
 the periods 1987/88 and 1990/91. Age is shown to have an important bearing
 upon the relative importance of various determinants of migration. The
 effect of the movement from national boom to deep recession is also
 commented upon. 
Journal: Applied Economics Letters 
Pages: 107-109 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529813 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529813&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Brookfield 
Author-X-Name-First: David 
Author-X-Name-Last: Brookfield 
Title: New evidence regarding the statistical properties of the FTA500 UK stock market index 
Abstract:
  A well-known fact regarding the distributional properties of stock market
 returns is that they are fat-tailed. Evidence is provided in this paper of
 further interesting properties relating to a simple decomposition of
 returns. 
Journal: Applied Economics Letters 
Pages: 110-112 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529814 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529814&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Philip Hans Franses 
Author-X-Name-First: Philip Hans 
Author-X-Name-Last: Franses 
Title: IGARCH and variance change in the US long-run interest rate 
Abstract:
  It is shown that a one-time variance change in the US long-run interest
 rate spuriously suggests that it can be described with an IGARCH(1,1)
 process. The variance change is detected using a simple statistical test,
 and it corresponds to a change in monetary policy. 
Journal: Applied Economics Letters 
Pages: 113-114 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529815 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529815&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Caudill 
Author-X-Name-First: Steven 
Author-X-Name-Last: Caudill 
Author-Name: Sandra Johnson 
Author-X-Name-First: Sandra 
Author-X-Name-Last: Johnson 
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Title: Economies of scale in state lotteries: an update and statistical test 
Abstract:
  Until 1985, research in the economics literature on state lotteries was
 based on the simplifying assumption that administrative costs were
 constant. DeBoer (1985) provided empirical evidence supporting the idea
 that average administrative costs are not constant, but decline with
 output. In other words, DeBoer found evidence for the presence of
 economies of scale in the provision of state lotteries. The purpose of
 this study is to update and improve upon DeBoer's estimation of the
 lottery cost function. Unlike DeBoer, we statistically test for the
 presence of economies of scale in the administration of state lottery
 games. This study suggests that large scale lottery operations by larger
 states have lower per-unit costs than lotteries on smaller scales. Our
 study firmly establishes the presence of statistically significant
 economies of scale in the provision of state lotteries. 
Journal: Applied Economics Letters 
Pages: 115-117 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529816 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529816&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdur Chowdhury 
Author-X-Name-First: Abdur 
Author-X-Name-Last: Chowdhury 
Author-Name: Yingqui Liu 
Author-X-Name-First: Yingqui 
Author-X-Name-Last: Liu 
Title: Is money more productive in a developing economy? 
Abstract:
  This paper tests the frequently cited hypothesis that money is more
 productive in a developing economy relative to a developed economy. Output
 elasticity of money is estimated for 20 countries over the 1977-92 sample
 period. These countries represent various stages of economic development.
 Two important conclusions can be derived from the results. First,
 irrespective of the monetary aggregate employed, the output elasticity of
 money is extremely low for all 20 countries. Second, the elasticity figure
 is sensitive neither to the stage of economic development in a particular
 country nor the period of time under consideration. Consequently, it can
 be argued that money does not play a more productive role in a developing
 economy relative to a developed economy. 
Journal: Applied Economics Letters 
Pages: 118-121 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529817 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529817&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. H. M. Nelissen 
Author-X-Name-First: J. H. M. 
Author-X-Name-Last: Nelissen 
Title: Lifetime income distribution: households versus individuals 
Abstract:
  Equivalent lifetime income is more equally distributed than individual
 (non-equivalent) lifetime income. The assumption that lifetime income
 inequality is smaller than the annual income inequality is confirmed by
 our results. However, the difference between both appears to be rather
 small, in particular with respect to the older generations. 
Journal: Applied Economics Letters 
Pages: 122-125 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529818 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529818&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shujie Yao 
Author-X-Name-First: Shujie 
Author-X-Name-Last: Yao 
Title: Does profit-sharing work in a centrally-planned economy? Evidence from the Chinese state industries 
Abstract:
  Many studies indicate that profit-sharing is an effective incentive to
 boost productivity of firms in the western economies such as USA, UK and
 Germany. Whether a similar incentive scheme can work in a
 centrally-planned economy like China has not been well researched. China
 introduced a profit-sharing and bonus-payment scheme in the state-owned
 enterprises (SOEs) from 1979 in an attempt to reform the state industries.
 Using a modified CES production function in a non-linear simultaneous
 system, this study aims to estimate the impact of such a scheme on
 enterprise performance. It reveals that both labour quality and bonus
 incentive played an important role in raising SOEs' productivity 
Journal: Applied Economics Letters 
Pages: 126-129 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529819 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529819&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Asraul Hoque 
Author-X-Name-First: Asraul 
Author-X-Name-Last: Hoque 
Title: Co-integrating relationship between terms of trade and current account deficit: the Australian evidence 
Abstract:
  This paper examines the relationship between terms of trade and current
 account deficit (CAD) in Australia using the co-integration approach. The
 period covered is 1965:I to 1992:IV. Assuming that different exchange rate
 regimes will have different impacts on the relationship, the study
 considers three different exchange rate regimes for the period covered.
 The empirical results indicate that terms of trade along with domestic
 income and foreign income has a significant long-term relationship with
 the trade balance during the fixed exchange rate regime (1965:I to
 1974:III), but not during the flexible exchange rate period. In other
 words, terms of trade did not have significant impact on Australia's
 current account deficit in the flexible exchange rate regime under study. 
Journal: Applied Economics Letters 
Pages: 130-133 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529820 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529820&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anthony Garratt 
Author-X-Name-First: Anthony 
Author-X-Name-Last: Garratt 
Author-Name: Stephen Hall 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Hall 
Title: A proposed framework for monetary policy 
Abstract:
  A proposal is outlined for reconciling the use of many indicators or
 instruments in setting monetary policy, with the need for clarity and
 openness. The proposal draws on the literature of unobserved component
 models (Stock and Watson, 1991), constructing the unobserved component
 using the Kalman Filter, from a set of unobservable series. The technique
 used allows for cointegration between variables and for the appropriate
 specification of stochastic trends (Garratt, Hall and Henry, 1992). In the
 empirical application a single measure of the tightness of monetary policy
 is derived from a range of observable indicators based on monthly UK data
 for the period 1978-92. 
Journal: Applied Economics Letters 
Pages: 135-138 
Issue: 5 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357456 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357456&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ercan Balaban 
Author-X-Name-First: Ercan 
Author-X-Name-Last: Balaban 
Title: Day of the week effects: new evidence from an emerging stock market 
Abstract:
  The primary objective is to investigate day of the week effects in an
 emerging stock market of a developing country, namely Turkey. Empirical
 results verify that although day of the week effects are present in
 Istanbul Securities Exchange Composite Index (ISECI) return data for the
 period January 1988 to August 1994, these effects change in direction and
 magnitude through time. 
Journal: Applied Economics Letters 
Pages: 139-143 
Issue: 5 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357465 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357465&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Salim Darbar 
Author-X-Name-First: Salim 
Author-X-Name-Last: Darbar 
Author-Name: Partha Deb 
Author-X-Name-First: Partha 
Author-X-Name-Last: Deb 
Title: Does trading volume have a unit root? 
Abstract:
  Time series properties of daily trading volume are examined for 22 New
 York Stock Exchange (NYSE) firms. Previous studies have found that trading
 volume of certain financial assets have a unit root. The Phillips-Perron
 approach, which is robust to heteroskedasticity and non-normality, isused
 to test the hypothesis of a unit root. There is strong evidence that daily
 volume is stationary around a linear trend. Also, for many stocks the
 deterministic trend is statistically significant. This result indicates
 the importance of appropriate detrending of trading volume before
 incorporating it in an economic model. 
Journal: Applied Economics Letters 
Pages: 144-147 
Issue: 5 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357474 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357474&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shunfeng Song 
Author-X-Name-First: Shunfeng 
Author-X-Name-Last: Song 
Title: Does generalizing density functions better explain urban commuting? Some evidence from the Los Angeles region 
Abstract:
  The assumption thaturban workers economize on commuting is implicit in
 urban economic theory. Yet it has been challenged by some recent studies.
 This study estimates commute flows implied by three urban density
 functions: monocentric, polycentric, and dispersive. A polycentric density
 function generalizes the standard monocentric model by assuming that
 employment and worker residences are distributed in a pattern consistent
 with several employment centres, not just one. A dispersive density
 function further generalizes the polycentric model by assuming that urban
 residents not only value access to employment centres but also value
 access to the overall job opportunities in their location choices. It is
 found that an urban density function better predicting the actual spatial
 patterns also better explains the actual commuting behaviour. This finding
 helps to preserve the assumption that urban workers make attempts to
 economize on commuting in their location choices. 
Journal: Applied Economics Letters 
Pages: 148-150 
Issue: 5 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357483 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357483&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gordon Tang 
Author-X-Name-First: Gordon 
Author-X-Name-Last: Tang 
Author-Name: Billy Mak 
Author-X-Name-First: Billy 
Author-X-Name-Last: Mak 
Title: A note on market integration before and after the stock crash in October 1987 
Abstract:
  Potential gains from international diversification depend upon the degree
 of market integration. This paper compares the degree of market
 integration before and after the stock crash in October 1987 and tests
 whether the results differ across different investment horizons. Empirical
 results show that the potential gains from diversification are greatly
 reduced to an increase in the correlation between stock markets after the
 stock crash. Our results are robust over different investment horizons. 
Journal: Applied Economics Letters 
Pages: 151-155 
Issue: 5 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357492 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357492&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Timothy Brailsford 
Author-X-Name-First: Timothy 
Author-X-Name-Last: Brailsford 
Title: An empirical test of the effect of the return interval on conditional volatility 
Abstract:
  Autoregressive Conditional Heteroscedasticity (ARCH) effects have been
 hypothesized to be caused by variations in the rate of information flow.
 Further, Nelson (1990, 1992) argues that ARCH effects and persistence in
 conditional variances should vary across sampling frequencies. However,
 these claims have not been subject to empirical tests on stock market data
 when the return interval is measured using intraday data. This paper
 presents such a test. The results support Nelson's claim that
 mis-specification in the conditional mean has only a small influence on
 the estimated conditional variance. Thus, mis-specified ARCH class models
 can be a consistent 'filter' if high frequency data are employed. At the
 microstructure level, the results are consistent with the view that ARCH
 effects are generated by variability in the rate of information arrival. 
Journal: Applied Economics Letters 
Pages: 156-158 
Issue: 5 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357500 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357500&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bijou Yang Lester 
Author-X-Name-First: Bijou Yang 
Author-X-Name-Last: Lester 
Title: Property crime and unemployment: a new perspective 
Abstract:
  Vanagunas (1984) found a significant association between the unemployment
 rate of minority males and both motor vehicle theft and the commercial
 robbery rate. However, he presented no theoretical framework with which to
 explain these results. This paper attempts to provide a microeconomic
 foundation for the link between property crime and unemployment. The model
 is based on a cost-benefit analysis. It is unique in that the behaviour is
 viewed from the perspective of criminals rather than non-criminals. The
 empirical findings supported the hypothesis with some qualifications. Only
 the association between the unemployment rate and the larceny rate was
 positive and significant for the property crimes of the USA for the period
 of 1960-90. 
Journal: Applied Economics Letters 
Pages: 159-162 
Issue: 5 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357519 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357519&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Andrew Coutts 
Author-X-Name-First: J. Andrew 
Author-X-Name-Last: Coutts 
Author-Name: Terence Mills 
Author-X-Name-First: Terence 
Author-X-Name-Last: Mills 
Author-Name: Jennifer Roberts 
Author-X-Name-First: Jennifer 
Author-X-Name-Last: Roberts 
Title: Misspecification of the market model: the implications for event studies 
Abstract:
  Event studies are increasingly found in the applied finance literature.
 They are employed to analyse the market reaction to events and thus to
 investigate market efficiency. The paper is concerned with
 misspecification testing of the single-index market model which is
 conventionally employed to generate returns within the event-study method.
 Weekly data from the constituents of the FT-SE 100 are used in order to
 subject the single-index market model to rigorous misspecification tests.
 It is concluded that misspecification is endemic in the market model and
 that this is likely to lead to incorrect estimation of abnormal returns,
 and therefore erroneous conclusions concerning the market impact of the
 event in question. 
Journal: Applied Economics Letters 
Pages: 163-165 
Issue: 5 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357528 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357528&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sadequl Islam 
Author-X-Name-First: Sadequl 
Author-X-Name-Last: Islam 
Title: The human development index and per capita GDP 
Abstract:
  Using cross-section data in regression analysis, this paper examines the
 relationship between per capita real GDP and the human development index
 in high, medium and low human development countries. The sensitivity of
 the human development index to changes in per capita GDP is found to be
 highest in low human development countries. An 'inverted U' type
 relationship between per capita GDP and the human development index
 appears to be valid for medium human development countries. 
Journal: Applied Economics Letters 
Pages: 166-167 
Issue: 5 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357537 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357537&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anastasios Xepapadeas 
Author-X-Name-First: Anastasios 
Author-X-Name-Last: Xepapadeas 
Author-Name: Hassini Habib 
Author-X-Name-First: Hassini 
Author-X-Name-Last: Habib 
Title: An almost ideal demand system with autoregressive disturbances for dairy products in Greece 
Abstract:
  An almost ideal demand system (AIDS) is used to estimate Greek milk,
 cheese and butter demand from 1960-91. The model is estimated with a
 correction for serially correlated errors which is proved justified.
 Elasticities obtained from the Rotterdam and Linear Expenditure models are
 compared to those obtained from AIDS. 
Journal: Applied Economics Letters 
Pages: 169-173 
Issue: 6 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357366 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357366&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Majed Muhtaseb 
Author-X-Name-First: Majed 
Author-X-Name-Last: Muhtaseb 
Title: An option pricing theory explanation of the increase in the divorce rate 
Abstract:
  This paper develops an analogy between a financial call option and a
 child born within wedlock. Outside marriage an unemancipated child
 represents a real call option to the parent who gains custody. Present
 value of court ordered monthly child support payment is the market price
 of the underlying asset. Exercise price is equal to present value of the
 costs of raising the child. Life of the option stretches from the date on
 which the divorce decree is issued to the date of emancipation for the
 child. Variability can be proxied by the standard deviation of the income
 of the noncustodial parent. A major policy implication evolves from the
 analogy. The perverse economic incentive of a parent (custodial) to seek
 custody of the child to exact economic gains out of the other parent
 (noncustodial) can be mitigated by reducing the value of the call option
 feature of the child. 
Journal: Applied Economics Letters 
Pages: 174-176 
Issue: 6 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357375 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357375&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Satya Paul 
Author-X-Name-First: Satya 
Author-X-Name-Last: Paul 
Author-Name: Kabir Chowdhury 
Author-X-Name-First: Kabir 
Author-X-Name-Last: Chowdhury 
Title: Export-led growth hypothesis: some empirical testing 
Abstract:
  The hypothesis of export-led growth is tested using annual time series
 data for Australia. The analysis reveals that both exports and the GDP
 series in log levels have unit roots but they do not cointegrate. However,
 there is evidence of Granger causality running from exports to GDP growth
 implying that expansion of exports promotes economic growth in Australia. 
Journal: Applied Economics Letters 
Pages: 177-179 
Issue: 6 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roy Boyd 
Author-X-Name-First: Roy 
Author-X-Name-Last: Boyd 
Author-Name: Tony Caporale 
Author-X-Name-First: Tony 
Author-X-Name-Last: Caporale 
Title: Resource prices, supply shocks and output fluctuations 
Abstract:
  Following King and Plosser's (1984) suggestion, we use the growth of four
 real natural resource prices to proxy post-war supply shocks and assess
 their importance in a VAR which controls for aggregate demand influences
 on real output. We find that these supply shock proxies are able to
 account for a sizable portion of US post-war output fluctuations. 
Journal: Applied Economics Letters 
Pages: 180-183 
Issue: 6 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357393 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357393&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eric Pentecost 
Author-X-Name-First: Eric 
Author-X-Name-Last: Pentecost 
Author-Name: Mark Holmes 
Author-X-Name-First: Mark 
Author-X-Name-Last: Holmes 
Title: Changes in the extent of financial integration within the European Community between the 1970s and 1980s 
Abstract:
  This study investigates the co-variability of changes in nominal interest
 rates for the main EC countries between April 1974 and January 1992, using
 principal components analysis. We find that there is evidence of increased
 monetary interdependence and greater capital market integration, but this
 is not a universal or even experience across all countries. EC capital
 markets also seem to have become more highly integrated than the money
 markets. 
Journal: Applied Economics Letters 
Pages: 184-187 
Issue: 6 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357401 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357401&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Gordon 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Gordon 
Title: Optimal lag length in estimating Dickey-Fuller statistics: an empirical note 
Abstract:
  The purpose of this note is to empirically demonstrate that the choice of
 summary statistic used in specifying the Dickey-Fuller test equation can
 determine the outcome of a test for stationarity. A reasonable empirical
 practice would be to evaluate stationarity over different lagged
 specifications of the Dickey-Fuller test equation. 
Journal: Applied Economics Letters 
Pages: 188-190 
Issue: 6 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357410 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357410&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Umit Erol 
Author-X-Name-First: Umit 
Author-X-Name-Last: Erol 
Author-Name: Erol Balkan 
Author-X-Name-First: Erol 
Author-X-Name-Last: Balkan 
Title: A choice-theoretic and information-oriented approach to the short-run characteristics of real and nominal interest rates 
Abstract:
  The paper adopts a choice-theoretic, information-oriented approach to the
 issue of stationarity of real interest rates. It is shown that a constant
 real rate of interest, even for short run and within the context of a
 simple two-market framework, requires overly demanding assumptions which
 are unlikely to be satisfied if efficient market hypothesis is explicitly
 considered. Such a model which indirectly supports the short-run
 variability of real interest rates in response to random information
 signals is tested empirically by utilizing multiple time series models for
 the 1959-87 observation period. The empirical results suggest a favourable
 interpretation of the model. 
Journal: Applied Economics Letters 
Pages: 191-195 
Issue: 6 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357429 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357429&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Victor Ukpolo 
Author-X-Name-First: Victor 
Author-X-Name-Last: Ukpolo 
Title: Exchange rate market efficiency: further evidence from cointegration tests 
Abstract:
  This paper examines the hypothesis that foreign exchange market is
 efficient. Several empirical results from earlier studies have been based
 on the implicit assumption that time-series data are stationary. But we
 use cointegration techniques, which imply that time-series data are
 non-stationary, to test for market efficiency, using Japanese data drawn
 from the Wall Street Journal. Our results suggest that the Japanese
 foreign exchange market is inconsistent with the efficiency hypothesis. 
Journal: Applied Economics Letters 
Pages: 196-198 
Issue: 6 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357438 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357438&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pierre Siklos 
Author-X-Name-First: Pierre 
Author-X-Name-Last: Siklos 
Title: Long-run and short-run money demand: which price deflator to use? Some evidence using New Zealand data 
Abstract:
  When institutional and financial changes are great, findings about the
 influence of income and opportunity cost variables on money demand, and
 the stability of any such relationship, may be influenced by how prices
 are measured. This paper considers the case of New Zealand, which has
 experienced several large regime shifts in the space of a decade. Using
 the cointegration/error correction framework, it is found that consumer
 prices excluding interest costs provide the most meaningful measure of
 money demand. 
Journal: Applied Economics Letters 
Pages: 199-202 
Issue: 6 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357447 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357447&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mikael Linden 
Author-X-Name-First: Mikael 
Author-X-Name-Last: Linden 
Title: The sizes and powers of some proposed I(1) and I(0) tests for a typical macro-economic time series 
Abstract:
  Four alternative tests for nonstationarity and stationarity are analysed
 in detail for a typical macro-economic time series. The analysed tests
 (ADF, LMSP, KPSS and G(p, q) tests) are asymptotical tests for the type of
 process considered. The small sample simulations reveal that the empirical
 sizes differ from the nominal sizes and the new proposed alternatives to
 the ADF test do not have bigger powers than these often used test
 statistics. 
Journal: Applied Economics Letters 
Pages: 203-207 
Issue: 7 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357267 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357267&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Keasey 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Keasey 
Author-Name: Robert Watson 
Author-X-Name-First: Robert 
Author-X-Name-Last: Watson 
Title: The pricing of small firm bank finance: evidence from the UK 
Abstract:
  The results indicate that although interest rate premia reflect a number
 of small firm risk characteristics, they do not seem to have significantly
 benefited from the increased bank competition of the late 1980s. 
Journal: Applied Economics Letters 
Pages: 208-210 
Issue: 7 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357276 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357276&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rudolf Winter-Ebmer 
Author-X-Name-First: Rudolf 
Author-X-Name-Last: Winter-Ebmer 
Title: Does layoff risk explain the firm-size wage differential? 
Abstract:
  If less stable (and also less able) workers select themselves into small,
 unstable and lowpaying firms, predicted layoff risk of workers can be used
 as a proxy for heterogeneity of workers and should therefore be included
 in wage regressions. Doing this, one third of the size earnings premium
 can be explained. 
Journal: Applied Economics Letters 
Pages: 211-214 
Issue: 7 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357285 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357285&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. D. Byers 
Author-X-Name-First: J. D. 
Author-X-Name-Last: Byers 
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Title: Bilinear quadratic ARCH and volatility spillovers in inter-war exchange rates 
Abstract:
  We investigate the properties of floating exchange rates in the inter-war
 period by estimating a bilinear quadratic ARCH model that allows for
 non-linearity in both mean and variance. Our analysis suggests that, with
 one exception, spot rates exhibited non-linearity in either of, or both,
 mean and variance. Apart from the intrinsic interest of this result it has
 implications for other work on, for instance, time varying risk premia
 which are assumed to depend on the conditional variance of forecast errors
 (ARCH-M models). Our analysis of the inter-war period suggests that such
 models are misspecified, which may explain the failure to find evidence of
 significant risk premia. 
Journal: Applied Economics Letters 
Pages: 215-219 
Issue: 7 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357294 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357294&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Barry Reilly 
Author-X-Name-First: Barry 
Author-X-Name-Last: Reilly 
Author-Name: Robert Witt 
Author-X-Name-First: Robert 
Author-X-Name-Last: Witt 
Title: English league transfer prices: is there a racial dimension? 
Abstract:
  Carmichael and Thomas (1993) recently examined the transfer market for
 association football within a Nash bargaining framework, and explored
 empirically some of the determinants of association football transfer
 prices for the 1990-91 English league season. The purpose of this paper is
 to examine the role exerted by race in the determination of association
 football transfer prices. Using data from the 1991-92 English league
 season, transfer price equations are estimated to establish if black
 players encounter unequal treatment in the transfer market. 
Journal: Applied Economics Letters 
Pages: 220-222 
Issue: 7 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357302 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357302&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. Doroodian 
Author-X-Name-First: K. 
Author-X-Name-Last: Doroodian 
Author-Name: Chulho Jung 
Author-X-Name-First: Chulho 
Author-X-Name-Last: Jung 
Title: Factor price equalization: revisited 
Abstract:
  Although theoretical discussion of Factor Price Equalization (FPE)
 theorem has been quite prolific in the international economics literature,
 empirical tests of the FPE theorem have been very limited and inadequately
 performed. In this paper, we use Johansen's multivariate cointegration
 testing procedure to test statistically the FPE theorem among seven EC
 countries for 1960-91. The results show that the FPE theorem is strongly
 supported for the period considered. 
Journal: Applied Economics Letters 
Pages: 223-226 
Issue: 7 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357311 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357311&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Cormack 
Author-X-Name-First: Paul 
Author-X-Name-Last: Cormack 
Title: A comment on some recent estimates of economies of scale in higher education 
Abstract:
  A simulation of the response of teaching labour inputs to a variety of
 course characteristics results in scale elasticities which are greater
 than one in the ceteris paribus case, but which are sensitive to course
 characteristics. Support is given to Nelson and Hevert (1992) who argue
 that cost functions omitting class size are mis-specified, but the
 argument is extended to other characteristics. For both Nelson and Hevert,
 and Lloyd, Morgan and Williams (1993) it is suggested that estimated scale
 elasticities may be distorted by departmental or institutional decisions
 to 'spend' some of their cost savings from increased scale. 
Journal: Applied Economics Letters 
Pages: 227-230 
Issue: 7 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357320 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357320&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Liu 
Author-X-Name-First: Peter 
Author-X-Name-Last: Liu 
Author-Name: Evan Tanner 
Author-X-Name-First: Evan 
Author-X-Name-Last: Tanner 
Title: Intertemporal solvency and breaks in the US deficit process: a maximum-likelihood cointegration approach 
Abstract:
  Previous research has shown that the intertemporal solvency condition is
 equivalent to the cointegration of either (1) the interest-inclusive
 government spendings and tax revenue or (2) the interest-exclusive
 government spendings, tax revenue and government outstanding debt. This
 note examines the intertemporal solvency condition using a maximum
 likelihood cointegration test. Results show that the solvency condition
 for the US government is satisfied only if a break is included in the
 process. 
Journal: Applied Economics Letters 
Pages: 231-235 
Issue: 7 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357339 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357339&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald Dutkowsky 
Author-X-Name-First: Donald 
Author-X-Name-Last: Dutkowsky 
Title: Interpreting adjustment cost effects under asymmetry: a note 
Abstract:
  This paper examines the Pfann and Verspagen specification for asymmetric
 adjustment cost. We show that under asymmetry, the coefficient for the
 linear-quadratic term understates the symmetric part of adjustment cost.
 The analysis reveals that a positive value for this parameter is
 sufficient but not necessary for a well-behaved adjustment cost function.
 The specification satisfies all the requirements when the linear-quadratic
 coefficient equals zero. We also derive a condition for a well-behaved
 adjustment cost function within a feasible region when the parameter has
 negative sign. Since our study expands the range of permissible parameter
 values, it increases the empirical applicability of the asymmetric
 adjustment cost function. 
Journal: Applied Economics Letters 
Pages: 236-238 
Issue: 7 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357348 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357348&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: F. R. Oliver 
Author-X-Name-First: F. R. 
Author-X-Name-Last: Oliver 
Author-Name: K. L. Q. Read 
Author-X-Name-First: K. L. Q. 
Author-X-Name-Last: Read 
Title: Measuring inter-national differences in income: a distributional approach 
Abstract:
  Statistics of per capita Gross Domestic Product for 178 countries for
 each of the years between 1970 and 1989 are analysed in order to measure
 inter-national inequalities and to assess the success of aid from the
 world's richer economies in reducing them. Conventional statistics of
 inequality, whether based on moments or on quantiles, show unsatisfactory
 irregularities. However, two statistical distributions are found which
 describe the data closely and enable convenient and relatively stable
 measures of inequality to be obtained. The results show that so far from
 decreasing, these measures of inter-national inequality approximately
 trebled during the period 1970-89. 
Journal: Applied Economics Letters 
Pages: 239-243 
Issue: 7 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357357 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mike Ingham 
Author-X-Name-First: Mike 
Author-X-Name-Last: Ingham 
Title: Union joining: an empirical test of the social custom model 
Abstract:
  A recent theoretical literature explores why individuals join unions
 which provide only public goods. This paper finds supportive empirical
 evidence for one such theory. However, the continued significance of
 certain personal characteristics in the unionization decision suggests
 that unions also provide attractive, privately appropriable services to
 their members. 
Journal: Applied Economics Letters 
Pages: 245-247 
Issue: 8 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357159 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357159&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Title: Expectations-augmented Phillips curve: further evidence from state economies 
Abstract:
  This paper tests the expectations-augmented Phillips-curve hypothesis for
 the 50 states in the US. Unlike previous work both adaptive and rational
 expectations are incorporated in the modeling of the Phillips-curve
 relationship. Second, the role of relative regional wages are taken into
 account. Third, the wage-price controls of 1971-72 and 1972-73 are
 included in the modeling efforts. The empirical results suggest that the
 expectations-augmented Phillips-curve model based on adaptive expectations
 provides better results across the 50 states than the Phillips-curve model
 based on rational expectations. 
Journal: Applied Economics Letters 
Pages: 248-254 
Issue: 8 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357168 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357168&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Gabriel 
Author-X-Name-First: Paul 
Author-X-Name-Last: Gabriel 
Title: Estimating the returns to college: a longitudinal analysis 
Abstract:
  This study estimates returns to college from longitudinal data for the
 United States labour market. A combination of actual and projected
 earnings levels yields rates of return between 12 and 15% for white males
 who completed four years of college during the early 1980s. 
Journal: Applied Economics Letters 
Pages: 255-257 
Issue: 8 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357177 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357177&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Yen 
Author-X-Name-First: Steven 
Author-X-Name-Last: Yen 
Title: Alternative transformations in a class of limited dependent variable models: alcohol consumption by US women 
Abstract:
  This study investigates alcohol consumption by women in the United
 States,using alternative specifications of the double-hurdle models which
 accommodate non-normal errors. The IHS double-hurdle model performs
 marginally better than the Box-Cox double-hurdle model but both models
 suggest very similar elasticities. The profile of a drinker includes
 white, black, smoker, homeowner, and residing in urban areas. Women who
 are older, pregnant or lactating, on special diet, and those with higher
 weight-height ratio are less likely to consume alcohol than others.
 Seasonal and regional variations are apparent. Smokers are more likely to
 consume alcohol and also consume more, while older women are less likely
 to drink and also drink less than others. 
Journal: Applied Economics Letters 
Pages: 258-262 
Issue: 8 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peijie Wang 
Author-X-Name-First: Peijie 
Author-X-Name-Last: Wang 
Title: The implications of cointegration in financial markets 
Abstract:
  The associations between cointegration and the measurement of volatility
 and risk in traditional financial analysis literature are investigated and
 conferred empirical meanings under various market circumstances via the
 Granger representation theorem. 
Journal: Applied Economics Letters 
Pages: 263-265 
Issue: 8 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357195 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357195&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Derek Leslie 
Author-X-Name-First: Derek 
Author-X-Name-Last: Leslie 
Author-Name: Yonghao Pu 
Author-X-Name-First: Yonghao 
Author-X-Name-Last: Pu 
Title: Unions and the rise in wage inequality in Britain 
Abstract:
  This paper lends support to the political explanation for the observed
 rising wage inequality in Britain in the 1980s and early 1990s. The
 decline of collective bargaining and other changes in pay arrangements
 during this time have been to the disadvantage of the low paid. We seek
 support using a cointegration framework, focusing on union density and
 strike variables. 
Journal: Applied Economics Letters 
Pages: 266-270 
Issue: 8 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357203 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357203&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Panayiotis Diamandis 
Author-X-Name-First: Panayiotis 
Author-X-Name-Last: Diamandis 
Author-Name: Georgios Kouretas 
Author-X-Name-First: Georgios 
Author-X-Name-Last: Kouretas 
Title: Cointegration and market efficiency: a time series analysis of the Greek drachma 
Abstract:
  We use multivariate cointegration techniques to examine market efficiency
 with respect to five bilateral exchange rates of the Greek drachma. The
 conclusion is that the five exchange rates possess one long-run
 relationship and that the existence of the cointegration relation is not
 affected by temporal instability. The market efficiency hypothesis is
 therefore rejected. 
Journal: Applied Economics Letters 
Pages: 271-277 
Issue: 8 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357212 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357212&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bijou Yang 
Author-X-Name-First: Bijou 
Author-X-Name-Last: Yang 
Author-Name: David Lester 
Author-X-Name-First: David 
Author-X-Name-Last: Lester 
Title: Suicide, homicide and unemployment 
Abstract:
  The strong association between unemployment and suicide was found in an
 examination of annual changes in both of these rates in the USA. However,
 the association between unemployment and suicide appears to be strong in
 the United States, but weak or non-existent in other nations. 
Journal: Applied Economics Letters 
Pages: 278-279 
Issue: 8 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357221 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357221&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. E. Allen 
Author-X-Name-First: D. E. 
Author-X-Name-Last: Allen 
Author-Name: Robert Prince 
Author-X-Name-First: Robert 
Author-X-Name-Last: Prince 
Title: The winner/loser hypothesis: some preliminary Australian evidence on the impact of changing risk 
Abstract:
  The extent of the winner-loser anomaly on the Austalian equities market
 for the period 1974-91 is examined. Documentation of the contrarian
 strategy is argued as being invalid unless compensation is made for
 changing risk premiums through time. The evidence shows a slight reversal
 for the winner portfolio based on raw returns, but risk adjusted winners
 continue to be winners and losers persist as losers although the behaviour
 is not statistically significant. 
Journal: Applied Economics Letters 
Pages: 280-283 
Issue: 8 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357230 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357230&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wen-Jen Hsieh 
Author-X-Name-First: Wen-Jen 
Author-X-Name-Last: Hsieh 
Title: Test of variable output and scale elasticities for 20 US manufacturing industries 
Abstract:
  The production function is examined and tests are made to determine
 whether or not output and scale elasticities vary across individual
 industries based on a new CES or the Box-Cox production function and a
 pooled data set of 20 US manufacturing industries during 1987-91. This
 approach differs from the conventional method of using long time-series
 data to estimate output or scale elasticities for each of the 20
 manufacturing industries. This new CES function has the advantages of
 including the Cobb-Douglas and linear functions as special cases, less
 multicollinearity problems, and more flexibility of output and scale
 elasticities. Empirical work shows that the new CES function yields better
 results. Both the Cobb-Douglas (double-log) and linear functions can be
 rejected at the 1% level. Output-labour elasticities varied from a low of
 0.18 for tobacco to a high of 0.70 for apparel. Output-capital
 elasticities also ranged from 0.31 for apparel to 0.88 for petroleum.
 Total output or scale elasticities ranged from 0.51 for tobacco to 1.24
 for primary metal. Thus, individual industries exhibit different output
 and scale elasticities. Although many industries show constant returns to
 scale, there are a number of industries that display decreasing or
 increasing returns to scale. 
Journal: Applied Economics Letters 
Pages: 284-287 
Issue: 8 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357249 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357249&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Abhyankar 
Author-X-Name-First: A. 
Author-X-Name-Last: Abhyankar 
Author-Name: L. S. Copeland 
Author-X-Name-First: L. S. 
Author-X-Name-Last: Copeland 
Author-Name: W. Wong 
Author-X-Name-First: W. 
Author-X-Name-Last: Wong 
Title: Moment condition failure in high frequency financial data: evidence from the S&P 500 
Abstract:
  Loretan-Phillips maximal moment exponent estimators are used to
 investigate the distribution of S&P 500 stock returns at a range of
 different frequencies. In all cases, the variance is found to be finite,
 but the existence of higher-order moments is in some doubt. 
Journal: Applied Economics Letters 
Pages: 288-290 
Issue: 8 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357258 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357258&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Chappell 
Author-X-Name-First: David 
Author-X-Name-Last: Chappell 
Author-Name: Joanne Padmore 
Author-X-Name-First: Joanne 
Author-X-Name-Last: Padmore 
Title: Changes in volatility of the sterling-Deutschmark exchange rate: the effect of ERM membership 
Abstract:
  The behaviour of the sterling-Deutschmark exchange rate is examined over
 a period from November 1988 to May 1994. At the beginning of this time
 period sterling did not belong to the ERM, it entered in October 1990 and
 was withdrawn in September 1992. In this study the effect of operating
 within the ERM on the volatility of the exchange rate is examined. 
Journal: Applied Economics Letters 
Pages: 291-294 
Issue: 9 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357078 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357078&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carol Horton Tremblay 
Author-X-Name-First: Carol Horton 
Author-X-Name-Last: Tremblay 
Author-Name: Victor Tremblay 
Author-X-Name-First: Victor 
Author-X-Name-Last: Tremblay 
Title: Children and the economics of Christmas gift-giving 
Abstract:
  In spite of its importance to the retail sector, there has been
 relatively little research on the economics of Christmas Season
 gift-giving. The one exception is Waldfogel (1993), The Deadweight loss of
 Christmas, American Economic Review, 83, 1328-1336, who found a
 substantial amount of deadweight loss associated with Christmas
 gift-giving. Here it is shown that the Waldfogel study is incomplete and
 alternative models of consumer choice theory which better explain
 Christmas gift-giving are identified. Although the standard neoclassical
 and altruistic models predict no relationship between the population of
 children and per capita Christmas spending, a model is developed that
 includes non-pecuniary externalities and predicts that children have a
 positive impact on Christmas gift-giving. This prediction is supported by
 empirical evidence. 
Journal: Applied Economics Letters 
Pages: 295-297 
Issue: 9 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357087 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357087&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Greene 
Author-X-Name-First: Michael 
Author-X-Name-Last: Greene 
Author-Name: Emily Hoffnar 
Author-X-Name-First: Emily 
Author-X-Name-Last: Hoffnar 
Title: Political empowerment: earnings in the presence of African-American mayors 
Abstract:
  A full interactive earnings model measures the earnings premium enjoyed
 by African-American men in cities headed by African-American mayors. After
 controlling for selection into the labour force, African-American men in
 such cities are found to enjoy a 7.9% earnings premium, which derives
 mainly from a higher return to high-school education. 
Journal: Applied Economics Letters 
Pages: 298-301 
Issue: 9 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkin Bairam 
Author-X-Name-First: Erkin 
Author-X-Name-Last: Bairam 
Title: Kaldor's technical progress function revisited 
Abstract:
  Here, Kaldor's technical function is re-examined and a model that can be
 used to test the shape of the function is introduced and tested. The
 results obtained conclusively refute the hypothesis that suggests the
 technical progress function is linear and confirm Kaldor's original
 hypothesis that suggests it is &#x201c;convex upwards&#x201d;. 
Journal: Applied Economics Letters 
Pages: 302-304 
Issue: 9 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Smyth 
Author-X-Name-First: David 
Author-X-Name-Last: Smyth 
Author-Name: Pami Dua 
Author-X-Name-First: Pami 
Author-X-Name-Last: Dua 
Author-Name: Susan Washburn Taylor 
Author-X-Name-First: Susan Washburn 
Author-X-Name-Last: Taylor 
Title: Structural change in the relationship between presidential popularity and inflation and unemployment: the Nixon and Ford presidencies 
Abstract:
  A quadratic presidential popularity function for the Nixon and Ford
 presidencies is estimated. Using monthly data it is found that there is a
 structural change in the relationship between presidential popularity and
 inflation and unemployment between the two presidencies. This result
 strengthens the authors' earlier finding that one must be wary of using a
 single social preference function between inflation and unemployment that
 is time invariant. 
Journal: Applied Economics Letters 
Pages: 305-307 
Issue: 9 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357113 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357113&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stefano Fachin 
Author-X-Name-First: Stefano 
Author-X-Name-Last: Fachin 
Title: The Finnish demand for money revisited: an application of Box-Tiao cointegration analysis and bootstrap tests 
Abstract:
  The Johansen and Juselius (1990) data on the money demand in Finland are
 re-examined through the Box-Tiao (1977) canonical correlation procedure,
 and the existence of stationary cointegrating vectors tested through the
 bootstrap. The conclusions reached are that (1) the Johansen and Juselius
 results are remarkably confirmed, and (2) the bootstrap proves to be a
 valuable tool, enabling robust and simple cointegration tests to be
 carried out as non-stationarity tests on the estimated cointegrating
 relationships. 
Journal: Applied Economics Letters 
Pages: 308-310 
Issue: 9 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357122 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357122&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Swarna Dutt 
Author-X-Name-First: Swarna 
Author-X-Name-Last: Dutt 
Author-Name: Dipak Ghosh 
Author-X-Name-First: Dipak 
Author-X-Name-Last: Ghosh 
Title: The foreign exchange market efficiency hypothesis revisited 
Abstract:
  The foreign exchange market efficiency hypothesis is revisited using the
 modern Phillips-Hansen Fully Modified Ordinary Least squares (FM-OLS)
 procedure. It corrects for both endogeneity in the data and asymptotic
 bias in the coefficient estimates. The volatile decade of the 1980s is the
 chosen sample. The necessary and sufficient condition for market
 efficiency/unbiasedness is tested by sequentially conducting the
 Phillips-Ouliaris non-stationarity test on the residuals and the FM-WALD
 test for the required parameter values. Across the board evidence is found
 supporting cointegration between future spot rates and forward rates, i.e.
 the necessary condition is satisfied. But both the necessary and
 sufficient condition is supported for two out of four currencies,
 presumably due to the presence of the risk premium and/or market
 imperfections. 
Journal: Applied Economics Letters 
Pages: 311-315 
Issue: 9 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Swarna Dutt 
Author-X-Name-First: Swarna 
Author-X-Name-Last: Dutt 
Author-Name: Dipak Ghosh 
Author-X-Name-First: Dipak 
Author-X-Name-Last: Ghosh 
Title: Purchasing power parity doctrine: weak and strong form tests 
Abstract:
  The purchasing power parity hypothesis is investigated within a highly
 economically integrated set of nations, namely the European Monetary
 System (EMS). The modern Phillips-Hansen Fully Modified Ordinary Least
 Squares (FM-OLS) procedure is used, which for the first time allows for an
 unrestricted cointegration test of the PPP doctrine. It corrects for both
 endogeneity in the data and asymptotic bias in the coefficient estimates.
 The entire floating exchange rate period is studied. The weak form
 (necessary condition) and strong form (necessary and sufficient condition)
 of PPP are sequentially tested for. The Phillips-Ouliaris non-stationarity
 test on the exchange rate-price ratio series residuals and the FM-WALD
 test for the required parameter values are conducted. Across the board
 evidence is found supporting co-integration between exchange rate and
 prices, i.e. the necessary condition (weak form PPP) is satisfied, with
 the sole exception of the Belgian Franc. But the necessary and sufficient
 condition (strong form PPP) is not supported for any of the currencies. 
Journal: Applied Economics Letters 
Pages: 316-320 
Issue: 9 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357140 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357140&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joan Pasqual 
Author-X-Name-First: Joan 
Author-X-Name-Last: Pasqual 
Author-Name: Jose Antonio Tarrio 
Author-X-Name-First: Jose Antonio 
Author-X-Name-Last: Tarrio 
Title: Optimal time-phasing of investment: a consolidated spurious model 
Abstract:
  Previous studies have presented a model to determine the profitability of
 delaying a project for a period. In the model it is implicitly assumed
 that no change affects the project during the period in question. This
 assumption is opposed to those usually made in dynamic models. Analysing
 the model, we see that the condition for the postponement of the project
 to be optimal is indistinguishable from the general profitability
 condition (net present value > 0): it is worth deferring unprofitable
 projects and not deferring the profitable ones. The problem these authors
 considered is thus non-existent, unless the model is modified to
 incorporate ad hoc assumptions 
Journal: Applied Economics Letters 
Pages: 321-322 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518979 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518979&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Author-Name: Paul Michaelides 
Author-X-Name-First: Paul 
Author-X-Name-Last: Michaelides 
Title: Autocorrelations, returns and Australian financial futures 
Abstract:
  This paper explores whether predictable autocorrelation structures exist
 in returns data on Australian financial futures. We explore the data using
 power transformations and find that for the bank accepted bills market
 there are potential gains from this strategy. 
Journal: Applied Economics Letters 
Pages: 323-326 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518980 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518980&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Clare 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Clare 
Author-Name: Joelle Miffre 
Author-X-Name-First: Joelle 
Author-X-Name-Last: Miffre 
Title: A note on forecasting the CAC 40 and DAX stock index futures 
Abstract:
  In this paper we extend the research on the predictability of stock and
 bond markets to futures markets. By using stock and bond market
 forecasting variables we build ex ante models of the MATIF CAC 40 and DFB
 DAX stock index futures contracts. Since it is possible to construct a
 practical trading rule from the out-of-sample forecasts from these models,
 we use these models as a valid test of the efficient market hypothesis. We
 find that while we can develop a profitable trading rule for the French
 contract, a similar profitable trading rule for the German contract cannot
 be developed. Our results appear to suggest that the stock index futures
 market in France appears to be weakly inefficient, while the German model
 may only represent spurious correlations between the forecasting variables
 and the DFB DAX contract. 
Journal: Applied Economics Letters 
Pages: 327-330 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518981 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518981&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Patricia Fraser 
Author-X-Name-First: Patricia 
Author-X-Name-Last: Fraser 
Title: Returns and firm size: A note on the UK experience 1970-1991 
Abstract:
  Examining UK companies traded on the London Stock Exchange, the evidence
 reported in this note implies that prior to mid-1989 smaller companies
 consistently outperformed the market portfolio. Since then, however, the
 'size effect' has disappeared. 
Journal: Applied Economics Letters 
Pages: 331-334 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518982 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518982&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Brockman 
Author-X-Name-First: Paul 
Author-X-Name-Last: Brockman 
Author-Name: Yiuman Tse 
Author-X-Name-First: Yiuman 
Author-X-Name-Last: Tse 
Title: Information shares in Canadian agricultural cash and futures markets 
Abstract:
  This paper examines the information shares in four pairs of Canadian
 agricultural cash and futures markets by exploring their cointegrating
 relationships. Using error correction models (ECMs) and Hasbrouck's
 econometric method of estimating information shares, the results show that
 the price discovery process is most pronounced in the futures market. The
 identification and quantification of the dominant market of price
 discovery is of great interest to both hedgers and speculators. The
 advantage of Hasbrouck's technique is that it facilitates the
 quantification of the concept of price discovery and market dominance. 
Journal: Applied Economics Letters 
Pages: 335-338 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518983 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518983&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Haiyan Song 
Author-X-Name-First: Haiyan 
Author-X-Name-Last: Song 
Title: A time-varying parameter consumption model for the UK 
Abstract:
  This paper uses a time varying parameter (TVP) approach to model and
 forecast the aggregate consumers' expenditure on non-durables and services
 in the UK. The results suggest that the TVP method is particularly useful
 in forecasting when the structure of the consumption model is unstable. 
Journal: Applied Economics Letters 
Pages: 339-342 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518984 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518984&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Baimbridge 
Author-X-Name-First: Mark 
Author-X-Name-Last: Baimbridge 
Author-Name: Samuel Cameron 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Cameron 
Author-Name: Peter Dawson 
Author-X-Name-First: Peter 
Author-X-Name-Last: Dawson 
Title: Satellite broadcasting and match attendance: the case of rugby league 
Abstract:
  A recent development in the UK television industry has been the emergence
 of satellite and cable broadcasting. We examine the entrance of the BSkyB
 satellite network into the coverage of the first division of the rugby
 football league over the 1993-94 season. This paper extends the familiar
 model of sport attendance to incorporate the live television transmission
 of games which is found to exert a negative influence on attendance. Our
 result suggests considerable scope for future research in this neglected
 aspect of the factors affecting sport attendance. 
Journal: Applied Economics Letters 
Pages: 343-346 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518985 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518985&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitrios Malliaropulos 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Malliaropulos 
Title: Testing long-run neutrality of money: evidence from the UK 
Abstract:
  The paper presents empirical evidence on the long-run neutrality of
 monetary policy in the UK based on the methodology developed by Fisher and
 Seater. Money is found to be long-run neutral with respect to real GDP and
 real equity prices. However, in the short to medium term permanent
 positive shocks to money supply seem to be positively correlated with real
 GDP and negatively correlated with real equity prices. 
Journal: Applied Economics Letters 
Pages: 347-350 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518986 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518986&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Albert Ade Okunade 
Author-X-Name-First: Albert Ade 
Author-X-Name-Last: Okunade 
Title: A note on benefit differentials of black and white female workers 
Abstract:
  Large national micro-data bases (such as Current Population Survey and
 Survey of Income and Programme Participation) lack information on employer
 outlays for the fringe benefits paid workers. Therefore, this paper
 motivates research on intra-firm black-white differences in non-wage
 fringe benefits using data on female office workers of a large public
 university. Empirical results indicate that racial differences exist among
 the fringes (pension, health and life insurance, sick leave, longevity
 pay, vacation) and also vary across department sizes. The differentials
 tend to disappear, however, when combined benefits or total compensation
 is used as a modelling framework. These results suggest potential
 sensitivity of regression model estimates, of black-white benefit gaps to
 the degree of aggregation in the data being modelled. 
Journal: Applied Economics Letters 
Pages: 351-354 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518987 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518987&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Muhammad Mustafa 
Author-X-Name-First: Muhammad 
Author-X-Name-Last: Mustafa 
Author-Name: Matiur Rahman 
Author-X-Name-First: Matiur 
Author-X-Name-Last: Rahman 
Title: Capacity utilization in the USA and inflation: testing for cointegration and Granger causality 
Abstract:
  This paper investigates the long-run and short-run dynamics between
 capacity utilization and inflation in the USA by using cointegration and
 error-correction models. It employs monthly data from January 1984 to
 December 1994. Although each variable in level is found non-stationary by
 unit root tests, ADF tests and error-correction models fail to confirm any
 long-run association between capacity utilization and inflation. Despite a
 lack of cointegration, error-correction models have been utilized to
 identify Granger causality that has been found to run from total
 industrial capacity utilization to inflation. 
Journal: Applied Economics Letters 
Pages: 355-358 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518988 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518988&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Sawkins 
Author-X-Name-First: John 
Author-X-Name-Last: Sawkins 
Title: Measuring the effects of regulation: an event study of the English and Welsh water industry 
Abstract:
  An event study methodology is used to identify and analyse the key
 regulatory initiatives taken by the economic regulator of the English and
 Welsh water industry during the period 1989-1994. By analysing movements
 in water company share returns relative to the stock market as a whole it
 is possible to see whether regulatory interventions had any effect on
 investor expectations. The results are consistent with the rejection of
 the hypothesis of regulatory capture, and with the view that the economic
 regulator sought to balance the demands of companies and customers through
 various policy initiatives. 
Journal: Applied Economics Letters 
Pages: 359-362 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518989 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518989&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Dynamic Farrell efficiency: a time series application 
Abstract:
  Dynamic versions of Farrell efficiency are formulated here and
 empirically applied to airlines data to estimate productivity growth and
 technical efficiency changes. 
Journal: Applied Economics Letters 
Pages: 363-366 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518990 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518990&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saud Choudhry 
Author-X-Name-First: Saud 
Author-X-Name-Last: Choudhry 
Author-Name: Derek Hum 
Author-X-Name-First: Derek 
Author-X-Name-Last: Hum 
Title: Graduated work incentives and how they affect marital stability: the Canadian evidence 
Abstract:
  This paper examines how NIT payments might destabilize marriages by
 enhancing the economic quality of alternatives to married life. Data from
 Canada's MINCOME experiment indicates that the various levels of GAI
 support did have a stabilizing influence on its participants' marriages.
 This suggests that the nature of a support programme may influence the
 stability of low-income households, thereby making a much needed dent in
 the cycle of marital dissolution. 
Journal: Applied Economics Letters 
Pages: 367-371 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518991 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518991&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Madden 
Author-X-Name-First: David 
Author-X-Name-Last: Madden 
Title: Omitted variables, dynamic specification and tests for homogeneity 
Abstract:
  This note examines the sensitivity of tests for homogeneity in demand
 systems to such factors as omitted variables and dynamic and stochastic
 specification. It estimates demand systems for Ireland using time-series
 data for different unconditional demand systems with differing dynamic and
 stochastic specification and also estimates a conditional demand system,
 thus attempting to reconcile disparate results from previous work in this
 area. 
Journal: Applied Economics Letters 
Pages: 372-374 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518992 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518992&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Suzhen Zhu 
Author-X-Name-First: Suzhen 
Author-X-Name-Last: Zhu 
Author-Name: Paul Ellinger 
Author-X-Name-First: Paul 
Author-X-Name-Last: Ellinger 
Author-Name: C. Richard Shumway 
Author-X-Name-First: C. Richard 
Author-X-Name-Last: Shumway 
Title: The choice of functional form and estimation of banking inefficiency 
Abstract:
  The effects of alternative functional forms on parametric estimation of a
 multi-product cost function are examined using a sample of rural US banks.
 Functional forms considered for possible choice are three versions of
 second-order Taylor-series expansions (or locally-flexible functional
 forms-translog, normalized quadratic, and generalized Leontief. The
 generalized quadratic Box-Cox transformation and the likelihood dominance
 criterion are used as vehicles for conducting nested and non-nested tests.
 Although all three forms are rejected by the nested test, the likelihood
 dominance criterion indicates that the translog is clearly preferred over
 the other two as the functional form of choice. Using either of the other
 functional forms would substantially alter conclusions about both scale
 elasticities and inefficiencies, including the impact of bank size on
 these measures. 
Journal: Applied Economics Letters 
Pages: 375-379 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518993 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518993&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. Karathanassis 
Author-X-Name-First: G. 
Author-X-Name-Last: Karathanassis 
Author-Name: C. Patsos 
Author-X-Name-First: C. 
Author-X-Name-Last: Patsos 
Title: Heteroscedasticity and other misspecification issues in the market model 
Abstract:
  In this paper the authors attempt to analyse the validity of the
 traditional market model in the complex environment of emerging and
 bullish markets where heteroscedasticity and other misspecification issues
 are detected through application of a wide range of appropriate empirical
 tests and tools. The issue which the authors investigate is generally
 related to excess volatility caused either by market over-reaction or by
 changes in the market regime accompanied by changes in the systematic risk
 (beta) or by short-period non-informational 'noise' accompanied by
 violations of the classical assumptions on the residuals of the market
 model. The results of this work highlight and reveal several sides of
 relatively unknown and empirically confused areas regarding market
 efficiency and appropriateness and adequacy of the market model, as well
 as certain unusual features of investor behaviour. 
Journal: Applied Economics Letters 
Pages: 380-382 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518994 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518994&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Author-Name: Rand Ressler 
Author-X-Name-First: Rand 
Author-X-Name-Last: Ressler 
Title: An empirical note on the impact of college athletics on tuition revenues 
Abstract:
  The economics and sociology literature has given much attention to the
 proper role of athletics in the mission of institutions of higher
 education. This discussion has turned into a debate; one argument holds
 that athletics fit nicely into the mission of most colleges. However, it
 has also been argued that athletics impede the students and faculty from
 achieving their academic potential. We argue that college athletics can
 increase the demand to attend the institution and lower the price
 elasticity of demand of non-resident students. This, in turn, increases
 the level of financial resources available to the institution. We model
 the percentage of out-of-state students as being dependent upon athletic
 success (among other variables) and find a positive and significant
 relationship between the two. In addition, potential net revenue gains
 from athletic success are provided for specific institutions. 
Journal: Applied Economics Letters 
Pages: 383-387 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518995 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518995&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Whitehead 
Author-X-Name-First: John 
Author-X-Name-Last: Whitehead 
Title: Differentiating use and non-use values with the properties of the variation function 
Abstract:
  A technique for measuring the use and non-use components of the total
 value of a quality change is proposed. The technique is illustrated using
 data from a study of the Pamlico Sound. 
Journal: Applied Economics Letters 
Pages: 388-390 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518996 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518996&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ralf Ostermark 
Author-X-Name-First: Ralf 
Author-X-Name-Last: Ostermark 
Author-Name: Teppo Martikainen 
Author-X-Name-First: Teppo 
Author-X-Name-Last: Martikainen 
Author-Name: Jaana Aaltonen 
Author-X-Name-First: Jaana 
Author-X-Name-Last: Aaltonen 
Title: The predictability of Finnish stock index futures and cash returns by derivatives volume 
Abstract:
  The predictability of Finnish stock index futures and cash returns by the
 volume of stock index options and futures is investigated. Relying on
 Granger causality tests and vector autoregression, the results support the
 hypothesis that derivatives trading volume cannot be used to predict
 returns. 
Journal: Applied Economics Letters 
Pages: 391-393 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518997 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518997&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. D. Byers 
Author-X-Name-First: J. D. 
Author-X-Name-Last: Byers 
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Title: Evidence on volatility spillovers in the interwar floating exchange rate period based on high/low prices 
Abstract:
  Evidence of volatility spillovers between four foreign exchange rates is
 examined in the interwar floating exchange rate period using daily high
 and low prices rather than closing prices. It is found that volatility is
 highly persistent and that spillovers occur. 
Journal: Applied Economics Letters 
Pages: 394-396 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Title: Unit roots cointegration and the demand for money in India 
Abstract:
  It is shown that the variables in the demand for money in India are unit
 root variables. Therefore the long- and short-run money demand functions
 are estimated using cointegration methods and error correction
 formulation. It is found that the long-run income and interest rate
 elasticities are about 1.5 and -0.42 respectively. 
Journal: Applied Economics Letters 
Pages: 397-399 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518999 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518999&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Magnus Johannesson 
Author-X-Name-First: Magnus 
Author-X-Name-Last: Johannesson 
Author-Name: Ulf-G Gerdtham 
Author-X-Name-First: Ulf-G 
Author-X-Name-Last: Gerdtham 
Title: A pilot test of using the veil of ignorance approach to estimate a social welfare function for income 
Abstract:
  The veil of ignorance approach is tested as a basis for empirically
 determining the shape of the social welfare function for income. An
 experiment is carried out where the participants choose between different
 societies that differ with respect to per capita income and the
 distribution of income. The answers are analysed using logistic regression
 analysis. According to the results the respondents are willing to give up
 Swedish Crowns (SEK) 1 in the group with more income to gain SEK 0.35 in
 the group with less income, but this trade-off is independent of the size
 of the difference in income between the groups. 
Journal: Applied Economics Letters 
Pages: 400-402 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758519000 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758519000&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. Cunningham 
Author-X-Name-First: S. 
Author-X-Name-Last: Cunningham 
Author-Name: J. Vilasuso 
Author-X-Name-First: J. 
Author-X-Name-Last: Vilasuso 
Title: Time aggregation and causality tests: results from a monte carlo experiment 
Abstract:
  This paper examines the importance of time aggregation in causality
 testing. We find that temporal aggregates are between two and ten times
 more unlikely to detect a true causal relationship than are systematic
 sampled aggregates over short aggregation spans. 
Journal: Applied Economics Letters 
Pages: 403-405 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758519001 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758519001&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Newton Lowry 
Author-X-Name-First: Mark Newton 
Author-X-Name-Last: Lowry 
Author-Name: Lawrence Kaufmann 
Author-X-Name-First: Lawrence 
Author-X-Name-Last: Kaufmann 
Title: The treatment of Z factors in price cap plans 
Abstract:
  Z factors are a commonly misunderstood but important component of price
 cap regulation. A typical concern is that they result in a double counting
 of special business conditions in the price cap index. This letter
 explains the mathematical logic for Z factors and shows that they need not
 result in double counting. Implementation issues are briefly discussed. 
Journal: Applied Economics Letters 
Pages: 406-408 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758519002 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758519002&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. M. Steeley 
Author-X-Name-First: J. M. 
Author-X-Name-Last: Steeley 
Title: The use of spline functions for forecasting in the presence of structural changes: a cautionary tale 
Abstract:
  A number of methods have been suggested to improve forecasts for data
 sets subject to structural breaks. This article explains why one such
 procedure, the spline function technique, may not be a natural candidate.
 An example is given where data that appeared to be well forecast using
 spline functions performed poorly beyond a very short forecasting horizon. 
Journal: Applied Economics Letters 
Pages: 409-411 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758519003 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758519003&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Philip Sachinides 
Author-X-Name-First: Philip 
Author-X-Name-Last: Sachinides 
Title: Seigniorage versus inflation tax: a comment 
Abstract:
  This paper is a comment on an article by de Haan et al. (1993) on
 seigniorage in developing countries. It is argued that de Haan et al.
 conflate the concepts of seigniorage and inflation tax, although it is now
 established that these two concepts are distinct. Furthermore, the
 measures they employ to calculate inflation tax and seigniorage are
 questioned. Examples suggest that they systematically overestimate
 seigniorage and miscalculate the inflation tax. 
Journal: Applied Economics Letters 
Pages: 412-414 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758519004 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758519004&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Peel 
Author-X-Name-First: David 
Author-X-Name-Last: Peel 
Author-Name: Alan Speight 
Author-X-Name-First: Alan 
Author-X-Name-Last: Speight 
Title: Asymmetry in the variance of economic activity: evidence for long-run UK GDP 
Abstract:
  The purpose is to document the significance of non-linearity in the
 conditional mean and variance of the long-run annual UK GDP growth rate.
 In particular, an examination is made of asymmetry in conditional variance
 with respect to past shocks which implies that the conditional variance is
 greater, and the conditional variance function steeper, following negative
 shocks to output growth. Simulations of the estimated model also suggest
 the potential for complex dynamics including substantial amplitude
 changes. 
Journal: Applied Economics Letters 
Pages: 415-418 
Issue: 11 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356961 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356961&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: N. R. Vasudeva Murthy 
Author-X-Name-First: N. R. Vasudeva 
Author-X-Name-Last: Murthy 
Author-Name: Victor Ukpolo 
Author-X-Name-First: Victor 
Author-X-Name-Last: Ukpolo 
Title: Aggregate health care expenditure in the United States: new results 
Abstract:
  This research note, upon rectifying some inadvertently transposed entries
 in the observation matrix which was used in the authors' original article
 (Murthy and Ukpolo, 1994), using the maximum likelihood technique
 investigates whether in the United States during the period 1960-87, real
 per capita health care expenditure is related to real per capita income,
 the age structure of the population, number of practicing physicians, the
 relative price of health care and the ratio of public health care
 expenditure to total health care expenditure. While new results reveal the
 presence of two cointegrating vectors, the basic findings are consistent
 with the empirical evidence reported in the original paper. 
Journal: Applied Economics Letters 
Pages: 419-421 
Issue: 11 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356970 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356970&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mauro Gallegati 
Author-X-Name-First: Mauro 
Author-X-Name-Last: Gallegati 
Author-Name: Domenico Mignacca 
Author-X-Name-First: Domenico 
Author-X-Name-Last: Mignacca 
Title: Nonlinearities in business cycle: SETAR models and G7 industrial production data 
Abstract:
  In this paper we enquire if nonlinear or linear models produce iid
 residuals using the BDS test for the G7 industrial production series. We
 found that nonlinear models produce iid residual for the USA, and evidence
 of NL are also detected for Canada and Germany, while Japanese data does
 not reject the alternatives, and the L model is rejected for Italy, France
 and the UK. On this evidence, 'white chaos' data generation processes
 cannot be rejected. We evaluate the linear and nonlinear impulse response
 functions finding that: long-run multipliers are smaller for European
 countries; long-run asymmetries are evident for the USA, Canada and West
 Germany. Differently from previous research, our results show that the
 non-linear hypothesis has to be taken seriously, but with some caution
 because of not entirely satisfactory forecast performance and asymmetries
 (this is especially true for the US series). On the other hand, the
 hypothesis of linearity can be rejected with greater confidence, since it
 almost always fails to encompass the alternative. 
Journal: Applied Economics Letters 
Pages: 422-427 
Issue: 11 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356989 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356989&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Brooks 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Brooks 
Title: A measure of persistence in daily pound exchange rates 
Abstract:
  An alternative procedure to that of Lo is proposed for assessing whether
 there is significant evidence of persistence in time series. The technique
 estimates the Hurst exponent itself, and significance testing is based on
 an application of bootstrapping using surrogate data. The method is
 applied to a set of 10 daily pound exchange rates. A general lack of
 long-term memory is found to characterize all the series tested, in
 sympathy with the findings of a number of other recent papers which have
 used Lo's techniques. 
Journal: Applied Economics Letters 
Pages: 428-431 
Issue: 11 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kofi Amoateng 
Author-X-Name-First: Kofi 
Author-X-Name-Last: Amoateng 
Title: The relationship between real long-short interest spread differentials and real exchange rates 
Abstract:
  This paper opens up an empirical investigation of the nature of the link
 between real long-short interest spread differentials and real exchange
 rates for the integrated financial markets in the industrialized world
 from the 1980s and the early 1990s. The consistent evidence is that there
 is a long-run relationship between real exchange rates and real long-short
 interest spread differentials and vice versa for the UK/US markets. Also,
 the coefficient of the error-correction term significantly estimates
 feedback from the real long-short interest spread differentials to real
 exchange rates and vice versa in the UK/US markets. 
Journal: Applied Economics Letters 
Pages: 432-436 
Issue: 11 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357005 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357005&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. A. Razzak 
Author-X-Name-First: W. A. 
Author-X-Name-Last: Razzak 
Title: Are devaluations effective in inducing real depreciations in sub-Saharan Africa? 
Abstract:
  The analysis of this paper, with pooled data for 20 countries in
 sub-Saharan Africa during 1971-1991, indicates that nominal devaluations
 are effective in inducing permanent depreciations in the real exchange
 rate (RER). A 10% nominal devaluation of the domestic currency (expressed
 in units per US dollar) translates into a real depreciation of 8.8 and
 7.7% in the short and long run, respectively. It is also established that
 the RER appreciates with an increase in inflation tax. A policy
 implication of these results is that nominal devaluations are effective in
 keeping the RER close to a level that maintains external competitiveness,
 if accompanied by appropriate restrictive monetary and fiscal policies. 
Journal: Applied Economics Letters 
Pages: 437-439 
Issue: 11 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357014 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357014&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xuejun Wang 
Author-X-Name-First: Xuejun 
Author-X-Name-Last: Wang 
Title: Equilibrium models of asset pricing with progressive taxation and tax evasion 
Abstract:
  This note examines the effect of tax evasion on the excess rate of
 return. With a simple assumption about tax evasion, we find that a small
 successful tax evasion will lower the excess rate of return at an
 increasing rate under progressive taxation. 
Journal: Applied Economics Letters 
Pages: 440-443 
Issue: 11 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357023 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357023&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gerald Lynch 
Author-X-Name-First: Gerald 
Author-X-Name-Last: Lynch 
Author-Name: Bradley Ewing 
Author-X-Name-First: Bradley 
Author-X-Name-Last: Ewing 
Title: Velocity and the variability of anticipated and unanticipated money growth: a cross-country comparison 
Abstract:
  This paper uses a Granger causality test to determine if increased
 instability in the money supply of a country leads to a decline in
 velocity in that country. This research adds two new dimensions to the
 literature in this area. First, monetary growth is decomposed into
 anticipated and unanticipated components. Second, we extend the study to
 all of the G-7 countries. Our empirical results support the existence of a
 relationship between monetary instability and velocity growth in the G-7
 countries. 
Journal: Applied Economics Letters 
Pages: 444-448 
Issue: 11 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Wong 
Author-X-Name-First: Michael 
Author-X-Name-Last: Wong 
Title: Market reactions to several popular trend-chasing technical signals 
Abstract:
  This is a study of abnormal patterns of returns associated with several
 trend-chasing technical signals commonly found in newspapers, finance
 magazines and technical analysts' reports in the Hong Kong stock market.
 With event-study methodology, it finds significantly positive (or
 negative) nominal and excess returns in the period after the signals
 change to provide bullish (or bearish) signals. Furthermore, it shows that
 the price tends to be more volatile in the period before the signal
 changes. These results support the conjecture that trend-chasing signals
 constitute important information in the market and they have an impact on
 stock returns. 
Journal: Applied Economics Letters 
Pages: 449-456 
Issue: 11 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357041 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357041&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jin-Tan Liu 
Author-X-Name-First: Jin-Tan 
Author-X-Name-Last: Liu 
Title: Relative price dispersion and inflation: evidence from Taiwan's hyperinflation 
Abstract:
  Evidence is presented that a positive association existed between
 inflation and relative prices for Taiwan during a period of hyperinflation
 (1946-1949). The empirical result is consistent with most of the findings
 in the literature. Intramarket price dispersion is positively related to
 the average market rate of price change, but the strength of this
 relationship differs across the market. 
Journal: Applied Economics Letters 
Pages: 457-459 
Issue: 11 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357050 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357050&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kiseok Lee 
Author-X-Name-First: Kiseok 
Author-X-Name-Last: Lee 
Author-Name: Shawn Ni 
Author-X-Name-First: Shawn 
Author-X-Name-Last: Ni 
Title: Inflation uncertainty and real economic activities 
Abstract:
  Inflation uncertainty is shown to have highly significant negative
 correlations with real activities if the uncertainty is measured by a
 state-dependent conditional variance model. The results are consistent
 with those obtained from survey data and cross-country data. 
Journal: Applied Economics Letters 
Pages: 460-462 
Issue: 11 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357069 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357069&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaume Puig Junoy 
Author-X-Name-First: Jaume Puig 
Author-X-Name-Last: Junoy 
Author-Name: Angel Lopez Nico&#x13a;s 
Author-X-Name-First: Angel Lopez 
Author-X-Name-Last: Nico&#x13a;s 
Title: Assessing health care infrastructure at the regional level: a statistical approach 
Abstract:
  In this paper we construct a set of infrastructure and health-need
 synthetic indices for the Spanish Autonomous Communities out of a wide
 range of representative variables by means of the statistical technique of
 principal components. The combination of both infrastructure and need
 indices yields a final index of relative coverage which proxies the access
 to publicly insured health care conditions of Spanish citizens in
 different regions. 
Journal: Applied Economics Letters 
Pages: 463-466 
Issue: 12 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356871 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356871&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pekka Hietala 
Author-X-Name-First: Pekka 
Author-X-Name-Last: Hietala 
Author-Name: Matti Keloharju 
Author-X-Name-First: Matti 
Author-X-Name-Last: Keloharju 
Title: The ex-dividend day behaviour of Finnish restricted and unrestricted shares 
Abstract:
  We analyse the ex-dividend day behaviour of two classes of shares whose
 trading is potentially dominated by investors under different tax regimes
 because of foreign ownership restrictions. Our results provide evidence in
 favour of the hypothesis that long-term investors are the marginal
 investors that determine the stock prices around the ex-dividend day, and
 against the hypothesis that short-term trading is the driving force behind
 equilibrium ex-dividend ratios. 
Journal: Applied Economics Letters 
Pages: 467-468 
Issue: 12 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356880 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356880&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Baimbridge 
Author-X-Name-First: Mark 
Author-X-Name-Last: Baimbridge 
Title: Academic staff salaries: equity and exploitation 
Abstract:
  Utilizing existing survey data and calculated salary means for academic
 staff, an examination of two aspects of remuneration is undertaken. First,
 salary differentials between academic staff and second, the value of work
 undertaken outside office hours. Findings indicate that only a small
 proportion of existing salary differentials can be attributed to the
 number of hours worked. Second, a measure of exploitation by universities
 is calculated indicating that approximately one-third of salaries are
 'earned' outside normal working hours. 
Journal: Applied Economics Letters 
Pages: 469-472 
Issue: 12 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356899 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356899&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Terry Maxwell Alchin 
Author-X-Name-First: Terry Maxwell 
Author-X-Name-Last: Alchin 
Title: A note on tobacco product prices in the Australian CPI 
Abstract:
  This paper analyses the continuation of tobacco product prices within the
 Consumer Price Index (CPI) compiled by the Australian Bureau of Statistics
 (ABS) in Australia. There are important areas concerning packet sizes,
 nicotine content and tar content that make the continued inclusion of such
 prices inconsistent between periods. This is also important when one
 considers the changing patterns of tobacco consumption and the need to
 incorporate such changes in any Australian CPI. The paper concludes with a
 recommendation that tobacco be removed from the CPI so that smokers whose
 income is linked to the CPI are not 'cushioned' from tobacco price rises
 which result from increased tobacco product taxation. Recent increases in
 the Australian CPI are used to illustrate how the cyclical nature of
 increased tobacco prices in the Australian CPI raise the excise tax rates
 and the continued inclusion of tobacco prices in the Australian CPI raises
 government benefits as a result. This means that the important sumptuary
 tax role of tobacco tax could be reduced. 
Journal: Applied Economics Letters 
Pages: 473-477 
Issue: 12 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356907 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356907&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Razzaque Bhatti 
Author-X-Name-First: Razzaque 
Author-X-Name-Last: Bhatti 
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Title: An alternative approach to testing uncovered interest parity 
Abstract:
  This paper presents some evidence on the uncovered interest parity (UIP)
 hypothesis using an alternative model specification and quarterly data on
 three-month treasury bill rates denominated in eleven currencies vis-a-vis
 the dollar. Results of cointegration and coefficient restriction tests are
 strongly supportive of UIP in all cases. These results suggest that
 capital and foreign exchange markets have become highly integrated. 
Journal: Applied Economics Letters 
Pages: 478-481 
Issue: 12 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356916 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356916&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Smyth 
Author-X-Name-First: David 
Author-X-Name-Last: Smyth 
Title: The supply side effects of inflation in the United States: evidence from multifactor productivity 
Abstract:
  The hypothesis that inflation has reduced the rate of growth in the
 United States is tested using time series data for multifactor
 productivity. The negative effects of inflation on growth are significant
 and substantial. 
Journal: Applied Economics Letters 
Pages: 482-483 
Issue: 12 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356925 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356925&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jakob De Haan 
Author-X-Name-First: Jakob 
Author-X-Name-Last: De Haan 
Author-Name: Bernd Jan Sikken 
Author-X-Name-First: Bernd Jan 
Author-X-Name-Last: Sikken 
Author-Name: Andrew Hilder 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Hilder 
Title: On the relationship between the debt ratio and debt maturity 
Abstract:
  The relationship between government debt and the maturity of government
 debt is analysed for eight OECD countries. It is found that the negative
 relationship between debt and effective maturity as reported by Missale
 and Blanchard (1994) for Ireland and Italy can also be found for some
 other countries with lower debt ratios. Furthermore, this negative
 relationship occurs only in periods when debt ratios rise. For Canada and
 the US, on the other hand, a positive relationship is found between debt
 and debt maturity. 
Journal: Applied Economics Letters 
Pages: 484-486 
Issue: 12 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356934 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356934&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Eagle 
Author-X-Name-First: David 
Author-X-Name-Last: Eagle 
Author-Name: Dale Domian 
Author-X-Name-First: Dale 
Author-X-Name-Last: Domian 
Title: Quasi-real bonds: inflation-indexing that retains the government's hedge against aggregate-supply shocks 
Abstract:
  Inflation-indexed bonds, such as the UK's indexed-linked gilts and
 Canada's real return bonds, are hailed by economists for reducing
 inflation risk to both borrowers and lenders. However, we find that
 fixed-rate bonds have an advantage over inflation-indexed bonds by
 providing borrowers with a hedge against aggregate-supply shocks. National
 governments would benefit from this in the event of a major catastrophe
 that substantially reduces aggregate supply. To retain this hedge and
 still provide indexing for aggregate-demand-caused inflation, we propose a
 financial innovation called quasi-real bonds which are indexed to nominal
 GDP growth. 
Journal: Applied Economics Letters 
Pages: 487-490 
Issue: 12 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356943 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356943&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Author-Name: Kumiko Okamura 
Author-X-Name-First: Kumiko 
Author-X-Name-Last: Okamura 
Title: History versus expectations: test of new growth theory 
Abstract:
  Which of the two forces, past history or future expectations, plays a
 more dominant role in economic growth? This hypothesis is econometrically
 tested here for Japan over the period 1965-90 and the evidence suggests a
 more dominant role for the forward looking expectations. 
Journal: Applied Economics Letters 
Pages: 491-494 
Issue: 12 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356952 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356952&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. M. Burton 
Author-X-Name-First: B. M. 
Author-X-Name-Last: Burton 
Author-Name: A. A. Lonie 
Author-X-Name-First: A. A. 
Author-X-Name-Last: Lonie 
Author-Name: D. M. Power 
Author-X-Name-First: D. M. 
Author-X-Name-Last: Power 
Title: Corporate growth and the equity-debt choice 
Abstract:
  In this paper we extend the analysis of earlier investigations into the
 relationship between patterns of corporate growth and the announcement of
 new financing (see for example, Pilotte 1992; Burton et al., 1993) by
 examining the growth in turnover and earnings achieved by equity and
 debt-issuing firms. We study the performance of UK firms which made new
 financing announcements between 1989 and 1991 and find (i) that corporate
 growth generally declined in the years which followed the announcement
 date and (ii) that equity-issuing firms exhibited higher pre-announcement
 growth in sales turnover and in earnings than their debt-issuing
 counterparts - significantly higher growth in the case of the expansion in
 the value of sales. 
Journal: Applied Economics Letters 
Pages: 1-4 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525505 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525505&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Adam Szulc 
Author-X-Name-First: Adam 
Author-X-Name-Last: Szulc 
Title: Purchasing power parities and consumer theory 
Abstract:
  Purchasing power parities are calculated using the index number defined
 as a ratio of cost functions in two price situations. The definition does
 not require similarity of preference across countries. Necessary
 parameters are estimated using translogarithmic Hicksian budget shares.
 The results may be useful in comparisons of consumption because of the
 relevance to the consumer theory. 
Journal: Applied Economics Letters 
Pages: 5-7 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525506 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525506&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rungsun Hataiseree 
Author-X-Name-First: Rungsun 
Author-X-Name-Last: Hataiseree 
Author-Name: Anthony Phipps 
Author-X-Name-First: Anthony 
Author-X-Name-Last: Phipps 
Title: The degree of capital mobility in Thailand: some estimates using a cointegration approach 
Abstract:
  An empirical estimate of the degree of international capital mobility in
 Thailand is given. A model of interest rate determination which allows for
 imperfectly mobile capital and the impact of both domestic and
 international influences on the domestic rate is developed and estimated
 using cointegration techniques. The results indicate that domestic
 interest rates have been influenced significantly by foreign interest
 rates. However, despite several reductions in capital control in the late
 1980s and early 1990s, the degree of capital mobility appears not to be as
 high as previously reported nor to have increased significantly. The
 finding of a moderately high degree of capital mobility coupled with a
 reasonable EC-type, short-run dynamic adjustment equation for the domestic
 interest rate implies that there is still some scope for the Thai
 authorities to conduct an independent monetary policy. 
Journal: Applied Economics Letters 
Pages: 9-13 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525507 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525507&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rita Biswas 
Author-X-Name-First: Rita 
Author-X-Name-Last: Biswas 
Author-Name: Hany Shawky 
Author-X-Name-First: Hany 
Author-X-Name-Last: Shawky 
Title: The impact of political shocks on cointegrated exchange rate series 
Abstract:
  This study applies cointegration tests with time-dependent dummies to
 assess the impact of the Gulf War on the relationship between the forward
 exchange rate and the spot exchange rate using the British pound and the
 Japanese yen in terms of the US dollar. Cointegration of the spot and
 forward rate series cannot be supported for each of the exchange rates for
 a sample period around the Gulf War unless a five-week dummy is introduced
 starting in the Invasion week. The evidence is consistent with the
 existing literature in that it indirectly supports the long-run
 relationship between the spot and forward rates and confirms that
 short-run disruptions could occur and are consistent with the long-run
 relationship. 
Journal: Applied Economics Letters 
Pages: 15-19 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525508 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525508&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcus Chambers 
Author-X-Name-First: Marcus 
Author-X-Name-Last: Chambers 
Title: Speed of adjustment and estimation of the partial adjustment model 
Abstract:
  The effect which the speed of adjustment parameter has on the statistical
 properties of the partial adjustment model, and estimates of its
 parameters, is investigated. It is shown that in the case of very rapid
 adjustment, the model approaches a classical (static) regression model,
 but in the case of very slow adjustment, the dependent (or state) variable
 displays near random walk behaviour. The finite sample performance of the
 nonlinear least squares estimator is investigated in a simulation study,
 and it is found that substantial bias and mean squared error can be a
 feature of the estimates in the model with very slow adjustment. This
 suggests that extreme caution should be exercised in situations where the
 estimated speed of adjustment parameter is found to be small. 
Journal: Applied Economics Letters 
Pages: 21-23 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525509 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525509&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vernon Gayle 
Author-X-Name-First: Vernon 
Author-X-Name-Last: Gayle 
Title: The determinants of student loan take-up in the United Kingdom: another gaze 
Abstract:
  This paper makes a comparison and contrast with the work of Johnes
 (1994). A similar set of survey results are employed to identify the
 variables which influence undergraduates' decision to take out student
 loans. In general income factors are not found to be significant. There is
 evidence that being in debt is influential. This concurs with Johnes'
 findings, although in this research credit card debts are also found to be
 a significant influence. The results suggest that marital status has a
 significant effect on taking out a loan, but the direction of the effect
 opposes Johnes results. 
Journal: Applied Economics Letters 
Pages: 25-27 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525510 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525510&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Cheng 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Cheng 
Title: An investigation of cointegration and causality between fertility and female labour force participation 
Abstract:
  Applying Hsiao's version of the Granger causality method, this paper
 examines the causality between fertility and female labour participation
 using transformed US data for the period 1948-93. The PP tests reveal that
 the original series are not stationary; therefore, a first differencing is
 performed. This study finds that there is a undirectional causality
 running from BR to FR with no feedback. The results confirm the hypothesis
 that the presence of small children discourages a woman from seeking
 employment outside the house, yet employment does not affect women's
 decision to have children. 
Journal: Applied Economics Letters 
Pages: 29-32 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525511 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525511&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mahendra Raj 
Author-X-Name-First: Mahendra 
Author-X-Name-Last: Raj 
Author-Name: David Thurston 
Author-X-Name-First: David 
Author-X-Name-Last: Thurston 
Title: Effectiveness of simple technical trading rules in the Hong Kong futures markets 
Abstract:
  Weak-form market efficiency states that past information cannot be used
 to consistently generate excess returns. So, technical analysis which uses
 past information on securities should not help generate abnormal profits
 consistently in a weak-form efficient market. In the present study, two
 simple technical trading strategies - Moving-Average-Oscillator and
 Trading Range Break-Out - are implemented to test whether they result in
 excess returns. The study is performed on the Hang Seng Futures Index,
 traded at the Hong Kong Futures Exchange. It is found that the moving
 average strategy does not produce significant excess returns, but four out
 of the six Trading Range Break-Out rules resulted in significant positive
 returns for the buy signal. 
Journal: Applied Economics Letters 
Pages: 33-36 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525512 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525512&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan King 
Author-X-Name-First: Alan 
Author-X-Name-Last: King 
Author-Name: Paul Hansen 
Author-X-Name-First: Paul 
Author-X-Name-Last: Hansen 
Title: Aggregate health care expenditure in the United States: evidence from cointegration tests: a comment 
Abstract:
  Murthy and Ukpolo (1994) recently estimated a model of aggregate health
 care expenditure for the United States using cointegration techniques.
 Their choice of dependent variable, however, introduced the possibility of
 simultaneity bias in the error-correction model they presented. Their
 results were also affected by errors in their database. In an effort to
 confirm or invalidate their findings, a slightly modified version of their
 model was estimated using a corrected database. The results obtained
 suggested that Murthy and Ukpolo's basic approach to modelling the market
 for health care may have been under-specified or alternatively should have
 incorporated separate demand and supply equations. 
Journal: Applied Economics Letters 
Pages: 37-39 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525513 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525513&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ky-Hyang Yuhn 
Author-X-Name-First: Ky-Hyang 
Author-X-Name-Last: Yuhn 
Title: Is the Fisher effect robust? Further evidence 
Abstract:
  New international evidence exists on the Fisher effect in the United
 States, the United Kingdom, Japan, Germany and Canada over the modern
 (post-March 1973) floating exchange rate experience. Some puzzling data
 has been observed which suggests that the Fisher effect appears to be
 strong only for particular sample periods. It has also been reported in
 the literature that the Fisher effect is more likely in the long run, and
 that it is not common across economic regimes. This study sheds some light
 on these controversial issues taking advantage of more powerful tests for
 unit roots and cointegration. The findings for the Fisher effect contrast
 with previous results, especially those of Mishkin. The empirical results
 appear to accord with historical observations on interest rate movements
 in the five countries. Some important results are as follows: (1) the
 Fisher effect is not robust to policy changes; (2) there is strong
 evidence of a long-run Fisher effect for the United States, Germany, and
 Japan, but little evidence for the United Kingdom and Canada; (3) the
 short-run Fisher effect is only detected in Germany. 
Journal: Applied Economics Letters 
Pages: 41-44 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525514 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525514&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. M. C. de Boer 
Author-X-Name-First: P. M. C. 
Author-X-Name-Last: de Boer 
Author-Name: R. Harkema 
Author-X-Name-First: R. 
Author-X-Name-Last: Harkema 
Author-Name: A. J. Soede 
Author-X-Name-First: A. J. 
Author-X-Name-Last: Soede 
Title: Maximum likelihood estimation of market share models with large numbers of shares 
Abstract:
  Maximum likelihood procedures for estimating market share models break
 down or produce very unstable estimates when the number of brands is large
 as compared with the number of observations. The reason behind this
 phenomenon is that the estimate of the contemporaneous covariance matrix
 of the error terms of the model becomes singular or almost singular. This
 problem may be resolved by imposing restrictions on the contemporaneous
 covariance matrix. The resulting estimation procedure suggests that the
 model may contain a large number of shares, while the variance of each
 share may be estimated freely. 
Journal: Applied Economics Letters 
Pages: 45-48 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525515 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525515&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Weber 
Author-X-Name-First: Christian 
Author-X-Name-Last: Weber 
Title: A note on unemployment rates and the paper-bill spread 
Abstract:
  This paper reports a significant causal relationship from the paper-bill
 spread to the civilian unemployment rate even after accounting for the
 importance of output growth in explaining the unemployment rate. However,
 this relationship apparently vanished in the 1970s. Adding the paper-bill
 spread to the unemployment rate autoregression causes three key nominal
 variables, money growth, inflation, and a detrended interest rate to
 become jointly insignificant in all samples which include the 1980s. 
Journal: Applied Economics Letters 
Pages: 49-51 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525516 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525516&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sadequl Islam 
Author-X-Name-First: Sadequl 
Author-X-Name-Last: Islam 
Title: Persistence of economic growth and its determinants: some evidence for South Korea and India 
Abstract:
  This paper examines time-series properties of economic growth and its key
 determinants for South Korea and India. The paper adopts a non-parametric
 method suggested by Cochrane (1988) and used by Campbell and Mankiw (1987)
 and Romer (1991), among others, to measure the persistence of economic
 growth and its determinants. The empirical evidence suggests that the rate
 has been more persistent in South Korea than in India. 
Journal: Applied Economics Letters 
Pages: 53-54 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525517 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525517&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkin Bairam 
Author-X-Name-First: Erkin 
Author-X-Name-Last: Bairam 
Title: Finite sample behaviour of GNR tests for serial correlation 
Abstract:
  The Gauss-Newton regression (GNR) tests for autoregressive (AR) processes
 are based on the asymptotic theory. Consequently, their finite sample
 properties are not known. The objective of this paper is to remedy this by
 undertaking a Monte Carlo study. It is hoped that the results reported
 will shed some light on the small sample properties of the type of GNR
 tests discussed here. 
Journal: Applied Economics Letters 
Pages: 55-57 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525518 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525518&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Uri Benzion 
Author-X-Name-First: Uri 
Author-X-Name-Last: Benzion 
Author-Name: Alon Granot 
Author-X-Name-First: Alon 
Author-X-Name-Last: Granot 
Author-Name: Joseph Yagil 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Yagil 
Title: An experimental investigation of direct subjective discount rates 
Abstract:
  Employing implicit discount rates (derived from subjects' cash-flow
 responses) previous experimental studies find that the order of magnitude
 of the implicit rates is higher than actual capital-market rates, and that
 the impact of time (t) and (S) of the cash-flow on discount rates (R) is
 negative. To circumvent the problem of possible misvaluation of the
 exponential function documented in the literature, this experimental study
 uses direct rather than implicit rates. The results demonstrate that the
 effect of t and S on R is positive. It is therefore suggested that in
 addition to implicit discount rates, direct rates too should be used in
 future research. 
Journal: Applied Economics Letters 
Pages: 59-61 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525519 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525519&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Phil Holmes 
Author-X-Name-First: Phil 
Author-X-Name-Last: Holmes 
Title: Spot price volatility, information and futures trading: evidence from a thinly traded market 
Abstract:
  The impact of futures trading on spot volatility is examined for a thinly
 traded contract, the FTSE Eurotrack. Futures trading increases the rate at
 which information is impounded into prices and reduces persistence. These
 benefits cease after the suspension of trading. The results suggest that
 even in a thinly traded market the existence of futures has a beneficial
 impact on price discovery in the underlying spot market. The paper
 highlights the need to determine not only whether spot price volatility
 changes after the introduction of futures trading, but also, if it does,
 why it does, before drawing policy conclusions about the regulation of
 futures markets. Failure to address the latter issue may lead to
 inappropriate policy conclusions. 
Journal: Applied Economics Letters 
Pages: 63-66 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525520 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525520&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Yerger 
Author-X-Name-First: David 
Author-X-Name-Last: Yerger 
Title: Used car markets: reliability does matter, but do Consumer Reports? 
Abstract:
  In work previously published in Applied Economics, Pratt and Hoffer
 (1990) did not find a significant effect upon US domestic vehicle resale
 prices from differences in reliability (maintenance expense) across
 models. This study, however, utilizes an alternative measure of
 reliability differences and finds that reliability differences do impact
 US resale car prices in the manner expected. The finding reinforces the
 view that used vehicle markets are efficient. In addition, the results
 suggest that Consumer Reports annual evaluation of used vehicles is not
 new information which affects resale prices. Instead, resale prices appear
 to reflect the information in the Consumer Reports evaluations in advance
 of the announcement's release. 
Journal: Applied Economics Letters 
Pages: 67-70 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356708 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356708&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Henri Theil 
Author-X-Name-First: Henri 
Author-X-Name-Last: Theil 
Author-Name: Dongling Chen 
Author-X-Name-First: Dongling 
Author-X-Name-Last: Chen 
Author-Name: Janet Galvez 
Author-X-Name-First: Janet 
Author-X-Name-Last: Galvez 
Title: The spatial correlation of the per capita income of Florida's counties, 1970-1990 
Abstract:
Journal: Applied Economics Letters 
Pages: 71-72 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356717 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356717&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sadequl Islam 
Author-X-Name-First: Sadequl 
Author-X-Name-Last: Islam 
Title: Surprises in the consumption function: a comparative study 
Abstract:
  The 'surprise' consumption function is estimated for selected industrial
 countries (France, Germany, Japan, and the USA) and four high-growth East
 Asian countries (Hong Kong, South Korea, Singapore, and Taiwan). The main
 objective of the paper is to test Hall's (1978) hypothesis that the rate
 of change in comsumption is determined by the innovation in the
 income-generating process. The main findings are that compared to the
 selected industrial countries, (a) consumption is more volatile in East
 Asian countries and (b) the 'surprise' coefficient is higher for the East
 Asian countries. 
Journal: Applied Economics Letters 
Pages: 73-75 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356726 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356726&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Barkoulas 
Author-X-Name-First: John 
Author-X-Name-Last: Barkoulas 
Author-Name: Alpay Filizetkin 
Author-X-Name-First: Alpay 
Author-X-Name-Last: Filizetkin 
Author-Name: Robert Murphy 
Author-X-Name-First: Robert 
Author-X-Name-Last: Murphy 
Title: Time series evidence on the saving-investment relationship 
Abstract:
  The long-run saving-investment correlation for the 24 OECD countries is
 re-examined using the Johansen procedure. It is found that saving and
 investment rates are not correlated in the long run for the majority of
 OECD countries. In the countries where cointegration is found, the
 Gonzalo-Granger common factor analysis suggests that saving is the driving
 force of the cointegrated system. 
Journal: Applied Economics Letters 
Pages: 77-80 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356735 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356735&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gan Wee-Beng 
Author-X-Name-First: Gan 
Author-X-Name-Last: Wee-Beng 
Author-Name: Soone Le Ying 
Author-X-Name-First: Soone Le 
Author-X-Name-Last: Ying 
Title: Stock price and expected dividends: evidence from Singapore 
Abstract:
  The Campbell-Shiller 'dividend-ratio' model is used to determine the
 extent to which the level and volatility of aggregate stock prices in
 Singapore deviate from their fundamental values. The results find support
 for the hypothesis that the past dividend-price ratio provides additional
 information in predicting future changes in dividend and the actual
 dividend-price ratio tracks its theoretical values as well. However
 volatility is larger than implied by the model. 
Journal: Applied Economics Letters 
Pages: 81-83 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356744 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356744&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Rogers 
Author-X-Name-First: John 
Author-X-Name-Last: Rogers 
Author-Name: Michael Greene 
Author-X-Name-First: Michael 
Author-X-Name-Last: Greene 
Author-Name: Emily Hoffnar 
Author-X-Name-First: Emily 
Author-X-Name-Last: Hoffnar 
Title: Does welfare cause increases in female-headed households? 
Abstract:
  Public discourse in the United States has become increasingly dominated
 by debates over the impact of welfare expenditures on specific demographic
 groups. Of particular concern is the potential impact of welfare
 expenditures on the formation of female-headed households. Applying
 Granger causality to time series data on expenditures on Aid To Families
 with Dependent Children (AFDC) and the proportion of families headed by
 females, the authors examine whether increases in AFDC expenditures causes
 a rise in the number of female-headed households. Evidence provided is
 inconsistent with the hypothesis that rising welfare expenditures
 generates an increase in the number of female-headed households. More
 generally, the results suggest that public policies which attempt to
 reduce the numbers of female-headed households via a reduction in AFDC
 benefits or a tightening of eligibility requirements are unlikely to be
 successful. 
Journal: Applied Economics Letters 
Pages: 85-88 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356753 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356753&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Athanassia Xenaki 
Author-X-Name-First: Athanassia 
Author-X-Name-Last: Xenaki 
Title: The determinants of Greek manufacturing investment: a comment 
Abstract:
Journal: Applied Economics Letters 
Pages: 89-90 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356762 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356762&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Systematic measures of dynamic Farrell efficiency 
Abstract:
  A method of measuring the systematic component of dynamic efficiency
 characterized by Farrell's nonparametric method is developed and
 empirically applied over airlines data. 
Journal: Applied Economics Letters 
Pages: 91-94 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356771 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356771&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. D. Owen 
Author-X-Name-First: A. D. 
Author-X-Name-Last: Owen 
Author-Name: K. Chowdhury 
Author-X-Name-First: K. 
Author-X-Name-Last: Chowdhury 
Author-Name: J. R. R. Garrido 
Author-X-Name-First: J. R. R. 
Author-X-Name-Last: Garrido 
Title: A market share model for vegetable and tropical oils 
Abstract:
  This paper is concerned with specification and estimation of a model
 explaining market shares for the world's major vegetable and tropical
 oils. Market shares are explained by relative prices and an attribute
 variable designed to reflect increased consumer preference for
 polyunsaturated fats and oils. A general autoregressive distributed lag
 model is specified, with data acceptable reduction of the unrestricted
 model yielding a more parsimonius representation of the data generation
 process. 
Journal: Applied Economics Letters 
Pages: 95-99 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356780 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356780&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Hasan 
Author-X-Name-First: Mohammad 
Author-X-Name-Last: Hasan 
Author-Name: Majid Taghavi 
Author-X-Name-First: Majid 
Author-X-Name-Last: Taghavi 
Title: Money, output, price and causality in mainland China 
Abstract:
  This paper re-examines the relationship between money and other
 macroeconomic variables in mainland China. The results of a four-variable
 VAR analysis are indicative of a bi-directional causality between narrow
 money supply and real income. However, contrary to most research work in
 this area, the findings support a uni-directional causality from broad
 money to real income, making the former a good intermediate target
 variable. Moreover, these results cast serious doubts about the relevance
 of the quantity theory of money for price determination in China. 
Journal: Applied Economics Letters 
Pages: 101-105 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356799 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356799&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antony Dnes 
Author-X-Name-First: Antony 
Author-X-Name-Last: Dnes 
Title: Resale price maintenance and antitrust policy 
Abstract:
  Blair and Fesmire (Southern Economic Journal, June 1994, pp. 1043-1046)
 argue for the treatment of resale price maintenance (RPM) with a
 rule-of-reason approach, based on a welfare comparison in which changes in
 consumer surplus may outweigh gains in producer surplus from RPM. The
 welfare analysis of RPM is extended by recognizing limitations on the
 incentive for expenditure on service provision. 
Journal: Applied Economics Letters 
Pages: 107-108 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356807 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356807&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Clare 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Clare 
Author-Name: Raymond O'Brien 
Author-X-Name-First: Raymond 
Author-X-Name-Last: O'Brien 
Author-Name: Peter Smith 
Author-X-Name-First: Peter 
Author-X-Name-Last: Smith 
Author-Name: Stephen Thomas 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Thomas 
Title: Global macroeconomic shocks, time-varying covariances and tests of the international CAPM 
Abstract:
  The mean variance efficiency (MVE) of a portfolio of international bonds
 and equities is tested using a CAPM model of excess returns. The
 conditional variances and covariances of the portfolio returns are allowed
 to time-vary according to shocks in up to three global macro-economic
 variables simultaneously. Athough the hypothesis of MVE is easily rejected
 within a static version of the CAPM this is not the case at conventional
 significance levels in the CAPM with macro-economic shocks. Results
 suggest that there exists a dominant role for US macroeconomic
 disturbances for international capital markets. Integrating macro-economic
 disturbances more fully into the CAPM may provide theory-consistent models
 which do not rely solely upon time-series representations of time-varying
 return variances and covariances such as ARCH. 
Journal: Applied Economics Letters 
Pages: 109-113 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356816 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356816&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shujie Yao 
Author-X-Name-First: Shujie 
Author-X-Name-Last: Yao 
Author-Name: Jirui Liu 
Author-X-Name-First: Jirui 
Author-X-Name-Last: Liu 
Title: Decomposition of Gini coefficients by class: a new approach 
Abstract:
  When Gini coefficients are decomposed by class (e.g. occupation, sex,
 region, and so on, it is possible to examine how income inequality can be
 measured by its class components: intra-class, inter-class and overlapped.
 In the literature, there have been many studies on the decomposition
 methodology but most methods are either inflexible or too onerous for
 empirical analysis. This paper develops a new approach to overcome the
 shortcomings of existing studies. An example using the most recent Chinese
 rural income data is provided to demonstrate how this method can be
 applied to study regional income inequality. 
Journal: Applied Economics Letters 
Pages: 115-119 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356825 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356825&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Dockery 
Author-X-Name-First: E. 
Author-X-Name-Last: Dockery 
Author-Name: M. G. Kavussanos 
Author-X-Name-First: M. G. 
Author-X-Name-Last: Kavussanos 
Title: Testing the efficient market hypothesis using panel data, with application to the Athens stock market 
Abstract:
  This paper performs unit root tests using panel data to investigate
 empirically stock price efficiency of the Athens stock market. Our Wald
 test statistics reject the random walk hypothesis for stock prices, which
 is a necessary condition for market efficiency. 
Journal: Applied Economics Letters 
Pages: 121-123 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356834 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356834&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Sumner 
Author-X-Name-First: Michael 
Author-X-Name-Last: Sumner 
Title: The irrelevance of adjustment costs for investment determination 
Abstract:
  The seasonal pattern of investment, and its relation with output, rule
 out convex adjustment costs as an explanation of the distributed lag in
 response of investment to its determinants. 
Journal: Applied Economics Letters 
Pages: 125-126 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356843 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356843&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tony Caporale 
Author-X-Name-First: Tony 
Author-X-Name-Last: Caporale 
Author-Name: K. Doroodian 
Author-X-Name-First: K. 
Author-X-Name-Last: Doroodian 
Author-Name: M. R. M. Abeyratne 
Author-X-Name-First: M. R. M. 
Author-X-Name-Last: Abeyratne 
Title: Cyclical unemployment: sectoral shifts or aggregate disturbances? A vector autoregression approach 
Abstract:
  Using a multivariate vector autoregression (VAR) model, this paper
 investigates if sectoral shifts, inflation uncertainty, or demand shocks
 are the primary cause of unemployment fluctuations in the postwar US
 economy. A sectoral shifts variable (cross-section volatility), an ARCH
 measure of inflation uncertainty, and three demand shocks variables
 (monetary base growth rate, interest rates and inflation rates) are
 incorporated in a VAR model. Our major findings are: cross-section
 volatility Granger causes unemployment; the sectoral shifts variable and
 inflation uncertainty explain a small amount, while demand shocks
 variables explain a substantial amount of the variation in unemployment. 
Journal: Applied Economics Letters 
Pages: 127-130 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356852 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356852&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank Hack 
Author-X-Name-First: Frank 
Author-X-Name-Last: Hack 
Author-Name: Ashish Vaidya 
Author-X-Name-First: Ashish 
Author-X-Name-Last: Vaidya 
Title: State economic growth and international export orientation 
Abstract:
  This paper examines the relationship between the degree of state
 international export orientation and US state industrial growth rates.
 Both export orientation variables as well as domestic factors were used to
 analyse the extent of their effect on state industrial growth from 1977 to
 1987. The results indicate that state export promotion expenditures were
 not significant in influencing domestic employment growth, while the
 variable was negatively correlated with export employment growth. However,
 a high proportion of exports to total shipments in the initial year, was
 significant in explaining state industrial growth rates. An important
 result was that states exporting to growing regions experienced higher
 growth rates, indicating that world demand influences state economic
 growth. Furthermore, the domestic market potential had a strong positive
 influence on all measures of growth including the export sector, providing
 support for the notion that US economic growth is largely driven by the
 domestic market. A surprising result was that relative capital endowment
 was not significantly correlated with growth in the export sector, while
 it was negatively correlated with domestic and total employment growth
 rates. 
Journal: Applied Economics Letters 
Pages: 131-134 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356861 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356861&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mehdi Monadjemi 
Author-X-Name-First: Mehdi 
Author-X-Name-Last: Monadjemi 
Author-Name: Len Perry 
Author-X-Name-First: Len 
Author-X-Name-Last: Perry 
Title: Share price movements: a study of four OECD countries 
Abstract:
  This paper examines the responses of share prices in Belgium, Britain,
 France and Germany to the influences of major international share markets,
 domestic output and interest rates. The empirical results of the study
 indicate positive and significant responses of share prices to movements
 of foreign share prices and a negative and significant responses to
 changes in domestic interest rates. 
Journal: Applied Economics Letters 
Pages: 135-137 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356528 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356528&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bijou Yang 
Author-X-Name-First: Bijou 
Author-X-Name-Last: Yang 
Author-Name: David Lester 
Author-X-Name-First: David 
Author-X-Name-Last: Lester 
Title: Conceptualizing suicide in economic models 
Abstract:
  This review illustrates how a variety of economic models can be applied
 to suicidal behaviour, including a cost-benefit analysis, a demand-supply
 model, a labour force participation analogy, signalling game theory,
 investment under uncertainty, and economic definitions of irrationality. 
Journal: Applied Economics Letters 
Pages: 139-143 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356537 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356537&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Bittlingmayer 
Author-X-Name-First: George 
Author-X-Name-Last: Bittlingmayer 
Title: Merger and the returns to labour and investment 
Abstract:
  Manufacturing industries with high merger intensities have higher
 value-added of about 10% after taking into account the number of employees
 and the amount of new investment. Merger-intensive industries are also
 more investment-intensive, and they have higher value-added per employee.
 These findings support the view that mergers in manufacturing serve to
 transfer intangible capital and to allow low-cost solutions to the problem
 of developing and ultimately deploying assets. 
Journal: Applied Economics Letters 
Pages: 145-148 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356546 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356546&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Inmaculada Garcia 
Author-X-Name-First: Inmaculada 
Author-X-Name-Last: Garcia 
Author-Name: Jose Alberto Molina 
Author-X-Name-First: Jose Alberto 
Author-X-Name-Last: Molina 
Title: Unemployment as a constraint on labour supply and goods demand in Spain 
Abstract:
  In this paper the implications of unemployment on labour supply and goods
 demand functions in Spain are analysed during the period 1964-91. To this
 end, the labour supply and goods demand is jointly modelled using a
 dynamic linear expenditure system under the condition that labour supply
 has been rationed due to the increasing number of unemployed in the last
 three decades. After proof that the model exhibits neither autocorrelation
 nor dynamic heteroscedasticity problems, it is found that food, beverages
 and tobacco, gross rent, fuel and power and miscellaneous goods are
 necessities, while other goods are luxuries. Labour has an expenditure
 effect below zero. The own-price Marshallian and Hicksian elasticities are
 negative for consumption goods and positive for labour, and indicate that
 all consumption goods are price inelastic. Finally, the cross-price values
 indicate that the goods are complementary. 
Journal: Applied Economics Letters 
Pages: 149-153 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356555 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356555&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Sephton 
Author-X-Name-First: Peter 
Author-X-Name-Last: Sephton 
Title: Extended critical values for a simple test of cointegration 
Abstract:
  Leybourne and McCabe have extended the Kwiatkowski et al. stationarity
 test to examine the null hypothesis of cointegration. The purpose of this
 note is to provide an extended set of critical values for use in applied
 research. 
Journal: Applied Economics Letters 
Pages: 155-157 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356564 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356564&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rasha Torstensson 
Author-X-Name-First: Rasha 
Author-X-Name-Last: Torstensson 
Title: Is equality really growth-promoting? 
Abstract:
  It has been shown that the more uneven the initial distribution of
 income, the less an economy is expected to grow. Employing so-called
 Extreme Bounds Analysis (EBA), it is found that the direct effect of
 income distribution on growth is fragile. This applies to both democracies
 and dictatorships. It has also been suggested that income distribution
 will have different effects when applied to developing as opposed to
 developed economies. However, the results show that income distribution
 has the same effect in both developed and developing countries.
 Nonetheless, this relationship is also fragile. 
Journal: Applied Economics Letters 
Pages: 159-161 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356573 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356573&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Lensink 
Author-X-Name-First: Robert 
Author-X-Name-Last: Lensink 
Title: The allocative efficiency of the formal versus the informal financial sector 
Abstract:
  An important reason for the disappointing effects of the financial reform
 programmes, as part of the structural adjustment programmes in sub-Saharan
 Africa, stems from the strong focus of the adjustment programmes on the
 formal banking sector. A financial reform programme which does not
 explicitly employ the knowledge of the informal financial sector may lead
 to a sub-optimal allocation of resources and hence may not improve the
 quality of investments. 
Journal: Applied Economics Letters 
Pages: 163-165 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356582 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356582&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkin Bairam 
Author-X-Name-First: Erkin 
Author-X-Name-Last: Bairam 
Title: Disaggregate inventory-sales ratios over time: the case of US companies and corporations, 1976-92 
Abstract:
  The results reported here show that the aggregate figures used in the
 literature are not adequate to analyse the behaviour of inventories over
 time. Researchers can obtain more reliable and useful results if they
 investigate the inventories-sales behaviour at disaggregate level. The
 disaggregate results reported here give support to those who believe that
 the increased use of computerized inventory control has been reducing the
 inventories kept by most firms. 
Journal: Applied Economics Letters 
Pages: 167-169 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356591 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356591&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Harry Anthony Patrinos 
Author-X-Name-First: Harry Anthony 
Author-X-Name-Last: Patrinos 
Title: Non-linearities in the returns to education: sheepskin effects or threshold levels of human capital? 
Abstract:
  Recent findings of non-linearities in the returns to education are cited
 as evidence of sheepskin effects, but evidence from Guatemala suggests
 otherwise. While non-linearities in the returns to education exist, it is
 argued that they are associated with 'threshold' levels. 
Journal: Applied Economics Letters 
Pages: 171-173 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356609 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356609&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pablo Coto Millan 
Author-X-Name-First: Pablo Coto 
Author-X-Name-Last: Millan 
Author-Name: Jose Banos Pino 
Author-X-Name-First: Jose Banos 
Author-X-Name-Last: Pino 
Title: Derived demands for 'General Cargo' shipping in Spain, 1975-1992, an economic approach 
Abstract:
  The behaviour of 'General Cargo' shipping transport in Spain is
 analysed.Derived demands for the period 1975-1992 are estimated.
 Cointegration techniques are used to obtain long-run and short-run
 equations, both estimated separately in two steps, and jointly in one
 step. Price and output elasticities agree with previous findings and could
 be used for analyzing the revenue effects of changes in freights and
 medium-term forecasting of traffic and revenues. 
Journal: Applied Economics Letters 
Pages: 175-178 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356618 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356618&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Denslow 
Author-X-Name-First: David 
Author-X-Name-Last: Denslow 
Title: Consumer attitudes toward trade liberalization 
Abstract:
  This paper fills an existing gap in the international trade literature by
 empirically modelling consumer attitudes regarding trade liberalization
 efforts. Data are taken from the policy response section of a monthly
 consumer confidence survey, with estimation accomplished using a trinomial
 logit methodology. Results indicate that uncertainty, import competition
 risk, cyclical, educational, and demographic factors play significant
 roles in determining consumer beliefs with respect to trade policy. 
Journal: Applied Economics Letters 
Pages: 179-182 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Manning 
Author-X-Name-First: Richard 
Author-X-Name-Last: Manning 
Title: Logit regressions with continuous dependent variables measured with error 
Abstract:
  The logit regression model is generally used as a method for estimating
 relationships in which the dependent variable is binary in nature, though
 it is also useful for estimation when the dependent variable is continuous
 but bounded on the unit intervals. Logit parameter estimates in this case
 are obtained by ordinary least squares regression on a simple
 transformation on the dependent variable. In such applications, however,
 measurement error in the dependent variable, rather than being relatively
 benign as in ordinary linear regressions, is a source of
 heteroscedasticity, calling into question the efficiency of the OLS
 estimator in such cases. 
Journal: Applied Economics Letters 
Pages: 183-184 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356636 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356636&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan King 
Author-X-Name-First: Alan 
Author-X-Name-Last: King 
Author-Name: Robert Alexander 
Author-X-Name-First: Robert 
Author-X-Name-Last: Alexander 
Title: The slowdown in US economic growth: a comment 
Abstract:
  In a recent paper in this journal, Atesoglu argued that the reduction in
 the rate of economic growth in the United States since 1973 was largely
 due to an increase in the income elasticity of demand for imports,
 following Thirlwall's law. The purpose of this paper is to show that the
 evidence presented in support of this conclusion is subject to a serious
 flaw. 
Journal: Applied Economics Letters 
Pages: 185-186 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356645 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356645&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ciaran Driver 
Author-X-Name-First: Ciaran 
Author-X-Name-Last: Driver 
Author-Name: Chit-Wei Saw 
Author-X-Name-First: Chit-Wei 
Author-X-Name-Last: Saw 
Title: Performance of structural change indices: analysis using real and simulated data 
Abstract:
  This note reports the results of a computer simulation exercise with two
 commonly used indices of structural change: the Michaely/Stoikov index and
 the Lilien index. The performance of the indicators in measuring
 structural change is compared. The base data used in the simulations are
 employment numbers in 23 UK industries 1948-85 The effects of different
 levels of aggregation and different differencing periods are noted. 
Journal: Applied Economics Letters 
Pages: 187-188 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356654 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356654&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Qingbin Wang 
Author-X-Name-First: Qingbin 
Author-X-Name-Last: Wang 
Author-Name: Helen Jensen 
Author-X-Name-First: Helen 
Author-X-Name-Last: Jensen 
Author-Name: Steven Yen 
Author-X-Name-First: Steven 
Author-X-Name-Last: Yen 
Title: Impact of cholesterol information on US egg consumption: evidence from consumer survey data 
Abstract:
  Impact of cholesterol information and demographic variables on egg
 consumption is examined using data from a consumer survey conducted by the
 United States Department of Agriculture (USDA). Estimation results of a
 double-hurdle model suggest that information and health concerns about
 cholesterol represented by three variables are significant factors
 affecting consumer decisions about whether to consume eggs and how much to
 consume. Demographic variables with significant effect on the
 participation and/or consumption decisions include region, employment
 status, age, body mass index, sex, race and education. 
Journal: Applied Economics Letters 
Pages: 189-191 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356663 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356663&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Athanasios Episcopos 
Author-X-Name-First: Athanasios 
Author-X-Name-Last: Episcopos 
Title: Testing the (S,s) model of inventory investment with Canadian wholesale trade data 
Abstract:
  The (S,s) model of inventories is a robust alternative to production
 smoothing theories. Despite the apparent usefulness of the model,
 exhaustive testing has been lacking in the literature. This note employs a
 recently published econometric methodology to test the (S,s) model and
 provide additional evidence from Canadian wholesale trade. The empirical
 findings favour (S,s) against the quadratic cost model for all the product
 categories investigated. 
Journal: Applied Economics Letters 
Pages: 193-195 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356672 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356672&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Junsoo Lee 
Author-X-Name-First: Junsoo 
Author-X-Name-Last: Lee 
Author-Name: Dante Mossi 
Author-X-Name-First: Dante 
Author-X-Name-Last: Mossi 
Title: On improvements of Phillips-Perron unit root tests using optimal bandwidth estimates 
Abstract:
  The performance of the Phillips and Perron unit root tests is examined
 using the optimal bandwidth selection procedure of Andrews and the
 pre-whitening procedure of Andrews and Monahan. It has been shown that
 they do not make significant improvements over the tests using fixed
 truncation lags. 
Journal: Applied Economics Letters 
Pages: 197-200 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356681 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356681&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Majed Muhtaseb 
Author-X-Name-First: Majed 
Author-X-Name-Last: Muhtaseb 
Title: Motivations that underlie the subscription prices in common stocks rights offerings: public utilities 
Abstract:
  The objective of this letter is to test the competing predictions of the
 Heinkel and Schwartz model, in which a higher subscription in a Common
 Stock Rights Offering price signals a higher quality firm, and the Myers
 and Majluf model in which the firm sets a low subscription price in order
 to secure the financing for a positive NPV project from the firm's
 existing stockholders. For a sample of 105 public utilities, the two-day
 offering period cumulative abnormal return, the dependent variable, is
 estimated using standard event study methodology. The independent variable
 is the relative subscription price, defined as the ratio of the
 subscription price to the mean of closing prices of the five trading days
 immediately preceding the two-day offering period. The results indicate
 that there are public utilities whose financing decision complies with the
 predictions of the Heinkel and Schwartz model and others whose financing
 activity acts according to the predictions of the Myers and Majluf model.
 Finally, the explanatory power of either model is generally minimal
 pointing towards the presence of other factors, in addition to securing
 the financing of a project and signalling the quality of the firm, that
 determine the subscription price in a common stock rights offering. 
Journal: Applied Economics Letters 
Pages: 201-204 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356690 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356690&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Weiren Wang 
Author-X-Name-First: Weiren 
Author-X-Name-Last: Wang 
Title: Married female labour force participation: an analysis of probit model with a natural non-participation rate 
Abstract:
  Of the probit analysis with a natural no-response rate is applied to
 empirically examine the determinants of the labour force participation of
 married women using data from the Panel Study of Income Dynamics in the
 1989 interviewing year. The model features simultaneous determination of
 labour force participation status and the natural non-participation rate
 of of married women. A natural 2.6% non-participation rate was found among
 married women. The natural non-participation rate is also significant by
 the likelihood ratio test. The standard probit model underestimates the
 probability of non-participation of married women as well as the marginal
 effect of a particular explanatory variable. 
Journal: Applied Economics Letters 
Pages: 205-207 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520864 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520864&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Azzeddine Azzam 
Author-X-Name-First: Azzeddine 
Author-X-Name-Last: Azzam 
Title: Estimating the degree of dominance in a bilateral oligopoly 
Abstract:
  An empirical bilateral oligopoly model is constructed to estimate the
 degree of dominance by the upstream and downstream industry. The model is
 applied to the beef slaughter and retail industries. The hypothesis of
 equal dominance is not rejected. 
Journal: Applied Economics Letters 
Pages: 209-211 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520865 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520865&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Germano Mwabu 
Author-X-Name-First: Germano 
Author-X-Name-Last: Mwabu 
Author-Name: Joseph Wang'ombe 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Wang'ombe 
Title: Black market trade: an example from a rural hospital in Kenya 
Abstract:
  Provision of mortuary services free of charge in a government hospital in
 rural Kenya is found to have led to a black market trade in these
 services. The principal participants in the market were the mortuary
 attendants and bereaved families. A method is developed for determining
 black market expenditures on mortuary services at a government hospital.
 On average, a bereaved family spent about US $2.30 on mortuary services.
 Burial expenses were also substantial, amounting to some US $75 per
 bereaved family. It is shown that free provision of mortuary services in
 government hospitals has a hidden cost, that could exceed the fee that
 users can be expected to pay openly. 
Journal: Applied Economics Letters 
Pages: 213-215 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520866 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520866&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yannis Georgellis 
Author-X-Name-First: Yannis 
Author-X-Name-Last: Georgellis 
Title: Duration of first marriage: does pre-marital cohabition matter? 
Abstract:
  Based on UK data, this study uses parametric and non-parametric hazard
 models to assess the significance of pre-marital cohabitation in affecting
 patterns of first marriage durations. 
Journal: Applied Economics Letters 
Pages: 217-219 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520867 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520867&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Gallet 
Author-X-Name-First: Craig 
Author-X-Name-Last: Gallet 
Title: Mergers and market power in the US steel industry 
Abstract:
  Studies of the relationship between market structure and market power
 continue to account for a large segment of the literature. The traditional
 structure-conduct-performance approach of analysing this issue has been
 criticized because of its lack of attention to industry-specific
 characteristic. Adopting an approach which focuses on a single industry,
 we use data on the US steel industry to analyse the effects of several
 mergers on the steel market power. Although our results show that market
 power in the steel industry has been falling in recent years, it does
 appear that two recent mergers did boost market power. 
Journal: Applied Economics Letters 
Pages: 221-223 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520868 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520868&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hendrik Van den Berg 
Author-X-Name-First: Hendrik Van den 
Author-X-Name-Last: Berg 
Title: Does simultaneity exaggerate empirical tests of the trade-growth relationship? 
Abstract:
  Simultaneity between the volume of trade and national output may have
 biased past empirical tests of the export-growth relationship. To judge
 the extent of such bias, this paper compares results of single- and
 simultaneous- equation regression models of trade and growth that closely
 resemble the specifications of previous studies. In order to enhance the
 analysis, a number of other alleged shortcomings of previous statistical
 studies of trade and growth are addressed: omitted variable bias and
 non-stationarity are dealt with by using modern time-series regression
 procedures, measurement error is reduced by using more accurate measures
 of capital and labour available for six Latin American countries over the
 period 1960-1990, and both imports and exports are used to proxy trade.
 The results shown that simultaneity bias causes single equation results to
 understate, not over state, the trade-growth relationship. 
Journal: Applied Economics Letters 
Pages: 225-231 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520869 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520869&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Felmingham 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Felmingham 
Title: The risk premium on the Australian dollar in the 30-day forward market 
Abstract:
  A GARCH (1,1)-M model of the 30-day forward rate error reveals the
 following: a constant, but not time varying risk premium; evidence of
 market inefficiencies; a well determined GARCH (1,1) effect, but no
 I-GARCH process. The daily time series extended from 2 January 1985 to 13
 May 1994. 
Journal: Applied Economics Letters 
Pages: 233-235 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520870 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520870&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Alberto Molina 
Author-X-Name-First: Jose Alberto 
Author-X-Name-Last: Molina 
Title: Is Spanish consumer behaviour consistent with the utility maximization? A non-parametric response 
Abstract:
  The objective of this paper is to check Spanish data on consumption
 expenditures and leisure for consistency with maximization of a
 non-satiated, continuous, concave, monotonic utility function. To this
 end, we apply the non-parametric approach using annual time-series
 covering the period 1964 to 1992. The results indicate that Spanish data
 are consistent with the weak and generalized axioms of the revealed
 preference theory, that is to say, the sample national data are consistent
 with the neoclassical theory of consumer behaviour or, in other words, the
 hypothesis of stability of individual preferences is accepted. 
Journal: Applied Economics Letters 
Pages: 237-241 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520871 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520871&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: Financial deepening and economic growth in developing economics 
Abstract:
  Granger-causality tests on data for 22 Asian, Latin American and
 Caribbean developing economies suggest that financial deepening does not
 make much difference to economic growth: for eight countries no lead-lag
 relationship was detected and in six more economic growth led financial
 deepening. 
Journal: Applied Economics Letters 
Pages: 243-246 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520872 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520872&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:3:y:1996:i:4:p:243-246




Template-Type: ReDIF-Article 1.0
Author-Name: J. Thornton 
Author-X-Name-First: J. 
Author-X-Name-Last: Thornton 
Author-Name: P. Molyneux 
Author-X-Name-First: P. 
Author-X-Name-Last: Molyneux 
Title: Unanticipated income and consumption in ASEAN countries 
Abstract:
  This note tests the rational expectations-permanent income hypothesis for
 the six ASEAN countries using the methodology developed by Hall and
 Flavin. The statistical evidence rejects the hypothesis for each country
 except Singapore. 
Journal: Applied Economics Letters 
Pages: 247-249 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520873 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520873&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicos Apergis 
Author-X-Name-First: Nicos 
Author-X-Name-Last: Apergis 
Author-Name: Costas Karfakis 
Author-X-Name-First: Costas 
Author-X-Name-Last: Karfakis 
Title: Sources of fluctuations in exchange rates: a structural VAR analysis 
Abstract:
  Structural vector autoregressive (SVAR) techniques are used to identify
 the sources of fluctuations in nominal and real exchange rates of the
 Greek drachma. The results indicate that, in most cases, supply shocks are
 the dominant sources of exchange rate volatility. 
Journal: Applied Economics Letters 
Pages: 251-254 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520874 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520874&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: The adjustment of nominal interest rates in Mexico: a study of the Fisher effect 
Abstract:
  Evidence is presented in favour of a Fisher effect between treasury bill
 interest rates and inflation in Mexico between 1978-94. The two series
 appear to be cointegrated and a unit proportional relationship between
 them would appear to exist such that treasury bills rates respond fully to
 inflationary shocks over a period of about 12 months. As such, monetary
 policy in Mexico is unlikely to have much impact on real rates of interest
 over the long-run. 
Journal: Applied Economics Letters 
Pages: 255-257 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520875 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520875&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Author-Name: Kumiko Okamura 
Author-X-Name-First: Kumiko 
Author-X-Name-Last: Okamura 
Title: Convergence to steady state growth: a model for Japan (1965-90) 
Abstract:
  A model of convergence to steady-stage growth is specified here in terms
 of deviations from a steady-state demand for inputs and estimated for
 Japan for the period 1965-90. The estimated results show a dominant role
 of capital in the convergence process and also the forward looking view of
 input demand. 
Journal: Applied Economics Letters 
Pages: 259-265 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520876 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520876&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Apostolos Serletis 
Author-X-Name-First: Apostolos 
Author-X-Name-Last: Serletis 
Author-Name: Paul Dormaar 
Author-X-Name-First: Paul 
Author-X-Name-Last: Dormaar 
Title: Testing for deterministic nonlinear dependence in the australian dollar-US dollar exchange rate series 
Abstract:
  Tests are made for (deterministic) chaos on weekly data (from 01/13/87 to
 06/02/93) for the spot-month futures exchange rate between the Australian
 dollar and the U.S. dollar. The Nychka, Ellner, Gallant and McCaffrey
 nonparametric test for positivity of the maximum Lyapunov exponent is used
 and successful detection of chaos is claimed. 
Journal: Applied Economics Letters 
Pages: 267-269 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520877 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520877&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xeni Dassiou 
Author-X-Name-First: Xeni 
Author-X-Name-Last: Dassiou 
Author-Name: Peter Holl 
Author-X-Name-First: Peter 
Author-X-Name-Last: Holl 
Title: Merger failure and merger profitability: an alternative to the Hviid and Prendergast model 
Abstract:
  In this paper the effect of failed mergers on the profitability of the
 bidder and the target is investigated. It is demonstrated that when firms
 produce differentiated products in Bertrand competition, the
 post-rejection expected profitability of both firms is adversely affected
 by the information revealed through the rejection. This is a reversal of
 the Hviid and Prendergast finding that the post-offer increase in the
 profitability of the target firms is further boosted by the information
 made available through the rejection. This reversal is the direct result
 of using upward sloping reaction curves, which are usually found in
 price-setting games. The prediction for the bidder firm remains unchanged;
 this will experience a fall in its profits in the case of merger failure,
 the degree of which will be even more extensive if the failed bid was
 hostile because of the information transmission involved. 
Journal: Applied Economics Letters 
Pages: 271-273 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520878 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520878&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Mulligan 
Author-X-Name-First: Robert 
Author-X-Name-Last: Mulligan 
Title: Export-import endogeneity in the context of the Thirlwall- Hussain model: an application of the Durbin-Wu-Hausman test incorporating a Monte Carlo experiment 
Abstract:
  The Thirlwall-Hussain model (in which output growth depends on export
 growth) and an ad hoc alternative (in which growth depends on imports) are
 estimated and compared for the USA. The Durbin-Wu-Hausman test is used to
 determine the endogeneity or exogeneity of exports and imports with
 respect to output. A Monte Carlo study reveals the small-sample behaviour
 of the test statistics, which partly overturns the asymptotic results.
 Four sets of Monte Carlo simulations are performed. The first three assume
 the Thirlwall-Hussain model is correct and add: 1. standard normal, 2.
 log-normal, and 3. chi-square error terms. The fourth simulation uses the
 bootstrap method relying on the empirical distribution of the original
 data, and makes no assumption about the underlying data generating
 process. US exports and imports are both endogenous with respect to
 output, a major difficulty for the Thirlwall-Hussain model. 
Journal: Applied Economics Letters 
Pages: 275-279 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520879 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520879&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vasanthakumar Bhat 
Author-X-Name-First: Vasanthakumar 
Author-X-Name-Last: Bhat 
Title: The determinants of technological protectionism 
Abstract:
  The relationship between the macroeconomic variables and pressures for
 technological protectionism in the United States is analysed. A number of
 complaints under Section 337 of the Tariff Act 1930 are used as a measure
 of pressures for protectionism. The analysis, based on nonparametric tests
 and Poisson regression analysis, indicates a close relationship between
 the macroeconomic variables and the number of complaints under Section
 337. The multilateral trade-weighted value of the US dollar adjusted by
 changes in consumer prices, import to export ratio, gross domestic
 products, consumer price indexes, unemployment rates, and inventory to
 sales ratios are some of the macroeconomic factors that affect Section 337
 complaints. The complaints in each industry are found to be proportional
 to the size of shipments in the USA. The countrywise analysis of
 complaints indicates a strong relationship between the number of
 complaints and the proportion of patents a country has received in the
 USA. 
Journal: Applied Economics Letters 
Pages: 281-283 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520880 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520880&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jing Lu 
Author-X-Name-First: Jing 
Author-X-Name-Last: Lu 
Title: On the high correlation between unemployment and the dispersion of industrial unemployment 
Abstract:
  The high correlation between aggregate unemployment and the dispersion of
 industrial unemployment can be explained by both aggregate disturbances
 and sectoral shifts. This paper separates the effects of these two shocks
 by decomposing each industry's unemployment into aggregate and
 idiosyncratic components, so that the two new unemployment dispersions
 constructed by only the aggregate and idiosyncratic components measure
 respectively the influence of aggregate disturbances and sectoral shifts.
 It is found that this high correlation is almost entirely attributed to
 aggregate disturbances and that sectoral shifts are not important in
 explaining unemployment fluctuations in the U.S. for the period 1948-1990. 
Journal: Applied Economics Letters 
Pages: 285-288 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356366 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356366&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chutima Suraratdecha 
Author-X-Name-First: Chutima 
Author-X-Name-Last: Suraratdecha 
Title: A model of state-level prescription drug expenditures in the USA 
Abstract:
  Research is scanty on pharmaceutical care expenditures of developed
 nations. This paper models the determinants of state-level prescription
 drug expenditures for the USA, based on pooled data for 1980, 1982, 1984,
 1988 and 1990. The GLS regression results indicate that older adults age
 65 or more, Medicaid recipients and realincome are strongly significant
 determinants. With the growing proportion of the elderly and the
 increasing poverty rates among Medicare and Medicaid recipients,
 pharmaceutical care reform proposals need to focus on preventive care,
 rather than expensive treatments. 
Journal: Applied Economics Letters 
Pages: 289-292 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356375 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356375&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Caudill 
Author-X-Name-First: Steven 
Author-X-Name-Last: Caudill 
Author-Name: Daniel Gropper 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Gropper 
Author-Name: Tracy Stephens 
Author-X-Name-First: Tracy 
Author-X-Name-Last: Stephens 
Title: The effect of charter status on savings and loan resolution costs 
Abstract:
  Beginning in 1933, with the establishment of the first federally
 chartered savings and loan, the thrift industry has functioned under a
 dual regulatory system. This paper addresses the question of whether this
 moral hazard, created by regulatory competition, increased the resolution
 costs of state chartered institutions relative to the federally chartered
 thrifts. Resolution costs are those expended by the Resolution Trust
 Company (RTC) to handle a defunct thrift. This study shows, using a
 variety of methods and statistical tests, that the charter orientation of
 a defunct savings and loan had a significant effect on the resolution
 costs associated with the handling of the thrift by the RTC. Therefore, it
 can be stated that this dual regulation of the savings and loan industry
 created a moral hazard in which there were incentives for regulators to
 provide broader investment powers and less strict regulation to attract
 thrifts. Because state regulators tended to provide less strict
 regulations, the resolution costs for defunct state chartered savings and
 loans were larger than for their federally chartered counterparts. 
Journal: Applied Economics Letters 
Pages: 293-297 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Junsoo Lee 
Author-X-Name-First: Junsoo 
Author-X-Name-Last: Lee 
Author-Name: B. S. Shin 
Author-X-Name-First: B. S. 
Author-X-Name-Last: Shin 
Author-Name: In Chung 
Author-X-Name-First: In 
Author-X-Name-Last: Chung 
Title: Causality between advertising and sales: new evidence from cointegration 
Abstract:
  It is puzzling that previous studies have found causality only in one
 direction from sales to advertising, but not the reverse. Employing the
 sequential causality tests of Toda Phillips (1993), the casual
 relationship between advertising and sales appears to run in both
 directions. This finding provides evidence that conventional causality
 tests can be misleading. 
Journal: Applied Economics Letters 
Pages: 299-301 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356393 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356393&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kyle Stiegert 
Author-X-Name-First: Kyle 
Author-X-Name-Last: Stiegert 
Author-Name: B. Wade Brorsen 
Author-X-Name-First: B. Wade 
Author-X-Name-Last: Brorsen 
Title: The distribution of futures prices: diffusion-jump versus generalized beta-2 
Abstract:
  Which of two distributions, the diffusion-jump process or the generalized
 beta-2 distribution, is superior in approximating the actual distribution
 of futures prices? The parameters of the distributions were estimated
 using the futures prices of four highly diverse commodities: British
 pound, corn, gold, and live cattle. The results suggest that the
 generalized beta-2 distribution is superior to the diffusion-jump. 
Journal: Applied Economics Letters 
Pages: 303-305 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356401 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356401&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Johan Torstensson 
Author-X-Name-First: Johan 
Author-X-Name-Last: Torstensson 
Title: Can factor proportions explain vertical intra-industry trade? 
Abstract:
  Two questions in particular will be addressed. First, can earlier results
 for specific industries that suggest a positive relation between quality
 and capital-labour ratios of exporting countries be generalized to other
 industries? Second, what type of capital, physical or human, is most
 important in affecting the quality of vertically differentiated products?
 The results suggest that the relation between factor endowments and the
 quality of exported products is not just restricted to the product groups
 in previous analyses and that it is primarily human and not physical
 capital that determines the quality of production. 
Journal: Applied Economics Letters 
Pages: 307-309 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356410 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356410&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Zimmer 
Author-X-Name-First: Michael 
Author-X-Name-Last: Zimmer 
Title: Assortative mating and ethnicity in the low wage population: an examination of spouses' earnings 
Abstract:
  Social scientists have long maintained an interest in the socioeconomic
 underpinnings of marital formation. Considerable research has focused on
 patterns of spouse selection which tend to pair individuals of like
 characteristics. One area which invites more research involves assortative
 mating of labour market characteristics such as hours worked and hourly
 wages. This study examines correlations among husband-wife pairs in the
 low-income population. Based on a special data extract from the
 Seattle-Denver income maintenance experiments, regression models of wages
 and hours worked are estimated separately for husbands and wives.
 Residuals from these models are used to estimate husband-wife correlations
 in unmeasured labour market traits. Results indicate evidence to support
 the hypothesis that spouse-selection patterns are not consistent across
 race groups and point to the need for further research. 
Journal: Applied Economics Letters 
Pages: 311-315 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356429 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356429&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alain Hecq 
Author-X-Name-First: Alain 
Author-X-Name-Last: Hecq 
Title: IGARCH effect on autoregressive lag length selection and causality tests 
Abstract:
  Using Monte Carlo experiments, we show how information criteria
 determine, in the presence of GARCH errors, an optimal lag length in
 univariate time series and causality tests. We illustrate the simulations
 by testing the presence of serial correlation in exchange rates as well as
 Granger-causality between interest rates. 
Journal: Applied Economics Letters 
Pages: 317-323 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356438 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356438&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Holmes 
Author-X-Name-First: Mark 
Author-X-Name-Last: Holmes 
Title: Bank credit in the ERM: an investigation of the role of Germany 
Abstract:
  This letter examines the role of Germany in the determination of bank
 credit in the EU. For a sample of ERM members, the Johansen procedure is
 employed to test for bivariate cointegrating relationships with Germany.
 Causality is investigated using the error correction methodology advocated
 by Engle and Granger. Long-run equilibrium relationships with Germany are
 identified in all cases. However, the results lend limited support to the
 German dominance hypothesis since credit provision appears to be more
 interactive in nature. 
Journal: Applied Economics Letters 
Pages: 325-328 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356447 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356447&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdul Latif 
Author-X-Name-First: Abdul 
Author-X-Name-Last: Latif 
Title: Can an increase in national saving reduce the level of unemployment in Australia? 
Abstract:
  The savings to GDP ratio is considerably lower in Australia than the OECD
 average. The lower level of savings does not only result in a current
 account deficit but also has a negative relationship with the unemployment
 rate. In order to overcome this problem, the Australian government has
 recently adopted policies which are designed to increase the level of
 savings in the economy. An examination of the impact of these policies on
 unemployment shows that an increase in the level of savings would not be
 sufficient to reduce unemployment rates in Australia. 
Journal: Applied Economics Letters 
Pages: 329-332 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356456 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356456&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Thomas Bernard 
Author-X-Name-First: Jean-Thomas 
Author-X-Name-Last: Bernard 
Author-Name: Eric Genest-Laplante 
Author-X-Name-First: Eric 
Author-X-Name-Last: Genest-Laplante 
Title: Transfer pricing by the Canadian oil industry: a company analysis 
Abstract:
  The Canadian oil industry has been the subject of several debates with
 respect to charges of transfer pricing. On the basis of a large data set,
 which includes all oil shipments into the US and Canada from 1974-84, the
 first direct test of manipulative transfer pricing, based on actual
 company behaviour, is performed. Particular attention is paid to the
 multicollinearity problem which arises in this context. Through regression
 analysis it emerges that the six largest Canadian affiliates of
 multinational corporations paid crude-oil import prices which were
 generally equal to or lower than prices of third-party transactions for a
 country in a given year. This is a fairly robust result which highlights
 the existence of manipulative transfer pricing. In the present case, the
 practice was beneficial to Canada. 
Journal: Applied Economics Letters 
Pages: 333-340 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356465 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356465&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jang Jin 
Author-X-Name-First: Jang 
Author-X-Name-Last: Jin 
Author-Name: Eden Yu 
Author-X-Name-First: Eden 
Author-X-Name-Last: Yu 
Title: Export-led growth and the US economy: another look 
Abstract:
  The hypothesis of export-led growth for the US economy is tested. A
 six-variable vector autoregressive (VAR) model is constructed to balance
 various possible offsetting impacts on exports and output. Based on the
 VAR techniques, no significant causal impacts are found between exports
 and output. This suggests that export expansion is neutral with respect to
 the growth of the US economy. 
Journal: Applied Economics Letters 
Pages: 341-344 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356474 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356474&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kok Chew Lim 
Author-X-Name-First: Kok Chew 
Author-X-Name-Last: Lim 
Title: Dividends with no taxes: evidence from Hong Kong 
Abstract:
  Litzenberger and Ramaswamy's (1979) model is used to test whether
 expected dividend yield is priced for Hong Kong stocks. Unlike the case in
 the United States, there are no taxes on dividend income nor on capital
 gains in Hong Kong. It is found that expected dividend yield has no effect
 on stock returns. The results are consistent with the prediction of
 Litzenberger and Ramaswamy's (1979) model in a market where dividend
 income and capital gains are not taxed. 
Journal: Applied Economics Letters 
Pages: 345-348 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356483 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356483&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ranko Bon 
Author-X-Name-First: Ranko 
Author-X-Name-Last: Bon 
Author-Name: Tomonari Yashiro 
Author-X-Name-First: Tomonari 
Author-X-Name-Last: Yashiro 
Title: Comparative stability analysis of demand-side and supply-side input-output models: the case of Japan, 1960-90 
Abstract:
  The results of comparative stability analysis of demand- and supply-side
 input-output models using the Japanese data are presented, together with
 the results of the comparison between the comparative stability analysis
 of the two models using the Japanese, UK and US data. The results of
 comparative stability analysis of the two models using the US data were
 reported elsewhere (Bon, 1986), and the results of the analysisusing the
 UK data were presented in this journal (Bon and Xu Bing, 1993). The
 forecasts of sectoral and total output of the two models are generated
 with known final demand and value added figures from subsequent tables,
 and are compared with known output figures for benchmark years. The
 results of the three studies are similar in part. The demand-side model
 performs somewhat better in terms of total output forecasts, but the
 supply-side performs somewhat better for a larger number of sectors. Also,
 in all three countries the supply-side model provides markedly superior
 forecasts for 'mature' sectors, such as agriculture and mining. However,
 there are some notable differences between Japan, on the one hand, and the
 UK and USA, on the other. In particular, the construction sector's
 performance is predicted better by the demand-side model in Japan, whereas
 the supply-side model produces better construction forecasts in the case
 of the UK and USA. Some other differences regarding several other sectors
 may be due to different aggregation scheme. Both models should be used to
 determine the extent to which an economy or a sector are demand- or
 supply-driven. 
Journal: Applied Economics Letters 
Pages: 349-354 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356492 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356492&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkin Bairam 
Author-X-Name-First: Erkin 
Author-X-Name-Last: Bairam 
Title: The form of the production function for the Chinese regional economy 
Abstract:
  This paper is mainly concerned with estimating appropriate production
 functions for the Chinese economy using provincial data, 1973-89. It is
 hoped that the results obtained would help to assess the variabilities in
 the scale elasticity, elasticity of substitution as technical progress
 over time. It is hoped also that the results obtained would help to assess
 the roles of economies of scale, elasticity of substitution and technical
 progress in Chinese economic growth. The outline ofthe paper is as
 follows:in Section IIthe basic model used for estimation purposes is
 discussed. Section III discusses the estimation procedures used, results
 obtained and assesses their technical and economic implications. Finally,
 Section IV summarizes the main conclusions to be drawn from the paper. 
Journal: Applied Economics Letters 
Pages: 355-358 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356500 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356500&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Muhammed Islam 
Author-X-Name-First: Muhammed 
Author-X-Name-Last: Islam 
Title: Instability in trade flows as a cause of economic stagnation in Africa: an error-correction test 
Abstract:
  This paper identifies export instability as an additional cause of
 changes in GDP. Instability is measured by deviations of exports from
 their trend values. A multivariate error-correction model that
 incorporates export instability is tested on individual time series data
 (1967-1990) for twenty-one African countries. The results indicate
 reduction in export-earnings but not any significant decline in GDP growth
 due to instability. Half of these countries experienced export-to-growth
 causality, with a reverse causality in three-fourths of them. The results
 are sensitive to both the omission of variables and the test procedure
 used. 
Journal: Applied Economics Letters 
Pages: 359-364 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356519 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356519&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matiur Rahman 
Author-X-Name-First: Matiur 
Author-X-Name-Last: Rahman 
Author-Name: Muhammed Mustafa 
Author-X-Name-First: Muhammed 
Author-X-Name-Last: Mustafa 
Author-Name: Eldon Bailey 
Author-X-Name-First: Eldon 
Author-X-Name-Last: Bailey 
Title: US budget deficits, inflation and exchange rate: a cointegration approach 
Abstract:
  This paper applies the well-known cointegration approach to explore a
 possible long-run pairwise relationship between (i) US real budget
 deficits and real exchange rates, and (ii) US inflation rates and real
 exchange rates. The unit root test shows that each of the above time
 series is non-stationary in levels. It is also verified that stationarity
 can be induced in each series by the first differencing of the level data.
 The ADF test results indicate a lack of cointegration between the US real
 budget deficits and the real exchange rates at 1, 5 and 10% levels of
 significance. The same is also true for US inflation rates and real
 exchange rates. But these findings have been contradicted by those from
 the associated error-correction models at 5 and 10% levels of
 significance. The estimates of the error-correction models offer evidences
 to long-run/short-run unidirectional Granger causality from the real
 budget deficits to the real exchange rates, and from the real exchange
 rates to the inflation rates. 
Journal: Applied Economics Letters 
Pages: 365-368 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356249 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356249&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nadeem Burney 
Author-X-Name-First: Nadeem 
Author-X-Name-Last: Burney 
Title: Exports and economic growth: evidence from cross-country analysis 
Abstract:
  This paper analyses the relationship between exports growth and economic
 growth by estimating an augmented GDP-growth equation on the basis of
 cross-country data, and using OLS and random coefficient (RC) methods. The
 latter method yields both mean response coefficients, as in the case of
 OLS method, as well as country-specific coefficients. The relationship has
 been estimated for two separate periods, i.e. 1965-80 and 1980-90. The
 estimates obtained using a RC method indicates that while there exists a
 positive link between exports and economic growth, the relationship is
 significant only for the period 1980-90. This suggests that the results
 obtained in the earlier studies using OLS method could be spurious. The
 evidence further indicates that the change in the coefficients between the
 two periods consists of both structural as well as behavioural shifts.
 Finally, the estimated country-specific coefficients show that the role of
 exports in GDP growth vary with the level of development. 
Journal: Applied Economics Letters 
Pages: 369-373 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356258 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356258&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mehdi Monadjemi 
Author-X-Name-First: Mehdi 
Author-X-Name-Last: Monadjemi 
Title: Do fiscal variables affect private consumption? Evidence from Australia and the United States 
Abstract:
  This study examines the effect of fiscal measures on real private
 consumption using an error correction model. On balance, the empirical
 results of the study provided some evidence against the Ricardian
 equivalence hypothesis. In particular, responses to real government
 consumption and taxes in the United States and responses to real
 government debt and transfer payments in Australia were significant with
 their dynamic paths moving opposite to Ricardian proposition. 
Journal: Applied Economics Letters 
Pages: 375-378 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356267 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356267&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Torben Andersen 
Author-X-Name-First: Torben 
Author-X-Name-Last: Andersen 
Author-Name: Niels Lynggard Hansen 
Author-X-Name-First: Niels Lynggard 
Author-X-Name-Last: Hansen 
Title: Do prices move counter-cyclically? 
Abstract:
  The cyclical properties of producer and consumer prices are analysed on
 quarterly data for the period 1961:1 to 1990:4 for 15 OECD countries. It
 is found that the cyclical properties of prices vary substantially over
 time and across countries. All countries have periods with pro- and
 counter-cyclical prices and thus both demand and supply shocks are
 important in accounting for business cycle fluctuations. Considering the
 lead and lag structure, it is generally found that price increases lead
 output decreases. 
Journal: Applied Economics Letters 
Pages: 379-383 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356276 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356276&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Fielding 
Author-X-Name-First: David 
Author-X-Name-Last: Fielding 
Title: Consumer expenditure in South Africa: a time-series model 
Abstract:
  A time-series model of private consumption in South Africa is presented.
 Consumer expenditure is found to be sensitive not only to income, but also
 to the source of income, interest rates and measures of political and
 economic uncertainty. 
Journal: Applied Economics Letters 
Pages: 385-389 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356285 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356285&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Peel 
Author-X-Name-First: David 
Author-X-Name-Last: Peel 
Author-Name: Dennis Thomas 
Author-X-Name-First: Dennis 
Author-X-Name-Last: Thomas 
Title: Attendance demand: an investigation of repeat fixtures 
Abstract:
  Using fixed betting odds for football match outcomes this paper improves
 on previous versions of outcome uncertainty models of attendance demand by
 utilizing data on 'repeat' fixtures between two teams. This provides some
 control over the variation in match characteristics which influence
 demand. The analysis of 'repeat' fixtures also enables an improved
 treatment of the 'core support' element of attendances. The contribution
 of fixed betting odds in explaining attendance demand is confirmed as is
 the 'U'-shaped relationship between attendance and home team probability
 of success. 
Journal: Applied Economics Letters 
Pages: 391-394 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356294 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356294&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Atrayee Ghoshroy-Saha 
Author-X-Name-First: Atrayee 
Author-X-Name-Last: Ghoshroy-Saha 
Author-Name: Hendrik Vann De Berg 
Author-X-Name-First: Hendrik Vann 
Author-X-Name-Last: De Berg 
Title: Mexico's futile attempt to defy purchasing power parity 
Abstract:
  Many empirical studies have suggested that purchasing power parity (PPP)
 does not hold in the short run, and some conclude that PPP is not observed
 even in the long run. The recent collapse of the Mexican peso suggests
 otherwise, however. This study examines whether PPP has bound the nominal
 peso/dollar exchange rate and the Mexican and US price levels between 1920
 and 1994. Given the long sample period,unit root tests were conducted
 taking structural breaks into account, but the variables were still found
 to contain unit roots. Cointegration tests confirm a relationship between
 the exchange rate and price levels, and an error correction model verifies
 that it has indeed been the PPP relationship that linked the variables.
 Deviations from PPP were corrected, on average, within four years. The
 confirmation of PPP during the period 1920-94 underscores the futility of
 Mexican policies that defied PPP in the early 1990s, after trade and
 capital flows were liberalized. 
Journal: Applied Economics Letters 
Pages: 395-399 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356302 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356302&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jai Mah 
Author-X-Name-First: Jai 
Author-X-Name-Last: Mah 
Title: On the characteristics of tariff rates: permanent or temporary shocks? 
Abstract:
  The characteristics of tariff rates in the United States and five major
 European countries are revealed, based on the unit root tests
 acknowledging structural breaks. Finding structural breakpoints
 endogenously, it is shown that the crash type tariff rate level breaks can
 be found in the tariff history of Denmark, Sweden, Switzerland, and the
 United States. In case of acknowledging structural breaks, tariff rates of
 France, Switzerland and the United States are characterized by temporary
 shocks. 
Journal: Applied Economics Letters 
Pages: 401-403 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356311 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356311&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hans Dewachter 
Author-X-Name-First: Hans 
Author-X-Name-Last: Dewachter 
Title: Charts as signals in Markov switching world 
Abstract:
  This note evaluates the signal performance of charts under the maintained
 assumption that the DGP is a standard Markov switching model. It is found
 that, within this framework, charts contain valuable information with
 respect to the current state of the latent process. Hence, this note
 provides a (statistical) rationale for the reported profitability of
 chartists rules in terms of an underlying Markov switching model as the
 DGP. 
Journal: Applied Economics Letters 
Pages: 405-407 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356320 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356320&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Derick Boyd 
Author-X-Name-First: Derick 
Author-X-Name-Last: Boyd 
Title: The impact of exchange rate adjustment on output: Jamaica 1960-90 
Abstract:
  Recent articles have argued that devaluations can have a short-term
 contractionary impact followed by an expansionary phase that may or may
 not result in net expansion in the long term. This paper extends recent
 work on this issue by developing a specification that obviates the
 problems of spurious and inconsistent parameter estimation that may result
 in the absence of stationarity and cointegrating relationships. The
 findings suggest that exchange devaluations have had a neutral impact on
 Jamaican output. It also examines the implicit assumption that within the
 real exchange rate relationship the nominal exchange rate and the relative
 price effects are of equal weight, and finds this not to be the case. 
Journal: Applied Economics Letters 
Pages: 409-411 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356339 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356339&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Scott McDonald 
Author-X-Name-First: Scott 
Author-X-Name-Last: McDonald 
Author-Name: Jennifer Roberts 
Author-X-Name-First: Jennifer 
Author-X-Name-Last: Roberts 
Title: Misspecification and cross-country growth regressions 
Abstract:
  Cross-country growth studies are commonly used to empirically investigate
 the neoclassical convergence hypothesis, the determinants of growth and
 the impact of policies on growth performance. While questions have been
 raised concerning the reliability of data and the specification of the
 explanatory variables, little attention has been paid to the derivation of
 growth rates. The standard method employs time series regressions to
 estimate average annual growth rates, which are then used as the dependent
 variable in the cross-section analysis. This procedure is only valid if
 the growth rate equations are well specified and the growth rates are
 stable over the time period in question. Using data for 75 countries for
 the period 1950 to 1992, we present much evidence to show that neither of
 the above propositions is supported; growth rate regressions are commonly
 misspecified and suffer from parameter instability. These results cast
 doubts on the validity of cross-country growth studies. 
Journal: Applied Economics Letters 
Pages: 413-416 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356348 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356348&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Howard Gensler 
Author-X-Name-First: Howard 
Author-X-Name-Last: Gensler 
Title: The effects of welfare guarantee levels and tax rates on male labour supply 
Abstract:
  The effect of welfare on labour supply is theoretically ambiguous. The
 effect of implicit welfare tax rates has not been precisely determined in
 previous studies. The effective welfare guarantee levels and tax rates
 estimated for each state from 1979 to 1990. Employing these newly
 estimated welfare descriptive statistics, the labour supply impacts of
 both welfare guarantee levels and tax rates are determined with high
 statistical precision for married males with children. A standard labour
 supply model is estimated by means of a tobit procedure over a multiyear
 cross-sectional pooled data set derived from the US Census Bureau's
 Current Population Survey for the period 1979 to 1990. Increases in the
 welfare guarantee level slightly increase labour supply for married males.
 An elasticity of 0.04 is computed. Increases in the welfare tax rate on
 earned income slightly decreases labour supply. An elasticity of -0.07 is
 computed. 
Journal: Applied Economics Letters 
Pages: 417-422 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356357 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Simona Andreano 
Author-X-Name-First: Maria Simona 
Author-X-Name-Last: Andreano 
Author-Name: Giovanni Savio 
Author-X-Name-First: Giovanni 
Author-X-Name-Last: Savio 
Title: Common trends and common cycles under alternative exchange rate regimes 
Abstract:
  This paper investigates the dynamic interrelationships of economic
 activity in major economies under the pre- and post-Bretton Woods eras of
 fixed and flexible exchange rates. A recently developed multivariate
 method called common trends and common cycles is used to detect the
 presence of both short- and long-term comovements in monthly industrial
 production indices of the G7 countries during the period from 1963 to
 1993. The empirical results indicate the existence of an international
 business cycle under both regimes. Further, we show that the comovements
 in levels and in growth rates of the series have been more important in
 the pre- 1973 period of fixed rates. 
Journal: Applied Economics Letters 
Pages: 423-426 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540798 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540798&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dikaios Tserkezos 
Author-X-Name-First: Dikaios 
Author-X-Name-Last: Tserkezos 
Title: The dynamics of OECD forecasts for Greece 
Abstract:
  This paper considers the dynamics of the OECD macroeconomic forecasts for
 Greece. A Geometric Distributed Lags model is used to study the dynamic
 responses between the actual data and the forecasts supplied by OECD the
 last 15 years. 
Journal: Applied Economics Letters 
Pages: 427-429 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540799 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540799&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Sapsford 
Author-X-Name-First: David 
Author-X-Name-Last: Sapsford 
Author-Name: Peter Turnbull 
Author-X-Name-First: Peter 
Author-X-Name-Last: Turnbull 
Title: A new method for investigating the relationship between strikes and absenteeism 
Abstract:
  This paper presents a new method for evaluating the relationship which
 exists between strikes and absenteeism, as alternative forms of industrial
 conflict. The proposed method is outlined and its use illustrated in an
 analysis of the British dock labour market. 
Journal: Applied Economics Letters 
Pages: 431-434 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540800 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540800&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Couton 
Author-X-Name-First: C. 
Author-X-Name-Last: Couton 
Author-Name: F. Gardes 
Author-X-Name-First: F. 
Author-X-Name-Last: Gardes 
Author-Name: Y. Thepaut 
Author-X-Name-First: Y. 
Author-X-Name-Last: Thepaut 
Title: Hedonic prices for environmental and safety characteristics and the Akerlof effect in the French car market 
Abstract:
  In this paper, the computation of hedonic prices on individual panel data
 shows the positive valuation of environmental and safety characteristics
 by the market and gives some evidence of an Akerlof effect between
 perceived quality and the part of the market price which is not explained
 by car characteristics and pure inflation. 
Journal: Applied Economics Letters 
Pages: 435-440 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540801 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540801&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: Impacts of government policies, economic conditions, and past migration on net migration in the USA: 1992-93 
Abstract:
  The determinants of net migration rates including government taxes and
 welfare spending for 48 contiguous states and the District of Columbia
 during 1992-93 are examined. The weighted least squares (WLS) method is
 employed assuming dependent variable heteroscedasticity. Major findings
 indicate that net migration rates vary positively with employment growth,
 hourly earnings, percentage of possible sunshine, and past net migration,
 and they are negatively correlated with state and local tax burdens,
 welfare spending, violent crime, and percentage of population in the age
 groups of 18-24 and 24-34. Thus, Sir John Hicks's theory that migration
 was mainly caused by net economic advantages is confirmed. These results
 may have policy implications in the area of job creation, tax policy,
 welfare reform, the allocation of limited budget to different programmes
 and law enforcement. 
Journal: Applied Economics Letters 
Pages: 441-444 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540802 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540802&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Owain Ap Gwilym 
Author-X-Name-First: Owain Ap 
Author-X-Name-Last: Gwilym 
Author-Name: Mike Buckle 
Author-X-Name-First: Mike 
Author-X-Name-Last: Buckle 
Title: An analysis of bid-ask spreads on American-and European-style index options 
Abstract:
  The UK option market is unique in trading both American-style and
 European-style contracts on the same underlying stock index. We use
 high-frequency quote data to examine the magnitude and distribution of the
 bid-ask spreads on these contracts, which are found to be at least partly
 determined by relative trading volume. We also present comparisons with
 the limited previous evidence on the level of option bid-ask spreads in
 the UK and USA. We find that increased trading volumes in the UK index
 options in recent years have not clearly reduced spreads. 
Journal: Applied Economics Letters 
Pages: 445-449 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540803 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540803&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kenneth Reinert 
Author-X-Name-First: Kenneth 
Author-X-Name-Last: Reinert 
Author-Name: Gina Scorza 
Author-X-Name-First: Gina 
Author-X-Name-Last: Scorza 
Title: The effects of a North American free trade agreement on the US glassware market 
Abstract:
Journal: Applied Economics Letters 
Pages: 451-454 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540804 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540804&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Brockman 
Author-X-Name-First: Paul 
Author-X-Name-Last: Brockman 
Title: The role of reputation capital in the investment banking industry 
Abstract:
  Based on the information-related view of financial intermediation and the
 role of reputation capital, this study contributes to the extant
 literature by designing an empirically testable hypothesis related to the
 existence and use of reputation capital. It is hypothesized that one of
 the consequences of a breach of trust between investment banks and their
 clients is a deterioration in the banks' market value. For at least one of
 the event study methods used herein (i.e., the Sign test), evidence is
 found at the 1% level of significance in support of the hypothesized
 market reaction to reputation-damaging events. 
Journal: Applied Economics Letters 
Pages: 455-458 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540805 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540805&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Kohn 
Author-X-Name-First: Robert 
Author-X-Name-Last: Kohn 
Title: An additive tax and subsidy for controlling automobile pollution 
Abstract:
  It is well known that a unit tax on the emissions of polluting firms and
 an equal unit subsidy for emissions abated are not symmetrical
 instruments. However, when no entry-exit conditions are at stake, as in
 the case of polluting households, the tax and subsidy are equivalent.
 Moreover, any combination of the two, summing to marginal pollution
 damage, is also efficient. This strong result is applied to the case of an
 economy in which each household owns an automobile. It also extends to the
 case in which some households rely on mass-transit or car-pooling,
 provided that such households also receive the subsidy. 
Journal: Applied Economics Letters 
Pages: 459-462 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540806 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540806&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert McMaster 
Author-X-Name-First: Robert 
Author-X-Name-Last: McMaster 
Title: A non-parametric approach to identifying the sources of cost savings arising from competitive tendering 
Abstract:
  The estimation of the factors contributing to the reduction in the costs
 of service delivery arising from the tendering of specified health and
 local authority activities presents difficulties for conventional
 parametric techniques, because of an absence in cardinal measurability.
 This implies that the debate over whether reductions in costs are
 primarily due to improvements in productivity or deteriorations in the
 conditions of incumbent workforces remains highly polemic. Attempts are
 made to measure the principal sources of cost savings using a
 non-parametric procedure. In this way a more generalized picture may be
 presented than has been the case to date. It is found that productivity
 improvements are the highest ranked source of cost reductions, but
 reductions in employee conditions and earnings are also highly ranked. It
 is emphasized that those sources are not independent, and that more
 research into the primary contributors to increases in productivity is
 needed. 
Journal: Applied Economics Letters 
Pages: 463-466 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540807 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540807&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Melika Ben Salem 
Author-X-Name-First: Melika Ben 
Author-X-Name-Last: Salem 
Author-Name: Jean-Francois Jacques 
Author-X-Name-First: Jean-Francois 
Author-X-Name-Last: Jacques 
Title: About the stability of the inventory-sales ratio: an empirical study with US sectoral data 
Abstract:
  The behaviour of one of the most important inventory indicators is
 highlighted. The investigation concerns US sectoral post-war data. It
 appears that a decline in the ratio for manufacturing, when observed, is
 partially offset by an increasing inventory-sales ratio in the trade
 sector. 
Journal: Applied Economics Letters 
Pages: 467-469 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540808 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540808&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Adam Wagstaff 
Author-X-Name-First: Adam 
Author-X-Name-Last: Wagstaff 
Author-Name: Guillem Lopez 
Author-X-Name-First: Guillem 
Author-X-Name-Last: Lopez 
Title: Hospital costs in Catalonia: a stochastic frontier analysis 
Abstract:
  A multiproduct stochastic hospital cost frontier is estimated on panel
 data for 43 Catalan hospitals over the period 1988-91 on the assumption
 that inefficiency remains constant over time. In addition to reporting
 estimates of inefficiency, the paper reports estimates of economies of
 scope and economies of scale. 
Journal: Applied Economics Letters 
Pages: 471-474 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540809 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540809&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Ka-Yiu Fung 
Author-X-Name-First: Michael Ka-Yiu 
Author-X-Name-Last: Fung 
Author-Name: Ken Kai-Hong Wan 
Author-X-Name-First: Ken Kai-Hong 
Author-X-Name-Last: Wan 
Title: Ownership and efficiency differentials in chinese industry: further evidence from data envelopment analysis 
Abstract:
  The objective of our study is to analyse the difference in economic
 efficiency between the state and collective sectors of Chinese industry,
 with the help of a data set containing firm-level data of 7273 enterprises
 across 35 industrial branches in Hubei Province in 1990. Data envelopment
 analysis which evaluates the enterprises' performance in terms of both
 output and profit is applied as an alternative to the conventional TFP
 approach. 
Journal: Applied Economics Letters 
Pages: 475-482 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540810 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540810&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Apergis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Apergis 
Title: What opportunity cost of holding real balances? The case of Greece 1978-1993 
Abstract:
  In this paper cointegration techniques have been applied to identify the
 role of opportunity cost in the demand for real balances in the Greek case
 and covering the period 1978-93. The results reveal that it is the
 simultaneous presence of nominal interest rates, the expected inflation
 and the expected depreciation variables that must be used as proxies for
 the opportunity cost. 
Journal: Applied Economics Letters 
Pages: 483-485 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540811 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540811&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stilianos Fountas 
Author-X-Name-First: Stilianos 
Author-X-Name-Last: Fountas 
Author-Name: Jyh-Lin Wu 
Author-X-Name-First: Jyh-Lin 
Author-X-Name-Last: Wu 
Title: Are the Greek budget deficits too large? 
Abstract:
  We use a residual-based cointegration test suggested by Gregory and
 Hansen that allows for the determination of a structural break in the
 cointegration vector to test for the sustainability of Greek fiscal
 deficits over the 1958-92 period. This relatively recent test leads to a
 different result from that derived from standard Engle-Granger
 cointegration tests. The use of the conventional Engle-Granger test
 implies no cointegration between tax revenues and interest-inclusive
 government expenditures. On the other hand, using the Gregory-Hansen test
 we conclude that tax revenues and interest-inclusive government
 expenditures are cointegrated and a structural break in the cointegrating
 vector took place in either 1981 or 1983. Our result of cointegration with
 a structural break is consistent with a strict interpretation of the
 government's intertemporal budget constraint since it implies a zero
 discounted value of the public debt. However, since the
 cointegration-regression slope parameter is significantly less than one
 (when tax revenues are regressed on expenditure), the undiscounted value
 of the public debt is different from zero. This means that the government
 has incentives to default on its debt and, therefore, Greek budget deficit
 policy is not sustainable. 
Journal: Applied Economics Letters 
Pages: 487-490 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540812 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540812&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Almas Heshmati 
Author-X-Name-First: Almas 
Author-X-Name-Last: Heshmati 
Author-Name: Yilma Mulugeta 
Author-X-Name-First: Yilma 
Author-X-Name-Last: Mulugeta 
Title: Technical efficiency of the Ugandan matoke farms 
Abstract:
  The issues of measurement of technical efficiency in the production of
 matoke in Uganda are investigated. A Cobb-Douglas functional form is used
 to represent the underlying production technology and corrected least
 squares procedure to estimate the model and the farm-specific measures of
 technical efficiency. The data consists of a crossection of 288
 matoke-producing family farms during the crop year 1990-1991. The
 productive performance of farms are compared according to the size of
 land. The impact of various production characteristics on the production
 structure of the farms is also tested. The empirical results from a
 comparison of different farm sizes show very small variations in mean
 efficiency between the different size classes. Some variations in the
 distribution of farms within each size-class are observed. The mean
 technical efficiency is found to be 65%. 
Journal: Applied Economics Letters 
Pages: 491-494 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540813 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540813&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Almas Heshmati 
Author-X-Name-First: Almas 
Author-X-Name-Last: Heshmati 
Title: On the single and multiple time trends representation of technical change 
Abstract:
  This paper is concerned with the estimation of production functions and
 measurement of the rate of technical change. Multiple time trends are
 introduced as an alternative to the single time trend representation of
 technical change. The underlying technology is represented by Cobb-Douglas
 and translog functional forms. Random effects models with homoscedastic
 variances is assumed. The models are estimated using the generalized least
 squares method. The data used are a large rotating panel data set from
 Swedish crop producer farms over the period 1976-1988. The empirical
 results show that a single or multiple time trends representation yield
 different time behaviour of technical change. The latter is found to
 perform much better. 
Journal: Applied Economics Letters 
Pages: 495-499 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yoshiko Kuwahara 
Author-X-Name-First: Yoshiko 
Author-X-Name-Last: Kuwahara 
Author-Name: Yasushi Ohkusa 
Author-X-Name-First: Yasushi 
Author-X-Name-Last: Ohkusa 
Title: An alternative estimation method for the OCE model 
Abstract:
  We provide an alternative estimation method which can be used to estimate
 the coefficient of intertemporal substitution and risk aversion
 separately, without assuming log-normal distribution or using a social
 market portfolio. We find the two parameters are significantly positive.
 This finding is the first case in this field. 
Journal: Applied Economics Letters 
Pages: 501-503 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356113 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356113&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. H. Brown 
Author-X-Name-First: K. H. 
Author-X-Name-Last: Brown 
Author-Name: M. Yousefi 
Author-X-Name-First: M. 
Author-X-Name-Last: Yousefi 
Title: Deficits, inflation and central banks' independence: evidence from developing nations 
Abstract:
  Deficits should Granger-cause inflation in developing countries since the
 central banks are not autonomous. Nevertheless, our empirical results
 refute the causality between government deficits and inflation in a study
 of ten developing countries. 
Journal: Applied Economics Letters 
Pages: 505-509 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356122 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356122&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. J. Sloane 
Author-X-Name-First: P. J. 
Author-X-Name-Last: Sloane 
Author-Name: H. Battu 
Author-X-Name-First: H. 
Author-X-Name-Last: Battu 
Author-Name: P. T. Seaman 
Author-X-Name-First: P. T. 
Author-X-Name-Last: Seaman 
Title: Overeducation and the formal education/experience and training trade-off 
Abstract:
  For the first time the issue of overeducation is addressed for the UK.
 Substantial amounts of over and undereducation are found. The evidence
 supports the view that formal education and other components of human
 capital are substitutes for the over- and undereducated. 
Journal: Applied Economics Letters 
Pages: 511-515 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Author-Name: Razzaque Bhatti 
Author-X-Name-First: Razzaque 
Author-X-Name-Last: Bhatti 
Title: Does Europe have an integrated capital market? Evidence from real interest parity tests 
Abstract:
  Empirical evidence on capital market integration in Europe is presented
 by testing for mean reversion in the real interest differentials of seven
 European countries vis-a-vis Germany. The tests overwhelmingly reject the
 null hypothesis of random walk in the real interest rate differentials,
 implying that capital and goods markets have become integrated in the
 countries considered. 
Journal: Applied Economics Letters 
Pages: 517-520 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356140 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356140&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Ashworth 
Author-X-Name-First: John 
Author-X-Name-Last: Ashworth 
Author-Name: Peter Johnson 
Author-X-Name-First: Peter 
Author-X-Name-Last: Johnson 
Author-Name: Cheryl Conway 
Author-X-Name-First: Cheryl 
Author-X-Name-Last: Conway 
Title: How small firms forecast short-term employment: some survey evidence 
Abstract:
  The way in which small firms formulate their short-term employment
 forecasts is examined. Survey evidence based on the experience of some
 recently formed small businesses located in the North of England is used
 to test two models of forecast formation. The empirical results suggest
 that small firms use a linear adaptive model when forecasting. 
Journal: Applied Economics Letters 
Pages: 521-524 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356159 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356159&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Author-Name: Chao-Shun Hung 
Author-X-Name-First: Chao-Shun 
Author-X-Name-Last: Hung 
Author-Name: Neela Manage 
Author-X-Name-First: Neela 
Author-X-Name-Last: Manage 
Title: Ricardian equivalence, budget deficits, and saving in the United States, 1955:1-1991:4 
Abstract:
  The Ricardian equivalent theory is examined by dichotemizing the total US
 federal budget deficit into its structural (exogeneous) and cyclical
 (endogeneous) components. The former is hypothesized to be the expected,
 planned deficit, whereas the latter is viewed as the unpredictable,
 unplanned, unexpected deficit. Instrumental variables estimates for the
 periods 1955-1991 and 1973-1991 find that structural deficits elicit
 increased saving but cyclical deficits do not. Thus, the findings indicate
 support for a partially Ricardian equivalent world: saving only partially
 offsets budget deficits. 
Journal: Applied Economics Letters 
Pages: 525-528 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356168 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356168&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Title: Consumption growth and the intertemporal elasticity of substitution: some evidence from income quintile groups in Japan 
Abstract:
  This research empirically analysed the relations between the difference
 in consumer's preference and the consumption growth rate in Japan. As a
 result, the close relationship between the two is revealed. This study has
 clarified the fact that as the income bracket becomes higher, the value of
 intertemporal elasticity of substitution becomes smaller. This is
 consistent with the gap in the consumption growth rate between the income
 brackets, i.e. the difference in the consumer's preference parameter has
 played a significant role in correcting the consumption gap in the period
 of high economic growth in post-war Japan. 
Journal: Applied Economics Letters 
Pages: 529-532 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356177 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356177&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Nelissen 
Author-X-Name-First: Jan 
Author-X-Name-Last: Nelissen 
Title: Annualized versus non-annualized lifetime income redistribution 
Abstract:
  This paper concerns the impact of the lifespan on the redistributive
 effect of the social security system when considering lifetime income. It
 is shown that with the exception of the old age pensions, the impact is
 very small. It is also doubted whether annualization has to be applied. 
Journal: Applied Economics Letters 
Pages: 533-536 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. Geoffrey Booth 
Author-X-Name-First: G. Geoffrey 
Author-X-Name-Last: Booth 
Author-Name: Mustafa Chowdhury 
Author-X-Name-First: Mustafa 
Author-X-Name-Last: Chowdhury 
Title: Information noise and stock return volatility: evidence from Germany 
Abstract:
  Using data from the Frankfurt Stock Exchange, this paper investigates the
 impact of an increase in trading hours (from two to three on 15 January
 1990) on the variance of stock returns. The results confirm those of most
 earlier studies that report that trading time volatility is significantly
 larger than non-trading time volatility. In addition, the results are
 consistent with the private and public information hypotheses with regard
 to stock return volatility, but they do not support the noise trading
 hypothesis. 
Journal: Applied Economics Letters 
Pages: 537-540 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356195 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356195&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mototsugu Fukushige 
Author-X-Name-First: Mototsugu 
Author-X-Name-Last: Fukushige 
Title: On the determinants of households' consumption inequality: an empirical analysis for Japanese workers' households 
Abstract:
  From the theoretical point of view, households consumption inequality
 represents the inequality of the expected utilities through their
 lifecycles if each family optimizes its lifetime utility. We investigate
 its empirical validity, applying a regression analysis. The result of the
 regression analysis shows its empirical advantages as a measure for
 economic inequality. 
Journal: Applied Economics Letters 
Pages: 541-544 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356203 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356203&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Karen Mumford 
Author-X-Name-First: Karen 
Author-X-Name-Last: Mumford 
Title: Strikes and profits: considering an asymmetric information model 
Abstract:
  The Hayes asymmetric information model of strike activity predicts a
 negative relationship between actual firm profits and strike frequency,
 and a positive relationship between the trade union's expectations of firm
 profitability and the duration of strikes. Results from the application of
 the model presented in this paper provide only limited support: the
 relationship between strike behaviour and profits is found to be more
 complex than the model allows for and exploring other variables which are
 expected to influence strike activity leads to more satisfactory results. 
Journal: Applied Economics Letters 
Pages: 545-548 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356212 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356212&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Cheng 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Cheng 
Title: On the relationship between money and inflation in the United States: additional evidence 
Abstract:
  The causality between money and inflation is re-examined by applying
 Hsiao's version of the Granger causality method to US data for the period
 1959-94. The Phillips-Perron unit roots tests are performed and the series
 of M1 and M2 become stationary after first differencing, while the series
 of CPI, PPI, GDP deflator, and M3 become stationary after second
 differencing. It is revealed that money (measured in M1 or M2) does not
 cause inflation, yet if the M3 measure of money is used, then it is found
 that money causes inflation. 
Journal: Applied Economics Letters 
Pages: 549-552 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356221 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356221&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Taufiq Choudhry 
Author-X-Name-First: Taufiq 
Author-X-Name-Last: Choudhry 
Title: The Fisher effect and the gold standard: evidence from the USA 
Abstract:
  This paper investigates the long run relationship between nominal
 interest rate and the inflation rate (Fisher effect) in the USA during the
 gold standard era (1879-1913). Using Johansen cointegration tests, results
 show that there exists a Fisher effect on both the nominal short- and
 long-term interest rates during the stated period. 
Journal: Applied Economics Letters 
Pages: 553-555 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356230 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356230&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Geraint Johnes 
Author-X-Name-First: Geraint 
Author-X-Name-Last: Johnes 
Title: Multi-product cost functions and the funding of tuition in UK universities 
Abstract:
  A quadratic multi-product cost function is estimated for UK universities
 prior to the abolition of the binary divide. The arguments of the function
 include linear and interaction terms in undergraduate tuition,
 postgraduate tuition and research, and in each case these are separately
 identified for the (broadly defined) arts and sciences. The preferred
 specification is used to evaluate ray economies of scale, product-specific
 economies of scale and economies of scope. Estimates of average
 incremental costs are also provided. Results from OLS and stochastic
 frontier methods are compared. 
Journal: Applied Economics Letters 
Pages: 557-561 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355943 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355943&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lance Fisher 
Author-X-Name-First: Lance 
Author-X-Name-Last: Fisher 
Author-Name: Hyeon-Seung Huh 
Author-X-Name-First: Hyeon-Seung 
Author-X-Name-Last: Huh 
Title: Sources of fluctuations in Australian imports 
Abstract:
  Dynamic interactions among the real exchange rate, income and imports are
 modelled for Australia. Evidence of one cointegrating relationship is
 found among these series and base structural inferences on long-run
 identifying restrictions of the type proposed for vector-error correction
 models by King, Plosser, Stock and Watson (1991). Under the identifying
 restriction that a domestic supply shock has no effect on the real
 exchange rate in the long run, this shock explains most of the
 forecast-error variance of imports at all horizons except for one quarter.
 At this horizon, the domestic demand shock is most important. The foreign
 supply shock becomes more important as the forecast horizon increases and
 explains almost half of the forecast-error variance of imports in the long
 run. 
Journal: Applied Economics Letters 
Pages: 563-566 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355952 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355952&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anoma Abhayaratne 
Author-X-Name-First: Anoma 
Author-X-Name-Last: Abhayaratne 
Title: Foreign trade and economic growth evidence from Sri Lanka, 1960-1992. 
Abstract:
  The relationship between export and economic growth in Sri Lanka,
 1960-1992 is examined using the techniques of causality and cointegration.
 The hypothesis that foreign trade stimulates economic growth was rejected
 by the findings of the study. 
Journal: Applied Economics Letters 
Pages: 567-570 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355961 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355961&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Babak Eftekhari 
Author-X-Name-First: Babak 
Author-X-Name-Last: Eftekhari 
Author-Name: Stephen Satchell 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Satchell 
Title: Some problems with modelling asset returns using the elliptical class 
Abstract:
  The suitability of the elliptical distribution to model asset returns in
 applied work is examined. Two frameworks are identified: the first
 framework allows for normality testing but fails to capture the GARCH
 effect present in the data; the second framework captures the GARCH effect
 but has the disadvantage that all commonly used tests for normality have
 minimum power. 
Journal: Applied Economics Letters 
Pages: 571-572 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355970 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355970&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Baban Hasnat 
Author-X-Name-First: Baban 
Author-X-Name-Last: Hasnat 
Title: Child Labour in American Imports 
Abstract:
  Child labour has been the focus of research since the Industrial
 Revolution, but few provide an econometric examination of the relationship
 between imports and child labour. This paper fills this gap by presenting
 a probit model and testing for American imports in 1990 from a broad group
 of 92 countries. Regression results of various versions of our basic model
 reveal that the equations are all highly significant and predict at least
 80% of the observations correctly, that the signs are generally as
 expected, and the variables are significant at the accepted level in most
 cases. We fail to find support for the perception that US imports
 significantly increase the likelihood of a child labour problem abroad.
 The paper also recommends directions for future research in this area. 
Journal: Applied Economics Letters 
Pages: 573-576 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355989 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355989&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sue Kilpatrick 
Author-X-Name-First: Sue 
Author-X-Name-Last: Kilpatrick 
Author-Name: Bruce Felmingham 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Felmingham 
Title: Labour mobility in Australian industry 
Abstract:
  Two Australian mobility surveys are analysed (February 1989 and February
 1992) to identify the explanation of labour mobility in Australian
 industry. An informal analysis reveals that labour turnover is higher in
 boom as opposed to recessed conditions. A formal legit study reveals that
 industry unemployment rates have a significant impact on male turnover,
 but not on female mobility. The age of workers and their tenure in the job
 reduce the odds of a job change, generally, while the tendency towards
 part time work is encouraging mobility. Occupational status is
 significant, especially among male workers, and for plant operators and
 labourers in particular. 
Journal: Applied Economics Letters 
Pages: 577-579 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Parantap Basu 
Author-X-Name-First: Parantap 
Author-X-Name-Last: Basu 
Author-Name: Pami Dua 
Author-X-Name-First: Pami 
Author-X-Name-Last: Dua 
Title: Velocity instability in the USA: a monetary or real phenomenon? 
Abstract:
  Using a vector autoregressive framework, this paper examines the role of
 real and monetary factors in explaining velocity instability in the sample
 periods 1973:1-1993:2 and 1979:4-1993:2. The VAR model includes money
 growth variability, velocity, the interest rate and real output. On the
 basis of variance decompositions for both sample periods, there is little
 support for Friedman's monetary uncertainty hypothesis. Movements in
 velocity are governed more by interest rate and real output changes. 
Journal: Applied Economics Letters 
Pages: 581-585 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356005 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356005&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Tzanidakis 
Author-X-Name-First: George 
Author-X-Name-Last: Tzanidakis 
Author-Name: Theo Kirizidis 
Author-X-Name-First: Theo 
Author-X-Name-Last: Kirizidis 
Title: A test of a modern version of the Solow model 
Abstract:
  This paper suggests a test of an upgraded version of the Solow model
 which was suggested by Mankiw, Romer and Weil (MRW). MRW upgrade the Solow
 exogenous growth theory by including human capital. Human capital has been
 a major variable suggested mainly by endogenous growth models in order to
 eliminate diminishing returns, the heart of any exogenous growth theory.
 The MRW exogenous growth theory yields an estimable specification for the
 determinants of the steady state per capita level of income. The same
 theory suggests that the growth rate of per capita income depends on
 savings, human capital and population growth rates as well as the starting
 per capita income. In this paper we derive a transformation of their model
 which implies that all that matters for the growth rate is the starting
 period growth rate. This implied hypothesis is tested but it does not find
 support by the data. In this context, the rejection of the restriction may
 be interpreted as evidence against the MRW exogenous growth theory. This
 paper is part of our wider research on exogenous versus endogenous growth
 models. 
Journal: Applied Economics Letters 
Pages: 587-590 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356014 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356014&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Melvin Borland 
Author-X-Name-First: Melvin 
Author-X-Name-Last: Borland 
Author-Name: Roy Howsen 
Author-X-Name-First: Roy 
Author-X-Name-Last: Howsen 
Title: Teacher-associated expenditures and student achievement 
Abstract:
  Inconsistent evidence exists within the economics of education research
 literature with respect to the relationship between teacher salary and
 student performance. This paper shows that such inconsistency of results
 could be attributed to simultaneous equation bias and model
 misspecification. Using alternative model specifications, alternative
 implications are suggested. Where additional relevant variables such as a
 measure of cognitive skills and a measure of the degree of market
 competition are included and where the statistical model reflects relevant
 theoretical considerations, evidence of a positive and significant
 relationship between teacher-associated expenditures and student academic
 achievement does not exist. 
Journal: Applied Economics Letters 
Pages: 591-593 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356023 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356023&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sadequl Islam 
Author-X-Name-First: Sadequl 
Author-X-Name-Last: Islam 
Title: Economic freedom, per capita income and economic growth 
Abstract:
  Based on cross-section data, this paper explores the relationship between
 economic freedom and the economic performance of low, middle and high
 income countries. The regression results show that there is a direct
 relationship between the economic freedom index and per capita income in
 low income countries and all countries as a whole. The evidence also
 indicates that there is a direct relationship between the economic freedom
 index and the growth rate of per capita income in high income countries
 and all countries as a whole. 
Journal: Applied Economics Letters 
Pages: 595-597 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Katsimbris 
Author-X-Name-First: George 
Author-X-Name-Last: Katsimbris 
Author-Name: Stephen Miller 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Miller 
Title: The new Keynesian economics and the output-inflation trade-off 
Abstract:
  This letter reconsiders the empirical tests of the new Keynesian and new
 classical models performed by Ball Mankiw and Romer and Akerlof, Rose and
 Yellen. The original tests conform basically to cross-section analysis; we
 develop both time-series and pooled cross-section, time-series tests of
 these issues, using the methodology and results of Katsimbris. Our tests
 find at best weak support for either the new Keynesian or the new
 classical hypotheses. 
Journal: Applied Economics Letters 
Pages: 599-602 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356041 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356041&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Easton 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Easton 
Author-Name: Sean Pinder 
Author-X-Name-First: Sean 
Author-X-Name-Last: Pinder 
Title: Australian government sector initial public offerings 
Abstract:
  The paper examines the initial pricing of all Australian government
 sector initial public offerings (IPOs) that have been made over the last
 six years. A statistically significant first-day average abnormal return
 of approximately 8% is found. Contrary to overseas findings, there is no
 evidence that these government sector IPOs were more underpriced than
 Australian private sector IPOs. 
Journal: Applied Economics Letters 
Pages: 603-605 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356050 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356050&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Weber 
Author-X-Name-First: Christian 
Author-X-Name-Last: Weber 
Author-Name: James West 
Author-X-Name-First: James 
Author-X-Name-Last: West 
Title: Functional form in regression models of Okun's law 
Abstract:
  The Box-Cox transformation is used to determine the functional form for
 Okun's relationship between the output gap and the unemployment rate.
 Results from two different data sets strongly fail to reject his double
 log specification, and the MLE results are quantitatively very similar to
 a double log model specification. 
Journal: Applied Economics Letters 
Pages: 607-609 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356069 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356069&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ravi Ratnayake 
Author-X-Name-First: Ravi 
Author-X-Name-Last: Ratnayake 
Title: Industry concentration-profitability relationship and competition policy: is there a critical concentration level? 
Abstract:
  The critical concentration hypothesis that there exists a threshold level
 of concentration which separates industries into two regimes in terms of
 profits has been tested empirically using the single-equation approach,
 ignoring the simultaneity involved in the determination of profits across
 industries. The majority of previous studies found supportive evidence for
 the hypothesis. This paper employs a simultaneous equation model to
 examine the concentration-profitability relationship and casts serious
 doubt on the existence of any such critical threshold. 
Journal: Applied Economics Letters 
Pages: 611-614 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356078 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356078&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Federico Perali 
Author-X-Name-First: Federico 
Author-X-Name-Last: Perali 
Author-Name: Thomas Cox 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Cox 
Title: On the identification of the Barten-Gorman model: an example within the AIDS framework 
Abstract:
  This note provides the proof for the identifying conditions necessary to
 estimate the demographic parameters of the Barten-Gorman model. They are
 normalizations derived from the homogeneity property of the cost function
 that do not alter its theoretical admissibility. 
Journal: Applied Economics Letters 
Pages: 615-619 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356087 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356087&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guang Wan 
Author-X-Name-First: Guang 
Author-X-Name-Last: Wan 
Title: Using panel data to estimate Engel functions: food consumption in China 
Abstract:
  The conventional specification of the Engel function is modified to take
 full advantage of the characteristics of panel data, which are usually
 used to fit Engel curves. Empirical results based on Chinese data
 demonstrate the superiority of the proposed model. 
Journal: Applied Economics Letters 
Pages: 621-624 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dikaios Tserkezos 
Author-X-Name-First: Dikaios 
Author-X-Name-Last: Tserkezos 
Title: A turning-point diagnostics analysis on the accuracy of the OECD forecasts for Turkey 
Abstract:
  The accuracy of forecasts by OECD for Turkey is examined, for nine
 macroeconomic variables over the period 1980-1993. Using turning-point
 diagnostics analysis it is concluded that the OECD should re-examine its
 potentials in order to improve its forecasting ability. 
Journal: Applied Economics Letters 
Pages: 625-627 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355817 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355817&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Param Silvapulle 
Author-X-Name-First: Param 
Author-X-Name-Last: Silvapulle 
Title: Testing for a unit root in a time series with mean shifts 
Abstract:
  The study considers the ADF and KPSS tests for unit root testing in a
 time series characterized by a number of structural changes in its mean.
 Using the Monte Carlo simulation method the percentage points of the tests
 distributions are estimated. These two tests are biased towards
 non-rejection of the unit root. The bias of these tests appears to
 increase as the number of breaks in the series increases. The overall
 results in the study indicate that when a time series is subjected to a
 number of changes, provided the appropriate critical values are used, the
 unit root tests can erroneously reject the hypothesis of unit root. The
 tabulated critical values can be used in hypothesis testing. 
Journal: Applied Economics Letters 
Pages: 629-635 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355826 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355826&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcelo Resende 
Author-X-Name-First: Marcelo 
Author-X-Name-Last: Resende 
Title: Mergers and acquisitions in the UK: a disaggregated analysis 
Abstract:
  The time series properties of mergers and acquisitions are investigated
 in the UK at sectoral level for the period 1971:1-1989:4. Two main sets of
 results emerge: (1) 1971:1-1989:4 the degree of persistence to shocks is
 uniformly low across sectors; (2) shocks are predominately aggregate.
 These two sets of results indicate that further analysis relying on
 aggregate data and short-term explanatory factors may be relevant. 
Journal: Applied Economics Letters 
Pages: 637-640 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355835 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355835&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mehdi Monadjemi 
Author-X-Name-First: Mehdi 
Author-X-Name-Last: Monadjemi 
Title: Public expenditure and Private investment: a study of the UK and the USA 
Abstract:
  The effect of fiscal measures on private investment is examined using
 variance decompositions derived from the error correction model. The
 empirical results of the study provide little support for the importance
 of fiscal measures in explaining variations of private investment. Output
 and profitability were the only two important variables in explaining
 forecast error variance of private investment in either country. 
Journal: Applied Economics Letters 
Pages: 641-644 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355844 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355844&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Teppo Martikainen 
Author-X-Name-First: Teppo 
Author-X-Name-Last: Martikainen 
Author-Name: Vesa Puttonen 
Author-X-Name-First: Vesa 
Author-X-Name-Last: Puttonen 
Title: Call-put signal predicts Finnish stock returns 
Abstract:
  The paper investigates the predictability of Finnish stock and stock
 index futures returns by the volume of index options. Absolute stock
 market returns are predictable by options volume while returns per se are
 not. However, call and put volume offer useful information on the future
 behaviour of stock and futures markets. Profitable trading strategies
 based on the so called call-put signal are created. 
Journal: Applied Economics Letters 
Pages: 645-648 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355853 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355853&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Keshab Shrestha 
Author-X-Name-First: Keshab 
Author-X-Name-Last: Shrestha 
Author-Name: Chris Sakellariou 
Author-X-Name-First: Chris 
Author-X-Name-Last: Sakellariou 
Title: Wage discrimination: a statistical test 
Abstract:
  Measurements of wage discrimination, based on gender, age, race or
 religion, are important for empirical economists. Traditional approaches
 to the measurement of wage discrimination do not set up the question of
 discrimination as a hypothesis that can be statistically tested.
 Furthermore, they face the so called 'index number problem'. In this
 paper, an alternative approach is presented where wage discrimination can
 be tested as a statistical hypothesis. Furthermore, the proposed method
 eliminates the index number problem. 
Journal: Applied Economics Letters 
Pages: 649-651 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355862 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355862&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Clare 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Clare 
Author-Name: Richard Priestley 
Author-X-Name-First: Richard 
Author-X-Name-Last: Priestley 
Title: Estimating the cost of capital of the UK's newly privatized utilities 
Abstract:
  In this paper the cost of capital of the UK's newly privatized utilities
 is estimated using both the CAPM and the APT. It is found that the APT
 provides a better description of excess security returns than the CAPM.
 However, neither model can explain the crosssection of excess returns on
 the sample of UK utilities. The failure of the factor models is traced to
 the existence of considerable idiosyncratic risk inherent in the utility
 stocks. 
Journal: Applied Economics Letters 
Pages: 653-657 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355871 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355871&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. J. Prior 
Author-X-Name-First: M. J. 
Author-X-Name-Last: Prior 
Title: The gloomy mists of the 1960s: pricing of investment trust shares without data on net asset value 
Abstract:
  The paper considers the pricing of investment trust shares in the 1960s
 when data on net asset value were not available on a real time basis, but
 viewable only infrequently on the basis of annual company reports, and
 when the industry itself was in rapid transition from an old fashioned
 industry to the modern industry of today. A significant relationship is
 found between changes in both investment trust yields and retention ratios
 and subsequent changes in the ex-post observable discount. The suggestion
 is that as yields rise the fixed management charge erodes a smaller
 proportion of the trust's income. The more than proportionate rise in the
 share's price then shows up as a smaller discount. 
Journal: Applied Economics Letters 
Pages: 659-661 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355880 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355880&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chris Fawson 
Author-X-Name-First: Chris 
Author-X-Name-Last: Fawson 
Author-Name: Terry Glover 
Author-X-Name-First: Terry 
Author-X-Name-Last: Glover 
Author-Name: Wenshwo Fang 
Author-X-Name-First: Wenshwo 
Author-X-Name-Last: Fang 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Title: The weak-form efficiency of the Taiwan share market 
Abstract:
  This paper evaluates monthly stock index price from the Taiwan stock
 market for evidence of weak form market efficiency. Four empirical
 methodologies are employed: the Ljung-Box Q test, the binomial
 distribution test, the runs test and the unit root test of stationarity in
 stock prices. Empirical evidence suggests that the monthly stock price for
 the Taiwan stock market exhibits weak-form efficiency. 
Journal: Applied Economics Letters 
Pages: 663-667 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355899 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355899&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rodolfo Nayga 
Author-X-Name-First: Rodolfo 
Author-X-Name-Last: Nayga 
Title: Consumer demand for poultry at home and away from home: a discrete choice analysis 
Abstract:
  US consumption of poultry products has increased steadily, over the past
 several years. This study identifies how socio-economic and demographic
 factors affect the probability of consuming poultry at home and away from
 home, using the Nationwide Food Consumption Survey of the US Department of
 Agriculture. 
Journal: Applied Economics Letters 
Pages: 669-672 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355907 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355907&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Sequira 
Author-X-Name-First: John 
Author-X-Name-Last: Sequira 
Title: Time series analysis of settlement prices for individual currency futures in Singapore 
Abstract:
  This paper investigates the efficiency of the currency futures market in
 the Singapore International Monetary Exchange. The weak sense of market
 efficiency is tested, with the random walk model being used as the
 benchmark for comparing univariate models fitted to the three major
 currency futures, namely deutschmark. Japanese yen and British pound. In
 weak-form tests of the efficient market hypothesis (EMH), security prices
 reflect fully all available information based on past values of price
 data. This means that the weak form tests whether all information
 contained in the historical prices is fully reflected in current prices. A
 restrictive version of the weak form of the EMH is the random walk model,
 which assumes that successive returns are independent and identically
 distributed over time. Thus, evidence supporting the random walk model is
 evidence supporting the weak form efficiency of the EMH. Univariate
 modelling of the data involves fitting several moving average,
 autoregressive and autoregressive moving average specifications. Using the
 mean absolute error (MAE), the performances of the estimated models are
 compared against the random walk model. The three currency futures models
 consistently outperform the random walk model on the strength of the MAE,
 which challenges the EMH in the currency futures market in Singapore. 
Journal: Applied Economics Letters 
Pages: 673-676 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355916 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355916&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Satya Paul 
Author-X-Name-First: Satya 
Author-X-Name-Last: Paul 
Title: A modified human development index and international comparison 
Abstract:
  The paper proposes a modified human development index (HDI) which
 complies with the view of the Sen and others that an increase in the value
 of a physical indicator at a higher level represents a greater achievement
 than an equal increase in its value at the lower level. It also includes
 an infant survival rate, which is another important key indicator of
 development. The relative ranking of countries based on the modified index
 is significantly different from that based on the traditional HDI. This
 indicates the empirical usefulness of the proposed index. 
Journal: Applied Economics Letters 
Pages: 677-682 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355925 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355925&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Sephton 
Author-X-Name-First: Peter 
Author-X-Name-Last: Sephton 
Title: A note on fractional cointegration 
Abstract:
  In this note I point to a typographical error in a recent paper by
 Baillie and Bollerslev (1994), and I provide a test - with simulated
 critical values - for fractional cointegration among seven daily
 currencies. 
Journal: Applied Economics Letters 
Pages: 683-685 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355934 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355934&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkin Bairam 
Author-X-Name-First: Erkin 
Author-X-Name-Last: Bairam 
Title: Non-convex cost and the behaviour of inventories: some disaggregate results 
Abstract:
  The disaggregate results reported here show that the marginal costs are
 increasing over time and, therefore, the main foundation of the law of
 supply is still valid. This implies that some other explanation has to be
 found to explain why firms bunch rather than smooth production. 
Journal: Applied Economics Letters 
Pages: 687-691 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355664 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355664&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Edgerton 
Author-X-Name-First: David 
Author-X-Name-Last: Edgerton 
Author-Name: Ghazi Shukur 
Author-X-Name-First: Ghazi 
Author-X-Name-Last: Shukur 
Title: Some questions concerning dynamic almost ideal demand systems 
Abstract:
  A paper by Xepanadeas and Habib, that estimates dynamic demand models, is
 shown to contain some serious errors. Careful consideration of the
 adding-up condition is shown to be necessary when using demand systems
 with autoregressive disturbances. Misspecification testing should be used
 in all empirical work. These points are illustrated using a dynamic almost
 ideal demand system applied to Swedish dairy data. 
Journal: Applied Economics Letters 
Pages: 693-695 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355673 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355673&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Azali Mohamed 
Author-X-Name-First: Azali 
Author-X-Name-Last: Mohamed 
Title: Velocity and the variability of anticipated and unanticipated money growth in Malaysia 
Abstract:
  This paper investigates the causal linkages between velocity of money and
 both anticipated and unanticipated components of money supply growth, and
 its variability as measured on the Malaysian annual data (1973-94). The
 motivation is to provide evidence in a developing country context about
 whether the authorities should pay attention to signals from anticipated
 or unanticipated or both components of money supply aggregate. The
 empirical findings from the VAR model support the hypothesis not only that
 the components of money supply growth Granger-cause the growth of money
 velocity but also in its variability measures offer an additional
 evidence. 
Journal: Applied Economics Letters 
Pages: 697-700 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355682 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355682&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Lux 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Lux 
Title: Long-term stochastic dependence in financial prices: evidence from the German stock market 
Abstract:
  A number of authors have argued that financial prices may exhibit hidden
 long-term dependence. We consider this claim analysing German stock market
 data. Applying three different concepts for the identification of long
 memory effects, virtually no evidence of such behaviour is found for stock
 market returns. Another recent assertion says that long term memory may
 not be pertinent to stock returns but rather to the conditional volatility
 of financial market prices. As it turns out, this claim is very much
 supported by our investigation of German stock market data. Furthermore,
 the long memory property is more pronounced in absolute values of returns
 than in the squares of returns (both used as proxies for volatility). The
 methods employed are: the time-honoured procedure of estimating the Hurst
 exponent for the scaling behaviour of the range of cumulative departures
 from the mean of a time series, the modified range analysis. 
Journal: Applied Economics Letters 
Pages: 701-706 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355691 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355691&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Korres 
Author-X-Name-First: George 
Author-X-Name-Last: Korres 
Title: Sources of structural change: an input-output decomposition analysis for Greece 
Abstract:
  Technical change greatly contributes to the explanation of economic
 structural changes. The aim of this paper is to measure the extension and
 the direction of structural and technological change. The impact of
 structural and technological changes on sectoral gross output was computed
 by breaking down the total change into the part due to changes in
 input-output coefficients (technological change) and the part due to
 changes and composition of final demand. The decomposition of structural
 change is based on the following questions. What were the engines of
 growth? What was the role and impact of technological change and which
 economies experienced the most and least structural change? 
Journal: Applied Economics Letters 
Pages: 707-710 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355709 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355709&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Harold Brumm 
Author-X-Name-First: Harold 
Author-X-Name-Last: Brumm 
Title: The human capital augmented Solow model revisited 
Abstract:
  A maintained hypothesis of the present paper is that a necessary
 condition for model verification is the robust empirical confirmation of
 the model's implied restrictions. In particular, the results of a
 statistical test of any such restrictions should be favourable and
 invariant across samples. A recent influential paper presented evidence in
 support of the principal restriction implied by the human capital
 augmented Solow model of economic growth. The present paper makes use of
 samples different from those examined in the prior paper. The conclusion
 reached here, unlike that reached in the prior paper, is that the
 augmented Solow model is not robust. 
Journal: Applied Economics Letters 
Pages: 711-714 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355718 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355718&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Philip Hardwick 
Author-X-Name-First: Philip 
Author-X-Name-Last: Hardwick 
Author-Name: Michael Adams 
Author-X-Name-First: Michael 
Author-X-Name-Last: Adams 
Title: Claims' estimation in multiproduct life insurance firms: preliminary United Kingdom results 
Abstract:
  In the insurance industry, claims tend to constitute the major proportion
 of the total annual outgoings across almost all product lines. This
 preliminary study develops a cost function of insurance claims and applies
 the model to 1988-93 data from the UK life insurance industry. In general,
 the results support the hypothesis that larger life insurance firms on
 average face bigger claims-to-premium ratios than smaller firms. There is
 also evidence of a positive relationship between claims and the degree of
 specialization in the provision of life insurance products. Finally, there
 is clear support for the view that stock firms have a less severe claims
 experience than mutuals. We conclude that the model provides intuitive
 insights into the determinants of insurance claims which could help to
 stimulate and direct further research. 
Journal: Applied Economics Letters 
Pages: 715-718 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355727 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355727&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stein Ostbye 
Author-X-Name-First: Stein 
Author-X-Name-Last: Ostbye 
Title: Another note on Oswald's 'The Economic Theory of Trade Unions' 
Abstract:
  The purpose of this note is to emphasize that the qualitative effect of a
 labour subsidy on the union's desired wage rate, is highly sensitive to
 the design of the policy instrument. 
Journal: Applied Economics Letters 
Pages: 719-720 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355736 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355736&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Ghiath Shabsigh 
Author-X-Name-First: Ghiath 
Author-X-Name-Last: Shabsigh 
Title: On the effects of money on the terms of trade: an empirical investigation 
Abstract:
Journal: Applied Economics Letters 
Pages: 721-724 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355745 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355745&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tony Naughton 
Author-X-Name-First: Tony 
Author-X-Name-Last: Naughton 
Title: A factor analysis of equity market relationships in Asia 
Abstract:
  The equity markets of the Asian region have become a focus of attention
 for academic researchers interested in identifying return relationships
 and potential diversification benefits for international investors. In
 this paper, equity-return relationships are investigated for selected
 Asian and developed country markets. The traditional equity return
 correlation matrix is extended to a factor analysis to identify
 relationships in terms of groupings. The results indicate the existence of
 a developed market group that includes Hong Kong, but excludes Japan.
 Other results include the identification of the Philippines and Taiwan as
 segmented markets and a grouping of Japan and Korea. 
Journal: Applied Economics Letters 
Pages: 725-728 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355754 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355754&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Hansen 
Author-X-Name-First: Paul 
Author-X-Name-Last: Hansen 
Title: Kaldor's technical progress function: a comment 
Abstract:
  The shape of Kaldor's technical progress function is retested using
 time-series data for a selection of OECD countries. In contrast to
 Bairam's study, which is criticized for its restrictions on several of the
 key variables, it appears that the function can be specified as a linear
 equation. This is in contradiction to Kaldor's original hypothesis that
 the function is concave and supports his subsequent simplifying assumption
 of linearity. 
Journal: Applied Economics Letters 
Pages: 729-731 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355763 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355763&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Davies 
Author-X-Name-First: B. 
Author-X-Name-Last: Davies 
Author-Name: P. Downward 
Author-X-Name-First: P. 
Author-X-Name-Last: Downward 
Title: The applicability of industrial organization theory to the services sector: initial tests from the UK hotel industry 
Abstract:
  Despite the growth of literature on industrial organization and the
 growth of the services sector in many economies, little work has been
 undertaken on the former in relation to the latter, especially using
 econometric techniques. Whilst a set of nested hypotheses are represented
 by the industrial organization framework the specific competing issues
 involved cannot be examined in the context of services until the general
 applicability and relevance of the framework have been established. This
 paper attempts to address these issues via the medium of the UK hotel
 industry. The Schmalensee approach is adopted, whereby a general model is
 constructed and tested to generate a subsequent parsimonious
 representation of it. Pooled data is used for 65 hotel companies over a 5
 year time period. It was found that a dynamic formulation of the
 hypothesis worked best and the results take on the mantle of 'stylized
 facts'. The implication is that the industrial organization hypothesis and
 framework do have legitimacy for future analyses of, for example, the
 tourism industry. 
Journal: Applied Economics Letters 
Pages: 733-735 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355772 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355772&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matti Viren 
Author-X-Name-First: Matti 
Author-X-Name-Last: Viren 
Title: Suicide and business cycles: Finnish evidence 
Abstract:
  The relationship between suicide and business cycles is analysed using
 long Finnish time series for the period 1878-1994. The results clearly
 show that suicide increases along with age and is related to both GDP
 growth (inversely), bankruptcies and unemployment. 
Journal: Applied Economics Letters 
Pages: 737-738 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355781 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355781&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Darlene Chisholm 
Author-X-Name-First: Darlene 
Author-X-Name-Last: Chisholm 
Title: Continuous Degrees of Residual Claimancy: Some Contractual Evidence 
Abstract:
  A data set on share contracts between motion-pictures actors and
 producers in the United States is used to identify determinants of share
 size in revenue- and profit-sharing contracts. The evidence suggests that
 share size balances moral hazard and risk-sharing tradeoffs. 
Journal: Applied Economics Letters 
Pages: 739-741 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355790 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355790&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Hofler 
Author-X-Name-First: Richard 
Author-X-Name-Last: Hofler 
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Title: How close to their offensive potential do national football league teams play? 
Abstract:
  This paper presents preliminary results about how close to their
 offensive potential teams in the National Football League (NFL) play. Our
 study extends the work of previous researchers in several ways. First, we
 are the first to investigate the efficiency of professional football
 teams. Secondly, we utilize a panel data set covering the seasons 1989 to
 1993 for all 28 NFL teams. Thirdly we estimate a frontir for the offensive
 teams. By estimating a stochastic production frontier model on a panel
 data set of NFL teams we find that many teams have played very close to
 their offensive potentials. For example, teams could have scored around
 one point more in each game than they actually did. This shows that these
 NFL teams are excellent, on average, at exploiting their talent - which
 seems reasonable. 
Journal: Applied Economics Letters 
Pages: 743-747 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355808 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355808&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Stuart McDougall 
Author-X-Name-First: R. Stuart 
Author-X-Name-Last: McDougall 
Title: Seasonal unit root characteristics of disaggregated output 
Abstract:
  Tests for unit roots and cointegration have been extended to enable tests
 for seasonal units and more importantly tests for seasonal cointegration
 between series with common seasonals. To this end seasonal unit root tests
 are applied to unadjusted New Zealand GDP data and its disaggregated
 components. These, tests reveal that while aggregate GDP clearly exhibits
 a constant seasonal pattern a majority of its component series exhibit a
 changing seasonal pattern implying that stochastic innovations are
 occurring at the seasonal frequency. Furthermore, seasonal cointegration
 tests reveal that these changing seasonal patterns, observed in the
 component series, cancel out yielding a deterministic seasonal pattern on
 aggregation. 
Journal: Applied Economics Letters 
Pages: 749-753 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355529 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355529&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Author-Name: Russell McKenzie 
Author-X-Name-First: Russell 
Author-X-Name-Last: McKenzie 
Title: Learning to rent-seek: collective action and in-kind benefits in the public sector 
Abstract:
  The present provides alternative specifications for public choice models
 that analyse the determinants of a variety of in-kind efforts to obtain
 monopoly rights (or rent-seek). A variable relating to the age of states
 in the USA provides suggestive empirical evidence of the importance of
 societal stability in forming interest-group coalitions, as suggested by
 the work of Mancur Olson. In fact, when previous models are respecified to
 include 'age since statehood', political determinants of elegant
 restaurant dining, golfing excursions and limo services - all in-kind
 rent-seeking perquisites - become more evident and important. 
Journal: Applied Economics Letters 
Pages: 755-757 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355538 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355538&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Costas Karfakis 
Author-X-Name-First: Costas 
Author-X-Name-Last: Karfakis 
Title: Testing the intertemporal model of the current account: some evidence from Greece 
Abstract:
  This paper examines the lifecycle model of the current account
 determination in Greece. Bivariate vector autoregressive (VAR) analysis
 indicates that the past history of the current account has information
 content for future changes in national cash flow. The formal strong
 restrictions implied by the present-value model are rejected. 
Journal: Applied Economics Letters 
Pages: 759-762 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355547 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355547&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeffrey Bernstein 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Bernstein 
Author-Name: Xiaoyi Yan 
Author-X-Name-First: Xiaoyi 
Author-X-Name-Last: Yan 
Title: Canadian-Japanese R&D spillovers and productivity growth 
Abstract:
  R&D spillovers contribute to total factor productivity (TFP) growth. This
 paper examines the contribution of intranational and international R&D
 spillovers between Canada and Japan to industrial TFP growth. TFP growth
 is measured and decomposed for 10 Canadian and Japanese manufacturing
 industries. Generally, spillovers contribute to productivity gains. We
 find that domestic spillovers contribute more than international
 spillovers. Moreover, in industries where marginal propensities to spend
 on R&D are relatively lower, domestic spillovers reduce TFP growth. 
Journal: Applied Economics Letters 
Pages: 763-767 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355556 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355556&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mamadou Wane 
Author-X-Name-First: Mamadou 
Author-X-Name-Last: Wane 
Author-Name: Paul Burkett 
Author-X-Name-First: Paul 
Author-X-Name-Last: Burkett 
Author-Name: Robert Guell 
Author-X-Name-First: Robert 
Author-X-Name-Last: Guell 
Title: Economic growth and monetary union in sub-Saharan Africa: new evidence on the effects of CFA-zone membership. 
Abstract:
  Estimation of a structural economic growth equation using data for 26
 sub-Saharan African countries over the years 1974-92 reveals positive
 growth effects of membership in the French African Community (CFA) zone
 stemming from an enhanced productivity of investment. However, these
 effects appear to be limited to the pre-1980 period, despite the CFA's
 superior inflation performance relative to non-CFA countries thereafter.
 The results also support the importance of distinguishing between expected
 and unexpected inflation in analysing the growth effects of inflation and
 of CFA membership. 
Journal: Applied Economics Letters 
Pages: 769-773 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355565 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355565&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bradley Ewing 
Author-X-Name-First: Bradley 
Author-X-Name-Last: Ewing 
Title: Velocity and interest rate variability in Italy: a further test of the Friedman hypothesis 
Abstract:
  This paper examines whether interest rate variability leads to a decrease
 in the velocity of money in Italy. The hypothesis is tested using the
 Johansen cointegration technique and error-correction modelling. The
 empirical findings lend support to the Friedman hypothesis and help
 reconcile the mixed results of others regarding the hypothesis in Italy.
 The error-correction model results are consistent with risk-averse
 households holding more money, and thus reducing velocity, when faced with
 the uncertainty associated with interest rate variability. 
Journal: Applied Economics Letters 
Pages: 775-778 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355574 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355574&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wei-Chiao Huang 
Author-X-Name-First: Wei-Chiao 
Author-X-Name-Last: Huang 
Title: Religion, culture, economic and sociological correlates of suicide rates: a cross-national analysis 
Abstract:
  Enormous variations exist in suicide rates across countries. This paper
 demonstrates that a significant proportion of the cross-country variations
 in suicide rates can be explained by a combination of religion, culture,
 economic and sociological variables. 
Journal: Applied Economics Letters 
Pages: 779-782 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355583 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355583&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. David Walls 
Author-X-Name-First: W. David 
Author-X-Name-Last: Walls 
Author-Name: Kelly Busche 
Author-X-Name-First: Kelly 
Author-X-Name-Last: Busche 
Title: Betting volume and market efficiency in Hong Kong race track betting 
Abstract:
  The Harville formula provides an analytical basis for the arbitrage
 pricing relationship between the odds on 'win' bets and the odds on
 'quinella' bets in parimutuel betting markets. This study employs this
 relationship and high frequency time series data on the evolution of the
 betting odds from Hong Kong race tracks to test the hypothesis of betting
 market efficiency and to examine the role of the volume of belting. The
 non-stationary odds data are analysed using Johansen's maximum likelihood
 cointegration techniques to test the condition for market efficiency. The
 volume of betting is found to be a significant determinant of the degree
 of market efficiency across races but not within races. 
Journal: Applied Economics Letters 
Pages: 783-787 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355592 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355592&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michel Strawczynski 
Author-X-Name-First: Michel 
Author-X-Name-Last: Strawczynski 
Author-Name: Momi Dahan 
Author-X-Name-First: Momi 
Author-X-Name-Last: Dahan 
Title: Government finance and endogenous growth 
Abstract:
  A crucial assumption for the solution of the endogenous growth model with
 government intervention is a balanced budget along the perpetual steady
 state. This assumption is unreal once we are interested to test the model
 using government data, given that in most countries the budget is not
 balanced. In this letter we adopt the well-known rule of 'tax smoothing'
 in order to make this assumption a realistic one. According to our
 approach the relevant variable for the implementation of a balanced budget
 is permanent government expenses. The empirical performance of the model
 is characterized using Israeli data. 
Journal: Applied Economics Letters 
Pages: 789-791 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355600 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355600&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Cameron 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Cameron 
Title: The role of divorce in the consumption function: an EC study 
Abstract:
Journal: Applied Economics Letters 
Pages: 793-795 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355619 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355619&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zainudin Arsad 
Author-X-Name-First: Zainudin 
Author-X-Name-Last: Arsad 
Author-Name: J. Andrew Coutts 
Author-X-Name-First: J. Andrew 
Author-X-Name-Last: Coutts 
Title: The weekend effect, good news, bad news and the Financial Times Industrial Ordinary Shares Index: 1935-94 
Abstract:
  In recent years much evidence has been documented of the existence of
 regularities in stock price returns, and consequently the notion of market
 efficiency has been questioned. The primary objective of this paper is to
 investigate the 'weekend' effect for a large sample of daily returns from
 the Financial Times Industrial Ordinary Shares Index (FT 30). Empirical
 results lead us to tentatively suggest that a weekend effect has existed
 for the FT 30, but that this regularity has not been persistent. We then
 partition the Monday returns into positive and negative returns, and find
 that whilst the weekend effect holds for the Mondays, with negative
 returns, it fails to hold for Mondays which exhibit positive returns.
 These results support the results of earlier research. Finally we conclude
 that these results do not contest the notion of market efficiency. 
Journal: Applied Economics Letters 
Pages: 797-801 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355628 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355628&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jon Vilasuso 
Author-X-Name-First: Jon 
Author-X-Name-Last: Vilasuso 
Title: Changes in the duration of economic expansions and contractions in the United States 
Abstract:
  This paper employs nonparametric change-point tests to business cycle
 duration data in the United States. The findings are consistent with
 recent studies citing longer expansions and shorter contractions since
 World War II. However, it is found that these shifts occurred much
 earlier. There is evidence of a single abrupt change-point to longer
 expansions that occurred in 1929. The shift towards shorter contractions
 was gradual: the transition began in 1918 and was completed in 1938. 
Journal: Applied Economics Letters 
Pages: 803-806 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355637 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355637&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matiur Rahman 
Author-X-Name-First: Matiur 
Author-X-Name-Last: Rahman 
Author-Name: Muhammad Mustafa 
Author-X-Name-First: Muhammad 
Author-X-Name-Last: Mustafa 
Title: The dancing of the real exchange rate of US dollar and the US real trade balance 
Abstract:
  The current study seeks to re-examine a possible long-run dynamic
 relationship between the trade-weighted real exchange rate of US dollar
 and US real trade balance by using the well-known cointegration
 methodology. The sample period includes observations from the second
 quarter of 1973 through the second quarter of 1992. The unit root test
 reveals that the trade-weighted real exchange value of dollar and the US
 real trade balance are individually nonstationary in levels. The ADF test
 concludes that there is no systematic long-run association between these
 two variables even under the flexible exchange rate system. 
Journal: Applied Economics Letters 
Pages: 807-808 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355646 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355646&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Olugbenga Onafowora 
Author-X-Name-First: Olugbenga 
Author-X-Name-Last: Onafowora 
Title: Inflation in developing countries 
Abstract:
Journal: Applied Economics Letters 
Pages: 809-814 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355655 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355655&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Madhu Mohanty 
Author-X-Name-First: Madhu 
Author-X-Name-Last: Mohanty 
Title: Why workers queue for local government jobs: the US evidence 
Abstract:
  Following the technique of bivariate probit with partial observability, I
 find the evidence that one reason US workers queue for local government
 jobs is to obtain union status. The average desire probability for local
 government union jobs is found to be twice as large as the desire
 probability for local-non-union employment. Estimated from the same
 sample, the length of the local-union queue, which is almost twice the
 size of the queue for local-non-union jobs, suggests the importance of the
 desire for union status in the worker's decision to enter the local
 government job queue 
Journal: Applied Economics Letters 
Pages: 1-6 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521822 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521822&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yen-Sheng Huang 
Author-X-Name-First: Yen-Sheng 
Author-X-Name-Last: Huang 
Title: The size anomaly on the Taiwan Stock Exchange 
Abstract:
  This paper examines the size anomaly on the Taiwan Stock Exchange over
 the period 1971-93. Using a sample of all listed stocks, this research
 finds that the smallest size quintile earns a significantly higher
 abnormal return than other four size portfolios over the whole sample
 period. Moreover, the size anomaly cannot be attributed to the January
 effect. The smallest size quintile performs better than the average of the
 other four size quintiles in almost every month. 
Journal: Applied Economics Letters 
Pages: 7-12 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521823 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521823&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Buckley 
Author-X-Name-First: Peter 
Author-X-Name-Last: Buckley 
Author-Name: Jane Frecknall Hughes 
Author-X-Name-First: Jane Frecknall 
Author-X-Name-Last: Hughes 
Title: Japanese transfer pricing policy: a note 
Abstract:
  This paper examines the issue of transfer pricing with particular
 reference to Japanese multinational companies against the background of
 recent press reports alleging the misuse of this pricing mechanism to
 locate artificially group profits in countries where a tax advantage may
 be obtained. The chief allegation seems to be that companies set out
 deliberately to engineer a pricing structure which results in a
 sales/purchase price which is artificially low/high for goods which,
 typically, are traded across one or more national boundaries. This is in
 practice difficult to prove, and tax authorities normally seek to make
 adjustments based on attempts to establish a 'fair' or 'arm's length'
 price for goods for which an independent market seldom exists. The
 assumption generally made is that multinationals operate similarly in
 respect of transfer pricing, namely to the disadvantage of host countries
 in which they operate. It is the contention of this paper that this
 blanket assumption does not hold true, especially in the instance of
 Japanese multinationals, and it is argued that this can be demonstrated
 clearly if the pricing structures operated by a typical Japanese firm are
 examined in the light of the differing costing principles obtaining and
 the different business culture. 
Journal: Applied Economics Letters 
Pages: 13-17 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521824 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521824&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Juha-Pekka Kallunki 
Author-X-Name-First: Juha-Pekka 
Author-X-Name-Last: Kallunki 
Author-Name: Teppo Martikainen 
Author-X-Name-First: Teppo 
Author-X-Name-Last: Martikainen 
Title: Financial market liberalization and the relationship between stock returns and financial leverage in Finland 
Abstract:
  The results of this note indicate that the return-leverage relation
 turned from negative to positive in Finland in the late 1980s. This
 finding is explained by the liberalization of Finnish financial markets
 and the decrease in the degree of financial leverage of Finnish listed
 firms. The results highlight the remarkable effect of the financial market
 liberalization on the financial management of Finnish firms and the
 empirical results on the Finnish financial markets. 
Journal: Applied Economics Letters 
Pages: 19-21 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521825 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521825&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdelhak Senhadji 
Author-X-Name-First: Abdelhak 
Author-X-Name-Last: Senhadji 
Title: Two common problems related to the use of the Armington aggregator in computable general equilibrium models 
Abstract:
  This note highlights two common problems with the application of the
 population CES aggregator introduced by Armington. Both are related to the
 dependence of the input shares on the elasticity of substitution even when
 relative prices are held constant. A modified CES aggregator is proposed
 which avoids these problems. 
Journal: Applied Economics Letters 
Pages: 23-25 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521826 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521826&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shujie Yao 
Author-X-Name-First: Shujie 
Author-X-Name-Last: Yao 
Title: Decomposition of Gini coefficients by income factors: a new approach and application 
Abstract:
  When total income consists of a number of factors, the Gini coefficient
 measuring income inequality can be decomposed into factor components. Some
 traditional decomposition methods rely on calculating the covariances
 between incomes and their ranks. Such methods have obvious limitations in
 empirical studies. This paper develops a simple decomposition approach
 applicable for any type of data with an example to demonstrate how income
 inequality in rural China in 1992 can be decomposed into agricultural and
 non-agricultural components. 
Journal: Applied Economics Letters 
Pages: 27-31 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521827 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521827&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Karolina Ekholm 
Author-X-Name-First: Karolina 
Author-X-Name-Last: Ekholm 
Author-Name: Johan Torstensson 
Author-X-Name-First: Johan 
Author-X-Name-Last: Torstensson 
Author-Name: Rasha Torstensson 
Author-X-Name-First: Rasha 
Author-X-Name-Last: Torstensson 
Title: Comparative advantage in the Middle East and North Africa 
Abstract:
  This paper asks whether net trade in the Middle East and North Africa
 (MENA) can be explained by differences in comparative costs and in the
 exploitation of scale economies. Based on a sample of six countries, it is
 shown that factor proportions do not significantly affect net trade. In an
 analysis based on a sample of three countries, we are also able to
 incorporate technical differences and differences in scale economies. We
 find no support of these variables significantly affecting net trade
 either. Therefore, we are fairly confident in drawing the conclusion that
 for our country sample, net trade does not seem to be explained by
 comparative costs, technical differences, or scale economies. This leads
 us to conclude that measures undertaken to increase trade between MENA
 countries without simultaneously removing domestic distortions may not be
 welfare improving. 
Journal: Applied Economics Letters 
Pages: 33-35 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521828 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521828&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Wright 
Author-X-Name-First: Robert 
Author-X-Name-Last: Wright 
Title: A simple method for controlling for compositional effects in the measurement of poverty 
Abstract:
  This paper outlines a method for controlling for compositional factors in
 the measurement of poverty. The method is based in shift-share analysis
 and direct standarization, the later technique popular in the field of
 demography. The method is consistent with Sen's influential axiomatic
 approach to poverty measurement and employs the popular poverty index
 proposed by Foster et al. This index is one of the few summary poverty
 measures that can be directly standardized and also meets Sen's criteria. 
Journal: Applied Economics Letters 
Pages: 37-39 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521829 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521829&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan Speight 
Author-X-Name-First: Alan 
Author-X-Name-Last: Speight 
Author-Name: Dennis Thomas 
Author-X-Name-First: Dennis 
Author-X-Name-Last: Thomas 
Title: Football league transfers: a comparison of negotiated fees with arbitration settlements 
Abstract:
  This paper investigates the differences between negotiated and arbitrated
 settlements in the footballers transfer market utilizing a data set
 containing FLAC decisions covering the period 1978-9 to 1991-2. Our
 analysis suggests that arbitrated settlements deflate transfer fees
 compared with negotiated transfers. We also identify a tendency towards
 greater risk aversion amongst buying clubs. 
Journal: Applied Economics Letters 
Pages: 41-44 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521830 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521830&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Robst 
Author-X-Name-First: John 
Author-X-Name-Last: Robst 
Author-Name: Glenn Graham 
Author-X-Name-First: Glenn 
Author-X-Name-Last: Graham 
Title: Access to health care and current health status: do physicians matter? 
Abstract:
  A number of studies examine the link between access to medical care and
 health status. Previous studies find little or no relationship between the
 availability of health care and health status. We examine the issue
 separately for metropolitan and rural areas. We find that the number of
 physicians in a county has a positive influence on the health status of
 individuals in rural areas. Also, older people benefit more from the
 presence of physicians than younger people. Consistent with previous
 studies, no clear relationship is found in metropolitan areas. These
 results support several United States government programmes that encourage
 physicians to locate in rural areas. 
Journal: Applied Economics Letters 
Pages: 45-48 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521831 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521831&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pami Dua 
Author-X-Name-First: Pami 
Author-X-Name-Last: Dua 
Author-Name: David Smyth 
Author-X-Name-First: David 
Author-X-Name-Last: Smyth 
Title: Public perceptions of the relative seriousness of inflation and unemployment in the United States 
Abstract:
  We analyse the determinants of the public's relative concerns about
 inflation and unemployment using responses to the Gallup Poll question on
 the relative seriousness of inflation and unemployment. We then estimate
 the rate of inflation that politicians will choose to impose on the US
 economy given the natural rate of unemployment. We find that this rate of
 inflation, which we call 'the natural rate of inflation', is in the region
 of 5%. 
Journal: Applied Economics Letters 
Pages: 49-52 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521832 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521832&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Magnus Johannesson 
Author-X-Name-First: Magnus 
Author-X-Name-Last: Johannesson 
Author-Name: Per-Olov Johansson 
Author-X-Name-First: Per-Olov 
Author-X-Name-Last: Johansson 
Title: The value of life extension and the marginal rate of time preference: a pilot study 
Abstract:
  The aim of this paper is to introduce and test a new approach for the
 measurement of the marginal rate of time preference for life-years gained
 based on contingent valuation techniques. A simple binary willingness to
 pay question is administered in a general public sample of two age groups
 (34-5 years and 64-5 years). In this pilot study, the estimated marginal
 rate of time preference is 1.3%. 
Journal: Applied Economics Letters 
Pages: 53-55 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521833 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521833&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Baimbridge 
Author-X-Name-First: Mark 
Author-X-Name-Last: Baimbridge 
Title: Movie admissions and rental income: the case of James Bond 
Abstract:
  This paper addresses the issue of optimal movie design with respect to a
 single series of feature films, the James Bond movies. This is in contrast
 to previous studies where analysis has been primarily confined to samples
 of record box office earning movies. With respect to US admissions and
 rental income four separate models are estimated examining economic
 factors, the Bond actors, film quality and intertemporal indicators.
 Findings indicate non-monotonic relationship with respect to price and an
 inverse one with respect to total movie attendance. A positive influence
 is recorded by the first three Bond actors although audience loyalty
 declines after four appearances and a debutante brings significant
 additional returns. Quality is also an important component with the
 attainment or nomination of Academy Awards being particularly lucrative.
 The relative success of the series is, however, on a declining trajectory. 
Journal: Applied Economics Letters 
Pages: 57-61 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521834 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521834&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Giles 
Author-X-Name-First: David 
Author-X-Name-Last: Giles 
Title: Causality between the measured and underground economies in New Zealand 
Abstract:
  We investigate some characteristics of the underground economy in New
 Zealand by testing for Granger causality between measured and 'hidden'
 real GDP in that country. We find clear evidence of causality from
 measured to hidden economic activity, but only weak evidence of causality
 in the reverse direction. This poses a dilemma for policy makers who wish
 to stimulate economic growth and also minimize the size of the 'tax gap'. 
Journal: Applied Economics Letters 
Pages: 63-67 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521835 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521835&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Baffes 
Author-X-Name-First: John 
Author-X-Name-Last: Baffes 
Title: Explaining stationary variables with non-stationary regressors 
Abstract:
  When variables included in an OLS regression are stationary, conventional
 statistical measures such as t-statistics and R2's - in addition to a
 priori information from economic theory - are the standard indicators used
 to assess the performance of the hypothesized model. However, if the
 variables under consideration are non-stationary, such conventional
 measures no longer have the usual interpretation. With recent developments
 in time-series analysis, namely cointegration, researchers are able to
 deal with models containing non-stationary variables effectively. A
 standard cointegration model, however, requires all variables included in
 the regression to be of the same order of integration. In this paper we
 consider a regression in which the dependent variable is integrated of
 order zero, I(0), while the explanatory variables are integrated of order
 one, I(1). Conventional statistical measures are inapplicable because the
 regressors are not stationary. On the other hand, cointegration statistics
 are inapplicable because the variables are not of the same order of
 integration. This letter proposes a methodology on how to evaluate the
 performance of such a model. 
Journal: Applied Economics Letters 
Pages: 69-75 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521836 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521836&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Author-Name: Robert Faff 
Author-X-Name-First: Robert 
Author-X-Name-Last: Faff 
Title: A note on beta forecasting 
Abstract:
  The issue of beta forecasting is explored using Australian stock returns
 data. A simple market model is fitted to individual stock data over the
 period 1983 to 1987 and the beta estimated from this sample is used to
 forecast the market model beta over the period 1988 to 1992. It is found
 that a simple transformation of the initial period beta produces a
 forecast error which is remarkably close to the transformation which
 produces the minimum least squares forecast error. This suggests that the
 more complex forecasting techniques proposed in the literature may not be
 worth the additional computational effort. 
Journal: Applied Economics Letters 
Pages: 77-78 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526698 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526698&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Baimbridge 
Author-X-Name-First: Mark 
Author-X-Name-Last: Baimbridge 
Author-Name: Philip Whyman 
Author-X-Name-First: Philip 
Author-X-Name-Last: Whyman 
Title: Demand for religion in the British Isles 
Abstract:
  This paper analyses, for the first time, consumer preferences for
 religion within the British Isles. We examine the characteristics of the
 leading denominations on a cross-sectional basis for 1994 in relation to
 their membership. It is found that significant factors determining
 religious membership include the geographical location and period of
 foundation, specialized regional and ethnic indicators, attributes of
 ministers, whether 'established' or 'disestablished' and supply-side
 factors. These findings have repercussions on the future marketing of
 religion in an increasingly secular and multi-cultural society, together
 with the debate on the future of the established, or state, churches. 
Journal: Applied Economics Letters 
Pages: 79-82 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526699 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526699&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdur Chowdhury 
Author-X-Name-First: Abdur 
Author-X-Name-Last: Chowdhury 
Title: Margin requirements and stock market volatility in Thailand 
Abstract:
  The use of margin requirements as a potential policy tool for controlling
 sudden stock price changes and market volatility has attracted
 considerable attention in the developed stock markets. However, no
 consensus has emerged regarding the significance of the impact of changes
 in margin requirement of the stock market. The existing analyses are
 extended to test the impact of changes in margin requirements on stock
 prices in an emerging stock market. Using recent data from the Stock
 Exchange of Thailand, margin requirements are demonstrated to have an
 important impact on the behaviour of stock prices. Increases (decreases)
 in margin requirements usually lead to a downward (upward) trend in stock
 prices. An interesting aspect of the result is the apparently asymmetric
 nature of the response of stock prices to changes in margin requirements.
 The market appears to respond immediately and forcefully to a decrease in
 the margin requirements; whereas the response to an increase in margin
 requirements is much slower and weaker. 
Journal: Applied Economics Letters 
Pages: 83-87 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526700 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526700&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matiur Rahman 
Author-X-Name-First: Matiur 
Author-X-Name-Last: Rahman 
Author-Name: Muhammad Mustafa 
Author-X-Name-First: Muhammad 
Author-X-Name-Last: Mustafa 
Title: Dynamic linkages and Granger causality between short-term US corporate bond and stock markets 
Abstract:
  It is sought to investigate a possible long-run association and Granger
 causality between US stock and short-term corporate bond markets by
 applying the well-known cointegration and error-correction methodology.
 The unit root tests reveal that the rates of return from S&P 500 and
 short-term US corporate bond yields are non-stationary in levels. The ADF
 test finds them cointegrated at 1, 5 and 10% levels of significance. The
 estimated error-correction model confirms a long-run relationship between
 these two markets. The short-term US corporate bond market appears to
 Granger-cause the US stock market in the long run. Furthermore, there
 appears to be a two-way short-run Granger causality and reversible
 feedback between these two markets. 
Journal: Applied Economics Letters 
Pages: 89-91 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526701 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526701&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bill Woodland 
Author-X-Name-First: Bill 
Author-X-Name-Last: Woodland 
Author-Name: Linda Woodland 
Author-X-Name-First: Linda 
Author-X-Name-Last: Woodland 
Title: Efficiency in gambling markets involving spread: a corrected and simplified test 
Abstract:
  A correction is proposed for a test of market efficiency that is commonly
 applied to sports betting markets. Markets offering spread and totals
 wagers, such as football and basketball, typically employ the 'eleven for
 ten' betting rule. The previously established test statistic for
 profitability is positively biased, so it could lead researchers to a
 false rejection of the efficient markets hypothesis. 
Journal: Applied Economics Letters 
Pages: 93-95 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526702 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526702&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Rougier 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Rougier 
Title: A simple necessary condition for negativity in the almost ideal demand system with the Stone price index 
Abstract:
  A necessary condition is derived for negativity in the almost ideal
 demand system (AIDS) when used with the Stone price index. This condition
 is very simple and can be examined by a t-test on a single equation within
 the framework of ordinary least squares (OLS) estimation. 
Journal: Applied Economics Letters 
Pages: 97-99 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526703 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526703&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ram Mudambi 
Author-X-Name-First: Ram 
Author-X-Name-Last: Mudambi 
Title: A complete information index for measuring the proportionality of electoral systems 
Abstract:
  A crucial property of an electoral system is the manner in which it
 translates a vote distribution into a pattern of representation. Measures
 of this property are important in assessing the relative merits of
 differing electoral systems. Galeotti proposes one useful index (Galeotti,
 G., 1994, On proportional non-representation, Public Choice, 80, 359-70).
 However, it is argued that this index is informationally incomplete. A
 complete information index is proposed and shown to perform better in an
 illustration using data from Sicilian provincial elections. 
Journal: Applied Economics Letters 
Pages: 101-104 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526704 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526704&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kausik Chaudhuri 
Author-X-Name-First: Kausik 
Author-X-Name-Last: Chaudhuri 
Title: Stock returns in emerging markets: a common trend analysis 
Abstract:
  An empirical investigation is offered of the number of common trends in
 stock returns in seven Asian emerging markets. There is evidence of a
 single common trend. Following Kasa (Kasa, K., 1992, Common stochastic
 trends in international stock markets, Journal of Monetary Economics, 29,
 95-124) a measure is obtained of common trend and graphic evidence is
 provided in favour of market interdependence. 
Journal: Applied Economics Letters 
Pages: 105-108 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526705 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526705&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ercan Balaban 
Author-X-Name-First: Ercan 
Author-X-Name-Last: Balaban 
Author-Name: Kursat Kunter 
Author-X-Name-First: Kursat 
Author-X-Name-Last: Kunter 
Title: A note on the efficiency of financial markets in a developing country 
Abstract:
  Semi-strong efficiency in the stock market, the foreign exchange market
 and the interbank money market in Turkey is investigated by using the
 direct Granger causality tests. Significant deviations are reported from
 the efficient market hypothesis (EMH) with respect to changes in market
 liquidity in all these markets for the period of January 1989 to July
 1995. It is also found that these markets are pairwise interdependent.
 However, market liquidity cannot be predicted by using developments in the
 financial market. Possible implications for domestic and foreign investors
 and for monetary policy makers are discussed. 
Journal: Applied Economics Letters 
Pages: 109-112 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526706 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526706&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Cheng 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Cheng 
Author-Name: Robert Hsu 
Author-X-Name-First: Robert 
Author-X-Name-Last: Hsu 
Author-Name: Qiyu Chu 
Author-X-Name-First: Qiyu 
Author-X-Name-Last: Chu 
Title: The causality between fertility and female labour force participation in Japan 
Abstract:
  Applying Hsiao's version of the Granger causality method, an examination
 is carried out into the causality between fertility (BR) and female labour
 (FR) participation for Japan over the period 1950-1993. A unidirectional
 causality appears to run from BR to FR without feedback. The F-statistics
 show that fertility negatively affects female labour force participation
 but not vice versa. It appears that women's employment does not hinder the
 probability of having more children, but having small children at home
 strongly discourages them from seeking outside employment. 
Journal: Applied Economics Letters 
Pages: 113-116 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526707 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526707&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Derek Leslie 
Author-X-Name-First: Derek 
Author-X-Name-Last: Leslie 
Author-Name: Phil Murphy 
Author-X-Name-First: Phil 
Author-X-Name-Last: Murphy 
Title: Measuring discrimination by decomposing earnings functions 
Abstract:
  An unrecognized problem is examined in a frequently used method for
 decomposing earnings functions in the measurement of discrimination. The
 conventional method decomposes changes in the log of the geometric mean of
 the distribution, as opposed to the correct quantity, which is the change
 in the log of the arithmetic mean. Using the log of the geometric mean
 involves decomposing both changes in the mean and the spread of the
 distribution. But the mean and the spread of many earnings functions are
 subject to change, so it is not quite clear what this decomposition
 achieves. Two examples illustrate timewise and cross-sectional
 comparisons. 
Journal: Applied Economics Letters 
Pages: 117-120 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526708 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526708&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abbas Grammy 
Author-X-Name-First: Abbas 
Author-X-Name-Last: Grammy 
Author-Name: Djeto Assane 
Author-X-Name-First: Djeto 
Author-X-Name-Last: Assane 
Title: New Evidence on the effect of human capital on economic growth 
Abstract:
  We improve results of the Mankiw, Romer and Weil (1992) augmented
 neoclassical growth model by considering broader measures of human
 capital. Compared with the MRW results, our approach increases the
 explanatory power of the model and the speed of conditional income
 convergence. 
Journal: Applied Economics Letters 
Pages: 121-124 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526709 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526709&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Stochastic efficiency measurement: a new approach 
Abstract:
  A new method of measuring productive efficiency is proposed and
 empirically applied here, when the input output data are subject to random
 variations. This method is useful in applications of Farrell efficiency
 and data envelopment analysis. 
Journal: Applied Economics Letters 
Pages: 125-128 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526710 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526710&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Junsoo Lee 
Author-X-Name-First: Junsoo 
Author-X-Name-Last: Lee 
Title: Finite sample performance of Schmidt-Philips unit root tests 
Abstract:
  The finite sample performance is investigated for two versions of the
 Lagrange multiplier (LM) unit root tests. It is found that the correct
 size of the augmented tests is obtained at the expense of the power, while
 the reasonable power of the transformed tests reflects the size
 distortions under the null hypothesis. 
Journal: Applied Economics Letters 
Pages: 129-132 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526711 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526711&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ather Akbari 
Author-X-Name-First: Ather 
Author-X-Name-Last: Akbari 
Author-Name: Tomson Ogwang 
Author-X-Name-First: Tomson 
Author-X-Name-Last: Ogwang 
Title: The Canadian earnings functions under test 
Abstract:
  Many Canadian studies continue to use Mincer's basic post-schooling
 earnings function to analyse labour market earnings of individuals.
 Several policy recommendations are based on these analyses. The underlying
 assumptions in these studies are that the Mincer's specification of
 earnings model is correct and that the error terms of these models are
 normally distributed and homoscedastic. By performing several tests on
 four cross-sectional Canadian data sets ranging from 1981 to 1991, the
 present study confirms previous suggestions in literature that the
 standard Mincer specification of earnings model should not be adopted
 without testing. The hypotheses of a correctly specified functional form,
 and of the normality and homoscedasticity of errors, are rejected for all
 the data sets used in this study. These results question the validity of
 past policy recommendations based on Mincer type earnings functions in
 Canada. 
Journal: Applied Economics Letters 
Pages: 133-139 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526712 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526712&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Steeley 
Author-X-Name-First: James 
Author-X-Name-Last: Steeley 
Title: The implications of cointegration in financial markets: a comment 
Abstract:
  In this short paper, I show that the characterization of the efficient
 securities market in Wang (1995) is inconsistent with financial economic
 theory, and offer a theoretically consistent alternative. By contrast,
 under this alternative definition of an efficient market, the component
 securities cannot be cointegrated. 
Journal: Applied Economics Letters 
Pages: 141-143 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Ram Pillarisetti 
Author-X-Name-First: J. Ram 
Author-X-Name-Last: Pillarisetti 
Title: An empirical note on inequality in the world development indicators 
Abstract:
  A broad range of inequality measures is used to examine inter-country
 inequality in two highly correlated indicators of development, the per
 capita real income (Y) and the Human Development Index (HDI). The
 difference in the degree of inequality in Y and the HDI is found to be
 highly sensitive to the inequality index. Wolfson's index reflected high
 inter-country inequality in both Y and the HDI. Several other indexes also
 measured high inequality in Y and the HDI at varying levels. The entropy
 class of measures exhibited a high inequality in Y but negligible
 inequality in the HDI. 
Journal: Applied Economics Letters 
Pages: 145-147 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355393 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355393&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Magnus Johannesson 
Author-X-Name-First: Magnus 
Author-X-Name-Last: Johannesson 
Author-Name: Bengt Liljas 
Author-X-Name-First: Bengt 
Author-X-Name-Last: Liljas 
Author-Name: Richard O'Conor 
Author-X-Name-First: Richard 
Author-X-Name-Last: O'Conor 
Title: Hypothetical versus real willingness to pay: some experimental results 
Abstract:
  The aim of this study was to compare hypothetical and real willingness to
 pay (WTP) in an experimental setting by eliciting WTP for a private good,
 a box of chocolates. The experimental subjects were randomly divided into
 two groups. One group received an open-ended hypothetical WTP question and
 another group participated in a second-price auction with real payments.
 The mean WTP was SEK 89.50 (STD 75.37) in the hypothetical payment group
 and SEK 87.40 (STD 39.47) in the real payment group. The null hypothesis
 of no difference in the mean WTP between the groups could not be rejected. 
Journal: Applied Economics Letters 
Pages: 149-151 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355401 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355401&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stein Ostbye 
Author-X-Name-First: Stein 
Author-X-Name-Last: Ostbye 
Title: A real options approach to investment in factor demand models 
Abstract:
  A real options approach to investment is used to derive a new full static
 equilibrium condition for capital within the framework of a restricted
 variable cost function. Empirical evidence suggests that the use of the
 traditional equilibrium condition may be grossly misleading. 
Journal: Applied Economics Letters 
Pages: 153-157 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355410 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355410&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kavous Ardalan 
Author-X-Name-First: Kavous 
Author-X-Name-Last: Ardalan 
Title: The no-arbitrage condition and financial markets with heterogeneous and costly information 
Abstract:
  The explosion of the rational expectations equilibrium models in the
 finance literature has occurred when the perfect market assumption of
 homogeneous information is relaxed and prices play the role of aggregating
 and transmitting information in the financial market. This paper shows
 that the no-arbitrage condition in a financial market with heterogeneous
 and costly information is equivalent to the existence of a pricing
 operator. It is further shown that equilibrium prices in financial markets
 with heterogeneous and costly information are, in fact, equilibrium prices
 in a perfect market plus a certain factor. This paper then shows the
 functional relation between this certain factor and the form of the
 information-cost function. In this way, the results of Ross (1978), Gaman
 and Ohlson (1981), and Dermody and Prisman (1993) are extended to
 financial markets with heterogeneous and costly information. 
Journal: Applied Economics Letters 
Pages: 159-161 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355429 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355429&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Carneiro 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Carneiro 
Author-Name: Joao Faria 
Author-X-Name-First: Joao 
Author-X-Name-Last: Faria 
Title: Currency substitution and indexed money 
Abstract:
  The paper tests the hypothesis that the presence of indexed money may
 rule out a process of currency substitution in contexts of persistent high
 inflation. Estimates for the case of Brazil using monthly data for the
 period 1985 to 1993 and cointegration techniques offer support for that. 
Journal: Applied Economics Letters 
Pages: 163-166 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355438 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355438&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Walter Nonneman 
Author-X-Name-First: Walter 
Author-X-Name-Last: Nonneman 
Author-Name: Isabelle Cortens 
Author-X-Name-First: Isabelle 
Author-X-Name-Last: Cortens 
Title: A note on the rate of return to investment in education in Belgium 
Abstract:
  Internal rates on return to investment in higher secondary, university
 and non-university higher education in Belgium (1992) are presented.
 Private, social and fiscal returns are distinguished. Private and social
 returns are low for secondary education, but substantially higher than
 long-run returns of investment in physical capital. Returns for females
 are systematically higher than those for males. A remarkable finding is
 that social returns are higher than private returns, indicating a net-tax
 on educational investment rather than a net-subsidy. Fiscal returns are
 particularly high for tertiary education implying no reverse
 redistributive effects. 
Journal: Applied Economics Letters 
Pages: 167-171 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355447 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355447&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeffrey Waddoups 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Waddoups 
Author-Name: Djeto Assane 
Author-X-Name-First: Djeto 
Author-X-Name-Last: Assane 
Title: Duration and mobility of young male workers in a segmented labour market 
Abstract:
  This study analyses the notion that the length of spells in secondary
 segment employment inhibits mobility to primary segment employment.
 Findings for young male workers aged 20-25 detect the existence of such an
 effect with secondary segment hazard rates exhibiting negative duration
 dependence after three years of duration. 
Journal: Applied Economics Letters 
Pages: 173-176 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355456 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355456&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Knowles 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Knowles 
Title: Which level of schooling has the greatest economic impact on output? 
Abstract:
  An assessment is made of whether primary, secondary or tertiary education
 has the greatest impact on national income. An aggregate production
 function is estimated for a cross-section of 77 countries which
 disaggregates the labour force on the basis of the highest level of
 schooling attained. The results imply that for both high-income and less
 developed countries the marginal product of labour increases with each
 successive level of schooling. Tertiary education has the greatest
 economic impact. 
Journal: Applied Economics Letters 
Pages: 177-180 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355465 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355465&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Atanu Saha 
Author-X-Name-First: Atanu 
Author-X-Name-Last: Saha 
Author-Name: Oral Capps 
Author-X-Name-First: Oral 
Author-X-Name-Last: Capps 
Author-Name: Patrick Byrne 
Author-X-Name-First: Patrick 
Author-X-Name-Last: Byrne 
Title: Calculating marginal effects in dichotomous - continuous models 
Abstract:
  In many economic settings, individual decisions can be viewed as a
 sequential process where a dichotomous choice is followed by a continuous
 choice. These processes are frequently encountered in consumption demand
 studies, where the decision of whether or not to consume a particular
 commodity is followed by the choice of how much to consume. The Heckman
 two-step approach has been extensively used in estimating these models.
 Expressions are derived for calculating marginal effects of regressors in
 dichotomous-continuous models. It is proposed that the marginal effect
 expressions are incomplete in almost all consumption demand studies that
 use the Heckman approach. In dichotomous-continuous models, a change in an
 explanatory variable that is common to both stages of the decision process
 has two effects: (1) it affects the likelihood of whether the commodity
 will be consumed; and (2) if the commodity is consumed, it affects the
 expenditure on that commodity. The first effect has so far been omitted
 from applied demand studies. The correct marginal effect expressions are
 derived for single-commodity and multiple-commodity demand models. An
 application to consumption survey data on 12 food commodities shows that
 erroneous marginal effect expressions can introduce substantial bias in
 demand elasticity estimates. 
Journal: Applied Economics Letters 
Pages: 181-185 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355474 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355474&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michel Normandin 
Author-X-Name-First: Michel 
Author-X-Name-Last: Normandin 
Title: Precautionary saving and the Deaton paradox 
Abstract:
  The Deaton paradox implies that the permanent income hypothesis (PIH)
 under certainty equivalence is rejected because observed consumption is
 excessively smooth. It is shown how several reasonable parametrization of
 the PIH under precautionary saving imply that consumption is smoother than
 labour income and that the relative smoothness matches that found in the
 data. 
Journal: Applied Economics Letters 
Pages: 187-190 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355483 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355483&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:4:y:1997:i:3:p:187-190




Template-Type: ReDIF-Article 1.0
Author-Name: Weiren Wang 
Author-X-Name-First: Weiren 
Author-X-Name-Last: Wang 
Title: Tobit analysis with a natural non-response rate 
Abstract:
  A Tobit model is considered with a natural non-response rate. The model
 features simultaneous determination of the standard Tobit model and a
 natural non-response rate. An example on the determinants of extramarital
 affairs is used to illustrate the method. The natural non-response rate is
 shown to be statistically significant in this example. 
Journal: Applied Economics Letters 
Pages: 191-194 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355492 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355492&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jakob Brochner Madsen 
Author-X-Name-First: Jakob Brochner 
Author-X-Name-Last: Madsen 
Title: Tests of the Lucas supply curve with price expectational data 
Abstract:
  The Lucas supply curve is tested using EEC price expectational data. The
 tests failed to find any evidence of a positively sloped aggregate supply
 curve due to worker and producer misperception. 
Journal: Applied Economics Letters 
Pages: 195-197 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355500 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355500&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lourens Broersma 
Author-X-Name-First: Lourens 
Author-X-Name-Last: Broersma 
Title: Competition between employed and unemployed job searchers: is there a difference between the UK and The Netherlands? 
Abstract:
  In this paper We investigate whether there is a difference between
 competition between unemployed and employed job searchers in flexible and
 rigid labour markets. Comparing the results for the more or less flexible
 labour market in the UK with the rigid labour market in The Netherlands,
 we find remarkably similar results. 
Journal: Applied Economics Letters 
Pages: 199-203 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355519 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355519&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Hart 
Author-X-Name-First: Peter 
Author-X-Name-Last: Hart 
Author-Name: Nicholas Oulton 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Oulton 
Title: Zipf and the size distribution of firms 
Abstract:
  Based on a sample of 50441 independent UK companies of all sizes covering
 all sectors of the UK economy, the size distribution of companies is close
 to lognormal, even though the hypothesis of lognormality can be rejected
 statistically. A Zipf plot shows that the Pareto distribution is a poor
 fit to the upper 5% tail. 
Journal: Applied Economics Letters 
Pages: 205-206 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518494 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518494&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence Leger 
Author-X-Name-First: Lawrence 
Author-X-Name-Last: Leger 
Title: UK investment trusts: performance, timing and selectivity 
Abstract:
  GLS estimation with correction for autocorrelation is used to examine the
 performance of 72 UK Investment Trusts in four non-overlapping five-year
 samples, 1974 to 1993, using measures of 'timing', and 'selectivity'.
 Abnormal performance on both indicators is found to be weak, with very
 little persistence. Patterns of significant selectivity and timing are
 found to reverse after the first period. Negative timing performance is
 found for around one third of trusts in the last three sample periods, and
 strong negative correlations are observed between timing and selectivity
 for all periods. Various interpretations of these findings are given. 
Journal: Applied Economics Letters 
Pages: 207-210 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518495 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518495&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ananda Weliwita 
Author-X-Name-First: Ananda 
Author-X-Name-Last: Weliwita 
Author-Name: Ramu Govindasamy 
Author-X-Name-First: Ramu 
Author-X-Name-Last: Govindasamy 
Title: Determinants of farmland prices in the north-eastern United States: a cointegration analysis 
Abstract:
  We examine the determinants of land prices in the north-eastern United
 States by applying Johansen and Juselius maximum-likelihood cointegration
 procedure to two recent land price models. The results suggest that there
 is an equilibrium relationship between real land price and real gross farm
 income, inflation rate, interest rate, and land area. We found that both
 real and nominal interest rates are cointegrated with land prices. These
 findings support recent suggestions that interest rate plays a more
 significant role in determining land prices than previously thought. 
Journal: Applied Economics Letters 
Pages: 211-214 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518496 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518496&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shujie Yao 
Author-X-Name-First: Shujie 
Author-X-Name-Last: Yao 
Title: A modified matrix for policy analysis on production diversification for Thai agriculture 
Abstract:
  A modified policy analysis matrix is developed to study the costs and
 benefits of crop production in Thailand. Government intervention in
 production diversification is assessed with alternative indicators of
 comparative advantages. It suggests that intervention may be socially
 undesirable but there are exceptional cases, especially when economic
 externality exists. 
Journal: Applied Economics Letters 
Pages: 215-218 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518497 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518497&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkan Erdil 
Author-X-Name-First: Erkan 
Author-X-Name-Last: Erdil 
Title: A test of wage leadership hypothesis in Turkish manufacturing industry 
Abstract:
Journal: Applied Economics Letters 
Pages: 219-223 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518498 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518498&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Faruk Se&#x13c;uk 
Author-X-Name-First: Faruk 
Author-X-Name-Last: Se&#x13c;uk 
Title: GMM estimation of currency substitution in a high-inflation economy: evidence from Turkey 
Abstract:
  This paper shows that currency substitution is a first-order importance
 in a high inflation economy like Turkey. A money-in-the-utility function
 model is estimated and tested using Hansen's Generalized Method of Moments
 procedure. The results show that elasticity of substitution between the
 Turkish Lira and the US dollar is high and statistically significant. The
 estimate of the share of foreign balances in producing domestic money
 services is considerably large and statistically significant. 
Journal: Applied Economics Letters 
Pages: 225-227 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518499 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518499&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rodolfo Nayga 
Author-X-Name-First: Rodolfo 
Author-X-Name-Last: Nayga 
Title: Obesity and heart disease awareness: a note on the impact of consumer characteristics using qualitative choice analysis 
Abstract:
  This note examines the impact of socio-economic and demographic factors
 on the likelihood that an individual is aware of the link between being
 overweight and heart disease. Results indicate that nonwhites, lower
 educated individuals, and those with lower income are less likely to be
 aware of the link between being overweight and heart disease. Considering
 the extent of the obesity problem in the United States, these results
 should be used as a guide in the design of food policy and health
 education campaigns about obesity and heart disease. 
Journal: Applied Economics Letters 
Pages: 229-231 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518500 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518500&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alex Lammertsma 
Author-X-Name-First: Alex 
Author-X-Name-Last: Lammertsma 
Author-Name: Kees Koedijk 
Author-X-Name-First: Kees 
Author-X-Name-Last: Koedijk 
Author-Name: Clemens Kool 
Author-X-Name-First: Clemens 
Author-X-Name-Last: Kool 
Title: The evidence on international output-inflation trade-off: an evaluation 
Abstract:
  Combining and processing the information in ten previously published
 studies, we analyse the Lucas variability hypotheses. When adequate
 account is taken of structural differences between developing and
 developed countries, the prediction of the Lucas model that higher nominal
 demand variability leads to a lower inflation-output trade-off must be
 rejected for the group of developed countries. This does not imply that
 developed countries can use active demand policies without deteriorating
 their short-run inflation-output trade-off. More realistically, the result
 suggests that nominal demand variability is an inadequate indicator of
 demand shocks for the group of developed countries. This may be due to
 relatively low inflation levels and variability in the developed
 countries. For the developing countries where nominal (inflationary)
 shocks dominate, this may be less of a problem. 
Journal: Applied Economics Letters 
Pages: 233-236 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518501 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518501&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Hasan 
Author-X-Name-First: Mohammad 
Author-X-Name-Last: Hasan 
Author-Name: Ian Lincoln 
Author-X-Name-First: Ian 
Author-X-Name-Last: Lincoln 
Title: Tax then spend or spend then tax? Experience in the UK, 1961-93 
Abstract:
  Using a hybrid of cointegration theory and Granger-Akaike's synthesis of
 modelling strategy, we have reexamined the causal relationship between tax
 revenue and government spending in the UK in a cointegrated VAR model. The
 results are indicative of a bi-directional causality between revenue and
 spending. 
Journal: Applied Economics Letters 
Pages: 237-239 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518502 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518502&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan Speight 
Author-X-Name-First: Alan 
Author-X-Name-Last: Speight 
Author-Name: David McMillan 
Author-X-Name-First: David 
Author-X-Name-Last: McMillan 
Title: Are there asymmetries in UK consumption? A closer look 
Abstract:
  This letter reappraises some recently reported tests for asymmetries in
 UK consumers' expenditure relative to trend. In particular, we consider
 the disaggregation of consumers' expenditure into broad categories of
 durable and non-durable goods and services, and according to 13 specific
 consumption categories. We also consider the sensitivity of test results
 to alternative detrending methods; namely Hodrick-Prescott filtering and
 structural time series modelling. We find that previous consideration of
 total consumers expenditure alone masks an important difference in the
 properties of expenditure across the durable/non-durable distinction,
 durables exhibiting significant asymmetric 'steepness' which is robust to
 the method of detrending, while non-durables exhibit significant
 'deepness' under Hodrick-Prescott detrending but not structural time
 series trend modelling. 
Journal: Applied Economics Letters 
Pages: 241-245 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518503 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518503&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. A. Salisu 
Author-X-Name-First: M. A. 
Author-X-Name-Last: Salisu 
Author-Name: V. N. Balasubramanyam 
Author-X-Name-First: V. N. 
Author-X-Name-Last: Balasubramanyam 
Title: Income and price elasticities of demand for alcoholic drinks 
Abstract:
  This paper provides estimates of income and price elasticities of demand
 for beer, wine and spirits in the UK and utilizes these elasticities to
 estimate the impact of the increase in tax rates, announced by the
 Chancellor in his revised November 1994 budget, on total tax revenues. The
 estimates of additional tax revenues based on our model are lower than
 those expected by the Chancellor. The results reported in this paper
 suggest that if the Chancellor were to realize the revenues he expects
 from taxation of alcoholic drinks he would have to increase the tax rates
 on wine and lower those on beer and spirits. 
Journal: Applied Economics Letters 
Pages: 247-251 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518504 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518504&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Terence Mills 
Author-X-Name-First: Terence 
Author-X-Name-Last: Mills 
Author-Name: Gianluigi Pelloni 
Author-X-Name-First: Gianluigi 
Author-X-Name-Last: Pelloni 
Author-Name: Athina Zervoyianni 
Author-X-Name-First: Athina 
Author-X-Name-Last: Zervoyianni 
Title: Unemployment Fluctuations in the UK: 1958-92 
Abstract:
  This paper presents estimates of a reduced-form unemployment equation for
 the UK using annual data from 1958 to 1992. It extends previous work by
 using modern time series econometrics, by focusing on variables that bring
 about fluctuations around the natural rate as well as variables that
 determine it, and by using a measure of sectoral reallocation purged of
 demand influences. The resulting equation has stable parameters which are
 readily interpretable in terms of the underlying theories of unemployment
 fluctuations. 
Journal: Applied Economics Letters 
Pages: 253-255 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518505 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518505&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Taijfiq Choudhry 
Author-X-Name-First: Taijfiq 
Author-X-Name-Last: Choudhry 
Title: Cointegration analysis of the inverted Fisher effect: evidence from Belgium, France and Germany 
Abstract:
  This paper investigates the inverted Fisher effect in Belgium, France and
 Germany during 1955-94 using the cointegration method. Cointegration tests
 of two different null hypotheses, cointegration and no cointegration, are
 applied. Little support is found for the inverted Fisher effect. 
Journal: Applied Economics Letters 
Pages: 257-260 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518506 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518506&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. W. Mui 
Author-X-Name-First: H. W. 
Author-X-Name-Last: Mui 
Author-Name: M. M. Ali 
Author-X-Name-First: M. M. 
Author-X-Name-Last: Ali 
Title: Economic analysis of crime and punishment: an Asian case 
Abstract:
  In this paper, we have investigated the deterrent effects of sanctions
 and severity of punishment on crime rates based on the experience of Hong
 Kong. The effects of socio-economic variables such as unemployment rate,
 poverty, number of illegal immigrants, and total population on crime rates
 are also studied. Criminal behaviour is analysed using a utility theoretic
 framework and criminals are viewed as rational economic agents. Annual
 data of all categories of crimes committed in Hong Kong from 1972 to 1992
 are used to estimate the parameters. In contrast to societies with a
 European culture, we have found that the crime rates experienced in an
 Asian city are quite different. 
Journal: Applied Economics Letters 
Pages: 261-265 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518507 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518507&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amresh Hanchate 
Author-X-Name-First: Amresh 
Author-X-Name-Last: Hanchate 
Author-Name: K. V. Ramaswamy 
Author-X-Name-First: K. V. 
Author-X-Name-Last: Ramaswamy 
Title: New agricultural technology, timeliness and wages for labour: a longitudinal study of rural wages in India 
Abstract:
  While there is widespread agreement that the spread of new technology
 crops in India since the mid-1960s has affected rural wages, there is
 considerable disagreement over the nature of this effect. The existing
 literature has posed this problem in a demand-supply framework - with a
 rise in agricultural wages ascribed to increased labour demand caused by
 this technology change, and stagnant or falling wages attributed to labour
 supply growth outstripping labour demand. In this paper we reconsider this
 issue in a modified framework. Within a competitive demand-supply
 framework we add another aspect of production technology that is
 idiosyncratic to agriculture, namely, sensitivity of yields to timing of
 farm operations (say, planting date). It is common knowledge that
 mistiming can cause substantial yield loss. In a competitive labour market
 this causes greater impatience on the farmers' part. They are willing to
 pay a higher wage rather than risk loss of yield. As newer technology
 crops tend to be more time sensitive, this puts an upward pressure on
 wages. In this paper we test this hypothesis using annual state-level data
 from India for the period 1970-85. Delineating the demand-supply effect of
 new technology on wages from that of the timeliness effect, we indeed find
 supportive evidence for the above hypothesis. 
Journal: Applied Economics Letters 
Pages: 267-270 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518508 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518508&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nasser Daneshvary 
Author-X-Name-First: Nasser 
Author-X-Name-Last: Daneshvary 
Author-Name: William Luksetich 
Author-X-Name-First: William 
Author-X-Name-Last: Luksetich 
Title: Income sources and declared charitable tax deductions 
Abstract:
  Within the framework of traditional economic theory a charitable
 contribution is considered a consumption good. As such, the demand for
 giving is affected by changes in the price of giving and current income.
 Moreover, changes in wealth, expected future income, and 'habits' may
 affect giving. Previous empirical studies of giving have not considered
 the possibility of the impact that donor's wealth might have on giving.
 One way of accounting for such possible effect is to include various
 sources of donor's income in the demand function. Using the Internal
 Revenue Service Individual Tax Model Files and a dynamic econometric model
 of charitable giving, we estimate demand for giving for various income
 groups and examine impacts of various income sources on giving. The
 findings indicate that the higher the share of wages and dividends in
 disposable income, the higher the amount of giving. The amount of giving
 is lower when the share of interest, capital gain, or pension income is
 higher. 
Journal: Applied Economics Letters 
Pages: 271-274 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532591 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532591&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Paul Leigh 
Author-X-Name-First: J. Paul 
Author-X-Name-Last: Leigh 
Author-Name: Deborah Lubeck 
Author-X-Name-First: Deborah 
Author-X-Name-Last: Lubeck 
Author-Name: Paul Farnham 
Author-X-Name-First: Paul 
Author-X-Name-Last: Farnham 
Author-Name: James Fries 
Author-X-Name-First: James 
Author-X-Name-Last: Fries 
Title: Absenteeism and HIV infection 
Abstract:
  We sought to determine whether employed patients with HIV infection
 reported more days unable to work than similar patients without HIV
 infection. We did not consider whether HIV infection resulted in job loss.
 Cross-sectional data on 884 employed patients from five physician-sites in
 California were drawn from the AIDS Time-Oriented Health Outcome Study
 (ATHOS). An econometric 2-part model with a number of covariates including
 age, race, education, and an instrumental variable reflecting the
 probability of any employment was constructed to provide a comparison
 between three categories of patients, HIV -negative; HIV positive but not
 yet AIDS; and AIDS. The results suggested no statistically significant
 difference between the comparison patients (HIV -negative) and the
 patients with HIV but not AIDS for days unable to work. Employed patients
 with AIDS, however, reported roughly 5.1 (one week) more days unable to
 work out of the prior three months than either the comparison patients or
 the patients with HIV infection but not AIDS. 
Journal: Applied Economics Letters 
Pages: 275-280 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532592 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532592&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Giles 
Author-X-Name-First: David 
Author-X-Name-Last: Giles 
Title: The hidden economy and tax-evasion prosecutions in New Zealand 
Abstract:
  We consider non-stationary time-series data for the size of the hidden
 economy and for tax-related prosecutions in New Zealand. The two series
 are found to be cointegrated, and there is strong evidence of Granger
 causality from prosecutions to hidden activity. There is no significant
 evidence of reverse causality. 
Journal: Applied Economics Letters 
Pages: 281-285 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532593 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532593&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. David Walls 
Author-X-Name-First: W. David 
Author-X-Name-Last: Walls 
Title: Increasing returns to information: evidence from the Hong Kong movie market 
Abstract:
  We examine a sample of 300 movies that appeared on the top-10 charts in
 Hong Kong. We apply an empirical test proposed by Ijiri and Simon (1974)
 and find that movie revenues in the territory of Hong Kong are consistent
 with the hypothesis of increasing returns to information. This empirical
 result confirms the results of De Vany and Walls (1996) who found evidence
 of increasing returns to information in their analysis of movie data from
 the US Top-50 charts. 
Journal: Applied Economics Letters 
Pages: 287-290 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532594 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532594&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pingsun Leung 
Author-X-Name-First: Pingsun 
Author-X-Name-Last: Leung 
Author-Name: Walter Miklius 
Author-X-Name-First: Walter 
Author-X-Name-Last: Miklius 
Title: Demand for nutrition vs. demand for tastes 
Abstract:
  This paper extends the analyses by Silberberg (1985) of the relationship
 between the expenditures for food to satisfy nutritional requirements and
 the expenditures to satisfy the desire for tastes using alternative
 estimates of the minimum cost or technically efficient diet. The
 hypothesis originally tested by Silberberg is retested by following his
 procedure for estimating the minimum cost diet but using data supplied by
 the 1977-78 Food Consumption Survey in Hawaii. The results are roughly
 consistent with the hypothesis, i.e., if the lowest income group is
 excluded, the ratio of actual food expenditures to the minimum cost diet
 rises with increase in household incomes. However, an argument could be
 made that the procedure used by Silberberg in estimating the minimum cost
 or technically efficient diets did not satisfactorily separate the
 expenditures for nutrition from the expenditures to satisfy the demand for
 tastes. We, therefore, re-estimated the hypothesis with the minimum cost
 diet which satisfies Recommended Daily Allowances (RDAs). We find that the
 results again are consistent with the hypothesis but the effect of changes
 in income on food expenditures to satisfy tastes is relatively small. It
 is argued elsewhere that the technology (as embodied in available recipes)
 is not available to convert all nutrients contained in a typical minimum
 cost diet into palatable meals. Therefore, the minimum cost diet estimated
 by optimizing over the raw foods is not feasible and, therefore, is not an
 appropriate measure of how cheaply the demand for nutrition could be
 satisfied. We retested the Silberberg's hypothesis using the 'feasible'
 minimum cost diet estimated by optimizing over those bundles of foods that
 represent reasonably popular meal recipes. Using this procedure, it is
 estimated that about 60% of the food expenditures were to satisfy the
 demand for tastes versus about 70% obtained using Silberberg's procedure. 
Journal: Applied Economics Letters 
Pages: 291-295 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532595 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532595&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zainudin Arsad 
Author-X-Name-First: Zainudin 
Author-X-Name-Last: Arsad 
Author-Name: J. Andrew Coutts 
Author-X-Name-First: J. Andrew 
Author-X-Name-Last: Coutts 
Title: The trading month anomaly in the Financial Times Industrial Ordinary Shares Index: 1935-1994 
Abstract:
  In this paper we employ a large sample of daily returns from the
 Financial Times Industrial Ordinary Shares Index to investigate the
 existence of the 'trading month' effect or the 'turn-of-the-month' effect.
 We tentatively conclude that a trading month effect is present, but that
 this effect exists for a much shorter period than has been documented by
 previous studies both for the US and the UK. Finally, we also document
 evidence which lends support to the information release hypothesis of
 French (1980). 
Journal: Applied Economics Letters 
Pages: 297-299 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532596 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532596&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Title: Does the Chinese official CPI underestimate inflation? 
Abstract:
  This paper examines the behaviour of the Chinese official CPI relative to
 a market-based index. The empirical results indicate that the official
 index underestimates the actual inflation rate and that the bias is
 time-varying. The biasedness of the official index is attributed to covert
 price rises induced by the presence of price controls and quantity
 rationing. 
Journal: Applied Economics Letters 
Pages: 301-304 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532597 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532597&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kon Lai 
Author-X-Name-First: Kon 
Author-X-Name-Last: Lai 
Title: On the disparate evidence on trend stationarity in inflation rates: a reappraisal 
Abstract:
  Conflicting findings on stationarity in inflation have been reported in
 different economic literatures. This study attempts to reconcile the
 disparate findings and provides alternative international evidence on
 stationarity in inflation. Empirical results show that when a new,
 powerful unit-root test is applied, strong and consistent evidence of
 stationarity can be found in monthly inflation rates. The results further
 show that the use of different data frequencies and different price
 indices to measure inflation, as in prior studies, may also affect test
 results and lead to disparities in findings on stationarity. 
Journal: Applied Economics Letters 
Pages: 305-309 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532598 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532598&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Timothy Hylan 
Author-X-Name-First: Timothy 
Author-X-Name-Last: Hylan 
Author-Name: Maureen Lage 
Author-X-Name-First: Maureen 
Author-X-Name-Last: Lage 
Author-Name: Michael Treglia 
Author-X-Name-First: Michael 
Author-X-Name-Last: Treglia 
Title: Institutional change and invariance of behaviour in Major League Baseball 
Abstract:
  The invariance interpretation of the Coase Theorem is examined using the
 mobility behaviour of all offensive players (hitters) in Major League
 Baseball (MLB) who played from 1949 to 1992. Results indicate that while
 the institution of the rookie draft did not affect the mobility of
 players, the mobility of players was altered under free agency. In
 addition, the period of free agency witnessed mobility behaviours of
 veteran players which was unlike that mobility under the guidance of
 owners. 
Journal: Applied Economics Letters 
Pages: 311-314 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532599 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532599&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hans-Jurgen Engelbrecht 
Author-X-Name-First: Hans-Jurgen 
Author-X-Name-Last: Engelbrecht 
Title: International R&D spillovers amongst OECD economies 
Abstract:
  Theories of endogenous growth have recently explored the role of
 international R&D spillovers. This study extends Coe and Helpman's model
 (Coe, D. T. and Helpman, E., 1995, International R&D spillovers, European
 Economic Review, 39, 859-87) allowing for country-specific spillover
 effects using interactive dummy variables, by netting out the impact of
 productivity catch-up, and by including a business cycle variable. The
 empirical results suggest a diverse picture. For some countries, e.g. the
 USA, Canada and West Germany, recent spillovers seem to have a negative
 impact on TFP. Hypotheses are suggested to explain the results. 
Journal: Applied Economics Letters 
Pages: 315-319 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532600 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532600&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Title: Effects of devaluation on income distribution 
Abstract:
  Few studies in the literature have argued that inflationary effects of
 devaluation redistribute income from workers to producers. By using
 cross-sectional data from 24 countries, this paper provides an empirical
 support for the theoretical arguements that indeed, devaluations have
 unequalizing effects on income distribution. 
Journal: Applied Economics Letters 
Pages: 321-323 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532601 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532601&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Owain Ap Gwilym 
Author-X-Name-First: Owain Ap 
Author-X-Name-Last: Gwilym 
Author-Name: Mike Buckle 
Author-X-Name-First: Mike 
Author-X-Name-Last: Buckle 
Title: Forward/forward volatilities and the term structure of implied volatility 
Abstract:
  Forward/forward volatility derived from options' implied volatilities is
 a measure of the market's expectation of future volatility. We examine the
 factors affecting forward/forward volatility and present evidence of its
 predictive performance based on FTSE100 index options. 
Journal: Applied Economics Letters 
Pages: 325-328 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532602 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532602&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francis In 
Author-X-Name-First: Francis 
Author-X-Name-Last: In 
Author-Name: Chris Doucouliagos 
Author-X-Name-First: Chris 
Author-X-Name-Last: Doucouliagos 
Title: Human capital formation and US economic growth: a causality analysis 
Abstract:
  In this paper, Granger causality tests are applied to a new data set on
 human capital formation and US private sector GDP. The study is the first
 to test for causality between human capital formation and economic growth.
 It employs an error correction mechanism and is estimated through
 canonical cointegration regression. The results show strong evidence of
 casuality from human capital formation to private sector GDP and vice
 versa. 
Journal: Applied Economics Letters 
Pages: 329-331 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532603 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532603&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. Cameron 
Author-X-Name-First: S. 
Author-X-Name-Last: Cameron 
Title: Marital instability and business start-up rates 
Abstract:
  Inspired by the work of Becker, economists have produced a voluminous
 literature on divorce. This is almost completely devoid of any reference
 to macroeconomic effects. The bulk of it examines the determinants of
 separation. This paper explores one such macroeconomic effect; the impact
 of divorce on small business start-ups. The route through which it exerts
 this influence is the housing market. Housing is an important component of
 wealth for the majority of households. Divorce can have a dramatic impact
 on the value of investment in housing available to an individual (see
 Davis et al., 1992); for example, an individual may be nominally the owner
 of a house yet be forced, by the courts, to relinquish it for a former
 partner. This is a sharp change in wealth holdings which must surely
 influence major capital commitments. Given recent work on consumer
 durables and housing (Carruth and Henley, 1992) one might expect divorce
 to impact on durable spending, but this important aspect to aggregate
 demand has not been investigated. Nor has the influence on aggregate
 supply through its effect on the formation of new firms been examined.
 There is thus considerable scope for analysis of the impact of divorce on
 aggregate demand and supply. This paper focuses exclusively on the latter.
 It adapts some models from the emerging literature on the formation of new
 firms and applies these to data at county level for England and Wales. The
 estimated equations indicate that divorce has a negative and significant
 impact on the rate of small business start-ups. 
Journal: Applied Economics Letters 
Pages: 333-335 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532604 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532604&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Kelley Pace 
Author-X-Name-First: R. Kelley 
Author-X-Name-Last: Pace 
Author-Name: Ronald Barry 
Author-X-Name-First: Ronald 
Author-X-Name-Last: Barry 
Title: Fast spatial estimation 
Abstract:
  Spatial estimators usually provide lower prediction errors than their
 aspatial counterparts. However, most of the standard techniques require a
 large number of operations. Fortunately, for a given observation only a
 relatively small number of nearby observations typically exhibit
 correlated errors. This means that most of the elements of the n by n
 spatial matrices are zero. The use of sparse matrix techniques can
 dramatically lower storage requirements and reduce execution times. In
 addition, adopting a first differencing model allows the use of GLS which
 avoids the necessity of evaluating an n by n determinant. This also
 greatly reduces computational costs. 
Journal: Applied Economics Letters 
Pages: 337-341 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532605 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532605&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kamal Upadhyaya 
Author-X-Name-First: Kamal 
Author-X-Name-Last: Upadhyaya 
Author-Name: Dharmendra Dhakal 
Author-X-Name-First: Dharmendra 
Author-X-Name-Last: Dhakal 
Title: Devaluation and the trade balance: estimating the long run effect 
Abstract:
  This study tests the effectiveness of devaluation on the trade balance in
 eight developing countries from Asia, Europe, Africa and Latin America. A
 unique and new methodology is used to estimate the long run effect of
 devaluation on the trade balance. The estimated results suggest that
 devaluation, in general, does not improve the trade balance in the long
 run. In some cases it even had a perverse effect. 
Journal: Applied Economics Letters 
Pages: 343-345 
Issue: 6 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355276 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355276&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Cellini 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Cellini 
Title: Growth empirics: evidence from a panel of annual data 
Abstract:
  The paper shows that the use of annual data pooled into a panel of
 several countries can be a good choice for analysing the properties of
 long-term economic growth. Of course, an appropriate regression
 specification must be considered, to account for the short-run components
 of such high frequency data. The results point out that conditional
 convergence is important, as well as physical capital accumulation, in
 growth process; the human capital accumulation, on the contrary, appears
 to be no longer significant when country fixed-effects are accounted for.
 More importantly, the estimates are consistent with very plausible values
 of the input shares. 
Journal: Applied Economics Letters 
Pages: 347-351 
Issue: 6 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355285 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355285&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Giuliana Parodi 
Author-X-Name-First: Giuliana 
Author-X-Name-Last: Parodi 
Title: Trade Union Congress Policy towards union mergers: a statistical analysis, 1960-83 
Abstract:
  This letter extends Elgar and Simpson's (1994) analysis on the working of
 the Bridlington Principles to the analysis of the working of TUC voluntary
 policy with respect to mergers among affiliated unions over the period
 1960-83. Univariate analysis is applied to microdata to investigate the
 effectiveness of voluntary policy on mergers with respect both to the
 implementation and to the achievement of the underlying objectives of the
 policy. The results of the tests clearly show the achievement of the
 implementation of the policy in terms of when and how mergers occurred and
 the achievement of the policy objective of rationalizing the structure of
 affiliated unions; the results of the tests about the achievement of the
 policy objective of reducing competition for membership among affiliated
 unions are less conclusive. The results of our analysis on mergers broadly
 confirm Edgar and Simpson's results about the effectiveness of TUC
 voluntary policies. 
Journal: Applied Economics Letters 
Pages: 353-358 
Issue: 6 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355294 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355294&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Giles 
Author-X-Name-First: David 
Author-X-Name-Last: Giles 
Author-Name: Andrea Keil 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Keil 
Title: Applying the RESET test in allocation models: a cautionary note 
Abstract:
  Some of the issues which arise if the RESET test is used to validate the
 functional form of the equations in an allocation model are discussed. The
 simple application of this test, equation, by equation, is inappropriate
 on various grounds. The appropriate formulation of the RESET test in a
 full systems context requires care. This is discussed and illustrated with
 Engel curves for expenditure on alcoholic beverages in Australia. The same
 principles apply to other 'variable addition tests' used in econometrics. 
Journal: Applied Economics Letters 
Pages: 359-363 
Issue: 6 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355302 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355302&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Byung-Joo Lee 
Author-X-Name-First: Byung-Joo 
Author-X-Name-Last: Lee 
Author-Name: Mary Lee 
Author-X-Name-First: Mary 
Author-X-Name-Last: Lee 
Title: Generalized method of moment estimation of truncated or censored regression 
Abstract:
  This paper proposes the generalized method of moment estimation of
 truncated or censored regression model, and applies this procedure to the
 recreational demand model estimation. In a typical limited dependent
 variable regression, the conditional mean of error distribution is no
 longer zero. However, by symmetric trimming of error distribution, we can
 obtain zero conditional mean, and the orthogonality conditions for GMM
 estimation. Travel cost model (TOM) is estimated using the symmetrically
 trimmed GMM estimation. Bootstrap is used to simulate the finite sample
 distribution of GMM estimates. 
Journal: Applied Economics Letters 
Pages: 365-368 
Issue: 6 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355311 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355311&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hakan Berument 
Author-X-Name-First: Hakan 
Author-X-Name-Last: Berument 
Title: Financing divided governments 
Abstract:
  This paper finds that when the Congress and Presidency are controlled by
 the different political parties in the USA the creation of the seigniorage
 revenue to finance spending is not higher than when those two branches are
 controlled by the same party. However, the hypothesis that the creation of
 seigniorage revenue was lower during the period when the country had a
 fixed exchange rate regime was partially supported. 
Journal: Applied Economics Letters 
Pages: 369-372 
Issue: 6 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355320 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355320&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Baimbridge 
Author-X-Name-First: Mark 
Author-X-Name-Last: Baimbridge 
Author-Name: Philip Whyman 
Author-X-Name-First: Philip 
Author-X-Name-Last: Whyman 
Title: Institutional macroeconomic forecasting performance of the UK economy 
Abstract:
  The accuracy of short-run macroeconomic forecasts for the UK economy is
 analysed by examining institutional, human capital and model-based
 factors. It is found that members of the Chancellor's panel of independent
 forecasters have a superior performance than other institutions, whilst
 the higher education sector and research/consultancy organizations have
 detrimental records. Additionally, non-monotonic relationships are found
 for the number of economists contributing to the forecast and the number
 of equations within the model. Moreover, with respect to the mean number
 of these factors currently employed by organizations in the sample,
 economies of scale exist in forecast accuracy. However, the attainment of
 a doctorate and the number of variables utilized reduce forecast accuracy. 
Journal: Applied Economics Letters 
Pages: 373-376 
Issue: 6 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355339 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355339&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yasushi Ohkusa 
Author-X-Name-First: Yasushi 
Author-X-Name-Last: Ohkusa 
Title: A counter evidence for the Lazear-Moore findings: an empirical study of incentive part in the wage structure in Japan 
Abstract:
  This paper examines whether there is an incentive in the wage structure
 of employees compared with the wage structure of self-employed workers
 using the most comprehensive survey of workers in Japan. While the
 estimation results of the whole sample of 35 092 indicate that there is an
 incentive, albeit insignificant, when the analysis is concentrated on
 petty and small-sized firms, which include most self-employed workers, no
 significant incentive is found. Therefore, the Lazear-Moore findings may
 be contaminated by the effect of firm scale. 
Journal: Applied Economics Letters 
Pages: 377-379 
Issue: 6 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355348 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355348&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Title: The tax-spend debate: the case of Canada 
Abstract:
  The time series relationship between revenues, expenditures, and GDP in
 the case of Canada is examined. Utilizing the Johansen-Juselius
 multivariate cointegration procedure and error correction modelling we
 find that revenues follow a time path independent of expenditures and GDP.
 On the other hand, expenditures respond to budgetary disequilibrium in
 that budget imbalances would be corrected by expenditure changes.
 Moreover, evidence suggests that expenditures also respond to GDP. 
Journal: Applied Economics Letters 
Pages: 381-386 
Issue: 6 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355357 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Constantinos Katrakilidis 
Author-X-Name-First: Constantinos 
Author-X-Name-Last: Katrakilidis 
Title: Spending and revenues in Greece: new evidence from error correction modelling 
Abstract:
  This paper attempts to re-evaluate the long-run relationship between
 government spending and revenues in Greece. The analysis is carried out
 for the period 1974 to 1991 by means of Johansen's multivariate
 cointegration technique and error correction vector autoregressive (ECVAR)
 modelling. The results provide evidence of a feedback effect between the
 examined series. 
Journal: Applied Economics Letters 
Pages: 387-391 
Issue: 6 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355366 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355366&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Cheng 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Cheng 
Author-Name: Robert Hsu 
Author-X-Name-First: Robert 
Author-X-Name-Last: Hsu 
Title: Human capital and economic growth in Japan: an application of time series analysis 
Abstract:
  The cointegration and causality between human capital and economic growth
 in Japan is examined by applying Johansen's test of cointegration and
 Hsiao's version of the Granger causality method to the Japanese data for
 the period 1952-93. The Phillips-Perron (PP) tests reveal that the
 original series of GDP is not stationary; therefore, a first differencing
 is performed. It is found that there is a bidirectional causality between
 human capital and economic growth. The results basically confirm the
 hypothesis that an increase in human capital stock exerts positive effects
 on economic growth and vice versa. 
Journal: Applied Economics Letters 
Pages: 393-395 
Issue: 6 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355375 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355375&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Efstratios Loizou 
Author-X-Name-First: Efstratios 
Author-X-Name-Last: Loizou 
Author-Name: Kostandinos Mattas 
Author-X-Name-First: Kostandinos 
Author-X-Name-Last: Mattas 
Author-Name: Angelos Pagoulatos 
Author-X-Name-First: Angelos 
Author-X-Name-Last: Pagoulatos 
Title: Macro-monetary effects on agricultural prices: the case of Greek agriculture 
Abstract:
  The macroeconomic effects on agricultural prices in the Greek economy
 and, in particular, differences in prices paid and received by farmers
 (cost-price squeeze) are examined employing integration and cointegration
 analysis. A Johansen cointegration test between prices paid and prices
 received by farmers supports the presence of cost-price squeeze, since
 non-cointegration between the two price indices cannot be rejected. In
 other words, prices paid by farmers respond more than prices received by
 farmers during inflationary periods and hence affect their parity ratio.
 Multivariate cointegration tests indicated that forces outside agriculture
 can explain the non-cointegration between farm input and output prices.
 These forces are monetary macro variables through the country's
 macroeconomic policy, such as money supply, the general price level and
 the domestic product. 
Journal: Applied Economics Letters 
Pages: 397-400 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355113 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355113&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Cameron 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Cameron 
Title: Are Greek smokers rational addicts? 
Abstract:
  Greek cigarette comsumption is examined by combining work by Zanias
 (1987) and Becker et al. (1994). Application of Becker et al.'s lead
 consumption term to the Zanias model yields results that do not strongly
 support the rational addiction model and show price and income as
 insignificant. 
Journal: Applied Economics Letters 
Pages: 401-402 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355122 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355122&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marybeth Charters 
Author-X-Name-First: Marybeth 
Author-X-Name-Last: Charters 
Author-Name: Paul Grimes 
Author-X-Name-First: Paul 
Author-X-Name-Last: Grimes 
Title: Technology and librarianship: a test of the human capital model of occupational segregation 
Abstract:
  An empirical test of the human capital model of occupational segregation
 is undertaken by analysing the gender ratio of new entrants into a
 traditional female occupation over a period of time characterized by
 significant technological change. Specifically, the relative number of
 females receiving the terminal professional degree in librarianship is
 examined over the 1968-92 period using regression analysis. The results
 indicate that a statistically significant decline in the relative number
 of new female entrants occurred over this period, ceteris paribus. Thus,
 the human capital model cannot be rejected in this case. 
Journal: Applied Economics Letters 
Pages: 403-406 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. Cameron 
Author-X-Name-First: S. 
Author-X-Name-Last: Cameron 
Author-Name: K. U. Zaman 
Author-X-Name-First: K. U. 
Author-X-Name-Last: Zaman 
Title: Festive versus seasonal effects in consumption: a note 
Abstract:
  The standard approach to seasonality uses quarterly data and shift
 dummies to allow for intercept variation. The model presented here
 includes a distinct festive dummy and is thus more precise 
Journal: Applied Economics Letters 
Pages: 407-408 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355140 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355140&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. J. Dawson 
Author-X-Name-First: P. J. 
Author-X-Name-Last: Dawson 
Title: On testing Kuznets' economic growth hypothesis 
Abstract:
  Kuznets (1955) hypothesizes that during economic growth, per capita
 income inequality first increases, reaches a peak and then declines. We
 test this relationship for 36 less developed countries (LDCs) using a
 regression model, with quadratic functional form, relating income
 inequality to income. Estimation using robust errors to correct for
 heteroscedasticity yields results which support Kuznets's hypothesis.
 Inequality is greatest at about a level of real GDP (1980 international
 prices) of US$2000/head. 
Journal: Applied Economics Letters 
Pages: 409-410 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355159 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355159&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Satya Paul 
Author-X-Name-First: Satya 
Author-X-Name-Last: Paul 
Title: The quality of life: an international comparison based on ordinal measures 
Abstract:
  This paper presents an international comparison of the quality of life
 based on two ordinal measures, namely, the Borda and Copeland scores. The
 data on 11 indicators/attributes of well-being available for 109 countries
 are used to compute these measures. The study reveals that both the
 measures provide very similar world ranking of the quality of life. The
 OECD block is seen of the top and the Sub-Saharan African countries at the
 bottom of the world ranking. Most of the East European and Latin American
 countries are in the second and third quintiles, some Asian countries such
 as Singapore, Korea and Malaysia are in the second quintile and most
 Mother Asian countries are in the fourth and fifth quintiles of world
 ranking. 
Journal: Applied Economics Letters 
Pages: 411-414 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355168 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355168&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Sharpe 
Author-X-Name-First: David 
Author-X-Name-Last: Sharpe 
Title: Economic forecasts by industry type: comparisons and statistical tests 
Abstract:
  In this article we group together and compare economic forecasts by
 industry type. That is, corporate forecasts of GDP and CPI are compiled by
 industry for the following: financial institutions, economic consultants,
 auto manufacturers, business associations, universities, and insurance
 companies. Error statistics, such as the MAE and RMSE, are calculated over
 the 1992 to 1995 forecasting range. Observing the rankings of industry
 forecasts based on error statistics might lead one to conclude that some
 industries are more proficient at forecasting the economy than others.
 Indeed, we might infer that intentional bias may be a component of the
 forecasts provided by some industries. This work, however, provides a
 number of statistical tests to determine whether there are real
 differences in forecasts by industry type, or whether the differences are
 merely matters of chance. 
Journal: Applied Economics Letters 
Pages: 415-418 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355177 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355177&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Guell 
Author-X-Name-First: Robert 
Author-X-Name-Last: Guell 
Author-Name: Marvin Fischbaum 
Author-X-Name-First: Marvin 
Author-X-Name-Last: Fischbaum 
Title: Estimating allocative inefficiency in the prescription drug industry 
Abstract:
  The economic organization of the pharmaceutical industry is profoundly
 affected by the patent system, which provides a temporary monopoly as an
 incentive for innovation. The consensus of industry observers has been
 that potential benefits from stimulating pharmaceutical innovation are
 large and very difficult to estimate, while the costs of monopoly power
 are relatively modest. We argue that the use of accounting profits to
 estimate social costs of monopoly has led to serious underestimates of
 those social costs. In this paper we use sales estimates for individual
 drugs from survey data published by IMS America Ltd to estimate dead
 weight loss (DWL) per dollar of sales for several prescription drugs. We
 estimate that for the drugs we study there is $5 billion of DWL on the $8
 billion of sales. 
Journal: Applied Economics Letters 
Pages: 419-423 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajen Mookerjee 
Author-X-Name-First: Rajen 
Author-X-Name-Last: Mookerjee 
Title: Export volume, exchange rates and global economic growth: the Indian experience 
Abstract:
  Analysis of the nexus of India's export volume, real effective exchange
 rates and measures of global economic growth is performed using time
 series techniques of cointegration and causality. The results suggest that
 India would benefit from a policy of export growth that is managed, rather
 than stimulated by exchange rate depreciation. 
Journal: Applied Economics Letters 
Pages: 425-429 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355195 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355195&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. P. Caselli 
Author-X-Name-First: G. P. 
Author-X-Name-Last: Caselli 
Author-Name: S. Curatolo 
Author-X-Name-First: S. 
Author-X-Name-Last: Curatolo 
Title: Do estimable relations exist between size and efficiency of institutions and productivity growth? An exercise in the spirit of D. C. North 
Abstract:
  This paper, seeks to test the Fuess and van den Berg (1992) hypothesis on
 the influence of transactions costs on the productivity growth rate for
 the Italian economy in the period 1951-89, taking into account the
 increasing size of the transactions sector. 
Journal: Applied Economics Letters 
Pages: 431-435 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355203 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355203&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Weber 
Author-X-Name-First: Christian 
Author-X-Name-Last: Weber 
Title: The paper-bill spread and Blanchard's version of Okun's law 
Abstract:
  Blanchard (1989) interprets Okun's Law as a relationship between VAR
 innovations in output and the unemployment rate. Adding the paper-bill
 spread to a bivariate VAR in output growth and the unemployment rate and
 even ordering it ahead of the unemployment rate when estimating the
 structural disturbances does not alter Blanchard's finding that Okun's
 coefficient for output and unemployment rate innovations rate is around
 -0.18. 
Journal: Applied Economics Letters 
Pages: 437-440 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355212 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355212&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fernando Fernandez-Rodriguez 
Author-X-Name-First: Fernando 
Author-X-Name-Last: Fernandez-Rodriguez 
Author-Name: Simon Sosvilla-Rivero Julian 
Author-X-Name-First: Simon Sosvilla-Rivero 
Author-X-Name-Last: Julian 
Title: Combining information in exchange rate forecasting: evidence from the EMS 
Abstract:
  In this paper we propose a multivariate local predictor, inspired in the
 literature on deterministic chaos, and apply it to nine EMS currencies,
 using daily data for the January 1973-December 1994 period. Our local
 predictors perform marginally better than a random walk in forecasting the
 nominal exchange rate, clearly outperforming the random walk directional
 forecast. 
Journal: Applied Economics Letters 
Pages: 441-444 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355221 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355221&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matiur Rahman 
Author-X-Name-First: Matiur 
Author-X-Name-Last: Rahman 
Author-Name: Muhammad Mustafa 
Author-X-Name-First: Muhammad 
Author-X-Name-Last: Mustafa 
Author-Name: Michael Kurth 
Author-X-Name-First: Michael 
Author-X-Name-Last: Kurth 
Title: Integration and causality in US mortgage and T-bond markets 
Abstract:
  This paper re-examines the issues of integration and causality in US
 mortgage and T-bond markets by using the well-known cointegration and
 error correction methodology. It employs monthly data from January 1980
 through June 1993. The unit root test reveals nonstationarity in 30-year
 nominal mortgage rates and 30-year nominal T-bond yields. The DF tests
 affirm cointegration between these two variables. The estimates of the
 associated error correction model depict unidirectional long-run as well
 as short-run Granger causality that runs from the 30-year T-bond market to
 the 30-year mortgage market. Reversible short-run feedbacks are also
 observed between the two markets. 
Journal: Applied Economics Letters 
Pages: 445-447 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355230 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355230&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gabriel Quiros-Romero 
Author-X-Name-First: Gabriel 
Author-X-Name-Last: Quiros-Romero 
Author-Name: Simon Sosvilla-Rivero 
Author-X-Name-First: Simon 
Author-X-Name-Last: Sosvilla-Rivero 
Title: Do short-term interest rates influence long-term interest rates? Empirical evidence from some EMS countries 
Abstract:
  This paper attempts to evaluate the possible influence of short-term
 interest rates on the determination of long-term interest rates for some
 EMS countries. In particular, we discuss a way of reconciling the widely
 dominant term-structure approach to interest rates with the conditions
 imposed by the market practice of financing high proportions of securities
 portfolios at money market rates. To that end, we apply the cointegration
 analysis to daily data. 
Journal: Applied Economics Letters 
Pages: 449-451 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355249 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355249&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. C. Arize 
Author-X-Name-First: A. C. 
Author-X-Name-Last: Arize 
Author-Name: J. Malindretos 
Author-X-Name-First: J. 
Author-X-Name-Last: Malindretos 
Title: Effects of exchange-rate variability on inflation variability: some additional evidence 
Abstract:
  This study re-examines the hypothesis that exchange-rate variability is
 another factor contributing to inflation variability. The analysis uses
 cross-country data for 41 countries over the current floating
 exchange-rate era. It employs the instrumental variable estimator, Emery's
 (1993) specification suggestions, centering of data technique and a longer
 and more recent sample period (1973Q1-1990Q4). The empirical evidence
 supports the above hypothesis and strengthens the case for stable
 exchange-rate policies. 
Journal: Applied Economics Letters 
Pages: 453-457 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355258 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355258&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Darlene Chisholm 
Author-X-Name-First: Darlene 
Author-X-Name-Last: Chisholm 
Title: Erratum 
Abstract:
Journal: Applied Economics Letters 
Pages: 458-458 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355267 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355267&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Mcguinness 
Author-X-Name-First: Paul 
Author-X-Name-Last: Mcguinness 
Title: Inter-day return behaviour for stocks quoted 'back-to-back' in Hong Kong and London 
Abstract:
  The effect of extended trading hours in Hong Kong stocks, resulting from
 the development of the SEAQ International London market in such stocks, is
 considered here. This market, which opens shortly after the close of the
 Hong Kong market, appears to have produced some modulation in the mean and
 volatility levels of day-of-the-week returns. 
Journal: Applied Economics Letters 
Pages: 459-464 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536625 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536625&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Partridge 
Author-X-Name-First: Mark 
Author-X-Name-Last: Partridge 
Author-Name: Dan Rickman 
Author-X-Name-First: Dan 
Author-X-Name-Last: Rickman 
Title: Long-term unemployment and US State wages 
Abstract:
  During the 1980s, rising European unemployment without rapidly subsiding
 wage pressure challenged conventional labour market theories. One
 explanation is that a greater proportion of unemployment that is long-term
 unemployment (LTU) reduces downward wage pressure. Empirical evidence
 regarding this proposition is mixed, where it is possible the relationship
 varies across countries. Hence, this study examines the LTU-wage
 relationship for the US using 1976-91 state-level data. The results
 suggest that a greater LTU proportion is positively related to wages, but
 the result should be interpreted cautiously. Thus, US labour markets may
 be 'tighter' than previously suspected. 
Journal: Applied Economics Letters 
Pages: 465-468 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536626 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536626&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kausik Chaudhuri 
Author-X-Name-First: Kausik 
Author-X-Name-Last: Chaudhuri 
Title: Cointegration, error correction and Granger causality: an application with Latin American stock markets 
Abstract:
  This paper offers an empirical investigation of the presence of a long
 run relationship in stock prices in six Latin Emerging Markets. We find
 evidence of a long run relationship among all of these countries in a
 bivariate framework. Results indicate the presence of bidirectional rather
 than unidirectional causality suggesting the absence of weak exogeneity
 among their stock prices. 
Journal: Applied Economics Letters 
Pages: 469-471 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jacquelynne Mclellan 
Author-X-Name-First: Jacquelynne 
Author-X-Name-Last: Mclellan 
Author-Name: Debasish Chakraborty 
Author-X-Name-First: Debasish 
Author-X-Name-Last: Chakraborty 
Title: Another look at long-run purchasing power parity using Sims tests for unit roots 
Abstract:
  This paper tests for long-run PPP using two types of unit root tests,
 standard Dickey-Fuller (DF) or Augmented Dickey-Fuller (ADF) tests and
 Bayesian Sims tests. A problem with DF and ADF tests has been the low
 power of the tests; that is, such tests have difficulty in rejecting the
 random-walk hypothesis for real exchange rates. Sims tests, in contrast,
 do not give undue weight to the unit root. Instead Sims tests use a
 Bayesian posterior odds ratio which spreads the probability uniformly on
 the [0,1] interval. Monthly data for several industrialized and
 less-developed countries are used. Results indicate that real exchange
 rates do not appear to follow a random walk. While short-run deviations
 from PPP do occur, they fade in the long run. 
Journal: Applied Economics Letters 
Pages: 473-476 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536628 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536628&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Title: A simple method to test the Fisher effect 
Abstract:
  This alternative method of analysis applies the generalized method of
 moments developed by Hansen to the conditional restrictions implied by the
 Fisher effect. This approach has some advantages, i.e. it is robust to the
 non-normality of the error term, it is unnecessary to formulate the
 expected inflation rate explicitly, and the returns of multiple assets can
 be analysed simultaneously. 
Journal: Applied Economics Letters 
Pages: 477-479 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536629 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536629&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Keith Bender 
Author-X-Name-First: Keith 
Author-X-Name-Last: Bender 
Title: Specification issues in the modelling of union status determination 
Abstract:
  This paper investigates the relationship between econometric and variable
 specification in a model of union status determination. In a departure
 from the union membership literature, it is hypothesized that the
 industrial characteristics should not affect union status determination
 directly, but rather through bargained wages. A data set which combines
 personal and industrial characteristics is used to examine these issues.
 It is found that if sample selection into union jobs is controlled for,
 the industrial variables add no explanatory power to the union status
 equations, although they are important in the wage equations. 
Journal: Applied Economics Letters 
Pages: 481-485 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536630 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536630&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. C. H. Jones 
Author-X-Name-First: J. C. H. 
Author-X-Name-Last: Jones 
Author-Name: L. Laudadio 
Author-X-Name-First: L. 
Author-X-Name-Last: Laudadio 
Title: Non-wage labour costs and employment: a note on some Canadian evidence from the 1970s 
Abstract:
  This note considers the relationship between quasi-fixed labour costs
 (paid absences, employee pension plans, etc.) and overtime hours worked.
 Specifically, it reports the results of testing the hypothesis that, the
 larger the ratio of quasi-fixed costs to overtime wage rates, the greater
 the incentive for employers to schedule overtime hours for the current
 work force and pay overtime rates rather than expand the work force and
 pay standard rates. The results fail to reject the hypothesis. 
Journal: Applied Economics Letters 
Pages: 487-491 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536631 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536631&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Hondroyiannis 
Author-X-Name-First: George 
Author-X-Name-Last: Hondroyiannis 
Author-Name: Evangelia Papapetrou 
Author-X-Name-First: Evangelia 
Author-X-Name-Last: Papapetrou 
Title: Are budget deficits inflationary? A cointegration approach 
Abstract:
  This paper investigates the direct and indirect effects of budget deficit
 on inflation in Greece for the period 1957-93. The empirical analysis
 employs tests of cointegration, as suggested by Johansen and Juselius, as
 pretests for Granger tests of causality. The empirical evidence suggests
 that the indirect effects of budget deficits on inflation exist while the
 direct effects are not present. 
Journal: Applied Economics Letters 
Pages: 493-496 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536632 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536632&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkin Bairam 
Author-X-Name-First: Erkin 
Author-X-Name-Last: Bairam 
Title: The roles of diffusion of advance technology and capital deepening in economic growth: a cross-country study 
Abstract:
  This paper is mainly concerned with measuring absolute and relative roles
 of diffusion of advanced technology and capital deepening in economic
 growth. The results obtained suggest an inverse U-shape relationship
 between productivity growth rates and levels of economic development.
 These results also suggest that the role of capital deepening is very
 modest. 
Journal: Applied Economics Letters 
Pages: 497-501 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536633 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536633&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Majed Muhtaseb 
Author-X-Name-First: Majed 
Author-X-Name-Last: Muhtaseb 
Title: Determinants of global portfolio composition 
Abstract:
  The efficient set is derived using unhedged returns of stock market
 indices of 'Group of Seven' countries. It is found that total risk is far
 more important than return in determining whether or not a stock market
 index is included in an optimal portfolio on the efficient set. 
Journal: Applied Economics Letters 
Pages: 503-505 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536634 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536634&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Carneiro 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Carneiro 
Author-Name: Joao Ricardo Faria 
Author-X-Name-First: Joao Ricardo 
Author-X-Name-Last: Faria 
Title: Causality between the minimum wage and other wages 
Abstract:
  The paper analyzes the effects of the minimum wage over the other wages
 in Brazil using a bargaining framework. The key result is that the minimum
 wage precedes the market wage in the period 1980-85 while there is
 simultaneous determination in the period 1986-93. 
Journal: Applied Economics Letters 
Pages: 507-510 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536635 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536635&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiaming Liu 
Author-X-Name-First: Xiaming 
Author-X-Name-Last: Liu 
Author-Name: Haiyan Song 
Author-X-Name-First: Haiyan 
Author-X-Name-Last: Song 
Author-Name: Peter Romilly 
Author-X-Name-First: Peter 
Author-X-Name-Last: Romilly 
Title: Are Chinese stock markets efficient? A cointegration and causality analysis 
Abstract:
  Established in December 1990 and July 1991 respectively, the Shanghai and
 Shenzhen Stock Exchanges are the only two official stock markets in China.
 This paper aims to test for randomness in each stock exchange share price
 index, and to examine the relationship between the two share price
 indexes. Statistical evidence shows that both the Shanghai and Shenzhen
 indexes can be best characterized as random walk processes and therefore
 the markets are efficient individually. However, the Engle-Granger
 two-stage cointegration analysis and the Johansen procedure suggest a
 long-run equilibrium relationship between the two stock prices, while the
 Granger causality test indicates a feedback relationship between the
 returns of the Shenzhen and Shanghai shares. These results imply that the
 stock markets are collectively inefficient. 
Journal: Applied Economics Letters 
Pages: 511-515 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536636 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536636&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chi-Ang Lin 
Author-X-Name-First: Chi-Ang 
Author-X-Name-Last: Lin 
Title: The trade balance and the real exchange rate: the US evidence from 1973: 3 to 1994: 9 
Abstract:
  Based upon the trade balance determination models developed by Razin
 (1984), Greenwood (1984), and Hill (1990), there exists bidirectional
 causality between the trade balance and the real exchange rate. By
 applying Geweke's linear feedback measures for the US from 1973:3 to
 1994:9, the results indicate that the magnitude of feedback from the real
 exchange rate to the trade balance is very close to that from the reverse
 direction and confirm that causality between them is indeed bidirectional. 
Journal: Applied Economics Letters 
Pages: 517-520 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536637 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536637&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ila Patnaik 
Author-X-Name-First: Ila 
Author-X-Name-Last: Patnaik 
Title: Poverty, excess sensitivity and the permanent income hypothesis: evidence from a developing country 
Abstract:
  In this paper we develop a very simple test to measure 'poverty' in a
 developing country. From evidence on aggregate consumption we obtain an
 estimate of the proportion of labour income received by consumers who own
 no physical or financial assets or have access to credit. Evidence from a
 developing country - India - indicates a role for current income in
 explaining consumption over and above that predicted by the permanent
 income hypothesis. This may be attributed to 'poverty', the inability to
 save or borrow. 
Journal: Applied Economics Letters 
Pages: 521-524 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536638 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536638&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. M. Leung 
Author-X-Name-First: H. M. 
Author-X-Name-Last: Leung 
Title: Total factor productivity growth in Singapore's manufacturing industries 
Abstract:
  This paper contributes to the debate concerning the sources of growth of
 newly industrializing East Asian economies, of which Singapore is an
 example. We first of all measure Total Factor Productivity (TFP) growth
 from industry level data for Singapore over a time series, and then
 regress the estimates to a list of variables. The TFP growth is estimated
 to be around 2-3% per annum over the last ten years, somewhat higher than
 previous estimates but remains a small fraction of the actual GDP growth.
 The variables found to have significant influence on TFP growth include
 foreign ownership, export orientation, and remuneration per employee. The
 result also suggests that Singapore has not gained much from
 learning-by-doing. 
Journal: Applied Economics Letters 
Pages: 525-528 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536639 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536639&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Seaton 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Seaton 
Title: Neoclassical and collective rationality in household labour supply 
Abstract:
  The Neoclassical treatment of household labour supply assumes household
 members possess identical preferences. Models have emerged which assume
 separate utility functions for household members where the solution to
 resource allocation is derived from non-cooperative or bargaining games.
 It can be argued that bargaining implies Pareto efficient resources
 allocation and that non-cooperation is inefficient in the same sense that
 if individuals cooperated at least one member could become better off
 without making anyone else worse off. In this paper a revealed preference
 non-parametric test, first envisaged by Chiappori (1988), is explained,
 generalized and implemented. This test determines whether data support the
 hypothesis that householders bargain to a Pareto efficient outcome or not. 
Journal: Applied Economics Letters 
Pages: 529-533 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536640 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536640&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Magnus Johannesson 
Author-X-Name-First: Magnus 
Author-X-Name-Last: Johannesson 
Title: Some further experimental results on hypothetical versus real willingness to pay 
Abstract:
  In a previous experiment the null hypothesis of no difference between
 real and hypothetical willingness to pay for a box of chocolate could not
 be rejected. In this study we carry out a second experiment to see if we
 can confirm that finding. The experimental subjects are randomly divided
 into two groups. One group receives an open-ended hypothetical willingness
 to pay question and another group participates in a second-price auction
 with real payments. The mean willingness to pay is SEK 133.33 (STD 78.78)
 in the hypothetical payment group and SEK 81.62 (STD 62.99) in the real
 payment group, and the hypothesis of no difference in the mean willingness
 to pay between the groups can be rejected on the 10% level. In contrast to
 the first experiment the study thus gives some support for the notion that
 hypothetical willingness to pay questions overestimates real willingness
 to pay. 
Journal: Applied Economics Letters 
Pages: 535-536 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536641 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536641&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Swarna Dutt 
Author-X-Name-First: Swarna 
Author-X-Name-Last: Dutt 
Title: A microstructural analysis of the exchange rate expectation formation process 
Abstract:
  In this letter we examine the consistency property of the exchange rate
 expectation formation process, a precondition to rational expectations and
 efficient markets. Two major survey data sets over multiple forecast
 horizons are examined using the recently available null of cointegration
 test. Experts expectations are consistent (inconsistent) over the short
 (long) forecast horizon. These results are supported by the current
 literature and upholds the theory of bandwagon effects in expectation
 formation. As an aside, this also indirectly supports the concept of long
 run convergence towards fundamentals determined equilibrium exchange
 rates, i.e., it supports Dornbusch's overshooting hypothesis. 
Journal: Applied Economics Letters 
Pages: 537-539 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597354970 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597354970&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Baimbridge 
Author-X-Name-First: Mark 
Author-X-Name-Last: Baimbridge 
Author-Name: Philip Whyman 
Author-X-Name-First: Philip 
Author-X-Name-Last: Whyman 
Author-Name: Claire Simpson 
Author-X-Name-First: Claire 
Author-X-Name-Last: Simpson 
Title: Trade union membership density: the case of the AUT 
Abstract:
  This paper analyses trade union membership with respect to the
 Association of University Teachers representing academic and related staff
 in the 'old' UK higher education sector. It therefore negates the
 difficulties encountered with prior cross-sectional research concerning
 unionized and non-unionized workplaces and their homogeneity. Two models
 are estimated at the local association, or university, level where the
 hypothesized variables encompass age and career related determinants,
 staff gender divisions and a series of university-specific characteristics
 together with locational and political indicators. We find significant
 influences upon union density include career grade, mean staff age, male
 staff numbers together with the institution's classification. 
Journal: Applied Economics Letters 
Pages: 541-545 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597354989 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597354989&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Author-Name: Raymond Sfeir 
Author-X-Name-First: Raymond 
Author-X-Name-Last: Sfeir 
Title: Exchange rate instability: some empirical tests of temporal dynamics 
Abstract:
  Volatility in real exchange rates is empirically estimated here over
 monthly data for the period February 1988 through August 1995. Tests show
 the persistence of an oscillatory behaviour, where random walk prevails.
 Chaotic instability also cannot be ruled out in general. 
Journal: Applied Economics Letters 
Pages: 547-550 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597354998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597354998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kofi Amoateng 
Author-X-Name-First: Kofi 
Author-X-Name-Last: Amoateng 
Title: How stable is relationship between US petroleum imports and economic growth? 
Abstract:
  In this paper, we empirically examine the long-run and short-run dynamics
 of the US gross national product and petroleum imports for the last three
 decades. We find evidence of a long-run relationship between gross
 domestic national product and petroleum imports, but only a fragile one.
 Similarly there is a significant feedback (long-term) effect from
 petroleum imports to gross national product and vice versa. This feedback
 is fairly significant. However, the short-term effect is highly
 significant, but there is a relatively slow response from the values of
 gross national product to petroleum imports. Therefore, the link between
 US gross national product and petroleum imports is fragile in the long
 run. 
Journal: Applied Economics Letters 
Pages: 551-554 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355005 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355005&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Baimbridge 
Author-X-Name-First: Mark 
Author-X-Name-Last: Baimbridge 
Title: Match attendance at Euro 96: was the crowd waving or drowning? 
Abstract:
  This paper examines, for the first time, match attendance for football
 within the context of an international tournament, the European
 Championship staged in England in 1996. It develops the familiar demand
 function of economic, demographic, spatial, uncertainty of outcome
 determinants and exogenous match-specific factors with respect to an
 international championship rather than a domestic league situation.
 Significant determinants include match quality and sequence, distance
 between each participant and the host country, probability of tournament
 success, derby games, indigenous support together with the presence of
 either home team in a match. Given the importance of such international
 competitions for the financial probity and as showcases for the
 professional sport, the analysis of their key constituent features is
 important in maintaining their viability. 
Journal: Applied Economics Letters 
Pages: 555-558 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355014 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355014&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Clare 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Clare 
Author-Name: Richard Priestley 
Author-X-Name-First: Richard 
Author-X-Name-Last: Priestley 
Author-Name: Stephen Thomas 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Thomas 
Title: Is Beta dead? The role of alternative estimation methods 
Abstract:
  In this paper we test the robustness of the CAPM to two alternative
 estimation procedures: the Fama and MacBeth (1973) two-step methodology;
 and the one-step methodology due to Burmeister and McElroy (1988). For the
 UK stock market we find that we can clearly reject the CAPM when the
 two-step procedure is used, but find overwhelming support for the CAPM
 when we use the one-step estimator. Since, in their influential paper,
 Fama and French (1992) reject the CAPM for the US stock market using a
 variant of the two-step estimator, we believe that our results for the UK
 may have important implications for the 'Is Beta dead?' debate 
Journal: Applied Economics Letters 
Pages: 559-562 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355023 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355023&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Author-Name: Robert Faff 
Author-X-Name-First: Robert 
Author-X-Name-Last: Faff 
Author-Name: Thomas Josev 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Josev 
Title: Beta stability and monthly seasonal effects: evidence from the Australian capital market 
Abstract:
  A number of studies exist across a range of equity markets showing that a
 significant proportion of stocks in those markets have betas that vary
 over time. A research challenge posed by this body of evidence is to
 identify the factors that explain this time variation in individual stock
 betas. There is also an extensive literature reporting the existence of
 strong monthly seasonal patterns in equity returns from many markets and
 across extraordinarily lengthy time periods. Accordingly, using monthly
 Australian equity returns data, this paper investigates whether seasonal
 regularities such as the January effect can provide an explanation of beta
 variation. A key finding of this paper is that taking account of the
 January monthly seasonal and other monthly seasonals has no effect on the
 beta stability characteristics of individual stocks. Hence, based on our
 analysis, seasonal effects does not provide an explanation of beta
 instability. A subsiduary finding is that stocks with significant monthly
 seasonal effects tend to have a smaller average market capitalization. 
Journal: Applied Economics Letters 
Pages: 563-566 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Peel 
Author-X-Name-First: David 
Author-X-Name-Last: Peel 
Author-Name: Dennis Thomas 
Author-X-Name-First: Dennis 
Author-X-Name-Last: Thomas 
Title: Handicaps, outcome uncertainty and attendance demand 
Abstract:
  Using data on 'spread' betting odds for rugby league football this study
 shows that handicap odds are unbiased and efficient predictors of match
 results and that, as a proxy for match uncertainty of outcomes, the
 handicap value is a significant determinant of attendance. 
Journal: Applied Economics Letters 
Pages: 567-570 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355041 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355041&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Hondroyiannis 
Author-X-Name-First: George 
Author-X-Name-Last: Hondroyiannis 
Author-Name: Evangelia Papapetrou 
Author-X-Name-First: Evangelia 
Author-X-Name-Last: Papapetrou 
Title: Cigarette consumption in Greece: empirical evidence from cointegration analysis 
Abstract:
  This paper provides an empirical analysis of cigarette consumption in
 Greece using the recent Johansen cointegration procedure for the period
 1960-1990. Income and price elasticities for the long-run and short-run
 period are estimated. In addition the findings suggest that health
 warnings in consumption are more effective in reducing smoking than an
 increase in the price. 
Journal: Applied Economics Letters 
Pages: 571-574 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355050 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355050&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. L. Chou 
Author-X-Name-First: W. L. 
Author-X-Name-Last: Chou 
Author-Name: Y. C. Shih 
Author-X-Name-First: Y. C. 
Author-X-Name-Last: Shih 
Title: Long-run purchasing power parity and long-term memory: evidence from Asian newly industrialized countries 
Abstract:
  Fractional cointegration in a trivariate model is used to test the
 long-run purchasing power parity hypothesis in four Asian newly
 industrialized economies. Critical values for the Geweke-Porter-Hudak
 tests based on Monte Carlo simulations are provided. Evidence of
 fractional cointegration arises when a linear trend is included. Subperiod
 analysis indicates that a shift in the exchange rate regime is likely to
 affect the results of cointegration tests 
Journal: Applied Economics Letters 
Pages: 575-578 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355069 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355069&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. C. Berger 
Author-X-Name-First: M. C. 
Author-X-Name-Last: Berger 
Author-Name: P. Groothuis 
Author-X-Name-First: P. 
Author-X-Name-Last: Groothuis 
Author-Name: P. Jeon 
Author-X-Name-First: P. 
Author-X-Name-Last: Jeon 
Title: The changing gender wage gap in Korea 
Abstract:
  We examine how females have fared relative to males in the rapidly
 growing Korean economy. Similar to the US, the average wage of Korean
 females has increased relative to males. Unlike the US, the increase
 appears to be due mainly to improvements in productive characteristics
 such as schooling and experience and not reductions in wage
 discrimination. 
Journal: Applied Economics Letters 
Pages: 579-582 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355078 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355078&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bishwanath Goldari 
Author-X-Name-First: Bishwanath 
Author-X-Name-Last: Goldari 
Author-Name: Hasheem Saleem 
Author-X-Name-First: Hasheem 
Author-X-Name-Last: Saleem 
Title: Incidence of tariff: the case of India, 1982-93 
Abstract:
  In this paper, the effect of tariff is analysed at a broad sectoral level
 using a simple general equilibrium model. The sectors of the Indian
 economy have been classified on the basis of trade. Commodities have been
 identified as importables or exportables based on whether India is a major
 importer or exporter of a particular product. We have used an indirect
 approach to estimate the shift parameter employing time-series regression
 of changes in the relative price of non-tradeables to exportables and that
 of importables to exportables. The series were tested for stationarity and
 they were found to be stationary in the first differences. We used a
 dynamic specification to allow for lags in the adjustment of relative
 prices of non-tradeables to exportables due to changes in the relative
 price of importables to exportables. The estimate of the long-run shift
 parameter is found to be 0.74% and the estimate of the short-run shift
 parameter is 0.58%. Our results show that a 100% rate of customs duty
 results in 'true' protection of importable only to the extent of 14.9% in
 the long-run and a bias against exports to the extent of 42.5%. 
Journal: Applied Economics Letters 
Pages: 583-586 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355087 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355087&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Oystein Thogersen 
Author-X-Name-First: Oystein 
Author-X-Name-Last: Thogersen 
Title: International diversification and oil price risk 
Abstract:
  The effects of oil price risk on international risk sharing are studied.
 Both petroleum importing and exporting countries within OECD-Europe are
 considered. The empirical analysis indicates that uninsured idiosyncratic
 oil price risk accounts for parts of the observed low consumption
 correlations between these countries. This suggests that both petroleum
 exporters and importers could benefit from innovations in the markets for
 claims to unextracted oil and natural gas. 
Journal: Applied Economics Letters 
Pages: 587-590 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Gabriel 
Author-X-Name-First: Paul 
Author-X-Name-Last: Gabriel 
Title: Occupational differences and the relative wages of married and single young men 
Abstract:
  This study investigates differences in the occupational structures of
 married and single young men to determine if single men face unequal
 prospects for occupational attainment. A second objective is to determine
 if occupational differences by marital status help to explain the
 well-known marriage wage premium. The estimated qualitative response model
 reveals that single and married men face different prospects for
 occupational attainment after controlling for differences in personal
 characteristics. However, the wage premium for married men does not appear
 to result from the segregation of single men into lower-paying
 occupations. 
Journal: Applied Economics Letters 
Pages: 591-594 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Juha-Pekka Kallunki 
Author-X-Name-First: Juha-Pekka 
Author-X-Name-Last: Kallunki 
Author-Name: Teppo Martikainen 
Author-X-Name-First: Teppo 
Author-X-Name-Last: Martikainen 
Title: Trading patterns of small and large traders: implications for the weekend effect in Finland 
Abstract:
  This note investigates the behaviour of small and large traders on
 different days of the week in the Finnish stock market. The results
 suggest that small traders increase their sell orders after the weekend.
 This suggests that the selling pressure of small individual investors in
 the beginning of the trading week is at least a partial explanation of the
 weekend effect in Finland. 
Journal: Applied Economics Letters 
Pages: 595-597 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533280 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533280&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ketil Hviding 
Author-X-Name-First: Ketil 
Author-X-Name-Last: Hviding 
Title: Some international evidence on the 'equity premium' 
Abstract:
  This note presents results from tests on the proposition that a
 'surprise' in inflation is positively related to the equity premium using
 data from four financial markets: the United States, Japan, the United
 Kingdom and Germany. The results appear to confirm previous work by
 Blanchard indicating a positive relationship in the United States. This
 result does, however, not seem to be applicable to other markets; there is
 no evidence of such a relationship in Japan, Germany, or in the United
 Kingdom. 
Journal: Applied Economics Letters 
Pages: 599-602 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533281 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533281&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan Speight 
Author-X-Name-First: Alan 
Author-X-Name-Last: Speight 
Title: Testing for business cycle asymmetry: some international evidence 
Abstract:
  This letter applies tests for asymmetric 'deepness' and 'steepness' to
 the monthly industrial production indices of 16 OECD economics and the
 OECD aggregate. We report evidence of statistically significant deepness
 for Germany, and both deepness and steepness for Japan, Sweden and, more
 marginally, the US. For Sweden, these asymmetries are consistent with
 sharp falls in production during recession, and gradual increases to high
 levels during recovery. For Japan and the US, these asymmetries are
 consistent with sharp falls in industrial production to low levels during
 recession and more gradual and moderate increases in production during
 recovery. 
Journal: Applied Economics Letters 
Pages: 603-606 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533282 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533282&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Howard Gensler 
Author-X-Name-First: Howard 
Author-X-Name-Last: Gensler 
Title: Welfare and the family size decision of low-income, two-parent families 
Abstract:
  The effect of welfare on family size is estimated by means of an ordered
 probit analysis on low-income, two-parent families. A multiyear
 cross-sectional pooled data set derived from the US Census Bureau's
 Current Population Survey over the period 1979-1990 is analysed.
 Behavioural impacts from a range of economic variables are consistent in
 sign with theoretical predictions and are reasonable in magnitude. A $1000
 increase in the amount of welfare per child can be expected to increase
 the number of children by 2.2% for such families. 
Journal: Applied Economics Letters 
Pages: 607-610 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533283 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533283&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Pippenger 
Author-X-Name-First: Michael 
Author-X-Name-Last: Pippenger 
Author-Name: John Geppert 
Author-X-Name-First: John 
Author-X-Name-Last: Geppert 
Title: Testing purchasing power parity in the presence of transaction costs 
Abstract:
  This paper examines long-run purchasing power parity (PPP) using a new
 formulation of PPP in the presence of transaction costs. Our results
 strongly support the proposition that PPP holds as a long-run equilibrium
 condition. 
Journal: Applied Economics Letters 
Pages: 611-614 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533284 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533284&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Leighton Vaughan Williams 
Author-X-Name-First: Leighton Vaughan 
Author-X-Name-Last: Williams 
Author-Name: David Paton 
Author-X-Name-First: David 
Author-X-Name-Last: Paton 
Title: Does information efficiency require a perception of information inefficiency? 
Abstract:
  This paper examines the existence of significant differences in the
 expected returns to bets placed about identical outcomes in different
 sectors of a betting market. In an informationally efficient market, such
 differences should be arbitraged away. Evidence is presented here which
 suggests that this process actually occurs only in those situations where
 bettors are provided with a clear signal of some form of information
 efficiency in the market. The signal takes the form of a marked movement
 in bookmakers' odds. Where these signals are not present, unexploited
 opportunities for arbitrage persist. We suggest that actual information
 efficiency (in the sense of an absence of unexploited opportunities for
 arbitrage) requires a clear perception by market players of the existence
 of some form of information inefficiency in the market under
 consideration. 
Journal: Applied Economics Letters 
Pages: 615-617 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533285 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533285&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Qingbin Wang 
Author-X-Name-First: Qingbin 
Author-X-Name-Last: Wang 
Author-Name: Catherine Halbrendt 
Author-X-Name-First: Catherine 
Author-X-Name-Last: Halbrendt 
Author-Name: Jane Kolodinsky 
Author-X-Name-First: Jane 
Author-X-Name-Last: Kolodinsky 
Author-Name: Fred Schmidt 
Author-X-Name-First: Fred 
Author-X-Name-Last: Schmidt 
Title: Willingness to pay for rBST-free milk: a two-limit Tobit model analysis 
Abstract:
  The labelling of dairy products containing milk from rBST-treated cows
 has rapidly emerged as an important issue in the US due to the controversy
 between state and federal legislation and between consumer and industrial
 groups. This paper evaluates consumer willingness to pay (WTP) for
 rBST-free milk using data collected from a consumer survey. Estimation
 results of a two-limit Tobit model suggest that a majority of consumers
 are willing to pay a premium for rBST-free milk and the WTP is affected by
 several sociodemographic factors such as income and attitudes toward the
 use of rBST. 
Journal: Applied Economics Letters 
Pages: 619-621 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533286 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533286&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Albert Okunade 
Author-X-Name-First: Albert 
Author-X-Name-Last: Okunade 
Title: Cost structure in college and university student health centres: comment 
Abstract:
  Brady, Assane and Karstensson in their earlier paper (1994) in this
 journal estimated a translog cost model of college and university health
 centres. They reported economies of scale estimates, as well as mean value
 elasticity estimates for factor demands and substitutions. In this
 comment, we: (1) correct their implied assumption that the pairwise,
 cross-price elasticities of factor substitutions are symmetrical, and (2)
 use their factor cost shares and regression parameter estimates to compute
 asymptotic standard errors for the various elasticities in order to test
 their statistical significance. Extended implications from our findings
 are discussed. 
Journal: Applied Economics Letters 
Pages: 623-625 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533287 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533287&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Dockery 
Author-X-Name-First: E. 
Author-X-Name-Last: Dockery 
Author-Name: F. Vergari 
Author-X-Name-First: F. 
Author-X-Name-Last: Vergari 
Title: Testing the random walk hypothesis: evidence for the Budapest stock exchange 
Abstract:
  Variance ratio tests with both homoscedastic and heteroscedastic error
 variances are used to examine the random walk hypothesis for the Budapest
 stock exchange. Our empirical findings show that the Budapest stock
 exchange is a random walk market, which is quite different from those
 described in the literature on both developed, smaller and emerging
 capital markets. 
Journal: Applied Economics Letters 
Pages: 627-629 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533288 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533288&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Angelos Kanas 
Author-X-Name-First: Angelos 
Author-X-Name-Last: Kanas 
Title: Nonlinear dependence in British pound exchange rates 
Abstract:
  The Brock, Dechert and Scheinkman (1987) method is used to test for
 nonlinear dependence in daily rates of change of the exchange rate of the
 British pound relative to seven most heavily traded currencies against the
 pound during the period 2 January 1993 to 7 October 1996. The currencies
 are the US dollar, the Deutsche mark, the French franc, the Swiss franc,
 the Canadian dollar, the Japanese yen and the Italian lira. The results
 suggest that nonlinear dependence exists in all seven British pound
 exchange rates. Except for the US dollar, nonlinear dependence is due to
 nonlinearity in the variance and is captured by a GARCH(l,l)-t model. For
 the US dollar, nonlinear dependence is due to nonlinearity both in the
 mean and the variance and is captured by a GARCH-in-mean (GARCH-M) model. 
Journal: Applied Economics Letters 
Pages: 631-633 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533289 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533289&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Allen Atkins 
Author-X-Name-First: Allen 
Author-X-Name-Last: Atkins 
Author-Name: James Sundali 
Author-X-Name-First: James 
Author-X-Name-Last: Sundali 
Title: Portfolio managers versus the darts: evidence from the Wall Street Journal's Dartboard Column 
Abstract:
  The possibility that professional stock analysts could be outperformed by
 throwing darts at the stock listing page has intrigued stock market
 enthusiasts for years. In this study, we examine the results from the Wall
 Street Journal's Investment Dartboard Columns and find that the experts
 outperform the darts by a wide margin and outperform five different market
 indices by a positive but statistically insignificant amount. 
Journal: Applied Economics Letters 
Pages: 635-637 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533290 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533290&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:4:y:1997:i:10:p:635-637




Template-Type: ReDIF-Article 1.0
Author-Name: Eric Nauenberg 
Author-X-Name-First: Eric 
Author-X-Name-Last: Nauenberg 
Author-Name: Kisalaya Basu 
Author-X-Name-First: Kisalaya 
Author-X-Name-Last: Basu 
Author-Name: Harish Chand 
Author-X-Name-First: Harish 
Author-X-Name-Last: Chand 
Title: Hirschman-Herfindahl index determination under incomplete information 
Abstract:
  This paper utilizes techniques from combinatorics to derive a closed form
 solution for an estimator of that portion of a Hirschman-Herfindahl index
 which measures concentration for that segment of the market with
 unattributed market share. This index makes more complete use of sample
 information than other more conventional measures of limited-information
 market concentration like the C4 and C8 indices. 
Journal: Applied Economics Letters 
Pages: 639-642 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533291 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533291&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Gibson 
Author-X-Name-First: John 
Author-X-Name-Last: Gibson 
Title: Testing for boy-girl discrimination with household expenditure data: results for Papua New Guinea 
Abstract:
  Discrimination in the allocation of goods between boys and girls is
 tested for, using expenditure data from households in Papua New Guinea.
 Deaton's (1989) method of identifying demographic effects on adult goods
 expenditure is used to indicate gender bias. Valid adult goods are found
 to be adult clothing, alcohol, gambling, meals eaten away from home, and
 tobacco. Adding a young boy to a household reduces expenditure on adult
 goods by as much as would a one-third reduction in total outlay per
 member, but young girls have no effect on adult goods expenditure. The
 difference in these point estimates is estimated imprecisely, and falls
 just outside conventional levels of statistical significance. 
Journal: Applied Economics Letters 
Pages: 643-646 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533292 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533292&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. F. Omran 
Author-X-Name-First: M. F. 
Author-X-Name-Last: Omran 
Title: Nonlinear dependence and conditional heteroscedasticity in stock returns: UK evidence 
Abstract:
  The BDS test is used to investigate whether stock returns for five
 companies and the FTALL index exhibit nonlinear dependence. It is found
 that conditional heteroscedasticity account for most of the nonlinearity
 of stock returns in the UK. 
Journal: Applied Economics Letters 
Pages: 647-650 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533293 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533293&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Antonakis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Antonakis 
Title: Defence spending and growth in Greece: a comment and further empirical evidence 
Abstract:
  This note critically evaluates the theoretical framework and empirical
 results of Chletsos and Kollias (1995) on the relationship between defence
 expenditure and economic growth in Greece, and re-examines the issue on
 the basis of an alternative model. It is argued that the reviewed paper
 does not provide a formal rationalization for the incorporation of
 military spending in a sources of growth equation, and it does not make
 use of the entire set of available data, leading thus to questionable and
 inconclusive empirical results. The specification of an alternative model
 within the neoclassical production-function framework and its estimation
 over the period 1958-91 shows that military expenditure has been
 detrimental to economic growth in Greece, contrary to Chletsos and
 Kollias' findings. 
Journal: Applied Economics Letters 
Pages: 651-655 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533294 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533294&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lily Choong 
Author-X-Name-First: Lily 
Author-X-Name-Last: Choong 
Title: Capital requirements on over the counter options 
Abstract:
  Over the counter (OTC) options involve both market and counterparty risk.
 Capital requirements are imposed on options to cover these risks and
 prevent systemic failures that may arise as a result of widespread
 defaults. This paper demonstrates that the default risk attached to these
 instruments can be modelled as a contingent claim instrument, that is, as
 a default premium, and, as such, capital requirement imposed on OTC
 options should be based on the objective of covering this premium. The
 capital requirements, as suggested by this paper, can be applied to either
 or both the writer and buyer of the option such that the possibility of
 default is negligible. 
Journal: Applied Economics Letters 
Pages: 657-660 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530643 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530643&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Triantis 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Triantis 
Title: Life cycle theory and the impact of the rate of economic growth on saving 
Abstract:
  The life cycle explanation of the positive impact of a country's rate of
 economic growth on its saving ratio appears questionable: its two
 premises, that the retirees' share of total income declines and that,
 consequently, income shifts from dissavers to savers, are found wanting. 
Journal: Applied Economics Letters 
Pages: 661-663 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530644 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530644&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Author-Name: Bradley Ewing 
Author-X-Name-First: Bradley 
Author-X-Name-Last: Ewing 
Title: Population and economic growth: a cointegration analysis of lesser developed countries 
Abstract:
  This paper examines the temporal relationship between population growth
 and economic growth for a sample of less developed countries. Unlike prior
 research efforts, Granger causality tests are conducted in the context of
 error correction models when cointegration is present. Of the thirteen
 countries examined cointegration was present in only three countries.
 Although ten countries did not exhibit properties of cointegration, it is
 noted that researchers undertaking time series studies of the relationship
 between population growth and economic growth utilizing differenced data
 should evaluate the possible long-run relationship. Capturing both the
 short-run and long-run behaviour of the respective time series may provide
 the researcher with a more robust test of Granger-casuality. 
Journal: Applied Economics Letters 
Pages: 665-669 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530645 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530645&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Cheng 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Cheng 
Title: Energy consumption and economic growth in Brazil, Mexico and Venezuela: a time series analysis 
Abstract:
  Applying recently developed techniques of cointegration and Hsiao's
 version of Granger causality to three Latin countries (Brazil, Mexico, and
 Venezuela), this study finds no causal linkages between energy consumption
 and economic growth for both Mexico and Venezuela using the trivariate
 models. However, capital is found to negatively, though weakly, cause
 economic growth for both Mexico and Venezuela. Additionally, energy is
 found to cause economic growth for Brazil. In sum, we detect no consistent
 causal patterns between energy and economic growth based on the causality
 tests from the three Latin countries. 
Journal: Applied Economics Letters 
Pages: 671-674 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530646 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530646&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: Impact of lawyer advertising on the image of lawyers in the United States 
Abstract:
  The US Supreme Court in 1977 declared that most bans on lawyer
 advertising were unconstitutional. Since that decision, the volume of
 lawyer advertising has grown very rapidly. In addition, since the
 mid-1980s, Gallup polls indicate that the public's image of the law
 profession has declined substantially. Many members of the law profession
 casually conjecture that this decline is due to lawyer advertising. By
 contrast, this study offers a hypothesis that lawyer advertising should
 enhance the image of lawyers. In an effort to test this hypothesis, this
 study empirically investigates the impact of lawyer advertising on the
 image of the law profession. OLS results reveal that lawyer advertising
 may in fact elevate the image of lawyers in the USA. 
Journal: Applied Economics Letters 
Pages: 675-678 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530647 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530647&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Omer Ozcicek 
Author-X-Name-First: Omer 
Author-X-Name-Last: Ozcicek 
Author-Name: David Smyth 
Author-X-Name-First: David 
Author-X-Name-Last: Smyth 
Title: Productivity shocks and business fixed investment 
Abstract:
  Business fixed investment is shown to be related to productivity shocks
 more than profitability and q variable. The multifactor productivity index
 is used as a proxy. 
Journal: Applied Economics Letters 
Pages: 679-681 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530648 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530648&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:4:y:1997:i:11:p:679-681




Template-Type: ReDIF-Article 1.0
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Author-Name: Bradley Ewing 
Author-X-Name-First: Bradley 
Author-X-Name-Last: Ewing 
Title: Evidence from lesser developed countries on the Fisher hypothesis: a cointegration analysis 
Abstract:
  This paper examines the Fisher hypothesis for a sample of less developed
 countries. Recognizing the possibility of spurious regression results,
 tests of the Fisher hypothesis are undertaken utilizing the
 Johansen-Juselius cointegration procedure. Of the nine countries studied,
 only Malaysia, Pakistan, and Sri Lanka provide evidence to support the
 full Fisher effect in which a unit proportional relationship exists
 between nominal interest rates and inflation. 
Journal: Applied Economics Letters 
Pages: 683-687 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530649 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530649&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Fox 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Fox 
Title: White noise and other experiments on augmented Dickey-Fuller tests 
Abstract:
  Various methods for choosing the appropriate degree of 'augmentation' for
 augmented Dickey-Fuller tests are compared using Monte Carlo experiments.
 A commonly used method is found to result in very low power It is
 interesting that Humans try to find Meaningful Patterns in things that are
 essentially random. (Commander Data, Star Trek, 1992) 
Journal: Applied Economics Letters 
Pages: 689-694 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530650 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530650&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:4:y:1997:i:11:p:689-694




Template-Type: ReDIF-Article 1.0
Author-Name: N. Funke 
Author-X-Name-First: N. 
Author-X-Name-Last: Funke 
Title: Yield spreads as predictors of recessions in a core European economic area 
Abstract:
  The estimation of probabilities of recessions/weak economic activity
 based on probit analyses indicates that the development of the German
 yield spread as well as the development of a weighted average of European
 yield spreads have been useful predictors for periods of sluggish economic
 development in core Europe with a lead time of around three quarters.* 
Journal: Applied Economics Letters 
Pages: 695-697 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530651 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530651&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kaddour Hadri 
Author-X-Name-First: Kaddour 
Author-X-Name-Last: Hadri 
Title: A frontier approach to disequilibrium models 
Abstract:
  Due to aggregation (Muellbauer, 1978), market frictions (Benassy, 1982)
 and stochastic manipulable perceived rationing (Weinrich, 1984) it is very
 likely that the quantity transacted is less than the short side of a
 market affected by quantity rationing. This is we might observe in a given
 market simultaneously excess demand and excess supply. In this paper we
 suggest a frontier approach to specify these inefficiencies in
 disequilibrium models. This is done essentially by adding a truncated
 disturbance term to the traditional symmetric error. The new specification
 allows us to test for the presence of any type of inefficiency. 
Journal: Applied Economics Letters 
Pages: 699-701 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530652 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530652&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jakob De Haan 
Author-X-Name-First: Jakob 
Author-X-Name-Last: De Haan 
Author-Name: Clemens Siermann 
Author-X-Name-First: Clemens 
Author-X-Name-Last: Siermann 
Author-Name: Erna Van Lubek 
Author-X-Name-First: Erna 
Author-X-Name-Last: Van Lubek 
Title: Political instability and country risk: new evidence 
Abstract:
  This note presents new estimates of a probit model for the debt
 rescheduling, using a sample of 65 countries over the period 1984-93.
 Apart from economic variables, a whole range of indicators for political
 instability are included in the model as explanatory variables. It turns
 out, that none is significant with the 'correct' sign. Apparently, a
 detoriation of the political situation is already reflected in economic
 aggregates, which suggest that the influence of political factors is
 discounted in macroeconomic variables as included in the model. 
Journal: Applied Economics Letters 
Pages: 703-707 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530653 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530653&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Armando Barrientos 
Author-X-Name-First: Armando 
Author-X-Name-Last: Barrientos 
Author-Name: Luis Firinguetti 
Author-X-Name-First: Luis 
Author-X-Name-Last: Firinguetti 
Title: Predicting wages from transformed wage equations 
Abstract:
  The log-linear specification of wage equations is commonly used in the
 applied economics literature. Predictions of the retransformed wage are
 not straightforward as the standard approach (naive estimator) produces
 biased predictions. Duan (1983) proposes a smearing estimator which
 overcomes this problem, and is easy to implement. In the paper we predict
 wages using these two estimators and highlight the difference in the
 predictions they generate. 
Journal: Applied Economics Letters 
Pages: 709-710 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530654 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530654&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: A Note on the impact of the United States federal budget deficit on the intermediate-term interest rate, 1960-94 
Abstract:
  There is an extensive literature investigating the impact of federal
 budget deficits in the US on interest rate yields. This literature focuses
 almost entirely on short-term rates (under one year to maturity) and
 long-term rates (ten years or more to maturity). However, almost no
 attention has been directed at intermediate-term interest rate yields,
 that is yields on bonds maturing more than one year and less than ten
 years in the future. Also, this literature essentially ignores the second
 half of the 1980s and the 1990s. Accordingly, this note empirically
 investigates the impact of budget deficits in the US on the interest rate
 yield on three-year US Treasury notes for the period 1960 through the end
 of 1994. Based on OLS and IV estimates, two of which include net
 international capital inflows, it is found that budget deficits do raise
 intermediate-term rates, which may strengthen arguments that budget
 deficits lead to crowding out. 
Journal: Applied Economics Letters 
Pages: 711-714 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530655 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530655&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nurhan Davutyan 
Author-X-Name-First: Nurhan 
Author-X-Name-Last: Davutyan 
Title: The bid-ask spread for dollars in Kuwait: a brief note 
Abstract:
  This paper uses the Demsetz-Bagehot theory of dealer services and bid-ask
 spreads to analyse the determinants of the bid and ask spread in the
 Kuwaiti foreign exchange market for dollars. The explanatory variables
 predicted by the theory are found to be significant. Idiosyncrasies
 arising from the country and period under analysis are highlighted. 
Journal: Applied Economics Letters 
Pages: 715-717 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530656 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530656&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sanjiv Ranjan Das 
Author-X-Name-First: Sanjiv Ranjan 
Author-X-Name-Last: Das 
Title: Macroeconomic implications of search theory for the labour market 
Abstract:
  'While the usual job search problem is a microeconomic one, this paper
 applies labour market data to a standard search model to extract
 macroeconomic implications. A theoretical relationship between the minimum
 wage, subsistence wage and reservation wage is posited and found to be
 violated in the data. The paper raises several issues of public policy. It
 finds that the minimum wage offered is low. It provides a measure of the
 'quality' of the labour market, and discusses how it may be improved, by
 increasing the minimum wage, reducing bargaining between the supply and
 demand sides of the labour market, and curbing wage volatility. 
Journal: Applied Economics Letters 
Pages: 719-723 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528714 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528714&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Rayton 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Rayton 
Title: Rent-sharing or incentives? Estimating the residual claim of average employees 
Abstract:
  The rent-sharing literature and the agency literature both predict a link
 between pay and performance. The rent-sharing literature relies on
 short-term market power to explain this link, while the agency literature
 bases its prediction on the importance of incentives in principal-agent
 relationships. Annual data from an unbalanced panel of US manufacturing
 firms indicate that the performance-elasticity of average employee pay is
 approximately 0.127271 in small firms while it not significantly different
 from zero in large firms. The relative lack of incentive pay in the group
 of large firms demonstrates that the pay-performance link evident in US
 manufacturing firms is inconsistent with the exclusive truth of the
 rent-sharing hypothesis. 
Journal: Applied Economics Letters 
Pages: 725-728 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528715 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528715&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:4:y:1997:i:12:p:725-728




Template-Type: ReDIF-Article 1.0
Author-Name: Shane Bonetti 
Author-X-Name-First: Shane 
Author-X-Name-Last: Bonetti 
Title: A test of the public choice theory of economic sanctions 
Abstract:
  Models of the form of sanctions are constructed to test Kaempfer and
 Lowenbergs' public choice theory of economic sanctions using the Hufbauer,
 et al. dataset. The key explanatory variable is presanction trade linkage
 between sender and target. If sanctions are primarily coercive, trade
 linkage and the propensity to choose trade sanctions should be positively
 related. If public choice considerations are dominant the propensity to
 choose trade sanctions should vary inversely with trade linkage. The
 results presented are consistent with the public choice interpretation. 
Journal: Applied Economics Letters 
Pages: 729-732 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528716 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528716&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mahdy Mohanty 
Author-X-Name-First: Mahdy 
Author-X-Name-Last: Mohanty 
Author-Name: Miles Finney 
Author-X-Name-First: Miles 
Author-X-Name-Last: Finney 
Title: Evidence on the effect of young adults' wages on their college attendance decisions 
Abstract:
  Using data from the National Longitudinal Survey of Youth, this note
 demonstrates that the college attendance decision of employed young adults
 depends partly on their wage. We further find that the wage quadratically
 impacts the decision to attend college. 
Journal: Applied Economics Letters 
Pages: 733-735 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528717 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528717&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. W. Faff 
Author-X-Name-First: R. W. 
Author-X-Name-Last: Faff 
Author-Name: P. F. Howard 
Author-X-Name-First: P. F. 
Author-X-Name-Last: Howard 
Title: Bank exposures to interest-rate risk: the case of the Australian banking industry 
Abstract:
  This paper provides evidence of the changing nature of interest-rate
 sensitivity of a banking and finance portfolio in Australia over the
 period 1978-1992. Specifically, the potential sensitivity to short- and
 long-term interest rate movements is examined in each of three subperiods
 (1978-1982, 1983-1987 and 1988-1992). Consistent with previous US
 evidence, our major finding is that the banking portfolio exhibits
 sensitivity only to long-term interest rates. However, this sensitivity is
 significant only during the middle subperiod - a time when Australian
 financial markets experienced dramatic deregulatory changes including the
 floating of the domestic currency. 
Journal: Applied Economics Letters 
Pages: 737-739 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528718 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528718&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Susan Donohue 
Author-X-Name-First: Susan 
Author-X-Name-Last: Donohue 
Title: The pattern of non-union wage supplements: a switching regression approach 
Abstract:
  This paper estimates whether non-union wage supplements associated with
 unionization are larger for low wage workers. Switching regression
 estimates determine low and high wage samples and demonstrate larger
 supplements for most low wage workers. The pattern varies by occupational
 group. 
Journal: Applied Economics Letters 
Pages: 741-743 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528719 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528719&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ludo Peeters 
Author-X-Name-First: Ludo 
Author-X-Name-Last: Peeters 
Author-Name: Yves Surry 
Author-X-Name-First: Yves 
Author-X-Name-Last: Surry 
Author-Name: Anja Cielen 
Author-X-Name-First: Anja 
Author-X-Name-Last: Cielen 
Title: Testing alternative dynamic specifications: an application to meat demand in Belgium 
Abstract:
  This letter examines alternative specifications of dynamic adjustment in
 the context of a linear approximate AIDS model of the demand for meat in
 Belgium. The model also incorporates demographic variables to account for
 structural changes in consumer preferences. Using a general first-order
 ECM specification as a unifying analytical framework, several tests are
 performed in an attempt to validate the preferred dynamic model
 specification. The results indicate that the widely-used dynamic model
 with one adjustment parameter (diagonal adjustment matrix) as well as the
 autoregressive and static models are strongly rejected by the data. The
 proposed symmetric specification of dynamic adjustment presents a viable
 alternative. 
Journal: Applied Economics Letters 
Pages: 745-749 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528720 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528720&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Alberto Molina 
Author-X-Name-First: Jose Alberto 
Author-X-Name-Last: Molina 
Title: Modelling the Spanish imports of vehicles using a source differentiated demand system 
Abstract:
  This paper models the Spanish imports of vehicles, differentiated both by
 goods and by origins, during the period 1963-1992, using a source
 differentiated Almost Ideal Demand System. We consider three vehicle
 goods, namely trucks, cars and tractors, which are imported from six
 different origins, Germany, the USA, France, the UK, Italy and other
 countries. Having first shown that the estimated model does not exhibit
 autocorrelation problems, the results are presented using the expenditure
 and price estimated elasticities. French trucks and tractors and US cars
 are the most luxurious imported vehicles. The Marshallian own-price
 elasticities reflect that Italian trucks, German cars and US tractors had
 the most insentitive demands to own-price changes. Finally, cross-price
 elasticities show weak effects. 
Journal: Applied Economics Letters 
Pages: 751-755 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528721 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528721&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matiur Rahman 
Author-X-Name-First: Matiur 
Author-X-Name-Last: Rahman 
Author-Name: Muhammad Mustafa 
Author-X-Name-First: Muhammad 
Author-X-Name-Last: Mustafa 
Title: Growths in US housing starts, real consumer debt, real GDP and the long-term real interest rate: a vector cointegration analysis 
Abstract:
  The primary purpose of this paper is to explore the long-run association
 among growths in US housing starts, real consumer debt, real GDP and the
 long-term real interest rate. To carry out this exploratory work, Johansen
 and Juselius (1990) vector cointegration procedure is applied. Monthly
 data from January 1960 through April 1993 are employed. The empirical
 results suggest that each time series in levels is non-stationary. Also, a
 general conclusion emerges which suggests that all these macroeconomic
 variables possess a long-run interactive inter-relationship. 
Journal: Applied Economics Letters 
Pages: 757-759 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528722 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528722&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Teresa Aparicio 
Author-X-Name-First: M. Teresa 
Author-X-Name-Last: Aparicio 
Author-Name: Inmaculada Villanua 
Author-X-Name-First: Inmaculada 
Author-X-Name-Last: Villanua 
Title: Measures of probability changes in binary choice models: a comparative study 
Abstract:
  A measure of probability changes in probit and logit dichotomous models
 is proposed based of the efficient use of sampling information,
 specifically using the average of the derivatives, as opposed to the
 traditional practice of calculating the derivative at the mean value. The
 two strategies are compared using a simulation exercise which reveals
 their respective robustness. 
Journal: Applied Economics Letters 
Pages: 761-763 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528723 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528723&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jung-Hee Lee 
Author-X-Name-First: Jung-Hee 
Author-X-Name-Last: Lee 
Author-Name: B. Wade Brorsen 
Author-X-Name-First: B. Wade 
Author-X-Name-Last: Brorsen 
Title: A non-nested test of GARCH vs. EGARCH models 
Abstract:
  This study uses a Cox-type non-nested test. The test is obtained using
 Monte Carlo hypothesis tests with the log likelihood ratio as the test
 statistic. Monte Carlo methods are used to obtain the probability of a
 larger value of the test statistic under the null hypothesis. The approach
 used does not rely upon asymptotic normality. Using the maximum likelihood
 estimation technique, two competing time series models, generalized
 autoregressive conditional heteroscedasticity (GARCH) and exponential
 GARCH (EGARCH) models of daily spot prices of Deutsche mark are estimated.
 Using Monte Carlo hypothesis tests, then, p-values for GARCH vs. EGARCH
 models are calculated. The EGARCH model cannot be rejected, while the
 GARCH model is rejected. 
Journal: Applied Economics Letters 
Pages: 765-768 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528724 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528724&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nikiforos Laopodis 
Author-X-Name-First: Nikiforos 
Author-X-Name-Last: Laopodis 
Title: Distributional properties and weekly return patterns of the Athens stock exchange 
Abstract:
  The study examines the distributional properties of the Athens stock
 exchange and tests for persistence effects or anomalies found in the
 weekly redistributions of the market. The results indicate significant
 first- and second-order dependencies in the series as well as pronounced
 departures from normality. Further, employing the method of stochastic
 dominance, to determine which week's returns is dominant, it was found
 that the first week of the month offers a good risk-return relationship to
 investors. Finally, no evidence for presence of the January effect was
 found in the Athens stock exchange. 
Journal: Applied Economics Letters 
Pages: 769-774 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528725 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528725&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Title: International evidence on the sustainability of budget deficits 
Abstract:
  The sustainability of budget deficits of the G-7 countries is examined in
 this paper. Following the approach taken by Hakkio and Rush it is found
 that in the case of Germany it appears for each dollar increase in
 expenditures, revenues increase by an equal amount. For France, Japan, and
 Italy (real per GDP measure) the budget deficits of these countries may
 not be sustainable due to the lack of cointegration. In the cases of
 Canada, Italy (real levels and real per capita measures), United Kingdom,
 and the United States (real levels and real per capita) cointegration is
 present between revenues and expenditures. However, the estimated
 coefficients on expenditures for these countries are significantly less
 than one which suggests that government spending is growing faster than
 government revenue. 
Journal: Applied Economics Letters 
Pages: 775-779 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528726 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528726&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lawrance Gordon 
Author-X-Name-First: Lawrance 
Author-X-Name-Last: Gordon 
Author-Name: Mary Myers 
Author-X-Name-First: Mary 
Author-X-Name-Last: Myers 
Title: Tobin's q and overinvestment 
Abstract:
  The objective of the research reported in this paper is to examine the
 claim that, for purposes of identifying overinvesting firms, an average q
 of less than unity is a valid proxy for a marginal q of less than unity.
 The empirical evidence provided supports, although does not prove, this
 claim. Hence, studies which utilize an average q of less than unity to
 identify overinvesting firms appear to operating on solid ground. 
Journal: Applied Economics Letters 
Pages: 1-4 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540116 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540116&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan-Egbert Sturm 
Author-X-Name-First: Jan-Egbert 
Author-X-Name-Last: Sturm 
Author-Name: Jakob De Haan 
Author-X-Name-First: Jakob 
Author-X-Name-Last: De Haan 
Title: Public capital spending in The Netherlands: developments and explanations 
Abstract:
  As in many other OECD countries, government investment expressed as share
 of GDP has decreased in The Netherlands. Using the concept of Granger
 causality, we test in a bivariate vector autoregression framework various
 hypothesis that have been put forward to explain this decline. It is
 concluded that private investment and output are related to public
 investment. Demographic variables also influence public investment. The
 number of future civil servants affects investment in buildings. Our
 results do not support the view that higher interest burdens crowded out
 public investment. Finally, no confirmation is found for the idea that
 additional infrastructure triggers growth of the number of vehicles. 
Journal: Applied Economics Letters 
Pages: 5-10 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540117 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540117&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shunfeng Song 
Author-X-Name-First: Shunfeng 
Author-X-Name-Last: Song 
Title: Home buyers' characteristics and selling prices 
Abstract:
  This study examines the relationship between home buyers' characteristics
 and selling prices. Using survey on home buyers and the 1990 Multiple
 Listing Service data on single-family housing transactions in the
 Reno-Sparks area in Nevada, this study finds that home buyers play a
 significant role on housing price determination. For a given type of
 house, higher income home buyers would pay higher prices than lower income
 home buyers and first-time home buyers would pay lower prices than repeat
 home buyers. 
Journal: Applied Economics Letters 
Pages: 11-14 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540118 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540118&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fraser Dorward 
Author-X-Name-First: Fraser 
Author-X-Name-Last: Dorward 
Author-Name: Akintola Akintoye 
Author-X-Name-First: Akintola 
Author-X-Name-Last: Akintoye 
Author-Name: Cliff Hardcastle 
Author-X-Name-First: Cliff 
Author-X-Name-Last: Hardcastle 
Title: The causal relationship between construction workload and construction price 
Abstract:
  Based on the Engle-Granger (1987) methodology for cointegration and error
 correction mechanism models the paper examines causal relationships
 between the UK construction workload and price. The model tests the
 intuitive belief that the construction price (tender price index) is a
 long run determinant of construction workload (new orders) and that the
 relationship is constantly correcting itself back on to this long run
 path. The results suggest that there is a relationship between the
 variables but a very weak one. 
Journal: Applied Economics Letters 
Pages: 15-18 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540119 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540119&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Chappel 
Author-X-Name-First: David 
Author-X-Name-Last: Chappel 
Author-Name: Joanne Padmore 
Author-X-Name-First: Joanne 
Author-X-Name-Last: Padmore 
Author-Name: Julia Pidgeon 
Author-X-Name-First: Julia 
Author-X-Name-Last: Pidgeon 
Title: A note on ERM membership and the efficiency of the London Stock Exchange 
Abstract:
  The behaviour of the FTSE 30 share index is examined over a period from
 November 1988 to May 1994. We examine whether the index exhibits different
 time series behaviour during the time that Sterling belonged to the ERM to
 that observed in the pre- and post-ERM period. We show that the random
 walk behaviour, which would be expected under the Efficient Markets
 Hypothesis (EMH), occurs during the period when Sterling belonged to the
 ERM but for pre- and post-ERM membership period the index does not appear
 to follow a random walk. 
Journal: Applied Economics Letters 
Pages: 19-23 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540120 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540120&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bengt Assarsson 
Author-X-Name-First: Bengt 
Author-X-Name-Last: Assarsson 
Author-Name: Per Jansson 
Author-X-Name-First: Per 
Author-X-Name-Last: Jansson 
Title: Unemployment persistence: the case of Sweden 
Abstract:
  An unobserved components time-series model is used to examine the
 persistence in Swedish unemployment. Three sources of unemployment
 persistence are identified: natural rate shocks; hysteresis; and
 persistent cycles. Hysteresis effects are modelled by allowing cyclical
 unemployment to have a lagged effect on the natural rate. The evidence
 suggests that the course of unemployment in Sweden has mainly been
 determined by natural rate shocks. This is especially the case for the
 large increase during the early 1990s, but also for the smaller changes
 between 1970 and the late 1980s. Hysteresis effects are also present but
 they are less important because of the relatively small cyclical changes. 
Journal: Applied Economics Letters 
Pages: 25-29 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540121 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540121&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Title: Money, exchange rates and international business cycle between Japan and the United States 
Abstract:
  This paper focuses on the international business cycle repercussions
 between Japan and the United States based on the vector error correction
 model. The results of the analysis are as follows: first, the effect of
 economic fluctuations between Japan and the United States is asymmetric;
 whereas fluctuations in the United States economy exert a great influence
 on Japan, the converse is not true. Secondly, it should be noted that
 there is a great difference between the two nations with regard to
 fluctuations in money supply; whereas they exhibit strong exogeneity in
 the United States, they react to exchange rates to a great extent in
 Japan. This may reflect differences in the policy reaction functions of
 the two nations' financial policy authorities. 
Journal: Applied Economics Letters 
Pages: 31-35 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540122 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540122&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Paul Gius 
Author-X-Name-First: Mark Paul 
Author-X-Name-Last: Gius 
Title: Using panel data to estimate the determinants of medical malpractice insurance premiums 
Abstract:
  The purpose of the present study is to incorporate state-level
 heterogeneity into an examination of the effects of tort reforms and other
 factors on medical malpractice insurance premiums; a random effects model
 is used to account for this heterogeneity. The results of the present
 study show that individual, state-level effects are important determinants
 of medical malpractice insurance premiums and that tort reforms had no
 effects on malpractice insurance premium levels. The results of previous
 studies that used ordinary least squares had indicated that some tort
 reforms were significant. 
Journal: Applied Economics Letters 
Pages: 37-39 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540123 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540123&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: Forecasting with structural change: why is the random walk model so damned difficult to beat? 
Abstract:
  This paper demonstrates that a naive forecast of no change can produce
 lower mean square forecast errors than those from true models when
 structural change exists. 
Journal: Applied Economics Letters 
Pages: 41-42 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540124 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540124&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Testing for technical change: a nonparametric application 
Abstract:
  A method of evaluating the impact of technical change on productivity in
 a Farrell-type model is developed here and empirically applied over
 international airlines data. 
Journal: Applied Economics Letters 
Pages: 43-46 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540125 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540125&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: Determinants of the inflation rate of the health care CPI in the US 
Abstract:
  A key issue in health care reform in the United States is the need to
 contain the inflation rate of the consumer price index (CPI) for health
 care services (IRCPIHC). Although previous literature has provided a
 variety of arguments regarding the causes of the rising IRCPIHC,
 relatively little has been done of a formal empirical nature to test these
 various arguments. We estimate a reduced-form equation for the US that
 indicates the IRCPIHC is an increasing function of general inflation, the
 population percentage over age 65, real malpractice insurance premiums,
 the population percentage covered by Medicare, increased usage of
 technological innovations in medicine, and real GDP growth and a
 decreasing function of the number of physicians per 100 000 population. 
Journal: Applied Economics Letters 
Pages: 47-49 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540126 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540126&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erdinc Telatar 
Author-X-Name-First: Erdinc 
Author-X-Name-Last: Telatar 
Author-Name: Hasan Kazdagli 
Author-X-Name-First: Hasan 
Author-X-Name-Last: Kazdagli 
Title: Re-examine the long-run purchasing power parity hypothesis for a high inflation country: the case of Turkey 1980-93 
Abstract:
  This paper examines the hypothesis of long-run purchasing Power Parity
 (PPP) using cointegration techniques for Turkey that experiences high
 inflation and structural changes coupled with high growth rates
 simultaneously. The results do not support any long-run bilateral exchange
 rate-price relationship between Turkey and each of the following countries
 considered to be the major trading partners of Turkey: France, Germany,
 the UK, and the USA. 
Journal: Applied Economics Letters 
Pages: 51-53 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540127 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540127&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Norman Sedgley 
Author-X-Name-First: Norman 
Author-X-Name-Last: Sedgley 
Title: Technology gaps, economic growth and convergence across US states 
Abstract:
  This paper re-examines the empirical regularity of convergence in gross
 state product (GSP) per capita across US states. Patent data for the 48
 continental United States and the District of Columbia, from the US Patent
 and Trademark Office, is used to account for innovation and technology
 differences across states. It is found that patents are an important
 variable in explaining state to state differences in growth. This implies
 technology gaps exist across states. Knowledge and technology appear to
 display some characteristics of private goods. Furthermore, the estimated
 time it takes for convergence to occur is reduced by 25% when differences
 in innovative activity are accounted for. 
Journal: Applied Economics Letters 
Pages: 55-59 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540128 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540128&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Author-Name: Kamal Upadhayaya 
Author-X-Name-First: Kamal 
Author-X-Name-Last: Upadhayaya 
Title: Does federal electoral redistricting induce congressional quits? An empirical note 
Abstract:
  The present paper used national data to examine the outcome of political
 redistricting (in the United States), from the 1982 amendments to the
 Voting Rights Act of 1965, on congressional quits (retirements) in the
 U.S. House of Representatives. Our results suggest that the redistricting
 efforts created by these 1982 amendments have led to significantly lower
 retirement rates within the U.S. House. In fact, upon performing various
 unit root tests for variable stationarity and developing first-difference
 statistical equations, our results suggest that retirement rates after the
 passage of the 1982 amendments are approximately 10.5 to 15 percent lower.
 Such results contradict much of the previous work in the political science
 field, yet confirm many of the results beiung put forth by public choice
 scholars. 
Journal: Applied Economics Letters 
Pages: 61-63 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523504 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523504&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Coleman 
Author-X-Name-First: James 
Author-X-Name-Last: Coleman 
Title: Do women earn higher returns to tenure than men? Evidence from the new earnings survey 
Abstract:
  This paper examines the effect of tenure on the earnings of men and women
 in the UK labour market. Most comparisons of male and female earnings have
 concentrated on examining spot differentials, which give no information on
 earnings movements over tenure. Simple human capital theory would suggest
 that the effect of tenure would be less pronounced for women, as their
 shorter average attachments to the labour market allow less opportunity
 for human capital accumulation. Contrary to this prediction, the results
 show a higher return to tenure for women. Several explanations are
 provided as to why this is the case. 
Journal: Applied Economics Letters 
Pages: 65-68 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523505 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523505&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. J. Florkowski 
Author-X-Name-First: W. J. 
Author-X-Name-Last: Florkowski 
Author-Name: A. H. Elnagheeb 
Author-X-Name-First: A. H. 
Author-X-Name-Last: Elnagheeb 
Author-Name: C. L. Huang 
Author-X-Name-First: C. L. 
Author-X-Name-Last: Huang 
Title: Risk perception and new food production technologies 
Abstract:
  In this study, survey data were used to develop a model to measure the
 relationship between a set of socio-economic characteristics of consumers
 and their risk perception of feed additives and growth hormones use in
 livestock production. Perceptions were measured indirectly by constructs
 based on responses to multiple questions. Factor analysis was used to
 identify the perception measures. Next, two econometric approaches were
 applied to estimate the relationships between the explanatory variables
 and risk perceptions. Estimation results gave both the direct and total
 effects of each explanatory variable on the three constructs: risk
 perception due to the use of feed additives and antibiotics in livestock
 and poultry, risk perception due to the use of bioengineering in food
 production or its specific example - the porcine somatotropin (pST) - the
 pig growth hormone, and support of pST use in pig production. 
Journal: Applied Economics Letters 
Pages: 69-73 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523506 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523506&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tom Engsted 
Author-X-Name-First: Tom 
Author-X-Name-Last: Engsted 
Title: Do farmland prices reflect rationally expected future rents? 
Abstract:
  In recent years the Present Value (PV) model has been used extensively to
 interpret the behaviour of farmland prices. In this paper the rational
 expectations version of the PV-model used by Tegene and Kuchler (1993) to
 test for bubbles is examined using long time-series data for land prices
 and rents in three US agricultural regions. The tests are based on a VAR
 methodology that takes into account that land prices and rents are
 integrated of order one and cointegrated. The results indicate that the
 underlying equilibrium model used by Tegene and Kuchler to reject bubbles
 is seriously at odds with the data. 
Journal: Applied Economics Letters 
Pages: 75-79 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523507 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523507&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Cameron 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Cameron 
Author-Name: Alan Collins 
Author-X-Name-First: Alan 
Author-X-Name-Last: Collins 
Title: Personal introduction agencies in the United Kingdom: estimates of an average cost function 
Abstract:
  Economists have hitherto neglected the behaviour of the personal
 introduction agency sector. This paper presents estimates of the average
 cost function. It is found to have a U-shaped pattern. Average costs are
 also shown to be higher when the agency guarantees a minimum number of
 dates and turns away potential clients. 
Journal: Applied Economics Letters 
Pages: 81-83 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523508 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523508&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Geraint Johnes 
Author-X-Name-First: Geraint 
Author-X-Name-Last: Johnes 
Title: Human capital versus sorting: new data and a new test 
Abstract:
  A new test is proposed for discriminating between human capital and
 sorting explanations of the wage differential between groups of variously
 educated workers. International data from the ISSP are used to illustrate
 the operation of the test and of other, more conventional methods used to
 discriminate between the competing theories. 
Journal: Applied Economics Letters 
Pages: 85-87 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523509 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523509&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Senee Suwandee 
Author-X-Name-First: Senee 
Author-X-Name-Last: Suwandee 
Author-Name: Subhash Sharma 
Author-X-Name-First: Subhash 
Author-X-Name-Last: Sharma 
Author-Name: Richard Grabowski 
Author-X-Name-First: Richard 
Author-X-Name-Last: Grabowski 
Title: Estimates of net capital stock for agricultural and industrial sectors for Japan, Korea and Taiwan 
Abstract:
  In this paper, we estimate the net capital stock of the agricultural and
 industrial sectors for Japan, Korea and Taiwan in their national
 currencies. Based on the availability of the investment data, the net
 capital stocks for Japan for the two sectors are estimated from 1905 to
 1940 (prewar), and from 1953 to 1979 (postwar). No investment series,
 broken down by sector, are available after 1979. For Korea and Taiwan the
 agricultural and industrial net capital stocks are obtained from 1955 to
 1992. 
Journal: Applied Economics Letters 
Pages: 89-91 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523510 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523510&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alberto Davila 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Davila 
Author-Name: Josee Pagan 
Author-X-Name-First: Josee 
Author-X-Name-Last: Pagan 
Title: On the regional variability of minority/non-minority wage differentials 
Abstract:
  This paper assesses whether regional variability in the
 minority/non-minority wage gap exists and if it depends on state-specific
 factors such as political conservatism, anti-discriminatory policies, and
 the 'visibility' of minorities. We find an extreme variability in the
 minority/non-minority wage differential across states and that this gap
 narrows as minorities achieve a 'threshold' level which allows them to
 exert political and economic pressures on majority employers. 
Journal: Applied Economics Letters 
Pages: 93-95 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523511 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523511&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Geoffrey Pugh 
Author-X-Name-First: Geoffrey 
Author-X-Name-Last: Pugh 
Title: The profit elasticity of investment in West Germany and the investment diversion effects of unification 
Abstract:
  This paper estimates investment equations for pre-unification West
 Germany in which changes in profitability have strong explanatory power
 with respect to changes in real investment. Accordingly, post-unification
 decline in profitability suggests that investment by west German firms in
 eastern Germany entailed investment diversion. In addition, we explain how
 we calculate t-statistics for long-run coefficients arising from Almon lag
 and partial adjustment models. 
Journal: Applied Economics Letters 
Pages: 97-99 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523512 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523512&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tai Yung Kam 
Author-X-Name-First: Tai Yung 
Author-X-Name-Last: Kam 
Author-Name: Jwu-Rong Lin 
Author-X-Name-First: Jwu-Rong 
Author-X-Name-Last: Lin 
Title: Taiwan's trade imbalance against Japan: an econometric analysis 
Abstract:
  The objective of this paper is to investigate the Granger 'causal'
 dynamic relationship between Taiwan-Japan trade balance (T), and four
 macrovariables: output (Y), exchange rate (E), money supply (M), and price
 index (P). The ADF Unit Root Test results show that the variables are all
 integrated of order I(1). The Johansen (Trace, &#x3bb;max) result
 indicates that there is no evidence of cointegration between T and the
 four variables. The Final Prediction Error results indicate that there is
 evidence of a unidirectional causal relationship between T and M, a
 bidirectional relationship between T and Y only. Variance Decomposition
 analysis show that the exogeneity ordering of the variables is (&#x394;M,
 &#x394;T, &#x394;Y, &#x394;P, &#x394;E). The impulse response analysis
 show that the impacts of M and Y to T are higher than the impacts of E
 both in short-term and medium-term. In long-term, impacts front both
 policies are weak and tend to be insignificant. 
Journal: Applied Economics Letters 
Pages: 101-104 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523513 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523513&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Barry Goss 
Author-X-Name-First: Barry 
Author-X-Name-Last: Goss 
Author-Name: S. Gulay Avsar 
Author-X-Name-First: S. Gulay 
Author-X-Name-Last: Avsar 
Title: Increasing returns to liquidity in futures markets 
Abstract:
  A simple model, based on the binomial theorem, is employed to predict
 that the probability of matching buyers and sellers increases with the
 number of transactions. The ask-bid spread, interpreted as a measure of
 liquidity, is assumed to vary negatively with the probability of matching
 buyers and sellers. The hypothesis addressed in this paper is that the
 ask-bid spread varies negatively with volume. This hypothesis is
 investigated for six contracts traded on the Sydney Futures Exchange from
 1980 to 1991. The results support the hypothesis for the majority of
 contracts studied. The implication of these results is that futures
 trading can be expected to become concentrated geographically in a few key
 locations, and within exchanges in a few key contracts. 
Journal: Applied Economics Letters 
Pages: 105-109 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523514 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523514&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sugata Ghosh 
Author-X-Name-First: Sugata 
Author-X-Name-Last: Ghosh 
Title: Can higher debt lead to higher welfare? A theoretical and numerical analysis 
Abstract:
  This paper demonstrates, for a two-good, two-country model with
 finitely-lived agents, the possibility of using national debt as a policy
 instrument to improve welfare via an improvement in the terms of trade.
 The latter is large enough to outweigh the negative effect of crowding out
 of capital that results from higher debt. It is shown that without
 retaliatory behaviour, a welfare-maximizing level of debt is theoretically
 obtainable for values less than half the elasticity of substitution in
 consumption. For a substitution elasticity equal to half zero debt is the
 optimum. 
Journal: Applied Economics Letters 
Pages: 111-116 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523515 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523515&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bhaskar Das 
Author-X-Name-First: Bhaskar 
Author-X-Name-Last: Das 
Title: Price smoothing and inventory adjustments 
Abstract:
  The empirical results in this paper show a negative and statistically
 significant relationship between inventory variability and price
 variability, thereby lending support to the contention that inventory
 adjustments help to smooth price. The implication is that inventories
 assist in coordination of oligopolistic agreements. 
Journal: Applied Economics Letters 
Pages: 117-119 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523516 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523516&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julie Hotchkiss 
Author-X-Name-First: Julie 
Author-X-Name-Last: Hotchkiss 
Title: Cross-sectional evidence for the job-matching model 
Abstract:
  Using the PSID and 2SLS estimation, this paper provides cross-sectional
 empirical evidence for the job-matching model. The empirical model which
 specifies wages as a function of expected tenure (rather than merely
 current tenure) more accurately describes the observed data. 
Journal: Applied Economics Letters 
Pages: 121-125 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523517 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523517&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Karen Bloor 
Author-X-Name-First: Karen 
Author-X-Name-Last: Bloor 
Author-Name: Alan Maynard 
Author-X-Name-First: Alan 
Author-X-Name-Last: Maynard 
Title: Labour markets in the UK National Health Service: incentives, contracts and health care teams 
Abstract:
  The 1991 UK National Health Service reforms introduced explicit market
 mechanisms into the purchasing and provision of health care. The clinical
 labour market has however remained relatively unchanged, despite
 progressive encouragement to shift towards local pay determination. This
 letter explores the possibilities of applying simple concepts derived from
 labour economic theory to the operation of clinical labour markets, and
 generates hypotheses of how incentives in the labour market could perhaps
 be used to affect the efficiency of health care teams. 
Journal: Applied Economics Letters 
Pages: 127-129 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523518 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523518&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyoungsoo Zang 
Author-X-Name-First: Hyoungsoo 
Author-X-Name-Last: Zang 
Title: The stability of the Kuznets curve: some further evidence 
Abstract:
  This paper examines the stability of the (cross-sectional) Kuznets curve
 with focus on the international comparability of both income distribution
 and income data. If the Kuznets curve changes its slope, or if the
 relationship between income and income inequality is not stable over time,
 then, the validity of using the cross-sectional Kuznets curve to test the
 Kuznets hypothesis is considerably weakened, and consequently the results
 from a cross-section of countries may not be used to predict the secular
 development of a country. For reasonable international comparability,
 household income distribution data and per capita GDP data based on
 purchasing power parity are employed in this paper. We show that, contrary
 to a previous finding, the (cross-sectional) Kuznets curve is stable. 
Journal: Applied Economics Letters 
Pages: 131-133 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521367 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521367&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Barkoulas 
Author-X-Name-First: John 
Author-X-Name-Last: Barkoulas 
Author-Name: Christopher Baum 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Baum 
Author-Name: Gurkan Oguz 
Author-X-Name-First: Gurkan 
Author-X-Name-Last: Oguz 
Title: Stochastic long memory in traded goods prices 
Abstract:
  Using spectral regression and exact maximum likelihood methods, we test
 for long memory dynamics in the traded goods prices for the G7 countries,
 as measured in their import and export price indices. Significant and
 robust evidence of fractional dynamics with long memory features is found
 in both import and export price inflation rates. 
Journal: Applied Economics Letters 
Pages: 135-138 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521368 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521368&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Author-Name: Raymond Sfeir 
Author-X-Name-First: Raymond 
Author-X-Name-Last: Sfeir 
Title: Past trend versus future expectation: test of exchange rate volatility 
Abstract:
  Which of the two forces, past trends or future expectations plays a more
 dominant role in exchange market volatility? This hypothesis is
 econometrically tested here for four advised industrial countries, France,
 UK, Japan and Germany over the period 1985-95. 
Journal: Applied Economics Letters 
Pages: 139-142 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521369 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521369&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gishan Dissanaike 
Author-X-Name-First: Gishan 
Author-X-Name-Last: Dissanaike 
Title: Do stockmarket 'losers' win more than 'winners' lose? 
Abstract:
  One of the controversial issues in the stockmarket overreaction
 literature is the claim that price reversals for losers are more
 pronounced than for winners. We present new results for the UK which
 suggest that the opposite conclusion is true. Our results are particularly
 interesting because some recent studies have chosen to devote more
 attention to losers. 
Journal: Applied Economics Letters 
Pages: 143-146 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521370 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521370&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. L. Ford 
Author-X-Name-First: J. L. 
Author-X-Name-Last: Ford 
Author-Name: Sudip Ghose 
Author-X-Name-First: Sudip 
Author-X-Name-Last: Ghose 
Title: Ellsberg's urns, ambiguity, measures of uncertainty and non-additivity: some experimental evidence 
Abstract:
  The principal objective of the experiment reported on in this paper was
 to ascertain what measures of uncertainty the subjects deemed to be
 relevant in situations of ambiguity regarding outcomes. This permitted an
 assessment of non-additivity of probabilities and subjects' choices were
 then analysed in terms of expected utility theory and the decision
 theories of Shackle and Ford. In addition, a comparison of the findings on
 the choices of gamble that the subjects made could be effected with those
 made in Ellsberg's pioneering inquiry. 
Journal: Applied Economics Letters 
Pages: 147-151 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521371 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521371&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Javier Alonso 
Author-X-Name-First: Javier 
Author-X-Name-Last: Alonso 
Author-Name: Miguel-Angel Galindo 
Author-X-Name-First: Miguel-Angel 
Author-X-Name-Last: Galindo 
Author-Name: Simon Sosvilla-Rivero 
Author-X-Name-First: Simon 
Author-X-Name-Last: Sosvilla-Rivero 
Title: Convergence in social protection benefits across EU countries 
Abstract:
  This paper studies the degree of convergence in per capita social
 protection benefits registered in the European Union during the 1966-92
 period. To that end, we use data supplied by Eurostat and compute the two
 indicators more widely used in convergence analysis: &#x3c3;-convergence
 and &#x3b2;-convergence. 
Journal: Applied Economics Letters 
Pages: 153-155 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521372 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521372&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: The long-run demand for currency and broad money in Italy, 1861-1980 
Abstract:
  This letter presents estimates of a stable long-run money demand function
 in Italy over the period 1861-1980. Results using the Johansen procedure
 of cointegration indicate a unique, long-run demand function for currency
 and the broad money supply. In each case, the real income and interest
 rate elasticities accord reasonably well with expectations from monetary
 theory in terms of size and sign and are in line with results reported in
 several studies for the United States and the United Kingdom. It appears
 that both currency and the money supply broadly defined are suitable
 aggregates with which to consider the long-run economic impacts of changes
 in monetary policy in Italy. 
Journal: Applied Economics Letters 
Pages: 157-159 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521373 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521373&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Baimbridge 
Author-X-Name-First: Mark 
Author-X-Name-Last: Baimbridge 
Title: Outcome uncertainty in sporting competition: the Olympic Games 1896-1996 
Abstract:
  This paper examines uncertainty of outcome within the context of
 international sporting competition through analysing the ratio of medal
 winning to participating nations for the history of the Summer Olympics. A
 deficiency within the economics of professional team sports literature
 concerns the investigation into the determinants of uncertainty per se,
 although it has prominently featured as an explanatory factor in demand
 studies. Additionally, previous research on the Olympics has primarily
 focused upon ';success' in terms of medals won or event placings. An
 analysis of outcome uncertainty is poignant to the Olympics given the
 degree of national prestige frequently placed upon success together with
 the policy debate in relation to their increasing scope. The relationship
 examined between Olympic uncertainty and a series of hypothesized factors
 indicates that significant determinants include the level of participation
 in each Olympiad, Communist-let boycotts and their overall trend. 
Journal: Applied Economics Letters 
Pages: 161-164 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521374 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521374&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tony Caporale 
Author-X-Name-First: Tony 
Author-X-Name-Last: Caporale 
Author-Name: Chulho Jung 
Author-X-Name-First: Chulho 
Author-X-Name-Last: Jung 
Title: Exchange rate regimes and international output co-movement 
Abstract:
  Utlizing Johansen's (1988) multivariate cointegration testing procedure,
 we find a cointegrating vector between the outputs of five major
 industrialized nations for the fixed exchange rate period. However, this
 relationship breaks down for the flexible exchange rate era. We argue that
 the breakdown of monetary policy coordination caused by the abandonment of
 the fixed exchange rates explains the weakening of the international
 character of business cycles. 
Journal: Applied Economics Letters 
Pages: 165-168 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521375 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521375&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Author-Name: Gabrielle Berman 
Author-X-Name-First: Gabrielle 
Author-X-Name-Last: Berman 
Author-Name: Sinclair Davidson 
Author-X-Name-First: Sinclair 
Author-X-Name-Last: Davidson 
Title: The nature and extent of revisions to Australian macroeconomic data 
Abstract:
  This paper explores the nature and extent of revisions to Australian
 macroeconomic data. Specifically, we analyse quarterly GDP and monthly
 balance on current account data. We find some impact of revisions. In
 addition, we also find that indirect measures of data quality, such as,
 statistical discrepancy in the case of GDP and the balancing item in the
 case of the balance on current account are still large after the revisions
 are completed. 
Journal: Applied Economics Letters 
Pages: 169-174 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521376 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521376&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roger Vergin 
Author-X-Name-First: Roger 
Author-X-Name-Last: Vergin 
Title: The NFL pointspread market revisited: anomaly or statistical aberration? 
Abstract:
  An earlier paper by Lacey (1990) examined the National Football League
 betting market, using data from the 1984-1986 seasons. He tested 13
 technical rules for betting and found several that had winning proportions
 significantly greater than 0.5 and were also profitable after transaction
 costs. That represented a violation of the weak form of the Efficient
 Markets Hypothesis. This paper provides an independent test of those same
 rules over the 1987-1995 NFL seasons. None of the strategies were
 profitable or had winning proportions significantly different than 0.5.
 Lacey's results were apparently just a statistical aberration rather than
 an exploitable anomaly. The results herein suggest the Efficient Markets
 Hypothesis was not violated. 
Journal: Applied Economics Letters 
Pages: 175-179 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521377 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521377&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guang Wan 
Author-X-Name-First: Guang 
Author-X-Name-Last: Wan 
Title: Linear estimation of the nonlinear almost ideal demand system: a Monte Carlo study 
Abstract:
  Most applied economists use the almost ideal demand system or AIDS to
 model demand without knowing the consequences of alternative estimation
 procedures. In this paper, Monte Carlo experiments are undertaken to
 evaluate the performance of several estimation methods of AIDS. Based on
 the measures of trace mean squared error and aggregate bias, the iterative
 procedure proposed by Deaton and Muellbauer (1980) is found to dominate. 
Journal: Applied Economics Letters 
Pages: 181-186 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521378 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521378&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Frederick 
Author-X-Name-First: David 
Author-X-Name-Last: Frederick 
Author-Name: William Kaempfer 
Author-X-Name-First: William 
Author-X-Name-Last: Kaempfer 
Author-Name: Martin Ross 
Author-X-Name-First: Martin 
Author-X-Name-Last: Ross 
Author-Name: Richard Wobbekind 
Author-X-Name-First: Richard 
Author-X-Name-Last: Wobbekind 
Title: Arbitration versus negotiation: the risk aversion of players 
Abstract:
  This paper explores the effects that skill and experience have on a
 baseball player's decision about whether to negotiate with his team or to
 enter into arbitration. The action taken by players who are eligible to
 file depends on their perceived trade-off between various types of risk
 such as the possibility of injury and the risks inherent in the
 arbitration process. Experience increases the chance that a player will go
 through arbitration, a high skill level decreases that chance, and a large
 spread between offered and desired salaries makes a negotiated solution
 more likely. 
Journal: Applied Economics Letters 
Pages: 187-190 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521379 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521379&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eskil Heinesen 
Author-X-Name-First: Eskil 
Author-X-Name-Last: Heinesen 
Title: The tax wedge and repair and maintenance of houses 
Abstract:
  We estimate relations for consumers' demand for repair and maintenance of
 houses. Repair and maintenance services have close substitutes in the
 black economy and via do-it-yourself production. The tax wedge is included
 as an explanatory variable, since it is a measure of the price of paid and
 taxed services relative to services produced by black market or
 do-it-yourself activities. On Danish macroeconomic time series data large
 elasticities with respect to prices and the tax wedge are estimated. We
 estimate simple level equations and error correction models and test for
 cointegration. 
Journal: Applied Economics Letters 
Pages: 191-196 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521380 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521380&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Yves Pitarakis 
Author-X-Name-First: Jean-Yves 
Author-X-Name-Last: Pitarakis 
Author-Name: George Tridimas 
Author-X-Name-First: George 
Author-X-Name-Last: Tridimas 
Title: The allocation of public consumption expenditure in the UK 
Abstract:
  Using the Almost Ideal Demand System specification we analyse whether UK
 public consumption expenditure decisions are compatible with traditional
 utility maximization postulates. Our empirical findings tend to support
 the validity of the constraints of homogeneity and symmetry. 
Journal: Applied Economics Letters 
Pages: 197-200 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521381 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521381&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roger Svensson 
Author-X-Name-First: Roger 
Author-X-Name-Last: Svensson 
Title: Three empirical models for the entry mode choice in foreign direct investment 
Abstract:
  Three empirical models for the choice of entry mode in foreign direct
 investment are compared. In contrast to the models used in earlier studies
 where the entry decision is taken to be predetermined, the alternative to
 refrain from investment altogether is here taken into account.
 Furthermore, the fact that greenfields increase capacity is also
 considered. 
Journal: Applied Economics Letters 
Pages: 201-204 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354816 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354816&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Brockman 
Author-X-Name-First: Paul 
Author-X-Name-Last: Brockman 
Author-Name: David Michayluk 
Author-X-Name-First: David 
Author-X-Name-Last: Michayluk 
Title: The persistent holiday effect: additional evidence 
Abstract:
  The holiday effect is one of the most perplexing of all seasonal
 anomalies. Based on evidence using pre-1987 equity returns, this anomaly
 has been shown to be responsible for somewhere between 30 to 50% of the
 total return on the market while exhibiting below average variances
 (Lakonishok and Smidt, 1988; Ariel, 1990). The purpose of this paper is to
 investigate and document the persistence of the holiday effect (or lack
 thereof) beyond the 1987 period for equities traded on the NYSE, AMEX, and
 NASDAQ exchanges. Has the holiday effect continued into the 1990s, or have
 efficient trading rules exploited the anomaly to the point where it no
 longer exists? The results provide additional evidence into the nature and
 potential causes of seasonal market anomalies. 
Journal: Applied Economics Letters 
Pages: 205-209 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354825 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354825&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Baimbridge 
Author-X-Name-First: Mark 
Author-X-Name-Last: Baimbridge 
Title: Academic and private sector salaries: chalk and cheese? 
Abstract:
  This paper utilizes evidence from the Association of University Teachers
 advanced to support the 1996 claim for increased remuneration for their
 members in the UK higher education sector. The study specifically focuses
 upon the determinants of pay for academic staff and a comparative series
 of private sector professions within a human capital theory framework.
 Following the estimation of an earnings function with respect to education
 and training, examination of the actual and estimated salary levels
 indicates that the degree of incomparability between academics and the
 nominated private sector occupations is not of the magnitude suggested by
 the AUT. These findings have implications for strategies, such as a pay
 review body, which have been proposed to alleviate supposed pay
 discrepancies relating to academic staff in British universities. 
Journal: Applied Economics Letters 
Pages: 211-214 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354834 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354834&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. David Walls 
Author-X-Name-First: W. David 
Author-X-Name-Last: Walls 
Title: Product survival at the cinema: evidence from Hong Kong 
Abstract:
  The lifetime of a motion picture is the margin through which supply
 adjusts to market demand due to demand-invariant admission prices and
 fixed seating capacity. The lifetimes of a sample of 493 motion pictures
 that were exhibited at cinemas in Hong Kong during 1994-1996 are examined.
 It is found that the hazard rate is an increasing function of time, and
 that the type of movie and the initial box office revenue are economically
 and statistically significant determinants of a movie's life length. 
Journal: Applied Economics Letters 
Pages: 215-219 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354843 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354843&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Bernard 
Author-X-Name-First: John 
Author-X-Name-Last: Bernard 
Author-Name: Lois Schertz Willett 
Author-X-Name-First: Lois Schertz 
Author-X-Name-Last: Willett 
Title: Broiler price transmission results and data periodicity 
Abstract:
  This letter examines, by example, variations in results of typical
 empirical tests when data sets of different periodicity are compared. The
 example involves an investigation of the price transmission process in the
 US broiler industry utilizing separate monthly and weekly data sets.
 Differing test conclusions were reached dependent on the data set. The
 bulk of this letter analyses and attempts to reconcile these conflicting
 conclusions. 
Journal: Applied Economics Letters 
Pages: 221-224 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354852 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354852&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francis In 
Author-X-Name-First: Francis 
Author-X-Name-Last: In 
Author-Name: Pasquale Sgro 
Author-X-Name-First: Pasquale 
Author-X-Name-Last: Sgro 
Title: Export growth and its determinants: some evidence for South Korea and Singapore 
Abstract:
  This paper examines the time-series properties of export growth and its
 key determinants for South Korea and Singapore. Using the framework of
 cointegration and error correction modelling, it is found that, in the
 case of Singapore, income effects, competitiveness (relative-price
 effects) and exchange rate effects are the dominant sources of exports
 growth while in Korea' case, these same variables are less significant in
 explaining export growth. 
Journal: Applied Economics Letters 
Pages: 225-230 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354861 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354861&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ashraf Nakibullah 
Author-X-Name-First: Ashraf 
Author-X-Name-Last: Nakibullah 
Title: Population growth and development: the case of Bangladesh 
Abstract:
  This paper raises the question whether population growth is exogenous or
 endogenous with respect to the development process of Bangladesh during
 the last three decades. The results of an unrestricted vector
 autoregression model indicate that population growth does not Granger
 cause real GDP per capita. On the contrary, the results clearly indicate
 that real GDP per capita Granger causes population growth. Based on the
 results one may conclude that population growth is endogenous in the
 development process of Bangladesh. This is reflected both in the Granger
 causality tests and the decompositions of variances of detrended real GDP
 per capita and population growth. 
Journal: Applied Economics Letters 
Pages: 231-234 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354870 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354870&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Title: An investigation into the cyclical behaviour of output, money, stock prices and interest rates 
Abstract:
  This paper examines the cyclical behaviour of output, money, stock prices
 and interest rates using annual US data covering the period 1900-91. The
 cyclical components are extracted from a seemingly unrelated time series
 equations model. The cyclical relationships are subsequently assessed by
 examining the contemporaneous and lagged correlations. The results reveal
 that the cyclical relationships weakened in the post-war period. 
Journal: Applied Economics Letters 
Pages: 235-238 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354889 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354889&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Bleaney 
Author-X-Name-First: Michael 
Author-X-Name-Last: Bleaney 
Title: Purchasing power parity in the 1920s: evidence for the Swiss franc 
Abstract:
  Tests of purchasing power parity (PPP) are applied to bilateral rates
 against the Swiss franc for the period of floating exchange rates in the
 1920s. The results confirm that the exchange rates of high-inflation
 currencies tended to move in line with PPP. For low-inflation currencies,
 however, there tended to be underadjustment of nominal exchange rates to
 relative price movements. 
Journal: Applied Economics Letters 
Pages: 239-241 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354898 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354898&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jos Van Ommeren 
Author-X-Name-First: Jos 
Author-X-Name-Last: Van Ommeren 
Title: A test for randomly sampling using duration observations 
Abstract:
  We introduce a test for randomly sampling of individuals, with as
 alternative that the data is not randomly sampled due to moving behaviour
 of individuals, based on duration observations. Furthermore, we apply this
 test to a particular data set. 
Journal: Applied Economics Letters 
Pages: 243-246 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354906 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354906&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Askar Choudhury 
Author-X-Name-First: Askar 
Author-X-Name-Last: Choudhury 
Author-Name: Simon Power 
Author-X-Name-First: Simon 
Author-X-Name-Last: Power 
Title: A simplified GLS estimator for autoregressive moving-average models 
Abstract:
  Koreisha and Pukkila (1990a) have recently proposed a fast and efficient
 GLS estimator for the univariate ARMA time series model which appears to
 be far more robust than maximum likelihood methods and of comparable
 accuracy. The one drawback to this new estimator is that it requires use
 of the Cholesky decomposition. The purpose of this paper is to suggest an
 alternative simplified GLS estimator, which can be implemented with just
 repeated applications of an OLS subroutine. A limited Monte Carlo study
 establishes that this new estimator is just as efficient as that of
 Koreisha and Pukkila. 
Journal: Applied Economics Letters 
Pages: 247-250 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354915 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354915&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Burdekin 
Author-X-Name-First: Richard 
Author-X-Name-Last: Burdekin 
Author-Name: Paul Burkett 
Author-X-Name-First: Paul 
Author-X-Name-Last: Burkett 
Title: Economic history and econometrics: a cautionary note from the hyperinflation front 
Abstract:
  We seek to add a cautionary note to the growing appetite for quantitative
 economic history. Our lightning rod is the money demand estimation
 undertaken by Michael, Nobay and Peel (MNP) (1994) over the last months of
 Germany's hyperinflation. MNP apply to less than eighteen months of data
 an econometric technique designed for long-run time series and use a
 questionably-defined real wage series as an inappropriate proxy for real
 income. Given the popularity of applying modern time-series methods to
 hyperinflations, MNPs work provides a timely reminder that there is no
 substitute for knowing the historical setting and knowing the data. 
Journal: Applied Economics Letters 
Pages: 251-254 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354924 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354924&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaume Puig-Junoy 
Author-X-Name-First: Jaume 
Author-X-Name-Last: Puig-Junoy 
Title: Measuring health production performance in the OECD 
Abstract:
  This paper contributes to the estimation of the best practice frontier in
 health production in the OECD countries at the aggregate level, in the
 tradition of the concept of health production function originally
 developed by Grossman. Estimates of technical efficiency for the OECD
 countries, decomposed into their components of pure technical efficiency
 and scale efficiency, using a nonparametric method (Data Envelopment
 Analysis) are presented. In a two-stage approach, differences in
 efficiency scores are attributed to environmental factors using a
 stochastic censored regression model. 
Journal: Applied Economics Letters 
Pages: 255-259 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354933 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354933&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saziye Gazioglu 
Author-X-Name-First: Saziye 
Author-X-Name-Last: Gazioglu 
Author-Name: W. David Mccausland 
Author-X-Name-First: W. David 
Author-X-Name-Last: Mccausland 
Title: Multiple economic growth equilibria 
Abstract:
  This paper extends the previous literature on multiple growth equilibria
 by constructing a multisectoral open economy small macro model. We
 consider the dynamics of international debt, physical capital accumulation
 and competitiveness, and show that there exist two distinct stable
 equilibria, one is a high growth equilibrium, corresponding to high
 investment and net international credit, the other is a low growth
 equilibrium corresponding to low investment and net international debt. We
 highlight the important link between economic growth (a flow variable) and
 net international debt/credit (a stock variable). 
Journal: Applied Economics Letters 
Pages: 261-263 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354942 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354942&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Witt 
Author-X-Name-First: Robert 
Author-X-Name-Last: Witt 
Author-Name: Alan Clarke 
Author-X-Name-First: Alan 
Author-X-Name-Last: Clarke 
Author-Name: Nigel Fielding 
Author-X-Name-First: Nigel 
Author-X-Name-Last: Fielding 
Title: Crime, earnings inequality and unemployment in England and Wales 
Abstract:
  Masih and Masih (1996) recently presented an analysis of crime in a
 temporal Granger-causal framework, and explored empirically some of the
 determinants of crime in Australia using annual data over the period
 1963-90. The purpose of this paper is to examine the role exerted by
 earnings inequality and unemployment in the determination of crime. Using
 a panel of annual regional data from 1979 to 1993 for England and Wales,
 we find that the growth in earnings inequality and unemployment impact
 positively on five types of criminal activity examined. 
Journal: Applied Economics Letters 
Pages: 265-267 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354951 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354951&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Haluk Erlat 
Author-X-Name-First: Haluk 
Author-X-Name-Last: Erlat 
Author-Name: Guzin Erlat 
Author-X-Name-First: Guzin 
Author-X-Name-Last: Erlat 
Title: Some methodological comments on 'Sources of fluctuations in exchange rates: a structural VAR analysis' by N. Apergis and C. Karfakis 
Abstract:
  In this comment we note that the methodology used by Apergis and Karfakis
 (1996) (a) leads to restricting the contemporaneous impact matrix not the
 long-run impact matrix in identifying their SVAR model, contrary to to
 their stated objective, and (b) that the Bernanke-Sims procedure of
 identification and the conventional Cholesky-decomposition based analysis
 of a VAR lead exactly to the same results as long as the impact matrix is
 restricted to be lower triangle. 
Journal: Applied Economics Letters 
Pages: 269-270 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354960 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354960&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald Freeman 
Author-X-Name-First: Donald 
Author-X-Name-Last: Freeman 
Author-Name: David Yerger 
Author-X-Name-First: David 
Author-X-Name-Last: Yerger 
Title: Inflation and multifactor productivity growth: a response to Smyth 
Abstract:
  Previous research by Smyth on the relationship between inflation and
 productivity growth, reported in this journal, concluded that 'The
 negative effects of inflation on growth are significant and substantial'
 (Smyth, 1995). We find that standard causality tests call into question
 the direction of causality between inflation and productivity growth.
 Furthermore, using vector autoregressions, including output and monetary
 policy variables, we conclude that the correlation between inflation and
 productivity growth is largely an artifact of comovements with cyclical
 variables. 
Journal: Applied Economics Letters 
Pages: 271-274 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524399 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524399&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Bonanni 
Author-X-Name-First: C. 
Author-X-Name-Last: Bonanni 
Author-Name: J. Dermine 
Author-X-Name-First: J. 
Author-X-Name-Last: Dermine 
Author-Name: L. -H. Roller 
Author-X-Name-First: L. -H. 
Author-X-Name-Last: Roller 
Title: Some evidence on customer 'lock-in' in the French mutual funds industry 
Abstract:
  We build on earlier work in the literature on economies of scale and
 scope in the financial services industry by using a unique French data set
 covering 162 financial institutions. In the institutional context of the
 French mutual funds industry, it has been argued that consumers incur
 significant costs in switching from one bank to another bank. Switching
 costs could create 'lock-in' that could be used by an institution to
 extract more rent over time. This paper attempts to differentiate
 empirically between dynamic pricing strategies (such as customer lock-in)
 and cost based explanations such as scale and scope economies in the
 context of the French mutual funds industry. Our results indicate support
 for the customer 'lock-in' hypothesis for the dominant segment of the
 French SICAV industry, namely the money market funds. For other funds,
 however, we find no such systematic evidence. 
Journal: Applied Economics Letters 
Pages: 275-279 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524400 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524400&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gordon Tarzwell 
Author-X-Name-First: Gordon 
Author-X-Name-Last: Tarzwell 
Title: Decentralization and public sector growth 
Abstract:
  This paper uses a pooled Canadian data set to test for the causes of
 government growth. Unlike previous studies, these causes are tested
 simultaneously to avoid misspecification problems. The decentralization of
 government activities is found to lower the relative size of the public
 sector when power moves from the federal to the provincial or local
 governments but raises it when the power shifts from provincial to local
 governments. 
Journal: Applied Economics Letters 
Pages: 281-285 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524401 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524401&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Stochastic data envelopment analysis: a new approach 
Abstract:
  Pre- and post-optimality analysis of input-output data is developed here
 as a practical method of Farrell-type efficiency measurement. Filtering of
 noise and specifying the optimal output distributions provide the basic
 tools which are applied to the time series data for international
 airlines. 
Journal: Applied Economics Letters 
Pages: 287-290 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524402 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524402&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald Richards 
Author-X-Name-First: Donald 
Author-X-Name-Last: Richards 
Author-Name: Robert Guell 
Author-X-Name-First: Robert 
Author-X-Name-Last: Guell 
Title: Baseball success and the structure of salaries 
Abstract:
  The purpose of this research is to examine some competing assumptions
 regarding the hiring behaviour of major league baseball clubs. One
 hypothesis is that owners and general managers of teams enter the free
 agent market with a view to attracting the best talent available in order
 to win games. We might refer to this as the 'win games' strategy. A
 potentially alternative view is that they compete in this market for
 marquee players who will attract paying customers to the ball park. We can
 refer to this as the 'fannies-in-the-seats', or revenue, strategy. While
 these hypotheses are not necessarily inconsistent, we can imagine that for
 some teams, at some times, they are alternative approaches to hiring
 behaviour. A team committed to the 'win games' strategy may attempt to
 spread its resources in order to hire as many good players as possible
 without necessarily hiring elite players. A team committed to the revenue
 strategy may be content to surround a superstar with second rate talent.
 In order to test these hypotheses we intend to specify estimable models
 that relate, alternatively, team attendance, winning percentage and
 division, pennant and world championships to, among other relevant
 explanatory variables, its salary structure. 
Journal: Applied Economics Letters 
Pages: 291-296 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524403 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524403&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Delroy Hunter 
Author-X-Name-First: Delroy 
Author-X-Name-Last: Hunter 
Title: The performance of filter rules on the Jamaican Stock Exchange 
Abstract:
  A filter test of the daily returns over the period 1989 to 1994 is
 employed to determine the efficiency of the market. The main result is
 that the naive 'buy and hold' investment strategy generally outperformed
 the more active trading strategies. This is surprising in light of
 previous test which indicated that the market is inefficient. Generally
 the larger filters generated greater terminal wealth. 
Journal: Applied Economics Letters 
Pages: 297-300 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524404 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524404&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stilianos Fountas 
Author-X-Name-First: Stilianos 
Author-X-Name-Last: Fountas 
Author-Name: Donal Bredin 
Author-X-Name-First: Donal 
Author-X-Name-Last: Bredin 
Title: Exchange rate volatility and exports: the case of Ireland 
Abstract:
  We use the techniques of cointegration and error correction models to
 estimate long-run and short-run export demand functions for Ireland using
 quarterly data for the 1979-93 period. We consider three determinants of
 exports: foreign income, relative prices, and exchange rate volatility.
 Our results indicate that exports depend significantly on foreign income
 and relative prices, in particular in the long run. Exchange rate
 uncertainty proxied by exchange rate volatility appears to depress export
 volume only in the short run according to our estimated error correction
 model. 
Journal: Applied Economics Letters 
Pages: 301-304 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524405 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524405&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joaquin Pi-Anguita 
Author-X-Name-First: Joaquin 
Author-X-Name-Last: Pi-Anguita 
Title: Real exchange rate, interest rate and capital movements: evidence for France 
Abstract:
  This paper measures capital mobility in France by analysing the direction
 of causality between the real exchange rate and the interest rate.
 Cointegration and Granger causality tests show that the direction of
 causality between the two variables reverses in 1987, the date at which
 capital controls started to be lifted in France. 
Journal: Applied Economics Letters 
Pages: 305-307 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524406 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524406&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bob Welch 
Author-X-Name-First: Bob 
Author-X-Name-Last: Welch 
Author-Name: J. R. Hanrahan 
Author-X-Name-First: J. R. 
Author-X-Name-Last: Hanrahan 
Author-Name: Tom Barnes 
Author-X-Name-First: Tom 
Author-X-Name-Last: Barnes 
Title: The cost of capital and its component parts with corporate and personal tax 
Abstract:
  The purpose of this paper is to calculate the cost of capital, the cost
 of equity and the cost of debt in a world with corporate and personal
 taxes. We do this in a manner that is consistent with the calculation when
 there is no tax and when there is corporate tax only. Our results differ
 from most finance textbooks which either ignore the calculation or assume
 that the entire burden of personal tax is borne by the stockholders
 regardless of the level of tax on debt income. Specifically, in these
 texts the market value of debt remains constant and hence the decline in
 the value of the firm due to the imposition of personal tax on debt is
 paid by a matching reduction in shareholders equity. In addition, the
 approach in these texts can lead to a negative value of the firm and a
 decreasing cost of capital even when the personal tax on debt income
 exceeds the personal tax on stock income. 
Journal: Applied Economics Letters 
Pages: 309-312 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524407 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524407&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Hanrahan 
Author-X-Name-First: Robert 
Author-X-Name-Last: Hanrahan 
Author-Name: Joseph Kushner 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Kushner 
Author-Name: Isidore Masse 
Author-X-Name-First: Isidore 
Author-X-Name-Last: Masse 
Title: Are stock market event studies affected by the price range of shares? The Canadian experience 
Abstract:
  This study uses event date methodology to examine whether low priced and
 high priced shares respond differently to market events. Our results
 indicate that in response to takeover announcements, low priced shares are
 more price volatile and unlike higher priced shares decline after the
 event date. Recognition of share prices should therefore be considered in
 event studies and in particular when comparing the results of different
 studies. 
Journal: Applied Economics Letters 
Pages: 313-315 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524408 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524408&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hafiz Akhand 
Author-X-Name-First: Hafiz 
Author-X-Name-Last: Akhand 
Title: On income tax functions: an application of robust, regression-based diagnostics to models of conditional means 
Abstract:
  This paper implements a variety of robust, regression-based diagnostics
 to nonlinear models of effective federal individual income tax. Estimates
 of effective marginal tax rates obtained from these tax models are
 frequently used in the empirical growth and real business cycle literature
 to quantify the macroeconomic effects of distortionary taxation. Based on
 a battery of conditional mean tests, the paper concludes that none of the
 tax models used in the empirical growth and real business cycle literature
 provides a good basis for obtaining reliable estimates of the effective
 marginal tax rates. Therefore, conclusions based on such tax estimates
 must be treated with caution. 
Journal: Applied Economics Letters 
Pages: 317-320 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524409 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524409&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Laura Greene Knapp 
Author-X-Name-First: Laura Greene 
Author-X-Name-Last: Knapp 
Author-Name: Terry Seaks 
Author-X-Name-First: Terry 
Author-X-Name-Last: Seaks 
Title: A Hausman test for a dummy variable in probit 
Abstract:
  A new Hausman test is presented for the exogeneity of a dummy variable in
 a probit model. It is very easy to implement because of the equivalence of
 the log likelihood functions for bivariate probit and recursive probit.
 The procedure is applied to a model of student loan default due to Knapp
 and Seaks (1992). 
Journal: Applied Economics Letters 
Pages: 321-323 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524410 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524410&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ahmed Alyousha 
Author-X-Name-First: Ahmed 
Author-X-Name-Last: Alyousha 
Author-Name: Christopher Tsoukis 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Tsoukis 
Title: Ricardian causal ordering and the relation between house and land prices: evidence from England 
Abstract:
  This letter tests the relevance of the Ricardian interpretation of the
 causal relationship between rent and corn price for the English housing
 market, by testing for strong exogeneity between house and land prices.
 The results are mixed. On the one hand they support the weak exogeneity of
 house prices, while they fail to accept that land prices are
 Granger-caused by house prices. 
Journal: Applied Economics Letters 
Pages: 325-328 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524411 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524411&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Serdar Sayan 
Author-X-Name-First: Serdar 
Author-X-Name-Last: Sayan 
Author-Name: Nazmi Demir 
Author-X-Name-First: Nazmi 
Author-X-Name-Last: Demir 
Title: Measuring the degree of block interdependence between agricultural and non-agricultural sectors in Turkey 
Abstract:
  Based on the similarity of productive activities carried out by sectors,
 national input-output (IO) matrices may be divided into sub-matrices each
 representing a broader group of sectors called blocks. The strength of
 linkages among sectors that belong to different blocks would then show the
 degree of block interdependence. The measurement of this degree is useful
 in many areas including structural change analysis, evaluation of various
 support policy alternatives or for deciding whether a general or a partial
 equilibrium framework should be used to investigate the effects of an
 exogenous shock to a particular sector or a block. This paper introduces a
 technique that can be used to gauge the degree of block interdependence
 based on simulation results from demand and supply-side IO models. The
 application of the technique is illustrated for the case of
 interdependence between agricultural and non-agricultural blocks in Turkey
 which recently signed a Customs Union Agreement with the EU. The results
 indicate that, although Turkey's Agreement covers trade relations in
 non-agricultural sectors alone, the agricultural sectors must face
 indirect effects the magnitude of which depend, to a great extent, on the
 degree of interdependence between blocks considered here. 
Journal: Applied Economics Letters 
Pages: 329-332 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524412 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524412&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Paton 
Author-X-Name-First: David 
Author-X-Name-Last: Paton 
Author-Name: Leighton Vaughan Williams 
Author-X-Name-First: Leighton Vaughan 
Author-X-Name-Last: Williams 
Title: Do betting costs explain betting biases? 
Abstract:
  This paper investigates the reason why expected returns to identical bets
 placed at different odds vary significantly and systematically from one
 another. It is hypothesized that the cause is the existence for bettors of
 positive transactions costs. Two different arenas, fixed odds and spread
 betting markets, distinguished by different levels of transactions costs,
 are identified which offer competing bets about similar outcomes. The bias
 is examined in each arena and compared. Our results lend support to the
 hypothesis that the incidence of transactions costs on the bettor is at
 least a contributory factor in explaining the bias observed against bets
 placed at higher odds. 
Journal: Applied Economics Letters 
Pages: 333-335 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524413 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524413&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ashok Parikh 
Author-X-Name-First: Ashok 
Author-X-Name-Last: Parikh 
Author-Name: David Lovatt 
Author-X-Name-First: David 
Author-X-Name-Last: Lovatt 
Title: Modelling real capital gains in the UK stock market 
Abstract:
  The purpose of this study is to establish the determinants of stock
 market returns for the UK market and to forecast the real capital gain for
 the Financial Times All-share index using monthly data for the period
 1980-1994. Three models are used: (a) a model based on Fama's approach
 including expectations' variables for the growth of GDP and inflation; (b)
 a model where short-run and long-run impacts are separately treated and
 (c) an ARCH model where volatility in returns is modelled using
 conditional variance. One-period ahead forecasts from the general
 autoregressive-distributed lag model and ARCH model are compared with
 actuals for the post-sample period (December 1992 to November 1993) and we
 find that the latter model has a higher predictive power than the former. 
Journal: Applied Economics Letters 
Pages: 337-342 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354672 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354672&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Minna Martikainen 
Author-X-Name-First: Minna 
Author-X-Name-Last: Martikainen 
Title: The information content of losses around earnings announcements in the Finnish stock market 
Abstract:
  Stock price reaction to the announcements of accounting earnings is
 investigated using event study approach in the Finnish stock market. The
 main finding of this study is that the permanent and temporary losses
 cause different price reactions in Finland. The temporary losses, i.e. the
 loss cases that do not continue to cause any statistically significant
 price reaction when earnings announcements are classified to positive or
 negative surprises. On the other hand, negative surprises in the permanent
 losses (losses which continue in the future) cause significant reductions
 in stock prices, i.e. the permanent losses have a significant information
 content. These results suggest that investors do not value temporary
 components of losses because they believe that the temporary components
 are not reflected in future cash flows. Consistent with earlier evidence,
 news in profits lead to significant price reaction. 
Journal: Applied Economics Letters 
Pages: 343-346 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354681 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354681&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mitch Kunce 
Author-X-Name-First: Mitch 
Author-X-Name-Last: Kunce 
Author-Name: John List 
Author-X-Name-First: John 
Author-X-Name-Last: List 
Title: Industry chasing and the tax effect: a question of approach 
Abstract:
  This paper employs a sample selection model to analyse the effects of a
 location's tax climate on manufacturing activity from 1974-1994. Results
 reveal the 'tax effect' varies substantially across industry and is
 significant in half of the industries analysed-chemical and allieds and
 food and kindreds. These results reinforce the lack of a robust consensus
 regarding this issue and highlight the importance of disaggregating
 industry. 
Journal: Applied Economics Letters 
Pages: 347-350 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354690 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354690&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Cameron 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Cameron 
Author-Name: Alan Collins 
Author-X-Name-First: Alan 
Author-X-Name-Last: Collins 
Title: Cigarette consumption in Turkey: Tansel's spurious regression 
Abstract:
  Estimates of the demand for cigarettes in Turkey uncovered significant
 effects from prices, incomes, education and health scares. The previous
 study did not pre-test for the presence of unit roots. This note reports
 the undertaking of this task, and the results of cointegrating regression
 analysis on previous data, which invalidates the earlier results. 
Journal: Applied Economics Letters 
Pages: 351-353 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354708 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354708&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Talan Iscan 
Author-X-Name-First: Talan 
Author-X-Name-Last: Iscan 
Title: Exports and capital accumulation: some empirical evidence from the Mexican manufacturing industry 
Abstract:
  New growth-trade theories have emphasized the contribution of
 international trade to economic growth through its effect on capital
 accumulation. This paper tests the hypothesis that export oriented sectors
 attain higher rates of investment using panel data techniques and sectoral
 data from the Mexican manufacturing industry between 1970 and 1990.
 Despite the substantial variations in export shares across sectors and
 over time, the study can find no evidence supportive of the hypothesis
 that exports lead to capital accumulation. There is evidence that common
 determinants, such as the real exchange rate, may be behind the
 correlations between exports and investment rates found in cross-country
 studies. 
Journal: Applied Economics Letters 
Pages: 355-360 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354717 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354717&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abbas Valadkhani 
Author-X-Name-First: Abbas 
Author-X-Name-Last: Valadkhani 
Title: Effect of government capital expenditure on GDP in the Iranian economy using superexogeneity testing 
Abstract:
  The purpose of this paper is to investigate the effect of real government
 capital expenditure on GDP in the Iranian economy using annual time series
 data for the period 1959-1992 employing superexogeneity test. It is found
 that government capital expenditure has an important positive effect on
 GDP irrespective of structural and regime shifts in the economy. 
Journal: Applied Economics Letters 
Pages: 361-364 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354726 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354726&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: Empirical note on the impact of federal government budget deficits on bank mortgage rates in the US, 1963-1995 
Abstract:
  This study examines, for the period 1963-1995, the impact of federal
 budget deficits in the US on mortgage interest rates at commercial banks.
 Interest rates at banks have been largely neglected in the
 deficit/interest rate literature for the US. Moreover, the
 deficit/interest rate literature for the US has largely ignored the second
 half of the 1980s and the 1990s. Accordingly, this study investigates the
 impact of federal budget deficits on the mortgage rate charged by
 commercial banks, while providing current/updated information on this
 important policy issue. The estimates find this mortgage rate to be an
 increasing function of the budget deficit. 
Journal: Applied Economics Letters 
Pages: 365-367 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354735 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354735&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Mcwilliams 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Mcwilliams 
Author-Name: Yacov Tsur 
Author-X-Name-First: Yacov 
Author-X-Name-Last: Tsur 
Author-Name: Eithan Hochman 
Author-X-Name-First: Eithan 
Author-X-Name-Last: Hochman 
Author-Name: David Zilberman 
Author-X-Name-First: David 
Author-X-Name-Last: Zilberman 
Title: Count-data regression models of the time to adopt new technologies 
Abstract:
  This paper presents a framework for interpreting and using the count-data
 model for estimating the time of technology adoption. The Bernoulli trials
 of the negative binomial model are interpreted as the stages involved in a
 potential adopter learning and updating information relevant to a new
 technology. Empirically, the paper estimates the Poisson, the generalized
 negative binomial, and the geometric models in order to identify the
 determinants of computer adoption on farms in California. 
Journal: Applied Economics Letters 
Pages: 369-373 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354744 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354744&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Mcmillan 
Author-X-Name-First: David 
Author-X-Name-Last: Mcmillan 
Author-Name: Alan Speight 
Author-X-Name-First: Alan 
Author-X-Name-Last: Speight 
Title: Asymmetric volatility in industrial production: some international evidence 
Abstract:
  This letter reports details of tests for the presence of conditional
 variance asymmetries in the growth rates of monthly international
 industrial production series using exponential-GARCH and threshold-GARCH
 generalizations. We find evidence of asymmetries of EGARCH form for US
 industrial production, TGARCH asymmetries for German, Japanese, and US
 industrial production, and such that the variance of output is always
 greater following negative shocks to production than following positive
 shocks of the same magnitude. However, residual diagnostics for estimated
 models indicate unmodelled structure in several cases. Notable exceptions
 are provided by a TGARCH specification for Japan and an EGARCH model for
 the US, the latter confirming previous results. 
Journal: Applied Economics Letters 
Pages: 375-381 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354753 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354753&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carsten Hefeker 
Author-X-Name-First: Carsten 
Author-X-Name-Last: Hefeker 
Title: Achievement or burden? Labour standards in a monetary union 
Abstract:
  This paper examines the argument that monetary union requires an
 equalization of labour standards in member countries. It is shown that
 labour standards have an influence on national rates of unemployment, but
 that it is independent from monetary union. 
Journal: Applied Economics Letters 
Pages: 383-386 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354762 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354762&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Muzafar Shah Habibullah 
Author-X-Name-First: Muzafar Shah 
Author-X-Name-Last: Habibullah 
Title: Divisia money and income in Indonesia: some results from error-correction models, 1981:1-1994:4 
Abstract:
  The purpose of the present study is to provide alternatives to the
 monetary aggregates currently defined and published by Bank of Indonesia.
 The alternative monetary aggregate proposed is the Divisia aggregate which
 is an appropriate measurement for the monetary services of a country. In
 this paper we investigate the long-run relationship between income and
 Divisia aggregate together with its counterpart-the conventional
 simple-sum aggregate for the period 1981:1 to 1994:4. Using the
 cointegration and error-correction framework, our results indicate that
 there is potential role for the Divisia monetary aggregate as a useful
 intermediate indicator in the conduct of monetary policy in Indonesia. 
Journal: Applied Economics Letters 
Pages: 387-391 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354771 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354771&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Fullerton 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Fullerton 
Title: Empirical models for secondary market debt prices 
Abstract:
  This paper extends earlier research regarding predictability of secondary
 market prices for sovereign debt certificates issued by developing
 countries. Due to the existence of a thinly traded market subject to
 potential outliers, parameter estimation is accomplished by means of a
 least absolute deviations methodology. Simulation results are compared
 with previously published forecasts where model coefficients were
 generated via threestage least squares. Both methodologies appear to be
 useful and combined forecasts may prove helpful in situations where
 neither technique dominates. 
Journal: Applied Economics Letters 
Pages: 393-395 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354780 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354780&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Felipe 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Felipe 
Title: On the interpretation of coefficients in multiplicative-logarithmic functions: a reconsideration 
Abstract:
  This paper shows that previous arguments about the problems in
 interpreting the coefficients in multiplicative-logarithmic functions,
 derived from an arbitrary rebasing of the series, are incorrect. In the
 specific case of the translog production function, the tests for the CES,
 Cobb-Douglas and constant returns to scale restrictions are shown to be
 invariant to any rescaling. 
Journal: Applied Economics Letters 
Pages: 397-400 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354799 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354799&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gustav Kristensen 
Author-X-Name-First: Gustav 
Author-X-Name-Last: Kristensen 
Author-Name: Jie Zhang 
Author-X-Name-First: Jie 
Author-X-Name-Last: Zhang 
Title: The Linder effect in trade blocks 
Abstract:
  Linder's theory, which states that industrialized countries import the
 same kinds of goods as they export, has been tested with different degrees
 of success. In this article its performance is investigated within the
 context of the formation of the EEC trade block. The formation of trade
 blocks involves trade diversion effects. Here these effects are combined
 with the ones implied by Linder's theory. Our results show that the trade
 diversion effects are strongest for the (European) countries with per
 capita incomes close to the European average. Non-EEC countries with per
 capita incomes close to the European average income face the highest
 negative trade diversion effects, while the EEC countries with an average
 income face the highest positive trade diversion. 
Journal: Applied Economics Letters 
Pages: 401-406 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354807 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354807&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Angelos Kanas 
Author-X-Name-First: Angelos 
Author-X-Name-Last: Kanas 
Title: Testing for a unit root in ERM exchange rates in the presence of structural breaks: evidence from the bootstrap 
Abstract:
  This paper explores the extent to which accounting for structural breaks
 in ERM exchange rates affects inferences on the presence of a unit root in
 these exchange rates. Four ERM exchange rates, found by previous empirical
 studies to be nonstationary, are examined. In contrast to previous
 empirical studies, multiple structural breaks are allowed for to account
 for multiple realignments in the central parities of these exchange rates.
 Bootstrapped critical values, personalized to the pattern of breaks of
 each exchange rate, are used for statistical inference. Consistent with
 the theoretical conclusion by Froot and Obstfeld (1991), the results
 suggest that all four ERM exchange rates are stationary. Therefore,
 accounting for breaks in ERM exchange rates does affect inferences on the
 presence of a unit root in these exchange rates. 
Journal: Applied Economics Letters 
Pages: 407-410 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354519 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354519&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhen Zhu 
Author-X-Name-First: Zhen 
Author-X-Name-Last: Zhu 
Title: The random walk of stock prices: evidence from a panel of G-7 countries 
Abstract:
  It seems that the random-walk property of stock prices is well
 established. However, some studies argue that the mean reversion of the
 stock prices has its theoretical and empirical support and the
 conventional unit-root tests have weak power against stationary
 alternatives. This paper uses unit-root tests in panel data to re-examine
 the time-series properties of the stock prices as it is claimed that the
 method can increase the power of the tests substantially even with a small
 number of cross sections. The test result suggests that we cannot reject
 the random-walk hypothesis for G-7 country stock-price indices. 
Journal: Applied Economics Letters 
Pages: 411-413 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354528 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354528&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: Empirical note on the impact of US Federal Government budget deficits on bank interest rates 
Abstract:
  This study examines, for the period 1963-1995, the impact of federal
 budget deficits in the US on interest rates at commercial banks. Interest
 rates at banks have been largely neglected in the deficit/interest rate
 literature for the US. Moreover, the deficit/interest rate literature for
 the US has effectively ignored the second half of the 1980s and the 1990s.
 Accordingly, this study empirically investigates the impact of federal
 budget deficits on the cost of deposits to banks and prime rate of
 interest charged by banks, while providing current/updated information on
 this important policy issue of the interest-rate impact of budget
 deficits. The estimates find the cost of deposits at banks to be an
 increasing function of the budget deficit but the prime rate to be
 unaffected by the budget deficit. 
Journal: Applied Economics Letters 
Pages: 415-418 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354537 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354537&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Cheng 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Cheng 
Title: The causality between budget deficit and interest rates in Japan: an application of time series analysis 
Abstract:
  Applying the Engle-Granger two-step procedure, this study finds that
 neither budget deficits, short-term interest rates and prices in one model
 nor budget deficits and longterm interest rates in the other model are
 cointegrated in Japan. Moreover, this study finds no causality between
 budget deficits and long-term interest rates but detects feedback
 causality between budget deficits and short-term interest rates in Japan
 using Hsiao's version of the Granger causality method with the aid of
 cointegration. 
Journal: Applied Economics Letters 
Pages: 419-422 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354546 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354546&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jordan Shan 
Author-X-Name-First: Jordan 
Author-X-Name-Last: Shan 
Author-Name: Fiona Sun 
Author-X-Name-First: Fiona 
Author-X-Name-Last: Sun 
Title: Export-led growth hypothesis for Australia: an empirical re-investigation 
Abstract:
  The export-led growth hypothesis is tested using quarterly time series
 data for Australia by constructing a vector autoregression (VAR) model.
 The Granger no-causality procedure developed by Toda and Yamamoto (Journal
 of Econometrics, 66, 225-50, 1995) was applied to test the causality link
 between real export growth and real manufacturing output growth. Three
 distinct features in this paper stand out compared to earlier studies on
 the case of Australia: first, we have gone beyond the traditional
 two-variable relationship by building a five-variable VAR model in the
 production function context to avoid the possible specification bias;
 second, we follow Riezman, Whiteman and Summers (Empirical Economics, 21,
 77-110, 1996) to test the hypothesis while controlling for the growth of
 imports to avoid producing a spurious causality result; and finally, the
 methodology by Toda and Yamamoto is expected to improve the standard F
 -statistics in the causality test process. Two principle results emerge
 from our research. First, no evidence was found for the export-led growth
 hypothesis in Australia; second, when applying a longer lag structure, we
 found evidence of a one-way Granger causality running from manufacturing
 growth to exports growth. 
Journal: Applied Economics Letters 
Pages: 423-428 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354555 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354555&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eric Levin 
Author-X-Name-First: Eric 
Author-X-Name-Last: Levin 
Author-Name: Robert Wright 
Author-X-Name-First: Robert 
Author-X-Name-Last: Wright 
Title: How large is the tax clientele bias in the term structure of UK interest rates? 
Abstract:
  This paper briefly explains why there may be a 'tax clientele' induced
 bias in the observed yield curve and attempts to estimate the size of this
 tax clientele bias in the term structure of UK interest rates. A method is
 based on the econometric technique developed by Nelson and Siegel (Journal
 of Business, 60, 473-89, 1987) is used to estimate yield curves, which
 permits observation of the magnitude of tax clientele bias. Estimates
 based on this method are presented using bond price information on 100
 market days. The main finding is that the tax clientele effect is
 empirically small and therefore may not bias judgements based on the slope
 of the yield curve. 
Journal: Applied Economics Letters 
Pages: 429-432 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354564 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354564&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guang Wan 
Author-X-Name-First: Guang 
Author-X-Name-Last: Wan 
Title: Nonparametric measurement of preference changes: the case of food demand in rural China 
Abstract:
  Taste changes in the demand for seven food items and 28 regions in rural
 China are identified. The results indicate a strong shift in consumers'
 preference against (towards) rice and tobaccos (wheat and alcohol).
 Considerable efforts are made in this paper to discuss possible causes of
 these shifts and more importantly to explore relevant policy implications. 
Journal: Applied Economics Letters 
Pages: 433-436 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354573 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354573&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eugene Kouassi 
Author-X-Name-First: Eugene 
Author-X-Name-Last: Kouassi 
Author-Name: Bernard Decaluwe 
Author-X-Name-First: Bernard 
Author-X-Name-Last: Decaluwe 
Author-Name: Dale Colyer 
Author-X-Name-First: Dale 
Author-X-Name-Last: Colyer 
Title: Is it real? The long-run relation between terms of trade and current account deficits: the Ivory evidence 
Abstract:
  The long-run relationship between current account deficits, domestic
 income, foreign income and foreign interest rates are estimated based on
 Ivorian time series data. The empirical results suggest that terms of
 trade along with domestic income, French income, and foreign real interest
 rates have significant long-term relationships with the current account
 deficit. The methodology is based on the co-integration technique. In
 addition, using the bootstrap technique for unit roots and regression
 respectively indicates the long-run relationship and the regression
 equation appear robust. 
Journal: Applied Economics Letters 
Pages: 437-440 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354582 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354582&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Title: A test of the P-Star model 
Abstract:
  This paper presents a test of the P-Star model using US quarterly data
 over the period 1951:1-1991:4. The basic formulation of the P-Star model,
 which is derived from the quantity theory of money, is manipulated to
 obtain an equation for the price level in terms of a stochastic trend and
 the actual levels of output and velocity. The maximum likelihood
 estimation results verify the validity of the model and the importance of
 the stochastic trend. The dynamic relationship between the inflation rate
 and the price gap is also estimated, producing a large and significant
 value for the coefficient of adjustment. 
Journal: Applied Economics Letters 
Pages: 441-443 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354591 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354591&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhen Zhu 
Author-X-Name-First: Zhen 
Author-X-Name-Last: Zhu 
Title: Short-term interest rate and inflation in the long run: a study of the US and UK from 1803 to 1990 
Abstract:
  This paper provides empirical evidence concerning the long-run properties
 of expected real interest rate and nominal interest rate as a predictor of
 inflation using US and UK data from 1803 to 1990. It is found that we can
 reject the null hypothesis of constancy of ex ante real interest rate for
 the US, but we cannot reject it for the case of the UK. Evidence also
 suggests that over the long time period, nominal interest rate does not
 seem to be a good predictor of inflation, especially for the case of the
 US. 
Journal: Applied Economics Letters 
Pages: 445-448 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354609 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354609&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Darren Filson 
Author-X-Name-First: Darren 
Author-X-Name-Last: Filson 
Title: Price indexes for personal computers (1976-88) 
Abstract:
  This paper estimates quality-adjusted price indexes for personal
 computers for the years 1976-88 using the method proposed by Berndt,
 Griliches, and Rappaport (1995). Indexes for the 1976-82 period may be
 combined with indexes provided by previous authors to obtain
 quality-adjusted price indexes for the entire history of the personal
 computer industry. In the early years, the number of observations is
 small, and quality and cost improvements, which are often embodied in new
 models, occur rapidly. It is suggested that in this type of environment,
 adjacent-year regressions may be more useful for obtaining
 constant-quality price indexes than alternative methods. 
Journal: Applied Economics Letters 
Pages: 449-452 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354618 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354618&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Javier Nievas 
Author-X-Name-First: Javier 
Author-X-Name-Last: Nievas 
Title: The 'Fisher effect' versus 'German effect' in European countries. An empirical study 
Abstract:
  This paper analyses the impact of the rate of inflation and German
 short-term interest rates over the short-term interest rates of a number
 of European Union Member States. The study has been carried out by
 considering two subperiods, namely from 1980 to 1988 and from 1989 to
 1996, with these representing the periods before and after the initiation
 of European Monetary Union. The results obtained indicate that there is
 one group of countries, comprising France and Italy, which has substituted
 the 'inflation effect' in the first period for the 'German effect' in the
 second. Another group, made up of Spain, Greece, Holland and Portugal,
 does not present evidence of the inflation effect prior to Monetary Union,
 but does present evidence of the 'German effect' after it. Finally, a
 number of other countries, such as the United Kingdom, Belgium and
 Denmark, are not seen to be influenced by changes in the German interest
 rate. 
Journal: Applied Economics Letters 
Pages: 453-458 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shady Kholdy 
Author-X-Name-First: Shady 
Author-X-Name-Last: Kholdy 
Author-Name: Ahmad Sohrabian 
Author-X-Name-First: Ahmad 
Author-X-Name-Last: Sohrabian 
Title: Economic fundamentals and housing market 
Abstract:
  This paper examines the causes of housing cycles during 1986-1994 in
 California using vector autoregressive (VAR) and variance decomposition
 technique. The paper tries to compare the effect of speculative behavour
 of landlords with economic fundamentals in boosting the housing demand.
 The empirical results suggest that economic fundamentals affected the
 housing market slightly during the housing boom of 1986-1990. Speculative
 behaviour and expectation of capital gain played a stronger role in
 stimulating the housing demand than economic fundamentals. The model,
 however, cannot explain the housing bust of 1990-1994. The results suggest
 that the main reason behind sluggish demand in 1990-1994 lies outside the
 economic fundamentals and poor expectation of capital gain. 
Journal: Applied Economics Letters 
Pages: 459-461 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354636 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354636&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Edward Robinson 
Author-X-Name-First: Edward 
Author-X-Name-Last: Robinson 
Title: The term structure of Australian interest rates: tests of the expectation hypothesis 
Abstract:
  This paper studies the expectation hypothesis relating to the term
 structure of Australian interest rates. We use monthly data on 90-day bank
 accepted bills and the 10-year Treasury bond over the period 1969-94. The
 test equation follows the approach in Campbell and Shiller (1987, 1988)
 and we pay careful attention to ARCH effects and problems poised by
 overlapping data. Our results indicate that the restrictions of the
 interest rate expectational hypothesis are not rejected by the dataset. 
Journal: Applied Economics Letters 
Pages: 463-467 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354645 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354645&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Askar Choudhury 
Author-X-Name-First: Askar 
Author-X-Name-Last: Choudhury 
Author-Name: Simon Power 
Author-X-Name-First: Simon 
Author-X-Name-Last: Power 
Title: The consequences of a potential pitfall in approximate GLS estimation of the regression model with ARMA(p, q) disturbances 
Abstract:
  This paper investigates the phenomenon of covariance matrix
 underestimation leading to possibly misleading inference which can arise
 from a potential pitfall in approximate GLS estimation of the regression
 model with ARMA disturbances. 
Journal: Applied Economics Letters 
Pages: 469-472 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354654 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354654&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Roberts 
Author-X-Name-First: Mark 
Author-X-Name-Last: Roberts 
Title: Ruling-out non-stationary stochastic rational expectations bubbles when agents are non-risk-neutral 
Abstract:
  The property of an independent forward-solution in the general solution
 to linear dynamic RE models is lost where a bubble component has non-zero
 higher-order moments and where the implicit agents of the model are not
 risk-neutral. If the conditional higher-order moments are nonstationary,
 the forward solution becomes process-inconsistent. 
Journal: Applied Economics Letters 
Pages: 473-475 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354663 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354663&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Cobham 
Author-X-Name-First: David 
Author-X-Name-Last: Cobham 
Author-Name: Steve Williams 
Author-X-Name-First: Steve 
Author-X-Name-Last: Williams 
Title: Hysteresis, the Phillips curve and the costs of monetary union 
Abstract:
  If actual unemployment affects the non-accelerating inflation rate of
 unemployment (NAIRU) through a hysteresis effect, the disinflation
 involved in reducing a country's inflation rate to that of its future
 partners in a monetary union could produce a long term cost to monetary
 union in the form of a lasting rise in the NAIRU. This note sets out a
 framework for analysing the likelihood of such an eventuality. 
Journal: Applied Economics Letters 
Pages: 477-480 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: Impact of US structural budget deficits on thrift institution interest rates, 1964-1995 
Abstract:
  This study examines, for the period 1964-95, the impact of structural
 federal budget deficits in the US on interest rates at savings and loan
 institutions (S&Ls). Interest rates at S&Ls have largely been neglected in
 the deficit/interest rate literature. Moreover, the deficit/interest rate
 literature for the US has largely ignored the second half of the 1980s and
 the 1990s. Accordingly, this study (1) empirically investigates the impact
 of structural budget deficits on the cost of deposits to S&Ls and the
 mortgage interest rate charged by S&Ls and (2) provides current/updated
 information through 1995 on this important issue of the interest-rate
 impact of budget deficits. The empirical estimates find the S&L cost of
 deposits and mortgage rate to be increasing functions of the structural
 deficit. 
Journal: Applied Economics Letters 
Pages: 481-484 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354393 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354393&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Io Segoura 
Author-X-Name-First: Io 
Author-X-Name-Last: Segoura 
Title: Return to scale and external economies: empirical evidence from Greek two-digit manufacturing industries 
Abstract:
  This paper applies the methodology developed by Caballero and Lyons
 (1989), in order to estimate jointly the degree of internal returns to
 scale and the extent of external economies in Greek two-digit
 manufacturing industries during the period 1963-90. Overall, we find that
 only two industries show evidence of internal increasing returns: food
 products, and transport equipment. On the other hand, we cannot reject the
 presence of external economies. According to our estimates if an industry
 increases its inputs in isolation by 10% its output rises by 6%. However,
 if all industries act in concern its output rises by 10%, implying social
 constant returns to scale. 
Journal: Applied Economics Letters 
Pages: 485-490 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354401 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354401&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. J. Erenburg 
Author-X-Name-First: S. J. 
Author-X-Name-Last: Erenburg 
Title: Productivity, private and public capital, and real wage in the US 
Abstract:
  This paper examines the relationship between real wages and productivity
 in the United States from 1948-90, by including in the measure of
 productivity the impact of public capital as well as private capital. The
 results confirm recent studies that have indicated that when the private
 and public capital stock is controlled for, real wage is countercyclical,
 and validate diminishing returns to labour, positive returns to public
 capital and a procyclical effect of capacity utilization on real wage.
 Further, the issue of spurious regression bias that arises when variables
 are nonstationary was addressed, and long run relationships were then
 estimated. Results establish a long-run relationship between productivity,
 real wage, the employment to capital ratio, and public to private capital
 ratio. Using the statistical estimates herein, if the public capital stock
 had remained at the historical 1948-65 ratio, rather than declining,
 productivity would have been between 2.4 and 2.9 percentage points higher
 and real wages would have been between 2 to 2.8 percentage points higher,
 ceteris paribus. 
Journal: Applied Economics Letters 
Pages: 491-495 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354410 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354410&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jurgen Wolters 
Author-X-Name-First: Jurgen 
Author-X-Name-Last: Wolters 
Title: Cointegration and German bond yields 
Abstract:
  The expectations hypothesis of the term structure implies that interest
 rates of different maturities are driven by one common stochastic trend.
 Using the Johansen multivariate cointegration analysis one finds that for
 seven German bond yields at least two common stochastic trends exist.
 These trends may be interpreted as capturing a level and a slope effect.
 The results are equivalent to the fact that six spreads contain five
 independent cointegration vectors. For this situation an error correction
 model is quite well supported by the data. 
Journal: Applied Economics Letters 
Pages: 497-502 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354429 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354429&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kimiyoshi Kamada 
Author-X-Name-First: Kimiyoshi 
Author-X-Name-Last: Kamada 
Author-Name: Nobuhiro Okuno 
Author-X-Name-First: Nobuhiro 
Author-X-Name-Last: Okuno 
Author-Name: Ritsuko Futagami 
Author-X-Name-First: Ritsuko 
Author-X-Name-Last: Futagami 
Title: Decisions on regional allocation of public investment: the case of Japan 
Abstract:
  In this paper, the basic economic factors underlying government decisions
 on regional allocation of public investment will be examined in relation
 to the stages of economic development of Japan. We will show that the
 improvement of dualism in regional income inequality has been the most
 significant factor for decisions made since the 1950s, while the
 growth-oriented economic policy explains the regional allocation of public
 investment for the period from the late 1950s to the mid-1960s. 
Journal: Applied Economics Letters 
Pages: 503-506 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354438 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354438&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dollar Case 
Author-X-Name-First: Dollar 
Author-X-Name-Last: Case 
Title: Testing the long-run validity of the monetary approach to the exchange rate: the won-US 
Abstract:
  This paper examines via cointegration techniques the empirical validity
 of the monetary model of exchange rate determination as a long-run
 equilibrium condition for the Korean won-U.S. dollar rate over the recent
 period of economic liberalization in Korea. Using monthly data from 1980
 to 1995, it is found that the unrestricted version of the monetary model
 provides a valid framework for analysing long-run movements in the
 exchange 
Journal: Applied Economics Letters 
Pages: 507-511 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354447 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354447&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Faff 
Author-X-Name-First: Robert 
Author-X-Name-Last: Faff 
Author-Name: Barry Oliver 
Author-X-Name-First: Barry 
Author-X-Name-Last: Oliver 
Title: Consumption versus market betas of Australian industry portfolios 
Abstract:
  This paper provides an empirical comparison of consumption and market
 betas for to 23 Australian industry portfolios, using quarterly Australian
 data. The results reveal that there is very little sensitivity of returns
 to consumption growth where consumption growth is measured
 contemporaneously. However, when a lagged relationship is examined, the
 consumption sensitivities become much stronger. Nevertheless the
 consumption betas remain considerably less significant than their market
 beta counterparts. 
Journal: Applied Economics Letters 
Pages: 513-517 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354456 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354456&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. H. Schnader 
Author-X-Name-First: M. H. 
Author-X-Name-Last: Schnader 
Author-Name: H. O. Stekler 
Author-X-Name-First: H. O. 
Author-X-Name-Last: Stekler 
Title: Sources of turning point forecast errors 
Abstract:
  Little attention has been devoted to explaining the failure to predict
 the turning points at the beginning of recessions. This note builds on a
 model that showed that a turning point might not be predicted if
 forecasters' prior probabilities of a recession were low. Costs associated
 with various types of errors might also produce this result. A model is
 developed and then applied to a particular US business cycle indicator.
 The results show that costs as well as priors may contribute to this type
 of forecasting error. 
Journal: Applied Economics Letters 
Pages: 519-521 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354465 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354465&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Parker 
Author-X-Name-First: Simon 
Author-X-Name-Last: Parker 
Title: Is the inequality of lifetime wealth a random walk? 
Abstract:
  A simple model is presented which predicts that the inequality of
 lifetime wealth is a bounded random walk process. Empirical support for
 the model is found using UK data for 1970-94. 
Journal: Applied Economics Letters 
Pages: 523-525 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354474 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354474&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Caroline Elliott 
Author-X-Name-First: Caroline 
Author-X-Name-Last: Elliott 
Author-Name: Dan Ellingworth 
Author-X-Name-First: Dan 
Author-X-Name-Last: Ellingworth 
Title: Exploring the relationship between unemployment and property crime 
Abstract:
  Existing economic studies have revealed conflicting evidence regarding
 the relationship between unemployment and crime. In this paper we argue
 that the conflicting evidence that has appeared in previous studies
 reflects inadequate statistical analysis. Specifically, we argue that
 insufficient attention has been devoted to questions of functional form.
 Employing the Box-Cox flexible functional form approach we report evidence
 to suggest that once the correct functional form of the variables is
 utilized, a significant positive relationship between male unemployment
 and property crime is identified, this having fundamental implications for
 government policy in the fight against crime. 
Journal: Applied Economics Letters 
Pages: 527-530 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354483 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354483&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Jacobs 
Author-X-Name-First: Jan 
Author-X-Name-Last: Jacobs 
Author-Name: Lambert Schoonbeek 
Author-X-Name-First: Lambert 
Author-X-Name-Last: Schoonbeek 
Title: Adding up constraints and gross substitution in portfolio models 
Abstract:
  We consider a static portfolio system that satisfies adding-up
 constraints and Tobin's gross substitution theorem. We show the
 relationship of the two conditions to the weak dominant diagonal property
 of the matrix of interest rate elasticities. This enables us to
 investigate effects of arbitrary simultaneous changes in interest rates on
 the asset demands. Finally, we show that all asset demands are invariant
 under a certain nonnegative, but nonzero, change of the interest rates. 
Journal: Applied Economics Letters 
Pages: 531-533 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354492 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354492&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wim Groot 
Author-X-Name-First: Wim 
Author-X-Name-Last: Groot 
Title: Empirical estimates of the rate of depreciation of education 
Abstract:
  In this paper we develop a method to estimate the rate of depreciation of
 human capital. The model is estimated on data for Great Britain and the
 Netherlands. It is found that the rate of depreciation of education is
 11-17% per year. 
Journal: Applied Economics Letters 
Pages: 535-538 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354500 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354500&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gerard Antioch 
Author-X-Name-First: Gerard 
Author-X-Name-Last: Antioch 
Title: Fiscal policy dynamics in Australia and New Zealand 
Abstract:
  This paper uses cointegration and error correction modelling to
 investigate how Governments across the Tasman have corrected fiscal
 imbalances. Australian Governments have used revenue and expenditure
 adjustments to correct long term fiscal imbalance. In the short term,
 however, taxes constrain spending in Australia. In New Zealand,
 expenditure adjustments are relied upon to correct long term fiscal
 imbalance. Thus, in neither country it could be said that spending
 priorities predominately drive decisions to raise taxes. 
Journal: Applied Economics Letters 
Pages: 539-541 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529495 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529495&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Felipe 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Felipe 
Title: Does the aggregate production function imply anything about the laws of production? A comment 
Abstract:
  This paper discusses McCombie's (1987) empirical evidence on the
 Simon-Shaikh critique. It is argued that while the theoretical argument is
 correct, the evidence presented depends on the adjustment of the stock of
 capital for capacity utilization. Probably factor shares are not
 sufficiently constant in this data set for the Cobb-Douglas form to
 provide a good approximation to the accounting identity. 
Journal: Applied Economics Letters 
Pages: 543-547 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529496 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529496&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: I. Theodossiou 
Author-X-Name-First: I. 
Author-X-Name-Last: Theodossiou 
Author-Name: A. Yannopoulos 
Author-X-Name-First: A. 
Author-X-Name-Last: Yannopoulos 
Title: Labour market segmentation and unemployment duration 
Abstract:
  This paper analyses the factors affecting the duration of an unemployment
 spell for primary and secondary workers. It evaluates the pattern of
 hazard rates for exit from unemployment after taking into account the
 effects of person-specific heterogeneity and shows that workers employed
 in the lower-tier sector have longer unemployment spells than the
 remainder. 
Journal: Applied Economics Letters 
Pages: 549-553 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529497 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529497&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ramu Govindasamy 
Author-X-Name-First: Ramu 
Author-X-Name-Last: Govindasamy 
Author-Name: Songqing Jin 
Author-X-Name-First: Songqing 
Author-X-Name-Last: Jin 
Title: Fresh sweet corn acreage response in the selected states of the USA 
Abstract:
  Seemingly Unrelated Regression models were used to examine the factors
 that influence the corn acreage in selected states in the US. Planted acre
 was modelled as a function of lagged planted acres, lagged production, and
 lagged price for states California, Florida, New Jersey, New York,
 Pennsylvania, and the US. States such as New Jersey and New York which
 have a short growing season compared to California and Florida. Also there
 is a notion that the small acreage in New Jersey is affected by production
 from other states such as California, Florida, New York, and Pennsylvania.
 The results indicate that lagged planted acreage significantly contributes
 toward current planted acres of sweet corn in all the five states and in
 the US. Production lag significantly contributes toward planted acres only
 in New York. Finally, the price lag significantly contributes toward
 planted acres in New York and Pennsylvania. The sign of the significant
 variable indicates that the current planted acre is positively influenced
 by the lagged planted acres, production lag and the price lag. 
Journal: Applied Economics Letters 
Pages: 555-557 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529498 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529498&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Uma Kambhampati 
Author-X-Name-First: Uma 
Author-X-Name-Last: Kambhampati 
Title: Duration of industry leadership 
Abstract:
  Firms strive to become industry leaders for a number of reasons including
 the market power that such a position endows upon them, the prestige
 relating to it as well as the increase in profits that it often results
 in. In this paper, we concentrate on the duration of survival of leaders
 and on the factors that influence it. To facilitate our investigation, we
 use duration analysis to estimate a survival function, both with and
 without time varying covariates. Our results indicate that, on average, in
 India, a firm maintains its leadership position for approximately five
 years (though this is significantly higher in the 'high concentration
 ratio industries'). Its survival fits a logistic distribution best,
 implying that the hazard of failure is nonlinearly related to time. On the
 one hand, the size of the firm itself, its previous experience in leading
 the industry and economies of scale in the industry all extend the
 duration of leadership. On the other hand, the larger the size of the
 firm's rivals and the larger its profits relative to the industry average,
 the shorter its duration of survival at the top. 
Journal: Applied Economics Letters 
Pages: 559-562 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529499 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529499&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Hasan 
Author-X-Name-First: Mohammad 
Author-X-Name-Last: Hasan 
Title: The choice of appropriate monetary aggregates in the United Kingdom 
Abstract:
  This paper re-examines the relationship between alternative monetary
 aggregates (M0 and M4) and other macroeconomic variables in the United
 Kingdom. The results of a five-variable VAR analysis are indicative of
 bidirectional causality between each of the monetary aggregates and real
 output. Our findings of a feedback relationship between M0-real income,
 and M4-real income makes each of the monetary aggregates a poor
 intermediate target variable. Moreover, contrary to most research work in
 this area, we find a feedback relationship between M0 and prices which
 appears to support the monetary accomodation hypothesis. 
Journal: Applied Economics Letters 
Pages: 563-568 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529500 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529500&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pedro Duarte Neves 
Author-X-Name-First: Pedro Duarte 
Author-X-Name-Last: Neves 
Title: Female labour supply over the life-cycle 
Abstract:
  This note describes two alternative approaches to identify the parameters
 that characterize intertemporal female labour supply, allowing for
 uncertainty, nonparticipation and nonseparability. Econometric results
 indicate that the choice of functional forms is one of the most important
 issues in the empirical analysis of labour supply. 
Journal: Applied Economics Letters 
Pages: 569-572 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529501 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529501&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Swarna Dutt 
Author-X-Name-First: Swarna 
Author-X-Name-Last: Dutt 
Title: Purchasing power parity revisited: null of cointegration approach 
Abstract:
  This paper undertakes a study of the Purchasing Power Parity doctrine as
 a long run equilibrium condition among a highly economically integrated
 set of nations, namely members of the European Monetary System (EMS). Here
 we examine the bivariate cointegration properties of the intra-EMS spot
 exchange rate series and their price ratios, using the modern null of
 cointegration approach. Our results support the parity hypothesis within
 the union. 
Journal: Applied Economics Letters 
Pages: 573-575 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529502 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529502&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald Freeman 
Author-X-Name-First: Donald 
Author-X-Name-Last: Freeman 
Title: Unit roots in the presence of moving average errors: tests of consumer price inflation 
Abstract:
  The issue of stationarity is a critical one in time series modelling.
 Tests designed to detect unit roots are sensitive, however, to model
 specification. While it has previously been shown that the presence of
 moving average errors may adversely affect the size of Dickey-Fuller type
 tests for stationarity in finite samples, this paper demonstrates that the
 order of the moving average process is also important. Critical values of
 unit root tests for MA(2) processes are shown to be larger than comparable
 values for MA(1) processes, which are in turn larger than Dickey-Fuller
 values. Consumer Price Inflation is estimated as an MA(2) process and is
 tested for stationarity using the computed critical values for time series
 with MA(2) errors. 
Journal: Applied Economics Letters 
Pages: 577-581 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529503 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529503&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eddy Waller 
Author-X-Name-First: Eddy 
Author-X-Name-Last: Waller 
Title: A quantitative analysis of the health care resource allocations: the private versus the public route in the United Kingdom 
Abstract:
  With public spending subject to increasing security, the private sector
 has grown in influence in providing welfare. The public and private mix of
 welfare has been theorized in many academic disciplines but has not
 received full quantitative application. This letter attempts an estimation
 of the average costs of in-patient stay in each sector and finds that the
 public sector offers the greater efficiency using this measure. It goes on
 to calculate the number of treatments that would be possible if all health
 resources were allocated to the public sphere. 
Journal: Applied Economics Letters 
Pages: 583-585 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529504 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529504&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Blanca Sanchez-Robles 
Author-X-Name-First: Blanca 
Author-X-Name-Last: Sanchez-Robles 
Title: Macroeconomic stability and economic growth: the case of Spain 
Abstract:
  Recent contributions have pointed out to a beneficial effect of
 macroeconomic stability and market liberalization on economic growth. This
 paper analyses this issue empirically by means of cointegration
 techniques, using annual data from the Spanish economy, 1962-95. Some
 proxies of macroeconomic instability - such as inflation, public deficit
 and various types of public expenditure as a share of GDP - and market
 distortions are included in the equations as regressors. The results show
 a negative correlation of these proxies and economic growth. Therefore,
 the Spanish experience suggests that macroeconomic stability and market
 liberalization are prerequisites for economic growth. 
Journal: Applied Economics Letters 
Pages: 587-591 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529505 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529505&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Mainland 
Author-X-Name-First: David 
Author-X-Name-Last: Mainland 
Title: Econometrics or neural networks? - a study of marketing margins in the UK meat industry 
Abstract:
  In the UK there is a widening gap between the farm-gate and retail prices
 for red meat and pork products. This study attempts to discover the
 reasons behind this increase by analysing the determinants that are
 responsible for the increasing margins. Monthly data from January 1982 to
 March 1996 are used as beyond this period the data are seriously distorted
 by the BSE scare. The predictive ability of econometrics and neural
 network models are compared. Although the results from econometrics were
 overall better it is argued that a combination of the two methods would be
 the ideal. 
Journal: Applied Economics Letters 
Pages: 593-597 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529506 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529506&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ira Saltz 
Author-X-Name-First: Ira 
Author-X-Name-Last: Saltz 
Title: State income tax policy and geographic labour force mobility in the United States 
Abstract:
  This study empirically investigates the impact of state income tax policy
 on US interstate migration for the period 1985-89. It finds that people
 vote with their feet and prefer to move so as to minimize their state
 income tax liabilities. 
Journal: Applied Economics Letters 
Pages: 599-601 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354249 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354249&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. F. Omran 
Author-X-Name-First: M. F. 
Author-X-Name-Last: Omran 
Title: An investigation of the maximal moments of exchange rates 
Abstract:
  We examine the issue of maximal moments of four exchange rates of US,
 Japan, Germany and France measured relative to the British Pound. It is
 found that the second moment of exchange rate returns is finite, and
 therefore, the infinite variance stable distribution is ruled out as a
 candidate for modelling exchange rates. In line with US evidence, there is
 some doubt about the existence of the fourth moment. 
Journal: Applied Economics Letters 
Pages: 603-606 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354258 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354258&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Arnon 
Author-X-Name-First: A. 
Author-X-Name-Last: Arnon 
Author-Name: J. Weinblatt 
Author-X-Name-First: J. 
Author-X-Name-Last: Weinblatt 
Title: Linder's hypothesis revisited: income similarity effects for low income countries 
Abstract:
  In this paper we test whether a Linder effect exists in international
 trade generally, and in trade among, and between, developed and less
 developed countries in particular. We provide empirical evidence that,
 contrary to accepted views, the Linder effect can be found for both
 developed and less developed countries. 
Journal: Applied Economics Letters 
Pages: 607-611 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354267 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354267&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tser-Yieth Chen 
Author-X-Name-First: Tser-Yieth 
Author-X-Name-Last: Chen 
Title: A study of bank efficiency and ownership in Taiwan 
Abstract:
  This paper uses a data envelopment analysis (DEA) approach to create a
 benchmark measure for the relative operating efficiency of the publicly
 operated banks as well as their private counterparts in Taiwan. From the
 estimated results, we find that there are significant differences in
 efficiency between privately-owned banks and publicly-owned banks. It
 shows that the efficiency gains from privatization may be substantial. By
 analysing the sources of inefficiency, we can also indicate the remedy for
 the specific publicly-owned banks, and affirm the validity of the
 privatization policy. 
Journal: Applied Economics Letters 
Pages: 613-616 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354276 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354276&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dwight Steward 
Author-X-Name-First: Dwight 
Author-X-Name-Last: Steward 
Title: A note: Bootstrap standard errors and confidence intervals for weak axiom of cost minimization (WACM) based bank managerial efficiency estimates 
Abstract:
  Although the nonparametric nature of Varian (Microeconomic Theory,
 Norton, New York, 1984) Weak Axiom of Cost Minimization (WACM) methodology
 offers a number of advantages in the estimation of bank managerial
 efficiency, this approach possesses a potentially critical problem:
 measurement error and other stochastic influences are not explicitly
 accounted for in the calculation of managerial efficiency estimates. The
 failure to account for these factors could significantly effect the
 validity of WACM based efficiency estimates. The principal objective of
 this paper is to provide bootstrap based test statistics for the WACM
 managerial efficiency estimates that explicitly account for these
 stochastic factors. The managerial efficiency measurement methodology
 utilized in this paper also provides new estimates of banking industry
 managerial efficiency. 
Journal: Applied Economics Letters 
Pages: 617-621 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354285 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354285&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Caudill 
Author-X-Name-First: Steven 
Author-X-Name-Last: Caudill 
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Title: Do network news agencies play their dominant strategies? Empirical evidence from lead news stories 
Abstract:
  Do network news agencies (ABC, CBS, and NBC) play their dominant
 strategies in selecting the lead news story (cover story) for nightly
 newscasts? The present paper seeks an answer to this question by employing
 elementary game-theory analysis and simple logit/ordered logit regression
 models to examine the choice the network agencies make in selecting a
 nightly lead news story. While economic theory predicts lead stories based
 on company projections of events likely to be judged as 'important' to
 consumer-viewers (the dominant strategy), statistical evidence presented
 here suggests that deciphering the dominant strategies is quite difficult.
 This ultimate result is likely due to demander preferences that often
 drive liberal and sensationalism biases in the media. 
Journal: Applied Economics Letters 
Pages: 623-629 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354294 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354294&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kenneth Clark 
Author-X-Name-First: Kenneth 
Author-X-Name-Last: Clark 
Author-Name: Stephen Drinkwater 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Drinkwater 
Author-Name: Derek Leslie 
Author-X-Name-First: Derek 
Author-X-Name-Last: Leslie 
Title: Ethnicity and self-employment earnings in Britain 1973-95 
Abstract:
  Using data from the General Household Survey 1973-95, it is shown that
 there were substantial differences between the earnings of whites and
 nonwhites in the self-employment sector of the British labour market over
 the period. Fitting a model of earnings determination which takes account
 of sample selectivity allows these differences to be decomposed into
 characteristics and coefficients effects. It turns out that both are
 important. Further decomposition reveals a crucial role for differences in
 the amount of schooling received by whites and nonwhites and in the
 returns to age, gender, marital status and qualifications. 
Journal: Applied Economics Letters 
Pages: 631-634 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354302 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354302&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: Impact of select variables on thrift institution profit rates, 1965-1991 
Abstract:
  Using semi-annual data, this study empirically finds that, over the
 1965-91 period, the rate of return on thrift (S&L) assets is an increasing
 function of the S&L mortgage rate, the tangible capital/asset ratio, and
 energy prices, whereas it is a decreasing function of the cost of deposits
 and Tax Reform Act of 1986 provisions. 
Journal: Applied Economics Letters 
Pages: 635-638 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354311 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354311&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Alberto Molina 
Author-X-Name-First: Jose Alberto 
Author-X-Name-Last: Molina 
Title: Analysing the effects of price changes on the cost of living of consumers using true indices 
Abstract:
  In this paper we analyse the effects of price changes on consumers' cost
 of living, using true indices for Germany, France, the UK, Spain and
 Sweden. We define these indices for a PIGLOG cost function and a dynamic
 specification of the LAIDS allows us to estimate them using aggregated
 time-series from 1964 to 1993. The calculated index numbers show that: (i)
 Spain presents the highest values for all groups, whereas the lowest
 appear in Germany and the UK, (ii) the highest values were in both oil
 crisis years, 1973 and 1979, whereas the lowest were generally in 1966 and
 in 1993, and (iii) the mean values reveal that Spain and France display
 the highest true cost-of-living indices, whereas Germany and the UK show
 the lowest. 
Journal: Applied Economics Letters 
Pages: 639-644 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354320 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354320&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Author-Name: Gabrielle Berman 
Author-X-Name-First: Gabrielle 
Author-X-Name-Last: Berman 
Author-Name: Sinclair Davidson 
Author-X-Name-First: Sinclair 
Author-X-Name-Last: Davidson 
Author-Name: Ting-Yean Tan 
Author-X-Name-First: Ting-Yean 
Author-X-Name-Last: Tan 
Title: Is there a common response in Australian bilateral exchange rates following current account announcements? 
Abstract:
  A growing literature exists analysing the impact of balance on current
 account announcements on bilateral exchange rates. This literature
 typically considers and reports results for a number of bilateral exchange
 rates. This paper investigates whether there are distinct effects across
 the range of bilateral exchange rates, or alternately whether a common
 response carries across all the bilateral exchange rates. Our results
 favour a common response. JEL classification: F30. 
Journal: Applied Economics Letters 
Pages: 645-648 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354339 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354339&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bradley Ewing 
Author-X-Name-First: Bradley 
Author-X-Name-Last: Ewing 
Title: The impact of federal budget deficits on movements in the stock market: evidence from Australia and France 
Abstract:
  This article examines whether or not federal budget deficits impact the
 stock markets of Australia and France. According to the stock market
 efficiency hypothesis, current stock market performance fully incorporates
 all past policy actions and implies that there should be an insignificant
 effect of past deficit on current stock prices. We present evidence that
 fiscal policy actions, as measured by the size of past federal budget
 deficits, exert a significant influence upon movements in stock prices. 
Journal: Applied Economics Letters 
Pages: 649-651 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354348 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354348&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seamus Mcguinness 
Author-X-Name-First: Seamus 
Author-X-Name-Last: Mcguinness 
Author-Name: Maura Sheehan 
Author-X-Name-First: Maura 
Author-X-Name-Last: Sheehan 
Title: Regional convergence in the UK, 1970-1995 
Abstract:
  This paper tests for the existence of long run inter-regional equilibrium
 relationships in income per capita within the UK over the period 1971-95.
 We examine both the cross-sectional and time-series evidence of
 inter-regional convergence. The time series approach allows us to
 investigate whether there are long-run regional equilibrium trends,
 whereas the cross-sectional analysis allows us to investigate whether the
 dispersion in per capita incomes between regions has narrowed. While it
 was found that some of the regions converged over time, there were no
 obvious explanations for why these regions converged and others did not.
 Moreover, with the exception of Northern Ireland and Scotland, regional
 policy appears to have had little impact on the relative positions of
 assisted regions in terms of their share of UK GDP. 
Journal: Applied Economics Letters 
Pages: 653-658 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354357 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Angelos Kanas 
Author-X-Name-First: Angelos 
Author-X-Name-Last: Kanas 
Title: Long-run benefits from international equity diversification: a note on the Canadian evidence 
Abstract:
  This note provides evidence that there exist long-run benefits for a
 Canadian investor from diversifying in the equity markets of the US,
 Japan, and the six largest European markets namely those of the UK,
 Germany, France, Switzerland, Italy and the Netherlands. This evidence is
 based on tests for pairwise cointegration between the Canadian national
 equity index and the equity index for each of the other markets. 
Journal: Applied Economics Letters 
Pages: 659-663 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354366 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354366&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Geraint Johnes 
Author-X-Name-First: Geraint 
Author-X-Name-Last: Johnes 
Title: Human capital versus sorting: new data and a new test 
Abstract:
  A new test is proposed for discriminating between human capital and
 sorting explanations of the wage differential between groups of variously
 educated workers. International data from the ISSP are used to illustrate
 the operation of the test and of other, more conventional methods used to
 discriminate between the competing theories. 
Journal: Applied Economics Letters 
Pages: 665-667 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354375 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354375&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Author-Name: A. E. H. Speight 
Author-X-Name-First: A. E. H. 
Author-X-Name-Last: Speight 
Title: The variance of economic activity over the business cycle: some further evidence 
Abstract:
  This letter tests for the presence of non-linearities in UK and US
 industrial and sectoral production growth rates using a joint model of
 bilinearity inconditional mean and generalized-autoregressive-conditional
 heteroscedasticity, the latter augmented by lagged production growth rates
 so as to allow consideration of variance asymmetry with respect to the
 phase of the business cycle. We find bilinearity inconditional mean to be
 present in US industrial production and manufacturing, and significant
 conditional variance asymmetries in the majority of series considered such
 that conditional variance is higher during recessions and stronger in the
 more cyclically sensitive durable consumer goods sectors. 
Journal: Applied Economics Letters 
Pages: 669-673 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Elena Stancanelli 
Author-X-Name-First: Elena 
Author-X-Name-Last: Stancanelli 
Title: Unemployment compensation schemes and unemployment duration 
Abstract:
  This paper compares unemployment durations of persons on different
 unemployment compensation schemes from the start of the unemployment
 spell. It focuses on the probability of leaving unemployment to take up a
 full-time job. Data on actual benefit receipts are used for the analysis.
 The sample considered includes unemployed men on unemployment insurance or
 unemployment assistance from the start of the unemployment spell.
 Estimation of binary probability models indicates that observed
 characteristics explain well the probability of being on a given
 unemployment benefit scheme. The empirical findings signal that the
 unemployed on different benefit schemes cannot be treated as an
 homogeneous group, as has normally been done in previous UK studies. 
Journal: Applied Economics Letters 
Pages: 675-680 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mehdi Monadjemi 
Author-X-Name-First: Mehdi 
Author-X-Name-Last: Monadjemi 
Title: Are real interest rates cointegrated? A study of three OECD countries 
Abstract:
  Real interest rates are influenced by internal economic policies and also
 by movements of real rates in larger economies. The latter has become more
 influential as a result of the integration of global financial markets in
 the 1980s and 1990s. The empirical results of this study show that the US
 real rate of interest is an important factor in explaining variations of
 real rates in Britain and the Netherlands but not vice versa. 
Journal: Applied Economics Letters 
Pages: 681-683 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354113 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354113&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Felmingham 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Felmingham 
Author-Name: W. Norton Grey 
Author-X-Name-First: W. Norton 
Author-X-Name-Last: Grey 
Title: A general equilibrium (GE) model of the term structure applied to Australian securities 
Abstract:
  The Double Square Root (DSR) GE model of the term structure is fitted to
 Australian security yield data over the period 2 January 1984 to 15
 December 1995 - a data set of 3041 yields on four securities: 30 and
 90-day BAB: and 5 and 10-year bonds. Applying both the OLS and GMM
 estimators we find a nonlinear, reduced form relationship between these
 yields and the risk free rate. So we conclude that GE models explain a
 diverse range of Australian yield curve shapes and that Australian bond
 prices are not necessarily inversely related to interest rates. 
Journal: Applied Economics Letters 
Pages: 685-687 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354122 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354122&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Testing allocative efficiency by data envelopment analysis 
Abstract:
  An allocative efficiency model based on data envelopment analysis is
 empirically tested here for evaluating the operational performance of
 international airlines for the period 1988-90. Results show some
 robustness of these efficiency measures in terms of stochastic dominance
 criteria. 
Journal: Applied Economics Letters 
Pages: 689-692 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Laszlo Matyas 
Author-X-Name-First: Laszlo 
Author-X-Name-Last: Matyas 
Author-Name: Laszlo Konya 
Author-X-Name-First: Laszlo 
Author-X-Name-Last: Konya 
Author-Name: Lachlan MaCquarie 
Author-X-Name-First: Lachlan 
Author-X-Name-Last: MaCquarie 
Title: The Kuznets U-curve hypothesis: some panel data evidence 
Abstract:
  In this paper Kuznet's U-curve hypothesis is tested on two unbalanced
 panel data sets of 47 and 62 countries, for the period 1970-93, using
 two-way fixed and random effects models. Several competing model
 specifications are estimated and the one best fitting the data is selected
 by appropriate model selection procedures. It is shown that there is no
 hard empirical evidence to support the usual econometric model
 formulations and the U-curve hypothesis. 
Journal: Applied Economics Letters 
Pages: 693-697 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354140 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354140&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bagala Biswal 
Author-X-Name-First: Bagala 
Author-X-Name-Last: Biswal 
Author-Name: Urvashi Dhawan 
Author-X-Name-First: Urvashi 
Author-X-Name-Last: Dhawan 
Title: Export-led growth hypothesis: cointegration and causality analysis for Taiwan 
Abstract:
  The hypothesis of export-led growth (ELG) hypothesis is tested for Taiwan
 using Engle and Granger's (1987) cointegration and error correction model
 approaches. This study shows that total exports and GDP, as well as
 exports of manufactured goods and GDP are cointegrated during the
 post-reform period, 1960-90. This study also finds evidence of
 bidirectional causality, and thus concludes that, in the case of Taiwan,
 exports and growth mutually reinforce each other. 
Journal: Applied Economics Letters 
Pages: 699-701 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354159 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354159&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Gius 
Author-X-Name-First: Mark 
Author-X-Name-Last: Gius 
Author-Name: Donn Johnson 
Author-X-Name-First: Donn 
Author-X-Name-Last: Johnson 
Title: An empirical investigation of wage discrimination in professional basketball 
Abstract:
  Previous research has shown that wage discrimination may exist in
 National Basketball Association (NBA) player salaries. These studies have
 shown that African-Americans earned from nine to twenty per cent less than
 whites when on-court performance is held constant. The authors could find
 no substantial research that has been done in this area since 1991. The
 present study re-examines this issue. Using salary data from the 1996-97
 season and performance statistics from the 1995-96 season, a log-linear
 wage equation was estimated, and a Chow Test was performed. Holding all
 other factors constant, African-American players do not earn less than
 white players. The most important factors affecting an NBA player's salary
 are on-court performance, free agency, experience, and the draft status of
 the player. These results are important since they indicate that wage
 discrimination based on race appears to have been eliminated from the NBA. 
Journal: Applied Economics Letters 
Pages: 703-705 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354168 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354168&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Coleman 
Author-X-Name-First: James 
Author-X-Name-Last: Coleman 
Title: The effect of tenure on earnings for males: a public/private analysis 
Abstract:
  This paper examines the effect of tenure on the earnings of males in the
 UK public and private sectors. The earnings-tenure effect is important in
 that it provides helpful information for individuals who are about to
 enter the labour market. Given the distinct labour markets associated with
 the public and private sectors, a disaggregation of this type also
 provides information on the different earnings structures in the two
 sectors. The results show that in general, the relationship between tenure
 and earnings is more pronounced in the public than in the private sector. 
Journal: Applied Economics Letters 
Pages: 707-710 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354177 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354177&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Title: A composite leading indicator of Australian inflation 
Abstract:
  This paper investigates the possibility of constructing a composite
 leading indicator of Australian inflation. Five variables are considered
 and found to have both short-run and long-run causal linkages with
 consumer prices. A composite leading indicator is constructed on the basis
 of the coefficients of the cointegrating vector and smoothed by
 calculating a four-quarter moving average. This indicator is shown to have
 led the annual inflation rate in six troughs and five peaks between 1972
 and 1992. 
Journal: Applied Economics Letters 
Pages: 711-713 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. Geoffrey Booth 
Author-X-Name-First: G. Geoffrey 
Author-X-Name-Last: Booth 
Author-Name: Gregory Koutmos 
Author-X-Name-First: Gregory 
Author-X-Name-Last: Koutmos 
Title: Interaction of volatility and autocorrelation in foreign stock returns 
Abstract:
  In this paper we model six major foreign stock index returns as
 conditionally heteroscedastic processes with time dependent
 autocorrelation. The findings point to a significant inverse relationship
 between volatility and autocorrelation. This is in agreement with previous
 findings for the US stock market, suggesting that stock return dynamics
 are similar across markets. 
Journal: Applied Economics Letters 
Pages: 715-717 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354195 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354195&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Brooks 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Brooks 
Author-Name: Melvin Hinich 
Author-X-Name-First: Melvin 
Author-X-Name-Last: Hinich 
Title: Episodic nonstationarity in exchange rates 
Abstract:
  We examine a method recently proposed by Hinich and Patterson (mimeo,
 University of Texas at Austin, 1995) for testing the validity of
 specifying a GARCH error structure for financial time series data in the
 context of a set of ten daily Sterling exchange rates. The results
 demonstrate that there are statistical structures present in the data that
 cannot be captured by a GARCH model, or any of its variants. This result
 has important implications for the interpretation of the recent voluminous
 literature which attempts to model financial asset returns using this
 family of models. 
Journal: Applied Economics Letters 
Pages: 719-722 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354203 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354203&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mercedes Gumbau Albert 
Author-X-Name-First: Mercedes Gumbau 
Author-X-Name-Last: Albert 
Title: Regional technical efficiency: a stochastic frontier approach 
Abstract:
  The aim of this paper is to analyse the (in)efficiency of the Spanish
 regions over the period 1986-91, using a stochastic frontier approach.
 Different distributional assumptions are used to estimate each region's
 (in)efficiency as well as the influence of the inputs on the productivity
 gains: half-normal, truncated-normal and exponential models. The results
 show that, on average, the inefficiency varies between the 15% and 19%. 
Journal: Applied Economics Letters 
Pages: 723-726 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354212 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354212&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Arghyrou 
Author-X-Name-First: Michael 
Author-X-Name-Last: Arghyrou 
Title: Causal relationships between public expenditure, public receipts and gross domestic product: Greece 1965-95 
Abstract:
  This paper applies the well-known Granger causality approach to
 investigate the causal relationships between (a) Greek public expenditure
 and Gross Domestic Product and (b) Greek public expenditure and public
 receipts. The results suggest that an increase in public expenditure does
 not lead to an increase in GDP; and that an increase in public expenditure
 does lead to an increase in public receipts. These results imply that in
 terms of output growth, the fiscal policy applied in the late 1970s and
 the 1980s was rather ineffective; and the correction of the existing
 fiscal imbalances is conditional upon a reduction in public expenditure
 rather than an increase in public receipts. From that point of view, the
 effectiveness of the currently applied fiscal strategy is questionable. 
Journal: Applied Economics Letters 
Pages: 727-731 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354221 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354221&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dikaios Tserkezos 
Author-X-Name-First: Dikaios 
Author-X-Name-Last: Tserkezos 
Title: GNP quarterly disaggregation of selected OECD countries using a related time series approach 
Abstract:
  In this article we propose a model-based approach to disaggregate data
 not available in the appropriate time span and apply it to obtain
 quarterly observations of the annual basis available real gross national
 product of four countries. These countries are USA, Canada, Germany and
 Italy. The model adopted is the gamma distributed lag model. The related
 variables are the industrial production index, the retail sales index and
 total employment. 
Journal: Applied Economics Letters 
Pages: 733-736 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354230 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354230&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Ashton 
Author-X-Name-First: John 
Author-X-Name-Last: Ashton 
Title: Technical change in the UK retail banking sector: 1984-1995 
Abstract:
  The paper empirically quantifies technical change for the UK retail
 banking sector between 1984 and 1995. A time trend model is used to
 measure average technical change. Bank production is represented with
 'intermediation' and 'production' models. Translog cost models are
 estimated using a SUR estimator on pooled time series and cross sectional
 data. Distinct results for differing model specifications are evident.
 This change appears to vary in magnitude within the sample period. 
Journal: Applied Economics Letters 
Pages: 737-740 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598353907 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598353907&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. A. MacDonald 
Author-X-Name-First: G. A. 
Author-X-Name-Last: MacDonald 
Title: Critical values for unit root and cointegration test statistics - the use of response surface equations 
Abstract:
  This note considers the value of surface response equations which can be
 used to calculate critical values for a range of unit root and
 cointegration tests popular in applied economic research. 
Journal: Applied Economics Letters 
Pages: 741-744 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598353916 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598353916&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sunil Sapra 
Author-X-Name-First: Sunil 
Author-X-Name-Last: Sapra 
Title: Bias and inefficiency of an ordinary least squares estimator for logit regressions with continuous dependent variables measured with error 
Abstract:
  In a recent paper in this journal, Manning showed that the ordinary least
 squares (OLS) estimator of regression coefficients in a logit model with
 continuous and bounded dependent variable measured with error is unbiased
 but inefficient. This note shows that, contrary to the author's claim, the
 OLS estimator is biased in general. Manning's form of heteroscedasticity
 is also shown to be incorrect. It is shown that Manning's assumptions on
 the distribution of measurement error are inadequate for determining the
 form of heteroscedasticity. 
Journal: Applied Economics Letters 
Pages: 745-746 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598353925 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598353925&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Azmat Gani 
Author-X-Name-First: Azmat 
Author-X-Name-Last: Gani 
Title: Macroeconomic determinants of growth in the South Pacific island economies 
Abstract:
  The macroeconomic determinants of growth in island countries of the South
 Pacific region is examined using cross-country data for the 1980-92
 period. Capital, labour, inflation, money and exports are found to be
 significant positive contributors to economic growth while budget deficit
 is found to exert a significant negative effect on economic growth. 
Journal: Applied Economics Letters 
Pages: 747-749 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598353934 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598353934&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Byung-Joo Lee 
Author-X-Name-First: Byung-Joo 
Author-X-Name-Last: Lee 
Author-Name: Lawrence Marsh 
Author-X-Name-First: Lawrence 
Author-X-Name-Last: Marsh 
Title: Nested logit analysis of missing response observations 
Abstract:
  A new estimation technique is proposed to deal with missing response
 variables in the context of a nested multinomial logit model. Survey data
 often have a significant number of incomplete or missing responses. If
 such data are systematically missing (i.e. not missing at random) and if
 such observations are deleted from the analysis, biased sample selection
 results. The new method is applied to the empirical analysis of
 determining job loss status. 
Journal: Applied Economics Letters 
Pages: 751-755 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598353943 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598353943&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: Effect of property taxes on the cost of living in the USA: case study of Florida counties 
Abstract:
  The impact of property taxes on the cost of livings are examined. Using
 county data for the state of Florida, the instrumental variable (IV)
 heteroscedasticity-corrected results indicate that the per capita property
 tax exercises a positive and significant impact on the cost of living. 
Journal: Applied Economics Letters 
Pages: 757-758 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598353952 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598353952&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jurgen Ehlgen 
Author-X-Name-First: Jurgen 
Author-X-Name-Last: Ehlgen 
Title: Computing the moments of the filtered variables in a state-space system 
Abstract:
  The business cycle implications of 'real business cycle' models are
 typically summarized by reporting the moments of the filtered model
 variables. In this letter a procedure to compute the exact moments of the
 filtered variables is described. 
Journal: Applied Economics Letters 
Pages: 759-760 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598353961 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598353961&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pingo Wang 
Author-X-Name-First: Pingo 
Author-X-Name-Last: Wang 
Author-Name: Alok Bohara 
Author-X-Name-First: Alok 
Author-X-Name-Last: Bohara 
Author-Name: Robert Berrens 
Author-X-Name-First: Robert 
Author-X-Name-Last: Berrens 
Author-Name: Kishore Gawande 
Author-X-Name-First: Kishore 
Author-X-Name-Last: Gawande 
Title: A risk-based environmental Kuznets curve for US hazardous waste sites 
Abstract:
  The Environmental Kuznets Curve (EKC) hypothesis is investigated for US
 hazardous waste sites. Where past studies have typically focused on
 cross-country analyses of conventional air and water pollutants, here, US
 county level data and assessed risk is used as the measure of
 environmental degradation. 
Journal: Applied Economics Letters 
Pages: 761-763 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598353970 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598353970&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jai Mah 
Author-X-Name-First: Jai 
Author-X-Name-Last: Mah 
Title: Exchange market pressure in Korea: dynamic specifications 
Abstract:
  The paper re-examines the performance of the monetary model of the
 exchange market pressure for Korea. Regression results allowing for
 dynamics show that all the hypothesized effects on the exchange market
 pressure are confirmed unlike previous research which adopted non-dynamic
 specification. Tests also suggest that the dynamic specification of the
 Korean exchange market pressure equation is well specified and the
 residuals pass the typical diagnostic checking. 
Journal: Applied Economics Letters 
Pages: 765-768 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598353989 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598353989&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Oscar Bajo-Rubio 
Author-X-Name-First: Oscar 
Author-X-Name-Last: Bajo-Rubio 
Title: The saving-investment correlation revisited: the case of Spain, 1964-1994 
Abstract:
  In this note the saving-investment correlation is examined in terms of an
 error correction model, in order to gain some insight into the degree of
 capital mobility, using Spanish data for the period 1964-1994. 
Journal: Applied Economics Letters 
Pages: 769-772 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598353998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598353998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Mak Arvin 
Author-X-Name-First: B. Mak 
Author-X-Name-Last: Arvin 
Author-Name: Torben Drewes 
Author-X-Name-First: Torben 
Author-X-Name-Last: Drewes 
Title: Biases in the allocation of Canadian official development assistance 
Abstract:
  A strong inverse relationship between per capita assistance and
 population of aid-receiving countries is found in an examination of
 Canadian bilateral foreign aid to 33 countries over the period 1982-92.
 However, the middle-income bias present in aid allocation of some other
 countries is not found in the case of Canada. Instead, there is a bias
 associated with the recipient's membership to the Commonwealth. 
Journal: Applied Economics Letters 
Pages: 773-775 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354005 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354005&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. C. A. Curtis 
Author-X-Name-First: D. C. A. 
Author-X-Name-Last: Curtis 
Author-Name: K. S. R. Murthy 
Author-X-Name-First: K. S. R. 
Author-X-Name-Last: Murthy 
Title: Economic growth and restructuring: a test of unbalanced growth models - 1977-1992 
Abstract:
  A model adapted from Baumol (American Economic Review, 57, 1967, 415-426)
 is used to establish the determinants of growth in per capita commercial
 service sector output and this service sector's share of employment, based
 on the experience of Canada, the US, France and Germany. Parameter
 estimates obtained from the OECD data, for the period 1977-92, are used
 within the model framework to predict the output and employment dimensions
 of economic restructuring and growth. A comparison of model predictions
 with observations suggests the model can explain most of the observed
 service sector output growth, but it has less success explaining growth in
 employment shares. These results illustrate the difficulties of
 confronting the performance of simple models with empirical evidence and
 the challenge that remains in discovering additional explanations of
 economic restructuring. 
Journal: Applied Economics Letters 
Pages: 777-780 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354014 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354014&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mikael Linden 
Author-X-Name-First: Mikael 
Author-X-Name-Last: Linden 
Title: Firm's pricing policy and efficiency wages 
Abstract:
  The basic efficiency wage model is analysed with real wages and cost
 pricing firm. The Solow condition implies that the effort wage output
 price elasticity is zero. Some empirical evidence from the US crude
 petroleum and natural gas industry and a sample of Finnish manufacturing
 industries does not reject this result. 
Journal: Applied Economics Letters 
Pages: 781-784 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354023 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354023&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan Collins 
Author-X-Name-First: Alan 
Author-X-Name-Last: Collins 
Author-Name: Shujie Yao 
Author-X-Name-First: Shujie 
Author-X-Name-Last: Yao 
Title: On innovative activity over the business cycle: a note 
Abstract:
  In a recent article, Geroski and Walters (Economic Journal, 105, 1995,
 916-928) suggest that changes in demand Granger cause changes in
 innovative activity but not vice versa. This note shows that inappropriate
 modelling methods can lead to such conclusions which exclude the
 possibility of two-way causality between production and innovation. It
 suggests that applied economists must test data validity before any
 meaningful econometric analyses are conducted. 
Journal: Applied Economics Letters 
Pages: 785-788 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jac Heckelman 
Author-X-Name-First: Jac 
Author-X-Name-Last: Heckelman 
Title: Financing divided and unified partisan governments 
Abstract:
  By modifying Berument's divided government-optimum financing model to
 include partisan interests, it is found that when the Democratic party
 controls both the Congress and Presidency, real monetary base grows at a
 higher rate than when the Republican party controls both branches. In
 addition, it is found that monetary base grows at the slowest rate when
 neither party controls both branches, supporting a gridlock version of
 divided government. 
Journal: Applied Economics Letters 
Pages: 789-791 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354041 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354041&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ramu Govindasamy 
Author-X-Name-First: Ramu 
Author-X-Name-Last: Govindasamy 
Author-Name: John Italia 
Author-X-Name-First: John 
Author-X-Name-Last: Italia 
Title: Predicting consumer risk perceptions towards pesticide residue: a logistic analysis 
Abstract:
  The growing anxiety over residues in fresh produce could result in
 increased demand for low input agriculture with reduced pesticide residues
 or decreased demand for conventional fresh produce. The objective of this
 study was to empirically evaluate consumer concern about pesticide
 residues and analyse the effect of sociodemographic factors on pesticide
 residue concern. The results indicate that females, households with more
 children, and individuals over 35 years old are more likely to have high
 levels of risk aversion. The result also indicated that households with
 higher levels of income and education exhibited lower risk aversions
 towards pesticide residues. 
Journal: Applied Economics Letters 
Pages: 793-796 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354050 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354050&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hafiz Akhand 
Author-X-Name-First: Hafiz 
Author-X-Name-Last: Akhand 
Title: Marginal tax rate and the optimal collection of seigniorage 
Abstract:
  Since Threhan and Walsh (Journal of Monetary Economics, 25, 1990, 97-112)
 and Evans and Amey (Journal of Macroeconomics, 18, 1996, 111-125), the
 mixed evidence on the revenue-smoothing hypothesis is now well understood;
 and there is now a consistent body of empirical evidence, at least for the
 industrialized countries, confirming that the principles of optimal
 seigniorage and taxation are not being used to raise revenue. Previous
 empirical tests of the revenue-smoothing hypothesis have used a crude tax
 rate, measured as a ratio of the central government revenue to GNP. The
 distortionary costs associated with raising revenue, however, depend on
 the marginal tax rate. This paper tests the robustness of the empirical
 evidence on the revenue-smoothing hypothesis to using marginal tax rates
 in place of the crude tax rates employed in the existing literature. Both
 annual Canadian data for the period 1948 to 1991 and annual United States
 data for the period 1948 to 1983 reject the revenue-smoothing hypothesis.
 Revenue-smoothing considerations were therefore not central in determining
 the behaviour of seigniorage in Canada and the United States. 
Journal: Applied Economics Letters 
Pages: 797-800 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354069 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354069&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alfredo Esposto 
Author-X-Name-First: Alfredo 
Author-X-Name-Last: Esposto 
Title: Price, quality, and smoke signals 
Abstract:
  Using data of the market for cigars in the US, this study investigates
 whether relative prices provide signals of qualitative differences even
 under circumstances of dramatic market changes. The results indicate that,
 though the link may be weakened, it remains intact under such pressure. 
Journal: Applied Economics Letters 
Pages: 801-803 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354078 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354078&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Westley 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Westley 
Title: Government regulation and income inequality in the United States, 1970-1990 
Abstract:
  While many studies of income inequality in the United States focus of the
 significance of declining marginal tax rates in the 1980s, very little
 research to date has considered the effect of government regulations which
 have increased dramatically during the time of marked increases in the
 Gini coefficient. This paper presents a simple Ordinary Least Squares
 regression suggesting a relationship between government regulation and
 income inequality. It is suggested that increases in the regulatory burden
 in the US labour market increases the cost of low skilled labour relative
 to high skilled labour, contributing to increases in income inequality. 
Journal: Applied Economics Letters 
Pages: 805-808 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354087 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354087&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Pollard 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Pollard 
Title: Foreign exchange market pressure and transmission of international disturbances: the case of Barbados, Guyana, Jamaica, and Trinidad & Tobago 
Abstract:
  The Girton-Roper model of foreign exchange market pressure is applied to
 Barbados (1968-1993), Guyana (1964-1985), Jamaica (1964-1993), and
 Trinidad & Tobago (1967-1993) (years actually used in analysis in
 parentheses). Several versions of this model are estimated, tested and
 analysed so that either the monetarist or Keynesian model as well as the
 types of transmission of international disturbances can be identified.
 Contrary to some previous studies of these countries, strong support is
 found for a monetarist model of foreign exchange reserves and exchange
 rate movements in each country. In particular, the growth of US money
 supply effects exchange market pressure in Barbados and Guyana, while
 changes in US interest rates and the US inflation rate strongly influence
 exchange market pressure in Jamaica and Trinidad & Tobago. 
Journal: Applied Economics Letters 
Pages: 1-4 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353771 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353771&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Arphaphan Chavaltanpipat 
Author-X-Name-First: Arphaphan 
Author-X-Name-Last: Chavaltanpipat 
Author-Name: Shady Kholdy 
Author-X-Name-First: Shady 
Author-X-Name-Last: Kholdy 
Author-Name: Ahmad Sohrabian 
Author-X-Name-First: Ahmad 
Author-X-Name-Last: Sohrabian 
Title: The wealth effects of bank acquisitions 
Abstract:
  The purpose of the study is to investigate whether trends in banking
 mergers between January 1994 and October 1995 are different from previous
 periods. Specifically, the study focused on greatly increased acquisition
 prices and interstate consolidations. Abnormal returns and cumulative
 abnormal returns for a sample of 30 mergers were determined for each
 situation. The results of the study showed negative effects for
 shareholders of acquiring banks around the announcement period.
 Medium-to-small acquisitions, under $1 billion, caused insignificant
 negative abnormal returns, but large acquisitions, over $1 billion, caused
 significant negative abnormal returns. At the same time, shareholders in
 acquired banks of both sizes earned significant positive abnormal returns.
 The most dramatic discovery was that the larger acquisition price, the
 higher the target returns. The analysis of interstate mergers showed
 similar results. The analysis documented significant positive abnormal
 returns for target banks and insignificant negative abnormal returns for
 acquiring banks during the announcement. 
Journal: Applied Economics Letters 
Pages: 5-11 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353780 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353780&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bahram Adrangi 
Author-X-Name-First: Bahram 
Author-X-Name-Last: Adrangi 
Author-Name: Kambiz Raffiee 
Author-X-Name-First: Kambiz 
Author-X-Name-Last: Raffiee 
Title: Functional form bias in goodness-of-fit optimizing models 
Abstract:
  Following the weak axiom of revealed preference (WARP), developed by
 Varian, a money-metric expenditure function is derived for a CES utility
 function in this paper. Using the US aggregate data on consumption used by
 Varian, the money-metric expenditure function is estimated to calculate an
 efficiency index measuring the magnitude of departure from the optimum
 expenditures. The results are then compared to those reported by Varian
 for a Cobb-Douglas utility function. The findings point to a sizeable bias
 in the calculated efficiency index in the near-optimization analysis as
 determined by the choice of the functional form. 
Journal: Applied Economics Letters 
Pages: 13-15 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353799 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353799&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kul Luintel 
Author-X-Name-First: Kul 
Author-X-Name-Last: Luintel 
Title: Non-causality due to irrelevant lag polynomials 
Abstract:
  This letter illustrates that Granger causality tests tend to be sensitive
 to irrelevant lag polynomials and could lead to wrong inference of
 non-causality. In view of the little insight one gets from economic theory
 about short-run dynamics, it suggests exclusion restrictions prior to
 causality testing. 
Journal: Applied Economics Letters 
Pages: 17-20 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353807 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353807&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erik Canton 
Author-X-Name-First: Erik 
Author-X-Name-Last: Canton 
Title: Learning during recessions 
Abstract:
  A simple two-sector model of endogenous growth is constructed and it is
 shown that contrary to opportunity cost theory, less human capital is
 created during economic downturns for plausible values of the
 intertemporal elasticity of substitution. 
Journal: Applied Economics Letters 
Pages: 21-23 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353816 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353816&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Holmes 
Author-X-Name-First: Mark 
Author-X-Name-Last: Holmes 
Author-Name: Kul Luintel 
Author-X-Name-First: Kul 
Author-X-Name-Last: Luintel 
Title: The ERM and fiscal integration in the EU 
Abstract:
  The extent to which EU fiscal policies have converged during the ERM
 period is investigated. Using tests for cointegration and weak exogeneity,
 it is found that the degree of commitment towards ERM membership
 influences the degree of fiscal integration in the EU. It is also found
 that the German fiscal stance does not dominate that of the rest of the
 EU. 
Journal: Applied Economics Letters 
Pages: 25-27 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353825 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353825&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. I. D. Harris 
Author-X-Name-First: R. I. D. 
Author-X-Name-Last: Harris 
Author-Name: A. Liu 
Author-X-Name-First: A. 
Author-X-Name-Last: Liu 
Title: Verdoorn's law and increasing returns to scale: country estimates based on the cointegration approach 
Abstract:
  The Johansen approach to estimating long-run cointegration vectors is
 used with the Penn World Tables data to estimate returns to scale. Thus,
 this approach has the advantages of including a measure of capital, it
 overcomes the simultaneity problems associated with the single-equation
 Verdoorn law, and it involves estimating a correctly specified dynamic
 model in which is embedded the long-run solution(s). The results indicate
 that there is substantial evidence that increasing returns are the norm
 for the majority of countries. 
Journal: Applied Economics Letters 
Pages: 29-33 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353834 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353834&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Andrew Coutts 
Author-X-Name-First: J. Andrew 
Author-X-Name-Last: Coutts 
Title: Friday the thirteenth and the Financial Times Industrial Ordinary Shares Index 1935-94 
Abstract:
  In recent years much evidence has been documented of the existence of
 regularities in security price returns. However, one of the least
 investigated anomalies concerns the socalled 'Friday the 13th' effect,
 where returns on Fridays which fall on the 13th of the month display
 significantly lower returns than other Fridays. Employing daily
 logarithmic returns from the Financial Times Industrial Ordinary Shares
 Index (FT 30) for the period July 1935 through December 1994, we find no
 evidence of a Friday the 13th effect. Indeed, if anything, we find returns
 are higher on Friday the 13th than on other Fridays. We then partition the
 sample into six subsamples each of ten years, again concluding that there
 is no evidence of a Friday the 13th effect, and that once again returns on
 Friday the 13th tend to be higher than on other Fridays. Finally, we
 conclude that our results support the extremely limited evidence
 documented for the UK market concerning the Friday the 13th effect. 
Journal: Applied Economics Letters 
Pages: 35-37 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353843 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353843&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. A. Asseery 
Author-X-Name-First: A. A. 
Author-X-Name-Last: Asseery 
Author-Name: D. Law 
Author-X-Name-First: D. 
Author-X-Name-Last: Law 
Author-Name: N. Perdikis 
Author-X-Name-First: N. 
Author-X-Name-Last: Perdikis 
Title: Wagner's Law and public expenditure in Iraq: a test using disaggregated data 
Abstract:
  Recent developments in time series analysis have encouraged economists to
 re-examine the validity of Wagner's Law. Recent econometric tests have
 shown mixed results with some upholding the hypothesis while others
 contradict it. Carrying out econometric work with aggregated data could
 account for this. This study using disaggregated data measured in both
 real and nominal terms also leads to contradictory results. 
Journal: Applied Economics Letters 
Pages: 39-44 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353852 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353852&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: New evidence on determinants of bank failures in the US 
Abstract:
  This study examines determinants of bank failures in the US over the
 1963-91 period. The results indicate that the bank failure rate is an
 increasing function of the degree of federal deposit insurance coverage,
 increased competition in financial services, and the real cost of
 deposits, and a decreasing function of the capital/asset ratio, the real
 interest rate yield on three-year Treasury notes, and real GDP growth. 
Journal: Applied Economics Letters 
Pages: 45-47 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353861 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353861&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Angelos Kanas 
Author-X-Name-First: Angelos 
Author-X-Name-Last: Kanas 
Title: A note on the long-run benefits from international equity diversification for a UK investor diversifying in the US equity market 
Abstract:
  This note provides evidence that there were long long-run benefits for a
 UK investor from diversifying in the equity markets of the US during the
 pre-October 1987 crash period. For the post-crash period, these benefits
 are reduced. These results are based on two distinct cointegration tests,
 and national indices from Morgan Stanley Capital International, which have
 several advantages over standard indices. 
Journal: Applied Economics Letters 
Pages: 49-53 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353870 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353870&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Woodward 
Author-X-Name-First: George 
Author-X-Name-Last: Woodward 
Author-Name: J. Ram Pillarisetti 
Author-X-Name-First: J. Ram 
Author-X-Name-Last: Pillarisetti 
Title: Empirical evidence on alternative theories of inflation and unemployment: a re-evaluation for the Scandinavian countries 
Abstract:
  The paper re-evaluates some inflation and unemployment models for the
 Scandinavian countries, utilizing a general to specific methodology. Two
 nested models are considered to represent a spectrum of unemployment and
 inflation models in order to examine the monetarist versus new classical
 unemployment debate, and the Keynesian versus monetarist inflation debate.
 Using an improved methodology and larger data set different results from
 those of Akkina and Varamini are obtained. In particular, for unemployment
 unequivocal support is found for the new classical model, but for
 inflation, the empirical results support the Keynesian model for Sweden,
 and reflect mixed results for Denmark, Finland and Norway. 
Journal: Applied Economics Letters 
Pages: 55-58 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353889 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353889&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kelvin Balcombe 
Author-X-Name-First: Kelvin 
Author-X-Name-Last: Balcombe 
Title: More evidence concerning the relationship between high and variable inflation: a more general approach 
Abstract:
  This study, employs an extended EGARCH-M model and finds further support
 for the hypothesis that both inflation and deflation increase uncertainty
 about price movements. 
Journal: Applied Economics Letters 
Pages: 59-61 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353898 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353898&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Turner 
Author-X-Name-First: Paul 
Author-X-Name-Last: Turner 
Title: Estimates of a bargaining model of wages for the UK economy 1870-1995 
Abstract:
  This paper presents estimates of an error correction model for the real
 wage rate using annual data over the period 1870-1995. We find strong
 evidence for the existence of a cointegrating relationship between real
 wages, unemployment and the ratio of unemployment benefits to wages. 
Journal: Applied Economics Letters 
Pages: 63-66 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353645 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353645&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jorge Saba Arbache 
Author-X-Name-First: Jorge Saba 
Author-X-Name-Last: Arbache 
Title: A comparison of different estimates of interindustry wage differentials: the case of Brazil 
Abstract:
  This paper compares the results from two procedures for estimating wage
 differentials. Using Brazilian data, the standard procedure of Krueger and
 Summers (Econometrica, 56, 259-193, 1988) is shown to provide an
 overestimation of standard errors and a biased estimation of the measure
 of wage dispersion, in comparison to the methodology proposed by
 Haisken-DeNew and Schmidt (Review of Economics and Statistics,
 forthcoming, 1997). 
Journal: Applied Economics Letters 
Pages: 67-71 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353654 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353654&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Yen 
Author-X-Name-First: Steven 
Author-X-Name-Last: Yen 
Title: Gaussian versus count-data hurdle models: cigarette consumption by women in the US 
Abstract:
  Cigarette consumption by US women is investigated. The dependent variable
 is discrete and censored at zero. The Gaussian hurdle model and negative
 binomial hurdle model are used to accommodate zero observations in the
 sample. Elasticities derived from the two models are extremely close. 
Journal: Applied Economics Letters 
Pages: 73-76 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353663 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353663&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amalia Di Iorio 
Author-X-Name-First: Amalia Di 
Author-X-Name-Last: Iorio 
Author-Name: Robert Faff 
Author-X-Name-First: Robert 
Author-X-Name-Last: Faff 
Title: An international market model and exchange rate risk: Australian evidence 
Abstract:
  The purpose of this paper is to investigate the sensitivity of Australian
 stock returns to US market returns, via an international market model. Our
 study investigates the relative sensitivity to (1) the US return
 denominated in Australian dollars and (2) the US market return decomposed
 into its two component factors (the US market return expressed in US
 dollars and the AUDUSD exchange rate return). Our results suggest that
 Australian industries are differentially sensitive to changes in the US
 market and to exchange rate movements. 
Journal: Applied Economics Letters 
Pages: 77-80 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353672 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353672&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jari Vainiomaki 
Author-X-Name-First: Jari 
Author-X-Name-Last: Vainiomaki 
Author-Name: Seppo Laaksonen 
Author-X-Name-First: Seppo 
Author-X-Name-Last: Laaksonen 
Title: Technology, job creation and job destruction in Finnish manufacturing 
Abstract:
  Job creation, destruction and reallocation rates is examined using data
 on Finnish manufacturing establishments for the period 1987-93, focusing
 on differences in these rates across the technology levels, and on the
 effects of the 1990s recession on the rates. The results indicate that the
 high technology sector has higher job creation and destruction rates, and
 it has responded to the recession somewhat differently than other sectors.
 It is also found that the high and low technology sectors are contributing
 differently to job reallocation: high technology is more important
 (compared to its employment share) in job creation, entry, and gross
 reallocation, while low technology is more important in job destruction,
 exit, and net job decrease. 
Journal: Applied Economics Letters 
Pages: 81-88 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353681 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353681&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Swarna Dutt 
Author-X-Name-First: Swarna 
Author-X-Name-Last: Dutt 
Author-Name: Dipak Ghosh 
Author-X-Name-First: Dipak 
Author-X-Name-Last: Ghosh 
Title: An empirical examination of exchange market efficiency 
Abstract:
  The foreign exchange market efficiency hypothesis is empirically examined
 for three major currencies, over the volatile 1980s. The recently
 available null of cointegration procedure is applied to test for the
 stationarity of the series under consideration and also for the
 cointegration status between series, the market efficiency determinant.
 The strength of this methodology is its ability to distinguish between
 unit and near unit roots. These results are then compared with our
 previous study where we applied the PhillipsHansen Fully Modified Ordinary
 Least Squares (FMOLS) procedure, which can separate between strong and
 weak form efficiency. In both cases, the market efficiency hypothesis is
 rejected for one out of three currencies, possibly due to the presence of
 the risk premium and/or market imperfections. 
Journal: Applied Economics Letters 
Pages: 89-91 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353690 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353690&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ahmed Asseery 
Author-X-Name-First: Ahmed 
Author-X-Name-Last: Asseery 
Title: The statistical skeleton of the demand for real money balances during the German hyperinflation episode January 1921-November 1923 
Abstract:
  The aim of this study is to re-examine the common belief that the
 existence of the demand for real money balances during the German
 hyperinflation episode 1921:01-1923:11 is conditioned on truncating the
 data on June/July 1923 or on the omission of the first 18 months. It is
 demonstrated in this study that a stable relation can be found for the
 period 1921:03-1923:11 through taking into account the nonlinear
 functional relationship amongst the variables of the cointegrating
 regression. Using a variant of Phillips-Loretan ECM it is shown that,
 while the equilibrium error is forecastable on the basis of lagged change
 of real wage and the variability of inflation alone, the adjustment of
 actual to desired real money balances is, indeed, instantaneous as
 predicted by Cagan. 
Journal: Applied Economics Letters 
Pages: 93-96 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353708 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353708&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Donggyu Sul 
Author-X-Name-First: Donggyu 
Author-X-Name-Last: Sul 
Title: Does Ex post uncovered interest differential reflect the degrees of capital mobility? 
Abstract:
  This paper examines whether ex post uncovered interest differential
 between the US and the UK reflects the degrees of capital mobility over
 the time period 1973-92 by using GMM, GARCH and Kalman filter methods. The
 empirical results, however, do not support the hypothesis that the
 magnitude of the absolute deviation from UIP or the conditional variance
 of the deviation becomes smaller as the degrees of capital mobility
 increases. 
Journal: Applied Economics Letters 
Pages: 97-102 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353717 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353717&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marco Bianchi 
Author-X-Name-First: Marco 
Author-X-Name-Last: Bianchi 
Author-Name: Martin Boyle 
Author-X-Name-First: Martin 
Author-X-Name-Last: Boyle 
Author-Name: Deirdre Hollingsworth 
Author-X-Name-First: Deirdre 
Author-X-Name-Last: Hollingsworth 
Title: A comparison of methods for trend estimation 
Abstract:
  This paper analyses a number of methods for trend estimation focusing on
 their ability to pick up turning points quickly at the end of a series. An
 application to the Bank of England flows M4 series is provided which shows
 that some of the proposed methods may be more reliable than others for
 this task. 
Journal: Applied Economics Letters 
Pages: 103-109 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353726 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353726&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Igbekele Ajibefun 
Author-X-Name-First: Igbekele 
Author-X-Name-Last: Ajibefun 
Author-Name: Abdullahi Abdulkadri 
Author-X-Name-First: Abdullahi 
Author-X-Name-Last: Abdulkadri 
Title: An investigation of technical inefficiency of production of farmers under the National Directorate of Employment in Ondo State, Nigeria 
Abstract:
  This study was carried out to investigate technical inefficiency of
 production among the food crop farmers of the National Directorate of
 Employment in Ondo state of Nigeria. The study considers translog
 stochastic frontier production functions in which the technical
 inefficiency effects are defined by three different sub models. Given the
 specifications of the stochastic frontier production function, the null
 hypothesis, that the frontier is adequately represented by the
 Cobb-Douglas function, is accepted, but the null hypothesis that the
 farmers are fully technically efficient, which implies that inefficiency
 effects are absent from the model, is rejected. Further, the null
 hypothesis of half-normal distribution for the inefficiency effects is
 rejected. Predicted technical efficiencies vary widely across farms,
 ranging between 21.7% anal 87.8% and a mean technical efficiency of 67%. 
Journal: Applied Economics Letters 
Pages: 111-114 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353735 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353735&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Theodor Kohers 
Author-X-Name-First: Theodor 
Author-X-Name-Last: Kohers 
Author-Name: Jayen Patel 
Author-X-Name-First: Jayen 
Author-X-Name-Last: Patel 
Title: A new time-of-the-month anomaly in stock index returns 
Abstract:
  This paper documents a new 'time-of-the-month' pattern in the daily
 returns of the Standard & Poor's and the NASDAQ indices. Splitting a month
 into three time segments, the results show that the returns are highest
 during the 'first third', experience a drop during the 'second third', and
 are lowest, and in most cases negative, during the 'last third' of a
 month. This pattern remained remarkably consistent for the two indices
 examined. It also held up well over business cycles and many different
 subperiods tested. Thus, the results of this study provide convincing
 evidence of a new monthly anomaly which displays a remarkable degree of
 robustness. 
Journal: Applied Economics Letters 
Pages: 115-120 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353744 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353744&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kwong Cheung 
Author-X-Name-First: Kwong 
Author-X-Name-Last: Cheung 
Author-Name: J. Andrew Coutts 
Author-X-Name-First: J. Andrew 
Author-X-Name-Last: Coutts 
Title: The January effect and monthly seasonality in the Hang Seng index: 1985-97 
Abstract:
  In this paper we employ a data set of logarithmic nondividend adjusted
 daily returns from the Hong Kong Stock Exchange Hang Seng Index, over a
 thirteen and a half year period to investigate the presence of the January
 effect, or other monthly seasonalities. Further, we partition our data set
 into two subsamples, which allows us to test for persistence of any
 monthly seasonality we uncover. However, our results are somewhat
 surprising, we can find no evidence of a January effect or any other
 monthly seasonality. Indeed, we note that for two of our data sets, the
 mean return for December is less than that for January. We conclude that
 these results are peculiar to the Hang Seng Index, as the overwhelming
 majority of previous studies of other Stock Indices, generally detect some
 form of monthly seasonality. 
Journal: Applied Economics Letters 
Pages: 121-123 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353753 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353753&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christophe Muller 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Muller 
Title: The impact of the production composition on the nutrition status of agricultural households in Rwanda 
Abstract:
  In a context of perfect markets, the impact of production decisions of
 peasants on their nutritional status is conveyed through an income effect
 and the structure of the output does not matter. Because of the imperfect
 and missing markets in LDCs, the levels of their agricultural outputs may
 directly affect the nutritional status of agricultural households. We
 estimate a production function for the nutritional status of agricultural
 households in Rwanda, that depends on sociodemographic characteristics and
 on past levels of agricultural outputs. The most beneficial outputs are
 tubers and an aggregate good composed of food products of high quality,
 while the traditional beers output and the nonfood products have a
 negative impact on the nutrition indicators. The sociodemographic
 characteristics of the household are influential, but they do not
 seriously modify the effects of the agricultural outputs. The results
 suggest that the nutrition policy in Rwanda could use incentives so as to
 modify the composition of the agricultural output of peasants. 
Journal: Applied Economics Letters 
Pages: 125-131 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353762 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353762&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hilde Christiane Bj&#xf8;rnland 
Author-X-Name-First: Hilde Christiane 
Author-X-Name-Last: Bj&#xf8;rnland 
Title: Structural breaks and stochastic trends in macroeconomic variables in Norway 
Abstract:
  This paper analyses the dynamic properties of several macroeconomic
 variables in Norway, using different unit root tests and measures of
 persistence. For none of the variables can we reject the hypothesis of a
 unit root in favour of a deterministic linear trend alternative. However,
 when allowing for a structural break in the trend alternative, we can
 reject the hypothesis of a unit root for unemployment, government
 consumption, investment and real wage. Most of the Norwegian time series
 display little persistence. However, for those series that show a high
 degree of persistence, adjusting for the break in the trend, persistence
 falls considerably. 
Journal: Applied Economics Letters 
Pages: 133-138 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353483 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353483&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mike Rosser 
Author-X-Name-First: Mike 
Author-X-Name-Last: Rosser 
Title: Determinants of graduates' demand for housing 
Abstract:
  During the early 1990s the number of UK graduates increased substantially
 while the number of young first time home buyers was diminishing and
 student loans began to replace maintenance grants. In the light of these
 changes, this paper examines the influences on home ownership based on a
 sample of 1991-95 Coventry University graduates. Significant explanatory
 variables are years of work since leaving university, household income,
 living with a partner, children and a lump sum inheritance or gift.
 Student loans, age, gender, house prices and relative buy/rent costs do
 not significantly affect the probability of home ownership. 
Journal: Applied Economics Letters 
Pages: 139-142 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353492 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353492&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chongwoo Choe 
Author-X-Name-First: Chongwoo 
Author-X-Name-Last: Choe 
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Title: Modelling addictive consumption: some theoretical and econometric issues 
Abstract:
  This note addresses some theoretical and econometric aspects of modelling
 addictive consumption. We show that the solution to the optimization
 problem leads to a specification of the reduced form equation which is
 different from what has been estimated in the literature. We also
 demonstrate that it is valid to apply OLS to estimate this reduced form
 equation and those used in the literature although the underlying
 variables are integrated. 
Journal: Applied Economics Letters 
Pages: 143-146 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353500 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353500&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Murat Doganlar 
Author-X-Name-First: Murat 
Author-X-Name-Last: Doganlar 
Title: Testing long-run validity of purchasing power parity for Asian countries 
Abstract:
  This study presents an empirical analysis of purchasing power parity for
 five developing Asian countries, namely India, Indonesia, Pakistan,
 Philippines and Turkey. This is done by using cointegration technique.
 Time series properties of nominal exchange rate and price series show that
 they are nonstationary. The exchange rate and relative price series do not
 appear to be cointegrated for most of the countries. We reject the
 validity of purchasing power parity for India, Indonesia, Pakistan,
 Philippines, but we can accept it for Turkey. 
Journal: Applied Economics Letters 
Pages: 147-151 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353519 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353519&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nigel Driffield 
Author-X-Name-First: Nigel 
Author-X-Name-Last: Driffield 
Title: Determinants of entry and exit in the foreign owned sector of UK manufacturing 
Abstract:
  This paper examines the extent to which foreign entry and exit in the UK
 is related to domestic industry characteristics. The units of analysis are
 firm numbers, and thus entry and exit at the industry level are treated as
 being generated by Poisson processes. This therefore uses quasimaximum
 likelihood estimation, to estimate entry and exit functions
 simultaneously. The results demonstrate that foreign entry is attracted by
 industry level profitability and performance, but that firm specific
 'ownership' advantages are also impor2 tant. The results also demonstrate
 that inward investors that are motivated by the desire to exploit
 firm-specific assets, are unlikely to be more transient than domestic
 firms. This however, cannot be said of those foreign entrants who are
 attracted to the UK by location advantage or investment incentives. 
Journal: Applied Economics Letters 
Pages: 153-156 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353528 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353528&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Les Oxley 
Author-X-Name-First: Les 
Author-X-Name-Last: Oxley 
Author-Name: David Greasley 
Author-X-Name-First: David 
Author-X-Name-Last: Greasley 
Title: A Nordic convergence club? 
Abstract:
  Tests of the Convergence Hypothesis, or the tendency for per capita
 income levels to narrow over time, have generally utilized cross-sectional
 data from a wide range of disparate coun7 tries and resulted in
 conflicting evidence. Using modern time series tests we find evidence of a
 Nordic Convergence Club comprising Sweden, Denmark and Finland. It
 excludes Norway which overtakes Sweden in the 1970s showing no tendency to
 reversion. 
Journal: Applied Economics Letters 
Pages: 157-160 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353537 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353537&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Don Clark 
Author-X-Name-First: Don 
Author-X-Name-Last: Clark 
Author-Name: W. Charles Sawyer 
Author-X-Name-First: W. Charles 
Author-X-Name-Last: Sawyer 
Author-Name: Richard Sprinkle 
Author-X-Name-First: Richard 
Author-X-Name-Last: Sprinkle 
Title: Openness and industrialization in developing countries 
Abstract:
  This paper investigates the relationship between trade policy orientation
 and industrialization. Growth rates of manufacturing value added, rather
 than output growth rates, are related to index of real exchange rate
 distortion to establish the superiority of outward-oriented strategies in
 fostering industrial development. Results suggest developing countries
 will industrialize faster by adopting outward-oriented trade strategies
 than by using import substitution industrialization policies. 
Journal: Applied Economics Letters 
Pages: 161-164 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353546 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353546&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Jenkins 
Author-X-Name-First: Michael 
Author-X-Name-Last: Jenkins 
Title: Real exchange rates and hysteresis: does nominal exchange rate volatility matter? 
Abstract:
  Many of the empirical studies on purchasing power parity (PPP) have
 relied on unit root tests of the real exchange rate. With stationarity of
 the real exchange rate as a necessary condition for PPP, failure to reject
 the unit root null is taken as evidence against the PPP hypothesis.
 Finding a unit root in real exchange rates is consistent with a class of
 theoretical models with nominal price rigidities such as menu costs. These
 models suggest that a hysteresis effect should be found in real exchange
 rates. The failure to reject the unit root null is often interpreted as
 evidence of hysteresis. This study asks whether nominal exchange rate
 volatility is a contributing factor for the observed hysteresis effect.
 Using data from EU countries we do not find nominal exchange rate
 volatility as a significant determinant of hysteresis in real exchange
 rates. 
Journal: Applied Economics Letters 
Pages: 165-167 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353555 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353555&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jordan Shan 
Author-X-Name-First: Jordan 
Author-X-Name-Last: Shan 
Author-Name: Fiona Sun 
Author-X-Name-First: Fiona 
Author-X-Name-Last: Sun 
Title: Export-led growth and the US economy: some further testing 
Abstract:
  The export-led growth hypothesis is tested using quarterly time series
 data for the US economy using the Granger no-causality procedure,
 developed by Toda and Yamamoto (Journal of Economics, 66, 1995), in a
 six-variable vector autoregression (VAR) model. Moreover, we follow
 Riezman, Whiteman and Summers (Empirical Economics, 21, 1996) to test the
 export-led growth hypothesis while controlling for the growth of imports
 to avoid producing a spurious causality result; and finally, the empirical
 results are tested for the robustness using different lag structures. The
 findings in the paper indicate a two-way Granger causality between output
 and exports, a result from earlier export-growth studies on the US
 economy. 
Journal: Applied Economics Letters 
Pages: 169-172 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353564 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353564&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Sanchez-Fung 
Author-X-Name-First: Jose 
Author-X-Name-Last: Sanchez-Fung 
Title: Efficiency of the black market for foreign exchange and PPP: the case of the Dominican Republic 
Abstract:
  Efficiency of the black market for foreign exchange in a developing
 country can be assessed by testing whether that market complies with the
 'relative' version of the purchasing power parity hypothesis. This paper
 applies nonstationarity and cointegration to investigate this hypothesis
 for the Dominican Republic. Both the Engle-Granger and Johansen techniques
 support cointegration, so the black market for foreign exchange in the
 Dominican Republic is efficient. 
Journal: Applied Economics Letters 
Pages: 173-176 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353573 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353573&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Raphael Markellos 
Author-X-Name-First: Raphael 
Author-X-Name-Last: Markellos 
Title: Investment strategy evaluation with cointegration 
Abstract:
  This paper discusses a simple testing procedure based on cointegration
 that can be used to assess and compare the historical performance of
 trading systems and investment strategies. The proposed procedure, coined
 the 'cointegration cumulative profit' test, is applied in evaluating
 technical analysis-based trading systems on the daily Dow Jones Industrial
 Average and FT30 indexes, respectively. 
Journal: Applied Economics Letters 
Pages: 177-179 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353582 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353582&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthias Lutz 
Author-X-Name-First: Matthias 
Author-X-Name-Last: Lutz 
Title: Unit roots versus segmented trends in developing country output series 
Abstract:
  This paper examines the null hypothesis that output series contain a unit
 root against the alternative of a segmented trend in a representative
 sample of 31 developing countries. Nearly two-thirds of the countries
 reject the unit root hypothesis at least once in favour of a segmented
 trend representation. A large majority of endogenously determined
 structural breaks occur around the time of the first or the second oil
 price shock, and are of negative sign. 
Journal: Applied Economics Letters 
Pages: 181-184 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353591 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353591&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Giles 
Author-X-Name-First: David 
Author-X-Name-Last: Giles 
Title: The rise and fall of the New Zealand underground economy: are the responses symmetric? 
Abstract:
  Earlier research by the author indicates a causal relationship from
 measured real output in New Zealand, to output in the real underground
 economy. We investigate the possibility of asymmetries in this
 relationship, and test to see if the response of the underground economy
 to downturns in real GDP differs from the response to such upturns. No
 such evidence is found. 
Journal: Applied Economics Letters 
Pages: 185-189 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353609 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353609&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Cain 
Author-X-Name-First: Michael 
Author-X-Name-Last: Cain 
Author-Name: David Law 
Author-X-Name-First: David 
Author-X-Name-Last: Law 
Author-Name: David Peel 
Author-X-Name-First: David 
Author-X-Name-Last: Peel 
Title: Estimates of the degree of insider trading in two disparate betting markets 
Abstract:
  Conditional on the Shin (Economic Journal, 103, 1993) model, the
 incidence of insider trading is estimated in two different British betting
 markets: those for horse-racing and the 1997 general election. Formal
 testing confirms that insider trading is significantly lower in handicap
 than non-handicap races. 
Journal: Applied Economics Letters 
Pages: 191-193 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353618 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353618&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Arnade 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Arnade 
Author-Name: Daniel Pick 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Pick 
Title: Alternative approach to measuring oligopoly power: a wheat market example 
Abstract:
  A new approach for estimating oligopoly power coefficients is proposed.
 The methodology used sidesteps the difficulties of obtaining cost data and
 obtaining coefficients which do not satisfy the theoretical properties of
 the cost function. 
Journal: Applied Economics Letters 
Pages: 195-197 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bradley Ewing 
Author-X-Name-First: Bradley 
Author-X-Name-Last: Ewing 
Author-Name: Mark Yanochik 
Author-X-Name-First: Mark 
Author-X-Name-Last: Yanochik 
Title: Budget deficits and the term structure of interest rates in Italy 
Abstract:
  This paper tests the hypothesis that changes in the federal budget
 deficit impact the term structure of interest rates in Italy. The results
 suggest that budget deficits increase the yield spread between long term
 government bonds and the three month Treasury bill. The implication is
 that budget deficits may hinder long-term economic growth in Italy, via a
 crowding out effect, by increasing long-term interest rates relative to
 short-term interest rates. 
Journal: Applied Economics Letters 
Pages: 199-201 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353636 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353636&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Morelli 
Author-X-Name-First: David 
Author-X-Name-Last: Morelli 
Title: Tests of structural change using factor analysis in equity returns 
Abstract:
  Ever since the Arbitrage Pricing Theory (APT) was developed by Ross, it
 has been empirically tested in many countries in studying the behaviour of
 Stock Market returns. The statistical technique of factor analysis is used
 in the testing of the APT. The objective of this paper is to determine how
 the hypothesis of structural change in Stock Market returns can be
 investigated within the context of factor analysis. A total of 257 monthly
 security returns listed on the London Stock Exchange covering the period
 January 1976 to December 1993 are used. The data period incorporates the
 Stock Market Crash of October 1987. 
Journal: Applied Economics Letters 
Pages: 203-207 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353348 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353348&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David McMillan 
Author-X-Name-First: David 
Author-X-Name-Last: McMillan 
Author-Name: Alan Speight 
Author-X-Name-First: Alan 
Author-X-Name-Last: Speight 
Title: Modelling the risk premium in the black-market zloty-dollar exchange rate 
Abstract:
  This paper tests for the presence of nonlinear dependence in the
 black-market Polish zloty-dollar exchange rate. Using the GARCH-M model,
 we illustrate use of the Marquardt (Journal of the Society of Industrial
 and Applied Mathematics, 2, 1963) alternative to the Berndt (Annals of
 Economical Social Measurement, 4, 1974) iterative nonlinear algorithm for
 the estimation of such models, and discrimination between estimated models
 on the basis of the Brock and Potter (Handbook of Statistics, 11, 1993)
 test for so conditional variance misspecification. We find evidence of a
 time-varying risk premium such that foreign speculators are compensated
 for increased exchange rate risk by appreciation which increases the
 dollar value of zloty holdings, and which is able to account for all of
 the apparent nonlinearity in the zloty. 
Journal: Applied Economics Letters 
Pages: 209-214 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353357 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ian Smith 
Author-X-Name-First: Ian 
Author-X-Name-Last: Smith 
Title: Road fatalities, modal split and Smeed's Law 
Abstract:
  The international variation in road death rates is investigated using
 cross-sectional data for 19 countries. It is proposed that road fatality
 rates are influenced by modal substitution between relatively vulnerable
 trips by foot and bicycle, and motorized journeys which have a smaller
 exposure to risk of fatal injury. Although available data do not permit a
 direct test of this hypothesis, regression results suggest that motor
 vehicle use is inversely associated with death on the roads across OECD
 countries all else equal. 
Journal: Applied Economics Letters 
Pages: 215-217 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353366 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353366&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lorenzo Serrano 
Author-X-Name-First: Lorenzo 
Author-X-Name-Last: Serrano 
Title: On convergence accounting 
Abstract:
  This paper analyses a simple and direct way to break down the convergence
 for labour productivity into contributions from different sources by
 running separate convergence regressions of the contribution to growth of
 each factor on the initial labour productivity level. This is because the
 total convergence parameter is simply the sum of parameters of convergence
 in such separate regressions. An application for OECD countries over the
 period 1965-90 shows that TFP growth is the main factor in explaining OECD
 labour productivity convergence. Physical investment was an important
 source of convergence, but only until 1980. Finally human capital
 accumulation had little effect throughout the period, with a minor
 positive effect in the last years. 
Journal: Applied Economics Letters 
Pages: 219-221 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353375 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353375&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Heil 
Author-X-Name-First: Mark 
Author-X-Name-Last: Heil 
Author-Name: Thomas Selden 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Selden 
Title: Panel stationarity with structural breaks: carbon emissions and GDP 
Abstract:
  This paper uses panel data methods to test for unit roots in data series
 for carbon dioxide emissions and gross domestic product. By allowing for a
 structural break in 1973, we reject the unit root hypothesis for both
 series. 
Journal: Applied Economics Letters 
Pages: 223-225 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhenhui Xu 
Author-X-Name-First: Zhenhui 
Author-X-Name-Last: Xu 
Title: The exchange rate and long-run price movements in the US and Japan 
Abstract:
  The close economic relationship between the US and Japan raises an
 interesting question about the effect of price movements in the US and
 Japan on the bilateral exchange rate. This paper investigates the long-run
 purchasing power parity between the US dollar and the Japanese yen. While
 earlier empirical studies often rejected the PPP hypothesis for the US and
 Japan, our results show that allowing measurement errors in price indices,
 the long-run PPP between the two countries is supported based on both the
 Engle-Granger and the Johansen cointegration tests. 
Journal: Applied Economics Letters 
Pages: 227-230 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353393 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353393&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Aying Liu 
Author-X-Name-First: Aying 
Author-X-Name-Last: Liu 
Author-Name: Shujie Yao 
Author-X-Name-First: Shujie 
Author-X-Name-Last: Yao 
Title: On the measurement of spatial differentials in economic growth: an application of a shift-share method for China in 1985-94 
Abstract:
  Spatial differentials in economic growth has become an important
 economic, social and political issue in China in her rapid
 industrialization drive over the last two decades. Measuring such
 differentials and quantifying their relevant components are important for
 policy making on regional development. This paper shows how a traditional
 shift-share method can be used for these purposes by use of provincial
 level panel data on GDP growth in China for the period 1985-94. The
 results provide some essential information on the diversity and complexity
 of the Chinese economy under transition. 
Journal: Applied Economics Letters 
Pages: 231-234 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353401 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353401&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wim Groot 
Author-X-Name-First: Wim 
Author-X-Name-Last: Groot 
Author-Name: Henriette Maassen Van Den Brink 
Author-X-Name-First: Henriette Maassen Van Den 
Author-X-Name-Last: Brink 
Title: Overpayment and earnings satisfaction: an application of an ordered response Tobit Model 
Abstract:
  In this paper an ordered response Tobit model is specified to determine
 the effects of absolute wages and relative overpayment on satisfaction
 with earnings. The joint estimations of wages and satisfaction with
 earnings allows us to disentangle the effects of relative and absolute
 wages on satisfaction with earnings. The model is estimated on two
 different data sets. All estimations show that satisfaction with earnings
 is determined by relative wages rather than by absolute wage levels. The
 results may have implications for pay policies of firms 
Journal: Applied Economics Letters 
Pages: 235-238 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353410 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353410&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Eisenhauer 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Eisenhauer 
Author-Name: Martin Halek 
Author-X-Name-First: Martin 
Author-X-Name-Last: Halek 
Title: Prudence, risk aversion, and the demand for life insurance 
Abstract:
  We estimate the effect of household wealth on the demand for life
 insurance using survey data from a broad cross-section of the USA. This
 procedure allows us to test the Pratt-Arrow hypothesis of decreasing
 absolute risk aversion (DARA). Additionally, we estimate the relative
 magnitude of prudence, the propensity to take precautions when faced with
 risk. We find that life insurance purchases increase with wealth, and that
 on average American households exhibit about 94 per cent as much prudence
 as risk aversion. On the basis of this evidence, we reject the DARA
 hypothesis. 
Journal: Applied Economics Letters 
Pages: 239-242 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353429 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353429&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. C. Mamatzakis 
Author-X-Name-First: E. C. 
Author-X-Name-Last: Mamatzakis 
Title: Testing for long run relationship between infrastructure and private capital productivity: a time series analysis for the Greek industry 
Abstract:
  This paper addresses the question of whether there is a long run
 relationship between infrastructure and private capital productivity of
 Greek industry. Causality issues are also discussed. The results provide
 evidence in favour of productivity enhanced by public capital stock, and
 of no feedback from the former to the later. 
Journal: Applied Economics Letters 
Pages: 243-246 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353438 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353438&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sinclair Davidson 
Author-X-Name-First: Sinclair 
Author-X-Name-Last: Davidson 
Author-Name: Robert Faff 
Author-X-Name-First: Robert 
Author-X-Name-Last: Faff 
Title: Some additional Australian evidence on the day-of-the-week effect 
Abstract:
  This paper re-investigates the day-of-the-week effect in Australia. This
 issue has been previously investigated using an Australian dataset over
 the period 1974-95 by Easton and Faff (Applied Financial Economics, 4,
 1994). They find that the robust techniques suggested by Connolly (Journal
 of Financial and Quantitative Analysis, 24, 1989) do not alter results of
 standard OLS techniques. This paper shows that the day of the week effect
 has disappeared in recent years and that given an adjustment, for large
 sample size may not have been evident in the data over the period 1983-96. 
Journal: Applied Economics Letters 
Pages: 247-249 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353447 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353447&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marc Cowling 
Author-X-Name-First: Marc 
Author-X-Name-Last: Cowling 
Title: The determination of bank-small business loan premia in the UK 
Abstract:
  The results indicate that the closeness of the small firm-bank
 relationship tends to result in lower bank premia, notwithstanding the
 predicted firm-size effect. 
Journal: Applied Economics Letters 
Pages: 251-253 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353456 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353456&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Knut Roed 
Author-X-Name-First: Knut 
Author-X-Name-Last: Roed 
Title: A note on the macroeconomic modelling of unemployment hysteresis 
Abstract:
  In macroeconomics, unemployment hysteresis typically arises as a special
 case of an otherwise stationary model. Imposing hysteresis is often
 equivalent to imposing a random walk, i.e. a situation in which the
 permanent fraction of a shock is equal to unity. This paper develops a
 more general linear model of unemployment hysteresis in which permanency
 is viewed as a continuous, rather than a discrete, phenomenon.
 Stationarity arises as a special case. 
Journal: Applied Economics Letters 
Pages: 255-258 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353465 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353465&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Muzafar Shah Habibullah 
Author-X-Name-First: Muzafar Shah 
Author-X-Name-Last: Habibullah 
Author-Name: Peter Smith 
Author-X-Name-First: Peter 
Author-X-Name-Last: Smith 
Title: Liquidity constraints and financial liberalization: the case for Asian developing countries 
Abstract:
  The Euler equation model is used to determine the fraction of consumers
 who are liquidity constrained in ten Asian developing countries. Our
 estimates of the fraction of liquidity constrained consumers range between
 0.5 and 0.9. We further investigate whether financial liberalization has
 resulted in the reduction of liquidity constraints in these countries.
 However the results find support for this only in the case of South Korea. 
Journal: Applied Economics Letters 
Pages: 259-262 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353474 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353474&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaakko Pehkonen 
Author-X-Name-First: Jaakko 
Author-X-Name-Last: Pehkonen 
Title: Unemployment and home-ownership 
Abstract:
  Oswald (mimeo, University of Warwick, 1996) theorizes that a secular rise
 in homeownership constitutes a possible explanation for the observed rise
 in unemployment in Europe. Our results provide support for this notion. In
 particular, the results based on the regional data on Finnish labour
 districts imply that a 10% difference in the owneroccupation rate is
 associated with a 1 percentage point difference in the unemployment rate.
 The results are tentative, since the regressions are based on a small
 number of observations. 
Journal: Applied Economics Letters 
Pages: 263-265 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Helen Neill 
Author-X-Name-First: Helen 
Author-X-Name-Last: Neill 
Title: Hypothetical versus real willingness to pay: comment 
Abstract:
  The purpose of this comment is to examine the experimental design and
 empirical results presented by Johannesson, M., Liljas, B. and Peterson,
 G. (Applied Economics Letters, 4, 1997). Their paper attempts to confirm
 the Neill, H. R., Cummings, R. G., Ganderton, P., Harrison, G. W. and
 McGuckin, T. (Land Economics, 70, 1994) results. Their results are
 noteworthy since they find no statistical difference between real and
 hypothetical willingness-to-pay responses between groups. Their results
 also differ from earlier studies where hypothetical willingness to pay
 exceeds actual willingness to pay. This comment will examine important
 differences between the two studies. These differences make any
 substantive comparison of results difficult, if not impossible. 
Journal: Applied Economics Letters 
Pages: 267-269 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353195 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353195&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohammed Zakir 
Author-X-Name-First: Mohammed 
Author-X-Name-Last: Zakir 
Author-Name: Phanindra Wunnava 
Author-X-Name-First: Phanindra 
Author-X-Name-Last: Wunnava 
Title: Factors affecting infant mortality rates: evidence from cross-sectional data 
Abstract:
  This paper empirically tests for factors affecting infant mortality
 rates. Based on a crosssectional model (covering 117 countries for the
 year 1993) that corrects for heteroscedasticity, the results show that
 fertility rates, female participation in the labour force, per capita GNP,
 and female literacy rates significantly affect infant mortality rates.
 Surprisingly, government expenditure on health-care, as a percentage of
 GNP, does not play a major role in determining infant mortality rates. 
Journal: Applied Economics Letters 
Pages: 271-273 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353203 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353203&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. J. Dawson 
Author-X-Name-First: P. J. 
Author-X-Name-Last: Dawson 
Author-Name: Richard Tiffin 
Author-X-Name-First: Richard 
Author-X-Name-Last: Tiffin 
Title: Is there a long-run relationship between ODA and GDP? The case of India 
Abstract:
  The existence of a long-run relationship between ODA and per capita GDP
 in India is examined, using annual data for 1961-92. A necessary condition
 for such a relationship is that the two series are integrated of the same
 order. Unit root tests indicate that ODA is I (0) while GDP is I (1),
 hence no long-run relationship exists. Thus, at the macroeconomic level,
 aid neither stimulates economic development nor detracts from it. A
 corollary is that aid is not responsive to changes in India's income. 
Journal: Applied Economics Letters 
Pages: 275-277 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353212 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353212&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Riese 
Author-X-Name-First: Martin 
Author-X-Name-Last: Riese 
Title: An illfare approach to the measurement of unemployment: comment on Paul (1992) 
Abstract:
  It is shown, that the unemployment index proposed by Paul (Applied
 Economics, 24, 1992) implies unwarranted results as to the disparity of
 unemployment duration. This is due to the usage of the concept of
 'interrupted spell length of the stock' as the duration measure. Replacing
 this concept by the 'complete spell length in a cohort' allows to
 construct a consistent and superior index. 
Journal: Applied Economics Letters 
Pages: 279-281 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353221 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353221&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkin Bairam 
Author-X-Name-First: Erkin 
Author-X-Name-Last: Bairam 
Title: Linear versus nonlinear technical progress: theory and some evidence 
Abstract:
  In this paper the theory of technical progress functions is briefly
 examined and its appropriate shape is tested. The main conclusion reached
 is that linearity is not supported by the data. 
Journal: Applied Economics Letters 
Pages: 283-286 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353230 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353230&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jurgen Vandenbroucke 
Author-X-Name-First: Jurgen 
Author-X-Name-Last: Vandenbroucke 
Title: General trigger values of optimal investment 
Abstract:
  We consider a general real option model which allows finite values for
 all parameters influencing the value of waiting in case of uncertain and
 irreversible investment. We show that the traditional net present value
 rule and the commonly known Dixit-Pindyck approach are nested in the same
 general real option model and hence produce optimal investment decisions
 only in their specific scenario. 
Journal: Applied Economics Letters 
Pages: 287-290 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353249 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353249&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marc Cowling 
Author-X-Name-First: Marc 
Author-X-Name-Last: Cowling 
Title: The incidence of loan collateralization in small business lending contracts: evidence from the UK 
Abstract:
  The results indicate that age of firm and closeness of the small
 firm-bank relationship tend to reduce the incidence of loan
 collateralization, which implies that relationship banking can yield
 tangible benefits to small businesses. 
Journal: Applied Economics Letters 
Pages: 291-293 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353258 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353258&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Renuka 
Author-X-Name-First: M. 
Author-X-Name-Last: Renuka 
Author-Name: K. P. Kalirajan 
Author-X-Name-First: K. P. 
Author-X-Name-Last: Kalirajan 
Title: On measuring total factor productivity growth in Singapore's manufacturing industries 
Abstract:
  This paper concerns the recently published article on Singapore's
 manufacturing industries' total factor productivity growth (TFPG) by Leung
 (Applied Economics Letters, 4, 1997). While agreeing with his overall
 results, the issues discussed in this paper are about the limitations in
 the method of his analysis and explanation. The stochastic production
 frontier approach is also suggested as an alternative method to study
 TFPG. 
Journal: Applied Economics Letters 
Pages: 295-298 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353267 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353267&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Norbert Funke 
Author-X-Name-First: Norbert 
Author-X-Name-Last: Funke 
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: The demand for money in Italy, 1861-1988 
Abstract:
  We report estimates of long-run and short-run money demand functions in
 Italy over the period 1861-1980 which are robust in terms of passing a
 range of diagnostic tests and exhibit a fairly high degree of parameter
 stability. The results are comparable to those of previous analysis of
 long-run data for the United States and the United Kingdom. 
Journal: Applied Economics Letters 
Pages: 299-301 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353276 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353276&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jae-Whak Roh 
Author-X-Name-First: Jae-Whak 
Author-X-Name-Last: Roh 
Author-Name: David Bessler 
Author-X-Name-First: David 
Author-X-Name-Last: Bessler 
Title: Occupant death: a study with directed graphs 
Abstract:
  We apply directed graphs to an empirical analysis of traffic occupant
 fatalities based on a model by Crandall. In this paper, we use Crandall's
 data on US traffic fatalities for the period 1947-81 and extend the sample
 to include 1982-93. Based on the 1947-81 annual data, directed graph
 algorithms reveal that occupant traffic deaths are directly caused by
 income, vehicle miles, and safety devices. Vehicle mileage is caused by
 income and rural driving. Estimation is conducted using three stage least
 squares regression. Results show a difference between the traditional
 regression methodology and causal graphical analysis. We also find that
 forecasts from the directed graph model outperform forecasts from the
 regression-based models, in terms of mean squared forecasts error. 
Journal: Applied Economics Letters 
Pages: 303-306 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353285 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353285&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Depken 
Author-X-Name-First: Craig 
Author-X-Name-Last: Depken 
Title: The effects of advertising restrictions on cigarette prices: evidence from OECD countries 
Abstract:
  This paper investigates the effects of cigarette advertising restrictions
 on the price of cigarettes in OECD countries. Using data from 1964 through
 1990, we find that outright proscription of advertising does not influence
 the price of cigarettes. On the other hand, restrictions placed on
 advertising actually reduce the price of cigarettes. The results reinforce
 those of Stewart (International Journal of Advertising, 12, 1993) and
 suggest that public policy directed at cigarette advertising may not be a
 good vehicle to dissuade cigarette consumption. 
Journal: Applied Economics Letters 
Pages: 307-309 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353294 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353294&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. H. Blackaby 
Author-X-Name-First: D. H. 
Author-X-Name-Last: Blackaby 
Author-Name: P. D. Murphy 
Author-X-Name-First: P. D. 
Author-X-Name-Last: Murphy 
Author-Name: N. C. O'Leary 
Author-X-Name-First: N. C. 
Author-X-Name-Last: O'Leary 
Title: Graduate earnings in Great Britain: a matter of degree? 
Abstract:
  In this paper we show that whilst there appear to be substantial private
 earnings gains to be had from a university education, these are greater
 for women than they are for men. Due to substantial asymmetries in
 post-graduation earnings performance, choice of subject is more important
 for men. 
Journal: Applied Economics Letters 
Pages: 311-315 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353302 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353302&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stilianos Fountas 
Author-X-Name-First: Stilianos 
Author-X-Name-Last: Fountas 
Author-Name: Breda Lally 
Author-X-Name-First: Breda 
Author-X-Name-Last: Lally 
Author-Name: Jyh-Lin Wu 
Author-X-Name-First: Jyh-Lin 
Author-X-Name-Last: Wu 
Title: The relationship between inflation and wage growth in the Irish economy 
Abstract:
  This paper tests for the long-run and short-run relationship between
 prices and wages in the Irish economy over the 1975-92 period. Using
 recent econometric techniques in the analysis of time series, we conclude
 that there is a long-run equilibrium relationship between prices, wages
 and an excess demand variable in agreement with the expectations augmented
 Phillips curve theory of inflation. Making use of error-correction
 equations in order to study the short-run dynamics, we find that the
 long-run relationship between prices and wages is due to Granger causality
 running from wage inflation to price inflation. In addition, the
 predictive ability of excess demand is weak with respect to wage inflation
 but very strong with respect to price inflation. These results imply (a)
 relatively strong evidence in favour of a mark-up price equation
 consistent with the expectations augmented Phillips curve theory of
 inflation, and (b), very weak evidence for the predictive power of past
 inflation and the output gap for wages, i.e., a wage-type Phillips curve
 effect. In other words, the results provide strong support for the claim
 that inflation in Ireland has cost-push elements and very weak support for
 the existence of demand-pull elements. 
Journal: Applied Economics Letters 
Pages: 317-321 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353311 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353311&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pilar Olave Robio 
Author-X-Name-First: Pilar Olave 
Author-X-Name-Last: Robio 
Title: Forecast intervals in ARCH models: bootstrap versus parametric methods 
Abstract:
  This paper proposes an alternative bootstrap method for constructing
 prediction intervals for an ARMA process, when its innovations are
 represented by a linear GARCH model. The potential of this bootstrap
 method is assessed through a study which compares the proposed technique
 with a standard one. 
Journal: Applied Economics Letters 
Pages: 323-327 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353320 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353320&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Naoko Hamori 
Author-X-Name-First: Naoko 
Author-X-Name-Last: Hamori 
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Title: Stability of the money demand function in Germany 
Abstract:
  This paper empirically analyses the stability of the money demand
 function in Germany. Important results may be summarized as follows. There
 was a stable relationship between money supply and real economic activity,
 and the money demand function was stable prior to German re-unification.
 The stability of money demand tends to be rejected, however, when the
 sample period is extended to cover German re-unification. When the
 stability of parameters was checked to confirm the occurrence of a
 structural change, it is evident that such a change did occur around 1990. 
Journal: Applied Economics Letters 
Pages: 329-332 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353339 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353339&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Muhammad Mustafa 
Author-X-Name-First: Muhammad 
Author-X-Name-Last: Mustafa 
Author-Name: Matiur Rahman 
Author-X-Name-First: Matiur 
Author-X-Name-Last: Rahman 
Title: Excess US bank reserves and the short-term interest rate differentials: evidence from bivariate cointegration analysis 
Abstract:
  This paper seeks to explore the possible long-run causal connection
 between the excess US bank reserves and the short-term interest rate
 differentials (differences between the federal funds rates and discount
 rates) within the well-known bivariate cointegration framework. It uses
 monthly data from February 1984 through March 1992. Each time series is
 nonstationary and reveals I (1) behaviour. There is evidence of a long-run
 equilibrium relation between the two variables. The estimates of the
 error-correction models reveal a unidirectional long-run causality flowing
 from the short-term interest rate differentials to the excess US bank
 reserves. 
Journal: Applied Economics Letters 
Pages: 333-336 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353023 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353023&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rainer Winkelmann 
Author-X-Name-First: Rainer 
Author-X-Name-Last: Winkelmann 
Title: Wages, firm size and absenteeism 
Abstract:
  This paper examines two competing explanations for workers' absenteeism,
 the shirking hypothesis and the adjustment-to-equilibrium hypothesis. Data
 on German workers for 1985-88 from the German SocioEconomic Panel are used
 in order to estimate the determinants of workers' absenteeism. The results
 indicate that firm size matters after wage effects are controlled for.
 This evidence supports the shirking hypothesis. 
Journal: Applied Economics Letters 
Pages: 337-341 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. E. Boyle 
Author-X-Name-First: G. E. 
Author-X-Name-Last: Boyle 
Author-Name: T. G. McCARTHY 
Author-X-Name-First: T. G. 
Author-X-Name-Last: McCARTHY 
Title: Simple measures of convergence in per capita GDP: a note on some further international evidence 
Abstract:
  We apply simple measures of convergence in per capita GDP, namely, the
 trends in the coefficient of variation (&#x3c3;-convergence) and rank
 concordance (&#x3b3;-convergence), for the period 1960-92 to a wide group
 of countries which are classified using the World Bank typology. The
 findings indicate sigma-convergence, albeit at a slow rate, for 'High
 Income' and 'Upper Middle Income' countries, very slow to negligible
 convergence for 'Lower Middle Income' countries and divergence for 'Low
 Income' countries. Our results also suggest several periods for all
 country categories when &#x3c3;-convergence is constant. However, since we
 do not find &#x3b3;-convergence during these episodes, we conclude that
 &#x3b2;-convergence is not demonstrated. The rank concordance measure
 emerges as significant only from about the late 1980s, save in the case of
 'Low Income' countries where 'leap frogging' is observed from about 1981.
 The implications of these results for the neoclassical growth model are
 discussed. 
Journal: Applied Economics Letters 
Pages: 343-347 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353041 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353041&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Montanes 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Montanes 
Author-Name: Jesus Clemente 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Clemente 
Title: Real exchange rates and structural breaks: evidence for the Spanish peseta 
Abstract:
  This paper analyses the fulfilment of the long-run PPP hypothesis between
 the Spanish Peseta and the currencies of the most important trade partners
 of the Spanish Economy. We show that the bilateral real exchange rate of
 the Spanish Peseta can be characterized as being stationary around a mean
 which exhibits some changes in its evolution. 
Journal: Applied Economics Letters 
Pages: 349-352 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353050 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353050&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Cornelius 
Author-X-Name-First: Peter 
Author-X-Name-Last: Cornelius 
Author-Name: Andreas Gottschling 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Gottschling 
Title: The monetary impulse measure as an explanation for Fed policy 
Abstract:
  In response to the perceived instability of the relations between
 traditional monetary aggregates and nominal aggregate demand a number of
 nonstandard indicator variables have been developed to enable monetary
 policy to respond to, and counteract, incipient inflationary pressures
 before much inflation has developed. While the Federal Reserve Board is
 believed to pay increasing attention to such indicator variables, it is
 unclear which ones are perceived as particularly important. In this note,
 we present a variation of the monetary impulse measure (MIM), which was
 recently developed by McCallum and Hargraves (Staff studies for the World
 Economic Outlook, 1995). Modifying the original specification of the
 measure, we show that the new MIM's performance in explaining actual Fed
 decisions is clearly superior to other indicator variables, which are
 widely believed to guide US monetary policy. 
Journal: Applied Economics Letters 
Pages: 353-358 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353069 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353069&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Liam Lenten 
Author-X-Name-First: Liam 
Author-X-Name-Last: Lenten 
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Title: Some evidence on the countercyclicality of the trade balance 
Abstract:
  The cyclical behaviour of the trade balance is examined using quarterly
 data for eight countries covering the period 1960:1-1995:3. Two methods
 are employed: the calculation of the correlation coefficient between the
 HP-filtered series and the estimation of a structural time series model.
 Both methods produce results which are supportive of the hypothesis of
 countercyclicality of the trade balance. 
Journal: Applied Economics Letters 
Pages: 359-360 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353078 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353078&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gary Madden 
Author-X-Name-First: Gary 
Author-X-Name-Last: Madden 
Author-Name: Scott Savage 
Author-X-Name-First: Scott 
Author-X-Name-Last: Savage 
Author-Name: Su Yin Thong 
Author-X-Name-First: Su Yin 
Author-X-Name-Last: Thong 
Title: Technology, investment and trade: empirical evidence for five Asia-Pacific countries 
Abstract:
  Traditional models of international trade flows find that prices explain
 significant growth in export market shares. In the new international trade
 theory nonprice factors are seen to be of great importance for the
 explanation of trade. Following Magnier and Toujas-Bernate
 (Weltwirtschaftliches Archiv., 130, 1994), this study introduces nonprice
 factors, namely gross fixed investment and technology (number of patents
 accepted), into the export market share equation. Empirical estimation is
 carried out on five Asia-Pacific countries for the period 1978 to 1993.
 Results are similar to those of Magnier and Toujas-Bernate (1994) for the
 OECD, which show that nonprice factors have played an important role in
 determining export market share during the last decade. 
Journal: Applied Economics Letters 
Pages: 361-363 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353087 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353087&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kausik Chaudhuri 
Author-X-Name-First: Kausik 
Author-X-Name-Last: Chaudhuri 
Author-Name: D. K. Srivastava 
Author-X-Name-First: D. K. 
Author-X-Name-Last: Srivastava 
Title: Dearth of private capital flows in Sub-Saharan Africa 
Abstract:
  This paper offers an empirical investigation of dearth of private capital
 flows to Sub-Saharan Africa in a context where there is a surge in private
 capital flows to the rest of the developing countries. Using panel data on
 thirty Sub-Saharan African countries over the time period from 1986 to
 1993, we find that the domestic fundamentals play a crucial role in
 explaining this phenomenon. Our findings also imply that these countries
 may begin to receive private inflows if they implement structural policy
 reforms which will strengthen domestic fundamentals. 
Journal: Applied Economics Letters 
Pages: 365-368 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wim Groot 
Author-X-Name-First: Wim 
Author-X-Name-Last: Groot 
Title: Productivity effects of enterprise-related training 
Abstract:
  In this paper we use data on individual productivity ratings to analyse
 the productivity and wage effects of enterprise-related training. The
 average productivity growth of training is 16%, while the average
 productivity difference between trained and nontrained workers is 8%. The
 average wage growth is less than a quarter of the average productivity
 growth. Further, a sizeable fraction of the workers contributes to the
 costs of training but receives none of its benefits, while another
 fraction of the trained workers shares in the benefits of training without
 having contributed to it. 
Journal: Applied Economics Letters 
Pages: 369-371 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Miguel Leon-Ledesma 
Author-X-Name-First: Miguel 
Author-X-Name-Last: Leon-Ledesma 
Title: Verdoorn's Law and increasing returns: an empirical analysis of the Spanish regions 
Abstract:
  The aim of this paper is to test for the presence of increasing returns
 in the Spanish regions through the estimation of the Verdoorn Law.
 Alternative specifications of the Law will be tested using panel data
 techniques. The results strongly support the hypotheses of increasing
 returns. 
Journal: Applied Economics Letters 
Pages: 373-376 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353113 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353113&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Gallet 
Author-X-Name-First: Craig 
Author-X-Name-Last: Gallet 
Title: Gradual switching regression estimates of alcohol demand elasticities 
Abstract:
  Given that alcohol remains a heavily taxed good, studies of the demand
 for alcohol are numerous in the literature. This paper uses annual data
 from 1964-92 to estimate key elasticities of the US demand for distilled
 spirits. Unlike previous studies, which typically assume elasticities are
 constant over time, we allow elasticities to vary over time by estimating
 a gradual switching regression model. The results indicate that the demand
 for distilled spirits today differs substantially from the 1960s,
 suggesting that the efficacy of proposed policies is dependent on
 knowledge of this change in demand. 
Journal: Applied Economics Letters 
Pages: 377-379 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353122 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353122&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Cameron 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Cameron 
Author-Name: Alan Collins 
Author-X-Name-First: Alan 
Author-X-Name-Last: Collins 
Title: Looks unimportant? A demand function for male attractiveness by female personal advertisers 
Abstract:
  Data from 119 placements of 'personal' advertisments in a national
 English newspaper were analysed, using logit estimation, to estimate a
 demand equation for male looks. The results indicate that the women's
 declaration of wealth offered and divorced status had positive effects on
 the demand for male looks. The age of the woman had a negative effect on
 the demand for male looks. 
Journal: Applied Economics Letters 
Pages: 381-384 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. J. Prior 
Author-X-Name-First: M. J. 
Author-X-Name-Last: Prior 
Title: A profitable trading rule using mean reverting investment trusts discounts 
Abstract:
  This paper makes use of the finding that discounts of individual
 investment trust shares are mean reverting to their sector mean. This
 suggests limits to the degree to which individual shares in a sector can
 vary in price behaviour before competitive pressures bring individual
 shares back into line. Hence a buy low-sell high strategy can be
 constructed and its performance compared to an market index based on an
 equal weight portfolio of all shares in a sector. Such a stratagy
 outperforms the market index for the two main, conventional investment
 trust sectors for the sample period 1976-1995. 
Journal: Applied Economics Letters 
Pages: 385-388 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353140 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353140&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joaquin Maudos 
Author-X-Name-First: Joaquin 
Author-X-Name-Last: Maudos 
Author-Name: Jose Pastor 
Author-X-Name-First: Jose 
Author-X-Name-Last: Pastor 
Author-Name: Lorenzo Seranno 
Author-X-Name-First: Lorenzo 
Author-X-Name-Last: Seranno 
Title: Economic integration, efficiency and economic growth: the European Union experience 
Abstract:
  The aim of this paper is to analyse the effect of the process of
 progressive economic integration among the countries of Europe on their
 economic evolution, paying special attention to gains in efficiency and
 productivity. We use a nonparametric frontier technique together with the
 construction of Malmquist indices to permit analysis of the contribution
 of efficiency to gains in productivity. For this purpose we study the
 evolution of the countries of the European Union and the impact on
 efficiency and productivity of the successive expansions during the period
 1965-90. 
Journal: Applied Economics Letters 
Pages: 389-392 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353159 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353159&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence Marsh 
Author-X-Name-First: Lawrence 
Author-X-Name-Last: Marsh 
Author-Name: Kajal Mukhopadhyay 
Author-X-Name-First: Kajal 
Author-X-Name-Last: Mukhopadhyay 
Title: Discrete Poisson kernel density estimation-with an application to wildcat coal strikes 
Abstract:
  This paper proposes a nonparametric Poisson kernel density estimation
 technique for discrete distributions. Economists have been using
 continuous kernels to approximate discrete distributions. This work
 introduces a discrete kernel as more appropriate for approximating
 discrete distributions. Simulation results are presented to compare with
 standard parametric approaches. We apply our discrete Poisson kernel
 estimator to approximate the distribution of coal mine wildcat strikes in
 the United States. 
Journal: Applied Economics Letters 
Pages: 393-396 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353168 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353168&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Author-Name: Toshifumi Tokunaga 
Author-X-Name-First: Toshifumi 
Author-X-Name-Last: Tokunaga 
Title: Habit formation and durability and consumption: some evidence from income quintile groups in Japan 
Abstract:
  The present study analysed Japan's stock market by modelling habit
 formation and durable effects in consumption, based on data from income
 quintile groups. The sample period for the empirical research was January
 1971 through December 1993. Results of this analysis revealed that durable
 effects were more influential than habit formation effects for all income
 quintile groups. This fact leads to wider fluctuations in consumption in
 Japan, and results in good performance with this type of modelling. 
Journal: Applied Economics Letters 
Pages: 397-402 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353177 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353177&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shang-Wu Yu 
Author-X-Name-First: Shang-Wu 
Author-X-Name-Last: Yu 
Title: Approximating the term structure of interest rates in Japan 
Abstract:
  This paper uses B-spline functions to approximate the term structure of
 interest rates implied in Japanese government bonds. The results indicate
 that the estimated short rate curve exhibits a slight dip in the long end
 of the curve. This may be attributed to an excess demand for long-term
 bonds in general and specifically on the run bonds in the Japanese market. 
Journal: Applied Economics Letters 
Pages: 403-407 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352899 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352899&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shang-Wu Yu 
Author-X-Name-First: Shang-Wu 
Author-X-Name-Last: Yu 
Author-Name: Shang-Wu Yu 
Author-X-Name-First: Shang-Wu 
Author-X-Name-Last: Yu 
Title: Estimation of the probit model with autocorrelated errors via the MCECM algorithm 
Abstract:
  Estimation of the probit model with autocorrelated errors often involves
 the calculation of a multiple integral which is usually intractable. A
 stochastic version of the EM algorithm is proposed to solve the problem.
 The approach implements the E-step by retrieving the latent values via a
 Monte Carlo method (MCE-step) and replaces the M-step by a sequence of
 conditional maximizations (CM-step). The practicality of this MCECM
 algorithm is illustrated by estimating the reaction function of the
 monetary policy in Taiwan by a probit model with first-order serial
 correlation. 
Journal: Applied Economics Letters 
Pages: 409-412 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352907 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352907&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: Cointegration, causality and Wagner's Law in 19th century Europe 
Abstract:
  The long-run tendency for government expenditure to grow relative to GNP,
 Wagner's law, is tested for six European countries using data from around
 the mid-19th century to 1913. With few exceptions the results suggest
 that: nominal and real GNP, nominal and real government expenditure, and
 population were nonstationary in their levels but stationary in first
 differences; either nominal GNP and nominal government expenditure and/or
 real GNP and real government expenditure were cointegrated in five of the
 six countries, and that these variables were cointegrated with population
 in the remaining country; and Granger-causality was mainly unidirectional
 from income to government expenditure. Thus, there is considerable support
 for Wagner's law in 19th century Europe. 
Journal: Applied Economics Letters 
Pages: 413-416 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352916 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352916&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joanne Copp 
Author-X-Name-First: Joanne 
Author-X-Name-Last: Copp 
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Title: Variance ratio testing of the Australian forward foreign exchange market 
Abstract:
  This paper explores variance ratio testing of the Australian forward
 foreign exchange market. Our results support autocorrelation in our first
 sample period (July 1985 to January 1990) but an absence of
 autocorrelation in our second sample period (February 1990 to September
 1995). This is consistent with greater efficiency in the forward foreign
 exchange market post 1990. This is consistent with the 'peso' problem
 associated with Australia's foreign debt disappearing with the acceptance
 of the arguments of Pitchford (Economic Papers, 8, 1989) and Corden
 (Economic Papers, 10, 1991) that the foreign debt does not matter. 
Journal: Applied Economics Letters 
Pages: 417-419 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352925 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352925&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Shields 
Author-X-Name-First: Michael 
Author-X-Name-Last: Shields 
Author-Name: Stephen Wheatley Price 
Author-X-Name-First: Stephen Wheatley 
Author-X-Name-Last: Price 
Title: Ethnic differences in British employer-funded on and off-the-job training 
Abstract:
  This paper highlights the lower incidence of employer-funded on and
 off-the-job training received by full-time ethnic minority employees in
 Britain. Estimates of the determinants of on and off-the-job training,
 obtained using trinomial logistic models, are remarkably consistent across
 white and ethnic minority male and female workers. At least 67% of the
 male ethnic training disadvantage, and over 94% of that experienced by
 females, cannot be explained by differences in average group
 characteristics. These findings raise serious questions about the
 effectiveness of existing equal opportunities provisions in the area of
 work-related training and may have adverse implications for the future
 occupational attainment and wages of ethnic minority employees in Britain. 
Journal: Applied Economics Letters 
Pages: 421-429 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352934 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352934&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eugenia Kazamaki Ottersten 
Author-X-Name-First: Eugenia Kazamaki 
Author-X-Name-Last: Ottersten 
Author-Name: Thomas Lindh Mellander 
Author-X-Name-First: Thomas Lindh 
Author-X-Name-Last: Mellander 
Title: Evaluating firm training, effects on performance and labour demand 
Abstract:
  A quality-adjusted measure of labour is developed, where labour
 efficiency depends on firm training. This specification is integrated into
 a flexible neoclassical cost function, representing the firm's production
 technology. Unlike traditional production functions, the cost function
 does not constrain all inputs to be substitutes and it allows capital to
 be fixed in the short run. These features are found to be important in the
 evaluation of the indirect effects of training. Short-run indirect effects
 arise through the relative price mechanism; an increase in labour
 efficiency decreases the quality-adjusted price of labour. Long-run
 indirect effects stem from the equilibrium adjustment of the quasi-fixed
 capital stock. The methodology is illustrated by means of a small firm
 panel data set. The results show that previous analyses have been overly
 restrictive in assuming all inputs to be substitutes. E.g., labour and
 capital are found to be long-run complements, implying that training
 increases long run labour demand, although the short-run effect is
 negative. The training outcomes are imprecisely estimated, but indicate
 that cost savings and productivity gains can be substantial. 
Journal: Applied Economics Letters 
Pages: 431-437 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352943 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352943&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Title: A dynamic and stochastic analysis of decision making in arranged marriages 
Abstract:
  In a recent paper, Batabyal (Theory and Decision, 1997) has analysed the
 decision making process in arranged marriages. In particular, Batabyal
 shows that a marrying agent's optimal policy depends only on the nature of
 the current marriage proposal, independent of whether there is recall of
 previous marriage proposals. In this paper, this line of enquiry is
 continued by focusing on the decision problem faced by a marrying agent
 who wishes to maximize the probability of getting married to the best
 possible person. Inter alia, it is shown that this agent's optimal policy
 calls for waiting a while, and saying yes to the first candidate
 thereafter. 
Journal: Applied Economics Letters 
Pages: 439-442 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352952 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352952&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Yen 
Author-X-Name-First: Steven 
Author-X-Name-Last: Yen 
Title: Nonparticipation and corner solution: extramarital affairs reconsidered 
Abstract:
  A nonparticipation-censored model is estimated to re-examine the
 determinants of extramarital affairs considered by Fair (Journal of
 Political Economy, 86, 1978) and Wang (Applied Economics Letters, 4,
 1997). Derived from a mixed utility maximization framework, the proposed
 model features a probit mechanism to accommodate nonparticipation and a
 Tobit mechanism for additional censoring among potential adulterers. The
 model allows interaction between the two latent equations, includes the
 Tobit and Tobit with natural nonresponse (Wang, Applied Economics Letters,
 4, 1997) as special cases, and offers a more interesting behavioural
 explanation. Results from the same sample suggest the proposed model
 outperforms the two restricted specifications and produces different
 effects of explanatory variables from those reported in the earlier
 studies. 
Journal: Applied Economics Letters 
Pages: 443-445 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352961 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352961&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Murchison 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Murchison 
Author-Name: Pierre Siklos 
Author-X-Name-First: Pierre 
Author-X-Name-Last: Siklos 
Title: A suggestion for a simple cross-country empirical proxy for trend unemployment 
Abstract:
  We propose a proxy for trend unemployment derived from the cointegration
 property between unemployment rates and world oil prices. Evidence from a
 sample of OECD countries is presented in support of the hypothesis. We
 argue that our empirical proxy is superior from an economic perspective to
 at least one popular empirical alternative and may be especially useful in
 cross-country type studies. 
Journal: Applied Economics Letters 
Pages: 447-451 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352970 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352970&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Lekakis 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Lekakis 
Author-Name: Christos Pantzios 
Author-X-Name-First: Christos 
Author-X-Name-Last: Pantzios 
Title: Agricultural liberalization and the environment in Southern Europe: the role of the supply side 
Abstract:
  The argument advanced by free market optimists that liberalized
 agricultural policies will lead to conservation, through reductions in
 outputs and environmentally damaging inputs, leaves many more things to be
 decided. Critics have pointed out that lower prices may induce farmers
 either to abandon land with loss of biodiversity and rural landscape
 ecology as a result, to increase production and pollution in order to
 sustain current revenues, or to switch to more environmentally damaging
 crops. This article follows a different route. It proposes that overall
 reductions in the total volume of agricultural output or the total amount
 of agro-chemicals used does not guarantee environmental enhancement.
 Environmental problems are usually location specific and crop specific.
 The cultivation of industrial crops is responsible for serious ecosystem
 offences in areas around the World. Thus, to actually have some measure of
 which way a lower price regime would be going in terms of conservation, we
 need to study the effects of either technology shifts or production
 shifts. Looking at cotton, maize and sugar beet supply response in two
 Southern EU countries, under given production technologies, it concludes
 that price reductions will lead to minimal if any reductions in the supply
 of these crops. Thus, conservation efforts will need to assume explicit
 forms. 
Journal: Applied Economics Letters 
Pages: 453-458 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352989 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352989&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Burton 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Burton 
Author-Name: A. Alasdair Lonie 
Author-X-Name-First: A. Alasdair 
Author-X-Name-Last: Lonie 
Author-Name: David Power 
Author-X-Name-First: David 
Author-X-Name-Last: Power 
Title: Does the issue method influence the market reaction to seasoned equity offer announcements? 
Abstract:
  The evidence in this note indicates that the average stock market
 reaction to news of ordinary equity issues by quoted companies may depend
 on the share issue method employed. Using a sample of announcements made
 in the UK between 1989 and 1991 we find that the market response is
 significantly negative when the disclosure relates to a rights issue, but
 that there are no significant share price changes when announcements about
 equity placings and open offers take place. This result appears to be
 inconsistent with the theoretical analysis contained in Myers and Majluf
 (Journal of Financial Economics, 13, 1984). 
Journal: Applied Economics Letters 
Pages: 459-462 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Blackaby 
Author-X-Name-First: David 
Author-X-Name-Last: Blackaby 
Author-Name: Stephen Drinkwater 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Drinkwater 
Author-Name: Derek Leslie 
Author-X-Name-First: Derek 
Author-X-Name-Last: Leslie 
Author-Name: Philip Murphy 
Author-X-Name-First: Philip 
Author-X-Name-Last: Murphy 
Title: Ethnic differences in labour market transitions: an exploration using the British household panel survey 
Abstract:
  The paper uses the first five waves of the British Household Panel Survey
 to explore the dynamics of the labour market experience of Britain's
 ethnic minorities relative to the white majority. The issue to be explored
 is labour market transitions. Ethnic minorities are shown to exhibit
 greater volatility. Only panel data can reveal this important labour
 market effect. Overall, the British Household Panel Survey should be seen
 as a useful addition to increasing our knowledge of Britain's ethnic
 minorities. 
Journal: Applied Economics Letters 
Pages: 463-466 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353005 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353005&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Nonsymmetric error correction revisited 
Abstract:
  Granger and Lee (Journal of Applied Econometrics, 4, 1989) contains
 seminal research on nonsymmetric error correction, where the familiar
 error correction term is partitioned into positive and negative elements.
 Cook et al. (Applied Economics, 1998) have recently argued that for this
 no symmetric representation to be valid, the coefficients on these
 partitioned terms must be both significant and significantly different
 from each other. As Cook et al. note, these conditions have rarely been
 satisfied in subsequent applications of the Granger-Lee method. As these
 issues were not considered by Granger and Lee they are formally tested
 here using their data. The results derived show this problem to be
 apparent, but unconsidered, in the seminal study. 
Journal: Applied Economics Letters 
Pages: 467-470 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353014 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353014&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Gripaios 
Author-X-Name-First: Peter 
Author-X-Name-Last: Gripaios 
Author-Name: Ben Gripaios 
Author-X-Name-First: Ben 
Author-X-Name-Last: Gripaios 
Author-Name: Sarah Keast 
Author-X-Name-First: Sarah 
Author-X-Name-Last: Keast 
Author-Name: Nick Wiseman 
Author-X-Name-First: Nick 
Author-X-Name-Last: Wiseman 
Title: Differences in household income per head over the UK trade cycle; a comment 
Abstract:
  In a recent short paper Dewhurst (1998) demonstrated that, from 1984-93,
 there was convergence in GB regional and household incomes per head during
 slumps and divergence during booms. This paper suggests that these
 findings are the result of two main influences. The first is the fact that
 the cycle is damped in more peripheral and lower mean household income per
 head areas and the second that there is a time in the cycle lag between an
 upturn or downturn in Greater London / the rest of the South East and the
 same effect in more distant locations. Various suggestions are put forward
 for these results. There is also discussion of the usefulness of these
 results for forecasting purposes. 
Journal: Applied Economics Letters 
Pages: 471-476 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352754 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352754&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Keun-Yeob Oh 
Author-X-Name-First: Keun-Yeob 
Author-X-Name-Last: Oh 
Author-Name: Bong-Han Kim 
Author-X-Name-First: Bong-Han 
Author-X-Name-Last: Kim 
Author-Name: Hong-Kee Kim 
Author-X-Name-First: Hong-Kee 
Author-X-Name-Last: Kim 
Author-Name: Byung-Chul Ahn 
Author-X-Name-First: Byung-Chul 
Author-X-Name-Last: Ahn 
Title: Savings-investment cointegration in panel data 
Abstract:
  Existing cointegration tests for the savings-investment model are limited
 because of low testing power. In this paper the savings-investment
 correlation is re-examined using a panel cointegration test by which the
 power seems to be improved greatly. A cointegration relationship is
 obtained between the two variables with panel data, and the savings
 retention coefficient is far from zero. This seems to be consistent with
 results based on traditional regression methods. Thus, it is concluded
 that cointegration techniques do not provide the solution to the
 savings-investment puzzle. 
Journal: Applied Economics Letters 
Pages: 477-480 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352763 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352763&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Marc Berk 
Author-X-Name-First: Jan Marc 
Author-X-Name-Last: Berk 
Title: Did markets expect Italy to join EMU? Evidence from options markets 
Abstract:
  This note quantifies the movements in the distribution of future
 short-term market interest rates in reaction to the selection of countries
 that were to participate in stage three of Economic and Monetary Union as
 of 1 January 1999. We conclude that, before the various national central
 banks and the European Monetary Institute published their convergence
 reports, financial markets were already convinced that Italy would
 participate. They furthermore interpreted these reports, when published,
 as an indication that Italy would indeed participate. The official
 decision in May 1998 therefore came as no surprise. 
Journal: Applied Economics Letters 
Pages: 481-484 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352772 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352772&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wei Weixian 
Author-X-Name-First: Wei 
Author-X-Name-Last: Weixian 
Title: An empirical study of the foreign trade balance in China 
Abstract:
  The objective of this letter is to investigate the dynamic relationship
 between China's trade balance (T) and macroeconomic variables: domestic
 and foreign output (Y and Y*), real exchange rate (E), domestic and
 foreign money supply (M and M*). The ADF unit root results show that the
 variables are all integrated of order I(1). The trade balance in China is
 not cointegrated with a number of variables, including the exchange rate.
 Absorption, elasticity, and monetary models are compared, and the elastic
 model performs better. There has been J-curve in China, and the
 devaluations have had significant effect on the trade balance. 
Journal: Applied Economics Letters 
Pages: 485-490 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352781 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352781&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ferdaus Hossain 
Author-X-Name-First: Ferdaus 
Author-X-Name-Last: Hossain 
Author-Name: Helen Jensen 
Author-X-Name-First: Helen 
Author-X-Name-Last: Jensen 
Title: Economic reform and inequality: evidence from Lithuania 
Abstract:
  Economic reforms in former socialist societies caused massive
 reallocation of resources, rapid increases in prices and severe erosion in
 real income and wages with potentially important distributional
 consequences. Using the Lithuanian Household Budget Survey, this study
 estimates an expenditure-based inequality index to evaluate the effects of
 price liberalization policy on inequality. Empirical results suggest that
 during the early years of reforms, inequality within society showed very
 little sign of increase. However, since 1994 inequality has increased
 rapidly: further, inequality has increased at a faster rate among
 households without children than those with children. 
Journal: Applied Economics Letters 
Pages: 491-495 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352790 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352790&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kazuhiro Ohtani 
Author-X-Name-First: Kazuhiro 
Author-X-Name-Last: Ohtani 
Title: Exact critical values of unit root tests when there is a constant term and a time trend 
Abstract:
  Using a method proposed by Imhof in 1961 the exact distribution of the
 test statistics for the unit root when the AR(1) process has a constant
 term and a time trend is evaluated numerically. Detailed tables of the
 exact critical values are presented. 
Journal: Applied Economics Letters 
Pages: 497-500 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352808 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352808&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. D. Rossiter 
Author-X-Name-First: R. D. 
Author-X-Name-Last: Rossiter 
Author-Name: Chulho Jung 
Author-X-Name-First: Chulho 
Author-X-Name-Last: Jung 
Title: Sufficient cointegration and Wald tests of the monetary transmission mechanism 
Abstract:
  This letter re-examines the role of commercial loans versus demand
 deposits in the monetary transmission mechanism using short-run and
 long-run sequential causality testing procedures designed by Toda and
 Phillips. Empirical results support the credit view that bank loans are as
 good a predictor of income as demand deposits. 
Journal: Applied Economics Letters 
Pages: 501-503 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352817 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352817&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Farrell-type efficiency under demand and price fluctuations 
Abstract:
  Nonparametric measurement of productive efficiency is generalized with
 respect to the impact of market demand and price fluctuations. 
Journal: Applied Economics Letters 
Pages: 505-507 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352826 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352826&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xing-Qiu Zhao 
Author-X-Name-First: Xing-Qiu 
Author-X-Name-Last: Zhao 
Title: Stock prices, inflation and output: evidence from China 
Abstract:
  This study documents some unique statistical properties in the
 relationships among inflation, output and stock prices in the Chinese
 economy. The relationship between stock returns and unexpected output
 growth is significantly positive, but that between stock returns and
 expected output growth is significantly negative. The relationship between
 stock prices and inflation is significantly negative, and the inverse
 relationship disappears after controlling for the effects of output
 growth. This result is consistent with Fama's conjecture. 
Journal: Applied Economics Letters 
Pages: 509-511 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352835 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352835&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michele Campolieti 
Author-X-Name-First: Michele 
Author-X-Name-Last: Campolieti 
Title: Workers' compensation benefits and claim duration: some Canadian evidence 
Abstract:
  This paper explores the effect of workers' compensation benefits on the
 duration of workers' compensation claims from Ontario, Canada. The models
 estimated in this paper also investigate the robustness of the results to
 a nonparametric specification of the unobserved heterogeneity
 distribution. The results indicate that, with Canadian data, changes in
 the expected duration of workers' compensation claims, in response to a
 change in workers' compensation benefits, is at the lower range of the
 existing evidence for the United States. 
Journal: Applied Economics Letters 
Pages: 513-517 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352844 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352844&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Univariate analysis of asymmetry in the DHSY model 
Abstract:
  Cook and co-workers recently uncovered evidence of asymmetric adjustment
 in the data used by Davidson et al. An economic interpretation was
 provided in terms of more rapid adjustment of consumers' expenditure
 during recessionary periods. In the present letter this hypothesis,
 derived indirectly at a structural level by Cook et al., is tested
 directly via univariate analysis. The results presented support the
 hypothesis. 
Journal: Applied Economics Letters 
Pages: 519-522 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352853 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352853&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pak-Wai Liu 
Author-X-Name-First: Pak-Wai 
Author-X-Name-Last: Liu 
Author-Name: Junsen Zhang 
Author-X-Name-First: Junsen 
Author-X-Name-Last: Zhang 
Title: Assortative mating versus the cross-productivity effect 
Abstract:
  This paper shows how the allowance for unobserved ability and assortative
 mating will change the interpretation of the coefficient on own education
 in a log wage equation. Using data from Taiwan it is found that the
 coefficient on own education is almost zero but that on spouse's education
 is around 10%. The cross-productivity hypothesis cannot plausibly explain
 this puzzling result, but the model presented in this paper can. 
Journal: Applied Economics Letters 
Pages: 523-525 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352862 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352862&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Atsushi Fuj 
Author-X-Name-First: Atsushi 
Author-X-Name-Last: Fuj 
Author-Name: Makoto Ohta 
Author-X-Name-First: Makoto 
Author-X-Name-Last: Ohta 
Title: Stochastic cost frontier and cost inefficiency of Japanese hospitals: a panel data analysis 
Abstract:
  This letter considers the following two questions: How much are the
 estimates of the parameters of stochastic cost frontier and cost
 inefficiency of Japanese hospitals affected (1) by the utilization of the
 panel structure of data in estimation; and (2) by considering a
 hospital-specific intercept in the cost frontier? Three models are
 estimated: a stochastic cost frontier model with a hospital-specific
 intercept treated as a random variable for panel data; a stochastic cost
 frontier model without a hospital-specific intercept for panel data; and
 the conventional stochastic frontier model that treats the data as if they
 were cross-sectional. The main findings are: (1) the introduction of panel
 structure into the frontier estimation changes the cost inefficiency
 estimate significantly compared with the estimate based on
 cross-sectionally treated data; (2) the intercept of the cost frontier is
 significantly different among hospitals. 
Journal: Applied Economics Letters 
Pages: 527-532 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352871 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352871&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Massimo Filippini 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Filippini 
Title: Swiss residential demand for electricity 
Abstract:
  A residential demand for electricity is estimated using aggregate data at
 a city level for 40 Swiss cities over the period 1987 to 1990. For this
 purpose, a log linear stochastic equation for electricity consumption was
 estimated. The empirical analysis has highlighted some of the
 characteristics of the Swiss residential electricity market. The price
 elasticity was estimated to be -0.30, which shows a moderate
 responsiveness of electricity consumption to changes in prices. This
 result indicates a price-inelastic demand for electricity with a lower
 price elasticity than those reported in previous studies. From an energy
 policy point of view this result implies that there is little room for
 discouraging residential electricity consumption using price increases. 
Journal: Applied Economics Letters 
Pages: 533-538 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352880 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352880&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Manabu Asai 
Author-X-Name-First: Manabu 
Author-X-Name-Last: Asai 
Title: Time series evidence on a new Keynesian theory of the output-inflation trade-off 
Abstract:
  This letter reconsiders the empirical tests of the new Keynesian and new
 classical models performed by Ball, Mankiw, and Romer (Brookings Papers on
 Economic Activity, 1, 1988) and Akerlof, Rose and Yellen (Brookings Papers
 on Economic Activity, 1, 1988). The original tests confirm basically to
 cross-section analysis. We propose time-series testing procedure of these
 issues. Our tests find supports for the new Keynesian hypothesis. 
Journal: Applied Economics Letters 
Pages: 539-541 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352556 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352556&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Regional variation in the cyclical asymmetry of UK unemployment 
Abstract:
  In this letter regional variation in the asymmetric behaviour of the
 cyclical element of UK unemployment is examined. Strong evidence of
 asymmetry in the level of the cyclical element of unemployment is found
 for both the UK as a whole and all of the regions considered. Strong
 evidence of asymmetry in the rate of growth of this cyclical element is
 also found for the aggregate series. However a similar consensus for this
 form of asymmetry is not found in the individual regions, with some
 disagreeing over its extent while others fail to detect its presence at
 all. The results for the aggregate series therefore mask some interesting
 variation at a regional level. 
Journal: Applied Economics Letters 
Pages: 543-546 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352565 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352565&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Reinaldo Arellano-Valle 
Author-X-Name-First: Reinaldo 
Author-X-Name-Last: Arellano-Valle 
Author-Name: Silvia Ferrari 
Author-X-Name-First: Silvia 
Author-X-Name-Last: Ferrari 
Author-Name: Francisco Cribari-Neto 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Cribari-Neto 
Title: Bartlett and Bartlett-type corrections for testing linear restrictions 
Abstract:
  This letter shows how to extend a number of published results on Bartlett
 and Bartlett-type corrections to likelihood ratio and score test for the
 test of linear restrictions in regression models. A few applications and
 simulation results are also presented. 
Journal: Applied Economics Letters 
Pages: 547-549 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352574 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352574&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Author-Name: Kazumi Asako 
Author-X-Name-First: Kazumi 
Author-X-Name-Last: Asako 
Title: Government consumption and fiscal policy: some evidence from Japan 
Abstract:
  Japanese data from 1971 and 1995 are used to estimate the marginal rate
 of substitution between private consumption and government consumption,
 and to empirically analyse the validity of the Ricardian equivalence
 theorem. The marginal rate of substitution between government expenditure
 and private consumption is found to be higher in Japan than in studies
 using US data. In other words, these two types of consumption are closer
 substitutes in Japan than in the US. The data negate the Ricardian
 equivalence theorem. However, it should be noted that the perceived wealth
 effect is small and has a value between 0.0087 and 0.019. 
Journal: Applied Economics Letters 
Pages: 551-555 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352583 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352583&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Farhang Niroomand 
Author-X-Name-First: Farhang 
Author-X-Name-Last: Niroomand 
Title: Openness and economic growth: an empirical investigation 
Abstract:
  Unlike previous research that investigated the relation between exports
 and output, in this paper we assess the long-run relation between the
 degree of openness and economic growth. For the many countries considered
 here, we find a positive long-run relation between openness and economic
 growth. 
Journal: Applied Economics Letters 
Pages: 557-561 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352592 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352592&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eric Levin 
Author-X-Name-First: Eric 
Author-X-Name-Last: Levin 
Author-Name: Robert Wright 
Author-X-Name-First: Robert 
Author-X-Name-Last: Wright 
Title: Why does the bid-ask spread vary over the day? 
Abstract:
  This paper shows that the findings of Chan, Christie and Schultz (Journal
 of Business, 68, 1995) of no intraday variation in the average bid-ask
 spread is not general to all competitive markets, and in particular does
 not apply to the London Stock Exchange during the mandatory quote period.
 This is important because it revives the possibility of explanations of
 intraday variation in the bid-ask spread which involve individual
 market-makers widening their individual spreads for example in response to
 informed trading, inelastic demand or the need to discover prices at the
 start of the day. However there is no evidence of individual market makers
 widening their bid-ask quote spreads during the warm up and cool down
 periods at the start and the end of the trading day outwith the mandatory
 quote period. The only single explanation which might explain the whole
 day variation observed in the inside and the average bid-ask spreads both
 inside and outside of the mandatory quote is inventory control. 
Journal: Applied Economics Letters 
Pages: 563-567 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352600 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352600&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Laura Piscitelli 
Author-X-Name-First: Laura 
Author-X-Name-Last: Piscitelli 
Author-Name: Michael Grinfeld 
Author-X-Name-First: Michael 
Author-X-Name-Last: Grinfeld 
Author-Name: Harbir Lamba 
Author-X-Name-First: Harbir 
Author-X-Name-Last: Lamba 
Author-Name: Rod Cross 
Author-X-Name-First: Rod 
Author-X-Name-Last: Cross 
Title: On entry and exit in response to aggregate shocks 
Abstract:
  This note extends the Dixit-Pindyck analysis of investment, in the form
 of market entry and exit under sunk costs, to the case of heterogeneous
 sunk costs. The implication is that the market displays full hysteresis,
 in the form of remanence and dependence on the nondominated extremum
 values of the aggregate shocks experienced. These implications are
 illustrated by numerical simulations. 
Journal: Applied Economics Letters 
Pages: 569-572 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352619 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352619&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Title: Are the adjustment of actual to desired international reserves in nominal or real terms? 
Abstract:
  In this note we employ two procedures to determine whether the adjustment
 of international reserves is in real or nominal terms. Using panel data
 from 17 DCs and 16 LDCs, we show that adjustment of actual reserves to
 their desired level is indeed in nominal terms. 
Journal: Applied Economics Letters 
Pages: 573-575 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352628 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352628&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Adam Klug 
Author-X-Name-First: Adam 
Author-X-Name-Last: Klug 
Author-Name: Carmel Nadav 
Author-X-Name-First: Carmel 
Author-X-Name-Last: Nadav 
Title: On the predictive power of the term structure during the 1930s 
Abstract:
  This paper investigates the predictive power of the interest rates during
 the period 1929-1940 in the United States. Our empirical evidence finds no
 support for the one-to-one relationship between the term structure of
 short-term interest rates and inflation for forecasting horizons of six
 months less or greater than one year. The hypothesis is not rejected for a
 3 to 12 month horizon or for the 12 to 24 month horizon with a structural
 break. 
Journal: Applied Economics Letters 
Pages: 577-580 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352637 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352637&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alpana Trivedi 
Author-X-Name-First: Alpana 
Author-X-Name-Last: Trivedi 
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Title: Autocorrelations, returns and Australian stock indices 
Abstract:
  This paper explores whether predictable autocorrelation structures exist
 in returns data on Australian stock indices. We explore the data using the
 power transformations of Ding, Granger and Engle (1993) and Hentschel
 (1995). We find that for a large number of different market indices there
 exists an autocorrelation structure in power transformations of returns
 that could be exploited in forecasting. To illustrate the forecasting
 potential we conduct a limited forecasting comparison using the All
 Ordinaries Accumulation Index. Our results show some gain in forecasting
 performance. 
Journal: Applied Economics Letters 
Pages: 581-584 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352646 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352646&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: David Bernstein 
Author-X-Name-First: David 
Author-X-Name-Last: Bernstein 
Title: Exchange market pressure during the current managed float 
Abstract:
  Due to intervention in the foreign exchange market, any pressure on the
 external account of a country could be absorbed either by a change in
 reserves or by a change in the exchange rate. In this paper we employ
 Girton and Roper's EMPM model to investigate the experience of G7
 countries. The results show that most of the pressure in G7 countries is
 absorbed by a change in reserves. 
Journal: Applied Economics Letters 
Pages: 585-588 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352655 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352655&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dirk Willenbockel 
Author-X-Name-First: Dirk 
Author-X-Name-Last: Willenbockel 
Title: On apparent problems with the use of the Armington aggregator in computable general equilibrium models 
Abstract:
  This letter points out that the problems Senhadji (Applied Economics
 Letters, 4, 23-5, 1997) attributes to the use of the Armington aggregator
 in CGE models do not arise, provided that applied modellers employ the
 calibration procedure for CES function parameters frequently described in
 the literature. 
Journal: Applied Economics Letters 
Pages: 589-591 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352664 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352664&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Lambert 
Author-X-Name-First: David 
Author-X-Name-Last: Lambert 
Title: Scale and the Malmquist productivity index 
Abstract:
  The Malmquist index has gained acceptability in empirical analyses of
 productivity in recent years. Some question has been raised concerning the
 index's ability to accurately portray productivity change in the presence
 of nonconstant returns to scale. This letter demonstrates that the index
 does accurately measure productivity change under an appropriate
 characterization of technology. 
Journal: Applied Economics Letters 
Pages: 593-596 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352673 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352673&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guano Hua Wan 
Author-X-Name-First: Guano Hua 
Author-X-Name-Last: Wan 
Title: An empirical assessment on alternative functional forms of the Lorenz curve 
Abstract:
  Different parametric Lorenz curves are estimated and evaluated using
 household survey data from rural China. None of them, however, is found to
 yield an adequate description of income distributions. Thus, new and
 better functional forms are called for, despite the fact that many already
 exist in the literature. 
Journal: Applied Economics Letters 
Pages: 597-599 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352682 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352682&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sandeep Gupta 
Author-X-Name-First: Sandeep 
Author-X-Name-Last: Gupta 
Author-Name: Paul Sommers 
Author-X-Name-First: Paul 
Author-X-Name-Last: Sommers 
Title: A simple cross-section model of economic growth stands the test of time 
Abstract:
  The simple three-equation Sommers-Suits model of economic growth
 published in 1971 was one of the first that used a cross-section approach
 to study the effects of endogenous population growth rates on economic
 development. Re-estimation (following the same functional form as in the
 Sommers-Suits model) suggests that the model has stood the test of time
 reasonably well. There is evidence of convergence over time (as before),
 but the re-estimated model indicates the presence of a 'poverty trap'- a
 threshold GNP per capita below which countries fail to grow. 
Journal: Applied Economics Letters 
Pages: 601-603 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352691 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352691&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Geraint Johnes 
Author-X-Name-First: Geraint 
Author-X-Name-Last: Johnes 
Title: Forecasting unemployment 
Abstract:
  Results are reported of a forecasting competition between linear
 autoregressive, GARCH, threshold autoregressive and neural network models
 of the UK monthly unemployment rate series. Evidence is uncovered
 suggesting the existence of nonlinearities in the series. 
Journal: Applied Economics Letters 
Pages: 605-607 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352709 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352709&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank Atkins 
Author-X-Name-First: Frank 
Author-X-Name-Last: Atkins 
Title: Macroeconomic time series and the monetary aggregates approach to estimating the underground economy 
Abstract:
  This paper examines the monetary aggregates approach to estimating the
 size of the underground economy. It is shown that estimates of the size of
 the underground economy using Canadian data may not be robust, as the time
 series properties of these aggregates are often inconsistent with simple
 ordinary least squares regression. Correcting for the problem, usually by
 first differencing the data, may yield overstated or inappropriate
 estimates of the size of the underground economy. 
Journal: Applied Economics Letters 
Pages: 609-611 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352718 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352718&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Khosrow Doroodian 
Author-X-Name-First: Khosrow 
Author-X-Name-Last: Doroodian 
Author-Name: Chulho Jung 
Author-X-Name-First: Chulho 
Author-X-Name-Last: Jung 
Author-Name: Roy Boyd 
Author-X-Name-First: Roy 
Author-X-Name-Last: Boyd 
Title: Testing the law of one price under the fixed and flexible exchange rate systems 
Abstract:
  This paper examines if the law of one price holds under different
 exchange rate regimes and if a simultaneous relationship exists among
 prices of different countries. The findings show that prices in industrial
 countries are related, as suggested by the monetary approach. Confirming
 the law of one price, our results show relative price movements play a
 negligible role in removing a disequilibrium in the balance of payments.
 These findings provide supportive evidence for the purchasing power parity
 (PPP) doctrine under the floating exchange rate system but not under the
 fixed exchange rate system. 
Journal: Applied Economics Letters 
Pages: 613-616 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352727 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352727&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Cameron 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Cameron 
Title: Rational addiction and the demand for cinema 
Abstract:
  This paper estimates Becker's rational addiction model using a demand for
 cinema equation. The results do not seem to be strongly supportive of the
 rational addiction model. As in Becker, Murphy, Grossman we find a
 significant coefficient on the lead consumption term and a quite plausible
 discount rate in OLS estimation with significant price effects. However
 the IV estimates preferred by Becker et al. fails to give support for any
 elements of the model. 
Journal: Applied Economics Letters 
Pages: 617-620 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352736 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352736&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkin Bairam 
Author-X-Name-First: Erkin 
Author-X-Name-Last: Bairam 
Title: Domestic versus foreign capital and returns to scale in China's provincial industries 
Abstract:
  This paper is mainly concerned with estimating an appropriate production
 function for the Chinese industry using provincial data. The estimated
 equations suggest that the appropriate production function is a
 Cobb-Douglas which reveals statistically significant economies of scale.
 The results reported also reveal that the marginal product of foreign
 capital is significantly higher than that of domestic capital used in the
 production process in all but one province. 
Journal: Applied Economics Letters 
Pages: 621-624 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352745 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352745&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Author-Name: Edward Wei-Te Hsieh 
Author-X-Name-First: Edward Wei-Te 
Author-X-Name-Last: Hsieh 
Title: Welfare implications of Pigovian taxation of a durable goods monopolist 
Abstract:
  This paper examines the effectiveness of Pigovian taxation in checking
 the behaviour of a durable goods monopolist who generates some externality
 in the production process. The durable good lasts two periods. It is found
 that while the effect of an increase in the tax is to lower the first
 period output, the second period output decreases only under certain
 conditions. The overall welfare effect of a Pigovian tax can either be
 positive or negative depending on the relative magnitudes of the
 price-cost margins, the extent of the negative externality, the extent of
 longevity (durability) of the first period output and the underproduction
 relative to social optima. Public policy implications are discussed. 
Journal: Applied Economics Letters 
Pages: 625-627 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352376 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352376&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Efficiency measurements with R&D inputs and learning by doing 
Abstract:
  Two characteristics of R&D inputs, learning by doing and knowledge
 diffusion, are explored here for generalizing the nonparametric methods of
 efficiency measurement known as data envelopment analysis 
Journal: Applied Economics Letters 
Pages: 629-632 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352385 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352385&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: William Brown 
Author-X-Name-First: William 
Author-X-Name-Last: Brown 
Title: Inside information and public news: R 2 and beyond 
Abstract:
  This paper finds that the majority of stock price movements remain
 unexplained after controlling for both public and private information.
 This suggests that economists' inability to explain asset price movements
 is the result of either noise or naive asset pricing models. 
Journal: Applied Economics Letters 
Pages: 633-636 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352394 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352394&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frederick Wallace 
Author-X-Name-First: Frederick 
Author-X-Name-Last: Wallace 
Title: Long-run neutrality of money in the Mexican economy 
Abstract:
  The long-run neutrality of money on real output is tested for Mexico
 using a model developed by Fisher and Seater. The empirical evidence
 supports the neutrality hypothesis. The results are robust for both M1 and
 M2 and an alternative model specification. 
Journal: Applied Economics Letters 
Pages: 637-639 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352402 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352402&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdulnasser Hatemi-J 
Author-X-Name-First: Abdulnasser 
Author-X-Name-Last: Hatemi-J 
Author-Name: Ghazi Shukur 
Author-X-Name-First: Ghazi 
Author-X-Name-Last: Shukur 
Title: The causal nexus of government spending and revenue in Finland: a bootstrap approach 
Abstract:
  Applying VAR(5), a bootstrap simulation approach and a multivariate Rao's
 F-test indicate that government revenue Granger-causes spending in
 Finland. This does not agree with Barr's tax smoothing hypothesis. This
 explanation of this is due to the institutional factors that are specific
 for Finland. 
Journal: Applied Economics Letters 
Pages: 641-644 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352411 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352411&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tilak Abeysinghe 
Author-X-Name-First: Tilak 
Author-X-Name-Last: Abeysinghe 
Author-Name: Tan Khay Boon 
Author-X-Name-First: Tan Khay 
Author-X-Name-Last: Boon 
Title: Small sample estimation of a cointegrating vector: an empirical evaluation of six estimation techniques 
Abstract:
  A large number of techniques are now available for estimating a
 cointegrating regression. Although many of these techniques provide
 asymptotically equivalent estimators, their small-sample properties are
 known only with respect to a limited number of Monte Carlo studies. In
 light of the growing controversy over the nature of non-stationarity of
 economic time series, a comprehensive evaluation of these techniques
 within an applied framework can shed more light on the relative merits of
 these techniques. An estimation of long-run demand elasticities by six
 such techniques based on annual data from Canada, China and Singapore show
 rather disconcerting results. In small samples OLS may still be the best
 choice. 
Journal: Applied Economics Letters 
Pages: 645-648 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352420 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352420&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marjon Vanr De Pol 
Author-X-Name-First: Marjon Vanr 
Author-X-Name-Last: De Pol 
Author-Name: John Cairns 
Author-X-Name-First: John 
Author-X-Name-Last: Cairns 
Title: Individual time preferences for own health: an application of a dichotomous choice question with follow-up 
Abstract:
  This paper explores the use of the dichotomous choice question with
 follow-up to examine intertemporal preferences for non-fatal changes in
 own health. Maximum likelihood estimation by censored logistic regression
 is used to analyse the data collected from the general public. The results
 show that the average estimated implied discount rate is equal to 0.073
 for the full sample and 0.106 for respondents who have positive implied
 discount rates in the open-ended questions which were also contained in
 the questionnaire. The implied discount rates vary from 0.024 to 0.166
 depending onthe age of the respondent andthe periodof delay offered(5 or
 13 years). 
Journal: Applied Economics Letters 
Pages: 649-654 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352439 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352439&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eunnyeong Heo 
Author-X-Name-First: Eunnyeong 
Author-X-Name-Last: Heo 
Author-Name: Seong-Yun Shin 
Author-X-Name-First: Seong-Yun 
Author-X-Name-Last: Shin 
Title: Estimating learning effects on nuclear power plants: A count data model with a varying time interval as a duration variable 
Abstract:
  This paper analyses learning effects in nuclear power plant operation,
 which are reflected on the reliability growth and operating cycle
 decision. To consider two aspects of learning, a count data model with a
 varying time interval as a duration variable is suggested. A possibly
 complicated model canbe estimatedrelatively easily by a Gibbs sampling
 technique. The estimates are then used to investigate the effects of three
 types of operating experiences on the plant operation. 
Journal: Applied Economics Letters 
Pages: 655-658 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352448 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352448&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Title: Uncertainty in the Central Bank's weight on output: some new results 
Abstract:
  The purpose in this letter is to demonstrate the implications of
 uncertainty in the weight the Central Bank attaches to output for expected
 inflation, linear inflation contracts and inflation targets. 
Journal: Applied Economics Letters 
Pages: 659-662 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352457 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352457&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jenny Diggle 
Author-X-Name-First: Jenny 
Author-X-Name-Last: Diggle 
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Author-Name: John Shannon 
Author-X-Name-First: John 
Author-X-Name-Last: Shannon 
Title: International diversification of the funds management industry 
Abstract:
  One of the main benefits that has flowed from increasing capital markets
 liberalization has been the opportunities that this has provided to
 facilitate international diversification. This paper aims to determine the
 benefits of the asset allocation process undertaken by fund managers in 15
 countries. The benefits analysed are whether the fund managers have added
 value to their portfolios by generating higher risk adjusted returns. In
 addition, the minimum risk portfolios are determined for the international
 markets represented by the 15 countries and a minimum risk benchmark is
 constructed. The analysis was conducted using data from 1983 to 1993 and
 the data were provided by the Union Bank of Switzerland Asset Management
 Group (UBSAM). 
Journal: Applied Economics Letters 
Pages: 663-667 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352466 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352466&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hasan Bakhshi 
Author-X-Name-First: Hasan 
Author-X-Name-Last: Bakhshi 
Title: Is the demand for retirement consumption linear? 
Abstract:
  When estimating the welfare gains from moving from 2% inflation to price
 stability, Feldstein assumes that the compensated demand curve for
 retirement consumption is linear. Lucas has argued, in the shoe leather
 costs literature, that money demand functions are best specified as
 log-linear rather than linear. And the implications for the welfare costs
 of inflation are consequently very large. This note argues that linearity
 of the demand curve for retirement consumption is a good approximation for
 plausible parameter values and for the changes in inflation that Feldstein
 is considering. 
Journal: Applied Economics Letters 
Pages: 669-671 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352475 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352475&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yutaka Kurihara 
Author-X-Name-First: Yutaka 
Author-X-Name-Last: Kurihara 
Title: Speculative attacks or fundamentals? Empirical evidence from some European currencies 
Abstract:
  The European Monetary System experienced pressure on exchange rates,
 which led toa devaluation or a subsequent widening of bands of EMS
 currencies. In this paper the source(s) of pressure on the exchange rate
 are identified. Currency crises were caused by fundamentals in 1992;
 however, they were caused by speculation in 1993. 
Journal: Applied Economics Letters 
Pages: 673-675 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352484 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352484&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hwei-Lin Chuang 
Author-X-Name-First: Hwei-Lin 
Author-X-Name-Last: Chuang 
Title: Estimating the determinants of the unemployment duration for college graduates in Taiwan 
Abstract:
  This paper incorporates unmeasured heterogeneity into the econometric
 specification to estimate the determinants of the unemployment duration
 for college graduates in Taiwan. Empirical results indicate that personal
 characteristics and job search variables are significant determinants
 while family background variables show little effect. The insignificance
 of the financial constraint variable suggests that the scheduled
 unemployment compensation programme may not have any impact on the search
 unemployment duration for college graduates in Taiwan. 
Journal: Applied Economics Letters 
Pages: 677-681 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352493 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352493&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Norman Thurston 
Author-X-Name-First: Norman 
Author-X-Name-Last: Thurston 
Title: On the decline of employment-based health insurance in the US 
Abstract:
  Many recent papers have documented that there has been a steady decline
 in the fraction of workers in the US who receive health insurance through
 their employer. This paper presents an economic model of the labour market
 that is consistent with observed trends. The primary finding is that the
 trend is explained by a change in optimal compensation structures for
 workers due to the increase in the relative price of health care. The
 paper concludes with an application to the analysis of the increased
 prevalence of capitated contracts among employers. 
Journal: Applied Economics Letters 
Pages: 683-686 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352501 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352501&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Clemente 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Clemente 
Author-Name: Antonio Montanes 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Montanes 
Author-Name: Montserrat Ponz 
Author-X-Name-First: Montserrat 
Author-X-Name-Last: Ponz 
Title: Are the consumption/output and investment/output ratios stationary? An international analysis 
Abstract:
  This paper analyses the integration order of the consumption/output and
 investment/output ratios for a group of the most important OECD countries.
 Results show that these ratios can exhibit some structural breaks. Thus,
 the use of those statistics which do not take into account the presence of
 breaks leads to the acceptance of the unit root null hypothesis. A clear
 increase in the number of rejections of the unit root null hypothesis is
 found when these structural breaks are included in the model
 specification. 
Journal: Applied Economics Letters 
Pages: 687-691 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352510 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352510&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christine Amsler 
Author-X-Name-First: Christine 
Author-X-Name-Last: Amsler 
Title: Size and power: lower tail KPSS tests and anti-persistent alternatives 
Abstract:
  Evidence is presented on the size and power of the lower tail
 Kwiatkowski-Phillips-Schmidt-Shin stationarity test for testing the null
 hypothesis of short memory against the alternative hypothesis of
 anti-persistence. 
Journal: Applied Economics Letters 
Pages: 693-695 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352529 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352529&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Harry Bloch 
Author-X-Name-First: Harry 
Author-X-Name-Last: Bloch 
Author-Name: Sam Hak Kan Tang 
Author-X-Name-First: Sam Hak Kan 
Author-X-Name-Last: Tang 
Title: Technical change and total factor productivity growth: a study of Singapore's manufacturing industries 
Abstract:
  The paper focuses onthe difference between the dual rate of technical
 change and the total factor productivity growth (TFPG). It estimates
 directly the dual rate of technical change from an integrated model that
 describes the cost structure and equilibrium condition of Singapore's
 manufacturing industries. It then calculates TFPG using the conventional
 productivity accounting approach. By showing the difference between the
 two measures, it is demonstrated that the non-parametric calculated TFPG
 cannot be interpreted wholly as a cost saving technical change since the
 preconditions required in the calculation of TFPG are not met. It is found
 that the majority of Singapore's manufacturing industries exhibit, on the
 one hand, substantial increasing returns to scale and, on the other hand,
 no significant technical change. However, the largest and fastest growing
 industries such as Electronic Products and Components show both
 significant cost-saving technical progress and decreasing returns to
 scale. 
Journal: Applied Economics Letters 
Pages: 697-701 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352538 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352538&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nobuyoshi Yamori 
Author-X-Name-First: Nobuyoshi 
Author-X-Name-Last: Yamori 
Title: Contagion effects of bank liquidation in Japan 
Abstract:
  The letter discusses the contagion effect of the first bank liquidation
 in Japan. Performing the traditional t-test and Corrado's non-parametric
 rank test, it is found that the effects of the liquidation were
 concentrated only on banks that resembled the failing bank. 
Journal: Applied Economics Letters 
Pages: 703-705 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352259 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352259&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mickael Lothgren 
Author-X-Name-First: Mickael 
Author-X-Name-Last: Lothgren 
Title: Bootstrapping the Malmquist productivity index - a simulation study 
Abstract:
  This paper presents a Monte Carlo simulation study of the bootstrap
 algorithm proposed by Lothgren and Tambour for calculation of bootstrap
 confidence intervals for the firm-specific Data Envelopment Analysis (DEA)
 Malmquist productivity index. The simulation results indicate that the
 coverage accuracy of bootstrap confidence intervals are near the nominal
 confidence level for small to moderate sized samples. For larger sample
 sizes, a clear convergence of empirical to nominal level is found. 
Journal: Applied Economics Letters 
Pages: 707-710 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352268 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352268&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Felix Fitzroy 
Author-X-Name-First: Felix 
Author-X-Name-Last: Fitzroy 
Author-Name: Melanie Ward 
Author-X-Name-First: Melanie 
Author-X-Name-Last: Ward 
Title: Discrimination, segregation and firm effects: some UK microevidence 
Abstract:
  In samples of employees from two firms, women are segregated in low-pay
 occupations and therefore receive lower returns on their (similar)
 educational qualifications than men. In the primary-sector,
 capital-intensive, unionized firm, all wages are much higher. In the
 secondary-sector firm, rewarding qualifications and experience at the
 rates found in the primary firm would increase earnings (including fringe
 benefits) by about 80%, much more than the usual firm-size or industry
 differential. 
Journal: Applied Economics Letters 
Pages: 711-715 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352277 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352277&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Sosvilla-Rivero 
Author-X-Name-First: Simon 
Author-X-Name-Last: Sosvilla-Rivero 
Author-Name: Fernando Fernandez-Rodriguez 
Author-X-Name-First: Fernando 
Author-X-Name-Last: Fernandez-Rodriguez 
Author-Name: Oscar Bajo-Rubio 
Author-X-Name-First: Oscar 
Author-X-Name-Last: Bajo-Rubio 
Title: Exchange rate volatility in the EMS before and after the fall 
Abstract:
  The paper presents the results of applying an indicator of local (daily)
 volatility, based on the literature on forecasting in nonlinear systems to
 six EMS currencies, using data for the period January 1974-April 1995. 
Journal: Applied Economics Letters 
Pages: 717-722 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352286 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352286&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Perraton 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Perraton 
Author-Name: Paul Turner 
Author-X-Name-First: Paul 
Author-X-Name-Last: Turner 
Title: Estimates of industrial country export and import demand functions: implications for 'Thirlwall's Law' 
Abstract:
  The paper presents estimates of export and import demand functions for
 fifteen industrial countries. To allow for common shocks use is made of
 the Seemingly Unrelated Regression Estimator (SURE). These estimates are
 then used to construct predictions of the growth rate consistent with
 balance of payments equilibrium along the lines of the Thirlwall
 hypothesis. Regressions of actual growth rates on the predicted values
 indicate that the hypothesis performs better when the observations are
 weighted by relative GDP. It is concluded that 'Thirlwall's Law' is more
 useful for understanding the overall growth rate of the aggregate of
 industrial countries than cross-country growth performance. 
Journal: Applied Economics Letters 
Pages: 723-727 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352295 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352295&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guiseppe Cavaliere 
Author-X-Name-First: Guiseppe 
Author-X-Name-Last: Cavaliere 
Author-Name: Michele Costa 
Author-X-Name-First: Michele 
Author-X-Name-Last: Costa 
Title: Firm size and the Italian Stock Exchange 
Abstract:
  The presence of a relation between firm size and asset returns is
 investigated by referring to the Italian Stock Exchange. In order to
 explain asset return variability, the excess return on a market portfolio
 as well as the difference between the return on a portfolio of small
 stocks and the return on a portfolio of large stocks are considered. The
 resultant two-factor model seems to improve the explanation of the returns
 of the portfolios formed on size. 
Journal: Applied Economics Letters 
Pages: 729-734 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352303 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352303&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Ashworth 
Author-X-Name-First: John 
Author-X-Name-Last: Ashworth 
Author-Name: Barry Thomas 
Author-X-Name-First: Barry 
Author-X-Name-Last: Thomas 
Title: Patterns of seasonality in employment in tourism in the UK 
Abstract:
  Tourism employment has grown rapidly (a fact which has been of interest
 to policymakers concerned with job generation) but it has a marked
 seasonal character. Several attempts have been made by the industry to
 lessen seasonality in tourism demand (and hence in tourism employment) by
 fillng troughs. This paper uses recent advances in econometric work to
 investigate whether seasonality has lessened as a result of these
 policies, and if so, the nature of the changes in seasonality. A quarterly
 UK data series from 1982:1 to 1996:4 is examined. The distinction between
 stochastic and deterministic trend is made, and it is found that
 seasonality has in fact lessened and is best modelled as a break in
 deterministic seasonality. There has been approximately a 30% fall in the
 summer (second quarter) effect and approximately a 24% fall in the winter
 (fourth quarter) effect: thus the seasonal smoothing comes from lower
 hiring at the start of the peak season and lower firing at the end of the
 season. 
Journal: Applied Economics Letters 
Pages: 735-739 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352312 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352312&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Howard Tuckman 
Author-X-Name-First: Howard 
Author-X-Name-Last: Tuckman 
Author-Name: Cyril Chang 
Author-X-Name-First: Cyril 
Author-X-Name-Last: Chang 
Author-Name: Albert Okunade 
Author-X-Name-First: Albert 
Author-X-Name-Last: Okunade 
Title: A transform-both-sides modulus power model: an application in health care 
Abstract:
  The Box-Cox transformation is suitable for stabilizing variance of the
 response variable and for inducing functional form flexibility in
 single-equation regression models. However, it becomes incapacitated if
 the data contain zero or negative values. This paper, using profitability
 data for US psychiatric hospitals, illustrates the capability of modulus
 power transformations to symmetrize the response variable distribution.
 Compared with the untransformed data model, the ML estimates of the
 modulus power model are found to be superior. 
Journal: Applied Economics Letters 
Pages: 741-745 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352321 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352321&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Cater 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Cater 
Author-Name: J. Barry Smith 
Author-X-Name-First: J. Barry 
Author-X-Name-Last: Smith 
Title: Inferring disability from post-injury employment duration 
Abstract:
  The paper examines the extent to which occupational-injury-induced
 permanent impairment translates into work-related disability. While most
 permanently impaired workers return to their time-of-accident employer,
 job and wage, these workers then experience high initial rates of
 turnover. This turnover can be seen as a manifestation of the dynamics of
 information, as the time-of-accident employer re-employs the impaired
 worker, then 'tests' his/her post-injury productivity in order to resolve
 initial uncertainty regarding the impairment's impact. These turnover
 patterns can, accordingly, be utilized as a source of disability
 inference. A statistical model based on the notion of sequential testing
 is derived and confronted with data reflecting the post-injury labour
 market experiences of permanently impaired workers. 
Journal: Applied Economics Letters 
Pages: 747-751 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352330 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352330&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Todd Cherry 
Author-X-Name-First: Todd 
Author-X-Name-Last: Cherry 
Title: Unobserved heterogeneity bias when estimating the economic model of crime 
Abstract:
  Using unique and unpublished panel data from selected US cities, the
 paper investigates the consequences of ignoring unobserved heterogeneity
 in the unit of observation when estimating the economic model of crime.
 Results confirm that neglecting to control for unobserved heterogeneity
 overstates the ability of sanctions to deter criminal activity. Further,
 this upward bias is found to vary significantly across crime types.
 Interestingly, heterogeneity is insignificant in the tightly reported
 crimes of murder and auto-theft while being significant in assault,
 robbery, burglary and larceny where individuals and police have greater
 discretion in reporting. 
Journal: Applied Economics Letters 
Pages: 753-757 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352349 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352349&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Patrick McEwan 
Author-X-Name-First: Patrick 
Author-X-Name-Last: McEwan 
Title: Private costs and the rate of return to primary education 
Abstract:
  The paper suggests that typical estimates of returns to primary education
 are over-estimated, because import costs to individuals are excluded. In
 calculations with Honduran data, private returns are found to drop
 significantly when private costs are included. It is suggested that lower
 private rates of return are consistent with low educational attainment in
 many developing countries. 
Journal: Applied Economics Letters 
Pages: 759-760 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352358 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352358&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Berta Rivera 
Author-X-Name-First: Berta 
Author-X-Name-Last: Rivera 
Author-Name: Luis Currais 
Author-X-Name-First: Luis 
Author-X-Name-Last: Currais 
Title: Economic growth and health: direct impact or reverse causation? 
Abstract:
  The purpose of this paper is to identify the role of health status in
 productivity. In order to check the existence of reverse causation
 suggested by previous studies the Hausman test was carried out and
 different sets of instruments were used as exogenous determinants of
 health expenditure. Variables related to health expenditure were used to
 estimate the elasticity and these produced accepted results. Evidence was
 obtained to support the positive effect of health on economic growth. 
Journal: Applied Economics Letters 
Pages: 761-764 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352367 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352367&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luca Matteo Stanca 
Author-X-Name-First: Luca Matteo 
Author-X-Name-Last: Stanca 
Title: Are business cycles all alike? Evidence from long-run international data 
Abstract:
  Most recent empirical analyses of aggregate economic fluctuations rely on
 the implicit assumption that business cycles are all alike. This paper
 investigates this assumption for the long-run international data set of
 Backus and Kehoe and presents the results of statistical tests of the
 'representative cycle' hypothesis. Findings show that there is substantial
 heterogeneity across individual cycles and phases in terms of duration,
 amplitude, and co-movements between variables, and that such heterogeneity
 is generally statistically significant. These results underline, at an
 empirical level, the limitations of measuring business cycles in terms of
 sample second moments, and, at a theoretical level, the difficulties of
 developing theories providing a unified explanation of the business cycle. 
Journal: Applied Economics Letters 
Pages: 765-769 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352123 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352123&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. Geoffrey Booth 
Author-X-Name-First: G. Geoffrey 
Author-X-Name-Last: Booth 
Author-Name: Juha-Pekka Kallunki 
Author-X-Name-First: Juha-Pekka 
Author-X-Name-Last: Kallunki 
Author-Name: Teppo Martikainen 
Author-X-Name-First: Teppo 
Author-X-Name-Last: Martikainen 
Title: Earnings news and the behaviour of large and small traders in the Finnish stock market 
Abstract:
  This paper investigates the impact of earnings news on the trading
 behaviour of different types of traders in Finland. The results indicate
 that small and large traders behave differently around the earnings
 announcements, small traders increasing their sell orders after negative
 earnings surprises. 
Journal: Applied Economics Letters 
Pages: 771-774 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352132 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352132&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hiroshi Yamada 
Author-X-Name-First: Hiroshi 
Author-X-Name-Last: Yamada 
Title: Empirical evidence for export promotion strategies 
Abstract:
  The paper examines the validity of export promotion strategies using a
 structural vector autoregressive model. Empirical results based on Korean
 monthly data indicate that: (i) export specific shocks have permanent
 effects on output; and (ii) the effects are not small. These results
 provide some support for export promotion strategies. 
Journal: Applied Economics Letters 
Pages: 775-778 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352141 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352141&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Rhoads 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Rhoads 
Author-Name: Jason Shogren 
Author-X-Name-First: Jason 
Author-X-Name-Last: Shogren 
Title: On Coasean bargaining with transaction costs 
Abstract:
  The letter explores how transaction costs affect the efficiency and
 rationality of Coasian bargaining. Efficiency remained relatively robust
 with low transaction costs, but was significantly reduced with high
 transaction costs. A cheap talk protocol increased efficiency. Rationality
 was dominated by constrained self-interest. 
Journal: Applied Economics Letters 
Pages: 779-783 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352150 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352150&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Laband 
Author-X-Name-First: David 
Author-X-Name-Last: Laband 
Author-Name: Bernard Lentz 
Author-X-Name-First: Bernard 
Author-X-Name-Last: Lentz 
Title: The impact of having a mentor on earnings and promotion: evidence from a panel study of lawyers 
Abstract:
  Based on our analysis of longitudinal data from the American Bar
 Association's National Survey of Career Satisfaction/Dissatisfaction, we
 report on the economic consequences of having a mentor. Specifically, we
 find that individuals who reported having a mentor in 1984 were more
 likely (in 1990) to have achieved partner status. However, we find no
 evidence of any statistically significant link between protegeship in 1984
 and earnings in 1990. 
Journal: Applied Economics Letters 
Pages: 785-787 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352169 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352169&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. Law 
Author-X-Name-First: D. 
Author-X-Name-Last: Law 
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Author-Name: M. Cain 
Author-X-Name-First: M. 
Author-X-Name-Last: Cain 
Title: Place returns between the tote and bookmakers: empirical evidence of a market anomaly 
Abstract:
  This letter examines the relationship between returns to win and place
 betting between the tote and bookmakers when explicit allowance is made
 for the degree of insider trading employing the Shin measure. The results
 are not readily reconcilable with market efficiency. 
Journal: Applied Economics Letters 
Pages: 789-792 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352178 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352178&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Apergis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Apergis 
Title: Monetary policy design and the buffer-stock hypothesis: further evidence from European Union countries 
Abstract:
  The buffer-stock hypothesis is examined through a structural vector
 autoregression (SVAR) model across European Union (EU) countries. Variance
 decompositions do not provide uniform evidence in favour of the
 buffer-stock hypothesis in all case studies. The results are very
 important for the design of monetary policy within EU. 
Journal: Applied Economics Letters 
Pages: 793-796 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352187 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352187&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fiona Carmichael 
Author-X-Name-First: Fiona 
Author-X-Name-Last: Carmichael 
Author-Name: Janet Millington 
Author-X-Name-First: Janet 
Author-X-Name-Last: Millington 
Author-Name: Roberts Simmons 
Author-X-Name-First: Roberts 
Author-X-Name-Last: Simmons 
Title: Elasticity of demand for Rugby League attendance and the impact of BskyB 
Abstract:
  This note adds to the literature on price elasticity of demand for
 attendance at sports league fixtures using a cross-section study of
 English Rugby League for 1994/95. A price elasticity of demand of -0.57 we
 found. Impacts on attendance of live televising of matches by BSkyB are
 identified and uncertainty of outcome effects is shown. 
Journal: Applied Economics Letters 
Pages: 797-800 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352196 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352196&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Author-Name: D. Law 
Author-X-Name-First: D. 
Author-X-Name-Last: Law 
Author-Name: M. Cain 
Author-X-Name-First: M. 
Author-X-Name-Last: Cain 
Title: Market movers and tote and bookmakers returns: further empirical evidence on a market anomaly 
Abstract:
  This letter provides empiricial evidence on the impact of market
 movements in odds between opening and closing prices on relative tote and
 bookmaker returns when explicit allowence is made for insider trading. The
 results support an asymetric impact and are not readily reconcilable with
 market effciency. 
Journal: Applied Economics Letters 
Pages: 801-804 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352204 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352204&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Justin Isaacs 
Author-X-Name-First: Justin 
Author-X-Name-Last: Isaacs 
Author-Name: David Laband 
Author-X-Name-First: David 
Author-X-Name-Last: Laband 
Title: Within-group homogeneity and exit in religious clubs 
Abstract:
  We investigate empirically the influence of homogeneity of populations in
 fixed geographic jurisdictions on the structure of religious clubs in
 these same jurisdictions. Using county-level data, we find that variation
 in the number of religous clubs is influenced strongly by measured
 heterogeneity in each county's population. Our findings support Tiebout's
 voting-with-the-feet model of competition in the supply of public goods,
 in a club context. 
Journal: Applied Economics Letters 
Pages: 805-808 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352213 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352213&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Quentin Wodon 
Author-X-Name-First: Quentin 
Author-X-Name-Last: Wodon 
Title: Regional poverty lines, poverty profiles, and targeting 
Abstract:
  The most labour-intensive task in building a poverty profile consists in
 the estimation of the poverty lines. Does it matter whether poverty lines
 are estimated for the urban and rural sectors as a whole or by
 geographical area within each sector? Using a decomposition of the Gini
 index of inequality in poverty measures, it is shown that it does, but not
 too much in Bangladesh. 
Journal: Applied Economics Letters 
Pages: 809-812 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352222 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352222&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dragan Miljkovic 
Author-X-Name-First: Dragan 
Author-X-Name-Last: Miljkovic 
Title: A note on generality of the Cagan model for money demand 
Abstract:
  The generality of the Cagan model for money demand is questioned. Some
 high inflationary economies are hit by external shocks that may have a
 non-transitory effect on macroeconomic variables including consumer
 prices, high-powered money, or narrow money which are usually used in
 these studies. When a structural break exists, standard unit-root tests
 such as the augmented Dickey-Fuller test or Phillips-Perron test are
 biased in favour of accepting the hypothesis of non-stationarity. An
 alternative Perron's testing procedure, which includes dummy variables
 that recognize the possibility of exogenous changes in level or trend, was
 applied on high inflation plagued Yugoslavia and Mexico. Consumer price
 and money variables are in both cases stationary around a deterministic
 breaking trend function. Therefore, no cointegration between the variables
 exists and the Cagan model cannot explain the nature of inflationary
 processes in these countries. Alternative specifications are necessary. 
Journal: Applied Economics Letters 
Pages: 813-815 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352231 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352231&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gregory Koutmos 
Author-X-Name-First: Gregory 
Author-X-Name-Last: Koutmos 
Title: Asymmetric index stock returns: evidence from the G-7 
Abstract:
  There is able empirical evidence that the conditional volatility of stock
 returns is asymmetric in the sense that negative innovations increase
 volatility more than positive innovations of an equal magnitude. Less
 attention, however, has been paid to possible asymmetries in the
 conditional mean. This paper uses time-varying asymmetric distributions to
 model index stock returns of the Group of Seven (G-7) industrialized
 nations. In agreement with the extant literature, all index stock returns
 exhibit asymmetric volatility. More importantly however, the conditional
 mean is also an asymmetric function of past innovations, in most cases.
 Interestingly, the asymmetry in the conditional mean case is the reverse
 of that observed in the conditional variance, that is, positive
 innovations have a greater impact than negative innovations of an equal
 sign. Equivalently, positive innovations (up markets) are more persistent
 than negative innovations (down markets). Overall, the evidence suggests
 that taking into account both size as well as the sign of past innovations
 can improve forecasts of the conditional first and second moments of stock
 returns. 
Journal: Applied Economics Letters 
Pages: 817-820 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352240 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352240&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Raghbendra Jha 
Author-X-Name-First: Raghbendra 
Author-X-Name-Last: Jha 
Author-Name: Puneet Chitkara 
Author-X-Name-First: Puneet 
Author-X-Name-Last: Chitkara 
Author-Name: Santanu Gupta 
Author-X-Name-First: Santanu 
Author-X-Name-Last: Gupta 
Title: Productivity, technical and allocative efficiency and farm size in wheat farming in India: a DEA approach 
Abstract:
  Data Envelopment Analysis (DEA) is used to estimate allocative and
 technical inefficiency in the cultivation of wheat on 300 farms in the
 Indian Punjab for the periods 1981-82 and 1982-83. These measures of
 efficiency as well as farm yield are related to farm size. The paper
 appears to be the first to measure technical and allocative efficiency in
 agriculture jointly. It is discovered that, on the whole, large farms are
 technically and allocatively more efficient than small farms for both
 years. At the disaggregated level a broadly similar result obtains. Policy
 implications, particularly for land reforms, are discussed. 
Journal: Applied Economics Letters 
Pages: 1-5 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351997 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351997&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Morley 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Morley 
Author-Name: Eric Pentecost 
Author-X-Name-First: Eric 
Author-X-Name-Last: Pentecost 
Title: Common trends and cycles in G-7 countries exchange rates and stock prices 
Abstract:
  In this paper we investigate the nature of the relationship between stock
 prices and spot exchange rates using recent developments in time series
 modelling. We are able to explain why traditional econometric techniques
 show little correlation between bilateral exchange rates and stock prices.
 The reason is that stock prices and exchange rates do not exhibit common
 trends, but do exhibit common cycles. Common cycle tests are used in this
 paper to show this result for the G-7 countries exchange rates and
 relative stock market prices indices using monthly data over the period
 from 1982 to 1994. 
Journal: Applied Economics Letters 
Pages: 7-10 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352004 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352004&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David King 
Author-X-Name-First: David 
Author-X-Name-Last: King 
Author-Name: Yue Ma 
Author-X-Name-First: Yue 
Author-X-Name-Last: Ma 
Title: Decentralization and macroeconomic performance 
Abstract:
  The paper examines the relationship between some key measures of
 macroeconomic performance and fiscal decentralization in OECD countries,
 and the impact on this relationship of increased policy co-ordination
 among countries since 1985. It is shown that prior to 1985 there was a
 significant relationship between decentralization and macroeconomic
 performance on all of these measures, with decentralized performing
 better. By 1996, however, the relationships had all ceased to be
 significant. This suggests that, as a result of harmonization, the
 tendency for decentralized economies to have more effective economic
 policies has weakened. 
Journal: Applied Economics Letters 
Pages: 11-14 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352013 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352013&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Bernstein 
Author-X-Name-First: David 
Author-X-Name-Last: Bernstein 
Title: To what degree do central banks sterilize the effects of capital flows on domestic money supply? 
Abstract:
  Under the current system of managed float exchange rates, large countries
 are able to absorb changes in their balance-of-payments by either
 manipulating international reserves to sterilize capital flows or by
 accepting changes in their exchange rates. In this system, the monetary
 authorities of the G7 countries have found it beneficial to sterilize
 capital flows thereby stabilizing their exchange rates and gaining greater
 control of their domestic money supply. Previous empirical work on the
 effects of sterilization were conducted using shortrun models on fixed
 exchange rates. Using the monetary approach to the balance-of-payments
 which emphasizes the money market from which balance-of-payments
 imbalances are derived, this article combines the current managed float
 system of exchange rates with cointegration techniques in considering the
 long-run relationship that has developed between the monetary base and
 money demand of the G7 countries from sterilized capital flows. 
Journal: Applied Economics Letters 
Pages: 15-19 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352022 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352022&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ursicino Carrascal 
Author-X-Name-First: Ursicino 
Author-X-Name-Last: Carrascal 
Title: AIDS extended by means of family composition 
Abstract:
  The aim of this paper is to put forward an alternative to the model
 previously presented in this journal, an alternative that implies no
 additional restrictions, satisfying the requisites of Economic Theory.
 Furthermore, this model is seen to behave well in practice, especially
 when working with very large samples, and its integrability has been
 proven. 
Journal: Applied Economics Letters 
Pages: 21-23 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352031 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352031&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Helmut Hofer 
Author-X-Name-First: Helmut 
Author-X-Name-Last: Hofer 
Author-Name: Gerhard Runstler 
Author-X-Name-First: Gerhard 
Author-X-Name-Last: Runstler 
Author-Name: Thomas Url 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Url 
Title: The dynamic effects of aggregate supply and demand disturbances: further evidence 
Abstract:
  For the decomposition of GDP into its trend and cyclical components,
 Blanchard and Quah (1989) proposed to extract the cycle by imposing a
 long-run restriction on the moving average polynomial of a bivariate
 autoregressive process for GDP and a cyclical indicator. We investigate
 the robustness of this decomposition with respect to the specification of
 the process and the choice of the cyclical indicator. We find that low
 order VARMA processes are sufficient for capturing the joint dynamics of
 the bivariate process. The decomposition seems rather stable, however,
 there are differences in the impulse response functions associated with
 permanent shocks. Moreover, the inflation rate, though used in several
 studies, seems not suitable for the usage as a cyclical indicator. 
Journal: Applied Economics Letters 
Pages: 25-28 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352040 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352040&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matti Viren 
Author-X-Name-First: Matti 
Author-X-Name-Last: Viren 
Title: Measuring effectiveness of fiscal policy in OECD countries 
Abstract:
  The paper discusses the measurement of fiscal policy effects in the
 OECD/EU countries. The analysis is based on a simple VAR model for output
 growth, inflation and a fiscal indicator. Empirical analyses with data
 from 21 OECD countries for 1960-1996 show that fiscal policy effects
 differ considerably between EU countries. The core EMU countries do not
 seem to include France and Spain. 
Journal: Applied Economics Letters 
Pages: 29-34 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352059 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352059&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeff Anstine 
Author-X-Name-First: Jeff 
Author-X-Name-Last: Anstine 
Title: Consumers' willingness to pay for recycled content in plastic kitchen garbage bags: a hedonic price approach 
Abstract:
  Consumers' willingness to pay for recycled content in their purchase of
 13 gallon kitchen garbage bags is examined. Products made from recycled
 material are perceived to be less detrimental to the environment by some
 consumers than products made from virgin material only. It is possible
 that some consumers might be willing to pay more for goods made with
 recycled material in an attempt to improve environmental quality. Overall,
 environmental quality would improve slightly, but the improvements would
 not necessarily be perceived by the individual purchasing the product.
 Perhaps due to this public good aspect of others receiving the benefits of
 the individual's decision, it is found that consumers are not willing to
 pay more for kitchen garbage bags made from recycled plastic. 
Journal: Applied Economics Letters 
Pages: 35-39 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352068 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352068&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joao Ricardo Faria 
Author-X-Name-First: Joao Ricardo 
Author-X-Name-Last: Faria 
Title: The demand for currency in the presence of indexed money: the case of Brazil 
Abstract:
  The presence of indexed money modifies the demand for currency equation.
 An optimal demand for currency is derived from a transaction cost model,
 which includes indexed money. This money demand considers inflation an
 argument along with output and nominal interest rate. The estimation for
 the Brazilian case shows that inflation and nominal interest rates are
 found negatively and output positively related to the demand for narrow
 money. The parameter stability tests show that the disequilibrium error
 should not reflect the impact of inflation. 
Journal: Applied Economics Letters 
Pages: 41-43 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352077 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352077&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wolter Hassink 
Author-X-Name-First: Wolter 
Author-X-Name-Last: Hassink 
Title: Job destruction through quits or layoffs? 
Abstract:
  It is demonstrated that for existing firms quits are important in the
 destruction of jobs. Although layoffs are relatively more used than quits,
 it is found that in absolute terms a substantial part of the destruction
 is accomplished through quits. 
Journal: Applied Economics Letters 
Pages: 45-47 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352086 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352086&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dipak Ghosh 
Author-X-Name-First: Dipak 
Author-X-Name-Last: Ghosh 
Author-Name: Swarna Dutt 
Author-X-Name-First: Swarna 
Author-X-Name-Last: Dutt 
Title: Macroeconomic forecasts: an empirical test of rationality and parameter stability 
Abstract:
  The consistency property of a select group of macroeconomic variables,
 representing both the real and the financial sector of the economy, is
 re-examined. Consistency is a precondition to rationality in the
 expectation formation process. The theoretical foundations are similar to
 those used to study exchange rate expectations. A very reliable and
 continuous data set, the ASA-NBER survey, is used, which has forecasts
 over multiple horizons. The Hansen test, which has the dual advantage of
 being a test of parameter stability over time and also examines the
 cointegration properties of the actual and forecast series using the
 modern null of cointegration approach, was applied. This is able to
 distinguish between unit root and near unit root processes, which is of
 vital interest in cases of near stationarity. Results show that experts'
 predictions are inconsistent over all time horizons in the data set. 
Journal: Applied Economics Letters 
Pages: 49-52 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352095 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352095&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mickael Lothgren 
Author-X-Name-First: Mickael 
Author-X-Name-Last: Lothgren 
Title: On the consistency of the DEA-based average efficiency bootstrap 
Abstract:
  It is shown that the bootstrap method should be applied with care for the
 Data Envelopment Analysis (DEA) estimator of average technical efficiency
 if the production frontier is stochastic. A stochastic production frontier
 leads to an inconsistency of the DEA estimator, which in turn leads to
 inconsistent and potentially highly misleading bootstrap confidence
 intervals. A Monte Carlo simulation study reveals that the empirical
 coverage accuracy of the bootstrap confidence intervals approaches zero as
 the sample size increases, even for small contributions of frontier
 variance to total frontier and efficiency variance. 
Journal: Applied Economics Letters 
Pages: 53-57 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352103 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352103&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Fox 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Fox 
Title: Information-rich expressions for model selection criteria 
Abstract:
  While many model selection criteria have been suggested over the last
 thirty years, applied researchers still rely on R2 and R -2 to a
 surprising degree. It is suggested that this is mainly due to the extra
 informational content of these criteria compared to other alternatives.
 Expressions for other (superior) criteria are derived which allow the same
 dimensions of information to be conveyed. 
Journal: Applied Economics Letters 
Pages: 59-62 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352112 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352112&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Kakes 
Author-X-Name-First: Jan 
Author-X-Name-Last: Kakes 
Title: Identifying the mechanism: is there a bank lending channel of monetary transmission in the Netherlands? 
Abstract:
  The paper investigates the role of bank lending in the monetary
 transmission process in the Netherlands. The Johansen approach is used to
 identify supply and demand relationships in the credit market, and it is
 concluded from the short-run dynamics that this market is
 demand-determined. In this way, an important identification problem of
 studies based on aggregate data is explicitly addressed. Results are
 consistent with earlier fundings that banks hold a buffer stock of
 securities which they use to offset monetary shocks. The main implication
 of the study is that a bank lending channel is not an important monetary
 transmission mechanism. 
Journal: Applied Economics Letters 
Pages: 63-67 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351825 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351825&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kyle Kauffman 
Author-X-Name-First: Kyle 
Author-X-Name-Last: Kauffman 
Title: Economic factors in the choice of an early form of capital: draught animals in early twentieth century South Africa 
Abstract:
  The most important capital choice decision in a pre-mechanized
 agricultural economy was that of which type of draught animal to use. This
 paper provides an economic explanation for the varied use of draught
 animals in early twentieth century South Africa. It is argued that the
 abuse-resistant mule was used primarily on large white-owned farms by the
 hired workers to mitigate the inherent principalagent problem. This
 suggests that at least the allocation of draught animals in South African
 agriculture was efficient similar to what has been found for the US and
 Italy. 
Journal: Applied Economics Letters 
Pages: 69-71 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351834 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351834&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Gius 
Author-X-Name-First: Mark 
Author-X-Name-Last: Gius 
Author-Name: Donn Johnson 
Author-X-Name-First: Donn 
Author-X-Name-Last: Johnson 
Title: Race and compensation in professional football 
Abstract:
  Although there have been numerous studies on the effect of race on the
 compensation of National Basketball Association and Major League Baseball
 players, there have been only three prior studies that investigated the
 effect of race on the compensation of National Football League (NFL)
 players. Two found no evidence of racial discrimination in NFL player
 compensation, while one found that, at most, whites earn on average 4%
 more than African-Americans. Using salary data for 938 NFL players from
 the 1996 season and player and market characteristic data from the 1995
 season, a log-linear wage equation was estimated, and a Chow Test was
 performed. The results indicate that white players earned 10% less than
 African-American players. Other important factors affecting an NFL
 player's salary were experience, position, percentage of games started,
 and the draft status of the player. These results indicate that reverse
 wage discrimination based on race may exist in the NFL. 
Journal: Applied Economics Letters 
Pages: 73-75 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351843 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351843&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Patricia Fraser 
Author-X-Name-First: Patricia 
Author-X-Name-Last: Fraser 
Author-Name: Nicolaas Groenewold 
Author-X-Name-First: Nicolaas 
Author-X-Name-Last: Groenewold 
Title: The effect of exchange rate shocks on the volatility of Australian sector excess returns: a note 
Abstract:
  The study uses GARCH-M methodology to examine the effect of exchange rate
 shocks on the volatility of excess returns for the nineteen sectors of the
 Australian stock market. The data covers the period December 1979 through
 April 1994. The evidence suggests that news on exchange rates can improve
 the volatility forecasts of certain Australian stock market sector excess
 returns. The findings have implications for the professional investor
 looking to diversify risk and, in addition, give some support to asset
 pricing models that place information on the state of the economy as
 central to the process determining equity returns. 
Journal: Applied Economics Letters 
Pages: 77-81 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351852 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351852&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Costas Karfakis 
Author-X-Name-First: Costas 
Author-X-Name-Last: Karfakis 
Author-Name: Moise Sidir Opoulos 
Author-X-Name-First: Moise Sidir 
Author-X-Name-Last: Opoulos 
Title: On the stability of the long-run money demand in Greece 
Abstract:
  The paper examines the existence and the stability of the long-run demand
 for narrow money balances (M1) in Greece over the deregulated period
 1986:Q1-1995:Q4 using time series techniques. Cointegration tests have
 revealed the existence of a systematic long-run relationship between real
 money balances, real income, and the interest rate. An interesting aspect
 of the stability analysis is the evidence that the long-run money demand
 equation is stable over the sample period, implying that the narrow money
 aggregate could have been used as an intermediate target of monetary
 policy in Greece. 
Journal: Applied Economics Letters 
Pages: 83-86 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351861 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351861&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samih Antoine Azar 
Author-X-Name-First: Samih Antoine 
Author-X-Name-Last: Azar 
Title: Another look at the rationality of the stock market 
Abstract:
  A model due to Lucas is estimated between the real stock market returns
 and real dividends on the market index. The sample spans the period from
 1872 to 1987 on an annual basis. The results are close to theoretical
 expectations: the coefficient of relative risk aversion, which minimizes
 the sum of square residual, is estimated to be around 0.89, and the
 discount rate around 8%. This means that a relatively simple valuation
 model is capable of describing the stock market, lending support to the
 rationality of this market. 
Journal: Applied Economics Letters 
Pages: 87-89 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351870 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351870&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cuddalore Sundar 
Author-X-Name-First: Cuddalore 
Author-X-Name-Last: Sundar 
Author-Name: John Hill 
Author-X-Name-First: John 
Author-X-Name-Last: Hill 
Author-Name: John Lajaunie 
Author-X-Name-First: John 
Author-X-Name-Last: Lajaunie 
Title: Tax incentives and individual investor behaviour 
Abstract:
Journal: Applied Economics Letters 
Pages: 91-94 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351889 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351889&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gan Wee 
Author-X-Name-First: Gan 
Author-X-Name-Last: Wee 
Author-Name: Soone Le Ying 
Author-X-Name-First: Soone Le 
Author-X-Name-Last: Ying 
Title: Exchange rate and interest rate differential: the case of the Malaysian Ringgit/US Dollar 
Abstract:
  The paper tests for the systematic empirical relationship between the
 Malaysian Ringgit/US Dollar real exchange rate and the real interest rate
 differential between Malaysia and the US using the Johansen maximum
 likelihood cointegration procedure. The results indicate the existence of
 a fairly robust long-run relationship between the real exchange rate and
 the real interest rate differential. The estimated error correction models
 also indicate the existence of stable adjustment dynamics when either the
 real exchange rate or the real exchange rate differential deviates from
 their long-run equilibrium position. 
Journal: Applied Economics Letters 
Pages: 95-97 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351898 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351898&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Lettau 
Author-X-Name-First: Martin 
Author-X-Name-Last: Lettau 
Title: Cross-variable restrictions in Euler equations and risk premia 
Abstract:
  The paper argues that all restrictions beween variables in Euler
 equations should be taken into account when estimating them. If this is
 not done, the volatility of the marginal rate of substitution is
 overstated. This is shown in context of two models in which it is crucial
 to use restriction between consumption and wealth. 
Journal: Applied Economics Letters 
Pages: 99-101 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351906 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351906&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Swarna Dutt 
Author-X-Name-First: Swarna 
Author-X-Name-Last: Dutt 
Author-Name: Dipak Ghosh 
Author-X-Name-First: Dipak 
Author-X-Name-Last: Ghosh 
Title: Inflation expectations: are they rational? An empirical examination 
Abstract:
  The rationality of the inflation expectation formation process is
 examined using the NBER-ASA survey's annual inflation forecasts. The
 non-stationarity of the relevant series, i.e. the actual (future spot) and
 the corresponding forecast inflation series allows for the application of
 cointegration techniques. The rationality hypothesis is separated into
 weak form (error stationarity) and strong form (parameter restriction)
 models, and sequentially tested. The powerful and robust null of
 cointegration technique is implemented, which also examines model
 stability over time. Inflation forecasts are weak (not strong) form
 rational. 
Journal: Applied Economics Letters 
Pages: 103-106 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351915 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351915&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Agesa 
Author-X-Name-First: Richard 
Author-X-Name-Last: Agesa 
Title: The incentive for rural to urban migration: a re-examination of the Harris-Todaro model 
Abstract:
  An attempt is made to provide a more accurate measure of the incentive
 for rural to urban migration in developing countries. The study uses data
 from Kenya to estimate the urban to rural wage gap and then decomposes the
 gap into the portion due to differences in explained characteristics of
 rural non-migrant workers and migrant urban workers, and the portion due
 to returns to observed attributes. The results suggest that the returns to
 observable attributes constitute the largest portion of the wage gap, and
 may offer a more accurate measure of the incentive for rural to urban
 migration. 
Journal: Applied Economics Letters 
Pages: 107-110 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351924 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351924&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kent Matthews 
Author-X-Name-First: Kent 
Author-X-Name-Last: Matthews 
Author-Name: Jean Lloyd-Williams 
Author-X-Name-First: Jean 
Author-X-Name-Last: Lloyd-Williams 
Title: Have VAT rates reached their limit?: an empirical note 
Abstract:
  Value-added taxes (VAT) have increased in a number of developed economies
 in recent years. The shift towards consumption taxes in general and VAT in
 particular has made it a politically sensitive tax. While it is generally
 accepted that an expenditure tax such as VAT is less distortionary and
 more efficient to collect than an income tax, there is increasing concern
 that VAT rates have reached or are close to their revenue maximizing
 limit. Empirical evidence is produced to support this view. 
Journal: Applied Economics Letters 
Pages: 111-115 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351933 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351933&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vicente Esteve 
Author-X-Name-First: Vicente 
Author-X-Name-Last: Esteve 
Author-Name: Simon Sosvilla-Rivero 
Author-X-Name-First: Simon 
Author-X-Name-Last: Sosvilla-Rivero 
Author-Name: Cecilio Tamarit 
Author-X-Name-First: Cecilio 
Author-X-Name-Last: Tamarit 
Title: Convergence in fiscal pressure across EU countries 
Abstract:
  The degree of convergence in fiscal pressure registered in the European
 Union during the 1967-94 period is studied. To that end, OECD data is used
 and both the traditional cross-sectional convergence indicators and the
 time series analysis of the longrun properties of the data set are
 examined. 
Journal: Applied Economics Letters 
Pages: 117-123 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351942 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351942&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ahmad Seyf 
Author-X-Name-First: Ahmad 
Author-X-Name-Last: Seyf 
Title: Can more FDI solve the problem of unemployment in the EU? A short note 
Abstract:
  This letter, using regression analysis, attempts to quantify the
 relationship between foreign direct invetment (FDI) and jobs in the
 European Union. A sample of 401 Japanese firms in four EU member states
 has been chosen. It is shown that despite the clear enthusiasm of
 governments in these countries to attract FDI, its impact on job creation
 is not substantial, and hence, as a policy to reduce unemployment in the
 EU, this option may have to be seriously re-examined. 
Journal: Applied Economics Letters 
Pages: 125-128 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351951 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351951&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Grace 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Grace 
Title: Black-Scholes option pricing via genetic algorithms 
Abstract:
  Investors use the Black-Scholes option pricing model to find
 theoretically correct option prices. These prices are then compared to
 market prices to discover mispriced options. However, a difficulty arises
 in the use of the model, because one variable in the model must be
 estimated: the instantaneous variance of the underlying security's
 returns. This is usually proxied by the implied volatility of the
 security's returns. The more accurately investors are able to estimate
 this value, the more accurate their estimates of theoretical option values
 will be. It is argued that investors can find more precise theoretical
 values of options by using genetic algorithms than by using traditional
 calculus-based search techniques to find estimates of the implied
 volatility. 
Journal: Applied Economics Letters 
Pages: 129-132 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351960 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351960&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitris Kirikos 
Author-X-Name-First: Dimitris 
Author-X-Name-Last: Kirikos 
Title: Forecasting exchange rates out of sample: random walk vs Markov switching regimes 
Abstract:
  A random walk is compared with a Markov switching regimes process in
 forecasting exchange rates out of sample, using quarterly data on three
 currencies relative to the US dollar over the period 1973:3-1997:3. The
 results show that the relative performance of the models varies with the
 length of the post-sample period suggesting that the availability of more
 past information may be useful in forecasting future exchange rates. 
Journal: Applied Economics Letters 
Pages: 133-136 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351979 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351979&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lonnie Hamm 
Author-X-Name-First: Lonnie 
Author-X-Name-Last: Hamm 
Author-Name: B. Wade Brorsen 
Author-X-Name-First: B. Wade 
Author-X-Name-Last: Brorsen 
Title: Trading futures markets based on signals from a neural network 
Abstract:
  A neural network trading model is developed for hard red winter wheat and
 Deutsche Mark futures markets. The inputs to the neural network are lagged
 prices. The results are generally unfavourable. The neural network does
 not produce statistically significant profits. 
Journal: Applied Economics Letters 
Pages: 137-140 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351988 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351988&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sung Kim 
Author-X-Name-First: Sung 
Author-X-Name-Last: Kim 
Author-Name: Thomas Willett 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Willett 
Title: Is the negative correlation between inflation and growth real? An analysis of the effects of the oil supply shocks 
Abstract:
  This paper investigates the view that the often-documented negative
 relationship between inflation and economic growth is largely spurious,
 resulting primarily from supply shocks which raise inflation and hurt
 growth. Evidence from tests of structural breaks is consistent with this
 hypothesis, but more detailed examination finds that while incorporation
 of supply-shock considerations does lower some of the estimates of the
 effects of inflation on growth for the industrial countries, these remain
 quite substantial. Little influence is found on the much lower estimates
 for developing countries. 
Journal: Applied Economics Letters 
Pages: 141-147 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351681 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351681&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Harris 
Author-X-Name-First: Mark 
Author-X-Name-Last: Harris 
Author-Name: Laszlo Matyas 
Author-X-Name-First: Laszlo 
Author-X-Name-Last: Matyas 
Title: Performance of the operational Wansbeek-Bekker estimator for dynamic panel data models 
Abstract:
  Wansbeek and Bekker considered a new estimator for simple dynamic panel
 data models (where there are no exogenous variables) which involved a
 complex weighting matrix. An operational variant of this estimator is
 proposed which is applicable to the more realistic case where there are
 exogenous variables. Also proposed is an easy-to-compute approximation to
 the weighting matrix. The performance of this (these) new estimator(s) is
 examined, revealing very desirable small sample properties in a wide range
 of situations that the applied researcher is likely to encounter,
 especially in moderate time series length panels. 
Journal: Applied Economics Letters 
Pages: 149-153 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351690 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351690&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ina Levitzky 
Author-X-Name-First: Ina 
Author-X-Name-Last: Levitzky 
Author-Name: Djeto Assane 
Author-X-Name-First: Djeto 
Author-X-Name-Last: Assane 
Author-Name: William Robinson 
Author-X-Name-First: William 
Author-X-Name-Last: Robinson 
Title: Determinants of gaming revenue: extent of changing attitudes in the gaming industry 
Abstract:
  Analysis of monthly gaming activities in Clark County, Nevada from 1988:1
 to 1995:6 reveals that the County's gaming revenue is positively
 associated with the amount of playable slot machines and visitors, and
 negatively to the nation's travel price index. The analysis also reveals
 the negative effect of playable table games on gaming revenue, hence
 signalling changing attitudes toward gaming in general. 
Journal: Applied Economics Letters 
Pages: 155-158 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351708 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351708&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Holmes 
Author-X-Name-First: Mark 
Author-X-Name-Last: Holmes 
Title: Monetary shocks, inflation and the asymmetric adjustment of UK industrial output 
Abstract:
  There is evidence that real output responds asymmetrically to monetary
 shocks. Models advanced by Tsiddon and Ball and Mankiw argue that the
 degree of asymmetry to demand shocks is sensitive to inflation. Using data
 on manufacturing, services, construction, energy and agricultural output,
 this study tests whether this is the case for UK industry. Maximum
 likelihood estimation offers confirmation for manufacturing and
 construction output but evidence is much weaker in the cases of service,
 energy and agricultural sector output. 
Journal: Applied Economics Letters 
Pages: 159-163 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351717 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351717&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Subhash Sharma 
Author-X-Name-First: Subhash 
Author-X-Name-Last: Sharma 
Author-Name: Soo Chua 
Author-X-Name-First: Soo 
Author-X-Name-Last: Chua 
Title: ASEAN: economic integration and intra-regional trade 
Abstract:
  The study shed some light on the economic integration and intra-regional
 trade in the ASEAN countries, namely Indonesia, Malaysia, Philippines,
 Singapore and Thailand. Towards this goal, a gravity model is estimated
 for each of the five ASEAN countries based on the data from 1980 to 1995.
 Analysis reveals that the trade in ASEAN countries increases with the size
 of the economy. The ASEAN integration scheme did not increase intra-ASEAN
 trade, but an increase in trade occurred with members of a wider APEC
 group. 
Journal: Applied Economics Letters 
Pages: 165-169 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351726 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351726&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Patricia Chelley-Steeley 
Author-X-Name-First: Patricia 
Author-X-Name-Last: Chelley-Steeley 
Author-Name: James Steeley 
Author-X-Name-First: James 
Author-X-Name-Last: Steeley 
Title: Portfolio diversification and filter rule profits 
Abstract:
  Previously, it has been shown that the profits from a simple market
 timing trading rule applied to a portfolio of shares can be affected by
 the inter-relationships between the returns of the component securities.
 In this short letter, the results from applying a more sophisticated
 'filter' rule to the same data are reported. Unlike the simple trading
 rule, the filter rule does produce some evidence of economic profits. 
Journal: Applied Economics Letters 
Pages: 171-175 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351735 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351735&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: Impact of budget deficits on ex post real long-term interest rates 
Abstract:
  The study investigates the impact of budget deficits on ex post real
 long-term interest rates over the 1973-1995 period, thereby addressing an
 interest rate measure and time period, i.e. beyond the mid-to late-1980s,
 that have received only limited attention in the literature. The
 instrumented variables (IV) estimate provides strong evidence that budget
 deficits do raise the long-term real ex post rate of interest. 
Journal: Applied Economics Letters 
Pages: 177-179 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351744 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351744&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Author-Name: Seung-Jun Kwak 
Author-X-Name-First: Seung-Jun 
Author-X-Name-Last: Kwak 
Author-Name: Tai-Yoo Kim 
Author-X-Name-First: Tai-Yoo 
Author-X-Name-Last: Kim 
Title: Dealing with zero response data from contingent valuation surveys: application of least absolute deviations estimator 
Abstract:
  Data on willingness-to-pay (WTP) collected from contingent valuation
 surveys are usuallycensoredat zero. Insuch cases, ordinary least squares
 estimationof the WTP equation produces inconsistent parameter estimates.
 The maximum likelihood estimation of the Tobit model, which is widely used
 in this case, is not robust to heteroscedasticity and non-normal error
 structure. A least absolute deviations estimator allows for the censored
 data structure and is robust to these problems. In addition, the technique
 is useful in the case of small amounts of data. It is applied to household
 survey data in which the contingent valuation question involved the
 benefit of greenhouse gases reduction policy in Korea. 
Journal: Applied Economics Letters 
Pages: 181-184 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351753 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351753&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jinglou Zhao 
Author-X-Name-First: Jinglou 
Author-X-Name-Last: Zhao 
Title: An optimal quality cost model 
Abstract:
  A model is developed for the quality cost of a product as the product
 perfection rate varies and the minimum quality cost model is discussed.
 The sample data from STMT Inc. for the years 1994 and 1995 is used to show
 how to establish the model using the linear regression model method. 
Journal: Applied Economics Letters 
Pages: 185-188 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351762 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351762&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christoph Weiss 
Author-X-Name-First: Christoph 
Author-X-Name-Last: Weiss 
Title: Mark-ups, industry structure and the business cycle 
Abstract:
  Information on the primal and dual productivity measure is used to
 estimate industry mark-ups for 4-digit US manufacturing industries.
 Investigating the relationship between these estimates and various
 industry characteristics as well as their cyclical movements, it is found
 that mark-ups are significantly higher in concentrated and
 capital-intensive industries with high growth rates and
 advertising-to-sales ratios. In contrast to previous research, significant
 differences inmark-ups over the business cycle are not found. It is argued
 that the procyclicality of margins reported in earlier studies might be
 caused by the (false) assumption of identical average and marginal costs. 
Journal: Applied Economics Letters 
Pages: 189-191 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351771 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351771&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yue Fang 
Author-X-Name-First: Yue 
Author-X-Name-Last: Fang 
Title: Decades of daily data versus one week data with ultra-high frequency: a note on estimating expected rate of return and volatility 
Abstract:
  Are twodecades of daily observations more plausible thana set of hourly
 data of the same size? Is it true that the more data there is the better
 the estimate? To answer those questions, an understanding of two types of
 consistency associated with estimates of return andvolatility is
 fundamental. The first consistency depends critically upon the total
 length of observation period and reciprocates with estimation of return;
 while the second emphasizes the role of sampling frequency and is more
 relevant when dealing with estimation of volatility. This letter addresses
 certain important issues from estimating return and volatility with
 focuses on the nature and the distinction of these two consistencies as
 well as their respective empirical implications. 
Journal: Applied Economics Letters 
Pages: 193-197 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351780 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351780&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alistair Bruce 
Author-X-Name-First: Alistair 
Author-X-Name-Last: Bruce 
Author-Name: Johnnie Johnson 
Author-X-Name-First: Johnnie 
Author-X-Name-Last: Johnson 
Title: Market efficiency analysis requires a sensitivity to market characteristics: some observations on a recent study of betting market efficiency 
Abstract:
  This short paper offers a critical appraisal of a recent contribution to
 the debate on efficiency in the particular context of horserace betting
 markets. A number of specific criticisms are detailed. These include the
 failure of the authors to capture inefficiency signals which relate to
 non-winning horses and the weakness of the rule developed to identify
 inefficiency signals, in terms especially of its arbitrary nature and the
 fact that it captures a wide range of non-equivalent changes in underlying
 subjective probability. The nature of the inefficiency signals identified
 by the rule also arouses suspicions of sample bias. Further concerns
 relate to the operational limitations of a rule for identifying
 inefficiency which is only observable at the close of the trading period
 and the lack of acknowledgement of the highly limited arbitrage
 opportunities which exist between the parallel bookmaker and parimutuel
 betting markets which operate in the UK. In general, it is argued that the
 main limitation of the earlier paper lies in the fact that its
 methodology, analysis and interpretation of results fail to address the
 idiosyncrasies of structure and process which characterize betting
 markets. 
Journal: Applied Economics Letters 
Pages: 199-202 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351799 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351799&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Youn Kim 
Author-X-Name-First: H. Youn 
Author-X-Name-Last: Kim 
Title: Alternative specifications of consumer intertemporal budget constraint and measures of wealth and saving 
Abstract:
  This note examines several alternative specifications of the consumer's
 intertemporal budget constraint and shows that while different
 specifications give the same first-order conditions, they produce
 different results with respect to measures of wealth and saving and hence
 consumption when interest is paid on money balances. 
Journal: Applied Economics Letters 
Pages: 203-205 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351807 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351807&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Pagan 
Author-X-Name-First: Jose 
Author-X-Name-Last: Pagan 
Author-Name: Gokce Soydemir 
Author-X-Name-First: Gokce 
Author-X-Name-Last: Soydemir 
Title: On the linkages between equity markets in Latin America 
Abstract:
  This paper utilizes a VAR model to analyse the extent of interdependency
 of equity markets in Latin America. The results from estimating impulse
 response functions suggest that there are strong linkages between the
 equity markets of Mexico and the US, and weaker but significant linkages
 between the stock markets of Argentina, Brazil and Chile. These
 cross-country differences in transmission patterns may result from
 country-specific differences in both the financial market structure as
 well as economic fundamentals. 
Journal: Applied Economics Letters 
Pages: 207-210 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351816 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351816&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stilianos Fountas 
Author-X-Name-First: Stilianos 
Author-X-Name-Last: Fountas 
Title: Some evidence on the export-led growth hypothesis for Ireland 
Abstract:
  The paper tests the export-led growth hypothesis in Ireland over the last
 40 years using the modern econometric analysis of nonstationary time
 series. It is found that over the 1950-1990 period there is no long-run
 relationship between real GDP and export volume and no evidence for the
 export-led growth hypothesis either. The analysis of the more recent
 1981-1994 period provides strong evidence in favour of a long-run
 relationship between industrial production and export volume and
 Granger-causality from exports to output. These results support the
 export-led growth hypothesis over the last fifteen years and highlight the
 importance of export-promoting policies. 
Journal: Applied Economics Letters 
Pages: 211-214 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351528 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351528&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. Choudhry 
Author-X-Name-First: S. 
Author-X-Name-Last: Choudhry 
Author-Name: A. Abu-Bakar 
Author-X-Name-First: A. 
Author-X-Name-Last: Abu-Bakar 
Author-Name: P. Wylie 
Author-X-Name-First: P. 
Author-X-Name-Last: Wylie 
Title: A yen bloc in Pacific Asia: natural economic symbiosis or overblown rhetorics? 
Abstract:
  Unlike earlier studies, this paper argues that the relevant determinants
 of East Asian integration ought to be gravity (proximity and size of the
 regional economics). Using a gravity model of 1975-95 merchandise trade
 flows, strong evidence was found by East Asian economies integrating and
 interacting like never before. Interestingly, the most recent evidence
 also suggests that Japan is in danger of losing its place at the centre of
 this potentially self-sustaining economic system. In other words, the East
 Asian situation is still unfolding as the regional economies experience a
 dynamic process of changing comparative advantage which is enhancing their
 competitiveness against one another, as well as against other developed
 economies, including Japan. 
Journal: Applied Economics Letters 
Pages: 215-218 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351537 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351537&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saziy Gazioglu 
Author-X-Name-First: Saziy 
Author-X-Name-Last: Gazioglu 
Author-Name: W. David McCausland 
Author-X-Name-First: W. David 
Author-X-Name-Last: McCausland 
Title: The dynamics of bond versus treasury bill deficit financing 
Abstract:
  Many governments have a long-run target of lowering budget deficits in
 the future through current deficit spending, relying on economic growth to
 deliver their policy objective. This paper shows that this is unattainable
 under bond finance, since there exists no stable equilibrium. However, it
 is shown that a sustainable growth equilibrium is possible, but only if
 the deficit is treasury bill financed. 
Journal: Applied Economics Letters 
Pages: 219-223 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351546 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351546&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: On the substitution effect of the minimum wage increase: new evidence 
Abstract:
  The impact of the minimum wage increase on the part-time/full-time
 employment ratio (PTFT) is re-examined. Contrary to some previous
 findings, strong evidence is found of the substitution effect that if the
 relative wage (the ratio of the minimum wage to the average hourly earning
 in the private sector) rises, PTFT decreases. The linear and logarithmic
 forms can be rejected. The partial adjustment process describes the lag
 response better. Real GDP growth is found to be insignificant and may be
 proxied by the unemployment rate for experienced workers. 
Journal: Applied Economics Letters 
Pages: 225-228 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351555 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351555&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Yamada 
Author-X-Name-First: H. 
Author-X-Name-Last: Yamada 
Title: M2 demand relation and effective exchange rate in Japan: a cointegration analysis 
Abstract:
  The paper examines whether M2 demand in Japan does not form a
 cointegrated system unless the effective exchange rate is included. We
 focus on testing statistical significance of the coefficient for the
 effective exchange rate in the long-run equilibrium M2 demand relation.
 Empirical results indicate that it is significant, which suggests that the
 effective exchange rate is necessary for Japanese M2 demand cointegration. 
Journal: Applied Economics Letters 
Pages: 229-232 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351564 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351564&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sangyong Joo 
Author-X-Name-First: Sangyong 
Author-X-Name-Last: Joo 
Title: Stock returns and inflation: a covariance decomposition 
Abstract:
  The paper introduces the concept of covariance decomposition in a vector
 autoregression system. It is applied to the negative relationship between
 real stock returns and inflation in the postwar United States, and examine
 whether monetary policy accounts for the negative covariance. When the
 Federal funds rate is used to identify changes in monetary policy, for the
 1959-1990 sample, about 30% of the observed negative covariance is
 attributable to monetary shocks. 
Journal: Applied Economics Letters 
Pages: 233-237 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351573 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351573&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Margarita Katsimi 
Author-X-Name-First: Margarita 
Author-X-Name-Last: Katsimi 
Title: Stochastic shifts in the natural rate of unemployment: evidence from Greece 
Abstract:
  The paper aims at estimating the natural rate of unemployment in Greece.
 The methodology adopted follows that of Hamilton. It is assumed that the
 rate of unemployment follows a stochastic process with periodic shifts in
 the mean and variance. The natural rate is then estimated using a Markov
 switching process. Empirical evidence is found that the Greek economy
 switches over time between two regimes: a regime in which the natural rate
 and the variance of the rate of unemployment are low (the 1970s); and a
 regime in which both the natural rate and the variance of the rate of
 unemployment are high (the 1960s, 1980s and 1990s). 
Journal: Applied Economics Letters 
Pages: 239-242 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351582 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351582&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nancy Cromwell 
Author-X-Name-First: Nancy 
Author-X-Name-Last: Cromwell 
Author-Name: Walton Taylor 
Author-X-Name-First: Walton 
Author-X-Name-Last: Taylor 
Author-Name: James Yoder 
Author-X-Name-First: James 
Author-X-Name-Last: Yoder 
Title: Diversification across mutual funds in a three-moment world 
Abstract:
  The standard deviation and skewness of returns of mutual fund portfolios
 is examined as the number of funds in the portfolio increases.
 Diversifying across mutual funds substantially reduces portfolio
 dispersion but also causes an undesirable increase in negative return
 skewness. 
Journal: Applied Economics Letters 
Pages: 243-245 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351591 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351591&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Nonparametric measurement of cost competitiveness and productivity 
Abstract:
  A nonparametric method of measuring cost competitiveness is empirically
 applied over international airlines data and a comparison made of the two
 subsets: competitively efficient and the nonefficient. 
Journal: Applied Economics Letters 
Pages: 247-250 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351609 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351609&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Satish Chand 
Author-X-Name-First: Satish 
Author-X-Name-Last: Chand 
Author-Name: Kunal Sen 
Author-X-Name-First: Kunal 
Author-X-Name-Last: Sen 
Title: The business cycle, market structure and mark-ups: an Indian case study 
Abstract:
  The new industrial organization theories as applied to macroeconomics
 predict that the relationship between the business cycle and profit
 mark-up is mediated by market structure. This prediction is tested using
 panel data on Indian manufacturing and evidence is found to support the
 above proposition. In particular, it is found that mark-ups are more
 counter-cyclical in concentrated industries. 
Journal: Applied Economics Letters 
Pages: 251-254 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351618 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351618&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Herce 
Author-X-Name-First: Jose 
Author-X-Name-Last: Herce 
Author-Name: Simon Sosvilla-Rivero 
Author-X-Name-First: Simon 
Author-X-Name-Last: Sosvilla-Rivero 
Author-Name: Juan Jose de Lucio 
Author-X-Name-First: Juan Jose 
Author-X-Name-Last: de Lucio 
Title: Social protection benefits and growth: evidence from the European Union 
Abstract:
  Using a harmonized data set for the European Union and panel data
 techniques, and following a production function approach, we find a
 positive growth effect of total social protection expenditure on growth.
 When evaluating the effects of different programmes, the results are
 mixed. 
Journal: Applied Economics Letters 
Pages: 255-258 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Cointegration and disaggregation: evidence from UK consumers' expenditure 
Abstract:
  Recent work has shown the components of consumers' expenditure to exhibit
 differing temporal properties. Evidence from univariate tests of
 asymmetric behaviour and time deformation models have found durable
 consumption to possess excessive cyclicality and display a greater degree
 of asymmetric behaviour than other components of aggregate consumption. In
 light of this, and the work of Gonzalo (mimeo, University of California,
 San Diego, 1988) and Granger (Long Run Economic Relationships (Eds) R. F.
 Engle and C. W. J. Granger, OUP, Oxford, 1991) on the relationship between
 aggregation and cointegration, the extent of cointegration between income
 and the components of consumers' expenditure is examined. The findings of
 the above studies suggest that durable goods are more likely to be
 cointegrated with income than other components of consumption. The results
 of this letter support this hypothesis. 
Journal: Applied Economics Letters 
Pages: 259-262 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351636 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351636&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Berrens 
Author-X-Name-First: Robert 
Author-X-Name-Last: Berrens 
Title: Reluctant respondents and contingent valuation surveys 
Abstract:
  Using an innovative telephone survey design, this study investigates the
 possibility that 'reluctant' respondents may give significantly different
 willingness to pay (WTP) responses in contingent valuation surveys. Two
 different measures of respondent reluctance are evaluated (interviewer
 assessed and respondent assessed). Evidence of a reluctant respondent
 effect is present in an open-ended elicitation format but not in a
 dichotomous choice elicitation format. Implications for survey design and
 WTP modelling are discussed. 
Journal: Applied Economics Letters 
Pages: 263-266 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351645 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351645&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guido Luchters 
Author-X-Name-First: Guido 
Author-X-Name-Last: Luchters 
Author-Name: Lukas Menkhoff 
Author-X-Name-First: Lukas 
Author-X-Name-Last: Menkhoff 
Title: Chaotic signals from HDI measurement 
Abstract:
  The Human Development Index (HDI) is designed to provide a development
 measure competing with GDP, and it has been reformed several times to this
 end. The 1996 and 1997 reports, however, reveal a severe new flaw in the
 HDI: the transformation of GDP changes into the index of human development
 is completely misleading, as higher real per capita GDP often causes lower
 HDI values, and vice-versa. This transformation is generally highly
 sensitive to the initial GDP, resulting in chaotic transformation
 patterns. Relatively marginal modifications to the measurement of HDI
 could solve this problem. 
Journal: Applied Economics Letters 
Pages: 267-270 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351654 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351654&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Hertel 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Hertel 
Author-Name: Kyle Stiegert 
Author-X-Name-First: Kyle 
Author-X-Name-Last: Stiegert 
Title: Managerial heterogeneity and the compositional effect 
Abstract:
  Standard microeconomic theory has long recognized firm-level substitution
 and output effects in explaining aggregate responses to taxation of an
 input such as nitrogen fertilizer. However, in the presence of managerial
 heterogeneity, a nitrogen tax will also affect the composition of the
 industry, with profligate users of nitrogen shrinking in relative
 importance, and low-nitrogen users expanding. In this paper, we assert
 that a substantial share of the reduction in nitrogen normally attributed
 to firm-level substitution may in fact owe its origin to this type of
 industry-wide compositional effect. We also demonstrate that, while such a
 tax will have only a minor effect on industry average net returns, its
 impact on individual corn producers will be quite significant in some
 cases, with nitrogen-intensive producers losing while those farmers with
 low rates of commercial nitrogen usage stand to gain from the tax. 
Journal: Applied Economics Letters 
Pages: 271-274 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351663 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351663&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alejandro Gaviria 
Author-X-Name-First: Alejandro 
Author-X-Name-Last: Gaviria 
Title: Is soccer dying? A time series approach 
Abstract:
  A Markov switching regime model is used to investigate structural breaks
 in the average goals per game in the premier soccer leagues of England,
 Italy and Spain. The analysis reveals a structural break around 1965 in
 the three countries. 
Journal: Applied Economics Letters 
Pages: 275-278 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351672 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351672&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jennifer Roberts 
Author-X-Name-First: Jennifer 
Author-X-Name-Last: Roberts 
Title: Spurious regression problems in the determinants of health care expenditure: a comment on Hitiris (1997) 
Abstract:
  In a recent article in this journal Hitiris used panel data for ten EC
 countries to analyse the determinants of aggregate health care
 expenditure. This comment shows that the model was plagued by a spurious
 regression problem. The data are reexamined using standard unit root and
 cointegration testing procedures, as well as new tests for unit roots in
 panels and for long-run relationships when the orders of integration of
 the underlying regressors are not known. There is overwhelming evidence
 for non-stationarity of the variables, and no conclusive evidence
 regarding the existence of equilibrium relationships. The apparent
 significance of the dependency rate and the rate of inflation in the
 Hitiris model were simply due to the influence of common stochastic
 trends. New results confirm the overriding importance of income in
 determining aggregate health care spending, but suggest a shortrun income
 elasticity significantly less than one. The results also uncover a number
 of problems in modelling the determinants of health care expenditure and
 warn against drawing firm conclusions from aggregate level models in an
 area where theory provides little guidance. 
Journal: Applied Economics Letters 
Pages: 279-283 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351393 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351393&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lucio Sarno 
Author-X-Name-First: Lucio 
Author-X-Name-Last: Sarno 
Title: Real exchange rate behaviour in high inflation countries: empirical evidence from Turkey, 1980-1997 
Abstract:
  The long-run purchasing power parity (PPP) hypothesis is re-examined
 using data for Turkey and its major trading partners during the period
 1980-97, extending recent work by Telatar and Kazdagli. The empirical
 analysis suggests that, while conventional unit root tests do not enable
 the detection of mean reversion in real exchange rates and hence imply
 rejection of long-run PPP over the sample, using recently developed
 nonlinear modelling techniques, strong support is provided for the
 validity of long-run PPP as well as for theoretical models which predict
 nonlinear adjustment in real exchange rates. Results are in accord with
 previous evidence that PPP holds more closely on data for countries which
 have experienced unusually high inflation. 
Journal: Applied Economics Letters 
Pages: 285-291 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351401 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351401&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samy Ben Naceur 
Author-X-Name-First: Samy Ben 
Author-X-Name-Last: Naceur 
Title: An examination of the Tunisian IPO pricing in the short and long run: 1992-1997 
Abstract:
  The new issue process in Tunisia is examined and evidence for
 underpricing and aftermarket performance of Initial Public Offerings are
 presented. Substantial positive abnormal returns are obtained in the short
 run and this finding is similar to that reported in other nations. A
 positive aftermarket return of 11.04% is found confirming underpricing but
 contrasting with all previous studies except that of Dawson. Solutions are
 proposed to reduce underpricing dealing with mechanisms by which companies
 initially offer shares of common stock to institutional and individual
 investors and the allocation procedures of new issues. 
Journal: Applied Economics Letters 
Pages: 293-296 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351410 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351410&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Ryan 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Ryan 
Title: Cyclical behaviour of productivity growth and price-cost margins: asymmetry and market power effects 
Abstract:
  A cross-sectional analysis was performed on the NBER Manufacturing
 Productivity database (450 four-digit industries) to investigate the
 behaviour of total factor productivity growth rates (PROD) and
 price-marginal cost ratios (PMC) in US manufacturing industries. This
 analysis allows for asymmetric behaviour and determines the effects of
 imperfect competition on cyclicality. Results indicate that PROD is
 procyclical, more so in contractions, and that market power is associated
 with an even greater increase in PROD during expansions; this suggests
 that variable input utilization (e.g. labour hoarding) is responsible for
 productivity growth fluctuations, and that firms in less competitive
 industries have more slack and can thus use inputs more intensively during
 booms. PMC decreases in both expansions and contractions, and the
 contractionary decrease is smaller in monopolistic industries; this can be
 attributed to capacity constraints in expansions and price cutting in
 contractions, with monopolistic industries less likely to engage in price
 competition. 
Journal: Applied Economics Letters 
Pages: 297-300 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351429 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351429&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ali El-Agraa 
Author-X-Name-First: Ali 
Author-X-Name-Last: El-Agraa 
Author-Name: Anthony Jones 
Author-X-Name-First: Anthony 
Author-X-Name-Last: Jones 
Title: On 'CU can dominate UTR' 
Abstract:
  For a decade and a half, Cooper and Massell's (1965) conclusion that a
 policy of unilateral tariff reduction (UTR) is superior to the formation
 of a customs union (CU) remained unchallenged. However Wonnacott and
 Wonnacott (1981) using a more realistic model, claimed to show that UTR
 need not dominate a CU. Here, we point out that the Wonnacott and
 Wonnacott model is incomplete since their CU does not have a common
 external tariff, and demonstrate that the incorporation of such a tariff
 in their analysis restores the validity of the Cooper and Massell
 proposition. 
Journal: Applied Economics Letters 
Pages: 301-304 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351438 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351438&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chris Brooks 
Author-X-Name-First: Chris 
Author-X-Name-Last: Brooks 
Author-Name: Sotiris Tsola Cos 
Author-X-Name-First: Sotiris Tsola 
Author-X-Name-Last: Cos 
Title: Does orthogonalization really purge equitybased property valuations of their general stock market influences? 
Abstract:
  This paper uses a recently developed nonlinear Granger causality test to
 determine whether linear orthogonalization really does remove general
 stock market influences on real estate returns to leave pure industry
 effects in the latter. The results suggest that there is no nonlinear
 relationship between the US equity-based property index returns and
 returns on a general stock market index, although there is evidence of
 nonlinear causality for the corresponding UK series. 
Journal: Applied Economics Letters 
Pages: 305-309 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351447 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351447&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. Feve 
Author-X-Name-First: P. 
Author-X-Name-Last: Feve 
Author-Name: Y. Le Pen 
Author-X-Name-First: Y. Le 
Author-X-Name-Last: Pen 
Title: On modelling convergence clubs 
Abstract:
  A switching regression approach with imperfect sample separation
 information is used to determine convergence clubs. Regime classification
 allows one to determine which countries belong to the related convergence
 clubs. Initial per capita GDP does not provide a perfect sample separation
 information, but the regimes classification obtained from an endogenous
 switching model provides unusual results. 
Journal: Applied Economics Letters 
Pages: 311-314 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351456 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351456&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mak Arvin 
Author-X-Name-First: Mak 
Author-X-Name-Last: Arvin 
Author-Name: Bruce Cater 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Cater 
Author-Name: Saud Choudhry 
Author-X-Name-First: Saud 
Author-X-Name-Last: Choudhry 
Title: A causality analysis of untied foreign assistance and export performance: the case of Germany 
Abstract:
  Three questions regarding the relationship between untied assistance and
 donor country exports are investigated. First, do untied aid flows cause
 donor country exports to increase, reflecting the goodwill of the
 recipient towards the donor? Second, does strong export performance
 financially enable or politically encourage the donor country to increase
 its level of untied aid to the recipient? Third, does causality proceed in
 both directions simultaneously? Using German data for the period
 1973-1995, results vary across subsamples defined according to the
 recipient countries' region, income and ties to Germany. 
Journal: Applied Economics Letters 
Pages: 315-319 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351465 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351465&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Broome 
Author-X-Name-First: Simon 
Author-X-Name-Last: Broome 
Author-Name: Bruce Morley 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Morley 
Title: Long-run and short-run linkages between stock prices and interest rates in the G-7 
Abstract:
  The paper investigates the nature of the relationship between stock
 prices and interest rates, using the cointegration and co-dependence
 techniques. Using data for the G-7 economies, the evidence suggests that
 in general stock prices and interest rates do not exhibit a long-run
 common trend, but rather follow a short-run cyclical pattern. 
Journal: Applied Economics Letters 
Pages: 321-323 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351474 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351474&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Papahristodoulou 
Author-X-Name-First: C. 
Author-X-Name-Last: Papahristodoulou 
Title: The Dayton division of Bosnia and other core allocations 
Abstract:
  The paper evaluates the Dayton Peace Agreement division of Bosnia. Based
 on Census data from 1991 and under plausible assumptions on all
 territories (pure ethnic and mixed as well), cooperative core allocations
 are applied to divide the country into its three parts. The highest share,
 which is received by the Serbs (the nucleolus solution), is 459 square km
 less than the respective Dayton share. Serbs, however, benefit from the
 goal programming implementation of that solution, since less of them are
 forced to leave their homes, compared to the Dayton division In general,
 the redrawn nucleolus map of Bosnia, is approximately 93% identical to the
 Dayton Peace Agreement map. 
Journal: Applied Economics Letters 
Pages: 325-336 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351483 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351483&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Kidd 
Author-X-Name-First: Michael 
Author-X-Name-Last: Kidd 
Author-Name: Todd Goninon 
Author-X-Name-First: Todd 
Author-X-Name-Last: Goninon 
Title: Female concentration and the gender wage differential in the United Kingdom 
Abstract:
  The paper utilizes the methodology proposed by Johnson and Solon
 (American Economic Review, 76 (5), 1117-1125, 1986) to examine the impact
 of job segregation on the gender wage gap in the UK in 1991. The results
 suggest that despite implementation of the UK 1983 Equal Pay Amendment
 there remains clear evidence that male/female workers in female dominated
 jobs continue to earn less for work of 'similar worth' than their
 counterparts in male dominated jobs within the same firm. This conclusion
 is insensitive to whether one adopts an occupation or firm based measure
 of gender concentration. 
Journal: Applied Economics Letters 
Pages: 337-340 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351492 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351492&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Patricia Chelley-Steeley 
Author-X-Name-First: Patricia 
Author-X-Name-Last: Chelley-Steeley 
Title: Interdependence of international equity market volatility 
Abstract:
  This paper investigates whether equity market volatility in one major
 market is related to volatility elsewhere. This paper models the daily
 conditional volatility of equity market wide returns as a GARCH-(1,1)
 process. Such a model will capture the changing nature of the conditional
 variance through time. It is found that the correlation between the
 conditional variances of major equity markets has increased substantially
 over the last two decades. This supports work which has been undertaken on
 conditional mean returns which indicates there has been an increase in
 equity market integration. 
Journal: Applied Economics Letters 
Pages: 341-345 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351500 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351500&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: The alternative asymmetric behaviour of Australian consumers' expenditure 
Abstract:
  In this letter tests for asymmetric dynamic behaviour are applied to
 Australian consumers expenditure. In contrast to recent findings for the
 UK provided by the seminal work of Holly and Stannett (1995), where
 asymmetric behaviour is found in the form of heightened levels during
 booms, Australian consumers expenditure exhibits asymmetry in the form of
 rapid falls in recessionary periods. These results are indicative of
 differing expectations and/or attitudes towards risk between the two sets
 of consumers. 
Journal: Applied Economics Letters 
Pages: 349-352 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351258 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351258&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Toshiaki Watana 
Author-X-Name-First: Toshiaki 
Author-X-Name-Last: Watana 
Title: Excess kurtosis of conditional distribution for daily stock returns: the case of Japan 
Abstract:
  Not only the unconditional distribution but also the conditional
 distribution of daily asset returns are known to be leptokurtic. Thus,
 some authors have suggested using ARCH-type models with leptokurtic
 distributions such as the t-distribution and the generalized error
 distribution (GED) for the conditional distribution. The purpose of this
 paper examines what distribution is fit for the conditional distribution
 of daily Japanese stock returns. In particular, we estimate an exponential
 GARCH (EGARCH) model developed by Nelson (1991) jointly with the
 generalized t-distribution, which nests both the Student's t-distribution
 and the generalized error distribution (GED) employed by other
 researchers. It is shown that the Student's t-distribution is suited for
 capturing the excess kurtosis of conditional distribution for daily
 Japanese stock returns, which does not depend on sample period and is
 consistent with what Bollerslev et al. (1994) have found by fitting a
 similar model to daily US stock returns. 
Journal: Applied Economics Letters 
Pages: 353-355 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351267 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351267&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abu Wahid 
Author-X-Name-First: Abu 
Author-X-Name-Last: Wahid 
Title: Stagflation and stability of the Keynesian consumption function: an empricial analysis 
Abstract:
  In macroeconomics, consumption functions supposedly demonstrate stable
 relationships between consumption and disposable income. This letter
 constructs a simple consumption function of Keynesian type. It also
 estimates the function and tests if any structural change had taken place
 in this function in 1974 following the beginning of the stagflationary era
 caused by the great oil-crunch of the early 1970s. The estimation and
 testing follow standard statistical procedures and use annual time series
 data for Canada (1947-78). The findings suggest that the Keynesian
 function for Canada had not undergone any significant structural change in
 1974. The function was found quite stable in terms of intercept as well as
 slope parameters. 
Journal: Applied Economics Letters 
Pages: 357-359 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351276 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351276&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Peters 
Author-X-Name-First: Simon 
Author-X-Name-Last: Peters 
Title: On the use of the RESET test in microeconometric models 
Abstract:
  The letter notes that a generalized RESET test can be employed as a test
 for misspecification in a variety of parametric and semi-parametric
 micro-econometric models. The test's performance is illustrated using
 three models commonly used in labour supply studies: the linear, censored
 (Tobit), and duration (Weibull) regression models. All are estimated by
 fully parametric (maximum likelihood) and semiparametric methods. Comments
 are provided on the finite sample performance of the test. 
Journal: Applied Economics Letters 
Pages: 361-365 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351285 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351285&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Crompton 
Author-X-Name-First: Paul 
Author-X-Name-Last: Crompton 
Title: Extending the stochastic approach to index numbers 
Abstract:
  The variance of the inflation rate estimator in the stochastic approach
 of Clements and Izan will be biased in most applications due to stringent
 restrictions on the variance of the OLS error term. To overcome this
 weakness, the stochastic methodology is reformulated and extended by
 deriving a variance estimator which is robust to unknown forms of
 heteroscedasticity. Under this new approach the exact nature of the error
 variance is of no concern, and can remain unidentified. A major innovation
 of this work is the derivation of a scalar representation for the variance
 estimator which has considerable intuitive appeal since it uses consumer
 expenditure shares to weight the relative price movements used in the
 calculation of the inflation rate variances. 
Journal: Applied Economics Letters 
Pages: 367-371 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351294 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351294&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Weiren Wang 
Author-X-Name-First: Weiren 
Author-X-Name-Last: Wang 
Title: The effects of state regulations on boating accidents and fatalities 
Abstract:
  Various federal and state regulations on recreational boating were
 enacted with the intention of reducing recreational boating accidents and
 fatalities. Based on multivariate analysis of state regulations on
 recreational boating and boating statistics from 1990 to 1994, this study
 indicates that laws and educational programmes focusing on youths are
 effective in reducing boating accidents and fatalities. The empirical
 results suggest that the minimum age requirement for boat operators is a
 significant factor in reducing boating accidents and fatalities.
 Furthermore, states which offer boating safety classes as part of their
 public school curriculum have significantly less boating accidents than
 states which do not. On the other hand implied consent laws and mandatory
 education for boat operators are not statistically significant factors in
 reducing boating accidents and fatalities. Mandatory wearing of personal
 floating devices may have offsetting effects on boating by inducing more
 'driving' intensity. 
Journal: Applied Economics Letters 
Pages: 373-378 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351302 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351302&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Efficiency analysis by stochastic data envelopment analysis 
Abstract:
  The nonparametric approach of efficiency analysis is generalized here in
 the stochastic case, when the input prices and capital adjustment costs
 vary. An empirical application illustrates the economic implications. 
Journal: Applied Economics Letters 
Pages: 379-383 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351311 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351311&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Apergis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Apergis 
Author-Name: Erotokritos Varelas 
Author-X-Name-First: Erotokritos 
Author-X-Name-Last: Varelas 
Author-Name: Kostas Velentzas 
Author-X-Name-First: Kostas 
Author-X-Name-Last: Velentzas 
Title: Money supply, consumption and deregulation: the case of Greece 
Abstract:
  This paper investigates empirically the impact of monetary deregulation
 that occurred in 1988 on the relationship betwen consumption and money
 supply in Greece. The results provide evidence that the deregulation has
 significantly affected the behaviour of consumption. 
Journal: Applied Economics Letters 
Pages: 385-390 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351320 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351320&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fiona Carmichael 
Author-X-Name-First: Fiona 
Author-X-Name-Last: Carmichael 
Title: Intergenerational mobility and occupational status in Britain 
Abstract:
  This paper examines the link between parents occupational attainment and
 that of their children. The existence of such a link implies dependence on
 inherited conditions and the stronger the link the less the potential for
 intergenerational mobility. The degree to which occupational mobility is
 influenced by parental achievements is investigated using data from the
 British Household Panel Survey. The evidence obtained suggests that
 individual attainment is strongly influenced by parental status. In
 particular, the occupational attainment of sons is found to depend
 significantly on the socioeconomic status of their fathers. The
 implication is that occupational mobility in 1990s Britain was still to
 some extent constrained by the achievements of the previous generation. 
Journal: Applied Economics Letters 
Pages: 391-396 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351339 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351339&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Herce 
Author-X-Name-First: Jose 
Author-X-Name-Last: Herce 
Author-Name: Simon Sosvilla-Rivero 
Author-X-Name-First: Simon 
Author-X-Name-Last: Sosvilla-Rivero 
Author-Name: Juan Jose De Lucio 
Author-X-Name-First: Juan Jose 
Author-X-Name-Last: De Lucio 
Title: Social protection benefits and growth: evidence from the European Union 
Abstract:
  Using a harmonized data set for the European Union and panel data
 techniques, and following a production function approach, we find a
 positive growth effect of total social protection expenditure on growth.
 When evaluating the effects of different programmes, the results are
 mixed. 
Journal: Applied Economics Letters 
Pages: 397-400 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351348 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351348&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Garey Durden 
Author-X-Name-First: Garey 
Author-X-Name-Last: Durden 
Author-Name: Patricia Gaynor 
Author-X-Name-First: Patricia 
Author-X-Name-Last: Gaynor 
Title: Relative changes in gender and race-based earnings costs, 1970-1995 
Abstract:
  The major purpose of this paper is to determine absolute and relative
 changes in gender and race based, inflation-adjusted earnings costs over
 the period 1970-1995. Yearly estimated earnings comparisons of white males
 with white females, African-American males and females suggest that total
 earnings gaps have narrowed considerably. For African-American males,
 remaining costs are mostly associated with labour market and other
 measurable differences. For white and African-American females, however,
 the unexplained, possibly discriminatory portion of the earnings gap has
 increased in absolute (as compared to white males) and relative terms (as
 compared to African-American males). 
Journal: Applied Economics Letters 
Pages: 401-404 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351357 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Helena Skyt Nielsen 
Author-X-Name-First: Helena Skyt 
Author-X-Name-Last: Nielsen 
Title: Wage discrimination in Zambia: an extension of the Oaxaca-Blinder decomposition 
Abstract:
  Recently, there has been growing interest in reducing gender and race
 discrimination. Hence, interest in exploring what causes the
 discriminatory wage gap has also grown. An often applied tool for this
 type of analysis is the Oaxaca-Blinder decomposition technique. However,
 it turns out that this technique is inadequate when it comes to
 calculation of separate contributions to discrimination for indicator
 variables. This is because the contributions are not robust against a
 change of reference group. In this paper the Oaxaca-Blinder decomposition
 is extended to handle this problem. 
Journal: Applied Economics Letters 
Pages: 405-408 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351366 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351366&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ting-Wong Cheng 
Author-X-Name-First: Ting-Wong 
Author-X-Name-Last: Cheng 
Author-Name: Kuo-Liang Wang 
Author-X-Name-First: Kuo-Liang 
Author-X-Name-Last: Wang 
Author-Name: Chih-Chiang Weng 
Author-X-Name-First: Chih-Chiang 
Author-X-Name-Last: Weng 
Title: Economies of scale and scope in Taiwan's CPA service industry 
Abstract:
  Based on the 1994 survey data of certified public accountant (CPA) firms
 in Taiwan, and by applying the iterative seemingly unrelated regression
 (SUR) technique to a simultaneous system of a translog multi-product cost
 function and its corresponding factor share equations, an attempt is made
 to investigate the extents of economies of scale and scope in Taiwan's CPA
 service industry. The empirical results show that product-specific scale
 economies exist for auditing, tax and management advisory services. Ray
 scale economies are significantly present. Significant economies of scope
 exist in providing tax and management advisory services. 
Journal: Applied Economics Letters 
Pages: 409-414 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351375 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351375&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. Ben Nowman 
Author-X-Name-First: K. Ben 
Author-X-Name-Last: Nowman 
Title: Implied continuous time lag distributions: further evidence for the UK 
Abstract:
  This paper presents implied continuous time lag distributions of the main
 UK economic variables obtained from recent estimates by Nowman of the
 Bergstrom, Nowman and Wymer continuous time dynamic macroeconometric model
 of the UK economy. The lag distributions provide further evidence of the
 richer dynamic specification allowed for in second-order continuous time
 macroeconomic models. 
Journal: Applied Economics Letters 
Pages: 415-418 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alexandros Milionis 
Author-X-Name-First: Alexandros 
Author-X-Name-Last: Milionis 
Author-Name: Demetrios Moschos 
Author-X-Name-First: Demetrios 
Author-X-Name-Last: Moschos 
Title: On the validity of the weak-form efficient markets hypothesis applied to the London stock exchange: comment 
Abstract:
  The empirical work and interpretation of the results of Al-Loughani and
 Chappell (1997) is commented upon. On the basis of the reported results,
 and contrary to the authors' conclusion, it is argued that although the
 random walk hypothesis is rejected, the weak-form market efficiency
 hypothesis (WFME), for the London stock exchange cannot be rejected. Some
 further comments on WFME in the presence of conditional heteroscedasticity
 are made. 
Journal: Applied Economics Letters 
Pages: 419-421 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351087 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351087&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Gilbert 
Author-X-Name-First: Paul 
Author-X-Name-Last: Gilbert 
Title: A note on the computation of time series model roots 
Abstract:
  The roots of time series models are important for analysing model
 dynamics and have a special importance in the unit root and co-integration
 literature. In this paper known results about the equivalence of state
 space and auto-regressive moving-average (ARMA) models are exploited to
 give better calculations of VAR and ARMA model roots. The improved
 computational accuracy is illustrated with an especially difficult
 example. 
Journal: Applied Economics Letters 
Pages: 423-424 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hakan Berument 
Author-X-Name-First: Hakan 
Author-X-Name-Last: Berument 
Author-Name: Kamuran Malatyali 
Author-X-Name-First: Kamuran 
Author-X-Name-Last: Malatyali 
Title: The implicit reaction function of the Central Bank of the Republic of Turkey 
Abstract:
  Reviewing the implicit reaction function estimation under different
 specifications, it appears that the Central Bank of the Republic of Turkey
 (CBRT) responds to the lagged inflation rate rather than the forward one,
 M2Y growth is targeted on an annual basis and a serious output targeting
 policy was implemented while neither real nor nominal depreciation of the
 foreign currency basket was taken into consideration during the period
 1989:07-1997:03. Also, we conclude that the CBRT does not target currency
 issued, M2, net domestic assets or net foreign assets nor does it take any
 of the budget deficit measures into account while determining its monetary
 policy. 
Journal: Applied Economics Letters 
Pages: 425-430 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Panos Fousekis 
Author-X-Name-First: Panos 
Author-X-Name-Last: Fousekis 
Author-Name: Christos Pantzios 
Author-X-Name-First: Christos 
Author-X-Name-Last: Pantzios 
Title: Meat demand in Greece with quality decomposition 
Abstract:
  This paper investigates the demand for major types of meat in Greece for
 the 1976-1995. The findings indicate that beef and veal has the highest
 income and price elasticities compared to the rest of meats (mutton,
 poultry and pork). A quality decomposition reveals the importance of
 different factors for the quality change in meat consumption in Greece
 over the same period. 
Journal: Applied Economics Letters 
Pages: 431-434 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351113 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351113&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Loomis 
Author-X-Name-First: John 
Author-X-Name-Last: Loomis 
Author-Name: Cynthia Pierce 
Author-X-Name-First: Cynthia 
Author-X-Name-Last: Pierce 
Author-Name: Mike Manfredo 
Author-X-Name-First: Mike 
Author-X-Name-Last: Manfredo 
Title: Using the demand for hunting licences to evaluate contingent valuation estimates of willingness to pay 
Abstract:
  Taking advantage of differences in inflation adjusted licence prices over
 time, the demand for hunting licences is estimated. This introduces a
 different type of validity test which compares willingness to pay derived
 from actual licence demand to estimates of hunting benefits derived by the
 contingent valuation method. Willingness to pay estimates for deer and elk
 hunting derived from contingent valuation are statistically less than
 corresponding estimates from the actual licence sale demand analysis. 
Journal: Applied Economics Letters 
Pages: 435-438 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351122 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351122&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Darren Butterworth 
Author-X-Name-First: Darren 
Author-X-Name-Last: Butterworth 
Title: The impact of futures trading on underlying stock index volatility: the case of the FTSE Mid 250 contract 
Abstract:
  This paper investigates the effect of futures trading in the FTSE Mid 250
 index on the underlying spot market using symmetric and asymmetric GARCH
 methods. Tests for the presence of asymmetries suggest a symmetric model
 adequately captures the response of volatility to news. Results indicate
 that following the onset of futures trading the quantity of information
 flowing into the market increased. However, the rate at which news is
 impounded into prices fell, with an associated rise in the persistence of
 information. These findings are consistent with the institutional
 characteristics and trading history of the FTSE Mid 250 market in the
 period following the onset of futures trading. 
Journal: Applied Economics Letters 
Pages: 439-442 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tomson Ogwang 
Author-X-Name-First: Tomson 
Author-X-Name-Last: Ogwang 
Title: Inter-country inequality in human development indicators 
Abstract:
  This paper compares the degree of inter-country inequality in three
 measures of human development (the Human Development Index (HDI), the
 Gender-Related Development Index (GDI) and the Gender Empowerment Measure
 (GEM)) to those in real income as measured by real GDP per capita in PPP$
 (RY) and adjusted real GDP per capita in PPP$ (ARY). To this end, three
 inequality measures with convenient decomposition properties are used. The
 results show that inter-country inequalities in RY and ARY are greater
 than those in all the three human development indicators, irrespective of
 the inequality measure used. Furthermore, GDI and GEM both exhibit higher
 degrees of inter-country inequality than does HDI. In addition, GEM
 exhibits the highest level of inter-country inequality among the three
 human development indicators, irrespective of the inequality measure used. 
Journal: Applied Economics Letters 
Pages: 443-446 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351140 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351140&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Lon Carlson 
Author-X-Name-First: J. Lon 
Author-X-Name-Last: Carlson 
Title: Hypothetical surveys versus real commitments: further evidence 
Abstract:
  The contingent valuation method is frequently used to estimate
 willingness to pay for environmental services. However, numerous studies
 have raised serious questions about the validity and reliability of such
 estimates. The study reported here extends the analysis of hypothetical
 versus real commitments by considering the effects of alternative
 indicators of WTP in the hypothetical setting. While part of the results
 confirm the findings of previous studies-CV methods can result in an
 overestimate of actual mean WTP-evidence is also produced that a carefully
 designed CV instrument can produce an estimate of mean WTP that is much
 closer to actual mean WTP than previous studies would suggest. 
Journal: Applied Economics Letters 
Pages: 447-450 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351159 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351159&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Bratsiotis 
Author-X-Name-First: George 
Author-X-Name-Last: Bratsiotis 
Title: Political parties and inflation in Greece: the metamorphosis of the Socialist Party on the way to EMU 
Abstract:
  This paper examines the inflationary consequences of elected political
 parties in Greece before and after its commitment to the Single European
 Act (SEA). It is shown that prior to the SEA there is evidence of an
 inflation bias following elected Socialist governments in Greece, whereas
 after the SEA this bias is shown to move the opposite direction. Political
 wins to conservative governments are shown to have insignificant effects
 on inflation. With no change in the inflationary effects following
 conservative wins, the change of Socialists from inflationary to
 anti-inflationary is shown to have overturned the political partisan cycle
 in Greece since the SEA. 
Journal: Applied Economics Letters 
Pages: 451-454 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351168 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351168&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Ashton 
Author-X-Name-First: John 
Author-X-Name-Last: Ashton 
Title: Cost efficiency in the UK water and sewerage industry 
Abstract:
  The paper quantifies the relative efficiency of the ten privatized water
 and sewerage companies between 1987 and 1997. A one-component
 fixed-effects panel data model is used to estimate a cost function from
 which distribution-free firm-specific estimates of operational cost
 efficiency are derived. The study differs from previous studies through
 the use of differing econometric techniques and by considering the water
 and sewerage companies as integrated firms. Overall, a moderate level of
 dispersion in operational cost efficiency is recorded. 
Journal: Applied Economics Letters 
Pages: 455-458 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351177 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351177&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Asymmetry and non-linearity in UK output 
Abstract:
  The diagnostic tests of time deformation presented by Stock are applied
 to UK output. In contrast to previous findings, significant evidence of
 time deformation is detected. It is shown that the success of this
 analysis is due to closely following the approach outlined in the seminal
 work of Stock for stochastically trending variables. 
Journal: Applied Economics Letters 
Pages: 459-461 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kazuhiro Ohtani 
Author-X-Name-First: Kazuhiro 
Author-X-Name-Last: Ohtani 
Title: Exact and bootstrap distributions of a unit root test 
Abstract:
  Using Imhof's method, the exact distribution of a unit root test is
 evaluated and detailed critical values are given of the unit root test
 when the sample size is small and moderate. Then, the bootstrap critical
 values are generated by Monte Carlo experiments, and compared with the
 exact ones. The Monte Carlo results show that the bootstrap critical
 values are reasonably precise. It is also shown that the parametric
 bootstrap tends to yield more precise estimates of the percentiles than
 the nonparametric bootstrap. 
Journal: Applied Economics Letters 
Pages: 463-466 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351195 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351195&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Author-Name: James Wilkinson 
Author-X-Name-First: James 
Author-X-Name-Last: Wilkinson 
Title: Is rent-seeking immoral? Examining the behaviour of religion-based political action committees and coalitions 
Abstract:
  Tullock recently offered six possible explanations for the observed size
 disparity between the rent-seeking industry in the major democracies and
 the value of the actual rent to be derived. One of these is the
 possibility that rent-seeking is considered immoral by large segments of
 society, who therefore are unwilling to engage in the activity. The
 purpose of this study is to provide an empirical response to this possible
 explanation provided by Tullock. The statistical evidence presented here
 suggests the lack of an ethical or moral basis against rent-seeking.
 Therefore, attempts to explain the disparity noted by Tullock should,
 perhaps, proceed down other avenues. 
Journal: Applied Economics Letters 
Pages: 467-473 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351203 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351203&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nobuhiro Hosoe 
Author-X-Name-First: Nobuhiro 
Author-X-Name-Last: Hosoe 
Title: Dependency of simulation results on the choice of numeraire 
Abstract:
  There have recently been a growing number of computable general
 equilibrium (CGE) analyses for developing economies. These analyses often
 employ so-called structuralist CGE models equipped with fixed wage rates
 and unemployment (or an unlimited supply of labour). However, the
 assumption of fixed prices can cause a problem: simulation results can be
 dependent on the choice of numeraire. This problem is numerically examined
 with a simple structuralist CGE model. By analysing numerical examples, it
 was found that simulation results with structuralist CGE models can
 crucially depend on the choice of numeraire. The simulation results are
 different qualitatively as well as quantitatively by cases. The results
 suggest that the numeraire must be chosen carefully and simulation results
 should be evaluated in light of the chosen numeraire when we assume fixed
 prices in CGE models. 
Journal: Applied Economics Letters 
Pages: 475-477 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351212 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351212&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria-Isabel Ayuda 
Author-X-Name-First: Maria-Isabel 
Author-X-Name-Last: Ayuda 
Author-Name: Antonio Aznar 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Aznar 
Title: Power in non-nested models: a comparative study 
Abstract:
  The main objective of this letter is to compare two concepts of the power
 of a test developed in the literature on non-nested hypotheses. Using
 Monte Carlo techniques it is shown that both definitions of power are
 asymptotically equivalent, but for small samples they differ in some cases
 very dramatically. 
Journal: Applied Economics Letters 
Pages: 483-486 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351230 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351230&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Title: Socially optimal cost-reducing R&D with product durability 
Abstract:
  Socially optimal cost-reducing R&D with product durability is studied.
 Results show that the first period optimal R&D and output with durability
 exceed the respective levels without durability. The second period R&D and
 output are identical to the no durability case. 
Journal: Applied Economics Letters 
Pages: 487-488 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351249 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351249&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Andrew Coutts 
Author-X-Name-First: J. Andrew 
Author-X-Name-Last: Coutts 
Author-Name: Mohamed Sheikh 
Author-X-Name-First: Mohamed 
Author-X-Name-Last: Sheikh 
Title: The January effect and monthly seasonality in the All Gold Index on the Johannesburg Stock Exchange 1987-1997 
Abstract:
  This paper investigates the existence of the January effect and monthly
 seasonality in the All Gold Index on the Johannesburg Stock Exchange over
 an 11 year period, 5 January 1987 through 15 May 1997, and for three
 subsamples of equal length. The results are in severe contrast to the
 international evidence documented for the stock markets of many other
 countries, be they developed or emerging markets; there appears to be no
 January effect or monthly seasonality present in the All Gold Index over
 the sample period. Although this is perfectly consistent with the notion
 of market efficiency, it is suggested that the lack of any detectable
 monthly seasonality, may, in part, be due to the particular market
 microstructure or operational procedures of the Johannesburg Stock
 Exchange, consequently it is suggested that further research is required
 in this area. 
Journal: Applied Economics Letters 
Pages: 489-492 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033229 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033229&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Omer Gokcekus 
Author-X-Name-First: Omer 
Author-X-Name-Last: Gokcekus 
Title: How do university students value economics courses? A hedonic approach 
Abstract:
  This paper adopts a hedonic approach and uses a multinomial logit model
 to assess students' valuation of courses based on their characteristics,
 e.g. presentation, organization, knowledge, accessibility, responsiveness,
 enthusiasm of the instructor (i.e. instructor), student's amount and type
 of thinking (i.e. intellectual stimulation), and how demanding a course is
 (i.e. demand level). Students applied the same quality standards
 consistently across courses regardless of the class size and the title,
 degree and position of the instructor. However, elective courses valued
 more favourably. The most important course attribute is the instructor,
 intellectual stimulation is the close second, and demand level has a
 negative impact on the value of a course. Yet, having found that
 intellectual stimulation's positive contribution is much bigger than the
 negative impact of demand level, the following emerges as an important
 yard stick for increasing the value of a course: as long as intellectual
 stimulation level gets higher, students are willing to put more time into
 a course. 
Journal: Applied Economics Letters 
Pages: 493-496 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033238 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033238&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Vicente 
Author-X-Name-First: Juan 
Author-X-Name-Last: Vicente 
Author-Name: Luis Borge 
Author-X-Name-First: Luis 
Author-X-Name-Last: Borge 
Title: Inequality and growth: inverted and uninverted U-shapes 
Abstract:
  Inequality follows different patterns along a high-income sector
 enlargement growth. Even under Kuznets' basic assumptions inequality may
 show a convex shape at the end of the process. Moreover, when some of the
 basic assumptions are removed, the inequality path may be convex along the
 whole process or display a reversal from inverted to uninverted U-shapes
 along the same process. That is why empirical studies should specify which
 process and which phase within it they are dealing with on testing
 Kuznets' hypothesis. 
Journal: Applied Economics Letters 
Pages: 497-500 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033247 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033247&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Jones 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Jones 
Author-Name: Joses Kirigia 
Author-X-Name-First: Joses 
Author-X-Name-Last: Kirigia 
Title: The determinants of the use of alternative methods of contraception among South African women 
Abstract:
  The objectives of this study are: (a) to estimate the impact of women's
 socioeconomic and access characteristics on the choice of specific
 contraceptive methods; and (b) to identify the wider determinants of
 family planning behaviour that warrant attention in the policy-making
 process. A multinominal logit model is estimated using crosssectional data
 from the South African National Household Survey of Health Inequalities in
 1994. 
Journal: Applied Economics Letters 
Pages: 501-504 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033256 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033256&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Turner 
Author-X-Name-First: Paul 
Author-X-Name-Last: Turner 
Title: Aggregate advertising, sales volume and relative prices in the long run 
Abstract:
  This paper examines the relationship between advertising expenditures,
 sales and the cost of advertising using annual UK data over the period
 1967-1997. Strong evidence is found for the existence of a cointegrating
 relationship between real advertising expenditures, sales volumes, goods
 prices and the cost of advertising messages. Error correction models fit
 the data well although the estimated price elasticities are not consistent
 with the equilibrium relationship derived from the Dorfman-Steiner
 equilibrium condition with a Cobb-Douglas demand function. 
Journal: Applied Economics Letters 
Pages: 505-508 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033265 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033265&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dodo Thampapillai 
Author-X-Name-First: Dodo 
Author-X-Name-Last: Thampapillai 
Title: Willingness to pay and willingness to accept: a simple conceptual exposition 
Abstract:
  A simple explanation within the theory of indifference curves is offered
 for the experimental observations concerning the disparity between
 willingness to pay (WTP) and willingness to accept (WTA). Following
 Morrison's evidence, this explanation rests largely on the endowment
 effect. Two demand curves which are distinguished in terms of WTP and WTA
 are derived. 
Journal: Applied Economics Letters 
Pages: 509-511 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033274 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033274&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Title: Socially optimal cost-reducing R&D with product durability 
Abstract:
  Socially optimal cost-reducing R&D with product durability is studied.
 Results show that the first period optimal R&D and output with durability
 exceed the respective levels without durability. The second period R&D and
 output are identical to the no durability case. 
Journal: Applied Economics Letters 
Pages: 513-515 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033283 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033283&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Flavia Terr Ibile 
Author-X-Name-First: Flavia Terr 
Author-X-Name-Last: Ibile 
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: The endogeneity of tariffs in Italy, 1890-1969 
Abstract:
  The theory of tariff endogeneity suggests that tariffs are influenced by
 macroeconomic disturbances. The paper tests a simple endogenous tariff
 model for Italy applying cointegration techniques to time-series data for
 the period 1890-1969. It is found that the average tariff level is
 cointegrated with industrial production, consumer prices, the terms of
 trade and the foreign trade balance (as a percentage of GNP) and that
 tariff setting has responded to disturbances in these variables. In
 particular, tariffs appear to have been raised in response to low output
 growth, increases in the terms of trade and a deteriorating foreign trade
 balance, and reduced in response to higher inflation. 
Journal: Applied Economics Letters 
Pages: 517-520 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033292 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033292&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Comparing dynamic efficiency using a two-stage model 
Abstract:
  Dynamic efficiency of firms involves both optimal investments over time
 and optimal operating costs in the short run. These two stages are
 separately but sequentially analysed to compare different firms in an
 industry using a Pareto optimality criterion. 
Journal: Applied Economics Letters 
Pages: 521-523 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033300 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033300&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Teresa Garin-Munoz 
Author-X-Name-First: Teresa 
Author-X-Name-Last: Garin-Munoz 
Author-Name: Teodosio Perez Amaral 
Author-X-Name-First: Teodosio Perez 
Author-X-Name-Last: Amaral 
Title: An econometric model for international tourism flows to Spain 
Abstract:
  The reported study measures the impact of the economic determinants of
 the international demand for tourist services in Spain. A panel data set
 of seventeen countries over the period 1985-1995 is used. By using
 appropriate panel data techniques the effects of real per capita income,
 exchange rates and real prices on the demand for Spanish tourist services.
 The estimated elasticities are +1.40, +0.50, and -0.30, respectively. The
 negative effect of the Gulf War is also detected, with a coefficient of
 -0.15. These results are comparable to previous empirical studies for
 other countries. 
Journal: Applied Economics Letters 
Pages: 525-529 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033319 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033319&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Iris Yeung 
Author-X-Name-First: Iris 
Author-X-Name-Last: Yeung 
Author-Name: Nelson Chiu 
Author-X-Name-First: Nelson 
Author-X-Name-Last: Chiu 
Title: An outlier analysis of the Hong Kong stock market index 
Abstract:
  The joint estimation procedure of Chen and Liu was applied to the 1997
 daily Hong Kong stock market index data for outlier detection and model
 estimation. The results indicate that the handover of Hong Kong's
 sovereignty to China on 30 June 1997 seems to have had no effect on the
 index. The 14 outliers found during the period 2 January to 5 December
 1997 are all related to economic events. 
Journal: Applied Economics Letters 
Pages: 531-534 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033328 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033328&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Owyong 
Author-X-Name-First: David 
Author-X-Name-Last: Owyong 
Title: Measuring the trickle-down effect: a case study on Singapore 
Abstract:
  The present paper examines the 'trickle-down' effect, which is the
 diffusion of economic gains from the rich to the poor when the economy
 expands. While many studies in the literature attempt to measure the
 extent of trickling-down in different countries, the speed of this
 trickle-down effect has largely been ignored. This paper proposes a method
 to measure both the extent and the speed of the trickle-down process in a
 dynamic framework. This methodology is then applied to data on Singapore,
 which serves as a good candidate to examine trickle-down effects because
 it has experienced steady economic growth during the last three decades. 
Journal: Applied Economics Letters 
Pages: 535-539 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033337 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033337&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Gibson 
Author-X-Name-First: John 
Author-X-Name-Last: Gibson 
Title: The impact of growth and distribution on poverty in Papua New Guinea 
Abstract:
  Changes in poverty in Papua New Guinea during the 1990s adjustment
 programme are analysed. Data from urban household surveys in 1986 and 1996
 are used to calculate the change in the incidence, depth and severity of
 poverty. The change in poverty rates is decomposed into distribution and
 growth components, using a methodology proposed by Datt and Ravallion.
 There was a rise in both the depth and severity of poverty in the 1990s,
 with the major contributor being the growth in inequality. 
Journal: Applied Economics Letters 
Pages: 541-544 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033346 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033346&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ping Wang 
Author-X-Name-First: Ping 
Author-X-Name-Last: Wang 
Title: Testing PPP for Asian economies during the recent floating period 
Abstract:
  The validity of purchasing power parity (PPP) is examined between seven
 Asian countries and the US during the flexible exchange rate period, in
 the framework of the Johansen cointegration approach with and without
 restrictions of the PPP parameters. It is found that a long-run comovement
 exists between the nominal exchange rate and the prices, but the PPP
 vector does not exist in the cointegration space and the nominal exchange
 rate and domestic and foreign prices do not move one by one as implied by
 the theoretical PPP. 
Journal: Applied Economics Letters 
Pages: 545-548 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033355 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033355&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Seasonal adjustment and cointegrating relationships: consumption and income 
Abstract:
  The cointegrated nature of UK consumption and income is examined using
 'official' seasonally adjusted data and data which have been seasonally
 adjusted using an alternative well-established method. It is found that
 the presence of cointegrating relationship is dependent upon the method of
 adjustment used, a result reflecting the warnings of Wallis (Journal of
 the American Statistical Association, 63, 18-31, 1974). This result has
 major implications given the plethora of cointegration studies conducted
 using seasonally adjusted data. 
Journal: Applied Economics Letters 
Pages: 549-551 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033364 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033364&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bradley Ewing 
Author-X-Name-First: Bradley 
Author-X-Name-Last: Ewing 
Author-Name: Cynthia Lay Harter 
Author-X-Name-First: Cynthia Lay 
Author-X-Name-Last: Harter 
Title: Co-movements of Alaska North Slope and UK Brent crude oil prices 
Abstract:
  In order to study the inter-relationships of international crude oil
 markets, empirical analyses are used to investigate univariate and
 multivariate relationships between Alaska North Slope and UK Brent oil
 prices. Using monthly data from the period 1974-1996, the results show
 that both price series follow a random walk and that these oil markets
 share a long-run common trend. The empirical results suggest that the two
 markets are 'unified'. That is, they are competitive, and there is price
 convergence in the markets. 
Journal: Applied Economics Letters 
Pages: 553-558 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033373 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033373&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fahim Al-Marhubi 
Author-X-Name-First: Fahim 
Author-X-Name-Last: Al-Marhubi 
Title: Export diversification and growth: an empirical investigation 
Abstract:
  Using recent theories of growth, this paper presents empirical evidence
 that export diversification promotes economic growth. This result is
 robust to different specifications of the growth equations and different
 measures of export diversification. In developing countries, export
 diversification is associated also with higher investment rates. 
Journal: Applied Economics Letters 
Pages: 559-562 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059005 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059005&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. F. Darrat 
Author-X-Name-First: A. F. 
Author-X-Name-Last: Darrat 
Author-Name: M. K. Hsu 
Author-X-Name-First: M. K. 
Author-X-Name-Last: Hsu 
Author-Name: M. Zhong 
Author-X-Name-First: M. 
Author-X-Name-Last: Zhong 
Title: Testing export exogeneity in Taiwan: further evidence 
Abstract:
Journal: Applied Economics Letters 
Pages: 563-567 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059014 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059014&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Uma Kambhampati 
Author-X-Name-First: Uma 
Author-X-Name-Last: Kambhampati 
Title: Industry competitiveness: leadership identity and market shares 
Abstract:
  Industry competitiveness is analysed by considering the stability of
 leadership positions across industries over time. Unlike earlier studies
 of competition which have concentrated solely on market shares the paper
 begins by establishing the significance of both the changes in market
 shares and the identity of market leaders in reflecting industry
 competitiveness. To do this, the identity, and market shares, of industry
 leaders is mapped out, across 11 years and 32 industries in India. It was
 found that market leaders are very stable in 12 industries but are
 relatively less stable in 20 industries. When they are stable, market
 shares are an adequate reflection of competitiveness but when they are
 not, leadership identity also becomes significant. A dummy variable of
 proxy for leadership stability is then constructed. Modelling leadership
 stability using this proxy, it was found that industry profitability,
 economies of scale and industry growth are all significant determinants. 
Journal: Applied Economics Letters 
Pages: 569-573 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059023 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059023&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuji Honjo 
Author-X-Name-First: Yuji 
Author-X-Name-Last: Honjo 
Title: Business failure of new software firms 
Abstract:
  This paper investigates business failure of newly-established software
 firms. Using a proportional hazards model, we estimate the determinants of
 business failure among software firms in Japan founded during 1986-1995.
 The main findings of this paper are as follows. First, software firms with
 sufficient size or paid-up capital are less likely to fail. Secondly,
 vertical integration increases the probability of failure. Thirdly,
 manager's attributes, such as age, affect the probability of failure.
 Finally, local agglomeration increases the probability of failure, while
 macroeconomic growth decreases the probability. 
Journal: Applied Economics Letters 
Pages: 575-579 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mudit Kulshreshtha 
Author-X-Name-First: Mudit 
Author-X-Name-Last: Kulshreshtha 
Author-Name: Barnali Nag 
Author-X-Name-First: Barnali 
Author-X-Name-Last: Nag 
Title: Some methodological comments on 'Public investment and private capital formation in a vector error-correction model of growth' by K. H. Ghali 
Abstract:
  The note comments on the application of Granger non-causality tests of
 short-run vector error correction models as attempted by Ghali. It is
 noted that when the dimension of VAR is greater than two, block Granger
 causality needs to be performed, and that checking variable to variable
 causality has little meaning in multivariate context as the covariance
 matrix is positive definite. It is also noted that identification of
 cointegrating relationships does not provide information on short-run
 structural relationships, which requires modelling of contemporaneous
 innovations. 
Journal: Applied Economics Letters 
Pages: 581-583 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059041 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059041&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sam Cameron 
Author-X-Name-First: Sam 
Author-X-Name-Last: Cameron 
Author-Name: Andy Thorpe 
Author-X-Name-First: Andy 
Author-X-Name-Last: Thorpe 
Title: Human capital investment in agricultural communities: lessons from Honduras 
Abstract:
  A recent paper by Bedi and Gaston, in estimating the returns to
 endogenous education in Honduras, examined the determinants of educational
 attainment through the use of official government statistics. This letter
 seeks to corroborate their findings using independently collected data and
 a wider selection of explanatory variables. A binary logit function is
 estimated using a sample of 424 rural-based individuals who have completed
 secondary schooling. Results, which indicate the predominance of economic
 factors (income and wealth) over social factors (gender, household
 structure, relationship with, or membership of, rural-based organizations)
 in the educational investment decision, offer some qualified support to
 the findings of Bedi and Gaston. 
Journal: Applied Economics Letters 
Pages: 585-589 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059050 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059050&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Author-Name: Akira Tokihisa 
Author-X-Name-First: Akira 
Author-X-Name-Last: Tokihisa 
Title: Seasonal integration and Japanese aggregate data 
Abstract:
  The presence of seasonal integration in Japanese macro data is tested.
 The targeted variables are real values and deflators for GDP, consumption,
 investment, government expenditure, exports, and imports. First, with
 respect to seasonality, an entirely different conclusion is obtained for
 the real values and the deflators of the data series examined. Second, it
 is clear that there is a difference between the analytical results
 obtained when a structural break is considered and those obtained when a
 structural break is not considered. 
Journal: Applied Economics Letters 
Pages: 591-594 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059069 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059069&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James MacGee 
Author-X-Name-First: James 
Author-X-Name-Last: MacGee 
Author-Name: Weiqiu Yu 
Author-X-Name-First: Weiqiu 
Author-X-Name-Last: Yu 
Title: The behaviour of productivity growth rates and composition bias in the labour input 
Abstract:
  The conventionally calculated Solow residual has been used as a measure
 of exogenous productivity shocks that contribute to the business cycle.
 However, recently this residual has been shown to be endogenous and has
 led to the conclusion that the aggregate economy is characterized by
 increasing returns to scale and imperfect competition. Another hypothesis
 is that the Solow residual may fail to be exogenous due to measurement
 errors in labour and capital. Using an efficiency hours series corrected
 for the composition bias in the labour force and a capital series adjusted
 for capacity utilization for Canada, it was found that adjusting the Solow
 residual for cyclical variations in labour and capital inputs over the
 business cycle re-establishes exogeneity of productivity shocks. 
Journal: Applied Economics Letters 
Pages: 595-598 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059078 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059078&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Apergis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Apergis 
Author-Name: Konstantinos Katrakilidis 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Katrakilidis 
Author-Name: Nicholas Tabakis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Tabakis 
Title: Current account deficit sustainability: The case of Greece 
Abstract:
  The objective of this paper is to investigate the sustainability of the
 current account deficit in Greece over the 1960-1994 period. The empirical
 analysis makes use of various unit root and cointegration tests which
 allow for structural breaks. The results provide evidence in favour of the
 sustainability of the current account deficit and against a required (and
 unnecessary) devaluation of the drachma. 
Journal: Applied Economics Letters 
Pages: 599-603 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059087 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059087&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Gibson 
Author-X-Name-First: John 
Author-X-Name-Last: Gibson 
Title: The impact of growth and distribution on poverty in Papua New Guinea 
Abstract:
  Changes in poverty in Papua New Guinea during the 1990s adjustment
 programme are analysed. Data from urban household surveys in 1986 and 1996
 are used to calculate the change in the incidence, depth and severity of
 poverty. The change in poverty rates is decomposed into distribution and
 growth components, using a methodology proposed by Datt and Ravallion.
 There was a rise in both the depth and severity of poverty in the 1990s,
 with the major contributor being the growth in inequality. 
Journal: Applied Economics Letters 
Pages: 605-607 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Author-Name: Hamid Beladi 
Author-X-Name-First: Hamid 
Author-X-Name-Last: Beladi 
Title: On the extinction of species in jointly determined stochastic systems 
Abstract:
  The sizeable literature on extinction in economics has paid scant
 attention to the problem of constructing measures of species extinction.
 Moreover, this literature has not studied the question of species
 extinction in stochastic systems that are jointly determined.
 Consequently, the objective of this paper is to use probability theory to
 construct a measure of species extinction in jointly determined
 ecological-economic systems. 
Journal: Applied Economics Letters 
Pages: 609-612 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Author-Name: Yuriko Imamura 
Author-X-Name-First: Yuriko 
Author-X-Name-Last: Imamura 
Title: International transmission of stock prices among G7 countries: LA-VAR approach 
Abstract:
  The reported study analysed interdependence among stock prices in G7
 countries using the LA-VAR method. Monthly data for the period from
 December 1969 to May 1995 were used and stock prices were analysed not
 only in local currencies but also in US dollars. The study revealed that
 the causal relationship between US stock prices and those in the rest of
 the world is significant. This may be due to the dominant influence of the
 US economy on the world market. 
Journal: Applied Economics Letters 
Pages: 613-618 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059113 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059113&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsung Wu Ho 
Author-X-Name-First: Tsung Wu 
Author-X-Name-Last: Ho 
Title: Regime-switching investment-saving correlation and international capital mobility 
Abstract:
  International capital mobility in Taiwan is tested by estimating the
 regime-switching investment-saving correlation. A Markov-switching model
 is applied which allows the samples to be drawn from two different
 regimes; high mobility and low mobility. Empirical results are
 investigated and specifications tests are performed. 
Journal: Applied Economics Letters 
Pages: 619-622 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059122 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059122&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Piyash Tiwari 
Author-X-Name-First: Piyash 
Author-X-Name-Last: Tiwari 
Title: Mortgage termination due to prepayments in India 
Abstract:
  Mortgage termination due to prepayment is an important issue in the
 pricing of mortgage and mortgage-backed securities (MBS) due to its
 stochastic nature. In developing countries where MBS is not yet fully
 developed, mortgage termination affects the flow of funds to the lenders.
 Recent literature has used option price models (OPM) to analyse
 prepayments. Prepayment is a 'call option' whose price is dependent on
 fluctuation in market interest rates. However, the termination of mortgage
 in housing is not as 'ruthless' as OPM theory would suggest, primarily
 because households are not financiers in a 'strict sense'. Recent
 literature has used the Cox proportional hazard model to model mortgage
 termination. The idea is that other household-related variables besides
 option price of the instrument jointly determine the mortgage termination.
 The Cox proportional hazard model is used to analyse prepayment of
 mortgage behaviour in India. The results indicate that financial concerns
 (like option price, loan to value ratio and monthly principal and interest
 to income ratio) are important determinants besides household
 characteristics. Self- employed or low educated or single borrowers have
 less probability of prepaying the loan. An important variable inducing
 prepayment is irregular repayment behaviour of borrower. If loan repayment
 is in arrears for some months, borrowers often terminate their liability
 by prepaying. 
Journal: Applied Economics Letters 
Pages: 623-628 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: V. V. Bhanoji Rao 
Author-X-Name-First: V. V. Bhanoji 
Author-X-Name-Last: Rao 
Author-Name: Shandre Mugan Thangavelu 
Author-X-Name-First: Shandre Mugan 
Author-X-Name-Last: Thangavelu 
Title: Do poor countries tend to grow faster than rich countries? 
Abstract:
  The observation by Barro that cross-country evidence is inconsistent with
 the hypothesis that poor countries tend to grow faster than rich countries
 is examined. The overall sample of countries employed in the Barro studies
 is adjusted by excluding those with small sample sizes (less than 15
 observations) and/or those with not statistically significant trend growth
 rates. It is found that, in general, poor countries tend to grow faster
 than rich countries. However, this observation holds especially strongly
 for 17 countries with real per capita product above $1000. 
Journal: Applied Economics Letters 
Pages: 629-632 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500415905 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500415905&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ali Darrat 
Author-X-Name-First: Ali 
Author-X-Name-Last: Darrat 
Title: Are budget deficits inflationary? A reconsideration of the evidence 
Abstract:
  This paper returns to the issue of whether high budget deficits have had
 any inflationary consequences in Greece. In a recent paper, Hondroyiannis
 and Papapetrou (1997) report results denying any direct impact of the
 deficit on inflation. It is shown here that their evidence lacks weight
 owing to several modelling and estimation problems. Upon rectifying these
 problems, the results consistently suggest that, besides money growth,
 budget deficits have also played a significant and direct role in the
 Greek inflationary process. Thus, efforts to curtail budget deficits in
 Greece as required by the EMU should also prove useful in mitigating
 inflationary pressures. 
Journal: Applied Economics Letters 
Pages: 633-636 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500415914 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500415914&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Brian Lucey 
Author-X-Name-First: Brian 
Author-X-Name-Last: Lucey 
Title: Anomalous daily seasonality in Ireland? 
Abstract:
  Substantial evidence exists to indicate that a negative Monday, or in
 some case Tuesday, mean return is achieved by stock market indices. In
 contrast to these and to previous Irish studies, this paper finds that
 there is no negative Monday or Tuesday return, there being a persistent
 and positive Wednesday return. This is seen across two indices and over a
 number of sub-periods. It is also seen, using a GARCH-M specification,
 that this 'Wednesday effect' cannot be attributed to systemic daily
 variation in risk. 
Journal: Applied Economics Letters 
Pages: 637-640 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500415923 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500415923&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Pippenger 
Author-X-Name-First: Michael 
Author-X-Name-Last: Pippenger 
Author-Name: Gregory Goering 
Author-X-Name-First: Gregory 
Author-X-Name-Last: Goering 
Title: Additional results on the power of unit root and cointegration tests under threshold processes 
Abstract:
  Recently researchers have begun to develop methods to detect stationarity
 or cointegration when the underlying error correction process follows a
 threshold model. In the context of one type of threshold model, Pippenger
 and Goering found that the power of unit root or cointegration tests decay
 substantially under many economically relevant parameterization. However,
 in a recent article Balke and Fomby conclude that linear tests work
 'reasonably well when threshold cointegration is present' and based on
 these findings propose a modelling methodology under threshold
 cointegration. This study examines the threshold processes they analysed
 under a wide range of parameterizations and finds that linear unit root
 and cointegration tests display relatively low power even under large
 sample sizes. Hence, contrary to Balke and Fomby linear cointegration
 tests appear to be an inappropriate test under threshold cointegration. 
Journal: Applied Economics Letters 
Pages: 641-644 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500415932 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500415932&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsung Wu Ho 
Author-X-Name-First: Tsung Wu 
Author-X-Name-Last: Ho 
Title: Testing the hypothesis of Phillips curve trade-off: a regime switching approach 
Abstract:
  The hypothesis of Phillips curve trade-off is tested by applying a
 two-state first-order Markov switching model to estimate a simple
 expectation-augmented Phillips curve, which allows for the possibility
 that samples are drawn from two normal distributions. Evidence from the UK
 shows that, two Phillips-curve regimes are identified, and the regime with
 ineffective trade-off dominates the other over time, which verifies the
 hypothesis. 
Journal: Applied Economics Letters 
Pages: 645-647 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500415941 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500415941&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Seasonal adjustment and the univariate testing of asymmetry 
Abstract:
  Following Holly and Stannett, a standard approach has emerged in the
 implementation of Sichel's tests of business cycle asymmetry, whereby
 seasonally adjusted data is detrended via Hodrick-Prescott filtering.
 While Speight and MacMillan have considered the impact of alternative
 methods of detrending upon these tests, the role of seasonal adjustment
 has yet to be examined. In this letter the impact of seasonal adjustment
 is examined by means of an application to durable, non-durable and
 aggregate UK consumers' expenditure. Whereas alternative means of
 detrending most noticeably effect the deepness test and its significance,
 alternative methods of seasonal adjustment are shown to primarily effect
 the steepness statistic and its size. 
Journal: Applied Economics Letters 
Pages: 649-652 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500415950 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500415950&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marc Cowling 
Author-X-Name-First: Marc 
Author-X-Name-Last: Cowling 
Title: Performance related pay in Belgium and The Netherlands 
Abstract:
  Individual worker data is used to identify which types of workers and
 firms choose PRP in Belgium and The Netherlands. The results show that
 there are significant differences across these neighbouring countries in
 terms of the workers who choose PRP systems and the firms who adopt them.
 Results support the previously identified and positive relationship
 between firm size and use of PRP. In addition, interesting differences are
 found concerning the natue of industrial relations and the use of PRP. 
Journal: Applied Economics Letters 
Pages: 653-657 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500415969 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500415969&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ziggy MacDonald 
Author-X-Name-First: Ziggy 
Author-X-Name-Last: MacDonald 
Title: The impact of under-reporting on the relationship between unemployment and property crime 
Abstract:
  There is considerable debate in the literature about the relationship
 between the economic cycle and property crime. Much of the debate centres
 on the statistical methods used to explore the importance of various
 economics factors in determining crime. This study argues that more
 attention should be paid to the process that generates the data used in
 this work. Findings indicate that the reporting rate for property crime is
 sensitive to economic conditions, but in the opposite direction to the
 sensitivity of crime itself. This suggests a disparity between the true
 rate of crime and the measured crime rate, which increases during periods
 of economic downturn. 
Journal: Applied Economics Letters 
Pages: 659-663 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500415978 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500415978&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Frykblom 
Author-X-Name-First: Peter 
Author-X-Name-Last: Frykblom 
Title: Willingness to pay and the choice of question format: experimental results 
Abstract:
  This study revisits the issue of hypothetical and actual willingness to
 pay. In two recent letters the validity of the contingent valuation method
 has been questioned. The studies include comparisons of hypothetical and
 actual economic commitments that were elicited through two different
 question formats. However, in order to attribute a difference in responses
 to a hypothetical bias, it must first be shown that the question formats
 generate equal responses under the same conditions. This letter not only
 contains the same comparison as the two recent letters, subsequent
 comparisons to investigate the question formats are also conducted. The
 rejection of equality between the two question formats raises questions
 concerning previous results. 
Journal: Applied Economics Letters 
Pages: 665-667 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500415987 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500415987&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Swarna Dutt 
Author-X-Name-First: Swarna 
Author-X-Name-Last: Dutt 
Author-Name: Dipak Ghosh 
Author-X-Name-First: Dipak 
Author-X-Name-Last: Ghosh 
Title: An empirical note on the monetary exchange rate model 
Abstract:
  The validity of the monetary approach as a model of long-run exchange
 rate determination is examined under both fixed and flexible rate regimes.
 The powerful KPSS and JJ multivariate cointegration procedures are
 sequentially applied to test the order of integration and common trends in
 the monetary model under consideration. 
Journal: Applied Economics Letters 
Pages: 669-671 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500415996 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500415996&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nabeel Al-Loughani 
Author-X-Name-First: Nabeel 
Author-X-Name-Last: Al-Loughani 
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Title: Covered interest parity and the relative effectiveness of forward and money market hedging 
Abstract:
  In this paper it is shown that obtaining equally effective forward
 hedging and money market hedging implies and is implied by the validity of
 covered interest parity. This proposition is demonstrated by constructing
 combined positions consisting of long exposures on five currencies and
 short exposures on the hedging instruments. An indirect test of CIP would
 then boil down to testing the difference between the variances of the
 rates of return on the combined positions. 
Journal: Applied Economics Letters 
Pages: 673-675 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500416003 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500416003&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles Moss 
Author-X-Name-First: Charles 
Author-X-Name-Last: Moss 
Title: Estimation of the Cobb-Douglas with zero input levels: bootstrapping and substitution 
Abstract:
  New informational technologies have led to a rebirth of interest in
 primal production functions. This study revisits the vexing question of
 the estimation of the Cobb-Douglas production function given zero input
 levels for some observations. A resampling technique is proposed that
 produces a sample with nonzero input levels. The results of the resampling
 technique are then compared with the substitution results using
 informational measures of the implied cost shares. 
Journal: Applied Economics Letters 
Pages: 677-679 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500416012 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500416012&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Lukacs 
Author-X-Name-First: Peter 
Author-X-Name-Last: Lukacs 
Title: A decomposition of price-cost margins in UK manufacturing 
Abstract:
  The paper follows a methodology developed by Schmalensee to decompose the
 time varying behaviour of price-cost margins into an intra-industry and an
 inter-industry component. By doing so light can be shed on whether
 cyclical movements in industry price-cost margins reflect industry effects
 such as concentration or collusion or firm effects such as the performance
 of large versus small firms. Findings for the UK confirm Schmalensee's for
 the US in attributing most of the variance over time to size effects
 rather than industry effects but contrary to Schmalensee the size effect
 is positive in the sample not negative. 
Journal: Applied Economics Letters 
Pages: 681-686 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500416021 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500416021&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bertrand Candelon 
Author-X-Name-First: Bertrand 
Author-X-Name-Last: Candelon 
Author-Name: Alain Hecq 
Author-X-Name-First: Alain 
Author-X-Name-Last: Hecq 
Title: Stability of activity-unemployment relationship in a codependent system 
Abstract:
  A recursive codependence analysis is proposed for investigating the
 stability of the activity-unemployment relationship. Besides some
 noticeable statistical advantages, this new method provides a more
 accurate evaluation of conjunctural employment policies. It appears that
 for most countries, the delay necessary to absorb a shock is low,
 indicating that conjunctural stabilization mechanisms and/or employment
 policies serve their purpose. 
Journal: Applied Economics Letters 
Pages: 687-693 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500416030 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500416030&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Apergis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Apergis 
Title: Employment news and exchange rates: policy implications for the European Union 
Abstract:
  The relationship between employment news and exchange rates in five
 European Union (EU) countries is investigated over the period 1980 to
 1996. The empirical evidence reveals that employment news has a negative
 impact on bilateral exchange rates with respect to the Deutschmark (DM) in
 all cases as a result of larger actual than expected employment figures. 
Journal: Applied Economics Letters 
Pages: 695-698 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500416049 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500416049&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. P. Caselli 
Author-X-Name-First: G. P. 
Author-X-Name-Last: Caselli 
Author-Name: M. Battini 
Author-X-Name-First: M. 
Author-X-Name-Last: Battini 
Title: The changing distribution of earnings in Poland from 1989 to 1996 
Abstract:
  In this paper the changing earnings distribution in Poland from 1989 to
 1996 is investigated using Gini coefficients, other economic inequality
 indicators and Generalized Lorenz Curves 
Journal: Applied Economics Letters 
Pages: 699-702 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421296 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421296&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nan-Ting Chou 
Author-X-Name-First: Nan-Ting 
Author-X-Name-Last: Chou 
Author-Name: Ramon Degennaro 
Author-X-Name-First: Ramon 
Author-X-Name-Last: Degennaro 
Author-Name: Raymond Sauer 
Author-X-Name-First: Raymond 
Author-X-Name-Last: Sauer 
Title: The efficiency of the price system: evidence from an alternative market 
Abstract:
  Most economists take it for granted that a price mechanism is usually the
 most effective means of resource allocation. This paper compares two
 methods of allocating resources in the thoroughbred racing market: a price
 mechanism and bureaucratic restrictions. It is shown that a simple price
 mechanism does a superior job of allocating racing ability than a myriad
 of conditions and restrictions set by even a highly informed expert. 
Journal: Applied Economics Letters 
Pages: 703-706 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421304 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421304&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuhin Das 
Author-X-Name-First: Tuhin 
Author-X-Name-Last: Das 
Author-Name: Rajyasri Neogy 
Author-X-Name-First: Rajyasri 
Author-X-Name-Last: Neogy 
Author-Name: Debesh Chakraborty 
Author-X-Name-First: Debesh 
Author-X-Name-Last: Chakraborty 
Title: Sustainability of marine fishing: a case study of West Bengal 
Abstract:
  The marine fishery sector in India is important not only for domestic
 demand for protein food requirements but also from the imperatives of
 exports. An increased investment in this sector has taken place during the
 last few years and the fishing fleet has expanded at a very rapid rate.
 Presently, however, marine fishers are facing difficulties in fish capture
 in spite of exerting the same and sometimes more effort. Thus the question
 of the sustainability of marine fishing arises. The sustainability of
 marine fishing in the Digha-Shankarpur coastal region has been studied
 through estimation of the maximum sustainable yield based on a simple
 bioeconomic model. WLS estimation has been done to remove heteroscedastic
 disturbances. Estimated results show that actual yields of all varieties
 are still below maximum sustainable yield (MSY) except prawn, which has
 reached near optimal levels. 
Journal: Applied Economics Letters 
Pages: 707-710 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421313 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421313&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Dowd 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Dowd 
Author-Name: Barry Harrison 
Author-X-Name-First: Barry 
Author-X-Name-Last: Harrison 
Title: The Gibson paradox and the Gold Standard: evidence from the United Kingdom, 1821-1913 
Abstract:
  The paper uses cointegration techniques and a variety of different
 price-level and interest-rate proxies to investigate the presence of the
 Gibson paradox in UK data for the period 1821-1913. Qualified evidence is
 found in favour of the paradox. 
Journal: Applied Economics Letters 
Pages: 711-713 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421322 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421322&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Robst 
Author-X-Name-First: John 
Author-X-Name-Last: Robst 
Title: Do state appropriations influence cost efficiency in public higher education? 
Abstract:
  The note has two primary purposes. The first is to extend the literature
 examining costs in higher education to a frontier cost function framework.
 The second goal is to determine whether the source of funds in public
 higher education influences the degree of efficiency Results show that
 larger university systems are more efficient than smaller university
 systems. Also, the source of funds is important as states with the lowest
 and highest share of total expenditures provided by state appropriations
 are less efficient than states in the middle of the expenditure
 distribution. 
Journal: Applied Economics Letters 
Pages: 715-719 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421331 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421331&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Further results on the detection of asymmetric adjustment in macroeconomic time series 
Abstract:
  Cook recently revisited the seminal study of Granger and Lee on
 asymmetric error correction. Formal criteria found asymmetry to be
 detected less frequently than was initially suggested by informal
 inspection. Further results on the detection of asymmetry using the
 original author's data are provided here via the application of Sichel's
 univariate techniques. The increased detection of asymmetry using these
 alternative methods emphasizes previous results on the poor performance of
 the asymmetric error correction model. 
Journal: Applied Economics Letters 
Pages: 721-724 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421340 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421340&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Learning-by-doing through knowledge capital: the case of South Korea (1971-1994) 
Abstract:
  Diffusion of knowledge capital and its impact on economic growth are
 discussed empirically for the case of South Korea (1971-1994). 
Journal: Applied Economics Letters 
Pages: 725-728 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421359 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421359&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marius Brulhart 
Author-X-Name-First: Marius 
Author-X-Name-Last: Brulhart 
Author-Name: Michael Thorpe 
Author-X-Name-First: Michael 
Author-X-Name-Last: Thorpe 
Title: Intra-industry trade and adjustment in Malaysia: puzzling evidence 
Abstract:
  The structure of Malysia's trade expansion over the high-growth period
 1970-1994 and its implications for labour-market adjustment is examined.
 An econometric analysis of trade and employment data suggests that
 intra-industry trade is related with relatively large inter-industry
 payroll changes. Results therefore cast doubt over the widely held
 smooth-adjustment hypothesis of intra-industry trade. 
Journal: Applied Economics Letters 
Pages: 729-733 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421368 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421368&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Elena Condon 
Author-X-Name-First: Maria Elena 
Author-X-Name-Last: Condon 
Author-Name: Carmen Marcuello 
Author-X-Name-First: Carmen 
Author-X-Name-Last: Marcuello 
Author-Name: Antonio Montanes 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Montanes 
Title: Are health care functions stable? An application to the Canadian and US economies 
Abstract:
  The paper examines the stability of the long-run health care expenditure
 function for the Canadian and US economies. The use of Hansen, and Gregory
 and Hansen statistics leads to rejection of the stability of both
 functions. When the instability problems are solved through the inclusion
 of some dummy variables, it is found that the estimation of income
 elasticity significantly diminishes, especially for the Canadian economy,
 in such a way that one can no longer accept health care spending to be a
 luxury good in this economy. 
Journal: Applied Economics Letters 
Pages: 735-738 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421377 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421377&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Title: Price-cap regulation and uncertain technical change 
Abstract:
  The paper studies the effect of price-cap regulation on the research
 behaviour of a regulated firm and an external developer who are pursuing
 an uncertain innovation. Contributions of this work include incorporating
 innovation uncertainty and imperfect appropriability of innovation rewards
 into the analysis. In contrast to existing literature, it is found that a
 tighter price-cap diminishes the incentives for cost-reduction. 
Journal: Applied Economics Letters 
Pages: 739-742 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421386 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421386&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Claudia Roder 
Author-X-Name-First: Claudia 
Author-X-Name-Last: Roder 
Author-Name: Roland Herrmann 
Author-X-Name-First: Roland 
Author-X-Name-Last: Herrmann 
Author-Name: John Connor 
Author-X-Name-First: John 
Author-X-Name-Last: Connor 
Title: Determinants of new product introductions in the US food industry: a panel-model approach 
Abstract:
  Economic theory suggests that market structure variables influence
 technical change, growth and new product introductions. Based on a broad
 data set for new product introductions in various food industries, it is
 elaborated in this article how market structure variables affect
 innovative activities in the US food sector. It is different from earlier
 studies in the way that cross-sectional and time-series data are combined
 and panel data models are used in the econometric analysis. A major result
 is that new product introductions are driven by market structure variables
 and industry-specific characteristics, i.e. fixed effects. A significant
 determinant of new food product introductions is the concentration ratio
 which affects the number of innovations in a nonlinear form. The
 fixed-effects estimates reveal a U-type effect of concentration on
 innovations. Furthermore, the number of firms, the degree of existing
 product differentiation and the size of a market show a positive influence
 on the number of innovations. From a methodological point of view, plain
 OLS models yield biased results on the concentration-innovation linkage
 and on the relationship between the size of a market and innovations.
 Therefore, it is very important to include sector-specific characteristics
 as is done in the fixed-effects models. 
Journal: Applied Economics Letters 
Pages: 743-748 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421395 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421395&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rand Ressler 
Author-X-Name-First: Rand 
Author-X-Name-Last: Ressler 
Title: Is offering a degree in law an effective strategy for increasing state educational appropriations? 
Abstract:
  This paper examines the relationship between universities which house law
 schools and appropriations per student. Specifically, it is hypothesized
 that universities with law schools will have higher state appropriations,
 other things the same, because these universities are likely to have more
 alumni in the state legislature. This argument is supported by both
 Ordinary Least Squares and Two Stage Least Squares analysis. 
Journal: Applied Economics Letters 
Pages: 749-753 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421403 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421403&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cristina Del Rio 
Author-X-Name-First: Cristina Del 
Author-X-Name-Last: Rio 
Author-Name: Rafael Santamaria 
Author-X-Name-First: Rafael 
Author-X-Name-Last: Santamaria 
Title: Empirical regularities for the currencies of European monetary system during the 1976-1993 period 
Abstract:
  Empirical evidence about the behaviour of the exchange rates in terms of
 the US Dollar (USD) has shown different regularities (autocorrelation,
 daily seasonality, heteroscedasticicity, long memory). In this sense, we
 are interested in analysing the regularities that can be found in the
 behaviour of the European currencies in terms of Deutsche Mark (DEM)
 specifically those related to the mean because they could lead to the
 design of potentially exploitable strategies. The hypothesis is that the
 existence of a monetary system, which operates with bands around the
 bilateral central rate, can have an important influence on the behaviour
 of the exchange rates. Thus daily prices of four foreign currencies
 (French Franc (FRF), British Pound (GBP), Italian Lira (ITL) and Spanish
 Peseta (ESP)) are analysed over the period from 1 January 1976 to 31
 December 1993. The results have confirmed a previous hypothesis. 
Journal: Applied Economics Letters 
Pages: 755-764 
Issue: 12 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500444750 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500444750&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Madden 
Author-X-Name-First: David 
Author-X-Name-Last: Madden 
Title: Towards a broader explanation of male-female wage differences 
Abstract:
  Most analyses of wage discrimination have followed the traditional
 Blinder-Oaxaca decomposition of wage differences into endowment and
 discrimination components. This approach has neglected the possibility of
 wage discrimination at point of entry to the labour market and also the
 issue of selectivity bias. Using some recently developed techniques of
 Neumann and Oaxaca this paper decomposes male-female wage differences
 taking account of discrimination in terms of access to the labour market
 and also selectivity bias. It finds considerable evidence of
 discrimination at point of entry but that discrimination owing to
 selectivity bias is minimal. 
Journal: Applied Economics Letters 
Pages: 765-770 
Issue: 12 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500444769 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500444769&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Title: Uncertain central bankers' preferences: some implications of multiplicative versus additive uncertainty 
Abstract:
  In this note the implications of modelling uncertainty in the parameters
 of the central banks loss function are examined in a multiplicative rather
 than additive manner. The implications for expected inflation, linear
 inflation contracts and targets are derived. 
Journal: Applied Economics Letters 
Pages: 771-773 
Issue: 12 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500444778 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500444778&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Quentin Wodon 
Author-X-Name-First: Quentin 
Author-X-Name-Last: Wodon 
Title: Low income energy assistance and disconnection in France 
Abstract:
  Electricite de France, the French monopoly provider of electricity, has
 been testing a number of new policy instruments to avoid disconnection
 among its low income customers. This paper uses decentralization, a common
 feature of social programmes, to identify the impact of Electricite de
 France's energy assistance programmes on the probability of disconnection
 for households with difficulties of payment. Naive estimates of programme
 impact are shown to be seriously biased. 
Journal: Applied Economics Letters 
Pages: 775-779 
Issue: 12 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500444787 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500444787&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gabrielle Berman 
Author-X-Name-First: Gabrielle 
Author-X-Name-Last: Berman 
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Author-Name: Sinclair Davidson 
Author-X-Name-First: Sinclair 
Author-X-Name-Last: Davidson 
Title: The Sydney Olympic Games announcement and Australian stock market reaction 
Abstract:
  On 23 September 1993 the International Olympic Committee announced that
 Sydney would host the 2000 Olympic Games. Given the keen competition
 between rival cities bidding for the Olympics it could be argued that the
 winning city anticipates economic benefits to accrue from hosting the
 games. To the extent that this is valid, some stock market reaction may be
 found to the Olympic announcement. Testing the hypothesis for Australia
 the following results are found. First no overall impact on the stock
 market is found. Second, only a limited number of industries portfolios
 show a significant positive impact to the Olympic games announcement.
 Specifically the industry portfolios are: building materials, developers
 and contracts, engineering and miscellaneous services. This is consistent
 with the economic boost for the Olympics being in infrastructure and
 development and thus in the general building and construction sector.
 Third the results clearly demonstrate that for the industries where there
 was a significant positive stock market reaction to the Olympic Games
 announcement, that significant positive stock market reaction is confined
 to stocks based in the state which will host the games, New South Wales. 
Journal: Applied Economics Letters 
Pages: 781-784 
Issue: 12 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500444796 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500444796&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marc Cowling 
Author-X-Name-First: Marc 
Author-X-Name-Last: Cowling 
Title: Are entrepreneurs different across countries? 
Abstract:
  Results show that there are significant differences across countries in
 terms of who becomes an entrepreneur. In particular age, gender and
 education were found to be key variables, although the nature and strength
 of the relationship varies considerably across countries. It was concluded
 that entrepreneurs are not a homogenous group in the EU. 
Journal: Applied Economics Letters 
Pages: 785-789 
Issue: 12 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500444804 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500444804&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tatsuyoshi Miyakoshi 
Author-X-Name-First: Tatsuyoshi 
Author-X-Name-Last: Miyakoshi 
Title: The monetary approach to the exchange rate: empirical observations from Korea 
Abstract:
  This note re-examines the flexible-price monetary approach to the
 exchange rate between the Korean won and the three key currencies: the US
 dollar, the German mark and the Japanese yen. The note reports the
 important findings. First, at least one cointegrating vector exists, which
 indicates that an unrestricted flexible-price monetary model is a valid
 framework for analysing the long run exchange rate. Second, it is found
 that some popular monetary restrictions on this model are valid for the
 Korean won-German mark rate and the Korean won-Japanese yen rate:
 especially all variables in the model are correctly signed and mostly
 statistically significant for the Korean won-German mark rate. 
Journal: Applied Economics Letters 
Pages: 791-794 
Issue: 12 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500444813 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500444813&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Darren Butterworth 
Author-X-Name-First: Darren 
Author-X-Name-Last: Butterworth 
Author-Name: Phil Holmes 
Author-X-Name-First: Phil 
Author-X-Name-Last: Holmes 
Title: Mispricing in stock index futures contracts: evidence for the FTSE 100 and FTSE mid 250 contracts 
Abstract:
  This paper investigates the pricing efficiency of the FTSE 100 and FTSE
 mid 250 index futures contracts traded in the UK. The results show that
 while there are many deviations from fair value, these are generally quite
 small in magnitude with both contracts tending to be efficiently priced.
 Although mispricings are larger and more persistent for the mid 250
 contract than for the FTSE 100 contract, this is consistent with the
 larger transactions costs and difficulties associated with trading the
 illiquid constituents of the mid 250 index. 
Journal: Applied Economics Letters 
Pages: 795-801 
Issue: 12 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500444822 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500444822&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ali Darrat 
Author-X-Name-First: Ali 
Author-X-Name-Last: Darrat 
Title: Monetary stability and interest-free banking revisited 
Abstract:
  This paper revisits the issue of the efficiency of the Islamic
 interest-free banking system. Recently, Yousefi et al. (1997) used a
 testing methodology proposed in Darrat (1988) and claimed that the
 evidence does not support interest-free banking in the case of Iran.
 However, by their own admission, the empirical results they report are
 consistent with the superiority of interest-free over interest-based
 banking system in Iran, in three out of the four operational criteria
 used. Only over one criterion, the monetary aggregate/price link, do
 Yousefi et al.'s results appear in conflict with the efficiency of the
 Islamic banking system. On this score too, it is shown that their
 'evidence' is in doubt due to the possibility of significant specification
 errors. Once these errors are corrected, the results seem unanimous in
 their support of the efficiency of interest-free banking system in Iran. 
Journal: Applied Economics Letters 
Pages: 803-806 
Issue: 12 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500444831 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500444831&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guang Hua Wan 
Author-X-Name-First: Guang Hua 
Author-X-Name-Last: Wan 
Title: Decomposing changes in the Gini index by factor components 
Abstract:
  Changes in inequality as measured by the Gini index are decomposed into
 structural effects, real inequality effects and interactive effects. In
 light of such a decomposition, a refined version of the Kuznets hypothesis
 is proposed. 
Journal: Applied Economics Letters 
Pages: 1-3 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041187 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041187&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul McGuinness 
Author-X-Name-First: Paul 
Author-X-Name-Last: McGuinness 
Title: Ex-day effects for rights issues in Hong Kong 
Abstract:
  In a fair/efficient market, the ex-adjustment in a rights offering should
 ensure that trading strategies around this date yield zero returns on
 average (after netting out market movements and transaction costs). This
 adjustment is assessed in this paper for one particular market - Hong Kong
 - which, a priori, offers a clearer picture of ex-adjustments given the
 general absence of market frictions (notably income and capital gains on
 locally-consummated share transactions). The analysis generally confirms
 an efficient adjustment process and also shows that perturbations from
 this correlate positively with the proportionate increase in the nominal
 share capital of the issuer, stemming from the rights issue. 
Journal: Applied Economics Letters 
Pages: 5-7 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041196 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041196&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Carey 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Carey 
Title: Inflation pressure and European unemployment 
Abstract:
  While the recent failure of unemployment to fall in many OECD economies
 is often attributed to labour market rigidities, there is a strong
 cross-sectional correlation between changes in unemployment since the last
 recession and changes in inflation over the same period (1993-1997).
 Furthermore, this linkage is dominated by the influence of initial (i.e.
 1993) inflation. This can be interpreted in terms of two effects:
 countries with higher 1993 inflation had less scope for relaxation of
 monetary policy, and may have experienced larger increases in expected
 inflation. These inflation pressure effects in turn are related to the EMU
 inflation convergence criteria. 
Journal: Applied Economics Letters 
Pages: 9-13 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041204 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041204&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: The Kuznets inverted-U hypothesis: panel data evidence from 96 countries 
Abstract:
  Regression results from a panel data set of high-quality comparable data
 on Gini coefficients, income quintiles and real GDP per capita in 96
 countries over the postwar period, suggest that the relation between
 income inequality and development corresponds to an inverted-U, as
 hypothesized by Kuznets. 
Journal: Applied Economics Letters 
Pages: 15-16 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041213 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041213&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Title: Uncertain central bankers preferences: some implications of multiplicative versus additive uncertainty 
Abstract:
  In this note the implications of modelling uncertainty in the parameters
 of the central banks loss function in a multiplicative rather than
 additive manner are examined. The implications for expected inflation,
 linear inflation contracts and targets are derived. 
Journal: Applied Economics Letters 
Pages: 17-20 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041222 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041222&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Schmidt 
Author-X-Name-First: Martin 
Author-X-Name-Last: Schmidt 
Title: Competition in Major League Baseball: the impact expansion 
Abstract:
  Numerous empirical studies of competition within Major League Baseball
 (MLB) have highlighted the recent rise in competitive balance. While most
 explanations for the increased competitiveness have revolved around the
 establishment of the amateur draft or the introduction of free agency, the
 present paper maintains that the movement towards increased competition
 occurred much earlier. In particular, it is an outgrowth of the move to
 expand beyond the original 16 teams. The results from estimating the
 time-series behaviour of competitive balance within the two leagues
 suggests that the movement toward greater competitive balance occurred
 quickly after the two leagues began expanding. Finally, rather than use
 the conventional standard deviation measure for competitive balance, the
 present paper incorporates a more traditional measure of inequity, the
 Gini coefficient. 
Journal: Applied Economics Letters 
Pages: 21-26 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041231 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041231&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Bergman 
Author-X-Name-First: Michael 
Author-X-Name-Last: Bergman 
Title: Testing government solvency and the No Ponzi Game condition 
Abstract:
  The paper derives new conditions for government solvency. It is shown
 that the No Ponzi Game condition is satisfied when government debt is
 integrated of any finite order but not when government debt is an
 explosive process. 
Journal: Applied Economics Letters 
Pages: 27-29 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041240 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041240&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Ferris 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Ferris 
Author-Name: Murali Jagannathan 
Author-X-Name-First: Murali 
Author-X-Name-Last: Jagannathan 
Title: The incidence and determinants of multiple corporate directorships 
Abstract:
  Contrary to the concerns of the Council of Institutional Investors and
 other shareholder activists, it is reported that the incidence of multiple
 board memberships appointments by corporate directors is low, with only 4%
 of the sample holding three or more seats. It is found that directors in
 regulated industries hold fewer board memberships than those in
 unregulated businesses. Firm size, board size, firm performance and
 corporate growth opportunities positively influence the number of
 directorships held by individual directors. It is further discovered that
 increased equity ownership of the firm by the board is associated with
 fewer external appointments by the board members. It is concluded that
 proposals to limit the number of directorships held by an individual may
 be ill-advised. 
Journal: Applied Economics Letters 
Pages: 31-35 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041259 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041259&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Seaton 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Seaton 
Title: Bargaining versus non-cooperation; transaction costs within marriage 
Abstract:
  Household labour supply models, which assume separate utility functions
 for the two principle household members, can be categorized as either
 non-cooperative or Pareto efficient bargaining games. In this paper a
 revealed preference non-parametric test is applied to UK family
 expenditure data to determine why some data observations are consistent
 with a Pareto efficient outcome. The empirical findings support the view
 that there are costs of bargaining within marriage and that they are
 typically related to the cost of female time. The implication being that
 as the cost of female time increases so do the transaction costs
 associated with a bargaining outcome. 
Journal: Applied Economics Letters 
Pages: 37-41 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041268 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041268&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Massimo Filippini 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Filippini 
Title: Economies of scale in the Swiss nursing home industry 
Abstract:
  The paper examines costs in the Swiss nursing home industry, an issue of
 concern to Swiss policy makers because of the explosion of elderly care
 costs and the ageing of the population. The paper considers estimation of
 a translog cost function employing panel data for a sample of 36 nonprofit
 nursing homes operating in Ticino, a canton of Switzerland, over the
 period 1993-1995. Using a set of dummy variables quality differences are
 considered. The results of this analysis indicate the existence of
 economies of scale for most output levels. 
Journal: Applied Economics Letters 
Pages: 43-46 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041277 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041277&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Abbott 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Abbott 
Author-Name: Adrian Darnell 
Author-X-Name-First: Adrian 
Author-X-Name-Last: Darnell 
Author-Name: Lynne Evans 
Author-X-Name-First: Lynne 
Author-X-Name-Last: Evans 
Title: The influence of exchange rate variability on UK exports 
Abstract:
  This paper examines the influence of exchange rate variability on UK
 exports in the period of 'floating' sterling 1973Q2-1990Q3. Using the most
 recently developed bounds tests (appropriate when the cointegrating vector
 incorporates both I(1) or I(0) variables) the long-run demand for UK
 exports invariant to exchange rate variability is found. 
Journal: Applied Economics Letters 
Pages: 47-49 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041286 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041286&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald Freeman 
Author-X-Name-First: Donald 
Author-X-Name-Last: Freeman 
Title: Beer and the business cycle 
Abstract:
  The beer industry has traditionally been viewed as 'recession-proof':
 drinkers will have their beer notwithstanding the ecomomy's ups and downs.
 Few empirical studies have examined the veracity of the claim of beer's
 non-cyclicality and none have used monthly data. This paper uses an
 error-correction specification to test the sensitivity o mfonthly beer
 consumption to cyclical macro-economic variables over the period January
 1955-December 1994. Strong support was found for the traditional view:
 beer is mostly immune to economic cycles. 
Journal: Applied Economics Letters 
Pages: 51-54 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041295 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041295&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: A robust estimation of hedonic price models: least absolute deviations estimation 
Abstract:
  Conventional parametric estimation of the hedonic price models is not
 robust to heteroscedastic and/or non-normal error structure. This paper
 applies least absolute deviations (LAD) estimation as a robust approach to
 estimating the hedonic price models, using the Korea housing markets data.
 The paper finds that LAD estimation produces more reasonable results and
 that it proves robust in a situation where other estimation results based
 on various functional form models produce inaccurate or misleading
 results. 
Journal: Applied Economics Letters 
Pages: 55-58 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041303 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041303&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mandy Ryan 
Author-X-Name-First: Mandy 
Author-X-Name-Last: Ryan 
Author-Name: Angela Bate 
Author-X-Name-First: Angela 
Author-X-Name-Last: Bate 
Title: Testing the assumptions of rationality, continuity and symmetry when applying discrete choice experiments in health care 
Abstract:
  In the absence of revealed preference behaviour, economists use
 experimental techniques to estimate welfare changes. Such an approach
 relies on a number of assumptions concerning individual behaviour. This
 paper uses a discrete choice experiment to test three of these assumptions
 - rationality, continuity and symmetry. The experiment was carried out
 with users of a rheumatology clinic in the Grampian area of Scotland and
 was concerned with preferences for a specialist-nurse-led clinic. Two
 tests of 'rationality' were included in the experiment. Tests were carried
 out to see if respondents always chose on the basis of their preferred
 staffing, suggesting discontinuities in the utility function. The axiom of
 symmetry was tested using a split sample design, with respondents divided
 into two groups. Each group received a different questionnaire that varied
 with respect to the order of the choices. Over 30% of respondents provided
 at least one 'irrational' response. Such respondents did not differ
 significantly in their characteristics from 'rational' responses,
 suggesting that utility estimates would not be biased if this group were
 excluded from the analysis. Seventeen per cent of respondents showed signs
 of having non-compensatory utility functions. Evidence was found to
 support the axiom of symmetry. Future work should explore the axioms of
 rationality and continuity in more detail. 
Journal: Applied Economics Letters 
Pages: 59-63 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041312 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041312&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Habib Ahmed 
Author-X-Name-First: Habib 
Author-X-Name-Last: Ahmed 
Author-Name: Pami Dua 
Author-X-Name-First: Pami 
Author-X-Name-Last: Dua 
Title: Effects of monetary variables on real output: sensitivity analysis 
Abstract:
  This paper uses Leamer's sensitivity test in a VAR framework and examines
 the robustness of the relationship between different monetary and output
 variables. Output variables at the aggregated level include GDP,
 consumption, and gross private investment. Disaggregated variables
 comprise components of consumption (durables, non-durables and services)
 and investment (business inventories, fixed residential, and fixed
 nonresidential). All aggregated variables are robustly Granger caused by
 M2, the federal funds rate and the federal funds 3-months treasury rate
 spread. At the disaggregated level, only consumption of durables is
 Granger caused by these variables. Consumption of services, business
 inventories, and non-residential fixed investment are only Granger caused
 by money supply variables, while consumption of non-durable goods and
 residential investment are Granger caused by interest rates and/or
 interest rate spreads only. 
Journal: Applied Economics Letters 
Pages: 65-69 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041321 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041321&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eduardo Pozo 
Author-X-Name-First: Eduardo 
Author-X-Name-Last: Pozo 
Author-Name: Lucia Amboj 
Author-X-Name-First: Lucia 
Author-X-Name-Last: Amboj 
Title: Noise reduction methods and the Grassberger-Procaccia algorithm. A simulation study 
Abstract:
  The behaviour of the Grassberger-Procaccia algorithm is analysed when
 applied to noisy data and the possibility of improving its performance by
 pre-filtering the series with some of the noise reduction methods proposed
 in the literature. The results, obtained from series simulated from well
 known chaotic systems with different levels of noise added, allow us to
 conclude: (1) that the distortion caused by noise is unequal, and (2) that
 the best result is obtained when the series are pre-processed by means of
 the 'singular value decomposition' method. 
Journal: Applied Economics Letters 
Pages: 71-75 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204084 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204084&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Mushinski 
Author-X-Name-First: David 
Author-X-Name-Last: Mushinski 
Title: Using non-parametrics to inform parametric tests of Kuznets' hypothesis 
Abstract:
  Simon Kuznets hypothesized that inequality in a country's distribution of
 income worsens in the early stages of its economic development and that
 the inequality improves as the country reaches higher stages of
 development (the 'inverted U hypothesis'). Empirical support for the
 inverted U hypothesis has been mixed. In testing Kuznets hypothesis,
 analysts have specified a variety of parametric forms for the relationship
 between inequality and development, including a quadratic form (a
 second-degree polynomial). Using data on income distributions on Native
 American reservations in the USA, the present analysis indicates that
 non-parametric estimates of the relationship can inform a parametric
 analysis. Specifically, while a regression with a second-degree polynomial
 finds mixed support for the hypothesis, the non-parametric analysis
 suggests the presence of such an inverse relationship. Indeed, the
 non-parametric form suggests that a polynomial of greater degree might
 better capture the relationship between economic development and income
 inequality. Hypothesis testing supports estimating a fourth-degree
 polynomial rather than a second-degree polynomial. All terms in the
 fourth-degree polynomial are statistically significant and the estimated
 coefficients support the Kuznets hypothesis. These regression results
 counsel caution in testing the inverted U hypothesis by estimating only
 parametric forms which produce strictly concave functions. 
Journal: Applied Economics Letters 
Pages: 77-79 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204093 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204093&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: A model of Schumpeterian dynamics 
Abstract:
  Two key element of Schumpeterian dynamics - new innovations in technology
 and creative destruction - are used here to develop a growth model, which
 is then applied empirically for two economies: Japan and Korea in their
 rapid phases of growth. 
Journal: Applied Economics Letters 
Pages: 81-84 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204101 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204101&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Purnendu Nath 
Author-X-Name-First: Purnendu 
Author-X-Name-Last: Nath 
Author-Name: K. Ben Nowman 
Author-X-Name-First: K. Ben 
Author-X-Name-Last: Nowman 
Title: Estimates of the continuous time Cox-Ingersoll-Ross term structure model: further results for the UK gilt-edged market 
Abstract:
  Estimates are made of multi-factor versions of the Cox-Ingersoll-Ross
 model of the term structure of interest rates using the Kalman filter.
 Estimates are obtained using weekly UK Gilt-edged market data over the
 period 1982-1997. Empirical results support the need for a multi-factor
 model and support recent findings of Babbs and Nowman for this market. 
Journal: Applied Economics Letters 
Pages: 85-88 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204110 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204110&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Serdar Sayan 
Author-X-Name-First: Serdar 
Author-X-Name-Last: Sayan 
Author-Name: Arzdar Kiraci 
Author-X-Name-First: Arzdar 
Author-X-Name-Last: Kiraci 
Title: Identification of parametric policy options for rehabilitating a pay-as-you-go based pension system: an optimization analysis for Turkey 
Abstract:
  Publicly managed pension systems operating on the basis of pay-as-you-go
 (PAYG) schemes face financial difficulties worldwide. The
 expenditure-revenue balances of such a system are determined jointly by
 the selected configuration of system parameters, and interrelated
 developments in the labour market and demographic structure. In a country
 where pension coverage is compulsory, these developments occur completely
 beyond the control of pension system administrators implying that any
 imbalances that may arise over time can be corrected only by adjusting the
 existing configuration of contribution and replacement rates, and minimum
 retirement ages. It can be shown, however, that there are infinitely many
 configurations of these system parameters that could be used to maintain a
 selected intertemporal balance between the amounts of contributions
 collected from workers and pensions paid to the retirees. This paper
 describes an algorithm developed to identify all possible configurations
 compatible with this goal and illustrates its use with reference to the
 pension reform debate in Turkey, a country whose PAYG-based pension system
 already faces a severe financial crisis despite a relatively young
 workforce/population. The results indicate that for contribution and
 replacement rates to remain around their current values, the minimum
 retirement age must be increased substantially. 
Journal: Applied Economics Letters 
Pages: 89-93 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204129 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204129&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sadequl Islam 
Author-X-Name-First: Sadequl 
Author-X-Name-Last: Islam 
Title: Concentration of international trade in high-technology products 
Abstract:
  International trade in high-technology products has been increasing at a
 rate faster than overall trade and world output. This paper examines
 whether trade in high-technology products has been associated with
 increased concentration of trade among a few countries. The paper explores
 market shares of leading exporters of high-technology products and
 concentration of trade in these products, measured by the
 Herfindahl-Hirschman index. The main finding is that trade concentration
 in high-technology products has declined during the 1980-1996 period. 
Journal: Applied Economics Letters 
Pages: 95-97 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204138 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204138&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christophe Hurlin 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Hurlin 
Title: Estimating the contribution of public capital with times series production functions: a case of unreliable inference 
Abstract:
  This paper assesses the magnitude of bias in reported estimates of the
 productive contribution of public capital stock to private factors
 productivity and growth. The standard approach is taken, based on a
 production function, in order to estimate structural parameters on
 simulated pseudo samples generated from a stochastic general equilibrium
 model. 
Journal: Applied Economics Letters 
Pages: 99-103 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204147 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204147&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Karen Denning 
Author-X-Name-First: Karen 
Author-X-Name-Last: Denning 
Author-Name: Stephen Ferris 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Ferris 
Author-Name: Robert Lawless 
Author-X-Name-First: Robert 
Author-X-Name-Last: Lawless 
Title: Serial bankruptcy: plan infeasibility or just bad luck? 
Abstract:
  Through a comparison of serial and once bankrupt firms over the period
 1970-1996, those factors that lead to a successful reorganization are
 examined. It is found that serial bankrupt firms generally fail to
 restructure their top management around the time of their initial
 reorganization while over 70% of the sample of once bankrupt firms replace
 their senior executives. Serial bankrupt firms increase their level of
 fixed payments, are less able to lower their debt coupon rate and issue
 more equity than their once-bankrupt matches. It is further found that
 firm growth, performance, liquidity and size are associated with a greater
 likelihood of a successful reorganization. Firm risk as measured by
 financial leverage increases the probability of a subsequent bankruptcy.
 These results are useful to both bankruptcy courts and corporate managers
 seeking to discriminate between feasible and unrealistic reorganization
 plans following bankruptcy. 
Journal: Applied Economics Letters 
Pages: 105-109 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204156 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204156&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sarah Brown 
Author-X-Name-First: Sarah 
Author-X-Name-Last: Brown 
Author-Name: John Sessions 
Author-X-Name-First: John 
Author-X-Name-Last: Sessions 
Title: Actual and optimal labour supply 
Abstract:
  The implications of assuming a coincidence of actual and desired work
 hours for labour supply estimates are investigated. Results suggest
 significant differences in the wage elasticities of British male employees
 reporting that their work hours have been constrained vis-a-vis those
 reporting satisfaction with actual hours. 
Journal: Applied Economics Letters 
Pages: 111-113 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204165 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204165&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Author-Name: Kamal Upadhyaya 
Author-X-Name-First: Kamal 
Author-X-Name-Last: Upadhyaya 
Title: Ranking economics departments in the US South 
Abstract:
  A ranking is provided of Southern economics departments and Southern
 economists using research output data indexed by the Journal of Economic
 Literature's EconLit database from 1982-1997. Ranking results from a
 smaller 'core' of each Southern institution's American Economic
 Association members (the top five) is compared with a ranking which
 employs scholarly production from all of a department's AEA members. 
Journal: Applied Economics Letters 
Pages: 115-119 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204174 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204174&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Salvatore Terregrossa 
Author-X-Name-First: Salvatore 
Author-X-Name-Last: Terregrossa 
Title: Robust informational tests on the CAPM 
Abstract:
  The paper demonstrates the existence of an independent informational
 content in the Capital Asset Pricing Model (CAPM) that financial analysts
 are not fully utilizing in their forecast-generating mechanism. This
 existence is discovered by regressing actual values of five-year firm
 earnings growth against financial analysts ex-ante forecasts and simulated
 ex-ante forecasts generated by the CAPM. Regressions are run over a
 cross-section of firms for each of four adjacent five-year horizons:
 January 1982-1987; 1983-1988; 1984-1989; 1985-1990. In three out of four
 test periods, the coefficient of the CAPM forecasts is significantly
 positive. This is essentially the same experiment with the same results as
 obtained previously, with one exception: a diagnostic analysis and
 corrective procedures are performed and results are generated that are
 heteroscedasticity-robust. 
Journal: Applied Economics Letters 
Pages: 121-124 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204183 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204183&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pilar Olave 
Author-X-Name-First: Pilar 
Author-X-Name-Last: Olave 
Author-Name: Jesus Miguel 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Miguel 
Title: Testing heteroscedasticity: are parametric ARCH models appropriate? 
Abstract:
  Many researchers have used parametric ARCH models to specify the
 conditional variance of financial series. However, the usual tests do not
 provide any information on the form of the conditional variance. The
 objective of this paper is to present a test for heteroscedasticity, i.e.
 to decide whether the use of the parametric model can be justified. The
 test statistic is based on the distance between a non-parametric and a
 parametric estimator for the conditional variance. The critical values are
 calculated using a bootstrap method. 
Journal: Applied Economics Letters 
Pages: 125-129 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204192 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204192&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Meyer 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Meyer 
Author-Name: Peter Hans Matthews 
Author-X-Name-First: Peter Hans 
Author-X-Name-Last: Matthews 
Author-Name: Paul Sommers 
Author-X-Name-First: Paul 
Author-X-Name-Last: Sommers 
Title: Net interstate migration revisited 
Abstract:
  The paper revisits the work of Sommers and Suits on net interstate
 migration in the USA. Adopting the same framework, consideration is given
 to the effects of differences in income, welfare expenditures, employment
 opportunities and 'regional preferences' on the behaviour of migrants in
 the mid-1990s. The question is asked whether variations in health
 insurance coverage have produced interstate 'job lock'. The robustness of
 the model is also evaluated in some detail. 
Journal: Applied Economics Letters 
Pages: 131-134 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204200 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204200&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Barron 
Author-X-Name-First: John 
Author-X-Name-Last: Barron 
Author-Name: Beck Taylor 
Author-X-Name-First: Beck 
Author-X-Name-Last: Taylor 
Author-Name: John Umbeck 
Author-X-Name-First: John 
Author-X-Name-Last: Umbeck 
Title: New evidence on price discrimination and retail configuration 
Abstract:
  In a frequently cited paper in the industrial organization literature,
 Shepard examines the extent to which gasoline stations can price
 discriminate by offering both selfand full-service gasoline rather than
 offering only a single service choice. Given the idiosyncratic nature of
 the data used in Shepard's original study and the recommendations of the
 author, this issue is re-examined using a larger and richer data set with
 a more typical smaller proportion of full-service-only stations. Using a
 panel of station-level data from the Los Angeles retail gasoline market
 from 1992'1995, Shepard's original findings are confirmed. 
Journal: Applied Economics Letters 
Pages: 135-139 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204219 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204219&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Azzeddine Azzam 
Author-X-Name-First: Azzeddine 
Author-X-Name-Last: Azzam 
Author-Name: Ananda Weliwita 
Author-X-Name-First: Ananda 
Author-X-Name-Last: Weliwita 
Title: Testing for relative economic efficiency without imposing arbitrary farm size 
Abstract:
  Past test of differences in economic efficiency between small and large
 farms in developing countries used arbitrary criteria to divide samples of
 farms into the two size groups. Given the inferential danger from such
 arbitrary groupings, this paper presents a method for conducting the
 efficiency tests where the cut-off point between small and large farms is
 determined statistically. The test is applied to dryland food grain
 farming in Morocco. The estimated cut-off point was significantly
 different from the conventional one, but the efficiency test results were
 similar. 
Journal: Applied Economics Letters 
Pages: 141-144 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504478 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504478&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nilss Olekalns 
Author-X-Name-First: Nilss 
Author-X-Name-Last: Olekalns 
Title: Cyclical asymmetries in Australian macroeconomic data 
Abstract:
  The concepts of steepness and deepness are used to investigate the
 existence of asymmetries at the business cycle frequencies in a number of
 Australian macroeconomic time series. The results suggest that Australian
 macroeconomic variables do not display any detectable asymmetries at the
 business cycle frequencies. 
Journal: Applied Economics Letters 
Pages: 145-148 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504487 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504487&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeff Borland 
Author-X-Name-First: Jeff 
Author-X-Name-Last: Borland 
Author-Name: Joe Hirschberg 
Author-X-Name-First: Joe 
Author-X-Name-Last: Hirschberg 
Author-Name: Jenny Lye 
Author-X-Name-First: Jenny 
Author-X-Name-Last: Lye 
Title: Data reduction of discrete responses: an application of cluster analysis 
Abstract:
  One form of data reduction is cluster analysis which is used to separate
 detailed data into constituent groups. This paper illustrates a useful
 application of cluster analysis to the data reduction of detailed discrete
 responses of a type that are often found in large surveys. This method is
 illustrated using the ABS Training and Education Experience Survey 1993a
 (TEES). This survey provides a detailed range of information on
 individuals' computer skills. The information given in the survey is
 simplified by using a form of cluster analysis to combine categories of
 computer ability and skills. Wage equations are estimated using different
 assumptions on the degree of clustering. 
Journal: Applied Economics Letters 
Pages: 149-153 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504496 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504496&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chris Brooks 
Author-X-Name-First: Chris 
Author-X-Name-Last: Brooks 
Author-Name: Gita Persand 
Author-X-Name-First: Gita 
Author-X-Name-Last: Persand 
Title: Seasonality in Southeast Asian stock markets: some new evidence on day-of-the-week effects 
Abstract:
  This paper examines the evidence for a day-of-the-week effect in five
 Southeast Asian stock markets: South Korea, Malaysia, the Philippines,
 Taiwan and Thailand. Findings indicate significant seasonality for three
 of the five markets. Market risk, proxied by the return on the FTA World
 Price Index, is not sufficient to explain this calendar anomaly. Although
 an extension of the risk-return equation to incorporate interactive
 seasonal dummy variables can explain some significant day-of-the-week
 effects, market risk alone appears insufficient to characterize this
 phenomenon. 
Journal: Applied Economics Letters 
Pages: 155-158 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504504 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504504&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tai-Hsin Huang 
Author-X-Name-First: Tai-Hsin 
Author-X-Name-Last: Huang 
Author-Name: Mei-Hui Wang 
Author-X-Name-First: Mei-Hui 
Author-X-Name-Last: Wang 
Title: Measuring scale and scope economies in multiproduct banking? A stochastic frontier cost function approach 
Abstract:
  Most studies on the economies of scale and scope in the banking industry
 assume no x-inefficiencies. That is, banks are assumed to be always on
 their efficient frontier, which can in empirical studies confound scale
 and scope efficiencies with x-efficiencies. The current paper employs a
 stochastic frontier cost function incorporating technical and allocative
 inefficiencies, as well as a system of share equations, to estimate scale
 and scope efficiencies. Using data from Taiwan's banking industry,
 evidence is found that both scale and scope economies exist, and that the
 assumption of no x-inefficiencies results in underestimating such
 economies. 
Journal: Applied Economics Letters 
Pages: 159-162 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504513 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504513&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Jeffrey Waddoups 
Author-X-Name-First: C. Jeffrey 
Author-X-Name-Last: Waddoups 
Title: Unionism and poverty-level wages in the service sector: the case of Nevada's hotel-casino industry 
Abstract:
  A significant union presence in Las Vegas's hotel-casino industry
 juxtaposed to the near absence of union representation in Reno provides a
 unique setting to assess the impact of unions on the incidence
 poverty-level wages among workers in a highprofile, expanding service
 sector industry. Results of the analysis show a significantly higher
 incidence of poverty-level wages among hotel-casino workers in Reno
 compared to workers in the identical occupations in Las Vegas. 
Journal: Applied Economics Letters 
Pages: 163-167 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504522 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504522&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Lekakis 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Lekakis 
Author-Name: Maria Kousis 
Author-X-Name-First: Maria 
Author-X-Name-Last: Kousis 
Title: Demand for and supply of environmental quality in the environmental Kuznets curve hypothesis 
Abstract:
  Demand for and supply of environmental quality, which constitute the
 underlying forces that lead to turning points of Environmental Kuznets
 Curves (EKCs), are only implicitly referred to in the fast growing
 literature. Unlike conventional approaches to EKCs, which look at indices
 of single pollutants per capita as per capita incomes rise, this paper
 estimates the impact of GDP per capita on all actions per capita seeking
 environmental quality in Greece, Spain and Portugal during the period
 1974-1994. The findings indicate that rising GDP per capita leads to
 higher environmental actions per capita, implying either that we are on
 the rising segment of an EKC or that EKCs do not exist. 
Journal: Applied Economics Letters 
Pages: 169-172 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504531 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504531&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Mak Arvin 
Author-X-Name-First: B. Mak 
Author-X-Name-Last: Arvin 
Author-Name: Torben Drewes 
Author-X-Name-First: Torben 
Author-X-Name-Last: Drewes 
Title: Are there biases in German bilateral aid allocations 
Abstract:
  This paper presents new evidence on the nature of German bilateral
 foreign aid allocations. In particular, the paper focuses on the question
 of whether there are population and middle-income biases present in the
 disbursement of German assistance. Using data on German bilateral aid to
 85 countries from 1973 to 1995 evidence supporting existence of a
 population bias is found, but no evidence is found of a middle-income
 bias. A bias, however, associated with a recipient's coverage under the
 Lome Convention is found. 
Journal: Applied Economics Letters 
Pages: 173-177 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504540 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504540&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Adolfo Sachsida 
Author-X-Name-First: Adolfo 
Author-X-Name-Last: Sachsida 
Author-Name: Roberto Ellery 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Ellery 
Author-Name: Joanilio Rodolpho Teixeira 
Author-X-Name-First: Joanilio Rodolpho 
Author-X-Name-Last: Teixeira 
Title: Uncovered interest parity and the peso problem: the Brazilian case 
Abstract:
  The uncovered interest parity (UIP) test for Brazil is presented from the
 standpoint of rational expectations hypothesis. The period is January 1984
 to October 1998. The econometric tests validate the UIP just for the
 sub-period January 1990 to June 1994. The result suggests fail with the
 UIP in the Real Plan, validating the theoretical point proposed by
 Krasker. 
Journal: Applied Economics Letters 
Pages: 179-181 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504559 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504559&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shang-Wu Yu 
Author-X-Name-First: Shang-Wu 
Author-X-Name-Last: Yu 
Title: Index futures trading and spot price volatility 
Abstract:
  A modified Levene statistic and a switching GARCH(1,1)-MA(1) model are
 employed to examine the impact of index futures contracts on the
 volatility of the spot market. The findings suggest that, following the
 introduction of index futures, the volatility of stock returns in the USA,
 France, Japan and Australia, rose significantly, while no significant
 changes in the volatility were found in the UK and Hong Kong. The
 different results might be attributed to macroeconomic factors and the
 structure of the various markets. 
Journal: Applied Economics Letters 
Pages: 183-186 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504568 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504568&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rene Teboul 
Author-X-Name-First: Rene 
Author-X-Name-Last: Teboul 
Author-Name: Emmanuelle Moustier 
Author-X-Name-First: Emmanuelle 
Author-X-Name-Last: Moustier 
Title: Foreign aid and economic growth: the case of the countries south of the Mediterranean 
Abstract:
  Mediterranean countries provide a test case for examining the
 effectiveness of foreign capital in promoting economic growth. Focusing on
 the supply side of the economy, the econometric model answers two
 questions, using available panel data from 1960 to 1996: does foreign aid
 have a positive impact on growth of per capita income? does aid substitute
 or complete domestic savings? Three significant results are found: aid
 efficiency is indirect, it is dependent on the way it will be transmitted
 to other exogenous variables, specially to savings and to FDI and thus, on
 the efforts of the Mediterranean countries to change in-depth their
 productive structure; aid must be differentiated, in its contents as well
 as in its objectives depending on the development model of the beneficiary
 country; aid must be more regular. Aid allocation south of the
 Mediterranean is often chaotic and caused by geopolitical logic. 
Journal: Applied Economics Letters 
Pages: 187-190 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504577 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504577&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chris Sakellariou 
Author-X-Name-First: Chris 
Author-X-Name-Last: Sakellariou 
Title: Identifying the external effects of human capital: a two-stage approach 
Abstract:
  In this study microdata from the Guatemala household Survey are analysed
 using a testable model of endogenous growth in order to detect any
 external effects of education. In the first stage of the analysis, a wage
 equation is estimated and the internal effects of education are filtered
 out. In the second stage, the resulting industry wage premiums are
 regressed on average human capital as well as industry-specific
 characteristics to account for external effects. While stronger
 conclusions cannot be drawn, the hypothesis that external effects may be
 present cannot be rejected. 
Journal: Applied Economics Letters 
Pages: 191-194 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504586 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504586&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. M. Albala-Bertrand 
Author-X-Name-First: J. M. 
Author-X-Name-Last: Albala-Bertrand 
Author-Name: E. C. Mamatzakis 
Author-X-Name-First: E. C. 
Author-X-Name-Last: Mamatzakis 
Title: Is public infrastructure productive? Evidence from Chile 
Abstract:
  This study assesses the extent to which public infrastructures have
 contributed to output in the Chilean economy over the period 1960-1995.
 For the long-run, it uses a vector error correction model for
 cointegration tests, while for the short-run, it resorts to the use of
 impulse response functions and variance decompositions. The results appear
 to show that public infrastructures in Chile have been significantly
 productive. 
Journal: Applied Economics Letters 
Pages: 195-198 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504595 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504595&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Laurence Cecchini 
Author-X-Name-First: Laurence 
Author-X-Name-Last: Cecchini 
Title: A logit analysis of the car market 
Abstract:
  The model presented associates demands for differentiated products,
 defined by a nested multinomial logit model, to an oligopolistic supply
 offered by multiproduct firms. An application is performed on the French
 car market. The characteristics of the vehicles and of the individuals
 that have an influence on the choices and the producer margins are
 defined. 
Journal: Applied Economics Letters 
Pages: 199-201 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504603 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504603&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eduardo Roca 
Author-X-Name-First: Eduardo 
Author-X-Name-Last: Roca 
Author-Name: E. Antony Selvanathan 
Author-X-Name-First: E. Antony 
Author-X-Name-Last: Selvanathan 
Title: Australia and the three little dragons: are their equity markets interdependent? 
Abstract:
  This paper analyses price linkages between the equity market of Australia
 and those of Hong Kong, Singapore and Taiwan using cointegration,
 Granger-causality, variance decomposition and impulse response analyses
 based on MSCI database covering the period 1975-1995. The results show
 that the Australian market is not significantly linked with any of these
 markets. 
Journal: Applied Economics Letters 
Pages: 203-207 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504612 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504612&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gun Sundberg 
Author-X-Name-First: Gun 
Author-X-Name-Last: Sundberg 
Title: A note to Jaume Puig Junoy and Angel Lopez Nicolas, Assessing health care infrastructure at the regional level: a statistical approach. Applied Economics Letters, 1995, 2, 463-6 
Abstract:
Journal: Applied Economics Letters 
Pages: 209-209 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504621 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504621&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul McGuinness 
Author-X-Name-First: Paul 
Author-X-Name-Last: McGuinness 
Title: Ex-day effects for rights issues in Hong Kong 
Abstract:
Journal: Applied Economics Letters 
Pages: 210-210 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504630 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504630&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Julian Escario 
Author-X-Name-First: Jose Julian 
Author-X-Name-Last: Escario 
Author-Name: Jose Alberto Molina 
Author-X-Name-First: Jose Alberto 
Author-X-Name-Last: Molina 
Title: Testing for the rational addiction hypothesis in Spanish tobacco consumption 
Abstract:
  This paper tests whether tobacco consumption generates addiction in
 Spanish people and, if so, then whether such addiction can be explained in
 the context of rational addiction theory. To that end, time-series data of
 per-capita consumption and prices of tobacco during the period 1964 to
 1995 are employed. The results show the addictive and rational character
 of Spanish tobacco consumption, which implies that smokers fall into
 addiction after a maximization process of the utility that was obtained
 during their total lifetime, taking into account the future consequences
 of current decisions. 
Journal: Applied Economics Letters 
Pages: 211-215 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750103854 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750103854&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amar Bhattacharya 
Author-X-Name-First: Amar 
Author-X-Name-Last: Bhattacharya 
Author-Name: Swati Ghosh 
Author-X-Name-First: Swati 
Author-X-Name-Last: Ghosh 
Author-Name: W. Jos Jansen 
Author-X-Name-First: W. Jos 
Author-X-Name-Last: Jansen 
Title: Has the emergence of China hurt Asian exports? 
Abstract:
  It is investigated as to whether the exports of manufactured products by
 the South Asian and South East Asian countries have been negatively
 affected by the rise of China. Using a panel data approach, it is found
 that increases in world market shares of China are statistically
 correlated with declines in world market shares for some Asian countries
 since 1994, but not before 1994. 
Journal: Applied Economics Letters 
Pages: 217-221 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750103872 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750103872&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Theo Hitiris 
Author-X-Name-First: Theo 
Author-X-Name-Last: Hitiris 
Author-Name: John Nixon 
Author-X-Name-First: John 
Author-X-Name-Last: Nixon 
Title: Convergence of health care expenditure in the EU countries 
Abstract:
  The European Union's common policies for market integration have also had
 an impact on the health care sectors. A panel of EU member states' data
 reveals that their health care expenditures exhibit &#x3b2;-convergence. 
Journal: Applied Economics Letters 
Pages: 223-228 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750103890 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750103890&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Egger 
Author-X-Name-First: Peter 
Author-X-Name-Last: Egger 
Author-Name: Michael Pfaffermayr 
Author-X-Name-First: Michael 
Author-X-Name-Last: Pfaffermayr 
Title: A note on labour productivity and foreign inward direct investment 
Abstract:
  Foreign direct investment (FDI) is not only a transfer of capital, but a
 complex bundle of capital and firm-specific assets. In particular, the
 transfer of production know-how improves overall productivity of
 FDI-receiving firms and to some extent also that of the other firms due to
 spillovers. The present note uses a small panel of Austrian manufacturing
 sectors and investigates this hypothesis empirically. In a flexible
 CES-framework, general and labour-augmenting productivity improving
 effects of inward FDI are found. Thus, the job creation potential of FDI
 highlighted in previous studies is likely to be overestimated. 
Journal: Applied Economics Letters 
Pages: 229-232 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750103917 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750103917&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Elena Andreou 
Author-X-Name-First: Elena 
Author-X-Name-Last: Andreou 
Author-Name: Rita Desiano 
Author-X-Name-First: Rita 
Author-X-Name-Last: Desiano 
Author-Name: Marianne Sensier 
Author-X-Name-First: Marianne 
Author-X-Name-Last: Sensier 
Title: The behaviour of stock returns and interest rates over the business cycle in the US and UK 
Abstract:
  The paper studies the dynamic behaviour of the conditional mean and
 volatility of weekly financial variables in relation to the business cycle
 for the USA and UK economies. The mean US S&P stock returns steadily
 increases before a recession, then declines approximately six weeks prior
 to the trough date. Volatility reaches a local maximum 6 weeks prior to
 the recession, then peaks with the business cycle peak, but falls prior to
 the trough where the minimum is reached three weeks before. In the UK the
 FTSE volatility also falls before a recession but reaches its maximum 10
 weeks after the peak date and has its minimum after the trough. Similarly,
 US interest rates are falling before a recession but there is no clear
 effect in the UK. The volatility of UK interest rates increases before and
 after the recession date. Overall more leading indicator information is
 provided by US stock returns and short interest rates whereas the
 respective UK variables seem to lag the business cycle phases. 
Journal: Applied Economics Letters 
Pages: 233-238 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750103935 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750103935&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Moon-Kee Kong 
Author-X-Name-First: Moon-Kee 
Author-X-Name-Last: Kong 
Author-Name: Hoe-Kyung Lee 
Author-X-Name-First: Hoe-Kyung 
Author-X-Name-Last: Lee 
Title: Income-related inequalities in health: some evidence from Korean panel data 
Abstract:
  Using individual-level Korean panel data, it is shown that inequalities
 in health favour higher income groups. A close relationship is also found
 between health inequality and income inequality across time, supporting
 previous studies which used cross-sectional data. 
Journal: Applied Economics Letters 
Pages: 239-242 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750103953 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750103953&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jacek Cukrowski 
Author-X-Name-First: Jacek 
Author-X-Name-Last: Cukrowski 
Author-Name: Emil Stavrev 
Author-X-Name-First: Emil 
Author-X-Name-Last: Stavrev 
Title: Central bank seigniorage in the Czech Republic 
Abstract:
  The concept of total gross seigniorage is used to analyse sources and
 uses of central bank seigniorage in the Czech Republic during the period
 1993-1997. A comprehensive framework for measuring total seigniorage and
 its main components is presented and estimates of seigniorage revenues
 (sources and uses) are computed and analysed. The study explains why the
 concept of monetary seigniorage should not be used as an estimate of
 government gains from money creation and shows that seigniorage revenues
 have never been extensively used as a tool for financing expenditures of
 the Czech government. 
Journal: Applied Economics Letters 
Pages: 243-247 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750103971 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750103971&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Author-Name: T. Zohar 
Author-X-Name-First: T. 
Author-X-Name-Last: Zohar 
Title: Nonparametric analysis of portfolio efficiency 
Abstract:
  A nonparametric method is empirically applied here to test the efficiency
 in performance of mutual fund portfolios. It provides a more flexible and
 robust alternative to the traditional mean variance theory. 
Journal: Applied Economics Letters 
Pages: 249-252 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750103999 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750103999&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chor-Yiu Sin 
Author-X-Name-First: Chor-Yiu 
Author-X-Name-Last: Sin 
Author-Name: Wing-Fai Leung 
Author-X-Name-First: Wing-Fai 
Author-X-Name-Last: Leung 
Title: Impacts of FDI liberalization on investment inflows 
Abstract:
  Developing economies often impose restrictions on foreign direct
 investment (FDI). In recent years many developing economies liberalize
 external trade as well as FDI inflows. The economists have neglected the
 importance of government policies on economic performance until recently.
 This paper makes use of the panel data from different economies in order
 to provide a clearer picture on the FDI inflows. The results confirm that
 the governments are successful in absorbing foreign capital inflows
 through more liberal policies. 
Journal: Applied Economics Letters 
Pages: 253-256 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750104015 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750104015&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Walter Enders 
Author-X-Name-First: Walter 
Author-X-Name-Last: Enders 
Title: Improved critical values for the Enders-Granger unit-root test 
Abstract:
  Enders and Granger provide critical values to test the null hypothesis of
 a unit-root against the alternative of threshold adjustment. However, in
 obtaining their critical values, Enders and Granger did not use a
 consistent estimate of the threshold nor did they use a lag-augmented data
 generating process. This note remedies both of these problems. The power
 of the test statistics using the consistent estimate of the threshold are
 compared to those of Enders-Granger and of Dickey-Fuller. Surprisingly,
 the original Enders-Granger statistic often has the highest power. As
 such, the Enders-Granger statistic using a lag-augmented data generating
 process is calculated. 
Journal: Applied Economics Letters 
Pages: 257-261 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750104033 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750104033&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ercan Balaban 
Author-X-Name-First: Ercan 
Author-X-Name-Last: Balaban 
Author-Name: Asli Bayar 
Author-X-Name-First: Asli 
Author-X-Name-Last: Bayar 
Author-Name: Ozgur Berk Kan 
Author-X-Name-First: Ozgur Berk 
Author-X-Name-Last: Kan 
Title: Stock returns, seasonality and asymmetric conditional volatility in world equity markets 
Abstract:
  The paper tests four hypotheses at the same time using an autoregressive
 return-generating process and an asymmetric conditional variance
 specification, both also including deterministic day of the week dummies.
 The daily stock index returns from 19 countries are employed to test: (H1)
 predictable time variation in conditional volatility; (H2) asymmetry in
 volatility and leverage effect; (H3) effects of estimated volatility on
 returns; and (H4) day of the week effects on both returns and their
 volatility. Evidence is provided for predictable time varying daily
 volatility in all markets among which eight also exhibit a significant
 leverage effect. There is a significantly positive relationship between
 returns and their conditional volatility in only three countries. The
 nature of the day of the week effects on returns and their conditional
 volatility differs greatly among countries and across days. Thirteen
 countries exhibit seasonality in either mean returns (seven countries) or
 volatility (eight countries) or both (two countries). Each day is at least
 once reported to exhibit significant positive and negative effects in both
 mean and volatility with the exception that there is no negative effect on
 mean returns and no positive effect in volatility on Wednesdays. 
Journal: Applied Economics Letters 
Pages: 263-268 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750104051 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750104051&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Shackleton 
Author-X-Name-First: Mark 
Author-X-Name-Last: Shackleton 
Author-Name: Rafal Wojakowski 
Author-X-Name-First: Rafal 
Author-X-Name-Last: Wojakowski 
Title: On the expected payoff and true probability of exercise of European options 
Abstract:
  The continuous-time formula for expected payoff to holding an option,
 which nests several major pricing tools, is derived. It is shown also that
 under current market conditions the true exercise probability, N (d4),
 lies halfway between the two more familiar terms: N (d1) and N (d2). 
Journal: Applied Economics Letters 
Pages: 269-271 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750104079 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750104079&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ignacio del Rosal 
Author-X-Name-First: Ignacio del 
Author-X-Name-Last: Rosal 
Author-Name: Alberto Fonseca 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Fonseca 
Title: Rent-seeking measurement by means of labour unrest in trade-related adjustment processes. A note 
Abstract:
  The purpose of this work is to discuss an empirical method to estimate
 the social costs originated by the rent-seeking behaviour in declining
 industries. Due to competition from imports, the factors of one particular
 industry undergo losses in real income, and have incentives to seek
 protection. In the case of declining industries, workers play a central
 role and the losses in output due to strikes are used to quantify the
 social cost of rent-seeking. This approach is applied to the case of
 Spanish coal mining. 
Journal: Applied Economics Letters 
Pages: 273-277 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750104097 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750104097&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jordan Shan 
Author-X-Name-First: Jordan 
Author-X-Name-Last: Shan 
Author-Name: Ken Wilson 
Author-X-Name-First: Ken 
Author-X-Name-Last: Wilson 
Title: Causality between trade and tourism: empirical evidence from China 
Abstract:
  Current literature concerning tourism forecasting points out the role
 played by international trade in affecting international tourism flows.
 This study investigates the nature of causal relationship, if any, between
 international tourism and international trade flows using the case of
 China. The study applies the Granger no-causality procedure developed by
 Toda and Yamamoto in a vector autoregresion (VAR) model, and attempts to
 improve previous tourism forecasting studies, in the context of tourist
 demand function, by identifying the direction of the endogeniety between
 tourist travel and international trade. Findings indicate a two-way
 Granger causality between international travel and international trade and
 hence imply that trade flows do link with tourism in the case of China.
 Thus, previous tourism forecasting studies using a single equation
 approach may lead to biased estimates since they fail to consider possible
 feedbacks between international trade and international tourism. 
Journal: Applied Economics Letters 
Pages: 279-283 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750104114 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750104114&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhiqiang Liu 
Author-X-Name-First: Zhiqiang 
Author-X-Name-Last: Liu 
Title: The effects of economic reforms on wage inequality: some evidence from China 
Abstract:
  The effects of economic reforms on wage inequality in China are
 investigated. The results, based on a sample of workers who joined the
 labour force during the reform period, show that economic reforms have
 increased wage inequality and over 90 percent of the wage differential is
 attributable to the rise in returns to human capital as a result of
 economic reforms. 
Journal: Applied Economics Letters 
Pages: 285-288 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750104132 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750104132&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antony Dnes 
Author-X-Name-First: Antony 
Author-X-Name-Last: Dnes 
Title: Commitment in licensing contracts: an application of hostage analysis 
Abstract:
Journal: Applied Economics Letters 
Pages: 289-290 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157387 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157387&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Linda Toolsema 
Author-X-Name-First: Linda 
Author-X-Name-Last: Toolsema 
Title: Reserve requirements and double Bertrand competition among banks 
Abstract:
  The paper considers a model of double Bertrand competition among banks,
 in which banks compete for deposits as well as loans. It is shown that the
 introduction of reserve requirements can have an effect on the existence
 and efficiency properties of Nash equilibria of this model. This provides
 a new rationale for imposing reserve requirements on banks. 
Journal: Applied Economics Letters 
Pages: 291-293 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157404 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157404&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Loren Tauer 
Author-X-Name-First: Loren 
Author-X-Name-Last: Tauer 
Title: Input aggregation and computed technical efficiency 
Abstract:
  Using data simulated from a random production function it is shown that
 technical efficiency estimates computed by Data Envelopment Analysis are
 biased even if the exact aggregator function is used to aggregate inputs. 
Journal: Applied Economics Letters 
Pages: 295-297 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157422 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157422&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ramon Tremosa-Balcells 
Author-X-Name-First: Ramon 
Author-X-Name-Last: Tremosa-Balcells 
Author-Name: Jordi Pons-Novell 
Author-X-Name-First: Jordi 
Author-X-Name-Last: Pons-Novell 
Title: Measuring monetary policy shocks in the European Monetary Union 
Abstract:
  The paper tries to estimate whether a unique and centralized European
 monetary policy would have had similar or different effects across
 countries in the European Union. By estimating a vector auto-regression
 (VAR model), it is revealed that there are two different groups of
 countries with considerable differences in the response to changes in the
 monetary policy. Germany and the North-Central European countries would be
 less sensitive to these changes, whereas the Mediterranean countries (and
 Belgium) would be noticeably more sensitive to the mentioned variations. 
Journal: Applied Economics Letters 
Pages: 299-303 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157440 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157440&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Author-Name: Akira Tokihisa 
Author-X-Name-First: Akira 
Author-X-Name-Last: Tokihisa 
Title: Seasonal cointegration and the money demand function: some evidence from Japan 
Abstract:
  The stability of the Japanese money demand function is empirically
 analysed employing the notion of seasonal cointegration. It is found that
 money balances, interest rates, and real GDP have unit roots in different
 cycles. The seasonal cointegration tests reveals that seasonal
 cointegration is rejected in every case. This fact indicates that no
 stable relationship exists between money supply and the real economy
 during the period under analysis. 
Journal: Applied Economics Letters 
Pages: 305-310 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157468 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157468&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. Geoffrey Booth 
Author-X-Name-First: G. Geoffrey 
Author-X-Name-Last: Booth 
Author-Name: Cetin Ciner 
Author-X-Name-First: Cetin 
Author-X-Name-Last: Ciner 
Title: Linkages among agricultural commodity futures prices: evidence from Tokyo 
Abstract:
  This paper investigates alternative explanations of long-term comovements
 among the prices of agricultural commodity futures contracts. A long-term
 interdependency of these prices can exist because of common economic
 fundamentals or herd behaviour by market participants. An analysis of
 Tokyo Grain Exchange futures prices supports the common economic
 fundamentals hypothesis. 
Journal: Applied Economics Letters 
Pages: 311-313 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157486 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157486&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abul Shamsuddin 
Author-X-Name-First: Abul 
Author-X-Name-Last: Shamsuddin 
Title: Public pension and wealth inequality in Canada 
Abstract:
  A methodology for estimating public pension wealth is presented and
 employed to cross-sectional data of Canadian households. Public pension
 wealth is measured as the present value of the future stream of benefits
 from public retirement savings plans in Canada. These plans include the
 Canada/Quebec pension plan, old age security and guaranteed income
 supplements. The results show that public pension wealth constituted 47%
 of household entitlement wealth and that the provision of public pension
 benefits significantly reduced wealth inequality in Canada. 
Journal: Applied Economics Letters 
Pages: 315-320 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157503 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157503&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:8:y:2001:i:5:p:315-320




Template-Type: ReDIF-Article 1.0
Author-Name: Laurence Copeland 
Author-X-Name-First: Laurence 
Author-X-Name-Last: Copeland 
Author-Name: Sally-Anne Jones 
Author-X-Name-First: Sally-Anne 
Author-X-Name-Last: Jones 
Title: Default probabilities of European sovereign debt: market-based estimates 
Abstract:
  For a number of EMU member Governments, prices of their (mainly)
 DM-denominated debt are compared with otherwise identical debt issued by
 the German Government, so as to extract implied risk-neutral default
 probabilities. In most cases, the probabilities are small, though in the
 case of Italy they average over 4% even under the most conservative
 assumptions. 
Journal: Applied Economics Letters 
Pages: 321-324 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157521 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157521&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shengxiu Zhu 
Author-X-Name-First: Shengxiu 
Author-X-Name-Last: Zhu 
Author-Name: Les Oxley 
Author-X-Name-First: Les 
Author-X-Name-Last: Oxley 
Title: Testing models of growth - a two-sector model of the USA 
Abstract:
  The paper makes two contributions to the literature on economic growth.
 Firstly, a two-sector growth model is extended to consider m -types of
 capital. Conditions are identified which aid classification of models as
 either exogenous or endogenous. Secondly, a preliminary empirical
 application based upon US annual data 1959-1990 finds in favour of
 'observational equivalence' of exogenous and endogenous explanations of
 growth, whereas a 'second-round' of testing suggests weak evidence in
 favour of an exogenous explanation of growth. 
Journal: Applied Economics Letters 
Pages: 325-329 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157549 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157549&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Burkhard Heer 
Author-X-Name-First: Burkhard 
Author-X-Name-Last: Heer 
Title: On the welfare gain from stabilizing cyclical fluctuations 
Abstract:
  Welfare gains of optimal cyclical fiscal policies as computed from
 previous dynamic general equilibrium models seem to be small and generally
 do not exceed 1% of total consumption if preferences are described by a
 standard isoelastic utility function. It is demonstrated that the
 assumption of certainty equivalence and the negligence of binding
 constraints results in the underestimation of the magnitude of potential
 welfare effects from stabilization. 
Journal: Applied Economics Letters 
Pages: 331-334 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157567 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157567&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: N'zue Fofana 
Author-X-Name-First: N'zue 
Author-X-Name-Last: Fofana 
Author-Name: B. Wade Brorsen 
Author-X-Name-First: B. Wade 
Author-X-Name-Last: Brorsen 
Title: GARCH option pricing with implied volatility 
Abstract:
  Generalized autoregressive conditional heteroskedasticity (GARCH) option
 pricing models (OPM) with historical volatility have proven superior to
 the log-normality assumption of the Black option pricing model with
 historical volatility. This paper estimates implied volatilities from
 GARCH OPM. The estimated implied volatilities are used to forecast option
 premia. The GARCH OPM with implied volatility provided more accurate
 estimates of option premia than the Black option pricing model with
 implied volatility for options ranging from six to sixteen days to
 maturity. For options ranging from 21 to 50 days to maturity the Black OPM
 with implied volatility was more accurate than the GARCH OPM with implied
 volatility. 
Journal: Applied Economics Letters 
Pages: 335-340 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157585 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157585&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. Ben Nowman 
Author-X-Name-First: K. Ben 
Author-X-Name-Last: Nowman 
Author-Name: Helen Wang 
Author-X-Name-First: Helen 
Author-X-Name-Last: Wang 
Title: Modelling commodity prices using continuous time models 
Abstract:
  Nine continuous time models applied to metal prices are applied,
 following a recent study of these models on Eurocurrency interest rate
 data by Nowman (1998). In particular models for copper, gold, nickel,
 silver and tin are estimated and it is found that the volatility of prices
 is highly dependent on the level of prices for these metals and is larger
 than usually assumed in these models. 
Journal: Applied Economics Letters 
Pages: 341-345 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157602 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157602&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erik Benrud 
Author-X-Name-First: Erik 
Author-X-Name-Last: Benrud 
Title: The negative relationship between the average and dispersion of stock analysts' buy/hold/sell opinions 
Abstract:
  This paper measures the relationship between the level of stock analysts
 opinions and the dispersion of those opinions. The proposed theory is that
 analysts notice when there is less agreement and tend to lower their
 reported opinions in such cases. Hence, the thesis of the paper is that a
 negative relationship exists between the level of analysts opinions of a
 given stock and the dispersion of those opinions. Using a sample selection
 process that controls for outliers and the effect that the varying
 number-of-analysts per stock might introduce, this paper analyses the
 opinions of 245 stocks from the Standard and Poor's 500. With respect to
 the main thesis, all the test statistics have the correct sign; however,
 some statistics are not significant or are only marginally significant.
 One innovative random variable used in the tests involves assigning to a
 stock the cumulative distribution function value associated with the
 standard deviation of the opinions conditional on the average and number
 of those opinions. This procedure rescales the data so that comparisons
 can be made between stocks with different average opinions. 
Journal: Applied Economics Letters 
Pages: 347-350 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157620 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157620&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Akbar Marvasti 
Author-X-Name-First: Akbar 
Author-X-Name-Last: Marvasti 
Author-Name: David Smyth 
Author-X-Name-First: David 
Author-X-Name-Last: Smyth 
Title: The impact of trend and cyclical behaviour of inventories and inflation on barter 
Abstract:
  This paper extends analyses of the determinants of the level of
 transactions among barter exchanges in the US economy by separating the
 trend elements of the explanatory variables from their cyclical elements.
 The results suggest that the level of barter is positively influenced by
 the expected inflation as well as by the rising unexpected business
 inventories. 
Journal: Applied Economics Letters 
Pages: 351-353 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157648 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157648&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Don Webber 
Author-X-Name-First: Don 
Author-X-Name-Last: Webber 
Title: Convergence of labour's factor reward between regions of the EU 
Abstract:
  This note reports research undertaken to establish whether the factor
 price for labour has converged across regions of the European Union
 between 1980 and 1994. A Markov chain is employed to examine relative
 average regional pay for a cross-section of 57 EU regions. Results suggest
 average regional pay converged over the whole period. This finding
 supports the hypothesis that economically integrating economies face a
 progressively similar level of factor rewards. However, the process slowed
 around 1992 and the reason for this warrants investigation. 
Journal: Applied Economics Letters 
Pages: 355-357 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157666 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157666&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Smyth 
Author-X-Name-First: David 
Author-X-Name-Last: Smyth 
Author-Name: Joshy Easaw 
Author-X-Name-First: Joshy 
Author-X-Name-Last: Easaw 
Title: Unemployment hysteresis and the NAIRU: a ratchet model 
Abstract:
  In the 1970s and 1980s the USA and European economies experienced
 unemployment rates that persistently drifted upwards. The present paper
 captures this phenomenon by a simple extension of the hysteresis approach
 to the natural rate hypothesis of unemployment using a ratchet model. The
 impact of peak unemployment levels on unemployment hysteresis is
 incorporated using a traditional ratchet model. The model is estimated for
 the USA economy for the period 1948 to 1998. The results indicate that the
 relationship approximates a full hysteresis effect for peak-to-peak
 unemployment levels. 
Journal: Applied Economics Letters 
Pages: 359-362 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237775 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237775&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Temporal aggregation and time deformation 
Abstract:
  Building upon the results of Rossana and Seater (1995) the impact of
 temporal aggregation on Stock's (1987) tests of time deformation is
 examined. Using disaggregated UK consumption data the effect of temporal
 aggregation is found to be substantial, masking the non-linearity present
 in higher frequency data 
Journal: Applied Economics Letters 
Pages: 363-365 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237784 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237784&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Harris 
Author-X-Name-First: Richard 
Author-X-Name-Last: Harris 
Author-Name: C. Coskun Kucukozmen 
Author-X-Name-First: C. Coskun 
Author-X-Name-Last: Kucukozmen 
Title: The empirical distribution of stock returns: evidence from an emerging European market 
Abstract:
  There is now substantial evidence that daily equity returns are not
 normally distributed, but instead display significant leptokurtosis and,
 in many cases, skewness. Considerable effort has been made in order to
 capture these empirical characteristics using a range of statistical
 distributions. However, the evidence to date is confined entirely to the
 returns of developed stock markets, and in particular to the USA. In this
 paper, the daily returns of a large emerging European stock market,
 Turkey, are modelled. Two very flexible families of distributions that
 have recently been introduced are employed: the exponential generalized
 beta (EGB) and the skewed generalized t (SGT). These distributions permit
 very diverse levels of skewness and kurtosis and, between them, nest most
 of the distribution previously considered in the literature. 
Journal: Applied Economics Letters 
Pages: 367-371 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237793 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237793&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitrios Vougas 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Vougas 
Title: Real per capita GNP of USA: examination of the presence of a unit root via overdifferencing 
Abstract:
  This letter examines the first difference of the logarithm of real per
 capita GNP of the USA (approximately growth rate) to see whether it
 possesses a moving average unit root (overdifferencing). The presence of
 such a moving average unit root implies that the logarithm of real per
 capita GNP of the USA has no unit root. 
Journal: Applied Economics Letters 
Pages: 373-375 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010001084 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010001084&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Junsoo Lee 
Author-X-Name-First: Junsoo 
Author-X-Name-Last: Lee 
Author-Name: Mark Strazicich 
Author-X-Name-First: Mark 
Author-X-Name-Last: Strazicich 
Title: Testing the null of stationarity in the presence of a structural break 
Abstract:
  A test for stationarity in the presence of a structural break is
 proposed. An unknown break point is endogenously determined at the value
 minimizing the test statistic. The break point can be estimated reasonably
 well under the null hypothesis of stationarity, especially when the
 magnitude of the break is large. 
Journal: Applied Economics Letters 
Pages: 377-382 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237810 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237810&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joaquin Maudos 
Author-X-Name-First: Joaquin 
Author-X-Name-Last: Maudos 
Author-Name: Jose Pastor 
Author-X-Name-First: Jose 
Author-X-Name-Last: Pastor 
Title: Cost and profit efficiency in banking: an international comparison of Europe, Japan and the USA 
Abstract:
  This study analyses the cost and profit efficiency of a sample of 14
 countries of the European Union, as well as Japan and the USA. The results
 obtained show that since the start of the 1990s increasing competition has
 led to gains in profit efficiency in the USA and Europe but not so in the
 Japanese banking system. The results also show that the inequalities of
 profitability between countries would be considerably reduced if
 inefficiency were eliminated, efficiency gains thus being a very important
 source of improvement in profitability. 
Journal: Applied Economics Letters 
Pages: 383-387 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237829 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237829&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shafiq Alvi 
Author-X-Name-First: Shafiq 
Author-X-Name-Last: Alvi 
Title: The impact of strikes on Canadian trade balance 
Abstract:
  Studies abound which systematically analyse the economic impact of work
 stoppages on the two protagonists as well as on specific industries. The
 results of such micro studies are a mixed bag. The findings of the first
 macro study, involving Canada were published in 1975. Employing
 input-output analysis, it measured the impact of strike losses on the
 Canadian economy as a whole, and found the strike impact statistically
 insignificant. This study is flawed on two counts: (a) it depends on an
 arbitrarily chosen sample, and (b) it covers a period of only one year.
 The current study measures the impact of strikes on the Canadian economy,
 which heavily depends for its growth on external trade, via their impact
 on its merchandise trade. Using a simultaneous approach towards export and
 import functions, it covers a period from 1971 to 1993. The results
 indicate that strikes seem to exert some impact on those categories of
 trade which constitute a small percentage of total Canadian external
 trade. Major trade sectors experience a statistically insignificant
 impact. Put together, therefore, there is little evidence of a negative
 strike impact on merchandise trade and, hence, on the national economy as
 a whole over a significant period of time. 
Journal: Applied Economics Letters 
Pages: 389-396 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237838 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237838&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: A model of Schumpeterian innovations 
Abstract:
  Two key elements of Schumpeterian dynamics: new innovations and creative
 destruction are developed here in a stochastic framework to develop a
 model of stochastic growth. This model explores the diffucion process and
 the existence of nonlinearities in technological progress. 
Journal: Applied Economics Letters 
Pages: 397-401 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237847 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237847&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Antonio Duro Moreno 
Author-X-Name-First: Juan Antonio Duro 
Author-X-Name-Last: Moreno 
Title: Cross-country inequalities in aggregate welfare: some evidence 
Abstract:
  International inequality in aggregate welfare levels has been estimated
 with the help of Sen and Theil indexes. Results reveal that welfare
 inequalities have reduced recently and that mean income differences
 explain most of these inequalities, and its reduction. These findings
 imply that, at least from the perspective of the Sen Index, no significant
 information is lost if per capita incomes inequalities are used as a proxy
 of welfare levels differences. 
Journal: Applied Economics Letters 
Pages: 403-406 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237856 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237856&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kwong-C. Cheung 
Author-X-Name-First: Kwong-C. 
Author-X-Name-Last: Cheung 
Author-Name: J. Andrew Coutts 
Author-X-Name-First: J. Andrew 
Author-X-Name-Last: Coutts 
Title: A note on weak form market efficiency in security prices: evidence from the Hong Kong stock exchange 
Abstract:
  This paper employs variance ratio tests with both homoscedastic and
 heteroscedastic error variances to examine the random walk hypothesis for
 the Hang Seng Index on the Hong Kong Stock Exchange. The empirical
 investigation leads us to suggest that the Hang Seng follows a random walk
 model and consequently that the index is weak form efficient. This
 conclusion offers both confirmatory and conflicting support for the
 conclusions of previous research, which has investigated the presence of
 random walks in the indices of both developed and emerging markets. 
Journal: Applied Economics Letters 
Pages: 407-410 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237865 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237865&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Bolton 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Bolton 
Author-Name: W. Robert 
Author-X-Name-First: W. 
Author-X-Name-Last: Robert 
Author-Name: J. Alexander 
Author-X-Name-First: J. 
Author-X-Name-Last: Alexander 
Title: The differing consequences of low and high rates of inflation 
Abstract:
  Economic theory is inconclusive on the linkage between inflation and
 economic growth. Most existing evidence points to negative effects of
 inflation on growth emerging only at quite high levels of inflation.
 Making use of the spline regression technique, levels of inflation below
 3% are found to be positively associated with growth while higher levels
 of inflation are negatively associated with growth. This sample consists
 of all countries with data of quality C or better and the data is
 fiveyearly averaged, with inflation being captured by a geometric average.
 The underlying model is the Mankiw et al. (1992) adaptation of the
 Solow-Swan model. 
Journal: Applied Economics Letters 
Pages: 411-414 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237874 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237874&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:8:y:2001:i:6:p:411-414




Template-Type: ReDIF-Article 1.0
Author-Name: Amanda Hollenbacher 
Author-X-Name-First: Amanda 
Author-X-Name-Last: Hollenbacher 
Author-Name: David Yerger 
Author-X-Name-First: David 
Author-X-Name-Last: Yerger 
Title: Third party evaluations and resale prices in the US used vehicle market 
Abstract:
  This paper examines the impact upon used vehicle resale prices in the USA
 from the annual reliability evaluations done by Consumer Reports magazine.
 In contrast to prior work finding no announcement effects upon prices from
 the evaluations, this study finds significant announcement effects.
 Vehicles in the subcompact/compact category experience an increase in
 their annual rate of depreciation relative to comparable vehicles
 following a negative evaluation by Consumer Reports. These results are
 consistent with the behaviour of rational consumers operating in a market
 with asymmetric information problems. 
Journal: Applied Economics Letters 
Pages: 415-418 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237883 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237883&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chris Hand 
Author-X-Name-First: Chris 
Author-X-Name-Last: Hand 
Title: Increasing returns to information: further evidence from the UK film market 
Abstract:
  A sample of 153 films from the UK top 15 chart is examined to test the
 hypothesis of increasing returns to information. The results are
 consistent with those presented by De Vany and Walls, suggesting that
 increasing returns to information is a general feature of the film market. 
Journal: Applied Economics Letters 
Pages: 419-421 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237892 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237892&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alberto Chong 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Chong 
Title: On the lags between submission and acceptance: are all referees created equal? 
Abstract:
  This short note links days and delays in refereeing with some basic
 characteristics of the reviewers. An altruistic approach is used, and 1994
 data from Hamermesh is augmented and it is found that (i) long articles,
 (ii) referees outside the USA and Canada, (iii) lack of academic
 experience, (iv) relatively less requested referees, and (v) lower income,
 are linked with possible delays in response of the referees. There are no
 differences in gender, type of journal (general or specialized) or
 prestige of referees. Academic experience is not non-monotonic.
 'Networking' effects are not present. 
Journal: Applied Economics Letters 
Pages: 423-425 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010029200 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010029200&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitrios Vougas 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Vougas 
Title: Deterministic exponential heteroskedasticity, a weakly stationary unit-root process and a useful diagnostic test 
Abstract:
  A specific form of deterministic exponential heteroskedasticity is
 examined. A non-trivial unit root process which has exponentially
 heteroskedastic innovation and as a consequence, a variance that vanishes
 asymptotically is detailed. Such a unit root stochastic process, with
 exponential heteroskedasticity, may be perceived as weakly stationary by
 the usual unit root tests. In view of the importance of deterministic
 exponential heteroskedasticity, a new general diagnostic test for
 detecting the presence of deterministic exponential heteroskedasticity is
 developed. 
Journal: Applied Economics Letters 
Pages: 427-430 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237919 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237919&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gary Madden 
Author-X-Name-First: Gary 
Author-X-Name-Last: Madden 
Author-Name: Scott Savage 
Author-X-Name-First: Scott 
Author-X-Name-Last: Savage 
Author-Name: Paul Bloxham 
Author-X-Name-First: Paul 
Author-X-Name-Last: Bloxham 
Title: Asian and OECD international R&D spillovers 
Abstract:
  Previous studies have demonstrated an empirical relationship between
 accumulated R&D expenditures and total factor productivity (TFP), and have
 shown that the benefits of R&D can spill across countries through trade.
 This paper extends these analyses to a sample of 15 OECD countries and six
 Asian countries, Chinese Taipei, India, Indonesia, Korea, Singapore and
 Thailand. An empirical model is estimated which relates TFP to domestic
 and foreign R&D activity, TFP catch-up and business cycle variables. Model
 estimates show that TFP and domestic R&D capital are positively related,
 and that domestic R&D has a relatively large impact on TFP growth in the
 NICs and LICs. Country-specific international R&D spillover elasticities
 are of mixed sign, and no apparent pattern by country group is evident.
 While this result does not change the earlier qualitative conclusions, it
 suggests that estimates of sample average R&D spillover elasticities
 should be cautiously interpreted. 
Journal: Applied Economics Letters 
Pages: 431-435 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750267097 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750267097&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tatsuyoshi Miyakoshi 
Author-X-Name-First: Tatsuyoshi 
Author-X-Name-Last: Miyakoshi 
Title: The efficacy of job-sharing policy 
Abstract:
  The paper examines whether the form of job-sharing strategy adopted in
 Nordic countries is theoretically effective. This strategy converts
 workers approaching the age of retirement to part-timers by giving them
 partial pensions, which thereby creates job openings for younger
 unemployed workers. This job-sharing results in a Pareto-improvement. 
Journal: Applied Economics Letters 
Pages: 437-439 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750267105 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750267105&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Title: Are there any long-run benefits from international equity diversification for Taiwan investors diversifying in the equity markets of its major trading partners, Hong Kong, Japan, South Korea, Thailand and the USA 
Abstract:
  This note provides evidence that there exist long-run benefits for Taiwan
 investors from diversifying in the equity markets of the Hong Kong, Japan,
 South Korea, Thailand and the USA over the period of 6 January 1997 to 30
 December 1998. The evidence is based on tests for pairwise cointegration
 between the Taiwan national stock price index and the stock price indexes
 for the Hong Kong, Japan, South Korea, Thailand and the US markets, using
 three cointegrating tests, namely the Multivariate Trace statistic P z,
 Harris-Inder approach, and the Johansen method. The results from these
 three tests are robust and consistent in suggesting that the Taiwan stock
 market is not pairwise cointegrated with the Hong Kong, Japan, South
 Korea, Thailand and the US stock markets. These findings could be valuable
 to Taiwan individual investors and financial institutions holding long-un
 investment portfolios in the Hong Kong, Japan, South Korea, Thailand and
 the US equity markets. 
Journal: Applied Economics Letters 
Pages: 441-446 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010001921 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010001921&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Spyros Spyrou 
Author-X-Name-First: Spyros 
Author-X-Name-Last: Spyrou 
Title: Stock returns and inflation: evidence from an emerging market 
Abstract:
  Theory suggests that equities are a good hedge against inflation.
 However, most of the empirical evidence suggests that the relationship
 between stock returns and inflation is negative. One explanation is the
 negative correlation between inflation and real output growth. In this
 paper the relationship between inflation and stock returns is examined for
 the emerging economy of Greece, during the 1990s. To anticipate the
 results, the relationship seems to be negative and significant, but only
 for the period until 1995. Since then, the relationship is not
 statistically significant, and it is argued that this may be due to the
 increased role of monetary fluctuations. 
Journal: Applied Economics Letters 
Pages: 447-450 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010003280 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010003280&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francesca Lotti 
Author-X-Name-First: Francesca 
Author-X-Name-Last: Lotti 
Author-Name: Enrico Santarelli 
Author-X-Name-First: Enrico 
Author-X-Name-Last: Santarelli 
Author-Name: Marco Vivarelli 
Author-X-Name-First: Marco 
Author-X-Name-Last: Vivarelli 
Title: The relationship between size and growth: the case of Italian newborn firms 
Abstract:
  This paper analyses the relationship between size and growth for a group
 of Italian newborn firms in the instruments industry. The main finding is
 that Gibrat's Law of Proportionate Effect exhibits a behaviour dependent
 on the firm's life cycle. In particular, even if in the years immediately
 following start-up the law could be rejected, since smaller firms have to
 rush in order to survive in the market, in subsequent years growth rates
 seem to converge towards a Gibrat-like pattern. This result is confirmed
 by the separate analyses carried out for micro-firms and larger firms. 
Journal: Applied Economics Letters 
Pages: 451-454 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010003299 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010003299&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Weber 
Author-X-Name-First: Christian 
Author-X-Name-Last: Weber 
Title: F-tests for lag length selection in augmented Dickey-Fuller regressions: some Monte Carlo evidence 
Abstract:
  This paper investigates the empirical performance of sequential f-tests
 as a criterion for selecting the lag length in Augmented Dickey-Fuller
 regressions. This criterion performs approximately as well as the AIC and
 a criterion based on eliminating residual autocorrelation. However, no
 single criterion is clearly superior to the other two. 
Journal: Applied Economics Letters 
Pages: 455-458 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010004027 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010004027&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Marc Berk 
Author-X-Name-First: Jan Marc 
Author-X-Name-Last: Berk 
Author-Name: Klaas Knot 
Author-X-Name-First: Klaas 
Author-X-Name-Last: Knot 
Title: The term structure of UIP: evidence from survey data 
Abstract:
  This note focuses on uncovered interest parity (UIP) in the short and
 medium run using survey-based exchange rate expectations. Analysing the
 major world currencies over the period 1985-1998 the paper finds that the
 validity of the UIP relation increases with the term of the investment,
 thereby supporting the theoretical notions developed by literature. 
Journal: Applied Economics Letters 
Pages: 459-462 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010004036 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010004036&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gad Saad 
Author-X-Name-First: Gad 
Author-X-Name-Last: Saad 
Author-Name: Tripat Gill 
Author-X-Name-First: Tripat 
Author-X-Name-Last: Gill 
Title: The effects of a recipient's gender in a modified dictator game 
Abstract:
  In the two-person dictator game, player A (allocator) chooses how to
 split a given sum of money with player B (recipient). Player B has no
 power in terms of either accepting or rejecting payer A's offer. This
 paper investigates the gender dynamics within the four possible dyads in a
 modified Dictator game. Both men and women gave more money to women. In
 other words, contrary to other studies that have investigated dictator
 game behaviour, the current study finds a main effect for the recipient's
 gender (rather than for the allocator's gender). 
Journal: Applied Economics Letters 
Pages: 463-466 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010005260 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010005260&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Schmidt 
Author-X-Name-First: Martin 
Author-X-Name-Last: Schmidt 
Title: On the M2 demand relationship 
Abstract:
  Recently numerous studies have maintained that post-1990 data no longer
 supports a long-run M2 demand relationship. Suggestive of the failure,
 several authors have shown that the errors associated with forecasting
 real income fluctuations increase once the M2 demand vector
 error-correction information is introduced. However, the present study
 finds that these results are an outgrowth of the Gulf War and that once
 the sample is extended the cointegrating information significantly
 improves the income forecasts. 
Journal: Applied Economics Letters 
Pages: 467-469 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010005279 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010005279&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Azmat Gani 
Author-X-Name-First: Azmat 
Author-X-Name-Last: Gani 
Author-Name: Peter Van Diermen 
Author-X-Name-First: Peter 
Author-X-Name-Last: Van Diermen 
Title: Some determinants of small firm 'presence' in Indonesia's manufacturing sector 
Abstract:
  The determinants of small firm 'presence' in the Indonesian manufacturing
 sector are investigated using data for eight small industries over eight
 time periods. Vertical integration, higher productivity and a robust
 economic environment are factors that determine small firm presence in the
 Indonesian manufacturing sector. It was also found that economies of scale
 in management do not have an important role in determining small firm
 presence and that the activities of cottage firms do not deter the
 presence of small firms and vice+versa. 
Journal: Applied Economics Letters 
Pages: 471-474 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010005800 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010005800&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fernando Seabra 
Author-X-Name-First: Fernando 
Author-X-Name-Last: Seabra 
Title: A cointegration analysis between Mercosur and international stock markets 
Abstract:
  This paper deals with an empirical investigation on the existence of
 long-run relationships among the two most important Mercosur stock market
 indexes (the Argentine Merval and the Brazilian Ibovespa) and two major
 international stock price indexes (the Japanese Nikkei and the US Dow
 Jones) and also with the estimation of short-run responses of those two
 emerging stock markets. Bivariate and multivariate cointegration tests
 indicate that there is no common trend linking the Argentine and the
 Brazilian stock price indexes. This result can be seen as a drawback to a
 proposal of stock market integration in Mercosur. On the other hand,
 cointegration between the two Latin American stock markets and the Dow
 Jones cannot be rejected. Based on an error correction mechanism, the
 estimated short-run elasticities show that the Ibovespa index is more
 responsive to changes in the Dow Jones than the Merval index. 
Journal: Applied Economics Letters 
Pages: 475-478 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010005819 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010005819&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Panos Fousekis 
Author-X-Name-First: Panos 
Author-X-Name-Last: Fousekis 
Author-Name: Giannis Karagiannis 
Author-X-Name-First: Giannis 
Author-X-Name-Last: Karagiannis 
Title: Wholesale level demand for fish grades in Greece 
Abstract:
  Differential inverse systems are used in this paper to investigate the
 structure of wholesale level demand for fish grades in Greece. Model
 selection tests suggest that the inverse CBS performs better that the
 competing differential systems. Homo-theticity and separability tests
 indicate that the underlying distance function is homothetically separable
 in the medium- and the low-value species. The own-quantity flexibilties
 suggest that the response of prices to own-quantity changes are inelastic
 while the cross-quantity flexibilities indicate that the substitution
 possibilities among fish grades are rather limited. 
Journal: Applied Economics Letters 
Pages: 479-482 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010005837 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010005837&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Faruk Selcuk 
Author-X-Name-First: Faruk 
Author-X-Name-Last: Selcuk 
Author-Name: Erinc Yeldan 
Author-X-Name-First: Erinc 
Author-X-Name-Last: Yeldan 
Title: On the macroeconomic impact of the August 1999 earthquake in Turkey: a first assessment 
Abstract:
  The devastating earthquake that struck the most densely populated and
 industrialized area of Turkey on 17 August, 1999 was one of the most
 damaging natural disasters during this century. This paper is a first
 attempt to estimate the transition path of the Turkish economy to its new
 equilibrium after the earthquake. An applied general equilibrium model is
 utilized to provide an initial assessment and to obtain the second best
 policy options to mitigate the negative effects of the earthquake. The
 analytical foundations of the model rest upon intertemporal dynamics as
 laid out in neoclassical growth theory. Simulation results suggest that
 the initial impact of the earthquake on GDP may range from -4.5% to + 0.8%
 of GDP, conditional upon policies followed by the government and
 international donors. The policy implication of the paper is that best
 outcomes might be reaped via a negative indirect tax (a subsidy financed
 by foreign aid) to individual sectors to recover their capital losses. On
 the other hand, an indirect tax to finance the extra fiscal spending would
 result in an output loss, further deepening the impact of the earthquake
 on the economy. 
Journal: Applied Economics Letters 
Pages: 483-488 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010007501 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010007501&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sherrill Shaffer 
Author-X-Name-First: Sherrill 
Author-X-Name-Last: Shaffer 
Title: Investors preferences and dividend payouts 
Abstract:
  A compelling motivation for dividends remains elusive in the face of
 double taxation, yet firms continue to pay dividends. This note identifies
 two previously unrecognized benefits of dividends. First, positive
 dividends can finance investors preferred consumption streams under some
 conditions, but the associated payout policy is not unique. Moreover, a
 specific form of dividend smoothing can facilitate dynamic portfolio
 insurance when risk-free securities exist. It is not claimed that these
 benefits solve the riddle of dividends, since both outcomes can be
 replicated by equity sales, but they do extend the known spectrum of such
 benefits. 
Journal: Applied Economics Letters 
Pages: 489-491 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010009905 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010009905&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuji Honjo 
Author-X-Name-First: Yuji 
Author-X-Name-Last: Honjo 
Title: Do innovative start-ups really wish to go public? Evidence from Japanese electrical manufacturing companies 
Abstract:
  This paper examines whether innovative start-ups have the intention to go
 public. Using a sample of electrical manufacturing firms in Japan, it is
 found that firms investing heavily in research and development (R&D) are
 more likely to have the intention to go public. From the viewpoint of
 entrepreneurs, the result may support the trend toward the creation of new
 stock markets for innovative start-ups. 
Journal: Applied Economics Letters 
Pages: 493-497 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010009914 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010009914&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Raphael Markellos 
Author-X-Name-First: Raphael 
Author-X-Name-Last: Markellos 
Author-Name: Terence Mills 
Author-X-Name-First: Terence 
Author-X-Name-Last: Mills 
Title: Unit roots in the CAPM? 
Abstract:
  Excess returns calculated using nonstationary risk-free interest rates
 will also be nonstationary and this may cause an unbalanced regression
 problem in the estimation of Capital Asset Pricing Models (CAPM). Under
 such circumstances, beta coefficients could be both biased and
 inconsistent. The implications of these issues are investigated through a
 simulation study and an empirical application using data on the FTA index
 and the 91-day UK Treasury Bill (T-Bill) rates. Although the simulation
 results are alarming, the empirical analysis suggests that the problem of
 unbalanced regression is not likely to cause significant problems in
 estimating the CAPM. 
Journal: Applied Economics Letters 
Pages: 499-502 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010017690 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010017690&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sonia Munoz 
Author-X-Name-First: Sonia 
Author-X-Name-Last: Munoz 
Title: Monetary targeting in the EMU: lessons from Australia 
Abstract:
  Following Arnold (1997), this paper examines demand-for-money functions
 in Australia and its states. The results suggest that the stability and
 fit of demand-for-money exercises carried out on an artificially
 constructed pre-EMU European monetary aggregate may not survive the regime
 change to the Euro. 
Journal: Applied Economics Letters 
Pages: 503-508 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010014035 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010014035&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anisul Islam 
Author-X-Name-First: Anisul 
Author-X-Name-Last: Islam 
Title: Wagner's law revisited: cointegration and exogeneity tests for the USA 
Abstract:
  This paper re-examines Wagner's hypothesis of an expanding government
 sector with progress of the economy using advanced econometric techniques
 such as cointegration and exogeneity tests not used in previous empirical
 studies. This study also uses much longer time series data for the USA
 than previously utilized. The empirical results based on cointegration and
 exogeneity tests provide strong support for the hypothesis for the USA. 
Journal: Applied Economics Letters 
Pages: 509-515 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010018743 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010018743&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Isabelle Cadoret 
Author-X-Name-First: Isabelle 
Author-X-Name-Last: Cadoret 
Title: The saving investment relation: a panel data approach 
Abstract:
  Numerous studies have confirmed the initial 1980 finding of Feldstein and
 Horioka of a high positive correlation between saving and investment, a
 result that is difficult to reconcile with the increasing integration of
 financial markets. This current study re-examines the correlation between
 saving and investment with a panel data approach. The empirical analysis
 concerns 19 OECD countries over the period 1970-1998. Stability tests have
 led to the identification three periods: 1970-1980, 19817ndash;1990 and
 1991-1998 and estimated results show that, when a country-specific effect
 is introduced, there is no correlation between private saving and national
 investment and that there is high correlation between public saving and
 investment. 
Journal: Applied Economics Letters 
Pages: 517-520 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010023107 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010023107&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Johan Lyhagen 
Author-X-Name-First: Johan 
Author-X-Name-Last: Lyhagen 
Author-Name: Lars Forsberg 
Author-X-Name-First: Lars 
Author-X-Name-Last: Forsberg 
Title: Starting values in estimation of cointegrating vectors with restrictions 
Abstract:
  In cointegration analysis, when considering a hypothesis of the kind
 &#x3b2; = (H &#x3c;1 &#x3d5; 1,..., H n &#x3d5; n) the estimation
 technique is a simple switching method that requires starting values.
 Using additional restrictions, the solution of an eigenvector problem may
 be used as starting values. Using a real world data set the proposed
 starting values seem to be better than the old, and sometimes they are
 much better. 
Journal: Applied Economics Letters 
Pages: 521-524 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010022658 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010022658&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Madhu Mohanty 
Author-X-Name-First: Madhu 
Author-X-Name-Last: Mohanty 
Title: Testing for the specification of the wage equation: double selection approach or single selection approach 
Abstract:
  The wage that a worker receives is observed only when he/she is employed.
 The employment of the worker, however, depends on two sequential
 decisions: the worker's decision to work and the employer's decision to
 hire. The wage sample, thus, is obtained through a double selection
 process. Estimation of the wage equation ignoring the roles of both
 selection decisions may result in omitted variable misspecification,
 leading to biased estimates. This study rejects the wage specification
 that allows only one selection decision, and shows that the wage equation
 with double selection specification cannot be rejected at any conventional
 level of significance. 
Journal: Applied Economics Letters 
Pages: 525-529 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048500011957 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500011957&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gad Saad 
Author-X-Name-First: Gad 
Author-X-Name-Last: Saad 
Author-Name: Tripat Gill 
Author-X-Name-First: Tripat 
Author-X-Name-Last: Gill 
Title: Gender differences when choosing between salary allocation options 
Abstract:
  Individuals chose between two 'salary increase' options: (1) an increase
 of $500 for themselves and $500 for a colleague; or (2) an increase of
 $600 for themselves and $800 for a colleague. The gender of the colleague
 was manipulated, hence permitting the investigation of four possible
 gender dyads (male-male, male-female, female-male, female-female). A main
 effect was found for the subjects' gender, namely a majority of women
 preferred option 1 while the majority of men preferred option 2. No
 interaction was found between the gender of the subjects and those of the
 colleagues. 
Journal: Applied Economics Letters 
Pages: 531-533 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010005251 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010005251&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Ekelund 
Author-X-Name-First: Robert 
Author-X-Name-Last: Ekelund 
Author-Name: George Ford 
Author-X-Name-First: George 
Author-X-Name-Last: Ford 
Author-Name: Mark Thornton 
Author-X-Name-First: Mark 
Author-X-Name-Last: Thornton 
Title: The measurement of merger delay in regulated and restructuring industries 
Abstract:
  Delay due to multiple merger reviews in regulated industries is analysed
 empirically. Tests on a sample of over 500 mergers between 1990 and 1998
 reveal that delay is 80% longer in regulated industries than unregulated
 industries. 
Journal: Applied Economics Letters 
Pages: 535-537 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010005828 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010005828&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vangelis Tzouvelekas 
Author-X-Name-First: Vangelis 
Author-X-Name-Last: Tzouvelekas 
Author-Name: Stratos Loizou 
Author-X-Name-First: Stratos 
Author-X-Name-Last: Loizou 
Author-Name: Konstantinos Giannakas 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Giannakas 
Author-Name: Konstantinos Mattas 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Mattas 
Title: Co-integration and error-correction modelling of olive oil consumption in Greece 
Abstract:
  This paper provides an empirical analysis of olive oil consumption in
 Greece for the period 1969-1998 using co-integration analysis. The
 estimated long and short-run elasticities suggest that prices of olive oil
 and other seed oils are more significant determinants of olive oil
 consumption than disposable income. 
Journal: Applied Economics Letters 
Pages: 539-543 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/1350485001320 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485001320&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Emilia Mazur 
Author-X-Name-First: Emilia 
Author-X-Name-Last: Mazur 
Author-Name: W. Robert 
Author-X-Name-First: W. 
Author-X-Name-Last: Robert 
Author-Name: J. Alexander 
Author-X-Name-First: J. 
Author-X-Name-Last: Alexander 
Title: Financial sector development and economic growth in New Zealand 
Abstract:
  Most of the empirical evidence on how development of the financial sector
 impacts on economic growth is in a cross-country context. This paper
 considers the evidence from one country, New Zealand, which has in recent
 times been subject to substantial economic reforms, not least in the
 financial sector. Some valid long-run relationships are found between
 indicators of both banking and stock market development and private
 savings, but rather more mixed results when considering either real GDP
 per capita or its growth rate. 
Journal: Applied Economics Letters 
Pages: 545-549 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010012974 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010012974&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ho Yeon Kim 
Author-X-Name-First: Ho Yeon 
Author-X-Name-Last: Kim 
Title: The effects of regulations on land transactions: The case of Korea 
Abstract:
  This paper examines the relationship between government regulations and
 land transactions using Korean data for 1994. The results indicate that a
 heavy burden put on land ownership does not affect the frequency and
 amount of land transacted, nor does it accelerate the urbanization
 process. However, regulations of the sale and acquisition of land are
 important influences on the decisions of market players. 
Journal: Applied Economics Letters 
Pages: 551-553 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010014477 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010014477&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Author-Name: Basudeb Biswas 
Author-X-Name-First: Basudeb 
Author-X-Name-Last: Biswas 
Author-Name: E. Bruce Godfrey 
Author-X-Name-First: E. Bruce 
Author-X-Name-Last: Godfrey 
Title: The stocking rate versus time in range management: a review of recent theoretical developments 
Abstract:
  A long-standing question in range management concerns the relative
 importance of the stocking rate versus the length of time during which
 animals graze a particular rangeland. Recently, Batabyal and co-workers
 provided a theoretical answer to this question. Given the importance of
 this question for practical range management, this paper has two
 objectives. First, it provides a non-technical discussion of the
 methodology employed and the analysis conducted by Batabyal and
 co-workers. Second, it points out and discusses the significance of two
 range management questions that are suggested by the previous analysis. 
Journal: Applied Economics Letters 
Pages: 555-559 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010014486 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010014486&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nancy Devlin 
Author-X-Name-First: Nancy 
Author-X-Name-Last: Devlin 
Author-Name: Paul Hansen 
Author-X-Name-First: Paul 
Author-X-Name-Last: Hansen 
Title: Health care spending and economic output: Granger causality 
Abstract:
  Granger causality is tested for to examine the exogeneity of GDP which is
 assumed in previous research on the determinants of aggregate health care
 spending. In theory, the causal relationship between these variables could
 be in either or both directions. For some of the 20 OECD countries tested
 it appears that health care expenditure Granger causes GDP, and vice versa
 for others. Therefore care must be taken when specifying health care
 expenditure and growth equations respectively in defining the appropriate
 'independent' (and exogenous) and 'dependent' variables. In particular,
 these results suggest that standard models of aggregate health care
 expenditure may be misspecified. 
Journal: Applied Economics Letters 
Pages: 561-564 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010017357 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010017357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Muhammad Islam 
Author-X-Name-First: Muhammad 
Author-X-Name-Last: Islam 
Title: Structural break, unit root, and the causality between government expenditures and revenues 
Abstract:
  Government expenditures and revenues are shown to be trend stationary
 with a break in the deterministic trend. This is in contrast to the claim
 that these two series are non-stationary and integrated of order 1. It is
 therefore inappropriate to first difference data to achieve stationarity.
 Instead, data is appropriately de-trended using endogenously determined
 break dates. Tests using the de-trended data show that causality is
 unidirectional, with expenditures causing revenues. 
Journal: Applied Economics Letters 
Pages: 565-567 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010018266 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010018266&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Regime switching and the forecasting bias of asymmetric error correction models 
Abstract:
  The potential forecasting bias of asymmetric error correction models is
 examined via an application of the Granger and Lee and Escribano and Pfann
 specifications to the earlier data of Davidson et al. Cook's results
 concerning sample space regularities are extended, with partitioning of
 the error correction term shown to induce regularities in the forecasting
 space in the form of forecasting bias. 
Journal: Applied Economics Letters 
Pages: 569-571 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010025673 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010025673&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Seasonal long memory in the US monthly monetary aggregate 
Abstract:
  The seasonal structure of the US monthly M1 monetary aggregate is
 investigated in this article by means of seasonal long memory processes.
 Using a version of the tests proposed by Robinson in 1994, the results
 show that the orders of integration are higher when seasonal monthly
 differences are used rather than quarterly or first differences. Thus, the
 dependence between observations seems to be stronger when seasonal monthly
 roots are taken into account. 
Journal: Applied Economics Letters 
Pages: 573-575 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010026078 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010026078&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Brian Lucey 
Author-X-Name-First: Brian 
Author-X-Name-Last: Lucey 
Title: Friday the 13th: international evidence 
Abstract:
  The Friday the 13th anomaly discussed by Kolb and Rodriguez in 1987 is
 revisited in an international context. Using the FTSE world indices over
 the period 1988-2000, for 19 countries, it is found that there is some
 evidence that returns on Friday the 13th are statistically different from,
 and generally greater than, returns on other Fridays. 
Journal: Applied Economics Letters 
Pages: 577-579 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010025664 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010025664&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lennart Flood 
Author-X-Name-First: Lennart 
Author-X-Name-Last: Flood 
Author-Name: Urban Gr&#xe5;sjo 
Author-X-Name-First: Urban 
Author-X-Name-Last: Gr&#xe5;sjo 
Title: A Monte Carlo simulation study of Tobit models 
Abstract:
  This study focuses on a comparison of different kinds of Tobit models.
 According to the findings, a simple Tobit I method can produce results
 that are similar to and in some cases better than much more sophisticated
 methods. This is especially true if the participation or index equation is
 incorrectly specified. 
Journal: Applied Economics Letters 
Pages: 581-584 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010027581 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010027581&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kaushik Bhattacharya 
Author-X-Name-First: Kaushik 
Author-X-Name-Last: Bhattacharya 
Author-Name: Himanshu Joshi 
Author-X-Name-First: Himanshu 
Author-X-Name-Last: Joshi 
Title: Modelling currency in circulation in India 
Abstract:
  In the literature, currency in circulation is typically estimated either
 by specifying a standard currency demand equation based on the theory of
 transaction or portfolio demand for money or by a univariate time series
 model. The paper argues that while these approaches work well for low
 frequency data, their scopes become limited for high frequency series.
 Using the weekly data of currency in circulation from the year 1992-1993
 to 1999-2000, the paper proposes an alternative approach of modelling the
 growth of currency in circulation by incorporating the 'day of the month'
 effect. The estimated equation behaves very well in and out of sample and
 the prediction performance achieved from the model has been good. 
Journal: Applied Economics Letters 
Pages: 585-592 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010020146 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010020146&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jian Yang 
Author-X-Name-First: Jian 
Author-X-Name-Last: Yang 
Author-Name: Michael Haigh 
Author-X-Name-First: Michael 
Author-X-Name-Last: Haigh 
Author-Name: David Leatham 
Author-X-Name-First: David 
Author-X-Name-Last: Leatham 
Title: Agricultural liberalization policy and commodity price volatility: a GARCH application 
Abstract:
  This study examines the effect of the recent radical agricultural
 liberalization policy, i.e. the 1996 FAIR Act, on agricultural commodity
 price volatility using Generalized Autoregressive Conditional
 Heteroscedasticity (GARCH) models. Results of the study indicate that the
 agricultural liberalization policy has caused an increase in the price
 volatility for three major grain commodities (corn, soybeans and wheat)
 and little change for oats, but a decrease for cotton. These findings
 stand in sharp contrast to Crain and Lee's observations in 1996 based on
 wheat markets that market-oriented measures in government farm policies
 tend to reduce agricultural price volatility. 
Journal: Applied Economics Letters 
Pages: 593-598 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010018734 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010018734&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ferenc Szidarovszky 
Author-X-Name-First: Ferenc 
Author-X-Name-Last: Szidarovszky 
Title: The area monotonic solution in dynamic negotiations 
Abstract:
  The area monotonic solution is examined, when the utilities of the
 players as well as the Pareto frontier change in time. A divert method is
 introduced to characterize the change in the solution of the conflict
 which is based on deriving a special ordinary differential equation such
 that its trajectory follows the solution in time. This method can be used
 to determine the optimal timing of agreements. 
Journal: Applied Economics Letters 
Pages: 599-600 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010021145 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010021145&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kelly Busche 
Author-X-Name-First: Kelly 
Author-X-Name-Last: Busche 
Author-Name: W. David Walls 
Author-X-Name-First: W. David 
Author-X-Name-Last: Walls 
Title: Breakage and betting market efficiency: evidence from the horse track 
Abstract:
  In this research the effect of breakage&#x2014;the rounding down of
 payoffs to winning bets&#x2014;on the measured efficiency of racetrack
 betting markets is examined empirically. Over twenty thousand horse races
 are analysed and it is demonstrated that evidence of betting market
 inefficiency is systematically related to the expected breakage. These
 empirical results suggest that failure to control for breakage may bias
 statistical tests towards rejection of the efficiency hypothesis. 
Journal: Applied Economics Letters 
Pages: 601-604 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010021154 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010021154&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David McMillan 
Author-X-Name-First: David 
Author-X-Name-Last: McMillan 
Title: Common stochastic volatility trend in European exchange rates 
Abstract:
  This paper examines the nature of stochastic volatility in the
 deutschemark/dollar and French franc/dollar exchange rates. In particular
 using a multivariate random walk stochastic volatility model the study
 examined whether volatility in each series can be ascribed to a single
 common trend. Results for univariate stochastic volatility models show
 very high persistence in the autoregressive component of volatility
 supporting the model specification where volatility follows a random walk.
 Estimation of the multivariate model reveals a very high correlation
 between the volatility innovations, and suggests that they follow a common
 trend, in essence the volatilities are cointegrated. A multivariate model
 with a single volatility trend is then estimated. Finally, support for
 this specification is further received when estimation of a stochastic
 volatility model for the ratio of the two series reveals no stochastic
 volatility present. 
Journal: Applied Economics Letters 
Pages: 605-608 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010023099 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010023099&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. H. Suryanarayana 
Author-X-Name-First: M. H. 
Author-X-Name-Last: Suryanarayana 
Title: Livestock service sector reform in India: efficiency versus equity 
Abstract:
  This paper examines the potential scope for efficiency and equity with
 reference to the recent public policy decision to commercialize the
 livestock service sector in India. The livestock service is provided free
 by the veterinary clinic in the public sector which operates virtually as
 a monopolist in Indian villages. The paper, using the discriminatory
 monopoly framework, shows that the government would succeed in its efforts
 to recover the cost of livestock service; the burden of cost recovery
 would fall on both the poor and rich beneficiary farm households. As
 regards to the effective cost of utilization of livestock service, the
 poor would end up bearing proportionately less than the rich. In the
 process, the market size for livestock service would decline in the short
 run but not output from animal husbandry. In the long run, there will be
 both growth and equity in the livestock sector. 
Journal: Applied Economics Letters 
Pages: 609-611 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010025132 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010025132&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ying-Foon Chow 
Author-X-Name-First: Ying-Foon 
Author-X-Name-Last: Chow 
Author-Name: Jinli Zeng 
Author-X-Name-First: Jinli 
Author-X-Name-Last: Zeng 
Title: Foreign capital in a neoclassical model of growth 
Abstract:
  The impact of foreign capital inflows on the growth of developing
 countries remains controversial. Utilizing the neoclassical growth model,
 this paper shows that foreign capital inflows have a positive effect on
 the capital stock and consumption in the long run. 
Journal: Applied Economics Letters 
Pages: 613-615 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010025691 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010025691&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ho-Chuan Huang 
Author-X-Name-First: Ho-Chuan 
Author-X-Name-Last: Huang 
Title: Bayesian analysis of the SUR Tobit model 
Abstract:
  This paper develops a practical sampling scheme for Bayesian analysis of
 correlated censored data using the seemingly unrelated Tobit regressions
 model. Posterior inference is performed via the Gibbs sampler with data
 augmentation algorithm. In particular, the relevant full conditional
 distributions needed in the use of Gibbs sampler are derived. The method
 is then applied to a real data set on the determination of the payments of
 cash and stock dividends. 
Journal: Applied Economics Letters 
Pages: 617-622 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010026069 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010026069&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdul Azeez 
Author-X-Name-First: Abdul 
Author-X-Name-Last: Azeez 
Title: Utilization of optimal capacity in Indian manufacturing, 1974-1996 
Abstract:
  This paper attempts to estimate a consistent series for the economic
 capacity utilization of the Indian non-electrical machinery manufacturing
 sector. The economic or optimum capacity is defined as the output where
 the short-run average total cost is minimized. Using an iterative version
 of Zellner's seemingly unrelated regression estimation technique, a
 translog short-run cost function is estimated, imposing the conditions for
 economic optimizing behaviour of firms to calculate the optimal output.
 Such a measure assumes that variations in capacity utilization (CU),
 defined as the ratio of actual to optimal output, are the systematic
 results of rational optimization procedures, depending on price and cost
 conditions of firms. A comparison of the new series with the conventional
 engineering measures of CU shows that the widely used 'installed CU'
 figures clearly underestimate the true economic utilization levels, mainly
 due to definitional problems. 
Journal: Applied Economics Letters 
Pages: 623-628 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010027572 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010027572&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Leo Kahane 
Author-X-Name-First: Leo 
Author-X-Name-Last: Kahane 
Title: Team and player effects on NHL player salaries: a hierarchical linear model approach 
Abstract:
  This paper employs a hierarchical linear model (HLM) to assess the
 importance of both player- and team-level attributes in determining
 National Hockey League (NHL) player salaries. Empirical results show that
 there are significant differences in mean salaries and rewards to
 performance across teams and that these differences can be partially
 explained by differences in team revenues. Implications for research in
 other industries are considered. 
Journal: Applied Economics Letters 
Pages: 629-632 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010028607 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010028607&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Andersson 
Author-X-Name-First: Michael 
Author-X-Name-Last: Andersson 
Title: A normality test for the mean estimator 
Abstract:
  This note proposes a tool to investigate and demonstrate the adequacy of
 the central limit theorem in small samples. The suggested procedure tests
 if the mean estimator is approximately normally distributed, given data
 and sample size at hand. 
Journal: Applied Economics Letters 
Pages: 633-634 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010028616 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010028616&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Denny 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Denny 
Author-Name: Colm Harmon 
Author-X-Name-First: Colm 
Author-X-Name-Last: Harmon 
Title: Testing for sheepskin effects in earnings equations: evidence for five countries 
Abstract:
  Using a dataset that allows consistent cross-country comparisons the
 non-linearity in a conventional earnings equation is tested with respect
 to schooling. The findings suggest that the assumption of linearity is not
 robust and that there are well-determined positive returns to the
 completion of educational levels. However, inferences are sensitive to the
 choice of functional form. 
Journal: Applied Economics Letters 
Pages: 635-637 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010028625 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010028625&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lata Gangadharan 
Author-X-Name-First: Lata 
Author-X-Name-Last: Gangadharan 
Title: Compliance in environmental markets 
Abstract:
  One of the reasons given for compliance with environmental programmes is
 that firms want to project an environmentally friendly image, as this
 would have a positive effect on their sales and eventually on their market
 share. This paper tries to test the effect of environmental friendliness
 on compliance behaviour using data from a tradable emissions programme
 currently running in Los Angeles. A large fraction of the firms comply
 with the environmental regulations. To study the reasons for this
 compliance behaviour, variables are created that represent the
 environmentally friendly characteristics of the firms. These variables
 are: how close the firm is to the final consumer and whether the firm has
 employed a manager to look after its environmental policies. Of all the
 firm characteristics, the capital level of the firm is seen to be
 significant in explaining non-compliance. Contrary to expectations, the
 environmental friendliness variables do not have significant explanatory
 power. Environmental consciousness as an explanatory variable for
 compliance therefore needs to be reconsidered in this kind of a pollution
 prevention programme. 
Journal: Applied Economics Letters 
Pages: 641-644 
Issue: 10 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010029192 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010029192&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria-Isabel Ayuda 
Author-X-Name-First: Maria-Isabel 
Author-X-Name-Last: Ayuda 
Author-Name: Antonio Aznar 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Aznar 
Title: Size and power of non-nested hypothesis tests and their bootstrap versions 
Abstract:
  In this paper the behaviour of various non-nested hypothesis testing
 procedures are studied, namely the J and JA tests and the same
 bootstrap-adjusted tests, using graphical methods. These methods are the P
 value plot, the P value discrepancy plot and the size-power graph. The
 size and power of the four tests are compared for all the possible nominal
 sizes and not only for 1% or 5%. It is found that the best test is the
 bootstrap-adjusted J test, given that its size is close to the nominal,
 independently of the nominal size, whilst it has a higher power than the
 JA test. 
Journal: Applied Economics Letters 
Pages: 649-653 
Issue: 10 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110052807 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110052807&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wen Den Chen 
Author-X-Name-First: Wen Den 
Author-X-Name-Last: Chen 
Title: Evaluation of the long memory relationship between gross national product and saving in Taiwan 
Abstract:
  To enhance precise analysis of the relationship between GNP (gross
 national product) and Saving (gross national saving), a long memory
 relationship function is applied. From experience, it is known that
 assuring the variables are always cointegrated or fractionally
 cointegrated is not easy, so this letter develops a measure function to
 estimate the long memory relationship between two variables. The empirical
 study shows that GNP and saving have the long memory relationship d=
 0.1449. 
Journal: Applied Economics Letters 
Pages: 655-657 
Issue: 10 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010029228 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010029228&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Josea. Pagan 
Author-X-Name-First: Josea. 
Author-X-Name-Last: Pagan 
Author-Name: Sukhjit Sethi 
Author-X-Name-First: Sukhjit 
Author-X-Name-Last: Sethi 
Author-Name: Gokce Soydemir 
Author-X-Name-First: Gokce 
Author-X-Name-Last: Soydemir 
Title: The impact of promotion/advertising expenditures on citrus sales 
Abstract:
  This study analyses the impact of advertising expenditures on citrus
 sales from the Texas Rio Grande Valley. A bivariate vector autoregressive
 model is estimated using weekly data on the dollar value of advertising
 expenditures and carton equivalent shipments for the 1993-1999 growing
 seasons. The estimated impulse response functions show that a one-time
 increase in advertising expenditures leads to increases in orange sales
 with a one-month lag. However, the impact of advertising on grapefruit
 sales is more immediate and relatively large. Carton shipments remain high
 for about three weeks after a one-time advertising shock. There is also no
 evidence of causality from sales to advertising. The results suggest that
 Federal Marketing Order regulations that facilitate funds for the
 promotion and advertising of citrus are effective in increasing the
 domestic consumption of oranges and grapefruit. 
Journal: Applied Economics Letters 
Pages: 659-663 
Issue: 10 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010029499 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010029499&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bwo-Nung Huang 
Author-X-Name-First: Bwo-Nung 
Author-X-Name-Last: Huang 
Author-Name: Chin-Wei Yang 
Author-X-Name-First: Chin-Wei 
Author-X-Name-Last: Yang 
Title: The impact of settlement time on the volatility of stock market revisited: an application of the iterated cumulative sums of squares detection method for changes of variance 
Abstract:
  Volatility changes before and after a major event cannot be effectively
 modelled without considering the impact of other events during the sample
 period. This paper reexamines the impact of settlement time changes on the
 volatility change in the Shanghai and Shenzhen Stock Exchange by Li et al.
 (1997) via the iterated cumulative sums squares (ICSS) method developed by
 Inclan and Tiao. This study detected three other events during the sample
 period (two before and one after the structural break). After removing
 these factors, it is found that change in settlement time does not impact
 the volatility of the stock returns in a noticeable way. 
Journal: Applied Economics Letters 
Pages: 665-668 
Issue: 10 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110036346 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110036346&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Usha Nair-Reichert 
Author-X-Name-First: Usha 
Author-X-Name-Last: Nair-Reichert 
Title: R&D investment and import competition in unionized industries 
Abstract:
  This paper investigates the effect of unionization on the flow of
 research and development (R&D) investment and import competition in US
 manufacturing industries. If the unions adopt a myopic strategy, they may
 attempt to maximize current rents, even if it reduces strategic R&D
 necessary to compete against imports. However, if unions are employment
 oriented and realize that R&D is essential to compete effectively against
 imports and reduce job losses for their members, they may favour a more
 co-operative strategy. This issue is empirically investigated at the
 industry level using data from 1975-1984. One of the main contributions of
 this study is the attempt to distinguish between strategic and
 non-strategic R&D. The results of this analysis indicate that depending on
 the extent of unionization, there is a significant amount of variation in
 the magnitude and direction of the impact of strategic R&D on import
 penetration. Supporting evidence also indicates that the union
 rent-seeking behaviour related to strategic R&D investments varies between
 import and export-competing industries. 
Journal: Applied Economics Letters 
Pages: 669-674 
Issue: 10 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110036733 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110036733&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ross Finnie 
Author-X-Name-First: Ross 
Author-X-Name-Last: Finnie 
Author-Name: Ronald Meng 
Author-X-Name-First: Ronald 
Author-X-Name-Last: Meng 
Title: Cognitive skills and the youth labour market 
Abstract:
  With the use of test score data it is found that literacy, numeracy and
 education strongly influence the probability of being employed,
 unemployed, having a wage-paying job and obtaining government transfer
 payments in addition to incomes, weeks worked and weeks unemployed for a
 sample of 16 to 24-year-olds. 
Journal: Applied Economics Letters 
Pages: 675-679 
Issue: 10 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110037877 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110037877&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jacint Balaguer 
Author-X-Name-First: Jacint 
Author-X-Name-Last: Balaguer 
Author-Name: Manuel Cantavella-Jorda 
Author-X-Name-First: Manuel 
Author-X-Name-Last: Cantavella-Jorda 
Title: Examining the export-led growth hypothesis for Spain in the last century 
Abstract:
  The relationship between real income and real exports is examined for the
 Spanish economy in the last century (1901-1999) using annual data. The
 significant changes of the Spanish economy during this period have made of
 the analysis a mixed one. The export-led growth hypothesis is supported
 during the economic liberalization period whereas for the protectionist
 and autarkic period neither a long-run nor a short-run relationship
 between those two variables are found. When the century as a whole is
 considered, then, a unidirectional causality running from income to
 exports is exhibited. 
Journal: Applied Economics Letters 
Pages: 681-685 
Issue: 10 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010038687 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010038687&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yir-Hueih Luh 
Author-X-Name-First: Yir-Hueih 
Author-X-Name-Last: Luh 
Author-Name: Ziau-Ning Liao 
Author-X-Name-First: Ziau-Ning 
Author-X-Name-Last: Liao 
Title: An econometric assessment of the productivity consequences of low-input farming 
Abstract:
  This study examines the possible impacts of low-input farming on the
 growth of productivity. Specifically, emphasis is placed upon
 disentangling the effect of overusing chemical inputs and that of the
 market determinants. Taking into account both production and price
 uncertainty, the expected utility maximization criterion explicitly
 incorporating damage control function of pesticides is used to determine
 farmers' rational demand of chemical inputs. The actual use of chemical
 inputs and the theoretical use consistent with expected utility
 maximization are used to establish an overusing index, which later is
 incorporated into the dual cost function to examine the productivity
 consequences of overusing chemicals. Simulation analyses of various policy
 scenarios suggest the positive impact of low-input farming. 
Journal: Applied Economics Letters 
Pages: 687-692 
Issue: 10 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110061681 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110061681&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Author-Name: Bernard Bollen 
Author-X-Name-First: Bernard 
Author-X-Name-Last: Bollen 
Title: Is there a maturity effect in the price of the S&P 500 futures contract? 
Abstract:
  The maturity effect is re-examined using the S&P 500 futures contract. A
 model is estimated in which daily volatility, measured on the basis on
 intraday data, is determined by its previous value and the number of days
 remaining to maturity. The estimation results do not support the maturity
 effect. This finding is in line with existing evidence that indicates the
 absence of the maturity effect in financial futures prices. 
Journal: Applied Economics Letters 
Pages: 693-695 
Issue: 11 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110036355 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110036355&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Title: R&D effects of incomplete procurement contracts 
Abstract:
  This paper examines auctions of incentive contracts, where the principal
 (a government agency) contracts with a private vendor to supply a given
 quantity. The contract is incomplete as the agent's research behaviour is
 unobservable and is not in the principal's objective function. The agent,
 however, has an incentive to engage in research. Therefore, the
 principal's actions inadvertently affect research spending. It is shown
 that the agent's optimal research spending responds to changes in
 contractual design. In general, the agent's research response is dependent
 upon the size of the bid and the probability of product innovation. Policy
 implications are discussed. 
Journal: Applied Economics Letters 
Pages: 697-699 
Issue: 11 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010029219 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010029219&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joe Hirschberg 
Author-X-Name-First: Joe 
Author-X-Name-Last: Hirschberg 
Author-Name: Jenny Lye 
Author-X-Name-First: Jenny 
Author-X-Name-Last: Lye 
Title: The interpretation of multiple dummy variable coefficients: an application to industry effects in wage equations 
Abstract:
  The traditional textbook approach to avoiding the dummy trap problem is
 to delete a category from each qualitative variable. This paper
 illustrates an alternative constraint which can be used to transform
 conventional dummy variable coefficients. This constraint serves to
 simplify their interpretation when the regression equation contains
 several qualitative variables and allows the computation of a coefficient
 for the deleted class. Using this constraint the intercept term can be
 written as the mean Y macron and the coefficients for the dummy variables
 are now interpreted as differences from the mean of the dependent variable
 rather than the deleted class. Computation of a standard error for the
 estimated coefficient of the deleted class is also discussed. An
 application to examine the importance of industry wage affiliation in
 explaining relative wages is presented. 
Journal: Applied Economics Letters 
Pages: 701-707 
Issue: 11 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110042187 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110042187&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Don Webber 
Author-X-Name-First: Don 
Author-X-Name-Last: Webber 
Title: A slowing of national income convergence 
Abstract:
  Shocks to the international economy that occurred around 1973 may have
 altered the rate of convergence of national income across countries.
 Markov chains are used to examine whether the rate of convergence of
 national income was different pre- to post-1973 for a cross-section of 104
 countries between 1960 and 1990. Results suggest that real GDP per worker
 did converge continuously, and the rate of convergence was faster before
 rather than after 1973. 
Journal: Applied Economics Letters 
Pages: 709-711 
Issue: 11 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110045715 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110045715&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Li-Hsueh Chen 
Author-X-Name-First: Li-Hsueh 
Author-X-Name-Last: Chen 
Title: A model for ex ante real interest rates 
Abstract:
  This paper proposes a new model for estimating economic agents'
 anticipation of the real rate of interest. It decomposes the nominal
 short-term interest rate into an ex ante real interest rate and an
 expected inflation rate, according to Fisher's equation. Assume the ex
 ante real interest rate follows an autoregressive structure and inflation
 follows an IMA(1, 1) process. Using the information in the nominal
 short-term interest rate and the inflation series, the ex ante real
 interest rate is estimated by maximum likelihood using the Kalman filter
 to calculate the likelihood function. The results show that the time
 series of estimates of the ex ante real interest rate extracted from the
 model rejects the random-walk hypothesis at the 1% significance level. 
Journal: Applied Economics Letters 
Pages: 713-718 
Issue: 11 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010017681 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010017681&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Holger Gorg 
Author-X-Name-First: Holger 
Author-X-Name-Last: Gorg 
Author-Name: Eric Strobl 
Author-X-Name-First: Eric 
Author-X-Name-Last: Strobl 
Title: Capital structure and labour demand: further evidence 
Abstract:
  This paper provides further evidence on the relationship between a firm's
 capital structure and its labour demand. This study estimates dynamic
 labour demand equations using firm-level panel data for firms in the
 electronics sector in Ireland for the period 1982 to 1995. These results
 suggest that labour demand is not affected by a firm's capital structure,
 proxied by its debt-to-asset ratio. This may give statistical support to
 the Modigliani-Miller theorem, which conjectures that the market value of
 a firm is not influenced by its capital structure, implying that a firm's
 labour demand decision is independent of capital structure. 
Journal: Applied Economics Letters 
Pages: 719-723 
Issue: 11 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010029480 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010029480&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bwo-Nung Huang 
Author-X-Name-First: Bwo-Nung 
Author-X-Name-Last: Huang 
Author-Name: Robert Fok 
Author-X-Name-First: Robert 
Author-X-Name-Last: Fok 
Title: Stock market integration - an application of the stochastic permanent breaks model 
Abstract:
  Using the Stochastic Permanent Breaks (STOPBREAK) model, this study
 examines the relationships of the US stock market with the Japanese and
 eight European stock markets. The evidence indicates that the US stock
 market is temporally cointegrated with the markets in Japan, Germany,
 Netherlands and Switzerland. However, cointegration relationship exists
 only between the US and Netherlands market when the Johansen cointegration
 test is used. In other words, some sort of cointegrating relationships may
 exist between two markets even if the standard cointegration test
 indicates that the two markets are not cointegrated. According to the
 STOPBREAK model, when two markets are temporally cointegrated, the
 movement of the two markets does not follow a random walk and market
 inefficiency is implied. 
Journal: Applied Economics Letters 
Pages: 725-729 
Issue: 11 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048500110036337 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500110036337&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Aparna Mitra 
Author-X-Name-First: Aparna 
Author-X-Name-Last: Mitra 
Title: Effects of physical attributes on the wages of males and females 
Abstract:
  Using data from the National Longitudinal Survey of Youth (1993), this
 study analyses the effects of physical attributes, namely, height and
 weight, on the wages of males and females in professional and blue-collar
 occupations. A parallel theme of analysis is whether physical attributes
 have any impact on the wages of workers with high mathematics and
 computational skills. The results of this study show that among
 professionals and blue-collar workers, physical attributes significantly
 affect the wages of women and have no impact on the wages of men. Taller
 women enjoy wage premiums, while overweight women experience significant
 wage penalties. Another important finding is that among women with above
 average quantitative skills, the effects of physical attributes on wages
 are insignificant. 
Journal: Applied Economics Letters 
Pages: 731-735 
Issue: 11 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110047605 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110047605&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Robst 
Author-X-Name-First: John 
Author-X-Name-Last: Robst 
Title: A note on the relationship between medical care resources and mortality 
Abstract:
  This paper reconsiders how the availability of physicians affects
 mortality rates within geographic areas. Studies typically find that
 mortality rates are lower in areas with greater medical care resources.
 While currently available care is important, this paper shows that young
 adult mortality rates are influenced by physician availability during
 childhood as well. Studies that examine that link between medical care
 resources and mortality should consider the availability of care over the
 lifetime. 
Journal: Applied Economics Letters 
Pages: 737-739 
Issue: 11 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110036328 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110036328&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. A. Shields 
Author-X-Name-First: M. A. 
Author-X-Name-Last: Shields 
Author-Name: S. Wheatley Price 
Author-X-Name-First: S. Wheatley 
Author-X-Name-Last: Price 
Title: Language fluency and immigrant employment prospects: evidence from Britain's ethnic minorities 
Abstract:
  Using data from the Fourth National Survey of Ethnic Minorities, the
 determinants of location-specific language capital and its impact upon the
 employment prospects of male and female ethnic minority immigrants in
 Britain are investigated. It is found that lack of English language
 fluency reduces average predicted employment probabilities by 20-25
 percentage points. Increasing the provision of English language training
 directly or indirectly, by requiring immigrants to obtain UK
 qualifications, would go a long way to eliminating the 10% employment gap
 between Britain's white and ethnic minority communities. 
Journal: Applied Economics Letters 
Pages: 741-745 
Issue: 11 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010038678 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010038678&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jari Parviainen 
Author-X-Name-First: Jari 
Author-X-Name-Last: Parviainen 
Author-Name: Hannu Schadewitz 
Author-X-Name-First: Hannu 
Author-X-Name-Last: Schadewitz 
Author-Name: Dallas Blevins 
Author-X-Name-First: Dallas 
Author-X-Name-Last: Blevins 
Title: On the non-linear relationship between disclosure and its determinants 
Abstract:
  A linear relationship exists between interim disclosures submitted to the
 Helsinki Exchanges and their determinants over the period 1985-1993. A
 non-linear model better explains the relationship. This finding has
 implications for the design of other disclosure index studies. 
Journal: Applied Economics Letters 
Pages: 747-750 
Issue: 11 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110043771 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110043771&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Title: On flood occurrence and the provision of safe drinking water in developing countries 
Abstract:
  Developing countries in South Asia and elsewhere are frequently ravaged
 by floods. An important part of most flood management programmes is the
 provision of safe drinking water (SDW) to prevent the spread of diseases.
 How should a government agency that is interested in distributing SDW to
 flood victims, go about its task? Further, how might this agency maximize
 the net social benefit from the provision of SDW? Finally, given that SDW
 is a particularly scarce commodity in a flood situation, how likely is it
 that this agency will be unable to meet the stochastic demand for SDW? In
 this paper, we use queuing theory to shed light on these three questions
 regarding the disbursement of SDW to flood victims. 
Journal: Applied Economics Letters 
Pages: 751-754 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110045724 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110045724&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan Speight 
Author-X-Name-First: Alan 
Author-X-Name-Last: Speight 
Author-Name: David McMillan 
Author-X-Name-First: David 
Author-X-Name-Last: McMillan 
Title: Cointegration and predictability in prereform east European black-market exchange rates 
Abstract:
  This paper examines the time series properties of the monthly
 black-market dollar exchange rates of the Bulgarian lev, Czech koruna,
 East German mark, Hungarian forint, Polish zloty, Rumanian lei and Soviet
 ruble over the period 1955-1990. All series other than the mark exhibit a
 unit root in logarithms, and there is evidence of at least two
 cointegrating vectors linking the remaining rates. Weak exogeneity is
 rejected for the lev, forint and lei, but strong exogeneity cannot be
 rejected for the koruna, zloty and ruble, implying causality running from
 the latter group to the former group, which may be interpreted as
 reflecting channels of policy interdependence. 
Journal: Applied Economics Letters 
Pages: 755-759 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110046516 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110046516&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Measuring unemployment persistence in terms of I(d) statistical models 
Abstract:
  In the paper the unemployment rate series of nineteen countries are
 examined by means of fractionally integrated techniques. The results show
 that unemployment series are more persistent in some countries, such as
 Finland, Belgium or Spain, than in others, like the USA, Japan, Austria,
 Italy or Canada. 
Journal: Applied Economics Letters 
Pages: 761-763 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110044220 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110044220&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose J. Sempere Monerris 
Author-X-Name-First: Jose J. Sempere 
Author-X-Name-Last: Monerris 
Author-Name: Vincent Vannetelbosch 
Author-X-Name-First: Vincent 
Author-X-Name-Last: Vannetelbosch 
Title: The patent holder's bargaining power and the licensing of an innovation 
Abstract:
  A bargaining licensing game is developed to study how the patent holder's
 bargaining power affects his licensing policy as well as the social
 welfare. Indeed, a modification in the patent's holder bargaining power is
 not innocuous for the economy. Therefore, a social agency that is
 concerned with a social welfare measure may raise the question of who
 should hold the bargaining power in order to increase the welfare of the
 economy. Consumers and the world economy are better off with the complete
 diffusion of the technology. This is only possible if the patent holder is
 attributed greater bargaining power than the one attributed to the
 potential licensees and the size of the innovation is small enough. 
Journal: Applied Economics Letters 
Pages: 765-769 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110046831 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110046831&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Black 
Author-X-Name-First: David 
Author-X-Name-Last: Black 
Author-Name: Michael Dowd 
Author-X-Name-First: Michael 
Author-X-Name-Last: Dowd 
Author-Name: Kristen Keith 
Author-X-Name-First: Kristen 
Author-X-Name-Last: Keith 
Title: The inflation/growth relationship: evidence from state panel data 
Abstract:
  Employing US state data, a positive correlation is found between
 inflation and growth during the 1980s, accompanied by a downward trend in
 inflation. During the 1960s and 1970s, a negative correlation was
 accompanied by an upward trend in inflation. 
Journal: Applied Economics Letters 
Pages: 771-774 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110044202 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110044202&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Turner 
Author-X-Name-First: Paul 
Author-X-Name-Last: Turner 
Author-Name: Guillermo Benavides 
Author-X-Name-First: Guillermo 
Author-X-Name-Last: Benavides 
Title: The demand for money and inflation in Mexico 1980-1999: implications for stability and real seigniorage revenues 
Abstract:
  This paper presents estimates of the demand for money function and the
 Phillips curve using quarterly data for the Mexican economy over the
 period 1980--1999. These estimates are used to test restrictions on the
 dynamic process of the errors and cross-equation parameter restrictions
 suggested by economic theory. The parameter estimates obtained are used to
 investigate the stability of the inflation process and the extent to which
 real seigniorage revenues have been exploited within the Mexican economy. 
Journal: Applied Economics Letters 
Pages: 775-778 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110044211 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110044211&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gazi Shbikat 
Author-X-Name-First: Gazi 
Author-X-Name-Last: Shbikat 
Title: The liquidity effect and the transmission mechanism of money 
Abstract:
  The positive relationship between money and interest rates and the
 procyclical behaviour of interest rates found by empirical studies
 contradict predictions of macroeconomic theories. This paper incorporates
 disaggregated measures of investment (residential and nonresidential
 investment) along with disaggregated measures of money (outside and inside
 money) into the analysis of the impact of money on economic activity. The
 Vector Error Correction model is employed to deal with the issues of
 stationarity and cointegration in the data. Disaggregating money and
 output produces the expected liquidity effect of money on interest rates
 and helps to detect the transmission mechanism by which interest rates
 affect real economic activity. Further, the evidence presented in this
 paper underscores the importance of Residential Fixed Investment as a
 major player in explaining the money-output relationship. 
Journal: Applied Economics Letters 
Pages: 779-785 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110045139 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110045139&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Sloane 
Author-X-Name-First: Peter 
Author-X-Name-Last: Sloane 
Author-Name: Melanie Ward 
Author-X-Name-First: Melanie 
Author-X-Name-Last: Ward 
Title: Cohort effects and job satisfaction of academics 
Abstract:
  Previous studies of job satisfaction in the labour force as a whole have
 found that women generally express themselves as more satisfied at work
 than men. This paper examines the relationship between age and individual
 job satisfaction using a uniquely detailed dataset on Scottish academics.
 The insignificant gender effect on job satisfaction for the whole sample
 of academics is found to be made up of two offsetting effects. Male
 academics under the age of 36 are found to have significantly higher job
 satisfaction than the female under 36 cohort. Men over 36 however have a
 significantly lower satisfaction than their female academic equivalents. 
Journal: Applied Economics Letters 
Pages: 787-791 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110045733 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110045733&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tae-Hwan Kim 
Author-X-Name-First: Tae-Hwan 
Author-X-Name-Last: Kim 
Author-Name: Paul Newbold 
Author-X-Name-First: Paul 
Author-X-Name-Last: Newbold 
Title: Unit root tests based on inequality-restricted estimators 
Abstract:
  This study considers the possibility of estimating a Dickey-Fuller
 regression, constraining the autoregressive parameter to be at most one,
 and imposing prior knowledge of the sign of the drift parameter. In spite
 of apparently encouraging asymptotic results, it emerges that no feasible
 test of the unit root null hypothesis with superior finite sample
 properties follows from such inequality-restricted estimation. 
Journal: Applied Economics Letters 
Pages: 793-797 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110046039 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110046039&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Patrick Honohan 
Author-X-Name-First: Patrick 
Author-X-Name-Last: Honohan 
Title: Does PPP-adjusted data exaggerate the relative size of poor economies? 
Abstract:
  Though excellent for comparing living standards, conventional
 PPP-adjusted real income measures may be a poor basis for ranking
 economies by total size. They assign a far larger share of World output to
 poor countries than would a more relevant alternative based on valuing
 output using the equilibrium prices of an hypothetical world of full
 economic integration. 
Journal: Applied Economics Letters 
Pages: 799-802 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110046480 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110046480&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: A macroeconomic analysis of the impact of union wage increases on nonunion wages 
Abstract:
  Based on the augmented Phillips curve and the autoregressive conditional
 heteroscedasticity model, the author finds that the growth of nonunion
 wages are positively associated with expected inflation, productivity
 growth, and the growth of union wages and are negatively correlated with
 the unemployment rate. The partial adjustment process is confirmed. Error
 variance can best be modelled by the ARCH(2) process. 
Journal: Applied Economics Letters 
Pages: 803-806 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110046499 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110046499&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Atsushi Fujii 
Author-X-Name-First: Atsushi 
Author-X-Name-Last: Fujii 
Title: Determinants and probability distribution of inefficiency in the stochastic cost frontier of Japanese hospitals 
Abstract:
  The purpose of this paper is to estimate the cost inefficiency of
 Japanese municipal hospitals using the stochastic cost frontier approach.
 It is assumed that hospital cost inefficiency has a truncated normal
 distribution in order to avoid the restrictive feature of the half-normal
 distribution. A model of hospital cost inefficiency in which the
 inefficiency is a function of some explanatory variables was defined. The
 stochastic cost frontier and the inefficiency model were estimated
 simultaneously. The results indicate that the half-normal distribution is
 not appropriate for the inefficiency distribution of municipal hospitals
 in Japan. It is also found (i) that the level of cost inefficiency is
 related to the government subsidy and the geographical location of the
 hospital; and (ii) that, when compared to the truncated normal cost
 inefficiency model, the half-normal model underestimates the marginal
 costs while it overestimates the cost inefficiency. 
Journal: Applied Economics Letters 
Pages: 807-812 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110046507 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110046507&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sebastian Schich 
Author-X-Name-First: Sebastian 
Author-X-Name-Last: Schich 
Author-Name: Florian Pelgrin 
Author-X-Name-First: Florian 
Author-X-Name-Last: Pelgrin 
Title: Financial development and investment: panel data evidence for OECD countries from 1970 to 1997 
Abstract:
  Applying a panel error correction approach to data for 19 OECD countries
 from 1970 to 1997, the paper provides evidence that financial development
 is significantly related to investment levels. Different indicators of
 financial development are used. The results appear to be strongest for
 stock market capitalization, although the contribution of private credit
 issued by deposit money banks is also significant. The results go beyond
 previous work on the topic, which has found a significant link for low and
 middle-income economies, but not for those with relatively high income
 levels. 
Journal: Applied Economics Letters 
Pages: 1-7 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110048505 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110048505&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert McNown 
Author-X-Name-First: Robert 
Author-X-Name-Last: McNown 
Author-Name: Thitima Puttitanun 
Author-X-Name-First: Thitima 
Author-X-Name-Last: Puttitanun 
Title: New unit root tests of the Nelson-Plosser data 
Abstract:
  Weighted symmetric and GLS tests for unit roots are applied to the
 fourteen time series tested by Nelson and Plosser in 1982. Due to the
 greater power of these two tests, unit roots are rejected for three to
 five of the series. 
Journal: Applied Economics Letters 
Pages: 9-11 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110049360 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110049360&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Umberto Triacca 
Author-X-Name-First: Umberto 
Author-X-Name-Last: Triacca 
Title: The partial autocorrelation function of a first order non-invertible moving average process 
Abstract:
  In this paper an expression is obtained for the determinant of a
 particular patterned matrix. The result is then used to derive the partial
 autocorrelation function of a first order non-invertible moving average
 process. 
Journal: Applied Economics Letters 
Pages: 13-15 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110050665 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110050665&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Laszlo Goerke 
Author-X-Name-First: Laszlo 
Author-X-Name-Last: Goerke 
Title: Statutory and economic incidence of labour taxes 
Abstract:
  A revenue-neutral substitution of a payroll tax for an income tax reduces
 unemployment in a general efficiency wage model in which firms are
 characterized by a constant returns to scale technology. This employment
 variation is the reverse of the change which arises in collective wage
 bargaining models. Hence, empirical work on the determinants of
 unemployment should always allow for the possibility of differential
 effects of taxes levied on workers and firms. The positive employment
 effect in the efficiency wage economy occurs since the income tax, in
 contrast to the payroll tax, is characterized by a positive level of tax
 exemption. Therefore, a revenueneutral substitution requires a less
 pronounced increase in the payroll tax than it allows for a fall in the
 income tax. Profits rise and an employment expansion is needed to reduce
 the workers' effort and, subsequently, the firms' profits to their
 equilibrium level. 
Journal: Applied Economics Letters 
Pages: 17-20 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110048497 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110048497&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lambert Schoonbeek 
Author-X-Name-First: Lambert 
Author-X-Name-Last: Schoonbeek 
Title: A delegated agent in a winner-takes-all contest 
Abstract:
  A standard winner-takes-all rent-seeking contest with a principal-agent
 relationship is extended. One of the two players offers a contract to an
 agent to act as a delegate on his behalf. The wage offered to the agent is
 deliberately chosen. The equilibrium of the extended contest is
 characterized. 
Journal: Applied Economics Letters 
Pages: 21-23 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110049333 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110049333&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tanweer Akram 
Author-X-Name-First: Tanweer 
Author-X-Name-Last: Akram 
Title: Net entry and exit patterns of Bangladesh manufacturing industries 
Abstract:
  This paper provides an empirical analysis of net entry and net exit
 patterns of manufacturing industries in Bangladesh. The analysis is based
 on a panel data set consisting of five census years' three-digit level
 data from the Bangladesh Census of Manufacturing Industries. 
Journal: Applied Economics Letters 
Pages: 25-31 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110046868 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110046868&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gangadhar Darbha 
Author-X-Name-First: Gangadhar 
Author-X-Name-Last: Darbha 
Title: Testing for long-run stability - an application to money multiplier in India 
Abstract:
  In testing for a stable long-run relation between monetary aggregates and
 reserve money most previous studies have used the conventional tests for
 cointegration. Using the recently developped residual-based cointegration
 tests of Gregory and Hansen that explicitly allow for regime shifts, the
 present paper, contrary to the findings of previous studies, finds that
 there exists a stable, but time-varying, longrun relation between measures
 of money stock and reserve money in the Indian context. It also finds that
 the observed variation in cointegrating relations is better characterized
 by a discrete one-time shift, rather than a gradually evolving random walk
 process, attributable, probably, to discrete changes in monetary policy. 
Journal: Applied Economics Letters 
Pages: 33-37 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110047155 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110047155&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Petri Bockerman 
Author-X-Name-First: Petri 
Author-X-Name-Last: Bockerman 
Author-Name: Jaakko Kiander 
Author-X-Name-First: Jaakko 
Author-X-Name-Last: Kiander 
Title: Has work-sharing worked in Finland? 
Abstract:
  This study is about the effects of work-sharing on employment in Finland.
 The results reveal that a reduction in average hours seems to deliver an
 increase in employment on the condition that output does not deteriorate
 as a result of shorter working time. However, the maintenance of output
 level in the case of shorter average working hours is a challenging
 exercise. In addition, the conduct of worksharing as a policy scheme is
 limited by the Lucas critique. 
Journal: Applied Economics Letters 
Pages: 39-41 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110048514 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110048514&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Obben 
Author-X-Name-First: James 
Author-X-Name-Last: Obben 
Author-Name: Hans-Jurgen Engelbrecht 
Author-X-Name-First: Hans-Jurgen 
Author-X-Name-Last: Engelbrecht 
Author-Name: V. Wesley Thompson 
Author-X-Name-First: V. Wesley 
Author-X-Name-Last: Thompson 
Title: A logit model of the incidence of long-term unemployment 
Abstract:
  A logit model of the incidence of long-term unemployment is estimated
 using a random sample of completed unemployment spells in New Zealand over
 the period 1988-97. The regressions results are sensible, but the
 predictive power of the model seems to depend on the share of long-term
 unemployed in total unemployment. In particular, if one-third or less of
 annual observations are made up of long-term unemployment spells, the
 model is incapable of predicting any such spells, unless it is constrained
 to do so. 
Journal: Applied Economics Letters 
Pages: 43-46 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110046840 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110046840&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Gius 
Author-X-Name-First: Mark 
Author-X-Name-Last: Gius 
Author-Name: Phillip Frese 
Author-X-Name-First: Phillip 
Author-X-Name-Last: Frese 
Title: The impact of state personal and corporate tax rates on firm location 
Abstract:
  The present study attempts to determine the effect of state personal and
 corporate tax rates on firm location at the 2-digit SIC level. Using a
 random effects model on a data set of 14000 observations, the present
 study finds that a state's personal tax rate has a negative effect on firm
 location but that a state's corporate tax rate has no
 statistically-significant effect on firm location. These results suggest
 that the locational decision of a firm is affected more by the impact that
 high personal taxes will have on the manager's and/or owner's income than
 by the negative impact of high corporate tax rates on firm profits. 
Journal: Applied Economics Letters 
Pages: 47-49 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110046859 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110046859&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Amaza 
Author-X-Name-First: Paul 
Author-X-Name-Last: Amaza 
Author-Name: J. K. Olayemi 
Author-X-Name-First: J. K. 
Author-X-Name-Last: Olayemi 
Title: Analysis of technical inefficiency in food crop production in Gombe State, Nigeria 
Abstract:
  This study investigated technical inefficiency in food crop production
 among farmers in Gombe State, Nigeria. A stochastic frontier production
 function, which incorporates technical inefficiency effects, using the
 Maximum-Likelihood Estimation (MLE), was used as the analytical technique.
 Given the specification of the stochastic frontier production function,
 the first null hypothesis, which specifies that the technical inefficiency
 effects are not stochastic is rejected. The second null hypothesis, which
 specifies that the explanatory variables in the model for technical
 inefficiency factors have zero coefficients, is also rejected. This
 implies that the explanatory variables in the inefficiency effects
 contribute significantly to the explanation of inefficiency in food crop
 production in Gombe State, Nigeria. Predicted technical efficiencies vary
 widely among farms, ranging between 13% and 89%, and a mean technical
 efficiency of 69%. 
Journal: Applied Economics Letters 
Pages: 51-54 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110048523 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110048523&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yoichi Matsubayashi 
Author-X-Name-First: Yoichi 
Author-X-Name-Last: Matsubayashi 
Title: The terms of trade and private savings: empirical evidence with a structural approach 
Abstract:
  This paper proposes a structural approach to investigate the relationship
 between the terms of trade and private savings in Japan and the US. A
 small open economy model is developed in which an infinitely-living
 representative agent consumes both tradable and non-tradable goods and a
 stochastic Euler equation is derived. Then, the GMM estimation method
 developed by Hansen (1982) is applied to estimate structural parameters
 and test model specifications. The main result is that the estimate for
 the intertemporal marginal rate of substitution is more than one for both
 countries. It may therefore be concluded that an improvement in the future
 terms of trade can decrease the private savings in Japan and the US. 
Journal: Applied Economics Letters 
Pages: 55-59 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110049342 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110049342&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bang Nam Jeon 
Author-X-Name-First: Bang Nam 
Author-X-Name-Last: Jeon 
Author-Name: Euiseong Lee 
Author-X-Name-First: Euiseong 
Author-X-Name-Last: Lee 
Title: Foreign exchange market efficiency, cointegration, and policy coordination 
Abstract:
  This paper examines market efficiency of the major foreign exchange
 markets during the post-Bretton Woods era by applying the bivariate and
 multivariate cointegration estimations to the weekly data of seven major
 foreign exchange rates. In particular, this study investigates whether the
 major foreign exchange policy coordinations, such as the Plaza Agreement
 (1985) and the Louvre Accord (1987), affected the long-run relations of
 the bilateral spot-forward and multivariate exchange rates. The findings
 of this study are: first, empirical evidence based on the bivariate and
 multivariate cointegrations is mostly consistent with the efficient market
 hypothesis in the major foreign exchange markets during the post-Bretton
 Woods era; second, the international policy coordinations during the late
 1980s have affected acrosscountry market efficiency by introducing common
 stochastic trends in the system of the seven major foreign exchange
 markets during the period of the policy implementation, but the market
 inefficiency did not last long; and third, within-country market
 efficiency appears to have become stronger in the post-Plaza agreement
 period than before, evidenced by exhibiting more cointegrating vectors,
 and have not been affected by the major foreign exchange policy
 coordinations. 
Journal: Applied Economics Letters 
Pages: 61-68 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110049351 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110049351&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Branko Milanovic 
Author-X-Name-First: Branko 
Author-X-Name-Last: Milanovic 
Title: Do we tend to overestimate poverty gaps? The impact of equivalency scales on the calculation of the poverty gap 
Abstract:
  The standard formulae used to calculate poverty gaps are incorrect when
 the poverty analysis is conducted in terms of equivalent units (rather
 than in per capita terms). An exact calculation requires access to
 individual level data. If this is unavailable, the paper proposes an
 approximation. 
Journal: Applied Economics Letters 
Pages: 69-72 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110049397 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110049397&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sunil Sapra 
Author-X-Name-First: Sunil 
Author-X-Name-Last: Sapra 
Title: A jackknife maximum likelihood estimator for the probit model 
Abstract:
  The maximum likelihood estimator for the Probit model can be
 substantially biased in small samples.This paper proposes a bias-corrected
 jackknife maximum likelihood estimator (JMLE) for the Probit model which
 corrects bias up to O(1/n-squared) unlike the ordinary MLE which corrects
 bias up to O(1/n). An application of the JMLE to Spector and Mazzeo (1980)
 data for analysing the effectiveness of a new method of teaching economics
 is also presented. 
Journal: Applied Economics Letters 
Pages: 73-74 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110050683 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110050683&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Jiang 
Author-X-Name-First: George 
Author-X-Name-Last: Jiang 
Title: What could potentially aggravate implicit volatility 'smile' and 'asymmetry'? - a note 
Abstract:
  This research note shows that the implied Black-Scholes volatility
 calculated using the bisection algorithm can have significant biases,
 which are more severe for in-themoney (ITM) options than for
 out-of-the-money (OTM) options. The biases are shown to have important
 implications as they could potentially aggravate the well-documented smile
 or smirk and asymmetry of implied Black-Scholes volatility for equity
 options. The findings caution the use of bisection algorithm for the
 calculation of Black-Scholes implied volatility. This research note also
 shows that the biases can be eliminated using the optimization algorithm
 which uses at least the first derivative of the objective function. 
Journal: Applied Economics Letters 
Pages: 75-80 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110052799 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110052799&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yaakov Lavi 
Author-X-Name-First: Yaakov 
Author-X-Name-Last: Lavi 
Author-Name: Michel Strawczynski 
Author-X-Name-First: Michel 
Author-X-Name-Last: Strawczynski 
Title: Policy variables and growth: evidence from Israel 
Abstract:
  This paper estimates the impact of policy variables on the per-capita
 Business Sector GDP in Israel in the framework of an extended
 neo-classical model. The methodology assesses the impact of policy
 variables on the components of the production function: factors of
 production (capital and labour) and total factor productivity. Using the
 cointegration approach, both long-run and short term specifications are
 tested. It is shown that: i) in the long-run the reduction of taxes,
 public sector deficit and inflation enhance growth mainly through an
 increase in total factor productivity; ii) in the short-run transitory
 changes in taxes do not affect business sector GDP, while persistent
 changes in taxes do affect it. It is also shown that persistent mass
 immigration waves to Israel enhanced production through a 'scale effect',
 since they implied an increase in the market size. 
Journal: Applied Economics Letters 
Pages: 81-86 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110050692 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110050692&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Krishna Mazumdar 
Author-X-Name-First: Krishna 
Author-X-Name-Last: Mazumdar 
Title: A note on cross-country divergence in standard of living 
Abstract:
  Convergence in 'standards of living' across countries is an important
 phenomenon that drew attraction of the researchers in economics during the
 last two decades. These studies take into account the growth of per capita
 gross domestic product or labour productivity as a measure of standard of
 living. The present study attempts to measure the standard of living in
 terms of the human development index which reflect the human well-being
 better than income or productivity and examines whether standards of
 living converge across economies over a fairly long period of time, such
 as 35 years (1960-1995). The convergence test has been attempted for the
 full sample as well as for three levels of human development. The study
 uses the convergence test introduced by Baumol. The tests indicate that in
 almost for all the cases divergence has been observed. Divergence is also
 observed for per capita real gross domestic product for all types of
 sample. 
Journal: Applied Economics Letters 
Pages: 87-90 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110049388 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110049388&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Connock 
Author-X-Name-First: Michael 
Author-X-Name-Last: Connock 
Title: Is arbitrage possible in the housing market? 
Abstract:
  It is widely accepted that no obvious serial correlation exists, nor can
 exist in a perfect market, in the pattern of changes away from the trend
 in equity share prices; for, if it did, arbitrageurs would step in and
 make money by buying when positive changes were anticipated, and vice
 versa. Yet in the UK at least, such correlation does appear to exist in
 the prices of another, arguably equally important set of assets, namely
 housing. This note shows, on the basis of the leading UK house price
 indices, the evidence that this is so, and discusses how this pattern can
 continue without being arbitraged away. The tentative conclusion is that
 there are likely to be some individuals and firms who will be able to
 profit from the situation. 
Journal: Applied Economics Letters 
Pages: 91-93 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110049379 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110049379&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Carneiro 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Carneiro 
Author-Name: Jose Angelo 
Author-X-Name-First: Jose 
Author-X-Name-Last: Angelo 
Author-Name: C. A. Divino 
Author-X-Name-First: C. A. 
Author-X-Name-Last: Divino 
Author-Name: Carlos Rocha 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Rocha 
Title: Revisiting the Fisher hypothesis for the cases of Argentina, Brazil and Mexico 
Abstract:
  This paper investigates the validity of the Fisher effect hypothesis that
 it is the interest rate that moves to adjust to anticipated changes in the
 rate of inflation. The analysis is carried out with monthly data for the
 period 1980-1997 for three countries that have a recent history of chronic
 high inflation: Argentina, Brazil and Mexico. A cointegration analysis
 provided evidence of a stable long-run equilibrium relationship between
 nominal interest rates and the inflation rate for the cases of Argentina
 and Brazil only. 
Journal: Applied Economics Letters 
Pages: 95-98 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110049405 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110049405&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andres Victorio 
Author-X-Name-First: Andres 
Author-X-Name-Last: Victorio 
Title: Non-market insurance and intrafamily transfers 
Abstract:
  This paper investigates the possibility that transfers of money between
 household members arise because a family member wishes to pay another an
 insurance premium in exchange for the right to collect an insurance
 coverage if a loss is suffered. The motive for the transfers is known as
 non-market insurance, and it is compared with altruism, bequests, and
 child-services-for-money (ABC). Some empirical evidence for non-market
 insurance is found based upon the panel study of income dynamics. 
Journal: Applied Economics Letters 
Pages: 99-102 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110049414 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110049414&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Russell Smyth 
Author-X-Name-First: Russell 
Author-X-Name-Last: Smyth 
Author-Name: He-Ling Shi 
Author-X-Name-First: He-Ling 
Author-X-Name-Last: Shi 
Title: Ownership reform and total factor productivity growth in Chinese industry 
Abstract:
  This paper contributes to the literature on total factor productivity
 (TFP) in Chinese industry. First, an adjusted TFP index is calculated
 through deflating raw data on TFP in Chinese industry using indexes on
 technological innovation in Japan and the United States. Second, the TFP
 index is regessed on the percentage of gross industrial output produced by
 non-state firms for the period 1980 to 1995. The results suggest that
 ownership reform was an important determinant of growth in industrial TFP
 over the period. 
Journal: Applied Economics Letters 
Pages: 103-106 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110057974 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110057974&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Corredor Pilar 
Author-X-Name-First: Corredor 
Author-X-Name-Last: Pilar 
Author-Name: Santamaria Rafael 
Author-X-Name-First: Santamaria 
Author-X-Name-Last: Rafael 
Title: Does derivatives trading destabilize the underlying assets? Evidence from the Spanish stock market 
Abstract:
  This paper analyses the effect of the introduction of derivatives
 (futures and options) in the Spanish market on the volatility and on the
 trading volume of the underlying index. The period analysed covers from
 October 1990 to December 1994. To study this effect, a GJR model is used.
 It is found, that although the asymmetry coefficient has increased, the
 conditional volatility of the underlying index declines after derivative
 markets are introduced. The trading volume of Ibex-35 increases
 significantly. Consequently, the introduction of the derivative contracts
 in Spain confirms a decrease in uncertainty in the underlying market and
 an increase in liquidity, which possibly enhances their efficiency. 
Journal: Applied Economics Letters 
Pages: 107-110 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110049441 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110049441&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Willem Verschoor 
Author-X-Name-First: Willem 
Author-X-Name-Last: Verschoor 
Author-Name: Christian Wolff 
Author-X-Name-First: Christian 
Author-X-Name-Last: Wolff 
Title: Scandinavian exchange rate expectations 
Abstract:
  This paper extends the analyses of Frankel and Froot (1987b), Cavaglia et
 al. (1993a), and others, to a new data set of exchange rate expectations
 on Scandinavian exchange rates. It corroborates the earlier finding that
 exchange rate forecasts are not rational, and that agents do not use all
 available information in an efficient manner. The evidence suggests that
 Scandinavian exchange rate expectations were stabilizing and that an
 unexpected depreciation was typically followed by an expected appreciation
 of smaller magnitude. 
Journal: Applied Economics Letters 
Pages: 111-116 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110049757 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110049757&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kjetil Haugen 
Author-X-Name-First: Kjetil 
Author-X-Name-Last: Haugen 
Author-Name: Arild Hervik 
Author-X-Name-First: Arild 
Author-X-Name-Last: Hervik 
Title: Estimating the value of the Premier League or the worlds most profitable investment project 
Abstract:
  This paper shows that market values for UK football (soccer) teams may be
 described by a remarkably simple regression model. This model is used to
 estimate the value of the Premier league. A tentative estimate of the
 Norwegian club Rosenborg Ballklubb is also established. As Rosenborg
 Ballklub is a 'membership club' - meaning that a small entrance fee
 (independent of the clubs performance) is the real price of 'a share' in
 the club - the return of an investment in the club is shown to be
 'unbelievable'. 
Journal: Applied Economics Letters 
Pages: 117-120 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110050674 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110050674&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Gibson 
Author-X-Name-First: John 
Author-X-Name-Last: Gibson 
Title: Decomposing ethnic differences in the incidence of employer-provided training in New Zealand 
Abstract:
  Minority workers in New Zealand are significantly less likely to receive
 employer-provided training. The contribution of differences in average
 characteristics and differences in the returns to those characteristics
 across ethnic groups are highlighted in this paper. The decomposition used
 deals with the index problem that results from the choice of a base group
 whose coefficients are used to predict the probability of training. The
 results show that the gap in training probabilities, and the part of this
 gap due to differences in the returns to characteristics, differs widely
 between specific minority groups. 
Journal: Applied Economics Letters 
Pages: 121-126 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110050700 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110050700&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: X. M. Gonzalez 
Author-X-Name-First: X. M. 
Author-X-Name-Last: Gonzalez 
Author-Name: D. Miles 
Author-X-Name-First: D. 
Author-X-Name-Last: Miles 
Title: Statistical precision of DEA: a bootstrap application to Spanish public services 
Abstract:
  The aim of this paper is to discuss how the efficiency conclusions
 obtained from DEA are affected when they are complemented with bootstrap
 confidence intervals. Bootstrap approximations to DEA estimator
 distribution functions have not been practically used in empirical
 analysis, despite being an important statistical tool to discuss the
 sensitivity of the efficiency point estimator. 
Journal: Applied Economics Letters 
Pages: 127-132 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110050719 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110050719&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chung-Ming Kuan 
Author-X-Name-First: Chung-Ming 
Author-X-Name-Last: Kuan 
Author-Name: Mai-Yuan Chen 
Author-X-Name-First: Mai-Yuan 
Author-X-Name-Last: Chen 
Title: Response surfaces of MOSUM critical values 
Abstract:
  The response surfaces of MOSUM critical values are computed, from which
 the finite sample and asymptotic critical values for different moving
 window bandwidths can easily be calculated. Results also show that the
 finite-sample critical values originally suggested by Bauer and Hackl and
 the asymptotic critical values are much too large in finite samples. 
Journal: Applied Economics Letters 
Pages: 133-136 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110050728 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110050728&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kazuhiro Ohtani 
Author-X-Name-First: Kazuhiro 
Author-X-Name-Last: Ohtani 
Title: Exact critical values of unit root tests with drift and trend 
Abstract:
  This paper, using the Imhof method, evaluates the numerically exact
 critical values of unit root tests based on the OLS estimator when there
 are drift and trend. The somewhat detailed tables of the exact critical
 values are presented. 
Journal: Applied Economics Letters 
Pages: 137-145 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110052816 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110052816&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Gallet 
Author-X-Name-First: Craig 
Author-X-Name-Last: Gallet 
Title: Competition in the US lemon market 
Abstract:
  This paper investigates the nature of competition in the US market for
 fresh lemons. Empirical results indicate that market dominance on the part
 of Sunkist Growers, Inc. enhanced supra-competitive prices, while a change
 in the scheme of orderly lemon marketing did not influence competition in
 a noticeable manner. 
Journal: Applied Economics Letters 
Pages: 147-149 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110053284 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110053284&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lance Bachmeier 
Author-X-Name-First: Lance 
Author-X-Name-Last: Bachmeier 
Title: Is the term structure nonlinear? A semiparametric investigation 
Abstract:
  A semiparametric error correction model (ECM) is estimated using US term
 structure data. We use 5 and 10 year interest rates to predict short-term
 (1 month to 12 month) interest rates. It is found that the semiparametric
 ECM model predicts better than the popular linear ECM. These results
 provide further evidence of nonlinearity in the term structure. 
Journal: Applied Economics Letters 
Pages: 151-153 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110053275 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110053275&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Holmes 
Author-X-Name-First: Mark 
Author-X-Name-Last: Holmes 
Title: Panel data evidence on inflation convergence in the European Union 
Abstract:
  This letter investigates the extent of long-run inflation convergence
 among the major EU economies using panel data unit root and cointegration
 tests. Potentially, these methods have key advantages over time-series
 methods which, in the light of limited data, can suffer from power
 deficiency with a tendency to accept the null of nonstationarity or
 noncointegration. Using monthly inflation data over the period 1972-99,
 this study finds that inflation convergence was strongest during 1983-90
 whereas the turbulence experienced within in the ERM in the early 1990s
 conferred some degree of macroeconomic independence among EU members. 
Journal: Applied Economics Letters 
Pages: 155-158 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110054940 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110054940&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Johnson 
Author-X-Name-First: Paul 
Author-X-Name-Last: Johnson 
Title: Intergenerational dependence in education and income 
Abstract:
  This paper takes up Goldberger's suggestion to investigate the links
 across generations using nonmonetary measures of status. It is found that
 the links in educational attainment are somewhat stronger than, and
 statistically significant from, those in income even if the income data
 are adjusted for measurement errors. This result accords well with the
 theoretical work of Galor and Zeira and others which emphasizes the role
 of market imperfections in human capital accumulation persistence. 
Journal: Applied Economics Letters 
Pages: 159-162 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110052988 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110052988&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Weixian Wei 
Author-X-Name-First: Weixian 
Author-X-Name-Last: Wei 
Title: Forecasting stock market volatility with non-linear GARCH models: a case for China 
Abstract:
  This paper studies the performance of the GARCH model and two of its
 non-linear modifications to forecast China's weekly stock market
 volatility. The models are the Quadratic GARCH and the Glosten,
 Jagannathan and Runkle models which have been proposed to describe the
 often observed negative skewness in stock market indices. It is found that
 the QGARCH model is best when the estimation sample does not contain
 extreme observations such as the stock market crash, and that the GJR
 model cannot be recommended for forecasting. 
Journal: Applied Economics Letters 
Pages: 163-166 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110053266 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110053266&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ana Perez 
Author-X-Name-First: Ana 
Author-X-Name-Last: Perez 
Author-Name: Maria Dolores Prada 
Author-X-Name-First: Maria Dolores 
Author-X-Name-Last: Prada 
Author-Name: Mercedes Prieto 
Author-X-Name-First: Mercedes 
Author-X-Name-Last: Prieto 
Title: Explaining inequality in Spanish income. A multifactor ANOVA model 
Abstract:
  To explain inequality, a multifactor ANOVA model is applied to the
 logarithm of income. Three definitions of income are analysed to see how
 they influence the results. Regardless the definition used, education and
 activity of the household head turn out to be the most significant
 factors. 
Journal: Applied Economics Letters 
Pages: 167-170 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110053293 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110053293&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kwang Soo Cheong 
Author-X-Name-First: Kwang Soo 
Author-X-Name-Last: Cheong 
Title: An empirical comparison of alternative functional forms for the Lorenz curve 
Abstract:
  Using US income data, several functional forms for the Lorenz curve are
 evaluated. On the basis of the goodness of fit, estimated income shares
 and Gini coefficients, the form proposed by Kakwani (Electrometrica, 48,
 437-46, 1980) is found to be overall superior to the other forms. 
Journal: Applied Economics Letters 
Pages: 171-176 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110054058 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110054058&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Aslihan Altay-Salih 
Author-X-Name-First: Aslihan 
Author-X-Name-Last: Altay-Salih 
Author-Name: Gulnur Muradoglu 
Author-X-Name-First: Gulnur 
Author-X-Name-Last: Muradoglu 
Author-Name: Muhammet Mercan 
Author-X-Name-First: Muhammet 
Author-X-Name-Last: Mercan 
Title: Performance of the efficient frontier in an emerging market setting 
Abstract:
  This study applies the Markowitz analysis to the Istanbul Stock Exchange
 and empirically investigates the performance of this tool in an emerging
 market setting. The results show that during the early years of
 establishment of an emerging stock exchange, an active strategy of mean
 variance portfolio, investing with monthly balancing, outperforms the
 passive strategies. However, at later stages the capital market
 liberalization changes market participants. Together, with the increase in
 foreign participation and integration of the market with the rest of the
 world, the performance of means variance efficient portfolios detoriate.
 The study also reports that the strategy is not effective during financial
 crisis. 
Journal: Applied Economics Letters 
Pages: 177-183 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110054067 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110054067&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hao-Yen Yang 
Author-X-Name-First: Hao-Yen 
Author-X-Name-Last: Yang 
Author-Name: To-Far Wang 
Author-X-Name-First: To-Far 
Author-X-Name-Last: Wang 
Title: Social incidence and economic costs of carbon limits: a computable general equilibrium analysis for Taiwan 
Abstract:
  In this paper, a computable general equilibrium model is constructed and
 is applied to analyse the economic costs of carbon emissions limits on the
 Taiwanese economy. The counterfactual simulation technique is applied to
 investigate the economic effects of mitigating carbon emissions via a
 carbon tax with a compensation policy. Empirical results basing on the
 Taiwan's data show that both compensation policies, i.e. income tax rate
 decrease and carbon tax revenues transfer, can reduce the costs of carbon
 emissions limits and possibly offset welfare reductions due to
 implementation of a carbon tax. These results also show that, with respect
 to allocation and distributional effects, the carbon tax revenues transfer
 is better than the income tax rate decrease for the selection in
 compensation policy. From the acceptability of national greenhouse policy,
 this finding reveals that the economic costs of limiting carbon emissions
 via a carbon tax can be reduced, if carbon emissions limits are
 accompanied by redistributing carbon tax revenues. 
Journal: Applied Economics Letters 
Pages: 185-189 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110054076 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110054076&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David McMillan 
Author-X-Name-First: David 
Author-X-Name-Last: McMillan 
Title: Interest rate spread and real activity: evidence for the UK 
Abstract:
  Results of recent studies for the USA, Canada and Australia have
 suggested that the term structure of interest rates contains predictive
 power for real GDP growth, and that this result is robust to the inclusion
 of additional variables, such as stock market indicators and lagged growth
 rates. Using a k-quarter growth rate model this paper attempts to
 ascertain whether similar results are obtained for the UK. In short, the
 results suggested here state that although the interest rate spread
 between the 10-year governemt bond and the 3-month T-bill contains some
 predictive power for UK output growth, it is less than reported for other
 countries. Finally, this result is robust to the inclusion of lagged
 growth and the FT-ALL index return, the latter leading to a marginal
 improvement in predictive power. 
Journal: Applied Economics Letters 
Pages: 191-194 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110054922 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110054922&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wenshwo Fang 
Author-X-Name-First: Wenshwo 
Author-X-Name-Last: Fang 
Title: The effects of currency depreciation on stock returns: evidence from five East Asian economies 
Abstract:
  By using stock daily data for Thailand and the four Asian Tigers, this
 paper provides clear evidence that currency depreciation affects adversely
 stock returns and/or increases market volatility over the period of the
 Asian crisis 1997-1999. The implication is that international investors
 and fund managers who plan to invest in the East Asian newly emerging
 stock markets have to evaluate the stability of the foreign exchange
 markets before taking action. 
Journal: Applied Economics Letters 
Pages: 195-199 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110054931 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110054931&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tser-Yieth Chen 
Author-X-Name-First: Tser-Yieth 
Author-X-Name-Last: Chen 
Title: Measuring firm performance with DEA and prior information in Taiwan's banks 
Abstract:
  This paper combines data envelopment analysis (DEA) measurements and
 manager prior opinion measurements to generate a posterior measurement for
 an overall measurement of the technical efficiency of banks in Taiwan. The
 involvement of mutual participation of bank managers in the evaluation
 process provides refined evaluation results and explicit corporation
 atmosphere among bank's evaluation operations. The empirical results
 indicate that the posterior measurement differs from the original DEA
 efficiency scores and/or financial ratios, which in turn indicates that
 bank efficiency can be measured by applying the methodology of Bayesian
 concept. 
Journal: Applied Economics Letters 
Pages: 201-204 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110057947 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110057947&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Author-Name: Alessandro Goglio 
Author-X-Name-First: Alessandro 
Author-X-Name-Last: Goglio 
Title: Regional bias and intra-regional trade in southeast Asia 
Abstract:
  Southeast Asia exhibits a bias towards intra-regional trade but not one
 that is out of line with the size, growth rates and geographical proximity
 of these countries; there is more trade bias than exhibited by the EU but
 less than that of NAFTA and, unlike in the EU and NAFTA, southeast Asian
 trade bias has not increased in recent years. Tests using a gravity model
 of trade confirm the importance of economic size, geographic distance and
 common language in intra-region bilateral trade and also show that
 re-exports and membership of ASEAN have been important factors promoting
 intra-regional trade. 
Journal: Applied Economics Letters 
Pages: 205-208 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110058955 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110058955&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Inmaculada Garcia 
Author-X-Name-First: Inmaculada 
Author-X-Name-Last: Garcia 
Author-Name: Jose Alberto Molina 
Author-X-Name-First: Jose Alberto 
Author-X-Name-Last: Molina 
Title: Inter-regional wage differentials in Spain 
Abstract:
  The paper analyses the wage differentials among different Spanish
 regions. Hedonic wage equations are first formulated for those regions and
 then the wage decomposition method is applied, which allows separation of
 the effects due to characteristics from those due to returns. The results
 show that in the Centre and South, half of the wage differential
 corresponds to each concept, whereas in the North and East the difference
 is due more to the different remuneration than to the different
 characteristics. The variables that exert greatest influence on the
 characteristic differences are seniority, possessing a university degree,
 the command of a second language, the sector of activity, the supervisory
 tasks undertaken and the occupation. With respect to the different
 returns, the largest differences correspond to remuneration for seniority,
 a second language, the sector of activity, the working hours and
 discrimination by gender. 
Journal: Applied Economics Letters 
Pages: 209-215 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110065849 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110065849&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Feinberg 
Author-X-Name-First: Robert 
Author-X-Name-Last: Feinberg 
Author-Name: David Nickerson 
Author-X-Name-First: David 
Author-X-Name-Last: Nickerson 
Title: Crime and residential mortgage default: an empirical analysis 
Abstract:
  This paper is the first to quantify the effect of crime rates on rates of
 default of residential mortgages. Based on a model of default in which
 crime rates can affect the liquidity of mortgageholders as well as their
 default option through property values, regression analysis is used to
 analyse default rates over a pooled sample of residential mortgages for
 all US states during 1981-1994. This study finds that crime, possibly
 acting as a proxy for more general economic conditions, significantly
 affects both the rate and timing of mortgage default. 
Journal: Applied Economics Letters 
Pages: 217-220 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110058504 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110058504&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chung Yi Tse 
Author-X-Name-First: Chung Yi 
Author-X-Name-Last: Tse 
Author-Name: Charles Ka Yui Leung 
Author-X-Name-First: Charles Ka Yui 
Author-X-Name-Last: Leung 
Author-Name: Weslie Yuk Fai Chan 
Author-X-Name-First: Weslie Yuk Fai 
Author-X-Name-Last: Chan 
Title: Unemployment and vacancy in the Hong Kong labour market 
Abstract:
  This paper combines unemployment and vacancy data to analyse the
 efficiency of the Hong Kong labour market for the period 1976 to 1997. It
 is confirmed that the negative relationship between unemployment and
 vacancy, commonly known as the Beveridge curve, applies to the Hong Kong
 labour market. There was an inward shift of the Beveridge curve around
 1982, which implies falling match frictions since then. Systematic
 evidence is also found that Hong Kong has been close to full employment,
 for on average, around 80% of unemployment in the period was due to
 structural and frictional unemployment with only 20% attributable to
 cyclical unemployment. 
Journal: Applied Economics Letters 
Pages: 221-229 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110054959 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110054959&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julie Hotchkiss 
Author-X-Name-First: Julie 
Author-X-Name-Last: Hotchkiss 
Title: Endogeneity of tenure in the determination of quit behaviour of young workers 
Abstract:
  This paper finds that ignoring the endogeneity of wage and tenure in the
 determination of quit behaviour biases their measured effects on quit
 propensity of young workers toward zero. 
Journal: Applied Economics Letters 
Pages: 231-233 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110057956 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110057956&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariam Camarero 
Author-X-Name-First: Mariam 
Author-X-Name-Last: Camarero 
Title: The IMF fiscal impulses and the determination of the real exchange rate of the Spanish peseta 
Abstract:
  In this paper a Keynesian model is applied for real exchange rate
 determination based on the concept of fiscal impulses. This model was
 proposed by Obstfeld (1985) and studies the effect of relative demand
 shocks on the real exchange rate. 
Journal: Applied Economics Letters 
Pages: 235-240 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110057965 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110057965&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jow-Ran Chang 
Author-X-Name-First: Jow-Ran 
Author-X-Name-Last: Chang 
Author-Name: Mao-Wei Hung 
Author-X-Name-First: Mao-Wei 
Author-X-Name-Last: Hung 
Title: Intertemporal hedge for inflation risk 
Abstract:
  An asset pricing model is developed in which price of consumption good is
 unknown and investors have a general time and state nonseparable
 preference. It is shown that the expected return on an asset is determined
 by a weighted average of market risk, inflation risk and consumption risk.
 The sum of these weights is equal to one. Moreover, a log-linear
 approximation proposed by Campbell (1993) to budget constraint is used to
 substitute out consumption to obtain an asset pricing model with inflation
 hedging risk. In this setup, expected asset return can be rewritten as a
 weighted average of market risk, market hedging risk, inflation risk and
 inflation hedging risk. 
Journal: Applied Economics Letters 
Pages: 241-243 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110058522 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110058522&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chris Papageorgiou 
Author-X-Name-First: Chris 
Author-X-Name-Last: Papageorgiou 
Title: On scale effects: further evidence 
Abstract:
  One of the main issues associated with recent R&D-based growth models is
 their prediction concerning 'scale effects'. That is, these models ask the
 question as to whether economic growth is a function of the level or the
 growth rate of human capital at steady state. This note presents some
 cross-country and historical time series evidence that supports scale
 effects in the early stages of development and non scale effects in the
 long-run. 
Journal: Applied Economics Letters 
Pages: 245-249 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110060367 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110060367&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Hoskins 
Author-X-Name-First: Martin 
Author-X-Name-Last: Hoskins 
Title: Aggregation, technological change and the skill structure of the British Economy 1951-1991 
Abstract:
  This paper presents quantitative estimates of the effects of
 technological and sectoral change on skill composition in the United
 Kingdom, in each decade 1951-1991 and assesses the effect of sectoral
 aggregation on these effects. 
Journal: Applied Economics Letters 
Pages: 251-254 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110060376 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110060376&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hafiz Akhand 
Author-X-Name-First: Hafiz 
Author-X-Name-Last: Akhand 
Author-Name: Haoming Liu 
Author-X-Name-First: Haoming 
Author-X-Name-Last: Liu 
Title: Income inequality in the United States: what the individual tax files say 
Abstract:
  Recent studies find the response error in the CPS is systematically
 related to income and gender. How such systematic misreporting of earnings
 can affect income inequality estimates is shown. Income inequality in the
 US can be more acute than is thought. 
Journal: Applied Economics Letters 
Pages: 255-259 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110060998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110060998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Randal Verbrugge 
Author-X-Name-First: Randal 
Author-X-Name-Last: Verbrugge 
Title: Longitudinal inflation asymmetry 
Abstract:
  Using an assymetry test which has high power and is not dominated by
 outliers, a longitudinal asymmetry is detected in most of the
 disaggregated price series investigated. This finding is intriguing, as
 neither money nor output growth is asymmetric. 
Journal: Applied Economics Letters 
Pages: 261-264 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110062013 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110062013&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Author-Name: M. Troy Gibson 
Author-X-Name-First: M. Troy 
Author-X-Name-Last: Gibson 
Title: Simultaneous estimation of complementary political economic models: an application to concealed-carry handgun legislation 
Abstract:
  The present note provides an extension of the Mixon and Gibson (2001)
 study of the retention of various types of concealed gun laws across the
 50 states of the US by developing a simultaneous system of demand
 (interest group) and supply (legislative) equations as a 'market for
 laws'. This construct follows theoretical foundations laid in the public
 choice literature by Crain (1979) and Benson and Engin (1988). Full
 information maximum likelihood results presented here suggest the
 importance of the property rights and the Second Amendment (of the US
 constitution) movement on the demand side and legislator characteristics
 on the supply side as determinants of the prescence of unrestricted
 right-to-carry laws across states. 
Journal: Applied Economics Letters 
Pages: 265-270 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110062022 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110062022&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Millimet 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Millimet 
Author-Name: Daniel Slottje 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Slottje 
Title: An environmental Paglin-Gini 
Abstract:
  The concept of an environmental Gini coefficient has been used recently
 by several researchers. In line with Paglin's historical critique of the
 income Gini coefficient, an environmental Paglin-Gini is proposed and
 estimated, more carefully considering the notion of 'perfect environmental
 inequality.' 
Journal: Applied Economics Letters 
Pages: 271-274 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110062031 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110062031&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Author-Name: Sean Holly 
Author-X-Name-First: Sean 
Author-X-Name-Last: Holly 
Title: A statistical analysis of regime switching under asymmetric error correction 
Abstract:
  A novel approach is presented for the analysis of regime switching
 behaviour based upon the use of Geary's runs test. The proposed method is
 used to examine recent evidence presented concerning the application of
 alternative models of asymmetric error correction. The results derived
 show the runs test to detect a significant difference in regime switching
 behaviour under the rival models. 
Journal: Applied Economics Letters 
Pages: 275-278 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110065830 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110065830&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Laurent Weill 
Author-X-Name-First: Laurent 
Author-X-Name-Last: Weill 
Title: Does restructuring improve banking efficiency in a transition economy? 
Abstract:
  This paper analyses the comparative evolution of the cost efficiency of
 banks in Poland and the Czech Republic during the nineties. Using the
 stochastic frontier approach, it finds mixed evidence in favour of the
 restructuring programmeme implemented in Poland. 
Journal: Applied Economics Letters 
Pages: 279-281 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110068125 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110068125&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jordi Pons 
Author-X-Name-First: Jordi 
Author-X-Name-Last: Pons 
Author-Name: Daniel Tirado 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Tirado 
Author-Name: Elisenda Paluzie 
Author-X-Name-First: Elisenda 
Author-X-Name-Last: Paluzie 
Title: Integration of markets and industrial concentration: evidence from Spain, 1856-1907 
Abstract:
  The aim of this paper is to analyse the phenomena of trade liberalization
 and market integration in 19th century Spain and their effect on the
 geographical concentration of industrial activity. This empirical analysis
 confirms the existence of positive relationships between the degree of
 scale economies and industrial concentration and also between the degree
 of centrality and industrial concentration. The empirical data on trade
 policy show that protectionist policies did not foster a geographical
 concentration of industry in the 19th century Spanish economy. 
Journal: Applied Economics Letters 
Pages: 283-287 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110066109 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110066109&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank Balle 
Author-X-Name-First: Frank 
Author-X-Name-Last: Balle 
Author-Name: Ashish Vaidya 
Author-X-Name-First: Ashish 
Author-X-Name-Last: Vaidya 
Title: A regional analysis of openness and government size 
Abstract:
  The effects of international trade have been studied primarily from the
 perspective of a nation, often overlooking the more direct effects that
 occur on a regional or state level. Studies have illustrated the
 relationship between international trade and openness to the size of a
 nation's government as well as to specific categories of government
 spending. Because the United States retains strong state governments it is
 important to correlate openness with government size at the state level.
 The purpose of this paper is to ascertain whether increased state openness
 has resulted in state governments responding to the increased
 international trade activity by offering greater social protection. It is
 found that both public welfare and health services expenditures are
 positively correlated with the level of a state's openness. This suggests
 that US states have had to respond to the adverse effects of increased
 international trade activity. 
Journal: Applied Economics Letters 
Pages: 289-292 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110067450 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110067450&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuck Cheong Tang 
Author-X-Name-First: Tuck Cheong 
Author-X-Name-Last: Tang 
Author-Name: Mahendhiran Nair 
Author-X-Name-First: Mahendhiran 
Author-X-Name-Last: Nair 
Title: A cointegration analysis of Malaysian import demand function: reassessment from the bounds test 
Abstract:
  This paper presents an empirical analysis of the aggregated import demand
 behaviour for Malaysia. The study involved a small sample of annual data
 from 1970 to 1998. To estimate the long-term relationship between import
 demand, and its determinants, namely income and relative prices, a robust
 estimation method known as the Unrestricted Error Correction Model -
 Bounds Test Analysis was used. The results show that import volume, income
 and relative prices are cointegrated. The estimated long-run elasticites
 of import demand with respect to income and relative prices are 1.5 and
 -1.3 respectively. This implies that monetary, fiscal and exchange rate
 policies can be used as instruments to maintain favourable trade balance. 
Journal: Applied Economics Letters 
Pages: 293-296 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110073471 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110073471&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Duncan McVicar 
Author-X-Name-First: Duncan 
Author-X-Name-Last: McVicar 
Title: Spillovers and foreign direct investment in UK manufacturing 
Abstract:
  Evidence is presented for the existence of negative spillovers through
 both foreign direct investment (FDI) and goods imports for UK
 manufacturing sectors. Support is given to the argument that FDI and
 imports have a market-stealing effect on domestic firms and can therefore
 reduce productivity. 
Journal: Applied Economics Letters 
Pages: 297-300 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110067487 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110067487&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Hyland 
Author-X-Name-First: David 
Author-X-Name-Last: Hyland 
Author-Name: Steve Swidler 
Author-X-Name-First: Steve 
Author-X-Name-Last: Swidler 
Title: Trading behaviour of stocks added to New Zealand's NZSE40 index 
Abstract:
  This paper looks at the addition of stocks to New Zealand's NZSE40 index
 and investigates whether price and volume effects support the price
 pressure hypothesis or the informational efficiencies described by
 Merton's attention hypothesis. Unlike the US experience, a description of
 trading on the New Zealand Stock Exchange includes: (1) mechanical index
 listing rules; (2) few index arbitrage opportunities; and (3) less liquid
 markets. The empirical results support the attention hypothesis and
 suggest informational efficiencies that lower a firm's cost of capital. 
Journal: Applied Economics Letters 
Pages: 301-304 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110065867 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110065867&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yeonbae Kim 
Author-X-Name-First: Yeonbae 
Author-X-Name-Last: Kim 
Title: Estimation of discrete/continuous choice model: application of Bayesian approach using Gibbs sampling 
Abstract:
  The paper suggests a different model for estimating a discrete/continuous
 choice framework using Gibbs sampling. The basic idea of using Gibbs
 sampling for the multinomial probit model is extended to the case of a
 discrete/continuous framework. To check the applicability of this method,
 it was applied to estimate the parameters of a 'vehicle ownership and use'
 model in Seoul, Korea. Also estimated was the price elasticity of gasoline
 demand, calculated to be -0.7601. 
Journal: Applied Economics Letters 
Pages: 305-309 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110068116 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110068116&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeffrey Brown 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Brown 
Title: Using a multiple imputation technique to merge data sets 
Abstract:
  Surprisingly, despite the fact that the information needed to address a
 research question is often spread across separate surveys, there is not a
 well established method for merging data sets prior to analysis. This
 letter presents a relatively straightforward method for merging
 information from separate surveys of representative samples drawn from the
 same population. It uses a multiple imputation technique that was
 originally developed to correct for missing values on items from survey
 data. The advantage of the process is that it accounts for the variance
 related to merging separate data sets, as well as the sample variance
 present in any sample survey. This provides more accurate estimates of the
 precision of the coefficients of interest than ad hoc alternatives. 
Journal: Applied Economics Letters 
Pages: 311-314 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110069980 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110069980&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: Extending dichotomous choice contingent valuation methods to pre-test-market evaluation: the case of a cable television service 
Abstract:
  The purpose of this paper is to introduce and test an extension of
 dichotomous choice contingent valuation methods to pre-test-market
 evaluation using the specific case of a cable television service. On the
 whole, respondents accepted the contingent market and were willing to
 contribute a significant amount, on average. This willingness varies
 according to individual characteristics and concerns about the service. It
 is concluded that the methods are potentially a useful tool for
 decision-makers in considering the provision of the service. 
Journal: Applied Economics Letters 
Pages: 315-318 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110070005 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110070005&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Angelos Kanas 
Author-X-Name-First: Angelos 
Author-X-Name-Last: Kanas 
Title: Mean and variance spillovers among size-sorted UK equity portfolios 
Abstract:
  The paper extends Lo and MacKinlay's 1990 findings by testing for mean
 and variance spillovers among size-sorted portfolios for the UK stock
 market. The London Business School Share Price Database, which contains
 the returns of approximately 6000 companies, is used to construct two sets
 of size-sorted portfolios using two alternative weighting schemes.
 Evidence is found of mean and variance spillovers from large- to
 small-firm portfolios, but not vice versa. This result holds for both
 weighting schemes. The existence of such spillovers suggests that
 profitable mean- and variance-based trading strategies exist in the UK
 stock market. 
Journal: Applied Economics Letters 
Pages: 319-323 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110065858 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110065858&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eric Chang 
Author-X-Name-First: Eric 
Author-X-Name-Last: Chang 
Author-Name: Joseph Cheng 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Cheng 
Title: Inflation and relative price variability: a revisit 
Abstract:
  Bomberger and Makinen reported in 1993 that the significant positive
 relationship between relative price variability and the rate of inflation,
 documented by Parks in 1978 and by others, disappears when the oil-shock
 years 1974 and 1980 are excluded from the sample. Using a sample of yearly
 and monthly observations of both a 12- category group and a 202-category
 group of personal consumption expenditures, evidence is found that
 Bomberger and Makinen's finding is sensitive to the level of commodity
 aggregation and to sampling intervals. Specifically, Parks' results are
 reinstated when the supply shock years of 1974, 1980 and 1990 are
 eliminated from the annual and monthly samples. Allowing for asymmetrical
 responses of relative price variability to positive and negative inflation
 further strengthens the relation between relative price and inflation. The
 overall evidence renders strong support for the classic findings by Parks
 and is consistent with the hypothesis of downward price rigidity of some
 sectors in the economy. 
Journal: Applied Economics Letters 
Pages: 325-330 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110067441 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110067441&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Subal Kumbhakar 
Author-X-Name-First: Subal 
Author-X-Name-Last: Kumbhakar 
Title: Productivity measurement: a profit function approach 
Abstract:
  This article provides an analytical framework to measure and decompose
 total factor productivity growth into technical change and economies of
 scale, using a profit function approach. Both single and multiple output
 cases are considered. 
Journal: Applied Economics Letters 
Pages: 331-334 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110067469 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110067469&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yoshitsugu Kitazawa 
Author-X-Name-First: Yoshitsugu 
Author-X-Name-Last: Kitazawa 
Author-Name: Makoto Ohta 
Author-X-Name-First: Makoto 
Author-X-Name-Last: Ohta 
Title: Testing the shirking version of the efficiency wage model in Japanese electric-machinery firms: a panel data approach 
Abstract:
  This paper investigates whether electric-machinery firms in Japan paid
 the efficiency wage to their employees after the Plaza Accord. The
 estimations are implemented using a dynamic formulation of the shirking
 version in the efficiency wage model. This formulation is developed by
 Machin and Manning (1992). 
Journal: Applied Economics Letters 
Pages: 335-338 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110067478 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110067478&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fatith Ozatay 
Author-X-Name-First: Fatith 
Author-X-Name-Last: Ozatay 
Title: Effects of contemporaneous aggregation on the predictive power of information variables 
Abstract:
  Obtaining reliable forecasts of the future path of inflation is crucial
 for inflation targeting. The importance of information variable approach
 in forecasting inflation is widely stated. Studies that explore the
 information content of money basically rely upon the Granger-causality
 tests and use contemporaneously aggregated time series. For a potential
 information variable such as a monetary variable, failing to find
 predictive power for a contemporaneously aggregated series such as the
 inflation level does not necessarily imply that the potential information
 variable lacks predictive power. This letter shows that, provided that
 such a causal relationship is valid for, at least, one of the components
 of the aggregate, then it is possible to obtain better forecasts of the
 aggregate using a disaggregated model. 
Journal: Applied Economics Letters 
Pages: 339-342 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110068855 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110068855&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale 
Author-X-Name-First: Guglielmo Maria 
Author-X-Name-Last: Caporale 
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Unemployment and input prices: a fractional cointegration approach 
Abstract:
  This paper examines the relationship between unemployment, real oil price
 and real interest rates in Canada. Instead of following the classical
 approach based on I(0) stationarity or I(1) cointegrating relationships,
 fractional integration/cointegration techniques are used which allow for
 the possibility that unemployment is highly persistent. In line with other
 studies, it is found that all three variables are I(1). But only
 cointegration is found in the presence of autocorrelated disturbances,
 which means that the relationship between these variables also has a
 dynamic component. Furthermore, there is evidence of fractional (as
 opposed to classical) cointegration, which implies long memory and slow
 reversion to equilibrium. This suggests that an equilibrium model with
 highly persistent shocks might be adequate to account for the observed
 behaviour of unemployment. 
Journal: Applied Economics Letters 
Pages: 347-351 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110086044 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110086044&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fabio Bagliano 
Author-X-Name-First: Fabio 
Author-X-Name-Last: Bagliano 
Author-Name: Roberto Golinelli 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Golinelli 
Author-Name: Claudio Morana 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Morana 
Title: Core inflation in the Euro area 
Abstract:
  Using a common trends model, a forward-looking 'core' inflation measure
 is estimated for the Euro area based on long-run relations among major
 macroeconomic variables, bearing the interpretation of long-run inflation
 forecast. The proposed measure may be particularly suitable for the
 'two-pillar' monetary policy strategy of the ECB which focuses on
 medium-term inflation prospects. 
Journal: Applied Economics Letters 
Pages: 353-357 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110086035 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110086035&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David McMillan 
Author-X-Name-First: David 
Author-X-Name-Last: McMillan 
Author-Name: Alan Speight 
Author-X-Name-First: Alan 
Author-X-Name-Last: Speight 
Title: Non-linear dependence in inter-war exchange rates: some further evidence 
Abstract:
  This paper reconsiders the time-series properties of inter-war
 pound-franc and pound-dollar exchange rate returns in the context of a
 smooth transition variant of the threshold autoregressive model. It is
 found that autoregressive structure in returns is largely confined to
 values in proximity with thresholds which are possibly associated with
 market intervention points or market sentiment. Under joint estimation in
 conjunction with GARCH models of time-varying conditional volatility,
 these models satisfactorily capture all non-linearity in the data, and in
 the case of pound-dollar returns provide out-of-sample forecasts superior
 to alternative linear and non-linear models previously considered in the
 literature. 
Journal: Applied Economics Letters 
Pages: 359-364 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110086017 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110086017&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kyle Stiegert 
Author-X-Name-First: Kyle 
Author-X-Name-Last: Stiegert 
Title: The producer, the baker, and a test of the mill price-taker 
Abstract:
  The purpose of the research in this paper was to test for upstream and
 downstream market power in the US hard wheat milling industry. This is an
 industry with very high and increasing levels of processing concentration,
 and one of the industry's largest firms (Archer Daniels Midland) was
 implicated in price-fixing in US lysine markets. The principal finding is
 that the hypothesis of competition could not be rejected in both the
 upstream and downstream markets. No evidence was found of market power in
 US hard wheat milling and social concerns about the conduct of incumbent
 firms seem unwarranted at this time. 
Journal: Applied Economics Letters 
Pages: 365-368 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110068846 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110068846&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Ferris 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Ferris 
Author-Name: Hun Park 
Author-X-Name-First: Hun 
Author-X-Name-Last: Park 
Author-Name: Kwangwoo Park 
Author-X-Name-First: Kwangwoo 
Author-X-Name-Last: Park 
Title: Volatility, open interest, volume, and arbitrage: evidence from the S&P 500 futures market 
Abstract:
  Using a vector autoregressive (VAR) approach, the dynamic interactions
 and causal relationships among volatility, open interest, trading volume
 and arbitrage opportunities in the S&P 500 index futures market is
 examined. It is found that increased volatility lowers pricing error. This
 implies that as market volatility increases, investors sell off their
 equity and futures positions with relatively larger drops in futures
 prices. Pricing error plays a critical role in linking implied volatility
 and the level of open interest. Open interest rises for a few days in
 response to a pricing error shock, but pricing error declines over the
 next day after an initial rise in response to an innovation in open
 interest. This suggests that the level of open interest is a good proxy
 for examining the capital flows into and out of the nearest S&P 500 index
 futures contract. 
Journal: Applied Economics Letters 
Pages: 369-372 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110074155 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110074155&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcelo Resende 
Author-X-Name-First: Marcelo 
Author-X-Name-Last: Resende 
Author-Name: Nilson Teixeira 
Author-X-Name-First: Nilson 
Author-X-Name-Last: Teixeira 
Title: Permanent structural changes in the Brazilian economy and long memory: a stock market perspective 
Abstract:
  The paper assesses long memory patterns in the Brazilian stock market
 index (Ibovespa) for sub-periods before and after the Real Stabilization
 Plan. Evidence favours the existence of short memory for both periods
 despite the so-called reforms the Brazilian economy went through in the
 1990s and, in particular, after the Real Plan. 
Journal: Applied Economics Letters 
Pages: 373-375 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110073480 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110073480&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Philipp Harms 
Author-X-Name-First: Philipp 
Author-X-Name-Last: Harms 
Title: Political risk and equity investment in developing countries 
Abstract:
  This paper estimates the effect of a measure of political risk on equity
 investment flows to developing countries. Using a panel data set that
 includes a larger number of low-income countries than previous studies, it
 is found that political risk is an important determinant of the sum of
 foreign direct investment and portfolio equity investment per capita. 
Journal: Applied Economics Letters 
Pages: 377-380 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110084064 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110084064&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Min-Hsien Chiang 
Author-X-Name-First: Min-Hsien 
Author-X-Name-Last: Chiang 
Author-Name: Cheng-Yu Wang 
Author-X-Name-First: Cheng-Yu 
Author-X-Name-Last: Wang 
Title: The impact of futures trading on spot index volatility: evidence for Taiwan index futures 
Abstract:
  This paper investigates the influences of inception of Taiwan Index
 futures trading on the spot price volatility on the Taiwan Stock Exchange
 (TSE). The macroeconomic effects are controlled and the asymmetric
 response behaviour is studied. The empirical evidence shows that the
 trading of TAIEX futures has major impacts on spot price volatility
 mechanism while the trading of MSCI Taiwan futures does not. In addition,
 the trading of both index futures has altered the asymmetric response
 behaviour of spot price volatility. 
Journal: Applied Economics Letters 
Pages: 381-385 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110068837 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110068837&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Jha 
Author-X-Name-First: R. 
Author-X-Name-Last: Jha 
Author-Name: H. K. Nagarajan 
Author-X-Name-First: H. K. 
Author-X-Name-Last: Nagarajan 
Title: Wholesale spreads and the dynamics of retail price volatility in Indian rice markets 
Abstract:
  A general model is proposed of asymmetric price transmission to examine
 the volatility of retail spreads in vertical markets, with endogenous
 overshooting of the wholesale spreads. The model is tested with Indian
 data and significant asymmetries are discovered. 
Journal: Applied Economics Letters 
Pages: 387-390 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110086026 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110086026&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tarlok Singh 
Author-X-Name-First: Tarlok 
Author-X-Name-Last: Singh 
Title: On the GARCH estimates of exchange rate volatility in India 
Abstract:
  The study estimates the generalized autoregressive conditional
 heteroskedasticity (GARCH) model for a comprehensive set of both weighted
 (export and trade) as well as unweighted (official and black market) real
 exchange rate series in India. The study finds the evidence of
 dimensionally weak and statistically insignificant autoregressive
 conditional heteroskedasticity (ARCH) effects as compared to GARCH effects
 in almost all the exchange rate series. The estimates of GARCH model are
 sensitive to the measure of exchange rate used. Besides, the GARCH effects
 remain invariant to the choice of sample period, and this evidence points
 towards the regime neutrality of exchange rate volatility in India. 
Journal: Applied Economics Letters 
Pages: 391-395 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110086062 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110086062&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. Epstein 
Author-X-Name-First: D. 
Author-X-Name-Last: Epstein 
Author-Name: P. Tillack 
Author-X-Name-First: P. 
Author-X-Name-Last: Tillack 
Title: Classification of agricultural enterprises by their financial standing 
Abstract:
  Since 1994 the majority of Russian agricultural enterprises have been
 unprofitable, and have accumulated large liabilities. Their reorganization
 and liability restructuring is necessary. However, the differences in the
 financial standing of enterprises should be identified and taken into
 consideration. Here arises an important methodological task: to choose
 relevant studies, i.e. criteria for enterprise selection and
 classification by qualitatively different groups depending upon their
 financial and economic standing. This is a complex and still unsolved
 task. This article offers to evaluate the financial standing of an
 unprofitable enterprise by means of the ratio of the sufficiency
 coefficient to cover factor costs (K1). Factor costs are determined as a
 sum of labour costs, depreciation deductions and land costs. K1 enables
 one to evaluate the ability to preserve basic factors of production. K2
 and K3 ratios, which make it possible to account for enterprise ability to
 survive by means of minimization of depreciation deductions and
 accumulation of accounts payable, are composed similarly. The ratios
 between enterprise liability levels and different asset components are
 also offered, and these make it possible to classify the enterprises by
 their liability level. Experimental confirmation of the developed scheme
 were performed with the figures of agricultural enterprises of the
 Leningrad Region (Oblast) for 1998. These enterprises were classified into
 five groups. Different approaches to their reorganization were offered. 
Journal: Applied Economics Letters 
Pages: 397-406 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110086071 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110086071&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Confidence intervals for fractionally integrated hypotheses in the real output across Europe 
Abstract:
  Confidence intervals for the fractional differencing parameter are
 established in this article for the real output in several European
 countries. They are based on a testing procedure due to Robinson (Journal
 of the American Statistical Association, 89, 1420-37, 1994) and the
 results indicate that these confidence intervals are relatively wide, the
 unit root null hypothesis being rejected in practically all cases. 
Journal: Applied Economics Letters 
Pages: 407-409 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110086783 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110086783&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hsiu-Yun Lee 
Author-X-Name-First: Hsiu-Yun 
Author-X-Name-Last: Lee 
Author-Name: Kenneth Lin 
Author-X-Name-First: Kenneth 
Author-X-Name-Last: Lin 
Author-Name: Jyh-Lin Wu 
Author-X-Name-First: Jyh-Lin 
Author-X-Name-Last: Wu 
Title: Pitfalls in using Granger causality tests to find an engine of growth 
Abstract:
  This paper discusses the reliability of using a Granger causality test to
 find an engine of growth. The paper first focuses on growth models'
 cointegration implications since causality must exist in an
 error-correction model. As a complementary, Monte Carlo experiments with
 independently generated I(1) variables also indicate a significant
 probability for rejecting the Granger non-causality null. Given the
 persistency and cointegration of variables in growth models, rejecting the
 non-causality null may reflect a spurious causal relationship, rather than
 confirm a theoretical causality. 
Journal: Applied Economics Letters 
Pages: 411-414 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110088132 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110088132&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yiuman Tse 
Author-X-Name-First: Yiuman 
Author-X-Name-Last: Tse 
Author-Name: Tatyana Zabotina 
Author-X-Name-First: Tatyana 
Author-X-Name-Last: Zabotina 
Title: Smooth transition in aggregate consumption 
Abstract:
  The STAR model is used to characterize the time series of aggregate
 consumption. It makes smooth transition from one optimal level to another,
 as heterogeneous individuals reach their optimal revision points over
 time. These results suggest that consumption adjustment costs and
 heterogeneity among investors are responsible for the empirical failure of
 the consumption-based CAPM. 
Journal: Applied Economics Letters 
Pages: 415-418 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110094478 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110094478&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Falk 
Author-X-Name-First: Martin 
Author-X-Name-Last: Falk 
Title: Endogenous organizational change and the expected demand for different skill groups 
Abstract:
  Between 1993 and 1995, the majority of German firms in services
 introduced new organizational practices (OC), in particular total quality
 management systems, certified ISO 9000, lean administration, flatter
 hierarchies, delegation of authority and ICT-enabled organizational
 changes. This paper analyzes the impact of organizational change on
 employment expectations. A system of probit equations will be estimated by
 simulated MLE. To account for endogeneity of organizational change in the
 labour demand equations a selection equation explaining organizational
 change is added to the system of equations. The empirical results suggest
 that organizational change has a positive impact on expected employment
 for all skill groups except for unskilled labour. Employment effects are
 robust to endogeneity of organizational change. New ICT and the share of
 training expenditures are primary forces behind OC. 
Journal: Applied Economics Letters 
Pages: 419-423 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110088141 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110088141&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Arango 
Author-X-Name-First: Luis 
Author-X-Name-Last: Arango 
Author-Name: Carlos Posada 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Posada 
Title: Unemployment rate and the real wage behaviour: a neoclassical hint for the Colombian labour market adjustment 
Abstract:
  The Colombian urban unemployment rate has grown dramatically over the
 last six years. At the same time the real wage also had a sharp increase.
 The empirical evidence supports the hypothesis that an exogenous increase
 in the real wage was a cause of the unemployment growth. The long-run
 elasticity suggests a 1% increase of the real wage index increases
 unemployment rate something between 0.7% and 1.0%. Therefore it seems
 necessary that the real wage goes back to its equilibrium path for the
 reduction of the unemployment rate to the natural level. 
Journal: Applied Economics Letters 
Pages: 425-428 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110096142 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110096142&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julie Hotchkiss 
Author-X-Name-First: Julie 
Author-X-Name-Last: Hotchkiss 
Author-Name: Robert Moore 
Author-X-Name-First: Robert 
Author-X-Name-Last: Moore 
Title: Changes in the welfare of two-earner families across the income distribution, 1983-1993 
Abstract:
  This paper illustrates that even during periods of sustained economic
 growth, gains in family welfare may not be spread evenly across income
 classes. 
Journal: Applied Economics Letters 
Pages: 429-431 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110096133 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110096133&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdulnasser Hatemi-J 
Author-X-Name-First: Abdulnasser 
Author-X-Name-Last: Hatemi-J 
Title: Is the Government's intertemporal budget constraint fulfilled in Sweden? An application of the Kalman filter 
Abstract:
  This paper deals with the issue of whether the Government complies with
 its budget constraint for the case of Sweden during the period 1963-2000
 using quarterly data. It is found that government spending and government
 revenue are nonstationary (integrated) but cointegrated. A random
 coefficient model against a fixed coefficient model is also tested for.
 The results show that the random coefficient model, which is nonlinear, is
 preferred to the linear fixed parameter model. This model, which takes
 into account the Lucas critique, is estimated by the Kalman filter and it
 provides further empirical evidence that the government follows its
 intertemporal budget restriction. 
Journal: Applied Economics Letters 
Pages: 433-439 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110086792 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110086792&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ada Ho 
Author-X-Name-First: Ada 
Author-X-Name-Last: Ho 
Author-Name: Alan Wan 
Author-X-Name-First: Alan 
Author-X-Name-Last: Wan 
Title: Testing for covariance stationarity of stock returns in the presence of structural breaks: an intervention analysis 
Abstract:
  This paper investigates whether the stock return series of Australia,
 Hong Kong, Singapore and the US are covariance stationary using Omran and
 McKenzie's (The Statistician, 48, 361-69, 1999) testing procedure which
 comprises the Loretan and Phillips (1994) test and an intervention
 analysis. The main objective of the procedure is to ascertain the role of
 structural breaks on the stochastic properties of the stock return series.
 It is found that the intervention due to the 1997 Asian financial crisis
 is significant in the case of Hong Kong and Singapore, for which the
 hypothesis of covariance stationarity cannot be rejected after the effects
 of the financial crisis have been properly filtered. On the other hand,
 the evidence suggests that neither the Asian crisis nor the 1998 currency
 crisis of Russia and Latin America has any significant impact on the stock
 return series of Australia and the US, which are found to be covariance
 stationary and covariance nonstationary, respectively. 
Journal: Applied Economics Letters 
Pages: 441-447 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110090210 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110090210&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chang-Yang Lee 
Author-X-Name-First: Chang-Yang 
Author-X-Name-Last: Lee 
Title: A simple model of R&D: An extension of the Dorfman-Steiner theorem 
Abstract:
  This paper extends the seminal Dorfman-Steiner (American Economic Review,
 44, 826-36, 1954) theorem by putting underlying structures on the
 determination of market share and on the production of quality or
 technology. The model developed in this paper yields a demand-pull,
 technology-push theory of R&D, where the profit-maximizing R&D intensity
 (i.e., the ratio of R&D expenditure to sales) is determined jointly by
 consumer characteristics, represented by the elasticities of consumer
 value with respect to price and quality, and firm-specific technological
 competence or simply R&D productivity, measured as the R&D elasticity of
 quality or technological output. 
Journal: Applied Economics Letters 
Pages: 449-452 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110091787 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110091787&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Baltas 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Baltas 
Author-Name: Ourania Korka 
Author-X-Name-First: Ourania 
Author-X-Name-Last: Korka 
Title: Modelling farmers' land use decisions 
Abstract:
  This paper aims at analysing and predicting farmers' land use decisions.
 For this purpose, farmers' decision processes are described by a nested
 discrete choice model. At all levels of estimation, the values of the
 dependent variable indicate the proportion of land allocated to each
 agricultural activity. Then, the share of land assigned to each activity
 is estimated by employing the random utility model of the logit
 specification. 
Journal: Applied Economics Letters 
Pages: 453-457 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110091886 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110091886&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mei-Yuan Chen 
Author-X-Name-First: Mei-Yuan 
Author-X-Name-Last: Chen 
Title: Testing stationarity against unit roots and structural changes 
Abstract:
  In this paper, performance of the KPSS tests of Kwiatkowski et al.
 (Journal of Economics, 54, 159-78, 1992) and the generalized fluctuation
 tests (GFL) of Kuan and Hornik (Economic Reviews, 14, 135-61, 1995) and
 Kuan (Journal of Econometrics, 84, 75-91, 1998) are investigated for the
 null of stationarity against alternatives of unit root and structural
 changed individually. Simulation results show that both the KPSS and the
 GFL tests have similar size and power performance under different DGPs
 considered. The number of truncation lags used in estimating the long-run
 variance plays a crucial role in test performance. Under the null of
 stationarity, the GFL tests have less size distortion than the KPSS tests
 given the same number of truncation lags. On the other hand, the KPSS
 tests have better powers for detecting structural changes occurring at the
 beginning and the end of a sample. This finding suggests that a more
 robust inference for the null of stationarity can be obtained by combining
 both information from the KPSS and the GFL tests. 
Journal: Applied Economics Letters 
Pages: 459-464 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110091895 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110091895&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Baban Hasnat 
Author-X-Name-First: Baban 
Author-X-Name-Last: Hasnat 
Author-Name: Charles Callahan 
Author-X-Name-First: Charles 
Author-X-Name-Last: Callahan 
Title: A political economic analysis of Congressional voting on permanent normal trade relations of China 
Abstract:
  The paper provides an empirical examination of the determinants of
 support for Permanent Normal Trade Relations Status (PNTR) for China in
 the United States Congress. A logistic regression model and control is
 estimated for both economic and political influences. It is found that
 business political action committee (PAC) contributions to lawmakers and
 the skill level of the constituency had a significant positive influence
 on lawmakers' voting in favour of PNTR. Political affiliation,
 import-competing industries in the constituency, labour PAC contributions,
 and lawmakers' political ideology had a significant negative influence on
 the PNTR vote. 
Journal: Applied Economics Letters 
Pages: 465-468 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110095792 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110095792&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Knut R&#xf8;ed 
Author-X-Name-First: Knut 
Author-X-Name-Last: R&#xf8;ed 
Author-Name: Tao Zhang 
Author-X-Name-First: Tao 
Author-X-Name-Last: Zhang 
Title: A note on the Weibull distribution and time aggregation bias 
Abstract:
  The application of continuous time Weibull models on discrete
 unemployment duration data may result in severely biased baseline
 estimates. The bias can be substantial even for weekly duration data, and
 it is seriously aggravated if the Weibull model is erroneously mixed with
 a Gamma distribution for unobserved heterogeneity. 
Journal: Applied Economics Letters 
Pages: 469-472 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110096340 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110096340&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. P. Jacobsen 
Author-X-Name-First: J. P. 
Author-X-Name-Last: Jacobsen 
Author-Name: L. M. Levin 
Author-X-Name-First: L. M. 
Author-X-Name-Last: Levin 
Title: Calculation of returns to job tenure revisited 
Abstract:
  This study considers the robustness of the effects on wages of job tenure
 and work experience among white adult men in the United States. The Survey
 of Income and Programme Participation data is used from 1983-1992 and the
 same methodology is also used to generate results to compare to earlier
 findings for Panel Study of Income Dynamics data from 1968-1983. Results
 are remarkably consistent across data sets and time periods in finding
 significant returns to job tenure, although a slightly flatter wage growth
 profile is found. 
Journal: Applied Economics Letters 
Pages: 473-477 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110097385 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110097385&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sherrilyn Billger 
Author-X-Name-First: Sherrilyn 
Author-X-Name-Last: Billger 
Title: Admitting men into a women's college: A natural experiment 
Abstract:
  This study explores the effects of attending a women's college on college
 major, degree attainment, and occupation. Previous work on the effects of
 such attendance is quite limited, focusing primarily on role-model effects
 at coeducational institutions. To explore this issue in a new way, alumnae
 data from a college that was chartered as a women's college and later
 became coeducational was cold. This study finds that, after the admission
 of men into the college, the alumnae were less likely to pursue many
 traditionally male-dominated majors and occupations, but were not less
 likely to attain advanced degrees. 
Journal: Applied Economics Letters 
Pages: 479-483 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110095440 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110095440&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Herve Le Bihan 
Author-X-Name-First: Herve Le 
Author-X-Name-Last: Bihan 
Author-Name: Jean-Guillaume Sahuc 
Author-X-Name-First: Jean-Guillaume 
Author-X-Name-Last: Sahuc 
Title: Implications of parameter uncertainty for monetary policy in a simple Euro area model 
Abstract:
  The 'Brainard conservatism principle' states that the optimal monetary
 policy rule should be less aggressive when uncertainty about parameters is
 taken into account. However, this principle is not fully general and may
 be reversed in some cases. This paper examines the implications of
 parameter uncertainty for monetary policy using a simple empirical model
 of the Euro area. The Brainard principle is found to be empirically
 relevant. 
Journal: Applied Economics Letters 
Pages: 553-556 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110108067 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110108067&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Spurious rejection using Dickey-Fuller tests 
Abstract:
  In recent research Leybourne and co-workers examined the behaviour of the
 Dickey-Fuller &#x3c4; test in the presence of structural breaks under the
 null. It was found that breaks in either level or drift occurring early in
 the sample period resulted in severe size distortion, with the unit root
 hypothesis spuriously rejected. Using Monte Carlo methods, the present
 letter analyses the finite-sample properties of the Dickey-Fuller K and
 &#x3c4; tests. The results obtained show that in comparison to the &#x3c4;
 test, the K test suffers far less size distortion in the presence of
 structural breaks under the null, dramatically so in the case of breaks in
 drift. The empirical analysis of Leybourne and co-workers is also
 revisited to further illustrate the contrasting behaviour of the two
 tests. 
Journal: Applied Economics Letters 
Pages: 557-562 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110108094 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110108094&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kelvin Balcombe 
Author-X-Name-First: Kelvin 
Author-X-Name-Last: Balcombe 
Author-Name: Richard Tiffin 
Author-X-Name-First: Richard 
Author-X-Name-Last: Tiffin 
Title: Bootstrap testing of the expectations hypothesis with the term structure of interest rates 
Abstract:
  The Expectations Hypothesis (EH) for the term structure of UK monthly
 interest rates is tested using Johansen's procedure. Differing results are
 found depending on the method of lag length selection. The application of
 the stationary bootstrap reconciles these results, lending support to the
 Expectations Hypothesis. 
Journal: Applied Economics Letters 
Pages: 563-566 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110108076 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110108076&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Toru Konno 
Author-X-Name-First: Toru 
Author-X-Name-Last: Konno 
Author-Name: Mototsugu Fukushige 
Author-X-Name-First: Mototsugu 
Author-X-Name-Last: Fukushige 
Title: The Canada-United States bilateral import demand functions: gradual switching in long-run relationships 
Abstract:
  By estimating long-run relationships in bilateral import functions, the
 effects of the Canada-US Free Trade Agreement is analysed. We also
 incorporate the gradual switching model into the import function to
 capture the phased tariff reductions. The result shows that the free trade
 agreement made both countries sensitive to domestic and foreign prices and
 insensitive to the domestic income. 
Journal: Applied Economics Letters 
Pages: 567-570 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110111216 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110111216&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. M. M. Jamal 
Author-X-Name-First: A. M. M. 
Author-X-Name-Last: Jamal 
Title: The term structure of interest rates and the demand for money 
Abstract:
  This paper investigates the money demand behaviour when the entire term
 structure of interest rates is taken into account. The results show that
 the interest elasticity of money demand does not vary with the level of
 the term structure of interest rates. It is also found that the quantity
 of money demanded varies directly with the tilt of the term structure.
 Both these findings have useful implications for macroeconomic policy and
 analysis. 
Journal: Applied Economics Letters 
Pages: 571-573 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110108085 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110108085&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Petri Rouvinen 
Author-X-Name-First: Petri 
Author-X-Name-Last: Rouvinen 
Title: Characteristics of product and process innovators: some evidence from the Finnish innovation survey 
Abstract:
  The characteristics of product and process innovators among Finnish
 manufacturing firms with Community Innovation Survey (CIS) data are
 studied. Results of bivariate probit estimations suggest that, while the
 product and process innovations are related, they are largely driven by
 different factors. The ability to benefit from inward spillovers is the
 only variable having a symmetric effect onboth types of innovation.
 Cooperation with non-academic outside partners is the only other variable
 that becomes significant in both equations. Process innovations benefit
 from capital embodied technology, whereas product innovations require
 disembodied forms of technology. 
Journal: Applied Economics Letters 
Pages: 575-580 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110108102 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110108102&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pierre-Guillaume Meon 
Author-X-Name-First: Pierre-Guillaume 
Author-X-Name-Last: Meon 
Title: Distributive consequences of a monetary union: what can we learn from a referendum? 
Abstract:
  A logit model is used to study the approval rate during the referendum on
 the Maastricht Treaty held in France in 1992. Results show a remarkable
 correlation between the approval rate in French departments and their
 economic characteristics as defined by the theory of optimum currency
 areas. They support the view that individual agents' opinions towards EMU
 depended on its impact on their welfare. 
Journal: Applied Economics Letters 
Pages: 581-584 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110111180 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110111180&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Emilio Dominguez 
Author-X-Name-First: Emilio 
Author-X-Name-Last: Dominguez 
Author-Name: Alfonso Novales 
Author-X-Name-First: Alfonso 
Author-X-Name-Last: Novales 
Title: A factor model of term structure slopes in Eurocurrency markets 
Abstract:
  Recent empirical work has documented the existence of specific
 information in the slope of the term structure which is relevant to
 forecast future changes in economic activity. A good forecasting model of
 term structure slopes could therefore be helpful to anticipate changes in
 economic activity with an even longer anticipation. Firstly, it is
 analysed whether a good forecasting model can be found for term structure
 slopes in different currencies. After that, a factor model is constructed
 of term structure slopes, and the quality of slope forecasts obtained from
 factor models are compared to those obtained from univariate models. 
Journal: Applied Economics Letters 
Pages: 585-593 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110111199 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110111199&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michele Campolieti 
Author-X-Name-First: Michele 
Author-X-Name-Last: Campolieti 
Title: The recurrence of occupational injuries: estimates from a zero inflated count model 
Abstract:
  The recurrence of workers' compensation injuries is studied using data
 from the unemployment histories of permanently disabled workers from
 Ontario, Canada. Estimates are obtained with a zero inflated Poisson
 regression model and it is found that employer accommodations can reduce
 the number of subsequent work absences workers experience. 
Journal: Applied Economics Letters 
Pages: 595-600 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110111207 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110111207&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Changkyu Choi 
Author-X-Name-First: Changkyu 
Author-X-Name-Last: Choi 
Title: Linder hypothesis revisited 
Abstract:
  Linder posed a hypothesis in 1961 that the closer the preference
 structure between two countries is, the bigger the trade volume becomes.
 The empirical results using pooled trade data from 63 countries for 1970,
 1980, 1990, and 1992 are in support of the Linder hypothesis. It is also
 found that the Linder hypothesis gained strength in the 1990s. Recent
 globalization may have strengthened the Linder hypothesis. 
Journal: Applied Economics Letters 
Pages: 601-605 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110111234 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110111234&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. R. Shanmugam 
Author-X-Name-First: K. R. 
Author-X-Name-Last: Shanmugam 
Author-Name: Saumitra Bhaduri 
Author-X-Name-First: Saumitra 
Author-X-Name-Last: Bhaduri 
Title: Size, age and firm growth in the Indian manufacturing sector 
Abstract:
  The conventional wisdom on the relationship of firm growth with its size
 and age is typically based on the studies in developed economies. In
 contrast, this study analyses the firm growth patterns for an emerging
 economy, namely India. It uses a balanced panel of 392 manufacturing firms
 over the years 1989-1990 to 1992-1993 to explore unobserved heterogeneity
 among firms. Results indicate that age positively influences growth, which
 is the opposite of the result obtained in previous studies. The current
 size negatively impacts growth as in earlier studies. Results also
 indicate that smaller and older firms grow faster than their counterparts.
 Size effect is larger in food industry while the age effect is larger in
 non-metal industry. 
Journal: Applied Economics Letters 
Pages: 607-613 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110112035 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110112035&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marc Simpson 
Author-X-Name-First: Marc 
Author-X-Name-Last: Simpson 
Author-Name: Sanjay Ramchander 
Author-X-Name-First: Sanjay 
Author-X-Name-Last: Ramchander 
Title: Is differential sentiment a cause of closed-end country fund premia? An empirical examination of the Australian case 
Abstract:
  One of the most puzzling empirical irregularities in finance is the
 persistence of discounts and premia on the net asset values (NAV) of
 closed-end country funds. Unlike previous papers, the present study adopts
 a novel approach to directly test the hypothesis that such premia are a
 reflection of differences in foreign and domestic investors' sentiments.
 The study employs Australian and US consumer survey data to illustrate how
 divergent consumer sentiments are useful in explaining the time varying
 pattern of discounts and premia on the First Australian Fund. While
 controlling for foreign and domestic market returns, as well as exchange
 rate changes, it is found that the more optimistic US consumers are over
 Australian consumers, the greater the premium on the fund, and vice versa. 
Journal: Applied Economics Letters 
Pages: 615-619 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110112567 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110112567&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ali El-Agraa 
Author-X-Name-First: Ali 
Author-X-Name-Last: El-Agraa 
Title: The UTR versus CU Formation Analysis and Article XXIV 
Abstract:
  In 1965, Cooper and Massell (Economic Journal 75: 742-7) showed that a
 policy of unilateral tariff reduction (UTR) was superior to the formation
 of a customs union (CU). Although their model was concerned with only
 static resource reallocation effects, many analysts treated the
 Cooper/Massell 'criticism' as if it applied to the entire CU formation
 issue. This was incomprehensible, especially when they themselves almost
 simultaneously developed a different model to demonstrate that two
 countries together can do more than each acting alone. Wonnacott and
 Wonnacott (1981,American Economic Review 71: 704-14) tried to revive the
 issue by claiming that the use of a three-country general equilibrium
 model with transportation costs and tariffs by the rest of the world could
 show that UTR need not dominate CU formation, but El-Agraa and Jones
 (2000,Applied Economics Letters 7: 301-4; Journal of Economic Integration
 15: 239-59) have demonstrated that their claim is unwarranted, due to
 inadequacies in their model. This paper shows that the incorporation of
 WTO/GATT rules (Article XXIV) into an appropriately adjusted orthodox
 framework leads to the Wonnacott's conclusion. 
Journal: Applied Economics Letters 
Pages: 621-624 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110111225 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110111225&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Prieger 
Author-X-Name-First: James 
Author-X-Name-Last: Prieger 
Title: A model for regulated product innovation and introduction with application to telecommunications 
Abstract:
  This empirical examination compares product innovation under price caps
 and Rate of return regulation (RoRR) in US telecommunications. The
 econometric model comprises a count process (for product innovation)
 followed by a duration process (for regulatory delay). More services were
 created under price caps than under RoRR. The model may also be useful for
 other regulatory settings and issues. 
Journal: Applied Economics Letters 
Pages: 625-629 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110118146 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110118146&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyunbae Chun 
Author-X-Name-First: Hyunbae 
Author-X-Name-Last: Chun 
Author-Name: Jeungil Oh 
Author-X-Name-First: Jeungil 
Author-X-Name-Last: Oh 
Title: An instrumental variable estimate of the effect of fertility on the labour force participation of married women 
Abstract:
  This study estimates the effect of fertility on the labour force
 participation of married women in Korea. Since Korean households prefer
 sons to daughters, there is exogenous variation in the number of children
 among households, depending on their first child's sex. Using this
 exogenous variation as an instrumental variable for fertility, it is found
 that having children reduces the labour force participation of married
 Korean women by 27.5%. 
Journal: Applied Economics Letters 
Pages: 631-634 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110117850 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110117850&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rolf Fare 
Author-X-Name-First: Rolf 
Author-X-Name-Last: Fare 
Author-Name: Valentin Zelenyuk 
Author-X-Name-First: Valentin 
Author-X-Name-Last: Zelenyuk 
Title: Input aggregation and technical efficiency 
Abstract:
  This paper defines the notion of unbiased aggregation of inputs and
 provides a necessary and sufficient condition for this to apply. 
Journal: Applied Economics Letters 
Pages: 635-636 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110118165 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110118165&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Rubb 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Rubb 
Title: US Social Security rules in the 1990s: a natural experiment in myopic and farsighted behaviour 
Abstract:
  During the 1990s changes in the earnings test threshold and the delayed
 retirement credit had the potential to impact the labour supply of 65 to
 69-year-olds. These changes in Social Security rules are used to examine
 whether labour supply behaviour of elderly men and women is 'myopic' or
 'farsighted'. Men are found to be more farsighted than previously
 realized, perhaps due to increases in life expectancy. 
Journal: Applied Economics Letters 
Pages: 637-640 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110118174 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110118174&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jennifer Troyer 
Author-X-Name-First: Jennifer 
Author-X-Name-Last: Troyer 
Title: Decomposing the effect of marital status on migration 
Abstract:
  An econometric technique is developed to decompose the difference in the
 predicted migration probability of married and unmarried individuals into
 three parts. This technique allows one to examine the degree to which
 personal characteristics influence differences in migration between the
 two groups. The decomposition reveals that differences in human capital
 characteristics explain only 15.5% of the migration probability gap. 
Journal: Applied Economics Letters 
Pages: 641-644 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210124202 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210124202&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Charalambos Pattichis 
Author-X-Name-First: Charalambos 
Author-X-Name-Last: Pattichis 
Title: Economic growth and EMU: a note on UK membership 
Abstract:
  One of the arguments against monetary union is that it can impose growth
 costs on fast growing countries following the loss of their exchange rate
 policy. Thus, differential growth rates among potential members can be
 seen as an obstacle to forming a monetary union. This letter shows that as
 a member of EMU, the UK will be able to maintain its current growth rate
 without facing serious balance of payments problems. Thus, the
 'differential growth rates' argument against EMU cannot be considered an
 obstacle to UK membership. 
Journal: Applied Economics Letters 
Pages: 645-647 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110115131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110115131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lisa Cameron 
Author-X-Name-First: Lisa 
Author-X-Name-Last: Cameron 
Author-Name: Deborah Cobb-Clark 
Author-X-Name-First: Deborah 
Author-X-Name-Last: Cobb-Clark 
Title: Old-age labour supply in the developing world 
Abstract:
  Rapid population ageing is becoming an increasingly important policy
 issue in many developing countries. Without broad-based pension schemes,
 the elderly are left to rely on their own current and accumulated earnings
 and support from children as their primary means of old-age support. This
 is the first study of which one is aware that jointly estimates the
 determinants financial transfers from children and elderly labour supply
 in a developing country context. It is found that many Indonesians
 continue to work well into old age and there is little evidence that
 financial transfers are a substitute for the income generated by elderly
 parents' own labour supply. 
Journal: Applied Economics Letters 
Pages: 649-652 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110115140 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110115140&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sherrill Shaffer 
Author-X-Name-First: Sherrill 
Author-X-Name-Last: Shaffer 
Author-Name: Soumya Srinivasan 
Author-X-Name-First: Soumya 
Author-X-Name-Last: Srinivasan 
Title: Structure-pricing linkages among singlemarket banks, controlling for credit quality 
Abstract:
  Structure-pricing linkages are estimated for single-market banks, to
 measure structure and pricing more accurately. Loan loss ratios are
 controlled for predicted to be important by information-theoretic models
 of lending. A strong structure-pricing linkage is found. 
Journal: Applied Economics Letters 
Pages: 653-656 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110115159 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110115159&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Brian Lucey 
Author-X-Name-First: Brian 
Author-X-Name-Last: Lucey 
Title: Market direction and moment seasonality: evidence from Irish equities 
Abstract:
  The first four moments of four indices of equity returns produced by the
 Irish Stock Exchange are examined across different market directions.
 Using standard F, Kruskal-Wallis and Levene tests daily seasonality is
 confirmed in all, although in a pattern different to that found elsewhere.
 In particular, there appears to be a Wednesday effect in mean returns and,
 counter to evidence elsewhere, daily seasonality appears stronger in
 rising than falling markets. In addition, this note applies a method
 introduced by Tang (Journal of Economics and Business, 21(1), 1997) in
 finding a daily seasonal in skewness and kurtosis. 
Journal: Applied Economics Letters 
Pages: 657-664 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110117841 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110117841&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitrios Vougas 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Vougas 
Title: Pitfall of unit autoregressive root testing 
Abstract:
  This paper examines whether the usually tested unit autoregressive (AR)
 root null hypothesis can be informative about the presence of a unit AR
 root (integration). This is considered null in generic models when the
 underlying time series is mean or linear trend stationary. It is concluded
 that non rejection of the unit AR root null hypothesis is not sufficient
 for integration of a time series. For sufficiency, absence of a unit MA
 root from the MA representation of the first difference is required.
 Hence, the analysis here is in line with the general statistical argument
 that non rejection of a null should not be taken as acceptance of the
 null; a false practice which is widespread in the unit root and
 (especially) cointegration literature. An empirical example, involving
 real quarterly UK GDP, is also provided. 
Journal: Applied Economics Letters 
Pages: 665-669 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210124563 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210124563&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Graham Smith 
Author-X-Name-First: Graham 
Author-X-Name-Last: Smith 
Title: Tests of the random walk hypothesis for London gold prices 
Abstract:
  The hypothesis that London gold prices follow a random walk is tested for
 three prices, those determined at the morning and afternoon fixings and
 the closing price, using the multiple variance ratio test. For the prices
 set in the twice-daily fixings, the random walk hypothesis is rejected
 because of autocorrelation in returns. However, the closing price, which
 is determined by additional information and involves many more
 participants in the market, follows a random walk. 
Journal: Applied Economics Letters 
Pages: 671-674 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/1350485021012458 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485021012458&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pedro Pita Barros 
Author-X-Name-First: Pedro Pita 
Author-X-Name-Last: Barros 
Title: Convergence and information technologies - the experience of Greece, Portugal and Spain 
Abstract:
  The paper attempts to shed some light on the role of information and
 communication technologies (ICT) in industry convergence in the European
 Union. In particular, whether it has improved the convergence process of
 the less developed countries within the European Union. While ICTs may
 play a significant role in the US recent growth record, it is found that
 the contribution of more traditional industries is at least as significant
 for the convergence process within the European Union. 
Journal: Applied Economics Letters 
Pages: 675-680 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210125517 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210125517&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gianluigi Giorgioni 
Author-X-Name-First: Gianluigi 
Author-X-Name-Last: Giorgioni 
Author-Name: John Thompson 
Author-X-Name-First: John 
Author-X-Name-Last: Thompson 
Title: Which volatility? The case of the exports of wheat 
Abstract:
  In the paper it is suggested that the level of demand for exports and its
 variability are more important than the variability of the exchange rate
 for a commodity whose storage costs are not negligible. Evidence in favour
 of this hypothesis is provided by panel data analysis for the USA exports
 of wheat for the period 1980-1996. 
Journal: Applied Economics Letters 
Pages: 681-684 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210126822 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210126822&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hakan Berument 
Author-X-Name-First: Hakan 
Author-X-Name-Last: Berument 
Author-Name: Hakan Tasci 
Author-X-Name-First: Hakan 
Author-X-Name-Last: Tasci 
Title: Monetary policy, income and prices: a stability assessment 
Abstract:
  This paper assesses the stability of the money-income relationship for
 seven OECD countries. When the sample was split into two subsamples: pre-
 and post-1980, the empirical evidence presented in this paper shows that
 even if the inferences gathered across countries are not always parallel,
 the inferences gathered from the VAR specification across the samples for
 each country are mostly parallel. 
Journal: Applied Economics Letters 
Pages: 685-694 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110112549 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110112549&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Author-Name: Seung Jick Yoo 
Author-X-Name-First: Seung Jick 
Author-X-Name-Last: Yoo 
Title: The steady state distribution of animals in short duration grazing 
Abstract:
  This note addresses the following hitherto unstudied question in
 rangeland management: What is the steady state distribution of livestock
 animals for rangelands that are managed using short duration grazing? This
 paper uses the theory of alternating renewal processes to answer this
 question and this answer has two desirable features. First, this paper
 does not assume a specific functional form for the cumulative distribution
 function of the amount of time that the animals spend in the various
 paddocks. Second, this paper permits the amount of time spent by the
 animals in distinct paddocks to be represented by dissimilar cumulative
 distribution functions. 
Journal: Applied Economics Letters 
Pages: 695-698 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110112558 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110112558&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michiel Van Leuvensteijn 
Author-X-Name-First: Michiel 
Author-X-Name-Last: Van Leuvensteijn 
Author-Name: Ashok Parikh 
Author-X-Name-First: Ashok 
Author-X-Name-Last: Parikh 
Title: How different are the determinants of population versus labour migration in Germany? 
Abstract:
  This paper studies whether population migration data can be used to
 answer questions on labour mobility between regions. Using regional data
 of the Statistisches Bundesamt for population and labour migration, panel
 data estimations are conducted for the period 1993-1995, as the high
 average migratory flows of the earlier period, 1989-1992, had settled
 down. The conclusion emerges that if normalized population and labour
 migration data are used, the discrepancy in the results is small and this
 study's results on elasticity coefficients for identical models in each of
 the cases by and large produce similar results. The major difference
 emerges with the elasticity coefficient of the housing variable. In
 general, one may conclude that population migration may be used to examine
 labour migration issues. 
Journal: Applied Economics Letters 
Pages: 699-703 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110111243 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110111243&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul McGuinness 
Author-X-Name-First: Paul 
Author-X-Name-Last: McGuinness 
Title: Reform in China's 'B' share markets and the shrinking A/B share price differential 
Abstract:
  The use of capital controls in mainland China has meant that shares in
 listed PRC state enterprises - traded in either Shenzhen or Shanghai -
 have been broadly separated into 'A' and 'B' share categories. 'A' shares
 are traded in Chinese RenMinBi and are restricted to trades between
 indigenous investor concerns, whilst 'B' shares trade in US$ in Shanghai
 and HK$ in Shenzhen and have, until recently, been the legal preserve of
 investors emanating from outside the PRC mainland. Reforms, instituted
 with effect from 28 February 2001, have altered this picture, however,
 with certain parties from the PRC mainland now able to participate in the
 'B' markets. The opening of the 'B' market has resulted in a rapid
 increase in 'B' prices. The effects are analysed in this paper for 40
 companies with concurrent 'A' and 'B' share listings in Shanghai. Prior to
 the reforms, the 'A' shares traded at prices that were, on average, over
 four times the level on corresponding 'B' shares. By the middle of June
 2001, this multiple had been squeezed substantially. This short paper
 examines the relative changes to the 'A'/'B' share price differential and
 finds that 'B' price movement are related to the absolute price levels in
 'A' and 'B' share prices prior to the reforms. The results are consistent
 with a retail market in which a 'trading range' obtains for prices in the
 two market sectors. 
Journal: Applied Economics Letters 
Pages: 705-709 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210124572 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210124572&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Author-Name: Sean Holly 
Author-X-Name-First: Sean 
Author-X-Name-Last: Holly 
Title: Threshold specification for asymmetric error correction models 
Abstract:
  The consistent threshold estimation method is used to improve the
 threshold specification of the Granger-Lee asymmetric error correction
 model. Although only previously considered in the context of univariate
 analysis, the approach is found to uncover asymmetry undetected under the
 typical mean-based partitioning scheme of the Granger-Lee method. 
Journal: Applied Economics Letters 
Pages: 711-713 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110108111 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110108111&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francesco Aiello 
Author-X-Name-First: Francesco 
Author-X-Name-Last: Aiello 
Title: Ranking Production Subsidies and Import Tariffs under Different Scenarios 
Abstract:
  Both a tariff and a production subsidy can be used to protect the import
 competing industry. Yeh (1971) has shown that if the country is large, a
 tariff will be superior to a production subsidy, assuming that the level
 of support required for the import competing industry is not greater than
 the one needed when the optimum tariff is in operation. Maintaining the
 hypothesis that exporters do not react to importing country policies, the
 paper shows that tariffs and subsidies can always be ordered. Tariffs will
 remain superior to subsidies even if the support guaranteed to domestic
 producers exceeds that achieved under the optimum tariff. A tariff though
 is inferior to production subsidy only when the country wishes to produce
 a quantity significantly in excess of the optimum tariff production.
 However, this ranking is sensitive to the behaviour of trade partners. In
 fact, when foreign suppliers fix their export quantity at the free-trade
 equilibrium through whatever means, production subsidy is shown to be
 always superior to tariff. 
Journal: Applied Economics Letters 
Pages: 715-720 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110112576 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110112576&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuck Cheong Tang 
Author-X-Name-First: Tuck Cheong 
Author-X-Name-Last: Tang 
Title: Demand for M3 and expenditure components in Malaysia: assessment from bounds testing approach 
Abstract:
  This study examines the effects of various demand components of real
 income on money demand, M3 for a small open developing Asian economy. The
 disaggregated components of real income are final consumption goods,
 expenditure on investment goods, and exports. Other determinants are
 domestic interest rate and exchange rate. Using Malaysian annual data over
 the period 1973-1998, the results of the 'bound' test based on
 Unrestricted Error-Correction Model estimation (Pesaran et al., 2001),
 indicates a long run equilibrium relationship between demand of real M3
 and its determinants. The results also highlight that different domestic
 demand components yields different effects on money demand behaviour. The
 results have important policy implications. 
Journal: Applied Economics Letters 
Pages: 721-725 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210126219 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210126219&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Boileau 
Author-X-Name-First: Martin 
Author-X-Name-Last: Boileau 
Author-Name: Michel Normandin 
Author-X-Name-First: Michel 
Author-X-Name-Last: Normandin 
Title: General equilibrium macroeconomic models and superior information 
Abstract:
  This paper presents and assessess a procedure to evaluate dynamic,
 stochastic, general equilibrium macroeconomic models when agents in the
 economy use an information set superior to that used by researchers. 
Journal: Applied Economics Letters 
Pages: 727-730 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210126831 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210126831&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Epaminondas Panas 
Author-X-Name-First: Epaminondas 
Author-X-Name-Last: Panas 
Author-Name: George Vamvoukas 
Author-X-Name-First: George 
Author-X-Name-Last: Vamvoukas 
Title: Further evidence on the Export-Led Growth Hypothesis 
Abstract:
  The Export-Led Growth Hypothesis (ELGH) is an interesting subject of
 research in the field of applied economics. This paper investigates the
 causal links between exports and output growth in the empirical framework
 of the Greek economy, using error-correction modelling and multivariate
 Granger causality. A sensitivity analysis based on impulse responses is
 implemented to check the robustness of the results. The estimation
 procedure generates robust results, indicating that the ELGH is not valid
 in the case of Greece. Furthermore, the empirical findings suggest a
 strong and consistent causation from output growth to export performance
 in the long-run. 
Journal: Applied Economics Letters 
Pages: 731-735 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210126840 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210126840&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Satya Paul 
Author-X-Name-First: Satya 
Author-X-Name-Last: Paul 
Title: An illfare approach to the measurement of unemployment: a reply 
Abstract:
Journal: Applied Economics Letters 
Pages: 737-738 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210126859 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210126859&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Ross McCown 
Author-X-Name-First: James Ross 
Author-X-Name-Last: McCown 
Title: Real interest rates in the early 1980s 
Abstract:
  This paper examines the causes behind the high ex post real interest
 rates experienced in the United States during the early 1980s. This paper
 shows that expected long-term inflation rates were very high during the
 period, resulting in ex ante long-term real interest rates that were much
 lower than the ex post rates. Ex ante real rates in the high-deficit early
 1980s were not much higher than those experienced during 2000, a year that
 had a large budget surplus. 
Journal: Applied Economics Letters 
Pages: 739-743 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210127245 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210127245&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Morana 
Author-X-Name-First: C. 
Author-X-Name-Last: Morana 
Title: IGARCH effects: an interpretation 
Abstract:
  This article shows how IGARCH effects can arise as an artifact of
 unaccounted structural change. Using daily returns for the DM/US$ and
 Yen/US$ exchange rates, the finding is shown to have empirical relevance.
 GARCH models appear to be useful approximations, for short-term
 forecasting, to a data generating process that shows time varying
 conditional variance due to switching heteroscedasticity. 
Journal: Applied Economics Letters 
Pages: 745-748 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210127254 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210127254&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jorge Belaire-Franch 
Author-X-Name-First: Jorge 
Author-X-Name-Last: Belaire-Franch 
Author-Name: Dulce Contreras 
Author-X-Name-First: Dulce 
Author-X-Name-Last: Contreras 
Title: Higher-order residual analysis for AR-ARCH models with the TR test 
Abstract:
  Ramsey and Rothman (1996) design a statistical device to test for time
 reversibility (TR test). They claim that their procedure is not powerful
 against ARCH-type alternatives, which also allows Rothman (1998) to
 propose a strategy based on the TR test to detect bilinear and threshold
 autoregressive (TAR) models. However, this work shows through Monte Carlo
 analysis that the size of the TR test may be seriously distorted by this
 class of uncorrelated non-i.i.d. processes, and not necessarily time
 irreversible. 
Journal: Applied Economics Letters 
Pages: 749-752 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210127263 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210127263&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: T. D. Stanley 
Author-X-Name-First: T. D. 
Author-X-Name-Last: Stanley 
Title: When all are NAIRU: hysteresis and behavioural inertia 
Abstract:
  Smyh and Easaw (2001) use a fully flexible ratchet model to estimate the
 US NAIRU. However, such flexible notions of NAIRU cleanse the natural rate
 hypothesis of all policy and theoretical relevance. Six successive years
 of unemployment rates below these estimated NAIRUs produce declining
 inflation, not the accelerating inflation promised by the natural rate
 hypothesis. An alternative model of inflation dynamics, the behavioural
 inertia hypothesis, is offered and shown to fit the US
 inflation-unemployment relation quite well. This behavioural inertia model
 is consistent with the recent US experience of low and falling
 unemployment accompanied by low and falling rates of inflation. 
Journal: Applied Economics Letters 
Pages: 753-757 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210128785 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210128785&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Esin Cakan 
Author-X-Name-First: Esin 
Author-X-Name-Last: Cakan 
Author-Name: Erdal Ozmen 
Author-X-Name-First: Erdal 
Author-X-Name-Last: Ozmen 
Title: Policy regime change and structural break in the velocity of money: the Turkish evidence 
Abstract:
  The integration properties of Turkish velocity series are investigated by
 employing recently developed procedures (Zivot and Andrews (1992) and
 Perron (Journal of Econometrics, 80, 355-85, 1997)) which allows
 stationarity around an endogenously estimated structural break point under
 the alternative hypothesis. The evidence suggests that real currency
 balances and currency velocity are stationary around a broken trend. The
 estimated break point coincides with a major policy regime change in
 Turkey. Broad money velocity and real broad money balances are found to be
 nonstationary even after allowance for a broken mean and trend. 
Journal: Applied Economics Letters 
Pages: 759-762 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210128794 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210128794&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kelly Bird 
Author-X-Name-First: Kelly 
Author-X-Name-Last: Bird 
Title: Advertise or die: advertising and market share dynamics revisited 
Abstract:
  This paper estimates the effect of advertising expenditure on market
 shares of the seven leading firms in the Indonesian cigarette industry
 using recent advances in time series analysis, namely the error correction
 model. Own and rival's advertising elasticities for the short run and long
 run are estimated. In addition, the 'durability' of advertising effects is
 estimated. Empirical results show that the effect of advertising on market
 shares is relatively short-lived, appearing to be substantially
 depreciated within one year for all firms. It is also found that
 advertising is less effective for foreign firms in the Indonesian market. 
Journal: Applied Economics Letters 
Pages: 763-767 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110086053 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110086053&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Sawkins 
Author-X-Name-First: John 
Author-X-Name-Last: Sawkins 
Author-Name: Valerie Dickie 
Author-X-Name-First: Valerie 
Author-X-Name-Last: Dickie 
Title: National Lottery participation and expenditure: preliminary results using a two stage modelling approach 
Abstract:
  Using data from the Family Expenditure Survey, this paper analyses
 participation in, and expenditure on, the UK National Lottery by
 individuals for the period 1995/1996 to 1999/2000. Probit and truncated
 Tobit models are employed in a two part estimation. The results highlight
 the importance of gender, age, education, marital status and occupation in
 individual participation and expenditure decisions. 
Journal: Applied Economics Letters 
Pages: 769-773 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210129441 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210129441&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Curtis 
Author-X-Name-First: John 
Author-X-Name-Last: Curtis 
Title: Estimates of fishermen's personal discount rate 
Abstract:
  Most empirical research on personal discount rates (PDRs) relates to
 individuals purchasing household appliances and inter-temporal choices on
 monetary transactions. No estimates of PDRs associated with natural
 resource exploitation were found in the literature and the purpose of this
 letter is to present estimates of commercial fishermen's PDRs implicit in
 choices on a hypothetical fish-stock recovery programme. Knowledge of such
 PDRs are necessary for the design of effective voluntary programmes for
 fish stock conservation. 
Journal: Applied Economics Letters 
Pages: 775-778 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210128802 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210128802&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sunil Sapra 
Author-X-Name-First: Sunil 
Author-X-Name-Last: Sapra 
Title: Restricted EM algorithm with application to probit models 
Abstract:
  The EM algorithm is a widely used technique for finding maximum
 likelihood (ML) estimates when the data are not fully observed. Despite
 its popularity for computing ML estimates in unrestricted problems and the
 need for simplified computations for problems with equality and inequality
 restrictions, there have been few applications of the algorithm to
 restricted ML estimation. The EM algorithm is presented for restricted ML
 estimation and provides its applications to the probit model under
 equality and inequality restrictions using two small data sets. 
Journal: Applied Economics Letters 
Pages: 779-781 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210135697 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210135697&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Breunig 
Author-X-Name-First: Robert 
Author-X-Name-Last: Breunig 
Title: Bias correction for inequality measures: an application to China and Kenya 
Abstract:
  An analytical bias correction technique for inequality measures is
 applied to income data from China and Kenya. The coefficient of variation
 squared is used and it is illustrated how the bias is downward for
 positively skewed distributions. The analytical bias correction technique
 is then compared to a jackknife estimator in a simulation exercise. The
 bias will be important, even for moderately large sample sizes. 
Journal: Applied Economics Letters 
Pages: 783-786 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210165856 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210165856&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Real exchange rates: evidence from black markets using fractionally integrated semiparametric techniques 
Abstract:
  The behaviour of the real exchange rates (relative to the US dollar) is
 examined in this article using monthly data obtained from the black
 markets for foreign exchange of eight Asian developing countries. Using
 the quasi maximum likelihood estimation procedure of Robinson (Annals of
 Statistics, 23, 1630-61, 1995), the results indicate that the order of
 integration of all currencies except the Indian and the Pakistani rupees
 are close but below 1, implying that mean reversion occurs in the long
 run. 
Journal: Applied Economics Letters 
Pages: 787-790 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210165883 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210165883&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Orn Bodvarsson 
Author-X-Name-First: Orn 
Author-X-Name-Last: Bodvarsson 
Author-Name: Shawn Pettman 
Author-X-Name-First: Shawn 
Author-X-Name-Last: Pettman 
Title: Racial wage discrimination in major league baseball: do free agency and league size matter? 
Abstract:
  Does competition suppress racial wage discrimination? Previous research
 in this area is quite limited and generally inconclusive. This paper tests
 for the effects of reduced monopsony power on racial wage discrimination
 against nonwhite Major League pitchers during the 1992 and 1993 seasons.
 Major League Baseball during this period is a good test case because: (1)
 older players' salaries are competitively determined, whereas younger
 players' salaries are not; and (2) more teams entered the league in the
 later season. We found discrimination in the form of lower incremental
 rewards to nonwhites for improving performance, as well as reverse
 discrimination against older white pitchers prior to league expansion.
 League expansion and free agency eligibility did bring relief from
 discrimination. 
Journal: Applied Economics Letters 
Pages: 791-796 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210135714 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210135714&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitris Christopoulos 
Author-X-Name-First: Dimitris 
Author-X-Name-Last: Christopoulos 
Author-Name: Efthymios Tsionas 
Author-X-Name-First: Efthymios 
Author-X-Name-Last: Tsionas 
Title: Unemployment and government size: Is there any credible causality? 
Abstract:
  This paper investigates the Abrams curve, that is the relationship
 between government size and unemployment, for 10 European countries over
 the period 1961-1999. This paper uses credible causality inferences that
 do not depend on the stationarity or cointegration properties of the data.
 The results support the idea that there is an Abrams curve but the
 relation between government size and the unemployment rate is not likely
 to be simple. 
Journal: Applied Economics Letters 
Pages: 797-800 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210129432 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210129432&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gregg Frasco 
Author-X-Name-First: Gregg 
Author-X-Name-Last: Frasco 
Title: The expansion path for industry employment under perfect competition in long-run equilibrium 
Abstract:
  Beginning from long-run equilibrium under perfect competition, an
 increase in the wage due to an upward shift in labour supply generates
 negative profits. In order for long-run equilibrium to be restored, the
 price of output must increase. This causes the marginal revenue product
 curve for labour to shift upward. Consequently, even though the wage is
 higher, it is possible for the firm to end up employing a larger quantity
 of labour. This raises the following question. After the wage increases
 due to an upward shift in labour supply, is it possible, in long-run
 equilibrium, for industry employment of labour to increase? The concavity
 of the long-run equilibrium input demand functions is used to prove that
 industry employment will indeed decrease. Hence conventional analysis is
 proved to be correct. 
Journal: Applied Economics Letters 
Pages: 801-803 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210135219 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210135219&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. J. Freire-Seren 
Author-X-Name-First: M. J. 
Author-X-Name-Last: Freire-Seren 
Title: On the relationship between human capital accumulation and economic growth 
Abstract:
  The central concern of this article is to give new empirical conclusions
 on the relationship between human capital and economic growth. With this
 aim, it runs an estimation that allows us to analyse not only the
 contribution of human capital to output growth, but also the effect of the
 level of income on human capital accumulation. In particular, it uses
 Spanish economic data to jointly estimate the equations of the dynamic
 system that describes the behaviour of the economy. 
Journal: Applied Economics Letters 
Pages: 805-808 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210128820 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210128820&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. G. Mein 
Author-X-Name-First: D. G. 
Author-X-Name-Last: Mein 
Title: Research productivity and career status 
Abstract:
  Measurement of the productivity of economists, economics departments at
 universities and economics institutes has a tradition, which dates back to
 the 1950s. This study attempts to show that such measurement can be used
 to explain long-run changes in the overall productivity of university
 departments and institutes involved in research. The underlying notion in
 this study is that the productivity of departments and institutes in terms
 of total output (publications) decreases when the productivity of research
 staff members and their position (career status) in their departments or
 institutes do not correlate well. The empirical data used by this study
 relates to an economics research institute and cover a period of 30 years.
 The hypothesis that a mismatch between productivity and position leads to
 a decline in the overall productivity of departments and institutes could
 not be refuted. 
Journal: Applied Economics Letters 
Pages: 809-815 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210141708 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210141708&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ghassan Omet 
Author-X-Name-First: Ghassan 
Author-X-Name-Last: Omet 
Author-Name: Mohammad Khasawneh 
Author-X-Name-First: Mohammad 
Author-X-Name-Last: Khasawneh 
Author-Name: Jamal Khasawneh 
Author-X-Name-First: Jamal 
Author-X-Name-Last: Khasawneh 
Title: Efficiency tests and volatility effects: evidence from the Jordanian stock market 
Abstract:
  This paper examines the efficiency of the Jordanian stock exchange and
 the relationship between returns and conditional volatility. An
 AR(1)-GARCH(1,1)-M model is estimated for five daily indices. The
 empirical results indicate significant departures from the efficient
 market hypothesis; in only two cases there is a significant relationship
 between risk and return, and returns tend to exhibit high persistent
 volatility clustering. 
Journal: Applied Economics Letters 
Pages: 817-821 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210161931 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210161931&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Resende 
Author-X-Name-First: M. 
Author-X-Name-Last: Resende 
Author-Name: L. O. Facanha 
Author-X-Name-First: L. O. 
Author-X-Name-Last: Facanha 
Title: Privatization and efficiency in Brazilian telecommunications: an empirical study 
Abstract:
  This article evaluates the technical efficiency in Brazilian
 telecommunications after privatization by comparing the relative
 efficiency scores for July 1998 and December 1999, obtained by means of
 Data Envelopment Analysis methodology. The main result indicated that no
 differential levels of efficiency could be detected across the two
 periods. Moreover there was evidence of a decreasing returns to scale
 pattern in 1999. 
Journal: Applied Economics Letters 
Pages: 823-826 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210128811 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210128811&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Sosvilla-Rivero 
Author-X-Name-First: Simon 
Author-X-Name-Last: Sosvilla-Rivero 
Author-Name: Julian Andrada-Felix 
Author-X-Name-First: Julian 
Author-X-Name-Last: Andrada-Felix 
Author-Name: Fernando Fernandez-Rodriguez 
Author-X-Name-First: Fernando 
Author-X-Name-Last: Fernandez-Rodriguez 
Title: Further evidence on technical trade profitability and foreign exchange intervention 
Abstract:
  New evidence is presented on the positive correlation between returns
 from technical trading rules and periods of central bank intervention. To
 that end, the profitability of a trading strategy based on
 nearest-neighbour (nonlinear) predictors is evaluated, which may be viewed
 as a generalization of graphical methods widely used in financial markets.
 Daily data on the US dollar/Deutschmark and US dollar/Japanese Yen
 covering the 1 February 1982-31 December 1996 period are used. The results
 suggest that the exclusion of days of US intervention implies a
 substantial reduction in all profitability indicators (net returns, ideal
 profit measure, Sharpe ratio and directional forecast), being the
 reduction grater in the US dollar-Deutschmark case than in the US
 dollar-Japanese yen case. 
Journal: Applied Economics Letters 
Pages: 827-832 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210137802 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210137802&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shujie Yao 
Author-X-Name-First: Shujie 
Author-X-Name-Last: Yao 
Author-Name: Zongyi Zhang 
Author-X-Name-First: Zongyi 
Author-X-Name-Last: Zhang 
Title: Economic growth and diverging clubs: a case study of the Chinese regions 
Abstract:
  A production model is proposed to explain why economic growth may lead to
 regional inequality and club divergence. Economic growth starts from a few
 centres and spills over to other regions. The spillover effect diminishes
 as distance rises, causing club formation with a clear geographical
 pattern. 
Journal: Applied Economics Letters 
Pages: 833-836 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210161940 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210161940&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Yen 
Author-X-Name-First: Steven 
Author-X-Name-Last: Yen 
Title: An econometric analysis of household donations in the USA 
Abstract:
  This study investigates philanthropy, an American tradition. A censored
 system of donation equations is estimated by full-information maximum
 likelihood, using data from the 1995 Consumer Expenditure Survey. Results
 suggest that the censored system estimates are more appropriate than the
 single-equation estimates attempted in much of the donation literature.
 Income, age, and education are contributing factors of donation,
 regardless of whether it is to charity, religious organizations, or other
 organizations. 
Journal: Applied Economics Letters 
Pages: 837-841 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210148189 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210148189&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vassilis Monastiriotis 
Author-X-Name-First: Vassilis 
Author-X-Name-Last: Monastiriotis 
Title: Human capital and wages: evidence for external effects from the UK regions 
Abstract:
  A large panel of regional UK data is used to provide detailed estimates
 of the direct and external effects of education and labour market
 experience on wages. The results offer strong evidence in support of the
 predictions of the endogenous growth theory (Lucas, 1988), where the -
 spatial or sectoral - concentration of human capital is expected to
 generate increasing returns in the production process. The findings are
 stronger for labour market experience, while no supportive evidence is
 found for the case of years of schooling. Possibly, better data on the
 quality of educational qualifications could offer a better measurement of
 the external education effects. 
Journal: Applied Economics Letters 
Pages: 843-846 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210148198 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210148198&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: William Darity 
Author-X-Name-First: William 
Author-X-Name-Last: Darity 
Author-Name: Darrick Hamilton 
Author-X-Name-First: Darrick 
Author-X-Name-Last: Hamilton 
Author-Name: Jason Dietrich 
Author-X-Name-First: Jason 
Author-X-Name-Last: Dietrich 
Title: Passing on blackness: Latinos, race, and earnings in the USA 
Abstract:
  One strategy to address the charge that previous statistical measures
 overestimate the degree of antiblack discrimination in the US labour
 market because cultural factors have been omitted, has been to control for
 culture and vary colour. The procedure is to examine labour market
 outcomes for all persons self-reporting their ancestry as Hispanic (or
 Latino) while comparing outcomes among them based upon their self-reported
 race. The results demonstrate that black Latinos, especially males, suffer
 substantial discriminatory losses in wages. However, there are two
 problems: (1) a very small proportion of Latinos self-report themselves as
 black and (2) controlling for culture by combining all persons with Latino
 ancestry, regardless of specific national origin, into the gross category
 of Hispanic is potentially unsatisfactory. In this paper, the Hispanic
 population is disaggregated by nationality using the 5% Public Use Micro
 Sample from the 1980 and 1990 censuses to compare outcomes by
 self-reported race. It is still found that male Latino blacks, regardless
 of their specific national subgroups, were subjected to significant wage
 discrimination. The paper also reports on studies that have used the
 Latino National Political Survey that demonstrates that Hispanics tend to
 self-identify as black at rates inconsistent with the ascriptive profile
 of the Latino population. It is explained why this suggests that Latinos
 who choose to self-report their race as black in the US censuses genuinely
 are likely to 'look black' by American norms. 
Journal: Applied Economics Letters 
Pages: 847-853 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210149133 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210149133&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cem Baslevent 
Author-X-Name-First: Cem 
Author-X-Name-Last: Baslevent 
Title: Preference of the unemployed between full-time and part-time jobs 
Abstract:
  This paper examines the factors that determine the preference of the
 unemployed between the employment states of part-time, full-time, and
 either kind of job. Evidence is sought in support of an ordering between
 the three choices and find that the ordering which places the 'either'
 category in the middle is the most sensible. 
Journal: Applied Economics Letters 
Pages: 855-857 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210150898 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210150898&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Murat Do&#x11f;anlar 
Author-X-Name-First: Murat 
Author-X-Name-Last: Do&#x11f;anlar 
Title: Estimating the impact of exchange rate volatility on exports: evidence from Asian countries 
Abstract:
  The paper examines the impact of exchange rate volatility on the exports
 of five Asian countries. The countries are Turkey, South Korea, Malaysia,
 Indonesia and Pakistan. The impact of a volatility term on exports is
 examined by using an Engle-Granger residual-based cointegrating technique.
 The results indicate that the exchange rate volatility reduced real
 exports for these countries. This might mean that producers in these
 countries are risk-averse. The producers will prefer to sell in domestic
 markets rather than foreign markets if the exchange rate volatility
 increases. 
Journal: Applied Economics Letters 
Pages: 859-863 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210150906 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210150906&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yasuo Nakanishi 
Author-X-Name-First: Yasuo 
Author-X-Name-Last: Nakanishi 
Title: Employment and IT capital in Japan 
Abstract:
  The purpose of this article is to investigate the relation of employment
 and IT capital. In particular, it examines whether employment increases or
 decreases as IT capital increases. The elasticity of substitution between
 IT capital and labour has drastically increased in the latter part of the
 measuring period. An increase in capital and IT capital was associated
 with a reduction of labour. Recently, the impact of IT capital on labour
 demand has increased. 
Journal: Applied Economics Letters 
Pages: 865-867 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210150915 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210150915&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Title: Financial development and economic growth in Mainland China: a note on testing demand-following or supply-leading hypothesis 
Abstract:
  In this note two competing hypotheses are empirically tested, namely
 those of the demand-following and supply-leading, using multivariate VAR
 models for Mainland China over the period 1987Q1 to 1999Q4. Johansen
 cointegration results indicate that there exists one cointegrating vector
 among GDP, financial development and the degree of openness of three
 variables. The results from Granger causality tests based on multivariate
 error-correction models (ECM) suggest independence between financial
 development and economic growth. This empirical result supports neither
 the demand-following nor the supply-leading hypothesis for Mainland China. 
Journal: Applied Economics Letters 
Pages: 869-873 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210158962 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210158962&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Andoh 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Andoh 
Author-Name: David Chappell 
Author-X-Name-First: David 
Author-X-Name-Last: Chappell 
Title: Stability of the money demand function: evidence from Ghana 
Abstract:
  This paper estimates the demand for money (M2) in Ghana for the period
 1960 to 1996. The hypothesis is that the different macroeconomic
 adjustment policies (privatization, removal of foreign exchange controls
 etc.) which began in the mid 1980s would alter the demand for money
 function. The results of the study clearly show a structural break in the
 demand for money function in 1983. 
Journal: Applied Economics Letters 
Pages: 875-878 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210158971 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210158971&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiaoming Li 
Author-X-Name-First: Xiaoming 
Author-X-Name-Last: Li 
Author-Name: Jian Xu 
Author-X-Name-First: Jian 
Author-X-Name-Last: Xu 
Title: A note on New Zealand Stock Market efficiency 
Abstract:
  This paper studies the efficient market hypothesis using four New Zealand
 Stock Exchange indexes (NZSE 10, NZSE 30, NZSE 40, and NZSE SC) within the
 random walk, cointegration and Granger causality test framework. The test
 results have shown that the small-firm stock market is semistrong form
 efficient to a certain degree. However, results concerning large firms are
 sensitive to the choice of index. The share market of the top ten
 companies only is not even weak-form efficient, while the share markets
 covering the top 30 and 40 large companies are weak-form efficient but not
 semistrong form efficient. 
Journal: Applied Economics Letters 
Pages: 879-883 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210158980 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210158980&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Miles Cahill 
Author-X-Name-First: Miles 
Author-X-Name-Last: Cahill 
Title: Diminishing returns to GDP and the Human Development Index 
Abstract:
  This paper investigates the assumption of the human development index
 (HDI) that per capita GDP has diminishing returns to development.
 Alternative returns to scale assumptions for per capita GDP are evaluated
 using correlation and principal components analyses conducted on four
 separate samples of countries. Specifically, the correlation between
 various transformations of GDP and the other elements of the HDI are
 examined, and the principal components method of factor analysis is used
 to construct HDI-like indexes with the alternative transformations of GDP.
 Results generally support the diminishing returns assumption employed by
 the HDI, as a concave transformation of GDP is most highly correlated with
 the other variables, and the corresponding principal components HDI
 construction explains the largest amount of the variance of the original
 variables. 
Journal: Applied Economics Letters 
Pages: 885-887 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210158999 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210158999&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tai-Yung Kam 
Author-X-Name-First: Tai-Yung 
Author-X-Name-Last: Kam 
Author-Name: Jwu-Rong Lin 
Author-X-Name-First: Jwu-Rong 
Author-X-Name-Last: Lin 
Title: The effects of the pollution cost internalization on Taiwan's hog industry 
Abstract:
  Duality theory is utilized to develop a translog profit function (TPF)
 which includes one output (hog), three variable inputs (labour, fodder,
 and piglet), four fixed inputs (capital, farm size, location, and
 pollution cost). Based on the trade theory for small country, the factors
 of corn and soybean imports are introduced into the TPF model to examine
 the effects of pollution cost internalization on Taiwan's hog supply,
 input demand, and cereal imports, respectively. Through the analysis of
 output supply and input demand elasticities, the empirical results show
 that hog supply decreases 1.60%. The demands for labour, fodder, and
 piglets decrease 4.18%, 1.44%, and 1.3Percnt;, respectively. The decrease
 in fodder demanded leads the importation of corn and soybean to decrease
 1.58% and 1.43%, respectively. 
Journal: Applied Economics Letters 
Pages: 889-892 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210159006 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210159006&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Author-Name: Hamid Beladi 
Author-X-Name-First: Hamid 
Author-X-Name-Last: Beladi 
Title: Arranged or love marriage? That is the question 
Abstract:
  Although arranged and love marriages have been around for a long time
 there seems to be no comparative analyses in the economics literature of
 the relative merits of one or the other kind of marriage. As such, the
 purpose of this note is to conduct a theoretical inquiry into the
 desirability of arranged versus love marriages. A simple model of decision
 making in a dynamic and stochastic setting is analysed and it is shown
 that the decision to have an arranged or a love marriage depends on a
 comparison of the expected amount of time it takes the agent's
 well-wishers to find a spouse with the expected total time it takes this
 agent to find a spouse by himself or herself. 
Journal: Applied Economics Letters 
Pages: 893-897 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210161959 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210161959&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Laura Mun Oz 
Author-X-Name-First: Laura Mun 
Author-X-Name-Last: Oz 
Author-Name: Pilar Olave 
Author-X-Name-First: Pilar 
Author-X-Name-Last: Olave 
Author-Name: Manuel Salvador 
Author-X-Name-First: Manuel 
Author-X-Name-Last: Salvador 
Title: Variations in returns/volatility and persistence in variance. An application to the Spanish stock market 
Abstract:
  A methodology is proposed to select the information set in ARMA-GARCH
 models in order to forecast the future evolution of an univariate
 heteroscedastic time series when it is suspected that the DGP is time
 changing. Using this methodology the stability of the DGP in the Spanish
 Stock Market is analysed. In this case it is shown that the DGP is
 time-varying and, in particular, the persistence in variance is
 over-valued using classical methods. Furthermore, the predictive intervals
 obtained have better coverage properties, by more adequately reflecting
 the uncertainty associated to the evolution of the time series being
 analysed. 
Journal: Applied Economics Letters 
Pages: 899-905 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210165847 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210165847&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sam Green 
Author-X-Name-First: Sam 
Author-X-Name-Last: Green 
Author-Name: Andrew Melnyk 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Melnyk 
Author-Name: Dennis Powers 
Author-X-Name-First: Dennis 
Author-X-Name-Last: Powers 
Title: Is economic freedom necessary for technology diffusion? 
Abstract:
  Benhabib and Spiegel (1996) argue that human capital increases
 technological diffusion and, as a result, has a positive effect on
 economic growth. When human capital is accounted for in this way they find
 that other institutional variables do not affect growth. Their finding are
 re-examined by considering the effects of economic freedom on technology
 spillovers, hence on growth, and it is found that the greater the economic
 freedom in a country, the greater the amount of technological diffusion.
 More generally, this research suggests that institutional variables which
 are captured by economic freedom do indeed have an impact on growth, but
 only through technological diffusion. However, after accounting for the
 effects of economic freedom on technological diffusion, there is only weak
 evidence that human capital has a positive effect on technological
 diffusion. 
Journal: Applied Economics Letters 
Pages: 907-910 
Issue: 14 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210135705 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210135705&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Miles 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Miles 
Title: Small sample behaviour of quantile estimators 
Abstract:
  The Koenker and D'Orey (Econometrica, 46, pp. 43-61, 1987) algorithm is
 compared with the Minimum Distance estimator proposed by Buchinsky
 (Econometrica, 62, pp. 405-58, 1994) to estimate the parameters of
 conditional quantiles specified as linear models. 
Journal: Applied Economics Letters 
Pages: 911-913 
Issue: 14 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210137794 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210137794&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Chevalier 
Author-X-Name-First: A. 
Author-X-Name-Last: Chevalier 
Author-Name: T. K. Viitanen 
Author-X-Name-First: T. K. 
Author-X-Name-Last: Viitanen 
Title: The causality between female labour force participation and the availability of childcare 
Abstract:
  It is typically found that the labour force participation of women is
 negatively affected by the presence of young children. This paper focuses
 on the causality, in the sense of Granger's definition, between the
 participation of mothers of young children and childcare provision. It is
 found that childcare Granger causes participation without feedback, which
 supports the claim that women could be constrained in their participation
 by the lack of childcare facilities. The absence of a feedback mechanism
 raises the issue of childcare supply not reacting to market mechanisms. 
Journal: Applied Economics Letters 
Pages: 915-918 
Issue: 14 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210138469 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210138469&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. -H. Chung 
Author-X-Name-First: J. -H. 
Author-X-Name-Last: Chung 
Title: An empirical analysis on government capital controls and international capital flows in Korea 
Abstract:
  The present paper analyses government controls of international capital
 flows using Korean data. First, indexes of liberalizations are constructed
 on controls of capital inflows and outflows based on documented policy
 changes made by the Korean government. Second, VAR models are estimated
 that include the constructed capital liberalization indexes, capital
 flows, and other macroeconomic variables. It is found that capital inflows
 increase persistently after shocks to liberalization policy while capital
 outflows increase temporally. It is also found that shocks to
 liberalization of capital outflows attract capital inflows, a result
 explicable by two competing theories - that liberalization of capital
 outflows: (1) removes investment irreversibility; and (2) signals more
 friendly government policy in the future. Examination of the effects of
 separate capital liberalization measures concerning only Korean residents
 and those concerning only nonresidents confirms the importance of the
 'signal effect'. 
Journal: Applied Economics Letters 
Pages: 919-923 
Issue: 14 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210138487 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210138487&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Costas Milas 
Author-X-Name-First: Costas 
Author-X-Name-Last: Milas 
Author-Name: Jesus Otero 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Otero 
Title: Smooth transition vector error correction models for the spot prices of coffee 
Abstract:
  The nonlinear behaviour of four coffee price series is examined, that is,
 unwashed Arabicas (i.e. coffee from Brazil), Colombian Mild Arabicas (i.e.
 coffee from Colombia), other Mild Arabicas (i.e. coffee from other Latin
 American countries), and Robusta coffee (i.e. coffee from Africa and
 Southeast Asia). First is identified the cointegrating relationships and
 then that these enter the error correction equations in a nonlinear way is
 shown. The estimates suggest a rather common pattern of nonlinear
 adjustment for the same variety Arabica coffees. 
Journal: Applied Economics Letters 
Pages: 925-928 
Issue: 14 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210138513 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210138513&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Author-Name: Seung-Jun Kwak 
Author-X-Name-First: Seung-Jun 
Author-X-Name-Last: Kwak 
Title: Using a spike model to deal with zero response data from double bounded dichotomous choice contingent valuation surveys 
Abstract:
  Modelling public behaviour with the data from double bounded dichotomous
 choice contingent valuation surveys is often complicated by zero
 willingness to pay (WTP) responses in the sample. To deal with the zero
 response data to obtain an appropriate welfare measure such as the mean
 and median WTP, the spike model suggested by Kristrom (American Journal
 Agricultural Economics, 79, 1013-23, 1997) is used. The overall results
 indicate that the spike model outperforms the conventional model
 significantly. 
Journal: Applied Economics Letters 
Pages: 929-932 
Issue: 14 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210139378 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210139378&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Prazmowski 
Author-X-Name-First: Peter 
Author-X-Name-Last: Prazmowski 
Title: Endogenous credibility and stabilization programmes: evidence from the Dominican Republic 
Abstract:
  This paper analyses the impact of policy misalignments and structural
 reform policies on credibility and the long-term success of an exchange
 rate based (ERB) stabilization programme to reduce inflationary inertia. A
 controlled signal state-space model is used to test this hypothesis for
 the Dominican Republic, a country that introduced an ERB programme in the
 early 1990s. The results indicate that fiscal and monetary malpractice
 will deteriorate credibility whereas structural reform policies, when
 perceived as beneficial, will enhance credibility, contributing to
 economic stability. 
Journal: Applied Economics Letters 
Pages: 933-937 
Issue: 14 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210139387 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210139387&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Houston 
Author-X-Name-First: Robert 
Author-X-Name-Last: Houston 
Author-Name: Dennis Wilson 
Author-X-Name-First: Dennis 
Author-X-Name-Last: Wilson 
Title: Income, leisure and proficiency: an economic study of football performance 
Abstract:
  The influence of income, across countries, on the proficiency of leisure,
 as measure by international football achievement is addressed. It is
 widely concluded that leisure is a normal good, however; little research
 has been conducted on the influences of efforts to become proficient at a
 specific leisure activity. While the law of diminishing marginal
 productivity indicates that leisure proficiency will increase at a
 decreasing rate with increases in time allocated toward the leisure
 activity, the second-order effect of income on neither leisure nor leisure
 proficiency can theoretically be determined. To estimate these effects, an
 empirical examination of FIFA's World Rankings has been conducted. The
 results indicate that leisure proficiency on an aggregate level is
 positively associated with income and increases at a decreasing rate. This
 subsequently provides evidence that the consumption of leisure on an
 aggregate level also increases at a decreasing rate with increases in
 income. 
Journal: Applied Economics Letters 
Pages: 939-943 
Issue: 14 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210140150 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210140150&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Hans Matthews 
Author-X-Name-First: Peter Hans 
Author-X-Name-Last: Matthews 
Author-Name: Ivan Kandilov 
Author-X-Name-First: Ivan 
Author-X-Name-Last: Kandilov 
Author-Name: Bradford Maxwell 
Author-X-Name-First: Bradford 
Author-X-Name-Last: Maxwell 
Title: Interstate differences in insured unemployment: some recent evidence 
Abstract:
  Recent panel data is used to reconsider the determinants of interstate
 differences in the ratio of insured to total unemployment. It is concluded
 that previous research on the influence of replacement rates, duration of
 jobless spells and female labour force participation is robust, but it is
 found that political affiliations and attitudes could be more important,
 and unionization rates less important, than once believed. 
Journal: Applied Economics Letters 
Pages: 945-948 
Issue: 14 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210141726 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210141726&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Guillaume Sahuc 
Author-X-Name-First: Jean-Guillaume 
Author-X-Name-Last: Sahuc 
Title: A 'hybrid' monetary policy model: evidence from the Euro area 
Abstract:
  The New IS and Phillips curves state that output and inflation are purely
 forward-looking but this theory is conflicting with the empirical results.
 This note analyses how some augmented version of those curves, called
 hybrid IS and Phillips curves are more consistent with the data
 properties. 
Journal: Applied Economics Letters 
Pages: 949-955 
Issue: 14 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210146686 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210146686&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Vazquez 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Vazquez 
Title: The co-movement between output and prices in the EU15 countries: an empirical investigation 
Abstract:
  The paper studies the co-movement between output and prices in the EU15
 countries. Following Den Haan, the correlations of VAR forecast errors at
 different horizons are used to analyse the dynamics in the output-price
 relationship. The empirical results show that ten countries display a
 significant negative co-movement between output and prices in the 'long
 run' whereas this is positive in the 'short run' only for three countries.
 Finally, four countries do not exhibit any significant co-movement. 
Journal: Applied Economics Letters 
Pages: 957-966 
Issue: 14 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210146695 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210146695&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alberto Davila 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Davila 
Author-Name: Erika Mendez 
Author-X-Name-First: Erika 
Author-X-Name-Last: Mendez 
Title: Mortgage lending and the entrepreneur 
Abstract:
  While existing literature assumes that financial institutions penalize
 entrepreneurs because of this group's perceived higher income risk, this
 paper contends the opposite, owing to, for example, potentially profitable
 customer relationships that financial institutions might have with
 entrepreneurs and the stylized fact that these institutions provide more
 flexible guidelines to the home mortgage applications of entrepreneurs.
 The 1995 National Microdata file of the American Housing Survey is
 employed to empirically address and provide support for this contention. 
Journal: Applied Economics Letters 
Pages: 967-970 
Issue: 15 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210146703 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210146703&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jason Shogren 
Author-X-Name-First: Jason 
Author-X-Name-Last: Shogren 
Author-Name: Randy Moffett 
Author-X-Name-First: Randy 
Author-X-Name-Last: Moffett 
Author-Name: Michael Margolis 
Author-X-Name-First: Michael 
Author-X-Name-Last: Margolis 
Title: Coasean bargaining with nonconvexities 
Abstract:
  It is found that nonconvexities do not reduce the overall efficiency of
 Coasean bargaining in the laboratory. Also, it is observed that most
 bargainers act in their own constrained self-interest when bargaining over
 an efficient corner solution relative to the standard baseline case. 
Journal: Applied Economics Letters 
Pages: 971-977 
Issue: 15 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210148116 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210148116&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zijun Wang 
Author-X-Name-First: Zijun 
Author-X-Name-Last: Wang 
Author-Name: Victoria Salin 
Author-X-Name-First: Victoria 
Author-X-Name-Last: Salin 
Author-Name: Neal Hooker 
Author-X-Name-First: Neal 
Author-X-Name-Last: Hooker 
Author-Name: David Leatham 
Author-X-Name-First: David 
Author-X-Name-Last: Leatham 
Title: Stock market reaction to food recalls: a GARCH application 
Abstract:
  How food recalls due to bacterial contamination affect the stock prices
 of two companies are examined using a version of the financial market
 model that accounts for Generalized Autoregressive Conditional
 Heteroscedasticity (GARCH) effects. GARCH methodology was necessary to
 uncover the time-varying volatility in the series and it contributed to
 more efficient econometric results. The initial food recall undertaken by
 the company is associated with reduced mean returns and higher volatility
 of the companies studied. Repeated recalls by the same company are not
 associated with strong reactions. Volatility spillovers across firms
 suggest potential industry-wide repercussions from bacterial contamination
 incidents. 
Journal: Applied Economics Letters 
Pages: 979-987 
Issue: 15 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210148125 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210148125&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Qingbin Wang 
Author-X-Name-First: Qingbin 
Author-X-Name-Last: Wang 
Author-Name: Guanming Shi 
Author-X-Name-First: Guanming 
Author-X-Name-Last: Shi 
Author-Name: Yi Zheng 
Author-X-Name-First: Yi 
Author-X-Name-Last: Zheng 
Title: Changes in income inequality and welfare under economic transition: evidence from urban China 
Abstract:
  The paper examines the changes in income inequality and welfare in urban
 China from 1981 to 1999. While the Lorenz curves estimated using Kakwani's
 interpolation method indicate that the level of income inequality in urban
 China has increased significantly since 1981, welfare comparisons based on
 generalized Lorenz curves suggest that the rise in real average income has
 more than compensated for the increase in inequality and has therefore
 brought about continuous improvement in welfare since 1981, except in 1988
 and 1989 due to high inflation rates. Nevertheless, it is becoming very
 critical for China to develop welfare programmes and a social security
 system to provide a guaranteed living standard for low-income households. 
Journal: Applied Economics Letters 
Pages: 989-991 
Issue: 15 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210148134 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210148134&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anabela Botelho 
Author-X-Name-First: Anabela 
Author-X-Name-Last: Botelho 
Author-Name: Ligia Costa Pinto 
Author-X-Name-First: Ligia Costa 
Author-X-Name-Last: Pinto 
Title: Hypothetical, real, and predicted real willingness to pay in open-ended surveys: experimental results 
Abstract:
  This study reports the results of experiments designed to elicit, within
 a controlled laboratory environment, hypothetical and real willingness to
 pay for an environmental educational programme using the open-ended
 question format. By maintaining both the good and the question format
 constant across the treatments, the experiments overcome the shortcomings
 of recently reported experimental results, providing a clean test for
 hypothetical bias in open-ended valuations. Having found a statistically
 significant difference between the hypothetical and real values, the
 question of whether hypothetical valuations may nonetheless provide useful
 statistical information concerning individuals' real valuations is turned
 to. This question, which is perhaps the key question in the current state
 of the debate surrounding the contingent valuation method, is answered
 affirmatively in this study. 
Journal: Applied Economics Letters 
Pages: 993-996 
Issue: 15 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210148143 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210148143&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles Jacques 
Author-X-Name-First: Charles 
Author-X-Name-Last: Jacques 
Author-Name: B. Wade Brorsen 
Author-X-Name-First: B. Wade 
Author-X-Name-Last: Brorsen 
Title: Relationship between types of school district expenditures and student performance 
Abstract:
  An educational production function is estimated using achievement test
 scores to proxy school output, with socio-economic characteristics and
 expenditures in various categories as inputs. The data are school district
 level expenditures. Unlike most past research, a correction is made for
 the heteroscedasticity created by differences in school district size.
 Correcting for heteroscedasticity leads to statistical tests with greater
 power. Test scores were positively related to expenditures on instruction
 and instructional support, and are negatively related to expenditures on
 student support, such as counselling and school administration. The
 negative effect of counselling and administration could be due to
 counsellors taking up classroom time or administrators using classroom
 time with announcements or assemblies. Alternatively, the causality could
 go the other way. It could be that schools with problems hire more
 administrators and counsellors. The socioeconomic variables included may
 not fully capture the problems that a school faces. The results show that
 spending is useful when targeted towards instruction. The effect, although
 statistically significant, is not large. But, the research still finds
 that money matters if it is spent on instruction. 
Journal: Applied Economics Letters 
Pages: 997-1002 
Issue: 15 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210148161 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210148161&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Biewen 
Author-X-Name-First: Martin 
Author-X-Name-Last: Biewen 
Title: Measuring inequality in the presence of intra-household correlation 
Abstract:
  This note develops a method for computing confidence intervals for
 estimates of decomposable inequality indices when the sample is
 characterized by contemporaneous dependence across members of the same
 household. This is particularly relevant in the context of measuring
 inequality among wage earners. An application to the German wage
 distribution shows that the error made by not taking into account
 intra-household correlation is probably small in practical applications. 
Journal: Applied Economics Letters 
Pages: 1003-1006 
Issue: 15 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210148170 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210148170&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jai Mah 
Author-X-Name-First: Jai 
Author-X-Name-Last: Mah 
Title: The impact of globalization on income distribution: the Korean experience 
Abstract:
  The paper examines the impact of changes in trade values and FDI inflows
 on the Gini coefficients for Korea. The empirical evidence shows that the
 concerned variables can, in general, be assumed to be integrated of order
 one. Johansen-Juselius cointegration tests reveal that the Gini
 coefficients tend to increase with trade liberalization measures and FDI
 inflows. That is, the progress of globalization tends to deteriorate the
 situation of income inequalities in Korea, which supports the
 Feenstra-Hanson (1997) hypothesis. 
Journal: Applied Economics Letters 
Pages: 1007-1009 
Issue: 15 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210149124 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210149124&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sanjeev Gupta 
Author-X-Name-First: Sanjeev 
Author-X-Name-Last: Gupta 
Author-Name: Marijn Verhoeven 
Author-X-Name-First: Marijn 
Author-X-Name-Last: Verhoeven 
Author-Name: Erwin Tiongson 
Author-X-Name-First: Erwin 
Author-X-Name-Last: Tiongson 
Title: Decomposing social indicators using ecological inference 
Abstract:
  Cross-country data on the distribution of health indicators by income
 classes are rare. Several methods for estimating disaggregated data have
 been proposed. The method of decomposing average health indicators for the
 population as a whole into averages for the poor and nonpoor using a
 random coefficients model can lead to difficulties, including
 out-of-bounds country-level estimates. An alternative methodology from
 ecological inference is proposed. 
Journal: Applied Economics Letters 
Pages: 1011-1015 
Issue: 15 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210158269 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210158269&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Mahadevan 
Author-X-Name-First: R. 
Author-X-Name-Last: Mahadevan 
Title: Productivity growth in Australian manufacturing sector: some new evidence 
Abstract:
  This article examines the productivity performance of Australia's
 manufacturing sector by decomposing its output growth into input growth,
 technological progress and gains in technical efficiency. This three-way
 decomposition is done with an improved version of the stochastic frontier
 model using eight, two-digit industry level data from 1968/9 to 1994/5.
 Empirical evidence shows that input growth fueled output growth from
 1968/9 to 1973/4, but since then, total factor productivity (TFP) growth
 has been the main contributor of output growth. While the trend of TFP
 growth was found to be promising for most industries with positive and
 increasing technological progress, the negative gains from technical
 efficiency over time is however cause for concern. 
Journal: Applied Economics Letters 
Pages: 1017-1023 
Issue: 15 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210165829 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210165829&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Cain 
Author-X-Name-First: M. 
Author-X-Name-Last: Cain 
Author-Name: D. Peel 
Author-X-Name-First: D. 
Author-X-Name-Last: Peel 
Author-Name: D. Law 
Author-X-Name-First: D. 
Author-X-Name-Last: Law 
Title: Skewness as an explanation of gambling by locally risk averse agents 
Abstract:
  Within the expected utility framework skewness of return has been
 suggested as a rationale for why risk averse gamblers might choose to
 gamble when expected returns are negative. The argument is that
 risk-averse agents desire positive skewness, ceteris paribus, and are
 prepared to trade off a lower mean return for more skewness. This article
 demonstrates with a counter example that this argument is, in general,
 erroneous. 
Journal: Applied Economics Letters 
Pages: 1025-1028 
Issue: 15 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210161913 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210161913&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Y. Hisamatsu 
Author-X-Name-First: Y. 
Author-X-Name-Last: Hisamatsu 
Title: Does foreign demand affect corruption? 
Abstract:
  This article examines the impact of foreign demand on corruption. It
 creates an index that represents foreign demand for corrupt acts and
 regress it on corruption perception index. The result is positive and
 statistically significant relationship. 
Journal: Applied Economics Letters 
Pages: 1-2 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210165838 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210165838&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Dalamagas 
Author-X-Name-First: B. 
Author-X-Name-Last: Dalamagas 
Title: Tax rate changes and fiscal deficits: an empirical investigation 
Abstract:
  This paper shows that changes in effective tax rates on capital income,
 labour income and consumption affect the incentives that individuals have
 to work and to accumulate capital, depending on the tax structure of each
 country. These incentive effects can induce large differences in the time
 paths of output and government deficits, thus (in)validating the dynamic
 Laffer curve proposition. 
Journal: Applied Economics Letters 
Pages: 3-7 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210165865 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210165865&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Baffes 
Author-X-Name-First: John 
Author-X-Name-Last: Baffes 
Author-Name: Jean-Charles Le Vallee 
Author-X-Name-First: Jean-Charles Le 
Author-X-Name-Last: Vallee 
Title: Unit roots versus trend stationarity in growth rate estimation 
Abstract:
  This paper estimates growth rates of quantity and trade variables of 32
 primary commodities for the periods 1970-1980, 1980-1990, and 1990-1999
 through log-linear trend regressions. The properties of the models were
 assessed through conventional and stationarity statistics. Based on Monte
 Carlo experiments, of the 105 regressions examined, in only 35 cases the
 error term was found to be stationary at the 5% level of significance,
 implying that in many cases the stochastic component is far more important
 in explaining the behaviour of the series under consideration, in turn
 implying that the validity of growth rates should be interpreted with some
 degree of caution. 
Journal: Applied Economics Letters 
Pages: 9-14 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210165874 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210165874&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. -Y. Ho 
Author-X-Name-First: K. -Y. 
Author-X-Name-Last: Ho 
Title: Long-run stock price performance after IPOs: what do tests for stochastic dominance tell us? 
Abstract:
  Traditional studies of long-run stock price abnormal performance after
 corporate events compare the mean returns of an event firm portfolio and a
 benchmark firm portfolio or index. However, it is well known that long-run
 abnormal returns are non-normal leading to problems with statistical
 inference on abnormal performance. Instead in this paper, the entire
 return distributions of event firms and the benchmark index using
 non-parametric tests of stochastic dominance are compared. Tests are
 applied for first and second order stochastic dominance to Ritter's (1991)
 IPO data. It is found, contrary to results that compare only mean returns,
 that IPO firms do not underperform a benchmark index. The results are
 robust to extreme values of buy-and-hold return of IPO firms and underline
 the fact that long-run abnormal performance measurement is sensitive to
 the methodology used. 
Journal: Applied Economics Letters 
Pages: 15-19 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210167197A 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210167197A&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frida Lie 
Author-X-Name-First: Frida 
Author-X-Name-Last: Lie 
Author-Name: Robert Faff 
Author-X-Name-First: Robert 
Author-X-Name-Last: Faff 
Title: Global industry betas 
Abstract:
  The stability of global industry betas is analysed over the twenty-year
 period 1975 to 1994. In addition, the impact of the October 1987
 international stock market crash on these betas is investigated.
 Generally, a considerable variation in betas is found. In terms of the
 effect of the 1987 stock market crash on beta risk, it is found that the
 magnitude of the effect of the crash varied markedly across industries. 
Journal: Applied Economics Letters 
Pages: 21-26 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210167197 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210167197&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Onno Lint 
Author-X-Name-First: Onno 
Author-X-Name-Last: Lint 
Author-Name: Enrico Pennings 
Author-X-Name-First: Enrico 
Author-X-Name-Last: Pennings 
Title: The V-shaped value evolution of R&D projects 
Abstract:
  On average the expected value at the moment of commercialization of an
 R&D project should remain constant during the different stages of new
 product development. Contrary to this intuition however, a systematic,
 non-constant pattern is found in the average expected value of an R&D
 project. First, the value declines after the initial screening, then rises
 after the first market analysis, but on average does not reach the initial
 level at the final stage of development when resources for market
 introduction are approved. Moreover, uncertainty about the project value
 declines over time. The findings suggest a V-shaped value function of R&D
 projects. The study seems to be the first attempt to make direct
 measurements of valuing R&D projects through time in a real managerial
 setting. 
Journal: Applied Economics Letters 
Pages: 27-32 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000016067 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000016067&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Long memory in the Spanish GDP using fractional integration with Bloomfield disturbances 
Abstract:
  The persistence of output in the Spanish economy is examined by means of
 looking at its order of integration. The procedure used is due to Robinson
 (Journal of the American Statistical Association, 89 1420-1437, 1994) that
 permits us to test I(d) statistical models. However, instead of assuming a
 fully parametric model, the case where the underlying I(0) disturbances
 follow the Bloomfield's (Biometrika, 60, 27-226, 1973) model is
 considered. In doing so, the potential loss of power of the tests is
 eliminated in the case of autoregressive disturbances. Also, this method
 permits determination of the degree of dependence of the series even in
 the presence of weakly autocorrelated disturbances. 
Journal: Applied Economics Letters 
Pages: 33-37 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210139396 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210139396&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. Rossini 
Author-X-Name-First: G. 
Author-X-Name-Last: Rossini 
Author-Name: P. Zanghieri 
Author-X-Name-First: P. 
Author-X-Name-Last: Zanghieri 
Title: A simple test of the role of foreign direct investment in the Feldstein- Horioka puzzle 
Abstract:
  The purpose of this article is to test the dependency of domestic
 investment on domestic saving in the Feldstein-Horioka spirit. Its
 innovation is to use a definition of investment that does not include
 foreign direct investment. It does so since FDI should not be considered
 in the intertemporal budget constraint of a recipient country and
 therefore should not be related to domestic saving in a meaningful way.
 Once it adopts, as the dependent variable, pure domestic investment the
 result is a weakened relationship between internal saving and investment. 
Journal: Applied Economics Letters 
Pages: 39-41 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210161869 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210161869&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Li 
Author-X-Name-First: M. 
Author-X-Name-Last: Li 
Author-Name: J. L. Tobias 
Author-X-Name-First: J. L. 
Author-X-Name-Last: Tobias 
Title: A semiparametric investigation of the school quality-gs relationship 
Abstract:
  This article estimates a partially linear model that permits
 non-linearities of unspecified form in the school quality-earnings
 relationship. It examines the joint effect of teacher education and
 pupil-teacher ratios on 1990 earnings using NLSY data. It finds some
 evidence of non-linearities in this relationship, and that teacher
 education has a positive effect on log wages at some points in the
 pupil-teacher ratio support. 
Journal: Applied Economics Letters 
Pages: 43-45 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210161887 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210161887&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. D. Byers 
Author-X-Name-First: J. D. 
Author-X-Name-Last: Byers 
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Title: Another example of a non-linear time series with misleading linear properties 
Abstract:
  Granger and Terasvirta provided an abstract example of a non-linear model
 that can generate data with the misleading linear property of long memory.
 They suggested that other non-linear models with this property are worth
 searching for. The empirical results of this article indicate that data
 generated from an exponential smooth transition autoregressive model can
 exhibit the long memory property whether in raw or temporally aggregated
 form. 
Journal: Applied Economics Letters 
Pages: 47-51 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210161904 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210161904&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Cain 
Author-X-Name-First: M. 
Author-X-Name-Last: Cain 
Author-Name: D. Law 
Author-X-Name-First: D. 
Author-X-Name-Last: Law 
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Title: Some analysis of the properties of the Harville place formulae when allowance is made for the favourite-long shot bias employing Shin Win probabilities 
Abstract:
Journal: Applied Economics Letters 
Pages: 53-57 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210161922 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210161922&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Miriam Chau RodrIGuez 
Author-X-Name-First: Miriam Chau 
Author-X-Name-Last: RodrIGuez 
Author-Name: Paul Turner 
Author-X-Name-First: Paul 
Author-X-Name-Last: Turner 
Title: Currency substitution and the demand for money in Mexico 
Abstract:
  Demand functions for broad money and foreign currency deposits are
 estimated using quarterly Mexican data for the period 1978:1 to 2000:4.
 Significant evidence is found for currency substitution in the broad money
 equation. While the demand function for foreign currency deposits is
 harder to interpret, significant evidence of substitution between domestic
 money balances and US$ deposits is found. 
Journal: Applied Economics Letters 
Pages: 59-62 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000035868 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000035868&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Y. Kandogan 
Author-X-Name-First: Y. 
Author-X-Name-Last: Kandogan 
Title: Reconsidering the adjustment costs of the Europe agreements 
Abstract:
  The paper argues that vertical intra-industry trade (IIT) should be
 separated from horizontal IIT to have a better judgement about adjustment
 costs of a trade liberalization, contrary to the assumption in the
 literature that all IIT changes are costless. A simple method to decompose
 IIT is presented. Using this method, it is seen that, contrary to
 expectations, after the Europe Agreements, share of vertical IIT has not
 increased much between Germany and Central and Eastern European countries.
 However, when adjustment costs are analysed, it is seen that the resulting
 labour displacement has been substantial, explaining partly the EU's
 reluctant approach in these agreements. 
Journal: Applied Economics Letters 
Pages: 63-68 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210138478 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210138478&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wojciech Charemza 
Author-X-Name-First: Wojciech 
Author-X-Name-Last: Charemza 
Author-Name: Zbigniew Kominek 
Author-X-Name-First: Zbigniew 
Author-X-Name-Last: Kominek 
Title: Speculative processes and stable distributions: some simulation results 
Abstract:
  This paper investigates the relationship between parameters of stable
 distributions and characteristics of speculative processes. An empirically
 feasible estimation method of parameters of speculative processes through
 a conversion from stable distribution parameters is suggested. 
Journal: Applied Economics Letters 
Pages: 69-72 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210141717 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210141717&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lorenzo Serrano 
Author-X-Name-First: Lorenzo 
Author-X-Name-Last: Serrano 
Title: Measurement error in schooling data: the OECD case 
Abstract:
  The effect of human capital is difficult to estimate in cross-country
 analysis due to measurement errors in schooling data. Using data for OECD
 countries over the period 1960-1990, the reliability of the widely used
 Barro and Lee's data set and also the new De la Fuente and Domenech's data
 set is analysed. Results show that both suffer from measurement errors,
 but the latter seems to reflect the rate of growth of schooling more
 accurately, especially when taking long differences. 
Journal: Applied Economics Letters 
Pages: 73-75 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210148099 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210148099&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: N. T. Valev 
Author-X-Name-First: N. T. 
Author-X-Name-Last: Valev 
Author-Name: J. A. Carlson 
Author-X-Name-First: J. A. 
Author-X-Name-Last: Carlson 
Title: Sources of dispersion in consumer inflation forecasts 
Abstract:
  Cross-section dispersion of expected inflation is often explained by
 differences in information sets across agents, but there is little
 empirical evidence attesting to that. This paper uses unique survey data
 from Bulgaria to show that consumers' perceptions of past movements and
 expectations of future movements in the general price level are influenced
 by their direct observations of the price dynamics of particular products. 
Journal: Applied Economics Letters 
Pages: 77-81 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210148152 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210148152&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michele Costa 
Author-X-Name-First: Michele 
Author-X-Name-Last: Costa 
Title: The factor structure of financial markets: a simulation study of the Italian case 
Abstract:
  This article develops a new information criterion for the analysis of the
 factor structure of financial markets. The new proposal is obtained by
 resorting to a Monte Carlo experiment, which allows one to evaluate the
 behaviour of different information criteria by a priori knowing the true
 number of unobservable factors. The financial markets factor structure is
 found to be different from those suggested by traditional factor analysis
 methods, and for the Italian stock market in particular, only two or three
 factors are signalled. 
Journal: Applied Economics Letters 
Pages: 83-86 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210150924 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210150924&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Natalia Aldaz 
Author-X-Name-First: Natalia 
Author-X-Name-Last: Aldaz 
Author-Name: JoaquIn MillAN 
Author-X-Name-First: JoaquIn 
Author-X-Name-Last: MillAN 
Title: Regional productivity of Spanish agriculture in a panel DEA framework 
Abstract:
  A new procedure for the measurement of efficiency and technical change is
 presented, using DEA with full panel data. Under the assumption of
 non-regressive technical change, upper and lower bounds for efficiency and
 technical change are obtained. The results for Spanish regional
 agriculture are compared with those in Millan and Aldaz (1998). 
Journal: Applied Economics Letters 
Pages: 87-90 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210138504 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210138504&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Apergis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Apergis 
Title: Testing Purchasing Power Parity: results from a new foreign exchange market 
Abstract:
  This study examines whether the Purchasing Power Parity hypothesis holds
 in the foreign exchange market of Armenia, following the initiation of an
 independent foreign exchange market, after the country seceded from the
 Soviet Union and the rouble zone in 1993. OLS and highly efficient unit
 root tests provide results suggesting that PPP fails to hold both in the
 short-run and in the long-run, respectively. In addition, variance
 decompositions justify - in terms of the Balassa-Samuelson effect - why in
 the long-run the PPP is rejected by identifying real shocks as the main
 determinant of the Dram real exchange rate. 
Journal: Applied Economics Letters 
Pages: 91-95 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000029306 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000029306&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Basil Dalamagas 
Author-X-Name-First: Basil 
Author-X-Name-Last: Dalamagas 
Title: The effects of tax rate changes on output and government deficits 
Abstract:
  In this paper, it is shown that changes in effective tax rates on capital
 income, labour income and consumption affect the incentives that
 individuals have to work and to accumulate capital, depending on the tax
 structure of each country. These incentive effects can induce large
 differences in the time paths of output and government deficits, thus
 (in)validating the dynamic Laffer curve proposition. 
Journal: Applied Economics Letters 
Pages: 97-101 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000035877 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000035877&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: L. A. Gil-Alana 
Author-X-Name-First: L. A. 
Author-X-Name-Last: Gil-Alana 
Title: Confidence intervals for the seasonal fractional differencing parameter in the US monetary aggregate 
Abstract:
  Confidence intervals for the seasonal fractional differencing parameter
 are established in this article for several measures of the US monetary
 aggregate. They are based on a testing procedure following Robinson and
 the results indicate that these confidence intervals are in all cases
 below 1, the seasonal unit roots being rejected in favour of smaller
 degrees of integration. 
Journal: Applied Economics Letters 
Pages: 103-105 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000038540 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000038540&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Bautista 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Bautista 
Title: Interest rate-exchange rate dynamics in the Philippines: a DCC analysis 
Abstract:
  This article examines interest rate-exchange rate interaction using
 dynamic conditional correlation (DCC) analysis, a multivariate GARCH
 method. Weekly Philippine data from 1988 to 2000 are used in the study.
 The results show that the correlation between these variables is far from
 constant. Structural changes in the correlation structure are largely seen
 to be the effects of policies or policy responses to exogenous events. The
 shift in the direction of correlation, observed after the liberalization
 of the capital markets in 1993, is shown as evidence. Strong positive
 correlations observed during the two crisis episodes covered by the study
 present evidence of ineffective interest rate defense of the currency. 
Journal: Applied Economics Letters 
Pages: 107-111 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000040970 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000040970&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jen-Je Su 
Author-X-Name-First: Jen-Je 
Author-X-Name-Last: Su 
Title: Convergence clubs among 15 OECD countries 
Abstract:
  This study investigates the question of convergence among 15 OECD
 countries, where convergence is defined in several ways, for example as
 joint stationarity of differences of log per capita real output. No
 convergence is found for the entire set of OECD countries, so a clustering
 algorithm is used to identify sets of countries for which convergence
 occurs. The sensitivity of these 'convergence clubs' is investigated to
 the definition of convergence, the data used, and various details of the
 econometric procedure. 
Journal: Applied Economics Letters 
Pages: 113-118 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000040989 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000040989&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Li 
Author-X-Name-First: M. 
Author-X-Name-Last: Li 
Title: A model-combined estimator of elasticity of scale 
Abstract:
  Zellner and Ryu examined several popular specifications of elasticity of
 scale that characterizes production functions. This note goes further by
 combining these functional forms and proposing a model-averaged estimator
 of elasticity of scale. The methodology used in Bayesin Model Averaging,
 and the procedure is illustrated by an empirical example. Results show
 that the data clearly prefer some models over the others, but it can be
 difficult to select a model that overwhelmingly dominates the rest. This
 model-combined estimator of elasticity of scale is free of choosing a
 single specification from many competing ones. Moreover, this approach is
 readily applicable to comparable issues regarding production functions. 
Journal: Applied Economics Letters 
Pages: 119-122 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000041005 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000041005&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Millimet 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Millimet 
Author-Name: Daniel Slottje 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Slottje 
Title: Industrial and environmental specialization 
Abstract:
  The presence of threshold effects or convex damage functions implies that
 the composition of pollutants may be as important in the determination of
 health outcomes as the level of pollution. As such, greater specialization
 in particular environmental hazards may suggest increasing costs from
 pollution even if overall pollution levels are declining. Using panel data
 from the US, it is verified that 'environmental specialization' is
 important, and likely to increase in the future due to greater industrial
 specialization. 
Journal: Applied Economics Letters 
Pages: 123-128 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000041023 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000041023&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vicent AragO-Manzana 
Author-X-Name-First: Vicent 
Author-X-Name-Last: AragO-Manzana 
Author-Name: M Angeles Fernandezizquierdo 
Author-X-Name-First: M Angeles 
Author-X-Name-Last: Fernandezizquierdo 
Title: Monthly seasonality of the returns and volatility of the IBEX-35 index and its futures contract 
Abstract:
Journal: Applied Economics Letters 
Pages: 129-133 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000041041 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000041041&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Hatemi-J 
Author-X-Name-First: A. 
Author-X-Name-Last: Hatemi-J 
Title: A new method to choose optimal lag order in stable and unstable VAR models 
Abstract:
  A crucial aspect of empirical research based on the vector autoregressive
 (VAR) model is the choice of the lag order, since all inference in the VAR
 model is based on the chosen lag order. Here, a new information criterion
 is introduced for this purpose. The conducted Monte Carlo simulation
 experiments show that this new information criterion performs well in
 picking the true lag order in stable as well as unstable VAR models. 
Journal: Applied Economics Letters 
Pages: 135-137 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000041050 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000041050&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank A. G. Den Butter 
Author-X-Name-First: Frank A. G. Den 
Author-X-Name-Last: Butter 
Author-Name: Florian Eppink 
Author-X-Name-First: Florian 
Author-X-Name-Last: Eppink 
Title: The influence of labour flows on wage drift: an empirical analysis for The Netherlands 
Abstract:
  The wage level in The Netherlands is, by a large part, determined in
 collective labour agreements. However, the result of the processes of job
 destruction, job creation and job-to-job mobility is that workers move
 from less productive to more productive jobs. The empirical analysis shows
 that the resulting productivity gains are reflected in the wage drift,
 i.e. wage increases which are not part of the collective agreements. Yet,
 the size of the effects appears to be rather modest. 
Journal: Applied Economics Letters 
Pages: 139-142 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000041069 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000041069&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Ege Yazgan 
Author-X-Name-First: M. Ege 
Author-X-Name-Last: Yazgan 
Title: The purchasing power parity hypothesis for a high inflation country: a re-examination of the case of Turkey 
Abstract:
  The long-run purchasing power parity (PPP) hypothesis is re-examined for
 Turkey and strong evidence on long-run PPP is provided by using standard
 multivariate cointegration techniques. It is argued that the refutation of
 PPP by Telatar and Kazdagli does not necessarily imply the failure of
 taking the non-linearity in real exchange rate adjustment into account, as
 proposed by Sarno, but it may be due to the use of univariate framework
 for testing PPP chosen by Telatar and Kazdagli. By using persistence
 profiles, half-life deviations from PPP are estimated as low as one and a
 half years. Since these estimates are substantially lower than those
 previously obtained in the literature, the analysis suggests that high
 inflation environment does not constitute a case for the PPP puzzle. 
Journal: Applied Economics Letters 
Pages: 143-147 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000041078 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000041078&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ross Guest 
Author-X-Name-First: Ross 
Author-X-Name-Last: Guest 
Author-Name: Ian Mcdonald 
Author-X-Name-First: Ian 
Author-X-Name-Last: Mcdonald 
Title: Vintage versus homogeneous capital in simulations of population ageing: does it matter? 
Abstract:
  The vintage and homogeneous capital forms of the aggregate production
 function can be calibrated to generate the same output level from a given
 data set in steady state. However, it is shown show that this equivalence
 breaks down during the adjustment process to an employment shock, such as
 that caused by an ageing population. Simulations are conducted
 illustrating the magnitude of the difference in optimal labour
 productivity growth under the two models. 
Journal: Applied Economics Letters 
Pages: 149-153 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000043995 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000043995&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Apergis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Apergis 
Author-Name: Anthony Rezitis 
Author-X-Name-First: Anthony 
Author-X-Name-Last: Rezitis 
Title: Food price volatility and macroeconomic factor volatility: 'heat waves' or 'meteor showers'? 
Abstract:
  This paper investigates volatility spillover effects between relative
 food prices and explicit macroeconomic fundamentals, i.e. exchange rates,
 money balances, inflation, and the deficit to income ratio, through the
 methodology of GARCH models. The findings showed that significant and
 positive macroeconomic volatility effects influence the volatility of
 relative food prices. Moreover, the volatility of relative food prices
 exerts a positive and statistically significant impact on its own
 volatility. The results imply that the participation of Greece in EMU will
 diminish the volatility of those macroeconomic factors, implying lower
 volatility in food prices and thus higher benefits for both producers and
 consumers. 
Journal: Applied Economics Letters 
Pages: 155-160 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044011 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044011&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo Gottschalk 
Author-X-Name-First: Ricardo 
Author-X-Name-Last: Gottschalk 
Title: Testing for breaks in inertia: an alternative approach 
Abstract:
  This paper tests for breaks in inflation inertia. It proposes an
 alternative method that can be relied upon when inflation follows a
 stationary process that fluctuates around a segmented deterministic trend.
 This method is then applied to the Brazilian case. 
Journal: Applied Economics Letters 
Pages: 161-163 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044048 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044048&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Bende-Nabende 
Author-X-Name-First: A. 
Author-X-Name-Last: Bende-Nabende 
Author-Name: J. L. Ford 
Author-X-Name-First: J. L. 
Author-X-Name-Last: Ford 
Author-Name: B. Santoso 
Author-X-Name-First: B. 
Author-X-Name-Last: Santoso 
Author-Name: S. Sen 
Author-X-Name-First: S. 
Author-X-Name-Last: Sen 
Title: The interaction between FDI, output and the spillover variables: co-integration and VAR analyses for APEC, 1965-1999 
Abstract:
  In this empirical study, it is considered whether FDI has directly
 induced long-run effects on output in a selection of East Asian countries
 or whether such an influence, if any, has been transmitted indirectly
 through spillover effects. The Johansen cointegration methodology and
 resultant VECs are employed, and the use of that methodology within a
 panel framework tested. Equal evidence of negative and positive direct
 significant long-run relationship between FDI and output in the countries
 is found in the sample. In addition, indirect spillovers effects are
 found, which are positive for some country variables and negative for
 others. There is also an indication that the statistically significant
 positive spillovers occur in the economically less developed countries. 
Journal: Applied Economics Letters 
Pages: 165-172 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044057 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044057&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Cunado 
Author-X-Name-First: J. 
Author-X-Name-Last: Cunado 
Author-Name: L. A. Gil-Alana 
Author-X-Name-First: L. A. 
Author-X-Name-Last: Gil-Alana 
Author-Name: F. PErez de Gracia 
Author-X-Name-First: F. PErez 
Author-X-Name-Last: de Gracia 
Title: Empirical evidence on real convergence in some OECD countries 
Abstract:
  The real convergence hypothesis in Australia, Canada, Japan and the UK is
 examined. For this purpose, the order of integration of the real GDP per
 capita series in these countries is examined as well as their differences
 with respect to the US which is used as a benchmark country. Both
 parametric and semiparametric methods are used and the results show that
 convergence is achieved in all countries, especially for the cases of
 Australia and Canada. 
Journal: Applied Economics Letters 
Pages: 173-176 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044066 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044066&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Title: Herding in ranch operations: an analysis of a search problem 
Abstract:
  Herding is an integral part of ranch operations in contemporary times. An
 aspect of herding that has received scant attention in the literature
 concerns the pros and cons of searching for livestock animals that have
 wandered away from a pasture and are hence missing from this pasture.
 Under what circumstances should a rancher search for these missing
 animals? This paper provides the first theoretical analysis of this
 question. Specifically, a formal model is constructed and examined that
 provides conditions under which it makes sense to search for these missing
 animals and conditions under which it does not. 
Journal: Applied Economics Letters 
Pages: 177-179 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044093 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044093&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: Application of a mixture model to approximate bottled water consumption distribution 
Abstract:
  Approximating bottled water consumption (BWC) distribution is complicated
 by zero observations in the sample. To deal with the zero observations, a
 mixture model of BWC distributions is considered to allow a point mass at
 zero. The model is empirically verified for household BWC survey data. 
Journal: Applied Economics Letters 
Pages: 181-184 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044101 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044101&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shouyang Wang 
Author-X-Name-First: Shouyang 
Author-X-Name-Last: Wang 
Author-Name: Zhenquan Wang 
Author-X-Name-First: Zhenquan 
Author-X-Name-Last: Wang 
Author-Name: Jing Zhang 
Author-X-Name-First: Jing 
Author-X-Name-Last: Zhang 
Title: Stress testing analysis of the effects of Japanese yen's depreciation on Chinese exports 
Abstract:
  The effects of Japanese yen's depreciation on Chinese exports in 2002
 (only considering the exports of the Mainland of China) are analysed. An
 AR(2) valuation function for the Chinese exports is constructed. The
 results on sensitivity tests show that the depreciation of Japanese yen
 would not bring severe effects on the Chinese exports in 2002, though the
 increasing trend of Chinese exports would become slower. 
Journal: Applied Economics Letters 
Pages: 185-190 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044129 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044129&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tatsuyoshi Miyakoshi 
Author-X-Name-First: Tatsuyoshi 
Author-X-Name-Last: Miyakoshi 
Author-Name: Osamu Kamoike 
Author-X-Name-First: Osamu 
Author-X-Name-Last: Kamoike 
Title: Designs of pension management with the rapid ageing 
Abstract:
  The rapid ageing of the population and the strong desires for working by
 the retired old has become a serious issue on the Japanese pension
 management. This paper suggests a partial solution for the issue in an
 overlapping generation framework. It is shown that providing the old with
 jobs rather than pensions can result in a Pareto improvement at a steady
 state. 
Journal: Applied Economics Letters 
Pages: 191-195 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044138 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044138&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eiichi Tomiura 
Author-X-Name-First: Eiichi 
Author-X-Name-Last: Tomiura 
Title: Capacity constraint and seasonal productivity variations at plant level 
Abstract:
  The paper examines seasonal productivity variations by using monthly
 plant-level physical output and capacity data. The regression results
 confirm that seasonal output elasticity is substantially larger than
 non-seasonal elasticity not only at the industry level, but also at the
 plant level. The productivity becomes low in the demand-peak season
 particularly at plants where capacity is highly utilized, consistent with
 the capacity constraint interpretation. The effect of capacity constraint
 on productivity fluctuations, however, is modest compared with that of
 seasonal demand variations. 
Journal: Applied Economics Letters 
Pages: 197-200 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044174 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044174&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Unemployment and real oil prices in Australia: a fractionally cointegrated approach 
Abstract:
  The article examines the relationship between unemployment and real oil
 prices in Australia using fractionally cointegrated techniques. Using a
 two-step procedure based on the univariate tests of Robinson, the results
 show that both variables are fractionally cointegrated, with the long-run
 equilibrium errors being nonstationary but mean reverting. 
Journal: Applied Economics Letters 
Pages: 201-204 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000041087 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000041087&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Veld 
Author-X-Name-First: C. 
Author-X-Name-Last: Veld 
Title: Analysis of a practical formula for the valuation of employee stock options 
Abstract:
  In The Netherlands employee stock options are taxed when they are
 rewarded. The Dutch tax authorities have developed a formula for the
 valuation of these options. This formula is analysed and it is shown how
 it can be used for tax and accounting purposes in The Netherlands and in
 other countries. 
Journal: Applied Economics Letters 
Pages: 205-208 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210161878 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210161878&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sikandar Siddiqui 
Author-X-Name-First: Sikandar 
Author-X-Name-Last: Siddiqui 
Title: Can interest rate changes help predict future stock price movements? Evidence from the German market 
Abstract:
  By applying a linear regression model to monthly time series data from
 the German equity and money markets, this paper challenges the
 conventional viewpoint that historical data do not possess any explanatory
 power for future stock market returns. 
Journal: Applied Economics Letters 
Pages: 209-211 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/0003684032000066859 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/0003684032000066859&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. A. Selvanathan 
Author-X-Name-First: E. A. 
Author-X-Name-Last: Selvanathan 
Title: Extending the stochastic approach to index numbers: a comment on Crompton 
Abstract:
  Stochastic approach has received renewed attention in recent years (e.g.
 Clements and Izan, and Selvanathan and Rao). However, there was some
 criticism about the form of the error variance used in the new stochastic
 approach (see work by Diewert). In a recent paper in Applied Economics
 Letters, Crompton provided a solution to this problem. This article
 presents some comments and corrections on Crompton's work. 
Journal: Applied Economics Letters 
Pages: 213-215 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350435022000043986 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350435022000043986&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:10:y:2003:i:4:p:213-215




Template-Type: ReDIF-Article 1.0
Author-Name: Hakan Berument 
Author-X-Name-First: Hakan 
Author-X-Name-Last: Berument 
Author-Name: Burak Doan 
Author-X-Name-First: Burak 
Author-X-Name-Last: Doan 
Title: Openness and the effectiveness of monetary policy: empirical evidence from Turkey 
Abstract:
  The empirical evidence suggests that openness decreases the effect of
 monetary policy on output, however the effect on prices is not
 statistically significant. In this study these predictions are tested over
 the open economy of Turkey for quarterly data from 1987:1 to 2001:1. This
 study assesses how the openness affects the effectiveness of monetary
 policy on output and prices. 
Journal: Applied Economics Letters 
Pages: 217-221 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000015842 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000015842&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. -S. Chen 
Author-X-Name-First: A. -S. 
Author-X-Name-Last: Chen 
Author-Name: P. -F. Shen 
Author-X-Name-First: P. -F. 
Author-X-Name-Last: Shen 
Title: Computational complexity analysis of least-squares Monte Carlo (LSM) for pricing US derivatives 
Abstract:
  One of the most important problems in option pricing theory is the
 valuation and optimal exercise of derivatives with American-style exercise
 features. These types of derivatives are found in all major financial
 markets. Simulation is a promising alternative to traditional numerical
 methods and has many advantages as a framework for valuing American
 options. Recently, Longstaff and Schwartz presented a simple, yet
 powerful, least-squares Monte Carlo (LSM) algorithm to approximating the
 value of US options by simulation. This article provides computational
 complexity analysis of the LSM algorithm. Essentially, the technique of
 computational complexity analysis is to break down a computational
 algorithm into logical modules and analyze the effect on the algorithm of
 adding or deleting logical modules. Computational complexity analysis is
 important in algorithm design because of structural differences in
 computer and human logic. Algorithms that seem perfectly natural and
 logical from the human perspective may sometime be found to contain
 unnecessary complexity when analysed from the computer's perspective. The
 results showed that a new algorithm constructed by removing the
 least-squares module altogether from the LSM algorithm improves not only
 the computational speed, but also produces results that are more accurate
 than the LSM. 
Journal: Applied Economics Letters 
Pages: 223-229 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044039 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044039&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. Zhou 
Author-X-Name-First: S. 
Author-X-Name-Last: Zhou 
Title: Evidence on the stationarity of ERM exchange rates 
Abstract:
  This article applies standard unit root tests to the spot and forward
 exchange rates of four core members of the European Monetary System
 participating in the Exchange Rate Mechanism (ERM). In contrast to the
 findings of most previous studies, the results show strong evidence of
 stationarity for the ERM rates, for the period when there were no
 significant realignments in the rates. 
Journal: Applied Economics Letters 
Pages: 231-233 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044084 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044084&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. Terai 
Author-X-Name-First: K. 
Author-X-Name-Last: Terai 
Title: Electoral alliance and implemented redistribution: an interpretation on non-competitive politics of Japan 
Abstract:
  This article shows that a pre-election alliance between the ruling
 coalition parties with different ideological motivations may result in
 bias toward the large size of government. In equilibrium, the reelected
 coalition government implements a redistributive policy that is greater
 than the median voter's preference. The results can explain why the
 Japanese coalition government, which colludes for winning elections, has
 frequently implemented more diffuse fiscal policies than the previous
 single-party government. 
Journal: Applied Economics Letters 
Pages: 235-238 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044110 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044110&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Felmingham 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Felmingham 
Author-Name: Su San Leong 
Author-X-Name-First: Su San 
Author-X-Name-Last: Leong 
Title: The stationarity of Australian real interest rates with and without structural breaks 
Abstract:
  The Australian cash rate is generally unstable, while surveyed expected
 inflation and the 90 day bank bill rate are stationary subject to breaks.
 Real bond rates (2, 5, 10 years) are stationary in levels. Policy and
 market implications are drawn. 
Journal: Applied Economics Letters 
Pages: 239-241 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044147 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044147&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:10:y:2003:i:4:p:239-241




Template-Type: ReDIF-Article 1.0
Author-Name: C. Piga 
Author-X-Name-First: C. 
Author-X-Name-Last: Piga 
Author-Name: M. Vivarelli 
Author-X-Name-First: M. 
Author-X-Name-Last: Vivarelli 
Title: Sample selection in estimating the determinants of cooperative R&D 
Abstract:
  This article treats the selectivity issue in the analysis of cooperative
 R&D and also presents some new results, e.g. that a firm's organization,
 vertical relationships and innovation strategy are important drivers of a
 decision to engage in R&D both independently and with external partners. 
Journal: Applied Economics Letters 
Pages: 243-246 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044156 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044156&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Sanchez-Fung 
Author-X-Name-First: Jose 
Author-X-Name-Last: Sanchez-Fung 
Title: Non-linear modelling of daily exchange rate returns, volatility, and 'news' in a small developing economy 
Abstract:
  This paper models daily returns, volatility, and 'news' in the parallel
 foreign exchange market of a small developing economy, namely the
 Dominican Republic, during the period 1989-2001. The research adopts a
 non-linear specification that encompasses several members of the GARCH
 family. A leftward tilted news impact reveals that positive shocks
 (depreciations) have a higher impact than negative ones (appreciations) on
 the volatility of exchange rate returns. This result has significant
 implications for policymakers. For instance, it could help in the
 assessment of the potential effect of central bank interventions in the
 foreign exchange rate market. 
Journal: Applied Economics Letters 
Pages: 247-250 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000050635 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000050635&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luisa Bisaglia 
Author-X-Name-First: Luisa 
Author-X-Name-Last: Bisaglia 
Author-Name: Silvano Bordignon 
Author-X-Name-First: Silvano 
Author-X-Name-Last: Bordignon 
Author-Name: Francesco Lisi 
Author-X-Name-First: Francesco 
Author-X-Name-Last: Lisi 
Title: k -Factor GARMA models for intraday volatility forecasting 
Abstract:
  This paper studies the ability of the k -factor GARMA processes to model
 and forecast the volatility of an intraday financial time series.
 Forecasting results from the k -factor GARMA model are obtained and
 compared with those produced by a conventional SARIMA model. 
Journal: Applied Economics Letters 
Pages: 251-254 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000050653 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000050653&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: T. Gao 
Author-X-Name-First: T. 
Author-X-Name-Last: Gao 
Title: Multinational activity and country characteristics in OECD countries 
Abstract:
  This article uses data on multinational activity in OECD countries to
 test three alternative models of multinational production: the vertical
 multinational firm model the horizontal multinational firm model and the
 knowledge capital model. Unlike the evidence from US data in Markusen and
 Maskus' work, the results in this article show that the knowledge capital
 model performs significantly better than the horizontal model. The article
 presents the empirical evidence and concludes with a discussion of the
 strengths and weaknesses of the OECD and US data. 
Journal: Applied Economics Letters 
Pages: 255-258 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210138496 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210138496&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Natalie Stoeckl 
Author-X-Name-First: Natalie 
Author-X-Name-Last: Stoeckl 
Title: Measurement error and functional form: implications for welfare estimates 
Abstract:
	      This paper describes a series of Monte Carlo simulations
 which investigate the accuracy of final estimates generated from the
 travel cost model (TCM). The results are of interest to all applied
 researchers who: (a) cannot select functional form on theoretical grounds;
 and (b) wish to use Ordinary Least Squares (OLS) estimates for further
 calculations. This is because the simulations indicate that certain types
 of measurement error decrease the probability that researchers will be
 able to determine the correct functional form of the estimating equation
 on the basis of goodness of fit statistics. While this does not
 necessarily mean that slope (partial coefficient) estimates will be
 biased, it can cause substantial and unpredictable bias in welfare
 estimates.	     
Journal: Applied Economics Letters 
Pages: 259-270 
Issue: 5 
Volume: 10 
Year: 2003 
Month: 4 
X-DOI: 10.1080/1350485031000112673 
File-URL: http://hdl.handle.net/10.1080/1350485031000112673 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria L. Loureiro 
Author-X-Name-First: Maria L. 
Author-X-Name-Last: Loureiro 
Author-Name: Wendy J. Umberger 
Author-X-Name-First: Wendy J. 
Author-X-Name-Last: Umberger 
Author-Name: Susan Hine 
Author-X-Name-First: Susan 
Author-X-Name-Last: Hine 
Title: Testing the initial endowment effect in experimental auctions 
Abstract:
	      In experimental auctions, participants are usually given an
 initial endowment or cash compensation that will cover the costs
 associated with their bids in the experiment as well as their
 participation time. This study analyses participants' bids in a randomly
 binding second-price auction to test the effect of the initial endowment
 on participants' willingness-to-pay estimates. Three different endowments:
 $2, $4, and $6 are used to compensate participants in an experimental
 auction. It is found that participants receiving $4 or $6 as an initial
 endowment, bid statistically higher than those receiving only $2. Thus,
 willingness-to-pay estimates are sensitive to the initial endowment. Based
 on the results obtained in this experiment, it is concluded that
 endowments that are closer to the value of the auctioned good may be a
 more appropriate way to compensate auction participants in order to reveal
 their true willingness to pay for a private good, and to reduce
 overbidding. Additionally, the findings illustrate that an initial
 compensation closer to the participants' value of time may inflate their
 bids, and consequently may not be a correct compensation mechanism to
 elicit true willingness-to-pay for private goods. New ways of compensating
 participants in experimental auctions should be investigated.		
Journal: Applied Economics Letters 
Pages: 271-275 
Issue: 5 
Volume: 10 
Year: 2003 
Month: 4 
X-DOI: 10.1080/1350485032000056855 
File-URL: http://hdl.handle.net/10.1080/1350485032000056855 
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Template-Type: ReDIF-Article 1.0
Author-Name: John D. Bone 
Author-X-Name-First: John D. 
Author-X-Name-Last: Bone 
Author-Name: John D. Hey 
Author-X-Name-First: John D. 
Author-X-Name-Last: Hey 
Author-Name: John R. Suckling 
Author-X-Name-First: John R. 
Author-X-Name-Last: Suckling 
Title: Do people plan ahead? 
Abstract:
	      A crucial basic assumption of economic theories of dynamic
 behaviour is that people plan ahead. This paper reports on an extremely
 simple experimental test of this fundamental principle. Indeed the
 experiment is so simple and so straightforward that it is difficult to
 believe that anyone would not plan ahead. However subjects are found who
 do not. What are they doing?	       
Journal: Applied Economics Letters 
Pages: 277-280 
Issue: 5 
Volume: 10 
Year: 2003 
Month: 4 
X-DOI: 10.1080/1350485032000056882 
File-URL: http://hdl.handle.net/10.1080/1350485032000056882 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert J. Lemke 
Author-X-Name-First: Robert J. 
Author-X-Name-Last: Lemke 
Author-Name: Isaac C. Rischall 
Author-X-Name-First: Isaac C. 
Author-X-Name-Last: Rischall 
Title: Skill, parental income, and IV estimation of the returns to schooling 
Abstract:
	      Recently, attention has moved away from using parental
 background variables, such as parental education, in favour of using
 institutional features of the education system as instruments when
 estimating the return to schooling. In this paper, these possible
 instruments are revisited. Using the National Longitudinal Survey of
 Youth, several specifications of the wage equation are estimated and three
 types of instruments used - parental education, quarter of birth, and
 college proximity. It is shown that under some specifications - in
 particular, by including parental income and individual skill in the wage
 equation - parental education appears to be a valid and useful instrument.
 On the other hand, when using the institutional instruments, the weak
 correlation between the instruments and years of schooling produces
 imprecise and likely biased estimates of the return to schooling.	    
Journal: Applied Economics Letters 
Pages: 281-286 
Issue: 5 
Volume: 10 
Year: 2003 
Month: 4 
X-DOI: 10.1080/13504850320000078653 
File-URL: http://hdl.handle.net/10.1080/13504850320000078653 
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Template-Type: ReDIF-Article 1.0
Author-Name: Masayo Sato 
Author-X-Name-First: Masayo 
Author-X-Name-Last: Sato 
Author-Name: Yasushi Ohkusa 
Author-X-Name-First: Yasushi 
Author-X-Name-Last: Ohkusa 
Title: The relationship between smoking initiation and time discount factor, risk aversion and information 
Abstract:
	      The paper is the first to discuss the relationship between
 smoking initiation and gender, time discount factor, risk aversion, and
 information about diseases due to smoking. The estimated results show that
 gender and time discount rate significantly affect smoking initiation but
 risk aversion and information do not. Since information does not
 discourage smoking initiation, public policies aimed at educating young
 people about the harmful effects of smoking may not be effective.	    
Journal: Applied Economics Letters 
Pages: 287-289 
Issue: 5 
Volume: 10 
Year: 2003 
Month: 4 
X-DOI: 10.1080/1350485032000056909 
File-URL: http://hdl.handle.net/10.1080/1350485032000056909 
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Template-Type: ReDIF-Article 1.0
Author-Name: Subal C. Kumbhakar 
Author-X-Name-First: Subal C. 
Author-X-Name-Last: Kumbhakar 
Title: Factor productivity and technical change 
Abstract:
	      This paper deals with (i) decomposing total factor
 productivity growth into input-specific components, (ii) measuring
 input-specific productivity/efficiency growth, and (iii) testing several
 neutrality hypotheses in technical change. These issues are addressed in a
 general framework without assuming any functional form on the underlying
 production technology, and without imposing any structure on the behaviour
 of input productivity/efficiency growth. Using NBER panel data on 450 U.S.
 manufacturing industries for the period 1959--1992, it is found that
 technical change can be characterized by neither Hicks, Harrod, nor Solow
 neutral form. It is also found that productivity of capital has increased,
 on average by 6.5%, whereas those of labour and material declined by 5.10%
 and 0.4%, respectively.	  
Journal: Applied Economics Letters 
Pages: 291-297 
Issue: 5 
Volume: 10 
Year: 2003 
Month: 4 
X-DOI: 10.1080/1350485031000077349 
File-URL: http://hdl.handle.net/10.1080/1350485031000077349 
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles Lima De Almeida 
Author-X-Name-First: Charles Lima De 
Author-X-Name-Last: Almeida 
Author-Name: Marco Aur�LIO Peres 
Author-X-Name-First: Marco Aur�LIO 
Author-X-Name-Last: Peres 
Author-Name: Geraldo Da Silva E Souza 
Author-X-Name-First: Geraldo Da Silva E 
Author-X-Name-Last: Souza 
Author-Name: Benjamin Miranda Tabak 
Author-X-Name-First: Benjamin Miranda 
Author-X-Name-Last: Tabak 
Title: Optimal monetary rules: the case of Brazil 
Abstract:
	      Within a dynamic programming approach, an optimal rule for
 the central bank to attain its inflation targeting goals is derived. The
 short-run nominal interest rate is used as an instrument to achieve
 monetary objectives. The model is tested for the Brazilian economy and
 compared with results found for other countries. Evidence for the
 estimated feedback interest rule for the Central Bank suggests that the
 cost of reducing inflation in an open economy is lower than that of a
 closed economy.	  
Journal: Applied Economics Letters 
Pages: 299-302 
Issue: 5 
Volume: 10 
Year: 2003 
Month: 4 
X-DOI: 10.1080/0003684032000066804 
File-URL: http://hdl.handle.net/10.1080/0003684032000066804 
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Template-Type: ReDIF-Article 1.0
Author-Name: MAHMOUD  A. M.  BUSHEHRI 
Author-X-Name-First: MAHMOUD  A. M.  
Author-X-Name-Last: BUSHEHRI 
Title: Dynamic generalization of the Rotterdam model 
Abstract:
	      Demand systems that are normally used in the empirical demand
 literature are static, in the sense that consumers are assumed to adjust
 instantly to the new equilibrium following changes in expenditure or
 prices. In reality this assumption may be incorrect because in many cases
 consumers' reaction to change in price or expenditure may be gradual,
 there may be a partial adjustment. In this paper a dynamic Rotterdam model
 is developed; extending the existing static version.	       
Journal: Applied Economics Letters 
Pages: 303-306 
Issue: 5 
Volume: 10 
Year: 2003 
Month: 4 
X-DOI: 10.1080/13504851.2003.10800382 
File-URL: http://hdl.handle.net/10.1080/13504851.2003.10800382 
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Template-Type: ReDIF-Article 1.0
Author-Name: Herbert Y. T. Lam 
Author-X-Name-First: Herbert Y. T. 
Author-X-Name-Last: Lam 
Author-Name: Spyros I. Spyrou 
Author-X-Name-First: Spyros I. 
Author-X-Name-Last: Spyrou 
Title: Fundamental variables and the cross-section of expected stock returns: the case of Hong Kong 
Abstract:
	      Recent empirical evidence indicates that size and
 book-to-market ratios explain adequately a large part of average stock
 returns. This paper examines the association of a number of fundamental
 variables with the cross section of stock returns in the Hong Kong Stock
 Exchange. The results suggest that, during the 1990s, the small-firm
 effect has actually gone into reverse and that size and book-to-market
 equity have a statistically significant relationship with average returns.
 Beta has little or no role as an explanatory variable. 	 
Journal: Applied Economics Letters 
Pages: 307-310 
Issue: 5 
Volume: 10 
Year: 2003 
Month: 4 
X-DOI: 10.1080/0003684032000066840 
File-URL: http://hdl.handle.net/10.1080/0003684032000066840 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. David Walls 
Author-X-Name-First: W. 
Author-X-Name-Last: David Walls 
Author-Name: Kelly Busche 
Author-X-Name-First: Kelly 
Author-X-Name-Last: Busche 
Title: Broken odds and the favourite-longshot bias in parimutuel betting: a direct test 
Abstract:
	      This research examines empirically the effect using broken
 odds - the rounded off odds reported by horse track operators - on
 statistical tests of market efficiency in parimutuel gambling. It finds
 that using rounded-off odds to test for market efficiency, instead of
 using the exact values, introduces a downward bias in the test statistics
 for favourite horses. Previous studies, because they relied on the
 rounded-off odds data, may have overstated the extent of the
 favourite-longshot bias in parimutuel wagering markets.	  
Journal: Applied Economics Letters 
Pages: 311-314 
Issue: 5 
Volume: 10 
Year: 2003 
Month: 4 
X-DOI: 10.1080/13504850210147162 
File-URL: http://hdl.handle.net/10.1080/13504850210147162 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. C. Bautista 
Author-X-Name-First: C. C. 
Author-X-Name-Last: Bautista 
Title: Stock market volatility in the Philippines 
Abstract:
	      Regime-switching-ARCH regression was used on weekly aggregate
 Philippine stock return data from February 1987 to October 2000 to
 estimate its conditional variance. The estimated volatility was then
 related to major political/economic events and to fluctuations in economic
 activity as measured by real GDP growth. Four high volatility episodes
 were observed for the period under study. It was seen that high stock
 return volatility preceded a bust cycle, defined as a sequence of low
 growth periods. The study showed the sensitivity of the Philippine stock
 market to drastic changes in the political environment as well. This was
 observed twice during the late 1980s when a series of military coup
 attempts led to large fluctuations in the stock price index. In the 1990s,
 high return volatility was also observed twice. The lifting of the
 remaining foreign exchange and capital account restrictions in 1993 led to
 the third high volatility episode. In 1997, the start of the fourth
 volatility episode preceded the onset of the Asian financial crisis by a
 few months.	      
Journal: Applied Economics Letters 
Pages: 315-318 
Issue: 5 
Volume: 10 
Year: 2003 
Month: 4 
X-DOI: 10.1080/13504850210148107 
File-URL: http://hdl.handle.net/10.1080/13504850210148107 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcos Alvarez-Diaz 
Author-X-Name-First: Marcos 
Author-X-Name-Last: Alvarez-Diaz 
Author-Name: Alberto Alvarez 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Alvarez 
Title: Forecasting exchange rates using genetic algorithms 
Abstract:
  A novel approach is employed to investigate the predictability of weekly
 data on the euro/dollar, British pound/dollar, Deutsche mark/dollar,
 Japanese yen/dollar, French franc/dollar and Canadian dollar/dollar
 exchange rates. A functional search procedure based on the Darwinian
 theories of natural evolution and survival, called genetic algorithms
 (hereinafter GA), was used to find an analytical function that best
 approximates the time variability of the studied exchange rates. In all
 cases, the mathematical models found by the GA predict slightly better
 than the random walk model. The models are heavily dominated by a linear
 relationship with the most recent past value, while contributions from
 nonlinear terms to the total forecasting performance are rather small. In
 consequence, the results agree with previous works establishing explicitly
 that nonlinear nature of exchange rates cannot be exploited to
 substantially improve forecasting. 
Journal: Applied Economics Letters 
Pages: 319-322 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210158250 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210158250&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. Morgan 
Author-X-Name-First: P. 
Author-X-Name-Last: Morgan 
Author-Name: D. Peel 
Author-X-Name-First: D. 
Author-X-Name-Last: Peel 
Title: The optimal output target and degree of banker conservativeness in a model with a non-linear Phillips curve 
Abstract:
  The purpose in this article is to investigate the implications of a
 non-linear supply curve for the standard discretionary inflation outcome
 obtained when the central bank has quadratic preferences. Some
 implications for the optimal output target and degree of conservativeness
 of the central banker are derived. 
Journal: Applied Economics Letters 
Pages: 323-330 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210161896 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210161896&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Masahiro Ashiya 
Author-X-Name-First: Masahiro 
Author-X-Name-Last: Ashiya 
Title: The directional accuracy of 15-months-ahead forecasts made by the IMF 
Abstract:
  A considerable number of studies have investigated the directional
 accuracy of macroeconomic forecasts, and have obtained mixed results for
 long-term forecasts. This paper re-examines this issue using the IMF
 forecasts for the G7 countries, and find that combining the long-term and
 the short-term forecasts significantly improves the directional accuracy. 
Journal: Applied Economics Letters 
Pages: 331-333 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000040998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000040998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stelios Katranidis 
Author-X-Name-First: Stelios 
Author-X-Name-Last: Katranidis 
Author-Name: Gregory Kordas 
Author-X-Name-First: Gregory 
Author-X-Name-Last: Kordas 
Author-Name: Kostas Velentzas 
Author-X-Name-First: Kostas 
Author-X-Name-Last: Velentzas 
Title: Welfare analysis and bootstrapping 
Abstract:
  This paper examines the effects of the entry and the 1992 CAP reform on
 maize producers' welfare and on economic efficiency. This welfare analysis
 used a bootstrap resampling technique that provided standard errors and
 confidence intervals for the estimates. These empirical analysis has shown
 that the price-policy induced changes in farmers' economic welfare were
 significant at commonly used levels of statistical significance. 
Journal: Applied Economics Letters 
Pages: 335-338 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000041014 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000041014&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Man-Joe Leung 
Author-X-Name-First: Joseph Man-Joe 
Author-X-Name-Last: Leung 
Author-Name: Terence Tai-Leung Chong 
Author-X-Name-First: Terence Tai-Leung 
Author-X-Name-Last: Chong 
Title: An empirical comparison of moving average envelopes and Bollinger Bands 
Abstract:
  This paper endeavors to compare the profitability of Moving Average
 Envelopes and Bollinger Bands. Despite the fact that Bollinger Bands can
 capture sudden price fluctuations which Moving Average Envelopes cannot,
 our study reveals that Bollinger Bands do not outperform the Moving
 Average Envelopes. 
Journal: Applied Economics Letters 
Pages: 339-341 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000041032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000041032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jong-Rong Chen 
Author-X-Name-First: Jong-Rong 
Author-X-Name-Last: Chen 
Author-Name: Wen-Cheng Lu 
Author-X-Name-First: Wen-Cheng 
Author-X-Name-Last: Lu 
Title: Panel unit root tests of firm size and its growth 
Abstract:
  This paper investigates Gibrat's law by using a panel unit root test, as
 a panel unit root can increase power in contrast to a conventional
 individual ADF test. At first this paper uses the panel unit root test to
 testify Gibrat's law under independent and identical distribution, with
 the test results rejecting the null hypothesis of Gibrat's law.
 Independent and identical distributions are not reasonable in a real
 situation. Any firm in a given industry may have some correlation with
 other firms. Moreover, the limiting distribution of Im, Pesaran, and Shin
 (IPS) statistic is invalid and will produce a large distortion. This paper
 applies the Taylor and Sarno (1998) MADF test to deal with a
 cross-sectional correlation problem and study the issue. This paper finds
 that the conclusion is not the same. 
Journal: Applied Economics Letters 
Pages: 343-345 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044075 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044075&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Mayer 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Mayer 
Title: The macroeconomic Loss Function: a Critical Note 
Abstract:
  The standard loss function counts both positive and negative deviations
 from the output and inflation targets as losses. But if the sample period
 is long enough, then output growth in excess of the target, and often also
 inflation rates that are below target, should be counted as gains instead
 of losses. 
Journal: Applied Economics Letters 
Pages: 347-349 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000056891 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000056891&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ji Uk Kim 
Author-X-Name-First: Ji Uk 
Author-X-Name-Last: Kim 
Title: Long-run growth and government consumption 
Abstract:
  This paper tests the null hypothesis implied by exogenous growth that the
 share of government consumption in output affects the level of output but
 not its growth rate against the alternative hypothesis implied by
 endogenous growth that the growth rate is also affected. The results
 provide evidence that cross-country differences in income per capita
 result from differences in their public policies, but no evidence that
 differences in trend growth rates result. 
Journal: Applied Economics Letters 
Pages: 351-354 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/0003684032000066831 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/0003684032000066831&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Cole 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Cole 
Author-Name: Eric Neumayer 
Author-X-Name-First: Eric 
Author-X-Name-Last: Neumayer 
Title: The pitfalls of convergence analysis: is the income gap really widening? 
Abstract:
  A number of studies have tested whether, globally, per capita incomes are
 converging over time. To date, the majority of studies find no evidence of
 absolute convergence, but many find evidence of conditional convergence,
 i.e. convergence having controlled for differences in technological and
 behavioural parameters. The lack of evidence of absolute convergence has
 led to claims that global income inequality is deteriorating. This is
 believed to be untrue. Most convergence studies are aimed at proving or
 disproving the neoclassical growth model and hence take the 'country' as
 the unit of measurement. However, if inferences are being made about world
 income distribution the focus should be on 'people' rather than
 'countries' to prevent China and Luxembourg, for example, receiving equal
 weighting in the analysis. The &#x3b2;-convergence method and two
 different measures of per capita income are used and it is shown that
 there is indeed evidence of income divergence between countries. However,
 crucially, convincing evidence is found of income convergence if the
 regressions are weighted by population. Thus, it is found that poor
 peoples' incomes are growing faster than rich peoples' incomes, suggesting
 that global income inequality is in fact improving. 
Journal: Applied Economics Letters 
Pages: 355-357 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000072361 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000072361&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maryann Keating 
Author-X-Name-First: Maryann 
Author-X-Name-Last: Keating 
Author-Name: Barry Keating 
Author-X-Name-First: Barry 
Author-X-Name-Last: Keating 
Title: Measuring the sustainability of Latin American external debt 
Abstract:
  This article, based on a theoretical model of external debt
 sustainability, compares Latin American GDP growth with the debt service
 to total debt ratio. A country-by-country forecast of external debt
 composition is presented and discussed. External Debt Forecasting is
 accomplished using yearly data from Global Development Finance 1999. Data
 for the years 1970 to 1999 are used for a Latin American composite and
 cross-country comparisons between Argentina, Brazil, Chile, Colombia, El
 Salvador, Guatemala, Mexico, Panama, Peru and Venezuela. 
Journal: Applied Economics Letters 
Pages: 359-362 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000079120 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000079120&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Konstantin Kholodilin 
Author-X-Name-First: Konstantin 
Author-X-Name-Last: Kholodilin 
Title: US composite economic indicator with nonlinear dynamics and the data subject to structural breaks 
Abstract:
  Composite economic indicator is a very useful tool designed to trace and
 predict the business cycle conditions. This paper studies possible
 extensions of this approach intended to cope with the potential data
 problems caused by various structural breaks affecting both level and
 volatility of the component series. The structural shifts are introduced
 in the composite economic indicator model via deterministic dummies
 capturing breaks in the observed variables' intercepts and in the residual
 variances of the specific factors. As an illustration the Post-Second
 World War US monthly macroeconomic series are utilized for which different
 specifications of the single-factor linear and regime-switching model are
 evaluated. 
Journal: Applied Economics Letters 
Pages: 363-372 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000079139 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000079139&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Ribba 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Ribba 
Title: Short-run and long-run interaction between inflation and unemployment in the USA 
Abstract:
  The aim of this study is to investigate both the short-run and long-run
 relationship between inflation and unemployment characterizing the US
 economy in the last 30 years. To this end a cointegrated structural VAR vs
 built. Since unemployment does not cause inflation at frequency zero a
 recursive structure, with inflation ordered first, allows the
 identification of a permanent and a transitory shock (cf. Ribba, Economics
 Letters 56, pp. 253-6, 1997). The main conclusions of the investigation
 are that: (i) in the short run, the existence of a tradeoff induced by the
 transitory shock is confirmed; (ii) in the long run, the two variables
 move one-for-one in the same direction driven by a permanent supply shock. 
Journal: Applied Economics Letters 
Pages: 373-376 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000081983 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000081983&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amar Parai 
Author-X-Name-First: Amar 
Author-X-Name-Last: Parai 
Title: Foreign capital inflow and economic growth in LDCs 
Abstract:
  The implications of foreign capital inflow are re-examined in a
 neoclassical model of economic growth (a la Chow-Zeng, Applied Economics
 Letters, 8, pp. 613-15, 2001). By following the definition of the steady
 state stock of aggregate capital, it is shown that under normal
 depreciation of foreign capital and the natural rate of growth of labour
 force, an inflow of foreign capital may or may not increase the per capita
 domestic capital and consumption of the host nation. 
Journal: Applied Economics Letters 
Pages: 377-379 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000082036 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000082036&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anthony Rezitis 
Author-X-Name-First: Anthony 
Author-X-Name-Last: Rezitis 
Title: Mean and volatility spillover effects in Greek producer-consumer meat prices 
Abstract:
  This study investigates causality, price transmission and volatility
 spillover effects between producer and consumer prices in lamb, beef, pork
 and poultry markets in Greece, using the methodology of the Generalized
 Autoregressive Conditional Heteroscedastic (GARCH) approach. The empirical
 findings indicate significant price effects in the markets under
 consideration. 
Journal: Applied Economics Letters 
Pages: 381-384 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000081299 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000081299&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nikolaj Malchow-M&#xf8;ller 
Author-X-Name-First: Nikolaj 
Author-X-Name-Last: Malchow-M&#xf8;ller 
Author-Name: Michael Svarer 
Author-X-Name-First: Michael 
Author-X-Name-Last: Svarer 
Title: Estimation of the multinomial logit model with random effects 
Abstract:
  In the present paper, it is shown how to perform estimation of the random
 effects multinomial logit model in the SAS program. Inference in the
 random effects multinomial logit model is complicated because it requires
 evaluation of multi-dimensional integrals. Presumably for this reason, no
 statistical software packages allow for direct estimation of the model. It
 is shown how modifications of the likelihood function enable the applied
 researcher to make inference using SAS. While the procedure works well for
 small samples/models, estimation time might become considerable for larger
 samples/models. A possible explanation for this is provided. 
Journal: Applied Economics Letters 
Pages: 389-392 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000082018 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000082018&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Therese Grijalva 
Author-X-Name-First: Therese 
Author-X-Name-Last: Grijalva 
Author-Name: Alok Bohara 
Author-X-Name-First: Alok 
Author-X-Name-Last: Bohara 
Author-Name: Robert Berrens 
Author-X-Name-First: Robert 
Author-X-Name-Last: Berrens 
Title: A seemingly unrelated Poisson model for revealed and stated preference data 
Abstract:
  A seemingly unrelated Poisson regression model is proposed as an
 alternative to single equation Poisson models for joint estimation of
 revealed preference (RP) and contingent behaviour (CB) trip demand.
 Findings indicate that RP and CB data should be estimated jointly. 
Journal: Applied Economics Letters 
Pages: 443-446 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000082018B 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000082018B&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Cademartori 
Author-X-Name-First: David 
Author-X-Name-Last: Cademartori 
Author-Name: Cecilia Romo 
Author-X-Name-First: Cecilia 
Author-X-Name-Last: Romo 
Author-Name: Ricardo Campos 
Author-X-Name-First: Ricardo 
Author-X-Name-Last: Campos 
Author-Name: Manuel Galea 
Author-X-Name-First: Manuel 
Author-X-Name-Last: Galea 
Title: Robust estimation of systematic risk using the t distribution in the chilean stock markets 
Abstract:
  This article deals with the estimate of the systematic risk of a share,
 assuming that returns follow an independent t distribution. In order to
 analyse the sensibility to possible outliers and/or atypical returns of
 the maximum likelihood estimator of the systematic risk, the local
 influence method was implemented. The results are illustrated by using a
 set of shares of companies belonging to the Chilean stock market. The main
 conclusion is that the t model with small degrees of freedom is able to
 incorporate possible outliers and influential returns in the data. 
Journal: Applied Economics Letters 
Pages: 447-453 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000082018A 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000082018A&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: The nonstationarity of the consumption-income ratio: Evidence from more powerful Dickey-Fuller tests 
Abstract:
  In this letter the question of whether the consumption-income ratio is
 mean reverting is revisited. To address known problems of low power
 associated with previous studies, more powerful modifications of the
 Dickey-Fuller (DF) test are applied. The results of weighted symmetric and
 recursively mean-adjusted DF tests provide strong evidence of the UK
 consumption-income ratio being nonstationary. This finding is further
 supported by reduced bias estimation of the autoregressive parameter, the
 estimated value of &#x3c1; derived being much closer to unity than that
 obtained under a conventional DF test. 
Journal: Applied Economics Letters 
Pages: 393-395 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000081974 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000081974&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Teresa Rubio Sanz 
Author-X-Name-First: Maria Teresa Rubio 
Author-X-Name-Last: Sanz 
Author-Name: Juan Vicente Perdiz 
Author-X-Name-First: Juan Vicente 
Author-X-Name-Last: Perdiz 
Title: SAM multipliers and inequality measurement 
Abstract:
  Atkinson and Bourguignon (2000) 'lack research that integrates
 distribution centrally into the examination of how the economics works'.
 To fill in such lack this study put in touch recent developments from
 Inequality Measurement and National Accounting literatures. This paper
 presents a reduced and rearranged Social Accounting Matrix (SAM) taking
 forward chapter 20 of SNA93 and after showing the limits of Jacobi
 multipliers to analyse inequality, this study proposes the calculation of
 border norms when distributive judgements are not robust. 
Journal: Applied Economics Letters 
Pages: 397-400 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000029324 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000029324&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Kanas 
Author-X-Name-First: A. 
Author-X-Name-Last: Kanas 
Title: Non-linear cointegration between stock prices and dividends 
Abstract:
  This article uses the ACE algorithm to non-linearly transform stock
 prices and dividends for the USA for the period 1871-1999. It finds strong
 evidence of cointegration between the transformed variables, which can be
 characterized as non-linear cointegration. It concludes that departures
 from the linear present value model may be explained by misspecification
 of the model, which is attributed to the absence of appropriate nonlinear
 transformations of the variables. Our findings are in line with models
 that introduce nonlinearities in the relation between stock prices and
 dividends. 
Journal: Applied Economics Letters 
Pages: 401-405 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044020 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044020&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mandy Ryan 
Author-X-Name-First: Mandy 
Author-X-Name-Last: Ryan 
Author-Name: Cristina Ubach 
Author-X-Name-First: Cristina 
Author-X-Name-Last: Ubach 
Title: Testing for an experience endowment effect in health care 
Abstract:
  Preferences have been shown to be influenced by initial endowments of
 wealth in the valuation literature. This paper tested for the influence of
 initial endowments of experience on preferences, using a discrete choice
 experiment. The experiment was carried out within the context of a
 randomized controlled trial evaluating the introduction of a new repeat
 prescribing system. The 'intervention group' experienced the proposed new
 system and the 'control group' the existing system. Evidence of an
 experience endowment effect was found, with only the 'intervention group'
 valuing attributes of the new repeat prescribing system. The implications
 of these results for economic evaluations alongside randomized controlled
 trials are considered. 
Journal: Applied Economics Letters 
Pages: 407-410 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000056864 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000056864&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fiona Carmichael 
Author-X-Name-First: Fiona 
Author-X-Name-Last: Carmichael 
Author-Name: Susan Charles 
Author-X-Name-First: Susan 
Author-X-Name-Last: Charles 
Title: Benefit payments, informal care and female labour supply 
Abstract:
  This article examines the impact of informal care responsibilities on
 female earnings and labour supply. It extends previous work on the labour
 market costs of informal care by examining who, among the full set of
 carers has access to the two most relevant existing social security
 benefits (Attendance Allowance and Invalid Care Allowance) and to what
 effect. Results from previous work using an earlier data set are compared
 with those obtained here. 
Journal: Applied Economics Letters 
Pages: 411-415 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000056873 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000056873&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Levy 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Levy 
Author-Name: Hashem Dezhbakhsh 
Author-X-Name-First: Hashem 
Author-X-Name-Last: Dezhbakhsh 
Title: On the typical spectral shape of an economic variable 
Abstract:
  In a classic article, Granger (Econometrica 34, 1966) asserted that most
 economic time series measured in level have spectra that exhibit a smooth
 declining shape with considerable power at very low frequencies. There has
 been no systematic attempt to examine Granger's assertion with
 international data. Output level spectra are estimated for 58 countries,
 divided into developed, high-income developing, and low-income developing
 groups. The shapes of the estimated spectra are found to be strikingly
 similar to Granger's typical shape, particularly for the developed
 countries. 
Journal: Applied Economics Letters 
Pages: 417-423 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000102187 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000102187&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guyonne Kalb 
Author-X-Name-First: Guyonne 
Author-X-Name-Last: Kalb 
Author-Name: Jenny Williams 
Author-X-Name-First: Jenny 
Author-X-Name-Last: Williams 
Title: Delinquency and gender 
Abstract:
  The determinants of juvenile delinquency for males and females using the
 Delinquency in a Birth Cohort II Study are investigated. Ordered probit
 models for juvenile arrest are estimated separately for males and females.
 The results indicate that juvenile arrests for both males and females are
 more likely for non-whites and for those who leave education early. Males
 and females behave differently, in that males are more likely to be repeat
 offenders. 
Journal: Applied Economics Letters 
Pages: 425-429 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/0003684032000066822 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/0003684032000066822&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Funda Telatar 
Author-X-Name-First: Funda 
Author-X-Name-Last: Telatar 
Author-Name: Erdinc Telatar 
Author-X-Name-First: Erdinc 
Author-X-Name-Last: Telatar 
Title: The relationship between inflation and different sources of inflation uncertainty in Turkey 
Abstract:
  The relationship between inflation and different sources of inflation
 uncertainty is investigated in Turkey during the period of 1995:3-2000:12.
 A time-varying parameter model of inflation with heteroscedastic
 disturbances is used to generate different sources of inflation
 uncertainty and then Granger methods are employed to test for causality
 between inflation and different sources of inflation uncertainty. The
 findings show that there is a causative influence of inflation on its
 uncertainty arising due to time-varying parameters of the inflation model.
 No evidence is found on the correlation between inflation and inflation
 uncertainty arising due to heteroscedasticity in the disturbance terms. 
Journal: Applied Economics Letters 
Pages: 431-435 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000066868 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000066868&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Burton 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Burton 
Title: Evidence on the extent of relationships among investment opportunity set proxies 
Abstract:
  A number of recent empirical studies have examined the extent to which
 growth indicators (or 'proxies') affect the market reaction to major
 corporate announcements. Although the method employed in these studies is
 broadly similar, the results to date have varied quite markedly. One key
 difference amongst the previous studies relates to the nature of the proxy
 measures used; although each one is intended to measure a firm's
 investment opportunity set, more than 100 different variables have now
 been examined and this proliferation may represent part of the explanation
 for the inconsistency in overall conclusions. The present paper provides
 some preliminary evidence about the extent of any correlation among growth
 measures using UK data for 83 of the most commonly employed variables. The
 study reports that the various measures are generally correlated with each
 other in a manner which suggests that they provide a coherent signal about
 firms' growth prospects, and that inconsistency in the measures used may
 not provide the underlying reason for heterogeneity in the earlier
 findings. 
Journal: Applied Economics Letters 
Pages: 437-441 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000081992 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000081992&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jussi Tolvi 
Author-X-Name-First: Jussi 
Author-X-Name-Last: Tolvi 
Title: Unemployment persistence of different labour force groups in Finland 
Abstract:
  Fractional integration long memory models are used to estimate the
 unemployment persistence of different labour force groups. The data comes
 from Finland, and has youth and total labour force unemployment rates for
 both males and females. It is found that unemployment is less persistent
 for females and young people than for males and the whole labour force. 
Journal: Applied Economics Letters 
Pages: 455-458 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000089886 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000089886&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sherrill Shaffer 
Author-X-Name-First: Sherrill 
Author-X-Name-Last: Shaffer 
Title: Using prior bias to improve forecast accuracy 
Abstract:
  The study tests whether removing bias can improve out-of-sample forecast
 accuracy in two series of interest rates. The samples are larger than
 previously studied in this context, and the test is cleaner since reported
 interest rates are never revised. 
Journal: Applied Economics Letters 
Pages: 459-461 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000090758 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000090758&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Johnson 
Author-X-Name-First: Peter 
Author-X-Name-Last: Johnson 
Title: A note on the interregional movement of new companies 
Abstract:
  This note presents some new data on the extent and nature of the
 interregional movement of new companies in England and Wales. It shows
 that Wales is by far the largest gross exporter of new companies, followed
 by Greater London and Eastern England. Eastern England and the East
 Midlands have the highest rates of inward migration. Greater London and
 the North West have the lowest inward migration rates. Wales, Greater
 London and the North East all have negative net migration rates. Survey
 work is now required to identify any differences in the characteristics
 and performance of 'stayers' and movers and the factors behind regional
 differences. 
Journal: Applied Economics Letters 
Pages: 463-465 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000090767 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000090767&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Vernon 
Author-X-Name-First: John 
Author-X-Name-Last: Vernon 
Title: The relationship between price regulation and pharmaceutical profit margins 
Abstract:
  In the USA, prescription drug prices are largely unregulated. In most
 other countries, however, drug prices are regulated. This is typically
 accomplished directly through price controls (e.g. France and Italy),
 indirectly through limits on reimbursement under social insurance schemes
 (e.g. Germany and Japan), or indirectly through profit controls (e.g. the
 United Kingdom). Using current data on firm pre-tax pharmaceutical profit
 margins and the proportion of firm pharmaceutical sales subjected to price
 regulation (i.e., non-US pharmaceutical sales), it is demonstrated that
 price regulation may be exerting a substantially negative influence on
 pharmaceutical price-cost margins. The analysis finds that pharmaceutical
 price-cost margins in the USA are, on average, approximately four times
 higher than non-US pharmaceutical price-cost margins. While price
 regulation may not be the only factor responsible for this striking
 difference in price-cost margins, it is likely to be a prominent factor. 
Journal: Applied Economics Letters 
Pages: 467-470 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000090776 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000090776&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Adrian Gourlay 
Author-X-Name-First: Adrian 
Author-X-Name-Last: Gourlay 
Author-Name: Jonathan Seaton 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Seaton 
Title: Export intensity in UK firms 
Abstract:
  The determination of export intensity for a panel of 1623 UK firms from
 1988 to 2001 was investigated. The results support most theories of export
 intensity, and in particular the role of firm size, product
 differentiation, governance and technological factors. By exploiting the
 heterogeneity of firm financial calendars a unique Sterling-Dollar
 exchange rate is calculated for each firm which is found to have a
 significant effect on export intensity. 
Journal: Applied Economics Letters 
Pages: 471-477 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000090785 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000090785&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marshall Medoff 
Author-X-Name-First: Marshall 
Author-X-Name-Last: Medoff 
Title: Article placement and market signalling 
Abstract:
  Does article placement by journal editors influence the number of
 citations an article receives? Articles that appear in eight top economics
 journals in 1990 are examined. Holding constant author quality, article
 length, journal quality and subject area, the empirical results show that
 being a lead article or the article placement position number in a journal
 issue have a statistically insignificant effect on the number of citations
 an article receives. The impact of favourable article placement on
 citations is initially positive, but diminishes over time. This finding is
 consistent with the hypothesis that journal editors use favourable article
 placement as non-monetary compensation to authors. 
Journal: Applied Economics Letters 
Pages: 479-482 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000095348 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000095348&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Klaus Gugler 
Author-X-Name-First: Klaus 
Author-X-Name-Last: Gugler 
Author-Name: Jurgen Weigand 
Author-X-Name-First: Jurgen 
Author-X-Name-Last: Weigand 
Title: Is ownership really endogenous? 
Abstract:
  For a large panel of US firms it is found that managerial ownership is
 (econometrically) endogenous as Himmelberg et al. (Journal of Financial
 Economics, 53, 353-384, 1999) found. The largest shareholder, however,
 affects performance exogenously. This also holds for German firms. 
Journal: Applied Economics Letters 
Pages: 483-486 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000095357 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000095357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jian Yang 
Author-X-Name-First: Jian 
Author-X-Name-Last: Yang 
Author-Name: Titus Awokuse 
Author-X-Name-First: Titus 
Author-X-Name-Last: Awokuse 
Title: Asset storability and hedging effectiveness in commodity futures markets 
Abstract:
  This paper examines risk minimization hedging effectiveness for major
 storable and nonstorable agricultural commodity futures markets. Based on
 the error correction model - bivariate GARCH frameworks, some evidence is
 found that the hedging effectiveness is stronger for storable commodities
 than nonstorable commodities under consideration. The finding illustrates
 an important difference between storable and nonstorable commodities with
 regard to their hedging function. 
Journal: Applied Economics Letters 
Pages: 487-491 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000095366 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000095366&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: An-Sing Chen 
Author-X-Name-First: An-Sing 
Author-X-Name-Last: Chen 
Author-Name: Mark Leung 
Author-X-Name-First: Mark 
Author-X-Name-Last: Leung 
Title: Option straddle trading: Financial performance and economic significance of direct profit forecast and conventional strategies 
Abstract:
  The present study focuses on the trading of at-the-money straddles using
 options on foreign currency futures, namely British Pound, Canadian
 Dollar, and Japanese Yen. The financial performance and economic
 significance of a direct profit forecast trading strategy are examined.
 This strategy uses a linear projection to directly forecast the profit
 (net of transaction costs) of engaging in a straddle. The straddle is
 purchased when the forecast is positive and sold when negative. This
 differs from the conventional option trading strategy of basing trading
 decisions on a two-step procedure of first generating a volatility
 forecast and then inputting the volatility forecast into an appropriate
 option pricing model to price the straddle. The direct profit forecast
 trading strategy removes volatility forecasting and option pricing models
 from the straddle trading decision process altogether. This method has
 only one source of model risk, compared to the conventional two step
 method which has two sources of model risk. It is possible that the direct
 forecast trading strategy with only one source of model risk may
 outperform the conventional method of trading straddles. The experimental
 investigation confirms this notion and the out-of-sample results indicate
 that, for each of the currencies analysed, the direct forecasting strategy
 is more profitable than the conventional two-step method. Furthermore, the
 results are robust with respect to different transaction cost assumptions.
 Finally, tests of economic significance indicate consistent market timing
 value for the direct forecast method. 
Journal: Applied Economics Letters 
Pages: 493-498 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000095375 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000095375&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Philip Shively 
Author-X-Name-First: Philip 
Author-X-Name-Last: Shively 
Title: International evidence of temporary and permanent stock-price innovations: a multivariate approach 
Abstract:
  The existence, size, and dynamic effect of temporary and permanent
 stock-price innovations has been a prominent issue in financial economics.
 Previous univariate and multivariate studies find that temporary
 innovations exist, but they do not yield a consensus regarding the size
 and dynamic effect of the temporary and permanent stock-price innovations.
 Real interest rates are intrinsically related to real stock prices through
 standard present-value models. This note applies Blanchard and Quah's
 (American Economic Review, 79, 665-673, 1989) bivariate, structural VAR
 model to monthly real stock returns and real interest rates from six major
 international financial markets including the US. Using 12 monthly VAR
 lags in order to capture annual variation in stock prices, this model
 finds a dramatic range in the size and dynamic effect of temporary and
 permanent stock-price innovations across the six international financial
 markets. 
Journal: Applied Economics Letters 
Pages: 499-503 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000116263 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000116263&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Esmaiel Abounoori 
Author-X-Name-First: Esmaiel 
Author-X-Name-Last: Abounoori 
Author-Name: Patrick McCloughan 
Author-X-Name-First: Patrick 
Author-X-Name-Last: McCloughan 
Title: A simple way to calculate the Gini Coefficient for grouped as well as ungrouped data 
Abstract:
  Numerous methods have been proposed for calculating the Gini coefficient,
 the most widely used statistical measure of income inequality. The
 Milanovic (Bulletin of Economic Research, 46, 81-90, 1994) measure is
 simple, accurate and has attractive decomposition properties. However its
 use is confined to ungrouped data. This paper derives and applies the
 analogue of the Milanovic 94 measure for the case of grouped data. Both
 the grouped and ungrouped formulae offer a useful toolkit for inequality
 measurement. 
Journal: Applied Economics Letters 
Pages: 505-509 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100279 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100279&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Charlie Cai 
Author-X-Name-First: Charlie 
Author-X-Name-Last: Cai 
Author-Name: Robert Hudson 
Author-X-Name-First: Robert 
Author-X-Name-Last: Hudson 
Author-Name: Kevin Keasey 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Keasey 
Title: Trading frequency and the compass rose 
Abstract:
  The paper uses market microdata to examine how the frequency with which
 share trading takes place affects the appearance of the compass rose. The
 results show that, for a share traded with a given frequency, there will
 be an optimum frequency of observation to produce the best compass rose. 
Journal: Applied Economics Letters 
Pages: 511-517 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100288 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100288&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Annabelle Mourougane 
Author-X-Name-First: Annabelle 
Author-X-Name-Last: Mourougane 
Author-Name: Moreno Roma 
Author-X-Name-First: Moreno 
Author-X-Name-Last: Roma 
Title: Can confidence indicators be useful to predict short term real GDP growth? 
Abstract:
  We investigate the usefulness of the European Commission confidence
 indicators for forecasting real GDP growth rates in the short run is
 investigated in selected euro area countries (Belgium, Spain, Germany,
 France, Italy and the Netherlands) which account for almost 90% of the
 euro area. A linear relationship between real GDP and confidence
 indicators is estimated and the forecasting performance of the estimated
 models compared with a benchmark ARIMA model. It is generally found that
 confidence indicators can be useful for forecasting real GDP growth rates
 in the short-run in most of the above-mentioned countries. Notwithstanding
 some signs of instability in the relation between confidence indicators
 and real GDP, improvements with the use of time-varying parameter models
 appear to be fairly limited but confirm the findings obtained with
 constant parameter techniques. The results obtained are robust to a wide
 range of variant tests implemented. 
Journal: Applied Economics Letters 
Pages: 519-522 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100305 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100305&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Happich 
Author-X-Name-First: Michael 
Author-X-Name-Last: Happich 
Author-Name: Kurt Geppert 
Author-X-Name-First: Kurt 
Author-X-Name-Last: Geppert 
Title: A note on regional convergence within the EU 
Abstract:
  A recently published article suggested that factor prices within the EU
 converged between 1980 and 1992 but diverged between 1992 and 1994.
 However, these findings largely reflect inflation differentials and
 exchange rate adjustments. Markov chain analysis on the basis of an
 alternative income aggregate, GDP per capita measured in Purchasing Power
 Standards, leads to different results: Convergence was close to
 non-existent from 1980 to 1994 but resumed significantly thereafter. This
 is likely to be attributable to the establishment of the Single Market and
 subsequent integration steps. 
Journal: Applied Economics Letters 
Pages: 523-525 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100314 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100314&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Z. Wang 
Author-X-Name-First: Z. 
Author-X-Name-Last: Wang 
Author-Name: J. Yang 
Author-X-Name-First: J. 
Author-X-Name-Last: Yang 
Author-Name: D. A. Bessler 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Bessler 
Title: Financial crisis and African stock market integration 
Abstract:
  This article examines long-run relationships and short-run dynamic causal
 linkages among the five largest emerging African stock markets and the US
 market, with particular attention to the 1997-1998 global emerging market
 crisis. In general, interdependence between the African markets and the
 influence of the US on these markets was limited during 1996-2002. There
 is evidence that both long-run relationships and short-run causal linkages
 between these markets were substantially weakened after the crisis. 
Journal: Applied Economics Letters 
Pages: 527-533 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100198 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100198&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yannis Ioannides 
Author-X-Name-First: Yannis 
Author-X-Name-Last: Ioannides 
Title: Empirical nonlinearities and neighbourhood effects in the intergenerational transmission of human capital 
Abstract:
  This letter reports an empirical analysis of individuals' education as a
 function of their parents' education and of education in the census tract
 of their upbringing. The analysis is conducted with data from the Panel
 Study of Income Dynamics, including confidential geocoded data that links
 individuals to contextual data from the 1980 and 1990 US Census. The
 results validate those of Kremer's on the role of neighbourhood effects,
 but also confirm, using both parametric and nonparametric methods, that
 parents' education and neighbours' education have nonlinear effects that
 are broadly consistent with theoretical predictions. 
Journal: Applied Economics Letters 
Pages: 535-539 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000146017 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000146017&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. K. Sapra 
Author-X-Name-First: S. K. 
Author-X-Name-Last: Sapra 
Title: Pre-test estimation in Poisson regression model 
Abstract:
  Pre-test estimation has been studied extensively for linear regression
 and simultaneous equation models. Recently attention has turned to
 pre-test estimation in non-linear models. This article studies pre-test
 maximum likelihood estimation in Poisson regression model. It presents its
 risk characteristics and compare them with those of restricted and
 unrestricted maximum likelihood estimators based on squared error loss
 function in a Monte Carlo experiment. 
Journal: Applied Economics Letters 
Pages: 541-543 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100215 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100215&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: I. M. Dobbs 
Author-X-Name-First: I. M. 
Author-X-Name-Last: Dobbs 
Title: Demand, cost elasticities and pricing benchmarks in the hypothetical monopoly test: the consequences of a simple SSNIP 
Abstract:
  The hypothetical monopoly test for market power is translated into an
 operational 'formula' involving cost and demand elasticities. The
 importance of the choice of the pricing benchmark is emphasized - and of
 why it is important to incorporate an assessment of cost structure when
 conducting such tests. Recent work in the EU and the UK (notably in
 Telecoms) has ignored cost structures when making assessments of market
 power. It is shown in this article that ignoring cost structure leads to
 bias in that market power will often be found when in fact none is
 present. 
Journal: Applied Economics Letters 
Pages: 545-548 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100242 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100242&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. A. Molina 
Author-X-Name-First: J. A. 
Author-X-Name-Last: Molina 
Author-Name: R. Ortega 
Author-X-Name-First: R. 
Author-X-Name-Last: Ortega 
Title: Effects of employee training on the performance of North-American firms 
Abstract:
  This article analyses the impact of employee training on the performance,
 measured in terms of Tobin's Q and total returns to shareholders, of
 North-American firms, by using a survey of senior executives in human
 capital management carried out in 2000. The results indicate that higher
 training can have a positive effect on firm performance through factors
 such as employee satisfaction and customer loyalty. Overall, it is found
 that higher levels of training are associated with significant benefits
 which can increase firm value. 
Journal: Applied Economics Letters 
Pages: 549-552 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100297 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100297&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: F. J. G. Gisbert 
Author-X-Name-First: F. J. G. 
Author-X-Name-Last: Gisbert 
Title: Further convergence accounting 
Abstract:
  This article extends the convergence accounting framework established by
 Serrano and proposes a simple way to statistically test for the
 significance of different factors of production affecting labour
 productivity convergence. The result comes from expressing the log of
 labour productivity as a sum of different factors in a Cobb-Douglas
 production function. The end result is that a similar accounting exercise
 to that in Serrano can be done using the different factors driving
 convergence. Its application to OECD countries over the period 1965-1990
 illustrates the approach and shows that, in agreement with most of the
 literature, total factor productivity is the factor that has contributed
 most to labour convergence and that physical investment in non-residential
 capital is the second most important one. Human capital accumulation, on
 the other hand, has had little effect throughout the period, but has taken
 on an increasing importance in recent years. However, from the point of
 view of the convergence of each factor considered individually, all
 factors have converged, human capital having done so the most quickly. 
Journal: Applied Economics Letters 
Pages: 553-556 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100233 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100233&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Diebolt 
Author-X-Name-First: C. 
Author-X-Name-Last: Diebolt 
Author-Name: B. El Murr 
Author-X-Name-First: B. El 
Author-X-Name-Last: Murr 
Title: A model of glutting: human capital and labour markets in the long-run 
Abstract:
  For over a century and a half, there have been cyclical phases of
 saturation and shortage in the numbers of students enrolled at German and
 Prussian universities. Starting from this observations, this article
 constructs a neoclassical glutting theory. A twofold hypothesis is put
 forward. First, the behaviour of students in their choice of curriculum
 depends on the expected rewards. Indeed, the allocation of students to the
 various faculties depends on the comparative yields of the latter in terms
 of expected earnings and job availability in the corresponding
 professional sectors. Thus, the rewards expected by a student are
 represented by the earnings on the labour market at a given moment and
 that he or she considers to be sustainable in time. Second, an attraction
 phenomenon may appear for certain curricula when a shortage occurs in
 different professional sectors. Once the shortage has been made up, the
 demand effect continues as a result of delay in the perception of the
 situation by young people. This may gradually lead to comparative
 over-production of qualified university leavers. This unbalanced situation
 diverts new cohorts of students to other sectors of education and may
 cause a new shortage, finally resulting in a cyclical movement modulated
 according to job availability. 
Journal: Applied Economics Letters 
Pages: 557-560 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100251 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100251&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: N. Apergis 
Author-X-Name-First: N. 
Author-X-Name-Last: Apergis 
Author-Name: A. Rezitis 
Author-X-Name-First: A. 
Author-X-Name-Last: Rezitis 
Title: Housing prices and macroeconomic factors in Greece: prospects within the EMU 
Abstract:
  This article analyses the dynamic effects of specific macroeconomic
 variables, for example housing loan rates, inflation, employment and money
 supply, on the price of new houses sold in Greece. An error correction
 vector autoregressive (ECVAR) model is used in modelling the impact of the
 above macroeconomic variables on housing price. The results obtained
 through impulse response functions suggest that housing prices respond to
 all macroeconomic variables under consideration. Variance decompositions
 show that the housing loan rate is the variable with the highest
 explanatory power over the variation of housing price, followed by
 inflation and employment, while money supply does not seem to show any
 substantial impact. 
Journal: Applied Economics Letters 
Pages: 561-565 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100260 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100260&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. -W. Hung 
Author-X-Name-First: M. -W. 
Author-X-Name-Last: Hung 
Author-Name: C. -F. Lee 
Author-X-Name-First: C. -F. 
Author-X-Name-Last: Lee 
Author-Name: L. -C. So 
Author-X-Name-First: L. -C. 
Author-X-Name-Last: So 
Title: Impact of foreign-listed single stock futures on the domestic underlying stock markets 
Abstract:
  The purpose of this article is to investigate whether foreign-listed
 single stock futures (SSFs) would have any impact on their domestic
 underlying stock markets. GARCH (1,1) and GJR-GARCH (1,1) are used to
 analyse the data from the London International Financial Future and
 Options Exchange (LIFFE) in this research. Results show that the
 introduction of the foreign listed SSF contracts seems to have more
 explanatory power with respect to the higher volatility of their domestic
 spot markets than the announcement of the SSF contracts. Also, for two of
 the nine securities, the daily activity shocks of the foreign-listed SSFs
 are responsible for the higher conditional volatility of their home
 underlying stocks, while the activity that is forecastable but highly
 variable across days diminishes the conditional volatility of the
 underlying stocks. 
Journal: Applied Economics Letters 
Pages: 567-574 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100206 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100206&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Sussmuth 
Author-X-Name-First: B. 
Author-X-Name-Last: Sussmuth 
Title: Are procyclical lumpiness and asymmetry in capital adjustment dateless phenomena? the case of firms in German industrialization: 1880-1913 
Abstract:
  Based on a descriptive, non-parametric methodology, this article examines
 lumpiness and investment episodes in the capital formation process of
 firms in German industrialization. The findings are, not as necessarily
 expected, remarkably concordant with recent findings for contemporary
 plant-level data. 
Journal: Applied Economics Letters 
Pages: 575-579 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100224 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100224&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. Managi 
Author-X-Name-First: S. 
Author-X-Name-Last: Managi 
Title: Luenberger and Malmquist productivity indices in Japan, 1955-1995 
Abstract:
  The Luenberger productivity index can simultaneously contract inputs and
 expand outputs, and is dual to profit maximization. The index is a
 generalization of the Malmquist productivity index, which is commonly used
 in productivity studies. Both the Luenberger and Malmquist productivity
 indices are applied to the prefectural level data in Japan over 1955-1995.
 If profit maximization assumption is more appropriate than revenue
 maximization, Malmquist productivity index overestimates productivity
 changes, since it provides nearly twice growth rate compared to the rate
 given by the Luenberger productivity index. 
Journal: Applied Economics Letters 
Pages: 581-584 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100170 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100170&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. J. Smyth 
Author-X-Name-First: D. J. 
Author-X-Name-Last: Smyth 
Author-Name: S. W. Taylor 
Author-X-Name-First: S. W. 
Author-X-Name-Last: Taylor 
Title: Presidential popularity: what matters most, macroeconomics or scandals? 
Abstract:
  What accounts for the widely divergent impact of political scandal on the
 Nixon and Clinton administrations? This article argues that the extent to
 which an administration suffers in the public's eye from a scandal depends
 on the economic conditions prevailing at the time. Using Gallup poll data,
 it estimates a quadratic social preference function for each
 administration and finds that the impact of Watergate on Nixon's decline
 in the polls has been over-emphasized and that the Lewinsky affair had no
 impact on Clinton's popularity. The role of the economy contributed more
 to political success or failure in both cases than did scandal. 
Journal: Applied Economics Letters 
Pages: 585-588 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100189 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100189&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Loizides 
Author-X-Name-First: John 
Author-X-Name-Last: Loizides 
Author-Name: George Vamvoukas 
Author-X-Name-First: George 
Author-X-Name-Last: Vamvoukas 
Title: Do interest rates predict real economic activity? 
Abstract:
  This paper employs a structural VAR procedure to test some fundamental
 propositions of the business cycle using a developing economy framework.
 The focus of the paper is on KBC, MBC and RBC theories as well as on the
 alternative view, which has been propagated mainly by Sims. The empirical
 analysis intends to report extensive evidence on the dynamics between
 money, output, interest rates and prices. The results suggest that the
 effects of system shocks conform to the alternative view supporting the
 central role of interest rates. Interest rate shocks explain a majority of
 the variation in money, output and prices. The results are generally
 robust across different orderings, alternative interest rate measures and
 various sample periods. 
Journal: Applied Economics Letters 
Pages: 589-595 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000090749 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000090749&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Prieger 
Author-X-Name-First: James 
Author-X-Name-Last: Prieger 
Title: Bootstrapping the conditional moment test for parametric duration models 
Abstract:
  The performance of auxiliary regression-based specification tests for
 parametric duration models estimated with censored data is evaluated. The
 test using asymptotic critical values has poor size. Bootstrapping
 corrects the size problem but results in a biased power curve. 
Journal: Applied Economics Letters 
Pages: 597-600 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000136379 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000136379&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. H. Medoff 
Author-X-Name-First: M. H. 
Author-X-Name-Last: Medoff 
Title: Article placement and market signalling 
Abstract:
  Does article placement by journal editors influence the number of
 citations an article receives? Articles that appeared in eight top
 economics journals in 1990 were examined. Holding constant author quality,
 article length, journal quality and subject area, the empirical results
 show that the article placement position in a journal issue has a
 statistically insignificant effect on the number of citations an article
 receives. The impact of favourable article placement on citations is
 initially positive, but diminishes over time. This finding is consistent
 with the hypothesis that journal editors use favourable article placement
 as non-monetary compensation to authors. 
Journal: Applied Economics Letters 
Pages: 601-604 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000125218 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000125218&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. C. C. Kwan 
Author-X-Name-First: A. C. C. 
Author-X-Name-Last: Kwan 
Title: Sample partial autocorrelations and portmanteau tests for randomness 
Abstract:
  This article proposes a new portmanteau test based on sample partial
 autocorrelations. The test statistic is asymptotically &#x3c7;2 under the
 null hypothesis of randomness. Simulation results indicate that the
 proposed test, which utilizes Anderson's mean and variance formulae of
 sample partial autocorrelations, outperforms the Ljung-Box test in terms
 of controlling test size and minimizing dispersion bias. 
Journal: Applied Economics Letters 
Pages: 605-609 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000125245 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000125245&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: A sensitivity analysis of threshold determination for asymmetric error correction models 
Abstract:
  The properties of the Granger-Lee (Journal of Applied Econometrics, 4,
 S145-59, 1989) asymmetric error correction model under
 consistent-threshold estimation are considered, with the relationship
 between the threshold range and rejection of the symmetry hypothesis
 examined. The results of Monte Carlo experimentation show rejection of
 symmetry to depend positively upon the size of the threshold range
 employed. However, even if consistent-threshold estimation is employed
 with a relatively small threshold range, the resulting test exhibits a
 substantial increase in power relative to the use of the Granger-Lee test
 is its original form using an imposed deterministic threshold. This
 increase in power and its dependence upon the size of the threshold range
 are further illustrated by application to the data of the seminal study of
 Granger and Lee. 
Journal: Applied Economics Letters 
Pages: 611-616 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133327 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133327&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Acharya 
Author-X-Name-First: R. 
Author-X-Name-Last: Acharya 
Author-Name: M. Daly 
Author-X-Name-First: M. 
Author-X-Name-Last: Daly 
Title: Tariffs in the 'Quad': some unfinished business for WTO negotiations 
Abstract:
  Despite low average rates, the tariff remains an important instrument of
 trade policy in the 'Quad'. This article presents some summary tariff
 indicators, highlighting the main features of these tariffs that warrant
 attention in the current round multilateral trade negotiations at the WTO. 
Journal: Applied Economics Letters 
Pages: 617-622 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000154559 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000154559&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Evangelia Desli 
Author-X-Name-First: Evangelia 
Author-X-Name-Last: Desli 
Author-Name: Subhash Ray 
Author-X-Name-First: Subhash 
Author-X-Name-Last: Ray 
Author-Name: Subal Kumbhakar 
Author-X-Name-First: Subal 
Author-X-Name-Last: Kumbhakar 
Title: A dynamic stochastic frontier production model with time-varying efficiency 
Abstract:
  In this paper technical efficiency is introduced via the intercept that
 evolve over time as a AR(1) process in a stochastic frontier (SF)
 framework in a panel data framework. Following are the distinguishing
 features of the model. First, the model is dynamic in nature. Second, it
 can separate technical inefficiency from fixed firm-specific effects which
 are not part of inefficiency. Third, the model allows estimation of
 technical change separate from change in technical efficiency. It is
 proposed that the ML method be used estimate the parameters of the model.
 Finally, expressions are derived to calculate/predict technical
 inefficiency (efficiency). 
Journal: Applied Economics Letters 
Pages: 623-626 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133291 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133291&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: The time series behaviour of Brazilian inflation rate: new evidence from unit root tests with good size and power 
Abstract:
  Various unit roots tests are suggested over the years. However, many of
 them suffer severe size problems as well as low power. Recently, Ng and
 Perron (Econometrica, 69, 1519-1554, 2001) propose new modelling strategy
 that yields good power and reliable size. This letter applies their
 testing method to the Brazilian inflation rate, which is contaminated by
 various government interventions to bring hyperinflation under control and
 for which standard unit root tests produce unintuitive results. The new
 method is found to yield reliable results for the current data and a
 possible explanation is also provided for its performance. 
Journal: Applied Economics Letters 
Pages: 627-631 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133309 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133309&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohamed Safouane Ben Aissa 
Author-X-Name-First: Mohamed Safouane Ben 
Author-X-Name-Last: Aissa 
Author-Name: Jamel Jouini 
Author-X-Name-First: Jamel 
Author-X-Name-Last: Jouini 
Title: Structural breaks in the US inflation process 
Abstract:
  The empirical evidence of the instability based on some selection
 procedures is explored. The focus is on the problem of choosing the number
 of structural breaks and their locations for the US inflation series. The
 obtained results give reason for thinking that they are very significant
 since they coincide with important facts and economic events. They show in
 particular that the evolution curve of inflation in the USA was flattened
 during the last 20 years since it is noted that this reduction in extent
 of inflation is stable and durable. 
Journal: Applied Economics Letters 
Pages: 633-636 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000136360 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000136360&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jen-Je Su 
Author-X-Name-First: Jen-Je 
Author-X-Name-Last: Su 
Title: On the power of the multivariate KPSS test of stationarity against fractionally integrated alternatives 
Abstract:
  It shown that the multivariate version of KPSS test of Nyblom and Harvey
 (Econometric Theory, 16, 176-199, 2000) is consistent for the null of I(0)
 against the I(d) alternative. Simulation evidence is given to show the
 gain in power that is obtained from the multivariate approach. 
Journal: Applied Economics Letters 
Pages: 637-641 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133336 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133336&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. Ben Nowman 
Author-X-Name-First: K. Ben 
Author-X-Name-Last: Nowman 
Author-Name: Burak Saltoglu 
Author-X-Name-First: Burak 
Author-X-Name-Last: Saltoglu 
Title: An empirical comparison of interest rates using an interest rate model and nonparametric methods 
Abstract:
  A continuous time interest rate model is estimated using Gaussian
 estimation methods of Nowman (Journal of Finance, 52, 1695-706, 1997; Asia
 Pacific Financial Markets, 8, 23-34, 2001) and compare forecasts of
 interest rates with nonparametric methods on a range of currencies.
 Generally it is found that the continuous time model and local linear
 regression perform the best. The results give further evidence to the
 empirical results in Saltoglu (Applied Financial Economics, 13, 169-176,
 2003). 
Journal: Applied Economics Letters 
Pages: 643-645 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133318 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133318&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Montagnoli 
Author-X-Name-First: A. 
Author-X-Name-Last: Montagnoli 
Author-Name: O. Napolitano 
Author-X-Name-First: O. 
Author-X-Name-Last: Napolitano 
Title: Dynamics of inflation in Turkey during the 1990s 
Abstract:
  This article assesses the credibility of disinflation programmes in
 Turkey during the nineties, where several programmes of reform took place.
 The empirical results show that there was a sharp loss of credibility at
 the end of the 1991 and at the beginning of the 1994 and during the Asian
 crisis. The programme that the Central Bank implemented after the crisis
 was able to increase the level of credibility of the CBRT policies. Loss
 of credibility is registered during the end of the 1995, while various
 political events took place and during the 1997 following the world
 economic conditions and the outflow of capitals. 
Journal: Applied Economics Letters 
Pages: 647-650 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000125209 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000125209&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco de Castro 
Author-X-Name-First: Francisco 
Author-X-Name-Last: de Castro 
Title: Non-Keynesian effects of public expenditure in Spain 
Abstract:
  Evidence is provided of non-Keynesian effects of fiscal policy in Spain
 within a VAR framework. Shocks to government expenditure expand activity,
 although moderately, in the short term, with output multipliers slightly
 above one. In the medium term, however, the response of output becomes
 significantly negative. The two main explanations proposed in the
 literature seem to apply here, namely higher real interest rates as a
 result of higher risk premia on the demand side and higher equilibrium
 wage reducing entrepreneurial profits and investment accordingly on the
 supply side. 
Journal: Applied Economics Letters 
Pages: 651-655 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000136397 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000136397&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gonzalo Edwards 
Author-X-Name-First: Gonzalo 
Author-X-Name-Last: Edwards 
Title: The effect of a constant or a declining discount rate on optimal investment timing 
Abstract:
  This paper shows that exponential discounting may have an advancing
 effect on the timing of investment, not captured by sensitivity analysis
 carried out for the complete range of instantaneous discount rates
 implicit in declining discounting. 
Journal: Applied Economics Letters 
Pages: 657-659 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000129106 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000129106&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Phu Nguyen Van 
Author-X-Name-First: Phu Nguyen 
Author-X-Name-Last: Van 
Title: A semiparametric analysis of determinants of a protected area 
Abstract:
  A semiparametric additive model is used to study the relationship between
 protected area, income, trade, population, education, and political
 institutions in a sample of 89 countries. The results show the
 nonexistence of an environmental Kuznets curve in the data sample. The
 study also points out the existence of nonlinearity in the relationship
 between protected area and the ratio of net secondary school enrolment. 
Journal: Applied Economics Letters 
Pages: 661-665 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000129098 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000129098&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yoshihiko Tsukuda 
Author-X-Name-First: Yoshihiko 
Author-X-Name-Last: Tsukuda 
Author-Name: Tatsuyoshi Miyakoshi 
Author-X-Name-First: Tatsuyoshi 
Author-X-Name-Last: Miyakoshi 
Title: An alternative method for predicting technical inefficiency in stochastic frontier models 
Abstract:
  The median is proposed as an alternative to the expectation of the
 conditional distribution in order to predict the technical inefficiency in
 stochastic frontier production models with panel data. Numerical
 comparison reveals that the two predictors can take different values when
 the distribution is skewed. 
Journal: Applied Economics Letters 
Pages: 667-670 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000136388 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000136388&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Title: Shocks to macroeconomic state variables and the risk premium of REITs 
Abstract:
  Following the work of Chen, Roll, and Ross (Journal of Business, 59,
 383-403, 1986), there has been considerable work examining the influence
 of macroeconomic state variables on the excess returns of REITs. While
 most of the previous research has focused on the examination of equity
 REITs, this paper examines the three broad classification of REITs:
 equity, mortgage, and hybrid. This exploratory study identifies the
 response of REIT excess returns to unexpected changes in the broader stock
 market, real output growth, inflation, term structure of interest rates,
 default risk, and the federal funds rate using the generalized impulse
 response analysis. 
Journal: Applied Economics Letters 
Pages: 671-677 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133345 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133345&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: Does information technology contribute to economic growth in developing countries? a cross-country analysis 
Abstract:
  This paper explores the impacts of information technology (IT) investment
 on economic growth using a cross-country analysis based on data from 56
 developing countries for the years 1970-1998. The results show that IT
 investment significantly contributes to economic growth in the developing
 world. 
Journal: Applied Economics Letters 
Pages: 679-682 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000138971 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000138971&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Harris 
Author-X-Name-First: Mark 
Author-X-Name-Last: Harris 
Author-Name: Mark Rogers 
Author-X-Name-First: Mark 
Author-X-Name-Last: Rogers 
Author-Name: Anthony Siouclis 
Author-X-Name-First: Anthony 
Author-X-Name-Last: Siouclis 
Title: Modelling firm innovation using panel probit estimators 
Abstract:
  Firm-level innovation is investigated using three probit panel
 estimators, which control for unobserved heterogeneity, and a standard
 probit estimator. Results indicate the standard probit model is
 misspecified and that inter-firm networks are important for innovation. 
Journal: Applied Economics Letters 
Pages: 683-686 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000138999 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000138999&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Wagner 
Author-X-Name-First: J. 
Author-X-Name-Last: Wagner 
Title: Testing Lazear's jack-of-all-trades view of entrepreneurship with German micro data 
Abstract:
  This article tests the theory recently put forward by Edward Lazear that
 individuals with competence in many skills should have a higher
 probability of being self-employed than others. The empirical results for
 Germany support this jack-of-all-trades view. 
Journal: Applied Economics Letters 
Pages: 687-689 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133273 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133273&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Sousa-Poza 
Author-X-Name-First: A. 
Author-X-Name-Last: Sousa-Poza 
Author-Name: A. A. Sousa-Poza 
Author-X-Name-First: A. A. 
Author-X-Name-Last: Sousa-Poza 
Title: Gender differences in job satisfaction in Great Britain, 1991-2000: permanent or transitory? 
Abstract:
  This article analyses job-satisfaction differences between men and women
 in Great Britain for the years 1991-2000 using data from the first 10
 waves of the British Household Panel Survey (BHPS). The results show that
 women's job satisfaction has declined substantially in the past decade,
 whereas men's job satisfaction has remained fairly constant. The positive
 job-satisfaction differential in women's favour has been halved in the
 past decade, implying that this paradoxical situation is most likely
 transitory. This result supports Clark's expectations interpretation of
 the gender differences in job satisfaction. 
Journal: Applied Economics Letters 
Pages: 691-694 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133264 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133264&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gordon Tarzwell 
Author-X-Name-First: Gordon 
Author-X-Name-Last: Tarzwell 
Title: The impact of diverse preferences on government expenditures 
Abstract:
  This article analyses the importance of cultural diversity on Canadian
 government growth. The argument for analysing culture centres on: the
 belief that agreement on provision levels of government goods and services
 will be difficult when citizens are different from one another; the belief
 that individuals would rather see transfers directed to people who are
 like themselves; and, the importance of maintaining cultural diversity as
 a societal goal. This article finds that mother tongue diversity is
 relevant in determining government expenditure levels in Canada while
 religious diversity is not. These findings represent a unique approach to
 the determination of government expenditure in Canada and point out
 consequences for immigration policy. 
Journal: Applied Economics Letters 
Pages: 695-698 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000138953 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000138953&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Smyth 
Author-X-Name-First: R. 
Author-X-Name-Last: Smyth 
Author-Name: M. Nandha 
Author-X-Name-First: M. 
Author-X-Name-Last: Nandha 
Title: Bivariate causality between exchange rates and stock prices in South Asia 
Abstract:
  This article examines the relationship between exchange rates and stock
 prices in Bangladesh, India, Pakistan and Sri Lanka using daily data over
 a six-year period from 1995 to 2001. Both the Engle-Granger two-step and
 Johansen cointegration methods suggest that there is no long-run
 equilibrium relationship between these two financial variables in any of
 the four countries. Granger causality tests find that there is
 uni-directional causality running from exchange rates to stock prices in
 India and Sri Lanka, but in Bangladesh and Pakistan exchange rates and
 stock prices are independent. 
Journal: Applied Economics Letters 
Pages: 699-704 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133282 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133282&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. P. Upadhyaya 
Author-X-Name-First: K. P. 
Author-X-Name-Last: Upadhyaya 
Author-Name: F. G. Mixon 
Author-X-Name-First: F. G. 
Author-X-Name-Last: Mixon 
Title: Merger activity and unemployment in the USA 
Abstract:
  This article presents estimates of the effect of merger activity on the
 unemployment rate in the US economy using time-series data from 1895 to
 1992. Utilizing the methodology suggested by Wickens and Breusch (Economic
 Journal, Supplement, 189-205, 1988), both the short-run and long-run
 impacts are estimated. The estimated results suggest that merger activity
 had a significant negative effect on the unemployment rate in the long
 run. Even in the short run, merger activity, at the margin, has helped to
 reduce the unemployment rate. 
Journal: Applied Economics Letters 
Pages: 705-707 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000136342 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000136342&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: San-Lin Chung 
Author-X-Name-First: San-Lin 
Author-X-Name-Last: Chung 
Author-Name: Mark Shackleton 
Author-X-Name-First: Mark 
Author-X-Name-Last: Shackleton 
Title: The simplest American and Real Option approximations: Geske-Johnson interpolation in maturity and yield 
Abstract:
  The American early exercise feature of the Real Option to invest in a new
 project is important in capital budgeting and project valuation. Closed
 form solutions for American, and therefore Real, Options are known for two
 special cases; an infinite horizon generates the Merton (Bell Journal of
 Economics, 4, 141-83, 1973) solution while a zero dividend yield on the
 project generates Black-Scholes (Journal of Political Economy, 81, 637-59,
 1973) prices since early exercise is never optimal. Geske-Johnson (Journal
 of Finance, 39, 1511-24, 1984) approximation is extended to a bivariate
 case by assuming various forms of separability for option prices as a
 function of time to maturity and yield to produce fully explicit and
 asymptotically correct approximations. These methods are compared with
 another simple approximation method due to Barone-Adesi and Whaley
 (Journal of Finance, 42, 301-20, 1987) and MacMillan (Advances in Futures
 Options and Research, 2, 117-42, 1987) and the estimated error these
 expressions contain compared to an accurate numerical benchmark technique. 
Journal: Applied Economics Letters 
Pages: 709-716 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000138980 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000138980&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Raja Kali 
Author-X-Name-First: Raja 
Author-X-Name-Last: Kali 
Title: The city as a giant component: a random graph approach to Zipf's law 
Abstract:
  The emergence of a 'city' out of a set of locations in space can be
 considered akin to the evolution of a random graph. Interaction between
 individuals who are connected to each other is at the source of the
 benefits associated with a city. If the interaction probability rises, a
 threshold is eventually crossed at which point most of the graph becomes
 connected, giving rise to a grand component. It is at this point that a
 viable 'city' emerges. This view suggests an interpretation of Zipf's law,
 which we test using US Census data. 
Journal: Applied Economics Letters 
Pages: 717-720 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000139006 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000139006&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. K. Narayan 
Author-X-Name-First: P. K. 
Author-X-Name-Last: Narayan 
Title: Macroeconomic impact of natural disasters on a small island economy: evidence from a CGE model 
Abstract:
  Natural disasters are common in the Pacific Island countries. Fiji has
 been affected by many of these disasters. The most recent cyclone exerted
 substantial damage to infrastructure, agricultural and industrial activity
 in Fiji. The aim of this article is to incorporate these damages into
 Fiji's computable general equilibrium model and examine the short-run
 macroeconomic impact. Among the key results, it is found that cyclones
 negatively impact private income, consumption, savings, real GDP and real
 national welfare. 
Journal: Applied Economics Letters 
Pages: 721-723 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133372 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133372&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kurt Brannas 
Author-X-Name-First: Kurt 
Author-X-Name-Last: Brannas 
Author-Name: Niklas Nordman 
Author-X-Name-First: Niklas 
Author-X-Name-Last: Nordman 
Title: Conditional skewness modelling for stock returns 
Abstract:
  Two approaches to modelling conditional skewness in a nonlinear model for
 stock returns are studied. It is found that a normal distribution can be
 rejected. A log-generalized gamma distribution with one time-varying
 density parameter, and a Pearson IV specification with three parameters
 are better supported by data. While the log-generalized gamma indicates
 that time-varying skewness is an important feature of the daily composite
 returns of NYSE, the Pearson IV model suggests that excess kurtosis rather
 than skewness should be accounted for. 
Journal: Applied Economics Letters 
Pages: 725-728 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000139015 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000139015&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: F. H. Smith 
Author-X-Name-First: F. H. 
Author-X-Name-Last: Smith 
Title: Historical evidence on the monocentric urban model: a case study of Cleveland, 1915-1980 
Abstract:
  Much of the empirical work in urban economics focuses on Chicago because
 of the land value data gathered by Hoyt and Olcott. This article presents
 new land value data for Cleveland, Ohio and I uses it to show that while
 the urban form of Cleveland evolved much as Chicago's did, the timing of
 the changes was quite different. These results suggest that urban
 economists must be careful about inferring too much about the evolution of
 urban form from the work that has been done on Chicago. 
Journal: Applied Economics Letters 
Pages: 729-731 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133363 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133363&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Hollingsworth 
Author-X-Name-First: B. 
Author-X-Name-Last: Hollingsworth 
Author-Name: P. Smith 
Author-X-Name-First: P. 
Author-X-Name-Last: Smith 
Title: Use of ratios in data envelopment analysis 
Abstract:
  It is often necessary to use ratios rather than absolute numbers as
 inputs and outputs in data envelopment analysis. This may be necessary in
 order to reflect accurately the underlying production function, or because
 of the nature of the data available. This note explains why the Banker,
 Charnes and Cooper formulation of DEA must be used when a ratio model is
 deployed. 
Journal: Applied Economics Letters 
Pages: 733-735 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133381 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133381&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. R. Bhatia 
Author-X-Name-First: M. R. 
Author-X-Name-Last: Bhatia 
Author-Name: J. A. Fox-Rushby 
Author-X-Name-First: J. A. 
Author-X-Name-Last: Fox-Rushby 
Title: Validity of Willingness to Pay: hypothetical versus actual payment 
Abstract:
  Questions concerning the criterion validity of contingent valuation
 studies have been raised for years. However, the few examples that exist
 concentrate on willingness to pay (WTP) for goods like chocolate bars,
 where a market exists. This article examines the criterion validity of WTP
 for treated mosquito nets (TMNs) in Gujarat, India. Three hundred
 households, in 20 villages, were interviewed twice within one month. The
 first interview ascertained maximum hypothetical WTP for one TMN using a
 bidding format with an open-ended final question, along with questions
 about the socio-economic and health factors that were likely to influence
 demand. The second interview reminded the respondents about TMNs and asked
 whether they would be willing to buy one for Rs75 (the modal value). If
 so, they were invited to buy as many TMNs as desired for their household.
 Analysis is based on a 2 &#xd7; 2 contingency table with estimates of the
 sensitivity and specificity of the hypothetical WTP. At an aggregate
 level, there is no discrepancy between hypothetical and observed WTP,
 although there was considerable variation amongst individuals. Sensitivity
 was 62% and specificity 67%. It is concluded that these WTP estimates are
 robust at the population level but less so at the individual level.
 Further research is required to examine the determinants of change in
 household behaviour between hypothetical and actual WTP. 
Journal: Applied Economics Letters 
Pages: 737-740 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000129575 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000129575&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. B. Cadsby 
Author-X-Name-First: C. B. 
Author-X-Name-Last: Cadsby 
Author-Name: V. Torbey 
Author-X-Name-First: V. 
Author-X-Name-Last: Torbey 
Title: Time-of-month anomaly: reality or mirage? 
Abstract:
  This article asks two questions concerning the robustness of Kohers and
 Patel's (1999) time-of-month pattern. First, does it appear in other
 countries, or is it unique to US markets? Second, is it independent of the
 well-known turn-of-the-month anomaly, or merely a reflection of it? It
 finds that the time-of-month pattern is largely a mirage in the post-1980
 period. For the USA, it disappears when turn-of-month days are removed
 from the sample. For three out of nine other countries in the sample, some
 elements of the time-of-month pattern remain once turn-of-month days are
 removed. However, two other countries exhibit significant effects in the
 opposite direction. Overall, these patterns do not add up to a consistent
 and robust international anomaly. 
Journal: Applied Economics Letters 
Pages: 741-745 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000129584 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000129584&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Gelan 
Author-X-Name-First: A. 
Author-X-Name-Last: Gelan 
Author-Name: G. N. Price 
Author-X-Name-First: G. N. 
Author-X-Name-Last: Price 
Title: African economies and the Kuznets curve: an exploratory investigation 
Abstract:
  This article examines the relationship between income inequality and
 economic development in a cross-section of countries. It estimates, on a
 small exploratory sample, an explicit Kuznets-type inequality relationship
 where inequality between skilled and unskilled labour is a function of the
 determinants of growth implied by a standard neoclassical growth model.
 Parameter estimates suggest that sub-Saharan African Economies are
 dualistic and are situated on the segment of the Kuznets' curve where
 inequality increases with respect to development. 
Journal: Applied Economics Letters 
Pages: 747-751 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133255 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133255&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kelly Maguire 
Author-X-Name-First: Kelly 
Author-X-Name-Last: Maguire 
Author-Name: Laura Taylor 
Author-X-Name-First: Laura 
Author-X-Name-Last: Taylor 
Author-Name: Shiferaw Gurmu 
Author-X-Name-First: Shiferaw 
Author-X-Name-Last: Gurmu 
Title: Do students behave like adults? Evidence from valuation experiments 
Abstract:
  The use of convenience samples in experimental economics has long been
 the standard practice. However, little evidence exists regarding
 behavioural differences between students and adults in contingent
 valuation experiments using a payment mechanism other than a referendum
 vote. Evidence is provided that students do in fact behave in a manner
 similar to adults using an open-ended willingness to pay payment question. 
Journal: Applied Economics Letters 
Pages: 753-756 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000138395 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000138395&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: A robust approach to dealing with zero expenditures on mobile communications 
Abstract:
  Conventional parametric approach to dealing with zero expenditures is not
 robust to heteroscedastic and/or non-normal error structure. This paper
 applies symmetrically censored least squares estimation as a robust
 approach to dealing with zero expenditures on mobile communications in
 Seoul, Korea. The result of specification test indicates the robust
 approach outperforms the parametric approach significantly. 
Journal: Applied Economics Letters 
Pages: 757-760 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000138962 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000138962&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Empirical evidence on the robustness of the weighted symmetric unit root test 
Abstract:
  Recent research has shown the Dickey-Fuller (Econometrica, 49, pp.
 1057-72, 1979) test to suffer severe size distortion in the presence of
 structural breaks under the unit root null hypothesis. In contrast,
 further theoretical results have suggested the weighted symmetric
 Dickey-Fuller test to be robust to such breaks. In this study, the
 empirical results of the seminal study of Leybourne et&#xa0;al. (Journal
 of Econometrics, 87, pp. 191-203, 1998) are revisited to provide an
 empirical illustration of the robustness of the weighted symmetric
 Dickey-Fuller test to structural breaks. 
Journal: Applied Economics Letters 
Pages: 761-763 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000082009 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000082009&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale 
Author-X-Name-First: Guglielmo Maria 
Author-X-Name-Last: Caporale 
Author-Name: Nikitas Pittis 
Author-X-Name-First: Nikitas 
Author-X-Name-Last: Pittis 
Author-Name: Nicola Spagnolo 
Author-X-Name-First: Nicola 
Author-X-Name-Last: Spagnolo 
Title: IGARCH models and structural breaks 
Abstract:
  Using Monte Carlo simulations, it is shown that fitting a mis-specified
 GARCH model to a true MS-GARCH process tends to produce IGARCH parameter
 estimates. In other words, the presence of structural breaks can result in
 spuriously high estimates of the degree of persistence of shocks to the
 conditional variance. 
Journal: Applied Economics Letters 
Pages: 765-768 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000138403 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000138403&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. J. Khadaroo 
Author-X-Name-First: A. J. 
Author-X-Name-Last: Khadaroo 
Title: A smooth transition regression equation of the demand for UK M0 
Abstract:
  The econometric analysis of UK M0 has, so far, been confined to linear
 models. Using quarterly data over the period 1970:4-1997:2 in a
 single-equation money demand system, this article shows that a linear
 error-correction equation of the demand for UK M0 contains significant
 non-linearity and parameter non-constancy of smooth transition regression
 (STR) type. A constant-parameter exponential STR (ESTR) equation is then
 estimated, suggesting that interest rate changes have been an important
 factor in explaining fluctuations in the demand for UK M0. 
Journal: Applied Economics Letters 
Pages: 769-773 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000136351 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000136351&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. C. Matallin-Saez 
Author-X-Name-First: J. C. 
Author-X-Name-Last: Matallin-Saez 
Title: Asymmetric relation in omitted benchmarks and market timing in mutual funds 
Abstract:
  Within portfolio management evaluation the aim of this study is to show
 the effect of omitting benchmarks with asymmetric correlation when
 measuring market timing ability. The results show the extent of this
 effect. 
Journal: Applied Economics Letters 
Pages: 775-778 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000126695 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000126695&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Emrouznejad 
Author-X-Name-First: A. 
Author-X-Name-Last: Emrouznejad 
Title: An alternative DEA measure: a case of OECD countries 
Abstract:
  Analysis of the production efficiency of industrialized countries,
 questioning whether certain countries perform better than others in
 producing more output with the same or less inputs, is an example of the
 importance of estimating production relationships. In order to estimate
 efficiency one needs an appropriate model for the two major inputs into
 production activity, namely labour and capital. A physical asset once
 installed is capable of contributing several years of output. This implies
 that investments made in previous years must be taken into account in
 order to produce a measure of the efficiency and productivity for any
 given year. The purpose of this article is to introduce a dynamic
 efficiency model and compare the results with previous work on the
 analysis of efficiency and productivity of OECD countries. The article
 proposes that dynamic models capture efficiency better than static models. 
Journal: Applied Economics Letters 
Pages: 779-782 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000126703 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000126703&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. K. Ashton 
Author-X-Name-First: J. K. 
Author-X-Name-Last: Ashton 
Author-Name: B. Gerrard 
Author-X-Name-First: B. 
Author-X-Name-Last: Gerrard 
Author-Name: R. Hudson 
Author-X-Name-First: R. 
Author-X-Name-Last: Hudson 
Title: Economic impact of national sporting success: evidence from the London stock exchange 
Abstract:
  In this article strong association is reported between the performance of
 the England football team and subsequent daily changes in the FTSE 100
 index, representing the price of shares in the 100 largest companies
 traded on the London stock exchange. 
Journal: Applied Economics Letters 
Pages: 783-785 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000126712 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000126712&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. Fjell 
Author-X-Name-First: K. 
Author-X-Name-Last: Fjell 
Title: Elasticity based pricing rules: a cautionary note 
Abstract:
  The inverse elasticity rule is all too often described in a way that
 implies a myopic application, sometimes with a numerical example with
 input values for price elasticity of demand and marginal cost thus
 determining profit maximizing price. Conversely, the rule's shortcomings
 are not given deserved attention. This is unfortunate, as the rule may be
 adopted at face value, which will lead to erroneous pricing. If marginal
 cost and price elasticity depend on price, as is usually the case, a
 myopic application of the rule will, in most cases, lead to a bypassing of
 optimal price; if the initial price were too low, then the prescribed
 price would be too high, and vice versa. Continued myopic use may even
 lead to divergence from the profit maximizing price. Only if both price
 elasticity of demand and marginal cost are constant, which is rarely the
 case, will the rule return the optimal price. 
Journal: Applied Economics Letters 
Pages: 787-791 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000126749 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000126749&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Giorgio Di Pietro 
Author-X-Name-First: Giorgio Di 
Author-X-Name-Last: Pietro 
Author-Name: Peter Urwin 
Author-X-Name-First: Peter 
Author-X-Name-Last: Urwin 
Title: Intergenerational mobility and occupational status in Italy 
Abstract:
  This study examines the intergenerational transmission of socio-economic
 status, using data from the 2000 wave of the Bank of Italy's Survey on
 Household Income and Wealth: specifically, analysing the relationship
 between the occupational status of parents and their children. Reducing
 the extent to which an individual's economic or social success is shaped
 by the economic or social position of their parents has been on the agenda
 of the Italian government for a long time and is at the root of the
 Italian centralized and egalitarian system of education. However, our
 empirical results suggest that the achievements of children continue to be
 highly dependent on the social status of their parents, especially their
 fathers. Whilst Italy's egalitarian education system may have removed some
 of the inequities in human capital accumulation arising from capital
 market imperfections, it would seem that additional measures are required
 to further facilitate intergenerational social mobility. 
Journal: Applied Economics Letters 
Pages: 793-797 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000081965 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000081965&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: N. Apergis 
Author-X-Name-First: N. 
Author-X-Name-Last: Apergis 
Author-Name: A. Rezitis 
Author-X-Name-First: A. 
Author-X-Name-Last: Rezitis 
Title: Housing prices and macroeconomic factors in Greece: prospects within the EMU 
Abstract:
  This study analyses the dynamic effects of specific macroeconomic
 variables, i.e. housing loan rates, inflation, employment, and money
 supply, on the price of new houses sold in Greece. An error correction
 vector autoregressive (ECVAR) model is used in modelling the impact of the
 above macroeconomic variables on housing price. The results obtained
 through impulse response functions suggest that housing prices respond to
 all macroeconomic variables under consideration. Variance decompositions
 show that the housing loan rate is the variable with the highest
 explanatory power over the variation of housing price, followed by
 inflation and employment, while money supply does not seem to show any
 substantial impact. 
Journal: Applied Economics Letters 
Pages: 799-804 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000126758 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000126758&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jon Nelson 
Author-X-Name-First: Jon 
Author-X-Name-Last: Nelson 
Title: Youth smoking prevalence in developing countries: effect of advertising bans 
Abstract:
  This paper examines the effect of tobacco advertising bans on youth
 smoking prevalence in developing countries. Despite little direct
 empirical analysis of this issue, public health professionals frequently
 propose advertising bans as a first step in dealing with youth smoking.
 Using a Bayesian learning model, the paper first develops a plausible
 mechanism for an effect of advertising bans on youth smoking. Advertising
 is hypothesized to alter youth perceptions of the ubiquity of smoking and
 the risks associated with this behavior. Using survey-based data, a
 cross-country linear probability model of youth smoking prevalence is
 estimated, including gender results, pooled results, and results by
 frequency of smoking (30-day, ever-smoked). Explanatory variables are
 included for income, demographics, advertising bans, and several other
 important policy variables (health warnings, prohibition of sales to
 minors, school classes, antismoking messages, access in retail stores).
 The empirical results indicate that advertising bans have no effect on
 youth smoking prevalence in developing countries. This result holds for
 complete bans as well as partial bans. Some of the results suggest that
 school classes and other education efforts would be effective as a means
 to alter or affect youth perceptions of the risks associated with smoking. 
Journal: Applied Economics Letters 
Pages: 805-811 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000158618 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000158618&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. K. Goel 
Author-X-Name-First: R. K. 
Author-X-Name-Last: Goel 
Author-Name: M. A. Nelson 
Author-X-Name-First: M. A. 
Author-X-Name-Last: Nelson 
Title: Use or abuse of highway tax revenues? An economic analysis of highway spending 
Abstract:
  This article develops a theoretical model and employs recent state-level
 data on highway finance to assess the consequences of using highway levies
 for non-highway purposes. It examines whether states that divert some of
 their highway-related levies to fund general government services spend
 systematically less on highway services than jurisdictions that do not;
 the 'displacement effect' of revenue diversion. The results show that
 states that use highway related levies to fund general government services
 do systematically spend less on highways than states that do not. 
Journal: Applied Economics Letters 
Pages: 813-819 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000129566 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000129566&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. A. Batabyal 
Author-X-Name-First: A. A. 
Author-X-Name-Last: Batabyal 
Author-Name: D. M. Lee 
Author-X-Name-First: D. M. 
Author-X-Name-Last: Lee 
Title: Aspects of land use in slash and burn agriculture 
Abstract:
  This article first constructs a theoretical model of land use by swidden
 cultivators when these cultivators can choose whether to grow a cash crop
 or a food/subsistence crop. Second, it studies the land quality
 accumulation decision faced by shifting cultivators and, in the process,
 it shows how to compute the optimal length of time during which cleared
 land is to be left fallow. Finally, it investigates the implications that
 the optimal land quality accumulation decision has for the relative price
 of the food crop in particular and slash and burn agriculture in general. 
Journal: Applied Economics Letters 
Pages: 821-824 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000148259 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000148259&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: F. Carlsson 
Author-X-Name-First: F. 
Author-X-Name-Last: Carlsson 
Author-Name: G. Gupta 
Author-X-Name-First: G. 
Author-X-Name-Last: Gupta 
Author-Name: O. Johansson-Stenman 
Author-X-Name-First: O. 
Author-X-Name-Last: Johansson-Stenman 
Title: Choosing from behind a veil of ignorance in India 
Abstract:
  Social inequality aversion is measured through a veil-of-ignorance
 experiment with Indian students. The median relative risk aversion is
 found to be quite high, about 3, and independent caste. 
Journal: Applied Economics Letters 
Pages: 825-827 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000148268 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000148268&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. Yuhong 
Author-X-Name-First: D. 
Author-X-Name-Last: Yuhong 
Author-Name: G. Johnes 
Author-X-Name-First: G. 
Author-X-Name-Last: Johnes 
Title: Influence of expected wages on occupational choice: new evidence from Inner Mongolia 
Abstract:
  Occupational choice is modelled as a function of expected wages in each
 of a number of occupational regimes, using data from a region of Inner
 Mongolia whose economy is relatively undeveloped and which remains heavily
 dominated by state activity. The results share much in common with similar
 studies conducted using data for developed Western economies, but in
 contrast to the latter there is evidence of labour market segmentation. 
Journal: Applied Economics Letters 
Pages: 829-832 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000137477 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000137477&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. J. Dawson 
Author-X-Name-First: P. J. 
Author-X-Name-Last: Dawson 
Title: Financial development and growth in economies in transition 
Abstract:
  The hypothesis that financial development promotes economic growth is
 largely supported by empirical studies. This hypothesis is tested for 13
 Central and East European Countries (CEECs) during transition using panel
 data. Results show that financial development, as measured by liquid
 liabilities as a proportion of gross domestic product, has an
 insignificant effect on economic growth: economic growth in CEECs is not
 constrained by underdeveloped financial sectors. 
Journal: Applied Economics Letters 
Pages: 833-836 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000154243 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000154243&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: T. -P. Chung 
Author-X-Name-First: T. -P. 
Author-X-Name-Last: Chung 
Title: Returns to education: updates for Malaysia 
Abstract:
  This article provides updated returns to education estimates for
 Malaysia. Current returns as presented in international updates are 32.6
 and 34.5 for the secondary and higher education levels. New estimates were
 obtained using data from the Malaysian Household Income Survey 1997, a
 nationally represented survey. The findings show that returns to education
 remain high and positive, in particular, the returns to the higher
 educational level, encompassing the pre-university qualification and
 higher education qualifications. Results also display marginal gross
 returns of 14.1 for those completing the upper secondary education level
 and 16.4 for those completing the higher education level for the overall
 sample. By gender, the marginal gross returns for males are 12.0 at the
 upper secondary level and 18.1 at the higher education level and for
 females, 15.7 and 16.4 respectively. 
Journal: Applied Economics Letters 
Pages: 837-841 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000138926 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000138926&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Pirotte 
Author-X-Name-First: A. 
Author-X-Name-Last: Pirotte 
Title: Convergence of the static estimation toward the long-run effects of dynamic panel data models: a labour demand illustration 
Abstract:
  This article focuses on the estimation of long-run effects on panel data.
 Pirotte showed that the probability limit of the between estimator of a
 static relation - whereas the true specification is a dynamic error
 components model - converges to the long-run effects. This article
 illustrates this theoretical result by an empirical study to labour
 demand. 
Journal: Applied Economics Letters 
Pages: 843-847 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000137486 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000137486&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. Cook 
Author-X-Name-First: S. 
Author-X-Name-Last: Cook 
Author-Name: C. Thomas 
Author-X-Name-First: C. 
Author-X-Name-Last: Thomas 
Title: An alternative approach to examining the ripple effect in UK house prices 
Abstract:
  This article examines the possibility of a ripple effect being present in
 the UK housing market using a previously unconsidered two-stage procedure.
 According to Drake, the ripple effect hypothesises that changes in house
 prices occurs earlier and more extensively in the South East of England
 than in other regions of the UK. Via application of non-parametric testing
 and business cycle dating techniques, evidence in favour of a ripple
 effect is derived. 
Journal: Applied Economics Letters 
Pages: 849-851 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000143119 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000143119&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Konishi 
Author-X-Name-First: M. 
Author-X-Name-Last: Konishi 
Author-Name: Y. Yasuda 
Author-X-Name-First: Y. 
Author-X-Name-Last: Yasuda 
Title: Evidence on a cause of Japan's prolonged banking crisis 
Abstract:
  This article shows that during the 1990s bank relationships tightened
 liquidity constraints when firms had good prospects, and relaxed the
 constraints when firms had poor prospects. These results suggest that both
 under- and over-investment problems were more prevalent for firms that had
 close ties to banks, providing an additional reason for the delay in
 solving the bad loan problem in Japan. Furthermore, the results cast doubt
 on the conventional view that main banks are efficient at restructuring
 financially distressed firms, at least during the 1990s when bank health
 was severely damaged by the bad loans problem. 
Journal: Applied Economics Letters 
Pages: 853-855 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000148240 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000148240&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Z. Wang 
Author-X-Name-First: Z. 
Author-X-Name-Last: Wang 
Title: Hedonic prices for crude oil 
Abstract:
  This article presents a hedonic analysis of crude oil, the price and
 quality of which varies considerably from one stream to another. Different
 from common hedonic applications in the literature, the estimated implicit
 prices for the physical characteristics of crude oil have a clear
 interpretation: it reflects the market's valuation, but not the production
 cost of the characteristics, for crude oil characteristics are determined
 by nature. Crude oil hedonic price equations are found to be non-linear in
 the major physical characteristics, indicating that a refiner's valuation
 of crude quality depends on its refining technology. The estimation
 results yield insights into the current pricing system of the world crude
 oil market. 
Journal: Applied Economics Letters 
Pages: 857-861 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000148231 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000148231&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hang Keun Ryu 
Author-X-Name-First: Hang Keun 
Author-X-Name-Last: Ryu 
Title: Choice of representation system for economic analysis 
Abstract:
  Many well-known economic assumptions and desired restrictions can be
 readily established with the proper choice of a coordinate representation
 system. For example, the homotheticity assumption can be readily
 established with the polar coordinate system, the concavity restriction
 with the Muntz-Sartz series, the convexity restriction with the polynomial
 series, the orthogonality of regression functions with the orthonormal
 bases expansion, and the covariance stationary process with the Fourier
 series expansion. To describe a backward-bending curve, the radial
 regression can be defined and utilized. Thus, many economic assumptions
 and desired properties have their own corresponding coordinate
 representation systems. 
Journal: Applied Economics Letters 
Pages: 863-866 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000160417 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000160417&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stanislav Anatolyev 
Author-X-Name-First: Stanislav 
Author-X-Name-Last: Anatolyev 
Author-Name: Sergey Korepanov 
Author-X-Name-First: Sergey 
Author-X-Name-Last: Korepanov 
Title: The term structure of Russian interest rates 
Abstract:
  Using the series of Moscow Interbank Offer Rates, this paper estimates a
 flexible parametrization of the diffusion process following the approach
 of Ait-Sahalia (1996) of matching parametric and nonparametric estimates
 of the marginal density. On the basis of the estimated model, the implied
 term structure using simulations is computed. 
Journal: Applied Economics Letters 
Pages: 867-870 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000158609 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000158609&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Djeto Assane 
Author-X-Name-First: Djeto 
Author-X-Name-Last: Assane 
Author-Name: Abbas Grammy 
Author-X-Name-First: Abbas 
Author-X-Name-Last: Grammy 
Title: An assessment of the growth and inequality causality relationship 
Abstract:
  Applying multivariate cointegration analysis to US data, we find growth
 unidirectionally and significantly Granger causes inequality. 
Journal: Applied Economics Letters 
Pages: 871-873 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850310001635249 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850310001635249&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sunil Sapra 
Author-X-Name-First: Sunil 
Author-X-Name-Last: Sapra 
Title: High-breakdown point estimation of some regression models 
Abstract:
  Common econometric estimators such as least squares, least absolute
 deviations (LAD), instrumental variables, maximum likelihood, and
 semiparametric estimators are non-robust against data contamination.
 Despite the known superiority of high-breakdown point (HBP) estimators in
 such situations, the HBP estimators have rarely been used in economics.
 This article presents some applications of an HBP estimator called the
 S-estimator (Rousseeuw and Yohai, Robust and Nonlinear Time Series
 Analysis (Eds) W.H. Franke and R.D. Martin, Springer-Verlag, NY, pp.
 256-72, 1984) to the estimation of a linear regression model and compares
 the results with those obtained by ordinary least squares (OLS) and LAD
 methods. It is found that significance of variables as well as signs of
 coefficient estimates can be quite different under HBP estimation than
 under OLS and LAD estimation. 
Journal: Applied Economics Letters 
Pages: 875-878 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000162820 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000162820&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Terry Robinson 
Author-X-Name-First: Terry 
Author-X-Name-Last: Robinson 
Title: Choosing a regulatory regime 
Abstract:
  Privately owned gas undertakings were subject to three different price
 regulation regimes during the inter-war years and were free to choose
 which regime applied to them. This paper investigates the determinants
 which caused undertakings to switch from one regime to another. Since the
 historical record gives us few clues about this, the plentiful statistical
 data is used in a probit analysis. The results suggest that larger, more
 efficient firms were more likely to switch regimes and that distribution
 costs were an important factor in the decision to switch. 
Journal: Applied Economics Letters 
Pages: 879-881 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000158627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000158627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Patrick Harvey 
Author-X-Name-First: Patrick 
Author-X-Name-Last: Harvey 
Author-Name: W. David Walls 
Author-X-Name-First: W. David 
Author-X-Name-Last: Walls 
Title: Laboratory markets in counterfeit goods: Hong Kong versus Las Vegas 
Abstract:
  &#x201c;Black markets&#x201d; represent an extreme challenge to empirical
 researchers due to the almost insurmountable obstacle of obtaining
 high-quality data. The dearth of high-precision data precludes not only
 empirical analysis&#x2014;including the quantification of various
 elasticities&#x2014;but also the informed policy analysis that results
 from the integration of empirical results with government, market, and
 social institutions. We propose and conduct a controlled laboratory market
 in counterfeit goods on several groups of subjects in Hong Kong and Las
 Vegas. The data generated in the experiments are used to estimate a
 random-effects model of individual choice behavior. The main empirical
 findings are that subjects in Hong Kong are more likely to purchase the
 counterfeit good than are subjects in Las Vegas; the price and penalty
 elasticities are substantially larger (in absolute value) in Las Vegas
 than in Hong Kong; and that in both locations the price effects of
 legitimate and counterfeit goods are asymmetrical in the monetary price
 and expected penalty cost. An equal increase in the price of an authentic
 good and the expected penalty cost of a counterfeit good increases the
 probability that a consumer will purchase the authentic good. 
Journal: Applied Economics Letters 
Pages: 883-887 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000155431 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000155431&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Guillaume Sahuc 
Author-X-Name-First: Jean-Guillaume 
Author-X-Name-Last: Sahuc 
Title: Robust European monetary policy rules 
Abstract:
  This note applies H&#x221e; methods to an estimated hybrid monetary
 policy model and derives standard and robust optimal interest rate rules.
 We find that the 'robust' central banker responds more aggressively than
 it does without concerns for robustness and that the responses of the
 state variables in this case are not necessarily always stronger than the
 standard ones. 
Journal: Applied Economics Letters 
Pages: 889-894 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850310001635212 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850310001635212&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ana Maria Iregui 
Author-X-Name-First: Ana Maria 
Author-X-Name-Last: Iregui 
Author-Name: Jesus Otero 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Otero 
Title: On the dynamics of unemployment in a developing economy: Colombia 
Abstract:
  This paper estimates an asymmetric error correction model to analyse the
 dynamic behaviour of the Colombian unemployment rate. It is found that
 wages above their long-run equilibrium level do increase unemployment, but
 wages below this level do not reduce it. This finding provides evidence of
 the existence of hysteresis in the Colombian unemployment rate. 
Journal: Applied Economics Letters 
Pages: 895-898 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000162811 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000162811&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeff Desimone 
Author-X-Name-First: Jeff 
Author-X-Name-Last: Desimone 
Author-Name: Sara Markowitz 
Author-X-Name-First: Sara 
Author-X-Name-Last: Markowitz 
Title: The effect of price on counselling sessions attended by depression patients 
Abstract:
  We estimate the price elasticity of counselling sessions attended by
 outpatient depression treatment recipients. Instrumental variable
 regression indicates a significant negative price elasticity ranging
 between -0.26 and -0.35 that is not apparent from ordinary least squares
 regression. 
Journal: Applied Economics Letters 
Pages: 899-903 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000165511 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000165511&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuck Cheong Tang 
Author-X-Name-First: Tuck Cheong 
Author-X-Name-Last: Tang 
Title: Cointegration analysis for Japanese import demand: revisited 
Abstract:
  Using Xu's (2002) import demand equation, the present study
 re-investigates the presence of a cointegrating relation of Japan's
 aggregate import demand. The sample period covers quarterly data from 1973
 to 2000. The results of various cointegration techniques confirm that the
 volume of import, domestic real activity variable, and relative prices
 term are not cointegrated. 
Journal: Applied Economics Letters 
Pages: 905-908 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000164026 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000164026&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: L. B. Connelly 
Author-X-Name-First: L. B. 
Author-X-Name-Last: Connelly 
Title: The paternity of the price-quality 'value map' 
Abstract:
  In the literature on firm strategy and product differentiation, consumer
 price-quality trade-offs are sometimes represented using consumer 'value
 maps'. These involve the geometric representation of indifferent price and
 quality combinations as points along curves that are concave to the
 'quality' axis. In this paper, it is shown that the value map for
 price-quality tradeoffs may be derived from a Hicksian compensated demand
 curve for product quality. The paper provides the theoretical link between
 analytical methods employed in the existing literature on firm strategy
 and competitive advantage with the broader body of economic analysis. 
Journal: Applied Economics Letters 
Pages: 909-912 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000164035 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000164035&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nesri-super-&#x2d9;n Okay 
Author-X-Name-First: Nesri-super-&#x2d9;n 
Author-X-Name-Last: Okay 
Author-Name: U&#x11f;ur Akman 
Author-X-Name-First: U&#x11f;ur 
Author-X-Name-Last: Akman 
Title: Index tracking with constraint aggregation 
Abstract:
  A generic index tracking (IT) problem is formulated and solved using a
 constraint aggregation (CA) technique for the first time. This technique
 makes the number of constraints independent of the cardinal of the
 universe of assets and enables the handling of large IT problems with one
 constraint only. 
Journal: Applied Economics Letters 
Pages: 913-916 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000158636 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000158636&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ka-Fu Wong 
Author-X-Name-First: Ka-Fu 
Author-X-Name-Last: Wong 
Author-Name: Hai-Jun Wu 
Author-X-Name-First: Hai-Jun 
Author-X-Name-Last: Wu 
Title: Testing Fisher hypothesis in long horizons for G7 and eight Asian countries.1 
Abstract:
  Using monthly data from G7 and eight Asian countries, support is found
 for the Fisher hypothesis, as well as a positive relation between
 long-horizon nominal stock returns and expected inflation but not between
 long-horizon nominal stock returns and contemporaneous inflation. These
 empirical results complement and strengthen those of Boudoukh and
 Richardson. 1 The MATLAB program and data to compute the results in this
 paper are available from http://kafuwong.econ.hku.hk/research/fisher/. 
Journal: Applied Economics Letters 
Pages: 917-923 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000158645 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000158645&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ji Uk Kim 
Author-X-Name-First: Ji Uk 
Author-X-Name-Last: Kim 
Title: Economic growth and returns to scale for reproducible factors 
Abstract:
  A regression equation nesting a variant of Rebelo's (Journal of Political
 Economy, 99, 500-21, 1991) AK model with Solow's (1956) neoclassical model
 is developed. The null hypothesis implied by endogenous growth tests that
 individual countries face constant returns to the accumulation of
 reproducible capital and per capita incomes of these countries diverge
 against the alternative hypothesis implied by exogenous growth that
 individual countries face diminishing returns to the reproducible capital.
 These empirical results are more consistent with endogenous growth than
 exogenous growth when the regression model is examined with a large sample
 of countries including OECD countries. 
Journal: Applied Economics Letters 
Pages: 925-928 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000159031 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000159031&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rakesh Bali 
Author-X-Name-First: Rakesh 
Author-X-Name-Last: Bali 
Title: Seasonality in ex dividend day returns 
Abstract:
  It is documented that for both high- and low-yield stocks, ex day raw
 returns are systematically higher in January than for the other months of
 the year. Although such patterns are not predicted by any known
 tax-clienteles model, they are consistent with the price discreteness and
 spread models in the spirit of Bali and Hite (Journal of Financial
 Economics, 47, 127-59, 1998) and Bali (Journal of Economics and Finance,
 27, 190-210, 2003). For high-yield stocks in January, the returns are
 about one-fourth those for low-yield stocks, and for the remaining months
 they are significantly negative. The rents that arbitrageurs earn for
 supplying liquidity are higher for low-yield stocks and are significantly
 higher in January. 
Journal: Applied Economics Letters 
Pages: 929-932 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000159022 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000159022&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Edward Jones 
Author-X-Name-First: Edward 
Author-X-Name-Last: Jones 
Author-Name: Jo Danbolt 
Author-X-Name-First: Jo 
Author-X-Name-Last: Danbolt 
Title: R&D project announcements and the impact of ownership structure 
Abstract:
  This paper examines the stock market reaction to research and development
 (R&D) announcements made by listed UK companies. R&D projects on average
 are found to be associated with significant positive abnormal returns.
 However, the level of these abnormal returns varies significantly with the
 ownership structure of the firm. In particular, it is found that the level
 of abnormal returns are significantly lower for companies with large
 institutional investors. This negative relationship may be associated with
 short-term pressures on the performance of institutional investors. 
Journal: Applied Economics Letters 
Pages: 933-936 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000164017 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000164017&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sirimon Treepongkaruna 
Author-X-Name-First: Sirimon 
Author-X-Name-Last: Treepongkaruna 
Title: Quasi-maximum likelihood estimates of Kiwi short-term interest rate 
Abstract:
  This paper examines various short-term interest rate models in New
 Zealand. We estimate ten stochastic models of short-term interest rates
 using Quasi-maximum Likelihood Estimation. All models examined allow the
 conditional mean (drift) and conditional variance (diffusion) to be
 functions of the current short rate. We find no evidence of mean reversion
 but strong evidence of the need for the volatility of interest rate
 changes to be highly sensitive to the level of the Kiwi short rate.
 Specifically, we find the conditional volatility of the Kiwi short rate is
 monotonically increasing with a convex shape. We also find that the
 dependence of the conditional volatility of the Kiwi short rate on the
 level of the interest rate is significantly higher than is generally
 assumed by the traditional models. Finally, we find that the AS model
 outperforms all remaining nine models, the CKLS beats seven models, except
 for the CEV model, whereas the CEV beats the GBM, Dothan, and the CIR VR. 
Journal: Applied Economics Letters 
Pages: 937-942 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000164062 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000164062&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ambrose Leung 
Author-X-Name-First: Ambrose 
Author-X-Name-Last: Leung 
Title: Delinquency, schooling, and work: time allocation decision of youth 
Abstract:
  This paper examines the possible factors that affect the time allocation
 decision of youth between delinquency, schooling, and work. Based on a
 joint-decision model, evidence from Montreal shows that influences from
 different social institutions such as family, church, school, peers, and
 the workplace are important determinants of how young people decide to
 spend their time on various activities. The findings provided here take
 into account the joint-decision nature of the problem and therefore
 provide more precise estimates than those of the existing literature. 
Journal: Applied Economics Letters 
Pages: 943-949 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000164369 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000164369&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicolas Million 
Author-X-Name-First: Nicolas 
Author-X-Name-Last: Million 
Title: The Fisher Effect revisited through an efficient non linear unit root testing procedure 
Abstract:
  As the Fisher Effect is either rejected or accepted without a real
 consensus in empirical studies, it is interesting to test for a unit root
 in a local-to-unity framework. Moreover, given the inflation expectation
 behaviour before and after 1979, we shall let a shift occur at a
 significant time break of our sample, so as to deal with potential non
 stationarity in the real interest rates series, instead of using Markov
 switching regimes models. The main innovation is to rely on structural
 breaks in the deterministic part while combining this method with an
 efficient unit root test. Empirical results reject a stochastic trend for
 the US short-term real interest rate from 1951 to 2000. This is consistent
 with an ex ante real rate constant over time. 
Journal: Applied Economics Letters 
Pages: 951-954 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000164053 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000164053&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. Balcombe 
Author-X-Name-First: K. 
Author-X-Name-Last: Balcombe 
Author-Name: C. J. McDermott 
Author-X-Name-First: C. J. 
Author-X-Name-Last: McDermott 
Title: Testing for asymmetric price stickiness using NZ business opinion data: a bootstrap approach 
Abstract:
  The analysis of business opinion data price expectations data in NZ is
 re-evaluated. Biases induced by inaccurate measurement of population
 proportions are accounted for using simulations and bootstrapping. While
 substantial biases in the parameters are identified, prices are found to
 be relatively upwardly rigid before and after bias correction. 
Journal: Applied Economics Letters 
Pages: 955-958 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000165494 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000165494&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Arusha Cooray 
Author-X-Name-First: Arusha 
Author-X-Name-Last: Cooray 
Title: Financial integration: some evidence from Australia 
Abstract:
  This paper seeks to examine the efficiency of the Australian foreign
 exchange market by using the methods of seemingly unrelated regressions
 (SUR) and spectral analysis. Uncovered interest rate differentials for
 five countries, namely the U.S., U.K., Japan, Malaysia and Singapore, are
 examined with Australia as the 'home' country. The data covers the
 post-float period, 1984.1-2000.12. The empirical results indicate that the
 restrictions of the hypothesis of uncovered interest parity are rejected.
 The spectral densities for the interest rate differentials suggest the
 absence of systematic cyclical fluctuations. 
Journal: Applied Economics Letters 
Pages: 959-966 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000164396 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000164396&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Galip Altinay 
Author-X-Name-First: Galip 
Author-X-Name-Last: Altinay 
Title: Estimating growth rate in the presence of serially correlated errors 
Abstract:
  The aim of this study is to address the difficulties frequently
 encountered in estimating average growth rates by a log-linear time trend
 in the presence of serially correlated errors. There are a few studies in
 the literature that provide some guidance on choosing the appropriate
 method depending on the degree of first order serial correlation. However,
 the higher order serial correlation case is generally ignored. This study
 proposes the Nelder-Mead simplex method as a general solution to
 estimating linear trend in the presence of serial correlation of any
 order. The proposed method and the conventional methods are applied to the
 real GDP per capita series of 27 OECD countries. Twelve series seem to be
 better modelled by a log-linear trend with AR(2) residuals, and five of
 them yield remarkably different growth rates. 
Journal: Applied Economics Letters 
Pages: 967-970 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000165485 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000165485&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erdal Ozmen 
Author-X-Name-First: Erdal 
Author-X-Name-Last: Ozmen 
Title: Testing the quantity theory of money in Greece 
Abstract:
  This paper investigates whether the Greek data actually support the
 monetarist hypotheses as argued by Karfakis. The results based on both
 ARDL and Johansen procedures consistently suggest that money and nominal
 income (prices) are endogenous for the parameters of the long-run
 evolution of velocity (real money balances). Thus, the basic postulation
 of monetarism, the exogeneity of money, appears not to be supported by the
 Greek data. 
Journal: Applied Economics Letters 
Pages: 971-974 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000164044 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000164044&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joo Heon Park 
Author-X-Name-First: Joo Heon 
Author-X-Name-Last: Park 
Title: A test of the answering mechanisms of the double-bounded contingent valuation method 
Abstract:
  The double-bounded contingent valuation method (DBCVM) has long been
 criticized as an inappropriate estimation method because of respondents'
 inconsistent behavior during a course of DBCVM survey. Many experimental
 studies have reported that two subsequent answers are not made
 independently, but the second answer depends upon the first. There are
 many kinds of hypotheses, each of which contends a different pattern of
 dependence of the answers. In this study, it will be tested which
 hypothesis is more appropriate in explaining the dependence of the
 answers. For the test, the DBCVM under uncertainty is newly developed here
 in which some uncertainties associated with the CVM are recognized and the
 risk premium plays a criterion for respondents to answer. 
Journal: Applied Economics Letters 
Pages: 975-984 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000164378 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000164378&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Jouini 
Author-X-Name-First: J. 
Author-X-Name-Last: Jouini 
Author-Name: M. Boutahar 
Author-X-Name-First: M. 
Author-X-Name-Last: Boutahar 
Title: Structural breaks in the U.S. inflation process: a further investigation 
Abstract:
  The selection procedure of Bai and Perron (Econometrica, 1998, 66,
 47-78), based on a sequence of tests for multiple structural changes, is
 used to explore the empirical evidence of the instability by selecting the
 number of breaks and their locations for the post-war monthly U.S.
 inflation rate. The obtained results indicate that the U.S. inflation
 process is unstable after June 1982 as there is a break at the beginning
 of the 1990s. This conclusion contradicts that of Ben Aissa and Jouini
 (Applied Economics Letters, 2003, 10, 633-6), who show that using some
 information criteria, the evolution curve of U.S. inflation was flattened
 during the last 20 years, making the process stable. Hence this points to
 the fact that the procedure used is more powerful than the information
 criteria in detecting changes. 
Journal: Applied Economics Letters 
Pages: 985-988 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000164387 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000164387&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Galrao Carneiro 
Author-X-Name-First: Francisco Galrao 
Author-X-Name-Last: Carneiro 
Author-Name: Jorge Saba Arbache 
Author-X-Name-First: Jorge Saba 
Author-X-Name-Last: Arbache 
Title: Assessing the impacts of trade on poverty and inequality 
Abstract:
  This paper uses a computable general equilibrium model to simulate
 different trade liberalization policy scenarios and counterfactual
 microsimulations to assess the impacts of greater trade openness on
 household income distribution and poverty ratios. Our conclusion is that
 trade liberalization alone may not be sufficient to significantly reduce
 poverty and inequality. 
Journal: Applied Economics Letters 
Pages: 989-994 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000165421 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000165421&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Oliver Gurtler 
Author-X-Name-First: Oliver 
Author-X-Name-Last: Gurtler 
Author-Name: Matthias Krakel 
Author-X-Name-First: Matthias 
Author-X-Name-Last: Krakel 
Title: Who is declared dead lives longer 
Abstract:
  We consider a contest between a small and a large team. On the one hand,
 the large team has the advantage of more people exerting effort (quantity
 effect). On the other hand, the large team suffers from more free riding
 (free-riding effect). The results show that - depending on the convexity
 of the cost function - the small team will have a higher probability of
 winning the contest, if the free-rider effect dominates the quantity
 effect. Moreover, even if the large team has a higher winning probability,
 an individual player prefers to belong to the small team. 
Journal: Applied Economics Letters 
Pages: 995-997 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000165430 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000165430&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaesun Noh 
Author-X-Name-First: Jaesun 
Author-X-Name-Last: Noh 
Author-Name: Tae-Hwan Kim 
Author-X-Name-First: Tae-Hwan 
Author-X-Name-Last: Kim 
Title: Behaviour of cointegration tests in the presence of structural breaks in variance 
Abstract:
  In this paper, we show that spurious cointegration can occur when there
 are breaks in the variances of the innovation errors of time series,
 especially when the breaks occur early in the sample period. An empirical
 example is provided to demonstrate the case. 
Journal: Applied Economics Letters 
Pages: 999-1002 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000165449 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000165449&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Cole 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Cole 
Title: Economic growth and water use 
Abstract:
  In recent years the issue of global water scarcity has attracted
 increasing attention within academia, non-governmental organizations and
 the media. The aim of this short note is to ascertain whether there is a
 systematic relationship between water use and income, and particularly
 whether an inverted U-shaped relationship exists, as has been found for
 other resources and pollutants. Using a new data set of water use,
 evidence of such a relationship is provided, suggesting that water use may
 benefit from composition and technique effects. While this finding appears
 optimistic, regional forecasts are made that suggest that levels of water
 use in developing regions will continue to increase for many years to
 come. The implications of these findings are discussed. 
Journal: Applied Economics Letters 
Pages: 1-4 
Issue: 1 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000187435 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000187435&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Emre Unlu 
Author-X-Name-First: Emre 
Author-X-Name-Last: Unlu 
Author-Name: Stephen Ferris 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Ferris 
Author-Name: Gregory Noronha 
Author-X-Name-First: Gregory 
Author-X-Name-Last: Noronha 
Title: IPO underpricing over time: evidence from the UK 
Abstract:
  The changing nature of initial public offering (IPO) underpricing is
 examined using a sample of 513 IPOs launched in the UK from 1993 to 2001.
 It is found that the mean UK underpricing is initially less than that in
 the USA, reverses itself in the mid-1990s, returns to a lower level during
 the bubble period, but exceeds US underpricing for the last years of the
 sample. A growing amount of money left-on-the-table by UK underwriters is
 also observed. The analysis of IPO characteristics shows the simultaneous
 presence of changing composition and incentive realignment effects in the
 UK IPO market. These effects are most evident during the
 technology/internet equity bubble, which spans the last two subperiods of
 this study. It is concluded that although the market frenzy of the
 technology/internet bubble was present in the UK IPO market, its influence
 appears more limited than that documented for the US. 
Journal: Applied Economics Letters 
Pages: 5-9 
Issue: 1 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000187426 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000187426&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Jansen 
Author-X-Name-First: Paul 
Author-X-Name-Last: Jansen 
Author-Name: Willem Verschoor 
Author-X-Name-First: Willem 
Author-X-Name-Last: Verschoor 
Title: A note on transition stock return behaviour 
Abstract:
  This paper examines the relationship between expected stock returns and
 size, and market-to-book ratio in four transition emerging markets, namely
 the Czech Republic, Hungary, Poland, and Russia. Overall, we find a
 premium for large firms and growth stocks; factors that drive
 cross-sectional differences in expected transition stock returns are
 qualitatively different to those documented for many other emerging and
 developed equity markets. As our finding applies to the post-1996 period,
 we confirm the assertion of Black (Journal of Portfolio Management, 20,
 8-18, 1993) and MacKinlay (Journal of Financial Economics, 38, 3-28, 1995)
 that 'the value premium is sample-specific'. Thus, the higher average
 return on value stocks that has been documented for developed and emerging
 equity markets may not be considered as a local manifestation of a global
 phenomenon. 
Journal: Applied Economics Letters 
Pages: 11-13 
Issue: 1 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000187499 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000187499&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: South Koreans' willingness to pay for Korean unification 
Abstract:
  This paper analyses the willingness to pay (WTP) of South Koreans for
 Korean unification. To deal with zero WTP responses given by a large
 number of people, a mixture model is used. The mean annual WTP for Korean
 unification is 5765 Korean won (GBP 2.88) per person. The aggregate value
 to South Koreans would then be 194.62 billion Korean won (GBP 97.31
 million) annually. 
Journal: Applied Economics Letters 
Pages: 15-19 
Issue: 1 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000187408 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000187408&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuji Honjo 
Author-X-Name-First: Yuji 
Author-X-Name-Last: Honjo 
Title: Growth of new start-up firms: evidence from the Japanese manufacturing industry 
Abstract:
  This paper investigates firm growth as the post-entry performance of new
 start-up firms. Using data on Japanese manufacturing firms founded during
 1992-1996, the determinants of growth among new start-up firms are
 identified. The effect not only of firm-specific characteristics, but also
 of entrepreneur-specific, industry-specific and local characteristics on
 firm growth are examined. It is found that younger and small-sized firms
 are more likely to grow among the start-ups. It is also found that
 entrepreneur's age and educational background affect the growth of
 start-ups. It is not shown, however, that industry specialization induces
 the growth of start-ups. 
Journal: Applied Economics Letters 
Pages: 21-32 
Issue: 1 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000187417 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000187417&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Bishop 
Author-X-Name-First: Paul 
Author-X-Name-Last: Bishop 
Author-Name: Peter Gripaios 
Author-X-Name-First: Peter 
Author-X-Name-Last: Gripaios 
Title: Earnings biases and convergence in the UK: a county level analysis 
Abstract:
  Cameron and Muellbauer (Economic Journal, 110, pp. 412-19, 2000) have
 convincingly argued that problems in the methods used to compile UK
 Regional Accounts data have resulted in a misleading picture of regional
 differentials and &#x3c3; convergence. This short paper extends their
 analysis to a wider range of measures of convergence and adopts a more
 disaggregated approach by analysing data at the county level. The results
 provide general support for their hypothesis and indicate that different
 measures of income can result in different conclusions concerning
 convergence. Thus, it is essential that future studies of convergence
 investigate the implications of using different measures of income where
 possible, rather than relying upon a single data source. 
Journal: Applied Economics Letters 
Pages: 33-37 
Issue: 1 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000187444 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000187444&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Sosvilla-Rivero 
Author-X-Name-First: Simon 
Author-X-Name-Last: Sosvilla-Rivero 
Author-Name: Salvador Gil-Pareja 
Author-X-Name-First: Salvador 
Author-X-Name-Last: Gil-Pareja 
Title: Price convergence in the European Union 
Abstract:
  This study investigates the relationship between market integration and
 price convergence in international markets. Using a panel data set of
 consumer price indices (general and by groups and classes), it examines
 how European market integration has affected cross-country dispersion in
 the European Union. 
Journal: Applied Economics Letters 
Pages: 39-47 
Issue: 1 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000187453 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000187453&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Minho Kim 
Author-X-Name-First: Minho 
Author-X-Name-Last: Kim 
Author-Name: Gyeong Rok Kim 
Author-X-Name-First: Gyeong Rok 
Author-X-Name-Last: Kim 
Author-Name: Mincheol Kim 
Author-X-Name-First: Mincheol 
Author-X-Name-Last: Kim 
Title: Stock market volatility and trading activities in the KOSPI 200 derivatives markets 
Abstract:
  The relationship between the trading activities of the Korea Stock Price
 Index 200 derivatives contracts and their underlying stock market
 volatility is examined. A positive contemporaneous relationship between
 the stock market volatility and the derivatives volume is found while the
 relationship is negative between the volatility and open interest. For the
 cash volatility and derivatives volume two-way causality is found for both
 futures and options contracts, but for the cash volatility and open
 interest two-way causality is found only in options markets. 
Journal: Applied Economics Letters 
Pages: 49-53 
Issue: 1 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000187462 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000187462&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xulia Gonzalez 
Author-X-Name-First: Xulia 
Author-X-Name-Last: Gonzalez 
Author-Name: Consuelo Pazo 
Author-X-Name-First: Consuelo 
Author-X-Name-Last: Pazo 
Title: Firms' R&D dilemma: to undertake or not to undertake R&D 
Abstract:
  It is well known that in most industries a significant proportion of
 firms do not perform innovative activities. Although empirical studies on
 the determinants of R&D often have taken this fact into account by
 considering the dependent variable as a censured one, there is not an
 explicit theoretical model to explain the zeros. The concern of this
 letter is to discuss a simple theoretical model where firms simultaneously
 decide whether to undertake or not R&D activities jointly with the level
 of the R&D investment. It is shown that a firm performs R&D activities
 only when its optimal level of R&D expenditure is higher than a threshold.
 Additionally, it is shown that both the probability of undertaking R&D
 activities and the R&D expenditure increase with market power, with the
 elasticity of demand with respect to quality and with the elasticity of
 quality with respect to R&D. Finally, from this simple theoretical
 framework we discuss a suitable econometric model that threats these
 decisions simultaneously. 
Journal: Applied Economics Letters 
Pages: 55-59 
Issue: 1 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000187471 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000187471&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. Capelle-Blancard 
Author-X-Name-First: G. 
Author-X-Name-Last: Capelle-Blancard 
Author-Name: H. Raymond 
Author-X-Name-First: H. 
Author-X-Name-Last: Raymond 
Title: Empirical evidence on periodically collapsing stock price bubbles 
Abstract:
  According to the dividend discount model (DDM), a long run relationship
 should exist between stock prices and dividends. In this study, in order
 to test the validity of the DDM on the French, German, Japanese, UK and US
 stock markets from 1973 to 2002, cointegration tests corrected for
 skewness and excess kurtosis are implemented. As dividends distribution
 may be affected by stock repurchases strategies, the test is adjusted by
 taking earnings into account. It is found that the speculative bubble
 hypothesis cannot be rejected. 
Journal: Applied Economics Letters 
Pages: 61-69 
Issue: 1 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000187480 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000187480&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Insik Min 
Author-X-Name-First: Insik 
Author-X-Name-Last: Min 
Author-Name: Inchul Kim 
Author-X-Name-First: Inchul 
Author-X-Name-Last: Kim 
Title: A Monte Carlo comparison of parametric and nonparametric quantile regressions 
Abstract:
  This study compares parametric and nonparametric quantile regression
 methods using Monte Carlo simulations. Simulation results indicate that
 the nonparametric quantile regression approach is more appropriate,
 particularly when the underlying model is nonlinear or the error term
 follows a non-normal distribution. 
Journal: Applied Economics Letters 
Pages: 71-74 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200132 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200132&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gaurav Datt 
Author-X-Name-First: Gaurav 
Author-X-Name-Last: Datt 
Author-Name: Thomas Walker 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Walker 
Title: Recent evolution of inequality in East Asia 
Abstract:
  This study uses a decomposition of the Theil inequality index across
 eight countries to examine the recent evolution of inequality in East
 Asia. It is found that inequality in the region rose between 1990 and
 1997, but that the increase was driven by higher inequality within
 countries, rather than between them. The most significant contribution to
 the overall rise in regional inequality came from urban China, where
 inequality doubled between 1990 and 1997. Our analysis suggests that
 policies to tackle inequality should be aimed at national and sub-national
 levels, and particularly at addressing growing rural-urban disparities. 
Journal: Applied Economics Letters 
Pages: 75-79 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200141 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200141&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cal Muckley 
Author-X-Name-First: Cal 
Author-X-Name-Last: Muckley 
Title: Empirical asset return distributions: is chaos the culprit?  
Abstract:
  This study employs Rescaled-range analysis; the Correlation Dimension
 test, and the BDS test, to analyse lengthy daily time series of financial
 data. Two equity and two commodity indices are examined. The results
 reject the hypothesis that the series are purely random, independent and
 identically distributed. Rather, they suggest consistency with the
 Pareto-Levy family of processes. Motivated by the capacity of certain
 chaotic models to generate data consistent with these processes, evidence
 is accumulated consistent with a strange attractor, a long-term memory
 effect, and a-periodic motion. The evidence is consistent with insights
 derived from the theory of non-linear dynamics. 
Journal: Applied Economics Letters 
Pages: 81-86 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200150 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200150&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Brigitte Granville 
Author-X-Name-First: Brigitte 
Author-X-Name-Last: Granville 
Author-Name: Sushanta Mallick 
Author-X-Name-First: Sushanta 
Author-X-Name-Last: Mallick 
Title: Fisher hypothesis: UK evidence over a century 
Abstract:
  Using annual data over a long time horizon from 1900 to 2000 for the UK,
 this study finds the existence of a Fisher relation via Johansen
 cointegration tests. The cointegrating relationship between the two
 variables suggests a significant long-run equilibrium with a positive
 coefficient of more than one during the stated period. 
Journal: Applied Economics Letters 
Pages: 87-90 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200169 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200169&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pekka Ilmakunnas 
Author-X-Name-First: Pekka 
Author-X-Name-Last: Ilmakunnas 
Author-Name: Mika Maliranta 
Author-X-Name-First: Mika 
Author-X-Name-Last: Maliranta 
Title: Hiring from unemployment and separation to unemployment 
Abstract:
  Linked employer-employee data from Finland are used for studying
 plant-level worker flows, to unemployment and from unemployment. The flow
 rates are explained by various characteristics of the plants and their
 employees. 
Journal: Applied Economics Letters 
Pages: 91-95 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200178 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200178&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. A. Depken 
Author-X-Name-First: C. A. 
Author-X-Name-Last: Depken 
Author-Name: L. C. Simmons 
Author-X-Name-First: L. C. 
Author-X-Name-Last: Simmons 
Title: Social construct and the propensity for software piracy 
Abstract:
  This study offers evidence that cross-country variation in software
 piracy is a combination of both traditional economic influences and
 institutional social mores. Software piracy rates are related to various
 economic variables and two measures of social construct. The study
 includes an individualism score, which measures horizontal social
 relationships, and a measure of power distance, measuring vertical social
 relationships. It is found that economic variables do play a role in the
 decision to pirate software and that increased power-distance, or the
 further individuals feel from their superiors, for example law enforcement
 officials, the greater the propensity to pirate software. 
Journal: Applied Economics Letters 
Pages: 97-100 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200187 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200187&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. Fiaschi 
Author-X-Name-First: D. 
Author-X-Name-Last: Fiaschi 
Author-Name: Andrea Mario Lavezzi 
Author-X-Name-First: Andrea Mario 
Author-X-Name-Last: Lavezzi 
Title: Nonlinear growth in a long-run perspective 
Abstract:
  This study analyses the pattern of long-run growth of a cross-section of
 countries, adopting the distribution dynamics approach. The relationship
 between growth rates and income levels appears first increasing and then
 decreasing, indicating the existence of different growth regimes. 
Journal: Applied Economics Letters 
Pages: 101-104 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200196 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200196&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Charalambos Pattichis 
Author-X-Name-First: Charalambos 
Author-X-Name-Last: Pattichis 
Title: Budget and trade deficits in Lebanon 
Abstract:
  This study addresses one of the main problems facing the Lebanese economy
 during its recovery from many years of war: the relationship between
 budget and trade deficits. The results suggest that measures aimed at
 reducing the budget deficit may also lead to a reduction of the Lebanese
 trade deficit. 
Journal: Applied Economics Letters 
Pages: 105-108 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200204 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200204&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohamed Safouane Ben Aissa 
Author-X-Name-First: Mohamed Safouane Ben 
Author-X-Name-Last: Aissa 
Author-Name: Mohamed Boutahar 
Author-X-Name-First: Mohamed 
Author-X-Name-Last: Boutahar 
Author-Name: Jamel Jouini 
Author-X-Name-First: Jamel 
Author-X-Name-Last: Jouini 
Title: Bai and Perron's and spectral density methods for structural change detection in the US inflation process 
Abstract:
  This paper addresses the issue of estimating the number of breaks and
 their locations in the monthly US inflation series using two different
 approaches to testing for structural changes. The first approach considers
 Bai and Perron's selection procedure based on a sequence of tests. This
 approach focuses on the instability problem in time. The second method
 uses a test similar to the one based on Kolmogorov-Smirnov statistics
 applied to the evolutionary spectrum. The results obtained are similar and
 economically significant. 
Journal: Applied Economics Letters 
Pages: 109-115 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200213 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200213&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Th. Fiotakis 
Author-X-Name-First: Th. 
Author-X-Name-Last: Fiotakis 
Author-Name: N. Philippas 
Author-X-Name-First: N. 
Author-X-Name-Last: Philippas 
Title: Chasing trend and losing money: open end mutual fund investors' trading behaviour in Greece 
Abstract:
  This study examines the trading behaviour of mutual fund investors, its
 medium-term profitability and its impact on the performance of individual
 funds. An important yet thinly investigated subject is examined under the
 prism of a small emerging stock market growing to maturity, during both a
 strong bull and a violent bear market. The findings of this study are
 insightful: Mutual fund investors do not chase past returns. The empirical
 evidence also suggests that they do not hunt past superior performance.
 However, they do seem to employ a current-performance momentum screen to
 pick their funds, while their trading behaviour doesn't seem to affect the
 concurrent performance of the fund. Finally, it is claimed that mutual
 fund investors are perverse fund pickers. The suggested conclusion can
 only be that money is inefficiently invested in mutual funds. 
Journal: Applied Economics Letters 
Pages: 117-121 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200222 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200222&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Allan 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Allan 
Title: Satellite television and football attendance: the not so super effect 
Abstract:
  Previous studies of football attendance in England have produced
 contradictory results as to the effects of live satellite television
 coverage of football matches on the attendance of the televised matches.
 Using attendance data of Aston Villa Football Club's home matches in the
 Premier League from the 1995/96 season to the 2000/01 season, this note
 estimates a semi-logarithmic function of attendance. The results highlight
 a significant negative impact on attendance of live satellite television
 coverage of 7.75%, ceteris paribus, and also suggest that the England
 national team's performances are important in affecting attendance at
 Premier League games. Despite concentrating on only one club, this
 investigation brings into question what effect the new television rights
 just announced for the next three seasons may have on attendance. 
Journal: Applied Economics Letters 
Pages: 123-125 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200231 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200231&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jong-Eun Lee 
Author-X-Name-First: Jong-Eun 
Author-X-Name-Last: Lee 
Title: The effectiveness of protection through a fixed cost 
Abstract:
  This paper identifies to which extent a discriminatory protection through
 a fixed cost can protect inefficient firms. The effectiveness of a
 discriminatory device is measured by a critical market size at which a
 marginal firm can survive. 
Journal: Applied Economics Letters 
Pages: 127-130 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200240 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200240&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bing Han 
Author-X-Name-First: Bing 
Author-X-Name-Last: Han 
Title: Is the forward premium puzzle universal? 
Abstract:
  The forward premium puzzle, or violation of the uncovered interest rate
 parity (UIP), has been documented by many. Studies, using methodologies
 more sophisticated than regression analysis, tend to suggest that the
 rejection of UIP may be false, due to cointegration, biased parameter
 estimates, time-varying risk premium, etc. In this study, from data for
 the two decades (1979-1998) and nine major currencies of the developed
 world, it is shown that the forward premium puzzle is not always present
 for any arbitrary time period, or for any pair of countries, even using
 the regression analysis that established the puzzle in earlier works. 
Journal: Applied Economics Letters 
Pages: 131-134 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200259 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200259&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. Hichri 
Author-X-Name-First: W. 
Author-X-Name-Last: Hichri 
Title: Interior collective optimum in a voluntary contribution to a public-goods game 
Abstract:
  This study shows a public good experiment with four different treatments.
 The payoff function is chosen so that the Nash equilibrium (NE) and the
 collective optimum (CO) are both in the interior of the strategy space.
 This study tries to test the effect of varying the level of the collective
 optimum, which changes the 'social dilemma', involved in the decision as
 to how much to contribute to the public good. The results show that
 contributions increase with the level of the interior CO. There is
 overcontribution in comparison to the NE and undercontribution in
 comparison to the CO. But contributions are as far from the CO as the
 level of the former increases. An overcontribution index that takes into
 account the effective contribution relative to both the NE and the CO,
 shows that subjects adopt a constant behaviour while passing from one
 treatment to another: they contribute a constant share of the CO. 
Journal: Applied Economics Letters 
Pages: 135-140 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203724 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203724&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert-Paul Berben 
Author-X-Name-First: Robert-Paul 
Author-X-Name-Last: Berben 
Title: Exchange rate pass-through in the Netherlands: has it changed? 
Abstract:
  This study assesses whether the degree of exchange rate pass-through in
 the Netherlands has changed during the run-up to Economic and Monetary
 Union. VAR models are estimated on rolling sample periods to show that the
 pass-through of changes in the guilder-mark exchange rate has increased,
 while the pass-through of changes in the guilder-pound and guilder-dollar
 have remained more or less stable. This supports the view that the
 Netherlands and Germany have become increasingly integrated. This is in
 contrast to Taylor's (Economic Review 44, 1384-408, 2000) claim that the
 decline in inflation has been associated with a significant decline in the
 degree to which firms pass-through changes in costs. 
Journal: Applied Economics Letters 
Pages: 141-143 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203733 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203733&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Arrazola 
Author-X-Name-First: Maria 
Author-X-Name-Last: Arrazola 
Author-Name: Jose de Hevia 
Author-X-Name-First: Jose 
Author-X-Name-Last: de Hevia 
Title: More on the estimation of the human capital depreciation rate 
Abstract:
  This study formulates an alternative empirical model to that of Groot
 (Applied Economics Letters, 5, 535-8, 1998) to estimate the rate of
 depreciation of human capital, in which the post-schooling investment and
 the difference between the potential and the observed earnings of the
 individuals are taken into account. As an illustration, the model has been
 estimated for a sample of Spanish men and women. The results show
 depreciation rates of human capital of around 1-1.5% per year. 
Journal: Applied Economics Letters 
Pages: 145-148 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203742 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203742&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kajal Lahiri 
Author-X-Name-First: Kajal 
Author-X-Name-Last: Lahiri 
Author-Name: Wenxiong Yao 
Author-X-Name-First: Wenxiong 
Author-X-Name-Last: Yao 
Title: The predictive power of an experimental transportation output index 
Abstract:
  A monthly output index for the US Transportation sector over January
 1979-June 2003 is reported covering air, rail, water, truck, transit and
 pipeline activities. Separate indexes for freight and passenger are also
 constructed. The strong cyclical movements observed in the transportation
 output appear to be well synchronized with the NBER-defined recessions and
 growth slowdowns of the US economy. The series reflects the profound
 impact of 9/11 on the transportation sector, especially on the airlines.
 By December 2002 it has reached its historical peak. Given the observed
 relationship of the transportation output with the economy, the recent
 upward trend in the freight transportation strongly suggests that both the
 sector and the overall economy have recovered from their latest slump. 
Journal: Applied Economics Letters 
Pages: 149-152 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203751 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203751&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Gourlay 
Author-X-Name-First: A. 
Author-X-Name-Last: Gourlay 
Author-Name: J. Seaton 
Author-X-Name-First: J. 
Author-X-Name-Last: Seaton 
Title: Explaining the decision to export: evidence from UK firms 
Abstract:
  In this study the determinants of export probability are investigated for
 a panel of 2134 UK firms between 1988 and 2001. Firm size, product
 diversification, innovation and human-capital are all found to increase
 the probability of exporting. It is also found that the variance of the
 sterling-dollar rate has a positive effect on export probability in a
 majority of industries, lending support to stock option theories of export
 behaviour. 
Journal: Applied Economics Letters 
Pages: 153-158 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203760 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203760&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thorsten Schank 
Author-X-Name-First: Thorsten 
Author-X-Name-Last: Schank 
Author-Name: Claus Schnabel 
Author-X-Name-First: Claus 
Author-X-Name-Last: Schnabel 
Author-Name: Joachim Wagner 
Author-X-Name-First: Joachim 
Author-X-Name-Last: Wagner 
Title: Works councils - sand or grease in the operation of German firms? 
Abstract:
  Using a large panel data set it is investigated whether works councils
 act as sand or grease in the operation of German firms. Stochastic
 production frontier analysis indicates that establishments with and
 without a works council do not exhibit significant differences in
 efficiency. 
Journal: Applied Economics Letters 
Pages: 159-161 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203779 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203779&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Syed Abul Basher 
Author-X-Name-First: Syed Abul 
Author-X-Name-Last: Basher 
Author-Name: Mohammed Mohsin 
Author-X-Name-First: Mohammed 
Author-X-Name-Last: Mohsin 
Title: PPP tests in cointegrated panels: evidence from Asian developing countries 
Abstract:
  This study tests the relative version of purchasing power parity (PPP)
 for a set of ten Asian developing countries using a panel cointegration
 framework. A 'between-dimension' dynamic OLS estimator as proposed by
 Pedroni is employed. The test results overwhelmingly reject the PPP
 hypothesis. 
Journal: Applied Economics Letters 
Pages: 163-166 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203788 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203788&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. Kohers 
Author-X-Name-First: G. 
Author-X-Name-Last: Kohers 
Author-Name: N. Kohers 
Author-X-Name-First: N. 
Author-X-Name-Last: Kohers 
Author-Name: V. Pandey 
Author-X-Name-First: V. 
Author-X-Name-Last: Pandey 
Author-Name: T. Kohers 
Author-X-Name-First: T. 
Author-X-Name-Last: Kohers 
Title: The disappearing day-of-the-week effect in the world's largest equity markets 
Abstract:
  The well-documented day-of-the-week effect has shown that stock returns
 on some days of the week are often significantly higher than on other
 days. To investigate whether improvements in market efficiency may have
 caused this anomaly to disappear over time, this study examines the
 day-of-the-week effect in the world's largest developed equity markets
 over the last 22 years. The results indicate that, during the 1980s, this
 anomaly was clearly evident in the vast majority of developed markets, but
 it appears to have faded away in the 1990s. The implications of these
 findings are that long-run improvements in market efficiency may have
 diminished the effects of certain anomalies in recent periods. 
Journal: Applied Economics Letters 
Pages: 167-171 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203797 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203797&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hui Li 
Author-X-Name-First: Hui 
Author-X-Name-Last: Li 
Author-Name: R. P. Berrens 
Author-X-Name-First: R. P. 
Author-X-Name-Last: Berrens 
Author-Name: A. K. Bohara 
Author-X-Name-First: A. K. 
Author-X-Name-Last: Bohara 
Author-Name: H. C. Jenkins-Smith 
Author-X-Name-First: H. C. 
Author-X-Name-Last: Jenkins-Smith 
Author-Name: C. L. Silva 
Author-X-Name-First: C. L. 
Author-X-Name-Last: Silva 
Author-Name: L. Weimer 
Author-X-Name-First: L. 
Author-X-Name-Last: Weimer 
Title: Telephone versus Internet samples for a national advisory referendum: are the underlying stated preferences the same? 
Abstract:
  Using telephone and Internet (web-based) survey samples for a national
 advisory referendum, this study investigates whether the underlying
 preferences across two survey modes are equivalent. Results from a
 structural test support the conclusion of common preferences. 
Journal: Applied Economics Letters 
Pages: 173-176 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203805 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203805&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: F. O&#x11f;unC 
Author-X-Name-First: F. 
Author-X-Name-Last: O&#x11f;unC 
Author-Name: D. Ece 
Author-X-Name-First: D. 
Author-X-Name-Last: Ece 
Title: Estimating the output gap for Turkey: an unobserved components approach 
Abstract:
  This study specifies a basic univariate and a bivariate unobserved
 components model to estimate potential output using information from
 observable aggregates and presents results for the Turkish economy. The
 first specification used in the study, i.e. univariate approach,
 decomposes actual output into potential output that follows a random walk
 with a time-varying potential growth rate and a stationary output gap. The
 univariate specifications commonly ignore some economic content, which
 might be relevant for the measurement of the output gap. In this respect,
 the univariate model is extended by utilizing the relationship between
 inflation and the output gap, namely the Phillips curve. Whereas both
 models give similar output gap estimates, signal extraction statistics
 suggest that incorporating the supply side to the system reduces the
 parameter uncertainty and the total standard error and improves the gap
 estimate. 
Journal: Applied Economics Letters 
Pages: 177-182 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203814 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203814&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. C. Reboredo 
Author-X-Name-First: J. C. 
Author-X-Name-Last: Reboredo 
Title: A note on efficiency and solvency in banking 
Abstract:
  Banking competition induces an efficient outcome but may also induce
 risk-taking behaviour that reduces solvency. This study examines the
 relationship between efficiency and solvency in banking at the empirical
 level. The empirical findings support that greater efficiency with respect
 to a risk-return frontier leads to a greater solvency level, but solvency
 is not related to efficiency. So, an increase in banking competition
 generates both more efficiency and solvency. 
Journal: Applied Economics Letters 
Pages: 183-185 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203823 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203823&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Giorgio Di Pietro 
Author-X-Name-First: Giorgio Di 
Author-X-Name-Last: Pietro 
Title: The determinants of university dropout in Italy: a bivariate probability model with sample selection 
Abstract:
  This study analyses the determinants of university dropouts in Italy
 using a bivariate probit model with sample selection. The empirical
 findings provide some support for the appropriateness of this technique
 and hence suggest that the estimates obtained from a univariate decision
 framework are likely to be inefficient. 
Journal: Applied Economics Letters 
Pages: 187-191 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203832 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203832&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antoine Bommier 
Author-X-Name-First: Antoine 
Author-X-Name-Last: Bommier 
Author-Name: Sylvie Lambert 
Author-X-Name-First: Sylvie 
Author-X-Name-Last: Lambert 
Title: Human capital investments and family composition 
Abstract:
  This study explores how human capital investment of a child is affected
 by the number and the gender of his/her siblings. Two alternative
 explanations are tested for: competition for scarce resources versus
 direct interactions between siblings. An empirical application is provided
 using Brazilian data. 
Journal: Applied Economics Letters 
Pages: 193-196 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203841 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203841&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hahn Shik Lee 
Author-X-Name-First: Hahn Shik 
Author-X-Name-Last: Lee 
Title: International transmission of stock market movements: a wavelet analysis 
Abstract:
  This study investigates the international transmission mechanism of stock
 market movements via wavelet analysis. While GARCH-type models have mainly
 been used in most recent research in this area, the discrete wavelet
 decomposition is used in this study to propose a new methodology for
 investigating the dynamics and the potential interaction in international
 stock markets. Using the data on daily stock indices from the USA and
 Korea, strong evidence is found for price as well as volatility spillover
 effects from the developed stock market to the emerging market, but not
 vice versa. 
Journal: Applied Economics Letters 
Pages: 197-201 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203850 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203850&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Giles Atkinson 
Author-X-Name-First: Giles 
Author-X-Name-Last: Atkinson 
Author-Name: Brett Day 
Author-X-Name-First: Brett 
Author-X-Name-Last: Day 
Author-Name: Susana Mourato 
Author-X-Name-First: Susana 
Author-X-Name-Last: Mourato 
Author-Name: Charles Palmer 
Author-X-Name-First: Charles 
Author-X-Name-Last: Palmer 
Title: 'Amenity' or 'eyesore'? Negative willingness to pay for options to replace electricity transmission towers 
Abstract:
  A frequent scenario in public decision-making is that of choosing between
 a number of proposed changes from the status quo. In such a case, stated
 preference surveys, such as the contingent valuation method, are often
 undertaken to assess the size of the benefits associated with each
 proposed change. For certain undesirable options, respondents may prefer
 the status quo; however, it may not be credible to directly elicit
 negative willingness to pay or willingness to accept to endure the change.
 This study, using contingent valuation, outlines an indirect means of
 measuring negative willingness to pay - for the problem of visual
 disamenity arising from alternative electricity transmission tower designs
 - based on the elicitation of indicators of how inconvenienced respondents
 would feel if a less preferred option were to replace the status quo; that
 is, the time and cost respondents were prepared to commit to opposing the
 change. The results show that taking account of negative willingness to
 pay matters and this significantly changes value estimates for some of the
 least liked options. 
Journal: Applied Economics Letters 
Pages: 203-208 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674803 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674803&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sanjeev Gupta 
Author-X-Name-First: Sanjeev 
Author-X-Name-Last: Gupta 
Author-Name: Benedict Clements 
Author-X-Name-First: Benedict 
Author-X-Name-Last: Clements 
Author-Name: Emanuele Baldacci 
Author-X-Name-First: Emanuele 
Author-X-Name-Last: Baldacci 
Author-Name: Carlos Mulas-Granados 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Mulas-Granados 
Title: The persistence of fiscal adjustments in developing countries 
Abstract:
  This study assesses effects of expenditure composition and other
 variables on the duration of fiscal adjustment episodes in a sample of 29
 developing countries. Using survival analysis, the study finds that
 expenditure composition, size of the fiscal consolidation, and past
 performance on fiscal consolidation affect the persistence of adjustment. 
Journal: Applied Economics Letters 
Pages: 209-212 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674812 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674812&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Par Osterholm 
Author-X-Name-First: Par 
Author-X-Name-Last: Osterholm 
Title: Killing four unit root birds in the US economy with three panel unit root test stones 
Abstract:
  This study tests for the presence of unit roots in four US macroeconomic
 time series using panel unit root tests. The Im, Pesaran and Shin (Journal
 of Econometrics, 115, pp. 53-74, 2003) test, the Multivariate Augmented
 Dickey-Fuller test (Taylor and Sarno, Journal of International Economics,
 46, pp. 281-312, 1998) and the Johansen (Journal of Economic Dynamics and
 Control, 12, pp. 231-54, 1988) likelihood ratio test are applied to
 unemployment, the real exchange rate, the nominal interest rate and
 inflation. The three tests all have ways of controlling the obvious
 cross-sectional dependence in the panel. Using monthly data from 1960 to
 2002 there is evidence that all time series are generated by stationary
 processes. 
Journal: Applied Economics Letters 
Pages: 213-216 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674821 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674821&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Helen Higgs 
Author-X-Name-First: Helen 
Author-X-Name-Last: Higgs 
Author-Name: Andrew Worthington 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Worthington 
Title: Transmission of returns and volatility in art markets: a multivariate GARCH analysis 
Abstract:
  This study examines the transmission of returns and volatility among
 eight major art markets. The art indices included in the analysis are
 Contemporary Masters (CM), 20th Century English (TE), 19th Century
 European (NE), French Impressionist (FI), Modern European (ME), Modern US
 Paintings (US), Old Masters (OM) and Surrealists (SR). A multivariate
 generalized autoregressive conditional heteroscedasticity (MGARCH) model
 is used to identify the source and magnitude of spillovers. The results
 indicate the presence of large and predominantly positive mean return and
 volatility spillovers, though the spillovers between art markets are not
 homogeneous. 
Journal: Applied Economics Letters 
Pages: 217-222 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674830 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674830&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gary Shelley 
Author-X-Name-First: Gary 
Author-X-Name-Last: Shelley 
Author-Name: Frederick Wallace 
Author-X-Name-First: Frederick 
Author-X-Name-Last: Wallace 
Title: Inflation, money, and real GDP in Mexico: a causality analysis 
Abstract:
  The relation between inflation, M1 money, and real GDP in Mexico is
 examined using annual data from 1944 to 1991. When investigating the
 relation between changes in inflation and real GDP growth it is found that
 it is important to separate the changes in inflation into predictable and
 unpredictable components. Predictable increases in differenced inflation
 are found to have a significant, negative effect on real GDP growth.
 Unpredictable increases in differenced inflation are found to have a
 significant, positive effect on real GDP growth. In contrast, changes in
 M1 growth fail to Granger-cause real GDP growth even when the changes in
 money growth are divided into predictable and unpredictable components. 
Journal: Applied Economics Letters 
Pages: 223-225 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000193834 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000193834&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kemper Moreland 
Author-X-Name-First: Kemper 
Author-X-Name-Last: Moreland 
Title: The rise or fall of graduated income tax rates 
Abstract:
  This study constructs a wage distribution for the US from CPS data and
 then uses simulations to determine the optimal piecewise-linear-income
 tax. Previous optimal tax studies have generally found optimal marginal
 tax rates decline as income rises. This study argues this result arises
 because these previous studies assume that society will be willing to fund
 substantial guarantees. This study assumes that such a guarantee will not
 be politically acceptable, but that an exemption will be. In these
 circumstances it is found that optimal marginal tax rates rise as income
 rises. 
Journal: Applied Economics Letters 
Pages: 227-229 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674858 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674858&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Syed Mahmud 
Author-X-Name-First: Syed 
Author-X-Name-Last: Mahmud 
Author-Name: Aman Ullah 
Author-X-Name-First: Aman 
Author-X-Name-Last: Ullah 
Author-Name: Eray Yucel 
Author-X-Name-First: Eray 
Author-X-Name-Last: Yucel 
Title: Testing Marshall-Lerner condition: a non-parametric approach 
Abstract:
  In this study, non-parametric kernel estimation technique has been
 employed to estimate import and export price elasticities for six
 developed countries. Based on the estimates of these elasticities
 Marshall-Lerner condition has been examined. In general the condition is
 only partially satisfied in the sub-sample periods. The results also
 suggest that the condition is more likely to be satisfied under fixed
 exchange rate regime. 
Journal: Applied Economics Letters 
Pages: 231-236 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674867 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674867&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Darren Hudson 
Author-X-Name-First: Darren 
Author-X-Name-Last: Hudson 
Author-Name: Lee-Hong Seah 
Author-X-Name-First: Lee-Hong 
Author-X-Name-Last: Seah 
Author-Name: Diane Hite 
Author-X-Name-First: Diane 
Author-X-Name-Last: Hite 
Author-Name: Tim Haab 
Author-X-Name-First: Tim 
Author-X-Name-Last: Haab 
Title: Telephone presurveys, self-selection, and non-response bias to mail and Internet surveys in economic research 
Abstract:
  A telephone presurvey is used in conjunction with mail and Internet
 follow-up surveys to assess self-selection and item nonresponse bias.
 Findings suggest that self-selection is present, but item nonresponse bias
 is limited. The Internet version exhibited no item nonresponse bias. 
Journal: Applied Economics Letters 
Pages: 237-240 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674876 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674876&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Lin Tao 
Author-X-Name-First: Hung-Lin 
Author-X-Name-Last: Tao 
Title: The compensating wage differentials for a career at sea - an empirical study of Taiwan 
Abstract:
  Using a unique Taiwan JCEE data set, this study finds that the
 compensating wage differential for marine engineers is about one third of
 their received wage, and for nuclear engineers is about one fifth of their
 received wage. 
Journal: Applied Economics Letters 
Pages: 241-244 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674885 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674885&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Corinna Czujack 
Author-X-Name-First: Corinna 
Author-X-Name-Last: Czujack 
Author-Name: Maria Fraga Martins 
Author-X-Name-First: Maria Fraga 
Author-X-Name-Last: Martins 
Title: Do art specialists form unbiased pre-sale estimates? An application for Picasso paintings 
Abstract:
  This work investigates whether art specialists provide good predictors of
 realized prices for Picasso paintings. A sample selection model is
 proposed to represent the decision of the seller and the price equation.
 The model is applied to data on 675 Picasso paintings for the period
 1975-1994. It is found that the two auction houses, Sotheby's and
 Christie's, have given good predictions for the works that have been sold.
 However, for the unsold works, it would have been possible to give
 estimates better than those given by the salerooms. As a consequence they
 could perhaps have sold more paintings than they actually did. 
Journal: Applied Economics Letters 
Pages: 245-249 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674894 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674894&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jong-Eun Lee 
Author-X-Name-First: Jong-Eun 
Author-X-Name-Last: Lee 
Title: Two maps for the world's trade integration 
Abstract:
  This study aims to identify the position of Asia in the world's trade
 integration by the hierarchical cluster analysis. The world's 30 largest
 exporters in 2002 are the object of the investigation. 
Journal: Applied Economics Letters 
Pages: 251-253 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674902 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674902&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eduardo Jose Araujo Lima 
Author-X-Name-First: Eduardo Jose Araujo 
Author-X-Name-Last: Lima 
Author-Name: Benjamin Miranda Tabak 
Author-X-Name-First: Benjamin Miranda 
Author-X-Name-Last: Tabak 
Title: Tests of the random walk hypothesis for equity markets: evidence from China, Hong Kong and Singapore 
Abstract:
  This study tests the random walk hypothesis for China, Hong Kong and
 Singapore. Using variance ratio tests, robust to heteroskedasticity and
 employing a recently developed bootstrap technique to customize
 percentiles for inference purposes it is found that Class A shares for
 Chinese stock exchanges and the Hong Kong equity markets are weak form
 efficient. However, Singapore and Class B shares for Chinese stock
 exchanges do not follow the random walk hypothesis, which suggests that
 liquidity and market capitalization may play a role in explaining results
 of weak form efficiency tests. 
Journal: Applied Economics Letters 
Pages: 255-258 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674911 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674911&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eric Strobl 
Author-X-Name-First: Eric 
Author-X-Name-Last: Strobl 
Title: Do employers use education as a signal for ability in developing countries? Evidence from Ghana 
Abstract:
  This study investigates whether employers in developing countries use
 education as&#xa0;a&#xa0;signal for employees' productivity using data for
 Ghana manufacturing. Evidence is found supportive of this for individuals
 who were not hired through direct contacts&#xa0;in the firm, and thus for
 individuals for whom employers are likely to have relatively less
 information about their productive abilities. This result seems to rest on
 adequately controlling for on-the-job-training. 
Journal: Applied Economics Letters 
Pages: 259-261 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674920 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674920&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Y. -F. Gau 
Author-X-Name-First: Y. -F. 
Author-X-Name-Last: Gau 
Author-Name: M. Hau 
Author-X-Name-First: M. 
Author-X-Name-Last: Hau 
Title: Public information, private information, inventory control, and volatility of intraday NTD/USD exchange rates 
Abstract:
  This study uses the periodic GARCH (P-GARCH) model of Bollerslev and
 Ghysels (1996) to capture the irregularly repetitive seasonal variation in
 the volatility of 15-minute NTD/USD exchange rate changes. The
 specification of state variables enables us to test the microstructure
 hypotheses in the FX market. 
Journal: Applied Economics Letters 
Pages: 263-266 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674939 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674939&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Masasaki Fuse 
Author-X-Name-First: Masasaki 
Author-X-Name-Last: Fuse 
Title: Estimating intertemporal substitution in Japan 
Abstract:
  In this study, the intertemporal elastisity of substitution (IES) by
 consumers in Japan is estimated using the two-step estimating method used
 by Ogaki and Reinhart (Journal of Political Economy, 106, pp. 1079-98,
 1998). This method is estimating the IES in consideration of intratemporal
 substitution between durables and nondurables. Consequently, the acquired
 estimated values are larger than the US values used by Ogaki and Reinhart. 
Journal: Applied Economics Letters 
Pages: 267-269 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674948 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674948&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Sarmiento 
Author-X-Name-First: C. 
Author-X-Name-Last: Sarmiento 
Title: Modelling firm heterogeneity with spatial 'trends' 
Abstract:
  The hypothesis underlying this article is that firm heterogeneity can be
 captured by spatial characteristics of the firm (similar to the inclusion
 of a time trend in time series models). The hypothesis is examined in the
 context of modelling electric generation by coal powered plants in the
 presence of firm heterogeneity. 
Journal: Applied Economics Letters 
Pages: 271-274 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221517 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221517&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Sumner 
Author-X-Name-First: Michael 
Author-X-Name-Last: Sumner 
Title: A cautionary note on cointegration testing 
Abstract:
  Inferences from the Johansen procedure regarding cointegration, and the
 magnitude, significance and even the sign of the estimated parameters of a
 familiar macroeconomic relation, are shown to be extremely sensitive to
 the treatment of its deterministic components and to the assumed lag
 structure. An unrestricted error-correction model yields unambiguous
 inferences and performs better in a range of tests. 
Journal: Applied Economics Letters 
Pages: 275-278 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000191728 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000191728&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Dejuan 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Dejuan 
Author-Name: Simon Gurr 
Author-X-Name-First: Simon 
Author-X-Name-Last: Gurr 
Title: On the link between volatility and growth: evidence from Canadian Provinces 
Abstract:
  This study examines the relationship between business-cycle volatility
 and economic growth using data from 10 Canadian provinces over the
 1961-2000 period. Test results based on cross-section and panel data
 estimation indicate, at best, a weak positive volatility-growth
 relationship. 
Journal: Applied Economics Letters 
Pages: 279-282 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000189569 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000189569&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shunsuke Managi 
Author-X-Name-First: Shunsuke 
Author-X-Name-Last: Managi 
Author-Name: David Karemera 
Author-X-Name-First: David 
Author-X-Name-Last: Karemera 
Title: Input and output biased technological change in US agriculture 
Abstract:
  Data Envelopment Analysis (DEA) techniques are applied to a state-level
 data set to measure the total factor productivity in US agriculture over
 1960-1996. Total factor productivity is decomposed into input and output
 biased technological change, efficiency change, and scale change, under
 both constant return to scale (CRS) and variable return to scale (VRS).
 Assumption of Hick neutral technological change is discussed.
 Technological change is found to be the result of efficient use of inputs
 much more than the effects of output capability increase. 
Journal: Applied Economics Letters 
Pages: 283-286 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221526 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221526&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Author-Name: Russell Smyth 
Author-X-Name-First: Russell 
Author-X-Name-Last: Smyth 
Title: The relationship between the real exchange rate and balance of payments: empirical evidence for China from cointegration and causality testing 
Abstract:
  This article examines the relationship between the renminbi real exchange
 rate and China's foreign exchange reserves using cointegration and Granger
 causality testing. The main findings are that in the long run foreign
 exchange reserves Granger cause the real exchange rate. Meanwhile, in the
 short run there is unidirectional Granger causality running from foreign
 exchange reserves to the real exchange rate. 
Journal: Applied Economics Letters 
Pages: 287-291 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221535 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221535&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Marie Cardebat 
Author-X-Name-First: Jean-Marie 
Author-X-Name-Last: Cardebat 
Author-Name: Jean-Marc Figuet 
Author-X-Name-First: Jean-Marc 
Author-X-Name-Last: Figuet 
Title: What explains Bordeaux wine prices? 
Abstract:
  The aim of this article is to explain Bordeaux wine prices for the
 1996-1999 vintages. The hedonic price method is applied to determine the
 main explanatory factors of price differences. It shows that reputation
 remains an important determinant of the price. However sensory
 characteristics have greater explanatory power compared to previous
 studies. Increasing competition and reductions in information asymmetries
 on the wine market are two important factors explaining this result. 
Journal: Applied Economics Letters 
Pages: 293-296 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221544 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221544&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tai-Hsin Huang 
Author-X-Name-First: Tai-Hsin 
Author-X-Name-Last: Huang 
Title: Empirical estimation of production risk using a cost function with panel data 
Abstract:
  The purposes of this study are twofold. First, it extends production risk
 from a production function to a more general cost function. The
 theoretical model is able to account for the effects of risk on a firm's
 minimum cost and optimal input demands. Second, the present paper provides
 an estimable framework for an analysis of the impacts of the risk on firm
 behaviour. Employing the model to Taiwan's electronics and information
 industry, it is found that production risk appears to play an important
 role in production cost. Evidence is found that the vast majority of
 sample firms belong to risk-averters. 
Journal: Applied Economics Letters 
Pages: 297-301 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221553 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221553&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ata Assaf 
Author-X-Name-First: Ata 
Author-X-Name-Last: Assaf 
Title: Rescaled variance analysis of real exchange rates 
Abstract:
  The characterization of real exchange rate series as random in nature has
 been questioned in recent times by the application of new statistical
 tools. This study uses a new test proposed by Giraitis et al. (Journal of
 Econometrics, 112, pp. 265-9, 2003) and based on KPSS (Journal of
 Econometrics, 54, pp. 159-78, 1992) test. The rescaled variance (V/S)
 statistic is shown to have a simpler asymptotic distribution and achieve a
 better balance of size and power than Lo's (1991) and KPSS (1992) test.
 Application of the new test suggests that real exchange rate movements do
 not show evidence of long memory. 
Journal: Applied Economics Letters 
Pages: 303-306 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221562 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221562&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anna Dodonova 
Author-X-Name-First: Anna 
Author-X-Name-Last: Dodonova 
Author-Name: Yuri Khoroshilov 
Author-X-Name-First: Yuri 
Author-X-Name-Last: Khoroshilov 
Title: Anchoring and transaction utility: evidence from on-line auctions 
Abstract:
  This article presents empirical evidence that people use anchoring to
 form their valuation of an object. Using data from the on-line auction
 Bidz.com, we found that people bid more for an item with a higher posted
 'buy now' price than for an identical item with the lower posted 'buy now'
 price. 
Journal: Applied Economics Letters 
Pages: 307-310 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221571 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221571&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Galera 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Galera 
Author-Name: Gema Carrera-Gomez 
Author-X-Name-First: Gema 
Author-X-Name-Last: Carrera-Gomez 
Author-Name: Pablo Coto-Millan 
Author-X-Name-First: Pablo 
Author-X-Name-Last: Coto-Millan 
Title: Free to choose. A different answer to a known puzzle 
Abstract:
  Nalebuff (Journal of Economic Perspectives, 1(2), 157-63, 1987) proposes
 a puzzle and a standard solution to the mentioned puzzle based on Bayes
 theorem. After giving the standard solution to this problem, Professor
 Nalebuff asked: 'Since many if not most individuals choose to stay with
 their original choice, does this suggest we should look for alternatives
 to Bayes rule?' In this paper a right answer to that question is
 proportionated. 
Journal: Applied Economics Letters 
Pages: 311-312 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221580 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221580&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chaoshin Chiao 
Author-X-Name-First: Chaoshin 
Author-X-Name-Last: Chiao 
Author-Name: Ken Hung 
Author-X-Name-First: Ken 
Author-X-Name-Last: Hung 
Author-Name: Suresh Srivastava 
Author-X-Name-First: Suresh 
Author-X-Name-Last: Srivastava 
Title: Testing lead-lag relations between portfolio returns under price-limits 
Abstract:
  A methodology is proposed to test the lead-lag relation between portfolio
 returns under price-limit restriction. The price-limit restriction is an
 important microstructure of the Taiwan stock market. Prior research on US
 stock return found that the lagged return of large-cap portfolios are
 correlated with the current return of small-cap portfolios. The results
 provide no evidence to indicate that the price adjustments of small
 capitalization portfolios are slower than that of large capitalization
 portfolios. Further, there is no evidence to imply a positive leading role
 of large capitalization portfolio returns over small capitalization
 portfolio returns. 
Journal: Applied Economics Letters 
Pages: 313-317 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221599 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221599&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jordi Pons-Novell 
Author-X-Name-First: Jordi 
Author-X-Name-Last: Pons-Novell 
Title: Behavioural biases among interest rate forecasters? 
Abstract:
  Several studies have found evidence that views expressed by other
 forecasters in the previous period influence individuals' current
 forecasts, while other analyses have stressed that occasionally
 forecasters may have other objectives in addition to minimizing forecast
 errors. This paper presents evidence, using data from Livingston Survey,
 that these strategic behaviours are less likely to occur when the accuracy
 of the economic forecasts can be easily and quickly assessed. 
Journal: Applied Economics Letters 
Pages: 319-321 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221607 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221607&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pedro Cosme Costa Vieira 
Author-X-Name-First: Pedro Cosme Costa 
Author-X-Name-Last: Vieira 
Title: Market equilibrium with FSS search 
Abstract:
  It is acknowledged that in the trading of homogeneous goods there is
 persistent price dispersion. However, it is theoretically derived that if
 buyers are optimizers there is no price dispersion. This negative result
 motivates the emergence of alternative paths in the literature that
 studies price dispersion. In Burdett and Judd's seminal work, buyers
 follow the sub-optimal fixed sample size search strategy, FSS. These
 authors claim that under this sub-optimal strategy there are, ex ante,
 three points of Nash equilibrium, two of them associated with price
 dispersion and search. This article shows that these two points of
 equilibrium with price dispersion are not empirically relevant because
 they will not be ex post enforced, being unproductive for explaining
 equilibrium price dispersion using the FSS sub-optimal search strategy. 
Journal: Applied Economics Letters 
Pages: 323-324 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221616 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221616&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: T. Mora 
Author-X-Name-First: T. 
Author-X-Name-Last: Mora 
Title: Role of mobility in evolution of disparities: European regions evidence 
Abstract:
  A decomposition of an inequality measure is proposed in order to compute
 the role of mobility in the evolution of disparities between European
 regions. Our results confirm that economic growth when integration process
 succeeds in the European Union have decreased inequality, narrowing gaps
 rather than moving low-income regions ahead of higher-income ones. Also,
 results have revealed the importance of studies about intradistributional
 movements when we pretend to analyse a regional growth process comparison,
 although it is not the more relevant factor in the evolution of
 inequality. 
Journal: Applied Economics Letters 
Pages: 325-328 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221625 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221625&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Katsimi 
Author-X-Name-First: M. 
Author-X-Name-Last: Katsimi 
Title: Inflation divergence in the euro area: the Balassa-Samuelson effect 
Abstract:
  This study estimates the Balassa-Samuelson effect for 7 EU countries.
 According to this effect, inflation differential between the tradable and
 the non-tradable sector can be attributed to unbalanced productivity
 growth between the two sectors. For the euro area this implies that
 countries with higher relative productivity growth in the tradable sector
 will suffer from higher inflation. We test the Balassa-Samuelson effect by
 using cointegration techniques. The empirical analysis supports the
 existence of a Balassa-Samuelson effect for 6 of the sample countries. 
Journal: Applied Economics Letters 
Pages: 329-332 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221634 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221634&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Telatar 
Author-X-Name-First: E. 
Author-X-Name-Last: Telatar 
Author-Name: N. Bolatoglu 
Author-X-Name-First: N. 
Author-X-Name-Last: Bolatoglu 
Author-Name: F. Telatar 
Author-X-Name-First: F. 
Author-X-Name-Last: Telatar 
Title: A new approach on testing the behaviour of the governments towards sustainability of fiscal policy in a small-open and politically instable economy 
Abstract:
  This study extends Bohn's (1998) model to the context of a small-open
 economy suffering from political and economic instabilities. A
 Markov-switching model is developed by incorporating a Bayesian Gibbs
 sampling simulation. The model is estimated for Turkish economy over the
 period of 1980-2001 to analyse the relationship between primary surpluses
 and government total liabilities. The main result of the study is that the
 relationship might be unstable due to the changes in intentions of the
 governments towards sustainability of fiscal policy. 
Journal: Applied Economics Letters 
Pages: 333-336 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221643 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221643&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Gabriel 
Author-X-Name-First: Paul 
Author-X-Name-Last: Gabriel 
Title: Differences in earnings, skills and labour market experience among young black and white men 
Abstract:
  This study examines the role of racial differences in skills and labour
 market experience on recent earnings differences between young black and
 white men. Our analysis of the 2000 sample of the National Longitudinal
 Survey of Youth, 1979 Cohort (NLSY79), indicates that nearly all of the
 earnings gap between black and white men can be accounted for with a
 relatively parsimonious empirical model. In particular, it finds that
 approximately 44% of the racial earnings gap results from higher average
 skill and work experience levels of white men. 
Journal: Applied Economics Letters 
Pages: 337-341 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228150 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228150&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chris Sakellariou 
Author-X-Name-First: Chris 
Author-X-Name-Last: Sakellariou 
Author-Name: Ramin Maysami 
Author-X-Name-First: Ramin 
Author-X-Name-Last: Maysami 
Title: Lucas type external effects of human capital: strong evidence using microdata 
Abstract:
  Past evidence on the existence Lucas type external effects of education
 has been, at best, mixed. This study re-visits a two-stage
 microeconometric approach which allows for the estimation of the external
 effects of human capital on wages (and therefore productivity). Strong
 evidence is found of external effects to education - and in particular,
 years of schooling and job-related training - using microdata from
 Venezuela. 
Journal: Applied Economics Letters 
Pages: 343-346 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228169 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228169&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Cobham 
Author-X-Name-First: David 
Author-X-Name-Last: Cobham 
Author-Name: Peter Macmillan 
Author-X-Name-First: Peter 
Author-X-Name-Last: Macmillan 
Author-Name: David Mcmillan 
Author-X-Name-First: David 
Author-X-Name-Last: Mcmillan 
Title: The inflation/output variability trade-off: further evidence 
Abstract:
  The trade-off between the variability of inflation and that of output is
 estimated for the UK, using several different approaches to obtain the
 output gap, and then for a range of other countries; in all cases the
 trade-off retains the 'sharp turning point' found for the UK and US by
 other authors. 
Journal: Applied Economics Letters 
Pages: 347-350 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228178 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228178&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Title: New Zealand's trade balance: evidence of the J-curve and granger causality 
Abstract:
  This article tests for the existence of any cointegration relationship
 between trade balance and real effective exchange rate (REER), foreign
 income and domestic income for New Zealand during the period 1970-2000. It
 also examines the direction of the casual relationship between the above
 variables, and applies the impulse response analysis to determine whether
 shocks to the REER induce the trade balance to follow a J-curve pattern.
 The results indicate that there is no cointegration relationship between
 the above variables; there is a casual connection in both directions
 between trade balance and foreign income; and New Zealand's trade balance
 exhibits a J-curve pattern when there is a depreciation of the New Zealand
 dollar. 
Journal: Applied Economics Letters 
Pages: 351-354 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228187 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228187&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: I. Tzouramani 
Author-X-Name-First: I. 
Author-X-Name-Last: Tzouramani 
Author-Name: K. Mattas 
Author-X-Name-First: K. 
Author-X-Name-Last: Mattas 
Title: Employing real options methodology in agricultural investments: the case of greenhouse construction 
Abstract:
  The latest developments in investment analysis offer a number of valuable
 insights into how to evaluate investment opportunities encountering the
 weaknesses of net present value criterion. More specifically,
 irreversibility, uncertainty and the choice of timing are conditions that
 net present value does not include but they alter the investment decision
 in a determinant way. By employing contingent claims analysis in tangible
 investments better assessment results can be derived. In this work, an
 attempt is made to modify the NPV criterion by incorporating the real
 options approach, and its application is demonstrated in a greenhouse
 construction investment plan. A discounted cash flow approach indicates
 that the adoption of a new technology project under uncertainty is
 feasible while the real options approach differentiates the results. The
 corollary is that the real options approach can be proved useful when
 assessing projects with uncertainty and irreversibility and it can provide
 a new way of examining agricultural investment decisions. 
Journal: Applied Economics Letters 
Pages: 355-359 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000189550 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000189550&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ana Luisa Abras 
Author-X-Name-First: Ana Luisa 
Author-X-Name-Last: Abras 
Author-Name: Braulio Borges 
Author-X-Name-First: Braulio 
Author-X-Name-Last: Borges 
Author-Name: Rodrigo Sekkel 
Author-X-Name-First: Rodrigo 
Author-X-Name-Last: Sekkel 
Title: Breaking trend, Lagrange multiplier test statistic and the presence of a unit root in the Brazilian gross domestic product 
Abstract:
  Standard unit root tests provided mixed evidence on the stochastic
 behaviour of the Brazilian gross domestic product series. This study uses
 the minimum Lagrange multiplier statistic suggested by Lee and Strazicich
 to test for the presence of a unit root with two endogenously determined
 structural changes. Contrary to previous works utilizing endogenous break
 points, the authors were not able to reject the null of unit root. 
Journal: Applied Economics Letters 
Pages: 361-364 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228196 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228196&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiaohui Liu 
Author-X-Name-First: Xiaohui 
Author-X-Name-Last: Liu 
Author-Name: Chang Shu 
Author-X-Name-First: Chang 
Author-X-Name-Last: Shu 
Title: Consumption and stock markets in Greater China 
Abstract:
  This study investigates the causal links between stock market performance
 and consumption for Greater China using a VECM framework. Bi-directional
 causality between stock prices and consumption is found for Hong Kong and
 Taiwan. This indicates that the previous studies may have overestimated
 the wealth effect of stock markets without taking account of the reverse
 causation from consumption to the stock markets. Only one-way causality
 running from consumption to stock prices has been established for Mainland
 China. 
Journal: Applied Economics Letters 
Pages: 365-368 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228204 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228204&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Burton 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Burton 
Author-Name: Christine Helliar 
Author-X-Name-First: Christine 
Author-X-Name-Last: Helliar 
Author-Name: David Power 
Author-X-Name-First: David 
Author-X-Name-Last: Power 
Title: The benefits and costs of deeply-discounted rights issues - practitioners viewpoints 
Abstract:
  Deeply-discounted rights issues (DDRIs) remain rare on the world's
 largest stock markets, but the costs and benefits of such issues have
 attracted renewed attention in recent years as market regulators search
 for ways of driving down the cost of external fund raising. The relative
 scarcity of DDRIs presents a puzzle to researchers because the rationale
 normally suggested - concern about the diluting effect of a heavily
 discounted rights issue on earnings per share - is easily shown to be
 irrelevant in theory (Patterson and Ursel, Journal of Business Finance and
 Accounting, 20, 115-24, 1993). The present study therefore reports the
 results of a series of discussions with firms, investors and advisers in
 the UK regarding DDRIs and the extent to which concerns about the impact
 on earnings continue to hamper growth in their use. The results suggest
 that firms are fully aware of the potential cost savings associated with
 DDRIs, but concerns about investor reaction to any offer-induced earnings
 dilution continue to mitigate against any significant increase in their
 popularity. 
Journal: Applied Economics Letters 
Pages: 369-372 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228213 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228213&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariacristina Piva 
Author-X-Name-First: Mariacristina 
Author-X-Name-Last: Piva 
Author-Name: Marco Vivarelli 
Author-X-Name-First: Marco 
Author-X-Name-Last: Vivarelli 
Title: Technological change and employment: some micro evidence from Italy 
Abstract:
  Consistently with previous evidence of the microeconomic literature on
 the subject and applying GMM-SYS on a unique Italian panel dataset, this
 study finds a significant - although small in size - positive relationship
 between innovation and employment at the firm's level in the 1990s. 
Journal: Applied Economics Letters 
Pages: 373-376 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228222 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228222&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jin-Long Liu 
Author-X-Name-First: Jin-Long 
Author-X-Name-Last: Liu 
Author-Name: Ching-Chun Hsu 
Author-X-Name-First: Ching-Chun 
Author-X-Name-Last: Hsu 
Title: Economies of scale, gender discrimination, and cost of children 
Abstract:
  New empirical evidence is provided on the measurement of the cost of a
 child with emphasis on the issue of household economies of scale and
 gender bias. Most empirical results suggest the plausible conclusion that
 there are household economies of scale in rearing children. By using the
 utility-based approach with considering the gender discrimination, the
 present results show that there are diseconomies of scale in rearing a
 male child after having any female child within the household. This
 indicates a significant gender bias issue in intra-household allocation in
 Taiwan. 
Journal: Applied Economics Letters 
Pages: 377-382 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228231 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228231&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kohei Daido 
Author-X-Name-First: Kohei 
Author-X-Name-Last: Daido 
Title: Risk-averse agents with peer pressure 
Abstract:
  This article studies the effects of peer pressure on the incentives of
 risk-averse agents. It defines the peer pressure function and then assumes
 that each agent feels peer pressure not only when his effort level is
 below the standard level, but also when it is above that level. It also
 supposes that agents are heterogeneous in terms of their productivity and
 the degree to which they respond to peer pressure. It shows that a
 principal provides incentives that depend on the effects of peer pressure
 and risk-sharing. 
Journal: Applied Economics Letters 
Pages: 383-386 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228240 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228240&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:11:y:2004:i:6:p:383-386




Template-Type: ReDIF-Article 1.0
Author-Name: S. Alexiadis 
Author-X-Name-First: S. 
Author-X-Name-Last: Alexiadis 
Author-Name: J. Tomkins 
Author-X-Name-First: J. 
Author-X-Name-Last: Tomkins 
Title: Convergence clubs in the regions of Greece 
Abstract:
  Although there have been numerous studies on economic convergence, at
 both national and regional levels, the concept of club convergence has
 received far less attention. A convergence club implies the existence of a
 set of economies that in the long run are driven to a common steady-state
 position. This study contributes to the empirical literature on Greek
 regions by testing for the existence of a convergence club over the period
 1970-2000. Time series techniques and two empirical approaches to the
 common convergence point are employed. Results suggest that, while there
 is no uniform pattern across all regions, four central regions follow a
 common convergence path. One important conclusion also to emerge from the
 study is that, in the case of Greece, a measure of average economic
 performance as a proxy for the steady-state convergence point would appear
 to be more appropriate when seeking to identify the members of a
 convergence club. 
Journal: Applied Economics Letters 
Pages: 387-391 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228259 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228259&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bassam Abual-Foul 
Author-X-Name-First: Bassam 
Author-X-Name-Last: Abual-Foul 
Title: Testing the export-led growth hypothesis: evidence from Jordan 
Abstract:
  The purpose of this study is to empirically investigate the export-led
 growth hypothesis in Jordan over the period 1976-1997. The empirical
 results from three bivariate models of VAR-L, VAR-D and ECM indicate a
 unidirectional causation from exports to output. These findings lend
 support to the export-oriented growth strategy pursued by Jordan. In
 promoting faster economic growth, such government institutions as Free
 Zones Corporations, Jordan Investment Board and Jordan Export Development
 Corporation should continue pursuing their mission in attracting foreign
 investments and boosting exports. 
Journal: Applied Economics Letters 
Pages: 393-396 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228268 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228268&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zajac Jaroslav 
Author-X-Name-First: Zajac 
Author-X-Name-Last: Jaroslav 
Title: Uncertainty fluctuations and multi-agent economies with equilibrium 
Abstract:
  This article discusses some issues involved in economies composed of
 dynamically interacting agents, who makes decisions about consumption,
 transformation and exchange of information, and other resources, expand
 their facilities, formulate their strategies in order to achieve specific
 aims, and their strategies are taken in an asynchronous and distributed
 manner. Agents may combine different roles within an economic system
 undergoing rapid technological and structural change in order to find
 adequate approaches to treating non-stationarity and uncertainty, bounded
 rationality of agents, rich variety, and complexity of dynamic
 interrelations between different agents. Internal uncertainty is due to
 the fact that each agent takes decisions without full knowledge about
 states and actions of other agents, and all agents have the flexibility to
 choose different behavioural patterns. Complexity leads to the multitude
 of positive and negative feedbacks in the system. Under different values
 of system parameters, these feedbacks can lead to different equilibria,
 and even to chaotic behaviour. In certain points the system abruptly
 switches between different equilibria with arbitrarily small change of
 itself. The bounded rationality of agents implies that their decisions on
 their actions result from the set of heuristics, which vary according to
 changing of informational patterns, environment and goals. When the agents
 inject money through an open market operation, only those agents that are
 currently trading absorb these injections, and agents must pay a fixed
 cost to transfer money between the asset market and the goods market.
 Money injections are absorbed by active agents, the injections increase
 active agent's current consumption. Open markets operations have been
 thought to have liquidity effects: money injections lead initially to a
 decline in short-term nominal interest rates, in the case of segmented
 asset markets they can produce both two different features, whereas
 persistent injections increase expected inflation, but have no effects on
 real interest rates. However, in dynamic setting and in the case of the
 expected utility maximizing approach, one has to distinguish between
 individual's utility smoothing motive and his risk aversion. The effect of
 tax rate uncertainty on labour supply and savings when the agent both
 works and saves during fluctuations is analysed. 
Journal: Applied Economics Letters 
Pages: 397-400 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228277 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228277&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Author-Name: Hamid Beladi 
Author-X-Name-First: Hamid 
Author-X-Name-Last: Beladi 
Title: On the tradeoff between cultural sensitivity and aggregate size in population control policy 
Abstract:
  Recently, Batabyal proposed an unconventional population control policy
 that is sensitive to the cultural desire for male progeny in many Asian
 nations. Although the proposed policy is culturally sensitive, a potential
 problem with this policy is that the aggregate size of the national
 population that is sought to be controlled may be quite high.
 Consequently, this note addresses the tradeoff between cultural
 sensitivity and aggregate population size. Specifically, the study
 analyses the properties of a modified policy that is desirable not only
 because it is culturally sensitive but also because it caps the aggregate
 size of individual families and thereby the size of the national
 population. 
Journal: Applied Economics Letters 
Pages: 401-404 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000204697 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000204697&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Don Bredin 
Author-X-Name-First: Don 
Author-X-Name-Last: Bredin 
Author-Name: Caroline Gavin 
Author-X-Name-First: Caroline 
Author-X-Name-Last: Gavin 
Author-Name: Gerard O'Reilly 
Author-X-Name-First: Gerard 
Author-X-Name-Last: O'Reilly 
Title: International monetary policy shocks and Irish market rates 
Abstract:
  The influence of international interest rate changes on the Dublin
 interbank money market rates (Dibor) is investigated. Specifically, the
 impact of (un)expected changes in German(Euro) area and US policy rates on
 various Dibor rates between 1991 to 2002 is analysed in an event type
 study. Decomposition of (un)expected changes of policy rates are based on
 future markets and is akin to the method of Kuttner. Overall, results
 suggest that Dibor rates respond positively and significantly to
 unanticipated Euro and US policy rate changes while expected changes have
 an insignificant impact. 
Journal: Applied Economics Letters 
Pages: 409-414 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000204697 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000204697&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. M. Gross 
Author-X-Name-First: D. M. 
Author-X-Name-Last: Gross 
Title: Impact of immigrant workers on a regional labour market 
Abstract:
  This article analyses the ability of a regional labour market to absorb
 growing flows of immigrant workers with declining levels of skills in
 relatively high unemployment times. In the short-run, unemployment
 increases with larger immigration flows, however, in the longer run,
 unemployment is permanently lowered. The level as well as the composition
 of skills of immigrant workers matter. Increasing the discrepancy between
 the skill distribution of immigrants and that of the existing workforce is
 desirable to mitigate some of the adverse effects on unemployment in the
 short run as both types of labour appear to be complement. Strengthening
 the existing screening system for immigrant candidates is then a
 possibility. 
Journal: Applied Economics Letters 
Pages: 405-408 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000248950 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000248950&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Almas Heshmati 
Author-X-Name-First: Almas 
Author-X-Name-Last: Heshmati 
Author-Name: Ilham Haouas 
Author-X-Name-First: Ilham 
Author-X-Name-Last: Haouas 
Title: The effects of union wage-settings on firms' production factor decisions 
Abstract:
  This study is concerned with the development of a theoretical model of
 the interaction between firms and trade union in determining wages and
 employment. In a two-step process the union and firm determine wages and
 capital stock, conditional on which the firm decides on production factors
 of employment, working hours and capital operating time. This paper
 suggests the use of a panel data approach applied to manufacturing data. A
 dynamic model is specified in which the optimal levels of the variables of
 interest and the speed of their adjustments are modelled in terms of
 observable policy variables. 
Journal: Applied Economics Letters 
Pages: 415-420 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000207207 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000207207&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: F. G. Mixon 
Author-X-Name-First: F. G. 
Author-X-Name-Last: Mixon 
Author-Name: L. J. TreviNO 
Author-X-Name-First: L. J. 
Author-X-Name-Last: TreviNO 
Author-Name: T. C. Minto 
Author-X-Name-First: T. C. 
Author-X-Name-Last: Minto 
Title: Touchdowns and test scores: exploring the relationship between athletics and academics 
Abstract:
  This article examines the relationship between college football success
 and SAT scores using an updated data series on football winning
 percentages. The finding here of a positive and significant relationship
 supports the idea that collegiate athletics, namely football, serves the
 institution's admissions process. Selective institutions are able to
 enhance the quality of their student populations. The spinoff benefit of
 winning teams is such a well-known phenomenon among university
 administrators that they even have a name for it - 'the Flutie factor,'
 for the 33 percent increase in applications that Doug Flutie helped bring
 Boston College when he was a football star there in the early 1980s.
 (Allen, 1999: 2) 
Journal: Applied Economics Letters 
Pages: 421-424 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000201906 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000201906&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhongmin Wu 
Author-X-Name-First: Zhongmin 
Author-X-Name-Last: Wu 
Title: Wage curve for urban China: a panel data approach 
Abstract:
  The panel data evidence in this article shows that the wage curve does
 not exist in China when utilizing the provincial unemployment rate.
 However, the wage curve exists when utilizing the provincial youth
 unemployment rate. Youth unemployment data are more reliable in China, as
 they are not distorted by the exclusion of significant numbers of adult
 laid off workers from the more familiar unemployment statistics. It is
 also found that the semi-log function is a good approximation for urban
 wage curve of China. The wage unemployment relationship becomes more
 negative when utilizing fixed effects and random effects models. 
Journal: Applied Economics Letters 
Pages: 425-428 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000189523 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000189523&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: The dynamics of the real exchange rates in Europe: a comparative study across countries using fractional integration 
Abstract:
  The annual structure of the real exchange rates in sixteen European
 countries is examined in this article by means of fractional integration
 techniques. The results show that the highest degree of dependence between
 the observations is obtained for countries Finland or Spain whereas
 Switzerland and the UK present the smallest orders of integration. Thus,
 stronger policy actions are required in the former countries to bring the
 variables back to their original levels. 
Journal: Applied Economics Letters 
Pages: 429-432 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000248969 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000248969&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Patricia Chelley-steeley 
Author-X-Name-First: Patricia 
Author-X-Name-Last: Chelley-steeley 
Author-Name: Antonios Siganos 
Author-X-Name-First: Antonios 
Author-X-Name-Last: Siganos 
Title: Momentum profits and macroeconomic factors 
Abstract:
  This article tests whether macroeconomic variables and market sentiment
 influence the size of momentum profits. It finds that although returns to
 the winner and loser portfolios are influenced by a range of macroeconomic
 and market wide variables; momentum profits are influenced only by the
 scale of portfolio outflows. Thus, when investors are sending their
 capital elsewhere, reduced funds at home, dampen the profitability of the
 momentum trading strategy. It also finds that when the market closes,
 below its opening level in the previous six months, momentum profits are
 higher, which might be a reflection of mean reversion in the market. 
Journal: Applied Economics Letters 
Pages: 433-436 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000191719 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000191719&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Wang 
Author-X-Name-First: J. 
Author-X-Name-Last: Wang 
Author-Name: B. M. Burton 
Author-X-Name-First: B. M. 
Author-X-Name-Last: Burton 
Author-Name: D. M. Power 
Author-X-Name-First: D. M. 
Author-X-Name-Last: Power 
Title: Analysis of the overreaction effect in the Chinese stock market 
Abstract:
  Several recent studies have examined whether the main Chinese stock
 markets in Shanghai and Shenzhen are weak-form efficient. A consistent
 feature of the findings is that the pricing of foreign-owned B shares is
 more predictable than domestically-owned A shares. However, none of the
 earlier investigations examine the overreaction effect, one of the most
 commonly-employed tests of weak-form efficiency in developed stock
 markets. The present study therefore reports the results of such an
 analysis for a sample of more than 300 Chinese shares over a six-year
 period beginning in August 1994. In contrast to earlier evidence, the
 article finds that the overreaction effect is most pronounced in the
 market for A shares, suggesting that the normal impression of greater
 efficiency in the pricing of Chinese-owned equities may be open to further
 challenge and debate. 
Journal: Applied Economics Letters 
Pages: 437-442 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000248978 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000248978&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Evans 
Author-X-Name-First: David 
Author-X-Name-Last: Evans 
Title: The elevated status of the elasticity of marginal utility of consumption 
Abstract:
  The latest UK Treasury guidance on appraisal and evaluation in central
 government raises the status of the elasticity of marginal utility of
 consumption (e). While estimates of e are sensitive to a measurement
 approach, a case is made for placing some emphasis on a method based on
 consumer demand analysis. Alternative demand models are estimated for the
 UK and from the best results an e value of 1.6 emerges. For EU countries
 both this and other methods can be used to measure e. This, for example,
 permits a cross-country comparison of alternative measures of the social
 discount rate on a methodologically consistent basis. 
Journal: Applied Economics Letters 
Pages: 443-447 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000189541 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000189541&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sanjeev Sobhee 
Author-X-Name-First: Sanjeev 
Author-X-Name-Last: Sobhee 
Title: The environmental Kuznets curve (EKC): a logistic curve? 
Abstract:
  This study argues that the environmental Kuznets curve (EKC) can be
 shaped as a logistic curve rather than a mere quadratic equation. Instead
 of being modelled as a polynomial of degree two, the EKC can be
 characterized by a polynomial of degree three. The inverted-U shape
 remains. However, in the proposed specification, what matters, is the rate
 at which total environmental degradation (TED) occurs, that is, marginal
 environmental degradation (MED). When TED is quadratic, MED is linearly
 represented with respect to per capita output. This is considered to be
 inconsistent with real-life situations, and instead a quadratic MED is
 postulated, from which a logistic EKC is derived. Prior to a given income
 threshold, MED rises, attains a maximum at the threshold, and falls
 ultimately beyond it. This formulation of the EKC conforms to the
 probabilistic econometric models usually applied in environmental studies. 
Journal: Applied Economics Letters 
Pages: 449-452 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000207216 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000207216&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. Maris 
Author-X-Name-First: K. 
Author-X-Name-Last: Maris 
Author-Name: G. Pantou 
Author-X-Name-First: G. 
Author-X-Name-Last: Pantou 
Author-Name: K. Nikolopoulos 
Author-X-Name-First: K. 
Author-X-Name-Last: Nikolopoulos 
Author-Name: E. PagourtzI 
Author-X-Name-First: E. 
Author-X-Name-Last: PagourtzI 
Author-Name: V. Assimakopoulos 
Author-X-Name-First: V. 
Author-X-Name-Last: Assimakopoulos 
Title: A study of financial volatility forecasting techniques in the FTSE/ASE 20 index 
Abstract:
  Forecasting financial market volatility is an important task that has
 absorbed the interest of many academics in the late twentieth and early
 twenty-first centuries. This strong interest of the academic world
 reflects the importance of volatility in several financial and business
 activities. Volatility forecast, crucially affects investment choice and
 is the most important parameter affecting prices of market listed options,
 of which trading volume has proliferated in the last years. The purpose of
 this article is to compare various volatility forecasting approaches using
 data on the Greek FTSE/ASE 20 stock index. 
Journal: Applied Economics Letters 
Pages: 453-457 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000189532 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000189532&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Hansen 
Author-X-Name-First: Jan 
Author-X-Name-Last: Hansen 
Author-Name: Carsten Schmidt 
Author-X-Name-First: Carsten 
Author-X-Name-Last: Schmidt 
Author-Name: Martin Strobel 
Author-X-Name-First: Martin 
Author-X-Name-Last: Strobel 
Title: Manipulation in political stock markets - preconditions and evidence 
Abstract:
  Political stock markets (PSM) are sometimes seen as substitutes for
 opinion polls. On the bases of a behavioural model, specific preconditions
 were drawn out under which manipulation in PSM can weaken this argument.
 Evidence for manipulation is reported from the data of two separate PSM
 during the Berlin 1999 state elections. 
Journal: Applied Economics Letters 
Pages: 459-463 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000191700 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000191700&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: William Gruben 
Author-X-Name-First: William 
Author-X-Name-Last: Gruben 
Author-Name: Darryl Mcleod 
Author-X-Name-First: Darryl 
Author-X-Name-Last: Mcleod 
Title: The openness-inflation puzzle revisited 
Abstract:
  Dynamic panel estimates show the negative relation between trade openness
 and inflation found by Romer (Quarterly Journal of Economics, (VIII,
 869-903, 1993) but questioned by Terra (Quarterly Journal of Economics,
 (XIII, 641-48, 1998) became more robust in the 1990s, both among high
 income OECD and developing countries. Trade openness was also associated
 with less variable inflation during the 1990s and had a stronger
 disinflation effect in economies with floating exchange rates. 
Journal: Applied Economics Letters 
Pages: 465-468 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000244477 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000244477&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeffrey Mills 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Mills 
Author-Name: Sourushe Zandvakili 
Author-X-Name-First: Sourushe 
Author-X-Name-Last: Zandvakili 
Title: Analysis of gender-based family income inequality in Canada 
Abstract:
  Using decomposable measures of inequality and applying bootstrapping
 methods in order to draw statistical inference, gender-based earnings
 inequality in conjunction with education and immigration status in Canada
 is investigated. 
Journal: Applied Economics Letters 
Pages: 469-472 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000244486 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000244486&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Title: Meetings and exposure before an arranged marriage: a probabilistic analysis 
Abstract:
  It is now common for parents and relatives of an individual seeking to
 have an arranged marriage to set up one or more meetings between this
 individual and prospective spouses. As a result of these meetings,
 prospective spouses get exposed to this marrying individual. Even though
 this exposure level has a significant bearing on the eventual likelihood
 of marriage, as best as can be told, the economics literature has paid no
 attention to the probabilistic attributes of meetings and the resultant
 level of exposure. As such, this note has three objectives. First, a
 simple stochastic model is analysed that focuses on the links between the
 trinity of meetings, exposure levels, and an arranged marriage. Next, the
 conditional density function of the exposure level random variable is
 derived under two assumptions about the eventual likelihood of marriage.
 Finally, an interesting property of a specific ratio of densities that is
 related to the above mentioned trinity is commented on. 
Journal: Applied Economics Letters 
Pages: 473-476 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000244495 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000244495&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Depken 
Author-X-Name-First: Craig 
Author-X-Name-Last: Depken 
Title: Market structure and ad valorem taxes: cross-country evidence from the magazine industry 
Abstract:
  Using data describing the magazine industries of 23 countries it is shown
 that specific ad valorem taxes on magazines reduce the number of magazines
 published in a country. This result is consistent with previously
 developed theories about the impact of ad valorem taxes on market
 structure. However, limitations on magazine ownership seem to have little
 impact on the number of magazines published, perhaps indicating that
 reduced limitations on cross-media ownership may not have the deleterious
 effects many predict. 
Journal: Applied Economics Letters 
Pages: 477-481 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000244503 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000244503&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hakan Berument 
Author-X-Name-First: Hakan 
Author-X-Name-Last: Berument 
Author-Name: Zubeyir Kilinc 
Author-X-Name-First: Zubeyir 
Author-X-Name-Last: Kilinc 
Title: The effect of foreign income on economic performance of a small-open economy: evidence from Turkey 
Abstract:
  The effect of a shock in the foreign economic performance on the domestic
 economy is an attractive research area. It has consistently been found
 that this effect is non-negligible. However, the countries examined are
 mostly developed countries. In this study, the effects of a shock in
 foreign economy on the economic performance of Turkey are examined. The
 estimates suggest that a positive shock in the foreign economy positively
 affects Turkish output, increases the inflation rate, and appreciates the
 real exchange rate. 
Journal: Applied Economics Letters 
Pages: 483-488 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000244512 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000244512&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Byung In Lim 
Author-X-Name-First: Byung In 
Author-X-Name-Last: Lim 
Author-Name: Jason Shogren 
Author-X-Name-First: Jason 
Author-X-Name-Last: Shogren 
Title: Unilateral delegation and reimbursement systems in an environmental conflict 
Abstract:
  How unilateral delegation by a citizens' group with lower ability than a
 firm affects individual and total effort and the contest favourite under
 the two reimbursement systems are examined. A citizens' group that
 unilaterally hires a delegate to represent them causes the firm to
 increase its effort level so that it always exceeds the group's delegate -
 irrespective of the relative strength of the two parties. In contrast to
 earlier work without either delegation or reimbursement, a citizens' group
 that hires a delegate could now be the contest favourite; although it is
 more likely to occur under the asymmetric reimbursement rule. 
Journal: Applied Economics Letters 
Pages: 489-493 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000207252 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000207252&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Min-Hsien Chiang 
Author-X-Name-First: Min-Hsien 
Author-X-Name-Last: Chiang 
Author-Name: Cheng-Hsiang Wang 
Author-X-Name-First: Cheng-Hsiang 
Author-X-Name-Last: Wang 
Title: Intradaily relationship between information revelation and trading duration under market trends: the evidence of MSCI Taiwan stock index futures 
Abstract:
  This paper investigates the duration dynamics and relationship between
 price volatility and durations under different market trends for the
 Morgan Stanley Taiwan stock index futures traded on the Singapore Exchange
 (SGX). It is found that conditional durations are related to durations and
 conditional expected durations as found in previous studies. The price
 volatility is related to duration related variables. Moreover, the
 intradaily price dynamics will vary according to the size of the
 observation interval, the size of price changes, and the market trend. 
Journal: Applied Economics Letters 
Pages: 495-501 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000244521 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000244521&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephane Mussard 
Author-X-Name-First: Stephane 
Author-X-Name-Last: Mussard 
Title: The bidimensional decomposition of the Gini ratio. A case study: Italy 
Abstract:
  This research is based on the decompositions of the Gini index. The two
 existing procedures of decomposition are connected: subgroup decomposition
 and income source decomposition. This bidimensional decomposition enables
 the computation of some new determinants of inequalities. It is possible
 to reckon the contribution of each source to the within-group and the
 between-group components of the overall inequality. This bidimensional
 decomposition is applied to the Italian consumption in 1989 and 2000. 
Journal: Applied Economics Letters 
Pages: 503-505 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000244530 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000244530&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Elias Mantzouneas 
Author-X-Name-First: Elias 
Author-X-Name-Last: Mantzouneas 
Author-Name: George Mergos 
Author-X-Name-First: George 
Author-X-Name-Last: Mergos 
Author-Name: Chrysostomos Stoforos 
Author-X-Name-First: Chrysostomos 
Author-X-Name-Last: Stoforos 
Title: Modelling food consumption patterns in Greece 
Abstract:
  Modelling consumption patterns is of interest for both theoretical and
 policy reasons. This paper presents a methodology for modelling
 consumption patterns combining a theory-based with a data-based approach
 and it continues with an application to Greek data. The adopted AIDS-ECM
 quantitative methodology aims to estimate the expected trends in
 consumption patterns in Greece following an increase in available income
 over the 2001-2010 period. Three scenarios are examined: the first
 scenario considers the EU projections for private consumption expenditure,
 3% per annum, the second scenario assumes a higher growth of 5% per annum
 and the third scenario a 1% increase. The results of the first stage
 expenditure aggregation show a decrease in the budget share for the food
 group in all scenarios under consideration while the opposite is true for
 'transportation and communication' and 'others'. Finally, the second stage
 expenditure aggregation estimates show an increase in the budget share for
 meat, fruits and vegetables and oils and fats, while the opposite is true
 for bread and cereals and other food. 
Journal: Applied Economics Letters 
Pages: 507-512 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000244549 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000244549&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Heinz Welsch 
Author-X-Name-First: Heinz 
Author-X-Name-Last: Welsch 
Title: Skill intensity and export growth in West German manufacturing 
Abstract:
  This paper examines the relationship between the skill-structure and the
 export performance of 26 West German manufacturing sectors in the second
 half of the 1980s. Using several sets of controls it is found that export
 growth is inversely linked to the high-skill intensity of labour.
 Implications of and possible explanations for this finding are discussed. 
Journal: Applied Economics Letters 
Pages: 513-515 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000244558 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000244558&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Adolfo Maza 
Author-X-Name-First: Adolfo 
Author-X-Name-Last: Maza 
Author-Name: Jose Villaverde 
Author-X-Name-First: Jose 
Author-X-Name-Last: Villaverde 
Title: Regional disparities in the EU: mobility and polarization 
Abstract:
  The aim of this paper is to analyse some relevant aspects of regional
 disparities in the EU. The paper departs from standard analysis of
 convergence by tracking the evolution of the entire distribution, both by
 using nonparametric techniques and spatial econometric techniques. The
 main results confirm that: (a) regional disparities across the EU are
 large and persistent; (b) the ranking among the European regions is very
 stable; (c) there is a noticeable regional income polarization in Europe. 
Journal: Applied Economics Letters 
Pages: 517-522 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000207225 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000207225&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Panagiotis Lazaridis 
Author-X-Name-First: Panagiotis 
Author-X-Name-Last: Lazaridis 
Title: Demand elasticities derived from consistent estimation of Heckman-type models 
Abstract:
  As proved lately, the use of the Inverse Mill's Ratio as a correction
 factor in the second step of Heckman-type models leads to inconsistent
 estimates. One area where this type of model has been extensively used is
 the applied food demand analysis. As a consequence the derived demand
 elasticities are no longer valid. In this paper the appropriate
 expressions for demand elasticities are derived and are applied to 23 food
 items using family budget survey data. 
Journal: Applied Economics Letters 
Pages: 523-527 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000207234 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000207234&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gary Madden 
Author-X-Name-First: Gary 
Author-X-Name-Last: Madden 
Author-Name: Grant Coble-Neal 
Author-X-Name-First: Grant 
Author-X-Name-Last: Coble-Neal 
Author-Name: Scott Savage 
Author-X-Name-First: Scott 
Author-X-Name-Last: Savage 
Title: United States internet penetration 
Abstract:
  United States (US) Department of Commerce data suggests a necessary
 precursor to the success of electronic commerce (e-commerce) is active
 engagement in Internet activities by the population at large. However,
 without empirical assessment it is difficult to determine the relative
 importance of the drivers of Internet access, and ultimately e-commerce
 development. This study provides empirical estimates of the factors that
 impact on Internet access. A statistical model relates US Internet host
 penetration to information processing costs (a proxy for the price of
 Internet access), income, technology change, and the size of the network.
 Model estimates suggest that affordable access to information technology
 and telecommunications, technology change, and the network externality are
 driving rapid Internet take-up. Endogenous Internet growth, generated by
 the network externality, becomes important to e-commerce retailers
 (e-tailers) as their potential market size increases with each additional
 subscriber to the Internet. 
Journal: Applied Economics Letters 
Pages: 529-532 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000218016 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000218016&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Arnade 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Arnade 
Author-Name: Daniel Pick 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Pick 
Author-Name: Mark Gehlhar 
Author-X-Name-First: Mark 
Author-X-Name-Last: Gehlhar 
Title: Locating seasonal cycles in demand models 
Abstract:
  An approach is offered that lets data determine the exact location of
 seasonal cycles. Rather than use deterministic variables that define the
 season, it allows seasonal cycles to be identified and modelled as
 dictated by the data in demand modelling framework. 
Journal: Applied Economics Letters 
Pages: 533-535 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000230724 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000230724&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Title: Cigarette demand in Canada and the US-Canadian cigarette smuggling 
Abstract:
  Using annual data from Canadian provinces, this paper studies the effects
 of a drastic reduction in Canadian cigarette taxes in 1994 on cross-border
 smuggling. The results show that the policy was successful in that the
 border prices seem to not have had a statistically significant impact on
 cigarette sales. The own price elasticity of cigarette demand in Canada is
 estimated to be around -0.7. The elasticity is slightly lower when the
 border-price effects are taken into account and is larger than the
 corresponding estimates for the USA, implying that dollar-for-dollar there
 might be greater opportunities for reducing smoking in Canada through
 higher taxes than the USA. 
Journal: Applied Economics Letters 
Pages: 537-540 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000263043 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000263043&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Costas Karfakis 
Author-X-Name-First: Costas 
Author-X-Name-Last: Karfakis 
Title: Testing the quantity theory of money in Greece: reply to Ozmen 
Abstract:
  Ozmen (Applied Economics Letters, 10, 971-4, 2003) re-examines money
 exogeneity in Greece using data from Karfakis (Applied Economics, 34,
 583-7, 2002) and claims, contrary to Karfakis, that money exogeneity is
 rejected. This reply demonstrates that money exogeneity is sensitive to
 lag length specification. 
Journal: Applied Economics Letters 
Pages: 541-543 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228790 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228790&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ali Ataullah 
Author-X-Name-First: Ali 
Author-X-Name-Last: Ataullah 
Author-Name: Hang Le 
Author-X-Name-First: Hang 
Author-X-Name-Last: Le 
Title: Financial repression and liability of foreignness in developing countries 
Abstract:
  Using non-parametric Data Envelopment Analysis, this paper suggests that
 the era of financial repression in developing countries, by providing
 policy-induced competitive advantages to domestic banks, may create
 liability of foreignness for foreign banks that impeded their resource
 utilization. Implementation of financial liberalization programme, which
 endeavours to create a more market-oriented financial sector, may enable
 foreign banks to overcome the liability of foreignness and enhance their
 resource utilization. 
Journal: Applied Economics Letters 
Pages: 545-549 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000263034 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000263034&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nasri Harb 
Author-X-Name-First: Nasri 
Author-X-Name-Last: Harb 
Title: Money demand function: a heterogeneous panel application 
Abstract:
  An aggregate data panel is constructed for the GCC's six countries and
 the cointegration hypothesis among the variables of the money demand
 function is verified using Pedroni's heterogeneous panel cointegration
 tests. The idiosyncratic, panel and group-mean cointegrating vectors are
 then estimated using FMOLS and a modified version of FMOLS developed by
 Pedroni. The idiosyncratic elasticities have the expected signs in general
 but are significant only in the case of the scale variable. However, when
 the power of the test is increased, and allowance made for heterogeneous
 cointegrating vectors, the group-mean estimator shows a significant
 negative semi-elasticity of money demand with respect to interest rate. 
Journal: Applied Economics Letters 
Pages: 551-555 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000225739 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000225739&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Evans 
Author-X-Name-First: David 
Author-X-Name-Last: Evans 
Author-Name: Haluk Sezer 
Author-X-Name-First: Haluk 
Author-X-Name-Last: Sezer 
Title: Social discount rates for six major countries 
Abstract:
  Social discount rates are estimated for six major economies: Australia,
 France, Germany, Japan, the UK and the USA. A common methodology based on
 social time preference is employed and the information required is taken
 from the same OECD database. The main policy implications of applying
 consistently measured discount rates in the context of social project
 appraisal are then discussed. This is an important matter because, up to
 now, these countries have set their official discount rates using
 strikingly different methods and such disparities may have resulted in
 inconsistent decision-making in relation to the allocation of funds to
 long-term social projects. 
Journal: Applied Economics Letters 
Pages: 557-560 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/135048504200028007 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048504200028007&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ling Jiang 
Author-X-Name-First: Ling 
Author-X-Name-Last: Jiang 
Author-Name: Lu Han 
Author-X-Name-First: Lu 
Author-X-Name-Last: Han 
Author-Name: Daivd Jiang 
Author-X-Name-First: Daivd 
Author-X-Name-Last: Jiang 
Title: Theories of target zones and realignment of RMB (currency of China) exchange rate 
Abstract:
  On the basis of introducing the theory of Target Zones and Exchange Rate,
 this paper tests for the significant to reform Chinese currency Renmingbi
 (RMB) exchange regime, and the possibility to build a target zone. It is
 pointed out that, under the tendency of economic globalization and entered
 WTO, it is necessary and urgent for China to realign and innovate its
 present exchange arrangement; target zones and its exchange rate mechanism
 is feasible for the reality of contemporary global economy and the
 situation of China. The authors analysis how to determine equilibrium of
 exchange rate and border of RMB target zones, and what kind of actions the
 Chinese government should do in such procedure. 
Journal: Applied Economics Letters 
Pages: 561-568 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228808 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228808&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jian Yang 
Author-X-Name-First: Jian 
Author-X-Name-Last: Yang 
Author-Name: David Bessler 
Author-X-Name-First: David 
Author-X-Name-Last: Bessler 
Author-Name: Hung-Gay Fung 
Author-X-Name-First: Hung-Gay 
Author-X-Name-Last: Fung 
Title: The informational role of open interest in futures markets 
Abstract:
  This study examines the long-run information role of open interest in
 futures markets. It is found that open interest of the futures markets for
 storable commodities shares the same long-run information as the futures
 prices, but not for the nonstorable futures markets. Furthermore, the
 futures prices tend to drive open interest for storable commodities in the
 long run, but not the other way around. 
Journal: Applied Economics Letters 
Pages: 569-573 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001692795 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001692795&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anisul Islam 
Author-X-Name-First: Anisul 
Author-X-Name-Last: Islam 
Author-Name: M. Kabir Hassan 
Author-X-Name-First: M. Kabir 
Author-X-Name-Last: Hassan 
Title: An econometric estimation of the aggregate import demand function for Bangladesh: some further results 
Abstract:
  This study empirically estimates some critical parameters of the
 aggregate import demand function for Bangladesh for Bangladesh using
 quarterly time series data and by applying the Johansen-Juselius
 multivariate cointegration technique. Cointegration results indicate that
 the import demand function is dominated by income and relative prices. The
 income elasticity is significantly positive and exceeds unity indicating
 that aggregate imports are to be considered as 'luxury' goods. The effect
 of the relative price variable is significantly negative but its
 elasticity coefficient is less than unity. 
Journal: Applied Economics Letters 
Pages: 575-580 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000217990 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000217990&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wipon Aiew 
Author-X-Name-First: Wipon 
Author-X-Name-Last: Aiew 
Author-Name: Rodolfo Nayga 
Author-X-Name-First: Rodolfo 
Author-X-Name-Last: Nayga 
Author-Name: Richard Woodward 
Author-X-Name-First: Richard 
Author-X-Name-Last: Woodward 
Title: The treatment of income variable in willingness to pay studies 
Abstract:
  This paper evaluates income variable specification and functional form
 issues in contingent-valuation studies using the utility-theoretic
 approach. Applying data from a study of willingness to pay for irradiated
 beef, results suggest that functional form does affect the estimates, but
 variable specification does not introduce statistically significant
 differences. 
Journal: Applied Economics Letters 
Pages: 581-585 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228817 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228817&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sambit Bhattacharyya 
Author-X-Name-First: Sambit 
Author-X-Name-Last: Bhattacharyya 
Title: Deep determinants of economic growth 
Abstract:
  A survey of the recent literature on cross country development reveals
 that there is an agreement on the key role played by institutions in
 explaining variation in the level of income per capita. Rodrik et al.
 (NBER Working Paper No. w8119, February, 2002) goes further to argue the
 primacy of institutions over integration and geography in a level
 accounting framework. The robustness of this result is checked by changing
 the dependent variable from level to growth and find that the same holds
 true. 
Journal: Applied Economics Letters 
Pages: 587-590 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228826 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228826&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Leila Nouira 
Author-X-Name-First: Leila 
Author-X-Name-Last: Nouira 
Author-Name: Ibrahim Ahamada 
Author-X-Name-First: Ibrahim 
Author-X-Name-Last: Ahamada 
Author-Name: Jamel Jouini 
Author-X-Name-First: Jamel 
Author-X-Name-Last: Jouini 
Author-Name: Alain Nurbel 
Author-X-Name-First: Alain 
Author-X-Name-Last: Nurbel 
Title: Long-memory and shifts in the unconditional variance in the exchange rate euro/US dollar returns 
Abstract:
  In this paper two characteristics a priori contradictory and yet
 coexistent in the daily returns of exchange rate euro/US dollar are drawn.
 The non-stationarity of the covariance structure of the series is shown
 and, after the extraction of the unstable variance using the algorithm
 based on the cumulative sums of squares of Inclan and Tiao (Journal of the
 American Statistical Association, 1994, 89(427), 913-23), the existence of
 long-memory in the filtered series. Does the non-stationarity of the
 unconditional variance explain the phenomenon of long-memory? Thus a
 classic debate is found of which the exit does not again elucidate. 
Journal: Applied Economics Letters 
Pages: 591-594 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000230733 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000230733&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kajal Lahiri 
Author-X-Name-First: Kajal 
Author-X-Name-Last: Lahiri 
Author-Name: Wenxiong Yao 
Author-X-Name-First: Wenxiong 
Author-X-Name-Last: Yao 
Title: A dynamic factor model of the coincident indicators for the US transportation sector 
Abstract:
  This paper studies the business cycle features of the transportation
 sector using dynamic factor models. The transportation reference cycles
 peak ahead of the economic cycles, but lag by a few months at troughs. The
 asymmetric relationship between these two suggests the usefulness of
 transportation in monitoring business cycles. 
Journal: Applied Economics Letters 
Pages: 595-600 
Issue: 10 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000271125 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000271125&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Author-Name: I. Paya 
Author-X-Name-First: I. 
Author-X-Name-Last: Paya 
Author-Name: I. Venetis 
Author-X-Name-First: I. 
Author-X-Name-Last: Venetis 
Title: Estimates of US monetary policy rules with allowance for changes in the output gap 
Abstract:
  This article estimates a reduced form Taylor rule for the Pre-Volcker and
 Volcker-Greenspan periods. A novelty is that it follows a suggestion of
 Walsh and includes changes in the output gap as an explanatory variable.
 Either this variable or an interaction term between inflation and changes
 in the output gap are highly significant in both periods. The response to
 inflation and the interaction term are higher in the Volcker-Greenspan
 period of office. 
Journal: Applied Economics Letters 
Pages: 601-605 
Issue: 10 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000227287 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000227287&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dilip Dutta 
Author-X-Name-First: Dilip 
Author-X-Name-Last: Dutta 
Author-Name: Nasiruddin Ahmed 
Author-X-Name-First: Nasiruddin 
Author-X-Name-Last: Ahmed 
Title: An aggregate import demand function for India: a cointegration analysis 
Abstract:
  This paper investigates the behaviour of Indian aggregate imports during
 the period 1971-1995. In the empirical analysis of the aggregate import
 demand function for India, cointegration and error correction modelling
 approaches have been used. In the aggregate import demand function for
 India, import volume is found to be cointegrated with relative import
 price and real GDP. The econometric estimates of the import-demand
 function for India suggest that import-demand is largely explained by real
 GDP, and is generally less sensitive to import price changes. Import
 liberalization is found to have had little impact on import demand. 
Journal: Applied Economics Letters 
Pages: 607-613 
Issue: 10 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350455042000271134 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350455042000271134&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jamie Gascoigne 
Author-X-Name-First: Jamie 
Author-X-Name-Last: Gascoigne 
Author-Name: Paul Turner 
Author-X-Name-First: Paul 
Author-X-Name-Last: Turner 
Title: Asymmetries in Bank of England monetary policy 
Abstract:
  This article estimates limited dependent variable models for Bank of
 England monetary policy using monthly data over the period June 1997-March
 2003. During this period the Bank had operational independence to set the
 interest rate in order to meet the inflation target set by the government.
 The study finds evidence that the Bank has responded to current output
 growth rather than inflation, which is consistent with targeting future
 inflation when there is a lag in the response of inflation to the output
 gap. It also finds evidence of an asymmetry in the sense that the link
 between the interest rate and output growth is stronger when an increase
 in the interest rate is required than when circumstances dictate it should
 be cut. On the other hand there is considerably more inertia for interest
 rate cuts, in the sense that a cut in the rate in one month significantly
 increases the probability of a cut in the next month which is not the case
 for increases. 
Journal: Applied Economics Letters 
Pages: 615-618 
Issue: 10 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000227296 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000227296&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Huber 
Author-X-Name-First: Peter 
Author-X-Name-Last: Huber 
Title: Inter-regional mobility in Europe: a note on the cross-country evidence 
Abstract:
  This paper uses data on 11 EU countries to explain cross-national
 differences in internal migration rates. It is found that 89% of the
 variance in gross migration in current member states can be explained by
 variations in employment protection, international migration, the share of
 ownership occupied housing and the average region size of a country.
 Results concerning net migration rates suggest that although disparities
 in unemployment are important determinants of net migration, so are
 employment protection, long-term unemployment and the share of owner
 occupied housing. 
Journal: Applied Economics Letters 
Pages: 619-624 
Issue: 10 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000235684 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000235684&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Susan Parker 
Author-X-Name-First: Susan 
Author-X-Name-Last: Parker 
Author-Name: Emmanuel Skoufias 
Author-X-Name-First: Emmanuel 
Author-X-Name-Last: Skoufias 
Title: The added worker effect over the business cycle: evidence from urban Mexico 
Abstract:
  This paper investigates whether the added worker effect is an important
 determinant of the increased labour force participation by women and
 whether the magnitude of the added worker effect differs between the peak
 and trough of the business cycle. Use is made of repeated observations
 from spouses in urban Mexico, collected during the Peso crisis
 (1994:4-1995:4) and during the period of economic prosperity
 (1998:4-1999:4). Significant added worker effects are found in both
 periods. The magnitude of the added worker effect during the crisis period
 is found to be twice as large as that observed during the period of
 economic prosperity. 
Journal: Applied Economics Letters 
Pages: 625-630 
Issue: 10 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000235693 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000235693&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Youngjun Kim 
Author-X-Name-First: Youngjun 
Author-X-Name-Last: Kim 
Title: Market structure and technology licensing: evidence from US manufacturing 
Abstract:
  This paper empirically investigates how market structure, including firm-
 and industry-level variables, influences the incentives of companies to
 license out their technology. Empirical analysis is provided with the help
 of a panel data set of observed licensing transactions worldwide involving
 manufacturing companies publicly traded in the USA. The findings show that
 dominant firms with bigger market shares are actively involved in granting
 technology licenses. It was also found that company's prior involvement in
 licensing, the concentration and the market size of its primary industry,
 and the propensity to receive patents (i.e. strength of the intellectual
 property protection) in that industry are important determinants of the
 propensity to transfer technology through licensing agreements. Results
 suggest that transaction costs, strategic considerations, and knowledge
 appropriability weigh in heavily in explaining firms' licensing behaviour. 
Journal: Applied Economics Letters 
Pages: 631-637 
Issue: 10 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000235675 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000235675&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Maddison 
Author-X-Name-First: David 
Author-X-Name-Last: Maddison 
Title: Increasing returns to information and the survival of broadway theatre productions 
Abstract:
  Many similarities exist between films and live theatre. Examination of
 the relationship between the log rank of a Broadway show and the number of
 performances reveals a significant departure from the Pareto distribution.
 This matches findings made for the corresponding relationship between log
 rank and film revenues. Using models of duration it is shown that a
 variety of characteristics, including genre, determine the number of
 performances on Broadway and whether the show is in receipt of prestigious
 awards. These findings are also similar to those for films except for the
 fact that as the duration of a run increases, the hazard rate declines.
 This is consistent with a situation when individuals base decisions on
 which show to attend partially on the observed length of a theatrical run.
 Over time theatrical productions are tending to survive longer in the
 market place and original shows tend to outlast revivals. 
Journal: Applied Economics Letters 
Pages: 639-643 
Issue: 10 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000227304 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000227304&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Haluk Erlat 
Author-X-Name-First: Haluk 
Author-X-Name-Last: Erlat 
Title: Unit roots or nonlinear stationarity in Turkish real exchange rates 
Abstract:
  The objective of this paper is to test if Turkish real exchange rates
 have a linear unit root or are generated by an Exponential Smooth
 Transition Autoregressive Model for the post-1980 period. Using two real
 exchange rates, one with the USA and the other with Germany, strong
 evidence of nonlinear stationarity was found for the US CPI-based series
 but no such evidence for the DM CPI-based series. When compared with
 earlier results in a previous paper where the alternative of the linear
 unit root test was stationarity with multiple shifts in the deterministic
 terms, it was found that similar results were obtained for the US
 CPI-based series but not for the DM CPI-based one, possibly implying that
 the multiple shifts approach may be more appropriate for the Turkish
 series. 
Journal: Applied Economics Letters 
Pages: 645-650 
Issue: 10 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000238870 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000238870&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. Jurajda 
Author-X-Name-First: S. 
Author-X-Name-Last: Jurajda 
Title: Recalls and unemployment insurance taxes 
Abstract:
  The US unemployment insurance (UI) system draws its funds from a payroll
 tax on employers. The tax rate varies directly with an employer's layoff
 history. There exists extensive evidence on the effect of this so-called
 experience rated tax on layoff decisions. However, since firms are
 typically liable for each dollar of regular UI benefits paid to laid off
 former employees, experience rating may also affect recall behaviour. This
 note therefore measures the effect of the UI financing system on the
 duration of unemployment. This article finds some evidence that higher
 layoff tax costs shorten the duration of recall unemployment. 
Journal: Applied Economics Letters 
Pages: 651-656 
Issue: 10 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000238861 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000238861&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rolf Fare 
Author-X-Name-First: Rolf 
Author-X-Name-Last: Fare 
Author-Name: Shawna Grosskopf 
Author-X-Name-First: Shawna 
Author-X-Name-Last: Grosskopf 
Author-Name: Valentin Zelenyuk 
Author-X-Name-First: Valentin 
Author-X-Name-Last: Zelenyuk 
Title: Aggregation bias and its bounds in measuring technical efficiency 
Abstract:
  The discussion about the bias due to input (or output) aggregation in
 efficiency measurement based on data envelopment analysis, recently
 revisited by Tauer (2001) and Fare and Zelenyuk (2002) is continued.
 Attention is focused on the direction and the bounds of the aggregation
 bias. 
Journal: Applied Economics Letters 
Pages: 657-660 
Issue: 10 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000207243 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000207243&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyun Jin 
Author-X-Name-First: Hyun 
Author-X-Name-Last: Jin 
Author-Name: Darren Frechette 
Author-X-Name-First: Darren 
Author-X-Name-Last: Frechette 
Title: A new t-test for the R/S analysis and long memory in agricultural commodity prices 
Abstract:
  This article tests for long memory in daily and weekly agricultural cash
 price returns, using the modified rescaled range (R/S) test. A new
 corrected t-test is constructed for the R/S test to measure statistical
 significance properly. Empirical results indicate evidence of long memory
 in more than half of the agricultural commodities analysed. However, the
 values of estimated H statistics are less than 0.6, indicating relatively
 weak memory. The corrected t-test reduces type-I error for H statistics on
 the persistent long memory side and increases the power of the test for H
 statistics on the anti-persistent side. 
Journal: Applied Economics Letters 
Pages: 661-667 
Issue: 11 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000240093 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000240093&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Manez 
Author-X-Name-First: Juan 
Author-X-Name-Last: Manez 
Author-Name: Maria Rochina 
Author-X-Name-First: Maria 
Author-X-Name-Last: Rochina 
Author-Name: Juan Sanchis 
Author-X-Name-First: Juan 
Author-X-Name-Last: Sanchis 
Title: The decision to export: a panel data analysis for Spanish manufacturing 
Abstract:
  This paper aims to empirically analyse the determinants of the decision
 to export using a sample of Spanish manufacturing firms during the 1990s.
 The data are drawn from the Encuesta sobre Estrategias Empresariales. A
 panel data probit model is used that is estimated using maximum-likelihood
 techniques. The results show that regional and local spillovers and firm
 characteristics such as age, size, productivity, corporation, foreign
 ownership, R&D and advertising intensity, have a positive and significant
 influence on the probability of exporting. Furthermore, public sector
 oriented sales have a significant and negative impact. 
Journal: Applied Economics Letters 
Pages: 669-673 
Issue: 11 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000236601 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000236601&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gabe de Bondt 
Author-X-Name-First: Gabe 
Author-X-Name-Last: de Bondt 
Author-Name: Jung-Duk Lichtenberger 
Author-X-Name-First: Jung-Duk 
Author-X-Name-Last: Lichtenberger 
Title: Empirical estimates of the impact of the euro on the corporate bond market in the euro area 
Abstract:
  Empirical estimates of an error-correction model, nested in a partial
 adjustment framework, show that the euro had a temporary impact, via
 mergers and acquisitions activity, on corporate bond issuance in the euro
 area. In addition, a permanent effect is found for corporate bonds issued
 by non-monetary financial corporations. For the first five years of the
 single currency, these effects are estimated to have been up to 2&#xbd;
 and around 5&#xbd; percentage points, respectively, of the annual bond
 market growth. Other significant determinants of corporate bond issuance
 are economic activity, the cost of bond issuance relative to other sources
 of external finance and mergers and acquisitions. 
Journal: Applied Economics Letters 
Pages: 675-678 
Issue: 11 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000236520 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000236520&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ming-Yuan Leon Li 
Author-X-Name-First: Ming-Yuan Leon 
Author-X-Name-Last: Li 
Author-Name: Hsiou-wei William Lin 
Author-X-Name-First: Hsiou-wei William 
Author-X-Name-Last: Lin 
Title: Estimating value-at-risk via Markov switching ARCH models - an empirical study on stock index returns 
Abstract:
  This paper estimates the Value-at-Risk (VaR) on returns of stock market
 indexes including Dow Jones, Nikkei, Frankfurt Commerzbank index, and FTSE
 via Markov Switching ARCH (SWARCH) models. It is conjectured that
 structural changes contribute to non-normality in stock return
 distributions. SWARCH models, which admit parameters based on various
 states to control structural changes in the estimating periods, may thus
 help mitigate kurtosis, tail-fatness and skewness problems in estimating
 VaR. Significant kurtosis and skewness in return distributions of Dow
 Jones, Nikkei, FCI and FTSE and significant tail-fatness (tail-thinness)
 in the 1% (5%) region critical probability are documented. Moreover, it is
 shown that the more generalized SWARCH outshines both ARCH and GARCH in
 capturing non-normalities with respect to both in- and out-sample VaR
 violation rate tests. 
Journal: Applied Economics Letters 
Pages: 679-691 
Issue: 11 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000236539 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000236539&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carmen Alvarez-Albelo 
Author-X-Name-First: Carmen 
Author-X-Name-Last: Alvarez-Albelo 
Title: Endogenous versus exogenous efficiency units of labour for the quantitative study of social security: two examples 
Abstract:
  This paper explores the role of endogenous versus exogenous efficiency
 units of labour for the quantitative evaluation of the impact of
 pay-as-you-go Social Security on labour supply. Pension response to a
 population growth rate change is also studied. Two dynamic general
 equilibrium models are used: one with human capital accumulation through
 learning-by-doing, and a second with exogenous efficiency units of labour.
 The main differences in the results are the following: (a) the shift in
 the working time-age profile induced by the elimination of Social Security
 considerably differs in both models. The increase in average hours worked
 is 4% higher under human capital accumulation than in the alternative
 model; and (b) the pension falls by a similar percentage in both models
 when the population growth rate is set to zero. This occurs because the
 capital-labour ratio changes less under learning-by-doing than with
 exogenous efficiency units of labour. 
Journal: Applied Economics Letters 
Pages: 693-697 
Issue: 11 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000236548 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000236548&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chien-Hsun Chen 
Author-X-Name-First: Chien-Hsun 
Author-X-Name-Last: Chen 
Title: Fiscal decentralization, collusion and government size in China's transitional economy 
Abstract:
  This paper examines the public sector in China's transitional economy,
 with the aim of testing the validity of a variety of hypotheses, namely
 the Brennan and Buchanan (1980, The Power to Tax: Analytical Foundations
 of a Fiscal Constitution, CUP, Cambridge); Oates-Wallis (1985, American
 Economic Review, 75(4) 748-57) version of the decentralization hypothesis
 and the Brennan and Buchanan collusion hypothesis, on the impact of fiscal
 decentralization at the provincial level. Pooled cross-section (province)
 and time-series data are employed with the period under consideration
 being 1986-1998. An error components technique is also used for the
 empirical testing. The empirical results provide evidence to support both
 the Oates-Wallis hypothesis and the collusion hypothesis that an increase
 in fiscal decentralization leads to a higher level of provincial
 government expenditure. The study also finds that the central and
 provincial governments are provided with an incentive to form collusive
 agreements through extra-budgetary funds. 
Journal: Applied Economics Letters 
Pages: 699-705 
Issue: 11 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000236557 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000236557&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Author-Name: Russell Smyth 
Author-X-Name-First: Russell 
Author-X-Name-Last: Smyth 
Title: Is South Korea's stock market efficient? 
Abstract:
  This letter applies the Zivot and Andrews (Journal of Business and
 Economic Statistics, 10, 251-70, 1992) one break and the Lumsdaine and
 Papell (Review of Economic and Statistics, 79, 212-8, 1997) two break unit
 root tests to examine the random walk hypothesis for stock prices in South
 Korea. The results provide strong evidence that stock prices in South
 Korea are characterized by a unit root, which is consistent with the
 efficient market hypothesis. 
Journal: Applied Economics Letters 
Pages: 707-710 
Issue: 11 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000236566 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000236566&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: Public R&D expenditure and private R&D expenditure: a causality analysis 
Abstract:
  This paper examines the long-run and short-run causality issues between
 public R&D expenditure and private R&D expenditure in Korea by using the
 cointegration and error-correction models. The overall results show that
 there exists bidirectional causality between public R&D expenditure and
 private R&D expenditure. This means that increasing public R&D expenditure
 has a direct effect on private R&D expenditure and vice versa. 
Journal: Applied Economics Letters 
Pages: 711-714 
Issue: 11 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000236575 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000236575&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Agustin Garcia 
Author-X-Name-First: Agustin 
Author-X-Name-Last: Garcia 
Author-Name: Julian Ramajo 
Author-X-Name-First: Julian 
Author-X-Name-Last: Ramajo 
Title: Budget deficit and interest rates: empirical evidence for Spain 
Abstract:
  Evidence, whether international or national, of the significance of the
 links between budget deficits and interest rates, is in general terms
 inconclusive. The aim of the present work is to contribute new findings
 for the Spanish economy using annual data for the period 1964-2000. It is
 found that budget deficits did not appear to raise long-run nominal
 interest rates during our sample period. 
Journal: Applied Economics Letters 
Pages: 715-718 
Issue: 11 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000236593 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000236593&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hildegart Ahumada 
Author-X-Name-First: Hildegart 
Author-X-Name-Last: Ahumada 
Author-Name: Maria Lorena Garegnani 
Author-X-Name-First: Maria Lorena 
Author-X-Name-Last: Garegnani 
Title: An estimation of deep parameters describing Argentine consumer behaviour 
Abstract:
  This paper investigates the microfoundation of consumer decisions in
 Argentina (1980:1-2001:3). Structural parameters are estimated following
 the Euler Equation-GMM approach. Attention is focused on parameter
 instability, an empirical difficulty for applying this method often
 pointed out in the literature. The rates of return on assets are
 approximated by the real interest rate and the rate of growth of real
 exchange rate as they have been considered as the main variables
 explaining variations of Argentine 'wealth'. The results show that
 parameter estimates have the expected values and the correct signs.
 Overidentifying restrictions are tested and the null hypothesis of
 validity of instruments is not rejected. Estimates are also robust for
 different specifications of the weighting matrix. However, parameter
 constancy is jointly rejected. Recursive estimates show that the risk
 aversion coefficient appears as more unstable than the impatience
 parameter, which is also the less uncertain within sample. Observed
 changes in estimates seem to be an expected response to different
 macroeconomic frameworks. 
Journal: Applied Economics Letters 
Pages: 719-723 
Issue: 11 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000240084 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000240084&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Author-Name: Jared Loftus 
Author-X-Name-First: Jared 
Author-X-Name-Last: Loftus 
Author-Name: Windy Keenel 
Author-X-Name-First: Windy 
Author-X-Name-Last: Keenel 
Title: The decay of norms and the production of social order: conceptual and empirical models 
Abstract:
  This note explores the decay of social norms using a model of the
 production of social order in the context of 'rules' employed by
 cities/municipalities to 'govern' activities during Halloween. The
 empirical results suggest that population homogeneity, the upper class'
 scope for 'purchasing' norm conformity from middle and lower classes, the
 abundance of social capital and the cohesiveness of family units are all
 important determinants of the likelihood that a city or locale will employ
 formal order-producing mechanisms during the Halloween period. The results
 are supportive of the seminal work on norms by Becker (1996) and others. 
Journal: Applied Economics Letters 
Pages: 725-730 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000249797 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000249797&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Todd Idson 
Author-X-Name-First: Todd 
Author-X-Name-Last: Idson 
Author-Name: Leo Kahane 
Author-X-Name-First: Leo 
Author-X-Name-Last: Kahane 
Title: Teammate effects on pay 
Abstract:
  This paper explores the question of whether a worker's pay is affected by
 the attributes of co-workers. Using data from the NBA on players who have
 switched teams, it is found that teammate attributes do influence an
 individual's pay. Comparisons to the NHL suggest that differential
 co-worker effects reflect the nature of complementarity in different
 production environments. 
Journal: Applied Economics Letters 
Pages: 731-733 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254872 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254872&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vijay Gondhalekar 
Author-X-Name-First: Vijay 
Author-X-Name-Last: Gondhalekar 
Author-Name: R. Raymond Sant 
Author-X-Name-First: R. Raymond 
Author-X-Name-Last: Sant 
Author-Name: Stephen Ferris 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Ferris 
Title: The price of corporate acquisition: determinants of cash takeover premia 
Abstract:
  A sample of cash-only acquisitions of Nasdaq targets during 1973-1999 is
 examined. It is found that the mean (median) percentage premia declines
 from 74% (65%) during the 1970s to 47% (42%) in the 1990s. Consistent with
 recent research on the value reduction associated with diversification, it
 is observed that acquirers generally will not pay higher prices to acquire
 firms operating in different industries. It is found that over-invested
 firms pursue acquisitions more aggressively by paying higher premia while
 under-invested firms pay less, on average. Finally, the evidence suggests
 that agency rather than synergistic or hubris effects influence the level
 of merger premia. 
Journal: Applied Economics Letters 
Pages: 735-739 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254601 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254601&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Kakes 
Author-X-Name-First: Jan 
Author-X-Name-Last: Kakes 
Author-Name: Jan Willem Van Den End 
Author-X-Name-First: Jan Willem Van Den 
Author-X-Name-Last: End 
Title: Do stock prices affect house prices? Evidence for the Netherlands 
Abstract:
  The relationship between stock prices and house prices is investigated by
 comparing different segments of the Dutch housing market. This connection
 is strongest for the most expensive segment, and is also related to
 homeowners' stock market exposure. These findings support the idea that
 equity is a determinant of house prices. 
Journal: Applied Economics Letters 
Pages: 741-744 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254863 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254863&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Petri Bockerman 
Author-X-Name-First: Petri 
Author-X-Name-Last: Bockerman 
Title: Does labour market reorganization reduce unemployment? 
Abstract:
  This study addresses the connection between reorganization and
 unemployment in the labour market. Reorganization of regional labour
 markets measured by simultaneous gross migration flows lowers the
 unemployment rate, based on evidence from a panel of Finnish regions.
 However, reorganization is shown to be unrelated to long-term
 unemployment. 
Journal: Applied Economics Letters 
Pages: 745-748 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254610 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254610&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nikolaos Veraros 
Author-X-Name-First: Nikolaos 
Author-X-Name-Last: Veraros 
Author-Name: Evangelia Kasimati 
Author-X-Name-First: Evangelia 
Author-X-Name-Last: Kasimati 
Author-Name: Peter Dawson 
Author-X-Name-First: Peter 
Author-X-Name-Last: Dawson 
Title: The 2004 Olympic Games announcement and its effect on the Athens and Milan stock exchanges 
Abstract:
  Through an event study methodology, the effect of the nomination of
 Athens as the hosting city for the Olympics of 2004 on the stock exchanges
 of Greece (winner) and Italy (loser), the two primary candidates for the
 Games is examined. Academic literature suggests that sporting mega events
 have a positive contribution to the host area economy. This implies that
 the stock exchange should react positively to the announcement of such
 events. Berman et al. (2000), in a similar study on the announcement of
 the Sydney 2000 Olympics, found no significant effect on the overall
 market and only limited effect on infrastructure-related companies based
 in the specific area hosting the Games. This study reveals a significantly
 positive effect on the Athens Stock Exchange (ASE) as a whole, as well as
 on infrastructure-related industries. No significant effect was identified
 on the Milan Stock Exchange (MSE). The differences in the impact of the
 announcement to economy size differences between the two countries and to
 the assessment is attributed to the fact that due to the highly
 competitive nature of the bidding process the financial markets assign
 higher probability to losing instead of winning. 
Journal: Applied Economics Letters 
Pages: 749-753 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254584 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254584&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan Wang 
Author-X-Name-First: Alan 
Author-X-Name-Last: Wang 
Author-Name: Sheng-Yung Yang 
Author-X-Name-First: Sheng-Yung 
Author-X-Name-Last: Yang 
Title: Foreign exchange risk, world diversification and Taiwanese ADRs 
Abstract:
  This study tries to answer the following question: Should the US
 investors purchase American depository receipts (ADRs) issued by Taiwanese
 multinationals? The conditional international asset pricing model of Dumas
 and Solnik (Journal of Finance, 50, 445-79, 1995) is applied to price
 these Taiwanese American depository receipts (ADRs). Empirical results
 show that foreign exchange risk is priced in Taiwanese ADRs. Moreover,
 Taiwanese ADRs are shown to help US investors diversify their portfolios
 globally. These findings suggest that Taiwanese ADRs are valid investment
 tools for US investors who seek international diversifications. 
Journal: Applied Economics Letters 
Pages: 755-758 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254629 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254629&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Elmer Sterken 
Author-X-Name-First: Elmer 
Author-X-Name-Last: Sterken 
Title: Demand for money and shortages in Ethiopia 
Abstract:
  The paper discusses the long-run monetary conditions in Ethiopia in the
 last three decades. These decades can be characterized by large political
 changes, leading to shocks on income and population growth, and two
 serious periods of drought. Both affected inflation and real demand for M1
 through shortages of food. Shortage due to drops in rainfall might have
 long-run monetary consequences. Despite regime shifts we find support for
 stability of Ethiopian narrow money demand. 
Journal: Applied Economics Letters 
Pages: 759-769 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000245511 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000245511&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cheolbeom Park 
Author-X-Name-First: Cheolbeom 
Author-X-Name-Last: Park 
Author-Name: Pei Fang Lim 
Author-X-Name-First: Pei Fang 
Author-X-Name-Last: Lim 
Title: Excess sensitivity of consumption, liquidity constraints, and mandatory saving 
Abstract:
  Using Singapore mandatory saving system, it is examined whether liquidity
 constraint is a major reason for the excess-sensitivity of consumption to
 predictable income growth. Although the mandatory saving rate for
 employees could be a good measure for the financial condition of a
 liquidity-constrained consumer, it is found, through the nonlinear
 instrumental variable estimation, that consumption growth is not sensitive
 to changes in the mandatory saving rate for employees. This finding
 suggests that liquidity constraints would not be a major reason for the
 excess-sensitivity puzzle. 
Journal: Applied Economics Letters 
Pages: 771-774 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000240101 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000240101&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuck Cheong Tang 
Author-X-Name-First: Tuck Cheong 
Author-X-Name-Last: Tang 
Title: Does financial variable(s) explain the Japanese aggregate import demand? A cointegration analysis 
Abstract:
  This study is an extension of the study by Tang (Japan and the World
 Economy, 15, 419-36, 2003b), which has documented no long-run equilibrium
 relationship among the Japanese aggregate imports, real income and
 relative price of imports. This finding, however, is probably due to the
 bias of variable(s) omission. To fill this gap, financial variable(s) has
 been empirically incorporated into the Japan's import demand analysis.
 Using a cointegration approach, this study has provided empirical support
 for the inclusion of financial variable(s) into the Japanese aggregate
 import demand function. This is an important finding from the viewpoint of
 policymakers upon the implications of momentary policies on the Japanese
 trade balance. 
Journal: Applied Economics Letters 
Pages: 775-780 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000236584 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000236584&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Aaron Smallwood 
Author-X-Name-First: Aaron 
Author-X-Name-Last: Smallwood 
Author-Name: Stefan Norrbin 
Author-X-Name-First: Stefan 
Author-X-Name-Last: Norrbin 
Title: Estimating cointegrating vectors using near unit root variables 
Abstract:
  This paper argues that the predominant method of estimating equilibrium
 relationships in macroeconometric models, namely the VECM system of
 Johansen, is severely flawed if the underlying variables are distributed
 as near unit root processes. Researchers may apply cointegration
 techniques to these processes, as the power of rejecting near unit roots
 using standard unit root tests is extremely low. Using Monte Carlo
 analysis, problematic behaviour of cointegration analysis is found in
 detecting the true underlying form of the connection between the near unit
 root processes. Furthermore the connecting vector is imprecisely
 estimated, resulting in problematic inference for error correction models. 
Journal: Applied Economics Letters 
Pages: 781-784 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000245520 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000245520&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alfredo Pereira 
Author-X-Name-First: Alfredo 
Author-X-Name-Last: Pereira 
Author-Name: Jorge Andraz 
Author-X-Name-First: Jorge 
Author-X-Name-Last: Andraz 
Title: Public highway spending and state spillovers in the USA 
Abstract:
  The empirical results reported in this paper suggest that only about 20%
 of the aggregate effects of public investment in highways in the US are
 captured by the direct effects on each state output of public investment
 in the state itself. The remaining 80% correspond to the spillover effects
 from public investment in highways in other states. This result may
 provide an answer to the paradox in the literature that the findings of
 large effects at the aggregate level have not been matched at the regional
 level. This is because regional analysis has typically ignored the
 possible existence of spillover effects. 
Journal: Applied Economics Letters 
Pages: 785-788 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254593 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254593&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yasuhide Tanaka 
Author-X-Name-First: Yasuhide 
Author-X-Name-Last: Tanaka 
Title: On the equity aspect of the 'quasi-market' in educational services: the case of the North-West region in England 
Abstract:
  This paper considers the equity aspect of the educational reform in
 English secondary education. By using data from the School Performance
 Tables in the North West region of England, two indices of equity
 measurement, the 'dissimilarity index' and the Gini coefficient, are
 calculated. From the results, it is found out that the disparity between
 schools in the region has not been a serious problem so far. 
Journal: Applied Economics Letters 
Pages: 789-791 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000258292 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000258292&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eric Neumayer 
Author-X-Name-First: Eric 
Author-X-Name-Last: Neumayer 
Title: The super-rich in global perspective: a quantitative analysis of the Forbes list of billionaires 
Abstract:
  Why are there more super-rich people in some countries than in others?
 Extra-ordinary wealth is often regarded with envy and might raise the
 suspicion that it can only be accumulated with the help of a minimalist
 state that does not concern itself with the plight of the many. This
 raises the issue whether a high number of billionaires can co-exist with a
 high-taxing, interventionist, social and welfare spending government?
 These two questions are at the heart of this paper's analysis. To answer
 them a quantitative analysis of the global Forbes list of billionaires is
 undertaken. 
Journal: Applied Economics Letters 
Pages: 793-796 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000258283 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000258283&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ivan Paya 
Author-X-Name-First: Ivan 
Author-X-Name-Last: Paya 
Author-Name: Kent Matthews 
Author-X-Name-First: Kent 
Author-X-Name-Last: Matthews 
Title: Term spread and real economic activity in Korea: was the crisis predictable? 
Abstract:
  This paper has three objectives. First, it examines the link between the
 term spread (difference between long-term and short-term rate of interest)
 and GDP growth in the Korean economy for the period 1980-1999. Second, it
 tests for the independent information content of the term spread by
 including current and expected monetary policy indicators. Third, it
 explores the usefulness of the spread as a leading indicator of recessions
 and poses the question, was the crisis of 1997-1998 predictable? 
Journal: Applied Economics Letters 
Pages: 797-801 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254908 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254908&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Evans 
Author-X-Name-First: David 
Author-X-Name-Last: Evans 
Title: A social discount rate for France 
Abstract:
  Each of the member countries of the European Union should, ideally,
 employ the same approach to measuring a discount rate for application in
 the appraisal of social projects. This, however, is far from the case! The
 German rate is based on financial market data, the British measure
 reflects social time preference and the French rate is usually based on
 the marginal product of capital. While the German and British rates are
 similar in value, the French rate of 8% is over twice as high! In this
 paper, a discount rate based on social time preference is estimated for
 France and the policy implications of the result are then considered. The
 main finding is that the real rate of discount would fall to less than
 half its current level. 
Journal: Applied Economics Letters 
Pages: 803-808 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254638 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254638&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitris Christopoulos 
Author-X-Name-First: Dimitris 
Author-X-Name-Last: Christopoulos 
Title: Currency devaluation and output growth: new evidence from panel data analysis 
Abstract:
  Using panel data unit root tests and panel cointegration tests including
 Johansen maximum likelihood cointegration tests, as well as estimation
 techniques appropriate for heterogeneous panels such as fully modified
 OLS, this study examines the effect of currency devaluation on output
 expansion in a sample of eleven Asian countries over the period 1968-1999.
 The results suggest that, in the long run, output growth is affected by
 currency devaluation in the majority of countries under examination and in
 the panel as a whole. This finding stands at variance with other recent
 studies, which concluded that devaluation does not exert any important
 influence on aggregate output. 
Journal: Applied Economics Letters 
Pages: 809-813 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254647 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254647&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sunday Osaretin Iyare 
Author-X-Name-First: Sunday Osaretin 
Author-X-Name-Last: Iyare 
Author-Name: Troy Lorde 
Author-X-Name-First: Troy 
Author-X-Name-Last: Lorde 
Title: Co-integration, causality and Wagner's law: tests for selected Caribbean countries 
Abstract:
  In this paper, six versions of Wagner's Law were empirically tested
 employing aggregate annual time-series data on nine Caribbean countries.
 The results indicate that a long-run equilibrium relationship between
 income and government expenditure does not exist for the countries
 studied, with the exceptions of Grenada, Guyana and Jamaica for a
 particular formulation of Wagner's Law. However, the direction of
 causality runs from income to government expenditure only for Guyana,
 while for the other two, the causality runs in the other direction.
 Results for short-run causality are mixed, but the predominant causal
 relationship appears to run from income to government expenditure. In
 light of the empirical results in this paper, one may tentatively conclude
 that Wagner's Law finds broad support in these islands. These results run
 counter to what has been previously reported for a subset of the islands
 studied in this paper. 
Journal: Applied Economics Letters 
Pages: 815-825 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254881 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254881&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Guillaume Sahuc 
Author-X-Name-First: Jean-Guillaume 
Author-X-Name-Last: Sahuc 
Title: Partial indexation and inflation dynamics: what do the data say? 
Abstract:
  New evidence is provided on the fit of the hybrid Phillips curve based on
 indexation of prices to lagged inflation and trend inflation for the Euro
 area and the USA over the period 1970-2002. The GMM-West estimates suggest
 that (i) a full indexation scheme is not data consistent whereas a partial
 indexation scheme allows a good fit and (ii) forgetting trend inflation
 induces overestimating by approximately 3-4% of the probability to not
 change the price, for reasonable values of trend inflation. 
Journal: Applied Economics Letters 
Pages: 827-832 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000261306 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000261306&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Fernandez De Guevara 
Author-X-Name-First: Juan Fernandez 
Author-X-Name-Last: De Guevara 
Author-Name: Joaquin Maudos 
Author-X-Name-First: Joaquin 
Author-X-Name-Last: Maudos 
Title: Measuring welfare loss of market power: an application to European banks 
Abstract:
  From a model of imperfect competition among banking firms, this study
 derives an analytical expression that allows empirical quantification of
 the welfare loss associated with imperfect competition. Its application to
 the specific case of the European banking system shows that in spite of
 the process of deregulation, market power increased during the 1990s in 10
 out of the 15 countries of the EU. The welfare loss associated with market
 power represents close to 2.5% of EU GDP. 
Journal: Applied Economics Letters 
Pages: 833-836 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000263908 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000263908&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Claudio Morana 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Morana 
Title: Frequency domain principal components estimation of fractionally cointegrated processes 
Abstract:
  This study introduces a new frequency domain principal components
 estimator of the cointegration space and the loading matrix for the common
 factors for fractionally cointegrated long memory processes. A Monte Carlo
 simulation exercise reveals that the proposed estimator has already good
 properties with relatively small sample sizes. 
Journal: Applied Economics Letters 
Pages: 837-842 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000261298 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000261298&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Llop 
Author-X-Name-First: Maria 
Author-X-Name-Last: Llop 
Author-Name: Antonio Manresa 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Manresa 
Title: The general equilibrium effects of social security contributions under alternative incidence assumptions 
Abstract:
  This study deals with the economic effects of a firm's social security
 taxes in the Catalan economy, using an applied general equilibrium model.
 A novel aspect of the analysis is that it hypothesizes about the incidence
 of firm's contributions on both employers and employees. The results of a
 reduction in firm's social security taxation are sensitive to the
 incidence assumption. In particular, the study shows that the effects on
 regional unemployment, income distribution and relative prices of factors
 depend considerably on the incidence hypothesis assumed. 
Journal: Applied Economics Letters 
Pages: 847-850 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000258265 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000258265&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fernando Merino 
Author-X-Name-First: Fernando 
Author-X-Name-Last: Merino 
Title: Firms' productivity and internationalization: a statistical dominance test 
Abstract:
  The literature on firm's internationalization establishes a direct
 relationship between productivity and foreign activities. This paper
 extends the usual tests on this relationship in two areas: first, it
 distinguishes the main stages in the internationalization process
 (multinationals and exporters); second, as tests of difference of means
 may be insufficient, statistical dominance tests of the productivity
 distribution have been formulated. 
Journal: Applied Economics Letters 
Pages: 851-854 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254890 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254890&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Irvin Tucker 
Author-X-Name-First: Irvin 
Author-X-Name-Last: Tucker 
Title: Pigskins and publications revisited 
Abstract:
  Using a sample of US universities, Shugart et al. (Atlantic Economic
 Journal, 14, pp. 45-50, 1986) reported a regression model estimation that
 the winning percentage of a football team was inversely related to the
 average number of pages published in top economics journals by an
 economics department faculty. To re-examine this finding, a similar
 empirical model was applied to more recent data and this investigation
 found that the football winning percentage has no statistically
 significant impact on the per capita number of pages published in top
 economics journals. 
Journal: Applied Economics Letters 
Pages: 843-845 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000261270 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000261270&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kazuhiro Ohtani 
Author-X-Name-First: Kazuhiro 
Author-X-Name-Last: Ohtani 
Title: Exact distribution and critical values of a unit root test in the presence of change in variance  
Abstract:
  This paper, using the Imhof (1961) method, shows the method of evaluating
 numerically the exact distribution of a unit root test statistic when the
 error variance changes. Based on the method, the effect of the change in
 variance on the exact distribution is examined, and we tabulate
 numerically exact critical values when the sample size is small and
 moderate. 
Journal: Applied Economics Letters 
Pages: 855-860 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000261270 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000261270&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andreea Andronescu 
Author-X-Name-First: Andreea 
Author-X-Name-Last: Andronescu 
Author-Name: Hassan Mohammadi 
Author-X-Name-First: Hassan 
Author-X-Name-Last: Mohammadi 
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Title: Long-run estimates of money demand in Romania 
Abstract:
  This paper estimates the long-run demand for money in Romania using
 monthly data from January 1994 to August 2003. The Johansen-Juselius
 cointegration procedure provides evidence of one cointegrating vector for
 both narrowly and broadly defined money demand functions. Real money
 balances are not only sensitive to real income, but also the domestic
 interest rate and the depreciation of the domestic currency. 
Journal: Applied Economics Letters 
Pages: 861-864 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000263881 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000263881&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Feinberg 
Author-X-Name-First: Robert 
Author-X-Name-Last: Feinberg 
Title: Does more time improve test scores in micro principles? 
Abstract:
  This note reports on an empirical exercise designed to examine the
 connection between a student's decision on test-taking time and resulting
 test scores. Based on a small sample of microeconomics principles students
 observed over several tests, evidence is found supporting a positive
 impact of added time. 
Journal: Applied Economics Letters 
Pages: 865-867 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000282277 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000282277&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gi Choon Kang 
Author-X-Name-First: Gi Choon 
Author-X-Name-Last: Kang 
Author-Name: Sonya Kostova Huffman 
Author-X-Name-First: Sonya Kostova 
Author-X-Name-Last: Huffman 
Author-Name: Helen Jensen 
Author-X-Name-First: Helen 
Author-X-Name-Last: Jensen 
Title: An empirical analysis of joint decisions on labour supply and welfare participation 
Abstract:
  Economic and welfare programme factors affect the wellbeing of low-income
 families and their labour supply decisions. This study uses recent data
 from the US Survey of Income and Programme Participation. A nested logit
 model is estimated to explain the joint decisions to participate in
 Temporary Assistance for Needy Families (TANF) and the labour market for
 the population of families potentially eligible for TANF. The empirical
 findings indicate that higher wages increase labour and decrease welfare
 programme participation; an increase in non-labour income decreases both
 labour market and welfare participation. 
Journal: Applied Economics Letters 
Pages: 869-872 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000269885 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000269885&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sotiris Staikouras 
Author-X-Name-First: Sotiris 
Author-X-Name-Last: Staikouras 
Title: A chronicle of the banking and currency crises 
Abstract:
  The research undertaken in the area of banking and currency crises is
 surveyed. The causes and implications of the twin crises are discussed,
 along with the theoretical and empirical framework for investigating them.
 The overview has highlighted a number of interesting aspects. A consistent
 set of economic indicators is identified as being able to predict possible
 financial jitters. Non-quantified factors such as expectations, herding
 behaviour and contagion are also crucial beyond and above economic
 fundamentals. The direction of the twin crises' causality is not clearly
 established yet. It is usually a banking crisis that precedes a currency
 downfall, with the latter creating a vicious spiral. Finally, a few other
 points are identified as issues of future concern. 
Journal: Applied Economics Letters 
Pages: 873-878 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000282240 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000282240&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Spurious rejection by cointegration tests incorporating structural change in the cointegrating relationship 
Abstract:
  In recent research, Leybourne and Newbold have shown commonly employed
 tests of cointegration to exhibit spurious rejection when applied to
 independent unit root processes subject to breaks in either level or
 trend. In the present paper, this research is extended to consider the
 finite-sample properties of cointegration tests which explicitly
 incorporate structural change. It is shown that when applied to
 independent unit root processes subject to regime shifts, cointegration
 tests permitting structural change in the cointegrating relationship can
 spuriously reject the null of no cointegration more frequently than the
 standard tests considered by Leybourne and Newbold. 
Journal: Applied Economics Letters 
Pages: 879-884 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485040000267012 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485040000267012&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Sim 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Sim 
Title: International production sharing and economic development: moving up the value-chain for a small-open economy 
Abstract:
  This study theoretically examines the factors required by a small-open
 economy to move up the value-chain. To carry out the study, a framework of
 production sharing involving a large developed country and a less
 developed small-open economy is used. Service bundles are modelled as
 inputs for coordinating the manufacturing activities located across the
 countries. It is found that the small-open economy can move up the
 value-chain when the size of its skilled labour force increases and the
 production cost of its service bundles decreases. 
Journal: Applied Economics Letters 
Pages: 885-889 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000285841 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000285841&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Claudio Morana 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Morana 
Title: Some frequency domain properties of fractionally cointegrated processes 
Abstract:
  The paper shows that the multiple squared coherence at the zero frequency
 for fractionally differenced (fractionally) cointegrated processes is
 equal to one, while the simple squared coherences assume a value greater
 than zero but lower than one. In the bivariate case the multiple and
 simple squared coherence coincide and, therefore, the simple squared
 coherence at the zero frequency assumes a unitary value. It is also found
 that processes that are not fractionally cointegrated show, in general,
 positive, but lower than one, multiple and simple squared coherences at
 the zero frequency. In the case the dependent and independent variables
 are driven by different long memory factors, i.e. in the case when the
 dependent variable is orthogonal at the zero frequency to any of the
 regressors, the squared multiple coherence will assume a zero value, as
 any of the squared simple coherences. It is finally shown that all the
 above results also hold for the series in levels, as the frequency tends
 to zero. 
Journal: Applied Economics Letters 
Pages: 891-894 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000261289 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000261289&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Steeley 
Author-X-Name-First: James 
Author-X-Name-Last: Steeley 
Title: Information processing and the UK weekend effect: do investors cut their losses on Mondays? 
Abstract:
  This paper complements earlier work by the author that shows that the
 pattern of information arrivals into the UK stock market may explain the
 behaviour of returns. It is argued that delays or other systematic
 behaviour in the processing of this information could compound the impact
 of information arrival patterns. It is found, however, that this does not
 happen, and so it is the arrival and not the processing of news that is
 most important. 
Journal: Applied Economics Letters 
Pages: 895-899 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000263890 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000263890&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julio Pindado 
Author-X-Name-First: Julio 
Author-X-Name-Last: Pindado 
Author-Name: Chabela De La Torre 
Author-X-Name-First: Chabela 
Author-X-Name-Last: De La Torre 
Title: Why is ownership endogenous? 
Abstract:
  A recently published paper by Gugler and Weigand (2003) addresses the
 problem of the endogeneity of ownership, but an unresolved question
 remains. Where does this endogeneity come from? It is shown that the main
 source of endogeneity is the simultaneity between ownership and value. 
Journal: Applied Economics Letters 
Pages: 901-904 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000267003 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000267003&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marie-Estelle Binet 
Author-X-Name-First: Marie-Estelle 
Author-X-Name-Last: Binet 
Author-Name: Jean-Sebastien Pentecote 
Author-X-Name-First: Jean-Sebastien 
Author-X-Name-Last: Pentecote 
Title: Tax degression and the political budget cycle in French municipalities 
Abstract:
  This paper explores local incumbent behaviour during office. First,
 empirical evidence is given about the fiscal policy instruments by which
 French municipalities try to influence election outcome. Special care is
 taken about the econometric issues raised by the dynamic panel data
 setting. Secondly, a theoretical framework is built to investigate the
 political budget cycle when local taxation is degressive as in France. Its
 main results help understanding of the empirical findings. 
Journal: Applied Economics Letters 
Pages: 905-908 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000268642 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000268642&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaebeom Kim 
Author-X-Name-First: Jaebeom 
Author-X-Name-Last: Kim 
Title: Short run real exchange rate dynamics: a SUR approach 
Abstract:
  This paper examines the convergence question by contrasting the
 half-lives of deviations across the producer price index (PPI) and
 consumer price index (CPI) in a bivariate error correction model. To
 improve efficiency, the models are estimated jointly using a seemingly
 unrelated regressions approach. 
Journal: Applied Economics Letters 
Pages: 909-913 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000269876 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000269876&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ya-Ming Liu 
Author-X-Name-First: Ya-Ming 
Author-X-Name-Last: Liu 
Title: An application of adverse selection: rural agricultural production in China since the 1950s 
Abstract:
  Asymmetric information problems in collective rural agricultural
 production in China after 1955 is examined by applying the theory of
 adverse selection. This application shows the movement of equilibrium
 stages from a pooling contract to a separating one can explain the process
 of rural reform in China from the collective institution arrangement to
 the household responsibility system. 
Journal: Applied Economics Letters 
Pages: 915-917 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000282213 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000282213&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Par Osterholm 
Author-X-Name-First: Par 
Author-X-Name-Last: Osterholm 
Title: Size properties of cointegration tests in misspecified systems 
Abstract:
  The small sample size properties of three frequently used cointegration
 tests when a system has been misspecified are investigated. Specifically,
 the misspecification consists of one relevant variable being omitted from
 a system with one cointegrating vector. A Monte Carlo study shows that the
 Johansen (1991) trace test, adjusted by a simple finite sample correction,
 has the most robust behaviour when lag length in the test equations is
 chosen according to traditional information criteria. 
Journal: Applied Economics Letters 
Pages: 919-924 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000282286 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000282286&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sami Jarvinen 
Author-X-Name-First: Sami 
Author-X-Name-Last: Jarvinen 
Author-Name: Harri Toivonen 
Author-X-Name-First: Harri 
Author-X-Name-Last: Toivonen 
Title: Pricing European commodity swaptions 
Abstract:
  In this paper, formulas for commodity swaptions are presented. By
 utilizing the forward price based approach a simple closed form solution
 for European swaptions is derived based on the assumption of deterministic
 volatility for lognormal variables. The formulas result from applying the
 Margrabe (1978) exchange option concept to the present problem. A special
 case of constant volatility yields the Black (1976) formula that has been
 the market standard in the interest rate swaption markets for many years. 
Journal: Applied Economics Letters 
Pages: 925-929 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000291394 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000291394&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: Determinants of subscription time for portable internet service 
Abstract:
  This paper analyses the determinants of the subscription time for
 portable Internet service (PIS). To this end, a two-equation model, which
 incorporates a two-level decision structure: a decision on whether to
 subscribe for the PIS and a decision on the subscription time conditional
 on deciding to subscribe for it, is proposed. The two-equation model is
 appropriate for analysing the determinants of the subscription time for
 PIS. 
Journal: Applied Economics Letters 
Pages: 931-934 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000282268 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000282268&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jens Kruger 
Author-X-Name-First: Jens 
Author-X-Name-Last: Kruger 
Title: Productivity transitions in the US manufacturing sector 
Abstract:
  This note investigates productivity dynamics of US manufacturing
 industries during the period 1958-1996. Nonparametric methods are used to
 calculate total factor productivity relative to a frontier production
 function and to estimate the transition density. The shape of the
 transition density leads to the conclusion that persistence relative to
 the frontier function plays a substantial role in sectoral productivity
 development, thereby contradicting the existence of strong intertemporal
 spillover effects between sectors as supposed in recent growth models. 
Journal: Applied Economics Letters 
Pages: 935-937 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000285823 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000285823&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Walkenhorst 
Author-X-Name-First: Peter 
Author-X-Name-Last: Walkenhorst 
Title: EU exporter-concerns about non-tariff measures 
Abstract:
  As customs tariffs have been reduced in subsequent rounds of trade
 negotiations, increasing attention has focused on the impacts of domestic
 policies on international trade and the use of non-tariff measures (NTMs).
 According to evidence from an inventory of business complaints, natural
 resource based industries, such as agriculture and food, mining, and
 textiles, are most strongly affected by NTMs relative to their export
 volumes. Certification procedures, quantity control measures, and
 technical regulations are the types of NTM most frequently complained
 about. Concerns about domestic governance practices, such as impediments
 related to government procurement, investment restrictions, or
 insufficient intellectual property rights protection account for almost a
 third of all NTM observations and are in most cases not sector-specific,
 but of a general nature. These complaints are frequently associated with
 discriminatory practices or inappropriate regulations, while delays and
 obstructions are repeatedly mentioned in relation to customs and
 certification procedures and technical regulations. 
Journal: Applied Economics Letters 
Pages: 939-944 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000285805 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000285805&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pedro Cosme Costa Vieira 
Author-X-Name-First: Pedro Cosme Costa 
Author-X-Name-Last: Vieira 
Title: Statistical variability of top ranking economics journals impact 
Abstract:
  Four issues concerning the quality of scientific economics papers are
 addressed. First, the ex-ante procedure of computing the average impact of
 economic papers are validated by comparing its results with the ex post
 values. Second, an estimator of papers normalized impact is calibrated.
 Third, the ranking variability of journals is computed using a bootstrap
 procedure. Fourth, the statistical hypothesis that journals' ranking did
 not change over the time interval between 1980 and 2000 is tested. It is
 concluded that this hypothesis is rejected only for the Quarterly Journal
 of Economics and Econometrica, which saw their citation impact improved. 
Journal: Applied Economics Letters 
Pages: 945-948 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000282231 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000282231&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kenji Wada 
Author-X-Name-First: Kenji 
Author-X-Name-Last: Wada 
Title: Informational content of stock exchanges versus over-the-counter markets: the behaviour of stock indices around the Asian financial crisis in Japan and Korea 
Abstract:
  The daily returns of the stock exchange index and the over-the counter
 (OTC) index in Japan and Korea around the Asian financial crisis are
 investigated. The stock exchange index contains information on relatively
 old technology sectors, while the OTC index contains information on
 relatively new technology sectors. Although previous studies focused only
 on the performance of the former, the behaviour of these two indices
 around the crisis is shown to be different. Thus, additional insight is
 obtained by considering these two market indices at the same time 
Journal: Applied Economics Letters 
Pages: 949-955 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000291358 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000291358&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Deergha Raj Adhikari 
Author-X-Name-First: Deergha Raj 
Author-X-Name-Last: Adhikari 
Title: Measuring market power of the US cigarette industry 
Abstract:
  The US cigarette industry is attributed to have been involved in cartel
 practices from time to time. Such practice undermines the actual purpose
 of deregulation. So far, there have been sparse studies on measuring their
 market power. The studies done so far have mostly found that the US
 cigarette industry has not been perfectly competitive. Most of the studies
 were done a long time ago and the industry has undergone substantial
 structural changes since then (in the late 1980s and 1990s). Therefore,
 this study attempts to measure their market power in recent years.
 Evidence that the US cigarette industry is competitive is found. 
Journal: Applied Economics Letters 
Pages: 957-959 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000282222 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000282222&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rodolfo Aquino 
Author-X-Name-First: Rodolfo 
Author-X-Name-Last: Aquino 
Title: A multifactor model of Philippine stock returns using latent macro risk factors 
Abstract:
  This study addresses the measurement problem inherent in using published
 macroeconomic data to proxy for unobservable macro risk factors. Using a
 structural equation modelling framework, four latent risk factors are
 identified in addition to the exchange rate and market timing risk
 factors. The latter two are proxied one-for-one by fluctuations in the
 nominal peso-dollar exchange rate and the excess return on the portfolio
 represented by the Phisix. Using transformations of published
 macroeconomic data as indicator variables, the measurement part of the
 model appears to capture the essence of the unobservable risk factors they
 are supposed to measure. The betas or factor loadings generated by the
 structural model indicate that fluctuations in the risk factors have
 significant effects on the time variation of stock returns. However, the
 effects are more pronounced after the onset of the Asian financial crisis
 than before. Tests of model fit do not reject the hypothesis that the
 returns are consistent with the six-factor model for the entire period
 covered by the study, although individual factors are priced only during
 the 1997-2001 sub-period. 
Journal: Applied Economics Letters 
Pages: 961-968 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000285832 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000285832&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Weaver 
Author-X-Name-First: Robert 
Author-X-Name-Last: Weaver 
Author-Name: Justus Wessler 
Author-X-Name-First: Justus 
Author-X-Name-Last: Wessler 
Title: Monopolistic pricing power for transgenic crops when technology adopters face irreversible benefits and costs 
Abstract:
  Pricing of biotechnology innovation under a patent grant is reconsidered
 in a model with uncertain returns and irreversible costs and benefits.
 Past results on restricted monopoly pricing in the presence of competing
 technologies showed that pricing power is reduced. The timing of adoption
 of an innovation is delayed and the pricing power of the restricted
 monopolist is further reduced when uncertainty and irreversibility is
 considered. The presence of irreversible benefits results in increased
 willingness-to-pay for the innovation, accelerating adoption, and
 increasing the innovator's restricted monopolist pricing power. Using
 Monte-Carlo simulation, the quantitative effects were approximated by a
 linear function through the hyper-plane. 
Journal: Applied Economics Letters 
Pages: 969-973 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000285814 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000285814&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Lynn 
Author-X-Name-First: Michael 
Author-X-Name-Last: Lynn 
Title: Restaurant tips and service quality: a commentary of Bodvarsson, Luksetich and McDermott (2003) 
Abstract:
  Bodvarsson et al. (2003) argue that a non-recursive relationship between
 service and tipping has led researchers to underestimate the strength of
 the causal impact of service on tipping. In this paper, their arguments,
 analyses, and conclusions are criticized. Then, their data is re-analysed
 to draw more appropriate conclusions as to what the data say concerning
 the effects of service on tipping. 
Journal: Applied Economics Letters 
Pages: 975-978 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000291376 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000291376&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Y. -Y. Kim 
Author-X-Name-First: Y. -Y. 
Author-X-Name-Last: Kim 
Title: Gresham's law in the late Chosun Korea 
Abstract:
  The issue of Gresham's law in the late Chosun Korea is addressed.
 Available historical records are interpreted to provide evidence that
 undervalued money was taken out of circulation because of both the legal
 tender law and Rolnick and Weber's law. Later, however, undervalued money
 replaced overvalued money because of the inflationary effect of the
 latter. 
Journal: Applied Economics Letters 
Pages: 979-984 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000291385 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000291385&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Author-Name: Jared Loftus 
Author-X-Name-First: Jared 
Author-X-Name-Last: Loftus 
Author-Name: Windy Keene 
Author-X-Name-First: Windy 
Author-X-Name-Last: Keene 
Title: The decay of norms and the production of social order: conceptual and empirical models 
Abstract:
  This note explores the decay of social norms using a model of the
 production of social order in the context of 'rules' employed by
 cities/municipalities to 'govern' activities during Halloween. The
 empirical results suggest that population homogeneity, the upper class'
 scope for 'purchasing' norm conformity from middle and lower classes, the
 abundance of social capital and the cohesiveness of family units are all
 important determinants of the likelihood that a city or locale will employ
 formal order-producing mechanisms during the Halloween period. The results
 are supportive of the seminal work on norms by Becker (1996) and others. 
Journal: Applied Economics Letters 
Pages: 1-6 
Issue: 1 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000249797 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000249797&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Elias Mossialos 
Author-X-Name-First: Elias 
Author-X-Name-Last: Mossialos 
Author-Name: Joan Costa-Font 
Author-X-Name-First: Joan 
Author-X-Name-Last: Costa-Font 
Author-Name: Konstantina Davaki 
Author-X-Name-First: Konstantina 
Author-X-Name-Last: Davaki 
Author-Name: Konstantinos Karras 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Karras 
Title: Is there 'patient selection' in the demand for private maternity care in Greece? 
Abstract:
  The influence of private health insurance (PHI) and gynaecologists'
 demand for leisure in determining a caesarean section (CS) delivery is
 examined. A database collected in January 2002 is exploited which contains
 records on women who attended the second largest private hospital in
 Greece. A joint maximum-likelihood probit estimation for the PHI
 subscription and the decision to undertake CS is employed. Results suggest
 that the obstetrician's decision to undertake CS is not independent of the
 women having PHI coverage. The probability of a CS taking place increases
 by about 20% if mothers have PHI. Furthermore, CS deliveries were more
 likely to take place between 12.00 and 16.00 pm and on working week days
 and Saturdays. The results support the hypothesis of patient selection on
 the basis of holding PHI and exhibit evidence of gynaecologists' 'demand
 for leisure'. 
Journal: Applied Economics Letters 
Pages: 7-12 
Issue: 1 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850420007099 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850420007099&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dale Belman 
Author-X-Name-First: Dale 
Author-X-Name-Last: Belman 
Author-Name: Kristen Monaco 
Author-X-Name-First: Kristen 
Author-X-Name-Last: Monaco 
Title: Are truck drivers underpaid? 
Abstract:
  There is an emerging debate over whether truck drivers are 'underpaid'
 given their human capital and working conditions. Using data from the 2000
 Current Population Survey, the pay differentials between truck drivers and
 other blue collar occupations are investigated. While truck drivers appear
 to receive a small premium in their hourly wage compared to workers with
 similar skill requirements, they receive substantial premium in their
 weekly wage. This weekly wage differential is primarily the result of a
 substantially longer work week. 
Journal: Applied Economics Letters 
Pages: 13-18 
Issue: 1 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000291411 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000291411&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Salvatore Terregrossa 
Author-X-Name-First: Salvatore 
Author-X-Name-Last: Terregrossa 
Title: On the efficacy of constraints on the linear combination forecast model 
Abstract:
  Combination forecasting has been demonstrated to be a successful
 technique for enhanced forecast accuracy of economic and financial
 variables. An established method to generate the component-forecast
 weights is the ordinary-least-squares (OLS) regression technique: Actual
 values of a variable are regressed on within-sample values of forecasts
 generated by alternative forecast sources. The estimated regression
 coefficients then serve as weights for out-of-sample combination
 forecasts. The present study addresses the controversy regarding the
 efficacy of placing restrictions on the combining model when generating
 weights for out-of-sample forecasts. Combinations are formed of component
 earnings-growth forecasts generated separately by financial analysts and a
 statistical model. Both restricted and unrestricted OLS are used in turn
 to generate the component-forecast weights. The findings suggest that
 combinations formed with weights generated by OLS with the constant
 suppressed and the sum-of-the-coefficients constrained to equal one, lead
 to enhanced forecast-accuracy and generally perform best. This study
 differs from a previous related study appearing in Applied Financial
 Economics1 in at least three main ways: (1) Combination forecasts are
 formed using actual regression-coefficients as forecast weights; (2)
 Forecast weights are generated using unrestricted OLS, as well as
 restricted OLS; (3) All combination forecasts are strictly ex-ante
 simulated. 
Journal: Applied Economics Letters 
Pages: 19-28 
Issue: 1 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000307062 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000307062&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tung Liang Liao 
Author-X-Name-First: Tung Liang 
Author-X-Name-Last: Liao 
Author-Name: Mei-Chu Ke 
Author-X-Name-First: Mei-Chu 
Author-X-Name-Last: Ke 
Author-Name: Hsiang-Tai Yu 
Author-X-Name-First: Hsiang-Tai 
Author-X-Name-Last: Yu 
Title: Anomalous price behaviour around stock repurchases on the Taiwan stock exchange 
Abstract:
  This study examines the impact of stock repurchases on a repurchasing
 firm's stock returns on the Taiwan Stock Exchange (TWSE). It is clear that
 significant negative abnormal returns are observed most days prior to the
 announcement day and that significant positive abnormal returns are
 detected on the announcement day and during the first few days of the
 post-announcement period. The total sample is further divided into various
 sub samples on the basis of the purpose of repurchasing, the industrial
 sector, firm size and the size of the repurchase. On account of the
 feature of industrial development in the last ten years in Taiwan, the
 peculiar finding is that the book-to-market ratio, which has been used to
 partition the repurchasing sample in the USA and Canada in previous
 studies, may be more appropriately substituted by the industrial sector.
 This finding indicates that the stock repurchase announcements of
 financial firms or conventional firms generate a greater impact on stock
 returns than do electronics firms. 
Journal: Applied Economics Letters 
Pages: 29-39 
Issue: 1 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000291402 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000291402&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Ezcurra 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Ezcurra 
Author-Name: Pedro Pascual 
Author-X-Name-First: Pedro 
Author-X-Name-Last: Pascual 
Title: Cross-country disparities in welfare, 1970-1998 
Abstract:
  In this study we explore the evolution and origin of international
 welfare inequality in a sample of 39 countries between 1970 and 1998. To
 achieve this aim, different theoretical results taken from the literature
 on personal income distribution have been applied to an additive
 decomposition of Sen's welfare index. In relation to the evolution of
 international disparities in welfare, the conclusions obtained vary
 depending on the inclusion in the analysis of population shares. In
 addition, cross-country productivity differences emerge as playing the
 major role in accounting for observed patterns of welfare inequality. 
Journal: Applied Economics Letters 
Pages: 41-44 
Issue: 1 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000293112 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000293112&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Manh Vu Le 
Author-X-Name-First: Manh Vu 
Author-X-Name-Last: Le 
Author-Name: Terukazu Suruga 
Author-X-Name-First: Terukazu 
Author-X-Name-Last: Suruga 
Title: Foreign direct investment, public expenditure and economic growth: the empirical evidence for the period 1970-2001 
Abstract:
  The simultaneous impact of public expenditures and foreign direct
 investment (FDI) on economic growth is studied. To the best of the
 authors' knowledge, this is the first study that takes into account the
 interaction between FDI and public expenditures in determining the
 economic growth rate. Using a sample of 105 developing and developed
 countries for the period 1970-2001, the main findings are (i) FDI, public
 capital, and private investment play important roles in promoting economic
 growth, (ii) public non-capital expenditure has a negative impact on
 economic growth, and (iii) excessive spending in public capital
 expenditure can hinder the beneficial effects of FDI. 
Journal: Applied Economics Letters 
Pages: 45-49 
Issue: 1 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000293130 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000293130&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ruhul Amin Salim 
Author-X-Name-First: Ruhul Amin 
Author-X-Name-Last: Salim 
Title: Modelling entrepreneurship in small-scale enterprises 
Abstract:
  In the small-scale enterprises, the entrepreneurs and managers are often
 one and the same. This paper attempts to estimate the entrepreneurial
 competence in small-scale enterprises decomposing into entrepreneurial
 ability and managerial efficiency using the frontier production function.
 The empirical results show that most of the sample enterprises fail to
 realize their full entrepreneurial potential. The important implication of
 these results is that small enterprises should generate a different set of
 rules than large enterprises in the decision-making process that best
 conduces them to move toward their potential frontier. 
Journal: Applied Economics Letters 
Pages: 51-57 
Issue: 1 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000307071 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000307071&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lanier Nalley 
Author-X-Name-First: Lanier 
Author-X-Name-Last: Nalley 
Author-Name: Darren Hudson 
Author-X-Name-First: Darren 
Author-X-Name-Last: Hudson 
Author-Name: Gregory Parkhurst 
Author-X-Name-First: Gregory 
Author-X-Name-Last: Parkhurst 
Title: The initial endowment effect in experimental auctions revisited: further evidence 
Abstract:
  This analysis employs a uniform 4th price sealed-bid auction to test the
 impact of endowment heterogeneity on participant bids. A mechanism to
 legitimize the wealth of participants consistent with prior research on
 endowments is employed. Second, unlike some previous literature, a
 mechanism to endogenously induce endowment heterogeneity is employed.
 Results from a Tobit analysis of participant bids indicate that endowment
 heterogeneity has no significant impact on bidding behaviour. Therefore,
 it is concluded that when wealth is legitimized within an experiment,
 bidding behaviour is more likely rational leading to more robust
 experimental results. 
Journal: Applied Economics Letters 
Pages: 59-63 
Issue: 1 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000307080 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000307080&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Siegler 
Author-X-Name-First: Mark 
Author-X-Name-Last: Siegler 
Title: International growth and volatility in historical perspective 
Abstract:
  This paper studies the relationship between the volatility and growth of
 real GDP using a newly constructed panel data set from twelve countries
 over the 1870 to 1929 period. In addition, many other variables are
 examined that are related to economic growth. The goal has been to uncover
 robust empirical regularities on this issue for the period prior to the
 Great Depression - a period which has been relatively neglected in
 previous empirical work. The main finding is that there is a robust
 negative partial correlation between volatility and growth, after
 controlling for other factors. This result is consistent with recent
 empirical evidence on the post-World War II period. 
Journal: Applied Economics Letters 
Pages: 67-71 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000314361 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000314361&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vaughan Dickson 
Author-X-Name-First: Vaughan 
Author-X-Name-Last: Dickson 
Title: Price-cost margins, prices and concentration in US manufacturing: a panel study 
Abstract:
  This study tries to separate the efficiency and market power effects of
 higher concentration for a panel of 253 US manufacturing industries
 covering the years 1963 to 1992. To do so, two fixed effects estimations
 of price equations are introduced. The first includes, among the
 independent variables, average variable cost and a mark-up term dependent
 on the four firm concentration ratio and isolates the partial effect of
 concentration on price holding cost constant (the market power effect).
 The second omits average cost and uses the bias induced to make inferences
 about the efficiency effect. The results suggest both market power and
 efficiency effects exist, with the latter dominating. Specifically, for
 given average cost, higher concentration leads to higher prices, but when
 average cost are relegated to the error term, higher concentration leads
 to lower prices. 
Journal: Applied Economics Letters 
Pages: 79-83 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000307161 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000307161&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hiroshi Yamada 
Author-X-Name-First: Hiroshi 
Author-X-Name-Last: Yamada 
Title: Wavelet-based beta estimation and Japanese industrial stock prices 
Abstract:
  This paper applies the multi-scale beta estimation approach based on
 wavelet analysis proposed in Gencay et al. (2002) to Japanese industrial
 stock prices. Betas are calculated based on the wavelet rough and smooth
 from the discrete wavelet transform (DWT) and it is argued that the
 conventional beta estimate is an 'average' of the wavelet-based beta
 estimates. Some empirical evidence is shown that implies that the
 multi-scale beta estimation approach is useful. 
Journal: Applied Economics Letters 
Pages: 85-88 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000307152 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000307152&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saurabh Ghosh 
Author-X-Name-First: Saurabh 
Author-X-Name-Last: Ghosh 
Title: The post-offering performance of IPOs in the Indian banking industry 
Abstract:
  In the literature, the underperformance of IPOs is a well-documented
 empirical anomaly. This study concentrates on IPOs from the banking sector
 of an emerging economy, India. In a developing country, the role of the
 banking sector for economic development is undisputed. In view of its
 importance in economic resource allocation and its distinction from other
 industries in general, this paper analyses the post offering performance
 of banking sector IPOs in detail. The performance evaluation on the basis
 of stock returns did not find significant evidences of underperformance
 for the IPOs from the banking sector. Moreover, the study, based on key
 accounting parameters, found improvement in the performance of the banks
 in the post-listing period. There were no significant differences across
 ownership groups (public sector banks vis-a-vis their private counterpart)
 in the IPO performance. 
Journal: Applied Economics Letters 
Pages: 89-94 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000307143 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000307143&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Millimet 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Millimet 
Title: Job search skills, employer size and wages 
Abstract:
  Many theories concerning the underlying cause of the observed positive
 correlation between employer size and wages have been evaluated
 empirically, with a sizeable residual remaining unexplained. This study
 presents and tests a new theory: successful applicants for vacancies in
 larger employers possess greater job search skills and therefore are able
 to obtain a wage closer to their maximum potential wage. Empirical results
 confirm that differential job search abilities can account for
 approximately 20% of the difference in average observed wages across large
 and small employers. 
Journal: Applied Economics Letters 
Pages: 95-100 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000314316 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000314316&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ossama Mikhail 
Author-X-Name-First: Ossama 
Author-X-Name-Last: Mikhail 
Author-Name: Curtis Eberwein 
Author-X-Name-First: Curtis 
Author-X-Name-Last: Eberwein 
Author-Name: Jagdish Handa 
Author-X-Name-First: Jagdish 
Author-X-Name-Last: Handa 
Title: On the evidence of non-linear structure in Canadian unemployment 
Abstract:
  This study focuses on and examines the empirical evidence of
 non-linearity in aggregate Canadian unemployment. Contrary to the
 conclusion reached in many studies, and using a corrected for bias simple
 non-parametric test (SNT), the null hypothesis of a linear structure for
 Canadian unemployment is rejected. 
Journal: Applied Economics Letters 
Pages: 101-104 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000314325 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000314325&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jai Mah 
Author-X-Name-First: Jai 
Author-X-Name-Last: Mah 
Title: Export expansion, economic growth and causality in China 
Abstract:
  This paper examines the causality between export expansion and economic
 growth in China using data covering the period from 1979 to 2001. A model
 allowing for different orders of integration reveals that they are
 cointegrated. The results of the error correction model show a
 bi-directional causality between them, supporting previous findings. 
Journal: Applied Economics Letters 
Pages: 105-107 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000314343 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000314343&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariano Matilla-Garcia 
Author-X-Name-First: Mariano 
Author-X-Name-Last: Matilla-Garcia 
Author-Name: Paloma Sanz 
Author-X-Name-First: Paloma 
Author-X-Name-Last: Sanz 
Author-Name: Francisco Vazquez 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Vazquez 
Title: The BDS test and delay time 
Abstract:
  One of the most popular tests for detecting non-linear structure is the
 BDS test. This test is based on the correlation integral, and some studies
 have proved the sensitivity of this concept in relation to the choice of
 one particular parameter: delay time. However, the BDS test considers
 fixed delay time equal to one. In this paper it is investigated whether a
 flexible choice of delay time might improve the capacity of the BDS test.
 It is shown that the BDS-G test (generalized BDS test, including delay
 time choice) can capture non-linearities that are undetected by the
 classical BDS test. Finally, the robustness of the BDS-G test in the
 presence of noise is analysed. 
Journal: Applied Economics Letters 
Pages: 109-113 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000307116 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000307116&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Rubb 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Rubb 
Title: Overeducation, undereducation, and the theory of career mobility: a comment and a note on underemployment 
Abstract:
  Overeducated workers are commonly defined as having more schooling than
 required and more schooling than others in their occupations. Accordingly,
 the concept of overeducation compares the educational levels of workers
 within occupational categories. In subtle contrast, underemployed workers
 are employed in occupations requiring less education than the individuals
 have, comparing the occupational levels of workers with similar
 educational attainment. This subtle difference potentially leads to
 interpretation flaws. For example, Buchel and Mertens (2004) claim
 'overeducated workers in Germany have markedly lower relative wage growth
 rates than adequately educated workers.' Since Buchel and Mertens control
 for educational attainment and not occupational levels, this statement and
 others are shown to be potentially flawed and subject to
 misinterpretation. Such statements need to clearly indicate that similarly
 educated individuals are being compared across occupational levels. This
 is because the common definition of overeducation suggests the opposite -
 that individuals with similar occupation levels are being compared across
 levels of schooling. 
Journal: Applied Economics Letters 
Pages: 115-118 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485052000337770 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485052000337770&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ujo Goto 
Author-X-Name-First: Ujo 
Author-X-Name-Last: Goto 
Title: A test of the credibility of temporary protection: evidence from the Japanese oil industry 
Abstract:
  The purpose of this paper is to examine whether the temporary protection
 policy for the Japanese oil industry provided by the Provisional Law on
 Importation of Specific Petroleum Products (Tokusekiho) between 1986 and
 1996 was a credible policy. This policy plays a role as an incentive
 device forcing competition, but whether it functions effectively depends
 on whether the oil industry regarded the 'Temporariness' of the policy as
 being credible. The effectiveness of the law is analysed by measuring
 changes in the cost structure of four oil firms in the oil industry
 before, during and after the period of protection. It is found that the
 cost function of each firm shifted upwards during the period of
 protection, suggesting that the incentives did not work effectively. This
 implies that the temporary protection policy lacked credibility. 
Journal: Applied Economics Letters 
Pages: 119-123 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000318457 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000318457&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Panayotis Kapopoulos 
Author-X-Name-First: Panayotis 
Author-X-Name-Last: Kapopoulos 
Author-Name: Fotios Siokis 
Author-X-Name-First: Fotios 
Author-X-Name-Last: Siokis 
Title: Stock and real estate prices in Greece: wealth versus 'credit-price' effect 
Abstract:
  An attempt is made to clarify the relationship between price fluctuations
 of two major assets in Greece, real estate and stocks. Two mechanisms have
 been proposed to interpret this relationship. The first one is well known
 as 'wealth effect', which claims that households with unanticipated gains
 in share prices tend to increase the amount of housing. The second one is
 the credit price effect, which claims that a rise in real estate prices
 can stimulate economic activity, future profitability of firms and, as a
 consequence, stock market prices by raising the value of collateral and
 reducing the cost of borrowing for both firms and households. To test the
 above transmission, channel tests of Granger causality are employed.
 Empirical findings are in favour of the wealth effect hypothesis for
 Athens real estate prices but not for other urban real estate prices.
 Since real estate at the Athens Metropolitan area could be considered as
 an investment vehicle, it is reasonable to argue that higher stock prices
 increase the share of households' portfolios in the stock market and cause
 a rebalancing of their portfolios by selling stocks and purchasing other
 assets like houses. 
Journal: Applied Economics Letters 
Pages: 125-128 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000307107 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000307107&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Darren Filson 
Author-X-Name-First: Darren 
Author-X-Name-Last: Filson 
Author-Name: Bunchon Songsamphant 
Author-X-Name-First: Bunchon 
Author-X-Name-Last: Songsamphant 
Title: Horizontal mergers and exit in declining industries 
Abstract:
  Previous work on exit in declining industries has neglected mergers. This
 paper examines a simple model that illustrates how mergers can affect the
 order of exit. The model also predicts which declining industries
 experience horizontal mergers. Mergers are more likely if (1) the inverse
 demand curve is steep at high levels of output and flat at low levels of
 output; (2) the industry declines slowly early on and rapidly later on;
 and (3) market concentration is high. The conditions that make mergers
 privately profitable also tend to make them socially optimal. 
Journal: Applied Economics Letters 
Pages: 129-132 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000314334 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000314334&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andy Kwan 
Author-X-Name-First: Andy 
Author-X-Name-Last: Kwan 
Author-Name: Yangru Wu 
Author-X-Name-First: Yangru 
Author-X-Name-Last: Wu 
Title: On the use of the sample partial autocorrelation for order determination in a pure autoregressive process: a Monte Carlo study and empirical example 
Abstract:
  Sample partial autocorrelations are one of the main statistical tools of
 time series analysis. They are especially useful in identifying the order
 of an AR(p) process. In this note, we show via a simulation experiment
 that normalizing each sample partial autocorrelation with Anderson's
 (1993a) means and variances, instead of the large-sample moments, can
 yield asymptotic distributions that are better approximated by the N(0,1)
 distribution. The important implication of this result is that the true
 order of a pure autoregressive process can be incorrectly identified due
 to use of the large-sample mean and variance of sample partial
 autocorrelations. An empirical example given in Box and Jenkins (1976) is
 used to highlight this problem. 
Journal: Applied Economics Letters 
Pages: 133-139 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000319195 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000319195&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alain Hecq 
Author-X-Name-First: Alain 
Author-X-Name-Last: Hecq 
Title: Should we really care about building business cycle coincident indexes! 
Abstract:
  Quite often, the goal of the game when developing new coincident indexes
 of the economic activity is the comparison with NBER turning points. Using
 Monte Carlo simulations, this note illustrates that for the USA, any
 random linear combination of the four coincident variables would do the
 job as good as other more complicated methods. 
Journal: Applied Economics Letters 
Pages: 141-144 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000338608 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000338608&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Sephton 
Author-X-Name-First: Peter 
Author-X-Name-Last: Sephton 
Title: Predicting the equity premium with dividend ratios: a matter of balance 
Abstract:
  Goyal and Welch (2003) used recursive residuals and plots of cumulative
 sum-squared errors to examine the predictive accuracy of dividend ratios
 in forecasting the equity premium. After a thorough specification search,
 Goyal and Welch were unable to find evidence in favour of dividend ratios
 as predictors of the equity premium. This note extends their analysis,
 further demonstrating the empirical fallacy. 
Journal: Applied Economics Letters 
Pages: 145-147 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000318439 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000318439&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariano Matilla-Garcia 
Author-X-Name-First: Mariano 
Author-X-Name-Last: Matilla-Garcia 
Title: A SVAR model for estimating core inflation in the Euro zone 
Abstract:
  A traditional role of central banks has been to protect the purchasing
 power of money by keeping a roof on inflation. Recently, several central
 banks have explicitly assumed an inflation control target. This is the
 case, among others, of the European Central Bank (ECB) whose monetary
 policy goal is to keep an annual inflation rate below 2% over a
 medium-term horizon (ECB, 2001). In practice, inflation is often measured
 in terms of the Consumer Price Index (CPI). However, the headline
 inflation rate is not totally under the control of the ECB. In this study
 core inflation is measured by means of the structural VAR approach, in
 particular it is based on long-run restrictions over crucial macroeconomic
 variables: inflation, money and output. Core inflation is estimated and
 compared with the standard measured inflation. 
Journal: Applied Economics Letters 
Pages: 149-154 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000307125 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000307125&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Prazmowski 
Author-X-Name-First: Peter 
Author-X-Name-Last: Prazmowski 
Title: A recursive cointegration test using the Kalman filter and its application to fiscal equilibrium in the Dominican Republic 
Abstract:
  This letter puts forward a recursive version of the Engle and Granger
 cointegration test, using the Kalman filter, for the analysis of fiscal
 equilibrium in the Dominican Republic. The method employs a
 time-varying-coefficient augmented Dickey and Fuller test and finds that
 government income and spending display movements both toward and away from
 equilibrium that can be associated to various policy reforms and shocks to
 the economy. 
Journal: Applied Economics Letters 
Pages: 155-160 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000318411 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000318411&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Sim 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Sim 
Title: Service liberalization, endogenous industrial composition and modernization 
Abstract:
  This paper presents a simple two-sector two-factor model with
 endogenously determined industrial composition. It is shown that by
 shrinking the cone of diversification, service liberalization may enable
 the economy to switch from equilibrium where both traditional and modern
 goods are produced to another where specialization in the modern good
 takes place. 
Journal: Applied Economics Letters 
Pages: 161-163 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000323677 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000323677&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Apostolos Serletis 
Author-X-Name-First: Apostolos 
Author-X-Name-Last: Serletis 
Author-Name: Kazem Yavari 
Author-X-Name-First: Kazem 
Author-X-Name-Last: Yavari 
Title: The welfare cost of inflation in Italy 
Abstract:
  This paper follows Lucas (2000), and Serletis and Yavari (2004) and
 estimates the welfare cost of inflation in Italy. It uses recent advances
 in the field of applied econometrics to estimate the interest elasticity
 of money demand in Italy and reports welfare cost estimates close to those
 reported by Serletis and Yavari for Canada and the USA, but an order of
 magnitude smaller than those reported by Bullard and Russell (2004) for
 the US economy. 
Journal: Applied Economics Letters 
Pages: 165-168 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000318402 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000318402&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jay Squalli 
Author-X-Name-First: Jay 
Author-X-Name-Last: Squalli 
Title: Do consumers have imperfect recollection about airline safety? 
Abstract:
  The inquiry examines whether consumers exhibit imperfect recollection
 about airline accidents. The state of the world is modelled with a Poisson
 distribution that updates over time. It is found that passengers of small
 carriers forget about accidents over time, thus leading to a 539%
 cumulative increase in enplanement while passengers of large carriers do
 not exhibit such a behaviour. 
Journal: Applied Economics Letters 
Pages: 169-176 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000323631 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000323631&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. C. Mamatzakis 
Author-X-Name-First: E. C. 
Author-X-Name-Last: Mamatzakis 
Title: The dynamic responses of growth to tax structure for Greece 
Abstract:
  This paper estimates how output growth responds to shocks in the tax mix
 and tax burden over a long period of time. In particular, the underlying
 dynamic interactions between output growth, tax mix and tax burden are
 considered. To this purpose, Impulse Response Function analysis is
 applied. The chosen specification suggests that an appropriate tax-mix is
 one that would give weight to indirect taxation. 
Journal: Applied Economics Letters 
Pages: 177-180 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000318420 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000318420&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marshall Gramm 
Author-X-Name-First: Marshall 
Author-X-Name-Last: Gramm 
Author-Name: Douglas Owens 
Author-X-Name-First: Douglas 
Author-X-Name-Last: Owens 
Title: Determinants of betting market efficiency 
Abstract:
  Previous studies of efficient markets in parimutuel betting isolated only
 one race characteristic, determining efficiency by comparing subjective to
 objective probabilities of different groupings. By incorporating
 regression analysis and looking at a wide range of race specific
 variables, this study is able to isolate various factors which influence
 efficiency. Using a data set of 5020 races at 18 US racetracks, a standard
 favourite-longshot bias was found, which diminishes for races with larger
 pools and more horses in a field, and increases for races with higher
 quality fields and maiden races. When track-specific characteristics are
 factored out, similar results occur and it is also found that races on
 grass reduce the bias. 
Journal: Applied Economics Letters 
Pages: 181-185 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000314352 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000314352&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bradley Ewing 
Author-X-Name-First: Bradley 
Author-X-Name-Last: Ewing 
Author-Name: Yongsheng Wang 
Author-X-Name-First: Yongsheng 
Author-X-Name-Last: Wang 
Title: Single housing starts and macroeconomic activity: an application of generalized impulse response analysis 
Abstract:
  Most studies that have examined the relationship between the housing
 market and the macroeconomy have focused on how changes in housing supply
 affect real activity and the like. In this paper, the possibility that
 housing starts respond to sudden changes or shocks to macroeconomic
 factors is explicitly accounted for. The empirical methodology employs the
 recently developed technique of generalized impulse response analysis
 Pesaran and Shin (1998). The results highlight the endogeneity that exists
 among the housing market and macroeconomic activity. 
Journal: Applied Economics Letters 
Pages: 187-190 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485052000337806 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485052000337806&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vani Borooah 
Author-X-Name-First: Vani 
Author-X-Name-Last: Borooah 
Title: How to assess happiness? A tale of three measures 
Abstract:
  A growing literature in economics points to the importance of targeting
 policy towards making people happy rather than towards making them
 well-off. Empirical work in this area relies, however, on a simple direct
 question to survey respondents on how happy they feel. This study shows,
 using three different measures of happiness/unhappiness, that while there
 was a commonality in the factors making for happiness (or unhappiness),
 the quantitative strength of the factors, in terms of their effects on the
 various outcomes, differed according to the definition used. Moreover,
 some factors influenced particular measures of happiness but did not
 influence others. 
Journal: Applied Economics Letters 
Pages: 191-194 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000323686 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000323686&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jin Kwon Hyun 
Author-X-Name-First: Jin Kwon 
Author-X-Name-Last: Hyun 
Author-Name: Byung-In Lim 
Author-X-Name-First: Byung-In 
Author-X-Name-Last: Lim 
Title: Redistributive effect of Korea's income tax: equity decomposition 
Abstract:
  The redistributive effect of Korea's income tax is relatively low as it
 has too low an average tax rate irrespective of high progressivity. The
 most serious problem is the excessively high level of horizontal inequity
 with unequal tax treatment of equal income groups. By examining changes
 over three research periods (1991, 1996, 2000), it was discovered that
 horizontal inequity with classical notion was the most serious in 1996 as
 it allowed extremely generous deductions and exemptions at that time. It
 is illustrated that Korea's income tax system can have a greater
 redistributive effect while increasing the level of horizontal equity. 
Journal: Applied Economics Letters 
Pages: 195-198 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000323703 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000323703&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Sephton 
Author-X-Name-First: Peter 
Author-X-Name-Last: Sephton 
Title: Forecasting inflation using the term structure and MARS 
Abstract:
  This study revisits the issue of forecasting changes in inflation using
 non-linear non-parametric methods. The results indicate the presence of
 threshold effects in the relationship between the information in the term
 structure and changes in the rate of inflation. 
Journal: Applied Economics Letters 
Pages: 199-202 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000318448 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000318448&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Estimating the autoregressive parameter: recursive mean adjustment and the initial condition 
Abstract:
  The simulation results of Shin and So (2001) are revisited. It is shown
 that the properties of the initial condition of a time series have a
 substantial impact on the ability of recursive mean adjustment to reduce
 the negative bias associated with estimation of the autoregressive
 parameter. Interestingly, it is found that recursive mean adjustment can
 generate positive bias for a range of values of the initial condition. 
Journal: Applied Economics Letters 
Pages: 203-206 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485052000337761 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485052000337761&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Pfeiffer 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Pfeiffer 
Author-Name: Louis Velthuis 
Author-X-Name-First: Louis 
Author-X-Name-Last: Velthuis 
Title: On the optimality of linear contracts to induce goal-congruent investment behaviour 
Abstract:
  It has become increasingly popular in practice to implement incentive
 systems that create goal-congruent investment behaviour between central
 and divisional management. In the following paper, it is shown that only
 linear contracts enable goal-congruent investment decisions if central
 management does not have information about the investment project. This
 might cast a new light on why linear compensation schemes are often used
 in practice. 
Journal: Applied Economics Letters 
Pages: 207-211 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000329095 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000329095&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hamid Baghestani 
Author-X-Name-First: Hamid 
Author-X-Name-Last: Baghestani 
Title: On the rationality of professional forecasts of corporate bond yield spreads 
Abstract:
  In evaluating the multiperiod forecasts of the corporate bond yield
 spread from the Survey of Professional Forecasters (SPF), it is shown that
 the consensus forecasts are generally unbiased and consistently outperform
 the comparable ARIMA forecasts and are thus, at least, weakly rational. 
Journal: Applied Economics Letters 
Pages: 213-216 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000338635 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000338635&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Niaz Asadullah 
Author-X-Name-First: M. Niaz 
Author-X-Name-Last: Asadullah 
Title: The effect of class size on student achievement: evidence from Bangladesh 
Abstract:
  This study examines the effect of class size on student achievement in
 Bangladesh using national secondary school survey data. A Ministry of
 Education rule regarding allocation of teachers to secondary grades is
 exploited to construct an instrument for class size. This rule causes a
 discontinuity between grade enrolment and class size thereby generating
 exogenous variation in the latter. It is found that OLS and IV estimates
 of class size effects have perverse signs: both yield a positive
 coefficient on the class size variable. The results suggest that reduction
 in class size in secondary grades is not efficient in a developing country
 like Bangladesh. Last, as by-product, some evidence is found suggesting
 that greater competition among schools improve student achievement. 
Journal: Applied Economics Letters 
Pages: 217-221 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000323608 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000323608&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jay Squalli 
Author-X-Name-First: Jay 
Author-X-Name-Last: Squalli 
Title: Optimal fares under uncertainty about airline safety 
Abstract:
  This paper models consumers as expected utility maximizers in order to
 provide a theoretical assessment of the optimal fares that consumers are
 willing to pay when faced with uncertainty about airline safety. It is
 found that under an unsafe state of the world, consumers are willing to
 pay higher fares and under a safe state of the world, they are willing to
 pay lower fares. In addition, it is also found that consumers are willing
 to pay higher fares to maximize the compensation received from airlines in
 reaction to accidents. 
Journal: Applied Economics Letters 
Pages: 223-226 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000323640 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000323640&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Clement 
Author-X-Name-First: David 
Author-X-Name-Last: Clement 
Author-Name: Christophe Hurlin 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Hurlin 
Author-Name: Fabien Serres 
Author-X-Name-First: Fabien 
Author-X-Name-Last: Serres 
Title: Downgrading in the first job: who and why? 
Abstract:
  The study estimates the probability of being downgraded at the time of
 the first employment according to individual socio-demographic,
 professional and education characteristics. This study, based on a very
 large French database, reveals the influence of the subjective or
 objective definitions of over-education. 
Journal: Applied Economics Letters 
Pages: 227-233 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000323659 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000323659&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariano Matilla-Garcia 
Author-X-Name-First: Mariano 
Author-X-Name-Last: Matilla-Garcia 
Title: A note on cointegrated relationships estimated with genetic algorithms 
Abstract:
  Estimation techniques based on Genetic Algorithms (GA) have been studied
 in the presence of cointegrated variables. Several applications of GA to
 time-series have ignored the fact that the equation estimated by GA might
 be spurious. In this line, in this study it is shown that: (1) GA robustly
 detects this kind of relationship when the process contains a linear
 cointegrated relationship, (2) estimated models provide real fitness
 instead of spurious fitness. The well known cointegrated relation between
 income and consumption is estimated using GA. 
Journal: Applied Economics Letters 
Pages: 235-238 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000329112 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000329112&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Dimitropoulos 
Author-X-Name-First: John 
Author-X-Name-Last: Dimitropoulos 
Author-Name: Lester Hunt 
Author-X-Name-First: Lester 
Author-X-Name-Last: Hunt 
Author-Name: Guy Judge 
Author-X-Name-First: Guy 
Author-X-Name-Last: Judge 
Title: Estimating underlying energy demand trends using UK annual data 
Abstract:
  Employing the Structural Time Series Model (STSM) approach suggested by
 Harvey (1997), and based on annual data for the UK from 1967-2002, this
 paper reiterates the importance of using a stochastic rather than a linear
 deterministic trend formulation when estimating energy demand models, a
 practice originally established by Hunt et al. (2003a, 2003b) using
 quarterly UK data. The findings confirm that important non-linear and
 stochastic trends are present as a result of technical change and other
 exogenous factors driving demand, and that a failure to account for these
 trends will lead to biased estimates of the long-run price and income
 elasticities. The study also establishes that, provided these effects are
 allowed for, the estimated long-run elasticities are robust to the
 different data frequencies used in the modelling. 
Journal: Applied Economics Letters 
Pages: 239-244 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485052000337789 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485052000337789&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Title: Testing Hall's permanent income hypothesis for a developing country: the case of Fiji 
Abstract:
  Hall (1978) has stimulated considerable controversy and empirical work on
 testing the validity of the permanent income hypothesis (PIH). Much of
 this work is on the developed countries. In the developing countries per
 capita incomes show larger fluctuations and for the majority,
 opportunities for intertemporal substitution are limited. This paper uses
 the extended framework of Campbell and Mankiw (1989) and finds that
 current consumption is determined by current income for more than two
 thirds of the consumers in Fiji. 
Journal: Applied Economics Letters 
Pages: 245-248 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485052000337798 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485052000337798&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yener Altunbas 
Author-X-Name-First: Yener 
Author-X-Name-Last: Altunbas 
Author-Name: Blaise Gadanecz 
Author-X-Name-First: Blaise 
Author-X-Name-Last: Gadanecz 
Author-Name: Alper Kara 
Author-X-Name-First: Alper 
Author-X-Name-Last: Kara 
Title: Key factors affecting internationally active banks' decisions to participate in loan syndications 
Abstract:
  The impact of banks' financial characteristics on their decisions to
 participate in loan syndications is assessed. From the analysis, it
 appears that poorly performing banks tend, on average, to be more involved
 in syndications. Policymakers should perhaps monitor more closely the
 concentration of credit risk associated with syndicated loans held on the
 books of under-performing banks. 
Journal: Applied Economics Letters 
Pages: 249-253 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000338617 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000338617&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Haitham A. Al Zoubi 
Author-X-Name-First: Haitham A. Al 
Author-X-Name-Last: Zoubi 
Author-Name: Aktham Maghyereh 
Author-X-Name-First: Aktham 
Author-X-Name-Last: Maghyereh 
Title: Examining complex unit roots in the MENA countries industrial production indices 
Abstract:
  An estimation of complex unit roots is presented based on the
 standardized periodogram of the Jordanian and Israeli Industrial
 Production indices over the period 1982-2003. Both indices are found to
 have six complex cyclical unit roots contents. In contrast, the
 propagation mechanism rather than impulse tends to drive the business
 cycles in those economies. Propagation consists of those forces which
 carry the influences of the shock forward over time and cause deviation
 from the steady state to be persistent. The periodogram-based cycle
 duration analysis reveals that both Kitchin and Juglar cycles exist in the
 Israeli economy. However, no investment cycles are found in the Jordanian
 economy. 
Journal: Applied Economics Letters 
Pages: 255-259 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000338644 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000338644&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lennart Flood 
Author-X-Name-First: Lennart 
Author-X-Name-Last: Flood 
Author-Name: Nizamul Islam 
Author-X-Name-First: Nizamul 
Author-X-Name-Last: Islam 
Title: A Monte Carlo evaluation of discrete choice labour supply models 
Abstract:
  This paper is based on a Monte Carlo simulation in order to evaluate the
 properties of the discrete labour supply model. The data is generated by a
 continuous model and a discrete choice model is estimated assuming a
 translog utility function. The robustness of the results for different
 number of points in the discrete choice set, as well as for measurement
 errors in income and hours are compared. The discrete model produces
 similar results as the 'true' continuous model and apart from large
 measurement errors in hours these results are robust. 
Journal: Applied Economics Letters 
Pages: 263-266 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500042488 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500042488&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Andersson 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Andersson 
Author-Name: Par Osterholm 
Author-X-Name-First: Par 
Author-X-Name-Last: Osterholm 
Title: Forecasting real exchange rate trends using age structure data - the case of Sweden 
Abstract:
  Theory predicts that life cycle saving and consumption behaviour could
 cause real exchange rate variations as the age structure varies. Time
 series regressions show that the Swedish demographic structure has
 significant explanatory power on the real exchange rate during 1960 to
 2002. A model using age shares as regressors is used for medium-term
 out-of-sample forecasts, which perform well both compared to naive
 forecasts and forecasts based on an autoregressive model. 
Journal: Applied Economics Letters 
Pages: 267-272 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500042959 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500042959&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Volodymyr Bilotkach 
Author-X-Name-First: Volodymyr 
Author-X-Name-Last: Bilotkach 
Title: Two results for asymmetric multiproduct duopoly 
Abstract:
  A case of multiproduct duopoly is considered with a different number of
 products produced by each firm. Given logit and nested logit
 substitutability patterns, it is shown that a firm offering more products
 charges higher price in equilibrium. 
Journal: Applied Economics Letters 
Pages: 273-276 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500042561 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500042561&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: William Maloney 
Author-X-Name-First: William 
Author-X-Name-Last: Maloney 
Author-Name: Gabriel V. Montes Rojas 
Author-X-Name-First: Gabriel V. Montes 
Author-X-Name-Last: Rojas 
Title: How elastic are sea, sand and sun? Dynamic panel estimates of the demand for tourism 
Abstract:
  This paper employs recent advances in dynamic panel data analysis to
 study the determinants of tourist flows to the Caribbean. Consistent with
 the theoretical literature, the results are found to be highly sensitive
 to estimation technique. The preferred GMM system suggests income and
 price elasticities substantially above those found in the literature. 
Journal: Applied Economics Letters 
Pages: 277-280 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000338626 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000338626&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Shelton Brown 
Author-X-Name-First: H. Shelton 
Author-X-Name-Last: Brown 
Author-Name: Luke Connelly 
Author-X-Name-First: Luke 
Author-X-Name-Last: Connelly 
Title: Market failure in long-term private health insurance markets: a proposed solution 
Abstract:
  Recently, private health insurance rates have declined in many countries.
 In places requiring community rating in their health insurance premiums, a
 major cause is age-based adverse selection. However, even in countries
 without community rating, a de facto type of partial community rating
 tends to occur. In this note, a modified version of Pauly et al.'s
 guaranteed renewability model, which addresses the problem of age-based
 adverse selection (Pauly et al., 1995) is presented. Their model is
 extended from three to 35 periods. Also, probabilities are allowed to
 increase by age for low-risk types using actual age-based probabilities.
 This extension of their work shows that private health insurance contracts
 available stray far from optimal contracts that deal with age-based
 adverse selection. This suggests that government actions to affect private
 insurance options are warranted. 
Journal: Applied Economics Letters 
Pages: 281-284 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500041944 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500041944&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Scott Malcolm 
Author-X-Name-First: Scott 
Author-X-Name-Last: Malcolm 
Author-Name: Joshua Duke 
Author-X-Name-First: Joshua 
Author-X-Name-Last: Duke 
Author-Name: John Mackenzie 
Author-X-Name-First: John 
Author-X-Name-Last: Mackenzie 
Title: Valuing rights of first refusal for farmland preservation policy 
Abstract:
  The economic literature has failed to derive an explanation for the
 current value of rights of first refusal (ROFR) that may or may not
 manifest at some future time. A model explains this ex ante value in the
 context of agricultural land that may be converted to developed uses in
 the future. The results should help governments decide what prices should
 be paid to farmers for ROFR in urbanizing areas. ROFR ensure that
 governments have the opportunity to match a land developer's price for
 important agricultural parcels. Governments can then impose a conservation
 easement and market the land to farmers. Compared to traditional
 conservation easement policy, the ROFR variant should be cost effective
 because only parcels truly threatened with conversion are preserved. 
Journal: Applied Economics Letters 
Pages: 285-288 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000338671 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000338671&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stuart Hyde 
Author-X-Name-First: Stuart 
Author-X-Name-Last: Hyde 
Author-Name: Mohamed Sherif 
Author-X-Name-First: Mohamed 
Author-X-Name-Last: Sherif 
Title: Don't break the habit: structural stability tests of consumption asset pricing models in the UK 
Abstract:
  This paper investigates the structural stability of four alternative
 consumption based asset pricing models, the traditional power utility
 consumption based capital asset pricing model (C-CAPM), the recursive
 preferences model proposed by Epstein and Zin (1989, 1991), and two habit
 formation specifications, the form proposed by Abel (1990) and the model
 of Campbell and Cochrane (1999), using the tests of Hall and Sen (1999).
 The ability of the models to price stocks and stocks and a short-term
 interest rate (i.e., the equity premium) is assessed. Evidence is found
 supportive of both the habit formation specifications and the traditional
 C-CAPM. The preferred specification based on parameter estimates and
 structural stability is that of Campbell and Cochrane. 
Journal: Applied Economics Letters 
Pages: 289-296 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000338662 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000338662&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: Analysing household bottled water and water purifier expenditures: simultaneous equation bivariate Tobit model 
Abstract:
  Household bottled water and water purifier expenditures are examined by
 taking into account three important characteristics: expenditures may be
 censored at zero, may be interdependent across expenditure type, and may
 be endogenously and jointly determined. Censoring, interdependence, and
 endogeneity of the two expenditures are examined through simultaneous
 equation bivariate Tobit model using household survey data. 
Journal: Applied Economics Letters 
Pages: 297-301 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000293121 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000293121&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariano Matilla-Garcia 
Author-X-Name-First: Mariano 
Author-X-Name-Last: Matilla-Garcia 
Author-Name: Carlos Arguello 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Arguello 
Title: A hybrid approach based on neural networks and genetic algorithms to the study of profitability in the Spanish Stock Market 
Abstract:
  This paper studies predictability and profitability of using neural
 networks (NN) in the Spanish security market. This is carried out through
 a hybrid approximation which entails evolving a genetic algorithm in order
 to obtain an optimal NN's architecture. To that end, (NNs) forecasts are
 transformed into a simple trading strategy, whose profitability is
 evaluated against a simple buy-and-hold strategy. 
Journal: Applied Economics Letters 
Pages: 303-308 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000329103 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000329103&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gilbert Cette 
Author-X-Name-First: Gilbert 
Author-X-Name-Last: Cette 
Author-Name: Jimmy Lopez 
Author-X-Name-First: Jimmy 
Author-X-Name-Last: Lopez 
Author-Name: Pierre-Alexandre Noual 
Author-X-Name-First: Pierre-Alexandre 
Author-X-Name-Last: Noual 
Title: Investment in ICTs: an empirical analysis 
Abstract:
  This paper addresses the question of whether differences in the price
 elasticity of demand for Information and Communication Technologies (ICTs)
 could explain why Europe lags behind the USA in terms of ICT diffusion.
 Annual macroeconomic data covering the period 1975-2001 is used and five
 countries considered: France, Germany, the Netherlands, the UK and the
 USA. Europe's lag in ICT diffusion does not appear to be linked to
 cross-country differences in the price elasticity of demand for ICT
 products. The results suggest that at least part of the gap in ICT
 diffusion should be ascribed to more structural cross-country differences.
 The estimated value of the price-elasticity of computer hardware and
 software is generally lower than -1 which, given the decline in the
 relative price of these products, explains the increase in their share of
 investment expenditure and GDP. This situation is characteristic of a
 diffusion stage and is necessarily temporary. 
Journal: Applied Economics Letters 
Pages: 309-312 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500042280 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500042280&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jamie Emerson 
Author-X-Name-First: Jamie 
Author-X-Name-Last: Emerson 
Author-Name: Chihwa Kao 
Author-X-Name-First: Chihwa 
Author-X-Name-Last: Kao 
Title: Bootstrapping and hypothesis testing in non-stationary panel data 
Abstract:
  This paper uses the wild bootstrap to compute empirically relevant
 critical values for the test statistics proposed by Emerson and Kao
 (2001). Monte Carlo simulations were then performed to evaluate the size
 and power properties of the bootstrapped tests. 
Journal: Applied Economics Letters 
Pages: 313-318 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500043965 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500043965&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Bautista 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Bautista 
Title: How volatile are East Asian stocks during high volatility periods? 
Abstract:
  This study reports estimates of the magnitude of volatility during
 abnormal times relative to normal periods for seven East Asian economies
 using a rudimentary univariate Markov-switching ARCH method. The results
 show that global and regional events such as the 1990 Gulf War and the
 1997 Asian currency crisis led to high volatility episodes whose magnitude
 relative to normal times differ from country to country. Country-specific
 events such as the opening up of country borders in the mid-1990s are also
 observed to lead to high volatility periods. Additional insights are
 obtained when volatility is assumed to evolve according to a three-state
 Markov regime switching process. 
Journal: Applied Economics Letters 
Pages: 319-326 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500044138 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500044138&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Petropoulos 
Author-X-Name-First: C. 
Author-X-Name-Last: Petropoulos 
Author-Name: K. Nikolopoulos 
Author-X-Name-First: K. 
Author-X-Name-Last: Nikolopoulos 
Author-Name: A. Patelis 
Author-X-Name-First: A. 
Author-X-Name-Last: Patelis 
Author-Name: V. Assimakopoulos 
Author-X-Name-First: V. 
Author-X-Name-Last: Assimakopoulos 
Title: A technical analysis approach to tourism demand forecasting 
Abstract:
  Tourism demand forecasts are of great economic value both for the public
 and private sector. Any information concerning the future evolution of
 tourism flows, is of great importance to hoteliers, tour operators and
 other industries concerned with tourism or transportation, in order to
 adjust their policy and corporate finance. In the last few decades,
 numerous researchers have studied international tourism demand and a wide
 range of the available forecasting techniques have been tested. Major
 focus has been given to econometric studies that involve the use of least
 squares regression to estimate the quantitative relationship between
 tourism demand and its determinants. However, econometric models usually
 fail to outperform simple time series extrapolative models. This article
 introduces a new approach to tourism demand forecasting via incorporating
 technical analysis techniques. The proposed model is evaluated versus a
 range of classic univariate time series methods in terms of forecasting
 and directional accuracy. 
Journal: Applied Economics Letters 
Pages: 327-333 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500065745 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500065745&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Connor 
Author-X-Name-First: John 
Author-X-Name-Last: Connor 
Title: Collusion and price dispersion 
Abstract:
  While there are suggestions in applied cartel studies that price
 dispersion changes when cartelization of a market occurs, there are few
 theoretical or empirical analyses of this effect. This article surveys the
 thin economic literature on the link between overt collusion and price
 dispersion. Formal theories and observation of cartel behaviour suggest
 that during successfully collusive periods prices become less variable and
 more negatively skewed compared to relatively competitive periods. Four
 empirical studies of cartels verify these predictions. 
Journal: Applied Economics Letters 
Pages: 335-338 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500068061 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500068061&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yung-Ming Shiu 
Author-X-Name-First: Yung-Ming 
Author-X-Name-Last: Shiu 
Title: The determinants of solvency in the United Kingdom life insurance market 
Abstract:
  This paper examines the solvency determinants, including economic and
 firm-specific factors, in the United Kingdom life insurance market. Using
 panel data for 1986-1999, it is found that solvency was positively related
 to bonds-to-total assets, equities-to-total assets, and level of new
 business, but negatively related to unexpected inflation, market
 competition, assets held to cover linked liabilities-to-total assets, life
 and general annuity reserves-to-total reserves, pension reserves-to-total
 reserves, permanent health reserves-to-total reserves, other
 reserves-to-total reserves, firm size, and insurance leverage. Based on
 panel data for the three subperiods, 1986-1990, 1990-1994, and 1994-1999,
 it was further found that solvency determinants changed from one epoch to
 another. 
Journal: Applied Economics Letters 
Pages: 339-344 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500092640 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500092640&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: &#x150;rn Bodvarsson 
Author-X-Name-First: &#x150;rn 
Author-X-Name-Last: Bodvarsson 
Title: Restaurant tips and service quality: a reply to Lynn 
Abstract:
  In his 'Comment' in this journal on a recent article in Applied Economics
 by myself and two coauthors (Bodvarsson, &#x150;. B., Luksetich, W. A. and
 McDermott, S. (2003), Lynn (forthcoming) makes three criticisms of the
 study on the relationship between service quality and tips. In one of
 these criticisms, he reanalyses the data and concludes that the two stage
 least squares estimate of the marginal effect of service quality on tips
 is invalid and should be replaced with his own ordinary least squares
 estimate. The purpose of this 'Reply' is to address each criticism and, in
 particular, to explain why Lynn's ordinary least squares estimate is not
 valid. 
Journal: Applied Economics Letters 
Pages: 345-346 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500076981 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500076981&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takaaki Aoki 
Author-X-Name-First: Takaaki 
Author-X-Name-Last: Aoki 
Title: Proposed modified probit model incorporating non-parametric density estimation: how to measure asymmetric information in the health insurance market? 
Abstract:
  On the basis of the theory of Chiappori and Salanie (2000), this paper
 proposes a simple modified bivariate Probit model incorporating
 non-parametric kernel density estimation. The model is applied to test
 asymmetric information in a health insurance market, using MEPS96 data.1
 Results show that asymmetric information (whether moral hazard or adverse
 selection) exists between the contract of insurance coverage, and some
 non-emergency visits services, which appear to support the conclusions of
 Cardon and Hendel (2001). It is also shown how this non-parametric
 approach plays an important role in the delicate task of correctly
 testing, by computing generalized residuals, the existence of asymmetric
 information. 
Journal: Applied Economics Letters 
Pages: 347-350 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500044104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500044104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steve Lawford 
Author-X-Name-First: Steve 
Author-X-Name-Last: Lawford 
Title: Finite-sample quantiles of the Jarque-Bera test 
Abstract:
  The finite-sample null distribution of the Jarque-Bera Lagrange
 multiplier test for normality differs considerably from the asymptotic
 &#x3c7;2(2). However, asymptotic critical values are commonly used in
 applied work, even for relatively small sample sizes. Here, very accurate
 response surface approximations are developed for the 10% and 5% critical
 values of the test, which enable correct practical implementation. 
Journal: Applied Economics Letters 
Pages: 351-354 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000338653 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000338653&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Camilo Sarmiento 
Author-X-Name-First: Camilo 
Author-X-Name-Last: Sarmiento 
Title: A mean squared error estimator of market size in hedonic price analysis 
Abstract:
  This paper presents a spatial kernel estimator that allows coefficients
 and market size to be estimated at the observation of interest. In
 economic terms, the bandwidth length of the spatial kernel estimator
 captures the size of the market incorporated in estimation at the location
 of interest, and this optimal size of the market included in regression
 minimizes mean square error (MSE). 
Journal: Applied Economics Letters 
Pages: 355-359 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500044187 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500044187&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. A. Al Mamun 
Author-X-Name-First: K. A. Al 
Author-X-Name-Last: Mamun 
Author-Name: H. K. Nath 
Author-X-Name-First: H. K. 
Author-X-Name-Last: Nath 
Title: Export-led growth in Bangladesh: a time series analysis 
Abstract:
  This article examines time series evidence to investigate the link
 between exports and economic growth in Bangladesh. Using quarterly data
 for a period from 1976 to 2003 the article finds that industrial
 production and exports are cointegrated. The results of an error
 correction model (ECM) suggest that there is a long-run unidirectional
 causality from exports to growth in Bangladesh. 
Journal: Applied Economics Letters 
Pages: 361-364 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500068194 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500068194&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: The number of working hours a salary earner is willing to reduce for leisure activities 
Abstract:
  This paper analyses the number of working hours a salary earner is
 willing to reduce for more time for leisure activities (henceforth, WH)
 based on data collected from a nationwide survey conducted on 1259 salary
 earners in Korea. To deal with zero WH responses given by a considerable
 number of respondents in the survey, the author uses a mixture model of WH
 distributions. The mean of the WH for the respondents who gave a positive
 value of WH was estimated as 3.04 hours per week, and that for all the
 respondents as 0.67 hour per week. 
Journal: Applied Economics Letters 
Pages: 365-368 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000338680 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000338680&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kosei Fukuda 
Author-X-Name-First: Kosei 
Author-X-Name-Last: Fukuda 
Title: Did the bubble burst cause structural breaks in the Japanese economy? Evidence from 84 manufacturing industries 
Abstract:
  This paper examines the existence of structural breaks in the output time
 series of 84 Japanese manufacturing industries. The main result is that
 the effect of the bubble burst in the early 1990s was so limited that on
 the basis of value added, only 28% of production had structural breaks. 
Journal: Applied Economics Letters 
Pages: 369-373 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500044278 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500044278&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Author-Name: Seema Narayan 
Author-X-Name-First: Seema 
Author-X-Name-Last: Narayan 
Title: Are exports and imports cointegrated? Evidence from 22 least developed countries 
Abstract:
  The aim of this article is to investigate whether there is a long-run
 relationship (cointegration) between exports and imports for 22 least
 developed countries (LDCs). This is an important issue, for evidence of
 cointegration will ensure that trade imbalances are sustainable. The
 article explores this issue using the bounds testing approach to
 cointegration. The results indicate that exports and imports are
 cointegrated only for six out of the 22 countries, and the coefficient on
 exports is less than one. 
Journal: Applied Economics Letters 
Pages: 375-378 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500067774 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500067774&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joan-Ramon Borrell 
Author-X-Name-First: Joan-Ramon 
Author-X-Name-Last: Borrell 
Title: Patents and the faster introduction of new drugs in developing countries 
Abstract:
  This paper finds that product patent regimes spur faster introduction of
 new HIV/AIDS drugs only in those developing countries with relatively
 equally distributed incomes. 
Journal: Applied Economics Letters 
Pages: 379-382 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500042744 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500042744&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vani Borooah 
Author-X-Name-First: Vani 
Author-X-Name-Last: Borooah 
Title: Bridging the gap between the measurement of poverty and of deprivation 
Abstract:
  One way of measuring the deprivation or poverty of persons is to use
 monetary-based measures: a person is regarded as 'poor' if his/her income
 (or expenditure) falls below a poverty line value. Such an approach -
 usually termed poverty analysis - has spawned a large literature embodying
 several sophisticated measures of poverty. The downside to this is that
 low income or expenditure may not be very good indicators of deprivation.
 Another way, usually termed deprivation analysis, is to define an index
 whose value, for each person, is the number (or proportion) of items, from
 a prescribed list, that he/she possesses: persons are then regarded as
 'deprived' if their index value is below some threshold value. This offers
 an alternative method of identifying deprived persons. The downside of
 deprivation analysis is that it measures deprivation exclusively in terms
 of the proportion of deprived persons in the total number of persons. The
 purpose of this article is to bridge the gap between poverty and
 deprivation analysis by constructing a wider set of deprivation measures
 and showing, with data for Northern Ireland, how they might be applied. 
Journal: Applied Economics Letters 
Pages: 383-389 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500068095 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500068095&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Anderson 
Author-X-Name-First: John 
Author-X-Name-Last: Anderson 
Author-Name: Orn Bodvarsson 
Author-X-Name-First: Orn 
Author-X-Name-Last: Bodvarsson 
Title: Do higher tipped minimum wages boost server pay? 
Abstract:
  Do tipped servers in states with higher tipped minimum wages earn more,
 ceteris paribus, than servers elsewhere? Using 1999 data on waitpersons
 and bartenders, little evidence is found of a premium to servers in states
 with more generous minimum wages. 
Journal: Applied Economics Letters 
Pages: 391-393 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500092459 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500092459&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pekka Ilmakunnas 
Author-X-Name-First: Pekka 
Author-X-Name-Last: Ilmakunnas 
Author-Name: Mika Maliranta 
Author-X-Name-First: Mika 
Author-X-Name-Last: Maliranta 
Author-Name: Jari Vainiomaki 
Author-X-Name-First: Jari 
Author-X-Name-Last: Vainiomaki 
Title: Worker turnover and productivity growth 
Abstract:
  Total factor productivity growth is positively related to the worker
 inflow rate and negatively related to the worker outflow rate in Finnish
 manufacturing. The churning rate, which measures separations that lead to
 replacement hiring, speeds up productivity growth. 
Journal: Applied Economics Letters 
Pages: 395-398 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109790 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109790&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Moritz Cruz 
Author-X-Name-First: Moritz 
Author-X-Name-Last: Cruz 
Title: A three-regime business cycle model for an emerging economy 
Abstract:
  A three-regime business cycle model is proposed based on Minsky financial
 instability hypothesis. Using this framework and a Markov switching
 autoregressive model Mexico's business cycle turning points are identified
 published by the Economic Cycle Research Institute (ECRI). 
Journal: Applied Economics Letters 
Pages: 399-402 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500118775 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500118775&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Radha Shiwakoti 
Author-X-Name-First: Radha 
Author-X-Name-Last: Shiwakoti 
Author-Name: Robert Hudson 
Author-X-Name-First: Robert 
Author-X-Name-Last: Hudson 
Author-Name: Helen Short 
Author-X-Name-First: Helen 
Author-X-Name-Last: Short 
Title: A study of the initial returns and the aftermarket performance of initial public offerings of demutualized building societies in the UK 
Abstract:
  This article examines the initial returns and the aftermarket performance
 of initial public offerings (IPOs) of demutualized building societies in
 the UK. The size of the IPOs and the unusual features of the process
 involved allow for the testing of a number of hypotheses developed from
 established theories regarding IPOs and mutual to stock conversions. In
 broad terms, the findings of the study are in accordance with the previous
 literature. 
Journal: Applied Economics Letters 
Pages: 403-409 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109808 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109808&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Scott Hacker 
Author-X-Name-First: R. Scott 
Author-X-Name-Last: Hacker 
Author-Name: Abdulnasser Hatemi-J 
Author-X-Name-First: Abdulnasser 
Author-X-Name-Last: Hatemi-J 
Title: A test for multivariate ARCH effects 
Abstract:
  This paper extends Engle's LM test for ARCH affects to multivariate
 cases. The size and power properties of this multivariate test for ARCH
 effects in VAR models are investigated based on asymptotic and bootstrap
 distributions. Using the asymptotic distribution, deviations of actual
 size from nominal size do not appear to be very excessive. Nevertheless,
 there is a tendency for the actual size to overreject the null hypothesis
 when the nominal size is 1% and underreject the null when the nominal size
 is 5% or 10%. It is found that using a bootstrap distribution for the
 multivariate LM test is generally superior in achieving the appropriate
 size to using the asymptotic distribution when (1) the nominal size is 5%;
 (2) the sample size is small (40 observations) and/or the VAR system is
 stable. With a small sample, the power of the test using the bootstrap
 distribution also appears better at the 5% nominal size. 
Journal: Applied Economics Letters 
Pages: 411-417 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500092129 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500092129&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ann Owen 
Author-X-Name-First: Ann 
Author-X-Name-Last: Owen 
Author-Name: Christopher Fogelstrom 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Fogelstrom 
Title: Monetary policy implications of electronic currency: an empirical analysis 
Abstract:
  Using the 2001 Survey of Consumer Finances, evidence is found that
 electronic currency is not a substitute for demand deposits: electronic
 currency ownership is associated with holding higher balances in checking
 accounts. These findings allay concerns that private sector issuance of
 electronic currency will inhibit the ability of central banks to conduct
 monetary policy. 
Journal: Applied Economics Letters 
Pages: 419-423 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500092509 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500092509&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Monzur Hossain 
Author-X-Name-First: Monzur 
Author-X-Name-Last: Hossain 
Title: Can Japan avert any future banking crisis? 
Abstract:
  This paper suggests that the weaknesses of corporate governance are
 enough to explain the Japanese banking crisis in the 1990s. Bank size and
 lack of operating and management efficiency contributes to low return,
 thereby lead to the failure of the banks. Emergence and burst of the
 bubble in the late 1980s just accelerated the situation to an early crisis
 in the 1990s. 
Journal: Applied Economics Letters 
Pages: 425-429 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109840 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109840&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ji Kim 
Author-X-Name-First: Ji 
Author-X-Name-Last: Kim 
Title: Convergence hypothesis of regional income in Korea 
Abstract:
  Using data on per capita income among 13 regions in Korea over the period
 1985-2002, regional convergence is evaluated. This study uses panel
 cointegration tests and a random coefficient model that allows both
 regional differences and similarities to estimate the Solow growth model.
 The model also corrects for heteroscedasticity and serial correlation.
 Evidence is found in favour of regional convergence in Korea, with a rate
 of convergence of around 8% a year. The results also indicate that the
 investment rate in physical capital has a significantly positive effect
 and the population growth has a significantly negative effect on the
 growth rate of per capita income, holding its initial level constant. 
Journal: Applied Economics Letters 
Pages: 431-435 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109824 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109824&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Massimo Filippini 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Filippini 
Author-Name: Marika Zola 
Author-X-Name-First: Marika 
Author-X-Name-Last: Zola 
Title: Economies of scale and cost efficiency in the postal services: empirical evidence from Switzerland 
Abstract:
  This paper investigates the scale and cost efficiency of the Swiss Post
 using an econometric approach. Our empirical analysis considers a sample
 of postal offices operating in the Italian-speaking part of Switzerland.
 The paper considers estimation of a log-log cost function employing a data
 set for the year 2001 with information on 47 small local post offices. The
 empirical evidence indicates the existence of economies of scale. Further,
 the outcome of this analysis shows that approximately 50% of the postal
 offices operate close to the regional standard for efficiency. 
Journal: Applied Economics Letters 
Pages: 437-441 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109709 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109709&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anthony Rezitis 
Author-X-Name-First: Anthony 
Author-X-Name-Last: Rezitis 
Title: Agricultural productivity convergence across Europe and the United States of America 
Abstract:
  This paper applies time series techniques to test for convergence in
 agricultural total factor productivity among the USA and a sample of nine
 European countries for the period 1973-1993. The data set used in this
 paper obtained from Ball et al. (2001). The wide spectrum of unit root
 test results obtained in the present study support the presence of
 convergence among the sample countries. 
Journal: Applied Economics Letters 
Pages: 443-446 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109691 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109691&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gregory Parkhurst 
Author-X-Name-First: Gregory 
Author-X-Name-Last: Parkhurst 
Author-Name: Jason Shogren 
Author-X-Name-First: Jason 
Author-X-Name-Last: Shogren 
Title: Does complexity reduce coordination? 
Abstract:
  Herein it is shown that increased complexity does not necessarily imply
 more coordination failure. Experienced people playing a 4-player spatial
 grid game with over 68 000 strategy choices and (68 000)4 potential
 outcomes were as likely to find the Pareto dominant Nash equilibrium as in
 a corresponding normal form game. 
Journal: Applied Economics Letters 
Pages: 447-452 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500092400 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500092400&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsuyoshi Toshimitsu 
Author-X-Name-First: Tsuyoshi 
Author-X-Name-Last: Toshimitsu 
Title: Quality choice, the Coase problem, and a fixed cost function of quality: a note 
Abstract:
  Chi (1999) shows that the durable-good monopolist facing the Coase
 problem not only over-supplies, but decreases the price per unit of
 quality, so that the high-demanded consumers do not postpone their
 purchase. The results derived by Chi are re-examined in the case of a
 fixed cost function of quality and it is shown that his results are
 sensitive to the cost function of quality. 
Journal: Applied Economics Letters 
Pages: 453-455 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109717 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109717&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Grund 
Author-X-Name-First: Christian 
Author-X-Name-Last: Grund 
Author-Name: Oliver Gurtler 
Author-X-Name-First: Oliver 
Author-X-Name-Last: Gurtler 
Title: An empirical study on risk-taking in tournaments 
Abstract:
  Individuals faced by a tournament can often not only choose their effort
 level, but also the risk level of their strategy. There are some
 theoretical contributions on risk-taking in tournaments, which mainly
 point out disadvantages with respect to exerted effort. Empirical evidence
 is rare. This letter analyses the risk-taking behaviour of professional
 soccer coaches. It is found that risk-taking concerning the kind of
 observed substitutions is, indeed, relevant. However, risk-taking does not
 pay off. 
Journal: Applied Economics Letters 
Pages: 457-461 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109881 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109881&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. Geoffrey Booth 
Author-X-Name-First: G. Geoffrey 
Author-X-Name-Last: Booth 
Author-Name: Cetin Ciner 
Author-X-Name-First: Cetin 
Author-X-Name-Last: Ciner 
Title: German dominance in the European Monetary System: a reprise using robust Wald tests 
Abstract:
  This study re-examines the German dominance hypothesis in the EMS. A VAR
 in levels approach is adopted and modified Wald tests, which are robust to
 cointegration properties of the variables, are used. The findings indicate
 that, although Germany played a measurable role, the extent of monetary
 cooperation in the system was greater than previously detected. 
Journal: Applied Economics Letters 
Pages: 463-466 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120359 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120359&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: Impacts of macroeconomic policies on the Latvian output and policy implications 
Abstract:
  The author applies the IS-MP-IA model (Romer, 2000) to examine short run
 economic fluctuations for Latvia. The results show that equilibrium GDP is
 negatively associated with the expected inflation rate and the US federal
 funds rate and positively influenced by real depreciation and stock prices
 due to the wealth effect, Tobin's q theory, and the balance-sheet effect.
 The impact of the government deficit/GDP ratio on output is positive but
 insignificant. 
Journal: Applied Economics Letters 
Pages: 467-471 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120136 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120136&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Partridge 
Author-X-Name-First: Mark 
Author-X-Name-Last: Partridge 
Author-Name: Dan Rickman 
Author-X-Name-First: Dan 
Author-X-Name-Last: Rickman 
Title: Why some US nonmetropolitan counties moved out of persistent high-poverty status in the 1990s 
Abstract:
  Nearly one-third of US nonmetropolitan counties that began the 1990s with
 persistent high poverty were not high-poverty counties by the end of the
 decade. Aside from the poverty rate at the beginning of the decade, it is
 found that employment growth, along with indicators of the initial quality
 of the labour force and level of human-capital, increased the probability
 of counties moving out of persistent high-poverty status. 
Journal: Applied Economics Letters 
Pages: 473-478 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120250 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120250&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marta Bengoa 
Author-X-Name-First: Marta 
Author-X-Name-Last: Bengoa 
Author-Name: Blanca Sanchez-Robles 
Author-X-Name-First: Blanca 
Author-X-Name-Last: Sanchez-Robles 
Title: Does equality reduce growth? Some empirical evidence 
Abstract:
  This study intends to provide some empirical evidence on the connection
 between equality and growth. Accordingly, two different samples of
 countries have been explored over the last three decades using panel data.
 In the first subsample, encompassed by medium income nations, the
 relationship between equality (proxied by the Gini index) and growth seems
 to be hump shaped. In the second subsample, made up by high-income
 countries, the connection is unambiguously negative - more equality is
 detrimental for growth. These results suggest that the impact of equality
 on growth may be different at the various stages of development. 
Journal: Applied Economics Letters 
Pages: 479-483 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120177 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120177&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Ryan 
Author-X-Name-First: Michael 
Author-X-Name-Last: Ryan 
Title: Applications of a more for less result to labour markets and to auctions 
Abstract:
  A general more for less result is established. A labour-market
 application then shows, how, by connecting previously unconnected labour
 markets, costs of skilling or reskilling labour may be reduced. Another
 application shows how auction proceeds may increase if certain bidders are
 removed from the bidding process. An example relating to auctions of
 categories of access to airport ramps illustrates this case. 
Journal: Applied Economics Letters 
Pages: 485-488 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109758 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109758&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Cotter 
Author-X-Name-First: John 
Author-X-Name-Last: Cotter 
Title: Extreme risk in futures contracts 
Abstract:
  This article uses Extreme Value Theory (EVT) to measure extreme risk in
 futures contracts with diverging underlying assets. The approach provides
 a framework for analysing the distributional properties of extreme
 returns. EVT is statistically robust at estimating Value at Risk (VaR) for
 different asset classes and at very low probabilities. By way of contrast,
 the estimation bias by relying on the thin-tailed normal distribution for
 measuring extreme price movements is illustrated. Back-tests confirm the
 relative accuracy of the approaches. 
Journal: Applied Economics Letters 
Pages: 489-492 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109816 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109816&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Les Coleman 
Author-X-Name-First: Les 
Author-X-Name-Last: Coleman 
Title: Why explore for oil when it is cheaper to buy? 
Abstract:
  This article uses results of independent US oil companies to examine
 their decisions in a high-risk environment. When these companies seek to
 replace oil production, the available choices fall into two broad
 classifications, each with its own distribution of expected costs and
 returns: explore for oil; or buy proven oil reserves. Firms prove
 risk-sensitive in their decisions as the balance struck between building
 reserves by acquisition and by exploration responds to firm
 characteristics. The crossover from risk embrace (exploration) to risk
 aversion (acquisition) occurs when the probability of success from the
 more risky strategy drops below about 15%. This matches the behaviour of
 decision makers when facing risks as diverse as acquisitions and racetrack
 betting. Shareholders, however, do not support risk-taking for its own
 sake, although they bid up the price of successful risk-takers. This
 reveals a divergence in goals between principals and agents; and an
 inverse relationship between risk-taking and return as measured by
 shareholder value. 
Journal: Applied Economics Letters 
Pages: 493-497 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109733 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109733&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lokman Gunduz 
Author-X-Name-First: Lokman 
Author-X-Name-Last: Gunduz 
Author-Name: Abdulnasser Hatemi-J 
Author-X-Name-First: Abdulnasser 
Author-X-Name-Last: Hatemi-J 
Title: Is the tourism-led growth hypothesis valid for Turkey? 
Abstract:
  Like many developing countries, Turkey has also given priority to the
 development of tourism industry as a part of its economic growth strategy.
 This study intends to investigate whether tourism has really contributed
 to the economic growth in Turkey. The interaction between tourism and
 economic growth is investigated by making use of leveraged bootstrap
 causality tests. This method is robust to the existence of non-normality
 and ARCH effects. Special attention is given to the choice of the optimal
 lag order of the empirical model. It is found that the tourism-led growth
 hypothesis is supported empirically in the case of Turkey. 
Journal: Applied Economics Letters 
Pages: 499-504 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109865 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109865&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Cabral Vieira 
Author-X-Name-First: Jose Cabral 
Author-X-Name-Last: Vieira 
Author-Name: Antonio Menezes 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Menezes 
Author-Name: Patricia Gabriel 
Author-X-Name-First: Patricia 
Author-X-Name-Last: Gabriel 
Title: Low pay, higher pay and job quality: empirical evidence for Portugal 
Abstract:
  This paper examines to what extent low pay jobs can be considered of low
 quality. For this purpose, we use three waves (1997-1999) of the European
 Community Household Panel (ECHP) for Portugal. The results indicate that
 low pay workers report a lower level of job satisfaction when compared
 with their higher paid counterparts. Moreover, some of the determinants of
 job satisfaction differ between these two types of workers. This supports
 the idea that low wage employment mainly comprises low quality jobs and is
 consistent with the segmented labour market theory, which claims the
 existence of good and bad jobs. This is, however, at odds with some
 empirical evidence recently reported for the British labour market where
 low pay individuals report a higher level of satisfaction, which is more
 in line with the notion that these workers obtain compensating differences
 in the form of non-pecuniary benefits. 
Journal: Applied Economics Letters 
Pages: 505-511 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109907 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109907&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ming-Yuan Leon Li 
Author-X-Name-First: Ming-Yuan Leon 
Author-X-Name-Last: Li 
Author-Name: Hsiou-Wei William Lin 
Author-X-Name-First: Hsiou-Wei William 
Author-X-Name-Last: Lin 
Author-Name: Rau Hsiu-hua 
Author-X-Name-First: Rau 
Author-X-Name-Last: Hsiu-hua 
Title: The performance of the Markov-switching model on business cycle identification revisited 
Abstract:
  This study examines the performance of Markov-switching model on business
 cycle by applying the model to various economies. Specifically, three
 comparison groups are used: (1) the USA and Japan serving as the
 representatives for the industrialized economies (or IEs hereafter); (2)
 Taiwan and South Korea serving as the representatives for newly
 industrialized economies (or NIEs hereafter); and (3) Malaysia and
 Indonesia serving as the representatives for the developing economies (or
 DEs hereafter). The empirical results are consistent with the following
 notions. First, the Markov-switching model serves well to depict the
 business cycles for IEs and DEs. Nevertheless, the model is ineffective
 for the two NIEs, which underwent structural economic shifts to slower
 growth during our sample period of 1970-1998. Second, the two-period
 Markov-switching by dividing the sample periods into two sub-periods thus
 more effectively measures the two NIEs' business cycles. 
Journal: Applied Economics Letters 
Pages: 513-520 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500119963 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500119963&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Lin Tao 
Author-X-Name-First: Hung-Lin 
Author-X-Name-Last: Tao 
Title: The effects of income and children on marital happiness &#x2014; evidence from middle- and old-aged couples 
Abstract:
  This study finds that marital happiness initially increases with income
 and then remains more or less constant. It is likely that there exists an
 optimal number of children. 
Journal: Applied Economics Letters 
Pages: 521-524 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120045 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120045&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fabio Augusto Reis Gomes 
Author-X-Name-First: Fabio Augusto Reis 
Author-X-Name-Last: Gomes 
Author-Name: Lourenco Senne Paz 
Author-X-Name-First: Lourenco Senne 
Author-X-Name-Last: Paz 
Title: Can real exchange rate devaluation improve the trade balance? The 1990-1998 Brazilian case 
Abstract:
  The Brazilian Trade Balance deficit in the 1990s was blamed on the
 adopted crawling-peg exchange rate regime in which the real exchange rate
 was supposedly appreciated. The purpose in this letter is to assess this
 relationship by using VEC-M model to check if Marshall-Lerner condition
 and J-curve phenomenon hold. The results indicate that the Marshall-Lerner
 condition holds and the J-curve would be present in the aftermath of a
 real exchange rate devaluation. 
Journal: Applied Economics Letters 
Pages: 525-528 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500076908 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500076908&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeremy Forster 
Author-X-Name-First: Jeremy 
Author-X-Name-Last: Forster 
Author-Name: Sherrill Shaffer 
Author-X-Name-First: Sherrill 
Author-X-Name-Last: Shaffer 
Title: Bank efficiency ratios in Latin America 
Abstract:
  Previous literature has shown a strong association between the financial
 sector and economic growth, but theory predicts ambiguous associations
 between banking efficiency and size or market share. The relationships
 among efficiency ratios, absolute scale, and rank category are explored
 for a relevant subset of banks in each of four Latin American countries.
 The results indicate a robust association between efficiency and absolute
 scale but not between efficiency and relative scale, which suggests that
 the observed efficiency of larger banks is not an artefact of market power
 among dominant banks. 
Journal: Applied Economics Letters 
Pages: 529-532 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120623 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120623&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julie Le Gallo 
Author-X-Name-First: Julie Le 
Author-X-Name-Last: Gallo 
Author-Name: Catherine Baumont 
Author-X-Name-First: Catherine 
Author-X-Name-Last: Baumont 
Author-Name: Sandy Dall'erba 
Author-X-Name-First: Sandy 
Author-X-Name-Last: Dall'erba 
Author-Name: Cem Ertur 
Author-X-Name-First: Cem 
Author-X-Name-Last: Ertur 
Title: On the property of diffusion in the spatial error model 
Abstract:
  The aim of this paper is to illustrate the property of global spillover
 effects in the first-order spatial autoregressive error model and the
 associated diffusion process of spatial shocks. An application is provided
 on a sample of 145 regions over 1989-1999 and highlights the most
 influential regions. 
Journal: Applied Economics Letters 
Pages: 533-536 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120722 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120722&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeffrey Jarrett 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Jarrett 
Author-Name: Eric Kyper 
Author-X-Name-First: Eric 
Author-X-Name-Last: Kyper 
Title: Evidence on the seasonality of stock market prices of firms traded on organized markets 
Abstract:
  Studies of capital market efficiency are important because they infer
 that there are predictable properties of the time series of prices of
 traded securities on organized markets. The weak form of the efficient
 markets hypothesis is put in dispute by the results of this study.
 Furthermore, this study of individual securities prices of US traded
 securities corroborates previous findings of studies of stock market
 indexes both in the USA and for foreign stock exchanges that seasonality
 is present in the times of securities prices. 
Journal: Applied Economics Letters 
Pages: 537-543 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500123288 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500123288&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Fritsch 
Author-X-Name-First: Michael 
Author-X-Name-Last: Fritsch 
Author-Name: Pamela Mueller 
Author-X-Name-First: Pamela 
Author-X-Name-Last: Mueller 
Author-Name: Antje Weyh 
Author-X-Name-First: Antje 
Author-X-Name-Last: Weyh 
Title: Direct and indirect effects of new business formation on regional employment 
Abstract:
  The impact of new business formation on regional employment has been
 investigated. The main effects occur after a considerable time lag.
 Obviously, a large part of the effect is not due to job creation by the
 newcomers but rather is of indirect nature. This implies that a large part
 of the debate about job creation by new business so far has been
 misleading. 
Journal: Applied Economics Letters 
Pages: 545-548 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500142346 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500142346&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lambert Schoonbeek 
Author-X-Name-First: Lambert 
Author-X-Name-Last: Schoonbeek 
Author-Name: Peter Kooreman 
Author-X-Name-First: Peter 
Author-X-Name-Last: Kooreman 
Title: No cure, be paid: super-contingent fee contracts 
Abstract:
  A general principal-agent problem with two possible outputs, high or low
 is considered. The agent's utility function is additively separable in
 wealth and effort. It is shown that under the optimal contract, the agent
 should pay a penalty fee to the principal if the low output occurs. 
Journal: Applied Economics Letters 
Pages: 549-551 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500142544 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500142544&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Ferruz Agudo 
Author-X-Name-First: Luis Ferruz 
Author-X-Name-Last: Agudo 
Author-Name: Luis A. Vicente Gimeno 
Author-X-Name-First: Luis A. Vicente 
Author-X-Name-Last: Gimeno 
Title: Effects of multicollinearity on the definition of mutual funds' strategic style: the Spanish case 
Abstract:
  This study is an approach to the strategic styles followed by Spanish
 mutual funds investing in domestic equities. The methodology applied is
 based on Sharpe's suggested Style Analysis. The study highlights the
 distortion of results caused by the phenomenon of multicollinearity in the
 benchmarks proposed. 
Journal: Applied Economics Letters 
Pages: 553-556 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120698 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120698&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erdal Ozmen 
Author-X-Name-First: Erdal 
Author-X-Name-Last: Ozmen 
Title: Macroeconomic and institutional determinants of current account deficits 
Abstract:
  This study empirically investigates the effects of institutional and
 macroeconomic policy variables on current account deficits (CAD). Based on
 cross-section data for a broad number of countries, the results suggest
 that better governance increases whilst 'original sin' decreases the
 ability of an economy to sustain CAD. Exchange rate flexibility and
 openness appear to put a discipline on CAD. Consistent with the equity
 home bias and Feldstein-Horioka puzzle, CAD decrease with country size.
 The net impacts of the financial deepening and monetary credibility on CAD
 are found to be insignificant. 
Journal: Applied Economics Letters 
Pages: 557-560 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120714 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120714&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Garcia-Feijoo 
Author-X-Name-First: Luis 
Author-X-Name-Last: Garcia-Feijoo 
Author-Name: John Howe 
Author-X-Name-First: John 
Author-X-Name-Last: Howe 
Author-Name: Tie Su 
Author-X-Name-First: Tie 
Author-X-Name-Last: Su 
Title: Completely predictable and fully anticipated? Step ups in warrant exercise prices 
Abstract:
  Some warrants are issued with a scheduled increase in their exercise
 price. This increase, referred to as a 'step up' in exercise price, occurs
 after the warrant is issued but prior to its expiration. The price
 behaviour of warrants and common stock at the scheduled step up date is
 examined. The evidence suggests that the market correctly anticipates this
 event, and that warrant holders exercise (actually, refrain from
 exercising) rationally. 
Journal: Applied Economics Letters 
Pages: 561-565 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120664 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120664&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Requena Silvente 
Author-X-Name-First: Francisco Requena 
Author-X-Name-Last: Silvente 
Title: Changing export status and firm performance: evidence from UK small firms 
Abstract:
  The export premium is measured for a sample of 1940 small-sized UK
 manufacturing firms over the period 1994-2000 by evaluating the
 performance of entrants versus exiters in the foreign markets. It is found
 that new exporters witnessed a substantial increase in their employment,
 wages, sales and productivity growth rates compared to non-exporters. On
 average the estimated export premium coefficient varied from 5% in
 productivity to 1% in wages. Companies that interrupt the exporting
 activity suffered significant losses in employment, employees' wages,
 director's wages, sales and productivity. The negative estimated impact on
 the growth rates vary from -7% for director's wage to -3% in employment
 and productivity. 
Journal: Applied Economics Letters 
Pages: 567-571 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120649 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120649&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ercan Balaban 
Author-X-Name-First: Ercan 
Author-X-Name-Last: Balaban 
Author-Name: Jamal Ouenniche 
Author-X-Name-First: Jamal 
Author-X-Name-Last: Ouenniche 
Author-Name: Danae Politou 
Author-X-Name-First: Danae 
Author-X-Name-Last: Politou 
Title: A note on return distribution of UK stock indices 
Abstract:
  The aim of this paper is to provide empirical evidence on the statistical
 distributions of returns on 32 UK sector indices as well as the FTSE-All
 and the FTSE-100 indices. These data are modelled for several holding
 periods, ranging from one day to one quarter, using symmetric stable
 Paretian distributions and their characteristic exponents are estimated.
 Numerical results suggest that both short and long horizon returns are
 non-normal and that deviation from normality is stronger for short horizon
 returns, with the exception of few sectors. In sum, these results suggest
 that asset pricing and risk management models, among others, should be
 modified to take into account departures form normality. 
Journal: Applied Economics Letters 
Pages: 573-576 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120383 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120383&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Arusha Cooray 
Author-X-Name-First: Arusha 
Author-X-Name-Last: Cooray 
Title: Capital mobility: evidence from four South Asian economies 
Abstract:
  This paper examines the degree of capital mobility in four South Asian
 economies, namely, India, Sri Lanka, Pakistan and Bangladesh. The paper
 extends the Shibata and Shintani (1988) model to incorporate the interest
 rate differential. While the empirical results appear to be country
 specific, in general, capital does not appear to be mobile in South Asia.
 The results suggest that the interest rate differential is not related to
 changes in consumption in South Asia. 
Journal: Applied Economics Letters 
Pages: 577-581 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500142296 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500142296&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vladimir Teles 
Author-X-Name-First: Vladimir 
Author-X-Name-Last: Teles 
Title: The role of human capital in economic growth 
Abstract:
  This study presents stylized facts for economic growth for the second
 half of the 20th century, and evaluates the explanatory capacity of these
 facts by two of the main theoretical approaches that deal with the
 relation between human capital and growth: the Lucas (1988) model, and the
 Nelson and Phelps (1966) model. The results obtained indicate that the
 Lucas (1988) model satisfactorily explains the growth of 'rich' countries,
 but does not explain the poverty traps in which poor countries found
 themselves during the period under study. Conversely, the simulations
 conducted according to the Nelson-Phelps approach (1966) adequately
 replicate the poverty traps, but the approach is unable to do so for rich
 country dynamics. 
Journal: Applied Economics Letters 
Pages: 583-587 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500077013 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500077013&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Bernard 
Author-X-Name-First: John 
Author-X-Name-Last: Bernard 
Author-Name: William Schulze 
Author-X-Name-First: William 
Author-X-Name-Last: Schulze 
Author-Name: Timothy Mount 
Author-X-Name-First: Timothy 
Author-X-Name-Last: Mount 
Title: Bidding behaviour in the multi-unit Vickrey and uniform price auctions 
Abstract:
  Theory provides limited understanding of auctions in complex, multi-unit
 settings. This absence became apparent when performance concerns were
 raised over wholesale electric power auctions in England and California.
 This research used experiments involving 234 subjects to partially bridge
 the gap in knowledge with regard to bidding behaviour. Using a complex
 procurement setting motivated by power markets, bidding in the last
 accepted and first rejected uniform price auctions and the multi-unit
 Vickrey were examined across group sizes of 2, 4, and 6. To allow
 opportunity for tacit collusion, constant cost and demand conditions were
 maintained for 75 periods. Group size and experience were found to be most
 significant in explaining the differences between bids and costs. For
 groups of 2, this difference was significantly higher than with the other
 sizes, suggesting market power. Across sizes, after experience there was
 no significant difference in bidding behaviour between the uniform price
 auctions, with subjects in both bidding well above costs. Differences in
 the multi-unit Vickrey decreased after experience but, unexpectedly, bids
 were often below costs. Under no combinations did bids equal costs as
 would be desired by market designers. Results should give concern to
 policy analysts, and research suggestions to theorists. 
Journal: Applied Economics Letters 
Pages: 589-595 
Issue: 10 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500181807 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500181807&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Okmyung Bin 
Author-X-Name-First: Okmyung 
Author-X-Name-Last: Bin 
Title: A semiparametric hedonic model for valuing wetlands 
Abstract:
  A semiparametric hedonic price function is estimated to examine the
 effects of proximity to wetlands on property values using extensive
 wetland inventory and housing market data from Portland-Oregon, USA. The
 semiparametric method used in this study allows for estimation of the
 hedonic price function with flexible functional form and is
 computationally easier than most non-parametric models. Four general
 categories of wetlands - open water, emergent vegetation, forested and
 scrub shrub wetlands - are differentiated. The results indicate that
 proximity to open water wetlands has a positive association with property
 values, while the other types of wetlands have either a negative or
 insignificant relationship. 
Journal: Applied Economics Letters 
Pages: 597-601 
Issue: 10 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500188505 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500188505&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ercan Balaban 
Author-X-Name-First: Ercan 
Author-X-Name-Last: Balaban 
Author-Name: Asl&#x131; Bayar 
Author-X-Name-First: Asl&#x131; 
Author-X-Name-Last: Bayar 
Title: Stock returns and volatility: empirical evidence from fourteen countries 
Abstract:
  This is a pioneering effort to test in 14 countries the relationship
 between stock market returns and their forecast volatility derived from
 the symmetric and asymmetric conditional heteroscedasticity models. Both
 weekly and monthly returns and their volatility are investigated. An
 out-of-sample testing methodology is employed using volatility forecasts
 instead of investigating the relation between stock returns and their
 in-sample volatility estimates. Expected volatility is derived from the
 ARCH(p), GARCH(1,1), GJR-GARCH(1,1) and EGARCH(1,1) forecast models.
 Expected volatility is found to have a significant negative or positive
 effect on country returns in a few cases. Unexpected volatility has a
 negative effect on weekly stock returns in six to seven countries and on
 monthly returns in nine to eleven countries depending on the volatility
 forecasting model. However, it has a positive effect on weekly and monthly
 returns in none of the countries investigated. It is concluded that the
 return variance may not be an appropriate measure of risk. 
Journal: Applied Economics Letters 
Pages: 603-611 
Issue: 10 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120607 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120607&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samiran Banerjee 
Author-X-Name-First: Samiran 
Author-X-Name-Last: Banerjee 
Author-Name: James Murphy 
Author-X-Name-First: James 
Author-X-Name-Last: Murphy 
Title: The scope test revisited 
Abstract:
  Sensitivity to scope has become an acid test for the validity of
 responses to non-market valuation scenarios. The theoretical relationship
 between whether a subject's responses exhibit sensitivity to scope and
 whether consistent preferences underlie those responses is examined. It is
 found that sensitivity to scope is neither necessary nor sufficient for
 preference consistency. Moreover, while continuous, strongly monotonic and
 total preferences yield scope, the converse fails to hold. The results
 suggest caution in scope's application as a survey validation tool. 
Journal: Applied Economics Letters 
Pages: 613-617 
Issue: 10 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500166253 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500166253&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. D. Walls 
Author-X-Name-First: W. D. 
Author-X-Name-Last: Walls 
Title: Demand stochastics, supply adaptation, and the distribution of film earnings 
Abstract:
  A market is analysed in which demand is a stochastic process and supply
 is contingent on the expected level of demand - a model that provides a
 realistic depiction of the motion picture market where consumer demand is
 a process of discovery and information sharing, and the supply of theatre
 screens expands through contingent contracts to accommodate demand. This
 model predicts that motion picture earnings will deviate from a power law
 and instead be distributed according to an exponential of a power law due
 to finite-size effects in demand. Empirical analysis on a large sample of
 motion pictures finds significant deviation from the power law
 distribution and a remarkably good fit for the stretched exponential
 distribution. 
Journal: Applied Economics Letters 
Pages: 619-623 
Issue: 10 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500166246 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500166246&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francesco Aiello 
Author-X-Name-First: Francesco 
Author-X-Name-Last: Aiello 
Author-Name: Paola Cardamone 
Author-X-Name-First: Paola 
Author-X-Name-Last: Cardamone 
Title: R&D spillovers and productivity growth: evidence from Italian manufacturing microdata 
Abstract:
  Recently the focus of R&D impact on productivity moves from internal to
 external innovation. This paper assesses the link between R&D spillovers
 and productivity of 1017 Italian manufacturing firms over 1995-2000.
 Different proxies of R&D spillovers and several specification tests are
 used to select a well-behaved fixed effect model. As predicted by various
 new growth theory models, external R&D exerts a positive and highly
 significant effect on firms' productivity growth. 
Journal: Applied Economics Letters 
Pages: 625-631 
Issue: 10 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500119112 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500119112&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kalyan Chakraborty 
Author-X-Name-First: Kalyan 
Author-X-Name-Last: Chakraborty 
Title: Consumers' attitude towards hormone-free milk: what have we learned? 
Abstract:
  Consumers' negative attitude and perception about bST-treated milk has
 not changed much since its first introduction in 1994 in the USA. The
 objectives of this study are to measure consumers' willing to pay for
 bST-free milk and to explore the factors influencing their
 willingness-to-pay. The empirical application uses consumers' survey data
 from the state of Kansas and applied to a probit model for
 willingness-to-pay. The results show consumers prefer mandatory labeling
 for bST-treated milk and milk products, and are willing to pay a premium
 for bST-free milk. 
Journal: Applied Economics Letters 
Pages: 633-637 
Issue: 10 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500119914 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500119914&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kwangsuck Lee 
Author-X-Name-First: Kwangsuck 
Author-X-Name-Last: Lee 
Author-Name: In-Moo Kim 
Author-X-Name-First: In-Moo 
Author-X-Name-Last: Kim 
Title: Estimating the value of leisure time in Korea 
Abstract:
  To estimate the value of leisure time, this paper suggests the
 enodogenous switching model which incorporates individual's willingness to
 take more leisure time. The empirical results show that the value of
 leisure time in terms of willingly give-up shadow wage is greater than the
 market wage by 9% in Korea. The Korea economic crisis in 1997 seems to
 reduce the value of leisure time nearly 14%. 
Journal: Applied Economics Letters 
Pages: 639-641 
Issue: 10 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500166295 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500166295&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeong-Joon Lee 
Author-X-Name-First: Jeong-Joon 
Author-X-Name-Last: Lee 
Title: Persistent wage differential and its implications on the Balassa-Samuelson hypothesis 
Abstract:
  The objective of the study is to empirically examine the wage
 equalization assumption in the Balassa-Samuelson (BS) hypothesis. The wage
 equalization between the traded and the non-traded sectors is tested
 primarily based on resampling methods, permutation tests. The results show
 that the assumption does not hold uniformly. This study argues that a more
 general condition, which allows for wage differential between the sectors,
 can be used in the BS hypothesis as long as the wage differential is
 persistent. The persistent wage differential condition is empirically
 supported in this study. 
Journal: Applied Economics Letters 
Pages: 643-648 
Issue: 10 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500166204 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500166204&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hon-Kwong Lui 
Author-X-Name-First: Hon-Kwong 
Author-X-Name-Last: Lui 
Author-Name: Yui-Tim Wong 
Author-X-Name-First: Yui-Tim 
Author-X-Name-Last: Wong 
Title: Do loyal subordinates get higher wages? Experience from China 
Abstract:
  This paper classifies loyalty to supervisor into five dimensions, namely
 identification, internalization, dedication, effort and following
 supervisor. The results show that the 'effort' dimension has a positive
 effect on wage whereas the 'following supervisor' dimension has a negative
 effect on wage. Contrary to common perception, loyal subordinates may not
 get higher wages. 
Journal: Applied Economics Letters 
Pages: 649-652 
Issue: 10 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500183639 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500183639&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hongbin Li 
Author-X-Name-First: Hongbin 
Author-X-Name-Last: Li 
Author-Name: Qian Wang 
Author-X-Name-First: Qian 
Author-X-Name-Last: Wang 
Title: Partial privatization and screening 
Abstract:
  It is shown that the government, in privatizing state owned enterprises,
 can use partial privatization as a screening mechanism to elicit private
 information from the manager about the firm's value. Although some new
 owners do not have maximum incentives, this screening contract allows the
 government to maximize its privatization revenues. 
Journal: Applied Economics Letters 
Pages: 653-655 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500184215 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500184215&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joocheol Kim 
Author-X-Name-First: Joocheol 
Author-X-Name-Last: Kim 
Title: An investigation of the relationship between bond market volatility and trading activities: Korea treasury bond futures market 
Abstract:
  This study proposes a new proxy variable for the speculative trading
 activities in the analysis of relationship between volatility and trading
 activities. With the new variable, the dynamic interaction among
 underlying bond market volatility, futures trading volume, open interest
 and speculation ratio in Korea treasury bond and futures markets is
 examined under the vector autoregressive analysis (VAR) framework. A
 positive relationship is found between the bond market volatility and the
 speculation ratio. The result implies that the new variable could be a
 good candidate, reflecting the speculative trading activities in
 derivative markets. 
Journal: Applied Economics Letters 
Pages: 657-661 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500142403 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500142403&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Gour Gobinda Goswami 
Author-X-Name-First: Gour Gobinda 
Author-X-Name-Last: Goswami 
Title: Military spending as another cause of the failure of the PPP 
Abstract:
  In a recent article, with a strong theoretical argument but poor
 empirical support, military spending was identified to be a determinant of
 real exchange rate or a factor causing the PPP to deviate from equilibrium
 exchange rate. The poor empirical results were mostly due to a small
 number of observations (21 cross-sectional). This article employs pooled
 data from across 37 developing countries over the 1985-1998 period and
 provides very strong empirical support for the notion that indeed
 increased military spending could cause the PPP to deviate from
 equilibrium exchange rate. 
Journal: Applied Economics Letters 
Pages: 663-667 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500188380 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500188380&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Fournier 
Author-X-Name-First: Martin 
Author-X-Name-Last: Fournier 
Title: Exploiting information from path dependency in Oaxaca-Blinder decomposition procedures 
Abstract:
  This article addressed the issue of path dependency in Oaxaca-Blinder
 decomposition procedures. It shows that obtaining different results from
 decompositions computed on different base models and population structures
 should not be considered as a limitation but as valuable information about
 the underlying discrimination processes. Illustration is provided for the
 evaluation of racial discrimination in health in South Africa for 1999. 
Journal: Applied Economics Letters 
Pages: 669-672 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500191152 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500191152&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chien-Liang Chiu 
Author-X-Name-First: Chien-Liang 
Author-X-Name-Last: Chiu 
Author-Name: Chun-Da Chen 
Author-X-Name-First: Chun-Da 
Author-X-Name-Last: Chen 
Author-Name: Wan-Wei Tang 
Author-X-Name-First: Wan-Wei 
Author-X-Name-Last: Tang 
Title: Political elections and foreign investor trading in South Korea's financial markets 
Abstract:
  This article investigates the relationship between foreign investors'
 trading behaviour and political election events in South Korea and the
 effect of the relationship on the financial markets via a bivariate GARCH
 (1,1) model analysis. The empirical results show that the KOSPI 200 index
 return (total trading volumes of spot) and the derivatives volume have a
 negative (positive) relationship for foreign investors. South Korea
 shifted to a free floating exchange rate system, however, it did not have
 an effect on foreign investors' trading behaviour. In particular, foreign
 investors showed significant decrease in trading options contracts during
 the parliamentary election periods and the parliamentary elections
 stabilized derivatives trading volatility. It is evident from the results
 that the presidential elections create far more financial uncertainty in
 comparison to parliamentary elections. 
Journal: Applied Economics Letters 
Pages: 673-677 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500190097 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500190097&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Par Osterholm 
Author-X-Name-First: Par 
Author-X-Name-Last: Osterholm 
Title: The Taylor rule and real-time data - a critical appraisal 
Abstract:
  In a number of recent papers, it has been argued that the use of ex post
 data can distort the picture when trying to analyse monetary policy
 reaction functions. This paper aims to establish whether the Taylor rule
 has been a reasonable representation of US monetary policy using both ex
 post and real-time output gap data. Results show that real-time data
 generate only minor differences to ex post data and, more interestingly,
 that the Taylor rule appears to be a questionable tool for evaluation of
 the Federal Reserve during the investigated samples. 
Journal: Applied Economics Letters 
Pages: 679-685 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500181849 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500181849&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Bernard 
Author-X-Name-First: John 
Author-X-Name-Last: Bernard 
Title: Evidence of affiliation of values in a repeated trial auction experiment 
Abstract:
  Most auction experiments designed to determine subjects' values use
 repeated trials. This is primarily to give subjects a chance to understand
 the auction and to learn from market feedback. However, concerns exist
 that repetition could lead to affiliation of values with subjects
 following final prices over trials. This could be especially true for
 items consumers are unfamiliar with. To test these hypotheses, the current
 research employed repeated auction trials for conventional, organic, and
 non-GM chocolate bars, with each respectively considered less familiar to
 subjects. The auction results were first analysed to determine whether the
 premiums, calculated as the differences in bids between bar types, were
 statistically significant over each trial. A tobit regression analysis was
 then conducted to determine which factors statistically influenced
 premiums over each trial. Analysis showed that the premium for the non-GM
 bar over the conventional and most of the factors explaining the premiums
 in the first trial became insignificant after repetition. This suggested
 strong evidence of affiliation and demonstrated how it can lead to loss of
 information about subjects' initial formulation of values. It is
 recommended that, depending on the focus of the study, single trials
 should be used to avoid these problems. 
Journal: Applied Economics Letters 
Pages: 687-691 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500181823 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500181823&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Titus Awokuse 
Author-X-Name-First: Titus 
Author-X-Name-Last: Awokuse 
Title: Exports, economic growth and causality in Korea 
Abstract:
  Using recent developments in econometric techniques, this article
 re-examines the export-led growth (ELG) hypothesis for Korea over
 1963-2001. The Granger-causality tests was based on two testing
 approaches: vector error correction modelling (VECM) approach outlined in
 Toda and Philips; and the augmented levels VAR modelling with integrated
 and cointegrated processes (of arbitrary orders) separately introduced by
 Toda and Yamamoto (1995) and Dolado and Lutkepohl (1996). Empirical
 evidence from causality tests based on the two alternative approaches
 indicates that the causal link between real exports and real GDP growth is
 bi-directional. Additional determinants of growth are also found to be
 significant. 
Journal: Applied Economics Letters 
Pages: 693-696 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500188265 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500188265&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Villaverde 
Author-X-Name-First: Jose 
Author-X-Name-Last: Villaverde 
Title: Provincial convergence in Spain: a spatial econometric approach 
Abstract:
  This article examines the process of provincial convergence in labour
 productivity that has taken place in Spain between 1985 and 2002. In order
 to quantify the influence of space on the convergence process, it applies
 a spatial econometric approach, concluding that although spatial effects
 do indeed exist, they do not seem to be too relevant for the
 aforementioned process. 
Journal: Applied Economics Letters 
Pages: 697-700 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500190030 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500190030&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Alba 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Alba 
Author-Name: Donghyun Park 
Author-X-Name-First: Donghyun 
Author-X-Name-Last: Park 
Title: Non-linear mean reversion of real exchange rates and purchasing power parity: some evidence from Turkey 
Abstract:
  Evidence was found of non-linear mean reversion in Turkey's real exchange
 rates. This suggests that a more complete examination of the empirical
 validity of PPP requires a joint examination of the non-linearity and
 non-stationarity of the real exchange rate. 
Journal: Applied Economics Letters 
Pages: 701-704 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500188133 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500188133&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Agesa 
Author-X-Name-First: Richard 
Author-X-Name-Last: Agesa 
Author-Name: Jacqueline Agesa 
Author-X-Name-First: Jacqueline 
Author-X-Name-Last: Agesa 
Title: Sources of gender difference in rural to urban migration in Kenya: does human capital matter? 
Abstract:
  Using data from Kenya this article estimates the urban to rural gender
 gap in the rate of migration and then decomposes the gap into the
 explained portion and the portion due to gender differences in
 coefficients. The former is further decomposed to unveil the relative
 influence of each explanatory variable on the explained portion of the
 gender gap in the rate of migration. A non-trivial finding suggests that
 human capital variables may exert the strongest influence on gender
 differences in migration, partially explaining the higher incidence of
 male migration. 
Journal: Applied Economics Letters 
Pages: 705-709 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500188000 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500188000&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Hasan 
Author-X-Name-First: Mohammad 
Author-X-Name-Last: Hasan 
Title: The information content of M0 in the United Kingdom 
Abstract:
  This paper examines the empirical characteristics of target-goal
 relationships between M0 on the one hand, and output, prices, interest
 rates and the current account balance on the other hand, in terms of a
 good intermediate target and informational variable. The results of a
 five-variate vector error correction model are indicative of feedback
 relationships between M0 and output, prices and output, and prices and M0,
 which is consistent with the Keynesian 'monetary accommodation'
 hypothesis. The finding of a reverse causality from output, prices and
 interest rates to M0 suggests that M0 may not serve well as a good
 intermediate target and informational variable of British monetary policy.
 The evidence therefore suggests the reduced effectiveness of monetary
 targeting strategy as a stabilization tool. 
Journal: Applied Economics Letters 
Pages: 711-717 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500243904 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500243904&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hugo Mialon 
Author-X-Name-First: Hugo 
Author-X-Name-Last: Mialon 
Author-Name: Sue Mialon 
Author-X-Name-First: Sue 
Author-X-Name-Last: Mialon 
Title: Sinful indulgences, soft substitutes, and self-control 
Abstract:
  For several harmful goods (e.g., junk food and cigarettes), less-harmful
 substitutes are available (e.g., light cigarettes and reduced-fat junk
 food). A simple individual-decision model is developed to analyse the
 effects of less-harmful substitutes on consumption and health outcomes. 
Journal: Applied Economics Letters 
Pages: 719-722 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500193034 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500193034&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Gerasimou 
Author-X-Name-First: George 
Author-X-Name-Last: Gerasimou 
Title: Price substitutes: the case of entrance to Greek universities 
Abstract:
  This note provides evidence that the equilibrium between supply and
 demand in higher education in Greece is determined by what is argued to be
 the substitute for the non-existing market prices: the academic
 departments' entrance grades. This leads to the investigation of some
 implications of a policy change in Greek higher education. 
Journal: Applied Economics Letters 
Pages: 723-728 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500191723 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500191723&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Murat Isik 
Author-X-Name-First: Murat 
Author-X-Name-Last: Isik 
Title: Incorporating decision makers' risk preferences into real options models 
Abstract:
  This study develops a framework to link the expected utility analysis to
 real options models in order to capture the joint effects of risk aversion
 and irreversibility. It aims at modifying the theory of investment under
 uncertainty by incorporating decision makers' risk preferences and allows
 explicitly analysing the impacts of risk aversion, uncertainty and
 irreversibility on decisions such as investment and resource allocations.
 It addresses the shortcomings of the commonly used expected utility and
 investment under uncertainty models by generalizing the theory of
 irreversible investment to allow for risk-averse investors. It was found
 that uncertainty, irreversibility and risk aversion are important
 determinants of the optimal timing of irreversible decisions. Ignoring
 risk preferences in real options models would lead to overestimation or
 underestimation of the magnitude of investments. 
Journal: Applied Economics Letters 
Pages: 729-734 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500192523 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500192523&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jared Cahan 
Author-X-Name-First: Jared 
Author-X-Name-Last: Cahan 
Author-Name: Christopher Malone 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Malone 
Author-Name: John Powell 
Author-X-Name-First: John 
Author-X-Name-Last: Powell 
Author-Name: Udomsak Wong Choti 
Author-X-Name-First: Udomsak Wong 
Author-X-Name-Last: Choti 
Title: Stock market political cycles in a small, two-party democracy 
Abstract:
  Real stock market returns in New Zealand are lower when the left-leaning
 Labour party is in power than under National party governments, in
 contrast to the USA where returns are higher under Democratic presidents
 than under right-leaning Republicans. The difference in real stock market
 returns between National and Labour is not reversed even when account is
 taken of the effect of the US political cycle and returns on New Zealand.
 The results of the study therefore suggest that the presidential puzzle
 does not transfer directly to other countries with two similar party
 democracies. 
Journal: Applied Economics Letters 
Pages: 735-740 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500192895 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500192895&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wuyang Hu 
Author-X-Name-First: Wuyang 
Author-X-Name-Last: Hu 
Title: Logit models: smallest versus largest extreme value error distributions 
Abstract:
  The general term 'type I extreme value distribution' underlying the logit
 model is not fully precise. Through a case study, this study compares two
 models based on the distribution - one with the smallest specification and
 one with the largest. Results show these two models are different. 
Journal: Applied Economics Letters 
Pages: 741-744 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500192457 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500192457&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Martin 
Author-X-Name-First: David 
Author-X-Name-Last: Martin 
Author-Name: Vikram Kumar 
Author-X-Name-First: Vikram 
Author-X-Name-Last: Kumar 
Title: Detecting outliers and influential observations with heteroscedasticity-corrected models 
Abstract:
  Heteroscedasticity-correction masks signals from standardized residuals,
 so analysts should examine the residuals to identify outliers and should
 use likelihood dispersion to identify influential observations. These
 points are demonstrated with a model that examines the effect of exchange
 rate volatility on intra-industry trade. 
Journal: Applied Economics Letters 
Pages: 745-748 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500192994 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500192994&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ken-ichi Ishiyama 
Author-X-Name-First: Ken-ichi 
Author-X-Name-Last: Ishiyama 
Author-Name: Yoshitaka Saiki 
Author-X-Name-First: Yoshitaka 
Author-X-Name-Last: Saiki 
Title: Unstable periodic orbits embedded in a chaotic economic dynamics model 
Abstract:
  We numerically find unstable periodic solutions embedded in a chaotic
 attractor in a generalized Goodwin model with an interaction between two
 countries and focus on a class of simple periodic orbits extracted from
 them. We confirm that chaotic behaviour represented by the model is
 qualitatively and quantitatively related to the unstable periodic
 solutions. The viewpoint in this article is based on recent work in
 physics. The result implies significance and usefulness of unstable
 periodic solutions embedded in chaotic economic dynamics. 
Journal: Applied Economics Letters 
Pages: 749-753 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120318 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120318&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Morteza Haghiri 
Author-X-Name-First: Morteza 
Author-X-Name-Last: Haghiri 
Author-Name: Alireza Simchi 
Author-X-Name-First: Alireza 
Author-X-Name-Last: Simchi 
Title: An application of the residual deviance analysis in testing input separability restrictions 
Abstract:
  Using the analysis of residual deviance, the separability of input in the
 Quebec dairy industry between 1990 and 1998 is examined. A nonparametric
 production regression function based on the theory of generalized additive
 models is estimated by using the spline smoothing approach. Results
 support that all additive inputs are separable. 
Journal: Applied Economics Letters 
Pages: 755-758 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500192424 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500192424&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Antonio Duro 
Author-X-Name-First: Juan Antonio 
Author-X-Name-Last: Duro 
Title: International income polarization: a note 
Abstract:
  International income polarization is mainly analysed through the use of
 EGR (Esteban et al., 1999). The main empirical results can be summarized
 as follows: first, polarization followed a curvilinear trajectory over
 time, with a slight increase up until the mid-1970s followed by a
 significant decrease; secondly, the evidence indicates that distributive
 inequality followed a similar pattern; and finally, the data suggest that
 the best simplified description of international income distribution,
 based on this approach, would be one structured around three income
 groups. 
Journal: Applied Economics Letters 
Pages: 759-762 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500184298 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500184298&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Ezcurra 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Ezcurra 
Author-Name: Pedro Pascual 
Author-X-Name-First: Pedro 
Author-X-Name-Last: Pascual 
Title: Is there convergence in income inequality levels among the European regions? 
Abstract:
  The regional distribution of income inequality in the European Union
 between 1993 and 1998 is examined. The results obtained reveal the
 existence of a process of convergence in regional inequality levels over
 the period analysed. This was due basically to the reduction in income
 dispersion that took place in regions registering relatively high levels
 of inequality in 1993. Polarization in the distribution under study is
 also found to decrease, irrespective of the number of groups considered.
 Nevertheless, since the observed level of intradistributional mobility is
 low, the European regions tend, over time, to maintain their relative
 positions in terms of inequality. Finally, the analysis carried out
 highlights the relevance of the national component in explaining the
 dynamics of regional inequality distribution. 
Journal: Applied Economics Letters 
Pages: 763-767 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500245669 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500245669&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R.Andrew Luccasen 
Author-X-Name-First: R.Andrew 
Author-X-Name-Last: Luccasen 
Author-Name: R. Morris Coats 
Author-X-Name-First: R. Morris 
Author-X-Name-Last: Coats 
Author-Name: G. Karahan 
Author-X-Name-First: G. 
Author-X-Name-Last: Karahan 
Title: Cigarette smuggling mitigates the public health benefits of cigarette taxes 
Abstract:
  Merriman (2002) argues that cigarette smuggling does not reduce the
 health benefits of cigarette taxation, because, in addition to the
 purchase price of smuggled cigarettes, those purchasing smuggled
 cigarettes have to pay a higher inconvenience price for their cigarettes,
 so that smuggled cigarettes no more than replace legal cigarettes. Here,
 it is argued that Merriman is incorrect, that while smuggled cigarettes
 have the same full cost as legal cigarettes at the margin, they have a
 lower inframarginal full price, which has the effect of increasing smoking
 behaviour. 
Journal: Applied Economics Letters 
Pages: 769-773 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500278264 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500278264&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sergio Bianchi 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Bianchi 
Title: A cautionary note on the detection of multifractal scaling in finance and economics 
Abstract:
  The scaling properties of the multifractional Brownian motion (mBm), a
 generally not multifractal process is investigated, and it is argued that,
 when calibrated on actual financial time series, its partition function as
 well as its spectrum behave as those of genuine multifractal processes.
 The examples here provided, based on the analysis of two major stock
 indexes, are intended to solicit a prudent evaluation of the recent
 findings about the multifractal behaviour in finance and economics. 
Journal: Applied Economics Letters 
Pages: 775-780 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500142494 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500142494&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Herve Queneau 
Author-X-Name-First: Herve 
Author-X-Name-Last: Queneau 
Title: Changes in occupational segregation by race and ethnicity in the USA 
Abstract:
  This paper analyses changes in segregation by race and ethnicity in the
 USA across 13 broad occupational groups over the period 1983-2002. It is
 found that overall segregation between Blacks and Non-Blacks modestly
 declined while overall segregation between Hispanics and Non-Hispancis
 significantly increased during this period. It is also found that Blacks
 and Hispanics remained underrepresented in higher-paying occupations and
 overrepresented in lower-paying occupations. However, Blacks tended to be
 less underrepresented in the former occupations and less overrepresented
 in the latter occupations than Hispanics. 
Journal: Applied Economics Letters 
Pages: 781-784 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485052000345384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485052000345384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Darold Barnum 
Author-X-Name-First: Darold 
Author-X-Name-Last: Barnum 
Author-Name: John Gleason 
Author-X-Name-First: John 
Author-X-Name-Last: Gleason 
Title: Technical efficiency bias caused by intra-input aggregation in data envelopment analysis 
Abstract:
  The study shows that technical efficiency scores in Data Envelopment
 Analysis are biased by linear aggregation of the quantities of the same
 type of input that are used by all outputs (intra-input aggregation). Fare
 et al. 's (2004) models are expanded to account for this additional bias,
 and the extent of its impact on reported technical efficiency scores is
 commented on. 
Journal: Applied Economics Letters 
Pages: 785-788 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500365624 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500365624&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joan Costa-Font 
Author-X-Name-First: Joan 
Author-X-Name-Last: Costa-Font 
Author-Name: Joan Rovira 
Author-X-Name-First: Joan 
Author-X-Name-Last: Rovira 
Title: When do smokers 'underestimate' smoking related mortality risks? 
Abstract:
  This article examines the role of relative mortality risk perceptions in
 explaining smoking decision making. Some studies have provided evidence
 that perceptions of risks of smoking are overestimated. However, estimates
 tend to be sensitive to the estimate it is compared to. Using the same
 representative survey for Spain, as in other studies, this article finds
 that though relative mortality risk perceptions explain the decision to
 smoke and perceived life expectancy loss associated with smoking in Spain
 was not underestimated, smokers' mortality risk perceptions seem to
 underestimate the risks. 
Journal: Applied Economics Letters 
Pages: 789-794 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500190279 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500190279&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ferdi Aarts 
Author-X-Name-First: Ferdi 
Author-X-Name-Last: Aarts 
Author-Name: Thorsten Lehnert 
Author-X-Name-First: Thorsten 
Author-X-Name-Last: Lehnert 
Title: On style momentum strategies 
Abstract:
  Barberis and Shleifer (2003) suggest that US investors classify assets
 into different styles based on, for example, market capitalization or B/M
 ratios. They find that prices can deviate substantially from fundamental
 values as a style's popularity changes over time. In this paper, we
 discuss implications of this prediction and empirically investigate the
 profitability of style momentum strategies for the UK stock market.
 Results suggest that a simple trading rule can generate significant
 positive returns, but for our sample of FTSE 350 stocks those strategies
 are less profitable and more risky compared to regular momentum
 strategies. 
Journal: Applied Economics Letters 
Pages: 795-799 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500373602 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500373602&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gulnur Muradoglu 
Author-X-Name-First: Gulnur 
Author-X-Name-Last: Muradoglu 
Author-Name: Morten Bakke 
Author-X-Name-First: Morten 
Author-X-Name-Last: Bakke 
Author-Name: Gyrid Kvernes 
Author-X-Name-First: Gyrid 
Author-X-Name-Last: Kvernes 
Title: An investment strategy based on gearing ratio 
Abstract:
  This study investigates the predictive ability of gearing in the long
 term for UK firms. Robustness tests are carried out to examine the returns
 in excess of that attainable using book to market, price earnings and size
 as risk factors. It is shown that by pursuing an investment strategy based
 on gearing ratios and a holding period of three years, returns of 9.9% in
 excess of market return are attainable. Excess returns, up to 21% are
 attainable when portfolios are constructed based on price earnings ratio
 and gearing ratio. 
Journal: Applied Economics Letters 
Pages: 801-804 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500365780 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500365780&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Elisa Alvarez Lopez 
Author-X-Name-First: Elisa Alvarez 
Author-X-Name-Last: Lopez 
Author-Name: Rafael Myro Sanchez 
Author-X-Name-First: Rafael Myro 
Author-X-Name-Last: Sanchez 
Title: Specialization and openness to foreign trade in the European Union 
Abstract:
  This study explores the relations between inter-industry specialization
 and openness to foreign competition in the European countries. By
 controlling for other variables influencing specialization, the study
 found a negative relationship between openness and inter-industry
 specialization, meaning that the closer the countries become in their
 degree of openness to trade, the closer are their industrial structures,
 as is expected from the Hecksher-Olhin-Vanek framework with equalization
 of factor prices. Nevertheless, control variables powerful influence
 specialization, claiming for a more complete theoretical framework. 
Journal: Applied Economics Letters 
Pages: 805-810 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500363579 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500363579&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shawn Ulrick 
Author-X-Name-First: Shawn 
Author-X-Name-Last: Ulrick 
Title: A nonparametric analysis of the black/white wage gap 
Abstract:
  This article estimates a nonparametric model of earnings to examine the
 black/white wage gap. This article extends the Oaxaca decomposition and
 adjusted wage ratios to a nonlinear form, to allow the use of this
 nonparametric approach. It finds that the results obtained
 nonparametrically are very similar to those obtained with variants of the
 (misspecified) Mincer model, suggesting that the parametric models may be
 appropriate in situations where the nonparametric estimator could not be
 applied. 
Journal: Applied Economics Letters 
Pages: 811-815 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500193166 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500193166&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Rousu 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Rousu 
Author-Name: Katherine Kosa 
Author-X-Name-First: Katherine 
Author-X-Name-Last: Kosa 
Title: Allowing options in experimental auctions 
Abstract:
  Experimental auctions are a popular method to examine economic issues.
 However, given a fixed budget, a concern among experimental economists is
 maximizing the number of usable bids. A new experimental auction method
 has the potential to increase the number of usable responses. The options
 in auctions method allows the winning participant(s) to choose the product
 they most prefer to purchase from multiple products in the auction. The
 results of the experimental auction show that allowing options in auctions
 can increase the number of usable bids, especially when products are
 substitutes. 
Journal: Applied Economics Letters 
Pages: 817-821 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500193059 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500193059&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nasser Al-Mawali 
Author-X-Name-First: Nasser 
Author-X-Name-Last: Al-Mawali 
Title: Bilateral intra-industry trade flows and intellectual property rights protection: first empirical evidence 
Abstract:
  This study provides the first empirical evidence on the effects of
 intellectual property rights (IPRs) protection on bilateral intra-industry
 trade (IIT) flows. The empirical investigation is based on pooled South
 African data and takes advantage of the theoretical distinction between
 horizontal and vertical IIT. A gravity equation of international trade is
 estimated in the context of fixed and random effects models. The principal
 findings suggest that IPRs and imitation abilities separately are not
 important factors in determining IIT flows. However, the interaction
 between them is important. 
Journal: Applied Economics Letters 
Pages: 823-828 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500358751 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500358751&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ping-Huang Chou 
Author-X-Name-First: Ping-Huang 
Author-X-Name-Last: Chou 
Author-Name: Huimin Chung 
Author-X-Name-First: Huimin 
Author-X-Name-Last: Chung 
Author-Name: Erh-Yin Sun 
Author-X-Name-First: Erh-Yin 
Author-X-Name-Last: Sun 
Title: Detecting mutual fund timing ability using the threshold model 
Abstract:
  This paper proposes a new method based on threshold regression to test
 mutual fund market-timing abilities. The traditional Henriksson and Merton
 model is shown to represent only a special case within the proposed model.
 The potential bias of using the traditional model is demonstrated and it
 is argued that the proposed model provides more accurate inferences on the
 market-timing effects of mutual funds. The empirical results for a set of
 randomly-selected US mutual funds indicate the superior performance of the
 proposed method in detecting the market-timing ability. 
Journal: Applied Economics Letters 
Pages: 829-834 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500358850 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500358850&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tian-Shyr Dai 
Author-X-Name-First: Tian-Shyr 
Author-X-Name-Last: Dai 
Author-Name: Yuh-Yuan Fang 
Author-X-Name-First: Yuh-Yuan 
Author-X-Name-Last: Fang 
Author-Name: Yuh-Dauh Lyuu 
Author-X-Name-First: Yuh-Dauh 
Author-X-Name-Last: Lyuu 
Title: Analytics for geometric average trigger reset options 
Abstract:
  The geometric average trigger reset option resets the strike price based
 on the geometric average of the underlying asset's prices over a
 monitoring window. Similar contracts have been traded on exchanges in
 Asia. This paper derives an analytic formula for pricing this option with
 multiple monitoring windows. The analytic formula in fact is a corollary
 of a general formula that holds for a large class of path-dependent
 options: It prices any option whose value can be written as a linear
 combination of &#xa0;[image omitted], where X is a multinormal random
 vector and b is some constant vector. Numerical experiments suggest that
 the pricing formula approximates the values of arithmetic average trigger
 reset options accurately. Thus pricing the arithmetic average trigger
 reset option can benefit from using this formula as the control variate in
 Monte Carlo simulation. Numerical results also suggest that the geometric
 average trigger reset option does not have significant delta jump as the
 standard reset option, and this useful property reduces the hedging risk
 dramatically. 
Journal: Applied Economics Letters 
Pages: 835-840 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485052000345500 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485052000345500&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thierno Balde 
Author-X-Name-First: Thierno 
Author-X-Name-Last: Balde 
Author-Name: Gabriel Rodriguez 
Author-X-Name-First: Gabriel 
Author-X-Name-Last: Rodriguez 
Title: Finite sample effects of additive outliers on the Granger-causality test with an application to money growth and inflation in Peru 
Abstract:
  We established, via finite sample simulations, that additive outliers
 have important effects on the exact size of the statistic for testing for
 Granger causality. An empirical application illustrates the effects of
 neglecting for additive outliers. 
Journal: Applied Economics Letters 
Pages: 841-844 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500372992 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500372992&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sheng-Kai Chang 
Author-X-Name-First: Sheng-Kai 
Author-X-Name-Last: Chang 
Title: The approximate slopes and the power of the GMM overidentifying restrictions test 
Abstract:
  The concept of approximate slopes is employed to study the power
 properties of the Generalized Method of Moments (GMM) overidentifying
 restrictions test. Two versions of the overidentifying restrictions test
 are compared globally by means of the approximate slopes approach. With no
 autocorrelation in the moment functions, it is found that the GMM
 overidentifying test with the mean deviation covariance matrix is more
 powerful than the test using the conventional non-mean deviation one. 
Journal: Applied Economics Letters 
Pages: 845-848 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500282324 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500282324&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nikos Vafeas 
Author-X-Name-First: Nikos 
Author-X-Name-Last: Vafeas 
Author-Name: Catherine Shenoy 
Author-X-Name-First: Catherine 
Author-X-Name-Last: Shenoy 
Title: An empirical investigation of capital expenditure announcements 
Abstract:
  The market reaction to capital expenditure announcements is studied in
 the backdrop of Jensen's (1986) free cash flow hypothesis. Initial results
 confirm McConnell and Muscarella's (1985) original findings suggesting
 that announcement-period returns follow in sign announced changes in
 capital spending. Moreover, estimating regressions similar to Lang et al.
 (1991) provides evidence that is somewhat weak, supportive of the free
 cash flow hypothesis in explaining announcement-period returns. Finally,
 an alternative information-signalling explanation for the market reaction
 cannot be ruled out entirely. 
Journal: Applied Economics Letters 
Pages: 907-911 
Issue: 14 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485052000345564 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485052000345564&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ossama Mikhail 
Author-X-Name-First: Ossama 
Author-X-Name-Last: Mikhail 
Author-Name: Curtis Eberwein 
Author-X-Name-First: Curtis 
Author-X-Name-Last: Eberwein 
Author-Name: Jagdish Handa 
Author-X-Name-First: Jagdish 
Author-X-Name-Last: Handa 
Title: Testing for persistence in aggregate and sectoral Canadian unemployment 
Abstract:
  Persistence in aggregate and sectoral Canadian unemployment is tested
 for. Using the corrected for short-range dependency modified
 rescaled-range test, it is concluded that the fluctuations in aggregate
 and sectoral Canadian unemployment exhibit persistence. Policies aimed at
 reducing inflation should embody and account for the extra cost of
 sustained unemployment due to its persistence. 
Journal: Applied Economics Letters 
Pages: 893-898 
Issue: 14 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500282407 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500282407&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Titus Awokuse 
Author-X-Name-First: Titus 
Author-X-Name-Last: Awokuse 
Title: Export-led growth and the Japanese economy: evidence from VAR and directed acyclic graphs 
Abstract:
  This paper explores the causal relationship between real exports and GDP
 growth in Japan using two recently developed causal modelling approaches.
 Using Japanese time series, the paper employed the augmented VAR
 methodology developed by Toda and Yamamoto to test for Granger
 non-causality. Then, a more recently developed technique of directed
 acyclic graphs (DAG) was also used in providing over-identifying
 restrictions on the innovations from a vector autoregression (VAR). In
 contrast to prior analyses, the application of DAG techniques allows for
 the examination of both contemporaneous and dynamic causal structure of
 the exports-productivity nexus. The empirical results reveal that the
 causal path between exports and GDP growth in Japan is bi-directional.
 Furthermore, other variables such as capital and foreign output are also
 significant determinants of productivity growth in Japan. 
Journal: Applied Economics Letters 
Pages: 849-858 
Issue: 14 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500358801 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500358801&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abbas Valadkhani 
Author-X-Name-First: Abbas 
Author-X-Name-Last: Valadkhani 
Title: Cross-country analysis of high employment-generating industries 
Abstract:
  The objective of this paper is to identify high employment industries in
 Australia, Japan and the USA using input-output (IO) analysis. It is found
 that (1) the high and low employment-generating industries in 1980 and/or
 1990 are almost the same as those in 1997. Thus on a relative basis, there
 is no evidence that high employment-generating industries have changed
 since 1980; and (2) the high and low employment-generating industries are
 very similar across these three countries. Four of the consistently high
 employment-generating industries in these countries are Food, Beverage and
 Tobacco; Chemicals, Petroleum, Coal, Rubber & Non-Metallic Minerals; Basic
 Metals/Fabricated Products; and Electricity, Gas and Water, with the first
 three industries being part of manufacturing. 
Journal: Applied Economics Letters 
Pages: 865-869 
Issue: 14 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500358942 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500358942&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matti Viren 
Author-X-Name-First: Matti 
Author-X-Name-Last: Viren 
Title: Suicide and business cycles: new empirical evidence 
Abstract:
  This paper provides an empirical test for the hypothesis that suicides
 are related to economic determinants. More precisely a hypothesis is
 tested that changes in the suicide rate are determined by changes in the
 expected growth rate of income. This hypothesis is tested with an
 error-correction model which also takes into account various demographic
 and socioeconomic variables. Empirical results with Finnish data covering
 the period 1878-1999 provide strong support for this hypothesis. 
Journal: Applied Economics Letters 
Pages: 887-891 
Issue: 14 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500359411 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500359411&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kristian Jonsson 
Author-X-Name-First: Kristian 
Author-X-Name-Last: Jonsson 
Title: Cross-sectional and serial correlation in a small-sample homogeneous panel data unit root test 
Abstract:
  In this paper, response surface parameters are provided that can be used
 to obtain critical values for an augmentation of an existing homogeneous
 panel data unit root test. The augmentation is performed to account for
 serial correlation in the disturbances. As the existing panel data unit
 root test is robust against cross-sectional correlation, the augmented
 test is robust against both cross-sectional and serial correlation. By
 running a Monte Carlo simulation study, the small-sample properties of the
 augmented test are shown to be good. 
Journal: Applied Economics Letters 
Pages: 899-905 
Issue: 14 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500359510 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500359510&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samer Al-Rjoub 
Author-X-Name-First: Samer 
Author-X-Name-Last: Al-Rjoub 
Title: The adjustments of stock prices to information about inflation: evidence from MENA countries 
Abstract:
  This study extends the empirical evidence by analysing the reaction of
 monthly stock returns to the unexpected portion of CPI inflation rate and
 by capturing the asymmetric shocks to volatility of unexpected inflation
 in five MENA countries. Both Threshold GARCH and Exponential GARCH are
 used to catch the news affect that unexpected inflation may have on stock
 returns. Results document a negative and strongly significant relationship
 between unexpected inflation and stock returns in MENA countries. Results
 also indicate that the stock markets of the listed MENA countries do not
 feel the high up and down movements in the markets and as such the
 volatilities. The asymmetric news effect is absent. 
Journal: Applied Economics Letters 
Pages: 871-879 
Issue: 14 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500365806 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500365806&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joan Costa-Font 
Author-X-Name-First: Joan 
Author-X-Name-Last: Costa-Font 
Author-Name: Elias Mossialos 
Author-X-Name-First: Elias 
Author-X-Name-Last: Mossialos 
Title: Is dread of Genetically Modified food associated with the consumers' demand for information? 
Abstract:
  We argue that the dread of Genetically Modified (GM) food is an
 expression of the individual's demand for information as a self-protective
 action. This study empirically examines the determinants of the demand for
 information on Genetically Modified Food and tests whether this demand is
 jointly determined with the individual's dread of GM food. A UK
 representative sample of the 1999 Eurobarometer Survey is employed and the
 study undertakes multivariate analysis of information-related survey
 responses. The results provide some evidence for the hypothesis that
 demand for information stands as a self-protective attitude that occurs in
 the absence of information. Furthermore, knowledge of science and
 information channels are both associated with a larger demand for
 information and lower dread of GM food. 
Journal: Applied Economics Letters 
Pages: 859-863 
Issue: 14 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500365830 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500365830&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Kuei-Chiu Lee 
Author-X-Name-First: Kuei-Chiu 
Author-X-Name-Last: Lee 
Author-Name: Chien-Chung Nieh 
Author-X-Name-First: Chien-Chung 
Author-X-Name-Last: Nieh 
Author-Name: Ching-Chun Wei 
Author-X-Name-First: Ching-Chun 
Author-X-Name-Last: Wei 
Title: An empirical note on testing hysteresis in unemployment for ten European countries: panel SURADF approach 
Abstract:
  The hysteresis hypothesis in unemployment for ten European countries are
 tested using newly developed Panel SURADF tests of Breuer et al. (2001)
 for the 1961-1999 period. While the other Panel-based unit root tests are
 joint tests of a unit root for all members of the panel and are incapable
 of determining the mix of I(0) and I(1) series in the panel setting, the
 Panel SURADF tests a separate unit-root null hypothesis for each
 individual panel member and, therefore identifies how many and which
 series in the panel are stationary processes. The hysteresis hypothesis is
 confirmed for all the European countries except Belgium and the
 Netherlands when Breuer et al.'s Panel SURADF tests are conducted. 
Journal: Applied Economics Letters 
Pages: 881-886 
Issue: 14 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500365871 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500365871&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saibal Ghosh 
Author-X-Name-First: Saibal 
Author-X-Name-Last: Ghosh 
Title: Does leverage influence banks' non-performing loans? Evidence from India 
Abstract:
  The study examines the association between corporate leverage and banks'
 non-performing loans. Using data on Indian manufacturing sector in India
 for 1993-2004, the findings indicate lagged leverage to be an important
 determinant of bad loans of banks. In terms of magnitudes, a 10 percentage
 point rise in the corporate leverage is, on average, associated with 1.3
 percentage point rise in sticky loans relative to loans, after a one
 period lag. In terms of policy implications, the analysis suggests that
 the leverage ratio can serve as a useful signpost of asset quality and
 second, the analysis points to the need to improve the collection of data
 from the corporate sector. 
Journal: Applied Economics Letters 
Pages: 913-918 
Issue: 15 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500378064 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378064&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roman Horvath 
Author-X-Name-First: Roman 
Author-X-Name-Last: Horvath 
Title: Exchange rate variability, pressures and optimum currency area criteria: some empirical evidence from the 1990s 
Abstract:
  This paper estimates the medium-term determinants of the bilateral
 exchange rate variability and exchange rate pressures for 20 developed
 countries in the 1990s. The results suggest that optimum currency area
 criteria explain the dynamics of bilateral exchange rate variability and
 pressures, to a large extent. 
Journal: Applied Economics Letters 
Pages: 919-922 
Issue: 15 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500119096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500119096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kosei Fukuda 
Author-X-Name-First: Kosei 
Author-X-Name-Last: Fukuda 
Title: Forecasting economic time series with measurement error 
Abstract:
  Many variables used in economic forecasting are recorded with measurement
 error (ME). It is therefore found that an autoregressive model without
 exclusion of ME from observed time series may fail to correctly detect any
 periodicity contained and this results in poor forecasting performances.
 The purpose of this paper is to propose a model-selection method for
 forecasting economic time series with ME. In this method the existence or
 nonexistence of ME is determined by evaluating the values of the Akaike
 information criterion (AIC) of a battery of alternative models with and
 without ME. The results of forecasting 26 business cycle indicators in
 Japan are shown in order to demonstrate the efficacy of the proposed
 method. 
Journal: Applied Economics Letters 
Pages: 923-927 
Issue: 15 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500119161 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500119161&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Heaney 
Author-X-Name-First: Richard 
Author-X-Name-Last: Heaney 
Author-Name: Kerry Pattenden 
Author-X-Name-First: Kerry 
Author-X-Name-Last: Pattenden 
Title: Change in unconditional foreign exchange rate volatility: an analysis of the GBP and USD price of the Euro from 2002 to 2003 
Abstract:
  Unconditional foreign exchange rate variance is generally assumed to be
 constant in analysis of foreign exchange rates. It is noted that there is
 evidence of a change in unconditional foreign exchange rate variance
 during the two-year period surrounding the Iraq war, January 2002 to
 December 2003, for the GBP price of the Euro, although not for the USD
 price of the Euro. This has implications for the indiscriminate use of
 models that assume constant unconditional variance, such as the GARCH
 family of models, in the analysis of foreign exchange rates. 
Journal: Applied Economics Letters 
Pages: 929-932 
Issue: 15 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500378189 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378189&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ralf Fendel 
Author-X-Name-First: Ralf 
Author-X-Name-Last: Fendel 
Author-Name: Michael Frenkel 
Author-X-Name-First: Michael 
Author-X-Name-Last: Frenkel 
Title: Monetary policy rules and the information content of the term structure of interest rates 
Abstract:
  The study incorporates information on the term structure of interest
 rates into empirical reaction functions for the Bundesbank and the
 European Central Bank. The results suggest that the term structure played
 a statistically significant role for the monetary policy of both central
 banks. 
Journal: Applied Economics Letters 
Pages: 933-936 
Issue: 15 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500378049 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378049&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Toni Mora 
Author-X-Name-First: Toni 
Author-X-Name-Last: Mora 
Title: Evidencing European regional convergence clubs with optimal grouping criteria 
Abstract:
  Growth literature has considered the existence of groups of economies
 that have been termed convergence clubs. This paper groups European
 regions in order to detect whether the existence of convergence clubs can
 be defended in this context. To this end, we define optimum criteria using
 an inequality measure. Our classification shows stability for extreme
 groups based on a stratification index. Results show evidence in favour of
 the presence of convergence clubs for the backward European regions. 
Journal: Applied Economics Letters 
Pages: 937-940 
Issue: 15 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500119120 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500119120&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Chameni Nembua 
Author-X-Name-First: C. Chameni 
Author-X-Name-Last: Nembua 
Title: A three components subgroup decomposition of the Hirschman-Herfindahl index and household's income inequalities in Cameroon 
Abstract:
  This research proposes a new subgroup decomposition of the
 Hirschman-Herfindahl index (or half the square of the coefficient of
 variation) into three components: the within group, the net between group
 and the transvariational (or overlapping) between group. The approach here
 is similar to the one used by Dagum (1997a, b) when decomposing the Gini
 index. This method is applied to analyse the incomes inequalities in the
 distribution of income among Cameroonian households according to their
 matrimonial status. 
Journal: Applied Economics Letters 
Pages: 941-947 
Issue: 15 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500377959 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500377959&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ben-David Nissim 
Author-X-Name-First: Ben-David 
Author-X-Name-Last: Nissim 
Title: The separation rate cannot be exogenous 
Abstract:
  Many articles that used the matching frame model considered the
 separation rate as an exogenous variable and concentrated on the matching
 process. This assumption is inconsistent with the findings of many
 empirical studies, which indicate that business cycles are driven
 primarily by changes in the separation rate. This study demonstrates that,
 within the matching frame model, given uncertain productivity of newly
 employed workers the separation rate cannot be constant. Any change in the
 asset value of occupied jobs will lead to a change of the separation rate. 
Journal: Applied Economics Letters 
Pages: 949-951 
Issue: 15 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500377918 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500377918&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julio Videras 
Author-X-Name-First: Julio 
Author-X-Name-Last: Videras 
Title: Luck and giving 
Abstract:
  This study finds that individuals who consider themselves lucky in
 finances donate more than individuals who do not consider themselves lucky
 even after controlling for income, wealth and relevant socio-demographic
 variables. 
Journal: Applied Economics Letters 
Pages: 953-956 
Issue: 15 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500366267 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500366267&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Huseyin Kalyoncu 
Author-X-Name-First: Huseyin 
Author-X-Name-Last: Kalyoncu 
Title: Fiscal policy sustainability: test of intertemporal borrowing constraints 
Abstract:
  This paper examines sustainability of the fiscal stances of South Korea,
 Mexico, the Philippines, South Africa and Turkey. Using the usual
 intertemporal borrowing constraint, we have tested for a long-run
 relationship between revenue and expenditure plus interest payments. In
 our empirical analysis of the sustainability of fiscal stances,
 cointegration approaches have been used. Empirical results suggest that
 there exists a unique long-run or equilibrium relationship among variables
 for South Korea and Turkey. The cointegration results suggest that the
 Turkish and South Korean fiscal stances satisfy the weak sustainability
 condition. In the case of Mexico, the Philippines and South Africa
 cointegration results suggest that in these countries the fiscal stance is
 not sustainable (and violates their intertemporal budget constraints) in
 the long run. 
Journal: Applied Economics Letters 
Pages: 957-962 
Issue: 15 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500119104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500119104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Cantarero 
Author-X-Name-First: David 
Author-X-Name-Last: Cantarero 
Title: Decentralization and health care expenditure: the Spanish case 
Abstract:
  This study analyses the evolution of health care expenditure in Spain. A
 panel data model is used to explain the main factors which affect health
 care expenditure in the period 1993-1999. The empirical results show that
 the most important determinant in the explanation of the regional health
 care expenditure is ageing population while other factors such as income
 differences and structural characteristics of the supply variables have
 less importance. 
Journal: Applied Economics Letters 
Pages: 963-966 
Issue: 15 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500377926 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500377926&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ana Mauleon 
Author-X-Name-First: Ana 
Author-X-Name-Last: Mauleon 
Author-Name: Vincent Vannetelbosch 
Author-X-Name-First: Vincent 
Author-X-Name-Last: Vannetelbosch 
Title: Strategic union delegation and incentives for merger 
Abstract:
  A unionized duopoly model to analyse how unions affect the incentives for
 merger is considered. It is found that both firms will merge if and only
 if unions are weak. However, once surplus-maximizing unions have the
 option to delegate the wage bargaining to wage-maximizing delegates (such
 as senior union members), both firms may have incentives to merge even if
 the union bargaining power is strong. Moreover, the option of strategic
 delegation may harm both the unions and the firms. 
Journal: Applied Economics Letters 
Pages: 1-5 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392206 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392206&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuck Cheong Tang 
Author-X-Name-First: Tuck Cheong 
Author-X-Name-Last: Tang 
Title: The influences of economic openness on Japan's balancing item: an empirical note 
Abstract:
  Exploring the factors influencing the balancing item of balance of
 payments accounts has seldom been a subject of research in international
 economics. Following Brooks and Fausten (1998), and using Japan's data,
 this study has empirically examined the influences of economic openness on
 balancing item. The results of subset VAR (Vector Autoregression)
 approach, Granger causality test, impulse responses function, and variance
 decomposition have showed that, to a certain extent, economic openness
 does influence the behaviour of Japan's balancing item. 
Journal: Applied Economics Letters 
Pages: 7-10 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500119146 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500119146&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Author-Name: Russell Smyth 
Author-X-Name-First: Russell 
Author-X-Name-Last: Smyth 
Title: Do governments lead or lag in fighting crime? 
Abstract:
  We examine the Granger causal relationship between police strength and a
 variety of different types of crime for South Australia. We find that with
 the exception of assault and homicide in the long run, the crime rate and
 police strength are neutral. 
Journal: Applied Economics Letters 
Pages: 11-15 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500119179 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500119179&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Fritsch 
Author-X-Name-First: Michael 
Author-X-Name-Last: Fritsch 
Author-Name: Andreas Stephan 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Stephan 
Title: Measuring performance heterogeneity within groups - a two-dimensional approach 
Abstract:
  We introduce a two-dimensional measure for the heterogeneity of
 performance within groups. It leads to a much more differentiated
 description of heterogeneity than alternative measures and it is
 relatively robust with regard to extreme values of small units
 ('outliers'). 
Journal: Applied Economics Letters 
Pages: 17-20 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500119187 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500119187&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Murat Isik 
Author-X-Name-First: Murat 
Author-X-Name-Last: Isik 
Title: Implications of alternative stochastic processes for investment in agricultural technologies 
Abstract:
  Considerable research and analyses exist concerning applying the option
 value to investment decisions. A model has been developed to examine the
 extent to which two alternative stochastic processes, geometric Brownian
 motion (GBM) and mean reversion, have impacts on investment decisions. The
 results show that the impacts of uncertainty and irreversibility on
 investment decisions differ under GBM and mean reversion. Studies that
 assume the returns evolve as GBM without drift would overestimate the
 value of the investment opportunity, while they would underestimate it if
 they assume the returns follow GBM with drift. The magnitude of error one
 could make by using GBM when the returns follow mean reversion is high. 
Journal: Applied Economics Letters 
Pages: 21-27 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500378205 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378205&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Bishop 
Author-X-Name-First: Paul 
Author-X-Name-Last: Bishop 
Author-Name: Peter Gripaios 
Author-X-Name-First: Peter 
Author-X-Name-Last: Gripaios 
Title: Earnings convergence in UK counties: a distribution dynamics approach 
Abstract:
  This study applies a distribution dynamics approach to examining the
 evolution of average earnings of UK counties. An analysis of both
 transition probability matrices and stochastic kernels suggests
 considerable persistence in the overall distribution rather than economic
 convergence. However, there is evidence of a large number of counties
 congregating at the lower end of the distribution reflecting some downward
 mobility from the middle. Spatial effects are also important with counties
 in the South East appearing to gravitate towards the upper end of the
 distribution. The analysis reveals a more complex pattern of dynamics than
 is typically apparent from &#x3b2; regression approaches. 
Journal: Applied Economics Letters 
Pages: 29-33 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500188588 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500188588&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sheila Amin Gutierrez de Pineres 
Author-X-Name-First: Sheila Amin Gutierrez 
Author-X-Name-Last: de Pineres 
Title: What a difference a source makes! An analysis of export data 
Abstract:
  This study examines real export data from two common sources: IMF and UN
 Commodity Trade Statistics to determine the comparability of these data in
 level and percentage change form, and if the export-led growth models are
 robust to the data source. Additionally, the comparability of the data
 deflated at a disaggregated level data or by a single export unit price
 index is examined. The results reveal that the data are neither comparable
 nor in a number of cases, correlated, suggesting that much of the debate
 regarding export led growth is fuelled by data choice and methodology of
 deflation. 
Journal: Applied Economics Letters 
Pages: 35-39 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500378122 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378122&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yun-Huan Lee 
Author-X-Name-First: Yun-Huan 
Author-X-Name-Last: Lee 
Author-Name: Tsai-Hung Fan 
Author-X-Name-First: Tsai-Hung 
Author-X-Name-Last: Fan 
Title: Bootstrapping prediction intervals on stochastic volatility models 
Abstract:
  The parametric bootstrap method is applied to derive the prediction
 intervals for stochastic volatility models. The study adopts the
 parameters estimation developed by So et al. (1997) and proves the
 validity of the proposed bootstrap procedure for this process. The basic
 stochastic volatility model specifies the mean equation with standard
 normal error. It is found, via simulation study, that the same algorithm
 can be employed to the model with heavy-tailed innovations, which
 demonstrates the potential of the bootstrap techniques. This methodology
 is also applied to a real data example to predict the daily observations
 on the S&P 500 index and the results confirm that our interval predictions
 are satisfactory. 
Journal: Applied Economics Letters 
Pages: 41-45 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500377967 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500377967&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Granero 
Author-X-Name-First: Luis 
Author-X-Name-Last: Granero 
Author-Name: Juan Carlos Reboredo 
Author-X-Name-First: Juan Carlos 
Author-X-Name-Last: Reboredo 
Title: Competition and R&D in retail banking under expense preference behaviour 
Abstract:
  Cost-reducing R&D activities are examined in the context of a retail
 banking sector where some entities exhibit an expense preference. The
 results reveal that the effects from R&D interact with the effects in the
 previous literature in shaping the equilibrium configuration. 
Journal: Applied Economics Letters 
Pages: 47-50 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500378098 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378098&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Meng-Shiuh Chang 
Author-X-Name-First: Meng-Shiuh 
Author-X-Name-Last: Chang 
Author-Name: Teng-Yuan Hu 
Author-X-Name-First: Teng-Yuan 
Author-X-Name-Last: Hu 
Title: Scale of variance, unit of data and the power of unit root tests under structural changes - a strategy for analysing Nelson-Plosser data 
Abstract:
  Lee and Strazicich (LS) designed a state-of-the-art statistic for testing
 for a unit root under structural changes. Using Monte Carlo experiments on
 the Nelson and Plosser data, this present study analyses the effects of
 scale of variance and data unit on the size-adjusted power of the LS unit
 root test. It is found that under the null and the alternative hypotheses
 of unit root shifts from right to left, the goodness of fit of the
 statistic worsens, and the power increases systematically when the scale
 of variance increases from 0.01 w to w and from w to 100 w (w being a
 weighting factor). The power increases when the data unit is reduced to
 one tenth and per cent (i.e. one hundredth) except for the Industrial
 Production Index, Total Unemployment Rate and Nominal Wages. To achieve
 the goal of higher power and better goodness of fit in the LS test,
 results suggest using the original variance rather than the best
 goodness-of-fit variance, changing the data unit to per cent, or using a
 mixed strategy selecting the data unit corresponding to a higher power for
 each data series. 
Journal: Applied Economics Letters 
Pages: 51-56 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500378213 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378213&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Georg Muller 
Author-X-Name-First: Georg 
Author-X-Name-Last: Muller 
Author-Name: Mark Bergen 
Author-X-Name-First: Mark 
Author-X-Name-Last: Bergen 
Author-Name: Shantanu Dutta 
Author-X-Name-First: Shantanu 
Author-X-Name-Last: Dutta 
Author-Name: Daniel Levy 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Levy 
Title: Private label price rigidity during holiday periods 
Abstract:
  Using weekly retail transaction scanner price data from a large US
 supermarket chain, significantly higher retail price rigidity is found for
 private label products than for nationally branded products during the
 Christmas and Thanksgiving holiday periods relative to the rest of the
 year. The finding cannot be explained by changes in holiday period
 promotional practices because it is found that private label promotions
 appear to diminish at least as much as national brands. The increased
 rigidity of private label products relative to national brands is only
 partially accounted for by increased rigidity of wholesale prices. After
 ruling out other potential explanations, it is suggested that the higher
 private label price rigidity might be due to the increased emphasis on
 social consumption during holiday periods, raising the customers' value of
 nationally branded products relative to the private labels. 
Journal: Applied Economics Letters 
Pages: 57-62 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500378247 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378247&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. Badri Narayanan 
Author-X-Name-First: G. Badri 
Author-X-Name-Last: Narayanan 
Title: Effects of trade liberalization on firm profits and social welfare: the role of technology 
Abstract:
  The objective of this study is to analyse the effects of trade
 liberalization on profits of a capital-intensive exporting country and a
 labour-intensive one with different cost functions and the welfare of the
 importing country under an oligopolistic competition framework. The
 results show that output is increasing in the degree of trade
 liberalization and price falls with it. However, the effects of freer
 trade on profits of the exporting countries are ambiguous and depend on
 the net gains in profit from free trade. Given the same level of output
 for both countries, a suffciently high output would bring more profits to
 the capital-intensive country than to the labour-intensive country.
 Welfare of the importing country, at least within this framework, is
 increasing in the degree of trade liberalization, provided that the
 initial level of restrictions in trade are not too high. 
Journal: Applied Economics Letters 
Pages: 63-66 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392263 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392263&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Murat Isik 
Author-X-Name-First: Murat 
Author-X-Name-Last: Isik 
Title: An experimental analysis of impacts of uncertainty and irreversibility on willingness-to-pay 
Abstract:
  Several empirical studies demonstrated large discrepancies between
 willingness-to-accept and willingness-to-pay measures. This paper uses an
 experimental method to determine the extent to which uncertainty about the
 value of the environmental improvement and the irreversibility of the
 decision affects the willingness-to-pay to preserve an endangered species.
 The results show that risk preferences, uncertainty about environmental
 improvements, and irreversibility significantly influence the
 willingness-to-pay measure. These results have implications for design and
 implementation of contingent valuation surveys. 
Journal: Applied Economics Letters 
Pages: 67-72 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/135054850500119203 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135054850500119203&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jai Mah 
Author-X-Name-First: Jai 
Author-X-Name-Last: Mah 
Title: ITC decisions on antidumping duties under the WTO 
Abstract:
  This study reveals the determinants of injury decisions on antidumping
 duties under the WTO system using US data. The empirical evidence reveals
 that all commissioners consider the changes in profits of concerned
 industries seriously. Changes in profits/sales ratio influence the
 behaviour of a few commissioners. Changes in other factors illustrated in
 the Antidumping Code, the macroeconomic situation and the President's term
 do not influence commissioners' voting behaviour; nor are country effects
 found. 
Journal: Applied Economics Letters 
Pages: 73-76 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500378288 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378288&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeremy Verlinda 
Author-X-Name-First: Jeremy 
Author-X-Name-Last: Verlinda 
Title: A comparison of two common approaches for estimating marginal effects in binary choice models 
Abstract:
  Two approaches for estimating marginal effects are examined: conditioning
 on sample means and averaging across observations. The difference between
 the two quantities are signed and it is found that the magnitude increases
 with both the slope parameters and the covariates' variability. 
Journal: Applied Economics Letters 
Pages: 77-80 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392149 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392149&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuck Cheong Tang 
Author-X-Name-First: Tuck Cheong 
Author-X-Name-Last: Tang 
Title: Japan's balancing item: do timing errors matter? 
Abstract:
  This study aims to answer the question of whether Japan's balancing item
 patterns are a matter of timing errors or not. Using time series
 econometrics techniques, and the components of balance of payments
 accounts, this study provides an empirical answer that Japan's balancing
 item pattern is essentially due to timing errors. 
Journal: Applied Economics Letters 
Pages: 81-87 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500378718 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378718&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank Westerhoff 
Author-X-Name-First: Frank 
Author-X-Name-Last: Westerhoff 
Title: Samuelson's multiplier-accelerator model revisited 
Abstract:
  As demonstrated by Samuelson, the interplay between the multiplier
 analysis and the principle of acceleration may generate temporary business
 cycles. We extend Samuelson's seminal framework in the sense that
 investors now apply a nonlinear mix of extrapolative and regressive
 expectation formation rules to predict changes in national income. As it
 turns out, the emergence of booms and slumps may depend on the sentiment
 of the investors. If they are optimistic (pessimistic), the economy
 performs well (badly). Moreover, the model produces sustained and
 intricate fluctuations in economic activity for realistic values of the
 marginal propensity to consume and the capital to output ratio. 
Journal: Applied Economics Letters 
Pages: 89-92 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500390663 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500390663&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zouhaier M'Chirgui 
Author-X-Name-First: Zouhaier 
Author-X-Name-Last: M'Chirgui 
Author-Name: Walid Hichri 
Author-X-Name-First: Walid 
Author-X-Name-Last: Hichri 
Title: Horizontal merger in bilaterally duopolistic industries with differentiated products 
Abstract:
  The purpose of this paper is to focus on the strategic decision as to
 whether or not merger is profitable according to the degree of final
 product differentiation in bilaterally duopolistic industries. We find
 that, under some conditions on the factor of substitution, a horizontal
 merger is profitable. 
Journal: Applied Economics Letters 
Pages: 93-95 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500390747 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500390747&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Florine Livat 
Author-X-Name-First: Florine 
Author-X-Name-Last: Livat 
Author-Name: Nicolas Vaillant 
Author-X-Name-First: Nicolas 
Author-X-Name-Last: Vaillant 
Title: Expert opinion and brand reputation: an analysis from a French Cuban cigars guidebook 
Abstract:
  The role of expert opinion and its ability to reflect true quality are
 discussed. If the expert is theoretically expected to make objective
 decisions, the empirical evidence does not enable clear answers to be
 established. Using data from the 32 Cuban brands commercialized in France
 in the years 2000 to 2003, we estimate experts' rating hedonic equations.
 Our results show that the quality of the cigar, measured with a note coded
 on a scale of 1 to 5, is independent of its price but is linked to its
 physical attributes. Moreover, these 'objective' characteristics play an
 increasing role over time. Finally, it appears that some brands are
 favourably considered. 
Journal: Applied Economics Letters 
Pages: 97-100 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500390564 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500390564&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Rodriguez Andres 
Author-X-Name-First: Antonio Rodriguez 
Author-X-Name-Last: Andres 
Title: Software piracy and income inequality 
Abstract:
  We investigate the extent to which income inequality influences national
 piracy rates across a sample of 34 countries. Economic inequality seems to
 have a negative significant effect on national rates of piracy. Consistent
 with previous studies, we also find that judicial efficiency affects
 piracy rates. Additionally, research results show that income and
 education are not important determinants of piracy rates. 
Journal: Applied Economics Letters 
Pages: 101-105 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500390374 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500390374&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Massimiliano Mazzanti 
Author-X-Name-First: Massimiliano 
Author-X-Name-Last: Mazzanti 
Author-Name: Anna Montini 
Author-X-Name-First: Anna 
Author-X-Name-Last: Montini 
Title: The determinants of residential water demand: empirical evidence for a panel of Italian municipalities 
Abstract:
  We present empirical evidence on the determinants of residential water
 demand for one Italian region, Emilia-Romagna, by using municipal panel
 data. The estimated water demand price elasticity is negative, showing
 values between -0.99 and -1.33, never significantly different from one, if
 we consider different specifications without and with additional
 socio-economic factors. Income results associated to a positive
 elasticity, though lower than one. The role of other socio-economic
 territory-specific determinants is less relevant, with the exception of
 altitude. The relative high value of price elasticity is deemed consistent
 with the higher level of regional water prices compared to the national
 average. 
Journal: Applied Economics Letters 
Pages: 107-111 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500390788 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500390788&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephane Mussard 
Author-X-Name-First: Stephane 
Author-X-Name-Last: Mussard 
Author-Name: Nicolas Peypoch 
Author-X-Name-First: Nicolas 
Author-X-Name-Last: Peypoch 
Title: On multi-decomposition of the aggregate Luenberger productivity index 
Abstract:
  The purpose of this note is twofold. First, it proposes a
 multi-decomposition of the Luenberger productivity index, that is, a
 combined decomposition both by attribute, which is characterized by
 technical change or efficiency change, and by firm. Second, it applies
 this technique to the European Union to measure the most important
 contributions to European productivity. 
Journal: Applied Economics Letters 
Pages: 113-116 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500378312 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378312&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Byung In Lim 
Author-X-Name-First: Byung In 
Author-X-Name-Last: Lim 
Author-Name: Jin Kwon Hyun 
Author-X-Name-First: Jin Kwon 
Author-X-Name-Last: Hyun 
Title: Comparative analysis of the effective income tax function: empirical evidence using LIS data 
Abstract:
  The effective income tax function is a useful and practical method to
 analyse the relationship between income and tax amounts. It includes
 measures of tax progressivity, the maximum effective tax rate, and the
 horizontal inequity. The effective income tax function was estimated
 statistically using the seven countries of LIS datasets and Korean data.
 The estimated maximum effective tax rate is less than or very close to its
 maximum statutory marginal tax rate, except for Norway and Korea. This
 implies that estimation of the effective tax function is of great use and
 significance in evaluating the charateristics of income tax law. The mean
 squared error from the effective income tax function can be used to
 represent the degree of horizontal inequity as a 'quick' measure. 
Journal: Applied Economics Letters 
Pages: 117-121 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500378262 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378262&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariano Matilla-Garcia 
Author-X-Name-First: Mariano 
Author-X-Name-Last: Matilla-Garcia 
Title: Are trading rules based on genetic algorithms profitable? 
Abstract:
  In this letter the profitability of a simple trading rule based upon
 genetic algorithms has been investigated. The referred technical trading
 rule has been contrasted in four different sample periods of the Spanish
 stock market index known as IBEX-35. Results suggest that in general the
 profitability of the simple trading rule is superior to the buy-and-hold
 strategy. This conclusion is clearer in 'bull', 'bear' and 'volatile'
 market episodes. These results can be compared with those that apply
 artificial neural networks as simple trading strategies to the general
 index of Madrid. 
Journal: Applied Economics Letters 
Pages: 123-126 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392321 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392321&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Geisler 
Author-X-Name-First: Michael 
Author-X-Name-Last: Geisler 
Author-Name: Harald Wiese 
Author-X-Name-First: Harald 
Author-X-Name-Last: Wiese 
Title: Entry deterrence in the Schmalensee-Salop model 
Abstract:
  The question of entry deterrence in a Schmalensee type product
 differentiation market, that is in a market that can be depicted by a
 circle with circumference of 1, is investigated. It is normally assumed
 that incumbent firms or brands locate equidistantly whereas an entrant
 settles exactly in the middle between two firms. For questions of entry
 deterrence it has become customary to treat the n + 1 model with n
 incumbents and one entrant as if there were 2n firms located
 equidistantly. For this to hold, strong assumptions are needed. Using the
 Salop specification of the Schmalensee model, but without these strong
 assumptions, the number of entry deterring firms is calculated. 
Journal: Applied Economics Letters 
Pages: 127-130 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Cajueiro 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Cajueiro 
Author-Name: Benjamin Tabak 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Tabak 
Title: The long-range dependence phenomena in asset returns: the Chinese case 
Abstract:
  This paper studies the segmented structure of the Chinese stock market,
 which is a unique opportunity to investigate the possible sources of the
 long-range dependence phenomena in asset returns. Using the Hurst's
 exponent evaluated by the Local Whittle method as the measure of
 long-range dependence, evidence is found supporting that while type B
 shares present strong evidence of the long-range dependence phenomena,
 type A shares present only weak evidence of such dependence. This result
 suggests that liquidity and information transmission play a role in
 explaining results of market efficiency tests. 
Journal: Applied Economics Letters 
Pages: 131-133 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392214 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392214&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Davide Furceri 
Author-X-Name-First: Davide 
Author-X-Name-Last: Furceri 
Title: Does labour respond to cyclical fluctuations? The case of Italy 
Abstract:
  The aim of this paper is to analyse whether labour mobility is likely to
 act as a sufficient adjustment mechanism in the face of asymmetric shocks
 in Italy. In particular, the paper examines if the interregional migration
 responds, among other factors, also to the GDP's regional cyclical
 component. The results show that interregional labour mobility appears to
 respond adequately to current and past cyclical fluctuations. 
Journal: Applied Economics Letters 
Pages: 135-139 
Issue: 3 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392925 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392925&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Author-Name: John Byrne 
Author-X-Name-First: John 
Author-X-Name-Last: Byrne 
Title: A citation analysis of ARC Discovery and Linkage grant investigators in economics and finance 
Abstract:
  This study has explored whether recipients of 2004 ARC grants have
 different citation track records across Discovery and Linkage grants.
 Consistent with track record having a higher weighting in the Discovery
 grants the results indicate that Discovery grant recipients have
 statistically significantly higher citation counts than Linkage grant
 recipients. 
Journal: Applied Economics Letters 
Pages: 141-146 
Issue: 3 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500394244 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500394244&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Connie Bayudan 
Author-X-Name-First: Connie 
Author-X-Name-Last: Bayudan 
Title: Portfolio decomposition and intrahousehold environments: evidence from Bangladesh 
Abstract:
  Using a survey data from Bangladesh, this paper employs a simple
 decomposition method to investigate the possible role of inequality in
 husband and wife's portfolio holdings to various intrahousehold issues.
 Results indicate that wives' intrahousehold environments are affected more
 by their portfolio than by their husband's asset and income holdings.
 Wives who have inherited plots from their parents-in-law appear to belong
 to the better off group as well. 
Journal: Applied Economics Letters 
Pages: 147-152 
Issue: 3 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500393295 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500393295&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saralees Nadarajah 
Author-X-Name-First: Saralees 
Author-X-Name-Last: Nadarajah 
Author-Name: Samuel Kotz 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Kotz 
Title: On the ratio of gamma and levy random variable 
Abstract:
  The exact distribution of the ratio X/Y is derived when X and Y are gamma
 and Levy random variables distributed independently of each other.
 Extensive tabulations of the associated percentage points are also given. 
Journal: Applied Economics Letters 
Pages: 153-157 
Issue: 3 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392297 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392297&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariam Camarero 
Author-X-Name-First: Mariam 
Author-X-Name-Last: Camarero 
Author-Name: Josep Lluis Carrion-i-Silvestre 
Author-X-Name-First: Josep Lluis 
Author-X-Name-Last: Carrion-i-Silvestre 
Author-Name: Cecilio Tamarit 
Author-X-Name-First: Cecilio 
Author-X-Name-Last: Tamarit 
Title: Short-term modified Phillips curves for the accession countries 
Abstract:
  This study uses NAIRU short-term measures obtained using univariate
 methods as a basis to analyse inflation developments in the eight Central
 and Eastern European Countries (CEECs) that joined the European Union in
 2004 during the transition process. The results point to the role of
 short-term NAIRU as an attractor and support a shifting natural rate
 hypothesis for unemployment in these countries. 
Journal: Applied Economics Letters 
Pages: 159-162 
Issue: 3 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500394277 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500394277&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkan Erdil 
Author-X-Name-First: Erkan 
Author-X-Name-Last: Erdil 
Title: Demand systems for agricultural products in OECD countries 
Abstract:
  This study concerned with the estimation of demand systems for
 agricultural products in OECD countries. Three representatives demand
 systems with their extensions, namely the Rotterdam Model, An Almost Ideal
 Demand System (AIDS), and CBS model are used. These models are estimated
 by Seemingly Unrelated Regression (SUR) method. The procedures to estimate
 demand systems suggest significant empirical regularities for agricultural
 products in OECD countries. The study also applies a procedure for model
 selection. This procedure implies the superiority of AIDS and CBS models
 over the Rotterdam model. The main contribution of this study is to model
 demand for agricultural products over a wide array of items and across
 large number of countries. 
Journal: Applied Economics Letters 
Pages: 163-169 
Issue: 3 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500393386 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500393386&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Halloran 
Author-X-Name-First: John 
Author-X-Name-Last: Halloran 
Title: The 2002 Farm Bill commodity programs: a tool for improving rotation crop profitability and reducing risk in potato cropping systems 
Abstract:
  The Farm Security and Rural Investment Act ('Farm Bill') of 2002 has
 modified the provisions under Title 1 (Commodity Programs) regarding
 commodity eligibility. Concurrently, potato producers in Maine have
 expanded their use of program crops as rotations in potato cropping
 systems. These changes could affect the economic viability of the potato
 cropping system. An economic simulation model using budgeting techniques
 that incorporate stochastic elements to measure risk was developed to
 evaluate profitability and income risk of four cropping systems with and
 without participation in the 2002 Farm Bill. The four systems modeled were
 barley-potato, canola-potato, corn-potato, and soybean-potato.
 Participation in the 2002 Farm Act's commodity support programs increases
 the profitability of each cropping system, ranging from $26.00/acre for
 canola-potato to $122.00/acre for corn-potato. The use of stochastic
 dominance criteria shows that participation is more risk-efficient than
 non-participation. Furthermore, two measures of income risk - coefficient
 of variation and probability of loss - are also reduced with
 participation. For those growers using program crops in rotation with
 potatoes, participation in the commodity programs is a valuable tool to
 improve economic viability and reduce risk. 
Journal: Applied Economics Letters 
Pages: 171-175 
Issue: 3 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500393188 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500393188&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyeon-Seung Huh 
Author-X-Name-First: Hyeon-Seung 
Author-X-Name-Last: Huh 
Title: A forecast based NAIRU measure of the US 
Abstract:
  This paper proposes a method to estimate the NAIRU for the U.S. It shares
 the notion of Estrella and Mishkin (1999) that defines the NAIRU as a
 leading indicator of inflation changes over the policy horizon. Our
 alternative construction offers a more theoretically sound and practically
 useful estimate of the NAIRU. 
Journal: Applied Economics Letters 
Pages: 177-182 
Issue: 3 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392941 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392941&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jerome Creel 
Author-X-Name-First: Jerome 
Author-X-Name-Last: Creel 
Title: The 'price puzzle', once more 
Abstract:
  The VAR monetary literature has long exhibited a 'price puzzle': after a
 positive innovation on the policy interest rate, the price level tends to
 increase rather than to decrease. This paper shows that introducing fiscal
 data (primary surplus and net debt) proves fruitful in a VAR model also
 featuring the output gap, the inflation rate and the nominal short-term
 interest rate: the 'price puzzle' vanishes. 
Journal: Applied Economics Letters 
Pages: 183-187 
Issue: 3 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392867 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392867&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kam-Ki Tang 
Author-X-Name-First: Kam-Ki 
Author-X-Name-Last: Tang 
Title: The wealth effect of housing on aggregate consumption 
Abstract:
  This study measures the effect of changes in net housing and financial
 wealth on household consumption using Australian data over the period
 Q2:1988-Q1:2003. It is found a permanent one dollar rise in housing wealth
 leads to a six cent increase in consumption, three times the effect of
 financial wealth. The result speaks strongly against the notion of assets
 fungibility, and suggests that a sharp movement in house prices is
 potentially more disruptive than a corresponding movement in financial
 asset prices. 
Journal: Applied Economics Letters 
Pages: 189-193 
Issue: 3 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500391075 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500391075&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Claudio Bonilla 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Bonilla 
Author-Name: Rafael Romero-Meza 
Author-X-Name-First: Rafael 
Author-X-Name-Last: Romero-Meza 
Author-Name: Melvin Hinich 
Author-X-Name-First: Melvin 
Author-X-Name-Last: Hinich 
Title: Episodic nonlinearity in Latin American stock market indices 
Abstract:
  This letter applies the Hinich portmanteau bicorrelation test jointly
 with the windowed testing procedure to detect nonlinear behaviour in the
 rate of returns series for seven Latin American stock market indices. Our
 results suggest that the nonlinear serial dependencies are episodic in
 nature. All the stock returns series are characterized by few brief
 periods of highly significant nonlinearity, followed by long time periods
 in which the returns follow a pure noise process. Our findings help
 explain why there are difficulties in forecasting asset returns. 
Journal: Applied Economics Letters 
Pages: 195-199 
Issue: 3 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392750 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392750&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Johnson 
Author-X-Name-First: Paul 
Author-X-Name-Last: Johnson 
Title: Is it really the Fisher effect? 
Abstract:
  Many researchers have used a cointegration approach to test for the
 Fisher effect. This note argues that the cointegration of the nominal
 interest rate and the inflation rate is consistent with any theory
 implying a stationary ex post real interest rate and so is not a
 sufficient condition for the Fisher effect to hold. The sufficient
 condition is the unpredictability of the inflation forecast error implied
 by the nominal interest rate and this condition may be tested using the
 signal extraction framework of Durlauf and Hall (1988, 1989). 
Journal: Applied Economics Letters 
Pages: 201-203 
Issue: 4 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500396264 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500396264&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Evangelia Papapetrou 
Author-X-Name-First: Evangelia 
Author-X-Name-Last: Papapetrou 
Title: The unequal distribution of the public-private sector wage gap in Greece: evidence from quantile regression 
Abstract:
  Quantile regression analysis is used to estimate the public-private
 sector wage differential in Greece. The results suggest that wage
 differences between sectors are mainly attributed to the employee's
 endowment. The decomposition of the wage differential shows that the
 endowment component (characteristics differential) increases as we move up
 to the upper quantiles and the unobserved components decrease at higher
 quantiles. (The views expressed in this paper are those of the author and
 not those of the Bank of Greece.) 
Journal: Applied Economics Letters 
Pages: 205-210 
Issue: 4 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500393063 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500393063&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christophe Blot 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Blot 
Author-Name: Francisco Serranito 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Serranito 
Title: Convergence of fiscal policies in EMU: a unit-root tests analysis with structural break 
Abstract:
  The aim of this study is first to determine whether the fiscal policy
 among EMU countries have converged and then to identify the source of the
 convergence process. The convergence of fiscal policies was at the core of
 the fiscal criteria imposed by the Maastricht treaty but it may also have
 resulted from the economic and financial integration that preceded the
 Treaty. Some unit-root tests are implemented on the cross-country variance
 for various fiscal policy indicators where a break in the intercept and
 the trend is allowed to catch whether the convergence is due to
 institutional arrangements or to economic integration. We conclude that
 the fiscal position has converged but the break date, selected before
 1992, indicates that the convergence process preceded the Maastricht
 treaty. Considering the fiscal receipts, the hypothesis of convergence is
 accepted only when they are adjusted from the cyclical component. The
 convergence of fiscal expenditures is finally clearly rejected. 
Journal: Applied Economics Letters 
Pages: 211-216 
Issue: 4 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500396009 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500396009&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Title: A game theoretic analysis of tariffs, dynamic inconsistency, resource conservation, and trade 
Abstract:
  Batabyal and Beladi (2004) have used a game model to study trade in a
 renewable resource between a single buyer and a single seller. The buyer
 uses a unit tariff to obliquely encourage conservation of the renewable
 resource and the entire harvest from the resource is exported to the
 importing nation. In this setting, it is shown that the efficacy of the
 unit tariff in promoting conservation depends crucially on whether
 harvesting costs are stock dependent or independent. When harvesting costs
 are stock independent (dependent), the optimal open loop unit tariff is
 time consistent (inconsistent). Does this result hold when the buyer and
 the seller consume a portion of the harvest from this resource? It is
 shown that the Batabyal and Beladi result holds even when there is
 domestic consumption of a portion of the harvest in the exporting country.
 The study concludes by discussing the implications of this finding for
 renewable resource conservation in general. 
Journal: Applied Economics Letters 
Pages: 217-222 
Issue: 4 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500395969 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500395969&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nezir Kose 
Author-X-Name-First: Nezir 
Author-X-Name-Last: Kose 
Author-Name: Nuri Ucar 
Author-X-Name-First: Nuri 
Author-X-Name-Last: Ucar 
Title: Effect of cross correlations in error terms on the model selection criteria for the stationary VAR process 
Abstract:
  In this paper we investigate the finite sample properties of several
 model selection criteria in case of bivariate Vector AutoRegressions
 (VARs) of order one and two by a simulation study, particularly focusing
 on the effects of the degree of cross correlation in the error terms in
 combination with the values of more or less extreme values of the
 characteristic roots of the VAR-process. The Monte Carlo experiments show
 that the degree of cross correlation has an influence on the model
 selection criteria. 
Journal: Applied Economics Letters 
Pages: 223-228 
Issue: 4 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392974 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392974&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yoshihiko Tsukuda 
Author-X-Name-First: Yoshihiko 
Author-X-Name-Last: Tsukuda 
Author-Name: Tatsuyoshi Miyakoshi 
Author-X-Name-First: Tatsuyoshi 
Author-X-Name-Last: Miyakoshi 
Title: Practical illustrations of the two recent contributions to stochastic frontier models 
Abstract:
  In a recent year, the conditional expectation for technical inefficiency
 (i.e., the predictor) in stochastic frontier production models and its
 confidence interval are proved to be increasing in the individual firm's
 inefficiency effect, which is defined as the mean of the normal
 distribution that is truncated at zero. This paper illustrates how the two
 recent contributions work in practice and how these findings are
 significant, by using the Battese and Coelli (1995) type specification and
 giving an empirical study on the Japanese pharmaceutical industry. 
Journal: Applied Economics Letters 
Pages: 229-233 
Issue: 4 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500393022 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500393022&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imed Drine 
Author-X-Name-First: Imed 
Author-X-Name-Last: Drine 
Author-Name: Christophe Rault 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Rault 
Title: Testing for inflation convergence between the Euro Zone and its CEE partners 
Abstract:
  Inflation convergence between the Euro Zone and its CEE partners is
 investigated using panel data methods that incorporate structural shifts.
 Strong rejections of the unit root hypothesis are found, and therefore
 evidence of PPP, in the East-European countries for the 1995:1 to 2000:4
 period. 
Journal: Applied Economics Letters 
Pages: 235-240 
Issue: 4 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500396322 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500396322&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chanjin Chung 
Author-X-Name-First: Chanjin 
Author-X-Name-Last: Chung 
Title: Quality bias in price elasticity 
Abstract:
  This article examines the potential quality bias in price elasticities in
 cross-sectional demand analysis and develops a framework that can be used
 to avoid this problem. Both analytical and empirical results indicate that
 ignoring quality adjustment in either prices or quantities can cause
 biased price elasticities, which may lead to erroneous marketing decisions
 and policy implications. 
Journal: Applied Economics Letters 
Pages: 241-245 
Issue: 4 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500395316 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500395316&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsungwu Ho 
Author-X-Name-First: Tsungwu 
Author-X-Name-Last: Ho 
Author-Name: Ho-Chuan Huang 
Author-X-Name-First: Ho-Chuan 
Author-X-Name-Last: Huang 
Title: The smooth-saving-retention-coefficient with country-size 
Abstract:
  The study uses data on 14 countries (Taylor, 1994) to investigate if the
 saving-retention coefficient varies with country size. A novel
 semiparametric smooth-coefficient approach of Koop and Tobias (2005) is
 employed to make posterior inference via the Gibbs sampler algorithm.
 Empirical results show an overwhelming evidence in support of a positive
 (nonlinear) relationship between the saving-retention coefficient and
 country size. 
Journal: Applied Economics Letters 
Pages: 247-250 
Issue: 4 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500396165 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500396165&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Haan 
Author-X-Name-First: Peter 
Author-X-Name-Last: Haan 
Title: Much ado about nothing: conditional logit vs. random coefficient models for estimating labour supply elasticities 
Abstract:
  This study compares several specifications of discrete choice labour
 supply estimations on basis of the German Socio Economic Panel. The
 results suggest that despite the restrictive assumptions of the error
 terms the conditional logit model provides an adequate model choice for
 the analysis of labour supply functions. Significance tests, which are
 based on bootstrapped confidence intervals, show that labour supply
 elasticities derived within the conditional logit model do not
 significantly differ from elasticities derived in flexible random
 coefficient models. 
Journal: Applied Economics Letters 
Pages: 251-256 
Issue: 4 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500396348 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500396348&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. C. -L. Chian 
Author-X-Name-First: A. C. -L. 
Author-X-Name-Last: Chian 
Author-Name: E. L. Rempel 
Author-X-Name-First: E. L. 
Author-X-Name-Last: Rempel 
Author-Name: F. A. Borotto 
Author-X-Name-First: F. A. 
Author-X-Name-Last: Borotto 
Author-Name: C. Rogers 
Author-X-Name-First: C. 
Author-X-Name-Last: Rogers 
Title: An example of intermittency in nonlinear economic cycles 
Abstract:
  Intermittent behaviour of economic dynamics is studied by a nonlinear
 model of business cycles. Numerical simulations show that after an
 economic system evolves from order to chaos, the system keeps its memory
 before the transition and its time series alternates episodically between
 periods of low-level (quiescent) and high-level (bursting) activities.
 This model of economic intermittency exhibits power-law spectrum similar
 to the nonlinear time series observed in financial markets. 
Journal: Applied Economics Letters 
Pages: 257-263 
Issue: 4 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500394335 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500394335&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: The power of single equation tests for cointegration 
Abstract:
  In recent research, Kanioura and Turner (2005) have proposed an F-test
 for cointegration based upon the joint significance of the level terms in
 an error correction model. In the present study, the analysis of this test
 is extended via comparison with the GLS-based cointegration test of Perron
 and Rodriguez (mimeo, 2001). The simulation evidence presented indicates
 that for the data generation process considered by Kanioura and Turner,
 the F-test possesses greater power than both the Engle-Granger and the
 GLS-based cointegration tests. An empirical examination of the
 relationship between UK non-durable consumers' expenditure and disposable
 income illustrates the findings of the simulation analysis, with the
 F-test alone able to reject the null of no cointegration between the
 series. 
Journal: Applied Economics Letters 
Pages: 265-267 
Issue: 5 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500398534 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500398534&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jorg Borrmann 
Author-X-Name-First: Jorg 
Author-X-Name-Last: Borrmann 
Author-Name: Jorg Finsinger 
Author-X-Name-First: Jorg 
Author-X-Name-Last: Finsinger 
Title: An alternative way of determining the range of Averch and Johnson's Lagrange multiplier: a note 
Abstract:
  In this note, an alternative method is developed for determining the
 range of values assumed by the Lagrange multiplier of Averch and Johnson's
 constrained maximization problem. By assuming that the regulated firm's
 profit function is single-peaked, the approach is rather general. 
Journal: Applied Economics Letters 
Pages: 269-271 
Issue: 5 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500393907 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500393907&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mari Kan 
Author-X-Name-First: Mari 
Author-X-Name-Last: Kan 
Author-Name: Wataru Suzuki 
Author-X-Name-First: Wataru 
Author-X-Name-Last: Suzuki 
Title: The demand for medical care in Japan: initial findings from a Japanese natural experiment 
Abstract:
  This study examines the effect of the 1997 increase in the coinsurance
 rate for household heads on the demand for medical care and estimates the
 price elasticity of demand using the change as a natural experiment. It
 analyses both outpatient and inpatient utilization by using health
 insurance claim data from 111 insurance associations. A
 differences-in-differences type estimator is employed with household heads
 as the treatment group and dependents as the control group. This
 represents the first comprehensive analysis of medical care demand in
 Japan using a natural experiment. The results indicate a price elasticity
 of outpatient care ranging from -0.05 to -0.06 but no significant effects
 on inpatient care of the increase in cost sharing. The price elasticity
 for outpatient care is lower than those from previous studies that have
 used observational comparisons of individuals in Japan and also smaller
 than those derived from a randomized experiment in the USA. 
Journal: Applied Economics Letters 
Pages: 273-277 
Issue: 5 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500398583 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500398583&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Magnus Gustavsson 
Author-X-Name-First: Magnus 
Author-X-Name-Last: Gustavsson 
Title: The evolution of the Swedish wage structure: new evidence for 1992-2001 
Abstract:
  Changes in the Swedish wage structure from 1992 to 2001 are investigated
 and placed in a longer-term perspective. The results show that the
 increase in overall wage dispersion that began in the early 1980s have
 continued during the 1990s, and that the increase during the 1990s is
 driven by increased wage differentials in both the lower and upper half of
 the wage distribution. The results also show that the university wage
 premium in Sweden has exhibited a clearly positive trend since the early
 1980s whilst the returns to lower levels of education have been constant
 since the mid 1970s. Unlike the 1980s, relative supply changes do not
 appear to have been responsible for the rise in the university wage
 premium over the most recent decade. 
Journal: Applied Economics Letters 
Pages: 279-286 
Issue: 5 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600581906 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600581906&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuck Cheong Tang 
Author-X-Name-First: Tuck Cheong 
Author-X-Name-Last: Tang 
Title: A new approach to examining the sustainability of external imbalances: the case of Japan 
Abstract:
  This study aims to solve the puzzle of the conventional practice of
 examining the sustainability of external accounts by initially looking for
 cointegration between imports and exports. This study proposes a new
 approach to examine this thesis using unit root tests (with unknown break
 date) on trade balance series rather than testing the cointegration
 relationships between imports and exports. In contrast to previous
 findings, this study has shown empirically that Japan's trade balances are
 unsustainable. This finding has important policy implications for Japan's
 external accounts. 
Journal: Applied Economics Letters 
Pages: 287-292 
Issue: 5 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500378726 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378726&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdulnasser Hatemi-J 
Author-X-Name-First: Abdulnasser 
Author-X-Name-Last: Hatemi-J 
Author-Name: Eduardo Roca 
Author-X-Name-First: Eduardo 
Author-X-Name-Last: Roca 
Title: Calculating the optimal hedge ratio: constant, time varying and the Kalman Filter approach 
Abstract:
  A crucial input in the hedging of risk is the optimal hedge ratio -
 defined by the relationship between the price of the spot instrument and
 that of the hedging instrument. Since it has been shown that the expected
 relationship between economic or financial variables may be better
 captured by a time varying parameter model rather than a fixed coefficient
 model, the optimal hedge ratio, therefore, can be one that is time varying
 rather than constant. This study suggests and demonstrates the use of the
 Kalman Filter approach for estimating time varying hedge ratio - a
 procedure that is statistically more efficient and with better forecasting
 properties. 
Journal: Applied Economics Letters 
Pages: 293-299 
Issue: 5 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500365848 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500365848&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samir Saadi 
Author-X-Name-First: Samir 
Author-X-Name-Last: Saadi 
Author-Name: Devinder Gandhi 
Author-X-Name-First: Devinder 
Author-X-Name-Last: Gandhi 
Author-Name: Khaled Elmawazini 
Author-X-Name-First: Khaled 
Author-X-Name-Last: Elmawazini 
Title: On the validity of conventional statistical tests given evidence of non-synchronous trading and non-linear dynamics in returns generating process 
Abstract:
  Based on the recent developments in market microstructure and
 applications of nonlinear dynamics and chaos theory to financial time
 series, the subsequent article questions the validity of traditional
 methods used to test the efficient market hypothesis. In particular, it
 emphasizes the invalidity of unit roots tests since they are not
 predictability tests. 
Journal: Applied Economics Letters 
Pages: 301-305 
Issue: 5 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500393402 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500393402&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wong Hock Tsen 
Author-X-Name-First: Wong Hock 
Author-X-Name-Last: Tsen 
Title: Is there a long-run relationship between trade balance and terms of trade? The case of Malaysia 
Abstract:
  This study investigates the relationship between trade balance and terms
 of trade in Malaysia. It employs commodity terms of trade and income terms
 of trade. The results show that there is a long-run relationship between
 trade balance and commodity terms of trade. However, there is no long-run
 relationship between trade balance and income terms of trade. Commodity
 terms of trade and income terms of trade are found respectively to Granger
 cause trade balance and not vice versa. Thus, a change in terms of trade
 will have an impact on trade balance in Malaysia. In the long run, the
 impact of terms of trade on trade balance is depending on the measure of
 terms of trade. 
Journal: Applied Economics Letters 
Pages: 307-311 
Issue: 5 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500393428 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500393428&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ming-Cheng Wu 
Author-X-Name-First: Ming-Cheng 
Author-X-Name-Last: Wu 
Author-Name: Chun-Yao Tseng 
Author-X-Name-First: Chun-Yao 
Author-X-Name-Last: Tseng 
Title: Valuation of patent - a real options perspective 
Abstract:
  Both the theoretical model and the empirical analysis methods are
 examined for valuing patents from the real options perspective. This study
 not only sets up a real options approach for evaluating patent to conform
 to the main sensitivity analysis of patent activities, but also
 establishes an empirical method about valuing patents by a panel data.
 Cross-sectional and time-series data from 101 Taiwanese electronic firms
 between 1993 and 2002 are employed for the fixed effects analysis in the
 panel data model. This study concludes the consist results from the
 theoretical model and empirical analysis. That is, the patent value
 increases with increasing the underlying asset, time to maturity and
 risk-free rate. 
Journal: Applied Economics Letters 
Pages: 313-318 
Issue: 5 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500393477 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500393477&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Boriss Siliverstovs 
Author-X-Name-First: Boriss 
Author-X-Name-Last: Siliverstovs 
Author-Name: Dierk Herzer 
Author-X-Name-First: Dierk 
Author-X-Name-Last: Herzer 
Title: Export-led growth hypothesis: evidence for Chile 
Abstract:
  This study examines the export-led growth hypothesis using annual time
 series data from Chile. It addresses the problem of specification bias
 under which previous studies have suffered and focuses on the impact of
 manufactured and primary exports on the economic growth. In order to
 investigate if and how manufactured and primary exports affect economic
 growth via increases in productivity, the study uses the Toda and Yamamoto
 (1995) procedure for testing for Granger non-causality in Vector
 Autoregressive models that involve variables that are integrated in an
 arbitrary order and that are possibly cointegrated. The estimation results
 support the export-led growth hypothesis for Chile and at the same time
 point out to the differentiated impact of manufactured and primary exports
 on the economic growth. 
Journal: Applied Economics Letters 
Pages: 319-324 
Issue: 5 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500407293 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500407293&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ho-Chuan Huang 
Author-X-Name-First: Ho-Chuan 
Author-X-Name-Last: Huang 
Author-Name: Shu-Chin Lin 
Author-X-Name-First: Shu-Chin 
Author-X-Name-Last: Lin 
Title: A flexible nonlinear inference to Okun's relationship 
Abstract:
  The study implements the flexible nonlinear inference approach of
 Hamilton (2001) to assess the validity of Okun's law. Using US quarterly
 data from 1948:1 to 2004:2, overwhelming evidence is found of nonlinearity
 between cyclical components of unemployment and output. However, the
 relationship is still negative and provides strong support of (nonlinear)
 Okun's law. 
Journal: Applied Economics Letters 
Pages: 325-331 
Issue: 5 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500398625 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500398625&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Darold Barnum 
Author-X-Name-First: Darold 
Author-X-Name-Last: Barnum 
Author-Name: John Gleason 
Author-X-Name-First: John 
Author-X-Name-Last: Gleason 
Title: Measuring efficiency in allocating inputs among outputs with DEA 
Abstract:
  Building on Data Envelopment Analysis technical efficiency models
 developed by Fare et al. (2004) and Barnum and Gleason (2005), a procedure
 is illustrated for estimating a firm's efficiency in allocating inputs
 among the production technologies producing its outputs. 
Journal: Applied Economics Letters 
Pages: 333-336 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500395340 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500395340&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takaaki Aoki 
Author-X-Name-First: Takaaki 
Author-X-Name-Last: Aoki 
Title: Some notes on informational coalition in a vertical market structure 
Abstract:
Journal: Applied Economics Letters 
Pages: 337-340 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500397387 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500397387&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michelle Trawick 
Author-X-Name-First: Michelle 
Author-X-Name-Last: Trawick 
Author-Name: Roy Howsen 
Author-X-Name-First: Roy 
Author-X-Name-Last: Howsen 
Title: Crime and community heterogeneity: race, ethnicity, and religion 
Abstract:
  Prior studies have explored the relationship between race and religion
 and their effect on various crimes. In the USA race is typically defined
 as the proportion of a community that is African-American or nonwhite.
 Likewise, religion is defined as the proportion of a community that
 adheres to any religious denomination. This study extends earlier work by
 employing Herfindahl indices as measures of community homogeneity with
 respect to race and ethnicity as well as religious denominations. It also
 measures religiosity based on four different denominational groups, rather
 than religiosity as an aggregate. Results indicate that as a community's
 degree of homogeneity increases, in terms of both race/ethnicity and
 religion, crime decreases; and that the effects of religion on crime may
 vary by denomination. 
Journal: Applied Economics Letters 
Pages: 341-345 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500395324 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500395324&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joachim Wagner 
Author-X-Name-First: Joachim 
Author-X-Name-Last: Wagner 
Title: Exports, foreign direct investment, and productivity: evidence from German firm level data 
Abstract:
  This study presents the first empirical test with German establishment
 level data of a hypothesis derived by Helpman et al. (2004) in a model
 that explains the decision of heterogeneous firms to serve foreign markets
 either through exports or foreign direct investment: only the more
 productive firms choose to serve the foreign markets, and the most
 productive among this group will further choose to serve these markets via
 foreign direct investments. Using a non-parametric test for first order
 stochastic dominance it is shown that, in line with this hypothesis, the
 productivity distribution of foreign direct investors dominates that of
 exporters, which in turn dominates that of national market suppliers. 
Journal: Applied Economics Letters 
Pages: 347-349 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500393667 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500393667&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence Brunner 
Author-X-Name-First: Lawrence 
Author-X-Name-Last: Brunner 
Author-Name: Michael Shields 
Author-X-Name-First: Michael 
Author-X-Name-Last: Shields 
Title: Estimates of learning by watching and endogenous technical progress in six OECD countries 
Abstract:
  A testable model of 'learning by watching', where the rate of technical
 progress is related to the investment rate, is formulated and estimated. 
Journal: Applied Economics Letters 
Pages: 351-354 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500393584 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500393584&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ashok Mishra 
Author-X-Name-First: Ashok 
Author-X-Name-Last: Mishra 
Author-Name: Charles Moss 
Author-X-Name-First: Charles 
Author-X-Name-Last: Moss 
Title: Adapting a nonparametric pooling test for use in panel cointegration models 
Abstract:
  Baltagi and Kao (2000) chronicle the emergence of panel applications of
 the cointegration approach. This study builds on this literature by
 proposing a reformulation of the pooling statistic proposed by Baltagi et
 al. (1996) that can be used to test for the appropriateness of this panel
 specification. 
Journal: Applied Economics Letters 
Pages: 355-357 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500394327 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500394327&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wasseem Mina 
Author-X-Name-First: Wasseem 
Author-X-Name-Last: Mina 
Title: Does contract enforcement matter for international lending? 
Abstract:
  Contract enforcement plays an important role in international lending.
 The hypotheses that better contract enforcement increases the level and
 lengthens the maturity of international debt are examined. Panel data are
 used for 83 developing and emerging market economies for the period
 1982-1997 to examine these hypotheses. The empirical evidence supports
 these hypotheses. 
Journal: Applied Economics Letters 
Pages: 359-364 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500394350 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500394350&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Camilo Sarmiento 
Author-X-Name-First: Camilo 
Author-X-Name-Last: Sarmiento 
Author-Name: Richard Just 
Author-X-Name-First: Richard 
Author-X-Name-Last: Just 
Title: A note on commodity price aggregation bias without separability 
Abstract:
  This study identifies sources of price aggregation bias when separability
 restrictions do not apply. It shows that even though the assumption of the
 generalized composite commodity theorem guarantees aggregate
 integrability, it does not guarantee consistent price aggregation except
 in the homothetic translog model. 
Journal: Applied Economics Letters 
Pages: 365-368 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500395290 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500395290&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joachim Zietz 
Author-X-Name-First: Joachim 
Author-X-Name-Last: Zietz 
Title: Detecting neglected parameter heterogeneity with Chow tests 
Abstract:
  The paper demonstrates through a number of Monte Carlo experiments that,
 for the type of cross-section data sets typically encountered in applied
 economics, Chow tests on sorted variations of the data matrix can detect
 neglected parameter heterogeneity. The paper focuses on heterogeneity in
 the behavioural responses of economic actors that belong to different
 economically meaningful groups, such as the young, middle-aged, and old.
 Since the suggested methodology is easy to implement yet powerful, its
 routine use by applied economists would be desirable given the very
 significant estimation bias that can result from neglecting parameter
 heterogeneity. 
Journal: Applied Economics Letters 
Pages: 369-374 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500378759 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378759&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Lopez-Rodriguez 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Lopez-Rodriguez 
Author-Name: J. Andres Faina 
Author-X-Name-First: J. Andres 
Author-X-Name-Last: Faina 
Title: Does distance matter for determining regional income in the European Union? An approach through the market potential concept 
Abstract:
  This paper focuses on the relationship between market potential and
 income for the European Union (EU) regions over the period 1982-1999. It
 is proved that closeness to large consumer markets or in other words,
 market potential, is an important explanatory variable for regional income
 in the early 1980s, but it has decreased its significance in determining
 EU regions income in the 1990s. Thus dynamic income regions have also
 emerged in the EU periphery, and need not necessarily be close to rich
 regions. 
Journal: Applied Economics Letters 
Pages: 385-390 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600650073 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600650073&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Moawia Alghalith 
Author-X-Name-First: Moawia 
Author-X-Name-Last: Alghalith 
Title: Price and output risk: empirical analysis 
Abstract:
  Without relying on duality theory and the indirect utility function, an
 estimation method is devised that accommodates both price and output
 uncertainty. This method enables easy testing for risk neutrality.
 Moreover, it enables empirical comparative statics results to be derived
 that can be compared to the theoretical findings. 
Journal: Applied Economics Letters 
Pages: 391-393 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600685079 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600685079&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Terry Barker 
Author-X-Name-First: Terry 
Author-X-Name-Last: Barker 
Author-Name: Sebastian de-Ramon 
Author-X-Name-First: Sebastian 
Author-X-Name-Last: de-Ramon 
Title: Testing the representative agent assumption: the distribution of parameters in a large-scale model of the EU 1972-1998 
Abstract:
  This study considers the validity of an assumption of the representative
 agent often made in economic models, that the behaviour of an economic
 group is adequately represented by each member of the group having the
 identical characteristics of the average. It can be tested whenever
 sufficient data are available to estimate sets of parameters of a model
 with and without the assumption that they are equal to some average. The
 specific test of the assumption is done for a set of 720 estimated
 parameters associated with the effects of technological change on
 industrial employment for 18 regions of Europe. The main finding is that
 the parameters are significantly different across industries and across
 regions and that an assumption that all responses to technological change
 are the same is not justified. Similar results are found for other
 parameters studied. This finding implies that the assumption that each
 industry has the same responses as an average, chosen from a literature
 review, is likely to be misleading. The data strongly suggest that
 behaviour is differentiated by industry and region. 
Journal: Applied Economics Letters 
Pages: 395-398 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600650115 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600650115&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jin Zhang 
Author-X-Name-First: Jin 
Author-X-Name-Last: Zhang 
Author-Name: David Bessler 
Author-X-Name-First: David 
Author-X-Name-Last: Bessler 
Author-Name: David Leatham 
Author-X-Name-First: David 
Author-X-Name-Last: Leatham 
Title: Does consumer debt cause economic recession? Evidence using directed acyclic graphs 
Abstract:
  This study investigates the relationship between consumer debt and
 aggregate economic activity based on time series methods and directed
 acyclic graphs (DAG). Quarterly US data, measured over the period 1980 to
 2003, on consumer debt, gross domestic product (GDP), interest rates,
 housing starts, and domestic auto sales, are analysed in an Error
 Correction Model (ECM). Contemporaneous innovations from this ECM are
 given a structural representation, using recent developments in DAG
 modelling. The ECM and DAG components are summarized using innovation
 accounting techniques (impulse response functions and forecast error
 variance decomposition). The DAG causal pattern reveals a causal flow from
 GDP to consumer debt; the subsequent innovation accounting results also
 show that consumer debt is not exogenous in contrast to GDP and other
 indicators. This result concurs with a previous study based on Granger
 causality, but contradicts other works that claim consumer debt is a root
 cause of aggregate economic performance. 
Journal: Applied Economics Letters 
Pages: 401-407 
Issue: 7 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500398658 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500398658&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Masako Oyama 
Author-X-Name-First: Masako 
Author-X-Name-Last: Oyama 
Title: Measuring cost of children using equivalence scale on Japanese panel data 
Abstract:
  In this study, the cost of child rearing is estimated in order to examine
 the hypothesis that the recent fertility decline in Japan has been caused
 by increases in the cost of child rearing. Although there are various ways
 to estimate the cost of children, the research uses an equivalence scale.
 The results of the traditional Rothbarth estimation showed that the cost
 of child raising in Japan is not very high. However, the results of the
 equivalence scale estimation using 'satisfaction for the income' as the
 utility measure showed that the cost of child raising is much higher than
 calculated in the Rothbarth model. The latter subjective scale approach is
 now said to have more advantages. Thus, the cost of child raising in Japan
 is much higher than was believed to be the case, and this could be one of
 the reasons for the decline in the fertility rate in Japan. 
Journal: Applied Economics Letters 
Pages: 409-415 
Issue: 7 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500193042 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500193042&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Konstantin Kholodilin 
Author-X-Name-First: Konstantin 
Author-X-Name-Last: Kholodilin 
Author-Name: Vincent Wenxiong Yao 
Author-X-Name-First: Vincent Wenxiong 
Author-X-Name-Last: Yao 
Title: Modelling the structural break in volatility 
Abstract:
  Recent studies suggest that US and other developed economies have become
 considerably stabilized in terms of volatility since the mid-1980s (Stock
 and Watson, 2002). This study models the structural break in volatility
 using a dynamic factor model with two state variables: one capturing
 cyclical fluctuations and another reflecting volatility decline. The new
 model confirms a one-time volatility reduction in the US economy in
 February 1984. Four-regime models appear to outperform two-regime models. 
Journal: Applied Economics Letters 
Pages: 417-422 
Issue: 7 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500398542 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500398542&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tin-Chun Lin 
Author-X-Name-First: Tin-Chun 
Author-X-Name-Last: Lin 
Author-Name: Shakil Quayes 
Author-X-Name-First: Shakil 
Author-X-Name-Last: Quayes 
Title: The impact of local taxes on public school performance: the case of Pennsylvania 
Abstract:
  This study investigates how education inputs impact school performance.
 The focus is on local taxes since local tax revenues are the primary
 source of financing public schools. Using both OLS and 2SLS and examining
 507 school districts in Pennsylvania during 1996 to 1999, results reveal
 that local taxes are strongly related to school performance implying that
 they have a direct effect on education inputs. 
Journal: Applied Economics Letters 
Pages: 423-426 
Issue: 7 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500397635 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500397635&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paulo Macas Nunes 
Author-X-Name-First: Paulo Macas 
Author-X-Name-Last: Nunes 
Title: The Coase problem: a transformation of the usual utility function 
Abstract:
  Given that demand for durable goods is not constant over time, this
 article proposes a transformation of the utility function which accounts
 for discontinuous time and for the effect of different levels of income on
 the utility of buying. As a result, the original Coase paradox will
 collapse. The smaller the difference between the disposition of consumers
 with high level income and those with low level income to pay, the greater
 the probability of marginal cost pricing in the present. 
Journal: Applied Economics Letters 
Pages: 427-429 
Issue: 7 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500396363 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500396363&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marta Pascual 
Author-X-Name-First: Marta 
Author-X-Name-Last: Pascual 
Title: The distribution of income over life: an empirical approach 
Abstract:
  The aim of the present work is to provide new findings looking at the
 direct link between age and the distribution of earnings. In particular,
 it studies the general movement of earnings of individuals with their age
 using different econometric models and panel techniques which explain the
 relationship between age and earnings. Inequality measures based only on
 cross-sectional income do not adequately reflect lifetime income
 inequality. Cohort data for different age groups in Spain over the years
 1993 to 2000 are considered using data from the European Community
 Household Panel (ECHP). The evidence obtained suggests that there exists a
 strong influence between earnings and age. 
Journal: Applied Economics Letters 
Pages: 431-434 
Issue: 7 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500398591 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500398591&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saibal Ghosh 
Author-X-Name-First: Saibal 
Author-X-Name-Last: Ghosh 
Title: Do board characteristics affect corporate performance? Firm-level evidence for India 
Abstract:
  The study examines the association between financial performance and
 boards of non-financial firms. Using data on 127 listed manufacturing
 firms in India for 2003 the findings indicate that, after controlling for
 various firm-specific factors, larger boards tend to have a dampening
 influence on firm performance, judged in terms of either accounting or
 market-based measures of performance. In terms of policy implications, the
 analysis suggests that compensation of the CEO has a significant effect on
 the performance of the firm. 
Journal: Applied Economics Letters 
Pages: 435-443 
Issue: 7 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500398617 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500398617&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Matilla-Garcia 
Author-X-Name-First: M. 
Author-X-Name-Last: Matilla-Garcia 
Author-Name: P. Perez 
Author-X-Name-First: P. 
Author-X-Name-Last: Perez 
Author-Name: B. Sanz 
Author-X-Name-First: B. 
Author-X-Name-Last: Sanz 
Title: Testing for parameter stability: the Spanish consumption function 
Abstract:
  This study tests for parameter instability in the Spanish consumption
 function. To that end, a new test for time dependence of parameters is
 used and compared with other relevant tests. As opposed to other tests
 this new one is concerned with detecting parameter variation in frequency
 domain. 
Journal: Applied Economics Letters 
Pages: 445-448 
Issue: 7 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500398559 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500398559&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Evren Erdo&#x11f;an Cosar 
Author-X-Name-First: Evren Erdo&#x11f;an 
Author-X-Name-Last: Cosar 
Title: Seasonal behaviour of the consumer price index of Turkey 
Abstract:
  In this study, the seasonal properties of the consumer price index (CPI)
 of Turkey are investigated with the use of Hylleberg et al. (HEGY) and
 Canova-Hansen (CH) seasonal unit root tests. According to the test
 results, there is evidence of nonstationary stochastic seasonality as well
 as deterministic seasonality in the Turkish consumer prices. 
Journal: Applied Economics Letters 
Pages: 449-455 
Issue: 7 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500397544 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500397544&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Murat Do&#x11f;anlar 
Author-X-Name-First: Murat 
Author-X-Name-Last: Do&#x11f;anlar 
Title: Long-run validity of Purchasing Power Parity and cointegration analysis for Central Asian countries 
Abstract:
  This study investigates the long-run validity of Purchasing Power Parity
 for three transition Asian countries, namely Azerbaijan, Kazakhstan and
 Kyrgyzstan. The results show that the nominal exchange rates, domestic and
 foreign price series are not cointegrated when four different types of
 cointegration techniques were applied. Time series properties of the real
 exchange rates for these countries also show that they are non-stationary.
 All these results confirm that validity of the Purchasing Power Parity in
 the long-run can be rejected for these countries. 
Journal: Applied Economics Letters 
Pages: 457-461 
Issue: 7 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500397478 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500397478&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rodolfo Aquino 
Author-X-Name-First: Rodolfo 
Author-X-Name-Last: Aquino 
Title: Efficiency of the Philippine stock market 
Abstract:
  The study examines the efficiency of the Philippine stock market using
 stock price movements during the period July 1987 to May 2004.
 Characterizing stock price movements as an AR(1) process with Laplace
 residuals, the statistical evidence supports the hypothesis that the
 Philippine stock market is weak-form efficient. An examination of major
 events that could plausibly affect share prices and large price movements
 from an event study perspective indicates fairly rapid absorption by the
 market of information, except in cases of extreme stress caused by
 political and economic shocks. Furthermore, factors other than information
 about fundamentals appear able to cause major share price movements. Given
 these, the support for the semistrong-form efficiency of the stock market
 is mixed. 
Journal: Applied Economics Letters 
Pages: 463-470 
Issue: 7 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500397437 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500397437&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Author-Name: Alan Speight 
Author-X-Name-First: Alan 
Author-X-Name-Last: Speight 
Title: Time deformation in UK consumers' expenditure: an empirical analysis of highly disaggregated data 
Abstract:
  The literature on testing for the presence of cyclical asymmetry in
 consumers' expenditure is extended via the application of tests for time
 deformation to UK data subject to a high degree of disaggregation. The
 initial empirical findings provide evidence of significant time
 deformation in total, durables and semi-durables expenditures. Closer
 examination of highly disaggregated expenditure further reveals that time
 deformation is an intrinsic property of a particular set of expenditure
 categories including household fittings and furnishings, communication and
 information technology, vehicles and utilities. These results suggest that
 such consumers' expenditures 'speed up' during expansions, most likely
 being driven by the relaxation of credit rationing constraints due to
 transient income windfalls or the easing of credit conditions, and
 possibly associated with housing market conditions subsequent to financial
 market liberalization. 
Journal: Applied Economics Letters 
Pages: 471-478 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401361 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401361&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Turner 
Author-X-Name-First: Paul 
Author-X-Name-Last: Turner 
Title: Response surfaces for an F-test for cointegration 
Abstract:
  This study builds on earlier work by Kanioura and Turner (2005) in
 generating response surfaces for critical values for an F-test for
 cointegration based on an error-correction relationship between a set of
 variables of interest. It also builds on work by Pesaran et al. (2001) in
 generating response surfaces for the critical bounds of this test
 generated by the possibility that there are cointegrating relationships
 between the variables on the right hand side of the error-correction
 equation. 
Journal: Applied Economics Letters 
Pages: 479-482 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401726 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401726&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vani Borooah 
Author-X-Name-First: Vani 
Author-X-Name-Last: Borooah 
Title: How much happiness is there in the world? A cross-country study 
Abstract:
  This paper complements the burgeoning literature on country-specific
 studies of happiness by taking a global look at happiness and its
 determinants. In so doing, it makes two contributions. First, it presents
 indicators of happiness that are 'equity adjusted' and compares their
 values to those of unadjusted indicators. This comparison shows that
 countries with the lowest mean happiness scores have their unhappiness
 compounded when these means are adjusted to take account of the glaring
 inequality in their inter-personal distribution of happiness. Second,
 using data on nearly 113 000 respondents, drawn from 80 countries, it
 shows that people everywhere want broadly the same things in order to be
 happy: faith in a deity; a decent standard of living; a job; a good family
 and social life; a good neighbourhood in which to live; and, above all,
 good health. 
Journal: Applied Economics Letters 
Pages: 483-488 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400652 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400652&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Deergha Raj Adhikari 
Author-X-Name-First: Deergha Raj 
Author-X-Name-Last: Adhikari 
Title: Is capital really mobile across the border? 
Abstract:
  The existing theories on capital mobility use either the
 saving-investment parity condition or the interest parity condition. The
 assumptions of balanced budget or purchasing power parity condition
 underlying these theories, however, are rarely met. This study, therefore
 develops a different approach called 'current account surplus saving
 surplus parity condition' to measure the degree of capital mobility and
 apply the model on US time series data. It is found that US capital is
 mobile internationally. 
Journal: Applied Economics Letters 
Pages: 489-492 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400595 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400595&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Raymund Abara 
Author-X-Name-First: Raymund 
Author-X-Name-Last: Abara 
Title: Estimation and evaluation of asset pricing models with habit formation using Philippine data 
Abstract:
  This study tests the habit-formation model, an extension of the
 consumption-based capital asset pricing model (C-CAPM). Using Philippine
 stock market data, seasonally adjusted and non-seasonally adjusted
 consumption datasets, the study tracks the performance of these resulting
 models in terms of forecast performance both in-sample and out-of-sample.
 Several statistical measures such as the Diebold-Mariano test and the
 success ratio test are used to compare these habit models against the
 standard power utility/C-CAPM, the random walk with drift model, and the
 traditional static CAPM. Based on the criteria set by this study, only the
 external habit model performs better than all the other models. 
Journal: Applied Economics Letters 
Pages: 493-497 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400611 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400611&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hakan Berument 
Author-X-Name-First: Hakan 
Author-X-Name-Last: Berument 
Author-Name: Nildag Basak Ceylan 
Author-X-Name-First: Nildag Basak 
Author-X-Name-Last: Ceylan 
Author-Name: Bengisu Vural 
Author-X-Name-First: Bengisu 
Author-X-Name-Last: Vural 
Title: The effects of Japanese economic performance on Indonesia 
Abstract:
  This paper assesses how Japanese economic performance affects the
 Indonesian economy for the 1988 to 2004 period. The empirical evidence
 provided here suggests that Japanese growth appreciates the local currency
 in real terms, decreases the inflation and increases growth. As a side
 issue, we also documented that real exchange rate depreciation accelerates
 inflation and decreases growth in Indonesia. 
Journal: Applied Economics Letters 
Pages: 499-502 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/00036840500400582 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840500400582&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Howie 
Author-X-Name-First: Peter 
Author-X-Name-Last: Howie 
Author-Name: John Wicks 
Author-X-Name-First: John 
Author-X-Name-Last: Wicks 
Author-Name: John Fitzgerald 
Author-X-Name-First: John 
Author-X-Name-Last: Fitzgerald 
Author-Name: Douglas Dalenberg 
Author-X-Name-First: Douglas 
Author-X-Name-Last: Dalenberg 
Author-Name: Rachel Connelly 
Author-X-Name-First: Rachel 
Author-X-Name-Last: Connelly 
Title: Mothers' time spent in care of their children and market work: a simultaneous model with attitudes as instruments 
Abstract:
  Using a model that addresses the potential endogeneity of employment
 hours on mothers' child care time and vice versa, by including instruments
 based on parental attitudes, we find a significant negative (but
 inelastic) relation between the two time uses. 
Journal: Applied Economics Letters 
Pages: 503-506 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400546 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400546&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Title: Examining the relationship between trade balance and exchange rate: the case of China's trade with the USA 
Abstract:
  In this paper, we investigate the nexus between China's trade balance and
 the real exchange rate vis-a-vis the USA. Using the bounds testing
 approach to cointegration, we find evidence that China's trade balance and
 real exchange rate vis-a-vis the USA are cointegrated, and using the
 autoregressive distributed lag model we find that in both the short run
 and the long run a real devaluation of the Chinese RMB improves the trade
 balance; as a result, there is no evidence of a J-curve type adjustment. 
Journal: Applied Economics Letters 
Pages: 507-510 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400488 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400488&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pilar Olave 
Author-X-Name-First: Pilar 
Author-X-Name-Last: Olave 
Author-Name: Manuel Salvador 
Author-X-Name-First: Manuel 
Author-X-Name-Last: Salvador 
Title: The efficacy of university training programmes: a semi-parametric Bayesian approach 
Abstract:
  A semi-parametric Bayesian methodology based on Cox's proportional
 hazards model is proposed in order to evaluate the efficacy of training
 programmes offered by the University of Zaragoza (Spain) in the labour
 market insertion process. To this end, a matched comparison group has been
 designed in which university students completing vocational training
 courses are compared with eligible non-participants especially chosen for
 their similarity to the former group in terms of the factors affecting
 future employment prospects. The study shows that training courses were
 generally effective for job market insertion of university leavers,
 increasing their chances of avoiding unemployment by around 6.56% for a
 standard course. Effectiveness depends, however, on the university
 leaver's professional career choice. 
Journal: Applied Economics Letters 
Pages: 511-518 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400470 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400470&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Udaya Mishra 
Author-X-Name-First: Udaya 
Author-X-Name-Last: Mishra 
Author-Name: S. Subramanian 
Author-X-Name-First: S. 
Author-X-Name-Last: Subramanian 
Title: On measuring group-differentials displayed by socioeconomic indicators 
Abstract:
  This is a very short and elementary note which points (in a continuation
 of a recent tradition in the literature) to the importance of taking
 account of the level of a socioeconomic indicator in comparing
 group-differentials displayed by it. The requirement of 'level
 sensitivity' is captured in a couple of axioms, and a measure of
 differential, which satisfies both these axioms, is advanced. An empirical
 illustration of the note's concerns is also provided. 
Journal: Applied Economics Letters 
Pages: 519-521 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400413 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400413&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Bassanini 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Bassanini 
Title: Training, wages and employment security: an empirical analysis on European data 
Abstract:
  Data from the European Community Household Panel (ECHP) are used to
 assess the effects of employee training on the average wage and employment
 security of different labour market groups in EU countries. Significant
 training wage premia are found only in the case of young or highly
 educated employees. By contrast training appears to have a strong impact
 on employment security, measured through subjective measures, in the case
 of both older and low-educated workers. To reconcile this apparent
 contradiction, one needs to take into account that, as standard in the
 literature, wage premia are estimated on a truncated sample including only
 employed workers. Due to downward wage rigidity, those workers who are
 unable to maintain their productivity are more frequently laid-off -
 rather than experiencing a wage fall and be retained in employment - and
 thereby excluded from the sample. 
Journal: Applied Economics Letters 
Pages: 523-527 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400447 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400447&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shyh-Wei Chen 
Author-X-Name-First: Shyh-Wei 
Author-X-Name-Last: Chen 
Author-Name: Chung-Hua Shen 
Author-X-Name-First: Chung-Hua 
Author-X-Name-Last: Shen 
Author-Name: Zixiong Xie 
Author-X-Name-First: Zixiong 
Author-X-Name-Last: Xie 
Title: Nonlinear relationship between inflation and inflation uncertainty in Taiwan 
Abstract:
  Using Taiwan data, the study employs Hamilton's (2001) flexible
 regression model to investigate the relationship between inflation and
 inflation uncertainty. The results convincingly support Friedman's
 hypothesis that a rise in the inflation rate increases inflation
 uncertainty. This result, however, holds only in a positive inflation
 regime. When the inflation rate is in a negative inflation regime, one
 clearly notes that a drop in the inflation rate also increases inflation
 uncertainty. Thus Friedman's argument is complemented by advocating that a
 rise in the absolute inflation rate increases inflation uncertainty.
 Turning to Cukierman-Meltzer's hypothesis, both linear and nonlinear
 inflation uncertainties affect the inflation rate, where the former has
 positive but the latter has negative effects. 
Journal: Applied Economics Letters 
Pages: 529-533 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400405 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400405&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ramaprasad Bhar 
Author-X-Name-First: Ramaprasad 
Author-X-Name-Last: Bhar 
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Title: Linkages among agricultural commodity futures prices: some further evidence from Tokyo 
Abstract:
  Booth and Ciner (2001) find that the prices of commodity futures traded
 on the Tokyo Grain Exchange (TGE) do not move together in the long run.
 This study analyses whether their empirical results remain true for a more
 recent period. The empirical results suggest that the cointegrating
 relation exists among commodity futures contracts from 2000 to 2003, but
 not earlier during the 1990s. This indicates that the price mechanism
 works better and the long-run relationships among prices become more
 apparent as a market develops. 
Journal: Applied Economics Letters 
Pages: 535-539 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400421 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400421&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stefan Krause 
Author-X-Name-First: Stefan 
Author-X-Name-Last: Krause 
Title: Optimal monetary policy and the equivalency between the one-period AD-AS model and the forward-looking New Keynesian model 
Abstract:
  It is shown how a one-period aggregate demand-aggregate supply (AD-AS)
 model yields equivalent expressions for inflation and output under optimal
 monetary policy as a forward-looking New Keynesian model. Furthermore the
 advantage that the AD-AS model has over the New Keynesian specification
 when evaluating policy efficiency is evaluated. 
Journal: Applied Economics Letters 
Pages: 541-544 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600691093 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600691093&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Magnus Gustavsson 
Author-X-Name-First: Magnus 
Author-X-Name-Last: Gustavsson 
Author-Name: Par Osterholm 
Author-X-Name-First: Par 
Author-X-Name-Last: Osterholm 
Title: Hysteresis and non-linearities in unemployment rates 
Abstract:
  This study tests whether there is evidence of mean reversion in
 unemployment rates using the recently developed unit root test of
 Kapetanios et al. (2003). In this framework, the null hypothesis of a unit
 root process is tested against the alternative of a globally stationary
 exponential smooth transition autoregressive process. Applying the test to
 monthly data for Australia, Canada, Finland, Sweden and the USA, it is
 concluded that unemployment hysteresis finds less support when
 non-linearities are allowed for compared to the benchmark of using a
 standard Augmented Dickey-Fuller test. 
Journal: Applied Economics Letters 
Pages: 545-548 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401437 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401437&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ryoko Morozumi 
Author-X-Name-First: Ryoko 
Author-X-Name-Last: Morozumi 
Title: The impact of smoke-free workplace policies on smoking behaviour in Japan 
Abstract:
  The aim of this study is to quantify the effect of a smoke-free workplace
 policy on smoking decision, smokers' cigarette consumption, and smoking
 cessation. The data used in the analysis were gathered from the original
 Japanese household surveys of 2001. A two-part model was estimated for all
 workers during the survey period and probit model and
 difference-in-differences for smokers at workplaces without the smoke-free
 policy at the time of hiring. The results suggest that total smoking
 prohibition or a separation of smoking areas reduces smoking prevalence
 and smokers' cigarette consumption and causes smokers to quit smoking. 
Journal: Applied Economics Letters 
Pages: 549-555 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500399201 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500399201&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Costas Siriopoulos 
Author-X-Name-First: Costas 
Author-X-Name-Last: Siriopoulos 
Author-Name: Antonios Georgopoulos 
Author-X-Name-First: Antonios 
Author-X-Name-Last: Georgopoulos 
Author-Name: Athanasios Tsagkanos 
Author-X-Name-First: Athanasios 
Author-X-Name-Last: Tsagkanos 
Title: Does the 'Market for Corporate Control' hypothesis explain takeover targets? 
Abstract:
  This study tests the 'Market for Corporate Control' hypothesis in a small
 open economy. The results appear to favour rejection of this hypothesis
 indicating that acquisitions have not been driven by
 managerial-disciplinary motives. Moreover, it is found that a logit model
 outperforms other statistical tests. 
Journal: Applied Economics Letters 
Pages: 557-561 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600731329 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600731329&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Andres Faina 
Author-X-Name-First: J. Andres 
Author-X-Name-Last: Faina 
Author-Name: J. Lopez-Rodriguez 
Author-X-Name-First: J. 
Author-X-Name-Last: Lopez-Rodriguez 
Title: Market access and human capital accumulation: the European Union case 
Abstract:
  This study evaluates the role that market access plays in determining the
 spatial distribution of educational attainment levels among EU regions.
 Evidence is provided showing that in the EU educational attainment levels
 are higher in those regions with greater market access. This finding
 proves that remoteness is a penalty for the economic development and
 convergence of the European Union regions. 
Journal: Applied Economics Letters 
Pages: 563-567 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401684 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401684&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rita De Siano 
Author-X-Name-First: Rita 
Author-X-Name-Last: De Siano 
Author-Name: Marcella D'Uva 
Author-X-Name-First: Marcella 
Author-X-Name-Last: D'Uva 
Title: Club convergence in European regions 
Abstract:
  This study investigates the 'club convergence' hypothesis applying the
 stochastic notion of convergence to groups of European regions. In order
 to avoid the group selection bias problem, the innovative regression tree
 technique was applied to select endogenously the most important variables
 in achieving the best identification of groups on the base of per capita
 income and productive specialization. Tests on stochastic convergence in
 each group evidences a strong convergence among the wealthiest regions of
 the European Union and a trend of weak convergence among the remaining
 groups, confirming Baumol's hypothesis of convergence. 
Journal: Applied Economics Letters 
Pages: 569-574 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600733473 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600733473&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rodrigo Cerda 
Author-X-Name-First: Rodrigo 
Author-X-Name-Last: Cerda 
Author-Name: Hermann Gonzalez 
Author-X-Name-First: Hermann 
Author-X-Name-Last: Gonzalez 
Author-Name: Luis Felipe Lagos 
Author-X-Name-First: Luis Felipe 
Author-X-Name-Last: Lagos 
Title: Is fiscal policy effective? Evidence for an emerging economy: Chile 1833-2000 
Abstract:
  This paper studies the impact of fiscal policy on economic activity by
 using Chilean annual data from 1833 to 2000. The data allows us to
 disentangle the impacts on economic activity -- due to the large variation
 in fiscal policy in the period under study -- by using a SVAR methodology.
 The study finds evidence of non Keynesian impacts of fiscal policy. 
Journal: Applied Economics Letters 
Pages: 575-580 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400686 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400686&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maxime Fougere 
Author-X-Name-First: Maxime 
Author-X-Name-Last: Fougere 
Author-Name: Simon Harvey 
Author-X-Name-First: Simon 
Author-X-Name-Last: Harvey 
Title: The regional impact of population ageing in Canada: a general equilibrium analysis 
Abstract:
  This study explores the long-term economic effects of population ageing
 by region in Canada using a dynamic regional computable overlapping
 generations model. The model has six regions, six goods and 15 overlapping
 generations of heterogeneous workers by skill level and immigration
 status. The analysis indicates that regional differences in retirement
 decisions, fertility rates and location of skilled immigrants will cause a
 substantial increase in regional income disparity in Canada between
 faster-ageing and slower-ageing regions of the country. 
Journal: Applied Economics Letters 
Pages: 581-585 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401387 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401387&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyeon-Seung Huh 
Author-X-Name-First: Hyeon-Seung 
Author-X-Name-Last: Huh 
Author-Name: Chung Mo Koo 
Author-X-Name-First: Chung Mo 
Author-X-Name-Last: Koo 
Title: A method to allocate GDP statistical discrepancy 
Abstract:
  There is a considerable discrepancy between GDP estimates which should be
 equal to one another. A method of allocating this discrepancy is proposed
 to derive an accurate measure of GDP with applications to the US and
 Korean economies. 
Journal: Applied Economics Letters 
Pages: 587-591 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500397601 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500397601&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Osama Sweidan 
Author-X-Name-First: Osama 
Author-X-Name-Last: Sweidan 
Author-Name: Aktham Maghyereh 
Author-X-Name-First: Aktham 
Author-X-Name-Last: Maghyereh 
Title: Monetary policy and the central bank's securities 
Abstract:
  Open market operation (OMO) is one of the major instruments of conducting
 the monetary policy in both developing and developed countries. Using this
 instrument requires a well-developed secondary financial market. OMO can
 be implemented by using either government or central bank (CB) securities.
 Developing countries are using the second which raises a question about CB
 profits and the effect on the economy. This study, through evidence from a
 small developing country, Jordan, shows that issuing CB securities causes
 losses which affect the monetary policy continuity. Moreover, the paper
 extends a model introduced by Walsh (1998) to study the impact of the CB
 losses on some macroeconomic variables. The model shows that if the CB
 profits are part of the objective function then inflation, output and
 growth of the money supply tend to have a positive bias. 
Journal: Applied Economics Letters 
Pages: 593-598 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500424892 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500424892&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Asier Minondo 
Author-X-Name-First: Asier 
Author-X-Name-Last: Minondo 
Author-Name: Gloria Rubert 
Author-X-Name-First: Gloria 
Author-X-Name-Last: Rubert 
Title: The effect of outsourcing on the demand for skills in the Spanish manufacturing industry 
Abstract:
  This study analyses the effect of outsourcing on the demand for skills in
 the Spanish manufacturing industries. For the first time in the literature
 the origin of outsourcing is taken into account, distinguishing imports
 coming from developing countries and imports produced in developed
 countries. As theoretically expected, a positive link is found between
 outsourcing to developing countries and a higher demand for skills in the
 Spanish manufacturing sectors. However, it is found that outsourcing to
 developed countries also has a positive effect on the demand for skills.
 This later result may cast some doubts on previous studies' conclusions. 
Journal: Applied Economics Letters 
Pages: 599-604 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401569 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401569&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yong Hong Yan 
Author-X-Name-First: Yong Hong 
Author-X-Name-Last: Yan 
Author-Name: Bruce Felmingham 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Felmingham 
Title: First and second order instability of the Shanghai and Shenzhen share price indices 
Abstract:
  First and second order instability tests are applied to China's two major
 share market price indices (SPIs), Shanghai share market price index (SES)
 and Shenzhen share market price index (SZS) using daily data from 2
 January 1992 to 16 July 2004. First order instability is synonymous with
 non stationarity and second order instability with structural breaks.
 Applying procedures developed by Perron (1997) and Zivot and Andrews
 (1992), it is found that both share price indices are unstable in the
 first and second order. The Shanghai series breaks in December 1999 and
 Shenzhen in May 1999. Existence of the share A (domestic listing) and
 share B (foreign listing) seem to buffer both markets against the worst
 effects of the Asian Crisis and September 11 attack. These shocks were
 apparently absorbed by the foreign listings of shares. 
Journal: Applied Economics Letters 
Pages: 605-608 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500424918 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500424918&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Author-Name: Hassan Mohammadi 
Author-X-Name-First: Hassan 
Author-X-Name-Last: Mohammadi 
Title: Capital mobility and savings-investment correlations: panel data evidence from transition economies 
Abstract:
  This study examines the relationship between savings and investment for
 26 transition economies using a panel data set covering the 1991 to 2002
 period. Estimates of the saving coefficient based on cross-sectional,
 fixed-effect, random-effect and mean-group estimators range from 0.263 to
 0.315, which are significantly less than one. 
Journal: Applied Economics Letters 
Pages: 611-613 
Issue: 10 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401957 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401957&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Gabriel 
Author-X-Name-First: Paul 
Author-X-Name-Last: Gabriel 
Author-Name: Susanne Schmitz 
Author-X-Name-First: Susanne 
Author-X-Name-Last: Schmitz 
Title: The impact of gender differences in occupational attainment on the relative earnings of young workers 
Abstract:
  This study investigates the potential influence that gender differences
 in occupational structures have upon the relative earnings of young women
 in the US labour market. The empirical methodology integrates a
 multinomial logit model of occupational attainment with estimated human
 capital wage equations across occupations. Empirical analysis of data from
 the 1979 cohort of the NLSY suggests that nearly two-thirds of the gender
 gap in hourly earnings results from men having more favourable earnings
 structures within occupations, relative to their female colleagues. Gender
 differences in occupational distributions apparently have a minor impact
 on the relative earnings of women. 
Journal: Applied Economics Letters 
Pages: 615-619 
Issue: 10 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401742 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401742&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Syed Basher 
Author-X-Name-First: Syed 
Author-X-Name-Last: Basher 
Author-Name: Perry Sadorsky 
Author-X-Name-First: Perry 
Author-X-Name-Last: Sadorsky 
Title: Day-of-the-week effects in emerging stock markets 
Abstract:
  This study uses both unconditional and conditional risk analysis to
 investigate the day-of-the-week effect in 21 emerging stock markets. In
 addition, risk is allowed to vary across the days of the week. Different
 models produce different results but overall day-of-the-week effects are
 present for the Philippines, Pakistan and Taiwan even after adjusting for
 market risk. The results in this study show that while the day-of-the-week
 effect is not present in the majority of emerging stock markets studied,
 some emerging stock markets do exhibit strong day-of-the-week effects even
 after accounting for conditional market risk. 
Journal: Applied Economics Letters 
Pages: 621-628 
Issue: 10 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600825238 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600825238&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence Dacuycuy 
Author-X-Name-First: Lawrence 
Author-X-Name-Last: Dacuycuy 
Title: The effects of bandwidth changes on model validity: an empirical study 
Abstract:
  This simple study uses a variant of the Hsiao et al. (2006) test to
 analyse the impact of bandwidth changes on model validity using actual
 labour force data on workers in the Philippines. The test framework is
 used to verify the validity of several wage specifications. Results
 indicate that the tests are quite sensitive to chosen bandwidths for
 discrete regressors. 
Journal: Applied Economics Letters 
Pages: 629-633 
Issue: 10 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600825188 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600825188&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Muge Karacal 
Author-X-Name-First: Muge 
Author-X-Name-Last: Karacal 
Title: The demand for money in Turkey and currency substitution 
Abstract:
  Over the last three decades, the Turkish economy has experienced severe
 macro-shocks, among which depreciation of the Turkish lira is the most
 noticeable one. The Turkish lira (TL) has depreciated from 13 TL per US
 dollar in 1973 to more than 1.5 million TL per dollar today. It is
 expected that because of these shocks, some of the macro-relationships
 could suffer from structural instability which makes policy formulation
 and predictions difficult. This paper considers the demand for money in
 Turkey. To take account of currency substitution, the demand for money
 that includes the exchange rate in addition to income, interest rate and
 inflation rate is estimated. After incorporating the CUSUM and CUSUMSQ
 tests in bounds testing approach for cointegration, it is shown that in
 Turkey for a successful and effective monetary policy, the monetary
 authorities would rather concentrate on M1 because not only is it
 cointegrated with its determinants and it is stable, all four determinants
 belong to the cointegrating space. 
Journal: Applied Economics Letters 
Pages: 635-642 
Issue: 10 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500358819 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500358819&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nabanita Datta Gupta 
Author-X-Name-First: Nabanita Datta 
Author-X-Name-Last: Gupta 
Author-Name: Ronald Oaxaca 
Author-X-Name-First: Ronald 
Author-X-Name-Last: Oaxaca 
Author-Name: Nina Smith 
Author-X-Name-First: Nina 
Author-X-Name-Last: Smith 
Title: Analysing trends in US and Danish gender wage gaps in the 1980s and 1990s 
Abstract:
  Trends in US and Danish gender wage gaps in the 1980s and 1990s are
 analysed within the framework of simple auto-regressive time-series
 models. Results show a saturation effect in the wage progress of women in
 Denmark at a level of 85% but no similar signs of stabilization in the
 USA. Also, no evidence is found that business cycle variables can explain
 the development of the gender wage gap in either country during this time
 period. 
Journal: Applied Economics Letters 
Pages: 643-647 
Issue: 10 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600684825 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600684825&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kazuhiko Kakamu 
Author-X-Name-First: Kazuhiko 
Author-X-Name-Last: Kakamu 
Author-Name: Mototsugu Fukushige 
Author-X-Name-First: Mototsugu 
Author-X-Name-Last: Fukushige 
Title: Productivity convergence of manufacturing industries in Japanese MEA 
Abstract:
  The study presents (1) the convergence of labour productivity in
 manufacturing industries in Japanese MEAs during 1985 to 2000, using
 Markov chain transition matrix and (2) the speed of convergence to an
 ergodic distribution. The results indicate that (1) the labour
 productivities of all MEAs converge to different levels in the long-run
 and (2) its speed is as slow as the Solow's growth model. 
Journal: Applied Economics Letters 
Pages: 649-653 
Issue: 10 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400371 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400371&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chin-Tsai Lin 
Author-X-Name-First: Chin-Tsai 
Author-X-Name-Last: Lin 
Author-Name: Chien-Hua Lai 
Author-X-Name-First: Chien-Hua 
Author-X-Name-Last: Lai 
Title: Substitute effects between Lotto and Big Lotto in Taiwan 
Abstract:
  Lotto was inaugurated in January 2002 and immediately became a popular
 activity in Taiwan. The purpose of this investigation is to examine the
 effective price elasticity of Big Lotto and the substitute effects between
 Lotto (6/42) and Big Lotto (6/49). The analytical results can provide
 suggestions to the Taipei Bank on ways to improve lottery sales. The
 empirical findings of investigation include: (1) no significant
 substitutive or complementary relationships exist between Big Lotto and
 Lotto in Taiwan (2) the effective price elasticity of Big Lotto is -0.145,
 Taipei Bank can increase the revenue gained from Big Lotto by increasing
 the effective price. 
Journal: Applied Economics Letters 
Pages: 655-658 
Issue: 10 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401858 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401858&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shunsuke Managi 
Author-X-Name-First: Shunsuke 
Author-X-Name-Last: Managi 
Author-Name: James Opaluch 
Author-X-Name-First: James 
Author-X-Name-Last: Opaluch 
Author-Name: Di Jin 
Author-X-Name-First: Di 
Author-X-Name-Last: Jin 
Author-Name: Thomas Grigalunas 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Grigalunas 
Title: Alternative technology indexes in the offshore oil and gas industry 
Abstract:
  R&D policies play an important role for developing technologies.
 Alternative technology indexes are tested to provide an improved
 understanding of technology index in the offshore oil and gas industry.
 The analysis compares ten alternative technology indexes including
 technology diffusion counts, importance-weighted diffusion, innovation
 counts, importance-weighted innovation, patent counts, importance-weighted
 patent counts, and a simple measure of time. It is found that utilizing
 weighted diffusion count as an index of technology is clearly superior to
 all other indexes. The results also show the time as an index of
 technology is clearly inferior to most other indexes. 
Journal: Applied Economics Letters 
Pages: 659-663 
Issue: 10 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401866 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401866&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Nikolaou 
Author-X-Name-First: A. 
Author-X-Name-Last: Nikolaou 
Author-Name: I. Theodossiou 
Author-X-Name-First: I. 
Author-X-Name-Last: Theodossiou 
Title: Returns to qualifications and occupation for males and females: evidence from the British Workplace Employee Relations Survey (WERS) 1998 
Abstract:
  This study explores the returns to qualifications by occupation for males
 and females by utilizing a matched employer-employee dataset. It shows
 that educational qualifications are of a major and significant importance
 in explaining earnings variation but the effect progressively disappears
 as one examines their impact at lower ranks of occupational status. Thus,
 it appears that precisely where workers are located in terms of occupation
 will determine the pay that they are likely to receive. 
Journal: Applied Economics Letters 
Pages: 665-673 
Issue: 10 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401981 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401981&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chul-Hwan Kim 
Author-X-Name-First: Chul-Hwan 
Author-X-Name-Last: Kim 
Author-Name: Donggeun Kim 
Author-X-Name-First: Donggeun 
Author-X-Name-Last: Kim 
Title: Does Korea have twin deficits? 
Abstract:
  Using the modified Wald test suggested by Toda and Yamamoto (1995), the
 study examines whether higher budget deficits lead to greater current
 account deficits in Korea. This test allows one not only to examine the
 general validity of twin deficits hypotheses, but also to predict future
 Korean external balance positions. The empirical results indicate that a
 unidirectional causal relation running from the current account deficit to
 the budget deficit is present in Korea. 
Journal: Applied Economics Letters 
Pages: 675-680 
Issue: 10 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500404910 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500404910&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence Dacuycuy 
Author-X-Name-First: Lawrence 
Author-X-Name-Last: Dacuycuy 
Title: On the finite sampling properties of the Zheng test for omitted and irrelevant variable problems 
Abstract:
  The paper conducts simple Monte Carlo simulation investigations to
 ascertain the finite sample properties of the Zheng test when applied to
 familiar specification errors in the form of omitted and irrelevant
 variable problems. Results indicate that the respective estimated sizes
 underestimate the nominal sizes. In an omitted variable setting, the Zheng
 test performs rather well with estimated powers being sensitive to
 increasing bandwidth parameters. However, the test exhibited contrasting
 results in examining power performance for testing irrelevant regressors. 
Journal: Applied Economics Letters 
Pages: 681-684 
Issue: 11 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600829651 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600829651&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vincent Vandenberge 
Author-X-Name-First: Vincent 
Author-X-Name-Last: Vandenberge 
Title: Achievement effectiveness and equity: the role of tracking, grade repetition and inter-school segregation 
Abstract:
  Grouping students together according to their ability - in vocational
 versus academic tracks, in different grades or schools - is frequently
 denounced as being ineffective and/or a source of additional inequality.
 Yet very few international studies have evaluated the effects of these
 practices on educational performance. This study attempts to fill this gap
 using standardized scores in maths, science and reading literacy at the
 age of 15 published by the OECD in 2000. Results are that ability grouping
 has no impact on effectiveness (country mean scores). And the intensity of
 inequality (within country dispersion of scores) is also hard to predict.
 It is only for maths that higher inter-school segregation, but not
 tracking or grade repetition, leads to higher inequality. 
Journal: Applied Economics Letters 
Pages: 685-693 
Issue: 11 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500404944 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500404944&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Troy Matheson 
Author-X-Name-First: Troy 
Author-X-Name-Last: Matheson 
Title: A more flexible decomposition of productivity growth 
Abstract:
  Conventional productivity growth decompositions, such as those of Baily,
 Bartelsman and Haltiwanger (2001) and Grilliches and Regev (1995), first
 aggregate each firm's productivity level into an aggregate productivity
 index, and then allocate aggregate growth back to the firms forming the
 aggregate. It is shown that this can produce misleading results, and two
 more flexible decompositions are proposed that are consistent with the
 superlative Tornqvist productivity growth index. 
Journal: Applied Economics Letters 
Pages: 695-698 
Issue: 11 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600903837 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600903837&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ashok Parikh 
Author-X-Name-First: Ashok 
Author-X-Name-Last: Parikh 
Author-Name: Kunal Sen 
Author-X-Name-First: Kunal 
Author-X-Name-Last: Sen 
Title: Probit with heteroscedasticity: an application to Indian poverty analysis 
Abstract:
  This study argues that in limited dependent variable models, when there
 is heteroscedasticity, a probit model with a heteroscedastic structure
 should be estimated. The problem is illustrated using unit record data
 from the Indian National Sample Survey to analyse the determinants of
 poverty at household level. It is found that these biases are large even
 with large number of observations because in the limited dependent
 variable case, the bias does not vanish asymptotically when the assumption
 of homoscedasticity breaks down. Both regression coefficients and marginal
 effects differ widely between probit and hetprobit models in this study. 
Journal: Applied Economics Letters 
Pages: 699-707 
Issue: 11 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500402096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500402096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paolo Buonanno 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Buonanno 
Author-Name: Leone Leonida 
Author-X-Name-First: Leone 
Author-X-Name-Last: Leonida 
Title: Education and crime: evidence from Italian regions 
Abstract:
  This study examines the impact of education on criminal activity in
 Italy. A number of hypotheses are tested regarding the effects of
 education and past incidence of crime on criminal activity, using annual
 data for the 20 Italian regions over the period 1980 to 1995. Empirical
 results show that education is negatively correlated with delinquency and
 that crime rates display persistence over time. The results are robust to
 model specifications and endogeneity. 
Journal: Applied Economics Letters 
Pages: 709-713 
Issue: 11 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500407376 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500407376&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. K. Randolph Tan 
Author-X-Name-First: G. K. Randolph 
Author-X-Name-Last: Tan 
Title: Efficiency estimates for Singapore manufacturing: new evidence from the Malmquist Index 
Abstract:
  A nonparametric technique is employed, data envelopment analysis, to
 derive estimates of technical efficiency change in Singapore manufacturing
 industries for 1975 to 1998 using the Malmquist index. The results show
 that on average, there have been improvements in technical efficiency over
 the sample period for overall manufacturing. This broadly corroborates the
 results from an earlier stochastic frontier analysis. 
Journal: Applied Economics Letters 
Pages: 715-721 
Issue: 11 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401924 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401924&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jinyoung Hwang 
Author-X-Name-First: Jinyoung 
Author-X-Name-Last: Hwang 
Author-Name: Kun-Oh Jung 
Author-X-Name-First: Kun-Oh 
Author-X-Name-Last: Jung 
Title: A cross-country study on income distribution and school enrolment 
Abstract:
  This study examines whether income distribution affects school enrolment
 at primary, secondary and tertiary levels. Using cross-national evidence,
 it is found that a country's income inequality is positively and
 significantly associated with primary school enrolments. However, there is
 a negative association between income inequality and enrolment at both
 secondary and tertiary levels, even after controlling for some explanatory
 variables. 
Journal: Applied Economics Letters 
Pages: 723-726 
Issue: 11 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500402013 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500402013&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anne Neumann 
Author-X-Name-First: Anne 
Author-X-Name-Last: Neumann 
Author-Name: Boriss Siliverstovs 
Author-X-Name-First: Boriss 
Author-X-Name-Last: Siliverstovs 
Author-Name: Christian von Hirschhausen 
Author-X-Name-First: Christian 
Author-X-Name-Last: von Hirschhausen 
Title: Convergence of European spot market prices for natural gas? A real-time analysis of market integration using the Kalman Filter 
Abstract:
  This letter provides a textbook example of an econometric analysis of the
 integration between two commodity markets and the subsequent price
 convergence or absence thereof. Price relations between spot markets are
 analysed for natural gas in Europe. The European market for natural gas is
 currently undergoing a liberalization process with the aim of creating a
 single, unified market. Time-varying coefficient estimation models are
 used, applying the Kalman filter to test whether price convergence between
 different locations is really taking place. The results reveal that the
 construction of a pipeline between the UK and Zeebrugge (Belgium) has led
 to almost perfect price convergence between these locations in the time
 period under consideration; on the other hand, liberalization on the
 European continent does not seem to be working so far. 
Journal: Applied Economics Letters 
Pages: 727-732 
Issue: 11 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500404258 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500404258&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Adolfo Maza 
Author-X-Name-First: Adolfo 
Author-X-Name-Last: Maza 
Title: Wage flexibility and the EMU: a nonparametric and semiparametric analysis for the Spanish case 
Abstract:
  According to OCA theory, the creation of the EMU reinforces the role of
 wage flexibility as an adjustment instrument alternative to the exchange
 rate in order to mitigate the negative effects of asymmetric shocks. This
 paper uses the case of Spain as the frame of reference within the EMU - in
 order to ensure data homogeneity - and examines wage flexibility in the
 Spanish provinces using both nonparametric and semiparametric techniques.
 The main result of the paper is that the labour market appears to be quite
 rigid and, therefore, adverse shocks could have serious consequences in
 the future. 
Journal: Applied Economics Letters 
Pages: 733-736 
Issue: 11 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500407624 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500407624&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gerald Kohers 
Author-X-Name-First: Gerald 
Author-X-Name-Last: Kohers 
Author-Name: Ninon Kohers 
Author-X-Name-First: Ninon 
Author-X-Name-Last: Kohers 
Author-Name: Theodor Kohers 
Author-X-Name-First: Theodor 
Author-X-Name-Last: Kohers 
Title: The risk and return characteristics of developed and emerging stock markets: the recent evidence 
Abstract:
  Finance theory suggests that the higher volatility typically associated
 with emerging stock market returns translates into higher expected returns
 in those markets. This study compares the risk and return profile of
 emerging and developed stock markets over the period from 1988 through
 April 2003. Specifically, this study investigates whether a difference in
 risk characteristics exists between the two markets and whether the
 realized rates of return in these two types of markets reflect these risk
 characteristics. The results show that the risk associated with emerging
 markets, as measured by the standard deviation of returns, is higher than
 the risk in developed markets in most periods. Also, the returns in
 emerging markets have been higher than those in developed markets for most
 of the time frames examined. The findings suggest that risk-averse
 investors seeking higher returns in emerging markets have been compensated
 for assuming the higher risk associated with these markets. 
Journal: Applied Economics Letters 
Pages: 737-743 
Issue: 11 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500407210 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500407210&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yir-Hueih Luh 
Author-X-Name-First: Yir-Hueih 
Author-X-Name-Last: Luh 
Author-Name: Kuo-Chen Shih 
Author-X-Name-First: Kuo-Chen 
Author-X-Name-Last: Shih 
Title: International spillovers and East Asian growth: the experience of Japan, Korea and Taiwan 
Abstract:
  This study analyses the sources of economic growth for three East Asian
 economies - Japan, Korea and Taiwan - with special emphasis on
 international spillovers as an explanation of the differential patterns of
 growth. Three different proxy measures of international spillovers are
 constructed in the empirical analysis. Explicitly accounting for
 country-specific differences, both fixed effect and random effect
 regressions are applied to obtain coefficient estimates. It is found that
 technology spillovers going beyond geographic boundaries is a significant
 determinant of GDP growth for the three East Asian economies.
 Nevertheless, the direction of the spillover effect differs. For Japan and
 Korea, the empirical findings support the view that international
 spillovers contribute to GDP growth. International spillovers, however,
 are found to have dampened Taiwan's GDP growth during the period 1978 to
 1992. These results suggest, for economies whose research effort is
 relatively low, a negative relationship between productivity and
 international spillovers might be revealed. 
Journal: Applied Economics Letters 
Pages: 745-750 
Issue: 11 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500407053 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500407053&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Philip Hans Franses 
Author-X-Name-First: Philip Hans 
Author-X-Name-Last: Franses 
Title: Empirical causality between bigger banknotes and inflation 
Abstract:
  Monetary theory predicts that high inflation rates may imply the need for
 bigger banknotes. At the same time, monetary authorities may fear that
 introducing higher-valued banknotes leads to inflation. This paper
 concerns an analysis of 40 years of data on inflation and denominations
 for 59 countries, and it reports that causality runs from inflation to
 banknotes and not the other way around. 
Journal: Applied Economics Letters 
Pages: 751-752 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500424926 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500424926&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ethan Cohen-Cole 
Author-X-Name-First: Ethan 
Author-X-Name-Last: Cohen-Cole 
Title: Housing quality, neurotoxins and human capital acquisition 
Abstract:
  Much existing literature on age-earnings variation has focused on
 identifying the connection between ability and wage and salary income.
 This is often done through the careful selection of an instrument,
 believed to be correlated with ability but not with earnings, and
 typically for data on individuals older than 18. Recent efforts have
 discussed the path of human capital acquisition from younger ages,
 including discussions of the relevance of early childhood education on the
 long-term path of human capital. This paper approaches the issue by
 selecting a more plausibly exogenous factor in human capital acquisition -
 infant exposure to household neurotoxins (e.g. lead, mercury, PCBs, etc.).
 I capitalize on the time varying usage of paint and PCBs in household
 constructions to use housing vintage (year of construction) as a proxy for
 exposure. I measure this exposure at the state level. State level
 variation in the age of housing stock is found to explain a large portion
 of the individual level age-earnings profile. Living in an old vintage
 house with a high probability of neurotoxin exposure translates to loss of
 earnings equivalent to about six years of schooling. This supports the
 medical literature's view that neurotoxins affect both mental capacity as
 well as the ability to learn. 
Journal: Applied Economics Letters 
Pages: 753-758 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500407566 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500407566&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Author-Name: Seung Jick Yoo 
Author-X-Name-First: Seung Jick 
Author-X-Name-Last: Yoo 
Title: A complete characterization of mean wait times for citizens in the non-preemptive corruption regime 
Abstract:
  Recently, Batabyal and Yoo (2004) have used a queuing model with two
 types of citizens (high and low opportunity cost of time) to compute mean
 wait times in queue for the so called non-preemptive corruption regime.
 The purpose of this note is to extend the Batabyal and Yoo (2004)
 analysis. Specifically, a queuing model with &#xa0;[image omitted] types
 of citizens is first studied. Next, mean wait times in queue are
 calculated for all n types of citizens. Finally, the implications of the
 findings are discussed. 
Journal: Applied Economics Letters 
Pages: 759-762 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500424983 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500424983&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gairuzazmi Ghani 
Author-X-Name-First: Gairuzazmi 
Author-X-Name-Last: Ghani 
Title: Balance of payments constrained growth model: an examination of Thirlwall's Hypothesis using McCombie's Individual Country Method 
Abstract:
  The balance of payments constrained growth (BOP) model is tested using
 the McCombie's cross-country and individual country test for 90 developed
 and developing countries for the period 1980 to 2000, and the McCombie's
 test is extended using export elasticity. If in the long run, the growth
 of exports is equal to the growth of imports and the affect of prices are
 not statistically significant, the estimated import elasticity from time
 series regression should not be statistically different from the BOP
 implied import elasticity, this also implied that the estimated export
 elasticity, also should not be statistically different from the BOP
 implied export elasticity. However, the finding shows that for only about
 45% of the countries under study the individual country test is accepted
 even though cross-country analysis support the BOP model. Furthermore, for
 some countries where its estimated and implied import elasticity are not
 statistically different, its estimated and implied export elasticity are
 statistically different and vice-versa. 
Journal: Applied Economics Letters 
Pages: 763-768 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500404886 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500404886&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hugo Gallardo-Sejas 
Author-X-Name-First: Hugo 
Author-X-Name-Last: Gallardo-Sejas 
Author-Name: Salvador-Gil Pareja 
Author-X-Name-First: Salvador-Gil 
Author-X-Name-Last: Pareja 
Author-Name: Rafael Llorca-Vivero 
Author-X-Name-First: Rafael 
Author-X-Name-Last: Llorca-Vivero 
Author-Name: Jose Martinez-Serrano 
Author-X-Name-First: Jose 
Author-X-Name-Last: Martinez-Serrano 
Title: Determinants of European immigration: a cross-country analysis 
Abstract:
  This paper analyses the determinants of international immigration in 13
 European destination countries using a data set on 139 origin countries in
 2000. The results indicate that gravity variables (population and
 distance), the macroeconomic conditions, cultural proximity, and the
 existence of narrow trade relationships are important explanatory factors. 
Journal: Applied Economics Letters 
Pages: 769-773 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500424975 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500424975&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mauro Costantini 
Author-X-Name-First: Mauro 
Author-X-Name-Last: Costantini 
Author-Name: Giuseppe Arbia 
Author-X-Name-First: Giuseppe 
Author-X-Name-Last: Arbia 
Title: Testing the stochastic convergence of Italian regions using panel data 
Abstract:
  This paper examines stochastic convergence in real per capita GDP for
 Italian regions using recent non-stationary panel data methodologies over
 the period 1951 to 2002. Economies stochastically converge when regional
 differences across economies are not persistent, and long-run movements in
 a region's real per capita GDP are driven by technological shocks. Four
 panel unit root tests are used to evaluate stochastic convergence and
 Monte Carlo simulation is performed to obtain critical values. The results
 indicate that there is no stochastic convergence among Italian regions.
 They also provide some evidence in favour of stochastic convergence of
 regions in the Northern part of Italy. 
Journal: Applied Economics Letters 
Pages: 775-783 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425188 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425188&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sacit Hadi Akdede 
Author-X-Name-First: Sacit Hadi 
Author-X-Name-Last: Akdede 
Author-Name: Ayla Ogus 
Author-X-Name-First: Ayla 
Author-X-Name-Last: Ogus 
Title: Increasing returns to information and the survival of Turkish public theatre plays 
Abstract:
  This paper investigates increasing returns to information and the
 survival of Turkish public theatre productions. Log size and rank
 relationship is found to display autocorrelated growth in a sample of 556
 plays put on stage in the Turkish public theatre system in 12 different
 cities between 1998 and 2003. The lifetime of plays is also investigated
 and the features of plays are found not to matter for duration which can
 be explained by the non-profit nature of public theatre. However, the
 lifetimes of plays in more developed cities are longer than in less
 developed cities. In contrast to Broadway shows, the hazard function for
 Turkish public theatre plays is increasing in the number of performances. 
Journal: Applied Economics Letters 
Pages: 785-788 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500407533 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500407533&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Halkos 
Author-X-Name-First: George 
Author-X-Name-Last: Halkos 
Author-Name: Ilias Kevork 
Author-X-Name-First: Ilias 
Author-X-Name-Last: Kevork 
Title: Forecasting the stationary AR(1) with an almost unit root 
Abstract:
  Although unit root tests have made a great contribution in time series
 econometrics, their major disadvantage is the low powers they attain on
 certain occasions, as for the case of the stationary AR(1), when &#x3c6;is
 close to one. In this study, considering the random walk as the true
 model, we derive the probability of the prediction interval to include any
 future value yT+s of AR(1). Using certain estimates from Monte Carlo
 simulations, we proceed to numerical computations, resulting in the main
 finding that the values for the specific probability depend upon the
 location the most recent available observation in the sample possesses in
 its marginal distribution. 
Journal: Applied Economics Letters 
Pages: 789-793 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500407491 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500407491&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yeonbae Kim 
Author-X-Name-First: Yeonbae 
Author-X-Name-Last: Kim 
Author-Name: Yuri Park 
Author-X-Name-First: Yuri 
Author-X-Name-Last: Park 
Author-Name: Jeong-Dong Lee 
Author-X-Name-First: Jeong-Dong 
Author-X-Name-Last: Lee 
Author-Name: Jongsu Lee 
Author-X-Name-First: Jongsu 
Author-X-Name-Last: Lee 
Title: Using stated-preference data to measure the inconvenience cost of spam among Korean E-mail users 
Abstract:
  E-mail is an efficient communication tool, but at the same time it is an
 efficient vehicle for Internet pollution in the form of
 spam&#x2014;unsolicited, bulk e-mailings. Spam is a global phenomenon, and
 debate about possible means of controlling it is lively. Spammers impose a
 negative externality on users. The volume of spam-type e-mail sent is
 above the social optimum and thus produces dead-weight. To solve the spam
 problem and evaluate spam-control measures, one needs to measure the
 disutility experienced by e-mail users who receive spam. The current study
 employs conjoint analysis of stated-preference data to estimate e-mail
 users' overall inconvenience cost attributable to spam. The results show
 the inconvenience cost of spam to be about 3.067 won (US$ 0.0026) per spam
 message. 
Journal: Applied Economics Letters 
Pages: 795-800 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425287 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425287&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuck Cheong Tang 
Author-X-Name-First: Tuck Cheong 
Author-X-Name-Last: Tang 
Title: New evidence on export expansion, economic growth and causality in China 
Abstract:
  This paper extends the work by Mah (2005) on the causality between export
 expansion and economic growth in China by adding imports as additional
 variable in a trivariate framework. Interestingly, this paper has
 empirically found no long-run relationships among exports, real Gross
 Domestic Product, and imports. This paper further shows no long- and
 short-run causality, at least in Granger's sense, between export expansion
 and economic growth in China, but economic growth does Granger-cause
 imports in the short run. 
Journal: Applied Economics Letters 
Pages: 801-803 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425303 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425303&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Lee 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Lee 
Author-Name: Stephen Holoviak 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Holoviak 
Title: Unemployment and crime: an empirical investigation 
Abstract:
  This paper examines the relationship between labour market conditions and
 various crime series in three Asia-Pacific countries: Australia, Japan and
 South Korea. Johansen's maximum likelihood cointegration tests are applied
 to annual, aggregate data to see whether there exists a long-run
 equilibrium relationship between unemployment and crime variables. In a
 society with a high unemployment rate, especially among young males, the
 opportunity cost of crime is relatively low so that criminal activities
 tend to increase. Although theoretically well-formulated, previous
 empirical studies of this hypothesis have yielded mixed evidence. The
 results of this study, however, appear to provide strong support for a
 long-run equilibrium relationship between unemployment and several crime
 series. This may be due to the use of cointegration method in the study,
 which is quite common in the area of economics and finance, but has not
 been applied extensively to the study of crime. Empirical support seems to
 be even stronger for the relationship between unemployment among young
 males and crime. 
Journal: Applied Economics Letters 
Pages: 805-810 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425105 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425105&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Changkyu Choi 
Author-X-Name-First: Changkyu 
Author-X-Name-Last: Choi 
Title: Does foreign direct investment affect domestic income inequality? 
Abstract:
  Using pooled Gini coefficient 1993 to 2002 data for 119 countries from
 World Development Indicators 2004, World Bank, we find that income
 inequality, defined as the Gini coefficient, increases as FDI stocks as a
 percentage of GDP increase. Increases in per capita GDP and real per
 capita GDP growth rate reduce income inequality in a country, whereas an
 increase in GDP deteriorates income distribution. Furthermore, Latin
 American and Caribbean countries proved to have a less equal income
 distribution. 
Journal: Applied Economics Letters 
Pages: 811-814 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400637 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400637&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Lopez-Rodriguez 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Lopez-Rodriguez 
Author-Name: J. Andres Faina 
Author-X-Name-First: J. Andres 
Author-X-Name-Last: Faina 
Title: Objective 1 regions versus non-objective 1 regions. What does the Theil Index tell us? 
Abstract:
  The evolution of regional income disparities between two blocks of
 regions, objective 1 regions and non-objective 1 regions is analysed for
 the period 1982 to 1997, by using a Generalized entropy index such as the
 Theil index. The results show that between 1982 and 1987 the income
 disparities between objective 1 regions and non-objective 1 regions have
 increased, while from 1987 onwards objective 1 regions catch up with the
 non-objective 1 regions. 
Journal: Applied Economics Letters 
Pages: 815-820 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401890 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401890&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Olivier Chanel 
Author-X-Name-First: Olivier 
Author-X-Name-Last: Chanel 
Author-Name: Susan Cleary 
Author-X-Name-First: Susan 
Author-X-Name-Last: Cleary 
Author-Name: Stephane Luchini 
Author-X-Name-First: Stephane 
Author-X-Name-Last: Luchini 
Title: Does public opinion influence willingness-to-pay? Evidence from the field 
Abstract:
  Contingent valuation (CV) surveys have been criticized for assuming that
 respondents have well-defined preferences. Using an innovative field
 experiment dealing with a privatized public good, it is shown that
 respondents are not influenced by public opinion but are positively
 responsive to scientific information. 
Journal: Applied Economics Letters 
Pages: 821-824 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500424769 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500424769&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Teit Luthje 
Author-X-Name-First: Teit 
Author-X-Name-Last: Luthje 
Title: Does intra-industry trade exist in the real world? 
Abstract:
  If foreign trade is related to that part of a product category which
 includes foreign trade in quality varieties between countries with
 identical factor endowments, intra-industry trade makes up a far smaller
 share of total foreign trade than normally assumed. Thereby, the Heckscher
 Ohlin model is the essential incentive explaining foreign trade. 
Journal: Applied Economics Letters 
Pages: 825-827 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500424991 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500424991&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Title: Uncertain innovation with uncertain product durability 
Abstract:
  This paper adds to two strands of the economics literature, the
 literature on product durability and on technical change, in a small way
 by introducing the possibility that an uncertain invention may be
 exogenously durable. Durability makes otherwise fully appropriable
 innovation porous. We consider a duopoly where firms maximize the present
 discounted rewards from innovation that might turn out to be a durable
 good or a non-durable good. Comparative-static results show that greater
 appropriability of rewards from the durable good innovation induces the
 firm to increase its profit-maximizing research spending. The effect of a
 change in the probability of the durable innovation is shown to depend on
 the degree of appropriability. The consideration of the effect of changes
 in the probability of durable innovation is unique to the literature. The
 effects of change in R&D competition are ambiguous and in line with
 earlier findings. Two special cases are considered and policy implications
 discussed. 
Journal: Applied Economics Letters 
Pages: 829-834 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425154 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425154&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anil Kumar 
Author-X-Name-First: Anil 
Author-X-Name-Last: Kumar 
Title: Nonparametric conditional density estimation of labour force participation 
Abstract:
  Labour force participation decision has been studied primarily in a
 parametric framework. The weaknesses of the parametric estimators to
 misspecification of the error distribution and to functional form
 assumptions are well known. This paper compares the predictive performance
 of widely used parametric and semiparametric estimators with results
 obtained from nonparametric kernel conditional density estimation with
 likelihood cross-validated bandwidth selection and mixed data type. The
 results are striking. The predictive performance of the nonparametric
 estimator is 95% against 71% to 77% of the parametric and semiparametric
 estimators. The nonparametric estimator is able to correctly predict the
 outcome for 83% of non-participants in the labour force as against 15% by
 probit and logit models. This underscores the need to use nonparametric
 estimators in studying labour market behaviour. 
Journal: Applied Economics Letters 
Pages: 835-841 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425204 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425204&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chung-Ki Lee 
Author-X-Name-First: Chung-Ki 
Author-X-Name-Last: Lee 
Author-Name: Seung-Jun Kwak 
Author-X-Name-First: Seung-Jun 
Author-X-Name-Last: Kwak 
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: Willingness to pay for a cyber ecological park 
Abstract:
  We attempt to value a cyber ecological park on the Internet by applying
 willingness to pay (WTP) survey techniques. The respondents' judgements
 required in the survey were within their abilities and the household's
 mean WTP for visiting the Woopo wetland cyber ecological park was
 estimated as 1203 Korean won (GBP 0.653) per connection. 
Journal: Applied Economics Letters 
Pages: 843-846 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425253 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425253&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Ledesma-Rodriguez 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Ledesma-Rodriguez 
Author-Name: Jorge Perez-Rodriguez 
Author-X-Name-First: Jorge 
Author-X-Name-Last: Perez-Rodriguez 
Author-Name: Simon Sosvilla-Rivero 
Author-X-Name-First: Simon 
Author-X-Name-Last: Sosvilla-Rivero 
Title: An empirical examination of exchange-rate credibility determinants in the EMS 
Abstract:
  This study provides empirical evidence on the determinants of exchange
 rate credibility under the European Monetary System (EMS). To that end, it
 considers both economic variables and political factors using data of
 eight currencies participating in the Exchange Rate Mechanism, covering
 the complete EMS history (1979 to 1998). The results suggest that the
 level of international reserves, the real interest rate and right-wing
 governments would have positively affected the credibility of a given
 central parity, while the unemployment rate and the inflation rate would
 have negatively influenced such credibility. 
Journal: Applied Economics Letters 
Pages: 847-850 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425311 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425311&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jong-Eun Lee 
Author-X-Name-First: Jong-Eun 
Author-X-Name-Last: Lee 
Title: Does globalization matter to income distribution in Asia? 
Abstract:
  This study attempts to examine the impact of globalization on the income
 inequality in Asia. The pooled regression results covering eight Asian
 countries over the period 1970 to 2002, show the regular-U shape with
 globalization variables. It gives a policy implication for growth, equity,
 and globalization in Asia. 
Journal: Applied Economics Letters 
Pages: 851-855 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425352 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425352&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wen-Cheng Lu 
Author-X-Name-First: Wen-Cheng 
Author-X-Name-Last: Lu 
Author-Name: Jong-Rong Chen 
Author-X-Name-First: Jong-Rong 
Author-X-Name-Last: Chen 
Author-Name: Chia-Ling Wang 
Author-X-Name-First: Chia-Ling 
Author-X-Name-Last: Wang 
Title: Granger causality test on R&D spatial spillovers and productivity growth 
Abstract:
  This paper uses panel data of Taiwanese electronics firms to investigate
 the Granger causality relationship between R&D and productivity growth,
 while taking into account the effect of R&D spatial spillovers. Unlike
 previous studies, the R&D spatial spillover effect is calculated by a
 geographic formula of longitude and latitude. Before determining the
 direction of causality between the TFP growth and R&D effort, we execute
 the panel unit root test to examine the stationarity of the data. Results
 indicate that all variables in the model are stationary, and that R&D
 stock and R&D spatial spillovers Granger cause productivity growth. 
Journal: Applied Economics Letters 
Pages: 857-861 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425360 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425360&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles Moss 
Author-X-Name-First: Charles 
Author-X-Name-Last: Moss 
Author-Name: Troy Schmitz 
Author-X-Name-First: Troy 
Author-X-Name-Last: Schmitz 
Title: A semiparametric estimator of the Zellner production function for corn: fitting the univariate primal 
Abstract:
  Recent developments in production agriculture have resurrected interest
 in the primal production approach. This study develops a semi-parametric
 procedure for estimation of the Zellner production function for a single
 input. 
Journal: Applied Economics Letters 
Pages: 863-867 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425394 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425394&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Guy Cox 
Author-X-Name-First: Richard Guy 
Author-X-Name-Last: Cox 
Title: A perverse effect of lowering the threshold blood alcohol content 
Abstract:
  Recent legislation in the USA encourages states to lower the legal
 threshold for drunk driving blood alcohol content. The intention of such
 legislation is to reduce the number of accidents and fatalities associated
 with drunk driving. This note shows that lowering the threshold blood
 alcohol content has an ambiguous impact on the incidence of drunk driving
 accidents and will not reduce the number of drunk drivers with blood
 alcohol content above a previous threshold. The formal analysis serves to
 encourage further empirical research in this area. 
Journal: Applied Economics Letters 
Pages: 869-871 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425428 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425428&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Konstantinos Drakos 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Drakos 
Title: A note on uncertainty and investment across the spectrum of irreversibility 
Abstract:
  There is a lack of consensus regarding the sign of the
 uncertainty-investment relationship, with a strand of the literature
 suggesting a positive sign, and the Real Options Theory (ROT) advocating a
 negative relationship. As a way of testing the ROT, this paper empirically
 investigates its main prediction that the negative effect of uncertainty
 on investment is an increasing function of the degree of irreversibility.
 Empirical results provide support for the ROT since uncertainty is found
 to exert a higher impact on investment spending across the irreversibility
 spectrum. 
Journal: Applied Economics Letters 
Pages: 873-876 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425451 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425451&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sherrill Shaffer 
Author-X-Name-First: Sherrill 
Author-X-Name-Last: Shaffer 
Title: Contests with interdependent preferences 
Abstract:
  Relaxing the common assumption of purely self-interested preferences in
 contests, it is shown that altruism (bilateral or unilateral) reduces
 equilibrium rent-seeking effort. The effects on net payoffs are more
 complex. Strategic interdependence is possible, but the symmetric
 equilibrium is pure self-interest. 
Journal: Applied Economics Letters 
Pages: 877-880 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425477 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425477&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jae-Hyung Lee 
Author-X-Name-First: Jae-Hyung 
Author-X-Name-Last: Lee 
Title: Business corruption, public sector corruption, and growth rate: time series analysis using Korean data 
Abstract:
  With annual data for 1986 to 2001 from South Korea (hereafter Korea), the
 regression results are consistent with the hypothesis that business
 corruption and public sector corruption have detrimental effects on real
 per capita growth rate. It is also evident that two causal relationships
 between each pair of corruptions exist; reducing one is likely to result
 in reductions in the other, implying that business and public sector
 corruptions may be one package in policy formulation. The elasticity of
 real per capita growth rate with respect to two indicators of public
 sector corruptions indicate that corruption in terms of number is more
 sensitive to real per capita growth rate than corruption in the amount of
 money. 
Journal: Applied Economics Letters 
Pages: 881-885 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425519 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425519&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Caleiro 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Caleiro 
Title: How is confidence related to unemployment in Portugal? 
Abstract:
  By the use of fuzzy logic, this paper shows how confidence is related to
 unemployment in Portugal. The results indicate it to be a worthwhile
 exercise, as the apparent importance of unemployment upon confidence is
 only revealed by the fuzzy logic approximation. 
Journal: Applied Economics Letters 
Pages: 887-890 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425139 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425139&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul McGuinness 
Author-X-Name-First: Paul 
Author-X-Name-Last: McGuinness 
Title: 'Turn-of the-month' return effects for small cap Hong Kong stocks 
Abstract:
  Intra-month returns for a liquid pool of small-cap stocks in Hong Kong
 are analysed over the period January 2000 to June 2005. A strong and
 persistent 'turn-of-the-month' effect is apparent where returns, measured
 between the close of trading on the penultimate day of business in a
 calendar month and the subsequent close five business days later, are
 recorded at levels averaging almost 1.5%. This compares to returns over
 the preceding five-day period-capturing the 'end of month' effect-of
 almost -0.3% on average. Further analysis also points to differential
 'day-of-the-week' effects with Tuesday and Friday returns in particular at
 noticeably lower levels during the final week of a month as compared to
 earlier weeks. The Tuesday effect may well be an analogue of the US Monday
 effect given Wang et al.'s evidence of notably lower Monday returns toward
 month-ends, and the suggestion of a 'delayed Monday effect' in Asian time
 zones due to the opening of US Monday trading hours after Hong Kong
 trading hours. 
Journal: Applied Economics Letters 
Pages: 891-898 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500426046 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426046&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mauro Costantini 
Author-X-Name-First: Mauro 
Author-X-Name-Last: Costantini 
Author-Name: Claudio Lupi 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Lupi 
Title: Divergence and long-run equilibria in Italian regional unemployment 
Abstract:
  The Italian labour market is characterized by large and persistent
 regional unemployment differentials. This study uses recent panel unit
 root and cointegration tests to derive the long-run properties of the
 Italian regional unemployment disparities. The empirical evidence suggests
 that the stochastic convergence hypothesis can be rejected. However, the
 existence of a long-run equilibrium relationship among regional
 unemployment rates cannot be excluded. Some possible implications of this
 finding are sketched. 
Journal: Applied Economics Letters 
Pages: 899-904 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425758 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425758&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pablo Acosta 
Author-X-Name-First: Pablo 
Author-X-Name-Last: Acosta 
Author-Name: Enlinson de Mattos 
Author-X-Name-First: Enlinson 
Author-X-Name-Last: de Mattos 
Author-Name: Ana Fava 
Author-X-Name-First: Ana 
Author-X-Name-Last: Fava 
Title: Monte Carlo properties of spatial dependence LM tests 
Abstract:
  This paper compares the power and size of both spatial one-directional
 and robust to local misspecification LM test using Monte Carlo techniques
 under different set ups. Confirming the results found in Anselin et al.
 (1996), under local misspecification the robust LM test improves its size
 and power of tests. However, under no misspecification, the robust LM test
 is severely penalized and the usual one-directional LM test has a much
 better performance. 
Journal: Applied Economics Letters 
Pages: 905-910 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500426111 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426111&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pedro Martins 
Author-X-Name-First: Pedro 
Author-X-Name-Last: Martins 
Author-Name: Francisco Lima 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Lima 
Title: External recruitments and firm performance 
Abstract:
  In the context of tournament theory, and drawing on a panel data set of
 several firms and their employees, evidence is presented of a negative
 relationship between the share of external recruitments for top management
 positions and firm productivity. 
Journal: Applied Economics Letters 
Pages: 911-915 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500426129 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426129&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gabriel Montes Rojas 
Author-X-Name-First: Gabriel Montes 
Author-X-Name-Last: Rojas 
Title: Skill premia in Mexico: demand and supply factors 
Abstract:
  Skill premia trends for the Mexican urban labour market are analysed,
 decomposing into demand and supply factors. Moreover, among the former
 both between and within effects are studied, in line with the Katz and
 Murphy decomposition. It is shown that demand factors are more important
 for explaining the initial increment in skill premia, but supply factors
 are responsible for driving them down. It is concluded that the North
 American Trade Agreement (NAFTA) favours unskilled labour. 
Journal: Applied Economics Letters 
Pages: 917-924 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500426145 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426145&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Almas Heshmati 
Author-X-Name-First: Almas 
Author-X-Name-Last: Heshmati 
Title: Conditional and unconditional inequality and growth relationships 
Abstract:
  This study tests the conditional and unconditional relationship between
 income inequality and growth in the post-Second World War period using
 WIDER inequality database. Regression results suggest that income
 inequality is declining over time. Inequality is also declining in growth
 of income. There is a significant regional heterogeneity in the levels and
 development of inequality over time. The Kuznets hypothesis represents a
 global U-shape relationship between inequality and growth. 
Journal: Applied Economics Letters 
Pages: 925-931 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401809 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401809&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Author-Name: Chul-Oh Shin 
Author-X-Name-First: Chul-Oh 
Author-X-Name-Last: Shin 
Author-Name: Seung-Jun Kwak 
Author-X-Name-First: Seung-Jun 
Author-X-Name-Last: Kwak 
Title: Inconvenience cost of spam mail: a contingent valuation study 
Abstract:
  Controlling unsolicited commercial spam mail has become an increasingly
 critical issue. This study applies a contingent valuation method to
 measuring the inconvenience cost of spam mail. The mean willingness to pay
 for controlling the commercial spam mail per individual is estimated as
 1836 Korean won (approximately GBP 1.0) per year. 
Journal: Applied Economics Letters 
Pages: 933-936 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425725 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425725&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsui-Fang Lin 
Author-X-Name-First: Tsui-Fang 
Author-X-Name-Last: Lin 
Author-Name: Jennjou Chen 
Author-X-Name-First: Jennjou 
Author-X-Name-Last: Chen 
Title: Cumulative class attendance and exam performance 
Abstract:
  This study considers the effect of cumulative class attendance while
 estimating the relationship between class attendance and students' exam
 performance, using an individual-level data. We find that, cumulative
 attendance has produced a positive and significant impact on students'
 exam performance. Attending lectures corresponds to a 4% improvement in
 exam performance, and the marginal impact of cumulative attendance on exam
 performance is also close to 4%. It is of note that the impact of
 attendance on exam performance is reduced about 0.4% after one controls
 for the cumulative attendance effect. 
Journal: Applied Economics Letters 
Pages: 937-942 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425733 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425733&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu-Ter Wang 
Author-X-Name-First: Yu-Ter 
Author-X-Name-Last: Wang 
Title: Product differentiation and the export subsidy dispute 
Abstract:
  In a Cournot duopoly market, this paper studies the role of product
 differentiation in the resolution of the export subsidy dispute. It is
 shown that the optimal export subsidy decreases with the degree of product
 differentiation and the export subsidy will be eliminated completely when
 the competitive goods are made perfectly different. Furthermore,
 increasing the degree of product differentiation will also increase the
 profits of the firms and the welfare of the exporting countries. 
Journal: Applied Economics Letters 
Pages: 943-945 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500426012 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426012&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sawkut Rojid 
Author-X-Name-First: Sawkut 
Author-X-Name-Last: Rojid 
Title: COMESA trade potential: a gravity approach 
Abstract:
  The aim of this study is twofold: first, to find out whether COMESA is a
 building or stumbling bloc; and second, to estimate trade potentials
 within the COMESA region for COMESA members. In addressing the issue of
 regionalism, the gravity model can be used to simulate trade potentials
 corresponding to any regional integration scheme. This study uses a panel
 data analysis to estimate export flows from 147 exporting countries for a
 period of 21 years (1980-2001). The equation is estimated using a Tobit
 model. The coefficients on the observable effects determining bilateral
 trade, except real effective exchange rate, are as expected and highly
 significant. COMESA seems to be a building bloc; that is, the bloc
 liberalized trade more internally than it diverted trade from the rest of
 the world. These results suggest that COMESA's trade potential within the
 region is limited. In fact, the results suggest that members of COMESA
 trading bloc are overtrading within the region. Potentials for more trade
 exist for Angola and Uganda. 
Journal: Applied Economics Letters 
Pages: 947-951 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500426061 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426061&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Theodore Papadogonas 
Author-X-Name-First: Theodore 
Author-X-Name-Last: Papadogonas 
Author-Name: Yannis Stournaras 
Author-X-Name-First: Yannis 
Author-X-Name-Last: Stournaras 
Title: Financial integration, national savings and national investment in the EU member-states 
Abstract:
  Financial integration in the EU is reflected in a lower correlation
 coefficient between national savings and national investment with
 different implications for &#x201c;European South&#x201d; and
 &#x201c;European North&#x201d; member-states. 
Journal: Applied Economics Letters 
Pages: 953-956 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500426087 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426087&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhangkai Huang 
Author-X-Name-First: Zhangkai 
Author-X-Name-Last: Huang 
Title: Non-credible privatization 
Abstract:
  This paper analyzes government incentives in privatization and shows that
 governments' cheap talk results in non-credible policy. Ex-post, only bad
 firms will take a sequential strategy in privatization, which will reveal
 its type and lead to a price drop. These results are used to analyse
 China's share issue privatization plan and market reaction to it. 
Journal: Applied Economics Letters 
Pages: 957-959 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500426152 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426152&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lourenco Senne Paz 
Author-X-Name-First: Lourenco Senne 
Author-X-Name-Last: Paz 
Title: Consumption in Brazil: myopia or liquidity constraints? A simple test using quarterly data 
Abstract:
  Several papers have put serious doubt on the validity of the life
 cycle-permanent income hypothesis. However, a few of them have focused on
 the reasons behind the failure. In this study, quarterly data from Brazil
 is used to check whether the rejection of the life cycle hypothesis could
 be attributed to the presence of either liquidity constraints or
 Keynesian-type consumers. The findings indicate that neither liquidity
 constraints nor myopic consumers could generate the finding that
 consumption is sensitive only to expected income declines. A possible
 explanation would be that consumers have some kind of loss aversion
 preference. 
Journal: Applied Economics Letters 
Pages: 961-964 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425931 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425931&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale 
Author-X-Name-First: Guglielmo Maria 
Author-X-Name-Last: Caporale 
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Long memory at the long-run and the seasonal monthly frequencies in the US money stock 
Abstract:
  This study shows that the monthly structure of the US money stock can be
 specified in terms of a long-memory process, with roots at both the zero
 and the seasonal monthly frequencies. It uses a procedure that enables one
 to test simultaneously for the roots at all these frequencies. The results
 show that the root at the long-run or zero frequency plays a much more
 important role than the seasonal one, though the latter should also be
 taken into account. 
Journal: Applied Economics Letters 
Pages: 965-968 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425899 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425899&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Walid Hichri 
Author-X-Name-First: Walid 
Author-X-Name-Last: Hichri 
Title: Individual strategies and aggregate behavior in a public-goods experiment 
Abstract:
  Our aim is to see whether the general result of a decreasing over
 contribution over time in a public goods game is still available at the
 group and at the individual levels. We find that individuals are
 heterogeneous and that they interact differently. 
Journal: Applied Economics Letters 
Pages: 969-973 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425329 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425329&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Suwen Pan 
Author-X-Name-First: Suwen 
Author-X-Name-Last: Pan 
Author-Name: Cheng Fang 
Author-X-Name-First: Cheng 
Author-X-Name-Last: Fang 
Author-Name: Jaime Malaga 
Author-X-Name-First: Jaime 
Author-X-Name-Last: Malaga 
Title: Alcoholic beverage consumption in China: a censored demand system approach 
Abstract:
  China's admission in the WTO and commitment to cut tariffs on alcohol
 related goods provide a considerable opportunity for the USA, Europe and
 other countries. The present study examines Chinese consumer behaviour
 with regard to alcoholic beverages (wine, wine cooler and beer) using a
 Chinese household survey data. The results show that beer and wine cooler
 are normal goods while wine is still a luxury good in China. The price
 elasticities of wine and wine cooler are larger than that of beer. 
Journal: Applied Economics Letters 
Pages: 975-979 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425964 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425964&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dierk Herzer 
Author-X-Name-First: Dierk 
Author-X-Name-Last: Herzer 
Author-Name: Nowak-Lehmann Felicitas 
Author-X-Name-First: Nowak-Lehmann 
Author-X-Name-Last: Felicitas 
Title: Is there a long-run relationship between exports and imports in Chile? 
Abstract:
  This study examines the long-run relationship between Chilean exports and
 imports during the 1975 to 2004 period using unit root tests and
 cointegration techniques that allow for endogenously determined structural
 breaks. The results indicate that there exists a long-run equilibrium
 between exports and imports in Chile, despite the balance-of-payments
 crisis of 1982/83. This finding implies that Chile's macroeconomic
 policies have been effective in the long-run and suggests that Chile is
 not in violation of its international budget constraint. 
Journal: Applied Economics Letters 
Pages: 981-986 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425832 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425832&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Author-Name: Rup Singh 
Author-X-Name-First: Rup 
Author-X-Name-Last: Singh 
Title: Demand for money for Fiji with PcGets 
Abstract:
  Methodological controversies on the relative merits of estimating
 time-series models with alternative approaches exist. However, applied
 researchers may eventually opt for an easy to use and computationally less
 demanding approach. This article shows that the LSE/Hendry approach, known
 as GETS, is promising when it is implemented with PcGets. To illustrate we
 report the GETS and the Johansen co-integration-based ECM equations, with
 PcGets, of the demand for money for Fiji. 
Journal: Applied Economics Letters 
Pages: 987-991 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425402 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425402&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yung-Ming Shiu 
Author-X-Name-First: Yung-Ming 
Author-X-Name-Last: Shiu 
Title: Corporate liquidity: evidence from the United Kingdom life insurance industry 
Abstract:
  This study analyses the extent and effects of macroeconomic and
 firm-specific factors on insurer liquidity in the context of UK life
 companies with panel data for the period 1985 to 2002. Ordinary least
 squares regressions, static and dynamic panel data models are estimated.
 Econometric tests indicate a preference for the random effects estimation
 procedure over other alternatives. The results indicate that the life
 office liquidity is an increasing function of equity returns, free asset
 ratio, termination rate, and claims ratio and a decreasing function of
 pension reserves-to-total reserves. Also, it is found that mutual
 companies tend to hold more liquid assets than do stock companies. 
Journal: Applied Economics Letters 
Pages: 993-998 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425790 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425790&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Hoffmann 
Author-X-Name-First: Robert 
Author-X-Name-Last: Hoffmann 
Author-Name: Lee Chew Ging 
Author-X-Name-First: Lee Chew 
Author-X-Name-Last: Ging 
Author-Name: Victor Matheson 
Author-X-Name-First: Victor 
Author-X-Name-Last: Matheson 
Author-Name: Bala Ramasamy 
Author-X-Name-First: Bala 
Author-X-Name-Last: Ramasamy 
Title: International women's football and gender inequality 
Abstract:
  A number of authors have identified the determinants of international
 sporting performance differentials in men's sporting events. This study
 compares the determinants of men's international soccer team performance
 with that of their female counterparts and find that a partially different
 set of variables are important in the two contexts. While economic and
 demographic influences hold for both, their particular political and
 cultural factors diverge. These findings highlight different degrees of
 gender inequality among the countries in the sample in terms of the
 greatly different economic, political and social significance of the sport
 depending whether it is played by men or women. 
Journal: Applied Economics Letters 
Pages: 999-1001 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425774 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425774&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Hsu-Ling Chang 
Author-X-Name-First: Hsu-Ling 
Author-X-Name-Last: Chang 
Author-Name: Hsiao-Ping Chu 
Author-X-Name-First: Hsiao-Ping 
Author-X-Name-Last: Chu 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Title: Is per capita real GDP stationary in African countries? Evidence from panel SURADF test 
Abstract:
  This note uses the newly developed panel SURADF tests advanced by Breuer
 et al. (2001) to investigate the time-series properties of real GDP for 47
 African countries for the period 1980 to 2004. While the other Panel-based
 unit root tests are joint tests of a unit root for all members of the
 panel and are incapable of determining the mix of I(0) and I(1) series in
 the panel setting, the Panel SURADF tests a separate unit-root null
 hypothesis for each individual panel member and, therefore identifies how
 many and which series in the panel are stationary processes. The empirical
 results from several panel-based unit root tests indicate that the per
 capita real GDP for all the countries studied are non-stationary, however,
 when Breuer et al.'s Panel SURADF tests are conducted, one finds unit root
 in per capita real GDP only exist in two-third of countries studied. These
 results have important policy implications for African countries. 
Journal: Applied Economics Letters 
Pages: 1003-1008 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425881 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425881&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Viviana Fernandez 
Author-X-Name-First: Viviana 
Author-X-Name-Last: Fernandez 
Title: Specification tests for a parsimonious random-effects model 
Abstract:
  A random-effect model is devised with individual- and time-specific
 components for uncensored data, based on a specification for censored data
 developed by Anderson (1985) and extended by Kim and Maddala (1992). In
 addition, specification tests are devised that allow one to choose between
 the model and a conventional random-effects model. 
Journal: Applied Economics Letters 
Pages: 1009-1012 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425766 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425766&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jahyeong Koo 
Author-X-Name-First: Jahyeong 
Author-X-Name-Last: Koo 
Author-Name: Yune Lee 
Author-X-Name-First: Yune 
Author-X-Name-Last: Lee 
Title: Do historical events matter in geographic agglomeration? The case of South Korea 
Abstract:
  This study examines whether historical events are as important as Krugman
 (1991a) had suggested they are in determining geographic agglomeration.
 Using the time series of Korean manufacturing (1955-2003), which is longer
 than other country studies, the study also examines how the mean reversion
 factor and dispersion factor have evolved during substantial economic
 development. The results confirm that industry mobility in Korea is high
 and the historical events may not be so important in geographic
 agglomeration of industries. The analysis of the mean reversion factor and
 dispersion factor supports the argument that transport costs are a major
 source of change in geographic agglomeration in the long run. 
Journal: Applied Economics Letters 
Pages: 1013-1016 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425923 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425923&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: Responses of output in Poland to shocks to the exchange rate, the stock price, and other macroeconomic variables: a VAR model 
Abstract:
  A general equilibrium model is specified to examine possible impacts of
 real or nominal depreciation, stock market movements, and changes in other
 macroeconomic variables on real output for Poland. The VAR model is
 applied in empirical work. Real depreciation is contractionary in the
 first quarter, expansionary in the second quarter, and neutral thereafter,
 and nominal depreciation is contractionary in the first quarter and
 neutral thereafter. Real output does not respond significantly to stock
 market movements or the government deficit spending/GDP ratio. 
Journal: Applied Economics Letters 
Pages: 1017-1022 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425956 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425956&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Georgia Kosmopoulou 
Author-X-Name-First: Georgia 
Author-X-Name-Last: Kosmopoulou 
Author-Name: Nicholas Buttry 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Buttry 
Author-Name: Jeremiah Johnson 
Author-X-Name-First: Jeremiah 
Author-X-Name-Last: Johnson 
Author-Name: Adam Kallsnick 
Author-X-Name-First: Adam 
Author-X-Name-Last: Kallsnick 
Title: Suburbanization and the rank-size rule 
Abstract:
  In this article, we revisit Zipf's law and test the rank-size rule on US
 cities for different periods of time and city limits. We show that Zipf 's
 law holds more closely for urban places in 1900 and recently, in 1990 and
 2000, for metropolitan areas. With the evolution of the modern city, the
 changes in infrastructure and the cost of commuting that have contributed
 to an urban spread, the metropolitan area is perhaps representing today's
 communities better, as urban places did 100 years ago. In that sense, the
 rank-size rule continues to hold with the appropriate redefinition of a
 city. 
Journal: Applied Economics Letters 
Pages: 1-4 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425675 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425675&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Nivorozhkin 
Author-X-Name-First: A. 
Author-X-Name-Last: Nivorozhkin 
Author-Name: E. Nivorozhkin 
Author-X-Name-First: E. 
Author-X-Name-Last: Nivorozhkin 
Title: Do government sponsored vocational training programmes help the unemployed find jobs? Evidence from Russia 
Abstract:
  The study estimates the employment effect of vocational training
 programmes for the unemployed in urban Russia. The results of propensity
 score matching indicate that training programmes had a non-negative
 overall effect on the programme participants relative to non-participants. 
Journal: Applied Economics Letters 
Pages: 5-10 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425295 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425295&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kajal Lahiri 
Author-X-Name-First: Kajal 
Author-X-Name-Last: Lahiri 
Author-Name: J. George Wang 
Author-X-Name-First: J. George 
Author-X-Name-Last: Wang 
Title: The value of probability forecasts as predictors of cyclical downturns 
Abstract:
  The joint subjective probabilities for negative GDP growth during two
 consecutive quarters obtained from the Survey of Professional Forecasters
 (SPF) are evaluated as predictors of cyclical downturns in the economy
 using the prequential approach of Dawid (1984) and the skill score
 decomposition of Murphy (1988). 
Journal: Applied Economics Letters 
Pages: 11-14 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425386 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425386&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyoungsoo Zang 
Author-X-Name-First: Hyoungsoo 
Author-X-Name-Last: Zang 
Author-Name: Young Chul Kim 
Author-X-Name-First: Young Chul 
Author-X-Name-Last: Kim 
Title: Does financial development precede growth? Robinson and Lucas might be right 
Abstract:
  This paper studies whether there is any causal link between financial
 development indicators and economic growth, using Sims-Geweke causality
 tests performed in the large panel data set provided by Levine, Loayza and
 Beck. In sharp contrast to their findings, no evidence was found of any
 positive unidirectional causal link from financial development indicators
 to economic growth. On the contrary, a substantial indication that
 economic growth precedes subsequent financial development was found. As
 argued by Robinson, financial development might primarily follow economic
 growth, as a result of increased demand for financial services. Although
 the present result does not quite imply that the role of financial
 development in the development process is not important, the bottom line
 is that a more balanced approach to studying the relationship between
 growth and finance needs to be adopted. As termed by Lucas, the importance
 of financial development in economic growth might be very badly
 'over-stressed'. Robinson and Lucas might be right. 
Journal: Applied Economics Letters 
Pages: 15-19 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425469 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425469&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Title: On advertising durability and product durability 
Abstract:
  This paper uses a simple two-period model to examine the behaviour of a
 monopolist who produces a durable good and engages in advertising that is
 also somewhat durable. It is found that changes in product durability and
 advertising durability have opposite effects on profit-maximizing output
 and advertising. Policy implications for antitrust and health regulation
 are discussed. 
Journal: Applied Economics Letters 
Pages: 21-25 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425550 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425550&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Chameni Nembua 
Author-X-Name-First: C. Chameni 
Author-X-Name-Last: Nembua 
Title: The multi-decomposition of the Hirschman-Herfindahl index: measuring household inequality in Cameroon, 1996-2001 
Abstract:
  This research proposes a new decomposition of the Hirschman-Herfindahl
 index (which is equal to half the square of the coefficient of variation)
 into subgroup and income source. The method for decomposing into subgroups
 is similar to that used by Dagum when decomposing Gini's index. This
 bidimensional decomposition helps measure the contributions of income
 sources taken independently and the contributions arising from links
 between pairs of these income sources within and between subgroups. This
 approach gives rise to new components of the total inequality. The method
 is used here to break down and analyse the evolution of household
 expenditure inequality in Cameroon during the period 1996 to 2001. The
 analysis reveals that the inequality has substantially increased in the
 urban areas, a situation blamed to a large extent on expenditures on
 equipment-furniture-goods and services; while inequality declined in the
 rural areas. 
Journal: Applied Economics Letters 
Pages: 27-34 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425568 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425568&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saroja Selvanathan 
Author-X-Name-First: Saroja 
Author-X-Name-Last: Selvanathan 
Title: The effect of war and other factors on Sri Lankan tourism 
Abstract:
  A number of articles have appeared in the literature analysing the
 factors that influence international tourism. This paper identifies the
 factors that affect tourist arrivals to Sri Lanka and the impact of the
 various disturbances due to the Tamils independence war (which commenced
 in 1983) and the introduction of the free-trade policy (in 1977) in Sri
 Lanka. It is found that the disturbances related to the war have led to a
 significant (about 21%) decline in international tourist arrivals to Sri
 Lanka. It was also found that the free-trade policy introduced in 1977 by
 the Sri Lankan government has had a significantly positive impact on
 increasing its international tourist arrivals. The results also show that
 the weaker the value of the Sri Lankan local currency with respect to the
 US dollar, the more attractive it is for international tourists.
 Furthermore, it was also found that the Sri Lankan consumer prices and
 world consumer income level have no significant impact on the number of
 international tourist arrivals to Sri Lanka. 
Journal: Applied Economics Letters 
Pages: 35-38 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425576 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425576&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mario Menegatti 
Author-X-Name-First: Mario 
Author-X-Name-Last: Menegatti 
Title: Consumption and uncertainty: a panel analysis in Italian Regions 
Abstract:
  This work tests precautionary saving theory in Italian regions, examining
 the relationship between consumption growth and income uncertainty in a
 panel of five-year averages in the period 1981 to 2000. The analysis used
 two different measures for income uncertainty. The first is a naive
 measure given by the variance of GDP growth rates while the second is a
 more sophisticated one obtained by computing the conditional variance by
 means of the expectation of GDP growth. This expectation is obtained by
 using the best ARMA process for each region. The results obtained confirm
 the importance of the precautionary saving motive in consumption
 decisions. 
Journal: Applied Economics Letters 
Pages: 39-42 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425600 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425600&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yiing Jia Loke 
Author-X-Name-First: Yiing Jia 
Author-X-Name-Last: Loke 
Author-Name: Wei Yoong Chan 
Author-X-Name-First: Wei Yoong 
Author-X-Name-Last: Chan 
Title: Seasoned and potential internet shoppers: a multinomial logit analysis 
Abstract:
  This paper extends the existing literature on the characteristics of
 Internet shoppers in two ways. First, the paper looks at the potential of
 Internet shopping by consumers in the future. Second, the paper divides
 consumers into four different categories of shoppers based on their past
 Internet shopping experience and enthusiasm towards Internet shopping.
 Based on a survey of Malaysian consumers and using a multinomial logit
 model, this paper explores the factors that determine the likelihood of
 consumers who will conduct Internet shopping in the next five years. 
Journal: Applied Economics Letters 
Pages: 43-47 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425618 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425618&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xuemei Liu 
Author-X-Name-First: Xuemei 
Author-X-Name-Last: Liu 
Title: Optimal dynamic path of effort on marriage: differences between arranged and love marriages 
Abstract:
  People benefit from good marriages. Thus, everyone is willing to put
 effort into marriage to improve the quality of marriage. However, effort
 is costly. Then everyone faces the same question: how much effort should I
 put into marriage? A dynamic optimal control model is used in trying to
 answer this question. The study shows that for arranged marriages that
 start with little love, an agent should devote a great deal of effort to
 marriage in the very beginning, and then reduce the effort until a steady
 state level. However, for love marriages that start with deep love, there
 is no need for an agent to devote as much effort as in the steady state.
 The agent should start to put low effort on marriage, high effort on other
 activities, and continuously increase the effort on marriage up to the
 steady state level. 
Journal: Applied Economics Letters 
Pages: 49-52 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425691 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425691&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stelios Bekiros 
Author-X-Name-First: Stelios 
Author-X-Name-Last: Bekiros 
Title: A neurofuzzy model for stock market trading 
Abstract:
  This study investigates the forecasting ability of trading strategies
 based on neurofuzzy models, recurrent neural networks and linear
 regression models. The performance of the trading strategies was
 considered upon the prediction of the direction-of-change of the market in
 case of Nikkei 255 Index returns. The results demonstrate that the
 profitability of the trading rule based on the neurofuzzy model is
 consistently higher to that of the other models as well as of a buy and
 hold strategy during bear market periods. 
Journal: Applied Economics Letters 
Pages: 53-57 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425717 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425717&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Wu 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Wu 
Title: Recent publishing trends at the AER, JPE and QJE 
Abstract:
  This note summarizes recent trends in institutional affiliation of
 authors who publish in three leading general interest journals, American
 Economic Review (AER), Journal of Political Economy (JPE), and Quarterly
 Journal of Economics (QJE). The statistics show that well over 40% of the
 pages published in the QJE between 2000 and 2003 are by authors affiliated
 with one of four institutions. This represents a significant increase from
 analogous figures during the 1980s and earlier periods. The concentrations
 of affiliations are not as high at the AER or JPE, but they still show a
 reversal of the declining trend in concentration that occurred from 1950
 to 1989. 
Journal: Applied Economics Letters 
Pages: 59-63 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425212 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425212&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Charalampos Botsaris 
Author-X-Name-First: Charalampos 
Author-X-Name-Last: Botsaris 
Author-Name: Athanasios Tsagkanos 
Author-X-Name-First: Athanasios 
Author-X-Name-Last: Tsagkanos 
Title: Growth and volatility in the European Union: a linear or a non-parametric approach? 
Abstract:
  The paper reports an investigation of the relationship between
 business-cycle volatility and economic growth in the European Union before
 (EU-15) and after broadening (EU-25) using cross-sectional models. Results
 based on the superiority of the pseudo-likelihood ratio test as a more
 reliable tool for testing the robustness of the model used, indicate that
 the above relationship is linear only in the case of EU-15. 
Journal: Applied Economics Letters 
Pages: 65-69 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425626 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425626&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdul Rahman 
Author-X-Name-First: Abdul 
Author-X-Name-Last: Rahman 
Author-Name: Samir Saadi 
Author-X-Name-First: Samir 
Author-X-Name-Last: Saadi 
Title: Is South Korea's stock market efficient? A note 
Abstract:
  In an attempt to examine efficiency of South Korea's stock market (SKM),
 Narayan and Smyth (2004) used a battery of unit root tests to investigate
 the random walk hypothesis and on the basis of the reported evidence for
 unit root, they concluded that the SKM is efficient. The authors have
 unfortunately confused random walk with unit root hypothesis. The present
 note stresses the fact that it is insufficient to test for stationarity
 when examining efficiency, casting serious doubt on Narayan and Smyth's
 conclusions. Furthermore, we provide comments on the shortfalls of the
 unit roots tests employed and not accounted for in Narayan and Smyth's
 study which may lead to spurious results. 
Journal: Applied Economics Letters 
Pages: 71-74 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425659 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425659&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ruey Yau 
Author-X-Name-First: Ruey 
Author-X-Name-Last: Yau 
Author-Name: C. James Hueng 
Author-X-Name-First: C. James 
Author-X-Name-Last: Hueng 
Title: Output convergence revisited: new time series results on industrialized countries 
Abstract:
  Cross-country output convergence is re-examined using a flexible concept
 of unit roots. While the presence of a constant unit root in
 output-differences implies nonconvergence, the presence of a stochastic
 unit root on the contrary implies convergence. Using the
 output-differences between the USA and the other 14 OECD countries, we
 find output divergence only for the USA/UK and USA/Sweden country-pairs. 
Journal: Applied Economics Letters 
Pages: 75-77 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425543 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425543&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. Law 
Author-X-Name-First: D. 
Author-X-Name-Last: Law 
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Title: Gambling and nonexpected utility: the perils of the power function 
Abstract:
  The use of the power utility function is problematic in expected utility
 theory. We show that, this is also the case in cumulative prospect theory,
 where the power function violates the assumption of loss-aversion at small
 stake levels, so that an optimal model of gambling is precluded. In the
 case of rank-dependent expected utility it has the counterfactual
 implication that agents will gamble all of their wealth at actuarially
 unfair odds. 
Journal: Applied Economics Letters 
Pages: 79-82 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426103 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426103&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Brian Jacobsen 
Author-X-Name-First: Brian 
Author-X-Name-Last: Jacobsen 
Title: Accounting and the potency of open market operations 
Abstract:
  Through a mathematical programming setup, reserve accounting is shown to
 be auxiliary to accomplishing monetary policy operating objectives. This
 article outlines a theoretical way of comparing the potency of open market
 operations under different reserve accounting procedures. It is shown that
 if the interest sensitivity of reservable liabilities is greater than the
 interest sensitivity of reserves, then lagged reserve accounting makes
 Federal Reserve open market purchases and 'sells' of securities more
 powerful in affecting the federal funds rate. 
Journal: Applied Economics Letters 
Pages: 83-86 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425980 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425980&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Elisa Giuliani 
Author-X-Name-First: Elisa 
Author-X-Name-Last: Giuliani 
Title: Towards an understanding of knowledge spillovers in industrial clusters 
Abstract:
  Since Marshall's contribution on the localization of economic activities,
 increased consideration has been given to geography in economics. This
 study focuses on the relationships between industrial clustering and
 knowledge spillovers. It illustrates empirically that, even in the
 condition of serendipitous business interactions among nearby firms,
 knowledge spillovers are diffused unevenly and within restricted subgroups
 of firms. 
Journal: Applied Economics Letters 
Pages: 87-90 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425907 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425907&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joachim Brixner 
Author-X-Name-First: Joachim 
Author-X-Name-Last: Brixner 
Author-Name: Andreas Walter 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Walter 
Title: Stock prices and the dissemination of second-hand information-new evidence from Germany 
Abstract:
  We analyse a large sample of second-hand information published in the
 Tendenzen & Tips column of the prominent German newspaper Frankfurter
 Allgemeine Zeitung (FAZ), which is free of any contamination from
 first-hand information. We find strong evidence for the price-pressure
 hypothesis because we observe a highly significant abnormal return of
 0.19% for buy recommendations on the publication day. Additionally, our
 data supports the attention hypothesis, since the market reaction is more
 pronounced when relatively few stocks are recommended in the column. 
Journal: Applied Economics Letters 
Pages: 91-94 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/17446540600959887 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540600959887&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mustapha Baghli 
Author-X-Name-First: Mustapha 
Author-X-Name-Last: Baghli 
Title: NAWRU and potential output in France 
Abstract:
  This article presents theory-consistent estimates of nonaccelerating wage
 rate of unemployment (NAWRU) and potential output in France. These
 estimates are obtained from an unobserved-components system approach
 combining a wage-Phillips curve and an Okun law's relationship. By
 applying the Apel and Jansson (1999) specification, the potential output
 and the NAWRU are both treated as unobserved stochastic processes and
 estimated simultaneously. In order to control the effect on wage setting
 of reductions in employers' social security contributions (SSC), we
 construct and add in the wage-Phillips curve an index of SSC exemptions.
 According to the results, from the mid-1990s, and especially over the
 years 2000-2004, the estimated NAWRU is consistent with this period of
 labour cost moderation and reductions in employer social security
 contributions. 
Journal: Applied Economics Letters 
Pages: 95-98 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425709 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425709&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Beltratti 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Beltratti 
Author-Name: Claudio Morana 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Morana 
Title: Does the stock market affect income distribution? Some empirical evidence for the US 
Abstract:
  What is the relation between the stock market and income distribution?
 There are many potential links between the two, some of which are
 associated with the relations of each of these with the rate of economic
 growth. An empirical analysis set in the framework of the neoclassical
 growth model shows that the key mechanisms explaining income distribution
 in the US operate through the labour market rather than through the stock
 market, even though stock market shocks appear to have some short time
 relevance for the dynamics of income distribution. 
Journal: Applied Economics Letters 
Pages: 99-104 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425915 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425915&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Insik Min 
Author-X-Name-First: Insik 
Author-X-Name-Last: Min 
Title: A nonparametric test of the conditional normality of housing demand 
Abstract:
  This study provides a nonparametric test for the parametric conditional
 distribution in the sample selection model. The nonparametric test
 statistic proposed by Fan et al. (2006) is applied to the Korean housing
 demand model. Test results indicate that the conditional normality in the
 housing expenditure equation is rejected. 
Journal: Applied Economics Letters 
Pages: 105-109 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500406956 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500406956&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Apostolos Serletis 
Author-X-Name-First: Apostolos 
Author-X-Name-Last: Serletis 
Author-Name: Kazem Yavari 
Author-X-Name-First: Kazem 
Author-X-Name-Last: Yavari 
Title: On the welfare cost of inflation in Europe 
Abstract:
  This article follows Lucas (2000) and Serletis and Yavari (2005) and
 estimates the welfare cost of inflation in the Euro zone. It uses recent
 advances in the field of applied econometrics to estimate the interest
 elasticity of money demand and reports that the welfare cost of inflation
 is lower in big countries than it is in small countries. 
Journal: Applied Economics Letters 
Pages: 111-113 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425949 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425949&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Laurent Ferrara 
Author-X-Name-First: Laurent 
Author-X-Name-Last: Ferrara 
Title: Point and interval nowcasts of the Euro area IPI 
Abstract:
  Opinion surveys are an important element in the analysis of the
 short-term economic situation because of the timeliness and nature of the
 information they convey. The aim of this article is to propose a procedure
 to nowcast in real-time the fluctuations of the industrial production
 indices (IPI) for the aggregated euro area, by incorporating the
 information contained in the industrial opinion surveys. We present a
 pooling procedure, each nowcasted value stemming from a calibration model.
 The confidence intervals for IPI nowcasts are computed by bootstrap. 
Journal: Applied Economics Letters 
Pages: 115-120 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hon-Kwong Lui 
Author-X-Name-First: Hon-Kwong 
Author-X-Name-Last: Lui 
Title: The returns to language ability in Hong Kong: before and after the handover 
Abstract:
  This article examines the economic returns to language ability of natives
 and Chinese immigrants in Hong Kong. Upon learning that the People's
 Republic of China would resume the exercise of sovereignty over Hong Kong
 in 1997, local residents flocked to learn Putonghua. Until now, the
 general belief was that Putonghua would gain importance in the labour
 market and the ability to speak Putonghua would substantially raise their
 productivity and earnings. The empirical results in this article prove
 ironically otherwise. Speaking Putonghua has little very impact on native
 and immigrant workers' earnings. 
Journal: Applied Economics Letters 
Pages: 121-125 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425741 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425741&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shieh-Liang Chen 
Author-X-Name-First: Shieh-Liang 
Author-X-Name-Last: Chen 
Author-Name: Shian-Chang Huang 
Author-X-Name-First: Shian-Chang 
Author-X-Name-Last: Huang 
Author-Name: Yi-Mien Lin 
Author-X-Name-First: Yi-Mien 
Author-X-Name-Last: Lin 
Title: Using multivariate stochastic volatility models to investigate the interactions among NASDAQ and major Asian stock indices 
Abstract:
  In this article, we employ a multivariate stochastic volatility (MSV)
 model to investigate the return and volatility interactions among three
 major Asian stock indices and the NASDAQ index. Using Laplace
 approximation to simplify the calculation of the likelihood function of
 the MSV model, we estimate the complex dynamics among these indices
 relatively quickly. A interesting phenomenon of our empirical results is
 that all the market indices examined exhibit significant leverage effects,
 especially the TWSI (Taiwan) index. Moreover, the return correlations are
 large in links between these Asian markets, but small in links between
 every Asian index and the NASDAQ index. However, the volatility
 correlations display a totally different pattern that is large in links of
 NASDAQ-TWSI, NASDAQ-KOSPI (South Korea), but small among links between
 these Asian indices. 
Journal: Applied Economics Letters 
Pages: 127-133 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saibal Ghosh 
Author-X-Name-First: Saibal 
Author-X-Name-Last: Ghosh 
Title: Promoting market discipline through interest rates: does financial liberalization matter? 
Abstract:
  This article explores whether financial liberalization promotes market
 discipline in Indian banking in the form of lower deposit interest rates.
 Using annual data on banks from 1993 to 2004, the findings reveal that,
 after controlling for a myriad of factors, financial liberalization is
 influential in promoting market discipline by lowering deposit rates,
 particularly for state-owned and old private bank groups. More
 importantly, under financial liberalization, banks that are
 well-capitalized and have low levels of sticky loans pay lower deposit
 rates. The policy implication of the analysis is that promoting greater
 financial liberalization can have important ramifications in promoting
 market discipline. 
Journal: Applied Economics Letters 
Pages: 135-143 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425824 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425824&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Further results on the detection of changes in persistence in linear time series 
Abstract:
  Recent research concerning the properties of 'change in persistence'
 tests in the presence of structural change is extended. It is found that
 the recently proposed tests of Leybourne, Kim and Taylor (2004) are
 subject to severe size distortion in the presence of both breaks in level
 and drift under the unit root null hypothesis. The present analysis
 suggests that any results obtained from these tests should be treated with
 caution to avoid drawing a spurious inference of a change in persistence. 
Journal: Applied Economics Letters 
Pages: 145-150 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426053 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426053&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P&#xe5;l Sch&#xf8;ne 
Author-X-Name-First: P&#xe5;l 
Author-X-Name-Last: Sch&#xf8;ne 
Title: Does increased international competition increase the need for training? 
Abstract:
  Both politicians and parties in the labour market have in recent years
 stressed the importance of work-related training. Globalization, an
 increased international competition, is often said to be one important
 factor determining the need for more work-related training. The
 relationship between increased international competition and more training
 has almost become a stylized fact. However, we argue that this
 relationship is not empirically well enough founded. Therefore, in this
 note we test this relationship by answering the following question: Is it
 true that firms operating in an international competitive arena invest
 more in training for their workers compared to firms not operating in an
 international competitive arena? Evidence from representative firm-level
 data suggests that the answer is yes. Manufacturing firms operating in an
 international competitive arena do invest more in training for their
 workers compared to firms not operating in an international competitive
 arena. A natural interpretation of this result is that these firms respond
 to demands from fierce international competition by skilling their
 workforce through training at work. 
Journal: Applied Economics Letters 
Pages: 151-155 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425493 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425493&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Giles 
Author-X-Name-First: David 
Author-X-Name-Last: Giles 
Title: Benford's law and naturally occurring prices in certain ebaY auctions 
Abstract:
  We show that certain winning bids for certain ebaY auctions obey
 Benford's Law. One implication of this is that it is unlikely that these
 bids are subjected to collusion among bidders, or 'shilling' on the part
 of sellers. Parenthetically, we also show that numbers from the naturally
 occurring Fibonacci and Lucas sequences also obey Benford's Law. 
Journal: Applied Economics Letters 
Pages: 157-161 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425667 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425667&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Claudio Morana 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Morana 
Title: A structural common factor approach to core inflation estimation and forecasting 
Abstract:
  In the article we propose a new methodological approach to core inflation
 estimation, based on a frequency domain principal components estimator,
 suited to estimate systems of fractionally co-integrated processes. The
 proposed core inflation measure is the common persistent feature in
 inflation and excess nominal money growth and bears the interpretation of
 monetary inflation. The proposed measure is characterized by all the
 properties that an 'ideal' core inflation process should show, providing
 also a superior forecasting performance relative to other available
 measures. 
Journal: Applied Economics Letters 
Pages: 163-169 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425147 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425147&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Esmeralda Ramalho 
Author-X-Name-First: Esmeralda 
Author-X-Name-Last: Ramalho 
Author-Name: Joaquim Ramalho 
Author-X-Name-First: Joaquim 
Author-X-Name-Last: Ramalho 
Title: On the weighted maximum likelihood estimator for endogenous stratified samples when the population strata probabilities are unknown 
Abstract:
  The popular weighted maximum likelihood estimator for endogenous
 stratified samples requires knowledge on the population proportions of
 each stratum. In this paper we extend their estimator for cases where such
 information is not available. 
Journal: Applied Economics Letters 
Pages: 171-174 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426194 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426194&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Happich 
Author-X-Name-First: M. 
Author-X-Name-Last: Happich 
Author-Name: T. von Lengerke 
Author-X-Name-First: T. 
Author-X-Name-Last: von Lengerke 
Title: Convergence of life expectancy in the European Union: a Markov approach 
Abstract:
  Given efforts of integration within the European Union (EU), convergence
 of life expectancies in member-states should be observed. A Markov
 approach classifying 15 EU member-states is applied to OECD data covering
 1980 to 1989 and 1989 to 1998. The dynamics of cross-sectional
 distributions and the pace of their transitional processes are analyzed.
 In the 1980s slow convergence can be observed, whereas in the 1990s
 convergence is close to non-existent. Markov modelling shows that EU
 member states did not continue to converge in life expectancy following
 1989, suggesting that efforts of socio-economic integration do not affect
 this public health indicator. 
Journal: Applied Economics Letters 
Pages: 175-178 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425261 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425261&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takaaki Aoki 
Author-X-Name-First: Takaaki 
Author-X-Name-Last: Aoki 
Title: Some remarks on purchasing power parity and exchange rate determination mechanism 
Abstract:
  This article shows how larger, under a Cournot oligopoly model with
 international linkage, a long-run equilibrium exchange rate deviates from
 the purchasing power parity (PPP) in factor prices than the PPP in product
 prices does, with the asymmetry in the degree of competitiveness,
 consumer's preference and market volume between countries, or with the
 asymmetry in the marginal costs between firms, although into the same
 direction. Our result may well explain the phenomenon of so-called
 'overshooting' from a different angle from the existing related
 literatures. 
Journal: Applied Economics Letters 
Pages: 179-182 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425816 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425816&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Heinz Welsch 
Author-X-Name-First: Heinz 
Author-X-Name-Last: Welsch 
Author-Name: Udo Bonn 
Author-X-Name-First: Udo 
Author-X-Name-Last: Bonn 
Title: Cross-national income distribution in the European Union: divergence or convergence? 
Abstract:
  Income inequality in general can be understood in an absolute or a
 relative sense. Income inequality across nations can be viewed from the
 perspective of countries or of persons. The choice of an inequality
 concept and associated measure along these dimensions dramatically
 influences conclusions concerning cross-national income convergence in the
 European Union. 
Journal: Applied Economics Letters 
Pages: 183-186 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426160 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426160&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eralp Bektas 
Author-X-Name-First: Eralp 
Author-X-Name-Last: Bektas 
Title: The persistence of profits in the Turkish banking system 
Abstract:
  Most of the studies on persistency of profits investigate profit
 persistency in non-financial sectors. This study uses the panel data
 method to test for unit roots of profitability data and their persistency
 in the banking sector of an emerging country. Unit root hypothesis of data
 is rejected and concluded that in the long run persistency of profits does
 not exist. 
Journal: Applied Economics Letters 
Pages: 187-190 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426178 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426178&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Halkos 
Author-X-Name-First: George 
Author-X-Name-Last: Halkos 
Author-Name: Ilias Kevork 
Author-X-Name-First: Ilias 
Author-X-Name-Last: Kevork 
Title: Critical values for testing a unit root in finite samples from the MA(1) 
Abstract:
  This study, using a certain simulation strategy, for the exact maximum
 likelihood estimator of &#x3b8; from the MA(1), estimates appropriate
 percentiles, together with their standard errors, offering a new set of
 critical values for testing in finite samples H0: &#x3b8; = -1, against
 H1: &#x3b8;&#x3e;-1. In this way, appropriate regions for rejecting the
 null or being in uncertainty are defined, regardless of the values of
 MA(1) parameters. The new set of critical values produce both actual level
 of significance close to the nominal one and, when &#x3b8; is not very
 close to -1, comparable power with the up to now suggested asymptotic
 values. These asymptotic values, unfortunately, lead to actual level of
 significance considerably greater than the nominal one, especially in
 large samples. 
Journal: Applied Economics Letters 
Pages: 191-195 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426202 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426202&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Leila Ali 
Author-X-Name-First: Leila 
Author-X-Name-Last: Ali 
Author-Name: Marie Lebreton 
Author-X-Name-First: Marie 
Author-X-Name-Last: Lebreton 
Title: The ERM breakdown: a spatial econometric approach 
Abstract:
  This study proposes a spatial autoregressive model to investigate whether
 pure contagion effects occurred during the European exchange market
 turmoil in 1992. It defines pure contagion as spatial autocorrelation
 between countries in excess to that which can be explained by economic
 fundamentals. By doing so, it is possible to predict the effectiveness of
 rescue packages and foreign supports for each country of the dataset. 
Journal: Applied Economics Letters 
Pages: 197-201 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426228 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426228&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence Dacuycuy 
Author-X-Name-First: Lawrence 
Author-X-Name-Last: Dacuycuy 
Title: On wage density comparisons: bandwidth selectors and test outcomes 
Abstract:
  This study compares wage densities for female workers in the Philippines
 during the 1990s. Using a non-parametric consistent test developed by Li
 (1996), the study finds that test outcomes from various optimal bandwidth
 selectors are fairly comparable. On the other hand, the use of standard
 deviation as a bandwidth parameter appears to introduce misleading
 inferences concerning equality of densities. 
Journal: Applied Economics Letters 
Pages: 203-208 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425337 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425337&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Diaz-Moreno 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Diaz-Moreno 
Title: Growth regressions in business cycle models 
Abstract:
  We derive a convergence regression using all the restrictions implied by
 the stochastic growth model. Therefore, the stochastic structure is built
 into the model as a productivity shock and not just added as an error
 term. In this way, we take the view that growth and fluctuation are not
 distinct phenomena, and show that the deviations from the growth
 regression are compatible with the size of the technological shocks in
 business cycle theory. 
Journal: Applied Economics Letters 
Pages: 209-210 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425246 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425246&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. C. -L. Chian 
Author-X-Name-First: A. C. -L. 
Author-X-Name-Last: Chian 
Author-Name: E. L. Rempel 
Author-X-Name-First: E. L. 
Author-X-Name-Last: Rempel 
Author-Name: C. Rogers 
Author-X-Name-First: C. 
Author-X-Name-Last: Rogers 
Title: Crisis-induced intermittency in non-linear economic cycles 
Abstract:
  A new type of economic intermittency is found in non-linear business
 cycles. Following a merging crisis, a complex economic system has the
 ability to retain memory of its weakly chaotic dynamics prior to crisis.
 The resulting time series exhibits episodic regime switching between
 periods of weakly and strongly chaotic fluctuations of economic variables.
 The characteristic intermittency time, useful for forecasting the average
 duration of contractionary phases and the turning point to the
 expansionary phase of business cycles, is computed from the simulated time
 series. 
Journal: Applied Economics Letters 
Pages: 211-218 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425436 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425436&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ming Yu Cheng 
Author-X-Name-First: Ming Yu 
Author-X-Name-Last: Cheng 
Author-Name: R. Ghulam 
Author-X-Name-First: R. 
Author-X-Name-Last: Ghulam 
Title: Knowledge gap and earnings differential in the knowledge-based economy 
Abstract:
  This article examines the effect of the 'quantity' and 'quality' of
 education on earnings. The 'quantity' of education is measured by the
 level of the highest education attained while the 'quality' of education
 is determined by degree of the knowledge gap between knowledge acquired in
 school and skills required in the work place. 
Journal: Applied Economics Letters 
Pages: 219-221 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426095 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426095&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pu-yan Nie 
Author-X-Name-First: Pu-yan 
Author-X-Name-Last: Nie 
Title: Selection games in Economics 
Abstract:
  A model of stochastic evolutionary game dynamics, based on selection in
 finite populations, is recently proposed by Taylor et al. (2004) and it is
 successful to explain some phenomena in biology. We now extend this model
 to the economic field. Some corresponding results are also obtained and
 some economic phenomena are rationally explained. 
Journal: Applied Economics Letters 
Pages: 223-225 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425865 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425865&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Liangjun Su 
Author-X-Name-First: Liangjun 
Author-X-Name-Last: Su 
Title: Business output and business experience &#x2014; Evidence from China's nongovernmental businesses 
Abstract:
  We study the application of the Solow growth model in China's
 non-governmental businesses and propose a reasonable modification for it.
 Our analysis indicates that business experience is closely tied to the
 output of China's non-governmental businesses. Our major findings include:
 (1) the business experience has little overall impact on the elasticity of
 output with respect to labour; (2) the business experience has a large
 impact on the elasticity of output with respect to capital and the
 elasticity increases as the business experience increases; (3) the
 adjusted Solow residual that reflects technological progress exhibits a
 negative relationship with the business experience, indicating that a
 newly established business tends to have higher technology content than
 others. 
Journal: Applied Economics Letters 
Pages: 227-231 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426210 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426210&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohamed Safouane Ben Aissa 
Author-X-Name-First: Mohamed Safouane 
Author-X-Name-Last: Ben Aissa 
Author-Name: Olivier Musy 
Author-X-Name-First: Olivier 
Author-X-Name-Last: Musy 
Title: Persistence with staggered price setting in nominal and real terms 
Abstract:
  We analyse the behaviour of an economy characterized by staggered
 pricing, with price contracts either specified in nominal terms (Taylor,
 1980), or in real terms (Fuhrer and Moore, 1995). We focus on the response
 of these models to a permanent and unexpected disinflation policy. It is
 advanced that this policy implies very different responses from the two
 models, with the former being unable to reproduce any inflation
 persistence or output depression, while the latter is able to generate it.
 We argue that this result builds on the unjustified neglect of a
 structural error term present in both models. Taking into account this
 term partly erases the differences between the models, who display
 comparable inflation persistence and output costs in response to a
 disinflation. 
Journal: Applied Economics Letters 
Pages: 233-237 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500398930 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500398930&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gilbert Cette 
Author-X-Name-First: Gilbert 
Author-X-Name-Last: Cette 
Author-Name: Nicolas Dromel 
Author-X-Name-First: Nicolas 
Author-X-Name-Last: Dromel 
Author-Name: Dominique Meda 
Author-X-Name-First: Dominique 
Author-X-Name-Last: Meda 
Title: Opportunity costs of having a child, financial constraints and fertility 
Abstract:
  Economic theory often assumes that the opportunity costs of having a
 child and financial constraints have a simultaneous but opposite influence
 on fertility. This empirical study aims to test the concomitance of these
 effects using the answers to an original survey carried out in 2003
 amongst nearly 1000 French employees, giving information about the impact
 of their working schedule on the number of children they intend to have.
 The statistical analysis, based on a 'ceteris paribus' approach using
 Logit estimates, strongly confirms the simultaneous presence of these two
 explanatory dimensions. 
Journal: Applied Economics Letters 
Pages: 239-244 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425535 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425535&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ralf Bruggemann 
Author-X-Name-First: Ralf 
Author-X-Name-Last: Bruggemann 
Author-Name: Carsten Trenkler 
Author-X-Name-First: Carsten 
Author-X-Name-Last: Trenkler 
Title: Are Eastern European Countries Catching Up? Time Series Evidence for Czech Republic, Hungary and Poland 
Abstract:
  The catching up process in Czech Republic, Hungary and Poland is analysed
 by investigating the integration properties of log-differences in
 per-capita GDP vs. the EU15 and a Mediterranean country group. We account
 for structural changes by using unit root tests that allow for two
 endogenous breaks in the level and the trend. We find that Czech Republic
 and Hungary are stochastically converging towards the Mediterranean group,
 while only Czech Republic is stochastically converging towards EU15.
 Remaining per capita GDP differences are only reduced by deterministic
 trends. Extrapolating these trends we find that catching up will take
 about 20 years. 
Journal: Applied Economics Letters 
Pages: 245-249 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425782 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425782&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuck Cheong Tang 
Author-X-Name-First: Tuck Cheong 
Author-X-Name-Last: Tang 
Title: Sustainability of balancing item of balance of payments accounts: fresh empirical evidence for G7 countries 
Abstract:
  Using a simple balance of payments accounts framework and unit root tests
 (with level shift), this study provides empirical evidence that, balancing
 items of balance of payments accounts in the G7 countries are sustainable.
 The findings of this article may have relevant implications. 
Journal: Applied Economics Letters 
Pages: 251-254 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425808 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425808&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chung-Ki Lee 
Author-X-Name-First: Chung-Ki 
Author-X-Name-Last: Lee 
Author-Name: Seung-Jun Kwak 
Author-X-Name-First: Seung-Jun 
Author-X-Name-Last: Kwak 
Title: Valuing drinking water quality improvement using a Bayesian analysis of the multinomial probit model 
Abstract:
  This article estimates a multinomial probit model structured according to
 the defensive expenditures for drinking water (DW) choice, using a
 Bayesian analysis with Gibbs sampling. We also approximate the nonmarginal
 benefit from discrete improvement in DW quality by calculating the
 willingness to pay for safe DW. The result shows that the average
 household of the Seoul Metropolitan Area in Korea is willing to pay 6048
 Korean won (GBP 2.91) per month to obtain improved DW similar to boiled
 water in quality. 
Journal: Applied Economics Letters 
Pages: 255-259 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447299 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447299&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Harrison Hartman 
Author-X-Name-First: Harrison 
Author-X-Name-Last: Hartman 
Title: Deficit-related explanations for the US interest rate conundrum 
Abstract:
  This study offers two potential explanations related to the United States
 federal budget deficit for the recent interest-rate puzzle in the USA
 where long-term rates have fallen while short-term rates have risen. A VAR
 quantifies the relationships between real deficits, real GDP growth rates
 and ex ante real long-term rates. Impulse-response functions show the
 assumed time-invariant responses of real GDP and long-term real interest
 rates to a one-standard-deviation increase in the real deficit, providing
 some support for the crowding out theory but possibly also the crowding in
 theory in the short term. Findings include that expectations of future
 deficits could impact real interest rates today. This study notes that the
 interest-rate impact of expected changes in deficits is unclear because
 the changes in rates due to changes in (1) federal borrowing and (2)
 forecasted GDP growth would be in opposite directions, assuming that
 crowding out occurs at some point. Thus, it is not clear whether
 reductions in long-term rates imply that people expect larger or smaller
 budget deficits in the future. 
Journal: Applied Economics Letters 
Pages: 261-265 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447422 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447422&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Raffinot 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Raffinot 
Title: A monthly indicator of GDP for Euro-Area based on business surveys 
Abstract:
  Policy-makers and analysts are continually assessing the state of the
 economy. But, gross domestic product (GDP) is only available on quarterly
 basis with a time span of 1-3 months, and sometimes with significant
 revisions. The aim of this article is to develop a monthly indicator of
 GDP for Euro-Area based on business surveys and to give the outlook of the
 economy activity induced by the indicator. 
Journal: Applied Economics Letters 
Pages: 267-270 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447406 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447406&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vicente Esteve 
Author-X-Name-First: Vicente 
Author-X-Name-Last: Esteve 
Author-Name: Jose Martinez-Zahonero 
Author-X-Name-First: Jose 
Author-X-Name-Last: Martinez-Zahonero 
Title: Testing the long-run relationship between health expenditures and GDP in the presence of structural change: the case of Spain 
Abstract:
  This article examines the long-run relationship between per capita US$
 PPP health expenditures (HE) and per capita US$ PPP national income (GDP),
 using Spanish data over the period 1960 to 2001. We extend previous
 analyses by addressing the question of whether this relationship is stable
 over time, allowing for structural changes at an unknown date. Our
 empirical results are consistent with the existence of a long-run
 relationship between both variables, with two structural changes in 1971
 and 1991. On the other hand, health would have been characterized as a
 luxury commodity, even though increasingly less over time. 
Journal: Applied Economics Letters 
Pages: 271-276 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425196 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425196&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Edward Hope 
Author-X-Name-First: Edward 
Author-X-Name-Last: Hope 
Author-Name: Brian Lucey 
Author-X-Name-First: Brian 
Author-X-Name-Last: Lucey 
Title: Daily seasonality in 19th century stocks -- some evidence from the Dublin stock exchange 
Abstract:
  We document, for a new data set, the existence of daily seasonality. The
 data set consists of the trades in four equities and two bonds on the
 Dublin stock exchange for the mid nineteenth century. 
Journal: Applied Economics Letters 
Pages: 277-282 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850601137609 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601137609&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Derick Boyd 
Author-X-Name-First: Derick 
Author-X-Name-Last: Boyd 
Author-Name: Ron Smith 
Author-X-Name-First: Ron 
Author-X-Name-Last: Smith 
Title: Institutions and inflation persistence in the Caribbean 
Abstract:
  The study examines how institutional framework provided varying degrees
 of constraints on monetary policy and economic performance in 12 Caribbean
 economies. A univariate analysis is used on the price variables to conduct
 a comparative analysis on the persistence of inflation. 
Journal: Applied Economics Letters 
Pages: 283-286 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850601056593 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601056593&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Magali Jaoul-Grammare 
Author-X-Name-First: Magali 
Author-X-Name-Last: Jaoul-Grammare 
Title: Social attributes, equity and higher educative path. Microeconometric study of a discrete choice model with logistic regression 
Abstract:
  Developed countries are subjected to many social inequalities of which
 access at various stages of schooling is one of the most important.
 Regarded as more equitable in this context, is one education system which
 will less make dependent the results on individuals of their social
 origin. While taking Boudon's model as a starting point, the study seeks
 to determine, using logistic modelling, factors determining the university
 path. The analysis shows that if the continuation of studies depends on
 multiple factors, the role of the social origin is not negligible. The
 results join those of Peraita and Sanchez (1998) concerning Spain and
 Sawkins (2002) concerning Scotland. However, the various estimates show
 that it is primarily at the university end of the course that the role of
 the social factors takes place. Thus, the results would be more in favour
 of Boudon's model at the beginning of the course, against Bourdieu's,
 after. 
Journal: Applied Economics Letters 
Pages: 287-291 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500401601 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401601&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yi Zhang 
Author-X-Name-First: Yi 
Author-X-Name-Last: Zhang 
Title: Dual-class stocks and the benefits of control 
Abstract:
  Using the hand-collected data of dual-class listed firms in the USA, I
 find that industry, age and stock-return volatility affect the likelihood
 that a firm will issue dual-class shares. I explore the implications of
 these results for our understanding of ownership and control. 
Journal: Applied Economics Letters 
Pages: 293-297 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447349 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447349&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yohane Khamfula 
Author-X-Name-First: Yohane 
Author-X-Name-Last: Khamfula 
Author-Name: Montfort Mlachila 
Author-X-Name-First: Montfort 
Author-X-Name-Last: Mlachila 
Author-Name: Ephraim Chirwa 
Author-X-Name-First: Ephraim 
Author-X-Name-Last: Chirwa 
Title: Donor herding and domestic debt crisis 
Abstract:
  This article presents a new model based on the loan-pushing model by Basu
 (1991) to show how a domestic debt crisis can occur in a low-income
 country following donor herding. The model focuses on the rational herding
 behaviour of donors due to payoff and information externalities. Although
 there are many theoretical models on herding behaviour, these models have
 not formally considered the relationship between donor herding and
 domestic debt crisis in a low-income country. This article is an attempt
 to fill this gap. The article shows that due to donor herding behaviour a
 domestic debt crisis can occur once the actual debt level is above the
 desirable one. 
Journal: Applied Economics Letters 
Pages: 299-302 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447356 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447356&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yasuyuki Sawada 
Author-X-Name-First: Yasuyuki 
Author-X-Name-Last: Sawada 
Author-Name: Satoshi Shimizutani 
Author-X-Name-First: Satoshi 
Author-X-Name-Last: Shimizutani 
Title: Consumption insurance against natural disasters: evidence from the Great Hanshin-Awaji (Kobe) earthquake 
Abstract:
  We investigated whether people were insured against unexpected losses
 caused by the Great Hanshin-Awaji (Kobe) earthquake in 1995 and found that
 the full consumption insurance hypothesis was rejected overwhelmingly,
 suggesting the ineffectiveness of the formal/informal insurance mechanisms
 against the earthquake. 
Journal: Applied Economics Letters 
Pages: 303-306 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447364 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447364&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kent Grote 
Author-X-Name-First: Kent 
Author-X-Name-Last: Grote 
Author-Name: Victor Matheson 
Author-X-Name-First: Victor 
Author-X-Name-Last: Matheson 
Title: Examining the 'Halo Effect' in lotto games 
Abstract:
  The 'Halo Effect' occurs when lotto ticket sales are unexpectedly high
 following a large jackpot. An examination of the Powerball lottery finds
 evidence that the halo effect exists and that it is the result of bettors
 exchanging prize winnings for new tickets. 
Journal: Applied Economics Letters 
Pages: 307-310 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447372 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447372&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Hilmer 
Author-X-Name-First: Michael 
Author-X-Name-Last: Hilmer 
Author-Name: Christiana Hilmer 
Author-X-Name-First: Christiana 
Author-X-Name-Last: Hilmer 
Title: Dissertation advisors and initial job placements for economics PhD recipients 
Abstract:
  Using a unique data set that matches economics PhD recipients with their
 advisors, we find that after controlling for programme quality, the
 relative standing of a student's dissertation advisor has a significant
 impact on his or her initial job placement. 
Journal: Applied Economics Letters 
Pages: 311-314 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426293 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426293&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bernd Lucke 
Author-X-Name-First: Bernd 
Author-X-Name-Last: Lucke 
Author-Name: Jacopo Zotti 
Author-X-Name-First: Jacopo 
Author-X-Name-Last: Zotti 
Title: The economic costs of a well-placed bomb. Lebanon and the assassination of Mr Hariri 
Abstract:
  Destabilizing political incidents may have dramatic effects on economic
 conditions. Foreign creditors and investors, in particular, may be
 reluctant to lend resources to a country whose internal stability seems
 shaky. We use a dynamic computable general equilibrium model to quantify
 the effect of a single bomb-the bomb which killed Lebanon's former Prime
 Minister Rafiq al Hariri in February 2005. We show that the economic loss
 caused by this bomb was larger than the expected gains from even the most
 optimistic scenarios of Lebanon's recently implemented trade
 liberalization strategy. 
Journal: Applied Economics Letters 
Pages: 315-320 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426335 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426335&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: William Reece 
Author-X-Name-First: William 
Author-X-Name-Last: Reece 
Title: Household mobility and cellular telephone demand 
Abstract:
  Cellular telephones are mobile, and this mobility is one of the key
 factors influencing the demand for cellular service. This article examines
 the household demand for cellular telephone and finds that the numbers of
 vehicles and drivers in the household strongly influence the demand for
 cellular telephones. Income has the strongest effect. We find some
 evidence that telephone landlines and cellular telephone service are
 substitutes. The results are based on data from the 2001 National
 Household Travel Survey conducted the US Department of Transportation. 
Journal: Applied Economics Letters 
Pages: 321-326 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447778 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447778&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Giles 
Author-X-Name-First: David 
Author-X-Name-Last: Giles 
Title: Increasing returns to information in the US popular music industry 
Abstract:
  Using data relating to 'number one' hits on the Billboard Hot 100 chart,
 we find clear evidence of increasing returns to information in the US
 market for popular music. This evidence supports related findings for the
 motion picture industry in various countries, and for Broadway
 productions. 
Journal: Applied Economics Letters 
Pages: 327-331 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461407 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461407&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcos Lima 
Author-X-Name-First: Marcos 
Author-X-Name-Last: Lima 
Author-Name: Marcelo Resende 
Author-X-Name-First: Marcelo 
Author-X-Name-Last: Resende 
Title: Convergence of per capita GDP in Brazil: an empirical note 
Abstract:
  The article investigated the convergence of real gross domestic product
 (GDP) per capita at the state level in Brazil during the 1985-1999 period.
 Departures across states were evaluated in terms of panel data unit root
 tests advanced by Im et al. (2003). The evidence indicated that one cannot
 reject the null hypothesis of unit root for the (log) of the ratio of GDP
 of each state relative to a reference unit. The results, therefore, favour
 a very strong form of persistence for regional inequality. 
Journal: Applied Economics Letters 
Pages: 333-335 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461381 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461381&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Magali Jaoul-Grammare 
Author-X-Name-First: Magali 
Author-X-Name-Last: Jaoul-Grammare 
Title: The labour market segmentation: empirical analysis of Cain's theory (1976) 
Abstract:
  Criticisms addressed to the theory of the human capital take mainly into
 account the specificity of the labour market. Doeringer and Piore (1971)
 and Cain (1976) highlight the influence of the situation on the labour
 market on the individual wage determination. This influence has been
 studied for various countries (Theodossiou and Yannopoulos, 1998; Yuhong
 and Johnes, 2003). Sloane et al. (1993), Orr (1997) and Roig (1999) shed
 light especially the existence of labour market segmentation. On the
 contrary, for Van Ophem (1987), the theory of the segmentation of the
 labour market has been to be rejected. Following this, the aim of this
 article is to test the existence of the labour market segmentation
 described by Cain (1976) for the case of France on the last twenty years.
 The use of various statistical techniques allows us to check on the one
 hand, the connection between the qualifications and the place occupied on
 the labour market and on the other hand to identify the existence of
 several labour markets. 
Journal: Applied Economics Letters 
Pages: 337-341 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461522 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461522&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Koichi Yoshimine 
Author-X-Name-First: Koichi 
Author-X-Name-Last: Yoshimine 
Author-Name: Stefan Norrbin 
Author-X-Name-First: Stefan 
Author-X-Name-Last: Norrbin 
Title: The effect of the corporate tax rate on the trade balance 
Abstract:
  Past research indicates that MNCs may be engaging in income shifting
 practices. Such practices could bias the trade balance, if the intrafirm
 trade is substantial. This article examines the effect of the tax
 differential on the trade balances of OECD countries. The results indicate
 that the trade balance is adversely affected when the tax differential is
 positive, for a number of countries. 
Journal: Applied Economics Letters 
Pages: 343-347 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426301 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426301&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Ezcurra 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Ezcurra 
Title: The world distribution of carbon dioxide emissions 
Abstract:
  This article examines the spatial distribution of per capita carbon
 dioxide emissions in 140 countries during the period 1960 to 1999. To
 overcome the methodological limitations of conventional convergence
 analysis, we have applied a nonparametric approach, which allows to study
 the dynamics of the entire cross section distribution. The results show
 that the probability mass concentrated around the average has increased
 over time, which helps to explain the observed reduction in cross-country
 disparities. In any event, the intra-distribution mobility level is
 relatively low. 
Journal: Applied Economics Letters 
Pages: 349-352 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426285 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426285&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yung-Ming Shiu 
Author-X-Name-First: Yung-Ming 
Author-X-Name-Last: Shiu 
Title: An empirical investigation on derivatives usage: evidence from the United Kingdom general insurance industry 
Abstract:
  This article reports the holdings of derivatives contracts in the UK
 general insurance industry and investigates the relationship between the
 usage and insurer organizational characteristics with panel data for the
 period 1994 to 2002. Overall it seems that the use of derivatives
 instruments in this industry is limited and shows a downward trend. The
 empirical results indicate, among other things, that a general insurer's
 size, liquidity, interest rate risk exposure, line of business
 concentration and organizational form are important factors associated
 with the decision to employ derivatives. 
Journal: Applied Economics Letters 
Pages: 353-360 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426319 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426319&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Patrick Feehan 
Author-X-Name-First: Patrick 
Author-X-Name-Last: Feehan 
Author-Name: David Forrest 
Author-X-Name-First: David 
Author-X-Name-Last: Forrest 
Title: Distribution of UK National Lottery grants across local authority areas 
Abstract:
  Much of the high taxation on UK national lottery products is hypothecated
 to 'Good Causes' distribution funds which make grants for projects in
 fields such as sport, the arts and heritage. We examine the distribution
 of grants across 376 local authority areas in England and Wales. The
 proportion of highly educated people and social class composition are
 shown to be determinants of an area's grant receipts. The results indicate
 regressivity in the spending of lottery taxation. 
Journal: Applied Economics Letters 
Pages: 361-365 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426327 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426327&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Virmantas Kvedaras 
Author-X-Name-First: Virmantas 
Author-X-Name-Last: Kvedaras 
Title: Testing the demand-led and BOP-constrained growth model: a system approach 
Abstract:
  In a series of articles of the journal Applied Economics there was an
 extensive debate on the Balance-of-Payments (BOP)-constrained growth model
 and its testing. This led to a single-equation-based test for the
 necessary condition of the BOP-constrained growth model that the BOP
 constraint binds. Since then many extensions and applications of the basic
 BOP-constrained growth model have appeared in the related literature, but
 the empirical model evaluation methodology has not been developed to
 further test the sufficient condition that causality runs from foreign
 demand or exports determined by it to GDP rather than the other way round.
 This study utilizes the standard vector error correction model (VECM) to
 formalize a system approach to empirical testing of both the necessary and
 sufficient conditions. 
Journal: Applied Economics Letters 
Pages: 367-370 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426251 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426251&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Shik 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Shik 
Author-Name: Terence Tai-Leung Chong 
Author-X-Name-First: Terence Tai-Leung 
Author-X-Name-Last: Chong 
Title: A comparison of MA and RSI returns with exchange rate intervention 
Abstract:
  This study compares the efficacy of the Relative Strength Index (RSI)
 vis-a-vis the Moving Average (MA) trading rules on the daily exchange
 rates of six currencies. The results indicate that the trading rules can
 yield positive risk-adjusted returns, and the profitability of these
 trading rules is positively related to central bank interventions. It is
 also found that the impact of interest rate differentials on the trading
 rule return is immaterial. 
Journal: Applied Economics Letters 
Pages: 371-383 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426269 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426269&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hong-Kyun Kim 
Author-X-Name-First: Hong-Kyun 
Author-X-Name-Last: Kim 
Title: Home production function and the productivity effect of air pollution 
Abstract:
  This article examines whether there is an indirect productivity effect of
 pollution on preference. In doing so, an indirect productivity effect is
 introduced into the home production function. The estimates show that
 there is a strong positive indirect productivity effect on preference. 
Journal: Applied Economics Letters 
Pages: 385-387 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461514 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461514&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Travis Lybbert 
Author-X-Name-First: Travis 
Author-X-Name-Last: Lybbert 
Title: Polarization & pricing to the rich 
Abstract:
  Income polarization directly affects monopoly pricing and profits when a
 monopolist cannot segment markets. When income and price elasticity of
 demand are negatively correlated, increasing income disparity ultimately
 leads the monopolist to target the rich at the exclusion of the poor. This
 paper uses a simple model to demonstrate how income polarization, as
 distinct from income inequality, affects monopoly price and profit in such
 a situation. Without income polarization, price increases and profit
 decreases with income disparity when the monopolist targets the rich. With
 income polarization, price increases sharply and profit increases with
 income disparity when the monopolist targets the rich. Preliminary
 evidence suggests that pharmaceutical prices may indeed increase with
 polarization. 
Journal: Applied Economics Letters 
Pages: 389-394 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461498 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461498&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andres Victorio 
Author-X-Name-First: Andres 
Author-X-Name-Last: Victorio 
Title: Search theory and subsidized housing demand in New Zealand 
Abstract:
  A search-theoretic model of housing demand is presented and evidence is
 found in its support based upon the 1995 records of 260 000 New Zealand
 (NZ) tenants eligible to have received an unrestricted housing subsidy. In
 the model, a unit increase in search costs is predicted to increase the
 optimal rent according to a factor proportion less than one while a unit
 increase in moving cost is predicted to decrease the rent. The
 factor-proportion increase in the rent, also a marginal propensity to
 rent, is around 21 NZ cents for every NZ dollar increase in search costs.
 The moving-cost decrease is supported by the rent effects of some
 indicative characteristics. The empirical findings are found to be stable
 across a range of applicable estimators including those that may have been
 needed to correct for censoring and reverse-causality. 
Journal: Applied Economics Letters 
Pages: 395-399 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461621 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461621&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Markus Baltzer 
Author-X-Name-First: Markus 
Author-X-Name-Last: Baltzer 
Author-Name: Gerhard Kling 
Author-X-Name-First: Gerhard 
Author-X-Name-Last: Kling 
Title: Predictability of future economic growth and the credibility of monetary regimes in Germany, 1870-2003 
Abstract:
  Our study tries to quantify the predictability of economic growth and
 links it to the capability of regimes to fight against inflation. A regime
 with a high persistence of inflation and, hence, low credibility exhibits
 a high level of predictability of economic growth using the yield curve as
 indicator. Based on structural VAR models, we evaluate the credibility of
 monetary regimes in Germany from 1870 to 2003. The period of the Classical
 Gold Standard exhibited the highest credibility compared to the interwar
 period, the Bretton Woods and free float era. The reliability of the
 Bretton Woods agreement deteriorated years before the official breakdown
 in 1971. 
Journal: Applied Economics Letters 
Pages: 401-404 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461456 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461456&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ilias Livanos 
Author-X-Name-First: Ilias 
Author-X-Name-Last: Livanos 
Title: The incidence of long-term unemployment: evidence from Greece 
Abstract:
  In this article, I use the 2000-2004 data from the Greek Labour Force
 Survey in order to estimate a logit model for the incidence of long-term
 unemployment. The model computed is similar to the one estimated by Obben
 et al. (2002). It is found that attributes of the individual such as
 gender, age category, marital status and region of residence affect the
 odds of being long-term unemployed. On the other hand, the level of
 someone's qualification does not affect the odds of whether someone will
 be short or long-term unemployed. 
Journal: Applied Economics Letters 
Pages: 405-408 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461571 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461571&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sarbani Banerjee 
Author-X-Name-First: Sarbani 
Author-X-Name-Last: Banerjee 
Author-Name: Rama Parai 
Author-X-Name-First: Rama 
Author-X-Name-Last: Parai 
Author-Name: Amar Parai 
Author-X-Name-First: Amar 
Author-X-Name-Last: Parai 
Title: Computer use and wage differentials: US and foreign born male and female workers 
Abstract:
  The dual issues of nationality and on-the-job computer use are introduced
 into the analysis of gender wage gap in the United States, and some new
 results are reported. It is shown that, all other things remaining the
 same, (i) inter-gender wage differentials across different groups based on
 computer use and/or nationality vary from 23% to 35%; (ii) among computer
 nonusers, the inter-gender wage differentials are quite high and invariant
 of the country of birth; and (iii) intra-gender wage gap based on computer
 use at work is high for both native and foreign born workers, but the
 intra-gender wage gap based on nationality is low for both users and
 nonusers of computer at work. 
Journal: Applied Economics Letters 
Pages: 409-413 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447307 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447307&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chunhua Wang 
Author-X-Name-First: Chunhua 
Author-X-Name-Last: Wang 
Title: A dynamic stochastic frontier production model with time-varying efficiency: comment 
Abstract:
  Based on Desli et al. (2003), this comment defines a stochastic frontier
 production model in a panel data framework. The firms can learn from their
 past errors to improve technical efficiency. This is done by introducing
 the inefficiency error term as an AR(p) process. The ways to estimate the
 production function and technical inefficiency are provided. 
Journal: Applied Economics Letters 
Pages: 415-417 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447455 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447455&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dipanwita Sarkar 
Author-X-Name-First: Dipanwita 
Author-X-Name-Last: Sarkar 
Title: The role of human capital in economic growth revisited 
Abstract:
  Benhabib and Spiegel (1994) examine the role of human capital in the
 development process empirically using a theory-driven specification rather
 than the standard production function approach. While they find evidence
 of a positive impact of human capital on income growth, their result is
 not robust to the inclusion of inequality as an additional covariate.
 Using an alternate dataset and different measures of inequality, we find
 robust support for the hypothesis that human capital matters even when we
 account for the adverse effect of income inequality on growth. 
Journal: Applied Economics Letters 
Pages: 419-423 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447323 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447323&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sherrill Shaffer 
Author-X-Name-First: Sherrill 
Author-X-Name-Last: Shaffer 
Title: Aggregate concentration and the cost of systemic risk 
Abstract:
  Aggregate concentration may exacerbate systemic risk if the social cost
 of business failure is a superlinear function of the fraction of industry
 capacity lost to failure. This result suggests new empirical tests to
 inform policy debates, as well as supporting an efficiency rationale for
 restricting aggregate concentration under certain conditions. 
Journal: Applied Economics Letters 
Pages: 425-428 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500438751 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500438751&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bar&#x131;s Yoruk 
Author-X-Name-First: Bar&#x131;s 
Author-X-Name-Last: Yoruk 
Title: Negative externalities, productivity growth and the catching-up hypothesis 
Abstract:
  This article investigates the catching-up hypothesis for OECD countries.
 Unlike the previous studies, the results show that countries with low
 initial per capita income levels catch-up at a faster rate only when the
 presence of negative externalities is ignored in growth analysis. 
Journal: Applied Economics Letters 
Pages: 429-434 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500438710 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500438710&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lucie Samson 
Author-X-Name-First: Lucie 
Author-X-Name-Last: Samson 
Author-Name: Maxim Armstrong 
Author-X-Name-First: Maxim 
Author-X-Name-Last: Armstrong 
Title: Preferences and observed risk premia: an empirical analysis 
Abstract:
  The fundamental prediction of the Consumption-based Capital Asset Pricing
 Model (CCAPM) relates asset returns to their covariance with the
 intertemporal marginal rate of substitution (IMRS). With utility subjected
 to constant relative risk aversion, the IMRS is characterized by only one
 economic variable namely, consumption growth. One explanation for the
 disappointing empirical performance of the CCAPM model may be that the
 constant relative risk aversion specification is too restrictive. In this
 article we consider alternative specifications and compare their empirical
 performance with the reference model using Canadian data. 
Journal: Applied Economics Letters 
Pages: 435-439 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850601057823 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601057823&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Musolesi 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Musolesi 
Author-Name: Mario Nosvelli 
Author-X-Name-First: Mario 
Author-X-Name-Last: Nosvelli 
Title: Dynamics of residential water consumption in a panel of Italian municipalities 
Abstract:
  The purpose of this study is to estimate a residential water demand
 function in a dynamic framework for a panel of Italian municipalities and
 to calculate both short-run and long-run price elasticities. The
 Generalized Method of Moments (GMM) provides a suitable framework for
 obtaining asymptotically efficient estimators in this context.
 Specifically, the system GMM estimator is applied, which improves the
 properties of the standard first-difference estimator. The most relevant
 result shows that persistence of habits is coupled with high long-term
 price elasticity which is higher, in absolute value, that the
 instantaneous (one-year) price elasticity. Under an economic policy
 perspective, the effects of policy interventions can be suitably evaluated
 only in the long-run. 
Journal: Applied Economics Letters 
Pages: 441-444 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425642 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425642&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Miguel Manjon 
Author-X-Name-First: Miguel 
Author-X-Name-Last: Manjon 
Title: Does the proxy for shareholders' control make a difference in firm-performance regressions? Evidence from a blockholder system of corporate governance 
Abstract:
  One of the critical determinants of firm performance in corporate
 governance investigations is the degree of control exercised by large
 shareholders. This article empirically assesses the use of ultimate-owner
 ship shares and solutions of voting games (i.e. power indices) as
 alternative proxies for this control. 
Journal: Applied Economics Letters 
Pages: 445-449 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426020 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426020&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Lopez-Rodriguez 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Lopez-Rodriguez 
Title: Population weighted growth, convergence clubs and objective 1 regions performance: delors I and II packages 
Abstract:
  This article analyses population weighted growth for the periods
 1989-1993 and 1995-1999 in EU15 covering the period of time in which
 Delors I and II packages were operational. Two important results were
 found, first, the existence of a polarized growth either at the lowest or
 highest income levels that proves the existence of a twin-peak structure
 in the growth process and second a better performance of objective 1
 regions than non-objective 1 regions during both periods of time, showing
 a tendency of objective 1 regions to catch up with the average EU15
 income. 
Journal: Applied Economics Letters 
Pages: 451-455 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500474194 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500474194&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Diego Romero-Avila 
Author-X-Name-First: Diego 
Author-X-Name-Last: Romero-Avila 
Author-Name: Carlos Usabiaga 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Usabiaga 
Title: Unit root tests and persistence of unemployment: Spain vs. the United States 
Abstract:
  In this article, we investigate the existence of infrequent shocks and
 the degree of persistence of unemployment in the US and Spain over the
 period 1976-2004. We first apply the minimum Lagrange Multiplier unit root
 test with up to two endogenous changes in level. The evidence gives
 support to the hysteresis hypothesis for Spain and to regime-wise
 stationarity for the US. The computation of median unbiased estimates of
 half-lives directly from the impulse-response function indicates a much
 higher degree of persistence of unemployment in Spain than in the US. Our
 results thus give an indication that aggregate demand policies may have
 different effects in these two countries. 
Journal: Applied Economics Letters 
Pages: 457-461 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500474160 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500474160&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Ezcurra 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Ezcurra 
Title: The single market and geographic concentration in the regions of the European Union 
Abstract:
  This note examines industrial concentration in the regions of the
 European Union during the period following the implementation of the
 Single Market. To achieve this objective, we have applied a new
 methodology in this literature based on the second degree inverse
 stochastic dominance concept. The results obtained reveal an increase in
 geographical concentration in most industrial activities between 1992 and
 1999. 
Journal: Applied Economics Letters 
Pages: 463-466 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461449 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461449&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Murali Adhikari 
Author-X-Name-First: Murali 
Author-X-Name-Last: Adhikari 
Author-Name: Krishna Paudel 
Author-X-Name-First: Krishna 
Author-X-Name-Last: Paudel 
Author-Name: Laxmi Paudel 
Author-X-Name-First: Laxmi 
Author-X-Name-Last: Paudel 
Author-Name: James Bukenya 
Author-X-Name-First: James 
Author-X-Name-Last: Bukenya 
Title: Modelling swine supply response using a structural time series approach 
Abstract:
  Swine supply response was analyzed using a structural time series model
 (STSM) with both seasonal and yearly effects introduced stochastically.
 Swine production is divided into four production phases. Parameters of
 each phase were then estimated using a structural time series model.
 Out-of-sample forecasting robustness of the STSM was compared against a
 commonly used deterministic trend and deterministic seasonally (DTDS)
 using root mean square error and mean absolute percentage error criteria.
 The STSM model produced lower RMSE and MPE values than those obtained
 using a DTDS modeling approach. 
Journal: Applied Economics Letters 
Pages: 467-472 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461357 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Terry Robinson 
Author-X-Name-First: Terry 
Author-X-Name-Last: Robinson 
Title: The convergence of electricity prices in Europe 
Abstract:
  The ambition to create a single European market for electricity has been
 explicit since the Single European Act of 1988. This article investigates
 the degree to which this goal has been achieved in terms of the
 convergence of electricity prices. Two commonly used tests of convergence
 are applied, &#x3b2;-convergence and a cointegration test using annual
 electricity price data for nine European Union member states from 1978 to
 2003. The results suggest that convergence did occur for most of the
 countries in the sample over this period. 
Journal: Applied Economics Letters 
Pages: 473-476 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461597 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461597&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Minkyu Lee 
Author-X-Name-First: Minkyu 
Author-X-Name-Last: Lee 
Author-Name: Youngsang Cho 
Author-X-Name-First: Youngsang 
Author-X-Name-Last: Cho 
Title: The diffusion of mobile telecommunications services in Korea 
Abstract:
  This study investigates the diffusion of mobile telecommunications in
 Korea. The aim is to compare the performance of logistic model of
 diffusion with that of a time series autoregressive moving average model
 and to identify factors that determine the diffusion adoption process.
 Empirical results are based on annual data on cellular mobile subscribers
 covering 1984 to 2002. Results suggest that, the diffusion speed increases
 with per capita GDP, but it decreases with the number of main telephone
 lines in operation. 
Journal: Applied Economics Letters 
Pages: 477-481 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461431 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461431&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Helder Ferreira de Mendonca 
Author-X-Name-First: Helder Ferreira 
Author-X-Name-Last: de Mendonca 
Author-Name: Manoel Carlos de Castro Pires 
Author-X-Name-First: Manoel Carlos de Castro 
Author-X-Name-Last: Pires 
Title: Capital account liberalization and inflation: evidence from Brazil 
Abstract:
  The argument that capital account liberalization attenuates the time
 inconsistence problem in the conduction of monetary policy and thus, could
 improve the control of inflation, was tested for Brazil, in the short run,
 for different exchange rate regimes. The findings denote that a decrease
 in the capital account liberalization is capable of attenuating
 inflationary pressure and that the duration of this effect depends on the
 exchange regime used. 
Journal: Applied Economics Letters 
Pages: 483-487 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461506 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461506&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Lopez-Rodriguez 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Lopez-Rodriguez 
Title: Is market potential robust in explaining regional educational levels in Europe? 
Abstract:
  This article analyses the robustness of market potential as an
 explanatory variable of regional educational levels in the European Union.
 When included by its own, market potential is shown to be statistically
 significant and quantitatively important in explaining cross-region
 variation in educational levels. This finding is robust in controlling for
 a wide range of considerations, including other geographic and economic
 characteristics, showing that economic geography matters in determining
 educational attainment levels in Europe. 
Journal: Applied Economics Letters 
Pages: 489-492 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461480 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461480&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Musolesi 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Musolesi 
Title: R&D and productivity in 16 OECD countries: some heterogeneous panel estimations 
Abstract:
  This study further investigates the long-run impact of various sources of
 technological progress on productivity for a panel of 16 OECD countries
 during the period 1981 to 1998. Given the length of the series, the
 application of an heterogeneous estimator could be suitable from an
 econometric point of view. Our results, based on the Mean Group and the
 Pooled Mean Group estimators, show that technology spills over across
 countries through the channel of trade flows and that academic research
 significantly contributes to productivity. 
Journal: Applied Economics Letters 
Pages: 493-496 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461530 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461530&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Manami Ogura 
Author-X-Name-First: Manami 
Author-X-Name-Last: Ogura 
Author-Name: Kazuhiro Ohtani 
Author-X-Name-First: Kazuhiro 
Author-X-Name-Last: Ohtani 
Title: Testing demand homogeneity when error terms have an elliptically symmetric distribution 
Abstract:
  In this article, we show that the exact test for the homogeneity
 restriction developed by Laitinen (1978) is robust when the error terms
 have an elliptically symmetric distribution. The power performance of the
 test is also examined, assuming that the error terms have a multivariate t
 distribution. Our empirical example shows that the homogeneity restriction
 is not rejected at the 5% level by the exact test though it is rejected by
 the asymptotic Wald test. 
Journal: Applied Economics Letters 
Pages: 497-502 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447430 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447430&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuan-Hung Hsu Ku 
Author-X-Name-First: Yuan-Hung Hsu 
Author-X-Name-Last: Ku 
Author-Name: Ho-Chyuan Chen 
Author-X-Name-First: Ho-Chyuan 
Author-X-Name-Last: Chen 
Author-Name: Kuang-Hua Chen 
Author-X-Name-First: Kuang-Hua 
Author-X-Name-Last: Chen 
Title: On the application of the dynamic conditional correlation model in estimating optimal time-varying hedge ratios 
Abstract:
  This article applies the dynamic conditional correlation model of Engle
 (2002) with error correction terms in order to investigate the optimal
 hedge ratios of British and Japanese currency futures markets. For a
 comparison, the estimates of three other models -- traditional generalized
 autoregressive conditional heteroskedasticity (GARCH), ordinary least
 square (OLS) and error correction model (ECM) -- are also reported.
 Results show that the dynamic conditional correlation model yields the
 best hedging performance in both futures markets. Nonetheless, the
 traditional multivariate GARCH model (which exhibits constant conditional
 correlations and time-varying hedge ratios) performs the worst hedging
 effectiveness, even inferior to the time-invariant hedging methods (OLS
 and ECM). The inclusion of dynamic conditional correlations in the GARCH
 model can therefore better capture the frequent fluctuations in futures
 markets. 
Journal: Applied Economics Letters 
Pages: 503-509 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447331 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447331&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ilaria Mosca 
Author-X-Name-First: Ilaria 
Author-X-Name-Last: Mosca 
Title: Decentralization as a determinant of health care expenditure: empirical analysis for OECD countries 
Abstract:
  Territorial decentralization involves the transfer of responsibilities
 from a central government to lower levels of government. A common trend in
 different developed countries has been to decentralize some health
 functions (managerial and/or financial) to local governments. The set-up
 of the health care system and its degree of decentralization are here
 utilized in a panel data analysis as a determinant of health care
 expenditure in a sample of 20 Organization for Economic Co-operation and
 Development (OECD) countries for the period 1990 to 2000. These findings
 lend support that demographic, supply-related and socio-economic factors
 impact on overall health care costs and a decentralized health care
 setting implies higher health expenditure. 
Journal: Applied Economics Letters 
Pages: 511-515 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500438736 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500438736&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chi-Chen Chiu 
Author-X-Name-First: Chi-Chen 
Author-X-Name-Last: Chiu 
Author-Name: Chien-Chung Nieh 
Author-X-Name-First: Chien-Chung 
Author-X-Name-Last: Nieh 
Title: Rational bubbles in the US stock market? Further evidence from a nonparametric cointegration test 
Abstract:
  In this study, we revisit the issue as to the presence of rational
 bubbles in the US stock market during the 1871 to 2002 period using both
 the Johansen cointegration and the Bierens 1997 nonparametric
 cointegration tests. The results from the conventional Johansen
 cointegration test fully support the existence of rational bubbles,
 whereas those from the Bierens nonparametric cointegration test attest to
 the absence of rational bubbles. On account of the superiority of the
 nonparametric method to detect cointegration when the error-correction
 mechanism is nonlinear, we firmly believe that the results from the
 nonparametric cointegration test are considerably more reliable than those
 derived from the conventional Johansen approach. 
Journal: Applied Economics Letters 
Pages: 517-521 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850601103221 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601103221&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Spyros Spyrou 
Author-X-Name-First: Spyros 
Author-X-Name-Last: Spyrou 
Author-Name: Georgia Siougle 
Author-X-Name-First: Georgia 
Author-X-Name-Last: Siougle 
Title: Mergers and acquisitions of non-financial firms in Europe: the case of the Athens Stock Exchange 
Abstract:
  This study examines whether mergers and acquisitions create value for
 shareholders in the Athens Stock Exchange, during an extremely volatile
 period. The results indicate, on average, statistically insignificant
 investor reaction around merger announcements. However, further analysis
 suggests that investors react negatively to announcements by bidder firms
 in the food and fish farm sectors, and positively to announcements in the
 commercial/advertising and technology sectors. There is also evidence that
 information arrives at the market a few days before the official
 announcement. Contrary to earlier empirical evidence, insignificant
 returns are reported for target firms. 
Journal: Applied Economics Letters 
Pages: 523-527 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500406972 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500406972&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Miyoung Lee 
Author-X-Name-First: Miyoung 
Author-X-Name-Last: Lee 
Title: An iterative method for flattering the ridge in the Ridge regression 
Abstract:
  In many cases of multiple regression in an undefined system, some
 independent variables may not be orthogonal to each other. In such cases,
 the systems either are not solvable or induce incorrect results which
 could vary with the data used. Such problems are often overcome by using
 the Ridge regression method. This article proposes an alternative way of
 getting an exact least square estimator by using an iterative method. We
 prove the solvability of the proposed algorithm and demonstrate that our
 method outperforms traditional approaches. 
Journal: Applied Economics Letters 
Pages: 529-531 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425840 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425840&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. Jayaraj 
Author-X-Name-First: D. 
Author-X-Name-Last: Jayaraj 
Author-Name: S. Subramanian 
Author-X-Name-First: S. 
Author-X-Name-Last: Subramanian 
Title: Comparing the age structures of populations 
Abstract:
  This is an analytically simple note, motivated by the modest objective of
 presenting a visual aid to the scanning and comparison of the age
 structures of alternative populations. The means to the end are achieved
 by a graphical devise which is called a binary age comparison (or BAC)
 curve, which is obtained by plotting the cumulative age density function
 of one population against that of another within the unit square. The BAC
 curve allows a quick ascertainment of the unambiguous dominance of one
 population over another in terms of 'agedness', where such dominance
 obtains; and where thoroughgoing dominance does not obtain, it permits an
 assessment of the differentiated age structures, over different age
 segments, of a pair of populations. 
Journal: Applied Economics Letters 
Pages: 533-537 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425972 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425972&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sangheon Kim 
Author-X-Name-First: Sangheon 
Author-X-Name-Last: Kim 
Title: A more accurate measurement of tax effort 
Abstract:
  Even though it is commonplace in many countries for federal governments
 to give fiscal support to local governments, this may work as a deterrent
 in providing incentives to local governments to increase their own
 revenue. To address this problem of moral hazard, various techniques of
 measuring the local governments' tax effort have been suggested in the
 literature. However, all of these techniques share a drawback:
 'biasedness'. To solve this problem, this article presents an unbiased
 estimator, which is the Kalman filter estimator. A Monte Carlo simulation
 shows evidence that the Kalman filter estimator is more accurate than
 other methods suggested in the literature. 
Journal: Applied Economics Letters 
Pages: 539-543 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425345 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425345&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Suwen Pan 
Author-X-Name-First: Suwen 
Author-X-Name-Last: Pan 
Author-Name: Samarendu Mohanty 
Author-X-Name-First: Samarendu 
Author-X-Name-Last: Mohanty 
Author-Name: Mohamadou Fadiga 
Author-X-Name-First: Mohamadou 
Author-X-Name-Last: Fadiga 
Title: Price asymmetry in the US fibre markets 
Abstract:
  In this article, price linkages between cotton and polyester markets are
 investigated. After determining that the causality is present in both the
 directions, the nature of the price linkages was studied. The results
 suggest that polyester price responds asymmetrically to cotton price
 changes, whereas asymmetric response from cotton price to changes in
 polyester price is found to be weak. The results also did not support the
 hypothesis of contemporaneous effects between the polyester and cotton
 prices. 
Journal: Applied Economics Letters 
Pages: 545-548 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592523 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592523&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Fernandez-Villaverde 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Fernandez-Villaverde 
Author-Name: Juan F. Rubio-Ramirez 
Author-X-Name-First: Juan F. 
Author-X-Name-Last: Rubio-Ramirez 
Title: On the solution of the growth model with investment-specific technological change 
Abstract:
  Recent work by Greenwood et al. (1997, 2000) and Fisher (2003) has
 emphasized the importance of investment-specific technological change as a
 main driving force behind long-run growth and the business cycle. This
 article shows how the growth model with investment-specific technological
 change has a closed-form solution if capital fully depreciates. This
 solution furthers our understanding of the model and it constitutes a
 useful benchmark to check the accuracy of numerical procedures to solve
 dynamic macroeconomic models in cases with several state variables. 
Journal: Applied Economics Letters 
Pages: 549-553 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592564 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592564&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chulho Jung 
Author-X-Name-First: Chulho 
Author-X-Name-Last: Jung 
Author-Name: William Shambora 
Author-X-Name-First: William 
Author-X-Name-Last: Shambora 
Author-Name: Kyongwook Choi 
Author-X-Name-First: Kyongwook 
Author-X-Name-Last: Choi 
Title: The relationship between stock returns and inflation in four European markets 
Abstract:
  We study the effects of expected and unexpected inflation on real stock
 returns for France, Germany, Italy and the UK. We find evidence that
 unexpected inflation affects stock returns in France, Italy and the UK,
 but that expected inflation does not. Unexpected interest rates also
 affect real stock returns in the three countries. However, we find no
 evidence of these variables affecting real stock returns in Germany. 
Journal: Applied Economics Letters 
Pages: 555-557 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600580452 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600580452&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nuntawan Thiratanapong 
Author-X-Name-First: Nuntawan 
Author-X-Name-Last: Thiratanapong 
Title: Market discipline in banking: evidence from Thailand during the 1997 crisis 
Abstract:
  This article investigates the impact of banking crisis on deposit market
 discipline using evidence from Thailand. The empirical evidence suggests
 that depositors' responsiveness to bank risk taking increases in the
 aftermath of the crisis. However, an explicit blanket guarantee provided
 by the government since the 1997 crisis weakens the extent of an increase
 in market discipline during the post-crisis period. The results have
 relevant implications on the implementation of an explicit deposit
 insurance scheme for Thailand. 
Journal: Applied Economics Letters 
Pages: 559-563 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592424 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592424&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Author-Name: Rup Singh 
Author-X-Name-First: Rup 
Author-X-Name-Last: Singh 
Author-Name: Neelesh Gounder 
Author-X-Name-First: Neelesh 
Author-X-Name-Last: Gounder 
Title: Investment ratio in growth equations 
Abstract:
  In the cross-country and time series studies on the determinants of the
 growth rate, capital stock is often proxied with the investment ratio due
 to lack of reliable data. While investment ratio may give good results
 with OLS, their robustness is doubtful. In addition there are other
 problems: (a) investment ratio may be a good proxy for the change in
 capital stock, but combining it with the level of employment to estimate a
 production function leads to misspecification bias; (b) it is not possible
 to impose any valid constraints on the coefficients of these variables and
 (c) if instrument variables are used to minimize any endogenous variable
 bias, the equation with the investment ratio seems to be fragile. 
Journal: Applied Economics Letters 
Pages: 565-568 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461365 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461365&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Hayes 
Author-X-Name-First: Peter 
Author-X-Name-Last: Hayes 
Author-Name: Paul Turner 
Author-X-Name-First: Paul 
Author-X-Name-Last: Turner 
Title: Estimates of quarterly GDP for the interwar UK economy 
Abstract:
  This article uses the Chow--Lin (1971) procedure to generate estimates of
 quarterly gross domestic product for the UK economy over the period
 January 1920 to April 1938. This series is then used to estimate a
 cointegrating relationship between employment, real wages and aggregate
 output. 
Journal: Applied Economics Letters 
Pages: 569-572 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461605 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461605&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Helder Ferreira de Mendonca 
Author-X-Name-First: Helder Ferreira 
Author-X-Name-Last: de Mendonca 
Title: Empirical evidence from fourteen countries with explicit inflation targeting 
Abstract:
  This article attempts to contribute to the empirical research on
 inflation targeting (IT) making an inquiry of the relation between
 macroeconomic variables for 14 countries with explicit IT. The main
 results denote that the adoption of IT is a good framework for reducing
 inflation, and thus contributes to diminish interest rate without apparent
 costs on economic growth, although unemployment increases. 
Journal: Applied Economics Letters 
Pages: 573-576 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461464 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461464&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Corrado Andini 
Author-X-Name-First: Corrado 
Author-X-Name-Last: Andini 
Title: Returns to education and wage equations: a dynamic approach 
Abstract:
  We study the impact of education on within-groups wage inequality using
 quantile-regression techniques and US data for the period 1980 to 1987.
 Our contribution consists of comparing estimates based on a standard
 Mincer equation with estimates based on a modified Mincer equation in
 which past earnings play the role of additional explanatory variable. We
 find that a dynamic model does not give the same answer as a static model
 regarding the impact of schooling on earnings dispersion, and provide an
 explanation for this result. 
Journal: Applied Economics Letters 
Pages: 577-579 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461555 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461555&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ming-Yuan Leon Li 
Author-X-Name-First: Ming-Yuan Leon 
Author-X-Name-Last: Li 
Title: Purchasing power parity under high and low volatility regimes 
Abstract:
  This article adopts Markov switching models to establish and examine
 several types of nonlinear dynamics in exchange rate returns and provide a
 new test to analyse presence of purchasing power parity (PPP) after
 controlling for various market states. In contrast with Engle and Hamilton
 (1990) focusing on discussing the dual state setting on the first moment
 of quarterly data for major industrial countries' currencies, we
 concentrate more on the second moment for monthly data and add an analysis
 of developing countries' currencies. Our empirical findings are consistent
 with the following notions. First, volatility-switching behaviours are
 more (less) remarkable for developing (industrialized) countries'
 currencies. Second, we denote the high volatility state of exchange
 markets of developing (industrialized) countries as a crisis (an unusual)
 condition. Moreover, PPP would be valid at the low (high) volatility state
 for developing (industrialized) countries. 
Journal: Applied Economics Letters 
Pages: 581-589 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461548 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461548&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alberto Chong 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Chong 
Author-Name: Virgilio Galdo 
Author-X-Name-First: Virgilio 
Author-X-Name-Last: Galdo 
Title: Should state-owned firms change CEOs before privatization? Some evidence from the telecommunications industry 
Abstract:
  Should state-owned enterprises change chief executive officer (CEO)
 before privatizing? We test competing views on this question by
 complementing a recently released database with newly collected data. We
 are able to cover 77 telecommunications privatizations, which account for
 nearly 80% of the sector in terms of value. We find that CEO replacement
 will improve performance in the telecommunications industry before
 privatization as measured by penetration, operating efficiency and
 profitability. Chief executive officer change before privatization does
 appear to have real consequences in firm performance before privatization. 
Journal: Applied Economics Letters 
Pages: 591-595 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592515 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592515&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Huseyin Kalyoncu 
Author-X-Name-First: Huseyin 
Author-X-Name-Last: Kalyoncu 
Title: Saving-investment correlations and capital mobility in OECD countries: an error correction analysis 
Abstract:
  This article studies the time series properties of saving and investment
 rates for 23 OECD countries using error correction model (ECM) developed
 by Jansen and Schulze (1996) and Jansen (1996). Applying the ECM to the
 OECD countries, we find that Denmark, France, Greece, Italy, Japan, Spain,
 Sweden, Turkey and the United Kingdom indicate low capital mobility. 
Journal: Applied Economics Letters 
Pages: 597-601 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592390 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592390&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Bellak 
Author-X-Name-First: Christian 
Author-X-Name-Last: Bellak 
Author-Name: Markus Leibrecht 
Author-X-Name-First: Markus 
Author-X-Name-Last: Leibrecht 
Author-Name: Roman Romisch 
Author-X-Name-First: Roman 
Author-X-Name-Last: Romisch 
Title: On the appropriate measure of tax burden on foreign direct investment to the CEECs 
Abstract:
  We argue from a conceptual and empirical point of view that tax-rate
 elasticities of foreign direct investment (FDI) to Central and East
 European Countries (CEECs) derived from statutory tax rates (STRs) are
 likely to be flawed. STRs are problematic measures of tax burden as they
 capture neither tax base effects, nor effects of the home country or
 international and supranational tax laws. From an empirical point of view
 STRs are questionable as their behavior over time and between
 country-pairs may differ from that of the conceptually superior bilateral
 corporate effective average tax rates (BCEATRs) of the Devereux-Griffith
 type. The variability of host-country STRs and BCEATRs of seven major home
 countries of FDI in eight major CEEC host countries is compared via
 Levene-tests for 1995--2005. Results indicate that using STRs instead of
 BCEATRs in empirical investigations of FDI is likely to result in tax-rate
 elasticities which are too low in absolute value. 
Journal: Applied Economics Letters 
Pages: 603-606 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500474202 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500474202&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. Badri Narayanan 
Author-X-Name-First: G. Badri 
Author-X-Name-Last: Narayanan 
Title: Effect of mergers on firm profits with trade liberalization: the role of technology 
Abstract:
  The objective of this study is to analyse the effects of trade
 liberalization on the firm-level profit-enhancing effects of mergers and
 its dependence on whether the technology is labour intensive or
 capital-intensive, under an oligopolistic competition framework. Mergers,
 as considered in this article, cause an increase in the firm-level
 profits. The extent to which they enhance the profits is inversely
 proportional to the number of firms in the country. With a freer trade,
 the profit effect of mergers depends on the extent to which the fall in
 profit due to fall in price outweighs the gain in profit due to increased
 output. A firm in the capital-intensive country can gain more from a
 merger than one in the labour-intensive country, if the aggregate output
 is at sufficiently large scale. 
Journal: Applied Economics Letters 
Pages: 607-610 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500474178 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500474178&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hasan Sahin 
Author-X-Name-First: Hasan 
Author-X-Name-Last: Sahin 
Author-Name: A. Burca Kizilirmak 
Author-X-Name-First: A. Burca 
Author-X-Name-Last: Kizilirmak 
Title: Determinants of duration of unemployment insurance benefits in Turkey 
Abstract:
  This article is the first empirical study on the duration of unemployment
 insurance benefits in Turkey. Turkey has adopted an unemployment insurance
 programme in 2000, and the first payment of the benefit was made in 2002.
 Thus, it is new and the first programme to partially compensate the income
 of workers when they are unemployed. The unemployment insurance programme
 has been criticized for low benefits and strict eligibility requirements.
 However, the number of people claiming unemployment benefit has been
 increasing steadily since 2002. This study provides an empirical
 evaluation on the determinants of duration of unemployment insurance
 benefits by a hazard modelling approach. We find that age, sex, marital
 status, significantly affect insurance duration after controlling effects
 of types of workplace, job types and regions. 
Journal: Applied Economics Letters 
Pages: 611-615 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592473 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592473&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jie Li 
Author-X-Name-First: Jie 
Author-X-Name-Last: Li 
Title: Examining the interactions of high reserves and weak fundamentals in currency crises 
Abstract:
  This article tackles the issue of reserve adequacy measure by examining
 the interaction of high reserves and weak fundamentals in crises. The
 author extends the analysis of Sachs et al. (1996) by adopting on two-step
 regressions. The first helps find the significant weak fundamental
 variables. The second determines the appropriate adequate reserve level. 
Journal: Applied Economics Letters 
Pages: 617-621 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500474186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500474186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Darold T. Barnum 
Author-X-Name-First: Darold T. 
Author-X-Name-Last: Barnum 
Author-Name: John M. Gleason 
Author-X-Name-First: John M. 
Author-X-Name-Last: Gleason 
Title: Technical efficiency bias in data envelopment analysis caused by intra-output aggregation 
Abstract:
  We show that an organization's technical efficiency scores are biased
 downward by linear aggregation of the quantities of the same type of
 output that are produced by multiple subunits (intra-output aggregation).
 We expand the models of Fare et al. (2002, 2004) and Barnum and Gleason
 (2005) to account for intra-output aggregation bias, yielding an expanded
 model in which technical efficiency is unbiased by any type of input or
 output aggregation. We illustrate intra-output aggregation bias with data
 envelopment analysis results from Canadian paratransit operations. 
Journal: Applied Economics Letters 
Pages: 623-626 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461647 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461647&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tomokazu Nomura 
Author-X-Name-First: Tomokazu 
Author-X-Name-Last: Nomura 
Title: Contribution of education and educational equality to economic growth 
Abstract:
  In this article we examine how the contribution of investment in
 education to economic growth varies if the initial level of education and
 the improvement of educational equality are different. Our main finding is
 that the contribution of education to economic growth is larger and
 statistically more significant in the countries with relatively low level
 of initial education and in the countries with relatively high improvement
 of educational equality. 
Journal: Applied Economics Letters 
Pages: 627-630 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425857 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425857&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Piero Conforti 
Author-X-Name-First: Piero 
Author-X-Name-Last: Conforti 
Author-Name: Ugo Pica-Ciamarra 
Author-X-Name-First: Ugo 
Author-X-Name-Last: Pica-Ciamarra 
Title: Scaling-up community-driven development. Evidence from the Philippines 
Abstract:
  Community-driven development programmes are an increasingly common
 component of poverty reduction strategies. Most have been on a small-scale
 so far, but efforts are being made to scale successful experiences up to
 the country level. This article quantifies the impact of the
 community-driven 'farming system development' (FSD) adopted by the
 Philippine government in selected rice-producing agrarian communities and
 simulates the potential effects of scaling FSD up to the country level
 using a general equilibrium framework. Results show that the FSD approach
 could be an effective poverty reduction strategy, instigating poor farmers
 to diversify towards nontraditional crops and the rice processing industry
 to benefit from lower prices; however, existing rice import quotas
 severely constraint the size of such potential benefits. 
Journal: Applied Economics Letters 
Pages: 631-636 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461373 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461373&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marco Percoco 
Author-X-Name-First: Marco 
Author-X-Name-Last: Percoco 
Title: Evaluating forecasting accuracy of the temporally aggregated space-time autoregressive model 
Abstract:
  This article aims at analysing the effect of temporal aggregation in
 space-time autoregressive models. By means of a simulation experiment, it
 is shown that, the greater the spatial dependence in time series, the
 lower the bias due to temporal aggregation. However, the ratio between the
 average mean squared forecasting errors for daily data and that for yearly
 data seems to decrease for high parameter values. 
Journal: Applied Economics Letters 
Pages: 637-641 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461654 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461654&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tam Bang Vu 
Author-X-Name-First: Tam Bang 
Author-X-Name-Last: Vu 
Title: An alternative approximation to consumer durables expenditures 
Abstract:
  Consumer durables expenditures are normally assumed to be of linear form
 with additive error term. Hansen and Singleton (1983) derive the log
 linear form for consumption, but they do not employ a depreciation rate.
 In this article, we use a multiplicative error term to obtain a log linear
 AR(1) with a unit root as an approximate process that drives durables
 expenditure. The Box-Cox test rejects the linear form in favour of the log
 linear one. The Box-Jenkins model selection procedure and the augmented
 Dickey-Fuller test support an AR(1) in log linear form. 
Journal: Applied Economics Letters 
Pages: 643-646 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461589 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461589&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: William Miles 
Author-X-Name-First: William 
Author-X-Name-Last: Miles 
Title: Do inflation targeting handcuffs restrain leviathan? Hard pegs vs. inflation targets for fiscal discipline in emerging markets 
Abstract:
  Inflation targeting has been increasingly adopted in emerging markets as
 fixed exchange rates have fallen in popularity. An important question is
 whether inflation targeting provides the same level of fiscal discipline
 as a hard peg. Using the methodology of Fatas and Rose (2001), results
 here indicate that multilateral currency unions and currency boards lead
 to tighter fiscal policy than inflation targets. 
Journal: Applied Economics Letters 
Pages: 647-651 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447448 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447448&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Vindelyn Smith-Hillman 
Author-X-Name-First: A. Vindelyn 
Author-X-Name-Last: Smith-Hillman 
Title: Competition policy, inflation and corruption: evidence from African economies 
Abstract:
  Using regression analysis, the study examines the relationship between
 competition policy, inflation and corruption within 23 African economies.
 The inclusion of a group of 20 industrial countries acts as a benchmark
 enabling the evaluation of the significance of competition policy within
 countries with good governance records. The results reveal the absence of
 a statistically significant relationship when the two groups are
 independently assessed however, when all 43 countries are combined the
 results prove to be statistically significant. Whilst the results do not
 provide the unambiguous support of a relationship, this does not negate a
 role for competition policy. 
Journal: Applied Economics Letters 
Pages: 653-656 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461415 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461415&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Denny 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Denny 
Author-Name: Vincent O'sullivan 
Author-X-Name-First: Vincent 
Author-X-Name-Last: O'sullivan 
Title: Can education compensate for low ability? Evidence from British data 
Abstract:
  This article investigates whether the returns to education vary with the
 level of cognitive ability. Unlike much of the literature, this article
 finds that the return to schooling is lower for those with higher
 cognitive ability indicating that education can act as a substitute for
 observed ability. Using quantile regressions we also find that, again
 unlike most of the literature, returns are higher at lower quintiles of
 the conditional earnings distribution. This suggests that education is
 also a substitute for unobserved ability. The policy implications are that
 increasing education in general and particularly for those with lower
 ability should reduce income inequality. 
Journal: Applied Economics Letters 
Pages: 657-660 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461639 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461639&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Noriko Ishikawa 
Author-X-Name-First: Noriko 
Author-X-Name-Last: Ishikawa 
Author-Name: Mototsugu Fukushige 
Author-X-Name-First: Mototsugu 
Author-X-Name-Last: Fukushige 
Title: Impacts of tourism and fiscal expenditure to remote islands: the case of the Amami islands in Japan 
Abstract:
  The Amami islands are located 380 km southwest of Japan proper. These
 islands have two economic features: they are islands that many tourists
 visit because of their natural resources and they are an undeveloped area
 where the central government of Japan provides large fiscal subsidies. We
 investigate the impacts of tourism and fiscal expenditure simultaneously.
 The results show that one tourist and about 52 000 yen (about US$480)
 fiscal expenditure are substitutable in the end. 
Journal: Applied Economics Letters 
Pages: 661-666 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461423 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461423&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Josep-Maria Arauzo-Carod 
Author-X-Name-First: Josep-Maria 
Author-X-Name-Last: Arauzo-Carod 
Title: A note on spatial autocorrelation at a local level 
Abstract:
  In this article, we analyse the existence of spatial autocorrelation at a
 local level in Catalonia using variables such as urbanisation economies,
 population density, human capital and firm entries. From a static
 approach, our results show that spatial autocorrelation is weak and
 diminishes as the distance between municipalities increases. From a
 dynamic approach, however, spatial autocorrelation increased over the
 period we analysed. These results are important from a policy point of
 view, since it is essential to know how economic activities are spatially
 concentrated or disseminated. 
Journal: Applied Economics Letters 
Pages: 667-671 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461472 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461472&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saralees Nadarajah 
Author-X-Name-First: Saralees 
Author-X-Name-Last: Nadarajah 
Author-Name: Samuel Kotz 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Kotz 
Title: Inverse Gaussian random variables with application to price indices 
Abstract:
  Inverse Gaussian distributions have proved to fit economic indices
 remarkably well in empirical investigations (Aase, 2000). In this note,
 the exact distribution of the ratio W = X/(X + Y) is derived when X and Y
 are independent inverse Gaussian random variables. This distribution
 arises when one is interested in comparing the performances of two
 economic entities. Several computer programs are given for computing the
 associated pdf, cdf, percentile points and the random numbers. A detailed
 application is illustrated for consumer price indices from the six major
 economics. 
Journal: Applied Economics Letters 
Pages: 673-677 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447398 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447398&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Olivier Musy 
Author-X-Name-First: Olivier 
Author-X-Name-Last: Musy 
Author-Name: Sebastien Pommier 
Author-X-Name-First: Sebastien 
Author-X-Name-Last: Pommier 
Title: Inflation expectations and the structure of the New-Keynesian Phillips Curve 
Abstract:
  We extend the analysis of Ball (2000) on near-rational expectations. We
 show that near-rational expectations imply nontrivial additional forecast
 errors and the degree of error depends on the monetary regime. Moreover,
 this scheme of expectations does not by itself give support to the New
 Keynesian Phillips Curve but only to the version built on the staggered
 prices model of Taylor 1980). The standard model of Calvo 1983 is rejected
 both under rational expectations and under near-rational expectations in
 the sense of Ball (2000). 
Journal: Applied Economics Letters 
Pages: 679-683 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425592 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425592&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tai-Hsin Huang 
Author-X-Name-First: Tai-Hsin 
Author-X-Name-Last: Huang 
Title: On the study of confidence intervals of Taiwan's banking sector efficiency 
Abstract:
  This article applies a distribution-free approach to estimate the
 economic efficiencies of Taiwan's multioutput banking industry, under the
 framework of the cost frontier. The joint confidence interval estimates
 for economic efficiencies are constructed using multiple comparisons with
 the best (MCB) procedure. A salient characteristic of MCB procedure is
 that it is able to identify multiple efficient firms lying on the minimum
 cost frontier. The MCB intervals reveal at the 95 and 75% confidence
 levels that four out of 22 banks in the sample may be statistically
 efficient. 
Journal: Applied Economics Letters 
Pages: 685-689 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500438744 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500438744&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeong-In Chang 
Author-X-Name-First: Jeong-In 
Author-X-Name-Last: Chang 
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Author-Name: Seung-Jun Kwak 
Author-X-Name-First: Seung-Jun 
Author-X-Name-Last: Kwak 
Title: An investigation of preference uncertainty in the contingent valuation study 
Abstract:
  This study investigates the respondents' preference uncertainty in the
 dichotomous choice (DC) contingent valuation study for gathering
 information on willingness to pay (WTP). To this end, we use polychotomous
 choice (PC) question and DC question with certainty level for two split
 samples. We find that incorporating preference uncertainty has a
 significant effect on the WTP estimates and, more importantly, the DC
 question with certainty level produces more efficient WTP estimate than
 the PC question. 
Journal: Applied Economics Letters 
Pages: 691-695 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592713 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592713&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuhin K. Das 
Author-X-Name-First: Tuhin K. 
Author-X-Name-Last: Das 
Author-Name: Dipanwita S. D. Choudhury 
Author-X-Name-First: Dipanwita S. D. 
Author-X-Name-Last: Choudhury 
Title: Are 'complementary and alternative medicines' alternative to conventional medical system? An economic evaluation 
Abstract:
  The availability of conventional medical services (i.e., allopathy) is
 the basic need for a modern day living. Though this clause is easily met
 in the developed countries, but in the developing countries it is very
 difficult to accomplish. Hence in the developing countries a dearth is
 often created, which is filled to some extent by complementary and
 alternative medicines (CAM). In India this phenomenon is acutely noticied.
 In this regard, a study is highly needed to understand why do people go
 for complementary and alternative medicines? Is it for the very concept
 that the alternative medicines involve low cost, and/or are they equally
 or more effective than the familiar allopathic tretment? So, this study is
 an approach to (i) the determination of the socio-economic factors that
 influence the choice of complementary and alternative medical services by
 health purchasers, and also (ii) the estimation of the cost-effectiveness
 of these medical services. 
Journal: Applied Economics Letters 
Pages: 697-700 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592580 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592580&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Dijkgraaf 
Author-X-Name-First: E. 
Author-X-Name-Last: Dijkgraaf 
Author-Name: R. H. J. M. Gradus 
Author-X-Name-First: R. H. J. M. 
Author-X-Name-Last: Gradus 
Title: Fair competition in the refuse collection market? 
Abstract:
  We estimate whether fair competition exists for tendering refuse
 collection in the Netherlands. The results indicate that concentration
 increases prices and offsets the advantage of contracting out. The
 presence of competing public firms might be essential to ensure fair
 competition. 
Journal: Applied Economics Letters 
Pages: 701-704 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592721 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592721&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pallab Mozumder 
Author-X-Name-First: Pallab 
Author-X-Name-Last: Mozumder 
Author-Name: Robert P. Berrens 
Author-X-Name-First: Robert P. 
Author-X-Name-Last: Berrens 
Title: Investigating hypothetical bias: induced-value tests of the referendum voting mechanism with uncertainty 
Abstract:
  Following Taylor et al. (2001), we design an induced-value experiment to
 test for hypothetical bias in a referendum voting mechanism. In our
 experiment, the level of benefit from the public good increases with the
 number of Yes votes (conditional on the referendum passing by majority
 rule). This is intended to introduce uncertainty. In contrast to Taylor et
 al. (2001), we find evidence of significant hypothetical bias in a
 referendum voting mechanism, when the level of benefits is uncertain. A
 cheap-talk treatment is shown to eliminate this bias. 
Journal: Applied Economics Letters 
Pages: 705-709 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592408 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592408&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Author-Name: Dimitrios Vougas 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Vougas 
Title: Examining the robustness of cointegration analysis under weighted symmetric estimation 
Abstract:
  The research of Leybourne and Newbold (2003) is extended to examine the
 finite-sample size of the weighted symmetric cointegration test when
 applied to independent unit root processes subject to structural change.
 The results obtained show the weighted symmetric cointegration test to be
 more robust to structural change than previously examined cointegration
 tests. Combined with its previously noted higher power, the findings of
 the present analysis suggest the recently proposed weighted symmetric
 cointegration test to be of use to the practitioner. 
Journal: Applied Economics Letters 
Pages: 711-714 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592697 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592697&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank Asche 
Author-X-Name-First: Frank 
Author-X-Name-Last: Asche 
Author-Name: Subal C. Kumbhakar 
Author-X-Name-First: Subal C. 
Author-X-Name-Last: Kumbhakar 
Author-Name: Ragnar Tveter&#xe5;s 
Author-X-Name-First: Ragnar 
Author-X-Name-Last: Tveter&#xe5;s 
Title: Testing cost vs. profit function 
Abstract:
  The empirical literature on estimation of production technology mostly
 focuses on estimation of dual cost functions. Estimation of a profit
 function is not that common. Here, we formally test whether the production
 technology should be represented by a cost or profit function. We also
 derive elasticities associated with the long-run profit function from the
 estimated cost function. 
Journal: Applied Economics Letters 
Pages: 715-718 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592655 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592655&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jong Seok Lim 
Author-X-Name-First: Jong Seok 
Author-X-Name-Last: Lim 
Author-Name: Paul Missios 
Author-X-Name-First: Paul 
Author-X-Name-Last: Missios 
Title: Does size really matter? Landfill scale impacts on property values 
Abstract:
  The economic advantage of constructing and operating large-scale
 landfills over small-scale landfills has been used to justify regional
 landfills as a solution to the municipal waste disposal problem. In
 addition to the dampening effects on social efforts to divert waste away
 from landfills, higher external costs of larger landfills may in fact
 offset the private cost advantages. In this study, the negative effects of
 a landfill that are capitalized in property values of houses located in
 the proximity of two landfill sites of significantly different sizes in
 Toronto, Canada, are examined. The results suggest that larger landfills
 have greater adverse impacts on property values than smaller landfills,
 implying consumers perceive (and markets reflect) differences in external
 costs. 
Journal: Applied Economics Letters 
Pages: 719-723 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592531 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592531&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Doh-Khul Kim 
Author-X-Name-First: Doh-Khul 
Author-X-Name-Last: Kim 
Author-Name: William D. Lastrapes 
Author-X-Name-First: William D. 
Author-X-Name-Last: Lastrapes 
Title: The cost channel of monetary transmission-revisited 
Abstract:
  This article empirically re-examines the importance of the cost channel
 of monetary transmission-the effect of money supply shocks on the costs of
 production and supply, as opposed to the traditional effect on demand.
 Unlike Barth and Ramey (2002), this article identifies the response of
 industry-level wages to money supply shocks by assuming long-run monetary
 neutrality. The pervasive findings of a positive response of real wages to
 money supply shocks in this study provide even stronger support for the
 cost channel than Barth and Ramey (2002). 
Journal: Applied Economics Letters 
Pages: 725-730 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592465 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592465&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Pestana Barros 
Author-X-Name-First: Carlos Pestana 
Author-X-Name-Last: Barros 
Author-Name: Stephanie Leach 
Author-X-Name-First: Stephanie 
Author-X-Name-Last: Leach 
Title: Technical efficiency in the English Football Association Premier League with a stochastic cost frontier 
Abstract:
  This article uses an econometric frontier model to evaluate the technical
 efficiency of English Premier League clubs from 1998/99 to 2002/03
 combining sport and financial variables. A Cobb-Douglas cost specification
 of the technical efficiency effects model is used to generate football
 club efficiency scores, allowing for contextual variables which affect
 inefficiency. We conclude that the efficiency scores are mixed. A policy
 is devised for the management of this sector. 
Journal: Applied Economics Letters 
Pages: 731-741 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592440 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592440&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ho-Chuan Huang 
Author-X-Name-First: Ho-Chuan 
Author-X-Name-Last: Huang 
Author-Name: Shu-Chin Lin 
Author-X-Name-First: Shu-Chin 
Author-X-Name-Last: Lin 
Title: Aren't small stock markets the same? 
Abstract:
  In a recent interesting article, Minier (2003) uses results from
 regression tree techniques to conclude that, for countries with high stock
 market capitalization, there exists a significantly positive relationship
 between the level of financial development and economic growth. However,
 the relationship becomes significantly negative for low-capitalization
 subsample. Using same data set, this short article re-examines Minier's
 results by the threshold regression approach of Hansen (2000), but finds
 no evidence supporting that the full sample can be classified into two
 distinct regimes as in Minier (2003). Our formal test result suggests that
 one should be more cautious regarding the conclusions made by Minier
 (2003). 
Journal: Applied Economics Letters 
Pages: 743-748 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592432 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592432&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jai S. Mah 
Author-X-Name-First: Jai S. 
Author-X-Name-Last: Mah 
Title: Economic growth, exports and export composition in China 
Abstract:
  This article examines the causality among economic growth, export
 expansion and export composition in China since economic reform. The
 cointegration tests show that cointegrating vectors do not exist either
 between economic growth and export composition or between export expansion
 and export composition. Meanwhile, the null hypothesis that economic
 growth and export expansion are not cointegrated is rejected. The error
 correction model shows that there is a bi-directional causality between
 export expansion and economic growth. Meanwhile, there appears no causal
 relationship between export composition and the other variables. 
Journal: Applied Economics Letters 
Pages: 749-752 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592572 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592572&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Azmat Gani 
Author-X-Name-First: Azmat 
Author-X-Name-Last: Gani 
Title: Governance and foreign direct investment links: evidence from panel data estimations 
Abstract:
  This article presents panel data estimates of the relationship between
 indicators of governance and foreign direct investment (FDI) using a
 sample of countries from Asia and Latin America. While controlling for
 standard FDI variables, the results provide strong confirmation that the
 rule of law; control of corruption; regulatory quality; government
 effectiveness and political stability are positively correlated with FDI. 
Journal: Applied Economics Letters 
Pages: 753-756 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592598 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592598&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Kassinis 
Author-X-Name-First: George 
Author-X-Name-Last: Kassinis 
Author-Name: Nikos Vafeas 
Author-X-Name-First: Nikos 
Author-X-Name-Last: Vafeas 
Title: Interest group pressures and US county-level toxic emissions 
Abstract:
  We address the relation between interest group characteristics and
 industry environmental performance. Using data on industrial activities
 from 2097 US counties, we show that there is an inverse relationship
 between variables proxying for pressures associated with varying levels of
 county income, population densities and environmental preferences and
 toxic emissions at the county level. Our results are broadly consistent
 with the notion that administrators are receptive to interest group
 pressures in shaping firm policies towards the natural environment. 
Journal: Applied Economics Letters 
Pages: 757-760 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592663 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592663&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: Internet access charge and economic activity 
Abstract:
  This article investigates empirically the impacts of the internet access
 charge on economic activity using a cross-country analysis based on data
 from 76 countries for the year 1998-2001. The results show that the level
 of the Internet access charge has a significantly negative effect on the
 level of economic activity. In other words, a low Internet access charge
 of a country increases its economic activity. 
Journal: Applied Economics Letters 
Pages: 761-764 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592614 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592614&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roland K. Cheo 
Author-X-Name-First: Roland K. 
Author-X-Name-Last: Cheo 
Title: Adopting Shapley values to address embedding biases in contingent valuation studies 
Abstract:
  A variation of the contingent valuation model is used to determine the
 value of a special education school in Singapore. Shapley values have long
 been used in game theory in determining value in n-tuple games. An
 extension of the Shapley value is used in this exercise to show how it may
 be effective in removing the embedding effect in survey responses with
 respondents well-acquainted with the service under evaluation in order to
 determine option and use values for a specialist audience. A case study
 using a special school in Singapore is used for illustrative purpose in
 the following sections, but should not detract from the main thrust of the
 article. 
Journal: Applied Economics Letters 
Pages: 765-768 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592622 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592622&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kosei Fukuda 
Author-X-Name-First: Kosei 
Author-X-Name-Last: Fukuda 
Title: Reexamination of the effects of monetary policy using spectral decomposition 
Abstract:
  International evidence on the effects of monetary policy presented by
 Sims (1992) is reexamined by spectral decompositions as well as by impulse
 response functions. The results obtained using spectral decompositions
 suggest that money stock innovations can be regarded as monetary policy
 shocks, while the results obtained using impulse response functions show
 little clear evidence. 
Journal: Applied Economics Letters 
Pages: 769-774 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592606 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592606&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rodrigo A. Cerda 
Author-X-Name-First: Rodrigo A. 
Author-X-Name-Last: Cerda 
Title: Market power and primary commodity prices: the case of copper 
Abstract:
  This study identifies the economic fundamentals of the evolution of
 copper price. Its main hypothesis is that copper price is mainly
 determined by the evolution of demand of countries with large market power
 on that market. The novelty is that nominal exchange rates are one of the
 fundamentals of market power. Monthly data are used ranging from 1994 to
 2003 and by means of a cointegration analysis; it is found that the Asian
 bloc significantly affects the price of this tradable good. 
Journal: Applied Economics Letters 
Pages: 775-778 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850601058508 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601058508&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tauhidur Rahman 
Author-X-Name-First: Tauhidur 
Author-X-Name-Last: Rahman 
Title: Measuring the well-being across countries 
Abstract:
  Dissatisfied with any measure of income as a sufficient indicator of
 well-being, emphasis has shifted to identification of alternative
 measures. However, identifying robust Quality of Life (QOL) indicators, or
 providing a coherent and robust definition of the concept, remains
 problematic. Over the years, alternative measures of well-being have been
 suggested. Probably the best-known composite indices of well-being are the
 Human Development Index and Physical Quality of Life Index (PQLI). These
 alternative measures are recognized as improvements in terms of
 representing various dimensions of QOL, but they still suffer from various
 limitations. Using information on eight indicators of QOL for 43
 developing countries of the world, in this article I show that various
 measures of well-being are highly sensitive to the domains of QOL that are
 considered in the construction of comparative indices, and also sensitive
 to how measurable inputs into the well-being are aggregated and weighted
 to arrive at composite measures of QOL. I find results that support the
 result obtained by Dasgupta and Weale (1992) that measures of health are
 closest to overall measure of QOL. Thus, if we had to choose a single
 domain of aggregate well-being, the domain of health would seem to be the
 most appropriate. 
Journal: Applied Economics Letters 
Pages: 779-783 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600605952 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600605952&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: Exchange rate fluctuations in Croatia: test of uncovered interest rate parity and the open economy model 
Abstract:
  This study finds that the US dollar/kuna exchange rate for Croatia is
 positively influenced by the expected exchange rate and negatively
 associated with real M1, the US T-bond rate, the euro interest rate, the
 expected inflation rate, and the relative price. Deficit spending does not
 affect the exchange rate. Most of the variation in exchange rates can be
 explained by the open economy model and uncovered interest-rate parity. 
Journal: Applied Economics Letters 
Pages: 785-788 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600689980 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689980&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Keen 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Keen 
Author-Name: Yongsheng Wang 
Author-X-Name-First: Yongsheng 
Author-X-Name-Last: Wang 
Title: What is a realistic value for price adjustment costs in New Keynesian models? 
Abstract:
  Rotemberg's (1982) price adjustment costs framework is a popular sticky
 price specification; yet, the data provides little information on the
 magnitude of those costs. This article finds a plausible range of
 parameterizations for those price adjustment costs. Our results show that
 the specific size of the price adjustment costs depends on the average
 markup of price over real marginal cost and the average time firms wait to
 reoptimize their price. In particular, the price adjustment costs are
 higher when the average markup is lower and the mean time between price
 reoptimizations is longer. 
Journal: Applied Economics Letters 
Pages: 789-793 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592739 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592739&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rodrigo A. Cerda 
Author-X-Name-First: Rodrigo A. 
Author-X-Name-Last: Cerda 
Title: Inflation of tradable goods 
Abstract:
  This article explores which large economy blocks determine foreign
 inflation around the world. In the analysis, we focus on importable goods
 of 15 countries ranging from 1992 to 2003 at monthly basis. Using a SUR
 estimation, we find the US driving the inflation of importable goods
 around the world. However, decomposing the variation of importable good
 price indexes by frequency, by means of the Baxter-King approximate band
 pass filter, we find that the Asian area might be a source of considerable
 inflation on the short-run. 
Journal: Applied Economics Letters 
Pages: 795-798 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600705885 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705885&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Author-Name: Rup Singh 
Author-X-Name-First: Rup 
Author-X-Name-Last: Singh 
Title: Estimating export equations 
Abstract:
  Accurate estimates of the price and income elasticities of exports are
 valuable for growth policies based on trade promotion. However, not
 sufficient attention seems to have been paid to the specification of the
 relative price variable in some influential empirical works. This article
 estimates the export equation for Fiji, to show that inappropriate
 specification of the relative price variable may give underestimates of
 the price elasticity and overestimates of the income elasticity. 
Journal: Applied Economics Letters 
Pages: 799-802 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600689931 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689931&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martha Misas 
Author-X-Name-First: Martha 
Author-X-Name-Last: Misas 
Author-Name: Maria Teresa Ramirez 
Author-X-Name-First: Maria Teresa 
Author-X-Name-Last: Ramirez 
Title: Depressions in the Colombian economic growth during the twentieth century: a Markov switching regime model 
Abstract:
  In this article, we modelled the Colombian long run economic growth
 (1925-2003) using a two-regime first order Markov switching model. We
 found evidence of nonlinearity in the annual rate of economic growth. The
 results show that changes between regimes are sudden and sporadic. The
 Colombian economy remains in the sustainable growth regime most of the
 time. The turning points from the Markov switching model capture very well
 the behaviour of real output through time. In fact, they identify the four
 main depressions of the century. 
Journal: Applied Economics Letters 
Pages: 803-808 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600689881 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689881&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Song Zan Chiou Wei 
Author-X-Name-First: Song Zan Chiou 
Author-X-Name-Last: Wei 
Author-Name: Zhen Zhu 
Author-X-Name-First: Zhen 
Author-X-Name-Last: Zhu 
Title: A revisit to the outward FDI determinants: further evidence from count panel data models with fixed effects 
Abstract:
  Given the discrete nature of the outward foreign direct investment (FDI)
 data, the count data regression models are set up as vehicles for our
 empirical work. We propose and test various econometric specifications
 that address the main problems inherent in the traditional Poisson
 regression. Empirical estimates derived from these models are found quite
 similar. We find that exchange rate and openness are not as significant
 factors in attracting FDI as previous studies had portrayed. 
Journal: Applied Economics Letters 
Pages: 809-812 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600689923 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689923&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Swaby 
Author-X-Name-First: R. 
Author-X-Name-Last: Swaby 
Author-Name: A. O. Abdulkadri 
Author-X-Name-First: A. O. 
Author-X-Name-Last: Abdulkadri 
Title: Should husband and wife really pool their incomes? 
Abstract:
  This article addresses the problem of optimal provision of household
 public goods in family decision-making. In particular, we attempt to
 answer the question of whether or not the family is better off as an
 entity when spouses pool their incomes. Our findings suggest that the
 equilibrium attained when incomes are pooled is Pareto superior to the
 Cournot-Nash equilibrium outcome. 
Journal: Applied Economics Letters 
Pages: 813-816 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600675476 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600675476&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yongxiang Wang 
Author-X-Name-First: Yongxiang 
Author-X-Name-Last: Wang 
Author-Name: Weixing Wu 
Author-X-Name-First: Weixing 
Author-X-Name-Last: Wu 
Title: A new measure of liquidity 
Abstract:
  We propose a new measure of market liquidity based on the investors'
 optimal searching behaviour. Thus, we add a wealth filter on Pagano
 (1989)'s measure of liquidity to build the strong tie between endogenous
 market participation and investor wealth, as has been documented by
 empirical works. 
Journal: Applied Economics Letters 
Pages: 817-820 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600606075 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606075&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yi-Hsing Lin 
Author-X-Name-First: Yi-Hsing 
Author-X-Name-Last: Lin 
Author-Name: George J. Y. Hsu 
Author-X-Name-First: George J. Y. 
Author-X-Name-Last: Hsu 
Author-Name: Ching-Kai Hsiao 
Author-X-Name-First: Ching-Kai 
Author-X-Name-Last: Hsiao 
Title: Measuring efficiency of domestic banks in Taiwan: application of data envelopment analysis and Malmquist index 
Abstract:
  The purpose of this article is to investigate relative efficiency of
 management and variation of managerial efficiency among 37 domestic banks
 in Taiwan. The relative efficiency of management is analysed through Data
 Envelopment Analysis (DEA) to estimate the competitiveness of each bank
 and managerial efficiency is to show the efficiency variation of each bank
 through Malmquist index. This article also links those two types of
 efficiency by constructing a matrix of relative efficiency and managerial
 efficiency defining of eight different categories of banks. The empirical
 results show that all 37 banks possess an average relative efficiency
 value of 0.591, with a SD of 0.228. And there are 6 banks with an
 efficiency value of 1. From the results estimated by Malmquist model, it
 indicates there are 20 banks with an efficiency variation greater than 1.
 This means that managerial efficiency of those 20 banks has been
 improving. However, there are 17 banks with an efficiency variation less
 than 1. This means that managerial efficiency of those 17 banks has been
 declining. 
Journal: Applied Economics Letters 
Pages: 821-827 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600605960 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600605960&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicola Lamedica 
Author-X-Name-First: Nicola 
Author-X-Name-Last: Lamedica 
Author-Name: Roberto Reno 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Reno 
Title: Integration of international bond markets: did anything change with EMU? 
Abstract:
  In a recent article, Barr and Priestley (2004) show that using a
 conditional asset pricing model that allows variation in the price of, and
 exposure to, risk, there is strong evidence that national markets are
 partially integrated into world markets. This letter extends their
 analysis to the European monetary union period. We show that the level of
 integration raised in all countries except in Japan, which experienced a
 deflation period. 
Journal: Applied Economics Letters 
Pages: 829-832 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592689 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592689&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takashi Matsuki 
Author-X-Name-First: Takashi 
Author-X-Name-Last: Matsuki 
Title: Over-rejections by the weighted symmetric unit root test in multiple structural breaks 
Abstract:
  This study investigates the behaviour of the weighted symmetric unit root
 test (Pantula et al., 1994) when the data generating process has a unit
 root and multiple structural breaks in the level of its trend function.
 The results obtained from this study reveal that the test can be biased
 towards over-rejections of the unit root null hypothesis in large samples
 as well as small samples. 
Journal: Applied Economics Letters 
Pages: 833-837 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592705 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592705&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wei-Ming Lee 
Author-X-Name-First: Wei-Ming 
Author-X-Name-Last: Lee 
Title: A simple specification test for conditional moment restrictions 
Abstract:
  In this article we extend the martingale difference test of Kuan and Lee
 (2004) to tests of conditional moment restrictions involving unknown
 parameters. The proposed test is asymptotically pivotal, easy to implement
 and capable of diagnostic checking misspecifications of quantile
 regressions. The simulation results show that the proposed test performs
 quite well in finite samples. 
Journal: Applied Economics Letters 
Pages: 839-843 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592671 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592671&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Jose Presno 
Author-X-Name-First: Maria Jose 
Author-X-Name-Last: Presno 
Author-Name: Carmen Ramos 
Author-X-Name-First: Carmen 
Author-X-Name-Last: Ramos 
Title: Misspecification of the breaking date in series with a change in the growth rate. Effect on the LBI test for stationarity 
Abstract:
  We study the asymptotic behaviour of the LBI statistic for testing
 stationarity around a trend with a change in the growth rate when the
 breaking date is erroneously positioned, showing its divergence. The
 analysis is completed with Monte Carlo simulations. 
Journal: Applied Economics Letters 
Pages: 845-850 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592648 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592648&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Carmen Lima 
Author-X-Name-First: M. Carmen 
Author-X-Name-Last: Lima 
Author-Name: M. Alejandro Cardenete 
Author-X-Name-First: M. Alejandro 
Author-X-Name-Last: Cardenete 
Title: The effects of European funds on a regional economy: an applied general equilibrium analysis 
Abstract:
  In this work we conduct an impact analysis of European Structural Funds
 to assess their effect on output, prices and consumers' income on the
 European region of Andalusia, in the south of Spain. For this purpose we
 present an Applied General Equilibrium Model for Andalusia (AGEM_A) and
 proceed to compare the reception of regional funds scenario to a
 hypothetical situation where this financial support has been removed. The
 AGEM_A has been numerically implemented by supplementing the statistical
 information provided by the Social Accounting Matrices for Andalusia
 corresponding to 1990, 1995 and 1999, with data included in the three
 Community Support Frameworks approved by the European Commission. 
Journal: Applied Economics Letters 
Pages: 851-855 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592630 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592630&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Augustin de Coulon 
Author-X-Name-First: Augustin 
Author-X-Name-Last: de Coulon 
Author-Name: Francois-Charles Wolff 
Author-X-Name-First: Francois-Charles 
Author-X-Name-Last: Wolff 
Title: Language proficiency of immigrants and misclassification 
Abstract:
  We study the determinants of language proficiency, reading and speaking,
 for a sample of immigrants living in France and allow for
 misclassification errors since language proficiency is based on subjective
 self-reported evaluations. Using a parametric maximum likelihood method,
 we find that the probabilities of misclassification are large.
 Misclassification is mainly due to immigrants experiencing actual language
 problems, but who do not report them. 
Journal: Applied Economics Letters 
Pages: 857-861 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850701295802 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701295802&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chien-Liang Chiu 
Author-X-Name-First: Chien-Liang 
Author-X-Name-Last: Chiu 
Author-Name: Jui-Cheng Hung 
Author-X-Name-First: Jui-Cheng 
Author-X-Name-Last: Hung 
Title: Normal and abnormal information transmissions: evidence from China's stock markets 
Abstract:
  This article investigates normal and abnormal information transmissions
 by examining diffusion volatility and jump intensity spillovers in China's
 stock markets. We analyse the impact of releasing investing restriction to
 information transmission mechanism, and also the interactions between 'A'
 and 'B' share markets of Shanghai and Shenzhen exchanges during the pre-
 and post-event periods. A CBP-GARCH model is employed in our empirical
 analysis. The empirical results exhibit the evidence of bidirectional
 normal information transmissions between 'A' and 'B' share markets of both
 exchanges. However, abnormal information transmissions are unidirectional,
 flowing from 'B' share market to 'A' share market only. Our results are
 consistent with the information transfer hypothesis (Chiu and Kwok, 1998).
 Moreover, information transmissions mechanism is affected by the removal
 of investing restriction, thus the two markets are more integrated
 gradually. 
Journal: Applied Economics Letters 
Pages: 863-870 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425444 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425444&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Parker 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Parker 
Author-Name: Eric Chiang 
Author-X-Name-First: Eric 
Author-X-Name-Last: Chiang 
Title: Addressing the revenue impact of smoking ordinances 
Abstract:
  The need for accurate assessment of the revenue impact of smoking
 ordinances is rising as more state and local governments consider their
 implementation. This article provides a concise model demonstrating the
 effect of smoking ordinances on taxable restaurant and bar revenues in the
 State of California. 
Journal: Applied Economics Letters 
Pages: 871-875 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592382 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592382&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Cansino 
Author-X-Name-First: Jose 
Author-X-Name-Last: Cansino 
Author-Name: M. Alejandro Cardenete 
Author-X-Name-First: M. Alejandro 
Author-X-Name-Last: Cardenete 
Author-Name: Rocio Roman 
Author-X-Name-First: Rocio 
Author-X-Name-Last: Roman 
Title: Regional evaluation of a tax on the retail sales of certain fuels through a social accounting matrix 
Abstract:
  The goal of this article is to calculate the cumulative impact of the tax
 on the retail sales of certain fuels (IVMH, in Spanish initials) and its
 effects on some fundamental economic variables, on the price indices and
 on remaining tax collections. The novel aspect of this work is to use as
 methodology a very simple price model applied to a regional Social
 Accounting Matrix (SAM)-instead of a input-output table-done for Andalusia
 where we introduce a new tax. The main results of this article show that
 the introduction of the IVMH in the regional economy may be provoke
 marginal variations on economy prices. There is also a global increase of
 tax collections of 0.057%. 
Journal: Applied Economics Letters 
Pages: 877-880 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600660692 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600660692&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jamie Emerson 
Author-X-Name-First: Jamie 
Author-X-Name-Last: Emerson 
Title: Cointegration analysis and the choice of lag length 
Abstract:
  This article investigates the effects of the choice of lag length on the
 estimation of long run cointegration relationships using the Johansen
 estimation procedure. This issue is of particular interest to applied
 researchers using time series data, see for example Awokuse (2005),
 Bacchiocchi et al. (2005), Gallegati (2005), Gomes and Paz (2005), Hasan
 (2005) and Pieroni and Ricciarelli (2005), among many others. An empirical
 example is used to demonstrate some of the issues that applied researchers
 face when they wish to use cointegration analysis. First, the number of
 lags to include in the model must be determined. However, different lag
 length selection criteria often lead to a different conclusion regarding
 the optimal lag order that should be used. Second, as demonstrated in this
 article, the choice of lag length can drastically affect the results of
 the cointegration analysis. 
Journal: Applied Economics Letters 
Pages: 881-885 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600689956 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689956&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Murali Adhikari 
Author-X-Name-First: Murali 
Author-X-Name-Last: Adhikari 
Author-Name: Krishna Paudel 
Author-X-Name-First: Krishna 
Author-X-Name-Last: Paudel 
Author-Name: Jack Houstan 
Author-X-Name-First: Jack 
Author-X-Name-Last: Houstan 
Author-Name: James Bukenya 
Author-X-Name-First: James 
Author-X-Name-Last: Bukenya 
Title: Dairy supply response under stochastic trend and seasonality 
Abstract:
  Developing a dairy supply model assuming deterministic trend and
 seasonality a priori could lead to model misspecification. A structural
 time series methodology was used to examine the role of stochastic trend
 and seasonality in a dairy supply response model using quarterly time
 series data. Four versions of a time-linked model of dairy supply response
 were compared. A dairy supply model with stochastic seasonality and
 deterministic trend performed the best, as evidenced by diagnostic tests,
 goodness-of-fit measures, and forecasting accuracy. Our analysis suggested
 against the classic approach of incorporating the deterministic
 seasonality component in dairy supply models. 
Journal: Applied Economics Letters 
Pages: 887-891 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600689907 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689907&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eunmi Kim 
Author-X-Name-First: Eunmi 
Author-X-Name-Last: Kim 
Author-Name: Minho Kim 
Author-X-Name-First: Minho 
Author-X-Name-Last: Kim 
Title: Determinants of US antidumping decisions: four perspectives of international trade policymaking 
Abstract:
  There are four theoretical perspectives that can be used to explain
 foreign trade policy tendencies: the international political view, the
 international economic view, the domestic statist view and the domestic
 societal view. By reflecting these four theoretical perspectives the
 determinants of US antidumping decisions are analysed. The findings
 indicate that the international political and domestic societal
 perspectives dominate the analysis. Specifically, international tension
 and the level of organization of interest group since 1980 appear to be
 highly relevant for understanding US antidumping decisions. 
Journal: Applied Economics Letters 
Pages: 893-897 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706313 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706313&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Blanca Moreno 
Author-X-Name-First: Blanca 
Author-X-Name-Last: Moreno 
Author-Name: Ana Jesus Lopez 
Author-X-Name-First: Ana Jesus 
Author-X-Name-Last: Lopez 
Title: Combining economic forecasts through information measures 
Abstract:
  The increasing number of prospective sources and methods provides a wide
 variety of forecasts for a given economic variable. Therefore, the theory
 suggests the convenience of combining the individual results to obtain a
 single aggregated prediction. The traditional methods for combining
 forecasts are based on the relative past performance of the forecasts to
 be combined. However, the number of forecasters is increasing considerably
 in the last years so it is not possible to have enough information about
 their past forecast task. This article focuses on the information theory
 as a framework to combine experts' forecasts when information is limited.
 More specifically, we use the principle of entropy maximization to obtain
 a combined forecast from Shannon's measure (1948) and we also propose its
 extension to the quadratic uncertainty measure (Perez, 1985). The
 empirical behaviour of both procedures is tested over a pool of forecasts
 referring to Spanish economic growth. 
Journal: Applied Economics Letters 
Pages: 899-903 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600689964 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689964&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seema Narayan 
Author-X-Name-First: Seema 
Author-X-Name-Last: Narayan 
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Title: Understanding asymmetries in macroeconomic aggregates: the case of Singapore 
Abstract:
  For robust policymaking and econometric modelling, it is essential to
 know whether macroeconomic aggregates contain asymmetric behaviour. The
 aim of this note is to investigate asymmetries in Singapore's
 macroeconomic aggregates using the Randles et al. (1980) Triples test. We
 examine both deepness and steepness asymmetries, and find that for
 Consumer Price Index (CPI) and unemployment rate there is evidence for
 deepness asymmetry. On the basis of this finding, we caution policymakers. 
Journal: Applied Economics Letters 
Pages: 905-908 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461563 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461563&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dierk Herzer 
Author-X-Name-First: Dierk 
Author-X-Name-Last: Herzer 
Title: How does trade composition affect productivity? Evidence for Chile 
Abstract:
  This article examines the long-run impact of capital goods imports,
 intermediate goods imports, and exports of manufactured and primary goods
 on total factor productivity in Chile. Using cointegration techniques, we
 find productivity-enhancing effects of capital and intermediate goods
 imports as well as manufactured exports, and productivity-limiting effects
 of primary exports. 
Journal: Applied Economics Letters 
Pages: 909-912 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600690012 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600690012&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitrios Vougas 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Vougas 
Title: Modification of the LM unit root test 
Abstract:
  This article proposes a modified version of the Langrange Multiplier (LM)
 test for a unit root, which is efficient and avoids arbitrary estimation
 of the levels regression intercept. If required, this intercept can be
 estimated indirectly in the second-step autoregression. In addition to
 simple-hypothesis LM unit root tests, a new F-type version of the test is
 proposed, which is based on a joint hypothesis. Parametric augmentation is
 discussed in detail, and simulated new critical values are provided. 
Journal: Applied Economics Letters 
Pages: 913-917 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600690038 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600690038&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Oliver Falck 
Author-X-Name-First: Oliver 
Author-X-Name-Last: Falck 
Title: Mayflies and long-distance runners: the effects of new business formation on industry growth 
Abstract:
  This note analyses the effects of new business formation on industry
 growth. Dynamic panel techniques are used to test two hypotheses. First,
 does hit-and-run competition secure efficiency in an industry? Second, do
 innovative startups lead to amplified innovations by diminishing the
 knowledge filter? The results illustrate how new businesses can be viewed
 as either mayflies or long-distance runners. 
Journal: Applied Economics Letters 
Pages: 919-922 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600705877 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705877&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kosei Fukuda 
Author-X-Name-First: Kosei 
Author-X-Name-Last: Fukuda 
Title: Are trend and cycle innovations uncorrelated? International evidence 
Abstract:
  The zero-correlation restriction for trend and cycle innovations is
 empirically examined using an international data set. Unlike the result
 obtained by Morley et al. (2003), a model with zero-correlation
 restriction is selected for all nine countries. Since the adequacy of
 zero-correlation restriction depends on the autoregressive (AR) order
 assumed, an information-criterion-based model-selection method is applied.
 In this method, first, possible alternative models are considered by
 changing the AR order and by including or excluding the zero-correlation
 restriction, and then the best model is selected from among them.
 Consequently, it is determined on the basis of the selected model whether
 the zero-correlation restriction should be imposed. 
Journal: Applied Economics Letters 
Pages: 923-926 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600705893 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705893&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vangelis Tzouvelekas 
Author-X-Name-First: Vangelis 
Author-X-Name-Last: Tzouvelekas 
Title: Accounting for pairwise heterogeneity in bilateral trade flows: a stochastic varying coefficient gravity model 
Abstract:
  This paper suggests an alternative way for estimating the gravity
 equation that takes into consideration country-pair heterogeneity in
 bilateral trade flows. Specifically, a stochastic varying coefficient
 gravity model based on Hildreth and Houck's (1968) random coefficient
 regression is proposed, that eliminates heterogeneity bias inherent in
 standard econometric methods. The results indicate that the standard
 gravity estimates can differ substantially from what is obtained when
 heterogeneity is accounted for. 
Journal: Applied Economics Letters 
Pages: 927-930 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600705919 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705919&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Norashidah Mohamed Nor 
Author-X-Name-First: Norashidah Mohamed 
Author-X-Name-Last: Nor 
Author-Name: Nor Ghani Md. Nor 
Author-X-Name-First: Nor Ghani Md. 
Author-X-Name-Last: Nor 
Author-Name: Ahmad Zainuddin Abdullah 
Author-X-Name-First: Ahmad Zainuddin 
Author-X-Name-Last: Abdullah 
Author-Name: Suhaila Abd. Jalil 
Author-X-Name-First: Suhaila Abd. 
Author-X-Name-Last: Jalil 
Title: Flexibility and small firms' survival: further evidence from Malaysian manufacturing 
Abstract:
  This study investigates the role played by production flexibility in
 explaining the lasting presence of small firms alongside their larger
 counterparts in the market. The production flexibility hypothesis
 postulates that the market place provides room for both large and small
 firms because large firms benefit from low minimum average costs and
 static production efficiency, while small firms, with higher minimum
 average costs, are more flexible. Unlike previous studies that used data
 from developed economies, this study tests the hypothesis using industry
 data from a developing country, Malaysia. Results show that there exist a
 negative relationship between firm size and sales variability suggesting
 that large and small firms each have their own efficiency niches. 
Journal: Applied Economics Letters 
Pages: 931-934 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706065 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706065&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bradley Ewing 
Author-X-Name-First: Bradley 
Author-X-Name-Last: Ewing 
Author-Name: Mark Thompson 
Author-X-Name-First: Mark 
Author-X-Name-Last: Thompson 
Title: Asymmetric mean reversion in corporate profits 
Abstract:
  This article applies the Enders and Granger (1998) unit root test against
 the stationary alternative with asymmetric adjustment to after-tax
 corporate profits. Both the standard Dickey-Fuller (1981) model and the
 momentum threshold autoregressive (MTAR) model reject the null hypothesis
 of a unit root; however, asymmetric mean reversion is found with the MTAR
 model. The findings are consistent with economic theories of entry and
 exit and traditional competitive macroeconomic models. 
Journal: Applied Economics Letters 
Pages: 935-938 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706271 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706271&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Murali Adhikari 
Author-X-Name-First: Murali 
Author-X-Name-Last: Adhikari 
Author-Name: Laxmi Paudel 
Author-X-Name-First: Laxmi 
Author-X-Name-Last: Paudel 
Author-Name: Krishna Paudel 
Author-X-Name-First: Krishna 
Author-X-Name-Last: Paudel 
Author-Name: Jack Houston 
Author-X-Name-First: Jack 
Author-X-Name-Last: Houston 
Author-Name: James Bukenya 
Author-X-Name-First: James 
Author-X-Name-Last: Bukenya 
Title: Impact of low carbohydrate information on vegetable demands in the United States 
Abstract:
  An almost ideal demand system was estimated to examine the impacts of low
 carbohydrate information on the demand of vegetables in the United States.
 Analysis was extended to examine the performance of alternative
 carbohydrate information indices. Results show significant impacts of low
 carbohydrate information across all included vegetables. Results indicated
 the superiority of the general and weighted carbohydrate information index
 specifications. 
Journal: Applied Economics Letters 
Pages: 939-944 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600689972 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689972&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nuttawat Visaltanachoti 
Author-X-Name-First: Nuttawat 
Author-X-Name-Last: Visaltanachoti 
Author-Name: Hang Luo 
Author-X-Name-First: Hang 
Author-X-Name-Last: Luo 
Author-Name: Dongqiang Wang 
Author-X-Name-First: Dongqiang 
Author-X-Name-Last: Wang 
Title: Performance of market order execution strategy: the Australian evidence 
Abstract:
  This study examines the performance of market order execution strategy in
 a pure limit order driven environment based on three bid-ask spread
 forecasting models. While a naive spread forecasting model based on
 previous day's spread and average 10 trading days' spread could deliver a
 cost saving of 3.94% and 14.87%, this benefit increases to 22.14% for a
 seasonal autoregressive moving average spread forecasting model. The
 empirical results are evident that the intraday spread forecasting
 benefits follow a downward-sloping pattern. 
Journal: Applied Economics Letters 
Pages: 945-949 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600705927 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705927&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Foley 
Author-X-Name-First: Mark 
Author-X-Name-Last: Foley 
Author-Name: Fred Smith 
Author-X-Name-First: Fred 
Author-X-Name-Last: Smith 
Title: Consumer discrimination in professional sports: new evidence from major league baseball 
Abstract:
  Previous research in sports economics has looked for the presence of
 consumer discrimination among sports fans of professional teams and it has
 produced mixed results. Scully (1974a, b) found evidence to suggest that
 fans of Major League Baseball (MLB) clubs did engage in consumer
 discrimination in the 1970s, but more recent work by Sommers and Quinton
 (1982) found no such evidence. In this article, we present evidence that
 suggests that consumer discrimination persisted in MLB into the early
 1990s. Specifically, our empirical work suggests that consumers in Boston,
 Cleveland, Houston, San Diego and Saint Louis chose to attend fewer
 baseball games-ceteris paribus-when the home team in these cities added
 Hispanic players to the roster. 
Journal: Applied Economics Letters 
Pages: 951-955 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600705935 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705935&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saralees Nadarajah 
Author-X-Name-First: Saralees 
Author-X-Name-Last: Nadarajah 
Author-Name: Samuel Kotz 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Kotz 
Title: A skewed truncated Cauchy distribution with applications in economics 
Abstract:
  Skewed symmetric distributions have attracted a great deal of attention
 in the last few years. One of them, the skewed Cauchy distribution suffers
 from limited applicability because of the lack of finite moments. This
 article proposes an alternative to the skewed Cauchy distribution, which
 we refer to as skewed truncated Cauchy distribution. It is defined by the
 pdf f(x) = 2g(x)G(&#x3b3;x), where g(&#xb7;) and G(&#xb7;) are taken,
 respectively, to be the pdf and the cdf of a truncated Cauchy
 distribution. This distribution possesses finite moments of all orders and
 could therefore be a better model for certain practical situations. One
 such situation in economics is discussed. This article also derives
 various properties of this distribution, including its moments. 
Journal: Applied Economics Letters 
Pages: 957-961 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600705950 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705950&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carluccio Bianchi 
Author-X-Name-First: Carluccio 
Author-X-Name-Last: Bianchi 
Author-Name: Mario Menegatti 
Author-X-Name-First: Mario 
Author-X-Name-Last: Menegatti 
Title: On the potential pitfalls in estimating &#x3b2;-convergence by means of pooled and panel data 
Abstract:
  We show that the use of pooled and panel data in estimating
 &#x3b2;-convergence across countries (or other territorial areas) may
 involve some pitfalls, since these techniques cannot properly distinguish
 between actual convergence and the possibility of decreasing growth rates
 over time within each country (or territorial unit). We also show how the
 possible bias in the estimates can be eliminated. 
Journal: Applied Economics Letters 
Pages: 963-967 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600705968 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705968&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Masahiro Ashiya 
Author-X-Name-First: Masahiro 
Author-X-Name-Last: Ashiya 
Title: Consensus and accuracy of Japanese GDP forecasts 
Abstract:
  This article investigates the real gross domestic product forecasts of
 Japanese institutional forecasters for 25 years. It finds that a consensus
 forecast does not exist in 9/8 years for the current-year/year-ahead
 forecasts. The variance of the forecast distribution is positively
 correlated with the absolute forecast error of its mean forecast, but the
 correlation is significant for the current-year forecasts only. The
 economy tends to hit the peak or the bottom when forecast dispersion is
 large, but nonparametric analysis shows that the correlation is
 statistically insignificant. 
Journal: Applied Economics Letters 
Pages: 969-974 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600705976 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705976&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takanori Ida 
Author-X-Name-First: Takanori 
Author-X-Name-Last: Ida 
Author-Name: Eiichi Ito 
Author-X-Name-First: Eiichi 
Author-X-Name-Last: Ito 
Author-Name: Shin Kinoshita 
Author-X-Name-First: Shin 
Author-X-Name-Last: Kinoshita 
Title: Post-regulatory reform productivity gains in Japan's electricity industry 
Abstract:
  Following two periods of regulatory reforms in 1996 and in 2000, there
 has been rapid progress in restructuring Japan's electricity industry. The
 purpose of this study is to analyse the effect of the regulatory reforms
 on the technical efficiencies of electric power companies. Our findings
 show that first-period reforms implemented in 1996-1999 were able to
 decrease costs by 7.5%, while second-period reforms, during the period of
 2000 to 2002, effectively cut costs by 11.8% with respect to the base
 costs before regulatory reforms. 
Journal: Applied Economics Letters 
Pages: 975-979 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706008 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706008&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alexandre Olbrecht 
Author-X-Name-First: Alexandre 
Author-X-Name-Last: Olbrecht 
Title: The economic return to college attendance for major league baseball players 
Abstract:
  Using recently collected Major League Baseball free agent data, this
 study identifies a contract value premium for nonpitchers who attended
 college. Simultaneous equations and the more traditional earnings
 regressions are used to report results which support the implications of
 the human capital model and the schooling-earnings theory. The results
 also suggest that the labour market for baseball players may not be purely
 talent driven and that choosing college may slow down a player's accession
 to the majors. 
Journal: Applied Economics Letters 
Pages: 981-985 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706016 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706016&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rafael Romero-Meza 
Author-X-Name-First: Rafael 
Author-X-Name-Last: Romero-Meza 
Author-Name: Claudio Bonilla 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Bonilla 
Author-Name: Melvin Hinich 
Author-X-Name-First: Melvin 
Author-X-Name-Last: Hinich 
Title: Nonlinear event detection in the Chilean stock market 
Abstract:
  This study searches for economic and political events that may explain
 the episodic nonlinearities detected in the returns series of the Chilean
 stock market index. This methodology is a reverse form of event study.
 After applying the Hinich portmanteau bicorrelation test to detect
 episodes of nonlinear behaviour of the index, we investigate what might be
 the explanation of this behaviour. Our findings may help to explain the
 difficulty to forecast asset returns. We also shed some light into the
 major political and economic events that contribute to the numerous short
 bursts of nonlinear dependence in the Chilean stock market. 
Journal: Applied Economics Letters 
Pages: 987-991 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706024 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706024&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lee Chin 
Author-X-Name-First: Lee 
Author-X-Name-Last: Chin 
Author-Name: M. Azali 
Author-X-Name-First: M. 
Author-X-Name-Last: Azali 
Author-Name: Zulkornain Yusop 
Author-X-Name-First: Zulkornain 
Author-X-Name-Last: Yusop 
Author-Name: Mohammed Yusoff 
Author-X-Name-First: Mohammed 
Author-X-Name-Last: Yusoff 
Title: The monetary model of exchange rate: evidence from The Philippines 
Abstract:
  This note examines the empirical validity of the monetary model of
 exchange rate determination for The Philippines via cointegration and
 vector error-correction model. It is found that the monetary model is a
 valid framework for the long-run exchange rate between Philippines peso-US
 Dollar exchange rate. However, the typical linear restrictions of
 flexible-price monetary model and proportionality between the exchange
 rate and relative money are rejected. 
Journal: Applied Economics Letters 
Pages: 993-997 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tai-Hsin Huang 
Author-X-Name-First: Tai-Hsin 
Author-X-Name-Last: Huang 
Author-Name: Mei-Hui Wang 
Author-X-Name-First: Mei-Hui 
Author-X-Name-Last: Wang 
Title: A test for the export-led growth hypothesis in possibly integrated vector autoregressions 
Abstract:
  This article re-examines the direction of causation between exports and
 output by testing for Granger noncausality under the framework of
 four-variable vector autoregression. Both the methodologies developed in
 Toda and Phillips (1993, 1994) and Toda and Yamamoto (1995) are applied. A
 country is recommended to enforce export promotion policies as its
 appropriate development strategy, if its manufacturing sector takes up a
 relatively large share. 
Journal: Applied Economics Letters 
Pages: 999-1003 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706073 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706073&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shawn Ulrick 
Author-X-Name-First: Shawn 
Author-X-Name-Last: Ulrick 
Title: Measuring the returns to education nonparametrically 
Abstract:
  This article uses a nonparametric model of earnings to measure the
 returns to education. Under very general smoothness conditions, a
 nonparametric estimator reveals the true shape of the earnings profiles up
 to random sampling error. Thus, the nonparametric model should provide
 better predictions than its parametric counterpart. We find that the
 nonparametric model predicts very different estimated returns than
 standard Mincer formulations. Depending on the experience and education
 level, returns measured in log earnings estimated from nonparametric model
 can be nearly twice those obtained from the Mincer model. Finally, this
 article examines what structural features parametric models should
 include. 
Journal: Applied Economics Letters 
Pages: 1005-1011 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706198 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706198&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fabien Rondeau 
Author-X-Name-First: Fabien 
Author-X-Name-Last: Rondeau 
Title: Pattern of trade and European economic integration 
Abstract:
  In this article, the degree of integration between European countries is
 linked to the evolution of the pattern of trade. Evolution of the long-run
 sensitivity between European outputs is estimated by recursive
 Fully-Modified Ordinary Least Squares (FM-OLS) and compared to a recursive
 index of intra-industry trade. Significant correlations are found between
 integration and intra-industry trade share: positive for most countries
 but negative for others. The explanatory variable seems to be the initial
 intra-industry trade share. 
Journal: Applied Economics Letters 
Pages: 1013-1018 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706578 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706578&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shosh Shahrabani 
Author-X-Name-First: Shosh 
Author-X-Name-Last: Shahrabani 
Title: Sources of gender wage gap in different economic sectors: the Israeli case 
Abstract:
  The purpose of the article is to examine the importance of personal
 characteristics vs. the importance of human capital returns in explaining
 the existing gender wage gap in different economic sectors in Israel.
 Using simulations on Israeli census data for 1983 and 1995, the analysis
 predicts women's wages in two cases. The first case predicts a woman's
 wages if she had the same personal characteristics as a man, and the
 second case predicts a woman's wages if she had the same human capital
 returns. By comparing the two predicted gender wage gaps to the existing
 gender wage gap, we can learn about the dominant explanation for the
 existing gender wage gap. The results show that the gender wage gap in all
 economic sectors stems mainly from differences in gender returns rather
 than differences in gender characteristics. Moreover, in the products
 sector and the low-services sector, the gender wage gap would have been
 larger if women had the same characteristics as men. 
Journal: Applied Economics Letters 
Pages: 1019-1022 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706602 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706602&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roy Howsen 
Author-X-Name-First: Roy 
Author-X-Name-Last: Howsen 
Author-Name: Michelle Trawick 
Author-X-Name-First: Michelle 
Author-X-Name-Last: Trawick 
Title: Teachers, race and student achievement revisited 
Abstract:
  Within the education literature, a controversy exists with respect to the
 issue of matching student and teacher race in an effort to improve student
 performance. Ehrenberg et al. (1995) finds very little support for this
 issue, while more recently Dee (2004) finds that there are significant
 educational gains when students are assigned to an own-race teacher. Dee's
 result is found after confirming that there was no association between
 assignment of an own-race teacher and student characteristics, i.e.,
 sorting of students did not transpire. We extend Dee's work by including
 the effects of student innate ability and teacher gender on student
 achievement. Our findings indicate that once these two variables are taken
 into consideration, sorting of students does transpire, and matching
 students and teachers of similar race has no statistically significant
 affect on student achievement. 
Journal: Applied Economics Letters 
Pages: 1023-1027 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706453 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706453&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Sim 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Sim 
Title: Are married women's jobs career or secondary source of household income? Evidence from a simultaneous probit approach 
Abstract:
  This article examines whether married women in the US treat their jobs as
 careers or as secondary source of household income. A simultaneous probit
 model is applied to cross-section data obtained from the Panel Study of
 Income Dynamics. I show that married women are more likely to work when
 the household is less financially constrained, suggesting that their jobs
 appear more like careers. 
Journal: Applied Economics Letters 
Pages: 1029-1033 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706255 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706255&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Howard Margolis 
Author-X-Name-First: Howard 
Author-X-Name-Last: Margolis 
Title: Are economists human? 
Abstract:
  A controversy among economists and others interested in the limits of
 rational choice analysis, still running after an onset at least two
 decades ago, concerns whether intelligent people and especially experts,
 can be subject to cognitive illusions. This note provides a striking
 illustration supporting that disconcerting conjecture. It analyses the
 apparent inability of professional economists to give a better than chance
 response to a very elementary question about consumer surplus. 
Journal: Applied Economics Letters 
Pages: 1035-1037 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706529 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706529&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Carneiro 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Carneiro 
Title: The oil cycle and the tax-spend hypothesis: the case of Angola 
Abstract:
  The intertemporal relationship between oil revenues, real government
 spending and real output over the oil cycle is investigated for the case
 of Angola, the second largest oil producer in Sub-Saharan Africa. The
 results of a trivariate VAR, impulse response functions and variance
 decomposition analysis provide empirical support for the tax-spend
 hypothesis. In addition, the Angolan economy is found victim of the
 resource curse, as real output does not respond to aggregate demand shocks
 such as changes in real government spending. The policy implications for
 Angola are 2-fold. First, to alleviate the constraints associated with the
 resource curse, Angola needs to find ways to diversify its economy.
 Second, given the direction of causality found between government
 expenditures and oil revenues, in order to avoid fiscal disequilibria,
 efficient management of oil revenues is as important as controlling public
 spending. 
Journal: Applied Economics Letters 
Pages: 1039-1045 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706594 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706594&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Davide Castellani 
Author-X-Name-First: Davide 
Author-X-Name-Last: Castellani 
Author-Name: Antonello Zanfei 
Author-X-Name-First: Antonello 
Author-X-Name-Last: Zanfei 
Title: Multinational companies and productivity spillovers: is there a specification error? 
Abstract:
  Recent empirical works on the within-sector impact of inward investments
 on domestic firms' productivity have found rather robust evidence of no
 (or even negative) effects. We suggest that, among other reasons, a
 specification error might explain some of these results. A more general
 specification, which includes the usual one as a special case, is
 proposed. Using data on Italian manufacturing firms in 1992-2000, we find
 positive externalities only once we allow for the more flexible
 specification. 
Journal: Applied Economics Letters 
Pages: 1047-1051 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706503 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706503&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Evrim Imer 
Author-X-Name-First: Evrim 
Author-X-Name-Last: Imer 
Title: Contagion and surprises of the stock market returns 
Abstract:
  This article provides an empirical analysis for the existence and
 direction of Granger causality between Turkey and Russian Federation by
 using structural breaks of seven developing stock market returns as a
 measure of contagion. Empirical results also reveal that there is an
 increase in the number of causalities in turmoil periods. 
Journal: Applied Economics Letters 
Pages: 1053-1058 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706347 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706347&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Will Carrington Heath 
Author-X-Name-First: Will Carrington 
Author-X-Name-Last: Heath 
Author-Name: Sarah Skinner 
Author-X-Name-First: Sarah 
Author-X-Name-Last: Skinner 
Author-Name: John Keith Watson 
Author-X-Name-First: John Keith 
Author-X-Name-Last: Watson 
Title: An international assessment of the relative contribution of economic freedom and mathematical test scores to labour productivity 
Abstract:
Journal: Applied Economics Letters 
Pages: 1059-1063 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706461 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706461&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Boriss Siliverstovs 
Author-X-Name-First: Boriss 
Author-X-Name-Last: Siliverstovs 
Author-Name: Dieter Schumacher 
Author-X-Name-First: Dieter 
Author-X-Name-Last: Schumacher 
Title: Using the gravity equation to differentiate among alternative theories of trade: another look 
Abstract:
  This study compares two alternative approaches-the traditional ordinary
 least square (OLS) and the Poisson Quasi Maximum Likelihood (PQML)
 procedures-to estimation of the home market effects for the heterogeneous,
 the reference priced and the homogeneous goods in the gravity model
 derived in Feenstra et al. (2001). Despite our findings that the PQML
 estimation results oftentimes (significantly) differ from those obtained
 by the OLS procedure, both estimation procedures largely lead to the
 qualitatively similar conclusions on the existence of the home market
 effect for the different types of goods with several exceptions. 
Journal: Applied Economics Letters 
Pages: 1065-1073 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706446 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706446&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chin-Chen Chien 
Author-X-Name-First: Chin-Chen 
Author-X-Name-Last: Chien 
Author-Name: Tsung-Cheng Chen 
Author-X-Name-First: Tsung-Cheng 
Author-X-Name-Last: Chen 
Title: The impact of Lunar New Year on the January anomaly in Taiwan's stock market 
Abstract:
  This study empirically investigates the impact of Lunar New Year on the
 January anomaly in Taiwan's stock market. The Lunar New Year is the most
 significant festival for ethnic Chinese around the world, wherever they
 come from. It is a very jubilant occasion mainly because it is the time
 when people take a break from work to get together with family and
 friends. We hypothesize that the withdrawal of capital from the stock
 market to meet financial needs during this festival would compromise the
 anomaly when the Lunar New Year is in January. Empirical results support
 our hypothesis that the anomaly exists only when the Lunar New Year is in
 February. 
Journal: Applied Economics Letters 
Pages: 1075-1077 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706263 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706263&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: Estimation of household tap water demand function with correction for sample selection bias 
Abstract:
  This article attempts to estimate household tap water demand function
 using the data from a survey conducted on households in the Korean
 metropolitan cities by employing a sample selection model. The results
 show that there exists sample selection bias in the sample and that
 failure to correct for sample selection bias distorts the mean estimate of
 water demand upward by 13.8%. 
Journal: Applied Economics Letters 
Pages: 1079-1082 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706487 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706487&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roman Horvath 
Author-X-Name-First: Roman 
Author-X-Name-Last: Horvath 
Title: Ready for Euro? Evidence on EU new member states 
Abstract:
  This article estimates optimum currency area (OCA) index for the EU New
 Member States (NMSs). We find that, as compared to the current Euro area
 countries, the NMSs meet OCA conditions largely and in this respect, are
 likely good candidates for Euro adoption. 
Journal: Applied Economics Letters 
Pages: 1083-1086 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706206 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706206&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu-Ter Wang 
Author-X-Name-First: Yu-Ter 
Author-X-Name-Last: Wang 
Title: The number of firms, international product differentiation and an import tariff 
Abstract:
  By using an n-firm Cournot model, this article examines the relationships
 among the number of domestic and foreign firms, the product
 differentiation between the domestic and foreign firms and an import
 tariff. It is shown that the relative number of domestic and foreign firms
 as well as the degree of product differentiation between the domestic and
 foreign firms indeed affects the level of the tariff on imports.
 Furthermore, whether or not an increase in product differentiation between
 the domestic and foreign firms reduces the level of the import tariff is
 dependent on the relative number of domestic and foreign firms. 
Journal: Applied Economics Letters 
Pages: 1087-1089 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706511 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706511&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Liam Delaney 
Author-X-Name-First: Liam 
Author-X-Name-Last: Delaney 
Author-Name: Francis O'Toole 
Author-X-Name-First: Francis 
Author-X-Name-Last: O'Toole 
Title: Decomposing demand for public expenditure in Ireland 
Abstract:
  This article, via the analysis of stated preferences from a nationwide
 representative survey of 1149 adults, examines the determinants of
 preferences for overall government expenditure and estimates a Seemingly
 Unrelated Regression model of demand for the three major categories of
 public expenditures in Ireland, namely, social welfare, education and
 health. Those on higher incomes are less in favour of government
 expenditure overall. However and consistent with the available evidence on
 the utilization and financing of the three main categories of government
 expenditures, decomposing the preferences demonstrates that those on
 higher incomes are particularly less in favour of social welfare
 expenditure but more in favour of spending on health and education. 
Journal: Applied Economics Letters 
Pages: 1091-1095 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600567632 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600567632&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Author-Name: W. Charles Sawyer 
Author-X-Name-First: W. Charles 
Author-X-Name-Last: Sawyer 
Title: US Treasury primacy in monetary policy signalling: a public choice perspective 
Abstract:
  This note reviews the signalling models presented in the monetary
 economics literature, and offers a supplementary interpretation regarding
 the observed US Treasury primacy in signalling. It is argued here that the
 legal authority given to the US Treasury, under the Gold Reserve Act of
 1934, for managing the exchange value of the dollar in international
 markets provides an avenue for the Treasury, and thus the Administration
 (i.e., the Executive Branch), to use foreign exchange intervention policy
 to reduce the credibility of the Federal Reserve's monetary policy. This
 legal relationship is likely the source of much tension between the two
 institutions, especially during periods for which the Administration and
 the Federal Reserve are at odds regarding the proper direction for
 monetary policy. Given that the Federal Reserve is aware of this implicit
 power of the Treasury, it should not be surprising that monetary policy
 signals from that quarter have been found to have a dominant influence on
 monetary policy. 
Journal: Applied Economics Letters 
Pages: 1097-1102 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850601043229 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601043229&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vincent Wing-Shing Lam 
Author-X-Name-First: Vincent Wing-Shing 
Author-X-Name-Last: Lam 
Author-Name: Terence Tai-Leung Chong 
Author-X-Name-First: Terence Tai-Leung 
Author-X-Name-Last: Chong 
Author-Name: Wing-Keung Wong 
Author-X-Name-First: Wing-Keung 
Author-X-Name-Last: Wong 
Title: Profitability of intraday and interday momentum strategies 
Abstract:
  In this article, we examine whether a day's surge or plummet in stock
 price serve as a market entry or exit signal. Returns of five trading
 rules based on 1-day and intraday momentum are estimated for major world
 stock indices. It is found that the trading rules perform well in the
 Asian indices but not in those of Europe and the United States. 
Journal: Applied Economics Letters 
Pages: 1103-1108 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600606067 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606067&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Massimo Filippini 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Filippini 
Author-Name: Cornelia Luchsinger 
Author-X-Name-First: Cornelia 
Author-X-Name-Last: Luchsinger 
Title: Economies of scale in the Swiss hydropower sector 
Abstract:
  The study considers the estimation of a translog cost function employing
 panel data for a sample of 43 Swiss hydropower companies, over the period
 of 1995 to 2002. The results of this analysis indicate the existence of
 economies of scale and density for most output levels. The basic novelty
 in this study is the estimation of a cost function for a sample of
 hydropower companies. In the economic literature, no study on the cost
 structure of the hydropower plants using an econometric approach has been
 published so far. 
Journal: Applied Economics Letters 
Pages: 1109-1113 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500438728 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500438728&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdulnasser Hatemi-J 
Author-X-Name-First: Abdulnasser 
Author-X-Name-Last: Hatemi-J 
Author-Name: R. Scott Hacker 
Author-X-Name-First: R. Scott 
Author-X-Name-Last: Hacker 
Title: Capital mobility in Sweden: a time-varying parameter approach 
Abstract:
  This article investigates the degree of capital mobility in Sweden during
 1993 to 2004 using quarterly data. A time varying parameter model is
 estimated by the Kalman filter, and it shows that the relationship between
 investment as share in gross domestic product (GDP) and saving as share in
 GDP is much less than one (within the interval of 0.25-0.35), indicating
 substantial capital mobility. However, since the coefficient in each
 period is statistically different from zero, capital is still not
 perfectly mobile. Nevertheless, capital mobility seems to have increased
 until 1995 when Sweden became a member of EU and after membership there
 seems to be no significant increase in capital mobility. 
Journal: Applied Economics Letters 
Pages: 1115-1118 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600606018 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606018&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Arranz 
Author-X-Name-First: Jose 
Author-X-Name-Last: Arranz 
Author-Name: Juan Muro 
Author-X-Name-First: Juan 
Author-X-Name-Last: Muro 
Title: Duration data models, unemployment benefits and bias 
Abstract:
  Traditional approaches to measurement conditional probabilities of
 leaving welfare do not deal with unemployment benefits data in a proper
 way leading thus to biased estimates of unemployment-employment transition
 probabilities. In fact, these approaches overestimate hazard rates and
 hence underestimate the expected welfare duration. 
Journal: Applied Economics Letters 
Pages: 1119-1122 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600606000 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606000&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Camilo Sarmiento 
Author-X-Name-First: Camilo 
Author-X-Name-Last: Sarmiento 
Title: The impact of flood hazards on local employment 
Abstract:
  In a spatial model of aggregate municipal employment, this article shows
 statistically that floods disrupt employment in municipalities. Flood
 events decrease local employment on average by 3.4%. Employment levels,
 however, recover after one year. 
Journal: Applied Economics Letters 
Pages: 1123-1126 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600606026 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606026&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hui Chen Chiang 
Author-X-Name-First: Hui Chen 
Author-X-Name-Last: Chiang 
Title: Optimal prepayment behaviour 
Abstract:
  Commercial loan borrowers meet random cash needs via multi-period loans
 from the bank, but fluctuations in interest rates may justify paying off
 some outstanding loans before they mature. The objective is to minimize
 the expected present value of the interest and prepayment penalties paid
 to the bank subject to a liquidity constraint. From Chiang (2005), it is
 shown that a firm should not inventory cash if contingent opportunities
 are ignored. By extending her article, it is also found that if a borrower
 is not risk neutral, a more risk-averse borrower prepays a larger amount. 
Journal: Applied Economics Letters 
Pages: 1127-1129 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600606034 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606034&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ned Corron 
Author-X-Name-First: Ned 
Author-X-Name-Last: Corron 
Author-Name: Xue-Zhong He 
Author-X-Name-First: Xue-Zhong 
Author-X-Name-Last: He 
Author-Name: Frank Westerhoff 
Author-X-Name-First: Frank 
Author-X-Name-Last: Westerhoff 
Title: Butter mountains, milk lakes and optimal price limiters 
Abstract:
  It is known that simple price limiters may have unexpected consequences
 in irregular commodity price fluctuations between bull and bear markets
 and complicated impacts on the size of buffer stocks. In particular,
 imposing a lower price boundary may lead to a huge buffer stock, e.g. to a
 'butter mountain' or a 'milk lake' and this is a real problem for
 regulators since storage costs may become impossible to finance over time.
 The relation between price limiters and the size of buffer stocks is
 nontrivial and there may exist some optimal price limiters which require
 only weak market interventions and thus provide a rather inexpensive
 option to regulate commodity markets. In this article, we use a simple
 commodity market model to explore the relation between price limiters and
 the average growth rate of the buffer stocks. It is found that these
 optimal price limiter levels are simply the minimum values of unstable
 periodic orbits of the underlying deterministic system. 
Journal: Applied Economics Letters 
Pages: 1131-1136 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600606059 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606059&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sacit Hadi Akdede 
Author-X-Name-First: Sacit Hadi 
Author-X-Name-Last: Akdede 
Author-Name: Ayla Ogus 
Author-X-Name-First: Ayla 
Author-X-Name-Last: Ogus 
Title: Increasing returns to information and survival of Istanbul public theatre plays 
Abstract:
  In this article, we analyse the size and rank relationship for two
 administratively different public theatres, city and state, in Istanbul
 along with survival probabilities. We find returns to information for
 Istanbul public theatre plays. We present a comparison of our findings
 with related literature on Turkish state plays and Broadway shows. We find
 that the number of performances exhibits a lot less variation in
 centralized systems. Duration analysis reveals that run length of state
 theatres is larger than city theatres. This is an indication of greater
 accountability of city theatres as compared to state theatres. 
Journal: Applied Economics Letters 
Pages: 1137-1140 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600606083 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606083&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kazuhiko Hayakawa 
Author-X-Name-First: Kazuhiko 
Author-X-Name-Last: Hayakawa 
Title: Consistent OLS estimation of AR(1) dynamic panel data models with short time series 
Abstract:
  In this article, we examine the usefulness of the bias-corrected
 first-difference (BCFD) estimator by Chowdhury (1987) from two angles:
 inference and testing. First, we compare the BCFD estimator with Bun and
 Carree's (2005) estimator and the GMM estimator in terms of accuracy of
 inference. Second, we propose to use the Hausman test based on these three
 estimators to test the null of no individual effects. Simulation results
 show that the BCFD estimator and the Hausman test based on the BCFD
 estimator perform better than the other two estimators. 
Journal: Applied Economics Letters 
Pages: 1141-1145 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600606109 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606109&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jong-Eun Lee 
Author-X-Name-First: Jong-Eun 
Author-X-Name-Last: Lee 
Title: Growth by trade-induced adjustments 
Abstract:
  This article measures the impact of trade adjustment on the growth in the
 Korean economy. Using principal components trade adjustments are found to
 significantly explain the rate of growth over the period of 1989-2004. We
 also focused on the case of bilateral trade with China. 
Journal: Applied Economics Letters 
Pages: 1147-1150 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600606117 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606117&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. J. Khadaroo 
Author-X-Name-First: A. J. 
Author-X-Name-Last: Khadaroo 
Author-Name: B. Seetanah 
Author-X-Name-First: B. 
Author-X-Name-Last: Seetanah 
Title: Assessing the contribution of land, sea and air transport capital to the economic performance of the small island state of Mauritius 
Abstract:
  Research on the contribution of transport capital to economic growth has
 so far focused on the concept of 'overall' transport capital. The present
 article innovates by modelling explicitly the contribution of
 'disaggregated' transport capital in the form of road, port and airport
 capital to economic performance. A uniquely constructed time series data
 set dating back to the year 1950 for the small island state of Mauritius
 is investigated within a dynamic framework which allows for feedback
 effects. Essentially, road capital and port capital are found to have a
 more important contribution to Mauritian economic growth than airport
 capital. 
Journal: Applied Economics Letters 
Pages: 1151-1155 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600639852 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600639852&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sunil Sapra 
Author-X-Name-First: Sunil 
Author-X-Name-Last: Sapra 
Title: Robust nonnested hypothesis testing 
Abstract:
  This article presents robust J and encompassing tests for testing
 nonnested hypotheses in the presence of outliers in the data. The proposed
 tests are based on least absolute deviations (LAD) and M-estimators unlike
 the conventional J and encompassing tests, which are based on least
 squares or maximum likelihood estimators. These tests can lead to more
 reliable inference in the presence of outliers than tests based on
 nonrobust estimators. The tests are illustrated with applications to two
 economic data sets and an artificially generated data set and compared
 with their nonrobust counterparts. 
Journal: Applied Economics Letters 
Pages: 1-4 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600605994 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600605994&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Linda Yueh 
Author-X-Name-First: Linda 
Author-X-Name-Last: Yueh 
Title: Do social networks increase labour supply elasticity? 
Abstract:
  Using an original data set including measures of social networks of
 migrants in China, we find that social networks increase the elasticities
 of labour supplies for migrant workers. The effects differ for men and
 women and can help explain part of the importance of developing social
 networks to improve labour market outcomes. 
Journal: Applied Economics Letters 
Pages: 5-10 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600690020 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600690020&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiaolin Xing 
Author-X-Name-First: Xiaolin 
Author-X-Name-Last: Xing 
Title: Does price converge on the internet? Evidence from the online DVD market 
Abstract:
  We compare pricing behaviours and market dynamics between online branches
 of traditional retailers and pure Internet retailers. Our results suggest
 that the two types of retailers not only will charge similar average
 prices in the long run, but also will have similar price dispersions. But
 we find no evidence of price convergence in the market. Brand names make
 significant differences in both price levels and price dispersions. 
Journal: Applied Economics Letters 
Pages: 11-14 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600606042 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606042&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Boris Lokshin 
Author-X-Name-First: Boris 
Author-X-Name-Last: Lokshin 
Title: A Monte Carlo comparison of alternative estimators for dynamic panel data models 
Abstract:
  This article compares the performance of three recently proposed
 estimators for dynamic panel data models (LSDV bias-corrected, MLE and
 MDE) along with GMM. Using Monte Carlo, we find that MLE and
 bias-corrected estimators have the smallest bias and are good alternatives
 for the GMM. System-GMM outperforms the rest in 'difficult' designs.
 Unfortunately, bias-corrected estimator is not reliable in these designs
 which may limit its applicability. 
Journal: Applied Economics Letters 
Pages: 15-18 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706545 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706545&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Ashraf 
Author-X-Name-First: Mohammad 
Author-X-Name-Last: Ashraf 
Title: War and regional economic growth: winners and losers 
Abstract:
  Using an AK-type model this article argues that joining the Armed Forces
 may have two opposing effects on the growth rates of economically
 depressed areas depending upon whether the country goes to war or not. On
 the one hand when individuals from relatively economically depressed areas
 join the Armed Forces, they gain access to education and build human
 capital which may translate into economic growth. On the other hand,
 however, if the country goes to war, these regions may end up losing their
 labour force, leading to a decline in the growth rate. We also argue that
 regions providing equipment may experience increased income and employment
 levels. 
Journal: Applied Economics Letters 
Pages: 19-22 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706586 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706586&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eiji Okano 
Author-X-Name-First: Eiji 
Author-X-Name-Last: Okano 
Title: Has inflation targeting improved social welfare in practice? 
Abstract:
  This article verifies empirically the proposition that inflation
 targeting can improve social welfare. To analyse this, we construct a
 cashless small open-economy model conforming to the New Keynesian
 Open-Economy Macroeconomics and use data in the United Kingdom. We
 estimate the feedback rule, before estimating the deep parameters using
 GMM. Using the estimated structural model and identified shock processes,
 we simulate the imaginary paths of the nominal interest rate, producer
 price index inflation rate and output if the central bank has not adopted
 an inflation targeting policy. This simulation shows that the variances of
 output and the inflation rate under a noninflation targeting regime are
 larger than those under the actual inflation targeting regime. We also
 calculate social loss, as defined by the second-order approximated utility
 function under each regime. The results indicate that social loss brought
 about by an inflation targeting regime is less than that associated with a
 noninflation targeting regime. 
Journal: Applied Economics Letters 
Pages: 23-26 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706644 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706644&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Finite-sample power properties of threshold cointegration tests 
Abstract:
  The empirical powers of recently proposed threshold cointegration tests
 are examined. Using an empirically realistic data generation process two
 crucial results are derived. First, relative to the implicitly symmetric
 Engle-Granger test, threshold cointegration tests lack power even in the
 presence of substantial asymmetry. Second, the use of consistent-threshold
 estimation to endogenise or optimize threshold selection is found to
 reduce the power of both threshold autoregressive and momentum threshold
 autoregressive cointegration tests. The implications of these findings are
 noted in light of the increased use of threshold cointegration tests in
 recent empirical research in economics and finance. 
Journal: Applied Economics Letters 
Pages: 27-30 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706354 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706354&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thorsten Egelkraut 
Author-X-Name-First: Thorsten 
Author-X-Name-Last: Egelkraut 
Author-Name: Philip Garcia 
Author-X-Name-First: Philip 
Author-X-Name-Last: Garcia 
Title: Predicting S&P 500 volatility for intermediate time horizons using implied forward volatility 
Abstract:
  This paper finds that the implied forward volatility of S&P 500 futures
 options contains significant explanatory power regarding sunsequent
 realized volatility during intermediate future time intervals. It provides
 rational, unbiased, and informationally efficient predictions and
 dominates all alternative volatility forecasts considered. 
Journal: Applied Economics Letters 
Pages: 31-34 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600689915 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689915&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: Impacts of the exchange rate and the foreign interest rate on the Argentine money demand function 
Abstract:
  This article finds that the demand for real M1 in Argentina has a
 positive relationship with real income and peso depreciation and a
 negative relationship with the domestic deposit rate, the foreign interest
 rate, and the expected inflation rate. Real stock prices do not affect the
 demand for real M1. The nonlinearity test shows that the double-log form
 cannot be rejected at the 1% level while the linear form can be rejected
 at the 1% level. The CUSUMSQ test shows that the money demand function is
 relatively stable. 
Journal: Applied Economics Letters 
Pages: 35-39 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706685 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706685&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Virginia Sanchez Marcos 
Author-X-Name-First: Virginia Sanchez 
Author-X-Name-Last: Marcos 
Title: What accounts for the increase in college attainment of women? 
Abstract:
  The objective of this article is to explain the reduction in the US sex
 college attainment ratio (SCAR) from 1.57 to 1.19. over the last decades.
 We use a model where altruistic parents make decisions on daughters and
 sons' education taking into account the effect of education on earnings,
 marriage opportunities, fertility and home production. The main finding is
 that observed changes in earnings and fertility explain part of the
 decrease in the SCAR, while observed changes in marital status and marital
 sorting imply a decrease in college attainment of women. 
Journal: Applied Economics Letters 
Pages: 41-44 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600606091 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606091&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Beaumont 
Author-X-Name-First: Paul 
Author-X-Name-Last: Beaumont 
Author-Name: Stefan Norrbin 
Author-X-Name-First: Stefan 
Author-X-Name-Last: Norrbin 
Author-Name: F. Pinar Yigit 
Author-X-Name-First: F. Pinar 
Author-X-Name-Last: Yigit 
Title: Time series evidence on the linkage between the volatility and growth of output 
Abstract:
  Prior research on the relationship between volatility and growth has
 produced mixed results. However, the times series research has only been
 done for a few countries, namely the United States, United Kingdom and
 Japan. We extend the prior research by performing a systematic search over
 several GARCH in mean model specifications, including nonGaussian and
 asymmetric GARCH models, for 20 OECD countries. The results indicate very
 little evidence of any connection between volatility and growth. 
Journal: Applied Economics Letters 
Pages: 45-48 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600607446 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600607446&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jun-Yen Lee 
Author-X-Name-First: Jun-Yen 
Author-X-Name-Last: Lee 
Title: Application of the three-stage DEA in measuring efficiency - an empirical evidence 
Abstract:
  This article investigates the effects of the environmental factors and
 statistical noise on the efficiency of 89 global forest and paper
 companies in 2001 using the three-stage DEA method. Empirical evidences
 indicate the existence of environmental effects on the variation in the
 efficiency scores measurement. Furthermore, the final adjusted efficiency
 scores are lower than those scores measured in the traditional first-stage
 DEA. 
Journal: Applied Economics Letters 
Pages: 49-52 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600675435 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600675435&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fabio Gomes 
Author-X-Name-First: Fabio 
Author-X-Name-Last: Gomes 
Author-Name: Cleomar Gomes da Silva 
Author-X-Name-First: Cleomar Gomes 
Author-X-Name-Last: da Silva 
Title: Hysteresis vs. natural rate of unemployment in Brazil and Chile 
Abstract:
  This article examines the hysteresis hypothesis in the unemployment rates
 of Brazil and Chile using an LM unit root test with two endogenous breaks.
 The phenomenon is confirmed for both countries. However, the hysteresis
 hypothesis is able to account for only a small part of the unemployment
 evolution. 
Journal: Applied Economics Letters 
Pages: 53-56 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600675450 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600675450&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ji Kim 
Author-X-Name-First: Ji 
Author-X-Name-Last: Kim 
Title: Regional convergence and efficiency in Korea 
Abstract:
  This study evaluates regional convergence and efficiency among 13 regions
 in Korea over the period 1985-2002 using stochastic frontier production
 model which allows for regional inefficiency and heterogeneity. Evidence
 is found in favour of regional convergence in Korea, with a lower rate of
 convergence of around 2% a year, because we find that inefficiency in
 production does exist in regional economy. The results also indicate that
 the improvement of education and reforms of local government policies have
 contributed to an increased level of efficiency. Since the average
 estimates of technical efficiency have increased over time, the results
 show that regional economy has brought the significant improvement in
 efficiency. 
Journal: Applied Economics Letters 
Pages: 57-60 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600675468 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600675468&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Ragacs 
Author-X-Name-First: Christian 
Author-X-Name-Last: Ragacs 
Title: On the empirics of minimum wages and employment: evidence for the Austrian industry 
Abstract:
  We investigate the empirical evidence of the 'textbook theory' of minimum
 wages for Austrian industry. In Austria, minimum wages are the result of
 wage bargaining which may be best described using a 'right to manage'
 model. In contrast to the predictions of the 'textbook analysis', no
 significant negative effects of minimum wages on employment have been
 found. This could be the result of the nature of the typical Austrian
 wage-bargaining situation. 
Journal: Applied Economics Letters 
Pages: 61-64 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600689899 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689899&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rosario Rivero 
Author-X-Name-First: Rosario 
Author-X-Name-Last: Rivero 
Author-Name: Rodrigo Vergara 
Author-X-Name-First: Rodrigo 
Author-X-Name-Last: Vergara 
Title: Do large retailers affect employment? Evidence from an emerging economy 
Abstract:
  This article studies the effect of the emergence of large retailers
 (hypermarkets and department stores) on employment in the commerce sector
 in the regions of Chile. We use a panel with quarterly data from 11
 Chilean regions for the period 1996 to 2004. Our results indicate that the
 entry of large retailers produces a discrete increase in employment in the
 commerce sector in the quarter that the entry occurs. We also find that
 there is an additional positive effect on employment throughout the year
 entry occurs, suggesting that suppliers or other parts of the chain of
 production follow the large retailer into the local market. However, after
 the first year of the entry there is a partial reversion, suggesting that
 smaller retailers exit or contract in response to the entry of the large
 retailer. The net effect on employment of the entry of a large retailer is
 an increase of 300 jobs. 
Journal: Applied Economics Letters 
Pages: 65-68 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600689998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuhin Das 
Author-X-Name-First: Tuhin 
Author-X-Name-Last: Das 
Author-Name: Ishita Datta Ray 
Author-X-Name-First: Ishita Datta 
Author-X-Name-Last: Ray 
Title: Monopolistic competitive market in religion: a case study of Hindu temples 
Abstract:
  The objective of this article is to examine, based on field survey, the
 market behaviour of the Hindu temples in India. The cost and revenue
 functions have been estimated for the Hindu temples, and it has been found
 that the market of Hindu temples does not strictly follow the monopoly
 models. The estimated average revenue curve has been observed to be
 slightly negatively sloped. Moreover, like perfect competition here exist
 a large number of small temples with easy entry and exit. The actions of
 any single temple do not have significant impact on the other temples in
 the market. Thus is resembles the monopolistic competition model rather
 than the pure monopoly model. 
Journal: Applied Economics Letters 
Pages: 69-72 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706214 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706214&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marco Percoco 
Author-X-Name-First: Marco 
Author-X-Name-Last: Percoco 
Title: A social discount rate for Italy 
Abstract:
  Because of the budgetary constraints imposed by the Stability and Growth
 Pact, the need for cost and benefit evaluation of public investment has
 become increasingly relevant. In a cost-benefit analysis framework, the
 definition of the social discount rate is key to the selection of projects
 and programmes on the basis of their socio-economic return. To this
 extent, the Italian Ministry of the Economy has passively adopted the 5%
 rate proposed by the European Commission to evaluate projects financed by
 Structural Funds. In this article, we estimate a social discount rate for
 Italy, finding that a 3.7-3.8 rate would be appropriate, thus 1.2-1.3%
 lower than the official one. 
Journal: Applied Economics Letters 
Pages: 73-77 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706537 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706537&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank Rusco 
Author-X-Name-First: Frank 
Author-X-Name-Last: Rusco 
Author-Name: W. David Walls 
Author-X-Name-First: W. David 
Author-X-Name-Last: Walls 
Title: Per-unit bidding rules and buyer under-performance in natural resource sales 
Abstract:
  In this article, we examine the role of per-unit bidding rules on
 firm-level contractual performance. In particular, we test the hypothesis
 that buyers will act on incentives to under-perform when bids are accepted
 in per-unit form. The empirical application uses data from per-unit
 auction sales of US Forest Service timber. The statistical analysis
 indicates that buyers systematically undercut when per-unit bids exceed
 the value of individual units of timber. 
Journal: Applied Economics Letters 
Pages: 79-83 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600705901 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705901&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Corrado Andini 
Author-X-Name-First: Corrado 
Author-X-Name-Last: Andini 
Title: The total impact of schooling on within-groups wage inequality in Portugal 
Abstract:
  Using Portuguese data from the 2001 wave of the European Community
 Household Panel, we analyse to what extent the endogeneity of schooling
 affects the estimation of the total impact of schooling on within-groups
 wage inequality by means of quantile-regression techniques. We conclude
 that the standard techniques assuming schooling-exogeneity may
 underestimate the total impact of schooling. 
Journal: Applied Economics Letters 
Pages: 85-90 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706677 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706677&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christophe Boucher 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Boucher 
Author-Name: Sofiane Aboura 
Author-X-Name-First: Sofiane 
Author-X-Name-Last: Aboura 
Title: Testing the fed and the Graham & Dodd models: asymmetric vs. symmetric adjustment 
Abstract:
  We examine the empirical validity of the Fed model and the Graham & Dodd
 model for five countries and over a time period spanning three decades by
 applying the Enders and Granger (1998) and Enders and Siklos (2001)
 threshold unit-root and cointegration tests. Our results support the
 hypothesis that the adjustment back to equilibrium is asymmetric. 
Journal: Applied Economics Letters 
Pages: 91-94 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706693 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706693&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Masakatsu Okubo 
Author-X-Name-First: Masakatsu 
Author-X-Name-Last: Okubo 
Title: Public capital and productivity: a nonstationary panel analysis 
Abstract:
  This article applies a method of Mark and Sul (2003) to deal with one of
 potential endogeneity issues that accompany estimation of a log-linear
 Cobb-Douglas production function with public capital. We show that if
 nonstationarity in data is admitted, the panel cointegration approach is
 useful for obtaining more precise estimates of the output elasticity of
 public capital. 
Journal: Applied Economics Letters 
Pages: 95-99 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706701 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706701&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Francois Hoarau 
Author-X-Name-First: Jean-Francois 
Author-X-Name-Last: Hoarau 
Author-Name: Ibrahim Ahamada 
Author-X-Name-First: Ibrahim 
Author-X-Name-Last: Ahamada 
Author-Name: Alain Nurbel 
Author-X-Name-First: Alain 
Author-X-Name-Last: Nurbel 
Title: Multiple structural regimes in real exchange rate misalignment: the case of Australian dollar 
Abstract:
  We apply the Bai and Perron method (Econometrica, 1998, 66, 47-78) to
 search for several structural changes in the real exchange rate
 misalignment data of the Australian dollar over January 1976 to February
 2000. Then, the estimated structural breaks dates are compared with
 Australian monetary and exchange rate regimes from 1976. This brings us to
 conclude that a good monetary management is needed to face real exchange
 rate distortions. Besides, implementing a policy-mix by combining an
 inflation targeting policy and a dirty flexible exchange rate policy turns
 out to be really effective to struggle real misalignments as far as
 Australia is concerned. 
Journal: Applied Economics Letters 
Pages: 101-104 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600721908 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721908&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benhua Yang 
Author-X-Name-First: Benhua 
Author-X-Name-Last: Yang 
Title: FDI and growth: a varying relationship across regions and over time 
Abstract:
  This article investigates the relationship between foreign direct
 investment (FDI) inflows and economic growth for a panel of 110 countries
 over the period 1973 to 2002. The results show that the growth effect of
 FDI varies by region and over time. 
Journal: Applied Economics Letters 
Pages: 105-108 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600749081 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749081&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. Cantarero 
Author-X-Name-First: D. 
Author-X-Name-Last: Cantarero 
Author-Name: Marta Pascual 
Author-X-Name-First: Marta 
Author-X-Name-Last: Pascual 
Title: Analysing the impact of fiscal decentralization on health outcomes: empirical evidence from Spain 
Abstract:
  The aim of this article is to explore the impact of decentralization on
 health care outcomes in Spain. We develop a model and use it to
 investigate empirically the hypothesis that shifts towards greater
 decentralization would be accompanied by improvements in population health
 in Spain between 1992 and 2003 by using infant mortality and life
 expectancy as dependent variables. The empirical analysis suggests that
 income, decentralization and health care resources in Spain did have an
 important influence on infant mortality and life expectancy. 
Journal: Applied Economics Letters 
Pages: 109-111 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600770913 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770913&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ann Owen 
Author-X-Name-First: Ann 
Author-X-Name-Last: Owen 
Author-Name: Bing Yu 
Author-X-Name-First: Bing 
Author-X-Name-Last: Yu 
Title: Regional differences in wage inequality across industries in China 
Abstract:
  Using a panel of 29 provinces over the years 1995-2001, we explore the
 large regional variation in industry wage differentials in China and
 examine the provincial characteristics that are consistent with greater
 inequality. We find that the effect of foreign direct investment (FDI)
 varies by province. One of the reasons that FDI can have differential
 effects is that the type of FDI (export vs. import-oriented) varies
 substantially across the provinces. Export-oriented FDI raises the wages
 of workers in industries that rely more on unskilled workers and lowers
 the wages of workers in industries that rely more on skilled workers,
 lowering the industry differential. 
Journal: Applied Economics Letters 
Pages: 113-116 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600770921 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770921&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuck Cheong Tang 
Author-X-Name-First: Tuck Cheong 
Author-X-Name-Last: Tang 
Author-Name: Evan Poh Hock Lau 
Author-X-Name-First: Evan Poh Hock 
Author-X-Name-Last: Lau 
Title: An empirical investigation on sustainability of balancing item in Asian countries 
Abstract:
  This study explores the sustainability of the balancing item in Asian
 economies. The conventional unit root tests (includes panel tests)
 illustrate that the results are rather inconclusive. However, the results
 from the series-specific panel unit root test consistently illustrate that
 five of the countries (Singapore, Bangladesh, Indonesia, Korea and
 Malaysia) balancing item is on the sustainable path. For other remaining
 eight countries (Maldives, Mongolia, Myanmar, Nepal, Pakistan, the
 Philippines, Sri Lanka and Thailand), there is evidence that her balancing
 item of balance of payments accounts is unsustainable. 
Journal: Applied Economics Letters 
Pages: 117-123 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600749107 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749107&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Keun Yeong Lee 
Author-X-Name-First: Keun Yeong 
Author-X-Name-Last: Lee 
Title: Causal relationships between stock returns and inflation 
Abstract:
  This article studies correlations and dynamic interactions between real
 stock returns and inflation in the UK for 1830-2000. The BLS test suggests
 that an endogenous break point exists in 1970, and therefore the pre- and
 post-break periods are required to be analysed separately. According to
 the empirical results, for the post-break period, unpredictable stock
 returns present little correlation to unpredictable inflation, and an
 increase in stock returns has an insignificant effect on inflation.
 Impulse response analyses also demonstrate that a positive shock to
 inflation does not have a negative impact on stock returns. These results
 are in contrast to the well-known empirical results for the pre-break
 period. 
Journal: Applied Economics Letters 
Pages: 125-129 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600705992 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705992&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Brenda Gannon 
Author-X-Name-First: Brenda 
Author-X-Name-Last: Gannon 
Title: Total factor productivity growth of hospitals in Ireland: a nonparametric approach 
Abstract:
  This article analyses the development of productivity growth and
 efficiency in the production of hospital care in Ireland from 1995 to
 1998. Using output measures of treated cases adjusted for casemix, we
 apply Malmquist Productivity Indices to analyse changes in efficiency over
 time. This approach provides information on the types of hospitals that
 have increased or decreased efficiency during each time frame and the type
 of inefficiency involved - pure technical, scale or technological. Our
 results show that on average between 1995 and 1998, both technological and
 efficiency changes contribute to higher levels of productivity in larger
 hospitals, but lead to lower levels of productivity in smaller hospitals.
 However, the contribution of these components of productivity varies over
 time and technological improvements play a more important role in
 increasing the productivity of larger hospitals. 
Journal: Applied Economics Letters 
Pages: 131-135 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706115 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706115&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hsiao-Ping Chu 
Author-X-Name-First: Hsiao-Ping 
Author-X-Name-Last: Chu 
Author-Name: Peter Sher 
Author-X-Name-First: Peter 
Author-X-Name-Last: Sher 
Author-Name: Ming-Liang Yeh 
Author-X-Name-First: Ming-Liang 
Author-X-Name-Last: Yeh 
Title: Revisiting Gibrat's law using panel SURADF tests 
Abstract:
  In this study, the newly-developed Panel SURADF tests advanced by Breuer
 et al. (2001) are used to investigate whether the growth rate of
 electronics firms is independent of their size, as postulated by Gibrat's
 (1931) Law of Proportionate Effects. Time-series data for the total assets
 of 48 electronic firms in Taiwan during the 1995-2004 period are used.
 Whereas other panel-based unit root tests are joint tests of a unit root
 for all members of a panel and are incapable of determining the mix of
 I(0) and I(1) series in a panel setting, the Panel SURADF tests
 investigate a separate unit root null hypothesis for each individual panel
 member and are, therefore, able to identify how many and which series in
 the panel are stationary processes. The empirical results from several
 panel-based unit root tests indicate that the total assets of all firms
 studied here are nonstationary, implying that Gibrat's Law holds for all
 48 firms; however, Breuer et al.'s (2001) Panel SURADF tests unequivocally
 indicate that Gibrat's Law is only valid for 27 of those firms. 
Journal: Applied Economics Letters 
Pages: 137-143 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706339 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706339&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seamus McGuinness 
Author-X-Name-First: Seamus 
Author-X-Name-Last: McGuinness 
Title: How biased are the estimated wage impacts of overeducation? A propensity score matching approach 
Abstract:
  This article uses Propensity Score Matching (PSM) techniques to assess
 the extent to which the costs of overeducation are likely to have been
 over-estimated as a result of unobserved skill heterogeneity in studies
 adopting the standard ordinary least squares (OLS) wage equation
 framework. It was found that the PSM estimates were very much in line with
 those generated by OLS, suggesting that the overeducation phenomenon is
 likely to be imposing real and significant wage and productivity costs on
 individuals and the economy more generally and therefore cannot be
 dismissed as merely arising as a result of an omitted variables problem. 
Journal: Applied Economics Letters 
Pages: 145-149 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600721999 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721999&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sara Barcenilla 
Author-X-Name-First: Sara 
Author-X-Name-Last: Barcenilla 
Author-Name: Carmen Lopez-Pueyo 
Author-X-Name-First: Carmen 
Author-X-Name-Last: Lopez-Pueyo 
Author-Name: Jaime Sanau 
Author-X-Name-First: Jaime 
Author-X-Name-Last: Sanau 
Title: Just openness or technological spillovers? A note 
Abstract:
  The paper shows that the indexation bias may condition the results of
 empirical studies on international technological spillovers. It suggests a
 solution to this bias and shows how trade openness favours economic growth
 through its effects on the international diffusion of technology. 
Journal: Applied Economics Letters 
Pages: 151-154 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600748984 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600748984&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jyh-Lin Wu 
Author-X-Name-First: Jyh-Lin 
Author-X-Name-Last: Wu 
Author-Name: Chien-Chiang Lee 
Author-X-Name-First: Chien-Chiang 
Author-X-Name-Last: Lee 
Title: A revisit to the nonlinear stationarity of real exchange rates 
Abstract:
  This article applies the test by Kapetanios et al. (2003) to re-examine
 the nonlinear stationarity of real exchange rates in which we emphasize
 both the real bilateral exchange rates and the real effective exchange
 rates. Our empirical findings provide weak evidence on the nonlinear
 mean-reverting adjustment of real exchange rates in both fixed and
 floating regimes, which is in sharp contrast to that in the existing
 literature. 
Journal: Applied Economics Letters 
Pages: 155-159 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600749065 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749065&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Syed Basher 
Author-X-Name-First: Syed 
Author-X-Name-Last: Basher 
Author-Name: Joakim Westerlund 
Author-X-Name-First: Joakim 
Author-X-Name-Last: Westerlund 
Title: Is there really a unit root in the inflation rate? More evidence from panel data models 
Abstract:
  Time series unit root evidence suggests that inflation is nonstationary.
 By contrast, when using more powerful panel unit root tests, Culver and
 Papell (1997) find that inflation is stationary. In this article, we test
 the robustness of this result by applying a battery of recent panel unit
 root tests. The results suggest that the stationarity of inflation holds
 even after controlling for cross-sectional dependence and structural
 change. 
Journal: Applied Economics Letters 
Pages: 161-164 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706305 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706305&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Ericson 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Ericson 
Title: The effects of wage compression on general and firm-specific training 
Abstract:
  The issue of who finances on-the-job training has important implications
 for labour markets. It is persistently difficult to test empirically
 whether it is the employer or the employee who carries the costs of
 general training. This article presents a simple method that compares the
 effect of wage inequality on duration of general training and
 firm-specific training. The result is consistent with the proposition that
 it is the worker who bears a greater part of the costs associated with
 general training than in the case of firm-specific training. 
Journal: Applied Economics Letters 
Pages: 165-169 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600722054 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722054&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roman Malaric 
Author-X-Name-First: Roman 
Author-X-Name-Last: Malaric 
Author-Name: Tomislav Katic 
Author-X-Name-First: Tomislav 
Author-X-Name-Last: Katic 
Author-Name: Dubravko Sabolic 
Author-X-Name-First: Dubravko 
Author-X-Name-Last: Sabolic 
Title: The market efficiency of the soccer fixed odds internet betting market 
Abstract:
  The strong form of market efficiency requirement states that expected
 returns are equal across wagering prospects, and weak form efficiency
 requirement states that there is an absence of profit opportunities,
 meaning that all historical information relevant to the assessment of the
 match outcome probabilities are reflected in the odds quoted. This article
 empirically tests the market efficiency of the European soccer fixed odds
 Internet-betting market, and also presents simple betting strategy that
 appear to be profitable. 
Journal: Applied Economics Letters 
Pages: 171-174 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600722021 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722021&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Requena Silvente 
Author-X-Name-First: Francisco Requena 
Author-X-Name-Last: Silvente 
Author-Name: Juana Castillo 
Author-X-Name-First: Juana 
Author-X-Name-Last: Castillo 
Author-Name: Andres Artal 
Author-X-Name-First: Andres 
Author-X-Name-Last: Artal 
Title: Is Spain a lumpy country? A dynamic analysis of the 'lens condition' 
Abstract:
  We implement the 'lens condition' of Deardoff (1994) to investigate
 whether lumpiness, an excessively uneven geographic distribution of
 production factors, is large enough to allow for regional specialization
 of production at different factor prices. Using data from 50 Spanish
 provinces over the period 1964 to 2001, we show that Spain evolved from
 being a lumpy economy to a state where lumpiness no longer mattered. 
Journal: Applied Economics Letters 
Pages: 175-180 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600735288 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600735288&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Ulyses Balderas 
Author-X-Name-First: J. Ulyses 
Author-X-Name-Last: Balderas 
Author-Name: Hiranya Nath 
Author-X-Name-First: Hiranya 
Author-X-Name-Last: Nath 
Title: Inflation and relative price variability in Mexico: the role of remittances 
Abstract:
  This article derives generalized impulse responses from the estimation of
 a vector autoregression (VAR) model using monthly data between 1995 and
 2005 for Mexico, to examine the inflation-relative price variability (RPV)
 relationship, and to investigate if remittances could account for the
 observed relationship. While the positive relationship between inflation
 and RPV is a robust result, remittances are found to have significant
 positive effects on both inflation and RPV. These results are interpreted
 as providing evidence in support of our intuition that remittances could
 be responsible for generating a positive relationship between inflation
 and RPV. 
Journal: Applied Economics Letters 
Pages: 181-185 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600722070 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722070&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mathias Czaika 
Author-X-Name-First: Mathias 
Author-X-Name-Last: Czaika 
Title: Cheap talk in the UN arenas? Some evidence on the impact of UN speeches on aid allocation decisions 
Abstract:
  This study examines the relationship between bilateral and multilateral
 aid giving patterns and the number of speeches country representatives
 delivered in the two core bodies of the United Nations (UN)-the UN
 Security Council and the UN General Assembly, respectively. For the 1990s,
 empirical evidence indicates a financial return on voice solely for
 appeals addressed in the Security Council whereas the General Assembly
 plenary seems to be an ineffective floor for attracting international
 development assistance. 
Journal: Applied Economics Letters 
Pages: 187-191 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600749008 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749008&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Furkan Emirmahmutoglu 
Author-X-Name-First: Furkan 
Author-X-Name-Last: Emirmahmutoglu 
Author-Name: Nezir Kose 
Author-X-Name-First: Nezir 
Author-X-Name-Last: Kose 
Author-Name: Yeliz Yalcin 
Author-X-Name-First: Yeliz 
Author-X-Name-Last: Yalcin 
Title: The Kalman filter method for break point estimation in unit root tests 
Abstract:
  In this study, in addition to Zivot-Andrews (1992), Perron (1997) and
 Schwarz Bayesian Criteria (SBC) approaches of the true break point
 estimation performances of the Kalman filter method is examined using
 Monte Carlo simulation experiments. Our simulation results show that the
 SBC and Kalman filter methods both exhibit a good performance in
 estimating true break point. 
Journal: Applied Economics Letters 
Pages: 193-198 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600721866 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721866&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Emiliya Lazarova 
Author-X-Name-First: Emiliya 
Author-X-Name-Last: Lazarova 
Author-Name: Ilaria Mosca 
Author-X-Name-First: Ilaria 
Author-X-Name-Last: Mosca 
Title: Does governance matter for aggregate health capital? 
Abstract:
  The point of departure of our analysis is the seminal work of Rodgers
 (1979) on the absolute and relative income hypotheses. We find that
 substituting the governance index for the Gini index is statistically the
 preferred regression model. Our findings lend support to the argument that
 governance matters. Further investigation provides evidence for two types
 of threshold effects: in terms of both absolute income and governance. For
 those countries below a threshold, absolute income is the most significant
 determinant of health, while for those above it, governance matters the
 most. The regression analyses are conducted on a sample of 112 states,
 which is representative of a wide range of absolute income and governance
 levels. 
Journal: Applied Economics Letters 
Pages: 199-202 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600721916 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721916&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Olivier Darne 
Author-X-Name-First: Olivier 
Author-X-Name-Last: Darne 
Author-Name: Jean-Francois Hoarau 
Author-X-Name-First: Jean-Francois 
Author-X-Name-Last: Hoarau 
Title: The purchasing power parity in Australia: evidence from unit root test with structural break 
Abstract:
  The unit root test with structural break developed by Perron and
 Rodriguez are used to study the purchasing power parity (PPP) in the
 spirit of Balassa-Samuelson in Australia for the period January 1977 to
 April 2004. The results indicate that there is a break in February 1985
 which coincides with the exchange rate crisis in 1985, occurring after the
 establishment of the dirty flexible exchange rate system. We also show
 that there is no tendency to the PPP in Australia to hold in the long-run
 during this period. 
Journal: Applied Economics Letters 
Pages: 203-206 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600721957 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721957&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cumhur Erdem 
Author-X-Name-First: Cumhur 
Author-X-Name-Last: Erdem 
Author-Name: Meziyet Sema Erdem 
Author-X-Name-First: Meziyet Sema 
Author-X-Name-Last: Erdem 
Title: Turkish banking efficiency and its relation to stock performance 
Abstract:
  In this study, technical, allocative and economic efficiency scores of
 the banks whose stocks traded in Istanbul Stock Exchange are measured
 using data envelopment analysis (DEA) for the time period 1998 to 2004.
 Economic efficiency scores of banks obtained from DEA model was related to
 their stock prices to determine whether there is an explanatory power of
 efficiency scores on stock price returns. The average banks' efficiency
 decreased from 0.781 in 1999 to 0.504 in 2001 and started to increase
 after this year except the year of 2003 indicating that financial crises
 affected the efficiency scores of the banks. During the time period 1998
 to 2004, six banks appeared to be technically efficient at least once. 
Journal: Applied Economics Letters 
Pages: 207-211 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706925 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706925&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carmen Garcia Prieto 
Author-X-Name-First: Carmen Garcia 
Author-X-Name-Last: Prieto 
Author-Name: Julio Lopez Diaz 
Author-X-Name-First: Julio Lopez 
Author-X-Name-Last: Diaz 
Title: How much do socio-economic conditions influence people's schooling duration? 
Abstract:
  A wide sample of countries has been used to contrast the effective
 influence on the population's schooling duration of some variables usually
 considered in theoretical models. But we have also found that
 socio-economic conditions have a special influence because they reduce the
 chance that people have to access the educational system. 
Journal: Applied Economics Letters 
Pages: 213-216 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600770939 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770939&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mary Silles 
Author-X-Name-First: Mary 
Author-X-Name-Last: Silles 
Title: Sheepskin effects in the returns to education 
Abstract:
  This article, using a data set for the United Kingdom, re-examines the
 sheepskin hypothesis at the secondary school level using test scores and
 public examinations for men and women who left school at the minimum
 school leaving age. Net of learning outcomes, there are no additional
 returns to the possession of formal credential at the secondary school
 level. The finding refutes the sheepskin effect hypothesis. 
Journal: Applied Economics Letters 
Pages: 217-219 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706099 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706099&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seonyoung Park 
Author-X-Name-First: Seonyoung 
Author-X-Name-Last: Park 
Author-Name: Donggyun Shin 
Author-X-Name-First: Donggyun 
Author-X-Name-Last: Shin 
Title: New evidence on the Korean wage curve 
Abstract:
  Our new empirical evidence suggests that wages are substantially flexible
 in South Korea. In particular, our longitudinal evidence on the wage curve
 follows the minus-point-one rule, set up by Blanchflower and Oswald (1994)
 and is consistent with evidence from other countries. 
Journal: Applied Economics Letters 
Pages: 221-224 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706321 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706321&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu-Lieh Huang 
Author-X-Name-First: Yu-Lieh 
Author-X-Name-Last: Huang 
Title: An alternative estimation algorithm for innovation regime-switching models 
Abstract:
  In this article, we derive an alternative estimation algorithm for the
 innovation regime-switching model, which avoids the potential divergence
 problem that may arise from the algorithm proposed by Kuan et al. (2005,
 JBES). Our simulation demonstrates that the proposed algorithm compares
 favourably with that of Kuan et al. (2005), in terms of both numerical
 accuracy and computing time. 
Journal: Applied Economics Letters 
Pages: 225-229 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706297 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706297&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Young Lee 
Author-X-Name-First: Young 
Author-X-Name-Last: Lee 
Author-Name: Omar Azfar 
Author-X-Name-First: Omar 
Author-X-Name-Last: Azfar 
Title: Corruption and trade regulations: an instrumental variable approach 
Abstract:
  We find that tariff rates decreased less rapidly in more corrupt
 countries in instrumental variables (IV) estimation, using mortality rates
 of European settlers at the time of colonization as IV. Our finding
 implies that tariff rates are endogenous to corruption. 
Journal: Applied Economics Letters 
Pages: 231-234 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706180 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706180&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jihn-Yih Lin 
Author-X-Name-First: Jihn-Yih 
Author-X-Name-Last: Lin 
Title: Are stock returns on the US used as an exogenous predictor to the Asian emerging equity markets 
Abstract:
  By using a block recursive vector autoregression model and two new
 out-of-sample tests, this study has found that the US stock returns have
 predictive ability for the four Asian emerging equity markets. The
 estimates from weekly data suggest that returns on S&P500 positively
 predict stock returns of Asian emerging markets up to three weeks. 
Journal: Applied Economics Letters 
Pages: 235-237 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706289 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706289&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdulnasser Hatemi-J 
Author-X-Name-First: Abdulnasser 
Author-X-Name-Last: Hatemi-J 
Title: Forecasting properties of a new method to determine optimal lag order in stable and unstable VAR models 
Abstract:
  This simulation study investigates the forecasting performance of a new
 information criterion suggested by Hatemi-J (2003) to pick the optimal lag
 length in the stable and unstable vector autregression (VAR) models. The
 conducted Monte Carlo experiments reveal that this information criterion
 is successful in selecting the optimal lag order in the VAR model when the
 main aim is to draw ex-ante (forecasting) inference regardless if the VAR
 model is stable or not. In addition, the simulations indicate that this
 information criterion is robust to autoregressive conditional
 heteroskedasticity effects. 
Journal: Applied Economics Letters 
Pages: 239-243 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850500461613 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461613&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Georg Duernecker 
Author-X-Name-First: Georg 
Author-X-Name-Last: Duernecker 
Title: To begrudge or not to begrudge: consumption and leisure externalities revisited 
Abstract:
  This article employs a dynamic general equilibrium model to study the
 implications of a nonstandard preference structure for the short-run
 dynamics of the economy. Preferences in this model are assumed to contain
 comparison elements for consumption and leisure, i.e. agents care about
 how their own consumption and leisure compares to a certain reference
 stock that is determined by the economy's average level of consumption and
 leisure. This specification inevitably creates externalities. We then
 estimate the model and find that these externalities are both positive and
 statistically significant. 
Journal: Applied Economics Letters 
Pages: 245-252 
Issue: 4 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600592481 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592481&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saralees Nadarajah 
Author-X-Name-First: Saralees 
Author-X-Name-Last: Nadarajah 
Title: On the product of generalized Pareto random variables 
Abstract:
  The distribution of products of random variables arises explicitly in
 many areas of the sciences, engineering and medicine. This has increased
 the need to have available the widest possible range of statistical
 results on products of random variables. In this note, the distribution of
 the product XY is derived when X and Y are independent generalized Pareto
 random variables. Extensive tabulations of the associated percentage
 points are also given. 
Journal: Applied Economics Letters 
Pages: 253-259 
Issue: 4 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850500425378 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425378&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kjell Hausken 
Author-X-Name-First: Kjell 
Author-X-Name-Last: Hausken 
Author-Name: Andreas Ortmann 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Ortmann 
Title: A first experimental test of multilevel game theory: the PD case 
Abstract:
  The prisoner's dilemma (PD) is played by two players in each of two
 groups. The two groups compete for an external prize whose allocation is
 determined by the degree of within-group coordination. The experimental
 evidence supports the predictions of multilevel game theory well. 
Journal: Applied Economics Letters 
Pages: 261-264 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600592457 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592457&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John O'Connell 
Author-X-Name-First: John 
Author-X-Name-Last: O'Connell 
Title: Asymmetry and probit models: the case of labour unions 
Abstract:
  Binary choice models fail to capture the strength of one's preferences.
 An attempt is made to measure the context and environment which influence
 choice. Union elections provide some insight into the process because the
 electorate may vote either for or against a particular union. The roles
 that general sentiments as well as specific preferences play in an
 election can be examined. Negative sentiment dominates the positive and
 apathy in affecting the election outcome. In the case of union elections
 the administrative process does not appear to have an impact. 
Journal: Applied Economics Letters 
Pages: 265-269 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600567640 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600567640&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ismael Sanz 
Author-X-Name-First: Ismael 
Author-X-Name-Last: Sanz 
Author-Name: Ferran Martinez Coma 
Author-X-Name-First: Ferran Martinez 
Author-X-Name-Last: Coma 
Title: Skill and support to globalization in the EU 
Abstract:
  Are individuals' attitudes towards globalization consistent with the
 predictions of the Heckscher-Ohlin (HO) theory? Using newly available data
 from the Flash Eurobarometer 151b of the European Commission, we find that
 globalization preferences are significantly and robustly correlated with
 an individual's relative level of human capital, consistent with the HO
 theory. The impact of skill on globalization preferences is positive in
 skill-abundant EU countries and strongly negative in EU countries that are
 well-endowed with low-skill labour. This study is the first to find a
 robust and significant negative association between skill and support to
 globalization in low-skill-abundant countries. 
Journal: Applied Economics Letters 
Pages: 271-275 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600592416 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592416&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ilham Haouas 
Author-X-Name-First: Ilham 
Author-X-Name-Last: Haouas 
Author-Name: Mahmoud Yagoubib 
Author-X-Name-First: Mahmoud 
Author-X-Name-Last: Yagoubib 
Title: The effect of international trade on labour-demand elasticities: empirical evidence from Tunisia 
Abstract:
  This paper investigates the effects of trade liberalization on labour
 demand elasticities. The employment demand equation is estimated by using
 data for manufacturing industries in Tunisia covering the period from 1971
 to 1996. The empirical results suggest a weak support for the idea
 assuming that trade liberalization will lead to an increase in labour
 demand elasticities: in the vast majority of industries considered, we
 cannot reject the hypothesis of no relationship between trade openness and
 labour-demand elasticities. This weakness of labour demand elasticity in
 practice is perhaps explained by the tight labour market regulations in
 place during the 1987-1996. However, these results are robust to the type
 of labour considered (contract labour and permanent labour). This supports
 the conclusion that under liberalization labour markets have become more
 flexible, and that employers prefer recruiting contract workers. 
Journal: Applied Economics Letters 
Pages: 277-286 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850500390325 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500390325&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Massimiliano Mazzanti 
Author-X-Name-First: Massimiliano 
Author-X-Name-Last: Mazzanti 
Title: Is waste generation de-linking from economic growth? Empirical evidence for Europe 
Abstract:
  The article provides empirical evidence on the de-linking of waste
 generation from economic growth. The data used refer to the European
 countries. An investigation carried out into packaging and municipal waste
 indicators shows that any de-coupling which has eventually taken place has
 been of a relative nature. Estimated waste elasticities with respect to
 income highlight that a hypothetical turning point, that would eventually
 characterize a Kuznets curve for waste, is far from being reached. Europe
 thus appears to be lagging behind in the effort to invert the relationship
 between waste and income/consumption indicators. The lack of policy
 targets in reference to waste prevention at source, in addition to
 recovery/recycling goals, may be considered as a primary policy-related
 reason behind the absence of a stronger de-linking process for waste in
 Europe. The applied panel investigation, though informative since it
 refers to a homogenous regional area, reveals the need for further work,
 exploring de-linking processes that focus on specific materials and/or
 countries. 
Journal: Applied Economics Letters 
Pages: 287-291 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850500407640 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500407640&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chia-Chung Chan 
Author-X-Name-First: Chia-Chung 
Author-X-Name-Last: Chan 
Author-Name: Yung-Ho Chang 
Author-X-Name-First: Yung-Ho 
Author-X-Name-Last: Chang 
Title: Firm-specific stock return variation and capital structure decisions 
Abstract:
  We evaluate the association between the pace of the adjustment toward
 target capital structure and the extent to which equity prices reflect
 firm-specific information. The evidence indicates that firm-specific stock
 return variation explains significantly the pace of the adjustment toward
 target capital structure. We also show that the financing decisions of
 most Taiwanese firms support trade off theory. Only the samples of high
 (low) firm-specific stock return variation support pecking order (market
 timing) theory. Our findings suggest that firm-specific stock return
 variation provides considerable insight to capital structure decisions. In
 other words, corporate financing decisions cannot divorce from the
 efficiency of capital markets. 
Journal: Applied Economics Letters 
Pages: 293-299 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850500426244 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426244&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luca De Benedictis 
Author-X-Name-First: Luca 
Author-X-Name-Last: De Benedictis 
Author-Name: Marco Gallegati 
Author-X-Name-First: Marco 
Author-X-Name-Last: Gallegati 
Author-Name: Massimo Tamberi 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Tamberi 
Title: Semiparametric analysis of the specialization-income relationship 
Abstract:
  In this article we investigate the empirical relationship between overall
 specialization and per capita income. The metric we use to measure overall
 specialization is the median of the sectoral distribution of the Balassa
 Index of Revealed Comparative Advantages applied to four-digit (SITC
 rev.2) sectoral export manufactured data for 39 countries over the period
 1985 to 2001. Once we take into account countries' specificities using
 fixed effects GAM, the results of the semiparametric analysis indicate
 that sectoral diversification of manufactured exports increases
 monotonically with development, and thus the reconcentration observed at
 high levels of income in the recent literature may not be linked to
 trade-induced specialization. 
Journal: Applied Economics Letters 
Pages: 301-306 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850500428299 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500428299&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zeynel Abidin Ozdemir 
Author-X-Name-First: Zeynel Abidin 
Author-X-Name-Last: Ozdemir 
Title: The purchasing power parity hypothesis in Turkey: evidence from nonlinear STAR error correction models 
Abstract:
  This study re-examines the validity of long-run purchasing power parity
 (PPP) hypothesis for Turkey using nonlinear cointegration technique. The
 finding of this article provides the evidence that the long run PPP
 hypothesis is valid by using nonlinear cointegration technique. This
 finding argues the validity of the long-run PPP hypothesis in bilateral
 Turkish real exchange rates with the USA, which is also supported by Sarno
 (2000) and Erlat (2004). 
Journal: Applied Economics Letters 
Pages: 307-311 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850500447315 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447315&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vishal Jaunky 
Author-X-Name-First: Vishal 
Author-X-Name-Last: Jaunky 
Title: The real exchange rate and productivity differentials: a panel cointegration approach 
Abstract:
  Balassa (1964) and Samuelson (1964) have expressed the view that economic
 development is normally accompanied by a real exchange rate appreciation.
 The aim of the study is twofold: first, we investigate whether the
 Balassa-Samuelson (BS) hypothesis holds, and second we appraise the
 performance of the commonly used productivity differentials proxy. Results
 from the Prais and Winsten (1954), Im, Pesaran and Shin (2003) and
 McCoskey and Kao (2001) panel data techniques suggest that it is
 legitimate to consider the BS hypothesis at different stages of economic
 development. Additionally, the proxy works quite well. 
Journal: Applied Economics Letters 
Pages: 313-318 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850500461670 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461670&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cem Baslevent 
Author-X-Name-First: Cem 
Author-X-Name-Last: Baslevent 
Title: Equalizing and disequalizing income components: how to decide which is which 
Abstract:
  The purpose of this note is to clarify what is meant by the
 'proportionate contribution' of an income source to total inequality when
 the contributions of income sources are examined contemporaneously as
 opposed to simply measuring the impact of the addition (or exclusion) of
 an income source. It is shown that the proportionate contribution figures
 that come out of decomposition by factor components analyses need to be
 interpreted with caution. They may be misleading if one ignores the fact
 that those figures depend on the shares of the factors in total income.
 Another problem could be that the equalizing effect of a relatively more
 equally distributed factor is overlooked in the interest of treating the
 factors simultaneously. 
Journal: Applied Economics Letters 
Pages: 319-321 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600592549 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592549&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Show-Ling Jang 
Author-X-Name-First: Show-Ling 
Author-X-Name-Last: Jang 
Author-Name: Yen-Ting Tsai 
Author-X-Name-First: Yen-Ting 
Author-X-Name-Last: Tsai 
Author-Name: Jennifer Chen 
Author-X-Name-First: Jennifer 
Author-X-Name-Last: Chen 
Title: Persistent innovation: a cross-country study of output and diversity over time 
Abstract:
  This article analyses firms' dynamic behaviours of patent persistence and
 technology proximity in innovation activities for United States, Japan,
 South Korea and Taiwan during 1990-2003. We find that on average, the
 persistency of Japanese firms in sustaining their innovative activities is
 stronger than US firms, while South Korean firms are more tenacious than
 their Taiwanese counterparts. 
Journal: Applied Economics Letters 
Pages: 323-326 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600592556 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592556&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jing Shi 
Author-X-Name-First: Jing 
Author-X-Name-Last: Shi 
Author-Name: Chris Bilson 
Author-X-Name-First: Chris 
Author-X-Name-Last: Bilson 
Author-Name: John Powell 
Author-X-Name-First: John 
Author-X-Name-Last: Powell 
Title: Valuation uncertainty risk compensation and IPO prospectus earnings forecasts 
Abstract:
  Younger, riskier, less credible firms do not voluntarily supply initial
 public offering prospectus earnings forecasts. Nondisclosure increases
 valuation uncertainty risk, thus necessitating higher first-day
 underpricing and long-run performance as compensation. 
Journal: Applied Economics Letters 
Pages: 331-335 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706107 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706107&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Senhui He 
Author-X-Name-First: Senhui 
Author-X-Name-Last: He 
Author-Name: Jeffrey Jordan 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Jordan 
Author-Name: Krishna Paudel 
Author-X-Name-First: Krishna 
Author-X-Name-Last: Paudel 
Title: Economic evaluation of bottled water consumption as an averting means: evidence from a hedonic price analysis 
Abstract:
  This study alerts researchers and policy makers to the importance of the
 price effect of bottle size in an economic evaluation of using bottled
 water as a means to avoid health risks from drinking home tap water. It
 derived a proxy for the economic value of smaller bottle size by analysing
 a hedonic price model. The results show that, by not accounting for the
 economic value of smaller bottle size, we can overstate consumer
 willingness-to-pay for safer drinking water by more than 100%. 
Journal: Applied Economics Letters 
Pages: 337-342 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706040 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706040&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Barry Reilly 
Author-X-Name-First: Barry 
Author-X-Name-Last: Reilly 
Author-Name: Michael Sumner 
Author-X-Name-First: Michael 
Author-X-Name-Last: Sumner 
Title: Demand for money in Sri Lanka, 1952-2002 
Abstract:
  The key issue in the analysis of demand for money in Sri Lanka is shown
 to be the specification of opportunity cost. A coherent definition yields
 stable long-run estimates of the demand function consistent with economic
 theory for all measures of money. 
Journal: Applied Economics Letters 
Pages: 343-347 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600705943 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705943&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matz Dahlberg 
Author-X-Name-First: Matz 
Author-X-Name-Last: Dahlberg 
Author-Name: Eva Mork 
Author-X-Name-First: Eva 
Author-X-Name-Last: Mork 
Author-Name: Per Tovmo 
Author-X-Name-First: Per 
Author-X-Name-Last: Tovmo 
Title: Power properties of the Sargan test in the presence of measurement errors in dynamic panels 
Abstract:
  This article investigates the power properties of the Sargan test in the
 presence of measurement errors in dynamic panel data models. The
 conclusion from Monte Carlo (MC) simulations and an application on the
 data used by Arellano and Bond (1991), is that in the very likely case of
 measurement errors in either the dependent or any of the independent
 variables, we will, if we rely on the Sargan test, quite likely accept a
 misspecified model and end up with biased results. 
Journal: Applied Economics Letters 
Pages: 349-353 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850500447414 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447414&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jorg Dopke 
Author-X-Name-First: Jorg 
Author-X-Name-Last: Dopke 
Author-Name: Ulrich Fritsche 
Author-X-Name-First: Ulrich 
Author-X-Name-Last: Fritsche 
Title: Shocking! Do forecasters share a common belief? 
Abstract:
  We evaluate the interaction of inflation and growth forecast errors based
 on 17 distinct forecasts for the German economy for the period from 1970
 to 2004. The forecasts were produced by 14 institutions. Our findings show
 that, in general, the forecasters did not share a common belief about the
 shocks driving the economy at the time at which they made their forecasts.
 We use a standard textbook aggregate-demand/aggregate-supply curve to
 identify the nature of the shocks expected by the forecasters. This
 exercise reveals that the forecasters have very divergent expectations
 regarding the nature of the shocks predicted to hit the economy in the
 coming year. Moreover, the lion's share of forecast errors can be
 attributed to unexpected demand shocks. 
Journal: Applied Economics Letters 
Pages: 355-358 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600605978 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600605978&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jay Lillywhite 
Author-X-Name-First: Jay 
Author-X-Name-Last: Lillywhite 
Author-Name: Paul Preckel 
Author-X-Name-First: Paul 
Author-X-Name-Last: Preckel 
Author-Name: James Eales 
Author-X-Name-First: James 
Author-X-Name-Last: Eales 
Title: Maintaining parameter invariance in seemingly unrelated regressions estimation 
Abstract:
  Seemingly unrelated regressions (SUR) is an important estimation
 methodology in demand analysis. While possessing qualities that make it
 attractive to applied demand analysts, the SUR estimation technique poses
 several difficulties, including the lack of parameter invariance in some
 instances e.g. estimation of consumer demand systems with micro-level
 data. When data includes zero consumption, corrections used to account for
 censoring may result in different parameter estimates when different share
 equations are dropped for estimation. This article proposes an alternative
 estimation objective which results in invariant parameter estimates when
 imposing adding-up by dropping equations. 
Journal: Applied Economics Letters 
Pages: 405-409 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706156 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706156&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Junya Masuda 
Author-X-Name-First: Junya 
Author-X-Name-Last: Masuda 
Author-Name: Kazuhiro Ohtani 
Author-X-Name-First: Kazuhiro 
Author-X-Name-Last: Ohtani 
Title: Exact distribution and critical values of a unit root test when error terms are serially correlated 
Abstract:
  In this article we consider the unit root test based on the ordinary
 least squares (OLSs) estimator for a coefficient of a lagged dependent
 variable when the error terms are serially correlated. Using Imhof's
 (1961) method, we show how we numerically evaluate the exact distribution
 function of the unit root test when the error terms are serially
 correlated. Our numerical results show that when the error terms are
 serially correlated, the size distortion is not small even if the sample
 size is considerably large. Also, based on the distribution function, we
 evaluate numerically exact critical values when the sample size is small
 and moderate. 
Journal: Applied Economics Letters 
Pages: 359-362 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anastasios Koukoumelis 
Author-X-Name-First: Anastasios 
Author-X-Name-Last: Koukoumelis 
Title: On the measurement of convergence as an ongoing process 
Abstract:
  Time-varying parameter techniques are commonly used to examine whether
 convergence in income has been a stable process. This article incorporates
 additional local features to a model studying 14 EU countries, thereby
 providing better estimates of the current state of the system when the
 relative income series are highly nonlinear. 
Journal: Applied Economics Letters 
Pages: 363-365 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706222 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706222&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kosei Fukuda 
Author-X-Name-First: Kosei 
Author-X-Name-Last: Fukuda 
Title: The validity of trend-cycle decomposition using unobserved component model: Monte Carlo evidence 
Abstract:
  The validity of trend-cycle decomposition using the unobserved component
 model is examined via Monte Carlo simulations. It is shown that the nearer
 to the unit-root process the assumed cycle component and/or the larger the
 assumed innovation covariance, the more frequent the occurrence of the
 boundary estimate for the innovation covariance, that the nearer to the
 unit-root process the assumed cycle component in the case of applying the
 model with zero restriction on the innovation covariance, the more
 frequent the occurrence of a linear time trend in the trend estimation,
 and that a linear time trend cannot be obtained from the model without
 zero restriction. 
Journal: Applied Economics Letters 
Pages: 367-369 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706164 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706164&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Langnan Chen 
Author-X-Name-First: Langnan 
Author-X-Name-Last: Chen 
Author-Name: Xun Huang 
Author-X-Name-First: Xun 
Author-X-Name-Last: Huang 
Title: The effectiveness of joint intervention on the yen/US dollar exchange rate 
Abstract:
  This paper assesses the effectiveness and its duration of joint
 intervention on the yen/US dollar exchange rate by utilizing the
 intervention analysis model and employing the data for the period from 15
 August 1996 to 6 January 1999 that are released from Reuters. The results
 suggest that there should be no significant difference between the
 effectiveness of joint intervention and independent intervention. In
 addition, joint intervention has significant impact on the exchange rate,
 but only lasts for short periods of time. 
Journal: Applied Economics Letters 
Pages: 375-378 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600675484 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600675484&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Simon Fan 
Author-X-Name-First: C. Simon 
Author-X-Name-Last: Fan 
Author-Name: Yifan Hu 
Author-X-Name-First: Yifan 
Author-X-Name-Last: Hu 
Title: Imports of capital goods and enterprise performance: a firm-level analysis in China 
Abstract:
  Much recent research on openness and productivity has shifted attention
 away from regions and countries to firms. Most of those studies have
 focused on exports and productivity. However, empirical study on the
 relationship between imports and productivity with firm-level data is
 scarce. This note attempts to help fill this gap using firm-level data in
 China. Controlling firms' other characteristics, we find that firms with
 imports of capital goods have higher productivity. It implies that, in a
 developing country, firms utilizing foreign products, which embody foreign
 technologies, have better performance than those only using domestic
 technologies. 
Journal: Applied Economics Letters 
Pages: 391-394 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600690004 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600690004&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imre Ferto 
Author-X-Name-First: Imre 
Author-X-Name-Last: Ferto 
Title: Dynamics of intra-industry trade and adjustment costs. The case of Hungarian food industry 
Abstract:
  The structure of Hungary's food trade expansion over the transition
 period 1992 to 2002 and its implications for labour-market adjustment is
 examined. An econometric analysis of trade and employment data suggests
 that changes in domestic consumption and productivity have significant
 influence on employment changes. But our results do not provide support
 for the smooth-adjustment hypothesis of intra-industry trade. 
Journal: Applied Economics Letters 
Pages: 379-384 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600689949 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689949&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Oxana Babetskaia-Kukharchuk 
Author-X-Name-First: Oxana 
Author-X-Name-Last: Babetskaia-Kukharchuk 
Author-Name: Ian Babetskii 
Author-X-Name-First: Ian 
Author-X-Name-Last: Babetskii 
Author-Name: Jiri Podpiera 
Author-X-Name-First: Jiri 
Author-X-Name-Last: Podpiera 
Title: Convergence in exchange rates: market's view on CE-4 joining EMU 
Abstract:
  We empirically analyse currency fluctuations in four central European
 states (CE-4) against the USD and Euro, employing daily data over 1
 January 1994 to 10 October 2005 and constructing a dynamic correlation
 coefficient based on the estimates of a bivariate generalized
 autoregressive conditional heteroscedasticity model. We find evidence of
 convergence in exchange rate volatilities between CE-4 currencies and the
 Euro. In other words, from the US market's point of view, currencies of
 the CE-4 region and the Euro tend to behave quite similarly. This degree
 of synchronicity is in line with the composition of currency baskets and
 the share of the Euro as a trade-invoicing currency in the CE-4 economies. 
Journal: Applied Economics Letters 
Pages: 385-390 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600705984 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705984&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cho Joonmo 
Author-X-Name-First: Cho 
Author-X-Name-Last: Joonmo 
Author-Name: Cheon Byung You 
Author-X-Name-First: Cheon Byung 
Author-X-Name-Last: You 
Title: Exploring reasons why cross-section analysis underestimates the union premium in Korea 
Abstract:
  This study evaluates the cartel effects of Korean labour unions from the
 perspectives of job separation and loss of wage premium. Unlike the
 previous cross-sectional analysis showing that the wage premium of Korean
 labour unions is small, a high level of wage premium was observed in
 unionized companies. This was more prominent among long tenured union
 workers and among union workers in monopoly firms than it was amongst
 workers in other comparable groups. This demonstrates that those who work
 in unionized companies and enjoy a high level of employment security
 concentrate on building up firm-specific skills, and not on building-up
 alternative skills as preparation for potential job turnover. 
Journal: Applied Economics Letters 
Pages: 395-398 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706057 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706057&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. A. Pena Lopez 
Author-X-Name-First: J. A. Pena 
Author-X-Name-Last: Lopez 
Author-Name: J. M. Sanchez Santos 
Author-X-Name-First: J. M. Sanchez 
Author-X-Name-Last: Santos 
Title: Effects of competition on religious markets: some empirical evidence 
Abstract:
  The aim of this article is to assess, from an empirical point of view,
 the relative explanatory capacities of two hypotheses that address the
 link between economics and religion: the religious markets and the
 secularization hypothesis. First, we estimate a baseline model that takes
 into account both hypotheses jointly. Secondly, we study in a separate way
 the influence of socioeconomic development and market structure. Finally,
 we investigate the relationship between group size and religious
 commitment. Overall, the results suggest some supporting evidence for the
 predictions derived from the hypothesis of religious markets that
 emphasize the over-riding importance of the degree of competition as a
 determinant factor of religious behaviours. 
Journal: Applied Economics Letters 
Pages: 371-374 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706149 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706149&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shin-Jong Lin 
Author-X-Name-First: Shin-Jong 
Author-X-Name-Last: Lin 
Title: An analysis of lifestyles and health in Taiwan 
Abstract:
  This article investigates the relationship between lifestyles and health
 in Taiwan, and also examines the determinants of health outcomes. The
 analysis is based on data obtained from the 2001 National Health Interview
 Survey in Taiwan using ordered probit models. The results indicate that
 those who have healthier lifestyles tend to have better self-assessed
 health. In addition, gender, age, income, education and social support are
 also important factors affecting health outcomes. 
Journal: Applied Economics Letters 
Pages: 399-404 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706081 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706081&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. Balcombe 
Author-X-Name-First: K. 
Author-X-Name-Last: Balcombe 
Author-Name: A. Bailey 
Author-X-Name-First: A. 
Author-X-Name-Last: Bailey 
Author-Name: A. Chalak 
Author-X-Name-First: A. 
Author-X-Name-Last: Chalak 
Author-Name: I. Fraser 
Author-X-Name-First: I. 
Author-X-Name-Last: Fraser 
Title: Modifying willingness to pay estimates where respondents mis-report their preferences 
Abstract:
  The likelihood for the Logit model is modified, so as to take account of
 uncertainty associated with mis-reporting in stated preference experiments
 estimating willingness to pay (WTP). Monte Carlo results demonstrate the
 bias imparted to estimates where there is mis-reporting. The approach is
 applied to a data set examining consumer preferences for food produced
 employing a nonpesticide technology. Our modified approach leads to WTP
 that are substantially downwardly revised. 
Journal: Applied Economics Letters 
Pages: 327-330 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706123 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706123&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. Sephton 
Author-X-Name-First: P. 
Author-X-Name-Last: Sephton 
Title: Market shares and rivalry in the U.S. cigarette industry 
Abstract:
  In a recent article Gallet and List (2001) examined whether relative
 market shares in the U.S. cigarette market were mean-reverting using
 traditional univariate unit root tests and a test that allows for a
 breaking trend. Their results indicated most of the series were
 nonstationary, suggesting rivalry remained strong throughout most of the
 20th century, a result confirmed recently by Adhikari (2004) using a
 different methodology. The purpose of this note is to apply univariate and
 panel tests of stationarity to determine whether relative market shares
 can be assumed to be individually trend-stationary. If the relative shares
 are characterized by a unit root, the stationarity tests should confirm
 the results of the unit root tests. Additionally, panel unit root tests
 have been shown to have greater power than univariate tests. Results based
 on several different panel tests for stationarity and for unit roots, some
 of which allow for a structural break, are presented. These results
 suggest the U.S. cigarette industry was not as competitive as one might
 expect on the basis of univariate tests and the estimates reported by
 Adhikari (2004). 
Journal: Applied Economics Letters 
Pages: 417-422 
Issue: 6 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850500401643 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401643&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Macha Kemperman 
Author-X-Name-First: Macha 
Author-X-Name-Last: Kemperman 
Author-Name: Robert Lensink 
Author-X-Name-First: Robert 
Author-X-Name-Last: Lensink 
Title: State capture, income and institutional quality 
Abstract:
  This article argues that the impact of income on institutional quality
 depends on state capture, and that a rise in income contributes to
 institutional development only if the degree of state capture is low. 
Journal: Applied Economics Letters 
Pages: 423-426 
Issue: 6 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706172 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706172&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Goh Soo Khoon 
Author-X-Name-First: Goh Soo 
Author-X-Name-Last: Khoon 
Title: Consumption correlation and international capital market integration: evidence from Malaysia 
Abstract:
  By evaluating the Malaysian consumption patterns, this article measures
 capital mobility in Malaysia with three main trading countries, namely the
 United States, Japan and Singapore. The results indicate that Malaysia's
 national consumption was fully integrated with the United States over the
 period 1960-2000. Since the consumption models are based on a high degree
 of capital mobility, there is some evidence that this condition is met in
 the Malaysian data. This indicates that Malaysia exhibited a substantial
 amount of financial openness despite periodic exchange controls. 
Journal: Applied Economics Letters 
Pages: 489-494 
Issue: 6 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600675443 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600675443&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Author-Name: Gyaneshwar Rao 
Author-X-Name-First: Gyaneshwar 
Author-X-Name-Last: Rao 
Title: Are US gasoline price adjustments asymmetric? 
Abstract:
  We use the LSE-Hendry general to specific approach to analyse if US
 gasoline price adjustments are asymmetric with respect to changes in crude
 oil prices. Furthermore, we modify some weaknesses in the earlier works by
 Borenstein et al. (1997) and Bachmeier and Griffin (2003) and shows that
 if the price adjustment equations are properly specified and estimated,
 alternative specifications and temporal aggregation of data do not affect
 the results. Monthly US data are used to show that alternative
 specifications give equally good results and there is no asymmetry in the
 US gasoline price adjustments. 
Journal: Applied Economics Letters 
Pages: 443-447 
Issue: 6 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706412 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706412&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hiroshi Ono 
Author-X-Name-First: Hiroshi 
Author-X-Name-Last: Ono 
Title: Searching for nonlinear effects and fiscal sustainability in G-7 countries 
Abstract:
  This article investigates the possibility of nonlinearities and
 sustainability in the fiscal policy of G-7 countries. A large number of
 studies using unit root tests have been conducted on fiscal sustainability
 and the effects of nonlinearities. However, a majority of these have given
 scant attention to the combination of structural change and the effect of
 the threshold. We improve Sollis's (2004) test and investigate nonlinear
 effects and fiscal sustainability. Empirical evidence supports the fact
 that G-7 countries excluding Japan have nonlinear effects and fiscal
 sustainability. 
Journal: Applied Economics Letters 
Pages: 457-460 
Issue: 6 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706248 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706248&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Real GDP growth rates across countries: long memory and mean shifts 
Abstract:
  This article deals with the analysis of the long memory property in the
 growth rates of the real GDP series across various countries, allowing for
 a mean break at an unknown period of time. We use a procedure suggested by
 Hsu and Kuan (1998, 2000) and the results show that the mean break takes
 place at 1933 for the UK, at 1944 for the US and at 1946 for Germany and
 Japan. The order of integration seems to be around zero for Germany and
 Japan; it is slightly positive for the UK, and negative for the US. Thus,
 we only obtain some evidence of mean reversion in the real GDP series for
 the case of the US. 
Journal: Applied Economics Letters 
Pages: 449-455 
Issue: 6 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850500401460 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401460&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Ferris 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Ferris 
Author-Name: Smart Saensuk 
Author-X-Name-First: Smart 
Author-X-Name-Last: Saensuk 
Title: The corporate effects of equity block creation and elimination 
Abstract:
  This study examines how changes in block ownership effects firm value and
 performance for a sample of US firms over the period 1993-2001. We find
 that the creation of a new block has a significant impact on shareholder
 wealth while block elimination does not. The wealth effect is most
 pronounced when the new block-holder is a corporation. We also determine
 that announcement period returns are larger when purchasers are classified
 as permanent rather than temporary block-holders. We find that the
 creation of a permanent block-holder improves industry-adjusted operating
 performance more than that of a temporary block-holder. Block elimination,
 however, does not impact the firm's subsequent operating performance. Our
 analysis of the sequencing of changes in the number of block-holders shows
 that firm value increases only when a block purchase produces an initial
 block-holder. We find that the superior long-term market performance of
 firms with new block-holders is due to the presence of permanent
 block-holders. 
Journal: Applied Economics Letters 
Pages: 431-436 
Issue: 6 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706362 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706362&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mayssun El-Attar 
Author-X-Name-First: Mayssun 
Author-X-Name-Last: El-Attar 
Author-Name: Enrique Lopez-Bazo 
Author-X-Name-First: Enrique 
Author-X-Name-Last: Lopez-Bazo 
Title: Firm size and the entire distribution of wages: a semiparametric approach 
Abstract:
  In this article we argue that parametric regression analysis might well
 provide only partial evidence on the firm size-wage effect and propose a
 methodology that focuses on the entire distribution of wages. Results for
 a sample of Spanish workers show that the size premium is almost
 completely concentrated in the middle of the distribution. 
Journal: Applied Economics Letters 
Pages: 427-430 
Issue: 6 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706230 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706230&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Newton Da Costa 
Author-X-Name-First: Newton 
Author-X-Name-Last: Da Costa 
Author-Name: Carlos Mineto 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Mineto 
Author-Name: Sergio Da Silva 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Da Silva 
Title: Disposition effect and gender 
Abstract:
  Investors seem to hold on to their losing stocks to a greater extent than
 they hold on to their winning stocks. This well-documented behavioural
 regularity is termed disposition effect (Shefrin and Statman, 1985). We
 set an experiment to replicate results from a previous study of the
 disposition effect (Weber and Camerer, 1998) and further show that a
 subject's gender may interfere with the effect's detection. 
Journal: Applied Economics Letters 
Pages: 411-416 
Issue: 6 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706560 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706560&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christiana Hilmer 
Author-X-Name-First: Christiana 
Author-X-Name-Last: Hilmer 
Author-Name: Michael Hilmer 
Author-X-Name-First: Michael 
Author-X-Name-Last: Hilmer 
Title: How does a 48-hour test-taking window affect performance? Results from a testing centre 
Abstract:
  This note examines the effect that different self-selected test-taking
 strategies have on a student's performance in an introductory economics
 course. Due to the policies of a centralized testing centre, students are
 allowed to choose when in a 48-hour period they take each exam as well as
 how long they work on the exam. The results suggest that the relationship
 between completion time and exam score follows an inverted U-shape while
 the relationship between relative order and exam score follows a U-shape.
 In other words, students who turn in their exams in a relatively short or
 a relatively long time tend to perform worse while students who choose to
 take their exams relatively early or relatively late tend to perform
 better. 
Journal: Applied Economics Letters 
Pages: 495-498 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706495 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706495&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Warr 
Author-X-Name-First: Peter 
Author-X-Name-Last: Warr 
Title: The transmission of import prices to domestic prices: an application to Indonesia 
Abstract:
  The manner in which the landed price of imports affects domestic prices
 is central to trade policy analysis. This study clarifies the relationship
 between two methods of modelling this relationship. These are the
 pass-through elasticity and the 'Armington' elasticity of substitution in
 demand between imported and domestically produced goods. The latter
 treatment is commonly used within applied general equilibrium models. The
 properties of the models are sensitive to the assumed values of these
 elasticities, but empirical estimates of Armington elasticities are rare.
 The theoretical relationship between the pass-through elasticity and the
 Armington elasticity is derived from a simple supply and demand model
 which incorporates Armingtion assumptions. The relationship is then
 illustrated empirically in the context of rice imports into Indonesia.
 Even though imported and domestically produced rice are considered
 relatively close substitutes in demand within Indonesia, time series
 econometric estimates of the pass-through elasticity imply Armington
 elasticities no greater than about 5. The Armington elasticities implied
 by the estimates of the pass-through elasticity presented here are well
 within the range of parameter estimates normally assumed within applied
 general equilibrium models. 
Journal: Applied Economics Letters 
Pages: 499-503 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850500425410 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425410&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiaohui Liu 
Author-X-Name-First: Xiaohui 
Author-X-Name-Last: Liu 
Author-Name: Peter Sinclair 
Author-X-Name-First: Peter 
Author-X-Name-Last: Sinclair 
Title: Does the linkage between stock market performance and economic growth vary across Greater China? 
Abstract:
  Despite the phenomenal development in stock markets in China, there is
 little research on the linkage between stock prices and economic growth in
 Greater China: mainland China, Hong Kong and Taiwan. This article
 represents a step towards systematically investigating the relationship
 between stock market performance and economic growth in Greater China by
 conducting causality tests within the VECM framework. We find one-way
 causality running from growth to stock prices in the long run and also
 running from stock prices to economic growth in the short run. These
 findings suggest that economic fundamentals are the main determinants of
 movements in stock prices in the long run and stock markets act as a
 leading economic indictor of future economic growth in Greater China in
 the short run. 
Journal: Applied Economics Letters 
Pages: 505-508 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850500426277 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426277&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitrios Vougas 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Vougas 
Title: Power comparison of invariant unit root tests 
Abstract:
  In the context of a model with linear trend plus AR(1) error, this paper
 studies power of various unit root tests, under proper stationarity
 alternatives. A large number of invariant tests is examined to compare
 their power properties. 
Journal: Applied Economics Letters 
Pages: 509-512 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706628 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706628&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Florian Bardong 
Author-X-Name-First: Florian 
Author-X-Name-Last: Bardong 
Author-Name: Thorsten Lehnert 
Author-X-Name-First: Thorsten 
Author-X-Name-Last: Lehnert 
Title: TIPS and inflation expectations 
Abstract:
  Previous research suggests that the market for index-linked bonds is not
 entirely efficient and that these inefficiencies can be exploited by
 including inflation forecasts in trades on break-even inflation. Inspired
 by those results, we test the informational content of inflation
 expectations using survey data generated by the Survey of Professional
 Forecasters. We develop trading strategies speculating on the movement of
 break-even inflation. The results indicate that the market for US
 inflation-indexed government bonds offers the possibility to obtain excess
 returns. These results are fairly consistent regardless of market
 frictions introduced in the return calculation. 
Journal: Applied Economics Letters 
Pages: 513-517 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706933 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706933&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takeshi Hoshikawa 
Author-X-Name-First: Takeshi 
Author-X-Name-Last: Hoshikawa 
Title: The causal relationships between foreign exchange intervention and exchange rate 
Abstract:
  This article examines the causal relationships between foreign exchange
 intervention and exchange rate. We find evidence of instantaneous causal
 relationships in mean and variance and feedback causal relationships in
 mean. It suggests that the expectation for exchange rate and volatility is
 influenced by information on foreign exchange intervention. 
Journal: Applied Economics Letters 
Pages: 519-522 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600721890 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721890&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoo Yoo 
Author-X-Name-First: Seung-Hoo 
Author-X-Name-Last: Yoo 
Title: High-technology exports and economic output: an empirical investigation 
Abstract:
  This article explores the impacts of high-technology exports on economic
 output using a cross-country analysis based on data from 91 countries over
 the period 1988 to 2000. The results show that high-technology exports
 significantly contribute to economic output. 
Journal: Applied Economics Letters 
Pages: 523-525 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600721882 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721882&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sumon Kumar Bhaumik 
Author-X-Name-First: Sumon Kumar 
Author-X-Name-Last: Bhaumik 
Title: Interaction between formal and informal sector credit: new evidence from India 
Abstract:
  Using a new pan-Indian data set, we examine the factors that potentially
 influence joint access to formal and informal credit markets. Our results
 are consistent with the literature and bring some new factors influencing
 access to credit to the fore. 
Journal: Applied Economics Letters 
Pages: 527-531 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706636 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706636&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuan-Hung Hsu Ku 
Author-X-Name-First: Yuan-Hung 
Author-X-Name-Last: Hsu Ku 
Author-Name: Jai Jen Wang 
Author-X-Name-First: Jai Jen 
Author-X-Name-Last: Wang 
Title: Estimating portfolio value-at-risk via dynamic conditional correlation MGARCH model - an empirical study on foreign exchange rates 
Abstract:
  This study compares efficiencies of five Generalised Autoregressive
 Conditional Heteroskedasticity (GARCH) models in terms of value at risk
 (VaR) backtesting on the number of prediction failures and the average
 deviation between VaR and realized return series. Unlike the previous
 literature which presumes constant correlation coefficients, a new model
 proposed by Engle (2002, the DCC model) is applied to highlight
 time-varying conditional correlations amongst positions, which is
 essential for portfolio risk management. From the empirical studies of
 exchange rates data including the US Dollar to British Pound, Japanese Yen
 and Euro Dollar, we find that the DCC model produces least prediction
 failures. 
Journal: Applied Economics Letters 
Pages: 533-538 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706958 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706958&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlo Altavilla 
Author-X-Name-First: Carlo 
Author-X-Name-Last: Altavilla 
Title: The (UN-) stable relationship between the exchange rate and its fundamentals 
Abstract:
  This study investigates the relationship between the euro--dollar
 exchange rate and its underlying fundamentals by adopting nonlinear time
 series modelling. We found that this relationship is episodically
 unstable. We also found that an equilibrium-distorting shock is likely to
 have a greater effect on the exchange rate during periods when the
 deviation between exchange rate and fundamentals is large; as a
 consequence, when the exchange rate is close to its equilibrium value it
 tends to be less sensitive to any shocks in the fundamentals. 
Journal: Applied Economics Letters 
Pages: 539-544 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706610 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706610&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yi-Hsien Wang 
Author-X-Name-First: Yi-Hsien 
Author-X-Name-Last: Wang 
Author-Name: Chin-Tsai Lin 
Author-X-Name-First: Chin-Tsai 
Author-X-Name-Last: Lin 
Title: Empirical analysis of political uncertainty on TAIEX stock market 
Abstract:
  This article examines the relationship of between political activity and
 TAIEX stock market behaviour by the asymmetric GARCH. The results found
 that the congressional effect is negative on stock returns but volatility
 is not significant. The congressional effect on stock market returns
 following financial reform significantly dropped before financial reform,
 and significantly exceed for the volatility in the same circumstances.
 These results provide evidences that investors would hold a conservative
 position during the congressional sessions. 
Journal: Applied Economics Letters 
Pages: 545-550 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600592507 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592507&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chien-Chiang Lee 
Author-X-Name-First: Chien-Chiang 
Author-X-Name-Last: Lee 
Author-Name: Chun-Ping Chang 
Author-X-Name-First: Chun-Ping 
Author-X-Name-Last: Chang 
Author-Name: Pei-Fen Chen 
Author-X-Name-First: Pei-Fen 
Author-X-Name-Last: Chen 
Title: Do CO2 emission levels converge among 21 OECD countries? New evidence from unit root structural break tests 
Abstract:
  This study empirically re-investigated whether carbon dioxide (CO2)
 emissions series were stationary in 21 OECD countries during the 1960-2000
 period. A suite of test statistics were employed, proposed by Sen (2003),
 with a model that simultaneously allows for a break within the context of
 Perron's (1989) mixed intercept and slope (Model C). The distinction
 between this study and previous ones lies in its control for breaks.
 Compared with the results from traditional unit root tests, the empirical
 findings provide further evidence that relative per capita CO2 emissions
 were stationary and were stochastically converging. In addition,
 structural breaks are identified in each country, and some important
 policy implications emerge from the results. 
Journal: Applied Economics Letters 
Pages: 551-556 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850500426236 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426236&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Harald Badinger 
Author-X-Name-First: Harald 
Author-X-Name-Last: Badinger 
Title: Technology- and investment-led growth effects of economic integration: a panel cointegration analysis for the EU-15 (1960-2000) 
Abstract:
  Using a panel cointegration approach we test for technology- and
 investment-led growth effects of economic integration for the EU-15 Member
 States over the period 1960 to 2000. Integration is measured by an index
 that is mainly based on tariff reductions and accounts for both
 GATT-liberalization and European integration. We find that integration has
 induced sizeable level effects on GDP per capita of some 44%, with both
 technology-led and investment-led effects playing an important role. While
 integration-induced efficiency increases materialize within a few years,
 integration-induced effects on the equilibrium stock of capital require a
 long time to work themselves out. 
Journal: Applied Economics Letters 
Pages: 557-561 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600711669 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600711669&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Augustin Kwasi Fosu 
Author-X-Name-First: Augustin Kwasi 
Author-X-Name-Last: Fosu 
Title: Inequality and the growth-poverty nexus: specification empirics using African data 
Abstract:
  Applying analysis-of-covariance to 1990s African data, the study finds
 the impact of growth as a decreasing function of inequality and a
 poverty-growth elasticity range of 0.02-0.68 across the sample of
 countries. 
Journal: Applied Economics Letters 
Pages: 563-566 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706669 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706669&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bing Zhang 
Author-X-Name-First: Bing 
Author-X-Name-Last: Zhang 
Author-Name: Li Xindan 
Author-X-Name-First: Li 
Author-X-Name-Last: Xindan 
Title: A variance ratio test of the behaviour of Chinese stock indices 
Abstract:
  This study utilizes tests based on ranks and signs suggested by Wright
 (2000) together with the traditional variance ratio test to examine the
 behaviour of some Chinese stock indices. The results have shown that the
 null hypothesis of martingale difference behaviour of the Chinese index
 returns series examined is rejected for the whole samples. However, when
 the heteroskedastic stochastic disturbance term is used, the finding
 supports the random walk hypothesis for B shares by end of 1996, the
 Chinese stock market has become more efficient. 
Journal: Applied Economics Letters 
Pages: 567-571 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706941 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706941&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Ferruz Agudo 
Author-X-Name-First: Luis Ferruz 
Author-X-Name-Last: Agudo 
Author-Name: J. L. Sarto 
Author-X-Name-First: J. L. 
Author-X-Name-Last: Sarto 
Author-Name: L. Vicente 
Author-X-Name-First: L. 
Author-X-Name-Last: Vicente 
Title: Herding behaviour in Spanish equity funds 
Abstract:
  We analyse the herding phenomenon in the management style of Spanish
 equity funds. Using the methodology of Lakonishok et al. (1992) and
 Sharpe's style analysis (1992), we find interesting conclusions in the
 investment behaviour of fund managers, a barely-explored aspect,
 especially in the Spanish market. 
Journal: Applied Economics Letters 
Pages: 573-576 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706974 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706974&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gabe de Bondt 
Author-X-Name-First: Gabe 
Author-X-Name-Last: de Bondt 
Author-Name: Marie Diron 
Author-X-Name-First: Marie 
Author-X-Name-Last: Diron 
Title: Investment, financing constraints and profit expectations: new macro evidence 
Abstract:
  Regression results show that the external financing costs, the financing
 gap and profit expectations significantly matter for US and euro area
 aggregate (nonconstruction) investment. This finding supports the view
 that external and internal financing constraints hamper investment also at
 the macro level. 
Journal: Applied Economics Letters 
Pages: 577-581 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600722088 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722088&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Li-Hsueh Chen 
Author-X-Name-First: Li-Hsueh 
Author-X-Name-Last: Chen 
Author-Name: Neil Garston 
Author-X-Name-First: Neil 
Author-X-Name-Last: Garston 
Title: Impact of the introduction of index-linked bonds on a nonindexed bond 
Abstract:
  In 1982 the British government began to issue bonds indexed to the
 inflation rate. This article investigates the impact of the introduction
 of this asset on the market for a nonindexed security. The impact is
 estimated in the context of a model derived from the literature on
 interest rate determination and, implicitly, from the consumption
 technology model. As expected, the introduction of the new asset is found
 to reduce the price of a pre-existing nonindexed asset, as the
 introduction of a substitute good should do. Further, changes in the
 prices of indexed bonds are positively related to the price of the
 nonindexed security. 
Journal: Applied Economics Letters 
Pages: 583-586 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600722013 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722013&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Title: Cigarette smuggling: price vs.nonprice incentives 
Abstract:
  This article uses recent US state level data to estimate the demand for
 cigarettes. The main contribution of this work is that, unlike previous
 studies, it takes into account both price and nonprice incentives behind
 the smuggling of cigarettes. The results show the demand for cigarettes to
 be elastic and greater than that found in the previous literature. The
 effects of greater literacy and income on smoking are insignificant. Also,
 the magnitude of own price elasticity seems affected by whether a
 correction is made for border prices. Comparing the price and nonprice
 influences on cigarette smuggling, it seems that price inducements remain
 the main force behind smuggling. Policy implications are discussed. 
Journal: Applied Economics Letters 
Pages: 587-592 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600721981 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721981&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Svetlana Poukliakova 
Author-X-Name-First: Svetlana 
Author-X-Name-Last: Poukliakova 
Title: Bayesian estimates of FDI flows: the governance problem 
Abstract:
  This study uses Bayesian methods to estimate the impact of various
 governance measures on cross-country Foreign Direct Investment (FDI)
 flows. The governance measures are highly correlated such that estimation
 by standard methods does not provide reliable estimates of their
 individual impact. The results suggest that FDI inflows are influenced by
 a country's governance structure. 
Journal: Applied Economics Letters 
Pages: 593-596 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600722005 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722005&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Santin 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Santin 
Title: On the approximation of production functions: a comparison of artificial neural networks frontiers and efficiency techniques 
Abstract:
  The aim of this article is to show how Artificial Neural Networks (ANN)
 is a valid semi-parametric alternative for fitting empirical production
 functions and measuring technical efficiency. To do this a Monte-Carlo
 experiment is carried out on a simulated smooth production technology for
 assessing efficiency results of ANN compared with Data Envelopment
 Analysis (DEA) and Stochastic Frontier Analysis (SFA). As ANNs provides
 average production function estimations this article proposes a so-called
 thick frontier strategy for transform average estimations into a
 productive frontier. Main advantages of ANN are in contexts where the
 production function is smooth, completely unknown, contains nonlinear
 relationships among variables and the quantity of noise and efficiency in
 data is moderate. Under this scenario, the results display that an ANNs
 algorithm can detect, better than traditional tools, the underlying shape
 of the production function from observed data. 
Journal: Applied Economics Letters 
Pages: 597-600 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600721973 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721973&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sumon Kumar Bhaumik 
Author-X-Name-First: Sumon Kumar 
Author-X-Name-Last: Bhaumik 
Author-Name: Manisha Chakrabarty 
Author-X-Name-First: Manisha 
Author-X-Name-Last: Chakrabarty 
Title: Does move to market have an impact on earnings gap across gender? Some evidence from India 
Abstract:
  We use Indian National Sample Survey employment-unemployment data for the
 urban sector for the years 1987 and 1999. Our results indicate that the
 gender wage gap had narrowed considerably between these two years, for all
 earnings deciles and for all education cohorts. The narrowing of the
 earnings gap can be attributed largely to a sharp increase in the returns
 to the labour market experience of women. 
Journal: Applied Economics Letters 
Pages: 601-605 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706651 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706651&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saibal Ghosh 
Author-X-Name-First: Saibal 
Author-X-Name-Last: Ghosh 
Title: Leverage, foreign borrowing and corporate performance: firm-level evidence for India 
Abstract:
  This article examines the association between corporate leverage and
 profitability. Using firm-level data on manufacturing sector in India for
 1995-2004, the findings indicate that corporate profitability and cash
 flows declines as leverage rises. More importantly, the marginal effect of
 an increase in leverage on earnings is larger for firms that participate
 in international debt markets than other firms. The results are robust
 after controlling for the economic environment and various firm-specific
 controls. 
Journal: Applied Economics Letters 
Pages: 607-616 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600722047 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722047&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ioannis Kaskarelis 
Author-X-Name-First: Ioannis 
Author-X-Name-Last: Kaskarelis 
Title: The determinants of investment in Greek manufacturing: a reply 
Abstract:
Journal: Applied Economics Letters 
Pages: 617-617 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850802128837 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802128837&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdulnasser Hatemi-J 
Author-X-Name-First: Abdulnasser 
Author-X-Name-Last: Hatemi-J 
Author-Name: Manuchehr Irandoust 
Author-X-Name-First: Manuchehr 
Author-X-Name-Last: Irandoust 
Title: The Fisher effect: a Kalman filter approach to detecting structural change 
Abstract:
  This article uses quarterly data on short-run nominal interest rates and
 inflation rates over the last four or three decades collected from
 Australia, Japan, Malaysia and Singapore to test whether the Fisher
 relation has empirical support. Since meaningful Fisher effect tests
 critically depend on the integration and cointegration properties of the
 variables, we present some empirical evidence on these issues and we also
 apply the Kalman filter to estimate the time-varying parameters. The
 results show that the data are generally rejecting a full Fisher effect.
 This implies that nominal interest rates do not respond point-for-point to
 changes in the expected inflation rates. The possible reasons for the
 inability to detect a full Fisher effect are also discussed. 
Journal: Applied Economics Letters 
Pages: 619-624 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600721924 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721924&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ash Morgan 
Author-X-Name-First: Ash 
Author-X-Name-Last: Morgan 
Title: Loss aversion and a kinked demand curve: evidence from contingent behaviour analysis of seafood consumers 
Abstract:
  Several laboratory experiments and market-based research in the fields of
 psychology, economics and marketing have provided increasing evidence of
 individuals exhibiting loss aversion tendencies, with decision-making
 based on a pre-existing reference point. This creates an S-shaped value
 function and associated kink in the demand curve. This research provides
 contingent behaviour analysis of 1790 seafood consumers across the
 Mid-Atlantic region. A survey is specifically designed to elicit
 respondents' change in consumption from their reference point when faced
 with price variations in the seafood market. Results from a Tobit model
 with random effects provide empirical support of consumers behaving in a
 manner consistent with loss aversion theory, revealing a kinked demand
 curve for seafood meals at the respondents' reference point. 
Journal: Applied Economics Letters 
Pages: 625-628 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600721940 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721940&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dillon Alleyne 
Author-X-Name-First: Dillon 
Author-X-Name-Last: Alleyne 
Author-Name: Claremont Kirton 
Author-X-Name-First: Claremont 
Author-X-Name-Last: Kirton 
Author-Name: Georgia McLeod 
Author-X-Name-First: Georgia 
Author-X-Name-Last: McLeod 
Author-Name: Mark Figueroa 
Author-X-Name-First: Mark 
Author-X-Name-Last: Figueroa 
Title: Short-run macroeconomic determinants of remittances to Jamaica: a time varying parameter approach 
Abstract:
  This article uses a time varying parameter model (TVP) to examine the
 macroeconomic determinants of cash remittances to Jamaica over the period
 January 1983 to April 2001. We anticipated a positive relationship between
 changes in remittances and foreign income. We find an investment component
 in the relationship between changes in remittances and domestic income. In
 addition, the relationship between changes in remittances, the unofficial
 exchange rate premium and the exchange rate differential are in line with
 our expectations. In terms of the policy dimension of the results, it is
 clear that domestic policy has a significant impact on the responses of
 remitters. These responses do not merely reflect altruistic concerns for
 relatives but also investment related considerations. This means that
 policy makers might be able, through deliberate policy, to influence the
 flow of remittances over time. 
Journal: Applied Economics Letters 
Pages: 629-634 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600721965 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721965&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bing Zhang 
Author-X-Name-First: Bing 
Author-X-Name-Last: Zhang 
Title: Duration dependence test for rational bubbles in Chinese stock market 
Abstract:
  This article applies duration dependence tests to analyse the rational
 speculative bubbles in Chinese stock market. The results show that the
 probability of ending a run of positive excess returns decreases with the
 length of the run. Together with the evidence of autocorrelation and
 leptokurtosis, we confirm the existences of speculative bubbles. This can
 be explained by Chinese stock market's institutional characteristics. 
Journal: Applied Economics Letters 
Pages: 635-639 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706966 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706966&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tao Zhang 
Author-X-Name-First: Tao 
Author-X-Name-Last: Zhang 
Title: Environmental performance in China's agricultural sector: a case study in corn production 
Abstract:
  This article reviews environmental performance in China's corn
 production. It proposes that the improvement in environmental and
 technical efficiency of agricultural production is indispensable for the
 increased demand for green food and the increasing awareness of
 environmental protection. This article measures the environmental and
 technical efficiency of China's corn production. According to the result
 of estimate, the improvement of environmental performance in China's corn
 production is feasible, but it may encounter some difficulties with
 respect to the fragment of farming land blocks. 
Journal: Applied Economics Letters 
Pages: 641-645 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600721874 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721874&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ming-Miin Yu 
Author-X-Name-First: Ming-Miin 
Author-X-Name-Last: Yu 
Title: Measuring the efficiency and return to scale status of multi-mode bus transit - evidence from Taiwan's bus system 
Abstract:
  In this article not only the multi-activity DEA model is applied to
 determine the efficiency of individual services within different but
 highly homogeneous multi-mode transit firms, but the relationship between
 size and local returns to scale status of each transit service is also
 investigated. The empirical findings indicate that it does not necessarily
 imply that the transit firm will be as efficient as a single-activity
 model when the multi-activity model is estimated, and there are different
 optimal scale sizes for highway bus and urban bus service in the Taipei
 metropolitan area. 
Journal: Applied Economics Letters 
Pages: 647-653 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600721858 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721858&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: V. G. R. Chandran 
Author-X-Name-First: V. G. R. 
Author-X-Name-Last: Chandran 
Author-Name: Veera Pandiyan 
Author-X-Name-First: Veera 
Author-X-Name-Last: Pandiyan 
Title: Technical efficiency and technological change in Malaysian service industries 
Abstract:
  This article examines the total factor productivity (TFP) growth by
 decomposing it into technical efficiency and technological change for the
 20 service industries in a developing country - Malaysia from 1987 to
 1992. On average, the TFP growth of the service industries experienced
 positive TFP growth of 1.8%. The contributing factors for TFP growth was
 technical efficiency while technological regress was found to dampen the
 TFP progress. 
Journal: Applied Economics Letters 
Pages: 655-657 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600721932 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721932&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ken Yamada 
Author-X-Name-First: Ken 
Author-X-Name-Last: Yamada 
Title: Estimating labour supply and time allocation by married Japanese men and unmarried Japanese women 
Abstract:
  In this article, I estimate the uncompensated and compensated wage
 elasticities and the income elasticity of time, for married men and
 unmarried women in Japan. For the purpose of the estimation, I control for
 the potential endogeneity of the wage and income variables. 
Journal: Applied Economics Letters 
Pages: 659-666 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749016 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749016&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: More uncertainty: on the trending nature of real GDP in the US and UK 
Abstract:
  While there is disagreement concerning the integrated nature of US Gross
 domestic product (GDP) over the long-run, there is a consensus that it is
 best characterized as I(1) over the post-World War II period. In this
 article the existing literature is extended via the use of an exponential
 smooth transition autoregressive (ESTAR)-based unit root test. It is shown
 that in contrast to the conventionally applied ADF test and the more
 powerful GLS-based ADF test, introduction of an alternative hypothesis of
 ESTAR adjustment results in the overwhelming rejection of the presence of
 a unit root. Similar results are presented for UK GDP over the same
 period. 
Journal: Applied Economics Letters 
Pages: 667-670 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600722039 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722039&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Harald Badinger 
Author-X-Name-First: Harald 
Author-X-Name-Last: Badinger 
Title: Cross-country evidence on the productivity effects of trade: the role of competition and country size 
Abstract:
  Using aggregate manufacturing data and a cross-section of 40 countries,
 we estimate the effects of trade, competition and country size on
 productivity. Endogeneity of trade and competition is accounted for using
 instruments that are based on entry barriers and geographical
 characteristics of the countries. We establish several empirical
 regularities: (i) Both trade and competition are statistically and
 economically significant determinants of productivity. (ii) The
 pro-competitive effect of trade accounts for a quarter of trade's total
 productivity effects. (iii) Country size appears to play no role, once
 trade and competition are controlled for. (iv) There is no evidence for a
 nonlinear relation between competition and productivity or for the
 hypothesis that larger countries gain less from trade. 
Journal: Applied Economics Letters 
Pages: 671-675 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600722112 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722112&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Bahmani-Oskooee 
Author-X-Name-First: M. 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: A. Gelan 
Author-X-Name-First: A. 
Author-X-Name-Last: Gelan 
Title: Kuznets inverted-U hypothesis revisited: a time-series approach using US data 
Abstract:
  Kuznets' inverted-U hypothesis implies that economic growth worsens
 income inequality first and improves it later at a higher stage of
 economic development. In addition to economic growth, other factors such
 as population growth, resource endowment, price instability, openness,
 currency devaluation, etc. have been identified as determinants of income
 inequality. Previous research used cross-sectional data to test not only
 the Kuznets' hypothesis, but also empirical validity of other factors and
 provided mixed conclusions. In this article we use time-series data from
 the US and recent advances in time-series modelling to show that economic
 growth worsens income inequality in the short-run and improves it in the
 long-run. 
Journal: Applied Economics Letters 
Pages: 677-681 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749040 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749040&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pilar Olave 
Author-X-Name-First: Pilar 
Author-X-Name-Last: Olave 
Author-Name: Eva Maria Andres 
Author-X-Name-First: Eva Maria 
Author-X-Name-Last: Andres 
Author-Name: Jose Tomas Alcala 
Author-X-Name-First: Jose Tomas 
Author-X-Name-Last: Alcala 
Title: Studying the relationship between unemployment periods in Spain: a nonparametric approach 
Abstract:
  The effect of successive periods of unemployment according to household
 type has not been analysed in any depth with respect to the Spanish labour
 market. In this article, we propose a nonparametric methodology based on a
 data-driven likelihood ratio function to describe the dependence between
 the duration of successive periods of unemployment according to different
 household typologies. This study, which uses a very large data set,
 specifically, the Spanish sample of the European Community Household Panel
 (ECHP), first reveals a weak dependence between the consecutive
 unemployment durations in the case of the most frequent household
 typology. In addition, we find that the first months of the previous
 spells of unemployment have a significant impact on subsequent expected
 unemployment duration. 
Journal: Applied Economics Letters 
Pages: 683-687 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749057 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749057&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Depken 
Author-X-Name-First: Craig 
Author-X-Name-Last: Depken 
Title: Benford, Zipf and the blogosphere 
Abstract:
  The blogosphere is a relatively recent development on the Internet and,
 for this reason, has received limited empirical investigation. This short
 note investigates whether the popularity of the 500 most popular blogs
 during August and September of 2005, as measured by in-coming links,
 followed the first-digit distribution attributed to Benford (1938) and the
 rank-size distribution attributed to Zipf (1949). The evidence suggests
 that the blogs investigated were not characterized by either empirical
 regularity, consistent with blog popularity being caused by network
 externalities. 
Journal: Applied Economics Letters 
Pages: 689-692 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600735270 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600735270&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hiroaki Chigira 
Author-X-Name-First: Hiroaki 
Author-X-Name-Last: Chigira 
Title: A test of cointegration rank based on principal component analysis 
Abstract:
  Using principal component methods, we construct a cointegration rank test
 that is less restrictive than Johansen's tests, easy to calculate, and
 independent of the dimension of the process. Monte Carlo simulations
 indicate that the proposed test outperforms Johansen's tests. 
Journal: Applied Economics Letters 
Pages: 693-696 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600722096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rob Euwals 
Author-X-Name-First: Rob 
Author-X-Name-Last: Euwals 
Title: Evaluation of a tax reform: a model with measurement error 
Abstract:
  Parts of the Dutch tax reform 2001 are directed towards fiscal partners
 in a household and aim at lowering the marginal tax burden of the partner
 with the lowest (potential) labour income. An important goal of the reform
 is to increase the employment rate of these partners, which are in
 majority women. The Dutch Labour Force Survey 1992-2003 shows that the
 growth of the employment rate of married women after 2001 was larger for a
 comparable group of single women. A statistical analysis using a model
 that accounts for measurement error shows that the growth of the
 employment rates of women without young children is in line with the
 predicted effect of the tax reform. 
Journal: Applied Economics Letters 
Pages: 697-700 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600722104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitrios Vougas 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Vougas 
Title: Size performance of the Lagrange Multiplier (LM) unit root test in the presence of a neglected break under the null 
Abstract:
  Via simulation, the size of the lagrange multiplier (LM) unit root test
 is examined, when there is a neglected level or trend break under the null
 hypothesis. It is found that unlike other more popular unit root tests in
 the literature, the size of the LM is not distorted/inflated. Thus,
 rejections of the LM tests must not be viewed as spurious with respect to
 this issue of neglected breaks. 
Journal: Applied Economics Letters 
Pages: 701-705 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600722120 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722120&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Cademartori 
Author-X-Name-First: David 
Author-X-Name-Last: Cademartori 
Author-Name: Rodrigo Navia 
Author-X-Name-First: Rodrigo 
Author-X-Name-Last: Navia 
Author-Name: Manuel Galea 
Author-X-Name-First: Manuel 
Author-X-Name-Last: Galea 
Author-Name: Felipe Osorio 
Author-X-Name-First: Felipe 
Author-X-Name-Last: Osorio 
Title: Prediction of the economic activity from the short and long-term interest rate differential: new evidences in Chile and the United States of America cases 
Abstract:
  The purpose of this work is to verify the stability of the relationship
 between real activity and interest rate spread. The test is based on Chen
 (1988) and Osorio and Galea (2006). The analysis is applied to Chile and
 the United States, from 1980 to 1999. In general, in both cases the
 relationship was statistically significant in early 80s, but a break point
 is found in both countries during that decades, suggesting that the
 relationship depends on the monetary rule follow by the Central Bank. 
Journal: Applied Economics Letters 
Pages: 707-712 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600748950 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600748950&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephane Mussard 
Author-X-Name-First: Stephane 
Author-X-Name-Last: Mussard 
Author-Name: Virginie Terraza 
Author-X-Name-First: Virginie 
Author-X-Name-Last: Terraza 
Title: The Shapley decomposition for portfolio risk 
Abstract:
  The aim of this article is to provide an application of the Shapley value
 to decompose financial portfolio risk. Decomposing the sample covariance
 risk measure, gives us relative measures, which can be, classified
 securities of a portfolio according to risk scales. 
Journal: Applied Economics Letters 
Pages: 713-715 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600748968 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600748968&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Weide Mao 
Author-X-Name-First: Weide 
Author-X-Name-Last: Mao 
Author-Name: Chien-Ting Lin 
Author-X-Name-First: Chien-Ting 
Author-X-Name-Last: Lin 
Author-Name: Chia-Cheng Ho 
Author-X-Name-First: Chia-Cheng 
Author-X-Name-Last: Ho 
Author-Name: Ching-Chang Wang 
Author-X-Name-First: Ching-Chang 
Author-X-Name-Last: Wang 
Title: A fuzzy approach to water pricing: the case of Shanghai 
Abstract:
  In this article, we device a methodology to value water using Fuzzy
 theory that incorporates not only the physical cost of delivery but also
 the social and sustainable resource costs that water regulators often
 ignore. Specifically, we include the cost of water quality, cost of water
 resource, gross domestic product per capita and the household's
 willingness to pay into our estimation. We demonstrate the approach using
 the household sector in Shanghai where the residents face potential water
 shortage and poor water quality. We estimate a theoretical price of 1.82
 Chinese Yuan per cubic meter for the average household. 
Journal: Applied Economics Letters 
Pages: 717-722 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600748976 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600748976&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Junning Cai 
Author-X-Name-First: Junning 
Author-X-Name-Last: Cai 
Author-Name: PingSun Leung 
Author-X-Name-First: PingSun 
Author-X-Name-Last: Leung 
Title: Towards a more general measure of revealed comparative advantage variation 
Abstract:
  The change of Balassa's 'revealed comparative advantage' index is often
 directly used to measure comparative advantage variation over time, yet
 the theoretical foundation of this traditional measure has not been
 clarified. In this article we derive a 'revealed comparative advantage
 variation' index, which turns out to be a more general measure of
 comparative advantage variation than the traditional one. 
Journal: Applied Economics Letters 
Pages: 723-726 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600748992 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600748992&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joachim Wagner 
Author-X-Name-First: Joachim 
Author-X-Name-Last: Wagner 
Title: German works councils and productivity: first evidence from a nonparametric test 
Abstract:
  This article presents the first nonparametric test whether German works
 councils go hand-in-hand with higher labour productivity or not. It
 distinguishes between establishments that are covered by collective
 bargaining or not. Results from a Kolmogorov-Smirnov test for first-order
 stochastic dominance tend to indicate that pro-productive effects are
 found in firms with collective bargaining only. However, the significance
 level of the test statistic is higher than a usually applied critical
 level. This somewhat weak evidence casts doubts on the validity of results
 from recent parametric approaches using a regression framework that point
 to high positive effects of works councils on productivity. 
Journal: Applied Economics Letters 
Pages: 727-730 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749024 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749024&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shyh-Wei Chen 
Author-X-Name-First: Shyh-Wei 
Author-X-Name-Last: Chen 
Title: Long-run aggregate import demand function in Taiwan: an ARDL bounds testing approach 
Abstract:
  This article adopts the bounds test, developed by Pesaran et al. (2001),
 to determine whether there is a level long-run relationship exists between
 Taiwan's real import demand function and it determinants, namely real
 domestic income and relative prices. It is found that aggregate import
 quantities and their determinants do indeed exhibit a level long-run
 relationship. In addition, the empirical results show that estimated
 short-run elasticity and long-run income elasticity are both elastic but
 that short-run income elasticity is considerably greater than that of its
 long-run counterpart. This indicates that economic growth should have a
 relatively greater negative impact on trade balance in the short-run than
 in the long-run. 
Journal: Applied Economics Letters 
Pages: 731-735 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Minxian Yang 
Author-X-Name-First: Minxian 
Author-X-Name-Last: Yang 
Title: Normal log-normal mixture, leptokurtosis and skewness 
Abstract:
  The normal log-normal mixture (NLNM) is considered for modelling
 leptokurtosis and skewness. The moment of the mixture is shown to be
 finite for any positive order. The expectations of exponential functions
 of the NLNM variable are also investigated. The kurtosis and skewness of
 the NLNM are explicitly shown to be determined by the variance of the log
 normal and the correlation between the normal and log normal. A set of
 cross-sectional data is fitted to the NLNM to illustrate that
 idiosyncratic variances may be modelled by the mixture. 
Journal: Applied Economics Letters 
Pages: 737-742 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749073 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749073&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ramin Cooper Maysami 
Author-X-Name-First: Ramin Cooper 
Author-X-Name-Last: Maysami 
Author-Name: Chris Sakellariou 
Author-X-Name-First: Chris 
Author-X-Name-Last: Sakellariou 
Title: Financial liberalization, deposit insurance and bank stability 
Abstract:
  This article investigates the impact of implementing an explicit deposit
 insurance scheme on the likelihood of banking crisis in countries with
 well-liberalized financial systems. We estimate the probability of a
 systemic banking crisis using a multivariate logit model in which
 alternative variables capturing the nature of the deposit protection
 arrangement enter as explanatory variables along with a set of control
 variables. We conclude that deposit insurance will be successful in
 alleviating moral hazard and increase the stability of the financial
 system only if a sufficient degree of financial liberalization exists. 
Journal: Applied Economics Letters 
Pages: 743-747 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Vargas-Silva 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Vargas-Silva 
Title: The effect of monetary policy on housing: a factor-augmented vector autoregression (FAVAR) approach 
Abstract:
  This study examines the link between monetary policy and the housing
 market. The analysis is conducted using impulse response functions derived
 from a factor-augmented vector autoregression (FAVAR) model. The FAVAR
 methodology as developed by Bernanke et al. (2005) avoids the degrees of
 freedom problem present in standard vector autoregression (VARs) models.
 The estimations are conducted using 120 macroeconomic time series in
 monthly frequency for the period January 1959 to August 2001. Results
 indicate that housing starts respond negatively to monetary policy shocks.
 This result is consistent across regions in the United States. In the case
 of housing permits and mobile home shipments, the response to a monetary
 policy shock is positive at first, but becomes negative after a few
 periods. 
Journal: Applied Economics Letters 
Pages: 749-752 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600770947 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770947&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ozge Senay 
Author-X-Name-First: Ozge 
Author-X-Name-Last: Senay 
Author-Name: Alan Sutherland 
Author-X-Name-First: Alan 
Author-X-Name-Last: Sutherland 
Title: A quantitative analysis of cost-push shocks and optimal inflation volatility 
Abstract:
  This article presents a quantitative analysis of optimal inflation
 volatility in a simple sticky-price general equilibrium model subject to
 both supply and cost-push shocks. It is found that optimal policy implies
 a relatively small degree of inflation volatility even when cost-push
 shocks are the dominant source of economic disturbance. In addition, it is
 found that optimal policy generates only a very small welfare gain when
 compared to strict inflation targeting. 
Journal: Applied Economics Letters 
Pages: 753-757 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600770954 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770954&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephane Mussard 
Author-X-Name-First: Stephane 
Author-X-Name-Last: Mussard 
Author-Name: Maria Noel Pi Alperin 
Author-X-Name-First: Maria Noel 
Author-X-Name-Last: Pi Alperin 
Title: Inequalities in multidimensional poverty: evidence from Argentina 
Abstract:
  This article presents a new synthetic methodology that gauges
 simultaneously the inequalities in multidimensional poverty within and
 between groups of population and the dimensions that tend to increase
 inequality in poverty. 
Journal: Applied Economics Letters 
Pages: 759-765 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600770988 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770988&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shakil Quayes 
Author-X-Name-First: Shakil 
Author-X-Name-Last: Quayes 
Author-Name: A. Jamal 
Author-X-Name-First: A. 
Author-X-Name-Last: Jamal 
Title: Does inflation affect stock prices? 
Abstract:
  Incorporating demand and supply factors, this article investigates the
 relationship between inflation and stock prices, in a capital gains tax
 regime in USA. Based on annual data, the results show that inflation has a
 negative impact on stock prices. 
Journal: Applied Economics Letters 
Pages: 767-769 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600770871 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770871&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amaechi Nkemakolem Nwaokoro 
Author-X-Name-First: Amaechi Nkemakolem 
Author-X-Name-Last: Nwaokoro 
Title: Trade-restriction policies ineffectiveness in the US steel industry 
Abstract:
  This study examines the impact of the trade restrictions on steel imports
 in order to protect the US steel industry. During the period of 1963 to
 1988, the industry experienced a tremendous decline in its output. Trade
 restrictions are implemented to limit steel imports. The overall goal of
 this study is to estimate the impact of the steel trade restriction
 regimes on the output of the industry. Beside foreign competition, the
 study addresses the impact of other factors - other shipments (nonsteel
 shipments) and the prices of steel substitutes - aluminum, and plastic and
 rubber that may have also caused variation in steel production. The study
 makes two major contributions. First, the study constructs the trade
 restriction regimes and other high-frequency monthly data set on steel
 output and factor prices. Second, output is modelled as a function of the
 trade restriction regimes, other shipments and factor prices. Regression
 results show that the protection regimes are not statistically significant
 to enhance output expansion. This implies policies ineffectiveness and
 invalidates the call for the trade restrictions. The other shipments
 variable enhances output demand while the prices of the steel substitutes
 do not. Given the results here and for the fact that the mini-mills were
 competitive during the regime periods, a competition, not protective trade
 may be warranted. 
Journal: Applied Economics Letters 
Pages: 771-776 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600770863 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770863&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitrios Vougas 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Vougas 
Title: On the size of the DF-GLS test 
Abstract:
  Using Monte Carlo simulation, the size of the DF-GLS test is examined
 when there is a neglected level or trend break under the null hypothesis.
 Unlike the original DF test, the DF-GLS test has size which is not
 distorted/inflated. 
Journal: Applied Economics Letters 
Pages: 777-780 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749115 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749115&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Bruneau 
Author-X-Name-First: C. 
Author-X-Name-Last: Bruneau 
Author-Name: O. de Bandt 
Author-X-Name-First: O. 
Author-X-Name-Last: de Bandt 
Author-Name: A. Flageollet 
Author-X-Name-First: A. 
Author-X-Name-Last: Flageollet 
Title: Measuring co-movements in the Euro area using a nonstationary factor model 
Abstract:
  This article investigates to what extent business cycles co-move in the
 four largest euro area economies, using a large-scale database of
 nonstationary series for the euro area over the 1980:Q1 to 2003:Q4 period.
 We apply the methodology proposed by Bai (2004) and Bai and Ng (2004) to
 construct a coincident indicator of the euro area business cycle, based on
 the first common factor estimated from a dynamic factor analysis on the
 level of the variables. The indicator appears to be significantly close,
 from a statistical point of view, to the level of the euro area GDP in the
 most recent period. We also show that national developments are
 increasingly correlated to the indicator at the business cycle
 frequencies. We finally suggest a decomposition of GDP growth along the
 different stationary and nonstationary factors. 
Journal: Applied Economics Letters 
Pages: 781-785 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749099 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749099&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Oskar Nordstrom Skans 
Author-X-Name-First: Oskar Nordstrom 
Author-X-Name-Last: Skans 
Title: How does the age structure affect regional productivity? 
Abstract:
  The article studies the effects of a changing age structure on regional
 productivity using lagged population structure to purge estimates of the
 influence of endogenous migration. It is shown that workers aged 50-60
 years have a positive effect on regional productivity. Together with
 evidence from previous research showing that the effect of the same age
 group on unemployment is positive, the results support the notion that
 well-matched workers gives rise to both high productivity and high
 unemployment. 
Journal: Applied Economics Letters 
Pages: 787-790 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749123 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749123&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nathalie Colombier 
Author-X-Name-First: Nathalie 
Author-X-Name-Last: Colombier 
Author-Name: Laurent Denant Boemont 
Author-X-Name-First: Laurent Denant 
Author-X-Name-Last: Boemont 
Author-Name: Youenn Loheac 
Author-X-Name-First: Youenn 
Author-X-Name-Last: Loheac 
Author-Name: David Masclet 
Author-X-Name-First: David 
Author-X-Name-Last: Masclet 
Title: Risk aversion: an experiment with self-employed workers and salaried workers 
Abstract:
  In this article we present the results of a lottery-choice experiment to
 address the following questions: Do risk vary across individuals? What is
 the impact of context on risk aversion? The originality of this research
 lies in introducing variability in socio-demographic characteristics by
 recruiting not only students but also 'real people' among salaried workers
 and self-employed workers. Our results indicate that risk attitude
 strongly varies across individuals. In particular, individuals who are
 self employed tend to be significantly less risk averse than others. In
 addition, we replicated Holt and Laury (2002, 2005) and Harrison et al.
 (2005)'s findings that individuals tend to be more risk averse with higher
 payoffs. Finally, our results concerning a potential experience effect
 indicate the existence of a significant order effect for both treatments. 
Journal: Applied Economics Letters 
Pages: 791-795 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749149 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749149&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christophe Ehrhart 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Ehrhart 
Author-Name: Matthieu Llorca 
Author-X-Name-First: Matthieu 
Author-X-Name-Last: Llorca 
Title: The sustainability of fiscal policy: evidence from a panel of six South-Mediterranean countries 
Abstract:
  This article aims at assessing the sustainability of fiscal policies in a
 panel of six South-Mediterranean countries, namely Egypt, Israel, Lebanon,
 Morocco, Tunisia and Turkey. First, using panel data unit-root tests
 proposed by Im et al. (2003), Maddala and Wu (1999), and Choi (2001),
 econometric findings reveal that the variables of public expenditure,
 revenue and domestic debt in level are not stationary. However, employing
 panel cointegration tests designed by Pedroni (1999), it is found that
 government spending and revenue are cointegrated. This implies that fiscal
 policies in these countries are sustainable in the long run, i.e. they are
 consistent with inter-temporal budget balance in accordance with the
 present-value approach. 
Journal: Applied Economics Letters 
Pages: 797-803 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749156 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749156&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Minho Kim 
Author-X-Name-First: Minho 
Author-X-Name-Last: Kim 
Author-Name: Han Mo Oh 
Author-X-Name-First: Han Mo 
Author-X-Name-Last: Oh 
Author-Name: Ronald McNiel 
Author-X-Name-First: Ronald 
Author-X-Name-Last: McNiel 
Title: Determinants of online shoppers' satisfaction in Korea 
Abstract:
  The purpose of this article is to identify the factors that might lead to
 the customer satisfaction in the online shopping malls across Korea. It is
 hypothesized that customer's positive perception of usefulness of internet
 shopping, security, technical competence, customer support and the
 interface of shopping mall positively affects the customer satisfaction.
 It is also hypothesized that satisfied customer becomes loyal customer.
 The survey results confirm that customer satisfaction has a significantly
 positive impact on the customer loyalty, which reveals that internet
 shoppers show high loyalty when they are satisfied with the service. We
 also find that online customers' risk perception about the security of the
 transactions, customer support to the online shopping and interface of the
 shopping mall are positively related to the customer satisfaction. 
Journal: Applied Economics Letters 
Pages: 805-808 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749164 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749164&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Boopen Seetanah 
Author-X-Name-First: Boopen 
Author-X-Name-Last: Seetanah 
Title: Financial development and economic growth: an ARDL approach for the case of the small island state of Mauritius 
Abstract:
  The article investigates the dynamic empirical link between financial
 development and economic performance for the case of the developing small
 island state of Mauritius using a unique time-series data set over the
 period 1952 to 2004. The analysis was performed using two different
 proxies for financial development in an ARDL framework. The results
 suggest that financial development have been contributing to the output
 level of the economy in both short and long run. It thus highlights the
 economic importance of financial development and provides new evidence for
 the case of island economies using recent cointegration approach. 
Journal: Applied Economics Letters 
Pages: 809-813 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600770889 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770889&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guadalupe Fugarolas Alvarez-Ude 
Author-X-Name-First: Guadalupe 
Author-X-Name-Last: Fugarolas Alvarez-Ude 
Author-Name: David Matesanz Gomez 
Author-X-Name-First: David 
Author-X-Name-Last: Matesanz Gomez 
Title: Long- and short-run balance of payments adjustment: Argentine economic growth constrained 
Abstract:
  This article addresses insights on Argentina's slowness growth
 performance throughout the period 1968 to 2003 and, especially, on its
 recent crisis in 2002. Using time series unit roots tests, vector
 auto-regresive models and cointegration tests, this study deals with the
 effect of the external sector constraint on Argentinean output expansion
 and, in particular, with the empirical validation of a variant of
 Thirlwall's Law. The results suggest that, in the long-run, there exists a
 stable relationship between economic growth, exports and even terms of
 trade. These findings allow us to conclude that Argentina's international
 payments position constraints its economic activity. 
Journal: Applied Economics Letters 
Pages: 815-820 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600770897 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770897&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkan Erdil 
Author-X-Name-First: Erkan 
Author-X-Name-Last: Erdil 
Author-Name: Dilek Cetin 
Author-X-Name-First: Dilek 
Author-X-Name-Last: Cetin 
Author-Name: Derya Findik 
Author-X-Name-First: Derya 
Author-X-Name-Last: Findik 
Title: Effect of technology on gender wage differential: a panel analysis 
Abstract:
  There is a vast amount of literature focusing on the relationship between
 wage and technology. A panel of 13 countries from 1980 to 1998 period is
 used in attempt to find an answer whether technology has any effect on
 gender wage differential in manufacturing industry. The results indicate
 that as technological change accelerates approximated by the number of
 patents, wage difference between man and woman will diminish. 
Journal: Applied Economics Letters 
Pages: 821-825 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600770905 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770905&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joan-Ramon Borrell 
Author-X-Name-First: Joan-Ramon 
Author-X-Name-Last: Borrell 
Author-Name: Mara Tolosa 
Author-X-Name-First: Mara 
Author-X-Name-Last: Tolosa 
Title: Endogenous antitrust: cross-country evidence on the impact of competition-enhancing policies on productivity 
Abstract:
  This article presents empirical evidence regarding the effect of
 simultaneous antitrust and trade policy on productivity. We find that
 treating antitrust across countries as an exogenous policy overestimates
 the impact of competition on productivity by as much as 18%. 
Journal: Applied Economics Letters 
Pages: 827-831 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600949137 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600949137&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Sephton 
Author-X-Name-First: Peter 
Author-X-Name-Last: Sephton 
Title: On the finite sample size and power of the generalized KPSS test in the presence of level breaks 
Abstract:
  The KPSS stationarity test is oversized when it is applied to a series
 containing a strong autoregressive process. Hobijn et al. (2004)
 demonstrated that the test appears to be better-sized when an
 automatic-data dependent bandwidth selection procedure is used to estimate
 the long-run variance of the series. This article examines the impact of
 level breaks under the null on the finite sample size and power of their
 generalized KPSS test. It demonstrates that empirical sizes depend
 critically on the location and the magnitude of the break and that the
 generalized test is not as robust to variance estimation as was previously
 thought. The results are shown to be similar to those based on the
 traditional approach to calculating the KPSS test. 
Journal: Applied Economics Letters 
Pages: 833-843 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600770962 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770962&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rolf Fare 
Author-X-Name-First: Rolf 
Author-X-Name-Last: Fare 
Author-Name: Shawna Grosskopf 
Author-X-Name-First: Shawna 
Author-X-Name-Last: Grosskopf 
Author-Name: Valentin Zelenyuk 
Author-X-Name-First: Valentin 
Author-X-Name-Last: Zelenyuk 
Title: Aggregation of Nerlovian profit indicator 
Abstract:
  This note shows that the Nerlovian profit indicator may be aggregated
 over firms into an industry measure of profit efficiency. The note also
 provides conditions under which the technical component of the indicator
 may also be aggregated. 
Journal: Applied Economics Letters 
Pages: 845-847 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600825584 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600825584&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jorg Borrmann 
Author-X-Name-First: Jorg 
Author-X-Name-Last: Borrmann 
Author-Name: Michaela Schaffhauser-Linzatti 
Author-X-Name-First: Michaela 
Author-X-Name-Last: Schaffhauser-Linzatti 
Title: Franchise bidding with differences in demand 
Abstract:
  With a given static market demand and given static cost functions of all
 potential suppliers as well as sufficient competition, Demsetz' (1968)
 concept of franchise bidding leads to the selection of the
 welfare-maximizing supplier. However, with differences in demand among
 bidders, franchise bidding may lead to an inefficient choice of supplier.
 If the bidder with the lowest bid were barred from the auction, total
 surplus might rise, even under economies of scale. This result does not
 hold, if demand is noncrossing and if bidders' cost functions are
 identical and exhibit economies of scale. 
Journal: Applied Economics Letters 
Pages: 849-852 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600829123 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600829123&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tauhidur Rahman 
Author-X-Name-First: Tauhidur 
Author-X-Name-Last: Rahman 
Title: Determinants of public health expenditure: some evidence from Indian states 
Abstract:
  This study examines the evolution of public health expenditure in India.
 A panel data model is used to explain the main factors which affect public
 health expenditure in the period 1971 to 1991. The empirical results show
 that the key determinants in the explanation of the regional health
 expenditure are real state per capita income and literacy rate, while
 other structural demand variables such as the proportion of the state
 population over age 60, population per primary health care center and
 population per doctor are statistically insignificant factors. An income
 elasticity of 0.47 implies that health care is not a luxury good. 
Journal: Applied Economics Letters 
Pages: 853-857 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600770970 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770970&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fabio Augusto Reis Gomes 
Author-X-Name-First: Fabio Augusto Reis 
Author-X-Name-Last: Gomes 
Author-Name: Afonso Henriques Borges Ferreira 
Author-X-Name-First: Afonso Henriques Borges 
Author-X-Name-Last: Ferreira 
Author-Name: Jaime de Jesus Filho 
Author-X-Name-First: Jaime de Jesus 
Author-X-Name-Last: Filho 
Title: The Feldstein-Horioka puzzle in South American countries:a time-varying approach 
Abstract:
  Inasmuch as the investment-savings correlation is related to capital
 immobility and each country has specific and time-varying capital account
 liberalization and financial deregulation processes, we might not expect a
 constant and identical correlation for a group of countries. We performed
 both a constant (OLS) and a time-varying (Kalman filter) estimation of the
 investment-savings coefficient for Argentina, Brazil and Chile. As
 expected, the time-varying model presented a better fit, but our findings
 suggested that the investment-savings correlation is a misleading measure
 of capital mobility. 
Journal: Applied Economics Letters 
Pages: 859-863 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600949129 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600949129&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Medcalfe 
Author-X-Name-First: Simon 
Author-X-Name-Last: Medcalfe 
Title: English league transfer prices: is there a racial dimension? A re-examination with new data 
Abstract:
  Reilly and Witt (1995) examined the role of race in determining English
 football transfer prices. The aim of this article is to update their work
 with new and later data on productivity of football players. Using data
 from the 2001-2002 English league season, a transfer price equation is
 estimated to establish if equally productive black players command lower
 transfer prices. The evidence suggests they do not. 
Journal: Applied Economics Letters 
Pages: 865-867 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600949178 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600949178&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yoon-Jun Lee 
Author-X-Name-First: Yoon-Jun 
Author-X-Name-Last: Lee 
Author-Name: Jeong-Dong Lee 
Author-X-Name-First: Jeong-Dong 
Author-X-Name-Last: Lee 
Title: Strategy of start-ups for IPO timing across high technology industries 
Abstract:
  The technology-based start-ups have emerged as important drivers of
 innovative activity across many industries. For these start-ups, the
 initial public offering (IPO) has been used as a measure for performance
 and leads to an influx of capital that enables these firms to implement
 their ideas. In this study, we focus on the timing of IPO between two
 industries. Empirically, we investigated corporate disclosure data and
 patent application data from 36 biotechnology (BT) firms and 166
 information technology (IT) firms that are registered in KOSDAQ between
 2000 and 2004. The results show that IT start-ups had better wait until
 the stock market becomes bullish, while BT start-ups had better go public
 quickly if possible. 
Journal: Applied Economics Letters 
Pages: 869-877 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600820650 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600820650&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Karim Eslamloueyan 
Author-X-Name-First: Karim 
Author-X-Name-Last: Eslamloueyan 
Title: The effect of an interest-free banking system on level and volatility of inflation: a GARCH model 
Abstract:
  Some Muslim researchers argue that a no-interest financial system better
 achieves the goal of price stability. Using a GARCH model, this article
 examines the effect of an interest-free banking system on level and
 volatility of inflation in a country with a full-fledged no-interest
 financial system. Iran is chosen for our case study because it has
 initiated the most far-reaching experiments with interest-free banking in
 the Muslim world. The results indicate that the new financial setting in
 Iran has reduced inflation uncertainty but has failed to lower the level
 of inflation. 
Journal: Applied Economics Letters 
Pages: 879-882 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600892840 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600892840&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gee San 
Author-X-Name-First: Gee 
Author-X-Name-Last: San 
Author-Name: Wen-Jhan Jane 
Author-X-Name-First: Wen-Jhan 
Author-X-Name-Last: Jane 
Title: Wage dispersion and team performance: evidence from the small size professional baseball league in Taiwan 
Abstract:
  By using professional baseball teams in Taiwan as an example, these
 articles address the issue of how wage disparities affect organizational
 performance. Salary and performance data on 364 players on seven teams for
 the years 1990 through 2000 in Taiwan are collected and both fixed and
 random effect models together with an index to measure the intra- and
 inter-salary dispersion are used to investigate the effects of player's
 wage dispersion on the team's winning percentage, i.e. the team
 performance. Our empirical results show that teams with less total salary
 expenditures or greater wage disparity reduce the team's winning
 percentage and thus hinder the organizational performance. 
Journal: Applied Economics Letters 
Pages: 883-886 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600905014 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600905014&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shujie Yao 
Author-X-Name-First: Shujie 
Author-X-Name-Last: Yao 
Author-Name: Kailei Wei 
Author-X-Name-First: Kailei 
Author-X-Name-Last: Wei 
Author-Name: Genfu Feng 
Author-X-Name-First: Genfu 
Author-X-Name-Last: Feng 
Author-Name: Lin Song 
Author-X-Name-First: Lin 
Author-X-Name-Last: Song 
Title: Economic growth in the presence of FDI: the perspective of newly industrializing economies 
Abstract:
  This article presents two propositions on the role of FDI in economic
 growth: (1) FDI is a mover of production efficiency and (2) FDI is a
 shifter of the host country's production frontier. It then employs a
 production function with a large panel data set from the Chinese regions
 over 1979-2003 to test the propositions. 
Journal: Applied Economics Letters 
Pages: 887-891 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600905022 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600905022&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shyh-Wei Chen 
Author-X-Name-First: Shyh-Wei 
Author-X-Name-Last: Chen 
Title: Identifying US turning points revisited: the panel model with the regime switching approach 
Abstract:
  This article proposes a panel model with a regime switching mechanism to
 analyse the feature of US business cycles. This Markov Switching Panel
 model is simple and can easily be estimated using Hamilton's (1989)
 method. We test the ability of the Markov Switching Panel model to
 identify US turning points using the US coincident indicator data. The
 empirical evidence shows that this model is highly capable of identifying
 US recessionary dates. It also has a better forecast performance than the
 Markov Switching vector autoregressive model. 
Journal: Applied Economics Letters 
Pages: 893-897 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600905030 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600905030&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Sonmez Atesoglu 
Author-X-Name-First: H. Sonmez 
Author-X-Name-Last: Atesoglu 
Author-Name: John Smithin 
Author-X-Name-First: John 
Author-X-Name-Last: Smithin 
Title: Canadian monetary policy and the US federal funds rate 
Abstract:
  This article examines the empirical relation between the Canadian
 overnight rate and the US federal funds rate over the period 1975 to 2005.
 There is evidence of cointegration in the earlier part of the period from
 1975 to 1988, but not in the post-1988 period to date. The inference is
 that the Bank of Canada has been pursuing monetary policy independently of
 the USA at least during the 1988 to 2005 period. 
Journal: Applied Economics Letters 
Pages: 899-904 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600905048 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600905048&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cheng-Hsun Lin 
Author-X-Name-First: Cheng-Hsun 
Author-X-Name-Last: Lin 
Author-Name: Nai-Fong Kuo 
Author-X-Name-First: Nai-Fong 
Author-X-Name-Last: Kuo 
Author-Name: Cheng-Da Yuan 
Author-X-Name-First: Cheng-Da 
Author-X-Name-Last: Yuan 
Title: Nonlinear vs. nonstationary of hysteresis in unemployment: evidence from OECD economies 
Abstract:
  This study examines the lower and higher boundaries for the threshold
 value to be considered an indicator of unemployment in a specific country.
 Specially, the objective is to conduct the critical moment of hysteresis
 effects happening in unemployment rate using a group of 16 OECD countries.
 The methodological strategy applies a developed tool of threshold tests
 involving unit root against stationary but nonlinear alternative by Caner
 and Hansen (2001). A significant contribution of this study is identifying
 a trigger point from the nonstationary of time series process for the
 first time in the literature. Our empirical results finds strong evidence
 of the existence of nonlinear stationary in Australia, Canada, Finland,
 France, Germany, Ireland, Japan, Netherlands and the USA when the
 threshold effect holds. The hysteresis hypothesis is further confirmed by
 the fact that the unemployment rate exceeds the boundaries of the band,
 for Australia, Finland, France, Germany, Japan and the USA when the
 threshold unit root test of Caner and Hansen is rigorously implemented. 
Journal: Applied Economics Letters 
Pages: 905-909 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600949145 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600949145&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chris Feige 
Author-X-Name-First: Chris 
Author-X-Name-Last: Feige 
Author-Name: Jeffrey Miron 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Miron 
Title: The opium wars, opium legalization and opium consumption in China 
Abstract:
  The effect of drug prohibition on drug consumption is a critical issue in
 debates over drug policy. One episode that provides information on the
 consumption-reducing efffect of drug prohibition is the Chinese
 legalization of opium in 1858. In this paper we examine the impact of
 China's opium legalization on the quantity and price of British opium
 exports from India to China during the nineteenth century. We find little
 evidence that legalization increased exports or decreased price. Thus, the
 evidence suggests China's opium prohibition had a minimal impact on opium
 consumption. 
Journal: Applied Economics Letters 
Pages: 911-913 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972295 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972295&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Claude Diebolt 
Author-X-Name-First: Claude 
Author-X-Name-Last: Diebolt 
Author-Name: Antoine Parent 
Author-X-Name-First: Antoine 
Author-X-Name-Last: Parent 
Title: 1861 
Abstract:
  We apply the outlier methodology to the issue of the regulation of
 Bimetallism. Did French and British central banks use their discount rates
 as a policy tool for currency stabilization over the period 1850-1870? The
 common view identifies Bimetallism as a pure automatic system constrained
 by specie points. Using outliers methodology we give evidence that the
 influence of the discount rate differential between France and England on
 the Sterling-Franc spot exchange rate was taken in default only on one
 occasion, on February 1861. The assessment of the historical context helps
 to understand this peculiar event which was only transitory. This article
 is an illustration of the importance of the outlier methodology in
 cliometrics as a mean to test conventional wisdom in economic history. 
Journal: Applied Economics Letters 
Pages: 915-919 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972253 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972253&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Davide Furceri 
Author-X-Name-First: Davide 
Author-X-Name-Last: Furceri 
Title: Zipf's law and world income distribution 
Abstract:
  The aim of this article is to demonstrate regularity in the world income
 distribution. In particular, using GDP per capita data for the period 1980
 to 2004, the article shows that the world income distribution follows the
 well know 'rank-size rule'. 
Journal: Applied Economics Letters 
Pages: 921-923 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972261 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972261&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John McDonald 
Author-X-Name-First: John 
Author-X-Name-Last: McDonald 
Title: Maximization of nonresidential property tax revenue by a local government 
Abstract:
  The article presents a model of the market for commercial or industrial
 real estate at the local level that is used to derive an equation for the
 property tax rate that maximizes tax revenue - given that demand for real
 estate at the local level is highly elastic and capital is mobile in the
 long-run. 
Journal: Applied Economics Letters 
Pages: 925-928 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972329 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972329&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: An alternative perspective on the stochastic convergence of incomes in the United States 
Abstract:
  In recent years a number of studies has examined the potential stochastic
 convergence of incomes in the United States. This research has been based
 upon examination of the order of integration of the ratios of regional
 levels of per-capita income relative to US aggregate per-capita income,
 with stationary of the ratios taken as evidence of stochastic convergence.
 In the present article this research and its implicit assumption that the
 individual regional and aggregate per-capita series are I(1), are
 revisited. In a departure from previous research, application of a more
 robust testing procedure incorporating two structural breaks to the
 individual aggregate and regional per-capita series, rather than their
 ratios, is seen to result in overwhelming rejection of the unit root
 hypothesis for all of the series examined. The unit root hypothesis is
 rejected also for more disaggregated State level data. The evidence of
 stationarity presented for the component per-capita income series suggests
 that care should be exercised when both interpreting results presented
 previously in the literature and conducting further research. 
Journal: Applied Economics Letters 
Pages: 929-934 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600949186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600949186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Srijit Mishra 
Author-X-Name-First: Srijit 
Author-X-Name-Last: Mishra 
Title: On measuring group-differentials displayed by socio-economic indicators: an extension 
Abstract:
  In a recent paper, Mishra and Subramanian (2006) propose a measure to
 explain group-differential which is sensitive to levels in the sense that
 a given hiatus at lower levels of failure (or higher levels of attainment)
 is considered worse off. This article critically evaluates their method -
 refines their two axioms, adds an additional axiom of normalization and
 proposes an alternative which is more general. It proposes to reduce
 subjectivity when there is lower hiatus at lower levels of failure and
 also addresses scenarios when rank ordering of sub-groups will be
 reversed. Empirical illustration with infant mortality rate data for
 selected Indian states is also provided. 
Journal: Applied Economics Letters 
Pages: 935-938 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972238 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972238&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Okmyung Bin 
Author-X-Name-First: Okmyung 
Author-X-Name-Last: Bin 
Author-Name: Carlos Martins-Filho 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Martins-Filho 
Title: Vehicle price and hydrocarbon emissions: evidence from the used-vehicle markets 
Abstract:
  This study examines how used-vehicle markets responded to the automobile
 hydrocarbon emissions by linking used-vehicle price to the large scale
 emission test data that contain 74 vehicle models manufactured over 18
 years. An additive semiparametric hedonic model is estimated to analyse
 the relationship between vehicle price and hydrocarbon emissions. The
 estimation procedure is novel and involves a local polynomial estimator
 nested in a backfitting algorithm with the bandwidths chosen by a
 data-driven plug-in method. The results indicate that hydrocarbon
 emissions have a significant negative impact on vehicle price, but the
 negative association is evident only at low emission levels. The price
 discount appears to be unrelated to the increased costs from recent
 emission regulations that mainly target high-polluting vehicles. 
Journal: Applied Economics Letters 
Pages: 939-943 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972303 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972303&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. James Hueng 
Author-X-Name-First: C. James 
Author-X-Name-Last: Hueng 
Author-Name: Ruey Yau 
Author-X-Name-First: Ruey 
Author-X-Name-Last: Yau 
Title: A dual-target monetary policy rule for open economies: an application to France 
Abstract:
  This article proposes a dual targets monetary policy rule for small open
 economies. In addition to a domestic monetary target, this rule targets
 the nominal exchange rate at a fixed level. The policy rule is derived
 from a dynamic programming problem and evaluated in the context of an
 open-economy model. Using French quarterly data from April 1977 to March
 1998, counterfactual simulations show that the dual targets rule performs
 better than both the historical discretionary policy and the single
 money-targeting rule in reducing the inflation rates. 
Journal: Applied Economics Letters 
Pages: 945-948 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972220 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972220&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takaaki Aoki 
Author-X-Name-First: Takaaki 
Author-X-Name-Last: Aoki 
Title: Proposed separability restriction tests using nonparametric regression methods 
Abstract:
  This article proposes some tests for separability restriction
 incorporating nonparametric regression methods, as well as offering their
 general statistic characteristics. An effective separability restriction
 test is essential for appropriate model specification or appropriate
 implementation of semi-parametric estimation. In this article, I describe
 two procedures to yield the estimated residuals, which is very sensitive
 to separability restriction, upon which one test statistics is proposed.
 In some benchmark models of sine/cosine functions, I simulate out the
 probability density function of test statistics in a small sample. These
 presented results and analysis show that the proposed estimator is robust
 and effective to variable functional form of regression curves and to
 variable scale factors, broader than the 'optimal' level, and can be put
 conveniently and widely into a practical use. 
Journal: Applied Economics Letters 
Pages: 949-954 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600949160 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600949160&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ahmad Zubaidi Baharumshah 
Author-X-Name-First: Ahmad Zubaidi 
Author-X-Name-Last: Baharumshah 
Author-Name: Venus Khim-Sen Liew 
Author-X-Name-First: Venus Khim-Sen 
Author-X-Name-Last: Liew 
Author-Name: Nor Aishah Hamzah 
Author-X-Name-First: Nor Aishah 
Author-X-Name-Last: Hamzah 
Title: Real interest rate parity in the ASEAN-5 countries: a nonlinear perspective 
Abstract:
  This article aims at testing real interest parity (RIP) by using
 nonlinear unit root tests. The results from Kapetanios et al. (2003)
 demonstrated that the adjustment of ASEAN-5 real interest rates towards
 real interest rates in Japan and the US follows a nonlinear (stationary)
 process. Overall, the evidence is in favour of RIP. 
Journal: Applied Economics Letters 
Pages: 955-958 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600949152 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600949152&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bing Zhang 
Author-X-Name-First: Bing 
Author-X-Name-Last: Zhang 
Author-Name: Xindan Li 
Author-X-Name-First: Xindan 
Author-X-Name-Last: Li 
Title: The asymmetric behaviour of stock returns and volatilities: evidence from Chinese stock market 
Abstract:
  This article investigates the partial adjustment process with asymmetries
 on Chinese stock index returns and volatilities. Rolling sample windows
 method is proper to capture evolving asymmetric behaviours of Chinese
 emerging stock market. The empirical evidence shows that index returns do
 have asymmetric adjustment behaviours in most of periods and the market
 tends to overreact to information contained in negative returns. No
 asymmetry volatility effect was present at the initial stages of the stock
 market. Along with the development of the market, the leverage effect are
 present. 
Journal: Applied Economics Letters 
Pages: 959-962 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600970042 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600970042&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Chameni Nembua 
Author-X-Name-First: C. Chameni 
Author-X-Name-Last: Nembua 
Title: The 'natural' bidimensional decomposition of inequality indices: evaluating factor contributions to households welfare inequality in Cameroon, 1996-2001 
Abstract:
  This article proposes a simultaneous (income source and population
 subgroup) decomposition of inequality indices. The starting point is the
 Shorrocks' natural income source decomposition. The approach adopted leads
 to a factor contributions formula, which is independent of the inequality
 measure chosen. This method is applied to decompose and analyse
 Cameroonian households' inequality during the 1996-2001 period. 
Journal: Applied Economics Letters 
Pages: 963-970 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972311 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972311&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yujin Oh 
Author-X-Name-First: Yujin 
Author-X-Name-Last: Oh 
Author-Name: Beong Soo So 
Author-X-Name-First: Beong Soo 
Author-X-Name-Last: So 
Title: A new robust sign test for cointegration 
Abstract:
  We propose new tests for cointegration based on signs of the residuals of
 the conventional t-test. Our tests have the limiting normal distribution
 under the null hypothesis and are robust to heavy tailed disturbances. A
 Monte-Carlo simulation shows the new tests have a stable size property and
 are locally more powerful than that of Engle and Granger (1987) for heavy
 tailed error distribution. 
Journal: Applied Economics Letters 
Pages: 971-974 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972287 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972287&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hosung Jung 
Author-X-Name-First: Hosung 
Author-X-Name-Last: Jung 
Title: New results for nonstationary panel regression 
Abstract:
  This article derives the limiting distributions of the Ordinary Least
 Squares (OLS) and Least Square Dummy Variable (LSDV) estimators in both
 spurious and cointegrated panel regressions. The limit theories employed
 in this article are different from those of Kao (1999) and Phillips and
 Moon (1999), in which the time dimension of the panel is fixed. 
Journal: Applied Economics Letters 
Pages: 975-979 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972279 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972279&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Winston Moore 
Author-X-Name-First: Winston 
Author-X-Name-Last: Moore 
Title: The impact of cross-border mergers on investment 
Abstract:
  This article examines the empirical link between mergers and investment
 using a panel of 61 developed and developing countries between 1987 and
 2001. The results indicate that, on average, a rise in cross-border merger
 and acquisition activity tends to reduce investment. However, in
 high-income countries, the number of mergers had a positive impact on
 investment. This finding could be due to stock market inefficiencies in
 these low- to middle-income countries. 
Journal: Applied Economics Letters 
Pages: 981-984 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972212 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972212&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Liam Delaney 
Author-X-Name-First: Liam 
Author-X-Name-Last: Delaney 
Author-Name: Francis O'Toole 
Author-X-Name-First: Francis 
Author-X-Name-Last: O'Toole 
Title: Preferences for specific social welfare expenditures in Ireland 
Abstract:
  Many articles examine general level preferences for redistribution.
 However, few articles examine preferences for specific forms of
 redistribution. This article examines the decomposition of demand for
 three major categories of social welfare expenditure in Ireland:
 unemployment payments, old age pensions and child benefit. The
 determinants of preferences are found to be fairly consistent with a
 self-interested economics perspective with respect to the utilization and
 financing of these three specific schemes. In addition, the split sampling
 procedure used in the nationwide survey indicated that the provision of
 information on the schemes' costs did not have a significant effect on
 preferences. 
Journal: Applied Economics Letters 
Pages: 985-989 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972246 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972246&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ramu Govindasamy 
Author-X-Name-First: Ramu 
Author-X-Name-Last: Govindasamy 
Author-Name: Calum Turvey 
Author-X-Name-First: Calum 
Author-X-Name-Last: Turvey 
Author-Name: Venkata Puduri 
Author-X-Name-First: Venkata 
Author-X-Name-Last: Puduri 
Title: The influence of Agro-terrorism on consumers' preference for locally grown products: a case-study from New Jersey 
Abstract:
  The economics of agro-terrorism has not been fully developed within the
 economics literature, yet with increasing concerns about agro-terrorism it
 is important to understand how consumers will generally respond. This
 article presents an overview of food safety issues, and develops an
 economic model that can be used to illustrate and establish hypotheses
 regarding consumer behaviour and agro-terrorism. We then present sample
 and econometric results from a survey of 304 New Jersey consumers and
 explain the characteristics of the 33% that confirmed that they have
 increased purchases of locally grown produce due to terrorism fears. 
Journal: Applied Economics Letters 
Pages: 991-995 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972337 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972337&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alfredo Marvao Pereira 
Author-X-Name-First: Alfredo Marvao 
Author-X-Name-Last: Pereira 
Author-Name: Rui Manuel Pereira 
Author-X-Name-First: Rui Manuel 
Author-X-Name-Last: Pereira 
Title: Controlling the public wage bill in Portugal: the case of university professors 
Abstract:
  Public wages are a large share of the public budget in Portugal and,
 therefore, hiring freezes are a central feature of the efforts to control
 the public deficit. The system of public career advancement, however, may
 lead to increases in the wage bill even in the presence of hiring freezes.
 We estimate this wage drift effect in the case of university professors.
 We use a logit analysis with 1999 census data to identify the determinants
 of career advancement, to estimate the employment distribution in previous
 years and to obtain the corresponding wage bill. We estimate that the
 annual wage drift is 2.6%, a figure well above the gross domestic product
 growth rate and, therefore, we conclude that hiring freezes may be far
 from enough to stop the expansion of the public wage bill. 
Journal: Applied Economics Letters 
Pages: 997-1000 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972386 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972386&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Junya Masuda 
Author-X-Name-First: Junya 
Author-X-Name-Last: Masuda 
Title: Residual-based tests for cointegration in models with multi-breaks 
Abstract:
  In this article, we propose residual-based tests for cointegration in
 models with multi-breaks. Cointegration can be tested regardless of
 whether there exist structural breaks. For a one-point break, we usually
 use the test proposed by Gregory and Hansen (1996). However, this test has
 not been considered in the case of multistructural breaks. Therefore, we
 extend this test by considering multi-point breaks. We derive the
 asymptotic distribution and critical values of the test statistics. Since
 the critical values of the test statistics are not exact values, we derive
 these using the Monte Carlo simulation. 
Journal: Applied Economics Letters 
Pages: 1001-1006 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972378 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972378&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitrios Vougas 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Vougas 
Title: Final modification of the LM unit root test 
Abstract:
  This article proposes a modified version of the LM unit root test, which
 is efficient and independent from the levels regression intercept, under
 both null and alternative hypotheses. Simulated critical values are
 provided. 
Journal: Applied Economics Letters 
Pages: 1007-1009 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972345 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972345&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benhua Yang 
Author-X-Name-First: Benhua 
Author-X-Name-Last: Yang 
Author-Name: Yewfoong Lam 
Author-X-Name-First: Yewfoong 
Author-X-Name-Last: Lam 
Title: Resource booms and economic development: the time series dynamics for 17 oil-rich countries 
Abstract:
  This article examines the time series properties of oil prices and
 economic development for 17 oil-rich developing countries. Cointegration
 and error-correction estimation results indicate that in the majority of
 cases oil booms are followed by increases in both GDP per capita and
 investment. 
Journal: Applied Economics Letters 
Pages: 1011-1014 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972402 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972402&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Rosalia Vicente 
Author-X-Name-First: Maria Rosalia 
Author-X-Name-Last: Vicente 
Author-Name: Ana Jesus Lopez 
Author-X-Name-First: Ana Jesus 
Author-X-Name-Last: Lopez 
Title: Some empirical evidence on Internet diffusion in the New Member States and Candidate Countries of the European Union 
Abstract:
  This article contributes to the line of research devoted to the diffusion
 of Information and Communication Technologies (ICT). In particular, we
 analyse Internet adoption in the New Member States (NMS) and Candidate
 Countries (CC) of the European Union, for which empirical evidence is
 quite scarce. Results confirm that income, educational attainment and age
 are the main determinants of Internet use. Nonetheless, there are
 substantial differences in the impacts of such variables in the nine
 analysed countries. 
Journal: Applied Economics Letters 
Pages: 1015-1018 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972352 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972352&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eiichi Tomiura 
Author-X-Name-First: Eiichi 
Author-X-Name-Last: Tomiura 
Title: Foreign outsourcing and the product cycle: evidence from micro data 
Abstract:
  This article provides empirical evidence on the product cycle and the
 firm's make-or-buy decision by using a firm-level data set with a direct
 measure of foreign outsourcing. Across industries, foreign outsourcing
 tends to be inactive in R&D-intensive industries. Within each industry,
 products exported from the home country are on average significantly more
 R&D intensive than those outsourced to independent foreign firms. Products
 manufactured within subsidiaries at South tend to have medium R&D
 intensity. This ordering in R&D intensity is consistent with the
 theoretical prediction. 
Journal: Applied Economics Letters 
Pages: 1019-1022 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972360 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972360&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wataru Suzuki 
Author-X-Name-First: Wataru 
Author-X-Name-Last: Suzuki 
Title: What determines the spatial distribution of homeless people in Japan? 
Abstract:
  The number of homeless people has been increasing dramatically in Japan
 since the collapse of the bubble economy in the early of 1990s. This
 article is the first economic analysis using Geographic Information System
 (GIS) data to study the spatial distribution of Japan's homeless
 population. Results suggest that the availability of employment, public
 medical care and food significantly affect the spatial distribution of
 Japan's homeless. New supportive facilities and shelters for the homeless
 should be located in areas with a high availability of employment,
 inexpensive or free medical care and food. 
Journal: Applied Economics Letters 
Pages: 1023-1026 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972394 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972394&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Sanchez-Fung 
Author-X-Name-First: Jose 
Author-X-Name-Last: Sanchez-Fung 
Title: Measuring inflation targeting's impact on the macroeconomy 
Abstract:
  This article analyses inflation targeting's (IT) impact on key
 macroeconomic variables in Australia, Canada, Chile, Colombia, Israel,
 Korea, Mexico, New Zealand, Sweden and the United Kingdom in the spirit of
 Mishkin and Posen (1997). Across this sample, inflation and interest rates
 predicted from parsimonious, automatically reduced VARs consistently
 overestimate those observed following IT adoption. 
Journal: Applied Economics Letters 
Pages: 1027-1035 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972410 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972410&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kaliappa Kalirajan 
Author-X-Name-First: Kaliappa 
Author-X-Name-Last: Kalirajan 
Title: Gravity model specification and estimation: revisited 
Abstract:
  The gravity model is one of the most frequently estimated empirical
 relationships in economics. However, the most commonly used form of the
 relationship is not correctly specified. This article discusses the
 specific sources of imprecision in modelling and estimation of gravity
 equations and suggests a method to correct the specification bias. 
Journal: Applied Economics Letters 
Pages: 1037-1039 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993499 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993499&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Antonio Duro 
Author-X-Name-First: Juan Antonio 
Author-X-Name-Last: Duro 
Title: Cross-country inequalities in welfare and its decomposition by Sen factors: the virtues of the Theil index 
Abstract:
  In this study a new decomposition of the Theil index is proposed using
 multiplicative factors, which improves on that suggested in Duro (2001),
 and that, in particular, makes it possible to obtain, in isolation, the
 role attributable to the elements of factorial correlation. The Theil
 index, as a referential index in analysis, seems more attractive to us
 than log variance (Ezcurra and Pascual, 2005) for a variety of reasons.
 The application of the said decomposition for the analysis of
 international inequalities in terms of welfare levels, taking the Sen's
 factors (Sen, 1974, 1976), demonstrates that the bulk of these are
 determined by disparities in income per capita as well as their recent
 decrease. 
Journal: Applied Economics Letters 
Pages: 1041-1045 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993507 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993507&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Sonmez Atesoglu 
Author-X-Name-First: H. Sonmez 
Author-X-Name-Last: Atesoglu 
Author-Name: Jamie Emerson 
Author-X-Name-First: Jamie 
Author-X-Name-Last: Emerson 
Title: Fiscal policy, profits and investment: some additional evidence 
Abstract:
  This article provides time series evidence on the effects of fiscal
 policy on profits and investment in the US. In addition to neoclassical
 models of investment and profits we also consider Keynesian models. Our
 findings provide some support for the neoclassical views. However,
 Keynesian explanations, which allow for the effects of the real interest
 rate, receive strong support from the data. 
Journal: Applied Economics Letters 
Pages: 1047-1051 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993515 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993515&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jui-Kou Shang 
Author-X-Name-First: Jui-Kou 
Author-X-Name-Last: Shang 
Author-Name: Wei-Ting Hung 
Author-X-Name-First: Wei-Ting 
Author-X-Name-Last: Hung 
Author-Name: Fei-Ching Wang 
Author-X-Name-First: Fei-Ching 
Author-X-Name-Last: Wang 
Title: Service outsourcing and hotel performance: three-stage DEA analysis 
Abstract:
  This article is the first to apply the three-stage DEA procedure to
 analyze the impact of service outsourcing on the performance of hotels. In
 the first stage of analysis, outsourcing hotels are more efficient than
 nonoutsourcing hotels. However, after purging the effects of exogenous
 factors, this study found that the average managerial efficiency score
 computed in the three-stage DEA procedure was 0.917 or alternatively that
 hotels on average are 8.3% resources waste. Furthermore, service
 outsourcing is not the main determinant of the efficiency of international
 tourist hotels in Taiwan. 
Journal: Applied Economics Letters 
Pages: 1053-1057 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993523 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993523&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyun Jin 
Author-X-Name-First: Hyun 
Author-X-Name-Last: Jin 
Title: Competitive structure of Canadian wheat exports in the world market 
Abstract:
  This article re-examines competitive structure of Canadian wheat
 exporters for evidence of pricing-to-market by the Canadian Wheat Board
 (CWB), and extends the extant literature by utilizing a broader range of
 data over importing countries, which better facilitates the detection of
 pricing behaviour. Our analysis yields interesting empirical results that
 contrast with other recent arguments. In particular, we find that the CWB
 exercises mixed practices having market power in a limited extent, getting
 premiums with better quality of its wheat in some markets and providing
 wheat at discounted prices in some other destination countries. 
Journal: Applied Economics Letters 
Pages: 1059-1064 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993531 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993531&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sacit Hadi Akdede 
Author-X-Name-First: Sacit Hadi 
Author-X-Name-Last: Akdede 
Author-Name: Jinyoung Hwang 
Author-X-Name-First: Jinyoung 
Author-X-Name-Last: Hwang 
Title: Empirical investigation of disintegrations and nationalism 
Abstract:
  This article empirically investigates the relationship between government
 size and country size for the new countries that gained independence
 between 1990 and 1993. The relationship between democracy and country size
 is also investigated. It is found that new independent states have higher
 public expenditures in gross domestic product and this may be a sign of
 inefficient use of public resources. However, political disintegrations do
 not necessarily deliver more civil liberties and political rights. 
Journal: Applied Economics Letters 
Pages: 1065-1071 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993549 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993549&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dan Li 
Author-X-Name-First: Dan 
Author-X-Name-Last: Li 
Title: Interregional productivity variations in Chinese manufacturing and mining industry 
Abstract:
  A shift-share model is employed to analyse the interregional productivity
 variations in Chinese manufacturing and mining industry. Our empirical
 results show that sector productivity difference is huge; surprisingly,
 the most productive coastal regions are found to be specialized in
 low-productive sectors; the inland provinces suffer a uniform productivity
 lag, which suggests policies geared to increase regional productivity,
 such as infrastructures and human capital, are crucial to close the
 productivity gap between the inland and the costal. 
Journal: Applied Economics Letters 
Pages: 1073-1077 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993580 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993580&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Taufiq Choudhry 
Author-X-Name-First: Taufiq 
Author-X-Name-Last: Choudhry 
Author-Name: Myles Wallace 
Author-X-Name-First: Myles 
Author-X-Name-Last: Wallace 
Title: Interest rate convergence in the Baltic countries of Latvia, Lithuania and Estonia 
Abstract:
  For the three Baltic countries we find foreign interest rates a more
 important determinant of domestic interest rates than domestic inflation. 
Journal: Applied Economics Letters 
Pages: 1079-1083 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993622 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993622&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Arthur Caplan 
Author-X-Name-First: Arthur 
Author-X-Name-Last: Caplan 
Author-Name: John Gilbert 
Author-X-Name-First: John 
Author-X-Name-Last: Gilbert 
Title: 'D' is for dilly-dally? 
Abstract:
  Evidence from online assignments in an intermediate microeconomics course
 suggests that nonprocrastinators (both early-starters and front-loaders)
 score higher than their dilly-dallying counterparts. Students who are
 busier in school tend to start their assignments earlier. 
Journal: Applied Economics Letters 
Pages: 1085-1088 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993663 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993663&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Haruko Noguchi 
Author-X-Name-First: Haruko 
Author-X-Name-Last: Noguchi 
Author-Name: Satoshi Shimizutani 
Author-X-Name-First: Satoshi 
Author-X-Name-Last: Shimizutani 
Author-Name: Wataru Suzuki 
Author-X-Name-First: Wataru 
Author-X-Name-Last: Suzuki 
Title: Nonprofit wage premium in the Japanese child care market: evidence from employer-employee matched data 
Abstract:
  Using unique employer-employee matched data, this study reveals the
 existence of a nonprofit wage premium in Japan's child care industry.
 Nonprofits reward experienced workers with higher education, associated
 with the quality of care, more than their for-profit counterparts. 
Journal: Applied Economics Letters 
Pages: 1089-1092 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993671 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993671&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: Further evidence on purchasing power parity over two centuries with multiple changes in persistence 
Abstract:
  By allowing for multiple changes in persistence, this note shows that the
 US/UK real exchange rate spanning two centuries is stationary. This result
 is consistent with the previous one in Lothian and Taylor (1996, 2000) and
 purchasing power parity is a useful approximation in the long run. 
Journal: Applied Economics Letters 
Pages: 1093-1096 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993556 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993556&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sang-Young Rhyu 
Author-X-Name-First: Sang-Young 
Author-X-Name-Last: Rhyu 
Title: Determining the existence of Amakudari in publicly-traded Japanese companies: a Poisson regression approach 
Abstract:
  Amakudari is a political-economic phenomenon frequently observed in the
 Japanese economy and other modern societies. Retired high-ranking
 bureaucrats are appointed as top executives in lucrative private firms
 that are controlled by the government ministry or main banks that
 Amakudari once regulated. These high-ranking ex-government officials use
 their influence for favourable legislation and treatment to help their
 companies. Due to the fact that Japanese publicly traded companies hire
 mostly a smaller portion of directors through Amakudari and sometimes none
 of them are hired, the most commonly used classical linear regression
 framework cannot be applied due to violating an assumption on the
 continuous dependent variable. Instead, this study adopts a
 counting-process regression approach in order to explain the existence of
 Amakudari using 2003 data of all publicly traded companies in Japan. 
Journal: Applied Economics Letters 
Pages: 1097-1103 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993564 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993564&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Bishop 
Author-X-Name-First: Paul 
Author-X-Name-Last: Bishop 
Title: Diversity and employment growth in sub-regions of Great Britain 
Abstract:
  This article presents evidence from an empirical study of employment
 growth across 203 sub-regions of Great Britain using OLS and maximum
 likelihood spatial econometric techniques. The results suggest a positive
 relationship between diversity and local employment growth implying that
 cross-sector externalities may be of considerable importance to the local
 growth process. The presence of spatial autocorrelation in the data
 suggests the existence of substantive interactions across contiguous
 sub-regions. 
Journal: Applied Economics Letters 
Pages: 1105-1109 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993572 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993572&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Terence Tai-Leung Chong 
Author-X-Name-First: Terence Tai-Leung 
Author-X-Name-Last: Chong 
Author-Name: Wing-Kam Ng 
Author-X-Name-First: Wing-Kam 
Author-X-Name-Last: Ng 
Title: Technical analysis and the London stock exchange: testing the MACD and RSI rules using the FT30 
Abstract:
  This article examines two oscillators - the Moving Average
 Convergence-Divergence (MACD) and the Relative Strength Index (RSI) - to
 see if these rules are profitable. Using 60-year data of the London Stock
 Exchange FT30 Index, it is found that the RSI as well as the MACD rules
 can generate returns higher than the buy-and-hold strategy in most cases. 
Journal: Applied Economics Letters 
Pages: 1111-1114 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993598 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993598&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tarcisio da Graca 
Author-X-Name-First: Tarcisio 
Author-X-Name-Last: da Graca 
Title: Leaving money on the table: evidence of underpricing in the Brazilian privatization auctions 
Abstract:
  The Brazilian privatization program raised about US$100 billion as a
 result of the sale of state-owned firms and assets over the period 1990 to
 2001. Despite official claims that the privatization auctions were
 successful in revenue raising, statistical evidence suggests that the
 buyers, not the government, profited from the auctions. Using an
 event-study methodology and financial market data, I estimated the
 abnormal returns realized by the winning bidders on the days of the
 Brazilan privatization auctions. Statistically significant evidence
 suggests that the acquirers accrued, on average, positive 0.70% abnormal
 returns on those days. In other words, if the privatization auctions had
 been able to extract the entire surplus from the buyers, the Brazilian
 government could have raised another US$ 13 billion. This finding
 contrasts with two branches of literature related to mergers and
 acquisitions in the private sector and to the privatization programs in
 other countries 
Journal: Applied Economics Letters 
Pages: 1115-1121 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993606 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993606&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alexandru Todea 
Author-X-Name-First: Alexandru 
Author-X-Name-Last: Todea 
Author-Name: Adrian Zoicas-Ienciu 
Author-X-Name-First: Adrian 
Author-X-Name-Last: Zoicas-Ienciu 
Title: Episodic dependencies in Central and Eastern Europe stock markets 
Abstract:
  This article introduces a modified version of the Hinich and Patterson
 (1995) windowed-test procedure and uses it to detect linear and nonlinear
 dependencies in the case of six Central and East European stock markets.
 Testing the original methodology leads us to the same conclusions as those
 found on other emerging markets: relatively long random walk periods are
 interrupted by short and intense linear and/or nonlinear correlations.
 But, our findings diverge when we run the modified test procedure,
 additional windows rejecting the random walk hypothesis (RWH) being
 isolated. This divergence, heavily weighing the task of correctly
 evaluating the informational efficiency degree (the weak form), is
 significant for the Czech, Hungarian and Romanian markets. 
Journal: Applied Economics Letters 
Pages: 1123-1126 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993614 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993614&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Fielding 
Author-X-Name-First: David 
Author-X-Name-Last: Fielding 
Author-Name: Anja Shortland 
Author-X-Name-First: Anja 
Author-X-Name-Last: Shortland 
Title: What drives national attitudes towards the threat of violence? Cross-sectional evidence from foreign tourism in Israel 
Abstract:
  We explore the factors explaining cross-sectional variation in changes in
 international tourist arrivals into Israel during the Intifada. Much of
 the variation is attributable to identifiable socio-economic
 characteristics, providing evidence on what drives public sensitivity to
 violence around the world. 
Journal: Applied Economics Letters 
Pages: 1127-1130 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993630 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993630&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. Varoutas 
Author-X-Name-First: D. 
Author-X-Name-Last: Varoutas 
Author-Name: K. Deligiorgi 
Author-X-Name-First: K. 
Author-X-Name-Last: Deligiorgi 
Author-Name: C. Michalakelis 
Author-X-Name-First: C. 
Author-X-Name-Last: Michalakelis 
Author-Name: T. Sphicopoulos 
Author-X-Name-First: T. 
Author-X-Name-Last: Sphicopoulos 
Title: A hedonic approach to estimate price evolution of telecommunication services: evidence from Greece 
Abstract:
  Following a description of the leased lines telecommunication market, a
 single index (based on hedonic approach) for this market is introduced
 based on data across Europe. This article aims to provide a framework for
 analysing telecommunication prices over time and study how the prices will
 fluctuate during coming years, especially as new technologies are
 commercially provided. The behaviour of the Greek market is analysed from
 1997 to 2002. 
Journal: Applied Economics Letters 
Pages: 1131-1134 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993648 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993648&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mei-Yin Lin 
Author-X-Name-First: Mei-Yin 
Author-X-Name-Last: Lin 
Author-Name: Jue-Shyan Wang 
Author-X-Name-First: Jue-Shyan 
Author-X-Name-Last: Wang 
Title: Capital outflow and unemployment: evidence from panel data 
Abstract:
  The effect of moving capital abroad on the domestic labour market is
 ambiguous. We examine the relation between capital outflow and
 unemployment with the use of panel data techniques. The result shows that
 in developing countries, the outward direct investment is beneficial to
 employment and the effect of portfolio investment abroad on domestic
 employment is negative. However, the association between outward
 investment and employment is insignificant in industrial countries. 
Journal: Applied Economics Letters 
Pages: 1135-1139 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993655 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993655&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsung-Wu Ho 
Author-X-Name-First: Tsung-Wu 
Author-X-Name-Last: Ho 
Title: On the dynamic relationship of exchange rates and monetary fundamentals: an impulse-response analysis by local projections 
Abstract:
  Meese and Rogoff (1983) first examined the dynamic relationship between
 exchange rates and monetary fundamentals and indicated that monetary
 fundamentals do not contain predictive component of exchange rates changes
 at short horizon. This note re-examines this relationship by estimating
 the local projections (Jorda, 2005) to calculate the responses of the
 exchange rate to monetary fundamental impulse. As a result, we confirm the
 dynamic relationship: Evidence from both cubic and linear projections show
 that monetary fundamentals contain information of future exchange rate
 changes. 
Journal: Applied Economics Letters 
Pages: 1141-1145 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993689 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993689&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chengsi Zhang 
Author-X-Name-First: Chengsi 
Author-X-Name-Last: Zhang 
Title: Structural instability of US inflation persistence 
Abstract:
  The article employs recently developed unknown break tests to
 characterize the nature of structural instability in inflation persistence
 and find multiple structural breaks in the persistence of six major US
 inflation series. 
Journal: Applied Economics Letters 
Pages: 1147-1151 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993697 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993697&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Valerie Cerra 
Author-X-Name-First: Valerie 
Author-X-Name-Last: Cerra 
Author-Name: Sweta Saxena 
Author-X-Name-First: Sweta 
Author-X-Name-Last: Saxena 
Title: Business cycle dynamics in a small open economy 
Abstract:
  This article combines common factor extraction techniques with permanent
 and temporary regime switching to analyse Chile's business cycle
 fluctuations. We find asymmetries across business cycle episodes as well
 as within the cycle. 
Journal: Applied Economics Letters 
Pages: 1153-1157 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850601018031 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018031&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Schaub 
Author-X-Name-First: Mark 
Author-X-Name-Last: Schaub 
Title: A note on reverse competition and the Martha Stewart sentencing 
Abstract:
  This study notes that the light sentence for insider trading that
 resulted in a nearly 37% gain for Martha Stewart Living Omnimedia, Inc.
 also may have been responsible for a small but significant average loss
 for industry rivals on the sentencing date. The sentence that was 'good'
 news for Martha was also 'bad' news for her competitors on the sentencing
 date. 
Journal: Applied Economics Letters 
Pages: 1159-1161 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850601018064 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018064&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gail Shields 
Author-X-Name-First: Gail 
Author-X-Name-Last: Shields 
Author-Name: Michael Shields 
Author-X-Name-First: Michael 
Author-X-Name-Last: Shields 
Title: Four themes to explain the rise in hours worked in the United States 
Abstract:
  This article examines why hours worked in the United States have risen
 for the last thirty years. This increase has been contrasted by Prescott
 and Blanchard to the European experience of falling hours worked. Four
 basic explanations of this divergence are combined in a reduced form model
 of hours worked in the United States from 1965 to 2001. The explanation
 that seems to fit the data best is that rising health care costs in the
 United States is a key explanation. Other explanations for the increase in
 United States average hours worked per week include a decline in marginal
 tax rates, a rise in income inequality coupled with a decline in real wage
 rates, and productivity growth. A reduced form model is estimated using
 four explanatory variables representing each of these four themes. 
Journal: Applied Economics Letters 
Pages: 1163-1166 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850601007109 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601007109&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yasuo Nishiyama 
Author-X-Name-First: Yasuo 
Author-X-Name-Last: Nishiyama 
Title: German leadership: evidence from retail mortgage rates 
Abstract:
  The article finds evidence that the converging trend of euro-zone
 countries' retail mortgage rates, observed before and shortly after the
 introduction of the euro, is dictated by the German mortgage rate, hence
 supporting the German leadership role. 
Journal: Applied Economics Letters 
Pages: 1167-1170 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993713 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993713&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saumik Paul 
Author-X-Name-First: Saumik 
Author-X-Name-Last: Paul 
Author-Name: Ronita Mitra 
Author-X-Name-First: Ronita 
Author-X-Name-Last: Mitra 
Title: How predictable are the FIFA worldcup football outcomes? An empirical analysis 
Abstract:
  Since 1993 the Federation of International Football Association's (FIFA)
 monthly world ranking system for senior national football teams has become
 a reliable source to judge a team's potentiality in football. In the past
 four FIFA worldcup football tournaments from 1994 to 2006, the top seeded
 team never won the FIFA worldcup except in 1994 when Brazil won as the
 number one team. This article examines the strength of this element of
 uncertainty in FIFA worldcup using two empirical models. We find empirical
 evidence of the fact that in spite of the number of cases of surprise
 upsets from the lower ranked teams or poor performance by the top seeded
 teams; overall the results are strongly in favour of the higher ranked
 teams. 
Journal: Applied Economics Letters 
Pages: 1171-1176 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850601007117 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601007117&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kong Weng Ho 
Author-X-Name-First: Kong Weng 
Author-X-Name-Last: Ho 
Author-Name: Randy Tan 
Author-X-Name-First: Randy 
Author-X-Name-Last: Tan 
Title: Nonmonotonic relationship between human capital and unemployment: an exploratory study with empirical evidence on Singapore 
Abstract:
  We examine empirically the role of human capital, together with global
 and domestic technologies, in the evolution of unemployment in Singapore.
 Our results show a threshold level of human capital, below (above) which
 increases (decreases) in human capital will reduce (raise) unemployment.
 This nonmonotonic relationship is caused by a greater substitution from
 labour toward technology feasible at higher levels of human capital. 
Journal: Applied Economics Letters 
Pages: 1177-1185 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850500461399 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461399&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Minchoul Kim 
Author-X-Name-First: Minchoul 
Author-X-Name-Last: Kim 
Author-Name: Minho Kim 
Author-X-Name-First: Minho 
Author-X-Name-Last: Kim 
Author-Name: Ronald McNiel 
Author-X-Name-First: Ronald 
Author-X-Name-Last: McNiel 
Title: Predicting survival prospect of corporate restructuring in Korea 
Abstract:
  The purpose of this article is to identify the success factors of
 corporate restructuring by studying the firms that have survived from the
 financial distress in South Korea. The logit analysis is used with the two
 qualitative variables of success and failure. Selected independent
 variables are firm risk, free asset, audit opinion, liquidity, firm size
 and period of existence. The results show that audit opinion, risk of the
 firm and firm size are the important variables in predicting the survival
 prospect of financially distressed firms. The percentage of correct
 prediction is 81.4% for the estimation sample. 
Journal: Applied Economics Letters 
Pages: 1187-1190 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850601018080 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018080&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Young-Yong Kim 
Author-X-Name-First: Young-Yong 
Author-X-Name-Last: Kim 
Title: Some reasons for the existence of real bills 
Abstract:
  It is profitable to accept a bill as long as dishonouring probability of
 the bill is less than the ratio of operating income to sales, which is
 supported by empirical observations. Also accepting bills tends to
 establish high quality customer relationships, thereby increasing the
 long-run profits and decreasing their variability. 
Journal: Applied Economics Letters 
Pages: 1191-1195 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993721 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993721&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Konstantinos Drakos 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Drakos 
Author-Name: Eleftherios Goulas 
Author-X-Name-First: Eleftherios 
Author-X-Name-Last: Goulas 
Title: The relative importance of sector and country factors for leasing penetration rates across European industries 
Abstract:
  We investigate the relative importance of sector and country factors in
 explaining the variation of leasing penetration rates across industries in
 Europe. According to our results, country effects represent the dominant
 driving factor for leasing when compared to sector effects. An explanation
 might be that the country factors overshadow the corresponding sector ones
 for they capture the depth and development of the leasing sector. 
Journal: Applied Economics Letters 
Pages: 1197-1200 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850601007083 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601007083&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank Westerhoff 
Author-X-Name-First: Frank 
Author-X-Name-Last: Westerhoff 
Title: Consumer sentiment and business cycles: a Neimark-Sacker bifurcation scenario 
Abstract:
  We seek to demonstrate that consumer sentiment may create fluctuations in
 economic activity. Our nonlinear discrete-time model possesses, for
 instance, a Neimark-Sacker bifurcation, after which a stable steady state
 is replaced by (quasi-)periodic motion. Countercyclical interventions to
 stabilize the economy may even produce complex (chaotic) business cycles. 
Journal: Applied Economics Letters 
Pages: 1201-1205 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993705 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993705&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yong-Huang Lin 
Author-X-Name-First: Yong-Huang 
Author-X-Name-Last: Lin 
Author-Name: Yun-Wu Wu 
Author-X-Name-First: Yun-Wu 
Author-X-Name-Last: Wu 
Author-Name: Jer-Shiou Chiou 
Author-X-Name-First: Jer-Shiou 
Author-X-Name-Last: Chiou 
Title: The impacts of sociopolitical instability on construction dimension 
Abstract:
  Most existing studies focus on establishing models of interdependence
 between the construction sector and performance of the national economy,
 this issue was initiated from financial markets in this study. By adopting
 an autoregressive conditional jump intensity model, this study examined
 how various unpredictable events impact the construction sector.
 Dependence on the arrival process governing jump events in a discrete-time
 setting was explored, in addition to the behaviour of the fundamental
 properties of structure index during periods of distinct events. Although
 the market efficiency hypothesis still holds, results of this study
 demonstrate that acquisition announcements are perceived as discrete
 sudden shocks by the stock market. 
Journal: Applied Economics Letters 
Pages: 1207-1211 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850601007091 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601007091&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sunil Kumar Bundoo 
Author-X-Name-First: Sunil Kumar 
Author-X-Name-Last: Bundoo 
Title: An augmented Fama and French three-factor model: new evidence from an emerging stock market 
Abstract:
  There were forty equity stocks listed on the stock exchange of Mauritius
 as at end of December 2004. Fama and French (1993) posit that a possible
 explanation for the size and book-to-market equity effects could be due to
 other risk factors not captured in a standard capital asset pricing model.
 This paper therefore investigates whether on the stock exchange of
 Mauritius, when taking into account the time variation in risk (as
 measured by time-varying betas), the two additional factors are still
 priced. The paper presents an augmented model, which takes into account
 the time variation in beta, in addition to the size and book-to-market
 equity factors. It is found that the coefficients for the size effect and
 the book-to-market equity effect are all significant at the one percent
 level and with the expected signs. These effects do not disappear. This
 shows that the Fama and French three factor model is robust to taking into
 account time-varying betas. 
Journal: Applied Economics Letters 
Pages: 1213-1218 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850601018049 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018049&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ming-Chih Lee 
Author-X-Name-First: Ming-Chih 
Author-X-Name-Last: Lee 
Author-Name: Yen-Hsien Lee 
Author-X-Name-First: Yen-Hsien 
Author-X-Name-Last: Lee 
Title: Do foreign trading patterns cause abnormal information from Taiwanese stock markets? 
Abstract:
  This study investigates whether foreign investors cause abnormal
 information by jump process in the Taiwanese stock market during before
 and after relaxation of the restrictions on QFII investors on 2 October
 2003 (pre- and post-QFII). By conducting further analysis, this study
 conducts detailed analysis and explores how abnormal information and QFII
 behaviour are related by performing correlation and Granger causality
 analyses. This study concludes that the release of restrictions on QFII
 has been extremely helpful in improving the domestic investment
 environment and stabilizing the Taiwanese stock market. 
Journal: Applied Economics Letters 
Pages: 1219-1224 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850601018056 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018056&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jen-Je Su 
Author-X-Name-First: Jen-Je 
Author-X-Name-Last: Su 
Title: A note on spurious regressions between stationary series 
Abstract:
  This article examines if the convergent t-test suggested by Sun (2004) is
 able to solve spurious regressions with stationary series. In brief, we
 find that the convergent t-test does provide better control over size
 compared to the usual t-test and its Newey-West modification and, in most
 cases implementing a pre-whitening procedure size is further controlled. 
Journal: Applied Economics Letters 
Pages: 1225-1230 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850601018106 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018106&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eiji Yamamura 
Author-X-Name-First: Eiji 
Author-X-Name-Last: Yamamura 
Title: Diffusion of home computers and social networks: a study using Japanese panel data 
Abstract:
  In this article, I explore the interaction effects of social networks and
 local spillovers in the diffusion of computers using the panel data from
 47 Japanese prefectures for the years 1988-2000. Controlling for
 unobserved prefecture-specific fixed effects and an endogeneity bias of
 the lagged dependent variable (the computer possession rate), I find that
 people are more likely to own computers in areas where the possession rate
 of computers is higher and where social networks are more strongly
 connected. Further results suggest a robust complementarity between
 existing computer owners and the social network. Overall, the empirical
 study provides evidence that the people learn from neighbours who own
 computers via a social network enhancing spillovers and reducing
 transaction costs. That is, the social network reduces the cost of being
 acquainted with experienced computer owners and so being able to learn
 from them, thereby attracting new adopters. 
Journal: Applied Economics Letters 
Pages: 1231-1235 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850601018098 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018098&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Taylor 
Author-X-Name-First: Mark 
Author-X-Name-Last: Taylor 
Title: Editorial: Long-run purchasing power parity and real exchange rates: introduction and overview 
Abstract:
  We introduce and summarize the results of 18 empirical studies that make
 up this special issue on long-run purchasing power parity (PPP) and real
 exchange rates. The motivation for the special issue was to bring together
 a set of studies as diverse as possible in terms of countries, real
 exchange rates and methodology, as a means of testing the robustness of
 long-run PPP. Overall, the results of the various studies provide robust
 support for long-run PPP. 
Journal: Applied Economics Letters 
Pages: 1-4 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850802704280 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802704280&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Author-Name: Seema Narayan 
Author-X-Name-First: Seema 
Author-X-Name-Last: Narayan 
Author-Name: Arti Prasad 
Author-X-Name-First: Arti 
Author-X-Name-Last: Prasad 
Title: Evidence on PPP from a cointegration test with multiple structural breaks 
Abstract:
  Despite a plethora of studies on purchasing power parity (PPP), those
 that take a cointegration approach have found mixed evidence on PPP. The
 goal of this article is to obviate existing tensions in the PPP literature
 by using a simple test for cointegration between nominal exchange rate and
 relative prices that accounts for multiple structural breaks. We find that
 for 14 out of 15 OECD countries, there is evidence of a cointegration
 relationship between nominal exchange rate and relative prices at the 5%
 level. Only for Japan, we find evidence for cointegration at the 2.5%
 level. These results suggest overwhelming evidence of support for PPP for
 the OECD countries. 
Journal: Applied Economics Letters 
Pages: 5-8 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222160 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222160&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale 
Author-X-Name-First: Guglielmo Maria 
Author-X-Name-Last: Caporale 
Author-Name: Christoph Hanck 
Author-X-Name-First: Christoph 
Author-X-Name-Last: Hanck 
Title: Cointegration tests of PPP: do they also exhibit erratic behaviour? 
Abstract:
  We analyse whether tests of PPP exhibit erratic behaviour (as previously
 reported by Caporale et al., 2003) even when (possibly unwarranted)
 homogeneity and proportionality restrictions are not imposed, and
 trivariate cointegration (stage-three) tests between the nominal exchange
 rate, domestic and foreign price levels are carried out (instead of
 stationarity tests on the real exchange rate, as in stage-two tests). We
 examine the US dollar real exchange rate vis-a-vis 21 other currencies
 over a period of more than a century, and find that stage-three test
 statistics are also somewhat erratic, though less than stage-two ones. 
Journal: Applied Economics Letters 
Pages: 9-15 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802092198 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802092198&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: Are real exchange rates more likely to be stationary during the fixed nominal exchange rate regimes? 
Abstract:
  By testing for the presence of multiple changes in persistence at a
 priori unknown dates in the real exchange rates spanning more than 100
 years over different nominal exchange rate regimes, this note shows that
 the real exchange rates are more likely to be stationary during the fixed
 nominal exchange rate regimes than during the floating ones. 
Journal: Applied Economics Letters 
Pages: 17-22 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719801 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719801&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ozgur Aslan 
Author-X-Name-First: Ozgur 
Author-X-Name-Last: Aslan 
Author-Name: Levent Korap 
Author-X-Name-First: Levent 
Author-X-Name-Last: Korap 
Title: Are real exchange rates mean reverting? Evidence from a panel of OECD countries 
Abstract:
  In our article we employ some contemporaneous panel unit root tests
 (Maddala and Wu, 1999; Im et al., 2003) to examine whether the real
 exchange rates are mean reverting. Considering a panel of 26 OECD
 countries from 1987 to 2006 both using monthly and quarterly observations,
 we find that assuming a panel framework significantly increases the power
 of unit root tests. As a result, we find that the nonstationarity of the
 real exchange rate has strongly been rejected in favour of giving support
 to the purchasing power parity. 
Journal: Applied Economics Letters 
Pages: 23-27 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701735773 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735773&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Kargbo 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Kargbo 
Title: Financial integration and parity reversion in real exchange rates of emerging markets 
Abstract:
  Johansen's cointegration technique was utilized with annual data on
 exchange rates and GDP deflators to investigate the validity of long-run
 PPP (power purchasing parity) in emerging markets during the 1955-2005
 period. We found support for PPP. Given the globalization of financial
 markets and their impacts on the macroeconomy, PPP is a useful guide for
 exchange rate policy reforms. 
Journal: Applied Economics Letters 
Pages: 29-33 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701735823 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735823&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. V. Perez-Rodriguez 
Author-X-Name-First: J. V. 
Author-X-Name-Last: Perez-Rodriguez 
Author-Name: F. Ledesma-Rodriguez 
Author-X-Name-First: F. 
Author-X-Name-Last: Ledesma-Rodriguez 
Author-Name: S. Torra-Porras 
Author-X-Name-First: S. 
Author-X-Name-Last: Torra-Porras 
Title: Purchasing power parity and nonlinear adjustment 
Abstract:
  In this article we study the out-of-sample real exchange rate forecasts
 of an Artificial Neural Network model, an AR model and a random walk
 model. The results confirm the relevance of nonlinear adjustment in the
 dynamics of the real exchange rate. 
Journal: Applied Economics Letters 
Pages: 35-38 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719645 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719645&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Minoas Koukouritakis 
Author-X-Name-First: Minoas 
Author-X-Name-Last: Koukouritakis 
Title: Testing the purchasing power parity: evidence from the new EU countries 
Abstract:
  This article examines the validity of the purchasing power parity (PPP)
 between each of the 12 new EU countries vis-a-vis the Eurozone. Using the
 Johansen cointegration methodology for a period that begins from the
 mid-1990s and allowing for a structural break for the countries that
 joined the EU on May 2004, it is found that there is a long-run
 equilibrium relationship among the nominal exchange rate, the domestic
 prices and the foreign prices, for all the new EU countries. The evidence
 also suggests that the PPP vector enters the cointegration space for
 Bulgaria, Cyprus, Romania and Slovenia, which means that only for these
 countries the long-run PPP vis-a-vis the Eurozone is verified. For the
 rest of the new EU countries the long-run PPP is violated, may due to the
 fact that the currencies of these countries have been pegged to the euro
 and cannot reflect the inflation differences vis-a-vis the Eurozone. 
Journal: Applied Economics Letters 
Pages: 39-44 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701735807 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735807&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Y. Oh 
Author-X-Name-First: Y. 
Author-X-Name-Last: Oh 
Author-Name: K. Han 
Author-X-Name-First: K. 
Author-X-Name-Last: Han 
Title: Purchasing power parity in Korean city panels with disaggregate price indices 
Abstract:
  We examine whether the purchasing power parity holds between Korean major
 cities. We use the disaggregated consumer price index data for Korean
 cities including 13 tradable or nontradable goods. We apply panel unit
 root tests of Maddala and Wu (1999), Choi (2001) and Im et al. (2003).
 From the empirical result, we are able to reject the nonstationary null
 hypothesis for six of eight tradable goods and for two of five nontradable
 goods at the 10% level. Thus we could conclude that the theory holds
 between Korean major cities. Also, it holds more for tradable goods than
 nontradable goods. 
Journal: Applied Economics Letters 
Pages: 45-49 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850801964323 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850801964323&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Venus Khim-Sen Liew 
Author-X-Name-First: Venus Khim-Sen 
Author-X-Name-Last: Liew 
Author-Name: Hock-Ann Lee 
Author-X-Name-First: Hock-Ann 
Author-X-Name-Last: Lee 
Author-Name: Kian-Ping Lim 
Author-X-Name-First: Kian-Ping 
Author-X-Name-Last: Lim 
Title: Purchasing power parity in Asian economies: further evidence from rank tests for cointegration 
Abstract:
  The finding of nonlinear cointegration between Asian exchange rates with
 the corresponding relative prices and aggregate price levels based on
 Breitung's (2001) nonparametric rank tests reinforces previous validations
 of purchasing power parity (PPP) by the parametric testing procedures.
 Hence, the long-run Asian exchange rates are in equilibrium with the
 relevant fundamentals as suggested by the PPP hypothesis. 
Journal: Applied Economics Letters 
Pages: 51-54 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601032057 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601032057&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: Purchasing power parity and long memory 
Abstract:
  This article examines the validity of purchasing power parity by
 estimating long memory parameters with recently suggested exact local
 Whittle estimators of Shimotsu and Phillips (2005). Little evidence is
 found for stationarity in the real exchange rates spanning more than 100
 years from 16 advanced countries. However, most of the estimates of long
 memory parameters are less than 1, so that they indicate mean-reversion to
 parity. Hence, purchasing power parity holds for most real exchange rates
 studied here. 
Journal: Applied Economics Letters 
Pages: 55-61 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601044961 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601044961&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Huseyin Kalyoncu 
Author-X-Name-First: Huseyin 
Author-X-Name-Last: Kalyoncu 
Title: New evidence of the validity of purchasing power parity from Turkey 
Abstract:
  The validity of purchasing power parity (PPP) is examined between Turkey
 and trading partners, namely USA, Germany, Japan, France, Netherlands and
 UK. Different unit root test and different base countries are used to
 determine if the validity of PPP is influenced by the type of test and/or
 the base country. According to estimation results PPP in Turkey is
 sensitive to the choice of the base country and can be influenced by the
 type of test. 
Journal: Applied Economics Letters 
Pages: 63-67 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701351902 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701351902&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Kargbo 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Kargbo 
Title: Financial globalization and purchasing power parity in the G7 countries 
Abstract:
  Financial globalization has huge opportunities and risks as it transforms
 supply and demand conditions in various countries. Competent macroeconomic
 management is needed to address the growing links between national
 economies and global financial markets. Johansen's cointegration technique
 was utilized with annual data on exchange rates and four price deflators
 (e.g. consumer price index, Wholesale Price Index (WPI), food price index
 and producer price index for manufacturing) to investigate the validity of
 long-run purchasing power parity in the G7 countries during the 1951 to
 2006 period. We found support for purchasing power parity, thereby making
 it a useful guide for exchange rate policy reforms. Depending on the price
 index used, adjustment to exchange rate and price shocks take 0.35-8.20
 years to return to equilibrium levels. 
Journal: Applied Economics Letters 
Pages: 69-74 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802360058 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802360058&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chi Keung Marco Lau 
Author-X-Name-First: Chi Keung Marco 
Author-X-Name-Last: Lau 
Title: A more powerful panel unit root test with an application to PPP 
Abstract:
  Applying the new panel unit root test developed in this article, we can
 overcome the pitfalls of old-fashioned panel unit root tests making it
 possible for researchers testing individual series for a unit root while
 taking contemporaneous cross- sectional dependence into account. The
 proposed test is indeed more powerful than univariate Augmented
 Dickey-Fuller (ADF) test in rejecting false I(1) time series. The long-run
 purchasing power parity (PPP) hypothesis on four OECD countries was tested
 between year 1950 and 1995. Evidence in favor of long-run PPP was absent
 when using single ADF and traditional panel data unit root test, however,
 when using the new test developed in this article we find strong evidence
 in favour of long-run purchasing power parity for three out of four OECD
 countries. The finite sample performance of the new test is examined
 though Monte Carlo Simulation, and was superior as compared to that of
 single ADF unit root test. 
Journal: Applied Economics Letters 
Pages: 75-80 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701735815 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735815&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nasip Bolatoglu 
Author-X-Name-First: Nasip 
Author-X-Name-Last: Bolatoglu 
Author-Name: Funda Telatar 
Author-X-Name-First: Funda 
Author-X-Name-Last: Telatar 
Author-Name: Erdinc Telatar 
Author-X-Name-First: Erdinc 
Author-X-Name-Last: Telatar 
Title: Stochastic behaviour of the real exchange rate for Jordan: a re-examination 
Abstract:
  The purpose of this article is to re-examine the validity of the long-run
 purchasing power parity (PPP) hypothesis for Jordan. Using a
 Markov-switching model, we provide some evidence that the real exchange
 rate of Jordan is stationary during periods of low real exchange rate
 volatility and nonstationary during periods of high real exchange rate
 volatility. 
Journal: Applied Economics Letters 
Pages: 81-85 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719504 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719504&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Carlos Cuestas 
Author-X-Name-First: Juan Carlos 
Author-X-Name-Last: Cuestas 
Title: Purchasing power parity in Central and Eastern European countries: an analysis of unit roots and nonlinearities 
Abstract:
  The aim of this article is to analyse the empirical fulfilment of
 purchasing power parity (PPP) in a number of Central and Eastern European
 countries. For this purpose we apply two different unit root tests in
 order to control for two sources of nonlinearities, i.e. Bierens (1997)
 and Kapetanios et al. (2003). We find that PPP holds in most of these
 countries once account has been taken of nonlinear deterministic trends
 and smooth transitions. 
Journal: Applied Economics Letters 
Pages: 87-94 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850802112252 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802112252&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: Functional forms and PPP: new evidence for eight Asian countries 
Abstract:
  This article applies the extended Box-Cox model to test functional forms
 of purchasing power parity (PPP) for eight selected Asian countries. Both
 the CPI and the PPI are considered. The relative price is the major
 determinant of the nominal exchange rate except for Malaysia when the CPI
 is used. The widely used double-log form for PPP can be rejected in seven
 of the eight countries when the CPI is used and in six of the eight
 countries when the PPI is used. The unitary elasticity cannot be rejected
 for Korea when the CPI is used and can be rejected for other cases. Hence,
 most countries have a nonlinear functional form of PPP and exhibit a
 nonunitary elasticity. 
Journal: Applied Economics Letters 
Pages: 95-98 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701720064 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701720064&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yilmaz Akdi 
Author-X-Name-First: Yilmaz 
Author-X-Name-Last: Akdi 
Author-Name: Zeynel Abidin Ozdemir 
Author-X-Name-First: Zeynel Abidin 
Author-X-Name-Last: Ozdemir 
Author-Name: Hasan Olgun 
Author-X-Name-First: Hasan 
Author-X-Name-Last: Olgun 
Title: Testing the PPP hypothesis for G-7 countries 
Abstract:
  This article applies the model free, seasonality robust periodogram test,
 and the conventional augmented Dickey-Fuller (ADF) unit root test to the
 real exchange rates (RER) of the G-7 countries. The empirical results show
 that the periodogram test rejects the null of unit root for a larger
 number of countries compared to the ADF test. 
Journal: Applied Economics Letters 
Pages: 99-101 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018551 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018551&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ruhul Salim 
Author-X-Name-First: Ruhul 
Author-X-Name-Last: Salim 
Author-Name: Kamrul Hassan 
Author-X-Name-First: Kamrul 
Author-X-Name-Last: Hassan 
Title: Does the relative population growth affect purchasing power parity? 
Abstract:
  Relative population growth affects price levels through its effect on
 money demand and that in turn impacts Purchasing Power Parity (PPP).
 Standard time series econometrics is used to investigate this issue using
 data from 30 selected countries. The empirical results show that there is
 stable relationship between PPP exchange rate and relative population
 growth in selected countries in the long run. These findings demonstrate
 that population growth influences exchange rate determination through PPP. 
Journal: Applied Economics Letters 
Pages: 103-107 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850802616484 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802616484&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pablo Acosta 
Author-X-Name-First: Pablo 
Author-X-Name-Last: Acosta 
Author-Name: Gabriel Montes Rojas 
Author-X-Name-First: Gabriel Montes 
Author-X-Name-Last: Rojas 
Title: A simple IM test for exponential distributions 
Abstract:
  We construct a simple information matrix misspecification test for
 exponential distributions that can be applied in duration models. We
 evaluate the test performance using Monte Carlo simulation experiments. We
 found good empirical size properties and good power against Weibull and
 Gamma distributions. 
Journal: Applied Economics Letters 
Pages: 109-112 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018221 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018221&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pornsit Jiraporn 
Author-X-Name-First: Pornsit 
Author-X-Name-Last: Jiraporn 
Author-Name: Peter DaDalt 
Author-X-Name-First: Peter 
Author-X-Name-Last: DaDalt 
Title: Does founding family control affect earnings management? 
Abstract:
  Because of concentrated ownership stakes, board composition and
 longer-investment horizons, founding-family controlled firms provide an
 interesting setting for examining issues relating to governance and
 control. Anderson and Reeb (2003a, b, 2004), find that the founding-family
 controlled structure results in superior stock market and accounting
 performance and lower cost of debt compared to their nonfamily controlled
 counterparts. We add to their findings by examining the relationships
 between founding family control and earnings management. The unique
 characteristics of family controlled firms could insulate these firms from
 pressures to manage earnings. Our results support this notion, and find
 that family firms are significantly less likely to manage earnings. 
Journal: Applied Economics Letters 
Pages: 113-119 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540701720592 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540701720592&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeong-Ryeol Kurz-Kim 
Author-X-Name-First: Jeong-Ryeol 
Author-X-Name-Last: Kurz-Kim 
Title: A comparison of forecasting performance between ECM and the difference ARX model 
Abstract:
  Using Monte Carlo simulations, we compare the forecasting performance of
 the single equation error correction model (SEECM) with that of the
 (misspecified) difference autoregressive model with exogenous variables
 (ARX). The main result of the article is that the SEECM produces superior
 forecasts for short horizons, but not for long horizons, as shown
 analytically by Christoffersen and Diebold (1999). 
Journal: Applied Economics Letters 
Pages: 121-124 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018171 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018171&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Haibin Wu 
Author-X-Name-First: Haibin 
Author-X-Name-Last: Wu 
Title: Entry barriers and markup ratios: evidence from OECD countries 
Abstract:
  This article examines the effects of industrial natural entry barrier and
 country entry regulation on industrial markups for 13 OECD countries. We
 find that markup ratios are high in industries with high natural entry
 barrier and in countries with high-entry regulation. In addition, markups
 are high in high natural entry barrier industries in high-entry regulation
 countries. However, all these effects are not significant, thus implying
 that entry barrier may not have a strong effect on the market power or
 profitability. 
Journal: Applied Economics Letters 
Pages: 125-130 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018122 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018122&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ruth Williams 
Author-X-Name-First: Ruth 
Author-X-Name-Last: Williams 
Author-Name: D. P. Doessel 
Author-X-Name-First: D. P. 
Author-X-Name-Last: Doessel 
Title: Improving mental health inequality? Some initial evidence from Australia 
Abstract:
  This study statistically analyses the location and distribution of some
 aspects of mental health in Queensland. The health status measured here is
 not the conventional 'count' approach, i.e. counting people diagnosed
 with/without illness, but rather an approach that was developed in the
 context of mortality, by Silber and subsequently Le Grand. The present
 context is morbidity. We measure the years lived free of serious mental
 illness, for people who subsequently contract these illnesses. A complete
 enumeration dataset (i.e. not a sample), namely, the Queensland hospital
 admissions dataset commencing in 1964, is available. Specific illness
 codings are for conditions so consistently serious that hospital admission
 invariably occurred throughout the 40-year period. The present study is
 partial, but has two major advantages. First, the measure incorporates the
 notion that the later in life is the onset of serious mental illness, the
 better. Second, although age distribution measurement is not possible with
 'count' data, it is possible with this approach. Inequality measures, such
 as the Gini coefficient, are applied to measure the inequality in the
 distribution. Time series on mental health and mental health inequality,
 for males and females, are thus generated and statistically analysed. 
Journal: Applied Economics Letters 
Pages: 131-136 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018130 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018130&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bijou Yang 
Author-X-Name-First: Bijou 
Author-X-Name-Last: Yang 
Author-Name: David Lester 
Author-X-Name-First: David 
Author-X-Name-Last: Lester 
Title: Is there a natural suicide rate? 
Abstract:
  In order to explore whether societies have a natural (nonzero) suicide
 rate, regression equations were derived predicting the suicide rate over
 the regions of 11 nations and over time in 13 nations from the divorce and
 unemployment rates. All of the regression equations had positive constant
 terms, indicating a nonzero, positive natural suicide when socio-economic
 conditions were set to minimize the suicide rate. 
Journal: Applied Economics Letters 
Pages: 137-140 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018189 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018189&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Bayer 
Author-X-Name-First: Christian 
Author-X-Name-Last: Bayer 
Author-Name: Carsten Burhop 
Author-X-Name-First: Carsten 
Author-X-Name-Last: Burhop 
Title: If only I could sack you! Management turnover and performance in Great German Banks between 1874 and 1913 
Abstract:
  We analyse the relation of firm performance and managerial turnover in
 19th century German banking by probit estimation. This period covers a
 major reform of corporate governance. Before the reform performance and
 turnover were unrelated, whereas after the reform more successful managers
 left firms more seldom. However, only short-run performance matters in
 this turnover-success relationship. 
Journal: Applied Economics Letters 
Pages: 141-145 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018205 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018205&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Deergha Raj Adhikari 
Author-X-Name-First: Deergha Raj 
Author-X-Name-Last: Adhikari 
Author-Name: Wayne Everson 
Author-X-Name-First: Wayne 
Author-X-Name-Last: Everson 
Author-Name: Lynn Gray 
Author-X-Name-First: Lynn 
Author-X-Name-Last: Gray 
Title: Effect of unemployment insurance tax on wages and reallocation of labour 
Abstract:
  We develop a labour market equilibrium model and show how the federally
 collected Unemployment Insurance (UI) Tax affects labour force allocation
 between regular labour and contract labour. We also analyse the effect of
 UI tax on wages of the two types of labour. Our model suggests that the
 effect of a UI tax will be to increase the employment and wages of
 contract labour and to reduce the employment and wages of regular labour. 
Journal: Applied Economics Letters 
Pages: 147-150 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018247 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018247&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wuyang Hu 
Author-X-Name-First: Wuyang 
Author-X-Name-Last: Hu 
Title: On the relevance of t-ratios in empirical modelling: two special cases 
Abstract:
  It is a common practice to rescale data to assist model estimation.
 Rescaling in general does not affect the model fit or the statistical
 inference from the estimation results. This article however, describes two
 cases where care is called upon when interpreting the t-ratio associated
 with the constant terms. One case is a linear model with a continuous
 dependent variable and the other case is a nonlinear model with a discrete
 dependent variable. It is proved in this article that in these two cases,
 one can arbitrarily manipulate the t-ratio associated with the constant
 term by rescaling the data. Implications from these results on empirical
 modelling are also given. 
Journal: Applied Economics Letters 
Pages: 151-155 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018288 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018288&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guneratne Wickremasinghe 
Author-X-Name-First: Guneratne 
Author-X-Name-Last: Wickremasinghe 
Title: Are real exchange rates of Papua New Guinea mean-reverting? Evidence from panel unit root tests 
Abstract:
  This article examines mean-reversion of real exchange rates of Papua New
 Guinea (PNG), which is the crucial condition for purchasing power parity
 (PPP) to hold. Taking a departure from the most previous studies, we used
 six panel unit root tests to investigate the empirical validity of the PPP
 hypothesis to PNG. Both the preliminary analysis performed by examining
 time series plots of real exchange rates and the results of the panel unit
 root tests indicate that the PPP does not hold for PNG. These results may
 be attributed to frictions, such as transportations costs, prevailing in
 international trade that lead PPP to follow a nonlinear stochastic
 process. This issue will be investigated in future research. 
Journal: Applied Economics Letters 
Pages: 157-161 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018296 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018296&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mubariz Hasanov 
Author-X-Name-First: Mubariz 
Author-X-Name-Last: Hasanov 
Title: Is South Korea's stock market efficient? Evidence from a nonlinear unit root test 
Abstract:
  In this article we re-examine efficiency of the South Korea's stock
 market, extending recent work of Narayan and Smyth (2004). For this
 purpose we apply the nonlinear unit root test procedure recently developed
 by Kapetanios et al. (2003). The nonlinear unit root test rejects the null
 hypothesis of unit root, suggesting that the South Korea's stock market is
 not weak form efficient, contrary to the findings of Narayan and Smyth
 (2004). 
Journal: Applied Economics Letters 
Pages: 163-167 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018270 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018270&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Yuksel 
Author-X-Name-First: E. 
Author-X-Name-Last: Yuksel 
Author-Name: Y. Akdi 
Author-X-Name-First: Y. 
Author-X-Name-Last: Akdi 
Title: The effect of different inflation risks on interest rates of the US 
Abstract:
  This article examines the effect of different inflation uncertainty
 measures on interest rates of the US in a Fisher hypothesis framework.
 Generalized Autoregressive Conditional Heteroskedasticity (GARCH)
 specification with a time-dependent parameter model is used to obtain
 three types of inflation uncertainties, namely, impulse uncertainty,
 structural uncertainty and steady-state uncertainty. It has been observed
 that the impulse uncertainty has negative but the structural uncertainty
 has positive impact on both short-term and long-term interest rates. Both
 of these effects are statistically significant. The influence of
 steady-state uncertainty on interest rates is positive, but the level of
 significance depends on the inclusion of output gap. Without the inclusion
 of output gap, the effect is insignificant, whereas the effect becomes
 significant when output gap is introduced. 
Journal: Applied Economics Letters 
Pages: 169-175 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018072 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018072&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. -Y. Chen 
Author-X-Name-First: M. -Y. 
Author-X-Name-Last: Chen 
Author-Name: F. -L. Lin 
Author-X-Name-First: F. -L. 
Author-X-Name-Last: Lin 
Author-Name: C. -K. Chang 
Author-X-Name-First: C. -K. 
Author-X-Name-Last: Chang 
Title: Relations between health care expenditure and income: an application of local quantile regressions 
Abstract:
  In this article, local relationship between per capita health care
 expenditure (HCE hereafter) and GDP is investigated with local quantile
 regressions. Logarithmic per capita GDP and HCE of 154 countries in 2001
 and 25, 50 and 75% quantile regressions are considered. Three main
 findings are obtained from our empirical study. First, conditional
 distribution of per capita HCE on GDP is asymmetric. For lower GDP
 countries, the conditional distribution is skewed to the right which means
 less health care tends to be consumed. On the contrary, the conditional
 distribution is skewed to the left which implies more health care is apt
 to be consumed for high GDP countries. Second, variance of the conditional
 distribution is larger when per capita GDP is low and smaller when per
 capita GDP is high. This confirms the necessity of restricting the sample
 observations to OECD countries for holding the homogeneity of HCE when the
 conditional mean is considered. Third, whether health care is 'necessary'
 or 'luxury' depends on the level of per capita GDP. For 50% quantile, the
 income elasticity is significant &#x3e;1 when per capita GDP is greater
 than US$ 1882 (ln(1882) = 7.56), which indicates that health care becomes
 luxury for countries with per capita GDP higher than US$ 1882. For 75%
 quantile, the elasticity is significantly &#x3e;1 and health care becomes
 luxury for countries with per capita GDP higher than US$ 1737 (ln(1737) =
 7.46). As to 25% quantile, the elasticity is significantly &#x3e;1 and
 health care becomes luxury for countries with per capita GDP higher than
 US$ 1920 (ln(1920) = 7.56). These results indicate that health care is a
 necessity for 37 countries with per capita income lower than $ 1920 and is
 luxury for other countries. 
Journal: Applied Economics Letters 
Pages: 177-181 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018114 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018114&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ming-Yuan Leon Li 
Author-X-Name-First: Ming-Yuan Leon 
Author-X-Name-Last: Li 
Title: Multiple asymmetries in index stock returns from boom/bust and stable/volatile markets states- an empirical study of US and UK stock markets 
Abstract:
  This article tries to answer the question: is the response of current
 returns to past returns asymmetric when the returns follow an
 autoregressive, spillover GARCH model? Our empirical findings are
 consistent with the following notions. First, both US and UK markets
 appear to overreact to the drastic events in the 1990s. Second, the
 impacts of the 1-week-ahead foreign market returns were marked during the
 1980s, especially when the home market returns were both volatile and
 negative. In contrast, the impacts were insignificant during the 1990s.
 Third, in the 1990s, the UK (US) investors' behaviour during the bust
 appears to be consistent (inconsistent) with the leverage effects. 
Journal: Applied Economics Letters 
Pages: 183-191 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018148 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018148&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tiziano Razzolini 
Author-X-Name-First: Tiziano 
Author-X-Name-Last: Razzolini 
Title: A note on the estimation of the PD-GEV models 
Abstract:
  This note provides a formula to compute the value of the mean utilities
 as a function of market shares in Bresnahan et al.'s (1997) production
 differentiation models (PD-GEV) (1997). Such a formula avoids the time
 consuming contraction mapping procedure suggested by Berry et al. (1995). 
Journal: Applied Economics Letters 
Pages: 193-197 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018155 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018155&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hironobu Miyazaki 
Author-X-Name-First: Hironobu 
Author-X-Name-Last: Miyazaki 
Title: An analysis of the relation between R&D and M&A in high-tech industries 
Abstract:
  This article discusses the relation between research and development
 (R&D) investment and mergers and acquisitions (M&A) in Japanese high-tech
 industries. Using a count data model, it is found that there exists a
 positive correlation (complementarity) between R&D investment and M&A. 
Journal: Applied Economics Letters 
Pages: 199-201 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018163 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018163&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Belen Rey 
Author-X-Name-First: Belen 
Author-X-Name-Last: Rey 
Author-Name: Vicente Inglada 
Author-X-Name-First: Vicente 
Author-X-Name-Last: Inglada 
Author-Name: Cipriano Quiros 
Author-X-Name-First: Cipriano 
Author-X-Name-Last: Quiros 
Author-Name: Ana Rodriguez-Alvarez 
Author-X-Name-First: Ana 
Author-X-Name-Last: Rodriguez-Alvarez 
Author-Name: Pablo Coto-Millan 
Author-X-Name-First: Pablo 
Author-X-Name-Last: Coto-Millan 
Title: From European to Asian leadership in the economic efficiency of the world air industry 
Abstract:
  This article sets out to compare the economic efficiency (EE) and
 decomposing of the changes in productivity of international air transport
 companies, during the period of 1996-2000. In these years, competition has
 been increased with the low-cost carriers and changes in Asian markets.
 Our purpose is to prove if these kinds of changes have damaged the EE of
 European and American companies compared with Asian carriers, and if Asian
 carriers are the new leaders in the air transport market. A stochastic
 frontier is estimated for cost function. From these estimations, we obtain
 indices for EE. For measuring productivity change, we use Malmquist
 indexes. They are computed using nonparametric programming techniques and
 we decompose them into technical and efficiency change. Our evidence
 suggests that the benefits of increasing competition in terms of EE and
 productivity are large for the Asian companies. 
Journal: Applied Economics Letters 
Pages: 203-209 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018197 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018197&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yeti Nisha Madhoo 
Author-X-Name-First: Yeti Nisha 
Author-X-Name-Last: Madhoo 
Title: Policy and nonpolicy determinants of progressivity of block residential water rates - a case study of Mauritius 
Abstract:
  This article presents empirical results on increasing block water rates
 that contradict conventional wisdom in developing countries and many
 developed countries. Unlike in other countries, family size in Mauritius
 increases with income. Due to this unusual demographic dimension,
 increasing block tariffs coupled with lifeline rates that are below
 long-run marginal cost applicable to low-volume users produce a different
 result. Regional variations in water demand and extensive metering both in
 rural and urban areas reinforce the redistributing nature of water
 charges. Traditional incidence analysis with adjustment for family size,
 linear expenditure systems approach and interactive demand models
 empirically support this result. 
Journal: Applied Economics Letters 
Pages: 211-215 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018213 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018213&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gilberto Paula 
Author-X-Name-First: Gilberto 
Author-X-Name-Last: Paula 
Author-Name: Francisco Jose Cysneiros 
Author-X-Name-First: Francisco Jose 
Author-X-Name-Last: Cysneiros 
Title: Systematic risk estimation in symmetric models 
Abstract:
  The aim of this article is to discuss the estimation of the systematic
 risk in capital asset pricing models with heavy-tailed error distributions
 to explain the asset returns. Diagnostic methods for assessing departures
 from the model assumptions as well as the influence of observations on the
 parameter estimates are also presented. It may be shown that outlying
 observations are down weighted in the maximum likelihood equations of
 linear models with heavy-tailed error distributions, such as Student-t,
 power exponential, logistic II, so on. This robustness aspect may also be
 extended to influential observations. An application in which the
 systematic risk estimate of Microsoft is compared under normal and
 heavy-tailed errors is presented for illustration. 
Journal: Applied Economics Letters 
Pages: 217-221 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018239 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018239&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale 
Author-X-Name-First: Guglielmo Maria 
Author-X-Name-Last: Caporale 
Author-Name: Andros Gregoriou 
Author-X-Name-First: Andros 
Author-X-Name-Last: Gregoriou 
Title: Non-normality, heteroscedasticity and recursive unit root tests of PPP: solving the PPP puzzle? 
Abstract:
  In this article, we carry out unit root tests on real exchange rates
 recursively as in Caporale et al. (2003), but, following Arghyrou and
 Gregoriou (2007), we adjust the residuals for non-normality and
 heteroscedasticity using a wild bootstrap method. The results are
 striking: this correction sharply increases the rejection percentages of
 the unit root null and attenuates the erratic behaviour of the
 t-statistic, providing evidence in favour of purchasing power parity (PPP)
 and suggesting that such a correction might at least go some way towards
 solving the 'PPP puzzle'. 
Journal: Applied Economics Letters 
Pages: 223-226 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802167321 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802167321&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ilias Livanos 
Author-X-Name-First: Ilias 
Author-X-Name-Last: Livanos 
Title: What determines self-employment? A comparative study 
Abstract:
  This article consists of a comparative study of the incidence of
 self-employment (SE) between Greece, which has the highest rate of SE in
 the European Union and the United Kingdom, which has amongst the lowest.
 Data from the Greek and the UK Labour Force Surveys are used in order to
 assess how personal attributes of an individual have an impact on the
 incidence of SE. It is found that common patterns exist between these two
 countries. In particular, it is found that for both countries, males have
 greater odds of being self-employed than females, older people have
 greater odds than younger, individuals employed in the primary and
 tertiary sectors have greater odds than the ones employed in the
 secondary, and that individuals with primary or secondary education have
 greater odds of being self-employed than individuals holding higher
 degrees. The incidence of SE is also found to differ according to the
 occupation of the individual. On the other hand, the findings indicate
 that individuals, residing in London, have greater odds of being
 self-employed than individuals working outside UK's capital, whereas in
 Greece the pattern is reversed. 
Journal: Applied Economics Letters 
Pages: 227-232 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018320 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018320&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Title: Inflation targeting and the inflation-inflation uncertainty relationship: evidence from Thailand 
Abstract:
  This study extends the literature on the relationships between inflation
 and inflation volatility by examining the impact of inflation targeting on
 inflation volatility in Thailand. The ARIMA-GARCH model reveals that
 inflation targeting marginally reduced the degree of volatility
 persistence in response to inflationary shocks (i.e. inflation
 uncertainty). Granger-causality tests show that an increase in inflation
 causes an increase in inflation uncertainty. However, an increase in
 inflation uncertainty causes a decrease in inflation. Thus, the
 relationship between inflation and inflation uncertainty in Thailand
 support Holland's (1995) stabilization hypothesis. 
Journal: Applied Economics Letters 
Pages: 233-238 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802078007 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802078007&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Barry Ma 
Author-X-Name-First: Barry 
Author-X-Name-Last: Ma 
Author-Name: Jeffrey Weiss 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Weiss 
Title: A variance decomposition in the evaluation of the effects of educational policies in economic education 
Abstract:
  A student's grade is decomposed into a part due to ability plus a part
 due to random guessing. Holding the variance of the ability distribution
 constant, we show that the introduction of a positive educational policy
 will increase the mean but decrease the variance of the grade
 distribution. 
Journal: Applied Economics Letters 
Pages: 239-242 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018460 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018460&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Garrett 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Garrett 
Title: Evaluating state tax revenue variability: a portfolio approach 
Abstract:
  This article develops a volatility model based on portfolio theory to
 examine state tax revenue variability. Unlike traditional parametric
 methods used to analyse state tax revenue variability, the portfolio
 approach allows the computation of a tax's share of total tax revenue that
 minimizes the overall variability in total state tax revenue given a
 state's portfolio of tax revenue sources. The model can thus be used to
 evaluate how closely a state's revenue portfolio is constructed to
 minimize variability in total state tax revenue. An empirical application
 of the model is conducted on a sample of US states. The volatility model
 presented here serves as a useful complement to parametric techniques that
 have been used to estimate tax revenue variability. 
Journal: Applied Economics Letters 
Pages: 243-246 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018403 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018403&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Deergha Raj Adhikari 
Author-X-Name-First: Deergha Raj 
Author-X-Name-Last: Adhikari 
Author-Name: Lynn Gray 
Author-X-Name-First: Lynn 
Author-X-Name-Last: Gray 
Author-Name: Jackie Burns 
Author-X-Name-First: Jackie 
Author-X-Name-Last: Burns 
Title: Effect of unemployment insurance tax on wages and employment: a partial equilibrium analysis 
Abstract:
  We develop a partial equilibrium model under a cost minimization problem
 to derive the effect of an unemployment insurance tax. The model suggests
 that a portion of the tax is passed on to employees by means of reduced
 wages and employment. 
Journal: Applied Economics Letters 
Pages: 247-250 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018254 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018254&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Myers 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Myers 
Author-Name: Inhyuck &#x201c;Steve&#x201d; Ha 
Author-X-Name-First: Inhyuck &#x201c;Steve&#x201d; 
Author-X-Name-Last: Ha 
Title: Estimation of race-neutral goals in public procurement and contracting 
Abstract:
  Federal guidelines require that public entities receiving federal transit
 authority (FTA) funds take affirmative steps to allocate funds to
 disadvantaged business enterprises (DBEs). Business firms owned and
 operated by women and/or racial minority group members are presumptively
 classified as disadvantaged. To assure that the affirmative efforts to
 allocate contract dollars to DBEs don't discriminate against nonDBEs and
 white male-owned firms, the guidelines require that maximum use of
 race-neutral means be adopted to assure the inclusion of women and
 minority-owned firms in public contracting. The guidelines do not provide
 specific guidance on how to determine the size of the race-neutral portion
 of contracts awarded to DBEs. This article provides an empirically valid
 and easy to implement method for achieving race-neutral goals when a
 public agency or authority collects information on contracts with and
 without targeted goals. 
Journal: Applied Economics Letters 
Pages: 251-256 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018338 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018338&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Neugart 
Author-X-Name-First: Michael 
Author-X-Name-Last: Neugart 
Title: Pensions with early retirement and without commitment 
Abstract:
  In this article it is shown that more generous early retirement
 provisions as well as lower employment lead to lower steady state pension
 rates if governments weigh the welfare of the older persons relatively
 strongly. A relatively stronger weight on the welfare of the young
 reverses the results. The driving force behind those findings are
 governments that cannot commit to pension policies and consequently take
 into account future governments' policies when maximizing electoral
 support from the currently young and old constituencies. 
Journal: Applied Economics Letters 
Pages: 257-260 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018353 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018353&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eiji Yamamura 
Author-X-Name-First: Eiji 
Author-X-Name-Last: Yamamura 
Title: Technology transfer and convergence of performance: an economic study of FIFA football ranking 
Abstract:
  The seminal work of Gerschenkron (1962) stated that latecomers borrow
 advanced technology from their predecessors, resulting in convergence of
 productivity among nations. Additionally, the diffusion of technology
 among developing nations has been fulfilled not only directly from
 developed nations but also from surrounding nations through local
 spillovers such as learning from others. Recently, the disparity in
 national football performance among the nations appears to have improved,
 and it is evident that talented players are mobilized from developing
 nations to developed ones. The present article attempts to apply the
 framework of development economics, as introduced earlier, to the case of
 international football. An empirical examination of FIFA's world ranking
 points considered as reflecting nations' performances was conducted,
 applying panel data to control for unobserved nations' specific effects
 (Baltagi 2005). The results indicate that both technology transfer and the
 local information spillover play a crucial role in improving the
 performance of developing nations, but not of developed nations. The
 presented results are interpreted as implying that developing nations are
 able to catch up with developed ones due to the effects of technology
 transfer and local information spillover. 
Journal: Applied Economics Letters 
Pages: 261-266 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018361 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018361&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Albertson 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Albertson 
Author-Name: Jonathan Aylen 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Aylen 
Title: Long lags or seasonal mis-specification? A note on co-integration testing and the consumption function 
Abstract:
  Writing in this journal, Sumner (2004) advocates use of long lag lengths
 when conducting co-integration tests. Replication of Sumner's consumption
 model suggests long lag lengths are a mis-specification: the true
 underlying model is periodic. We test for periodically distributed unit
 roots - unit roots that differ with the season and vary with past
 behaviour. Co-integration between income and consumption, based on a
 periodic error correction model, is rejected. A PADL specification is
 preferred for modelling the income-consumption relationship, using
 seasonally unadjusted data. 
Journal: Applied Economics Letters 
Pages: 267-271 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018387 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018387&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Kamerschen 
Author-X-Name-First: David 
Author-X-Name-Last: Kamerschen 
Title: Another view of the social costs from rent seeking 
Abstract:
  No matter whether the Posner or the game theory approach for measuring
 rent-seeking losses is utilized, the trapezoidal social costs of monopoly
 are significantly greater than the Harberger deadweight triangle
 allocative efficiency losses. This means public policy can improve social
 welfare in any country by reducing nonnatural monopolies. 
Journal: Applied Economics Letters 
Pages: 273-275 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018411 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018411&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Glauco de Vita 
Author-X-Name-First: Glauco 
Author-X-Name-Last: de Vita 
Author-Name: Khine Kyaw 
Author-X-Name-First: Khine 
Author-X-Name-Last: Kyaw 
Title: Growth effects of FDI and portfolio investment flows to developing countries: a disaggregated analysis by income levels 
Abstract:
  What is the impact of foreign direct investment (FDI) and portfolio
 investment flows on the economic growth of low-, lower middle- and upper
 middle-income countries? In this article we address this question using a
 dynamic panel model and a large data set of 126 developing countries for
 the period 1985 to 2002. Employing the system-generalized methods of
 moments (GMM) estimation approach, our findings suggest that only
 developing countries that have reached a minimum level of economic
 development and absorptive capacity are capturing the growth-enhancing
 effects of both forms of investment inflows. 
Journal: Applied Economics Letters 
Pages: 277-283 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018437 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018437&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gang Liu 
Author-X-Name-First: Gang 
Author-X-Name-Last: Liu 
Author-Name: Terje Skjerpen 
Author-X-Name-First: Terje 
Author-X-Name-Last: Skjerpen 
Author-Name: Kjetil Telle 
Author-X-Name-First: Kjetil 
Author-X-Name-Last: Telle 
Title: Unit roots, polynomial transformations and the environmental Kuznets curve 
Abstract:
  Properties of estimators of long-run parameters in a polynomial
 regression with nonstationary, strongly exogenous regressors are
 considered in the context of the Environmental Kuznets Curve using Monte
 Carlo simulations. Standard inferential procedures seem to work well in
 this context. 
Journal: Applied Economics Letters 
Pages: 285-288 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018478 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018478&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariacristina Piva 
Author-X-Name-First: Mariacristina 
Author-X-Name-Last: Piva 
Author-Name: Marco Vivarelli 
Author-X-Name-First: Marco 
Author-X-Name-Last: Vivarelli 
Title: Demand-pulled innovation under liquidity constraints 
Abstract:
  Using a panel of 211 Italian manufacturing firms for 1995-2001 and the
 Least Squares Dummy Variable Corrected (LSDVC) estimator recently
 discussed in the econometric literature, it is shown that demand-pull
 innovation is particularly significant in liquidity-constrained companies
 in both the short run and long run. 
Journal: Applied Economics Letters 
Pages: 289-293 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018304 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018304&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Mak Arvin 
Author-X-Name-First: B. 
Author-X-Name-Last: Mak Arvin 
Author-Name: Byron Lew 
Author-X-Name-First: Byron 
Author-X-Name-Last: Lew 
Title: Foreign aid and ecological outcomes in poorer countries: an empirical analysis 
Abstract:
  This article examines the relationship between foreign aid and ecological
 harm in developing countries. The study covers three types of ecological
 injury: carbon dioxide damage, water pollution and net deforestation.
 Results based on an empirical model where aid and injury are jointly
 determined, suggest that aid flows affect ecological conditions in poorer
 countries as well as being the result of these conditions. 
Journal: Applied Economics Letters 
Pages: 295-299 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018312 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018312&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Worthington 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Worthington 
Author-Name: Helen Higgs 
Author-X-Name-First: Helen 
Author-X-Name-Last: Higgs 
Title: Efficiency in the Australian stock market, 1875-2006: a note on extreme long-run random walk behaviour 
Abstract:
  This article examines the weak-form market efficiency of the Australian
 stock market. Daily returns from 6 January 1958 to 12 April 2006 and
 monthly returns from February 1875 to December 2005 are examined for
 random walks using serial correlation coefficient and runs tests,
 augmented Dickey-Fuller, Phillips-Perron and Kwiatkowski, Phillips,
 Schmidt and Shin unit root tests and multiple variance ratio tests. The
 serial correlation tests indicate inefficiency in daily returns and
 borderline efficiency in monthly returns, while the runs tests conclude
 that both series are weak form inefficient. The unit root tests suggest
 weak-form inefficiency in both return series. The results of the more
 stringent and least restrictive variance ratio tests indicate that the
 monthly returns series is characterized by a homoscedastic random walk,
 but the daily series violates weak-form efficiency because of the
 short-term autocorrelation in returns. 
Journal: Applied Economics Letters 
Pages: 301-306 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018379 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018379&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Corrado Andini 
Author-X-Name-First: Corrado 
Author-X-Name-Last: Andini 
Title: On the return-risk link in education 
Abstract:
  In a contribution to Economics Letters, Pereira and Martins (2002) point
 out that there exists a positive link between risk and return in
 education. We perform a sensitivity analysis and argue that the evidence
 on this link is not robust. 
Journal: Applied Economics Letters 
Pages: 307-314 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018395 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018395&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hefa Gui 
Author-X-Name-First: Hefa 
Author-X-Name-Last: Gui 
Author-Name: Mingchao Cai 
Author-X-Name-First: Mingchao 
Author-X-Name-Last: Cai 
Author-Name: Yongxiang Wang 
Author-X-Name-First: Yongxiang 
Author-X-Name-Last: Wang 
Title: The overconfident, or the more informed? 
Abstract:
  We discuss some problems with the modelling methods in the overconfidence
 literature. We argue that overconfidence models should be well constructed
 such that overconfident investors in the behavioural model could be
 distinguished clearly from the more informed investors in the rational
 asset-pricing model. 
Journal: Applied Economics Letters 
Pages: 315-318 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018429 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018429&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Papachristou 
Author-X-Name-First: George 
Author-X-Name-Last: Papachristou 
Title: Scale economies of lotto once more 
Abstract:
  Under the assumption of random number selection, higher moments of a
 lotto ticket payoff seem to exhibit a peculiar behaviour; variance (and
 probably skewness) rises up to some number of bets before approaching its
 limit from above. A close inspection of the 'simplest' expression obtained
 by means of a hypergeometric summation algorithm suggests that the payoff
 variance (and probably skewness) is unimodal and attains its highest at a
 realistic scale. 
Journal: Applied Economics Letters 
Pages: 319-323 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018445 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018445&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Manoj Raj 
Author-X-Name-First: Manoj 
Author-X-Name-Last: Raj 
Title: Financial dependence and growth: further evidence 
Abstract:
  This article empirically shows that in developing countries, financial
 development facilitates firms to grow disproportionately in industries
 with higher external finance dependence or better growth opportunities.
 This effect is absent in developed countries. 
Journal: Applied Economics Letters 
Pages: 325-330 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018452 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018452&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Deller 
Author-X-Name-First: Steven 
Author-X-Name-Last: Deller 
Author-Name: Craig Maher 
Author-X-Name-First: Craig 
Author-X-Name-Last: Maher 
Title: Is the treatment of intergovernmental aid symmetric? 
Abstract:
  In this note we use a variable parameter model to test for asymmetries in
 the treatment of intergovernmental aid. The central question is whether
 local government officials treat intergovernmental aid differently during
 periods of aid certainty and uncertainty. We find evidence of fiscal
 replacement for 94% of Wisconsin municipalities and fiscal inducement for
 only a small handful of municipalities. The lower the dependency on shared
 revenues, the higher the odds that the municipality will replace lost
 shared revenues with own source revenues. 
Journal: Applied Economics Letters 
Pages: 331-335 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018668 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018668&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Author-Name: Peter Nijkamp 
Author-X-Name-First: Peter 
Author-X-Name-Last: Nijkamp 
Title: Two aspects of waste management from the viewpoints of a waste generator and a recipient 
Abstract:
  Regulations specify the maximum amount of waste that can be stored on
 site by a waste generating firm. When this regulatory threshold is
 reached, a polluting firm must move its on site waste to an off site
 recipient. In this setting, we analyse two questions in a stochastic
 framework from the viewpoints of a waste generator and a recipient that
 have received scant theoretical attention in the literature. First, given
 that off site storage is costlier than on site storage, we derive the
 long-run average cost incurred by a waste generating firm that stores
 waste both on and off site. Second, we compute the expected amount of time
 until the off site recipient's waste storage facility is full. 
Journal: Applied Economics Letters 
Pages: 337-341 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018528 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018528&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Ball 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Ball 
Author-Name: Javier Reyes 
Author-X-Name-First: Javier 
Author-X-Name-Last: Reyes 
Title: International reserve holdings: interest rates matter! 
Abstract:
  We argue that the literature on optimal international reserve holdings in
 an era of high-capital mobility fails to find interest rates is a strongly
 significant factor because of the endogeneity of interest rates and
 reserves under fixed exchange rate regimes. Using two-stage least squares
 we control this and regain statistical significance for interest rates. 
Journal: Applied Economics Letters 
Pages: 343-348 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018619 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018619&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitrios Vougas 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Vougas 
Title: Modification of the point optimal unit root test 
Abstract:
  A modification of the existing point optimal unit root test is proposed.
 The new test has very good finite sample power and is easily correctable
 via semi-parametric methods. Critical values are provided along with power
 simulation and empirical examples. 
Journal: Applied Economics Letters 
Pages: 349-352 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018635 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018635&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Deergha Raj Adhikari 
Author-X-Name-First: Deergha Raj 
Author-X-Name-Last: Adhikari 
Title: Evaluating NAFTA - an impulse function approach 
Abstract:
  Models developed under ex ante approach are mostly based on some utility
 function. The assumptions underlying these models are hard to meet. These
 models also have stringent data requirements. The models developed under
 ex post approach, on the other hand, are simple to use, avoid the need of
 using a utility function and require less information. However, these
 models only offer two points in time: one before a trade reform and the
 other after the reform. As such, they do not provide a region of
 acceptance or rejection, which enables us to test the models empirically.
 Our study overcomes those problems, develops an intervention model,
 estimates the impulse response function and estimates the short-term and
 the long-run impacts of NAFTA (the North American Free Trade Agreement) on
 the variable representing Canada's welfare. Our results show that both the
 short-term and the long-term impacts are negative. Therefore, we conclude
 that Canada's welfare has, in fact, deteriorated, or at least not improved
 due to NAFTA. 
Journal: Applied Economics Letters 
Pages: 353-357 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018262 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018262&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cynthia Bansak 
Author-X-Name-First: Cynthia 
Author-X-Name-Last: Bansak 
Author-Name: Christopher McLaren 
Author-X-Name-First: Christopher 
Author-X-Name-Last: McLaren 
Title: Parental eligibility for public health insurance: a study of the State Children's Health Insurance Program and child coverage rates 
Abstract:
  This article investigates whether offering parental coverage for public
 health insurance increases coverage rates among children. Using data from
 the Current Population Survey (CPS), we examine the effect of parental
 benefits on participation rates of children in the State Children's Health
 Insurance Program (SCHIP). Our findings indicate a significant difference
 in take-up rates for children in states offering parental coverage
 compared to neighbouring states that did not in the period surrounding the
 introduction of the SCHIP program (1997-2002). Specifically, states
 offering parental coverage have greater program participation (on the
 order of 10% points) among children even after controlling for observable
 demographic characteristics and the household's position in the income
 distribution. Thus, extending coverage to the parents of SCHIP-eligible
 children appears to be an effective strategy to reduce uninsurance rates
 among children. 
Journal: Applied Economics Letters 
Pages: 359-363 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018536 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018536&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lloyd Thomas 
Author-X-Name-First: Lloyd 
Author-X-Name-Last: Thomas 
Author-Name: Danhua Wu 
Author-X-Name-First: Danhua 
Author-X-Name-Last: Wu 
Title: Long-term interest rates and expected future budget deficits: evidence from the term structure 
Abstract:
  This article examines the relationship between current and expected
 future real Treasury bond yields, forecasts of budget deficits and market
 risk. Both expected future deficits and risk strongly influenced expected
 future real Treasury bond yields in the United States in the 1983-2005
 period. 
Journal: Applied Economics Letters 
Pages: 365-368 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018544 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018544&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marshall Gramm 
Author-X-Name-First: Marshall 
Author-X-Name-Last: Gramm 
Author-Name: C. Nicholas McKinney 
Author-X-Name-First: C. Nicholas 
Author-X-Name-Last: McKinney 
Title: The effect of late money on betting market efficiency 
Abstract:
  This article is an analysis of the price movements in a speculative
 market at closing. Specifically, we look at 1644 US horse races and
 analyse the change in betting pool totals and their suggested
 probabilities to confirm that late wagers on average come from more
 informed bettors. Almost 40% of all wagering dollars enter betting pools
 in the last minute of wagering. This 'late' money is found to increase
 efficiency and itself is the best prediction of the true win, place and
 show probability of a horse. A clustered tobit regression shows that late
 increases in the betting share on a specific horse increase net returns. 
Journal: Applied Economics Letters 
Pages: 369-372 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018577 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018577&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Brad Trenkamp 
Author-X-Name-First: Brad 
Author-X-Name-Last: Trenkamp 
Title: Does the advertising effect of athletics impact academic rankings? 
Abstract:
  The study presented here examines the relationship between athletic
 success and academic quality among Division 1 universities. The analysis
 begins by revisiting models that have seen previously examined by other
 researchers. The current literature is then extended using a new model
 incorporating academic rankings. The previously used models incorporate
 objective measures of academic quality. The new model presented here uses
 rankings which have a subjective input. It is then examined to see whether
 the subjective opinions present in the academic rankings are influenced by
 athletic success. 
Journal: Applied Economics Letters 
Pages: 373-378 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018585 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018585&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Rauterkus 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Rauterkus 
Title: Do bank lending relationships always enhance financial distress resolution? The case of Germany 
Abstract:
  This article examines the financial distress resolution benefit of bank
 lending relationships in a system where because of the lack of access to
 public debt and equity markets, banks do not face competition as providers
 of capital. For a sample of German firms, this article finds that
 companies in financial distress are more likely to be liquidated if they
 have high amounts of bank debt. Furthermore, companies that are saved show
 higher potential for financial distress a year prior to bankruptcy. This
 suggests that certain aspects of value of bank lending relationships are
 dependent on the financial system in which they occur. 
Journal: Applied Economics Letters 
Pages: 379-385 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802129784 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802129784&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: Dealing with the willingness to pay data with preference intensity: a semiparametric estimation 
Abstract:
  This article considers the Type 3 Tobit models to deal with the
 willingness to pay data with preference intensity by employing both
 parametric and semiparametric estimation methods. The overall results show
 that the semiparametric estimation significantly outperforms the
 parametric estimation. 
Journal: Applied Economics Letters 
Pages: 387-390 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018486 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018486&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thorsten Schank 
Author-X-Name-First: Thorsten 
Author-X-Name-Last: Schank 
Author-Name: Claus Schnabel 
Author-X-Name-First: Claus 
Author-X-Name-Last: Schnabel 
Author-Name: Hans-Dieter Gerner 
Author-X-Name-First: Hans-Dieter 
Author-X-Name-Last: Gerner 
Title: Stimulating part-time work by legal entitlements? Evidence from a German policy experiment 
Abstract:
  Difference-in-difference estimates indicate that the new law on part-time
 work in Germany has raised the share of part-time workers in those plants
 that already used part-time employment whereas it has not stimulated the
 introduction of part-time work in other plants. 
Journal: Applied Economics Letters 
Pages: 391-394 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018494 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018494&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Moore 
Author-X-Name-First: Simon 
Author-X-Name-Last: Moore 
Title: The nonpecuniary effects of smoking cessation: happier smokers smoke less 
Abstract:
  The objective of this article is to describe the relationship between
 past changes in daily cigarette consumption and happiness using a national
 longitudinal panel survey. Data from 724 smokers who participated in the
 first 11 waves of the British Household Panel Survey were analysed using a
 fixed effects regression model. An increase in daily smoking frequency
 corresponded with a decrease in happiness (&#x3b2; = -0.004, 95%
 confidence interval -0.006 to -0.001). Independent of this relationship,
 happiness decreased as health deteriorated with a transition to the
 poorest health group associated with greatest unhappiness (&#x3b2; =
 -0.190, 95% confidence interval -0.258 to -0.123) followed by those in the
 next poorest health group (&#x3b2; = 0.114, 95% confidence interval -0.176
 to -0.051) and as health improved further, the effect on happiness
 diminished (&#x3b2; = -0.077, 95% confidence interval -0.127 to -0.027)
 indicating a dose-repose relationship between health and happiness.
 Smokers who reduce cigarette consumption can expect greater happiness in a
 relationship that is not mediated by changes in health. This relationship
 is interpreted as cigarettes showing reference dependence 
Journal: Applied Economics Letters 
Pages: 395-398 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018502 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018502&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Elena Casquel 
Author-X-Name-First: Elena 
Author-X-Name-Last: Casquel 
Author-Name: Ezequiel Uriel 
Author-X-Name-First: Ezequiel 
Author-X-Name-Last: Uriel 
Title: The determinants of post-compulsory education in Spain 
Abstract:
  In this article we explain why Spain is at the bottom of the developed
 countries in secondary education. We have made use of extensive
 information contained in the ECHP supplemented with labour market data. We
 find that higher rates of unemployment diminish the probability of
 investing in post-compulsory education and this effect differs across the
 population. Our results suggest that a 'poverty effect' makes access more
 difficult to secondary education in Spain. 
Journal: Applied Economics Letters 
Pages: 399-404 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018510 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018510&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carsten Ochsen 
Author-X-Name-First: Carsten 
Author-X-Name-Last: Ochsen 
Title: On the measurement of mismatch 
Abstract:
  We use a definition of an equilibrium rate of unemployment as a mismatch
 indicator. An application of the indicator to nine Organization for
 Economic Cooperation and Development (OECD) countries leads to diverging
 results. Most of the considered countries have experienced increasing
 mismatch in the 1970s and decreasing mismatch in the 1990s. The latter
 result is somewhat surprising, since mismatch was expected to be
 increasing in the 1990s. However, the estimates for Germany are against
 this international trend. Mismatch is not in general lower in countries
 with a more flexible labour market, but is decreasing in some of the
 countries which have chosen more flexibility on the labour market. 
Journal: Applied Economics Letters 
Pages: 405-409 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018569 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018569&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Masayoshi Maruyama 
Author-X-Name-First: Masayoshi 
Author-X-Name-Last: Maruyama 
Author-Name: Le Viet Trung 
Author-X-Name-First: Le Viet 
Author-X-Name-Last: Trung 
Title: High shopping frequency of Vietnamese consumers: theory and measurement 
Abstract:
  Almost all Vietnamese consumers shop at least five or six times a week or
 everyday or more. We formulated a basic model of the optimal level of
 shopping frequency. Hanoi consumer survey data has been analysed using the
 binary choice Probit model to measure factors that influence the major
 characteristics related to the high-shopping frequency patterns of
 Vietnamese consumers. The results consolidate the validity of the basic
 model and show that freshness, convenience (distance), gender and the
 presence of children in the household had a significant effect on the
 frequency of shopping. In contrast, factors such as owning a refrigerator
 as well as income did not have a significant effect in shaping consumer
 shopping behaviour. 
Journal: Applied Economics Letters 
Pages: 411-415 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018593 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018593&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: Estimation of a regional wage curve and policy implications 
Abstract:
  Based on all the metropolitan statistical areas in the state of Texas
 during 2002-2004, this study finds that the real wage rate and the
 unemployment rate have a significant negative relationship. However, the
 value of R2 is relatively low. Policy implications are that the efficiency
 wage model may be used to explain the outcome and that there are other
 factors explaining the behaviour of wages. 
Journal: Applied Economics Letters 
Pages: 417-419 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018601 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018601&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Aaron Hatcher 
Author-X-Name-First: Aaron 
Author-X-Name-Last: Hatcher 
Title: A note on relative violation arguments in expected penalty functions for permit noncompliance 
Abstract:
  Models of firm noncompliance under imperfectly enforced standards and
 permit regimes normally include a level violation argument in the firm's
 expected penalty function, analogous to the constraint term in a
 Lagrangian function. This article suggests that a relative violation
 argument may be more appropriate in many cases and demonstrates how this
 can change our predictions about firm behaviour under permit regimes. 
Journal: Applied Economics Letters 
Pages: 421-423 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Mangeloja 
Author-X-Name-First: E. 
Author-X-Name-Last: Mangeloja 
Author-Name: J. Pehkonen 
Author-X-Name-First: J. 
Author-X-Name-Last: Pehkonen 
Title: Availability and consumption of alcoholic beverages: evidence from Finland 
Abstract:
  The study examines the consumption of alcoholic beverages in Finland over
 the period 1960 to 2004. Consumption is explained by its own real price,
 relative prices, expenditure and variables measuring the availability of
 alcohol. The empirical analysis utilizes information on linkages across
 different beverages and uses co-integration techniques. The study finds
 that changes in the availability of alcohol, typically related to
 institutional changes, have played an important role in determining
 consumption, especially of beer. 
Journal: Applied Economics Letters 
Pages: 425-429 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018643 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018643&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Helmut Herwartz 
Author-X-Name-First: Helmut 
Author-X-Name-Last: Herwartz 
Author-Name: Martin Siegel 
Author-X-Name-First: Martin 
Author-X-Name-Last: Siegel 
Title: Development and determinants of systemic risk in European banking - an empirical note 
Abstract:
  Compared with the broad supply of theoretical approaches towards systemic
 risk in (international) banking systems empirical contributions measuring
 its degree or potential triggering factors are rather scarce. Kwast and de
 Nicolo (2002) put systemic risk and (conditional) stock price correlations
 into a unique relation. Adopting this perspective, we provide a dynamic
 conditional correlation (DCC, Engle, 2002) analysis for the European
 banking sector. Our sample period covers establishment and advent of the
 Euro. Apart from time variation of correlation measures we investigate the
 content of exogenous factor variables to explain correlation patterns.
 Overall, we find a moderate and stable average level of systemic risk in
 European banking. The advent of the Euro came along with a 1-year period
 of short-run transition dynamics. Systemic risk is found to increase over
 states of high uncertainty in national stock markets and states of
 small-to-medium variation in European interest rates. 
Journal: Applied Economics Letters 
Pages: 431-438 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/09603100802047027 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/09603100802047027&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ivar Kolstad 
Author-X-Name-First: Ivar 
Author-X-Name-Last: Kolstad 
Title: The resource curse: which institutions matter? 
Abstract:
  Two types of models are dominant in the current resource curse
 literature. One type of model studies the selection of entrepreneurs into
 rent-seeking versus productive activities. The other type analyses the use
 of patronage by politicians seeking re-election. The policy implications
 of the two models are quite different. The first model suggests that
 institutions governing the private sector ought to be improved. The second
 model suggests that institutions governing the public sector should be
 emphasized. This article empirically tests the impact of the private
 versus public sector institutions on the resource curse, using
 cross-country data from Sachs and Warner (1997a) and Polity IV. The main
 result is that only improved private sector institutions ameliorate the
 resource curse. 
Journal: Applied Economics Letters 
Pages: 439-442 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802167339 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802167339&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takaaki Aoki 
Author-X-Name-First: Takaaki 
Author-X-Name-Last: Aoki 
Title: Some notes on statistic robustness of nonparametric bivariate probit model in a finite sample 
Abstract:
  This article describes qualitatively some interesting statistic aspects
 of the nonparametric bivariate Probit model, which was examined in Aoki
 (2005) as a nonparametrically modified version of the estimator to test
 asymmetric information, originally proposed in Chiappori and Salanie
 (2000). My computation results and analysis show that even in a finite
 sample case the nonparametric version is very robust to the variable
 bandwidth, which is relatively smaller than the optimal bandwidth policy.
 This statistic characteristics enables the proposed nonparametric
 estimator to be put widely and conveniently into practical use, without
 applied researcher's necessity to pay too much attention to the precise
 value of optimal bandwidth. 
Journal: Applied Economics Letters 
Pages: 443-447 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601032115 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601032115&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ram Acharya 
Author-X-Name-First: Ram 
Author-X-Name-Last: Acharya 
Author-Name: Krishna Paudel 
Author-X-Name-First: Krishna 
Author-X-Name-Last: Paudel 
Author-Name: L. Upton Hatch 
Author-X-Name-First: L. Upton 
Author-X-Name-Last: Hatch 
Title: Impact of nostalgia and past experience on recreational demand for wilderness 
Abstract:
  This primary objective of this study was to examine whether nostalgia
 plays any role in determining the demand for wilderness recreation using
 onsite survey data from Cheaha Wilderness in Alabama. In addition, an
 attempt was made to determine the impact of past wilderness experience and
 current residential setting on recreational demand. Since experience is a
 latent construct, a number of indicators, measuring the visitor's
 experience use history, were used to measure it. The results based on a
 truncated count data model show that trip cost and other visitor
 characteristics such as age, income, residential setting, and past
 wilderness experience were significant determinants for the visitation
 frequency. Moreover, the rural to urban migrants, who were expected to be
 more sensitive to nostalgic feelings, were making seven more trips than
 others. 
Journal: Applied Economics Letters 
Pages: 449-453 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601032099 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601032099&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Toshihiko Mukoyama 
Author-X-Name-First: Toshihiko 
Author-X-Name-Last: Mukoyama 
Title: A simple model of productivity slowdown 
Abstract:
  This article demonstrates a simple mechanism of productivity slowdown.
 There are two types of technological change: exogenous and endogenous.
 After news arrives that there will be an acceleration of exogenous
 technological progress in the future, endogenous technological progress
 may slow down. 
Journal: Applied Economics Letters 
Pages: 455-458 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018734 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018734&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lixin Cai 
Author-X-Name-First: Lixin 
Author-X-Name-Last: Cai 
Title: Is self-reported disability status endogenous to labour force status? 
Abstract:
  By estimating a simultaneous equation model on panel data, this study
 examines whether self-reported disability status is endogenous to labour
 force status. While for males the exogeneity of disability status cannot
 be rejected, it is rejected for females. However, for both males and
 females the results reject the justification hypothesis on self-reported
 disability status. 
Journal: Applied Economics Letters 
Pages: 459-464 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018692 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018692&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Tenn 
Author-X-Name-First: Steven 
Author-X-Name-Last: Tenn 
Title: Demand estimation under limited product availability 
Abstract:
  Consumer purchases are determined, in part, by the assortment of products
 available at retailers. Despite this, commonly employed aggregate demand
 models fail to control for the fraction of stores that carry a given item.
 We detail the conditions under which aggregate demand is consistently
 estimated when heterogeneity in product assortment is ignored. The
 required assumptions are quite strict and likely violated in many
 empirical applications. Even when they hold, however, a problem of
 inference arises. One cannot tell whether a lack of interaction between
 two products is due to limited substitution in those stores where both are
 available or because many stores do not carry both products. This is a
 significant shortcoming since in many situations it is important to
 distinguish between these two possibilities. 
Journal: Applied Economics Letters 
Pages: 465-468 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018650 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018650&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: Estimating the time-varying NAIRU for Germany and policy implications 
Abstract:
  This article extends Ball and Mankiw (2002) and applies the
 Hodrick-Prescott filter (1997) to estimate the time-varying NAIRU for
 Germany. The slope estimate of the Phillips curve is insignificant when
 the widely used lagged inflation rate &#x3c0;t-1 is selected as a proxy
 for the expected inflation rate. The average inflation rate in past 4
 years is a better proxy for the expected inflation rate. Estimated NAIRUs
 with &#x3bb; = 1000 show a steady rising trend. The estimated NAIRU of
 9.84% with &#x3bb; = 1000 in 2005 is slightly higher than the actual
 unemployment rate of 9.70% in 2005, suggesting that monetary easing or
 large deficit spending may cause the inflation rate to accelerate. 
Journal: Applied Economics Letters 
Pages: 469-473 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018742 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018742&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Monzur Hossain 
Author-X-Name-First: Monzur 
Author-X-Name-Last: Hossain 
Title: Divergence from de jure exchange rate regime: a stochastic process of learning 
Abstract:
  This article provides a model framework to characterize the process of
 stochastic learning during the period of divergence from a de jure
 currency regime. The model outcome shows that divergence from a de jure
 regime is a process of slow learning in small steps, which indicates that
 the learning completes over time. Therefore, divergence does not have a
 long-term effect on the distribution of exchange rate regime. Empirical
 illustration indicates that countries work toward the development of their
 financial sector during the period of divergence. 
Journal: Applied Economics Letters 
Pages: 475-479 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802277146 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802277146&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xinpeng Xu 
Author-X-Name-First: Xinpeng 
Author-X-Name-Last: Xu 
Title: Consumption and aggregate constraints: new evidence from Chinese provinces 
Abstract:
  Using a newly created panel dataset at the provincial level in China,
 this article revisits the hypothesis that state-specific consumption
 exhibits less sensitivity to lagged state-specific disposable income once
 aggregate income and consumption fluctuations are controlled for, as
 proposed by Ostergaard et al. (2002). 
Journal: Applied Economics Letters 
Pages: 481-484 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601032065 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601032065&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wiston Adrian Risso 
Author-X-Name-First: Wiston Adrian 
Author-X-Name-Last: Risso 
Title: The informational efficiency: the emerging markets versus the developed markets 
Abstract:
  The purpose of the article is to study the difference between the
 informational efficiency levels between the emerging and developed
 markets. We applied the symbolic time series analysis approach and the
 Shannon entropy in order to measure and rank the informational efficiency
 of 20 stock markets from 1 July 1997 to 14 December 2007. Three Asian
 markets take the first positions as the most efficient (Taiwan, Japan and
 Singapore). The last positions are taken by the ex-socialist countries as
 the most inefficient markets. The latter could be due to the lack of
 experience of these markets. 
Journal: Applied Economics Letters 
Pages: 485-487 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802216219 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802216219&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joaquim Ramalho 
Author-X-Name-First: Joaquim 
Author-X-Name-Last: Ramalho 
Title: A test statistic equation for obtaining alternative Wald and score statistics in the generalized method of moments framework 
Abstract:
  In this article we derive a test statistic generating equation (TSGE)
 from which several statistics suitable for testing parametric restrictions
 in models estimated by the generalized method of moments (GMM) may be
 obtained. This statistic presents three main features: it is valid for
 producing statistics appropriate for testing constraints expressed in very
 general forms, which may involve not only the parameters of interest but
 also a vector of nuisance parameters; some of the tests proposed in the
 GMM literature are special cases of the TSGE; it can be evaluated at any
 consistent and asymptotically normal estimator. 
Journal: Applied Economics Letters 
Pages: 489-494 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018676 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018676&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paolo Buonanno 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Buonanno 
Author-Name: Daniel Montolio 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Montolio 
Title: Juvenile crime in Spain 
Abstract:
  This article studies the role of age structure and gender on crime rates
 across Spanish regions. Using a regional dataset for the period 1993 to
 2003, and after controlling for social and economic factors such as
 unemployment, urbanization, migration, regional welfare and economic
 development, results support the existence of an age-crime profile:
 Spanish youngsters are more prone to commit crime. 
Journal: Applied Economics Letters 
Pages: 495-500 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018684 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018684&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sang Jin Lee 
Author-X-Name-First: Sang Jin 
Author-X-Name-Last: Lee 
Title: Volatility spillover effects amongsix Asian countries 
Abstract:
  This article examines the volatility spillover effects among six Asian
 country stock markets using bivariate vector autoregression-generalized
 autoregressive conditional heteroskedasticity [VAR(p)-GARCH(1,1)] model.
 The six Asian countries are India, Hong Kong, South Korea, Japan,
 Singapore and Taiwan. This study found that there are statistically
 significant volatility spillover effects within the stock markets of these
 countries. 
Journal: Applied Economics Letters 
Pages: 501-508 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018700 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018700&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Isabel Ruiz 
Author-X-Name-First: Isabel 
Author-X-Name-Last: Ruiz 
Title: Linkages among Latin American foreign exchange markets: a long-run perspective in the presence of structural breaks 
Abstract:
  This article examines stationarity properties, linkages and market
 efficiency of the Latin American foreign exchange markets over the 1994 to
 2005 period. By using daily data for 14 countries we apply bivariate and
 multivariate cointegration estimations and we further account for the
 presence of structural breaks or changes in regime. Bivariate
 cointegration tests revealed that most currencies have a long-run
 equilibrium relationship with the Brazilian real. Moreover, approximately
 between 1999 and 2001, there was a shift to a new 'long-run' equilibrium
 relationship. 
Journal: Applied Economics Letters 
Pages: 509-514 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018718 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018718&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Adolfo Maza 
Author-X-Name-First: Adolfo 
Author-X-Name-Last: Maza 
Author-Name: Ignacio Moral-Arce 
Author-X-Name-First: Ignacio 
Author-X-Name-Last: Moral-Arce 
Title: A semiparametric approach to examine wage flexibility 
Abstract:
  This article analyses wage flexibility within the framework of a
 semiparametric panel data model by using a bi-dimensional nonparametric
 term in the wage regression. The results point to a high degree of wage
 rigidity in Spain. However, semiparametric estimation allows us to find an
 interaction effect involving regional unemployment and productivity when
 explaining regional wages and, as a result of that, some signs of
 flexibility in the Spanish labour market. 
Journal: Applied Economics Letters 
Pages: 515-518 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018726 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018726&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kian-Ping Lim 
Author-X-Name-First: Kian-Ping 
Author-X-Name-Last: Lim 
Title: Weak-form market efficiency and nonlinearity: evidence from Middle East and African stock indices 
Abstract:
  This study examines the existence of nonlinear serial dependence in five
 stock markets in the Middle East and Africa. The results from the
 application of a battery of nonlinearity tests reveal that after removing
 all short-term linear dependence, the stock returns still contain
 predictable nonlinearities that contradict the unpredictable criterion of
 weak-form efficient markets hypothesis. 
Journal: Applied Economics Letters 
Pages: 519-522 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601032032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601032032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mathieu Audet 
Author-X-Name-First: Mathieu 
Author-X-Name-Last: Audet 
Author-Name: Paul Makdissi 
Author-X-Name-First: Paul 
Author-X-Name-Last: Makdissi 
Title: Assessing the impact of historical changes in social protection on poverty in Canada 
Abstract:
  In this article, we analyse how various historical modifications to
 welfare and old age pensions programmes have affected poverty in Canada. 
Journal: Applied Economics Letters 
Pages: 523-526 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601032073 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601032073&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald Freeman 
Author-X-Name-First: Donald 
Author-X-Name-Last: Freeman 
Title: The 'Resource Curse' and regional US development 
Abstract:
  The 'Resource Curse' is a stylized fact that has been observed
 consistently in a number of development studies: countries that are
 relatively well-endowed with natural resources tend to grow more slowly
 than resource-poor economies. This article documents evidence that the
 Resource Curse extends to the individual states of the US Using a variety
 of specifications, regression of state GSP growth on resource intensity
 consistently shows a negative and significant relationship. There is
 evidence that crowding out of the manufacturing sector may contribute to
 the slower growth of resource-based economies. 
Journal: Applied Economics Letters 
Pages: 527-530 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601032107 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601032107&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephanos Papadamou 
Author-X-Name-First: Stephanos 
Author-X-Name-Last: Papadamou 
Title: Yield spreads and real economic activity in East European transition economies 
Abstract:
  Recent research in developed countries provides evidence for the
 significant role of the yield spread on real economic activity. Using
 k-months industrial production growth rate model, this article attempts to
 ascertain whether similar results are obtained for countries from East
 Europe (Czech Republic, Poland, Hungary and Slovakia). The results suggest
 that the interest rate spread does indeed have some predictive power over
 the 24-months across the countries. These results remain qualitative
 robust to the inclusion of additional variables and to the change of
 unemployment rate as a different measure of economic activity. Cyclical
 movements of volatility appear to be unable to account for the usefulness
 of the spread for forecasting industrial production growth. Finally, it is
 found that the term spread is a better indicator of future real growth in
 countries with low and stable inflation (Czech Republic) and not in
 countries characterized by high and volatile inflation (Hungary). 
Journal: Applied Economics Letters 
Pages: 531-537 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601032123 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601032123&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Russell James 
Author-X-Name-First: Russell 
Author-X-Name-Last: James 
Title: An econometric analysis of household political giving in the USA 
Abstract:
  Advocates of political contribution limitations contend that such
 contributions can transform economic and social inequalities into
 political inequalities. This article examines the extent to which
 traditional markers of social and economic power are associated with
 political giving. A Tobit analysis of 56 663 households participating in
 the Consumer Expenditure Survey from 1995 to 2005 indicates that political
 giving is positively associated with income, wealth, education and White
 racial status and is negatively associated with single female (but not
 single male) status. A double-hurdle analysis indicates that nonWhite or
 single female status affects expected giving most clearly through
 diminished participation in political giving, rather than simply through
 lower amounts given by such contributors. Descriptive statistics and a
 multinomial logistic regression suggest that the importance of traditional
 markers of social and economic status is greater for political giving than
 for charitable giving or religious giving. 
Journal: Applied Economics Letters 
Pages: 539-543 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601032131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601032131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Subadar Agathee Ushad 
Author-X-Name-First: Subadar Agathee 
Author-X-Name-Last: Ushad 
Title: Seasonality, returns and volatility on the Stock Exchange of Mauritius 
Abstract:
  This article investigates the effects of any seasonality on stock market
 returns and volatility on the Stock Exchange of Mauritius. A standard
 GARCH model was used on daily SEMDEX returns from 1998 to 2006. The
 results obtained indicate that the return series are leptokurtic,
 indicating a higher peak and a thicker tail than a normal distribution.
 Also, the mean returns on Fridays seem to be the highest while average
 returns on Mondays turn out to be insignificant. Finally, significant
 effects of weekdays were found on the conditional variance on the stock
 returns. 
Journal: Applied Economics Letters 
Pages: 545-548 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802277153 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802277153&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sherrill Shaffer 
Author-X-Name-First: Sherrill 
Author-X-Name-Last: Shaffer 
Title: Industrial structure and economic stability 
Abstract:
  Motivated by prior results predicting contrasting linkages between
 industrial structure and economic stability, we present exploratory
 empirical evidence on this important issue. Consistent with the turnover
 hypothesis, we find that employment grew more steadily where business
 establishments in all sectors were larger, suggesting an offsetting
 benefit to the first-moment costs of establishment size identified by
 previous research. Consistent with the job-matching hypothesis, we find
 that employment grew more steadily where more establishments per capita
 operated in all sectors. Similar but less consistent results were also
 found regarding the stability of income growth. 
Journal: Applied Economics Letters 
Pages: 549-555 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701206536 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701206536&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Junyi Shen 
Author-X-Name-First: Junyi 
Author-X-Name-Last: Shen 
Title: A choice experiment approachin evaluating publictransportation projects 
Abstract:
  The necessity of applying cost benefit analysis in evaluating the
 validity of a public transportation project is well recognized by policy
 makers in recent days. Originating in this fact, we implement CBA in a new
 project called Osaka Monorail Saito Line Extension by applying a choice
 experiment approach. It is estimated that the benefit-cost ratio is 1.87
 under a basic scenario. In addition, with a consideration on different
 kinds of uncertainty in the future, a number of sensitivity analyses are
 implemented. The results of sensitivity analyses indicate that the
 possibility of generating net benefit is extremely high for the project
 studied in this article. 
Journal: Applied Economics Letters 
Pages: 557-561 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701206502 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701206502&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Camilo Sarmiento 
Author-X-Name-First: Camilo 
Author-X-Name-Last: Sarmiento 
Title: Note rate modifications and subprime default rates 
Abstract:
  An important instrument to mitigate credit losses is modification of note
 rates of distressed borrowers. From a logistic model of early default,
 this article inferred the note rate impact on loan default probabilities,
 while controlling for loan characteristics (credit quality) and borrower
 location. 
Journal: Applied Economics Letters 
Pages: 563-566 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802260878 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802260878&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Firat Demir 
Author-X-Name-First: Firat 
Author-X-Name-Last: Demir 
Title: Macroeconomic uncertainty and private investment in Argentina, Mexico and Turkey 
Abstract:
  This article by using micro-level data analyses the impacts of
 macroeconomic uncertainty and country risk on real investment under
 financial liberalization. The results suggest that increasing
 macroeconomic volatility and country risk hurt fixed investment spending
 of real sector firms. 
Journal: Applied Economics Letters 
Pages: 567-571 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701206528 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701206528&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Miguel Benavente 
Author-X-Name-First: Jose Miguel 
Author-X-Name-Last: Benavente 
Author-Name: Sabien Dobbelaere 
Author-X-Name-First: Sabien 
Author-X-Name-Last: Dobbelaere 
Author-Name: Jacques Mairesse 
Author-X-Name-First: Jacques 
Author-X-Name-Last: Mairesse 
Title: Interaction between product market and labour market power: evidence from France, Belgium and Chile 
Abstract:
  This article jointly estimates price-cost mark-ups and union bargaining
 power of manufacturing firms in France, Belgium and Chile. Our GMM results
 provide strong evidence of price-cost mark-ups being underestimated when
 labour market imperfections are ignored, corresponding to the omission of
 the part of product rents captured by the workers. 
Journal: Applied Economics Letters 
Pages: 573-577 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701206478 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701206478&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alain Hecq 
Author-X-Name-First: Alain 
Author-X-Name-Last: Hecq 
Title: Asymmetric business cycle co-movements 
Abstract:
  We investigate the presence of common cyclical features at different data
 points separated by a threshold variable. Our two-step procedure consists
 of first estimating the unknown threshold in a VAR or a VECM (Tsay, 1998).
 Next, cofeature test-statistics are carried out on the parts. 
Journal: Applied Economics Letters 
Pages: 579-584 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701206486 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701206486&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo Flores-Fillol 
Author-X-Name-First: Ricardo 
Author-X-Name-Last: Flores-Fillol 
Title: Airline alliances: parallel or complementary? 
Abstract:
  This article provides a rationale for the present trend towards
 complementary airline alliance formation, by studying the strategic
 behaviour of carriers that may decide whether to form an alliance (that
 may be either parallel or complementary) or stay alone. 
Journal: Applied Economics Letters 
Pages: 585-590 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701206460 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701206460&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthias Weiss 
Author-X-Name-First: Matthias 
Author-X-Name-Last: Weiss 
Title: On the evolution of wage inequality in Acemoglu's model of directed technical change 
Abstract:
  In Acemoglu's model of directed technical change, the skill-premium
 increases in consequence of an increase in the relative supply of skilled
 labour. In this article, I argue that other measures of wage inequality
 such as the Gini-coefficient do not necessarily rise as well. The
 Gini-coefficient depends positively on the skill-premium, but the effect
 of an increase in the relative supply of skilled labour is ambiguous. A
 simulation of Acemoglu's model shows that the growth in the relative
 supply of skilled labour has led to increased wage inequality in the past,
 but will lead to decreasing wage inequality in the future. 
Journal: Applied Economics Letters 
Pages: 591-595 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701206452 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701206452&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nikolay Zubanov 
Author-X-Name-First: Nikolay 
Author-X-Name-Last: Zubanov 
Title: Too many, too fast? Dynamics of net migration in OECD, 1984-2001 
Abstract:
  A dynamic model of migration developed by Hatton (1995) has been applied
 to the panel of 23 OECD countries observed during 1984-2001. Migration
 flows have been found to have a tendency to overreact to changes in
 economic conditions. Thus, simulations have shown that in the
 Anglo-American group of countries (Australia, Canada, Ireland, UK and USA)
 a given relative improvement in economic circumstances which brings an
 extra 0.840 immigrants per 1000 population per year (334 800 in total) in
 the short run, brings somewhat fewer (288 700 in total) in the long-run. 
Journal: Applied Economics Letters 
Pages: 597-602 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701206437 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701206437&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: On the relation between central and sub-national government fiscal balances 
Abstract:
  Unbalanced panel least squares regression results (with fixed
 cross-section and period effects) suggest that changes in the fiscal
 balances of central and sub-national tiers of government in OECD countries
 tend to be highly positively correlated and that this partly reflects the
 existence of administrative controls and fiscal rules that govern central-
 and sub-national government fiscal relations. In contrast, cooperative
 institutional frameworks and reliance on market forces do not appear to
 have secured complementary fiscal adjustment at the sub-national tier of
 government. 
Journal: Applied Economics Letters 
Pages: 603-608 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601118260 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601118260&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Hollingsworth 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Hollingsworth 
Author-Name: Jeff Richardson 
Author-X-Name-First: Jeff 
Author-X-Name-Last: Richardson 
Title: A conceptual model of the economic impact of international movements in the health labour force 
Abstract:
  Many developed countries are net recipients of skilled health
 professionals from developing countries. Potentially these movements
 provide major economic benefits to developed countries. The distribution
 of any benefits and any associated health and social costs, however, need
 investigation that is more systematic and thorough than has been
 documented thus far, especially the consequences to net donor countries.
 This article proposes a model that could be adopted to examine
 systematically the impact of the international movement of health workers
 upon the health of populations (and health related institutions) affected
 by these movements. 
Journal: Applied Economics Letters 
Pages: 609-613 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701206494 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701206494&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Burkhard Heer 
Author-X-Name-First: Burkhard 
Author-X-Name-Last: Heer 
Author-Name: Bernd Sussmuth 
Author-X-Name-First: Bernd 
Author-X-Name-Last: Sussmuth 
Title: The savings-inflation puzzle 
Abstract:
  We find that inflation does not unanimously decrease savings in the US
 during the postwar period. This result is puzzling as it contradicts the
 implications of most monetary general equilibrium models. 
Journal: Applied Economics Letters 
Pages: 615-617 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701206510 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701206510&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fotios Pasiouras 
Author-X-Name-First: Fotios 
Author-X-Name-Last: Pasiouras 
Author-Name: Chrysovalantis Gaganis 
Author-X-Name-First: Chrysovalantis 
Author-X-Name-Last: Gaganis 
Title: Are the financial characteristics of acquired banks similar across the EU? Evidence from the principal markets 
Abstract:
  We use a sample of acquired and non-acquired commercial banks from the
 principal EU markets and logistic regression analysis to investigate the
 relationship between bank characteristics and the likelihood to be
 acquired. The results indicate the existence of differences across
 countries either in terms of the significance of the variables or the sign
 of their coefficients. 
Journal: Applied Economics Letters 
Pages: 619-623 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701206544 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701206544&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hossein Asgharian 
Author-X-Name-First: Hossein 
Author-X-Name-Last: Asgharian 
Author-Name: Bjorn Hansson 
Author-X-Name-First: Bjorn 
Author-X-Name-Last: Hansson 
Title: An analysis of momentum and contrarian anomalies using an orthogonal portfolio approach 
Abstract:
  We use a latent factor approach to investigate if the momentum and
 contrarian profits, observed in the US stock market, should be considered
 as risk premiums or have nonrisk-based explanations. The model is also
 employed as a benchmark to assess the explanatory power of the traditional
 asset-pricing models in this context. Our findings show that the profits
 of the long-run contrarian strategy are related to some other background
 risk factors, whereas the momentum and the short-run contrarian profits
 are mostly nonrisk based. The latter finding mainly supports investors'
 behavioural irrationality as an explanation of these anomalies. 
Journal: Applied Economics Letters 
Pages: 625-628 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802277161 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802277161&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Manapon Limkriangkrai 
Author-X-Name-First: Manapon 
Author-X-Name-Last: Limkriangkrai 
Author-Name: Robert Durand 
Author-X-Name-First: Robert 
Author-X-Name-Last: Durand 
Author-Name: Iain Watson 
Author-X-Name-First: Iain 
Author-X-Name-Last: Watson 
Title: A robustness test of asset-pricing models using individual security returns 
Abstract:
  Tests of asset-pricing models typically form portfolios of stocks (based
 on criteria such as market capitalization and book-to-market values). The
 validity of this approach has been debated (see, for example, Berk, 2000).
 We consider a simple method of testing asset-pricing models using the
 returns of individual securities and illustrate the approach in a test of
 the robustness of analyses reported by Durand et al. (2006) and
 Limkriangkrai et al. (2008). 
Journal: Applied Economics Letters 
Pages: 629-637 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802277179 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802277179&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saibal Ghosh 
Author-X-Name-First: Saibal 
Author-X-Name-Last: Ghosh 
Title: Bank risk, charter value and depositor discipline: a simultaneous equations approach 
Abstract:
  Using data on listed Indian banks for 1996-2006, the article finds that
 charter value, depositor discipline and bank risk-taking are intertwined,
 with each tending to reinforce the other. Whereas charter value is found
 to be a nonlinear determinant of market discipline, the latter is found to
 positively impact charter value. Additionally, higher risk-taking is found
 to exert a weakening effect on market discipline. 
Journal: Applied Economics Letters 
Pages: 639-644 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802243775 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802243775&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: On the negative relationship between the wage rate and the unemployment rate: application of efficiency wage models 
Abstract:
  Applying efficiency wage models, this article finds that there is a
 strong evidence of a negative wage curve for the state of Alabama. The
 elasticity of the wage curve is estimated to be -0.28, suggesting that the
 wage rate in Alabama is much more sensitive to a change in the
 unemployment rate than the USA and there exist segmented labour markets.
 The log-linear function performs slightly better than the semi-log
 function. 
Journal: Applied Economics Letters 
Pages: 645-647 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601032081 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601032081&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kian-Ping Lim 
Author-X-Name-First: Kian-Ping 
Author-X-Name-Last: Lim 
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Title: On the validity of conventional statistical tests given evidence of nonsynchronous trading and nonlinear dynamics in returns generating process: a further note 
Abstract:
  Given the growing empirical evidence that returns predictability follows
 an evolutionary path, it calls into question not only the usefulness of
 conventional statistical tests of market efficiency as highlighted by
 Saadi et al. (2006), but also the adequacy of the efficient markets
 hypothesis to explain observed market dynamics. 
Journal: Applied Economics Letters 
Pages: 649-652 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601032040 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601032040&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Toma 
Author-X-Name-First: Michael 
Author-X-Name-Last: Toma 
Author-Name: Richard McGrath 
Author-X-Name-First: Richard 
Author-X-Name-Last: McGrath 
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Title: Hotel tax receipts and the 'Midnight in the Garden of Good and Evil': a time series intervention seasonal ARIMA model with time-varying variance 
Abstract:
  This study examines the influence of the release of a best-selling book
 and movie, Midnight in the Garden of Good and Evil, set in Savannah,
 Georgia on local tourism demand. Tourism demand is proxied by revenue
 collected from an ad valorem hotel room tax in Savannah. The hotel tax
 revenue series is first modelled as a seasonal ARIMA model with three
 intervention variables: an index variable to capture the influence of the
 best-selling book and two dummy variables to represent the impact of the
 9/11 terrorist attacks and hurricane Floyd. The presence of time-varying
 variance in the residuals is captured through an ARCH model. The results
 indicate that the book index had a positive and significant impact on
 hotel tax receipts, while the dummy variables for the terrorist attacks of
 9/11 and hurricane Floyd were each negative with only the dummy variable
 for hurricane Floyd marginally significant. 
Journal: Applied Economics Letters 
Pages: 653-656 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221808 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221808&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeffrey Edwards 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Edwards 
Author-Name: Marshall Garland 
Author-X-Name-First: Marshall 
Author-X-Name-Last: Garland 
Title: An evaluation of the effects of major trading partner growth using a GMM system 
Abstract:
  While the models used in evaluating the effect of a country's trading
 partners' growth rate on their own are fairly consistent across studies,
 the results are not. We propose using a GMM system instead of the standard
 instrumental variables method. 
Journal: Applied Economics Letters 
Pages: 657-661 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221865 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221865&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Sephton 
Author-X-Name-First: Peter 
Author-X-Name-Last: Sephton 
Title: Prostate cancer: a New Brunswick tale 
Abstract:
  This note provides a descriptive view of prostate cancer mortality in the
 Canadian province of New Brunswick over a ten year period spanning the
 1980s and 1990s. 
Journal: Applied Economics Letters 
Pages: 663-667 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221899 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221899&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wentworth Boynton 
Author-X-Name-First: Wentworth 
Author-X-Name-Last: Boynton 
Author-Name: Henry Oppenheimer 
Author-X-Name-First: Henry 
Author-X-Name-Last: Oppenheimer 
Author-Name: Sean Reid 
Author-X-Name-First: Sean 
Author-X-Name-Last: Reid 
Title: The day-of-the-week anomaly: the role of institutional investors in Japan 
Abstract:
  A large 'day-of-the-week' literature shows abnormal losses on Mondays.
 Recent articles for US stocks focus on the role of the type of investor.
 The central idea in these articles is that the marginal-price setting
 changes on Monday. To identify the type of investor, these articles look
 at the proportion of stock ownership held by individuals and institutions.
 For an out-of-sample test to the US market studies, we study the Japanese
 stock market. Consistent with the US results, Japanese day-of-the-week
 patterns show Monday losses and strong Monday losses predicted by Friday
 losses. However, we find no evidence that the type of investor influences
 the Monday loss or Friday-to-Monday autocorrelation. 
Journal: Applied Economics Letters 
Pages: 669-676 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802260894 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802260894&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anna Dodonova 
Author-X-Name-First: Anna 
Author-X-Name-Last: Dodonova 
Title: An experimental test of anchoring effect 
Abstract:
  This article presents an experimental evidence of the anchoring effect
 for people's valuations of different items. We show that people who were
 given both retail and wholesale prices of the item bid less aggressively
 than people who were given the retail price only. 
Journal: Applied Economics Letters 
Pages: 677-678 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221766 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221766&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sven-Olov Daunfeldt 
Author-X-Name-First: Sven-Olov 
Author-X-Name-Last: Daunfeldt 
Author-Name: Niklas Rudholm 
Author-X-Name-First: Niklas 
Author-X-Name-Last: Rudholm 
Title: Revenues as a proxy for profits: a cautionary note 
Abstract:
  In the entry literature, researchers sometimes use revenues as a proxy
 for profits because this is the only data available. Doing so could
 seriously bias the results. 
Journal: Applied Economics Letters 
Pages: 679-681 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221774 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221774&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Byung-In Lim 
Author-X-Name-First: Byung-In 
Author-X-Name-Last: Lim 
Author-Name: Jin Kwon Hyun 
Author-X-Name-First: Jin Kwon 
Author-X-Name-Last: Hyun 
Title: What makes the income tax system so progressive? - the case of Korea 
Abstract:
  We analyse the impact of each component of Korea's income tax system,
 which includes tax rates, allowance, deduction and tax credit, on overall
 level of progressivity, using micro-level data in 1991, 1996 and 2000. We
 find that Korea's income tax system has a surprisingly high level of gap
 between economic income and taxable income, due to remarkably generous
 levels of allowance and deduction. These have made nearly half of total
 taxpayers, specifically 47% in 2000, to pay no taxes effectively. Having
 analysed the impact of each component of Korea's income tax system on
 overall progressivity, we find that deduction policy has more impact on
 progressivity than tax rates and allowance. We highlight that tax credit
 has played an opposite role in determining the level of progressivity,
 which is regressive. Our recommendation is that decision makers in Korea
 should pay more attention to tax credit to increase the progressivity of
 the income tax system. 
Journal: Applied Economics Letters 
Pages: 683-687 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601131644 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601131644&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fuhmei Wang 
Author-X-Name-First: Fuhmei 
Author-X-Name-Last: Wang 
Title: The inflation rate and financial premium 
Abstract:
  The conventional wisdom recognizes that depreciating the official
 exchange rate reduces the spread between official and financial exchange
 rates and hence financial premium decreases in the financial market. This
 article aims to investigate whether a trade-off between the inflation rate
 and financial premium does exist. Both theoretical examinations and
 numerical simulations indicate that the support for this property is
 extremely fragile. We also find that the less patient the government, the
 more stability of domestic price and financial premium. 
Journal: Applied Economics Letters 
Pages: 689-692 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221741 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221741&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eiji Yamamura 
Author-X-Name-First: Eiji 
Author-X-Name-Last: Yamamura 
Title: Rethinking rational addictive behaviour and demand for cinema: a study using Japanese panel data 
Abstract:
  In this article, I explore the extent to which the rational addiction
 model developed by Becker and Murphy (1988) can account for cinema
 attendance, using panel data from 47 Japanese prefectures for the years
 1994-1998. Controlling for unobserved prefecture-specific fixed effects
 and an endogeneity bias of the lagged and lead-dependent variables (the
 volume of cinema attendance), by using a fixed effect two-stage least
 squares estimation, I find that people in Japan are likely to be
 addictive. This finding is contrary to that found in the United Kingdom
 (Cameron, 1999). Further results suggest that the younger the people are,
 the more video is a favoured substitute for the cinema. If other factors
 are equal, the past accumulated consumption of young people is, of course,
 smaller than that of older people. Hence, the addictive behaviour is more
 attenuated for younger people because of their lesser past consumption.
 The complementary effect of past consumption is more likely to outweigh
 the substitution effect of preferring video as people become older. These
 findings are in accord with the Becker and Murphy (1988) model of rational
 addiction. 
Journal: Applied Economics Letters 
Pages: 693-697 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221782 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221782&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saralees Nadarajah 
Author-X-Name-First: Saralees 
Author-X-Name-Last: Nadarajah 
Title: Models for over reported income 
Abstract:
  Over reported income is commonly expressed as Z = X/Y, where X denotes
 the true income and Y a multiplicative error taking values in (0, 1). If Y
 has the power function distribution then it is well known that X is Pareto
 distributed if and only if Z is also. Often, the gamma distribution is
 preferred as a model for income. In this note, we derive the exact
 distribution of Z as well as the associated percentage points assuming X
 is gamma distributed. 
Journal: Applied Economics Letters 
Pages: 699-703 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221790 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221790&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Olga Kiuila 
Author-X-Name-First: Olga 
Author-X-Name-Last: Kiuila 
Author-Name: Anil Markandya 
Author-X-Name-First: Anil 
Author-X-Name-Last: Markandya 
Title: Can transition economies implement a carbon tax and hope for a double dividend? The case of Estonia 
Abstract:
  This article presents a simulation of the impact of the carbon tax reform
 on the Estonian economy using a computable general equilibrium model. Nine
 different scenarios have been considered. The long-term results of the
 proposed tax reform should not hamper the country's economic development,
 provided that the appropriate tax option is used. The reform has to be
 implemented as a package of changes in the entire tax system. 
Journal: Applied Economics Letters 
Pages: 705-709 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221816 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221816&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christine Lai 
Author-X-Name-First: Christine 
Author-X-Name-Last: Lai 
Author-Name: Tsung-Chyan Lai 
Author-X-Name-First: Tsung-Chyan 
Author-X-Name-Last: Lai 
Title: Analysing the c-minus-age strategy for life-cycle investing 
Abstract:
  The c-minus-age strategy is a popular strategy for life-cycle investing.
 When applying the c-minus-age strategy, an investor first chooses an
 indirect preference parameter c and at age t will hold a percentage of c
 minus t in equity assets. In this article, we use a linear and a
 multiplicative mean-variance utility function to quantitatively analyse
 the term structure of the mean-variance tradeoffs implied by the
 c-minus-age strategy. We also provide an optimal procedure to determine c,
 based on the two direct preference parameters, elicited from an investor,
 of a multiplicative mean-variance utility function. 
Journal: Applied Economics Letters 
Pages: 711-718 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221758 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221758&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Massimiliano Mazzanti 
Author-X-Name-First: Massimiliano 
Author-X-Name-Last: Mazzanti 
Author-Name: Anna Montini 
Author-X-Name-First: Anna 
Author-X-Name-Last: Montini 
Author-Name: Roberto Zoboli 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Zoboli 
Title: Municipal waste generation and the EKC hypothesis new evidence exploiting province-based panel data 
Abstract:
  This article provides empirical evidence on delinking and Environmental
 Kuznets Curve (EKC) for municipal waste generation in Italy. A
 disaggregated panel data-set on Italian Provinces is exploited. The
 empirical analysis of different specifications shows a first evidence in
 favour of an EKC relationship with regard to waste generation.
 Nevertheless, the turning point (TP) is at very high levels of added value
 per capita (around 23 000-26 000&#x20ac;), which concern a very limited
 number of wealthy Northern Italian provinces. Finally, the test on some
 waste management instruments proxies, leads to the conclusion that they
 are not yet impacting waste generation. To lower the TPs and to avoid an
 increasing gap between geographical areas, market based and more effective
 policy instruments should be implemented. In particular, the weight of
 waste policies should be rebalanced towards waste prevention targets
 according to the European waste hierarchy. 
Journal: Applied Economics Letters 
Pages: 719-725 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221824 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221824&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Feeny 
Author-X-Name-First: Simon 
Author-X-Name-Last: Feeny 
Author-Name: Bazoumana Ouattara 
Author-X-Name-First: Bazoumana 
Author-X-Name-Last: Ouattara 
Title: What type of economic growth does foreign aid support? 
Abstract:
  This article contributes to the aid effectiveness literature by
 investigating the type of economic growth that foreign aid spurs. The
 impact of foreign on agricultural growth and industrial growth is
 examined. Results provide strong evidence to suggest that foreign aid is
 effective at increasing the former in recipient countries. 
Journal: Applied Economics Letters 
Pages: 727-730 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221832 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221832&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dario Maimone Ansaldo Patti 
Author-X-Name-First: Dario Maimone Ansaldo 
Author-X-Name-Last: Patti 
Author-Name: Pietro Navarra 
Author-X-Name-First: Pietro 
Author-X-Name-Last: Navarra 
Title: Globalization, democratization and economic growth 
Abstract:
  Using a two-equations model we estimate whether and to what extent the
 interplay between FDI and democratization affects economic growth. Two
 results emerge. First, endogenous FDI impact significantly on economic
 growth. Second democracy is a substantive predictor of both FDI and
 growth. 
Journal: Applied Economics Letters 
Pages: 731-734 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221840 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221840&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Matha 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Matha 
Author-Name: Ladislav Wintr 
Author-X-Name-First: Ladislav 
Author-X-Name-Last: Wintr 
Title: Commuting flows across bordering regions: a note 
Abstract:
  This article analyses the bilateral commuting flows across bordering
 regions of four European Union countries. The results suggest that
 aggregate cross-border commuting increases as the asymmetries in income
 per capita and the unemployment rate increase. Commuting time or distance
 and language differences between the bordering regions impede cross-border
 commuting. 
Journal: Applied Economics Letters 
Pages: 735-738 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221857 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221857&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Lin Tao 
Author-X-Name-First: Hung-Lin 
Author-X-Name-Last: Tao 
Author-Name: I-Ting Chen 
Author-X-Name-First: I-Ting 
Author-X-Name-Last: Chen 
Title: The level of technology employed and the internal hierarchical wage structure 
Abstract:
  This study demonstrates that the level of firm-specific technology
 significantly enlarges the wage gaps of managers. Firm-specific technology
 is found to be more powerful than industrial risk or the promotion rate in
 explaining the wage gaps of managers. 
Journal: Applied Economics Letters 
Pages: 739-744 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221873 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221873&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mats Hammarstedt 
Author-X-Name-First: Mats 
Author-X-Name-Last: Hammarstedt 
Author-Name: Ghazi Shukur 
Author-X-Name-First: Ghazi 
Author-X-Name-Last: Shukur 
Title: Testing the home-country self-employment hypothesis on immigrants in Sweden 
Abstract:
  This article tests the home-country self-employment hypothesis on
 immigrants in Sweden. The results show that the self-employment rates vary
 between different immigrant groups but we find no support for the
 home-country self-employment hypothesis using traditional estimation
 methods. However, when applying quantile regression method we find such
 evidence when testing results from the 90th quantile. This indicates that
 home-country self-employment traditions are important for the
 self-employment decision among immigrant groups with high self-employment
 rates in Sweden. Furthermore, the result underlines the importance of
 utilizing robust estimation methods when the home-country self-employment
 hypothesis is tested. 
Journal: Applied Economics Letters 
Pages: 745-748 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221907 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221907&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Camillo Lento 
Author-X-Name-First: Camillo 
Author-X-Name-Last: Lento 
Title: Combined signal approach: evidence from the Asian-Pacific equity markets 
Abstract:
  This article tests the profitability of the Combined Signal Approach
 (CSA) (Lento and Gradojevic, 2007) in the Asian-Pacific equity markets.
 The CSA is based on the premise that the consensus agreement of profitable
 trading signals should outperform any single signal. The results present
 further evidence that the CSA improves the profitability of individual
 trading rules and consistently earns profits in excess of the buy-and-hold
 trading strategy. The significance of the results is tested through a
 bootstrap simulation. 
Journal: Applied Economics Letters 
Pages: 749-753 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802260886 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802260886&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amelia Correa 
Author-X-Name-First: Amelia 
Author-X-Name-Last: Correa 
Author-Name: Romar Correa 
Author-X-Name-First: Romar 
Author-X-Name-Last: Correa 
Author-Name: D. Tripati Rao 
Author-X-Name-First: D. Tripati 
Author-X-Name-Last: Rao 
Author-Name: Graciella Tavares 
Author-X-Name-First: Graciella 
Author-X-Name-Last: Tavares 
Title: The dynamic inefficiency of financial capitalism 
Abstract:
  We show that the interest rate cannot both coordinate the savings plans
 of borrowers and lenders and equal the marginal product of capital. 
Journal: Applied Economics Letters 
Pages: 755-757 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802260902 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802260902&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Adnan Kasman 
Author-X-Name-First: Adnan 
Author-X-Name-Last: Kasman 
Title: The impact of sudden changes on the persistence of volatility: evidence from the BRIC countries 
Abstract:
  This article analyses sudden changes of volatility in the stock markets
 of the BRIC countries (Brazil, Russia, India and China) using the iterated
 cumulative sums of squares algorithm for the period 1990 to 2007 and
 examines their impacts on the persistence of volatility. The results show
 that when endogenously determined sudden shifts in variance are taken into
 account in the Generalized Autoregressive Conditional Heteroscedasticity
 (GARCH) model, the estimated persistence in return volatility is reduced
 significantly in every return series. These results suggest that the
 findings of previous studies could have overestimated the degree of the
 persistence of volatility existing in the financial time series. These
 results have important policy implications for the financial market
 participants and policy makers. 
Journal: Applied Economics Letters 
Pages: 759-764 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802277138 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802277138&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gaines Liner 
Author-X-Name-First: Gaines 
Author-X-Name-Last: Liner 
Author-Name: Ellen Sewell 
Author-X-Name-First: Ellen 
Author-X-Name-Last: Sewell 
Title: Research requirements for promotion and tenure at PhD granting departments of economics 
Abstract:
  We surveyed 125 chairs of PhD granting departments of economics for their
 valuation of articles in top-tier journals relative to less prestigious
 journals, for co-author contribution relative to single author
 contribution and for the worth of books and grants relative to journal
 articles. 
Journal: Applied Economics Letters 
Pages: 765-768 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Afonso 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Afonso 
Author-Name: Pedro Gomes 
Author-X-Name-First: Pedro 
Author-X-Name-Last: Gomes 
Author-Name: Philipp Rother 
Author-X-Name-First: Philipp 
Author-X-Name-Last: Rother 
Title: Ordered response models for sovereign debt ratings 
Abstract:
  Using ordered logit and probit plus random effects ordered probit
 approaches, we study the determinants of sovereign debt ratings. We found
 that the last procedure is the best for panel data as it takes into
 account the additional cross-section error. 
Journal: Applied Economics Letters 
Pages: 769-773 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221931 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221931&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Twm Evans 
Author-X-Name-First: Twm 
Author-X-Name-Last: Evans 
Author-Name: David McMillan 
Author-X-Name-First: David 
Author-X-Name-Last: McMillan 
Title: Asymmetric return patterns: evidence from 33 international stock market indices 
Abstract:
  Recent evidence has suggested an asymmetric effect in US equity return
 dynamics on the basis of positive and negative consecutive return or
 holding days. This note extends that analysis by considering 33
 international stock indices and longer consecutive day and holding
 periods. The results of this analysis may be of interest to those engaged
 in both technical trading and portfolio management. Our results support
 asymmetric return patterns for all stock markets and on the two
 definitions of return continuations. Further, we also identify that
 consecutive positive return days exhibit greater persistence than
 consecutive negative return days. Finally, using the holding-period
 definition we also identify whether longer holding periods are always
 associated with increased returns. Evidence whilst generally supportive is
 not ubiquitous, furthermore, the majority of the increase in returns
 occurs over a holding period of 7-10 days, with more limited increases
 over the remainder of the 45-day holding-period considered. This latter
 result may be of particular importance to those engaged in portfolio
 building. 
Journal: Applied Economics Letters 
Pages: 775-779 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222020 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222020&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Glynn Tonsor 
Author-X-Name-First: Glynn 
Author-X-Name-Last: Tonsor 
Author-Name: Terry Kastens 
Author-X-Name-First: Terry 
Author-X-Name-Last: Kastens 
Title: Do starting values really matter? Development of a genetic algorithm approach 
Abstract:
  Evaluating the impact of using different starting conditions in
 econometric models is increasingly critical. This study demonstrates
 implications of using alternative starting value conditions and how these
 implications vary with econometric model complexity. This piece also
 proposes a universal approach in developing appropriate starting values
 for use in subsequent model estimation. 
Journal: Applied Economics Letters 
Pages: 781-784 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222046 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222046&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Sylwester 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Sylwester 
Title: A note on democratization: does history still matter? 
Abstract:
  This article examines associations between historical factors and whether
 or not autocratic regimes in 1972 later democratized after controlling for
 current characteristics. Many historical factors are not relevant,
 although European influence as measured by the fraction of the population
 speaking a western European language is an exception and is positively
 associated with democratization. 
Journal: Applied Economics Letters 
Pages: 785-789 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221980 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221980&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ayse Evrensel 
Author-X-Name-First: Ayse 
Author-X-Name-Last: Evrensel 
Title: Determinants of bank supervisory agencies' power and accountability: a cross-country analysis 
Abstract:
  This article empirically investigates the recent hypothesis advanced by
 Demirguc-Kunt et al. (2004) and Barth et al. (2006) that countries'
 choices regarding bank regulations reflect their historical and political
 characteristics. Based on a dataset with 151 developed and developing
 countries, the empirical results verify that banking freedom, constraints
 on the political power, longer history of institutional evolution and the
 presence of common law are associated with less powerful and more
 accountable bank supervisory agencies. Therefore, policy efforts that are
 directed toward a change in banking regulations should be mindful of
 countries' historical and political characteristics. 
Journal: Applied Economics Letters 
Pages: 791-795 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222012 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222012&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imre Karafiath 
Author-X-Name-First: Imre 
Author-X-Name-Last: Karafiath 
Title: Detecting cumulative abnormal volume: a comparison of event study methods 
Abstract:
  A growing body of research in accounting and finance examines the
 reaction of trading volume to new information. The typical 'volume event
 study' employs a single-index market model borrowed mutatis mutandis from
 abnormal returns event studies. In this article, several alternative event
 study test statistics are compared using Brown and Warner (1985) style
 simulations, i.e. random samples of securities are drawn from the data set
 provided by the Center for Research in Security Prices (CRSP) and the
 empirical distributions of alternative test statistics are compared. In
 contrast to the extant literature, these simulations show that estimated
 generalized least squares with first- and second-order autoregressive
 structures do not offer material improvement over ordinary least squares
 (OLS) regression. A first-order moving average structure also does not
 offer material improvement. These simulations also show that test
 statistics that are robust with regard to cross-sectional
 heteroskedasticity are essential for testing the hypothesis that the
 cross-sectional mean cumulative abnormal log turnover is zero. 
Journal: Applied Economics Letters 
Pages: 797-802 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802277187 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802277187&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Helmut Herwartz 
Author-X-Name-First: Helmut 
Author-X-Name-Last: Herwartz 
Author-Name: Fang Xu 
Author-X-Name-First: Fang 
Author-X-Name-Last: Xu 
Title: Panel data model comparison for empirical saving-investment relations 
Abstract:
  The Feldstein-Horioka puzzle has triggered a broad range of econometric
 specifications to investigate saving-investment (SI) relations. In this
 article, we attempt to determine a family of econometric models that is
 most suitable in explaining actual ratios of domestic investment to GDP
 via cross-validation techniques. Comparing between, pooled, time and
 country dependent specifications of the SI relation, the country dependent
 model is best performing. Moreover, error correction models formalizing
 adjustment dynamics of domestic investment ratios are markedly
 outperformed by static panel models. Supporting evidence for a
 cointegration relation between domestic saving and investment ratios is
 not found. 
Journal: Applied Economics Letters 
Pages: 803-807 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221949 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221949&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthias Busse 
Author-X-Name-First: Matthias 
Author-X-Name-Last: Busse 
Author-Name: Carsten Hefeker 
Author-X-Name-First: Carsten 
Author-X-Name-Last: Hefeker 
Title: Trade, labour market regulations and growth 
Abstract:
  We empirically analyse the role of labour market regulations for the
 impact of trade on growth. The results indicate that countries with
 flexible labour markets are more likely to harness the gains from trade.
 This outcome may help to explain the diverse impact of trade on growth. 
Journal: Applied Economics Letters 
Pages: 809-812 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221956 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221956&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Argentino Pessoa 
Author-X-Name-First: Argentino 
Author-X-Name-Last: Pessoa 
Title: Kuznets's hypothesis and the data constraint 
Abstract:
  Five decades ago, Simon Kuznets expressed an important hypothesis about
 the relationship between the degree of income inequality within a country
 and its level of economic development: the Kuznets's inverted-U
 hypothesis. The lack of longitudinal data has forced the use of
 cross-section or pooled datasets in order to draw conclusions about that
 relationship. In the present note we highlight the lack of international
 comparability of surveys where the measures of inequality are based, and
 we show two main findings: (1) data comparability goes on constituting a
 problem, particularly in what respects to the different welfare indicators
 used in national surveys, and (2) the procedure usually used to minimize
 the problem of noncomparability is likely to enforce the bias rather than
 to solve it. 
Journal: Applied Economics Letters 
Pages: 813-818 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221881 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221881&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Monish Chhabra 
Author-X-Name-First: Monish 
Author-X-Name-Last: Chhabra 
Author-Name: Stephen Ferris 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Ferris 
Author-Name: Nilanjan Sen 
Author-X-Name-First: Nilanjan 
Author-X-Name-Last: Sen 
Title: Investor protection effects on corporate liquidity and the cost of capital 
Abstract:
  Studies by LaPorta et al. (2000, 2002) show that the strong protection of
 investor rights encourage the development of capital markets and are
 associated with higher levels of firm valuation as measured by Tobin's Q.
 Related research finds that well-developed capital markets produce higher
 rates of economic growth and allocate capital more efficiently. These
 studies fail, however, to explain how the investor protection environment
 produces higher firm values or facilitates the more efficient allocation
 of investment capital. Using a sample of 158 ADRs representing 26
 different countries, this study provides such a linkage by examining the
 effect of investor protection levels on share liquidity and the firm's
 cost of capital. We find that lower levels of investor protection reduce
 share liquidity while simultaneously resulting in a higher cost of equity
 capital. The combination of less liquidity with a higher cost of capital
 suggests an explanation for the lower values observed for firms
 incorporated in countries with fewer investor protections. 
Journal: Applied Economics Letters 
Pages: 819-826 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221915 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221915&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Weixing Wu 
Author-X-Name-First: Weixing 
Author-X-Name-Last: Wu 
Author-Name: Yongxiang Wang 
Author-X-Name-First: Yongxiang 
Author-X-Name-Last: Wang 
Title: Does overconfidence always matter for asset prices? 
Abstract:
  Research in behaviour finance has provided seemingly persuasive evidences
 that overconfidence affects asset prices. We provide a model with model
 uncertainty and overconfidence in which overconfidence could have no
 effect on asset prices. 
Journal: Applied Economics Letters 
Pages: 827-830 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221923 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221923&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Author-Name: Seema Narayan 
Author-X-Name-First: Seema 
Author-X-Name-Last: Narayan 
Author-Name: Arti Prasad 
Author-X-Name-First: Arti 
Author-X-Name-Last: Prasad 
Title: Modelling Fiji-US exchange rate volatility 
Abstract:
  In this article, we examine the Fiji-US exchange rate volatility using
 daily data for the period 2000 to 2006. Our modelling framework is based
 on the EGARCH model. We find robust evidence of conditional shocks having
 a positive effect on exchange rate volatility, shocks having asymmetric
 effects on exchange rate volatility and shocks having a transitory effect
 on exchange rate volatility. 
Journal: Applied Economics Letters 
Pages: 831-834 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222004 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222004&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Aleksanyan 
Author-X-Name-First: Mark 
Author-X-Name-Last: Aleksanyan 
Title: Does the information environment affect the value relevance of financial statement data? 
Abstract:
  Recent studies demonstrate that the usefulness of financial statement
 data for valuation of stocks varies depending on specific economy- and
 firm-level conditions. This empirical study identifies a novel firm-level
 influential condition. It hypothesizes and finds that for firms that trade
 at a premium to book value the value-relevance of two fundamental
 financial statement value drivers (i.e. earnings and book value), is
 negatively related to the level of sophistication of the firm's
 information environment. However, for firms that trade at a discount to
 book value, the level of sophistication of information environment does
 not affect the value-relevance of these financial statement value drivers.
 The level of complexity of the firm's information environment is proxied
 by the firm's capitalized value. The empirical analysis is based on a
 sample of nonfinancial firms listed on the London Stock Exchange. 
Journal: Applied Economics Letters 
Pages: 835-839 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221972 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221972&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wann-Yih Wu 
Author-X-Name-First: Wann-Yih 
Author-X-Name-Last: Wu 
Author-Name: Cheng-Feng Cheng 
Author-X-Name-First: Cheng-Feng 
Author-X-Name-Last: Cheng 
Title: The optimal internal marketing strategy in services under open economy 
Abstract:
  This article attempts to develop a conceptual model to evaluate the
 optimal internal marketing strategy in services under open economy, and
 then verifies the effect of this marketing strategy on the satisfaction of
 marketing channel members. For its conceptual model, this study employs
 the concept of natural logarithm and Lagrange function to optimize an
 internal marketing strategy for international service that can maximize
 satisfaction of marketing channel members. The results suggest that
 service providers should increase the proportion of their portfolio's
 standardization strategy in their overall international marketing strategy
 if the positive association between their standardization strategy and
 strategic performance is relatively strong. We also provide optimal
 guideline for determining the allocation of resources. Furthermore, the
 results of structural equation modelling also ascertain the fitness of
 structure of the model. 
Journal: Applied Economics Letters 
Pages: 841-845 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221964 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221964&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Growitsch 
Author-X-Name-First: Christian 
Author-X-Name-Last: Growitsch 
Author-Name: Borge Hess 
Author-X-Name-First: Borge 
Author-X-Name-Last: Hess 
Title: On the sensitivity of US electric utilities' efficiency estimates - a distance function approach 
Abstract:
  Previous applications of different benchmarking techniques, both in
 academia and regulation practice, have shown substantial differences among
 the models' results. To analyse the sensitivity of efficiency estimates of
 a sample of US electricity distribution utilities, we compare the results
 of the generalized least squares frontier model proposed by Schmidt and
 Sickles (1984) and the maximum likelihood estimation frontier model of
 Pitt and Lee (1981) with the true random effects frontier model introduced
 by Greene (2004, 2005). We find substantially higher efficiency scores for
 the Greene model, indicating that the other formulations underestimate
 firms' efficiency due to an insufficient consideration of firm specific
 heterogeneity. In contrast to other studies, the efficiency estimates in
 this article do not differ considerably. 
Journal: Applied Economics Letters 
Pages: 847-851 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222053 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222053&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Author-Name: Wen-Jen Hsieh 
Author-X-Name-First: Wen-Jen 
Author-X-Name-Last: Hsieh 
Title: Currency appreciation, rising financial asset values, and output fluctuations in China 
Abstract:
  Applying a general equilibrium model and the Newey-West method, this
 article finds that real output in China has a positive relationship with
 real M2, the government deficit/GDP ratio, and the real stock price and a
 negative relationship with real appreciation. The expected inflation rate
 is insignificant. It is estimated that when the real effective exchange
 rate rises 1%, real GDP in China is expected to decrease by 0.938% and
 that a 1% increase in real stock prices would raise output by 0.126%. 
Journal: Applied Economics Letters 
Pages: 853-857 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222061 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222061&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amelia Correa 
Author-X-Name-First: Amelia 
Author-X-Name-Last: Correa 
Author-Name: Romar Correa 
Author-X-Name-First: Romar 
Author-X-Name-Last: Correa 
Title: Microfinance: equity and debt contracts 
Abstract:
  We offer an explanation, drawn from first principles, of the belief that
 the consumption needs of the asset-poor are best met by debt contracts,
 whereas equity arrangements are tailored to the financing requirements of
 poor entrepreneurs. 
Journal: Applied Economics Letters 
Pages: 859-862 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802314501 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802314501&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yongchern Su 
Author-X-Name-First: Yongchern 
Author-X-Name-Last: Su 
Author-Name: Weiling Tseng 
Author-X-Name-First: Weiling 
Author-X-Name-Last: Tseng 
Author-Name: Peiwen Chen 
Author-X-Name-First: Peiwen 
Author-X-Name-Last: Chen 
Title: Intraday return and order imbalance relation in NASDAQ speculative new highs 
Abstract:
  According to previous studies, speculative trades generate positively
 autocorrelated returns. Therefore, we focus on speculative stocks that
 reach to 52-week new high records. They might be possibly with more
 information inside because they have kept good performance in earnings or
 revenues. Order imbalance (OI) is employed as a proxy of information
 asymmetry in this article. Relation between intraday return and OI is
 investigated under a time-varying framework. A contemporaneous significant
 positive relation exists in all kinds of interval tests, especially for
 90-second and 3-minute intervals. The coefficients of lagged OIs are
 negative but not significant. It can be explained as asymmetric
 information effect. After controlling for contemporaneous OI, it shows
 continuation in lag-one relations in 90-second interval. In 3-minute and
 15-minute interval tests, the results are mixed. Finally, the relation of
 contemporaneous coefficients and market capitalization is significantly
 negative. It implies that there is more information asymmetry in smaller
 firms. 
Journal: Applied Economics Letters 
Pages: 863-869 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802277195 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802277195&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Zapf 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Zapf 
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Title: Asymmetric modelling of the revenue-expenditure nexus: evidence from aggregate state and local government in the US 
Abstract:
  This study examines the time series dynamics between US aggregate state
 and local government receipts and expenditures in differentiating between
 four hypotheses related to the revenue-expenditure nexus: tax-spend,
 spend-tax, fiscal synchronization and institutional separation hypotheses.
 Unlike previous research at the state and local level, the possibility of
 asymmetries in the budgetary process is explored using the threshold
 autoregressive (TAR) and momentum threshold autoregressive (MTAR)
 cointegration framework of Enders and Siklos (2001). The results indicate
 the absence of any asymmetries (TAR or MTAR) in the adjustment towards
 budgetary equilibrium. The symmetric error correction model provides
 support for the spend-tax hypothesis. 
Journal: Applied Economics Letters 
Pages: 871-876 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222095 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222095&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marco Caliendo 
Author-X-Name-First: Marco 
Author-X-Name-Last: Caliendo 
Author-Name: Ludovica Gambaro 
Author-X-Name-First: Ludovica 
Author-X-Name-Last: Gambaro 
Author-Name: Peter Haan 
Author-X-Name-First: Peter 
Author-X-Name-Last: Haan 
Title: The impact of income taxation on the ratio between reservation and market wages and the incentives for labour supply 
Abstract:
  This article extends previous research about the determinants of
 reservation wages by analysing the effect of progressive income taxation
 on the ratio between reservation and net market wages. Based on micro data
 for Germany Socio-Economic-Panel (SOEP) we show that joint income taxation
 in Germany which discriminates by marital status, has a strong and highly
 significant impact on the reservation/market wage ratio. Relative to
 single filers, this leads to strong negative labour supply incentives for
 secondary earners and to positive incentives for first earners in married
 couples. 
Journal: Applied Economics Letters 
Pages: 877-883 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222103 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222103&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rene Fahr 
Author-X-Name-First: Rene 
Author-X-Name-Last: Fahr 
Author-Name: Uwe Sunde 
Author-X-Name-First: Uwe 
Author-X-Name-Last: Sunde 
Title: Gender differentials in skill use and skill formation in the aftermath of vocational training 
Abstract:
  This article investigates gender differentials in skill-use and training
 participation in the aftermath of vocational training in Germany. We find
 that women use less of their apprenticeship skills than men once they have
 left their apprenticeship occupation. Moreover, women are significantly
 less likely to obtain further formal training upon completing
 apprenticeship than men, whether staying within the same occupation or
 not. 
Journal: Applied Economics Letters 
Pages: 885-889 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222137 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222137&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maximo Mejia 
Author-X-Name-First: Maximo 
Author-X-Name-Last: Mejia 
Author-Name: Pierre Cariou 
Author-X-Name-First: Pierre 
Author-X-Name-Last: Cariou 
Author-Name: Francois-Charles Wolff 
Author-X-Name-First: Francois-Charles 
Author-X-Name-Last: Wolff 
Title: Is maritime piracy random? 
Abstract:
  Far from being an extinct phenomenon, piracy still exists in the modern
 world and is a growing menace to the security and safety of shipping.
 Using the data on attacks against vessels reported between 1996 and 2005
 merged with the data on the total world merchant fleet, this article
 inquires whether acts of piracy are a truly random occurrence. Results
 show that both flag of registry and type of vessel are significant factors
 in explaining maritime piracy. 
Journal: Applied Economics Letters 
Pages: 891-895 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Ezcurra 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Ezcurra 
Title: Polarization trends across the US states 
Abstract:
  This note examines the level of polarization in the US state per capita
 income distribution during the period 1929 to 2005, using, for the first
 time in this context, the set of measures proposed by Esteban and Ray
 (1994) and Esteban et al. (2007). Our results show that income
 polarization has decreased over the sample period, regardless of the
 number of groups considered in the study or the value assigned to the
 polarization sensitivity parameter. In addition, the analysis carried out
 reveals the existence of a statistically significant relationship between
 the evolution of spatial autocorrelation and income polarization, which
 highlights the relevance of physical-geography spillover effects in
 explaining the observed changes in the distribution under consideration
 between 1929 and 2005. 
Journal: Applied Economics Letters 
Pages: 897-902 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222194 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222194&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Borghesi 
Author-X-Name-First: Richard 
Author-X-Name-Last: Borghesi 
Author-Name: Rodney Paul 
Author-X-Name-First: Rodney 
Author-X-Name-Last: Paul 
Author-Name: Andrew Weinbach 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Weinbach 
Title: Market frictions and overpriced favourites: evidence from arena football 
Abstract:
  Prior academic studies find that bets on underdogs persistently win more
 often than expected in National Football League (NFL) and National
 Collegiate Athletic Association (NCAA) football gambling markets. We
 extend this stream of literature by examining this 'underdog bias' in the
 market for Arena Football League (AFL) bets, a setting in which both
 betting limits and bettor sophistication are comparatively low. Results
 show that the underdog bias is significantly stronger in the AFL,
 suggesting that smaller and less liquid markets are more heavily
 influenced by these, and perhaps other, behavioural biases. 
Journal: Applied Economics Letters 
Pages: 903-906 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802314519 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802314519&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chun-Da Chen 
Author-X-Name-First: Chun-Da 
Author-X-Name-Last: Chen 
Title: Return autocorrelations in the stock markets 
Abstract:
  This article investigates the return autocorrelation in four stock
 markets around the Asia-Pacific rim: the USA, Japan, Taiwan and South
 Korea. The results indicate that there are conditional return
 autocorrelation in Taiwan's and South Korea's stock markets for daily
 data. Moreover, there are negative relationships between autocorrelation
 and two factors (trading volume and return volatility) significantly in
 Taiwan and South Korea, implying that the stock markets in Taiwan and
 South Korea are not as efficient as those in developed countries (the USA
 and Japan). For weekly data, however, none of the above four markets has
 significant return autocorrelation. 
Journal: Applied Economics Letters 
Pages: 907-911 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802314535 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802314535&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gyu-Hyen Moon 
Author-X-Name-First: Gyu-Hyen 
Author-X-Name-Last: Moon 
Author-Name: Wei-Choun Yu 
Author-X-Name-First: Wei-Choun 
Author-X-Name-Last: Yu 
Author-Name: Chung-Hyo Hong 
Author-X-Name-First: Chung-Hyo 
Author-X-Name-Last: Hong 
Title: Dynamic hedging performance with the evaluation of multivariate GARCH models: evidence from KOSTAR index futures 
Abstract:
  This article examines the hedging performance of the conventional
 Ordinary Least Squares (OLS) model and a variety of dynamic hedging models
 for the in-sample and out-of-sample periods of Korean daily Korea
 Securities Dealers Automated Quotation (KOSDAQ) STAR (KOSTAR) index
 futures. We employ the rolling OLS and various popular multivariate
 Generalized Autoregressive Conditional Heteroscedasticity (GARCH) models
 to estimate and forecast the conditional covariances and variances of
 KOSTAR spot and futures returns. This article finds that dynamic hedging
 methods outperform the conventional method for the out-of-sample period.
 However, the simple rolling OLS is superior to all the other popular
 multivariate GARCH models. 
Journal: Applied Economics Letters 
Pages: 913-919 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802314527 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802314527&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Marie Cardebat 
Author-X-Name-First: Jean-Marie 
Author-X-Name-Last: Cardebat 
Author-Name: Jean-Marc Figuet 
Author-X-Name-First: Jean-Marc 
Author-X-Name-Last: Figuet 
Title: Estimation of a hedonic price equation for Alsace, Beaujolais and Provence wines 
Abstract:
  The aim of this article is to explain Alsace, Beaujolais and Provence
 wine prices. The hedonic price method is applied to determine the main
 explanatory variables factors of price differences. This method indicates
 that the relationship between quality and price of the Alsace, Beaujolais
 and Provence wine areas is poor. This result explains, at least partially,
 the fall from favour of French wines in the eyes of foreign consumers and
 the resulting crisis in the French wine industry. 
Journal: Applied Economics Letters 
Pages: 921-927 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222145 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222145&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eelke de Jong 
Author-X-Name-First: Eelke 
Author-X-Name-Last: de Jong 
Author-Name: Willem Verschoor 
Author-X-Name-First: Willem 
Author-X-Name-Last: Verschoor 
Author-Name: Remco Zwinkels 
Author-X-Name-First: Remco 
Author-X-Name-Last: Zwinkels 
Title: A heterogeneous route to the European monetary system crisis 
Abstract:
  We estimate a dynamic heterogeneous agents model for the British pound
 during the European monetary system crisis. We illustrate the chain of
 events leading to the suspension of the pound from the exchange rate
 mechanism in terms of switching beliefs, from fundamentalist to chartist. 
Journal: Applied Economics Letters 
Pages: 929-932 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222152 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222152&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Bailey 
Author-X-Name-First: Mark 
Author-X-Name-Last: Bailey 
Author-Name: Vani Borooah 
Author-X-Name-First: Vani 
Author-X-Name-Last: Borooah 
Title: Decomposing the characteristics of undergraduate student attrition 
Abstract:
  The authors use the techniques of decomposition analysis to explain
 differences in survival rates between different groups of 1st year
 undergraduate students at the University of Ulster in Northern Ireland and
 explain how much of the overall inequality in survival rates can be
 explained by inequality within groups and how much can be explained by
 inequality between groups. They find that 45.1% of the observed difference
 of 8.2 points in survival rates between female and male students can be
 explained by gender whereas only 1.4% of the observed difference of 7.4
 points in survival rates between Protestant and Catholic students only
 1.4% can be explained by religion. Therefore, attribute differences are
 important in explaining differences in survival rates between males and
 females, but not between Protestants and Catholics. When looking at how
 much of the overall inequality in survival rates could be explained by
 inequality within groups and how much by inequality between groups; they
 find that the best explanation for the observed inequality in the
 distribution of survival probabilities was given by the type of course
 studied accounting for nearly 2/3 of the inequality between students. 
Journal: Applied Economics Letters 
Pages: 933-937 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222111 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222111&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Sonora 
Author-X-Name-First: Robert 
Author-X-Name-Last: Sonora 
Title: City relative price convergence in the USA with structural break(s) 
Abstract:
  As in international tests of purchasing power parity, new more powerful
 univariate unit root tests have been successful in rejecting a unit root
 process in US city relative prices over the period 1918-1997. However,
 convergence rates calculated with these tests are at odds with theories of
 price convergence. This article addresses structural breaks that may be
 misinterpreted as nonstationary permanent stochastic process. Using unit
 root tests with structural breaks, we are able to reject a unit root
 process in the majority of US city relative prices over the entire sample
 period. Moreover, convergence rates fall to those more in line with
 theory. 
Journal: Applied Economics Letters 
Pages: 939-944 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802298035 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802298035&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Foldvari 
Author-X-Name-First: Peter 
Author-X-Name-Last: Foldvari 
Author-Name: Bas van Leeuwen 
Author-X-Name-First: Bas 
Author-X-Name-Last: van Leeuwen 
Title: An alternative interpretation of 'average years of education' in growth regressions 
Abstract:
  The majority of the empirical literature uses average years of education
 as a proxy of the human capital stock. Based on Lucas (1988) we argue that
 the level of average years of education can also be seen as a proxy for
 the growth rate of the per capita human capital stock. This has
 fundamental impact on the interpretation of the coefficient and may
 explain some of the contradictory empirical results. 
Journal: Applied Economics Letters 
Pages: 945-949 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222178 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222178&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sumon Kumar Bhaumik 
Author-X-Name-First: Sumon Kumar 
Author-X-Name-Last: Bhaumik 
Author-Name: Ralitza Dimova 
Author-X-Name-First: Ralitza 
Author-X-Name-Last: Dimova 
Title: Economic reforms as a tool to attract foreign direct investment: is it a chimera? 
Abstract:
  The policy implication of the existing literature on foreign direct
 investment (FDI) inflows is that countries that require FDI can attract it
 by adopting policy measures that facilitate the emergence of appropriate
 regulatory and institutional environment, greater integration with the
 global economy and the development of resources like human capital. We
 test the plausible hypothesis that, on the contrary, FDI flows are largely
 path dependent, and our empirical exercise finds prima facie support in
 favour of this hypothesis. This has obvious implications for FDI flows to
 poor countries. 
Journal: Applied Economics Letters 
Pages: 951-957 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222087 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222087&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wen-Jen Hsieh 
Author-X-Name-First: Wen-Jen 
Author-X-Name-Last: Hsieh 
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: Tests of currency substitution, capital mobility and nonlinearity of Hungary's money demand function 
Abstract:
  The demand for M2 in Hungary is positively associated with real output
 and the nominal effective exchange rate and negatively influenced by the
 deposit rate, the euro interest rate, and expected inflation rate. The
 coefficient of the euro interest rate for the demand for M1 is
 insignificant. Hence, depreciation of the forint or a higher euro interest
 rate would help raise Hungary's real output. The Box-Cox transformation
 shows that the log-linear form for M1 or M2 demand cannot be rejected at
 the 5% level while the linear form for M1 or M2 demand can be rejected at
 the 5% level. However, the log-linear form for M2 demand can be rejected
 at the 10% level. The CUSUM and CUSUMSQ tests show that M2 demand based on
 the Box-Cox model and M1 demand are relatively stable. Based on the mean
 absolute percent error and the Theil inequality coefficient, M2 demand
 based on the Box-Cox model yields better forecasting outcomes. 
Journal: Applied Economics Letters 
Pages: 959-964 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222079 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222079&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pedro Landeras 
Author-X-Name-First: Pedro 
Author-X-Name-Last: Landeras 
Title: Student effort: standards vs. tournaments 
Abstract:
  In this article we compare a competency system based on an absolute
 standard vs. a competitive grading system (tournament) in terms of the
 student effort level they are able to motivate. We prove, unlike other
 previous work, that more risk does not always discourage effort under a
 competency grading system. Furthermore, relative advantage depends
 crucially on the nature of the noise distorting academic achievement. If
 systematic factors prevail then a tournament is preferred to a competency
 system based on absolute standards, while if idiosyncratic factors
 predominate the last is more efficient. Comparisons are effective only and
 only if the passing standard is fixed at the efficient level that promotes
 in the student the highest optimal effort. 
Journal: Applied Economics Letters 
Pages: 965-969 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222129 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222129&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhenquan Wang 
Author-X-Name-First: Zhenquan 
Author-X-Name-Last: Wang 
Author-Name: Shouyang Wang 
Author-X-Name-First: Shouyang 
Author-X-Name-Last: Wang 
Author-Name: Tonghua Huang 
Author-X-Name-First: Tonghua 
Author-X-Name-Last: Huang 
Title: Re-estimation of capital flights from China: 1982-2005 
Abstract:
  Cuddington and World Bank-method are modified with trade credits and
 trade misinvoicing to estimate the short-term and total capital flight
 (CF) from China. Trade Misinvoicing are adjusted with the transit trade
 through Hong Kong. It is shown that the short-term is the main component
 of the CFs from China. Export under-invoicing is the main channel of CFs
 since 1994, and illegal capital inflow and CF exist simultaneously in
 China. 
Journal: Applied Economics Letters 
Pages: 971-976 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222038 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222038&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pornsit Jiraporn 
Author-X-Name-First: Pornsit 
Author-X-Name-Last: Jiraporn 
Author-Name: Wallace Davidson 
Author-X-Name-First: Wallace 
Author-X-Name-Last: Davidson 
Title: Regulation, shareholder rights and corporate governance: an empirical note 
Abstract:
  We investigate the impact of regulation on shareholder rights and
 corporate governance. We gauge the strength of shareholder rights by
 measuring the number of restrictive governance provisions that suppress
 shareholder rights - the more restrictive the governance, the weaker the
 shareholder rights. We find that financial firms have less restrictive
 corporate governance, suggesting that financial regulations promote
 shareholder rights. On the other hand, regulation does not seem to impact
 shareholder rights in the utility industry. 
Journal: Applied Economics Letters 
Pages: 977-982 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802345430 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802345430&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dejan Krusec 
Author-X-Name-First: Dejan 
Author-X-Name-Last: Krusec 
Title: The monetary transmission in the euro area: post-1999 data assessment 
Abstract:
  This article investigates the transmission of monetary policy shocks in
 the euro area after 1999. To examine this we use empirical structural
 vector error correction models, built on the data for the period from 1999
 to mid-2005. We identify a monetary shock by restricting it to have only
 temporary effects on output and inflation. We obtain negative responses of
 inflation and output to a restrictive monetary shock in the period under
 investigation. These results are obtained with the HICP based as well as
 the core inflation measure included in the model. 
Journal: Applied Economics Letters 
Pages: 983-988 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018346 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018346&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiaoquan Liu 
Author-X-Name-First: Xiaoquan 
Author-X-Name-Last: Liu 
Author-Name: Mark Shackleton 
Author-X-Name-First: Mark 
Author-X-Name-Last: Shackleton 
Author-Name: Stephen Taylor 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Taylor 
Author-Name: Xinzhong Xu 
Author-X-Name-First: Xinzhong 
Author-X-Name-Last: Xu 
Title: Empirical pricing kernels obtained from the UK index options market 
Abstract:
  Empirical pricing kernels for the UK equity market are derived as the
 ratio between risk-neutral densities, inferred from FTSE 100 index
 options, and historical real-world densities, estimated from time series
 of the index. The kernels thus obtained are almost compatible with a risk
 averse representative agent, unlike similar estimates for the US market. 
Journal: Applied Economics Letters 
Pages: 989-993 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222210 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222210&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kenji Azetsu 
Author-X-Name-First: Kenji 
Author-X-Name-Last: Azetsu 
Author-Name: Mototsugu Fukushige 
Author-X-Name-First: Mototsugu 
Author-X-Name-Last: Fukushige 
Title: The estimation of asymmetric adjustment costs for the number of workers and working hours - empirical evidence from Japanese industry data 
Abstract:
  Using monthly data on Japanese industries, we estimate a model of dynamic
 labour demand that incorporates adjustment costs for hiring and firing
 workers, and for changing working hours. 
Journal: Applied Economics Letters 
Pages: 995-998 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701320147 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701320147&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julie Hotchkiss 
Author-X-Name-First: Julie 
Author-X-Name-Last: Hotchkiss 
Author-Name: Olga Pavlova 
Author-X-Name-First: Olga 
Author-X-Name-Last: Pavlova 
Title: The impact of 9/11 on hours of work and labour force participation in the US 
Abstract:
  The purpose of this article is to use observed changes in hours of work
 and labour force participation to draw inferences regarding behavioural
 responses to the 9/11 terrorist attacks in the US. Using the Current
 Population Survey and controlling for differences in demographics, labour
 market conditions and a time-invariant unobserved individual fixed effect,
 we determine that for most sub-samples there was no change in labour force
 participation or in hours of work after 9/11 relative to before.
 Exceptions were women, who increased their labour force participation, and
 workers living in the proximity of one of the 9/11 events, who increased
 their hours of work. These results are consistent with a precautionary
 increase in labour supply during an uncertain time, and with others'
 documentation of women responding more dramatically to external stressors. 
Journal: Applied Economics Letters 
Pages: 999-1003 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701250252 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701250252&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Soderlind 
Author-X-Name-First: Paul 
Author-X-Name-Last: Soderlind 
Title: An extended Stein's lemma for asset pricing 
Abstract:
  Stein's lemma is extended to the case where asset returns have skewed and
 leptokurtic distributions. The risk premium is still the negative of the
 covariance of the excess return with the log stochastic discount factor.
 The risk-neutral distribution has a simple form but is a nontrivial
 transformation of the physical distribution. 
Journal: Applied Economics Letters 
Pages: 1005-1008 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802345422 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802345422&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Adel Boubaker 
Author-X-Name-First: Adel 
Author-X-Name-Last: Boubaker 
Author-Name: Saber Sebai 
Author-X-Name-First: Saber 
Author-X-Name-Last: Sebai 
Title: Inter-market information flow: a nonlinear approach 
Abstract:
  This article attempts to characterize the pattern of information flows
 between the stock markets by determining mean and variance causal
 relationships. A two-step procedure proposed by Cheung and Ng (1996) is
 used. Stock market returns are specified as Autoregressive-Generalized
 Autoregressive Conditional Heteroskedasticity (AR-GARCH) models with
 Monday and Friday effects. Stock markets of our sample are chosen to
 analyse the main causes of information flows documented in the literature:
 linkage between economic fundamentals and the time lag between the stock
 markets' opening hours. Results provide evidence of nonlinear causality
 between stock markets, even when linear Granger causality is rejected.
 Causality seems to be attributed to both economic linkage and time lag
 between market openings. 
Journal: Applied Economics Letters 
Pages: 1009-1015 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802345414 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802345414&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dave Lane 
Author-X-Name-First: Dave 
Author-X-Name-Last: Lane 
Title: The cost of capital, corporation finance and the theory of investment: a refinement 
Abstract:
  The proof of Proposition I in the work of Modigliani and Miller (MM)
 (1958) is based on the mechanism of arbitrage. Two cases are considered:
 first, the case where the value of the levered firm is larger than that of
 the unlevered one; second, the case where the value of the levered firm is
 smaller than that of the unlevered one. The first case involves the
 investor engaging in personal borrowing. This article shows that the
 amount borrowed is greater than the amount envisaged by MM, and that the
 proof of Proposition I is slightly altered. 
Journal: Applied Economics Letters 
Pages: 1017-1019 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802345448 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802345448&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Udaya Mishra 
Author-X-Name-First: Udaya 
Author-X-Name-Last: Mishra 
Author-Name: Rudra Narayan Mishra 
Author-X-Name-First: Rudra Narayan 
Author-X-Name-Last: Mishra 
Title: On comparison of nutritional deprivation: an illustration using Foster Greer Thorbecke criterion 
Abstract:
  This is an illustrative note on application of Foster Greer Thorbecke
 (FGT) criterion to measurement and comparison of undernourishment among
 children. Given the semblance between head-count measure of poverty and
 measuring undernourishment among children, there arises a need for
 application of FGT criterion in assessment of undernourishment as well.
 This not only helps in assessing intensity and inequality aspect but also
 can adjust the head count accounting for both to make a valid comparison
 on levels of undernourishment across situations. 
Journal: Applied Economics Letters 
Pages: 1021-1024 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222202 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222202&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Falk 
Author-X-Name-First: Martin 
Author-X-Name-Last: Falk 
Title: High-tech exports and economic growth in industrialized countries 
Abstract:
  The present article provides new evidence on the impact of the change in
 the high-tech export share on economic growth in OECD countries. We
 estimate a dynamic growth model on panel data for 22 OECD countries for
 1980-2004, in which the data is measured as 5-year averages. Using the
 system GMM panel estimator, which corrects for simultaneity, we find that
 both business R&D intensity and the share of high-tech exports are
 significantly positively related to the GDP per working age population.
 The estimated elasticities are rather sizable but the magnitude suggests
 that business R&D intensity is more important than the share of high-tech
 exports in explaining GDP per working age population. 
Journal: Applied Economics Letters 
Pages: 1025-1028 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222228 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222228&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Peel 
Author-X-Name-First: David 
Author-X-Name-Last: Peel 
Author-Name: David Law 
Author-X-Name-First: David 
Author-X-Name-Last: Law 
Title: On skewness of return and buying more than one ticket in a lottery 
Abstract:
  The purpose in this article is to demonstrate that buying more than one
 ticket in a lottery is readily explicable in models of utility that permit
 gambling at actuarially unfair odds. However, contrary to popular view, we
 show this choice cannot be explained in terms of a variance-skew
 trade-off. 
Journal: Applied Economics Letters 
Pages: 1029-1032 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701320154 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701320154&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yung-Ming Shiu 
Author-X-Name-First: Yung-Ming 
Author-X-Name-Last: Shiu 
Title: Economic factors, firm characteristics and performance: a panel data analysis for United Kingdom life offices 
Abstract:
  This article examines panel data evidence to investigate the linkage
 between insurer performance proxied by investment yield and several
 economic and firm-specific factors in the United Kingdom life insurance
 industry. The empirical results indicate that investment yield is
 positively related interest rate level, but negatively related to interest
 rate changes, reinsurance dependence, assets held to cover linked
 liabilities and instability of asset structure. 
Journal: Applied Economics Letters 
Pages: 1033-1037 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335269 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335269&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Natividad Blasco 
Author-X-Name-First: Natividad 
Author-X-Name-Last: Blasco 
Author-Name: Pilar Corredor 
Author-X-Name-First: Pilar 
Author-X-Name-Last: Corredor 
Author-Name: Rafael Santamaria 
Author-X-Name-First: Rafael 
Author-X-Name-Last: Santamaria 
Title: Information spillovers between derivative markets with differences in transaction costs and liquidity 
Abstract:
  In line with the transactions cost theory, this article shows that the
 futures market with its higher liquidity and lower transactions costs,
 leads the options market in the price discovery process. Liquidity and
 transaction costs are also shown to play a key role in market sensitivity
 to information, since the futures market s response to shocks is quicker,
 which means that it receives higher volatility spillovers than does the
 options market. 
Journal: Applied Economics Letters 
Pages: 1039-1047 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335277 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335277&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Uwe Jirjahn 
Author-X-Name-First: Uwe 
Author-X-Name-Last: Jirjahn 
Author-Name: Christian Pfeifer 
Author-X-Name-First: Christian 
Author-X-Name-Last: Pfeifer 
Author-Name: Georgi Tsertsvadze 
Author-X-Name-First: Georgi 
Author-X-Name-Last: Tsertsvadze 
Title: Class size, student performance and Tiebout bias 
Abstract:
  If students tend to choose instructors with high teaching ability, a
 negative link between class size and student performance may remain
 obscured until this kind of sorting has been taken into account. Using
 data from student evaluation surveys, we confirm that it is crucial to
 control for instructor fixed effects. 
Journal: Applied Economics Letters 
Pages: 1049-1052 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335285 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335285&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Bicket 
Author-X-Name-First: Mark 
Author-X-Name-Last: Bicket 
Author-Name: Aparna Mitra 
Author-X-Name-First: Aparna 
Author-X-Name-Last: Mitra 
Title: Demographics and living arrangements of the minority elderly in the United States 
Abstract:
  Using data from the U.S. Census Bureau, this study assesses the
 demographics and living arrangements of the minority elderly population of
 the United States. Rapid growth in both the number and the proportion of
 all elderly minority populations are expected. By 2050, one-third of the
 elderly population will be other than a non-Hispanic White. While existing
 literature primarily focuses on the demographics and living arrangements
 of the White elderly population, this study attempts to show the diversity
 and differences in economic and cultural patterns among the minority
 elderly population and the implications of such diversity on the living
 arrangements of the elderly. The data show variations in elderly living
 arrangements in minority population groups by gender, and across and
 within the groups themselves. Such differences in living arrangements have
 important policy implications on both macro and micro level. 
Journal: Applied Economics Letters 
Pages: 1053-1057 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335293 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335293&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Knezevic 
Author-X-Name-First: Mark 
Author-X-Name-Last: Knezevic 
Title: Estimating the long-term costs of diabetic kidney disease: an economic approach 
Abstract:
  Healthcare spending in Australia has increased rapidly in recent decades,
 partly due to the prevalence of lifestyle related illness, as physical
 inactivity and ageing have become common. Diabetes is a chronic and costly
 illness resulting from poor lifestyle choice and ageing. In this study, we
 estimate the long-run cumulative costs of a complication of diabetes,
 diabetic kidney disease, using well-known techniques from health
 economics. We find that spending on treatment for diabetic kidney disease
 will amount to $9.2 billion over the next 30 years. Most of the cost from
 this complication comes from the clinical stage of diabetic kidney
 disease. 
Journal: Applied Economics Letters 
Pages: 1059-1064 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335301 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335301&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Falk 
Author-X-Name-First: Martin 
Author-X-Name-Last: Falk 
Author-Name: Thomas Leoni 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Leoni 
Title: Characteristics of self-employment among university graduates 
Abstract:
  In this article, we investigate the characteristics of nonagricultural
 self-employment (SE) among university graduates in Austria. Probit
 regressions based on 380 000 observations from the country's 2001
 population census indicate that the probability of choosing SE rises
 significantly with age. We find that men are more likely to be
 entrepreneurs than women. There are also strong sectoral and regional
 effects, such as higher probabilities in rural areas. Furthermore, we
 observe a significant link between the propensity to be self-employed and
 the type of university degree. Our findings concerning the relationship
 between citizenship and SE indicate that highly-skilled immigrants from
 low-wage countries are less likely to be entrepreneurs than native-born
 citizens and graduates from high-wage countries. 
Journal: Applied Economics Letters 
Pages: 1065-1071 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335319 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335319&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Russell James 
Author-X-Name-First: Russell 
Author-X-Name-Last: James 
Title: Tenant time preference as a barrier to homeownership 
Abstract:
  Many US government programs focus on reducing the financial barriers to
 homeownership. This paper uncovers evidence of an additional barrier -
 high time discounting by renters. Results from cumulative logistic and
 ordinary least squares models of 4228 households participating in the 2004
 Survey of Consumer Finances indicate that renters self-report a
 significantly shorter financial planning time-horizon than owners do.
 Additionally, a tobit analysis reveals that renters tend to choose
 short-term, low-return investments when they save. A probit analysis of 14
 743 household observations in the 2003-2004 Consumer Expenditure Survey
 reveals a significantly higher probability for consumption of tobacco by
 renters-a choice frequently associated with high time discounting due to
 negative long-term health effects. Each of these results is consistent
 with high time discounting by renters. Such discounting of future
 consequences can impede the transition to homeownership, which often
 requires delaying current consumption in exchange for future benefit. 
Journal: Applied Economics Letters 
Pages: 1073-1077 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335327 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335327&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Victor Matheson 
Author-X-Name-First: Victor 
Author-X-Name-Last: Matheson 
Title: Alternative methods of calculating optimal timber rotations: a critique of the Stokey/Lucas/Prescott tree-cutting problem 
Abstract:
  The traditional question of optimally deciding when to cut down a tree is
 among the most commonly posed questions asked of students learning the
 technique of dynamic programming. This paper shows that the traditional
 tree-cutting example is improperly formulated when the question of
 replanting is addressed, derives the proper method of finding optimal
 harvest length, and applies this method to an empirical forest growth
 function. 
Journal: Applied Economics Letters 
Pages: 1079-1081 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335376 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335376&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lourenco Senne Paz 
Author-X-Name-First: Lourenco Senne 
Author-X-Name-Last: Paz 
Title: Corporate foreign currency debt in Brazil: will dollar indebted firms invest more after real exchange rate depreciations? 
Abstract:
  In this article the effect of real exchange rate movements over the
 investment of Brazilian firms with foreign currency debt is assessed.
 Moreover, the hypothesis of currency matching between firm s revenues and
 expenditures will be tested. To do so, a new theoretical model is
 provided. Contrary to previous results of a positive effect of exchange
 rate devaluations over investment, our results show that the effect is
 decreasing on the share of the foreign currency liabilities. For small
 shares of foreign debt, the effect is positive, but by increasing the
 share it turns negative. We didn t find evidence of currency matching in
 our data. 
Journal: Applied Economics Letters 
Pages: 1083-1088 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335335 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335335&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Shields 
Author-X-Name-First: Michael 
Author-X-Name-Last: Shields 
Author-Name: Gail Shields 
Author-X-Name-First: Gail 
Author-X-Name-Last: Shields 
Title: Estimating external returns to education in the US: a production function approach 
Abstract:
  Individual US data are merged with aggregate data by state for the US and
 used to estimate the external benefits of education. Aggregate state-wide
 variables used are the average level of education and per capita physical
 capital for each state. Individual variables used are each working adult's
 labour force experience, years of completed schooling, gender and
 immigration status. One difference from previous studies that estimate
 external benefits to education is that data on physical capital for each
 region (state) are available and used. Hence, the study is based on an
 explicit production function of the form suggested by Lucas. Strong
 evidence of the presence of external benefits to education for the US is
 found. 
Journal: Applied Economics Letters 
Pages: 1089-1092 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335343 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335343&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Geraint Johnes 
Author-X-Name-First: Geraint 
Author-X-Name-Last: Johnes 
Title: Occupation and the labour market participation of women: why do some people trade down jobs when careers are interrupted? 
Abstract:
  A dynamic structural discrete choice model of labour market
 participation, schooling and occupational choice is applied to data for
 women drawn from the British Cohort Study. It is established that, for
 relatively highly educated workers, the return attached to childrearing is
 higher in the part-time non-managerial work regime than in the part-time
 managerial work regime. As a consequence, following childbirth, many
 female managers switch to occupations that underutilise their skills. 
Journal: Applied Economics Letters 
Pages: 1093-1096 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367155 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367155&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ralf Fendel 
Author-X-Name-First: Ralf 
Author-X-Name-Last: Fendel 
Title: A note on Taylor rules and the term structure 
Abstract:
  This article augments the well-known dynamic macro-economic model of
 Svensson (1997) to include the term structure of interest rates, in order
 to support the empirical findings of Fendel and Frenkel (2005) on the
 information content of the term structure of interest rates for monetary
 policy published in Applied Economics Letters. The derived Taylor-type
 rule is an implicit rule that cannot be used mechanically, because it
 contains an additional forward-looking argument. Only under special
 conditions of a stable and flat yield curve and/or an aggregate demand
 specification that only depends on the short-term interest rate this
 augmented rule collapses to the class of well-known Taylor-type rules. 
Journal: Applied Economics Letters 
Pages: 1097-1101 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367171 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367171&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paolo Zagaglia 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Zagaglia 
Title: Fractional integration of inflation rates: a note 
Abstract:
  This note studies the persistence of CPI inflation for 12 OECD countries.
 The fraction order of integration is estimated through the wavelet-OLS
 estimator of Jensen (1999). The results show that CPI inflation is
 characterized by mean reversion in the long run with finite variance. 
Journal: Applied Economics Letters 
Pages: 1103-1105 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lixin Cai 
Author-X-Name-First: Lixin 
Author-X-Name-Last: Cai 
Title: Estimation of simultaneous equation models with latent dependent variables: a Monte Carlo evaluation 
Abstract:
  Three methods can be used to estimate simultaneous equation models with
 latent dependent variables: two-stage, minimum distance (MD) and
 full-information maximum likelihood. Theoretically all the three methods
 provide asymptotically consistent estimates, but the performance of these
 estimators in finite samples cannot be determined in theory. This letter
 evaluates the performance of these estimators in finite samples using
 Monte Carlo simulation. The results show that the MD estimator performs
 very poorly; overall the full information maximum likelihood estimator
 performs better than the other two estimators. 
Journal: Applied Economics Letters 
Pages: 1107-1112 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335368 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335368&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Author-Name: Naoko Hamori 
Author-X-Name-First: Naoko 
Author-X-Name-Last: Hamori 
Title: International term structure of interest rates in the Euro area 
Abstract:
  This article empirically analyses the international term structure of
 interest rates in the Euro area over the period from 1999 to 2006. To
 address the small sample problem, we apply the nonstationary panel data
 analysis to two data sets: (1) seven countries (Belgium, Finland, France,
 Germany, Italy, the Netherlands and Spain) from 1999 to 2006 and (2) eight
 countries (Belgium, Finland, France, Germany, Greece, Italy, the
 Netherlands and Spain) from 2001 to 2006. Our results support the
 expectations theory of the term structure of interest rates. 
Journal: Applied Economics Letters 
Pages: 1113-1116 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802389040 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802389040&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Javier Estrada 
Author-X-Name-First: Javier 
Author-X-Name-Last: Estrada 
Title: Black swans, market timing and the Dow 
Abstract:
  Do investors in the US stock market obtain their long-term returns
 smoothly and steadily over time or is their long-term performance largely
 determined by the return of just a few outliers? How likely are investors
 to successfully predict the best days to be in and out of the market? The
 evidence from the Dow Jones Industrial Average over the 1900-2006 period
 shows that a few outliers have a massive impact on long-term performance.
 Missing the best 10 days resulted in portfolios 65% less valuable than a
 passive investment and avoiding the worst 10 days resulted in portfolios
 206% more valuable than a passive investment. Given that 10 days represent
 0.03% of the days in the sample, the odds against successful market timing
 are staggering. 
Journal: Applied Economics Letters 
Pages: 1117-1121 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802360074 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802360074&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Ashton 
Author-X-Name-First: John 
Author-X-Name-Last: Ashton 
Title: Does the United Kingdom have regional banking markets? An assessment of UK deposit provision 1992-2006 
Abstract:
  This study examines whether geographical differences in deposit interest
 rate setting persists in a bank market with national bank branching. As
 most UK retail banks have located their branch networks in different
 combinations within the regions and nations of the United Kingdom, the
 availability of banking services across the United Kingdom differs. This
 study examines whether this uneven dispersion of bank branching is
 associated with deposit account interest rate setting by UK banks over the
 sample period 1992 to 2006. While banks with branch networks predominately
 located in certain regions set deposit interest rates at different levels,
 the degree of overlap between bank branch networks is not a significant
 factor in deposit interest rate setting. These findings have importance
 for the definition of banking markets in competition assessments and
 future assessments of interest rate setting within international banking
 markets where bank branching restrictions have been lifted. 
Journal: Applied Economics Letters 
Pages: 1123-1128 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802389024 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802389024&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kian-Ping Lim 
Author-X-Name-First: Kian-Ping 
Author-X-Name-Last: Lim 
Title: Efficiency tests of the UK financial futures markets and the impact of electronic trading systems: a note on relative market efficiency 
Abstract:
  The literature on weak-form efficient market hypothesis (EMH) has
 experienced a phenomenal growth over the past few decades, with the
 empirical framework mostly directed towards testing the absolute version
 of market efficiency. Evans (2006) represents a small amount of studies
 that addressed the relative efficiency of financial markets. The present
 paper discusses the limitations of absolute market efficiency and surveys
 some measures proposed for assessing relative efficiency in extant
 literature. 
Journal: Applied Economics Letters 
Pages: 1129-1132 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335350 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335350&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dan O'Donnell 
Author-X-Name-First: Dan 
Author-X-Name-Last: O'Donnell 
Author-Name: Dirk Baur 
Author-X-Name-First: Dirk 
Author-X-Name-Last: Baur 
Title: Momentum in the Irish stock market 
Abstract:
  This article is the first to study momentum trading strategies in the
 Irish stock market. The findings can be summarized as follows: (i)
 unconditional momentum trading strategies do not outperform the market,
 (ii) winner and loser trading strategies do outperform the market and
 (iii) controlling for heteroscedasticity significantly changes the results
 and yields positive and significant excess returns for most of the 16
 momentum trading strategies analysed. These findings illustrate that
 investors can persistently earn excess returns in the Irish stock market. 
Journal: Applied Economics Letters 
Pages: 1133-1138 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802389032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802389032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Victor Pontines 
Author-X-Name-First: Victor 
Author-X-Name-Last: Pontines 
Title: Optimal common currency basket in East Asia 
Abstract:
  This article employs the currency invariant index due to Hovanov et al.
 (2004) to construct an optimal or stable common G-3 currency basket across
 different groups of countries in East Asia. Calculated optimal weights
 show a larger weight for the US dollar but a nonnegligible role for the
 Japanese yen. The volatility of the optimal common G-3 currency basket is
 several times smaller than that of a similarly proposed common G-3
 currency basket in East Asia. 
Journal: Applied Economics Letters 
Pages: 1139-1141 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335392 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335392&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hsinan Hsu 
Author-X-Name-First: Hsinan 
Author-X-Name-Last: Hsu 
Author-Name: Yaw-Bin Wang 
Author-X-Name-First: Yaw-Bin 
Author-X-Name-Last: Wang 
Title: Feasibility of riskless hedged portfolios in imperfect markets 
Abstract:
  The Black-Scholes model (1973) is developed under the concept of the
 riskless hedged portfolio by hedging the call option against the
 underlying stock. If the riskless hedged portfolio is feasible, investors'
 preference is independent of option pricing and the implied growth rate of
 stock price will be the riskless interest rate. Noticeably, the
 feasibility of this concept is based on the perfect market assumptions and
 no riskless arbitrage opportunity. However, none of the conditions of
 perfect capital markets is true in real capital markets. Therefore,
 whether the growth rate of the hedged portfolio is the riskless interest
 rate is an interesting and challenging topic. The purpose of this article
 is to provide a theoretical relationship between the return of the hedged
 portfolio and risk in imperfect markets. This theoretical foundation can
 be viewed as a supplementary work to Hsu and Wang (2004) and Wang and Hsu
 (2006). 
Journal: Applied Economics Letters 
Pages: 1149-1153 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701349161 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701349161&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vince Daly 
Author-X-Name-First: Vince 
Author-X-Name-Last: Daly 
Author-Name: Jalal Siddiki 
Author-X-Name-First: Jalal 
Author-X-Name-Last: Siddiki 
Title: The twin deficits in OECD countries: cointegration analysis with regime shifts 
Abstract:
  We investigate the question of whether or not government budget deficits
 and real interest rates have a long-run relationship with the current
 account of the balance of payments in 23 Organization for Economic
 cooperation and Development (OECD) countries. Such an investigation is
 important, since large and persistent budget deficits may impose strains
 on the foreign exchange markets and are considered by some to be one of
 the main causes of crises in international financial markets. We permit
 regime shifts in the cointegration analysis, which extends empirical
 modelling relative to existing studies. We find that the admission of
 regime shifts substantially influences the empirical conclusions: we find
 a long-run relationship between budget deficits, real interest rate and
 current account deficit in 13 out of 23 countries, whereas the number of
 countries with apparent long-run relationships is dramatically reduced
 when regime shifts are not permitted. We argue that, when structural
 breaks are taken into account, it seems to be the countries with a more
 extensive financial infrastructure in which the twin deficits are less
 likely to be conjoined. 
Journal: Applied Economics Letters 
Pages: 1155-1164 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701349179 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701349179&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:16:y:2009:i:11:p:1155-1164




Template-Type: ReDIF-Article 1.0
Author-Name: Atanas Christev 
Author-X-Name-First: Atanas 
Author-X-Name-Last: Christev 
Author-Name: Allen Featherstone 
Author-X-Name-First: Allen 
Author-X-Name-Last: Featherstone 
Title: A note on Allen-Uzawa partial elasticities of substitution: the case of the translog cost function 
Abstract:
  This note provides a useful property of the Allen-Uzawa partials for the
 translog cost function. It also suggests how the main results extend to
 any functional form with certain properties. The curvature of the
 Allen-Uzawa matrix is the same as the curvature of the Hessian matrix.
 Intuitively and empirically, the Allen-Uzawa partials allow for the
 verification of curvature properties. 
Journal: Applied Economics Letters 
Pages: 1165-1169 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367130 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367130&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:16:y:2009:i:11:p:1165-1169




Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Francois Hoarau 
Author-X-Name-First: Jean-Francois 
Author-X-Name-Last: Hoarau 
Author-Name: Stephane Blancard 
Author-X-Name-First: Stephane 
Author-X-Name-Last: Blancard 
Author-Name: Philippe Jean-Pierre 
Author-X-Name-First: Philippe 
Author-X-Name-Last: Jean-Pierre 
Title: Testing for nominal convergence in the Central American area: evidence from panel data unit-root tests 
Abstract:
  Inflation convergence between the Central American Area and the United
 States is investigated using both recent homogeneous and heterogeneous
 panel data unit-root methods. Strong rejections of unit-root hypothesis
 are found, and therefore evidence of Purchasing Power Parity, in the
 Central American countries for the 1981:1-2005:4 period. Then by
 considering the nominal convergence criterion, the dollarization system
 seems to be suited to this region. 
Journal: Applied Economics Letters 
Pages: 1171-1174 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367148 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367148&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zsolt Darvas 
Author-X-Name-First: Zsolt 
Author-X-Name-Last: Darvas 
Author-Name: Zoltan Schepp 
Author-X-Name-First: Zoltan 
Author-X-Name-Last: Schepp 
Title: Long maturity forward rates of major currencies are stationary 
Abstract:
  Using eight unit root tests and a stationarity test and three decades of
 monthly data for the currencies between the US, Germany, UK and
 Switzerland, we find that, while spot exchange rates are nonstationary,
 long maturity forward rates are stationary. 
Journal: Applied Economics Letters 
Pages: 1175-1181 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367163 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367163&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:16:y:2009:i:11:p:1175-1181




Template-Type: ReDIF-Article 1.0
Author-Name: Su-Lien Lu 
Author-X-Name-First: Su-Lien 
Author-X-Name-Last: Lu 
Title: Comparing the reliability of a discrete-time and a continuous-time Markov chain model in determining credit risk 
Abstract:
  This article compares the reliability of a discrete-time and a
 continuous-time Markov chain model for estimating credit risk and for
 investigating loans of Chiao Tung Bank in Taiwan. The continuous-time
 Markov chain model can capture the migration of rare events. The
 time-varying risk premium was also extracted from the loan value and
 corresponding risk-free price and the transition matrix was transferred to
 risk-neutral transition matrix by the time-varying risk premium. Finally,
 the empirical results indicate that the discrete-time Markov chain model
 may be underestimating the default probability in both the lowest risk and
 speculative rating class. Comparing the loss given default and the NPL
 ratio, the continuous-time Markov chain model is more reliable and
 effective for gauging the credit risk of bank loans. 
Journal: Applied Economics Letters 
Pages: 1143-1148 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701349153 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701349153&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Venkata Puduri 
Author-X-Name-First: Venkata 
Author-X-Name-Last: Puduri 
Author-Name: Ramu Govindasamy 
Author-X-Name-First: Ramu 
Author-X-Name-Last: Govindasamy 
Author-Name: Benjamin Onyango 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Onyango 
Title: Country of origin labelling of fresh produce: a consumer preference analysis 
Abstract:
  This article investigates the relationships between country of origin
 labelling issues and consumers concern about safety and health towards use
 of foreign produce. A consumer survey showed that about 84% of respondents
 overall, and more specifically, about 84% of female and 83% of male
 respondents would like markets to provide information about country of
 origin of fresh produce. The result also shows that about 73% of
 respondents regularly read food advertisements in newspapers and grocery
 brochures. 
Journal: Applied Economics Letters 
Pages: 1183-1185 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367213 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367213&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kaddour Hadri 
Author-X-Name-First: Kaddour 
Author-X-Name-Last: Hadri 
Author-Name: Yao Rao 
Author-X-Name-First: Yao 
Author-X-Name-Last: Rao 
Title: KPSS test and model misspecifications 
Abstract:
  The KPSS test is very popular and used extensively by practitioners. The
 test considers two models under the null: stationarity around a
 deterministic level or around a deterministic trend. There is no study, as
 far as we know, on the statistical properties of the test when the wrong
 model is used. This article endeavour to fill this gap. We found, using
 simulation, that choosing a deterministic trend when a deterministic level
 is true does not affect significantly the properties of the test. But,
 choosing a deterministic level when a deterministic trend is true leads to
 extreme over-rejection of the null. These results are obtained for i.i.d.
 and autocorrelated errors. 
Journal: Applied Economics Letters 
Pages: 1187-1190 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367239 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367239&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:16:y:2009:i:12:p:1187-1190




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Owyang 
Author-X-Name-First: Michael 
Author-X-Name-Last: Owyang 
Author-Name: Howard Wall 
Author-X-Name-First: Howard 
Author-X-Name-Last: Wall 
Title: Regional VARs and the channels of monetary policy 
Abstract:
  We find that the magnitudes of the regional effects of monetary policy
 were considerably dampened during the Volcker-Greenspan era. For this era,
 regional differences in the depths and total costs of
 monetary-policy-induced recessions were related to the concentration of
 the banking sector. 
Journal: Applied Economics Letters 
Pages: 1191-1194 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367247 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367247&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Title: Official dollarization in El Salvador and the inflation-inflation uncertainty nexus 
Abstract:
  This study extends the literature on the relationship between inflation
 and inflation uncertainty by examining the impact of official
 dollarization on inflation uncertainty in El Salvador. The ARIMA-GARCH
 model reveals that official dollarization significantly reduces the degree
 of volatility persistence in response to inflationary shocks. However,
 based on Granger causality tests, if inflation should increase there would
 be an increase in inflation uncertainty as suggested by the Friedman-Ball
 hypothesis. 
Journal: Applied Economics Letters 
Pages: 1195-1199 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802389065 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802389065&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gil Cohen 
Author-X-Name-First: Gil 
Author-X-Name-Last: Cohen 
Author-Name: Joseph Yagil 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Yagil 
Title: Why do financially distressed firms pay dividends? 
Abstract:
  In this study we use a sample of 334 S&P500 companies to examine the
 extent to which financially distressed firms pay dividends in order to
 attract investors. We find a higher dividend yield and a higher pay-out
 ratio for financially distressed firms than for financially stable firms.
 We also find that financially distressed firms tend to change the dividend
 per share more rapidly than stable firms. Furthermore, these firms'
 dividends depend more on earnings than do the dividends of stable
 companies. This finding is consistent with the frequent dividend changes
 observed in distressed firms. Stable firms, in contrast, prefer paying
 dividends that are less dependent upon earnings. These results may stem
 from the relatively high level of importance that financially distressed
 firms ascribe to dividend payments or to the aggressive dividend policy
 that eroded the firms' financial stability and forced them to reduce the
 dividend per share rapidly. 
Journal: Applied Economics Letters 
Pages: 1201-1204 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802389057 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802389057&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wei-Choun Yu 
Author-X-Name-First: Wei-Choun 
Author-X-Name-Last: Yu 
Title: Markov switching and long memory: a Monte Carlo analysis 
Abstract:
  This article finds the close relationship between long memory and some
 forms of Markov-switching models. The simulation results suggest: (1) when
 the transition probabilities are closer to unity, it is more likely to
 generate long memory process; (2) magnitude of regime-switching plays an
 important role in generating long memory; and (3) process with switching
 in variance (disturbance) is much less likely to explain long-memory
 process than switching in mean (intercept) and autoregressive coefficient.
 Therefore, given the observed high persistence in financial volatility
 data, volatility modelling by switching in mean and AR coefficient is
 preferred to that by switching in variance. 
Journal: Applied Economics Letters 
Pages: 1205-1210 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367296 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367296&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amy Moore 
Author-X-Name-First: Amy 
Author-X-Name-Last: Moore 
Author-Name: Michael Taylor 
Author-X-Name-First: Michael 
Author-X-Name-Last: Taylor 
Title: Why buy when you can rent? A brief investigation of differences in acquisition mode based on duration 
Abstract:
  This article highlights an intriguing finding that the duration of use
 significantly affects consumers' choice of acquisition mode. When the
 duration is short, renting is preferred, while buying is preferred for
 longer durations, even when the economic consequences of both choices are
 exactly the same. 
Journal: Applied Economics Letters 
Pages: 1211-1213 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367304 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367304&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hafedh Bouakez 
Author-X-Name-First: Hafedh 
Author-X-Name-Last: Bouakez 
Author-Name: Takashi Kano 
Author-X-Name-First: Takashi 
Author-X-Name-Last: Kano 
Title: Tests of the present-value model of the current account: a note 
Abstract:
  Using a Monte Carlo approach, we evaluate the small-sample properties of
 four different tests of the present-value model (PVM) of the current
 account: the nonlinear Wald, linear Wald, Lagrange multiplier and
 likelihood ratio tests. We find that the nonlinear Wald test is biased
 towards over-rejecting the cross-equation restrictions implied by the PVM,
 and that the test statistic is uncorrelated with the goodness of fit of
 the PVM. The three alternative tests are essentially equivalent and are
 more reliable in evaluating the PVM. 
Journal: Applied Economics Letters 
Pages: 1215-1219 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367288 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367288&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pasquale Scandizzo 
Author-X-Name-First: Pasquale 
Author-X-Name-Last: Scandizzo 
Author-Name: Raghav Gaiha 
Author-X-Name-First: Raghav 
Author-X-Name-Last: Gaiha 
Author-Name: Katsushi Imai 
Author-X-Name-First: Katsushi 
Author-X-Name-Last: Imai 
Title: Does the employment guarantee scheme stabilize household incomes in rural India? 
Abstract:
  Our analysis, based on the ICRISAT panel survey of villages in the
 semi-arid region of south India, confirms the income stabilizing effect of
 the Employment Guarantee Scheme in India. Variability of household income
 is measured by an unconditional variance of residuals of an income
 equation. A (variant) of Heckman's sample selection model is employed to
 allow for the endogeneity of EGS participation and to assess its income
 stabilizing role. The (instrumented) EGS participation reduces the
 residual variance of household income, implying consequent income
 stabilization. 
Journal: Applied Economics Letters 
Pages: 1221-1225 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367262 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367262&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Boris Lokshin 
Author-X-Name-First: Boris 
Author-X-Name-Last: Lokshin 
Title: Further results on bias in dynamic unbalanced panel data models with an application to firm R&D investment 
Abstract:
  This article extends the LSDV bias-corrected estimator in (Bun and
 Carree, 2005) to unbalanced panels and discusses the analytic method of
 obtaining the solution. Using a Monte Carlo approach the article compares
 the performance of this estimator with three other available techniques
 for dynamic panel data models. Simulation reveals that LSDV-bc estimator
 is a good choice except for samples with small T, where it may be
 unpractical. The methodology is applied to examine the impact of internal
 and external R&D on labour productivity in an unbalanced panel of
 innovating firms. 
Journal: Applied Economics Letters 
Pages: 1227-1233 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367270 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367270&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marco Percoco 
Author-X-Name-First: Marco 
Author-X-Name-Last: Percoco 
Author-Name: Peter Nijkamp 
Author-X-Name-First: Peter 
Author-X-Name-Last: Nijkamp 
Title: Estimating individual rates of discount: a meta-analysis 
Abstract:
  In this article, we present the results from a meta-analysis conducted
 over 44 experimental and field studies, which report individual discount
 rate estimates. We find in our research that the experimental design of a
 study has a decisive impact on these estimates, and conclude that
 meta-analysis, in the case of individual discount rates, has a low
 transfer value. 
Journal: Applied Economics Letters 
Pages: 1235-1239 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367189 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367189&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julien Fouquau 
Author-X-Name-First: Julien 
Author-X-Name-Last: Fouquau 
Author-Name: Ghislaine Destais 
Author-X-Name-First: Ghislaine 
Author-X-Name-Last: Destais 
Author-Name: Christophe Hurlin 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Hurlin 
Title: Energy demand models: a threshold panel specification of the 'Kuznets curve' 
Abstract:
  This article proposes an original panel specification of the energy
 demand model. Based on panel threshold regression models, we derive
 country-specific and time-specific energy elasticity. We find a fall of
 the elasticity when the income level increase. 
Journal: Applied Economics Letters 
Pages: 1241-1244 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367197 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367197&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Venus Khim-Sen Liew 
Author-X-Name-First: Venus Khim-Sen 
Author-X-Name-Last: Liew 
Author-Name: Yusuf Ahmad 
Author-X-Name-First: Yusuf 
Author-X-Name-Last: Ahmad 
Title: Income convergence: fresh evidence from the Nordic countries 
Abstract:
  Using the recently developed linearity test and nonlinear unit root test,
 this study shows that the income gaps of Finland, Norway and Sweden with
 respect to Denmark are nonlinear but stationary with no significant trend
 effect, implying the Nordic countries have already attained steady state
 of income equality, a state beyond catching up as identified earlier in
 Oxley and Gresley (1999). This fresh evidence strengthens the finding of
 Nordic Convergence Club by these authors. 
Journal: Applied Economics Letters 
Pages: 1245-1248 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367205 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367205&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Boriss Siliverstovs 
Author-X-Name-First: Boriss 
Author-X-Name-Last: Siliverstovs 
Author-Name: Kinstantin Kholodilim 
Author-X-Name-First: Kinstantin 
Author-X-Name-Last: Kholodilim 
Title: On selection of components for a diffusion index model: it's not the size, it's how you use it 
Abstract:
  This article suggests a novel approach to pre-selection of the component
 series of the diffusion index based on their individual forecasting
 performance. It is shown that this targeted selection allows substantially
 improving the forecasting ability compared to the diffusion index models
 that are based on the largest available data set. 
Journal: Applied Economics Letters 
Pages: 1249-1254 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367221 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367221&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tzu-Pu Chang 
Author-X-Name-First: Tzu-Pu 
Author-X-Name-Last: Chang 
Author-Name: Jin-Li Hu 
Author-X-Name-First: Jin-Li 
Author-X-Name-Last: Hu 
Title: Incorporating a leading indicator into the trading rule through the Markov-switching vector autoregression model 
Abstract:
  This article examines the profitability of trading rules based on the
 smoothed probability of Markov-switching models and executes two models in
 Taiwan's case. The results present that both proposed models can earn
 excess returns over the buy-and-hold strategy and support that both can be
 used to trade. However, the univariate Markov-switching model, which only
 uses daily returns series does not successfully capture the trend in the
 stock market, especially during a bull market. This implies that
 high-frequency returns series contain lots of noises. In order to overcome
 this problem, the Markov-switching vector autoregression model that
 combines a leading indicator and returns is performed in this study. The
 results indicate a better trading pattern. We conclude that the leading
 indicator chosen from open interest in the future market increases useful
 information and reduces noises to improve model estimation, which can well
 identify the position of bull and bear markets. 
Journal: Applied Economics Letters 
Pages: 1255-1259 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367254 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367254&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marina Murat 
Author-X-Name-First: Marina 
Author-X-Name-Last: Murat 
Author-Name: Barbara Pistoresi 
Author-X-Name-First: Barbara 
Author-X-Name-Last: Pistoresi 
Title: Emigrant and immigrant networks in FDI 
Abstract:
  This article studies the relationship between emigration, immigration and
 the bilateral foreign direct investments (FDI), inward and outward,
 between Italy and 51 foreign countries. The results suggest that the
 networks of Italian emigrants abroad significantly promote both inward and
 outward bilateral FDI. The overall influence of immigrants is weaker.
 Their role is positively dependent on distance for FDI inward, only. 
Journal: Applied Economics Letters 
Pages: 1261-1264 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367312 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367312&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Black 
Author-X-Name-First: David 
Author-X-Name-Last: Black 
Author-Name: Michael Dowd 
Author-X-Name-First: Michael 
Author-X-Name-Last: Dowd 
Title: The changing composition of output and the great moderation 
Abstract:
  An additional explanation is provided for the decline in output
 variability that began in the mid-1980s. Using state, regional and
 aggregate data for the US, we examine the shifting influence from
 manufacturing to services on this variability. At all levels, we find
 support for this output composition change contributing to the reduced
 variability of output growth. 
Journal: Applied Economics Letters 
Pages: 1265-1270 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367320 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367320&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Patrick Lunnemann 
Author-X-Name-First: Patrick 
Author-X-Name-Last: Lunnemann 
Author-Name: Thomas Matha 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Matha 
Title: Mean reversion and sales 
Abstract:
  This article analyses the degree of inflation persistence in the EU15
 using disaggregate HICP price indices. The results, based on a
 nonparametric measure proposed by Marques (2004) suggest a very moderate
 degree of median and mean inflation persistence. The modified treatment of
 sales in the Harmonised Index of Consumer Prices tends to reduce the
 measured degree of inflation persistence. 
Journal: Applied Economics Letters 
Pages: 1271-1275 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719876 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719876&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Markus Haas 
Author-X-Name-First: Markus 
Author-X-Name-Last: Haas 
Title: Modelling skewness and kurtosis with the skewed Gauss-Laplace sum distribution 
Abstract:
  An asymmetric extension of the recently proposed (symmetric)
 Gauss-Laplace sum distribution for stock returns is developed, motivated
 by the fact that many stock return distributions display significant
 asymmetries. The properties of the new distribution, insofar as relevant
 for estimation, testing, and the modelling of skewness and kurtosis, are
 derived. An application to three major US stock return indices shows an
 excellent fit of the model, which outperforms many popular alternatives. 
Journal: Applied Economics Letters 
Pages: 1277-1283 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802400441 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802400441&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Khaled Hussainey 
Author-X-Name-First: Khaled 
Author-X-Name-Last: Hussainey 
Title: Do dividends signal information about future earnings? 
Abstract:
  This article aims to examine the extent to which dividends signal
 information about future earnings. It examines the effects of dividend
 payment status and the change in dividend payment on the relation between
 current stock returns and future earnings. The results show that dividends
 contain value relevant information about future earnings and that this
 information is incorporated into current stock returns. In particular, we
 find that firms that pay dividends at the current year exhibit higher
 levels of share price anticipation of earnings than nondividend-paying
 firms. We also find that the change in dividends is positively related to
 changes in the importance of future earnings news for current stock
 returns. Finally, we find that the relevance of dividends for forecasting
 future earnings is greater for loss-making firms than for profitable
 firms. 
Journal: Applied Economics Letters 
Pages: 1285-1288 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802403635 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802403635&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gabe de Bondt 
Author-X-Name-First: Gabe 
Author-X-Name-Last: de Bondt 
Title: Predictive content of the stock market for output revisited 
Abstract:
  In-sample and out-of-sample evidence for major countries shows that stock
 price determinants (earnings, risk-free interest rate and equity risk
 premium) accurately predict real Gross Domestic Product beyond 1 year
 compared to the stock price index, dividend yield, price/earnings ratio
 and the Fed model. 
Journal: Applied Economics Letters 
Pages: 1289-1294 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802481821 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802481821&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeong-Ryeol Kurz-Kim 
Author-X-Name-First: Jeong-Ryeol 
Author-X-Name-Last: Kurz-Kim 
Title: Further evidence for the negative relationship between stock returns and volatility 
Abstract:
  Using a simple autoregression with exogenous variables (and its
 transformed error-correction model), we investigate relationships between
 realized return and risk measured by realized volatility. The empirical
 results obtained from analysing the German Stock Index (DAX) and the Dow
 Jones Index (DJ) show a negative relationship between the realized return
 and risk and also between changes of the realized return and risk for both
 monthly and quarterly frequencies. There is also some weak evidence of a
 negative impact of large volatility on changes of the return that can be
 detected. 
Journal: Applied Economics Letters 
Pages: 1295-1300 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802481854 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802481854&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joan Costa-Font 
Author-X-Name-First: Joan 
Author-X-Name-Last: Costa-Font 
Author-Name: Montserrat Font 
Author-X-Name-First: Montserrat 
Author-X-Name-Last: Font 
Title: Does 'early purchase' improve the willingness to pay for long-term care insurance? 
Abstract:
  Coverage for long-term care insurance (LTCI) is scant. One common reason
 analysts refer to is individual's myopia in planning insurance well ahead
 of need. We attempt to test this by empirically eliciting the willingness
 to pay for a hypothetical long-term care insurance policy at two different
 periods of time namely: (a) current respondent time and (b) assuming the
 respondent is 40. We draw upon data from Spain where no insurance was
 available at the time of the study. We find that on average only one-fifth
 of the respondents find LTCI a suitable alternative and that
 interestingly, the willingness to pay does not seem to change
 significantly when individuals are at an 'optimal' purchasing age. The
 willingness to pay for LTCI is driven by individual's perceptions of risks
 conditional on survival instead. 
Journal: Applied Economics Letters 
Pages: 1301-1305 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701720171 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701720171&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Deller 
Author-X-Name-First: Steven 
Author-X-Name-Last: Deller 
Author-Name: James McConnon 
Author-X-Name-First: James 
Author-X-Name-Last: McConnon 
Title: Microenterprises and economic growth: a panel study of the US states 1977-1997 
Abstract:
  In this study, we examine the role of microenterprises in US economic
 growth. Using a panel of the 48 lower US states from 1977 to 1997, we
 estimate an expanded Carlino-Mills type model of growth. Microenterprises
 are defined as having between one and four employees. Results suggest that
 a higher share of goods producing firms that are microenterprises tend to
 be associated with lower levels of population, employment and income
 growth, while a higher share of service producing firms classified as
 micro are associated with higher levels of growth. These results suggest
 that care must be taken when promoting microenterprises as a major engine
 of economic growth. 
Journal: Applied Economics Letters 
Pages: 1307-1312 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367361 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367361&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Camilo Sarmiento 
Author-X-Name-First: Camilo 
Author-X-Name-Last: Sarmiento 
Title: Pricing delinquent mortgages 
Abstract:
  One of the most challenging tasks facing financial institutions is how
 much to mark down mortgage loans with delinquency events in the book of
 business. Since delinquent loans are not actively traded in the market, a
 modelling approach is needed for re-pricing these loans. Here, we show a
 two-step methodology for re-pricing delinquent loans. The first step uses
 the history of mortgage delinquencies to mark down the Fair Isaac
 Corporation Credit (FICO) score. The second step applies the mark down
 FICO score to a risk price model. 
Journal: Applied Economics Letters 
Pages: 1313-1317 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802534306 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802534306&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Caudill 
Author-X-Name-First: Steven 
Author-X-Name-Last: Caudill 
Author-Name: Ram Acharya 
Author-X-Name-First: Ram 
Author-X-Name-Last: Acharya 
Author-Name: Diane Hite 
Author-X-Name-First: Diane 
Author-X-Name-Last: Hite 
Title: A note on combining on-site samples and supplemental samples in a logit model of recreation demand 
Abstract:
  In recreation demand studies much of the data is collected via on-site
 samples. Thus, no data is collected for those not visiting the recreation
 site. The fact that no information is available for those not visiting the
 recreation area complicates statistical analyses because the result is an
 endogenously stratified sample. A supplemental sample contains information
 on the exogenous variables but no information on the response variable. A
 supplemental sample can be used, along with an on-site sample, to estimate
 a probability model for site visitation. In this article, we develop and
 apply the logit formulation of the model of Lancaster and Imbens (1996).
 We use an on-site sample from the Sipsey wilderness area in northwest
 Alabama. For our supplemental sample, we use the Integrated Public Use
 Microdata Series for corresponding counties in Alabama. Together, these
 samples are used to estimate factors influencing the probability of
 visiting the site. 
Journal: Applied Economics Letters 
Pages: 1319-1322 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701426563 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701426563&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Higgins 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Higgins 
Author-Name: Shohreh Majin 
Author-X-Name-First: Shohreh 
Author-X-Name-Last: Majin 
Title: Inflation uncertainty and money demand 
Abstract:
  We enter inflation uncertainty into error-correction models (EC) of US M1
 and M2 money demand. We estimate the models using an instrumental
 variables procedure that is robust to mis-specification of inflation
 uncertainty. We find inflation uncertainty has a negative effect on M1
 demand and a positive effect on M2 demand. Our results suggest that when
 confronted with increased inflation uncertainty, agents substitute away
 from M1 and to the interest bearing components of M2. 
Journal: Applied Economics Letters 
Pages: 1323-1328 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701452023 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701452023&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Faff 
Author-X-Name-First: Robert 
Author-X-Name-Last: Faff 
Author-Name: Terrence Hallahan 
Author-X-Name-First: Terrence 
Author-X-Name-Last: Hallahan 
Author-Name: Michael McKenzie 
Author-X-Name-First: Michael 
Author-X-Name-Last: McKenzie 
Title: Nonlinear linkages between financial risk tolerance and demographic characteristics 
Abstract:
  We explore the nonlinear linkage between financial risk tolerance and
 demographic characteristics. Our tests support the nonlinear role of age,
 income and number of dependents. 
Journal: Applied Economics Letters 
Pages: 1329-1332 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701381123 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701381123&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joe Akira Yoshino 
Author-X-Name-First: Joe Akira 
Author-X-Name-Last: Yoshino 
Author-Name: Edson Bastos e Santos 
Author-X-Name-First: Edson Bastos 
Author-X-Name-Last: e Santos 
Title: Revisiting the interest rate puzzle 
Abstract:
  This article makes a connection between Lucas' (1978) asset pricing model
 and the macroeconomic dynamics for some selected countries. Both the
 relative risk aversion and the impatience for postponing consumption by
 synthesizing the investor behaviour can help to understand some key
 macroeconomic issues across countries, such as the savings decision and
 the real interest rate. I find that the government consumption makes worse
 the so-called 'equity premium-interest rate puzzle'. The first root of the
 quadratic function for explaining the real interest rate can produce this
 puzzle, but not the second root. Thus, Mehra and Prescott (1985)
 identified only one possible solution. 
Journal: Applied Economics Letters 
Pages: 1333-1340 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802403643 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802403643&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shamim Ahmed 
Author-X-Name-First: Shamim 
Author-X-Name-Last: Ahmed 
Author-Name: Brian Cozzarin 
Author-X-Name-First: Brian 
Author-X-Name-Last: Cozzarin 
Title: Start-up funding sources and biotechnology firm growth 
Abstract:
  Biotechnology is one of the world's fastest growing industries, expanding
 almost four times faster than the G-7 average for all sectors with global
 demand of US$50 billion in 2005. Biotechnology offers significant economic
 benefits, particularly in exports and job creation, as well as important
 health, safety and environmental benefits. Although it has the potential
 to be an important engine of economic development in the twenty-first
 century, its research-intensity and the associated long lead times have
 intensified the equity gap faced by all rapidly growing firms. As a
 result, there are concerns about start-up financing on growth and
 performance. Our results show that angel, venture and conventional capital
 have contributed significantly to R&D capital formation and sales growth.
 Conversely, the contribution of funding from government, IPO and alliance
 capital sources are unimportant for our sample of biotechnology firms.
 These are counter intuitive results for conventional capital's importance
 for firm growth rates. It was expected that venture capital would be most
 important; however, it may be that older firms with more mature products
 or products ready for market are chosen as bank customers. In that case,
 perhaps it makes sense that bank capital is correlated with higher growth
 rates. 
Journal: Applied Economics Letters 
Pages: 1341-1345 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367338 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367338&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Herve Queneau 
Author-X-Name-First: Herve 
Author-X-Name-Last: Queneau 
Title: Trends in occupational segregation by race and ethnicity in the USA: evidence from detailed data 
Abstract:
  This article analyses trends in occupational segregation by race and
 ethnicity in the USA over the period 1983 to 2002. During this period,
 racial segregation markedly declined, while there was a fairly sizable
 increase in ethnic segregation. Almost all the changes in racial and
 ethnic segregation were due to the racial or ethnic composition effect.
 This finding is important since the composition effect truly measures the
 change in racial or ethnic segregation by eliminating the effect of
 changes in the size of occupations. During the period 1983-2002, the
 service, managerial, sales, operators and professional specialty
 occupations contributed the most to the decline in segregation between
 Blacks and NonBlacks, while the service, production and farming
 occupations contributed the most to the increase in segregation between
 Hispanics and NonHispanics. 
Journal: Applied Economics Letters 
Pages: 1347-1350 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367346 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367346&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guido Heineck 
Author-X-Name-First: Guido 
Author-X-Name-Last: Heineck 
Title: Sexual orientation and earnings: evidence from the ISSP 
Abstract:
  There is a small literature suggesting for earnings differentials of
 nonheterosexual individuals. This study adds to this research using 1994
 International Social Survey Programme data. While earnings of lesbian
 women and bisexual individuals are unaffected, results from selection
 corrected Mincer-type regressions indicate earnings penalties of about
 17-20% for gay men. Oaxaca decomposition suggests that two-thirds of this
 differential arise from discrimination. 
Journal: Applied Economics Letters 
Pages: 1351-1354 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367353 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367353&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Einat Neuman 
Author-X-Name-First: Einat 
Author-X-Name-Last: Neuman 
Author-Name: Shoshana Neuman 
Author-X-Name-First: Shoshana 
Author-X-Name-Last: Neuman 
Title: Agency in health-care: are medical care-givers perfect agents? 
Abstract:
  It has been suggested in the literature that a source of incompleteness
 in the agency relationship between the doctor and the patient is that the
 provider may respond to an incomplete or biased perception of the
 patient's interests. However, this has not been shown empirically. This
 article is novel in presenting an empirical test of the fundamental
 assumption of the agency model that health-care professionals understand
 what their patients want. Discrete choice experiments (DCEs) are conducted
 simultaneously within samples of patients (women who gave birth) and
 care-givers (doctors and nurses), to elicit and contrast patients'
 authentic preferences (for five maternity ward attributes) with what
 care-givers believe them to be. Conclusion: agents have a biased
 perception of principals' preferences, and therefore a complete agency
 relationship does not exist. Our findings add a novel empirical
 contribution to the agency relationship literature. Moreover, parallel
 preference patterns of patients and care-givers are certainly of much
 interest to the field of health economics: Informing the unaware medical
 care-givers about the patients' preferences, will improve treatment and
 patients' satisfaction. 
Journal: Applied Economics Letters 
Pages: 1355-1360 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367379 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367379&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Author-Name: Edwyna Harris 
Author-X-Name-First: Edwyna 
Author-X-Name-Last: Harris 
Author-Name: Yovina Joymungul 
Author-X-Name-First: Yovina 
Author-X-Name-Last: Joymungul 
Title: Market depth in an illiquid market: applying the VNET concept to Victorian water markets 
Abstract:
  In the context of highly liquid markets and intra-day data, Engle and
 Lange (2001) successfully develop a measure of market depth they call
 VNET. This article explores the applicability of a modified version of
 this measure in the case of the weekly market for seasonal water in rural
 Victoria. The modified VNET measure is found to be successful in this much
 more illiquid market, and interestingly our results on determinants are
 qualitatively similar to those obtained in Engle and Lange (2001). 
Journal: Applied Economics Letters 
Pages: 1361-1364 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701426571 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701426571&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Ezcurra 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Ezcurra 
Author-Name: Pedro Pascual 
Author-X-Name-First: Pedro 
Author-X-Name-Last: Pascual 
Title: Convergence in income inequality in the United States: a nonparametric analysis 
Abstract:
  This note investigates the spatial distribution of income inequality in
 the US over the period 1969 to 1999. Taking into account the
 methodological limitations of traditional convergence analysis, a non
 parametric approach is applied to examine the dynamics of the entire
 cross-sectional distribution. The study reveals the presence of a process
 of convergence in income inequality across the US states throughout the
 sample period, as a result of the evolution experienced by those sates
 located at both ends of the distribution in 1969. Nevertheless, the
 estimates performed suggest that this process will not continue
 indefinitely. 
Journal: Applied Economics Letters 
Pages: 1365-1368 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701439319 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701439319&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jae-Young Lim 
Author-X-Name-First: Jae-Young 
Author-X-Name-Last: Lim 
Title: The effect of communication between doctor and patient on patient's medical care use 
Abstract:
  Although rapidly developing information technologies, like the Internet,
 can improve the patient's access to health information, a patient still
 doesn't have enough ability to appropriately use health information. Hence
 doctors' efforts to help patient understand and interpret medical
 information by efficiently communicating with patient might enhance the
 patient's ability to utilize relevant medical information by which the
 patient's use of medical care would be affected. Furthermore, by
 manipulating doctor's payment method, doctor's effort of effectively
 communicating with patient would be affected and in turn patient's medical
 care use would be affected. This research seeks to determine whether a
 doctor's effort mentioned above can affect the patient's use of medical
 care, and in the policy perspective, whether the doctor's payment method
 can affect effort level provided to patients. The empirical results
 suggest the doctor's rate of supply-side cost sharing, representing a
 doctor's financial constraint, has a statistically significant positive
 effect on doctor's effort level and the doctor's effort level in turn has
 a statistically significant negative effect on medical care use of those
 patients who are prone to overuse it. 
Journal: Applied Economics Letters 
Pages: 1369-1374 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701439335 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701439335&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Don Webber 
Author-X-Name-First: Don 
Author-X-Name-Last: Webber 
Title: Who stopped flying around September 11? 
Abstract:
  This article presents the first set of empirical results on the effects
 of the events of 11 September 2001, on individual flying demand using data
 collected before and after these atrocities. 
Journal: Applied Economics Letters 
Pages: 1375-1381 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701452031 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701452031&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christer Thrane 
Author-X-Name-First: Christer 
Author-X-Name-Last: Thrane 
Title: Explaining variation in wine prices: the battle between objective and sensory attributes revisited 
Abstract:
  The relative influence of objective and sensory attributes' effects on
 wine prices have intrigued scholars recently. In this regard, a study by
 Lecocq and Visser (2006) concluded that the objective attributes were of
 primary importance. Against this background the purpose of this article is
 two-fold: (i) to establish that Lecocq and Visser's (2006) conclusion
 might be premature and (ii) to demonstrate how any study aiming at
 comparing the relative strengths of different sets of explanatory
 variables might be carried out more effectively. 
Journal: Applied Economics Letters 
Pages: 1383-1386 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701466056 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701466056&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Enlinson Mattos 
Author-X-Name-First: Enlinson 
Author-X-Name-Last: Mattos 
Title: Median-voter, size of the government and budget spillover: evidence for US states 
Abstract:
  The article tests an extended version of Meltzer and Richard's model
 where the redistributive policy of the government is made through in kind
 transfer. The median-voter of one region decides the size of the
 government of her region taking into account the expenditures made by
 neighbours' location. The theoretical model predicts that the poorer the
 median-voter, the higher the size of government must be. Also, the effect
 of neighbour's region expenditures on own location's decision of
 government size is undetermined. Estimations for the American states for
 1999-2000 year data suggest that there is no spatial interaction among
 states' expenditures. However, there is evidence in favour of the positive
 relation between the size of the government and inequality which supports
 Meltzer and Richard's theoretical model. 
Journal: Applied Economics Letters 
Pages: 1387-1392 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701493704 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701493704&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sophie Mitra 
Author-X-Name-First: Sophie 
Author-X-Name-Last: Mitra 
Author-Name: Usha Sambamoorthi 
Author-X-Name-First: Usha 
Author-X-Name-Last: Sambamoorthi 
Title: Wage differential by disability status in an agrarian labour market in India 
Abstract:
  This article is the first to estimate the magnitude and determinants of a
 wage differential by disability status in the context of an agrarian
 labour market through a wage decomposition method. In rural Uttar Pradesh,
 India, we find evidence of an unexplained wage gap in favour of
 nondisabled men of 8% after controlling for selection bias into employment
 and using different reference groups for wage decomposition. 
Journal: Applied Economics Letters 
Pages: 1393-1398 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850802047011 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802047011&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. H. Berry 
Author-X-Name-First: R. H. 
Author-X-Name-Last: Berry 
Author-Name: X. Zuo 
Author-X-Name-First: X. 
Author-X-Name-Last: Zuo 
Title: Calculating implied volatility using the bisection algorithm: a note 
Abstract:
  In a recent article in this journal Jiang (2002) argues that the
 bisection method is unable to cope with the task of calculating implied
 volatility from either the Black Scholes or Merton's jump diffusion option
 pricing models. A re-examination of the bisection method fails to support
 Jiang's contention. The bisection method proves capable of correctly
 calculating the implied volatility in a wide range of circumstances. The
 circumstances in which the bisection and other root finding methods
 struggle are highlighted. 
Journal: Applied Economics Letters 
Pages: 1399-1402 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701591325 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701591325&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Alagidede 
Author-X-Name-First: Paul 
Author-X-Name-Last: Alagidede 
Title: Relationship between stock returns and inflation 
Abstract:
  The question of whether common stocks can act as a hedge against
 inflation has received tremendous attention in the economics and finance
 literature, but with little or no evidence for African countries. This
 letter examines the Fisher hypothesis for 6 African countries. Using OLS
 estimates we find positive relationship between inflation and stock
 returns in Kenya and Nigeria. However, instrumental variable estimates
 provide consistent results and confirms the validity of a generalised
 Fisher hypothesis in 3 markets: Kenya and Nigeria at the 12 month horizon,
 and Tunisia at 60 month horizon. This suggests that investors should
 expect stocks to be a good hedge against inflation over long horizons. 
Journal: Applied Economics Letters 
Pages: 1403-1408 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701537682 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701537682&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohamed Chikhi 
Author-X-Name-First: Mohamed 
Author-X-Name-Last: Chikhi 
Author-Name: Claude Diebolt 
Author-X-Name-First: Claude 
Author-X-Name-Last: Diebolt 
Title: The Reichsbank: a nonparametric modelling of historical time series 
Abstract:
  This article applies nonparametric methods to the monthly monetary stock
 time series of the Reichsbank, constructed in weekly data, with 2160
 observations, covering the time period January 1876 to December 1920. Our
 analysis begins with a historical description followed by a cliometric
 application. 
Journal: Applied Economics Letters 
Pages: 1409-1414 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802599713 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802599713&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Colin Vance 
Author-X-Name-First: Colin 
Author-X-Name-Last: Vance 
Title: Marginal effects and significance testing with Heckman's sample selection model: a methodological note 
Abstract:
  This article illustrates two techniques for calculating the statistical
 significance of the marginal effects derived from Heckman's sample
 selection model, an increasingly common econometric specification in
 economics and political science. The discussion draws on an analysis by
 Sweeney (2003) of the incidence and intensity of interstate disputes.
 After replicating his results, the article presents the delta method and
 the nonparametric bootstrap as alternative techniques for obtaining SEs of
 the marginal effects, which themselves are calculated from a
 transformation of the model parameters. The analysis reveals two variables
 for which misleading inferences are drawn with respect to the precision of
 the estimated coefficients in the original study, suggesting that
 significance testing of the derived marginal effects is warranted. 
Journal: Applied Economics Letters 
Pages: 1415-1419 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701466049 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701466049&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jannett Highfill 
Author-X-Name-First: Jannett 
Author-X-Name-Last: Highfill 
Author-Name: Kevin O'Brien 
Author-X-Name-First: Kevin 
Author-X-Name-Last: O'Brien 
Title: The determinants of sales on eBay: the case of baseball cards 
Abstract:
  The popularity of online auctions has grown immensely with the eBay site
 being the largest auction site. One issue that has not received sufficient
 attention in the eBay auction literature is the effect of reserve-prices
 (or minimum prices) on the probability of a sale. Studies that have
 included this variable in their empirical specifications include
 Lucking-Reiley et al. (2000), Eaton (2002) and Jin and Kato (2002).
 However, all these studies used the book-price itself to determine its
 effect on auction outcomes. This study used alternative specifications of
 the reserve-price to determine if there were different effects of this
 variable on the probability of sale of baseball cards. These alternative
 specifications combined the reserve-price with the published book-prices
 for the baseball cards being sold. None of the three specifications of the
 reserve-price affected the probability of a sale including a binary
 variable representing reserve to book-price ratios &#x3e;2.00. The
 rationale offered for these results is that there is a geographic mismatch
 when baseball cards are distributed and eBay extends the reach of the card
 market, which allows collectors to buy desirable cards at a premium. 
Journal: Applied Economics Letters 
Pages: 1421-1424 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701493712 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701493712&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank Fabozzi 
Author-X-Name-First: Frank 
Author-X-Name-Last: Fabozzi 
Author-Name: Yi-Chen Wang 
Author-X-Name-First: Yi-Chen 
Author-X-Name-Last: Wang 
Author-Name: Shih-Kuo Yeh 
Author-X-Name-First: Shih-Kuo 
Author-X-Name-Last: Yeh 
Author-Name: Ren-Raw Chen 
Author-X-Name-First: Ren-Raw 
Author-X-Name-Last: Chen 
Title: An empirical analysis of the CDX index and its tranches 
Abstract:
  The desire of market participants to go long or short a portfolio of
 corporate credits led to the introduction of various types of indices of
 credit default swaps. In this article, we empirically investigate the
 relationships between the spreads of the North America CDX index and its
 tranches and their theoretical determinants. We find (1) support for a
 number of results predicted by the structural models used in credit risk
 modelling, such as the Merton model and (2) that CDX spreads are highly
 responsive to microstructure variables but not to macroeconomic variables. 
Journal: Applied Economics Letters 
Pages: 1425-1431 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802584889 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802584889&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chien-Wen Mo 
Author-X-Name-First: Chien-Wen 
Author-X-Name-Last: Mo 
Author-Name: Wen-Chi Liu 
Author-X-Name-First: Wen-Chi 
Author-X-Name-Last: Liu 
Title: International equity diversification between Japan and its major trading partners 
Abstract:
  This study attempts to re-investigate whether there exist long-run
 benefits from international equity diversification between Japan and its
 major trading partners, Asian countries (Malaysia, Singapore, South Korea
 and Taiwan) and the USA, using a more powerful nonparametric cointegration
 test developed by Bierens (1997), over the period 1 July 1999 to 31
 December 2004. The results from this test suggest that the Japanese stock
 market is pairwise cointegrated with the Malaysia, Singapore, Taiwan and
 the US stock market but not with the market of South Korea. These findings
 should prove valuable to individual investors and financial institutions
 holding long-run investment portfolios in these markets. 
Journal: Applied Economics Letters 
Pages: 1433-1437 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802597212 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802597212&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tal Shavit 
Author-X-Name-First: Tal 
Author-X-Name-Last: Shavit 
Author-Name: Shosh Shahrabani 
Author-X-Name-First: Shosh 
Author-X-Name-Last: Shahrabani 
Author-Name: Uri Benzion 
Author-X-Name-First: Uri 
Author-X-Name-Last: Benzion 
Title: The impact of preferences on the WTP premium and the WTA premium 
Abstract:
  The study examined the impact of preferences for an item on the
 Willingness to Pay (WTP) and Willingness to Accept (WTA). The results show
 that the differences between biddings for preferred and less preferred
 items are smaller in the selling position than in the buying position.
 This result can be explained by the existence of the ownership effect in
 the selling position for both preferred and less preferred items. 
Journal: Applied Economics Letters 
Pages: 1439-1442 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802599739 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802599739&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Murat Do&#x11f;anlar 
Author-X-Name-First: Murat 
Author-X-Name-Last: Do&#x11f;anlar 
Author-Name: Harun Bal 
Author-X-Name-First: Harun 
Author-X-Name-Last: Bal 
Author-Name: Mehmet Ozmen 
Author-X-Name-First: Mehmet 
Author-X-Name-Last: Ozmen 
Title: Testing long-run validity of purchasing power parity for selected emerging market economies 
Abstract:
  This study presents an empirical analysis of purchasing power parity for
 10emerging market economies, namely Brazil, India, Indonesia, South Korea,
 Mexico, Pakistan, Peru, Philippines, South Africa and Turkey. This is done
 by using cointegration technique. Time series properties of nominal
 exchange rate and price series show that they are nonstationary. The
 exchange rate and price series do not appear to be cointegrated for most
 of the countries. We reject the validity of purchasing power parity for
 Brazil, India, Indonesia, Pakistan, Philippines, South Africa, South Korea
 and Turkey, but we can accept it for Mexico and Peru. 
Journal: Applied Economics Letters 
Pages: 1443-1448 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701522817 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701522817&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Gallet 
Author-X-Name-First: Craig 
Author-X-Name-Last: Gallet 
Title: Snuff the puff: international evidence on the determinants of anti-smoking laws 
Abstract:
  Using data from a cross-section of countries, we find to varying degrees
 of significance that the probability governments adopt smoking bans and
 youth access restrictions depends upon per capita income, per capita
 cigarette consumption, life expectancy, government health care
 expenditures, economic freedom and population density. Because some
 results differ from studies of US anti-smoking policy, this highlights a
 limitation of using US results to draw inferences about other countries. 
Journal: Applied Economics Letters 
Pages: 1449-1453 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701537690 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701537690&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tiago Neves Sequeira 
Author-X-Name-First: Tiago Neves 
Author-X-Name-Last: Sequeira 
Author-Name: Margarida Rodrigues 
Author-X-Name-First: Margarida 
Author-X-Name-Last: Rodrigues 
Title: Social or human infrastructure? Re-examining essential determinants of output per worker among countries 
Abstract:
  Hall and Jones (1999) presented Social Infrastructure as an essential
 determinant of differences in Output per Worker among countries. We show
 that other types of infrastructure may influence Production per Worker
 even more. We call this type of infrastructure Human Infrastructure. 
Journal: Applied Economics Letters 
Pages: 1455-1459 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701564280 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701564280&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: The (non)impact of revenue decentralization on fiscal deficits: some evidence from OECD countries 
Abstract:
  Recent studies examining the relation between fiscal decentralization and
 consolidated government fiscal balances generally have not taken proper
 account of the extent of the independent taxing powers available to
 sub-national governments and thus have overstated the degree of effective
 revenue decentralization. Results from a panel regression study of 19 OECD
 member countries suggest that when the measure of fiscal decentralization
 is limited to the revenues over which sub-national governments have full
 autonomy, its impact on fiscal balances is not statistically significant.
 Accordingly, when accurately measured revenue decentralization appears to
 have had no negative impact on fiscal discipline. 
Journal: Applied Economics Letters 
Pages: 1461-1466 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701564298 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701564298&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joshua Gans 
Author-X-Name-First: Joshua 
Author-X-Name-Last: Gans 
Author-Name: Andrew Leigh 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Leigh 
Title: The millennium bub 
Abstract:
  How much do nonmedical factors affect the timing of conceptions, births
 and deaths? To test this, we estimate the effect of the millennium on
 conceptions, births and deaths. With a highly flexible empirical
 specification, we find large and significant increases in conceptions and
 births, and suggestive evidence of an effect on deaths. 
Journal: Applied Economics Letters 
Pages: 1467-1470 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701564306 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701564306&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Desiderio Romero-Jordan 
Author-X-Name-First: Desiderio 
Author-X-Name-Last: Romero-Jordan 
Author-Name: Jose Felix Sanz-Sanz 
Author-X-Name-First: Jose Felix 
Author-X-Name-Last: Sanz-Sanz 
Author-Name: Inmaculada Alvarez-Ayuso 
Author-X-Name-First: Inmaculada 
Author-X-Name-Last: Alvarez-Ayuso 
Title: Further considerations on the link between adjustment costs and the productivity of R&D investment: evidence for Spain 
Abstract:
  This article constructs a dynamic model to estimate the impact of
 adjustment costs on the productivity of investment in R&D. In order to
 take into account the possible endogeneity of adjustment costs, the model
 is estimated by means of instrumental variables (IV), using a panel of
 Spanish companies. The results show that the elasticity of the
 productivity of R&D investment with regard to adjustment costs is high,
 with a value close to -1 (-0.96). This confirms that it is essential to
 include adjustment costs in the empirical analysis of R&D productivity, as
 suggested by Jones and Williams (1998) and Comin (2002, 2004). 
Journal: Applied Economics Letters 
Pages: 1471-1476 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701564322 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701564322&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu-Lieh Huang 
Author-X-Name-First: Yu-Lieh 
Author-X-Name-Last: Huang 
Title: Identifying turbulent and calm regimes in stock prices: evidence from the Taiwan stock market 
Abstract:
  In this article, we apply the innovation regime-switching model, recently
 proposed by Kuan et al. (2005, JBES), to identify turbulent and calm
 regimes in stock prices. Based on the predictions of both regimes, we
 construct simple trading rules and investigate their profitability. Our
 results suggest that the proposed trading rules outperform the
 buy-and-hold strategy. 
Journal: Applied Economics Letters 
Pages: 1477-1481 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578793 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578793&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cristina Borra 
Author-X-Name-First: Cristina 
Author-X-Name-Last: Borra 
Author-Name: Francisco Gomez-Garcia 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Gomez-Garcia 
Author-Name: Manuel Salas-Velasco 
Author-X-Name-First: Manuel 
Author-X-Name-Last: Salas-Velasco 
Title: Entry of young economists into working life: analysis of the determinants of first unemployment duration 
Abstract:
  This article studies the determinants of the unemployment duration for a
 cohort of young graduates: those who obtained their university degree in
 Business, Economics, Management and Marketing in the academic year
 2001/2002 at the University of Seville, Spain. After estimating an ordered
 logit model for duration data, we conclude that graduates' final marks
 effect a positive impact on their labour insertion. Working while studying
 and the educational level of the mothers of the graduates also decrease
 the duration of this first unemployment. No significant effect is found
 for gender or type of degree dummies. 
Journal: Applied Economics Letters 
Pages: 1483-1488 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701591333 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701591333&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dan Andrews 
Author-X-Name-First: Dan 
Author-X-Name-Last: Andrews 
Author-Name: Andrew Leigh 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Leigh 
Title: More inequality, less social mobility 
Abstract:
  We investigate the relationship between inequality and intergenerational
 mobility. Proxying fathers' earnings with using detailed occupational
 data, we find that sons who grew up in countries that were more unequal in
 the 1970s were less likely to have experienced social mobility by the
 late-1990s. 
Journal: Applied Economics Letters 
Pages: 1489-1492 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701720197 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701720197&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Valentin Zelenyuk 
Author-X-Name-First: Valentin 
Author-X-Name-Last: Zelenyuk 
Title: Power of significance test of dummy variables in two-stage efficiency analysis model 
Abstract:
  In this note we investigate the power of significance test for dummy
 variables in the context of Simar and Wilson (2007) two-stage efficiency
 analysis model. 
Journal: Applied Economics Letters 
Pages: 1493-1495 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578884 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578884&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Puller 
Author-X-Name-First: Steven 
Author-X-Name-Last: Puller 
Title: Estimation of competitive conduct when firms are efficiently colluding: addressing the Corts critique 
Abstract:
  I address a recent critique by Corts (1999) who finds that traditional
 approaches in New Empirical Industrial Organization to estimate the
 competitive conduct in an oligopoly market can yield inconsistent
 estimates of the conduct parameter if firms are engaged in efficient
 collusion. This article derives a general empirical model that allows
 consistent estimation of the conduct parameter that is robust to efficient
 collusion. 
Journal: Applied Economics Letters 
Pages: 1497-1500 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578900 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578900&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Qiang Chen 
Author-X-Name-First: Qiang 
Author-X-Name-Last: Chen 
Title: The labour scarcity paradox reconsidered: a simple growth theoretic explanation 
Abstract:
  By calibrating a Solow model augmented by natural resources, this paper
 offers a simple explanation of the labor scarcity paradox during the
 process of America's catching up with Britain, which static models have
 difficulties in accounting for so far. 
Journal: Applied Economics Letters 
Pages: 1501-1504 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578843 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578843&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Kerr 
Author-X-Name-First: Peter 
Author-X-Name-Last: Kerr 
Author-Name: Bruce Domazlicky 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Domazlicky 
Title: Tipping and service quality: results from a large database 
Abstract:
  Tipping is a big business in the United States economy. We use a large
 data base from a restaurant delivery service to determine if the quality
 of service, as measured by the delivery time, is a significant determinant
 of the percentage tip by the customer. After controlling for the
 demographic characteristics, the location and income of the customer as
 well as the payment method, we find that the percentage tip decreases by
 0.12% for every minute of delivery time. Similar to other studies we find
 that minorities and the elderly tend to tip smaller amounts than do other
 groups. 
Journal: Applied Economics Letters 
Pages: 1505-1510 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578827 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578827&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Carree 
Author-X-Name-First: Martin 
Author-X-Name-Last: Carree 
Author-Name: Ingrid Verheul 
Author-X-Name-First: Ingrid 
Author-X-Name-Last: Verheul 
Title: Time allocation by the self-employed: the determinants of the number of working hours in start-ups 
Abstract:
  This article examines determinants of working hours by self-employed,
 explicitly discriminating between preference and productivity effects. A
 simple model of working hours is derived, not requiring expected profit
 data. The model is estimated using data from a Dutch survey of 1350
 start-ups. Outsourcing and number of employees appear related to both
 preference and productivity. The model has out-of-sample predictive power
 for the number of working hours. 
Journal: Applied Economics Letters 
Pages: 1511-1515 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701580542 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701580542&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles Moss 
Author-X-Name-First: Charles 
Author-X-Name-Last: Moss 
Author-Name: Grigorios Livanis 
Author-X-Name-First: Grigorios 
Author-X-Name-Last: Livanis 
Title: Implementation of stochastic dominance: a nonparametric kernel approach 
Abstract:
  The empirical application of stochastic dominance in the selection of
 crop alternatives under risk has typically been based on a step function
 specification of the empirical cumulative distribution function (cdf).
 This specification has questionable consequences for the analysis,
 particularly with regards to the tails of the distribution. This article
 proposes an alternative nonparametric approach based on a nonparametric
 regression of the cdf. The effect of this alternative specification is
 then demonstrated using data from Northern Florida. Results are more
 realistic. The first-degree stochastic dominance results are less
 discriminating under the new specification while the second-degree results
 are more discriminating. 
Journal: Applied Economics Letters 
Pages: 1517-1522 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578876 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578876&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Leightner 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Leightner 
Author-Name: Tomoo Inoue 
Author-X-Name-First: Tomoo 
Author-X-Name-Last: Inoue 
Title: Negative fiscal multipliers exceed positive multipliers during Japanese deflation 
Abstract:
  Bi-Directional Reiterative Truncated Projected Least Squares is used with
 quarterly Japanese data for 1955 to 2001 to find that the multiplier
 effect from increases in public and private investment was less than the
 multiplier effect from decreases in public and private investment between
 1989 and 2001. 
Journal: Applied Economics Letters 
Pages: 1523-1527 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578934 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578934&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andres Victorio 
Author-X-Name-First: Andres 
Author-X-Name-Last: Victorio 
Title: Altruism and externalities 
Abstract:
  The Coase theorem and the Rotten-Kid theorem are compared against each
 other in a simplified model of altruism and externalities. The efficiency
 predictions of the Coase theorem are found to be unaltered by the
 altruism, whereas those of the Rotten-Kid theorem are found to be
 applicable only to a more specialized type of social-welfare function. 
Journal: Applied Economics Letters 
Pages: 1529-1531 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578868 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578868&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Isabell Koske 
Author-X-Name-First: Isabell 
Author-X-Name-Last: Koske 
Title: International R&D spillovers: the role of financial markets 
Abstract:
  This article examines the role of financial markets as a catalyst for
 international technology diffusion using a panel data set on 72 countries
 over the period 1981 to 2005. The results suggest that countries with
 better developed financial markets benefit more from foreign R&D stocks to
 promote domestic productivity growth. This finding is robust to the
 inclusion of proxies for human capital and domestic R&D stocks as
 alternative measures of absorptive capacity. 
Journal: Applied Economics Letters 
Pages: 1533-1536 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701748917 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701748917&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Aoki 
Author-X-Name-First: Yu 
Author-X-Name-Last: Aoki 
Author-Name: Yasuyuki Todo 
Author-X-Name-First: Yasuyuki 
Author-X-Name-Last: Todo 
Title: Are immigrants more likely to commit crimes? Evidence from France 
Abstract:
  Using French data, we find that the share of immigrants in the population
 has no significant impact on crime rates once immigrants' economic
 circumstances are controlled for, while finding that unemployed immigrants
 tend to commit more crimes than unemployed nonimmigrants. 
Journal: Applied Economics Letters 
Pages: 1537-1541 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578892 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578892&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Naveen Srinivasan 
Author-X-Name-First: Naveen 
Author-X-Name-Last: Srinivasan 
Author-Name: Vidya Mahambare 
Author-X-Name-First: Vidya 
Author-X-Name-Last: Mahambare 
Author-Name: M. Ramachandran 
Author-X-Name-First: M. 
Author-X-Name-Last: Ramachandran 
Title: Preference asymmetry and international reserve accretion in India 
Abstract:
  Reduced-form estimates of the Reserve Bank of India's (RBI) first-order
 condition indicate that its preferences have been asymmetric with respect
 to exchange-rate management, with the response to the rate of rupee
 appreciation being relatively larger than to the rate of rupee
 depreciation of the same magnitude. This behaviour is shown to account for
 a sizable fraction of reserve accretion in recent years. 
Journal: Applied Economics Letters 
Pages: 1543-1546 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578942 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578942&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christophe Rault 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Rault 
Author-Name: Robert Sova 
Author-X-Name-First: Robert 
Author-X-Name-Last: Sova 
Author-Name: Ana Maria Sova 
Author-X-Name-First: Ana Maria 
Author-X-Name-Last: Sova 
Title: Modelling international trade flows between CEEC and OECD countries 
Abstract:
  This article deals with econometric developments for the estimation of
 gravity model, which allow to get convergent parameter estimates even when
 a correlation exists between the explanatory variables and the specific
 unobservable characteristics of each individual. We implement panel data
 econometric techniques to characterize bilateral trade flows between
 heterogeneous economies. Our econometric results based on a sample of 4
 Central and Eastern European countries (CEEC-4) and 19 OECD countries over
 a 18-year period highlight the importance by taking into account the
 unobservable heterogeneity to obtain a robust empirical specification and
 unbiased coefficients. 
Journal: Applied Economics Letters 
Pages: 1547-1554 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701564330 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701564330&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xindan Li 
Author-X-Name-First: Xindan 
Author-X-Name-Last: Li 
Author-Name: Bing Zhang 
Author-X-Name-First: Bing 
Author-X-Name-Last: Zhang 
Title: Price discovery for copper futures in informationally linked markets 
Abstract:
  The purpose of this article is to contribute to the research on
 informationally linked markets by investigating the relationships between
 the Chinese copper futures market and its London counterparts. There is a
 long run relationship between the Shanghai Futures Exchanges (SFE) with
 London Metals Exchange (LME) copper futures prices. Furthermore, we find
 that three regime Markov switching model with changing intercept and
 variance turns out to be good description of the data. The influence of
 LME on SFE is bigger than that of SFE on LME. 
Journal: Applied Economics Letters 
Pages: 1555-1558 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578801 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578801&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Title: The determinants of foreign direct investment in MENA countries: an extreme bounds analysis 
Abstract:
  The determinants of foreign direct investment inflows are examined by
 applying extreme bounds analysis to a cross-sectional sample encompassing
 data on 18 Middle Eastern and North African countries. With the gross
 domestic product growth rate serving as the free variable, eight potential
 explanatory variables are tried as the variables of interest in
 combination with three other variables. The results reveal that only one
 variable is robust when traditional EBA is used. However, when restricted
 EBA is used, the results based on the 60% of the regressions with the
 highest R2 reveal three more robust variables. Some explanations for the
 results are put forward. 
Journal: Applied Economics Letters 
Pages: 1559-1563 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578819 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578819&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hamid Baghestani 
Author-X-Name-First: Hamid 
Author-X-Name-Last: Baghestani 
Author-Name: Mohamed Soliman 
Author-X-Name-First: Mohamed 
Author-X-Name-Last: Soliman 
Title: Federal Reserve vs. consumer forecasts of inflation: 1979-1983 
Abstract:
  This article tests the asymmetric information hypothesis using the CPI
 inflation forecasts of the Federal Reserve and consumers for the volatile
 inflationary period of 1979-1983. The Fed generally over-predicted
 inflation, but consumers produced unbiased forecasts with superior
 predictive content. In fighting inflation, the Fed was, perhaps, cautious
 by assigning much cost to under-predictions, but little or no cost to
 over-predictions. Under such an asymmetric loss function, the bias in the
 Federal Reserve forecast of inflation appears to be rational. However,
 this explanation, while plausible, cannot be substantiated from the
 Federal Open Market Committee (FOMC) transcripts. 
Journal: Applied Economics Letters 
Pages: 1565-1568 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578835 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578835&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Salih Turan Kat&#x131;rc&#x131;oglu 
Author-X-Name-First: Salih Turan 
Author-X-Name-Last: Kat&#x131;rc&#x131;oglu 
Author-Name: Sami Feth&#x131; 
Author-X-Name-First: Sami 
Author-X-Name-Last: Feth&#x131; 
Author-Name: Meryem Duygun Feth&#x131; 
Author-X-Name-First: Meryem Duygun 
Author-X-Name-Last: Feth&#x131; 
Title: Twin deficits phenomenon in small islands: an empirical investigation by panel data analysis 
Abstract:
  This article empirically investigates the direction of causality between
 current account balance and the overall budget balance of a selected 24
 small island state economies by conducting panel data econometric
 techniques. The results of both bivariate and pairwise Granger causality
 tests suggest that there is unidirectional causation which runs from
 current account balance to the overall budget balance. On the other hand,
 no evidence has been obtained on the causation which runs from budget
 balance to current account balance in small island states. 
Journal: Applied Economics Letters 
Pages: 1569-1573 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578850 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578850&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Barros 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Barros 
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Stock market returns and terrorist violence: evidence from the Basque Country 
Abstract:
  We analyse the extent of the negative effects of violence in the Basque
 Country on the financial and economic activity of the region. We use daily
 data of the Basque stock market index and employ long memory regression
 models, with the Spanish stock market index and an index for violence
 employed as weakly exogenous regressors. The results show that violence
 significantly reduces the stock market returns in the area. On the other
 hand, the volatility processes are positively correlated with violence,
 though not statistically significant. 
Journal: Applied Economics Letters 
Pages: 1575-1579 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578918 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578918&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Holger Bonin 
Author-X-Name-First: Holger 
Author-X-Name-Last: Bonin 
Author-Name: Amelie Constant 
Author-X-Name-First: Amelie 
Author-X-Name-Last: Constant 
Author-Name: Konstantinos Tatsiramos 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Tatsiramos 
Author-Name: Klaus Zimmermann 
Author-X-Name-First: Klaus 
Author-X-Name-Last: Zimmermann 
Title: Native-migrant differences in risk attitudes 
Abstract:
  This article questions the perceived wisdom that migrants are more
 risk-loving than the native population. We employ a new large German
 survey of direct individual risk measures to find that first-generation
 migrants have lower risk attitudes than natives, which only equalize in
 the second generation. 
Journal: Applied Economics Letters 
Pages: 1581-1586 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578926 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578926&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Title: Smoking restrictions and spillovers across jurisdictions 
Abstract:
  We use state-level data to estimate the demand for cigarettes and the
 determinants of smoking prevalence in the United States. The main
 contribution lies in considering spillovers from geographic smoking
 restrictions. Results show that price affects cigarette demand, but not
 smoking prevalence. Cigarette demand turns out be unit elastic and similar
 in magnitude to the border-price elasticity. Home-based smoking
 restrictions lower both cigarette demand and participation, while work
 restrictions only lower participation. Border home restrictions seem
 inconsequential, whereas border work restrictions have a marginally
 positive effect, especially on cigarette demand. Policy implications are
 discussed. 
Journal: Applied Economics Letters 
Pages: 1587-1592 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604102 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604102&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Reidar Hagtvedt 
Author-X-Name-First: Reidar 
Author-X-Name-Last: Hagtvedt 
Title: Stock return dynamics and the CAPM anomalies 
Abstract:
  In this study the chaotic properties of stocks were calculated at the
 firm level rather than focusing on the properties of indices. The dominant
 Lyapunov exponent and the Correlation Dimension were estimated for weekly
 returns to individual stocks, and the relationships between these and the
 firm characteristics size (market value) and book-to-market-equity (BME)
 ratio were examined. Size was found to have an effect on the dynamic
 characteristics of the stocks, but BME had no statistically significant
 impact. 
Journal: Applied Economics Letters 
Pages: 1593-1596 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701582159 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701582159&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kang Yong Tan 
Author-X-Name-First: Kang Yong 
Author-X-Name-Last: Tan 
Title: A pooled mean group analysis on aid and growth 
Abstract:
  This article uses the pooled mean group estimator and an extended annual
 dataset to examine the effectiveness of aid on growth. The results
 indicate a significant long-run impact of aid and 'good' policy on growth,
 but conditioning aid on 'good' policy reduces the long-run growth rate. 
Journal: Applied Economics Letters 
Pages: 1597-1601 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604128 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604128&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michele Fratianni 
Author-X-Name-First: Michele 
Author-X-Name-Last: Fratianni 
Author-Name: Chang Hoon Oh 
Author-X-Name-First: Chang Hoon 
Author-X-Name-Last: Oh 
Title: Size of regional trade agreements and regional trade bias 
Abstract:
  We test the relationship between size of regional trade agreement (RTA)
 and regional trade bias using a gravity equation on a large sample of 143
 countries for the period 1980-2003. We find that regional trade bias
 declines with the size of the club and that three of the four expanding
 RTAs have already surpassed their 'optimal' sizes. There is no evidence
 that RTAs have set protection levels against outsiders noncooperatively. 
Journal: Applied Economics Letters 
Pages: 1603-1606 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604110 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604110&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ilias Livanos 
Author-X-Name-First: Ilias 
Author-X-Name-Last: Livanos 
Title: Modelling the incidence of unemployment: the case of Greece 
Abstract:
  In this article, micro-data from the 2004 Labour Force Survey are used to
 model the incidence of unemployment in Greece and assess whether personal
 attributes of the individual, such as educational level, affect the
 probability of being unemployed. For that purpose, a logit regression
 model was constructed. It is found that the type of qualification (PhD,
 Masters, University degree, etc.) that an individual holds does not affect
 the probability of being unemployed. However, the incidence of
 unemployment is found to be affected by the subject studied. Other
 attributes of the individuals that were found to affect the probability of
 unemployment are: gender, marital status and region of residence. 
Journal: Applied Economics Letters 
Pages: 1607-1611 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578959 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578959&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Davis 
Author-X-Name-First: Michael 
Author-X-Name-Last: Davis 
Title: Environmental regulations and the increasing seasonality of gasoline prices 
Abstract:
  We analyse gasoline prices over the past 27 years and find that there has
 been an increase in the seasonal variation since 2000. This finding is
 attributed to an increase in the environmental regulations on gasoline
 during the summer months. 
Journal: Applied Economics Letters 
Pages: 1613-1616 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701591291 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701591291&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Andresen 
Author-X-Name-First: Martin 
Author-X-Name-Last: Andresen 
Title: The border puzzle is solved 
Abstract:
  This article solves the border puzzle that asks why countries have such a
 strong preference for consuming their own goods. After replicating the
 negative impact of the border on Canada-United States international trade
 using the methods of previous research, it is shown that past estimates
 that find the border to be a significant barrier to international trade
 are the result of statistical misspecification. 
Journal: Applied Economics Letters 
Pages: 1617-1620 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701591317 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701591317&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Rubb 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Rubb 
Title: Over education among older workers: impact on wages and early retirement decisions 
Abstract:
  As baby boomers approach the later years of their careers and potentially
 face early retirement decisions, it is worth remembering that their
 average level of schooling exceeds that of all previous generations.
 Accordingly, this paper examines the effects of overeducation on wages and
 early retirement decisions. The impact of overeducation on the wages of
 older workers is remarkably similar to that found in younger cohorts. With
 regards to the retirement decision, the literature suggests a link between
 overeducation and job dissatisfaction and a separate link between job
 dissatisfaction and early retirement. However, overeducation late in one's
 career may not be reflective of genuine skill mismatches or job
 dissatisfaction if skill mismatches occur. If overeducation has any impact
 on the likelihood of early retirement it is small as the empirical
 analysis finds no such evidence 
Journal: Applied Economics Letters 
Pages: 1621-1626 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604052 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604052&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Don Galagedera 
Author-X-Name-First: Don 
Author-X-Name-Last: Galagedera 
Title: Economic significance of downside risk in developed and emerging markets 
Abstract:
  This study examines in the cross-section the association between excess
 return and systematic risk measured in the downside framework. Two
 measures of risk in the downside; downside beta and downside co-skewness
 are investigated. Both downside risk measures perform poorly compared to
 the CAPM beta in developed markets. In emerging markets there is evidence
 to suggest that downside co-skewness may be a better measure of risk
 compared to the CAPM beta and downside beta. 
Journal: Applied Economics Letters 
Pages: 1627-1632 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604060 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604060&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rebeca Jimenez-Rodriguez 
Author-X-Name-First: Rebeca 
Author-X-Name-Last: Jimenez-Rodriguez 
Author-Name: Marcelo Sanchez 
Author-X-Name-First: Marcelo 
Author-X-Name-Last: Sanchez 
Title: Oil shocks and the macro-economy: a comparison across high oil price periods 
Abstract:
  Oil prices are found to exert nonlinear effects on major advanced
 economies. Real output's reaction is much more visible during the periods
 of high oil prices of the mid-1970s and early 1980s. Oil prices have had
 inflationary consequences in several economies not only in those two
 periods, but also during the spike of 1990. There is also evidence that
 inflation has picked up in some economies as a result of the oil price
 hikes of 1999-2000, and even more recently in the case of the US. 
Journal: Applied Economics Letters 
Pages: 1633-1638 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604086 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604086&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Bastos 
Author-X-Name-First: A. 
Author-X-Name-Last: Bastos 
Author-Name: G. Leao Fernandes 
Author-X-Name-First: G. Leao 
Author-X-Name-Last: Fernandes 
Author-Name: J. Passos 
Author-X-Name-First: J. 
Author-X-Name-Last: Passos 
Title: Analysis of school failure based on Portuguese micro data 
Abstract:
  In this article we investigate the main causes of school failure in the
 primary public schools in Lisbon. Poisson count-data models are used to
 analyse the relationship between the number of failures and a wide set of
 explanatory variables. However heterogeneity due to unobserved differences
 in intellectual abilities of the students is of primary concern.
 Neglecting it causes biased estimates and therefore a proper method is
 required to accommodate it. In this article we suggest a finite mixture of
 Poisson's. We found that variables associated to gender, ethnicity, family
 dimension, parent's level of education and income poverty are the most
 important observable determinants of school failure. 
Journal: Applied Economics Letters 
Pages: 1639-1643 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604094 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604094&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alfredo Martin-Oliver 
Author-X-Name-First: Alfredo 
Author-X-Name-Last: Martin-Oliver 
Author-Name: Vicente Salas-Fumas 
Author-X-Name-First: Vicente 
Author-X-Name-Last: Salas-Fumas 
Author-Name: Jesus Saurina 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Saurina 
Title: Informational differentiation, interest rate dispersion and market power 
Abstract:
  This article investigates the existence and determinants of interest rate
 dispersion in loans and deposits of Spanish banks under the lens of
 informational differentiation. We find that interest rate dispersion and
 market power co-vary in the same direction across bank products under
 differences in variables that affect customers' incentives to search. 
Journal: Applied Economics Letters 
Pages: 1645-1649 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604144 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604144&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zafer Caliskan 
Author-X-Name-First: Zafer 
Author-X-Name-Last: Caliskan 
Title: The relationship between pharmaceutical expenditure and life expectancy: evidence from 21 OECD countries 
Abstract:
  The purpose of this article is to examine the effect of pharmaceutical
 expenditures on life expectancy for 21 OECD countries. An unbalanced panel
 data model is used to investigate the role of socio-economic, lifestyle
 and demographic factors as well as public and private pharmaceutical
 expenditures in determining life expectancy for six age-gender strata over
 the period 1985 to 2002. The empirical results show that pharmaceutical
 expenditure has a positive, but different effect on life expectancy for
 females and males with various ages. 
Journal: Applied Economics Letters 
Pages: 1651-1655 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604136 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604136&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tian-Shyr Dai 
Author-X-Name-First: Tian-Shyr 
Author-X-Name-Last: Dai 
Author-Name: Yuh-Dauh Lyuu 
Author-X-Name-First: Yuh-Dauh 
Author-X-Name-Last: Lyuu 
Title: Accurate approximation formulas for stock options with discrete dividends 
Abstract:
  Pricing options on a stock that pays discrete dividends has not been
 satisfactorily settled in the literature. Frishling (2002) shows that
 there are three different models to model stock price with discrete
 dividends, but only one of these models is close to reality and generates
 consistent option prices. We follow Frishling (2002) by calling this model
 Model 3. Unfortunately, there is no analytical option pricing formula for
 Model 3, and many popular numerical methods such as trees are inefficient
 when used to implement Model 3. A new stock price model is proposed in
 this article. To guarantee that the option prices generated by this new
 model are close to those generated by Model 3, the distributions of the
 new model at exdividend dates and maturity approximate the distributions
 of Model 3&#xa0;at those dates. To achieve this, a discrete dividend in
 Model 3 is replaced by a continuous dividend yield that can be represented
 as a function of discrete dividends and stock returns in the new model.
 Thus, the new model follows a lognormal diffusion process and the
 analytical option pricing formulas can be easily derived. Numerical
 experiments show that our analytical pricing formulas provide accurate
 pricing results. 
Journal: Applied Economics Letters 
Pages: 1657-1663 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604078 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604078&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Einat Neuman 
Author-X-Name-First: Einat 
Author-X-Name-Last: Neuman 
Title: What is important in a fight for life? - preferences of women diagnosed with breast cancer for attributes of an oncological institute 
Abstract:
  A Discrete Choice Experiment (DCE) is used to establish preference
 patterns for attributes of a medical institute that are exhibited by
 Israeli women who were diagnosed with breast cancer. It contributes and
 adds to the growing body of studies in Health Economics that use DCEs: (i)
 the domain of experimentation is extended to a country other than the UK
 or the US, where most experiments took place; (ii) a life-threatening
 disease has been chosen for the DCE, to test whether in this case too
 individuals relate to trade-offs between attributes, or alternatively
 focus only on quality of treatment; (iii) substitution or
 complementarities between attributes have been investigated; and (iv)
 differences in preference patterns within diverse socio-economic groups
 have been explored. The findings are followed by suggestions for possible
 extensions. 
Journal: Applied Economics Letters 
Pages: 1665-1670 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578967 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578967&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maritta Paloviita 
Author-X-Name-First: Maritta 
Author-X-Name-Last: Paloviita 
Author-Name: Matti Viren 
Author-X-Name-First: Matti 
Author-X-Name-Last: Viren 
Title: The role of inflation expectations in the EMU 
Abstract:
  This article analyses the role of inflation expectations in the euro
 area. On the one hand, the question is how inflation expectations affect
 both inflation and output, and, on the other hand, how inflation
 expectations reflect developments in these variables. The analysis makes
 use of a simple VAR model of inflation, inflation expectations and output,
 which allows for scrutinizing the dynamic interrelationships between these
 variables. Empirical results strongly suggest that inflation expectations
 are the key ingredient of the inflationary process for the euro area and
 they have a significant negative effect on output. Inflation expectations
 are found to be relatively persistent - almost as persistent as output -
 albeit they do adapt to developments in both output and (actual)
 inflation, especially in the medium term. 
Journal: Applied Economics Letters 
Pages: 1671-1675 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701591309 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701591309&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chun-Yu Ho 
Author-X-Name-First: Chun-Yu 
Author-X-Name-Last: Ho 
Author-Name: Dan Li 
Author-X-Name-First: Dan 
Author-X-Name-Last: Li 
Title: The nexus of income and size distribution of Chinese cities, 1984-2003 
Abstract:
  We estimate the distribution dynamics of city income and size in China
 during 1984-2003 using stochastic kernel. Our results show that
 intra-distribution mobility are significant in both income and size and
 provide evidences on China experienced internal brain drain. 
Journal: Applied Economics Letters 
Pages: 1677-1682 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701675458 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701675458&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Ashraf 
Author-X-Name-First: Mohammad 
Author-X-Name-Last: Ashraf 
Title: Characteristics of female managers in the US labour market 
Abstract:
  We use 1% Public Use Micro Data Samples 1990 and 1% Public Use Micro Data
 Samples 2000 data to investigate characteristics of female managers in the
 US labour market. The results of this study indicate that the presence of
 husbands affected the probability of female presence in management-type
 occupations negatively during the 1980s. However, during the 1990s, the
 results show a reversed pattern. Also, having higher education positively
 affected this probability both during the 1980s as well as the 1990s.
 However, the premium for a higher education was not as high during the
 1990s as it was during the 1980s. '&#x2026; highly qualified women have an
 importance beyond their numbers. This is partly due to the fact that women
 in senior positions are better placed to look after the work interests of
 other women in their organization.' Dolton et&#xa0;al. (1996, p. 551). 
Journal: Applied Economics Letters 
Pages: 1683-1686 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701663249 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701663249&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Gius 
Author-X-Name-First: Mark 
Author-X-Name-Last: Gius 
Title: The effect of gun ownership rates on homicide rates: a state-level analysis 
Abstract:
  The purpose of the present study is to examine the link between gun
 ownership rates and homicide rates. Using a very large cross-sectional
 survey dataset in order to obtain estimates for household-level gun
 ownership rates, and state-level data on homicides, the results indicate
 that gun ownership rates have a statistically significant and positive
 effect on the homicide rates at the 10% significance level. This result
 suggests that efforts to restrict access to firearms may reduce murders. 
Journal: Applied Economics Letters 
Pages: 1687-1690 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701675508 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701675508&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Title: The sustainability of trade accounts of the G-7 countries 
Abstract:
  This article has examined the sustainability of the trade accounts of the
 G-7 countries by analysing the long-run equilibrium between exports and
 imports. We applied the techniques of the recently developed nonstationary
 panel data analysis and found that the trade accounts of the G-7 countries
 are very likely to be nonstationary variables. This implies that trade
 accounts are not sustainable for the G-7 countries. Therefore, some
 appropriate policies must be implemented to prevent trade imbalances from
 increasing. 
Journal: Applied Economics Letters 
Pages: 1691-1694 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701675490 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701675490&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Title: The optimal reservation utility in models of decision making in arranged marriages 
Abstract:
  The notion of a reservation quality or utility is a key feature of
 Batabyal's (2003a) recent analysis of decision making in arranged
 marriages. In this model, the magnitude of the reservation utility has a
 nontrivial impact on the decision to accept or decline a marriage
 proposal. Even so, Batabyal (2003a) treats the marrying agent's
 reservation utility as an exogenous variable. Consequently, the purpose of
 this article is to endogenize the reservation utility variable in the
 context of a dynamic and stochastic model of decision making in arranged
 marriages. Our analysis leads to two results. First, we demonstrate that
 the optimal reservation utility is the solution to a particular
 maximization problem. Second, we show that theoretical circumstances exist
 in which the optimal reservation utility is unique. 
Journal: Applied Economics Letters 
Pages: 1695-1698 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701625800 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701625800&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tran Viet Ha 
Author-X-Name-First: Tran Viet 
Author-X-Name-Last: Ha 
Title: A discussion on power of ADF F-test with unexpected initial value 
Abstract:
  This article attempts to show when the series is a stationary
 autoregressive process, of which, the initial value is far from the
 deterministic trend, power of Augmented Dickey-Fuller(ADF) F-test is not
 only superior to the tests, which are most powerful for small and moderate
 initial value, such as GLS-DF test (Elliott et al., 1996) but also to ADF
 t-test, given small and moderate sample sizes; and especially, when the
 autoregressive coefficient is close to unity. The procedure proposed by
 Holden and Perman (1994), which takes advantage of both t- and F-type ADF
 tests is recommended. 
Journal: Applied Economics Letters 
Pages: 1699-1703 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604201 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604201&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Graham Bird 
Author-X-Name-First: Graham 
Author-X-Name-Last: Bird 
Author-Name: Dane Rowlands 
Author-X-Name-First: Dane 
Author-X-Name-Last: Rowlands 
Title: The IMF's role in mobilizing private capital flows: are there grounds for catalytic conversion? 
Abstract:
  Recent theoretical and empirical research suggests that under certain
 conditions IMF agreements induce additional inflows of finance from
 private international capital markets. This article provides new empirical
 evidence on this catalytic effect using a treatment effects model to
 correct for selectivity. It concludes that catalysis remains weak or
 negative overall, with nuances that support recent theory. 
Journal: Applied Economics Letters 
Pages: 1705-1708 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604169 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604169&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dale Cloninger 
Author-X-Name-First: Dale 
Author-X-Name-Last: Cloninger 
Author-Name: Roberto Marchesini 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Marchesini 
Title: Reflections on a critique 
Abstract:
  Critiques of scholarly research contain their own flaws; sometimes even
 more so than the work they are critiquing. Such is the case of the
 critique of our research authored by John Donohue and Jason Wolfers.
 Published in the Stanford Law Review their paper avoided the blind peer
 review process and consequently contains elements that undoubtedly would
 not have survived peer review. That possibility aside, we show that their
 alternative measures of criminal activity have no theoretical basis nor
 any empirical precedent within the modified portfolio approach employed in
 our research. Putting even that aside, we show that their empirical
 results are not inconsistent with ours. Thus, upon reflection, we see no
 justification to amend, modify or otherwise alter our methods or results. 
Journal: Applied Economics Letters 
Pages: 1709-1711 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604177 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604177&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul-Antoine Beretti 
Author-X-Name-First: Paul-Antoine 
Author-X-Name-Last: Beretti 
Author-Name: Gilbert Cette 
Author-X-Name-First: Gilbert 
Author-X-Name-Last: Cette 
Title: Indirect ICT investment 
Abstract:
  Numerous economic studies have highlighted that information and
 communication technology (ICT) investment expenditure appears to be
 greater in the field of services, and above all in certain activities such
 as financial services and wholesale trade, than in industry. This analysis
 examines whether the investment data compiled by national accountants
 underestimate productive ICT expenditure, and whether this is more
 pronounced in the case of industry than for services. For that purpose, we
 propose an assessment of the size of ICT inputs (termed 'indirect ICT
 investment') in non-ICT investment expenditure for France in 2000. The
 main result of our analysis is that the amount of 'indirect ICT
 investment' appears to be small, compared with 'direct ICT investment',
 suggesting that the biggest investors in ICT remain services, regardless
 of whether we consider 'direct' or 'direct' plus 'indirect investment'. 
Journal: Applied Economics Letters 
Pages: 1713-1716 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701675524 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701675524&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yong Bao 
Author-X-Name-First: Yong 
Author-X-Name-Last: Bao 
Author-Name: Thomas Fullerton 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Fullerton 
Author-Name: Donald Lien 
Author-X-Name-First: Donald 
Author-X-Name-Last: Lien 
Title: Borderplex menu evidence for the law of one price: a convergence approach 
Abstract:
  A convergence approach is utilized to examine deviations from the law of
 one price. Sample data are menu prices for eight identical products sold
 by international restaurant franchises in Mexico and the United States.
 The results suggest mean reverting behaviour in real exchange rate
 movements in response to recent information. 
Journal: Applied Economics Letters 
Pages: 1717-1720 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701675516 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701675516&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bisakha Sen 
Author-X-Name-First: Bisakha 
Author-X-Name-Last: Sen 
Author-Name: Susan Averett 
Author-X-Name-First: Susan 
Author-X-Name-Last: Averett 
Author-Name: Laura Argys 
Author-X-Name-First: Laura 
Author-X-Name-Last: Argys 
Author-Name: Daniel Rees 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Rees 
Title: The effect of substance use on the delinquent behaviour of adolescents 
Abstract:
  Adolescents who drink or smoke marijuana are more likely to engage in
 delinquent activities than their peers who do not use substances, but it
 is not clear whether this association is causal or driven by other
 difficult-to-measure underlying factors such as an individual's discount
 rate. Using several empirical strategies that are designed to control for
 the influence of unobservables, we explore the relationship between
 substance use and four outcomes: fighting, property-destruction, theft,
 and running away. Our results suggest that, for males, the positive
 association between substance-use and these outcomes is probably spurious.
 In contrast, there is some evidence that female substance use may be
 causally related to destroying property, theft, and running away. These
 results are of importance to parents and policymakers who wish to reduce
 the incidence of delinquent behaviour of adolescents. 
Journal: Applied Economics Letters 
Pages: 1721-1729 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701675532 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701675532&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matias Fontenla 
Author-X-Name-First: Matias 
Author-X-Name-Last: Fontenla 
Author-Name: Fidel Gonzalez 
Author-X-Name-First: Fidel 
Author-X-Name-Last: Gonzalez 
Author-Name: Juan Carlos Navarro 
Author-X-Name-First: Juan Carlos 
Author-X-Name-Last: Navarro 
Title: Determinants of housing expenditure in Mexico 
Abstract:
  Few studies estimate housing demand for developing countries. We
 contribute to the literature by estimating housing demand in Mexico, and
 analysing its main determinants. An advantage of this study is the use of
 market-based data of actual housing transactions. Our results show a
 strong positive influence of permanent and temporary income on housing
 demand. 
Journal: Applied Economics Letters 
Pages: 1731-1734 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701675466 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701675466&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yung-Lieh Yang 
Author-X-Name-First: Yung-Lieh 
Author-X-Name-Last: Yang 
Author-Name: Jun-Yen Lee 
Author-X-Name-First: Jun-Yen 
Author-X-Name-Last: Lee 
Title: Decomposition of the cost growth for the US forest product industries 
Abstract:
  This article investigates sources that lead to the cost growth of eight
 U.S. forest products industries during the period 1997 to 2005. The cost
 growth rate decomposes into two components: the cost efficiency change and
 the cost technical change. Empirical evidences indicate that the cost
 growth in wood product industries is predominantly from cost technical
 change. In contrast, cost inefficiency primarily drives the cost growth in
 the pulp and paper industries. 
Journal: Applied Economics Letters 
Pages: 1735-1741 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604193 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604193&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: Impact of the real median price of single-family homes on US internal net migration: an exploratory empirical note 
Abstract:
  This exploratory study investigates the impact of the real median price
 of single-family homes on US net internal migration flows over the 2000 to
 2004 period. After allowing for factors such as the growth rate of GSP,
 the presence of hazardous waste sites, climate, the presence of state
 income taxes, and other factors, it is found that the rate of net state
 in-migration over the 2000 to 2004 period was negatively and significantly
 affected by higher real median prices on single-family homes, a finding
 consistent with the absence of 'money illusion'. 
Journal: Applied Economics Letters 
Pages: 1743-1746 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604151 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604151&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Manish Pandey 
Author-X-Name-First: Manish 
Author-X-Name-Last: Pandey 
Author-Name: John Whalley 
Author-X-Name-First: John 
Author-X-Name-Last: Whalley 
Title: Social networks and trade liberalization 
Abstract:
  We consider a representative family in which there are location specific
 network effects from interactions with other family members, such as joint
 consumption, joint emotional support and coinsurance. The benefits an
 individual receives from the network they participate in are nonlinearly
 related to the number of family members located in urban and rural areas.
 Family members choose whether to locate in urban or rural areas and
 average and marginal network benefits differ. In a model with
 internationally traded urban and rural produced goods, with differential
 network effects in urban and rural areas free trade will no longer be the
 best policy. We show this through a numerical example, and suggest that
 the case for free trade may need to be more nuanced once social
 considerations of this type are taken into account. 
Journal: Applied Economics Letters 
Pages: 1747-1749 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701642003 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701642003&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gianluca Lagana 
Author-X-Name-First: Gianluca 
Author-X-Name-Last: Lagana 
Title: A structural factor-augmented vector error correction (SFAVEC) model approach: an application to the UK 
Abstract:
  This note presents a new structural factor-augmented vector error
 correction model approach to solve the limited information problem present
 in traditional vector error correction models. We apply this approach to
 the UK and obtain a reasonable characterization of the long-run
 equilibrium concerning real activity, taxation, inflation and the rate of
 interest. 
Journal: Applied Economics Letters 
Pages: 1751-1756 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604185 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604185&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ten-Der Jane 
Author-X-Name-First: Ten-Der 
Author-X-Name-Last: Jane 
Author-Name: Cherng Ding 
Author-X-Name-First: Cherng 
Author-X-Name-Last: Ding 
Title: On the multivariate EGARCH model 
Abstract:
  In this aticle, the extension of Nelson's (1991) univariate EGARCH model
 to the multivariate version has been reexamined and compared with the
 existing one given by Koutmos and Booth (1995). The magnitude and sign of
 standardized innovations have been constrained in Koutmos and Booth's
 multivariate EGARCH model, but not in the actual multivariate EGARCH
 model. The constraints imposed on Koutmos and Booth's EGARCH model may
 lead to inaccurate parameter estimates. Since the actual multivariate
 EGARCH model obtained is more general, and can produce more accurate
 inferential results, we suggest that the actual multivariate EGARCH model
 be used in future financial empirical studies. 
Journal: Applied Economics Letters 
Pages: 1757-1761 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604383 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604383&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saadet Kasman 
Author-X-Name-First: Saadet 
Author-X-Name-Last: Kasman 
Author-Name: Evrim Turgutlu 
Author-X-Name-First: Evrim 
Author-X-Name-Last: Turgutlu 
Author-Name: A. Duygu Ayhan 
Author-X-Name-First: A. Duygu 
Author-X-Name-Last: Ayhan 
Title: Long memory in stock returns: evidence from the major emerging Central European stock markets 
Abstract:
  This article analyses the long-memory properties of the daily stock
 market returns of four major emerging Central European countries, the
 Czech Republic, Hungary, Poland and the Slovak Republic. We use the
 semi-parametric method of Geweke and Porter-Hudak (1983) and parametric
 method of Sowell (1992). The results indicate a significant long memory in
 the return series of the Slovak Republic. The evidence of long memory in
 Hungary and the Czech Republic is, however weak. Poland is the only market
 exhibiting short memory. Since long-memory property is inconsistent with
 the market efficiency, there is still room for the investors to receive
 unexploited profits in the stock market of the Slovak Republic. 
Journal: Applied Economics Letters 
Pages: 1763-1768 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701663231 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701663231&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Marrett 
Author-X-Name-First: George 
Author-X-Name-Last: Marrett 
Author-Name: Andrew Worthington 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Worthington 
Title: An empirical note on the holiday effect in the Australian stock market, 1996-2006 
Abstract:
  This note examines the holiday effect in Australian daily stock returns
 at the market and industry level and for small capitalization stocks from
 Monday 9 September 1996 to Friday 10 November 2006. The eight annual
 holidays specified are New Years Day, Australia Day (26 January), Easter
 Friday and Easter Monday, ANZAC Day (25 April), the Queen's Birthday
 (second Monday in June), Christmas Day and Boxing Day. A regression-based
 approach is employed. The results indicate that the Australian market
 overall provides evidence of a pre-holiday effect in common with small cap
 stocks. However, the market level effect appears to be solely the result
 of a strong pre-holiday effect in the retail industry. No evidence is
 found of a post-holiday effect in any market or industry. 
Journal: Applied Economics Letters 
Pages: 1769-1772 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701675474 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701675474&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jay Squalli 
Author-X-Name-First: Jay 
Author-X-Name-Last: Squalli 
Title: Measuring the safety elasticity of advertising 
Abstract:
  This article presents theoretical evidence of an inverse relationship
 between the advertising elasticity of demand and the safety elasticity of
 advertising. It also finds that under a lower level of safety, advertising
 expenditure is driven directly by the responsiveness of demand to
 advertising. 
Journal: Applied Economics Letters 
Pages: 1773-1776 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701675482 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701675482&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hwagyun Kim 
Author-X-Name-First: Hwagyun 
Author-X-Name-Last: Kim 
Author-Name: Chetan Subramanian 
Author-X-Name-First: Chetan 
Author-X-Name-Last: Subramanian 
Title: Velocity of money and inflation dynamics 
Abstract:
  There have been large changes in the velocity of money which could be a
 potential source of inflation variability. This article investigates how
 the velocity of money affects inflation dynamics by estimating the
 Phillips curve derived from a New Keynesian model in which money is
 introduced via transactions technology. The resultant Phillips curve
 becomes a function of velocity as well as an output gap and a forward
 looking inflation terms, a feature for which we provide empirical support.
 Specifically, we adopt the GMM methodology to estimate the
 velocity-augmented forward looking Phillips curve using the US data
 between 1951 and 2005. We observe that historical inflation dynamics is
 consistent with the view. 
Journal: Applied Economics Letters 
Pages: 1777-1781 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719652 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719652&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sami Vahamaa 
Author-X-Name-First: Sami 
Author-X-Name-Last: Vahamaa 
Title: A note on the impact of scheduled macroeconomic news announcements on implied volatility 
Abstract:
  This note demonstrates that different methodological approaches may lead
 to somewhat different conclusions about the impact of scheduled
 macroeconomic news announcements on implied volatility. While there is no
 doubt that implied volatilities are significantly affected by
 macroeconomic releases, the analysis presented in this note shows that
 different approaches provide inconsistent results regarding the direction
 of the effect and also about the relative importance of different types of
 macroeconomic announcements. 
Journal: Applied Economics Letters 
Pages: 1783-1789 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719520 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719520&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fassil Fanta 
Author-X-Name-First: Fassil 
Author-X-Name-Last: Fanta 
Author-Name: Mukti Upadhyay 
Author-X-Name-First: Mukti 
Author-X-Name-Last: Upadhyay 
Title: Poverty reduction, economic growth and inequality in Africa 
Abstract:
  We study the relationships among economic growth, inequality and poverty.
 Economists agree that growth is fundamental to reducing poverty. But the
 links among growth, distribution and poverty is still a subject of debate
 because the growth elasticity of poverty seems to differ from one country
 to another. Using a data set for 16 African countries, based on household
 budget surveys, we find strong support that poverty decreases in response
 to economic growth, with the estimated elasticity ranging between -0.5 and
 -1.10. Other variables, albeit important in varying degrees, are much less
 significant as determinants of poverty. 
Journal: Applied Economics Letters 
Pages: 1791-1794 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719587 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719587&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Conte 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Conte 
Title: Mapping innovative activity using microdata 
Abstract:
  I discuss the determinants of three alternative measures of innovative
 output among firms of different size. Moreover, I provide an econometric
 procedure for testing a Tobit model (Tobin, 1958) against a two-part
 model. This procedure is alternative to Cragg's (1971) test and feasible
 for weighted survey data. 
Journal: Applied Economics Letters 
Pages: 1795-1799 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719553 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719553&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Melzer 
Author-X-Name-First: Christian 
Author-X-Name-Last: Melzer 
Author-Name: Thorsten Neumann 
Author-X-Name-First: Thorsten 
Author-X-Name-Last: Neumann 
Title: Monetary policy in the euro area - has it become more powerful on the road to EMU? 
Abstract:
  This article provides new evidence on the effects of monetary policy in
 the euro area. With the help of a time-varying coefficient vector
 autoregressive model we find that monetary policy shocks have had a
 greater impact on real output since the mid-1980s and that their
 transmission has become faster. Our findings indicate a change in the
 monetary transmission mechanism that can be explained by the changes in
 the European financial system over the last 20 years. 
Journal: Applied Economics Letters 
Pages: 1801-1804 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719538 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719538&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hans-Friedrich Eckey 
Author-X-Name-First: Hans-Friedrich 
Author-X-Name-Last: Eckey 
Author-Name: Christian Dreger 
Author-X-Name-First: Christian 
Author-X-Name-Last: Dreger 
Author-Name: Matthias Turck 
Author-X-Name-First: Matthias 
Author-X-Name-Last: Turck 
Title: Regional convergence in the enlarged European Union 
Abstract:
  There are only a few studies which examine regional convergence in the
 enlarged European Union. None of these approaches uses a conditional
 convergence model, which considers different initial conditions of
 regions. We refer to the Mankiw et&#xa0;al. (1992) model to examine
 convergence including the New Member States. Note that most researchers
 use equal values of depreciation rate and rate of technological progress
 for all regions. Our analysis is based on country specific values of both
 variables, which vary markedly. We give empirical evidence for a
 convergence process which exceeds the often measured value of 2%. 
Journal: Applied Economics Letters 
Pages: 1805-1808 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719546 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719546&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: &#xc5;sa Lofgren 
Author-X-Name-First: &#xc5;sa 
Author-X-Name-Last: Lofgren 
Author-Name: Katarina Nordblom 
Author-X-Name-First: Katarina 
Author-X-Name-Last: Nordblom 
Title: Puzzling tax attitudes and labels 
Abstract:
  We find that through labelling one can significantly affect attitudes
 towards a tax. The gasoline tax meets a stronger reluctance than virtually
 the same tax when it is called the CO2 tax on gasoline. 
Journal: Applied Economics Letters 
Pages: 1809-1812 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719660 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719660&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Reginaldo Pinto Nogueira 
Author-X-Name-First: Reginaldo Pinto 
Author-X-Name-Last: Nogueira 
Title: Testing credibility with time-varying coefficients 
Abstract:
  The article presents evidence on credibility gains from the adoption of
 Inflation Targeting (IT), for a set of developed and emerging markets. We
 carry out our analysis for Brazil, Mexico, Sweden and the UK, and ask
 whether the adoption of this monetary framework strengths monetary policy
 credibility. To answer this question we apply a time-varying coefficients
 methodology to estimate the time path of the trade-off between inflation
 and output. Following the literature a more favourable trade-off is
 believed to be linked to improvements in monetary policy credibility. The
 results show a clear picture of credibility gains from the adoption of IT. 
Journal: Applied Economics Letters 
Pages: 1813-1817 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719611 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719611&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sanna-Mari Hynninen 
Author-X-Name-First: Sanna-Mari 
Author-X-Name-Last: Hynninen 
Title: Heterogeneity of job seekers in labour market matching 
Abstract:
  This study examines the matching of heterogeneous job seekers and vacant
 jobs. Job seekers are divided into four employability groups according to
 their labour market status. The dataset consists of highly disaggregated
 monthly data from 146 Local Labour Offices in Finland over 14 years. The
 results indicate that the employability of job seekers differs. Therefore,
 the composition of the pool of job seekers in a local labour market
 affects the ability of that market to form successful matches. The
 long-term unemployed have a negative effect on matches while job seekers
 out of the labour force notably improve the production of matches. 
Journal: Applied Economics Letters 
Pages: 1819-1823 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719561 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719561&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Don Webber 
Author-X-Name-First: Don 
Author-X-Name-Last: Webber 
Author-Name: Paul White 
Author-X-Name-First: Paul 
Author-X-Name-Last: White 
Title: An alternative test to check the validity of convergence results 
Abstract:
  This article presents a simple method for identifying distributional
 dynamic properties of economies using the ideas of concordance and
 discordance. It can be employed to examine the strength and validity of
 the results of other methods. The method has the advantage of comparing
 distributions at two points without relying on intermediary data between
 the two time points. We present results that suggest there is more
 'strong-divergence' than 'strong-convergence' in GDP between countries
 over the time period 1960 to 2000 although the distribution exhibits both
 convergent and divergent characteristics. 
Journal: Applied Economics Letters 
Pages: 1825-1829 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719579 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719579&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alfred Greiner 
Author-X-Name-First: Alfred 
Author-X-Name-Last: Greiner 
Title: Estimating penalized spline regressions: theory and application to economics 
Abstract:
  This article gives a brief survey of penalized spline smoothing.
 Penalized spline smoothing is a general nonparametric estimation technique
 which allows to fit smooth but else unspecified functions to empirical
 data. We depict the theory behind this estimation technique and we present
 an example demonstrating how this nonparametric estimation technique can
 help to gain insight into economics. 
Journal: Applied Economics Letters 
Pages: 1831-1835 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719629 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719629&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Author-Name: Fozia Nisha 
Author-X-Name-First: Fozia 
Author-X-Name-Last: Nisha 
Title: An extension to the neoclassical growth model to estimate growth effects 
Abstract:
  The neoclassical growth model was extended by Mankiw et al. (1992) to
 estimate the level-effects of human capital. We suggest a further
 extension to capture their permanent growth-effects. Time-series data from
 Fiji are used to show that the growth-effects of human capital, although
 small, are significant and specifications with growth-effects perform
 better. 
Journal: Applied Economics Letters 
Pages: 1837-1841 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701675557 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701675557&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yung-Ho Chiu 
Author-X-Name-First: Yung-Ho 
Author-X-Name-Last: Chiu 
Author-Name: Yu-Chuan Chen 
Author-X-Name-First: Yu-Chuan 
Author-X-Name-Last: Chen 
Author-Name: Yu Han Hung 
Author-X-Name-First: Yu Han 
Author-X-Name-Last: Hung 
Title: Basel II and bank bankruptcy analysis 
Abstract:
  Due to keen competition, banks may increase their market share and
 profits by imposing price policies, such as raising deposit rates,
 lowering loan rates, or even worse by loaning to those with high risks,
 which all could increase the probability of bankruptcy. Under these
 circumstances, the literature has paid great attention to the topics of
 bankruptcy and risk management. We adopt a two-stage approach, the
 Super-SBM and logistic regression, to investigate a bank efficiency index
 and the bank bankruptcy effect from incorporating capital adequacy
 regulations and a supervisory review process. This study uses data on 36
 Taiwanese commercial banks for the 3-year period from 2002 to 2004. This
 article's empirical results from the Super-SBM and logistic regression
 approach are summarized as follows: (1) The efficiency factor is proven to
 be influential in evaluating bank bankruptcy. (2) If certain prerequisites
 on capital adequacy are imposed on each bank, then it results in a lower
 risk to the bank and this reduces bank bankruptcy. (3) Corporate
 governance plays an important role in bank bankruptcy. 
Journal: Applied Economics Letters 
Pages: 1843-1847 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701704241 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701704241&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Long Zhang 
Author-X-Name-First: Long 
Author-X-Name-Last: Zhang 
Author-Name: Hong Liu 
Author-X-Name-First: Hong 
Author-X-Name-Last: Liu 
Author-Name: En-Hua Hu 
Author-X-Name-First: En-Hua 
Author-X-Name-Last: Hu 
Author-Name: Meng-Xi Yue 
Author-X-Name-First: Meng-Xi 
Author-X-Name-Last: Yue 
Title: The relationship between size and growth: the case of Chinese listed companies 
Abstract:
  To extend the research on Gibrat's law in transformational countries,
 this article uses quantile regression to test whether the Law holds for
 Chinese listed companies in six industries from 1997 to 2003. Results
 indicate that Gibrat's law demonstrated a behaviour dependent on the
 length examined. Although it was rejected in four out of six industries
 for the 6-year period, it received strong support in five industries year
 by year, which implied that size convergence was a slow process in China.
 Results also show that Gibrat's law is conditional on industrial
 characters. It received unbalanced support from different industries,
 suggesting that the industries examined had distinct growth trajectories. 
Journal: Applied Economics Letters 
Pages: 1849-1853 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719488 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719488&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Helmut Fryges 
Author-X-Name-First: Helmut 
Author-X-Name-Last: Fryges 
Title: The export-growth relationship: estimating a dose-response function 
Abstract:
  The relationship between individual firms' export behaviour and firm
 performance has been studied extensively in the economic literature.
 However, most studies from the field of economics only distinguish between
 exporting and nonexporting companies, using the firms' export status as a
 binary treatment variable and comparing the performance of exporting and
 nonexporting firms. This article introduces the newly developed
 generalized propensity score (GPS) methodology to the literature of
 individual firms' export behaviour. Instead of a binary treatment
 variable, the GPS method allows for continuous treatment, that is,
 different levels of the firms' export activities. Based on the GPS
 methodology, a dose-response function is estimated, depicting the
 relationship between the firms' export-sales ratio and their subsequent
 sales growth rate as a measure of firm performance. 
Journal: Applied Economics Letters 
Pages: 1855-1859 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719496 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719496&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imre Fert&#x151; 
Author-X-Name-First: Imre 
Author-X-Name-Last: Fert&#x151; 
Author-Name: Attila Karoly Soos 
Author-X-Name-First: Attila Karoly 
Author-X-Name-Last: Soos 
Title: Treating trade statistics inaccuracies: the case of intra-industry trade 
Abstract:
  We investigate the accuracy of trade statistics employing intra-industry
 trade analysis for 29 countries. We exploit the fact that country A's
 exports to country B are country B's imports from country A. The data
 published by the two sides can be compared with each other. Are A's or B's
 data more accurate? Our analysis is based on the average degree of
 'similarity' between country A's and country B's data and the 'mirror'
 data of all the other countries in the sample. The ranking of the
 countries by the accuracy of their data yielded by our calculations mainly
 confirm our a priori expectations. We also investigate whether the data of
 'good' reporting countries can be more trusted than some averages of the
 latter and the data reported by the 'bad' reporters. 
Journal: Applied Economics Letters 
Pages: 1861-1866 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719512 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719512&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ming-Yuan Leon Li 
Author-X-Name-First: Ming-Yuan Leon 
Author-X-Name-Last: Li 
Title: Nonlinear interrelations between ADRs and their underlying stocks revisited: application of threshold VECM 
Abstract:
  This study examines the dynamic interrelations between American
 depository receipts (ADRs) and their underlying stocks (UNDs) by using the
 threshold vector error correction model. In contrast to prior studies
 focusing on examining the effects of arbitrage threshold on stock return
 means, this study not only analyse the dynamics of return means but also
 return volatilities. Moreover, this article adopts two representative ADR
 issuers: UK VOD and Brazil CVDO and compares the differences between them.
 The empirical findings of this study are consistent with the following
 notions. First, for both of the case of UK VOD and Brazil CVDO, once the
 price relationship of ADRs and UNDs deviates away from the long-run
 cointegrated equilibrium, the re-establishing equilibrium process is
 more/less remarkable when the price deviations do (do not) exceed a
 critical threshold. However, for the case of UK VOD (Brazil CVDO), the
 tendency to adjust to correct a disequilibrium situation mostly depends on
 the UND (ADR) markets. Furthermore, this article denotes the threshold
 estimate in the case of UK VOD (Brazil CVDO) as an unusual (extreme)
 condition. Last, the arbitrage behaviours between the ADR and UND markets
 will increase the volatility in these two markets and reduce the
 correlation between them. 
Journal: Applied Economics Letters 
Pages: 1867-1873 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719595 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719595&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abbas Valadkhani 
Author-X-Name-First: Abbas 
Author-X-Name-Last: Valadkhani 
Author-Name: Simon Ville 
Author-X-Name-First: Simon 
Author-X-Name-Last: Ville 
Title: Discipline-specific forecasting of research output in Australian universities 
Abstract:
  This article presents a cross-sectional model for forecasting research
 output across the Australian university system. It builds upon an existing
 literature that focuses either on institutional comparisons or studies of
 specific subjects, by providing discipline-specific results across all of
 the 10 major disciplinary areas as defined by Australia's Department of
 Education, Science and Training. The model draws upon four (highly
 significant) discipline-specific explanatory variables; staff size,
 research expenditure, PhD completions and student-staff ratios to predict
 the output of refereed articles. 
Journal: Applied Economics Letters 
Pages: 1875-1880 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719603 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719603&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jorah Ramlan 
Author-X-Name-First: Jorah 
Author-X-Name-Last: Ramlan 
Author-Name: Elsadig Musa Ahmed 
Author-X-Name-First: Elsadig Musa 
Author-X-Name-Last: Ahmed 
Title: Information and Communication Technology (ICT) and human capital management trend in Malaysia's economic development 
Abstract:
  Testing for stationarity, cointegration and structural break for the ICT
 data are significant to determine Malaysia's economic growth. This article
 finds that the ICT follows similar trend as Gross Domestic Product (GDP),
 capital and employment data. The cointegration test suggests that ICT
 follows a long-run equilibrium in relation to GDP, capital and employment
 variables. The test for parameter instability for ICT indicates 1986 as
 the breakpoint, which is indicative of the structural transformation in
 Malaysia's economy. This is crucial finding as it provides more conclusive
 evidence on structural breakpoint in Malaysia's economic data, as opposed
 to noneconometric method. Human capital is synonymous to knowledge
 accumulation, thus significant in the development of the ICT and long-run
 economic growth. 
Journal: Applied Economics Letters 
Pages: 1881-1886 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719637 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719637&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ferdinand D. Vinuya 
Author-X-Name-First: Ferdinand D. 
Author-X-Name-Last: Vinuya 
Title: Technical efficiency of shrimp fishery in South Carolina, USA 
Abstract:
	      The increased inflow of imported shrimp into the US has
 lowered shrimp prices in the marketplace and with it, ex-vessel prices
 received by shrimp fishermen. Proposed remedies are aimed at strategies to
 increase the prices received by domestic producers. This study looks into
 issues related to the production side by estimating the technical
 efficiency of South Carolina shrimp boat operators. Estimates using a
 stochastic production frontier method show that average efficiency is 46%.
 This finding has strong implications on the long-term survival and
 viability of the local shrimp industry as it continues to face competition
 from low-priced imports.	   
Journal: Applied Economics Letters 
Pages: 1-5 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719744 
File-URL: http://hdl.handle.net/10.1080/13504850701719744 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiujian Chen 
Author-X-Name-First: Xiujian 
Author-X-Name-Last: Chen 
Author-Name: Shu Lin 
Author-X-Name-First: Shu 
Author-X-Name-Last: Lin 
Author-Name: W. Robert Reed 
Author-X-Name-First: W. Robert 
Author-X-Name-Last: Reed 
Title: A Monte Carlo evaluation of the efficiency of the PCSE estimator 
Abstract:
	      Panel data characterized by groupwise heteroscedasticity,
 cross-sectional correlation, and AR(1) serial correlation pose problems
 for econometric analyses. It is well known that the asymptotically
 efficient, Feasible Generalized Least Squares (FGLS) estimator (Parks)
 sometimes performs poorly in finite samples. In a widely cited paper, Beck
 and Katz (1995) claim that their estimator panel-corrected SE (PCSE) is
 able to produce more accurate coefficient SE without any loss in
 efficiency in 'practical research situations'. This study disputes that
 claim. We find that the PCSE estimator is usually less efficient than
 Parks - and substantially so - except when the number of time periods is
 close to the number of cross sections. 	 
Journal: Applied Economics Letters 
Pages: 7-10 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719702 
File-URL: http://hdl.handle.net/10.1080/13504850701719702 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andre V. Mollick 
Author-X-Name-First: Andre V. 
Author-X-Name-Last: Mollick 
Author-Name: Joao R. Faria 
Author-X-Name-First: Joao R. 
Author-X-Name-Last: Faria 
Title: Capital and labor in thelong-run: evidence fromTobin's <italic>q</italic> for the US 
Abstract:
	      This paper assesses different measures of Tobin's
 <italic>q</italic> on the US labor market over 1948--2002. We find a
 negative long-run relationship between the unemployment rate and Tobin's
 <italic>q</italic>, which is consistent with capital and labor being
 complements in production.	     
Journal: Applied Economics Letters 
Pages: 11-14 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719819 
File-URL: http://hdl.handle.net/10.1080/13504850701719819 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:11-14




Template-Type: ReDIF-Article 1.0
Author-Name: Marc-Andr� Gosselin 
Author-X-Name-First: Marc-Andr� 
Author-X-Name-Last: Gosselin 
Author-Name: Greg Tkacz 
Author-X-Name-First: Greg 
Author-X-Name-Last: Tkacz 
Title: Using dynamic factor models to forecast Canadian inflation: the role of US variables-super-1              
Abstract:
	      This article evaluates the forecasting performance of dynamic
 factor models for Canadian inflation. We find that factor models are as
 good as more conventional forecasting models, while a model estimated
 using only US data, is at least as useful as a model that incorporates
 Canadian data. This suggests that the United States is a source of data
 that could be beneficial to its trading partners for forecasting purposes. 
Journal: Applied Economics Letters 
Pages: 15-18 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719694 
File-URL: http://hdl.handle.net/10.1080/13504850701719694 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:15-18




Template-Type: ReDIF-Article 1.0
Author-Name: Dany Jaimovich 
Author-X-Name-First: Dany 
Author-X-Name-Last: Jaimovich 
Author-Name: Ugo Panizza 
Author-X-Name-First: Ugo 
Author-X-Name-Last: Panizza 
Title: Public debt around the world: a new data set of central government debt 
Abstract:
	      Commonly used data sets on the level of public debt provide
 incomplete country and period coverage. This article presents a new data
 set that includes complete series of central government debt for 89
 countries over the period 1991 to 2005 and for 7 other countries for the
 period 1993 to 2005.	       
Journal: Applied Economics Letters 
Pages: 19-24 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719785 
File-URL: http://hdl.handle.net/10.1080/13504850701719785 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:19-24




Template-Type: ReDIF-Article 1.0
Author-Name: Hening Liu 
Author-X-Name-First: Hening 
Author-X-Name-Last: Liu 
Author-Name: Le Wang 
Author-X-Name-First: Le 
Author-X-Name-Last: Wang 
Title: Time series analysis of income convergence in China 
Abstract:
	      In this article, we examine both pre- and post-reform
 economic convergence behaviour in China using the time-series procedures
 developed in the Hobijn and Franses (2000). Our results are striking:
 First, we find a number of extremely small convergence clubs for both the
 pre- and post-reform periods, and these clubs cannot be characterized by
 geography or the extent of policy preference level. Second, our results
 show that economic reform led to more <italic>divergence</italic>.	    
Journal: Applied Economics Letters 
Pages: 25-29 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719728 
File-URL: http://hdl.handle.net/10.1080/13504850701719728 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:25-29




Template-Type: ReDIF-Article 1.0
Author-Name: Albert Wijeweera 
Author-X-Name-First: Albert 
Author-X-Name-Last: Wijeweera 
Author-Name: John A. Deskins 
Author-X-Name-First: John A. 
Author-X-Name-Last: Deskins 
Title: Do recent data provide evidence that the US trade deficit will correct itself? 
Abstract:
	      We use monthly data from the 23 largest US trading partners
 for the years 1985-2005 to examine the long-run relationship between
 imports and exports. Results indicate that a long-run equilibrium
 relationship is identifiable in most of the countries we analyse. However,
 the country with which the US has the largest trade deficits do not
 exhibit any long-run relationship, indicating that any self-correcting
 mechanism on the trade account is either nonexistent or slow in these
 cases. Further, the presence of a long-run relationship is most apparent
 in the countries with which the US has a trade surplus. Taken together,
 these results provide evidence that continued growth in the US trade
 deficit is likely.	     
Journal: Applied Economics Letters 
Pages: 31-35 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719751 
File-URL: http://hdl.handle.net/10.1080/13504850701719751 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:31-35




Template-Type: ReDIF-Article 1.0
Author-Name: G. Reza Arabsheibani 
Author-X-Name-First: G. Reza 
Author-X-Name-Last: Arabsheibani 
Author-Name: Jie Wang 
Author-X-Name-First: Jie 
Author-X-Name-Last: Wang 
Title: Asian-white male wage differentials in the United States 
Abstract:
	      The analysis of the wage differential between Asian Americans
 and whites indicates that discrimination against Asians (except Japanese)
 is still substantial in the U.S. labour market. However, the
 second-generation Asians have, by large, achieved income parity with
 comparable whites.	     
Journal: Applied Economics Letters 
Pages: 37-43 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719843 
File-URL: http://hdl.handle.net/10.1080/13504850701719843 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:37-43




Template-Type: ReDIF-Article 1.0
Author-Name: Arif Sultan 
Author-X-Name-First: Arif 
Author-X-Name-Last: Sultan 
Title: Lemons and certified pre-owned cars in the used car market 
Abstract:
	      I use a modified version of Bond (1982) lemon model to test
 the quality of certified pre-owned (CPO) and noncertified pre-owned
 (nonCPO) cars. I use a Tobit model to deal with the censoring problem in
 the data and apply sensitivity analysis to check the robustness of the
 coefficients. The data is collected from 'The Panel Study of Income
 Dynamics (PSID)' from the University of Michigan for this study. The
 results show that nonCPO cars required more maintenance expenditures than
 CPO cars of a similar age, which means that the CPO cars are of better
 quality. The study also implies that the institutions of leasing and
 certification have substantially improved, which in turn, have contributed
 to reducing adverse selection and improved the average quality of traded
 cars in the used car market.	       
Journal: Applied Economics Letters 
Pages: 45-50 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719678 
File-URL: http://hdl.handle.net/10.1080/13504850701719678 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:45-50




Template-Type: ReDIF-Article 1.0
Author-Name: Mar�a Rosal�a Vicente 
Author-X-Name-First: Mar�a Rosal�a 
Author-X-Name-Last: Vicente 
Author-Name: Ana Jes&uacute;s L�pez 
Author-X-Name-First: Ana Jes&uacute;s 
Author-X-Name-Last: L�pez 
Title: What drives broadband diffusion? Evidence from Eastern Europe 
Abstract:
	      Recent studies stress the crucial role of broadband diffusion
 to enhance economic growth and performance. Therefore, the analysis of the
 factors shaping its diffusion becomes a matter of special importance. In
 this context, this article examines the impact of several socio-economic
 factors on the likelihood of broadband subscription, using a bivariate
 probit model, and making use of a unique data survey among Eastern
 European households. This is an area where broadband diffusion is just
 starting to take off and there is a lack of empirical evidence. In this
 context, a first interesting point is the fact that certain demographic
 variables (income and education) appear to be more correlated with
 Internet access as such than with the type of access. Moreover, the
 substantial differences in cross-country penetration rates are mainly
 explained by investments in information and communication technologies
 together with the level of competition in telecommunications markets.	    
Journal: Applied Economics Letters 
Pages: 51-54 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719686 
File-URL: http://hdl.handle.net/10.1080/13504850701719686 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:51-54




Template-Type: ReDIF-Article 1.0
Author-Name: Yong-Hwan Noh 
Author-X-Name-First: Yong-Hwan 
Author-X-Name-Last: Noh 
Title: To be or not to be: an economic shock, stress and suicidal ideation 
Abstract:
	      The probit estimation using a large individual data set
 associated with the Korean economic crisis in 1997 shows that the suicidal
 ideation demonstrates strong response to economic crisis, depression and
 stress. The elasticity of income on suicide risk is greater for males than
 females and greater for youths and adults than olds.	       
Journal: Applied Economics Letters 
Pages: 55-60 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719710 
File-URL: http://hdl.handle.net/10.1080/13504850701719710 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:55-60




Template-Type: ReDIF-Article 1.0
Author-Name: Benhua Yang 
Author-X-Name-First: Benhua 
Author-X-Name-Last: Yang 
Title: Resource curse: the role of institutions versus policies 
Abstract:
	      Recent work suggests that countries with good institutions
 can escape the resource curse. This article shows that in the developing
 countries where the curse is of primary concern, institutional quality
 does not seem to have much influence; instead, it appears that it is a
 country's policies which play a significant role in neutralizing the
 negative impact of resource abundance. 	 
Journal: Applied Economics Letters 
Pages: 61-66 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719736 
File-URL: http://hdl.handle.net/10.1080/13504850701719736 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:61-66




Template-Type: ReDIF-Article 1.0
Author-Name: Hubert Ooghe 
Author-X-Name-First: Hubert 
Author-X-Name-Last: Ooghe 
Author-Name: Christophe Spaenjers 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Spaenjers 
Title: A note on performance measures for business failure prediction models 
Abstract:
	      This note briefly describes three performance measures that
 can be used in business failure prediction models: the unweighted error
 rate (UER), D-max and the Gini-coefficient. The use of these measures (and
 the mathematical relationship between them) is illustrated with numerical
 examples. We hope that this note may help the reader to better understand
 (and possibly use) these classification criteria.	    
Journal: Applied Economics Letters 
Pages: 67-70 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719769 
File-URL: http://hdl.handle.net/10.1080/13504850701719769 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:67-70




Template-Type: ReDIF-Article 1.0
Author-Name: Jie Liu 
Author-X-Name-First: Jie 
Author-X-Name-Last: Liu 
Author-Name: Zaixia Hu 
Author-X-Name-First: Zaixia 
Author-X-Name-Last: Hu 
Author-Name: Shaohua Tan 
Author-X-Name-First: Shaohua 
Author-X-Name-Last: Tan 
Title: Cross-sectional stock return analysis using support vector regression 
Abstract:
	      We adopt &epsilon;-Support Vector Regression, a nonlinear
 regression method, to analyse the relationship between stock return and
 explanatory factors. Computational results show &epsilon;-SVR outperforms
 significantly the Ordinary Least Squares linear regression with a much
 higher <italic>R</italic>		  -super-2 and a lower standard
 error. 	 
Journal: Applied Economics Letters 
Pages: 71-74 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719777 
File-URL: http://hdl.handle.net/10.1080/13504850701719777 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:71-74




Template-Type: ReDIF-Article 1.0
Author-Name: Cristian Dragos 
Author-X-Name-First: Cristian 
Author-X-Name-Last: Dragos 
Title: ROC curve for discrete choice models an application to the Romanian car market 
Abstract:
	      In this article we define the Receiver Operating
 Characteristics (ROC) curve for discrete choice models, both for an
 alternative of choice and globally, for the whole set of alternatives. One
 application depicts the differences that may occur between two models
 based on this criterion.	   
Journal: Applied Economics Letters 
Pages: 75-79 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719793 
File-URL: http://hdl.handle.net/10.1080/13504850701719793 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:75-79




Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Stav�rek 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Stav�rek 
Title: Exchange rate volatility and the asymmetric fluctuation band on the way to the Eurozone 
Abstract:
	      It is highly probable that the fulfillment of the exchange
 rate stability convergence criterion (ERSC) in the European Union (EU) New
 Member States (NMS) will be evaluated within the asymmetric fluctuation
 bank around the central parity. Obviously, there is a necessity for
 analysis of the asymmetric effects in the NMS and candidate countries
 exchange rate volatility. In this article, the TARCH model extended by the
 concept of implicit target exchange rate is applied on daily data from
 seven NMS and candidate countries. The results suggest that symptoms of
 asymmetry were found in volatility of almost all exchange rates while some
 pose a potential threat to fulfillment of the criterion. By contrast, the
 most positive results were revealed in Slovakia where the increase in the
 exchange rate volatility is driven by the appreciation of the national
 currency and the appreciation-side deviation from the target exchange
 rate. Such a finding is consistent with the asymmetric fluctuation band
 which allows substantially larger deviations on the appreciation side.     
Journal: Applied Economics Letters 
Pages: 81-86 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719827 
File-URL: http://hdl.handle.net/10.1080/13504850701719827 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:81-86




Template-Type: ReDIF-Article 1.0
Author-Name: H. J�rges 
Author-X-Name-First: H. 
Author-X-Name-Last: J�rges 
Title: Health inequalities by education, income and wealth: a comparison of 11 European countries and the US 
Abstract:
	      I compare education-, income- and wealth-related health
 inequality using data from 11 European countries and the US. The health
 distributions in the US, England and France are relatively unequal
 independent of the stratifying variable, while Switzerland or Austria
 always have relatively equal distributions. Some countries such as Italy
 dramatically change ranks depending on the stratifying variable.	   
Journal: Applied Economics Letters 
Pages: 87-91 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719835 
File-URL: http://hdl.handle.net/10.1080/13504850701719835 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:87-91




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen L. Cheung 
Author-X-Name-First: Stephen L. 
Author-X-Name-Last: Cheung 
Title: A test of employer learning in the labour market for young Australians 
Abstract:
	      This paper reports a test of employer learning for a panel of
 young Australian men. The information contained in a test score is found
 to already be observed by employers at the time a worker enters the labour
 market. However the return to parental education is found to increase with
 experience, indicating that the attributes reflected in this variable are
 initially harder for employers to observe, and that learning occurs with
 respect to them. When the sample is partitioned by hiring channel, these
 effects are confined to workers who were recruited through less
 informative channels.		
Journal: Applied Economics Letters 
Pages: 93-98 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719850 
File-URL: http://hdl.handle.net/10.1080/13504850701719850 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:93-98




Template-Type: ReDIF-Article 1.0
Author-Name: Konstantin Gluschenko 
Author-X-Name-First: Konstantin 
Author-X-Name-Last: Gluschenko 
Title: Price mobility of locations 
Abstract:
	      This article applies the concept of mobility to
 cross-location price dynamics. Exploiting data on prices across Russian
 regions over 1994-2000, a contribution of relative and absolute mobility
 of regions to price convergence among them is analysed.	  
Journal: Applied Economics Letters 
Pages: 99-103 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719868 
File-URL: http://hdl.handle.net/10.1080/13504850701719868 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:99-103




Template-Type: ReDIF-Article 1.0
Author-Name: Ant�nio Afonso 
Author-X-Name-First: Ant�nio 
Author-X-Name-Last: Afonso 
Title: Expansionary fiscal consolidations in Europe: new evidence 
Abstract:
	      Using alternative approaches to determine fiscal episodes, I
 assess expansionary fiscal consolidations in Europe, via panel models for
 private consumption. There is some concurring evidence for several
 budgetary spending items while the asymmetric effects of fiscal episodes
 do not seem to be corroborated by the results. 	 
Journal: Applied Economics Letters 
Pages: 105-109 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719892 
File-URL: http://hdl.handle.net/10.1080/13504850701719892 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:105-109




Template-Type: ReDIF-Article 1.0
Author-Name: Joseph P. Byrne 
Author-X-Name-First: Joseph P. 
Author-X-Name-Last: Byrne 
Author-Name: Michela Vecchi 
Author-X-Name-First: Michela 
Author-X-Name-Last: Vecchi 
Title: Does labour productivity flow across industries? Estimation robust to panel heterogeneity and cross sectional correlation 
Abstract:
	      We consider labour productivity convergence between the
 United States and the United Kingdom and France, using industry level
 data. We find evidence of panel heterogeneity, cross sectional correlation
 and weak evidence of productivity convergence at the industry level.	    
Journal: Applied Economics Letters 
Pages: 111-115 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719967 
File-URL: http://hdl.handle.net/10.1080/13504850701719967 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:111-115




Template-Type: ReDIF-Article 1.0
Author-Name: Adrian Gourlay 
Author-X-Name-First: Adrian 
Author-X-Name-Last: Gourlay 
Author-Name: Jonathan Seaton 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Seaton 
Title: Modelling product and foreign market diversification decisions for UK firms 
Abstract:
	      This article contributes to the firm market diversification
 literature by using a bivariate probit model analogous to SURE vs. OLS for
 probit estimation to examine the market diversification decisions for a
 panel of UK firms. We extend the current literature to include director
 remuneration and firm-specific exchange rates. We find that firm size,
 wages, R&D, directors remuneration and the level and variability of
 exchange rates all have a significant impact on the probability of a firm
 diversifying into foreign markets.	     
Journal: Applied Economics Letters 
Pages: 117-120 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719918 
File-URL: http://hdl.handle.net/10.1080/13504850701719918 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:117-120




Template-Type: ReDIF-Article 1.0
Author-Name: Derek Bond 
Author-X-Name-First: Derek 
Author-X-Name-Last: Bond 
Author-Name: Michael J. Harrison 
Author-X-Name-First: Michael J. 
Author-X-Name-Last: Harrison 
Author-Name: Edward J. O'Brien 
Author-X-Name-First: Edward J. 
Author-X-Name-Last: O'Brien 
Title: Exploring nonlinearity with random field regression 
Abstract:
	      Random field regression models provide an extremely flexible
 way to investigate nonlinearity in economic data. This article introduces
 a new approach to interpreting such models, which may allow for improved
 inference about the possible parametric specification of nonlinearity.     
Journal: Applied Economics Letters 
Pages: 121-124 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701720080 
File-URL: http://hdl.handle.net/10.1080/13504850701720080 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:121-124




Template-Type: ReDIF-Article 1.0
Author-Name: Timo Baas 
Author-X-Name-First: Timo 
Author-X-Name-Last: Baas 
Author-Name: Herbert Br�cker 
Author-X-Name-First: Herbert 
Author-X-Name-Last: Br�cker 
Title: Macroeconomic impact of Eastern enlargement on Germany and UK: evidence from a CGE model 
Abstract:
	      The Eastern enlargement of the EU is accompanied by a
 substantial increase in trade, capital movements and migration between the
 incumbent and the new member states. This article examines the effects of
 these trade and factor flows on Germany and United Kingdom using a CGE
 model which considers wage rigidities. We find that Eastern enlargement
 positively impact real GDP, wages and employment in both economies. The
 effects are substantially larger than those found in previous studies.     
Journal: Applied Economics Letters 
Pages: 125-128 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701720098 
File-URL: http://hdl.handle.net/10.1080/13504850701720098 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:125-128




Template-Type: ReDIF-Article 1.0
Author-Name: Junya Masuda 
Author-X-Name-First: Junya 
Author-X-Name-Last: Masuda 
Title: Residual-based tests forcointegration with gradual switching 
Abstract:
	      In this article, we propose residual-based tests for
 cointegration in models with gradual switching. The cointegration test
 proposed by Gregory and Hansen (1996) is employed to consider the
 structural break. However, this test has not been considered in the case
 of gradual switching. Therefore, we extend this test by considering
 gradual switching. We derive the asymptotic distribution and critical
 values of the test statistics. 	 
Journal: Applied Economics Letters 
Pages: 129-133 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701720023 
File-URL: http://hdl.handle.net/10.1080/13504850701720023 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:129-133




Template-Type: ReDIF-Article 1.0
Author-Name: Tobias Hagen 
Author-X-Name-First: Tobias 
Author-X-Name-Last: Hagen 
Title: Effects of parliamentary elections on primary budget deficits in OECD countries - robustness of the results with regard to alternative econometric estimators 
Abstract:
	      Using an unbalanced panel of OECD countries for the period
 1989 to 2005, the study tests the political budget cycle hypothesis
 empirically. The econometric approach is based on the equation proposed by
 Bohn (1998) for testing the sustainability of fiscal policy and various
 panel estimators. The empirical results strongly support the hypothesis of
 smaller primary surpluses (only) in election years. Brender and Drazen's
 (2005) result - an election effect exists only in new democracies - cannot
 be verified.	       
Journal: Applied Economics Letters 
Pages: 135-139 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701720015 
File-URL: http://hdl.handle.net/10.1080/13504850701720015 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:135-139




Template-Type: ReDIF-Article 1.0
Author-Name: Herv� Queneau 
Author-X-Name-First: Herv� 
Author-X-Name-Last: Queneau 
Author-Name: Amit Sen 
Author-X-Name-First: Amit 
Author-X-Name-Last: Sen 
Title: On the persistence of the gender unemployment gap: evidence from eight OECD countries 
Abstract:
	      We examine the extent of persistence in the gender
 unemployment gap of eight OECD countries: Australia, Canada, Finland,
 France, Germany, Italy, Japan and the United States using data over the
 period 1965 to 2002. Although we are unable to reject the unit root null
 hypothesis for all countries with the exception of Finland and Italy, the
 half-life measure suggests that the extent of persistence is relatively
 low for all countries. 	 
Journal: Applied Economics Letters 
Pages: 141-145 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701720007 
File-URL: http://hdl.handle.net/10.1080/13504850701720007 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:141-145




Template-Type: ReDIF-Article 1.0
Author-Name: Bedassa Tadesse 
Author-X-Name-First: Bedassa 
Author-X-Name-Last: Tadesse 
Author-Name: Roger White 
Author-X-Name-First: Roger 
Author-X-Name-Last: White 
Title: Cultural distance as a determinant of bilateral trade flows: do immigrants counter the effect of cultural differences? 
Abstract:
	      We introduce 'cultural distance' as a measure of the degree
 to which shared norms and values in one country differ from those in
 another country, and employ a modified gravity specification to examine
 whether such cultural differences affect the volume of trade flows.
 Employing data for US state-level exports to the 75 trading partners for
 which measures of cultural distance can be constructed, we find that
 greater cultural differences between the United States and a trading
 partner reduces state-level exports to that country. This result holds for
 aggregate exports, cultural and noncultural products exports as well, but
 with significantly different magnitudes. Immigrants are found to exert a
 pro-export effect that partially offsets the trade-inhibiting effects of
 cultural distance.	     
Journal: Applied Economics Letters 
Pages: 147-152 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719983 
File-URL: http://hdl.handle.net/10.1080/13504850701719983 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:147-152




Template-Type: ReDIF-Article 1.0
Author-Name: Richard J. Cebula 
Author-X-Name-First: Richard J. 
Author-X-Name-Last: Cebula 
Author-Name: Michael Toma 
Author-X-Name-First: Michael 
Author-X-Name-Last: Toma 
Title: Determinants of interstate differentials in the cost of housing, 2006 
Abstract:
	      This empirical study investigates determinants of interstate
 differentials in the cost of housing for the year 2006. While the
 literature on geographic cost-of-living differentials is well developed,
 the literature on geographic cost-of-housing (as opposed to housing-price)
 differentials is much less so. Housing costs consist of the price of
 housing <italic>per se</italic> for owners or rental payments per se for
 renters plus utility costs. The significance of this research is elevated
 by the fact that the cost of housing is the main driver of cost-of-living
 differences between states. The OLS results imply that the cost of housing
 in a state is positively a function of the state's median family income,
 its heating degree days, and its mean January temperature, and negatively
 a function of toxic waste releases in the state, the state's property
 crime rate, and the presence of right-to-work laws in the state.	   
Journal: Applied Economics Letters 
Pages: 153-157 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719900 
File-URL: http://hdl.handle.net/10.1080/13504850701719900 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:153-157




Template-Type: ReDIF-Article 1.0
Author-Name: Shyh-Wei Chen 
Author-X-Name-First: Shyh-Wei 
Author-X-Name-Last: Chen 
Title: Is the arms race between the PRC and Taiwan simply a myth? The long-run and causal relationship between their defence spending ratios 
Abstract:
	      This article investigates the long-run and causal
 relationship between the defence spending-GDP ratios of the People's
 Republic of China and Taiwan. The results clearly indicate that there is a
 long-run level equilibrium relationship between the ratio of defence
 spending of mainland China and that of Taiwan. The estimated long-run
 relationship shows that this level relationship is negative, indicative of
 a convergence phenomenon for the defence spending ratios of the two
 rivals. Moreover, causality test results substantiate that there is
 neutrality between the defence spending ratios of the PRC and of Taiwan in
 the short run but long-run causality running from Taiwan to the PRC. Based
 on the causality results, it is concluded that there is no arms race
 between the PRC and Taiwan.	      
Journal: Applied Economics Letters 
Pages: 159-164 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719884 
File-URL: http://hdl.handle.net/10.1080/13504850701719884 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:159-164




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Weinbach 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Weinbach 
Author-Name: R. Paul 
Author-X-Name-First: R. 
Author-X-Name-Last: Paul 
Title: Transfer payment distribution and increases in gambling activity 
Abstract:
	      Attendance and wagering volume is examined at a greyhound
 racing track to determine if the distribution of transfer checks resulted
 in significant increases in these variables. Specifically, the impact of
 United States Social Security and federal assistance checks, which were
 released on the third of the month during the time frame studied, are
 investigated. Significant increases on check day were found for both
 attendance at the track and for betting volume in dollars. Lump-sum
 transfers from the government appear to lead to increases in gambling
 activity for liquidity-constrained consumers.		
Journal: Applied Economics Letters 
Pages: 165-167 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719926 
File-URL: http://hdl.handle.net/10.1080/13504850701719926 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:165-167




Template-Type: ReDIF-Article 1.0
Author-Name: W. A. Razzak 
Author-X-Name-First: W. A. 
Author-X-Name-Last: Razzak 
Author-Name: J. Timmins 
Author-X-Name-First: J. 
Author-X-Name-Last: Timmins 
Title: Education and labour productivity in New Zealand 
Abstract:
	      We estimate the effect of four types of education
 qualifications, as a proxy for human capital and skill levels, on GDP per
 capita, and compute the average percentage returns. We also test the
 effect of the product of each proxy of human capital with R&D on GDP per
 capita. We find that only university qualification and its product with
 R&D to have a positive effect on the average economy-wide productivity.    
Journal: Applied Economics Letters 
Pages: 169-173 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719942 
File-URL: http://hdl.handle.net/10.1080/13504850701719942 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:169-173




Template-Type: ReDIF-Article 1.0
Author-Name: F. X. Aguilar 
Author-X-Name-First: F. X. 
Author-X-Name-Last: Aguilar 
Author-Name: R. P. Vlosky 
Author-X-Name-First: R. P. 
Author-X-Name-Last: Vlosky 
Title: Gender differences in determinants of job satisfaction among cooperative extension workers in the United States 
Abstract:
	      This study compares levels of job satisfaction among male and
 female cooperative extension workers in the United States. There is a high
 level of job satisfaction among cooperative extension workers and no
 statistically significant differences between males and females. However,
 when modelling job satisfaction as a function of (1)
 Control/Autonomy/Influence, (2) Challenge, (3) Performance Measures, (4)
 Feedback, (5)Instrumentality and (6) Stability/Security, we detect gender
 differences. Women place a higher importance on job Stability/Security as
 a factor influencing job satisfaction. However, the levels of Feedback and
 Instrumentality are less important determinants of job satisfaction to
 females than to males. 	 
Journal: Applied Economics Letters 
Pages: 175-179 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719959 
File-URL: http://hdl.handle.net/10.1080/13504850701719959 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:175-179




Template-Type: ReDIF-Article 1.0
Author-Name: Ferdinand Mager 
Author-X-Name-First: Ferdinand 
Author-X-Name-Last: Mager 
Author-Name: Tobias Jesswein 
Author-X-Name-First: Tobias 
Author-X-Name-Last: Jesswein 
Title: The fundamental performance of newly privatized firms: evidence from continental Europe 
Abstract:
	      We examine the fundamental performance of 32 companies from
 10 Continental European countries that were privatized through public
 share offerings since 1992. We document strong performance improvements.
 Specifically, after being privatized, firms significantly increase real
 sales, become more profitable and improve their operating efficiency. The
 results remain robust when we split our data into subsamples of companies
 in regulated and nonregulated industries. Although employment does not
 change significantly, it decreases in regulated industries.	      
Journal: Applied Economics Letters 
Pages: 181-186 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719934 
File-URL: http://hdl.handle.net/10.1080/13504850701719934 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:181-186




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Andrew Batten 
Author-X-Name-First: Jonathan Andrew 
Author-X-Name-Last: Batten 
Author-Name: Brian M. Lucey 
Author-X-Name-First: Brian M. 
Author-X-Name-Last: Lucey 
Title: Volatility in the gold futures market 
Abstract:
	      We investigate the volatility structure of gold, trading as a
 futures contract on the Chicago Board of Trade using intraday (high
 frequency) data from January 1999 to December 2005. Apart from
 investigating the now familiar GARCH properties we also utilize a rarely
 used measure of volatility - the Garman Klass estimator - to provide new
 insights in intraday and interday volatility. This nonparametric measure
 incorporates the open, close, high and low price within a particular time
 interval. Both sets of results suggest significant variation across the
 trading day and week consistent with microstructure theories, although
 volatility is only slightly positively correlated with volume when
 measured by tick-count.	  
Journal: Applied Economics Letters 
Pages: 187-190 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719991 
File-URL: http://hdl.handle.net/10.1080/13504850701719991 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:187-190




Template-Type: ReDIF-Article 1.0
Author-Name: Tin-Chin Lin 
Author-X-Name-First: Tin-Chin 
Author-X-Name-Last: Lin 
Title: Teacher quality and student performance: the case of Pennsylvania 
Abstract:
	      In this article, alternative proxies for teacher quality and
 student performance were developed for an empirical analysis. Both
 education-level elasticity of teacher-quality and teaching-years
 elasticity of teacher-quality were estimated. The analysis showed a
 positive and significant relationship between teacher quality and student
 performance.	       
Journal: Applied Economics Letters 
Pages: 191-195 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719975 
File-URL: http://hdl.handle.net/10.1080/13504850701719975 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:191-195




Template-Type: ReDIF-Article 1.0
Author-Name: L. Gutierrez 
Author-X-Name-First: L. 
Author-X-Name-Last: Gutierrez 
Title: Simple tests for cointegration in panels with structural breaks 
Abstract:
	      In the article we propose new panel cointegration tests which
 allow for structural breaks. We show that the panel tests have good size
 and power. We apply the test statistics to the analysis of the
 Feldstein-Horioka puzzle for a sample of 16 OCDE countries. After allowing
 for breaks, we find strong evidence that investment and saving rates are
 cointegrated.		
Journal: Applied Economics Letters 
Pages: 197-200 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701720049 
File-URL: http://hdl.handle.net/10.1080/13504850701720049 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:197-200




Template-Type: ReDIF-Article 1.0
Author-Name: David Tomberlin 
Author-X-Name-First: David 
Author-X-Name-Last: Tomberlin 
Author-Name: Garth Holloway 
Author-X-Name-First: Garth 
Author-X-Name-Last: Holloway 
Title: Bayesian hierarchical estimationof technical efficiency in a fishery 
Abstract:
	      This article presents a Bayesian hierarchical approach to
 estimating stochastic production frontiers in fisheries. Based on our
 application of this approach to the US West Coast hake fishery, we
 conclude that (1) panel models with hierarchical structure to allow for
 boat- and year-specific efficiency measures are preferable to simpler
 specifications, and (2) there appears to have been a progressive outward
 shift in the efficient frontier in the shore-based hake fishery during
 1987-2003.	     
Journal: Applied Economics Letters 
Pages: 201-204 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701720056 
File-URL: http://hdl.handle.net/10.1080/13504850701720056 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:201-204




Template-Type: ReDIF-Article 1.0
Author-Name: Philip L. Hersch 
Author-X-Name-First: Philip L. 
Author-X-Name-Last: Hersch 
Title: Customer discrimination against black major league baseball pitchers reconsidered 
Abstract:
	      The proposition that customer prejudices reduce attendance at
 major league baseball games with black starting pitchers is re-examined.
 In contrast to earlier studies, no such effect is found.	   
Journal: Applied Economics Letters 
Pages: 205-208 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701720031 
File-URL: http://hdl.handle.net/10.1080/13504850701720031 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:205-208




Template-Type: ReDIF-Article 1.0
Author-Name: H. Yilmazkuday 
Author-X-Name-First: H. 
Author-X-Name-Last: Yilmazkuday 
Title: The effects of currency crises on the long-run growth 
Abstract:
	      We attempt to analyse the effects of the currency crises on
 the long-run growth by using a cross-sectional country dataset. After
 controlling for the post-crisis period, we find that the effects of the
 currency crises on the long-run growth are strictly negative and
 significant. We also find that the negative effects of the currency crises
 on the long-run growth increase as the number of the currency crises
 increases.	     
Journal: Applied Economics Letters 
Pages: 209-212 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720148 
File-URL: http://hdl.handle.net/10.1080/13504850701720148 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:3:p:209-212




Template-Type: ReDIF-Article 1.0
Author-Name: Shakil Quayes 
Author-X-Name-First: Shakil 
Author-X-Name-Last: Quayes 
Title: The impact of capital gains tax exemption on housing sales 
Abstract:
	      The Taxpayer Relief Act (TRA), enacted in 1997, allows tax
 exemption of capital gains up to $500 000 for married couples filing
 jointly and $250 000 for singles, on the sale of primary residence. By
 making it easier to sell a house that has appreciated in price, this tax
 exemption provides an additional incentive for purchasing a house. The
 study utilizes a simple regression model to demonstrate that TRA has had a
 statistically significant positive impact on housing sales.	      
Journal: Applied Economics Letters 
Pages: 213-216 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720205 
File-URL: http://hdl.handle.net/10.1080/13504850701720205 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:3:p:213-216




Template-Type: ReDIF-Article 1.0
Author-Name: Sung Yong Park 
Author-X-Name-First: Sung Yong 
Author-X-Name-Last: Park 
Author-Name: Sang Young Jei 
Author-X-Name-First: Sang Young 
Author-X-Name-Last: Jei 
Title: Determinants of volatility on international tourism demand for South Korea: an empirical note 
Abstract:
	      This article examines volatility and its determinants of
 international tourism demand for Korea. Based on the exponential
 generalized autoregressive heteroskedasticity model, some evidences are
 found such that the leverage effects are presented in the tourism demand,
 and the determinants of volatility are country specific. The finding
 illustrates that the specific characteristics of a particular origin
 country should be taken into account to develop policies or plans for
 tourism industries.	      
Journal: Applied Economics Letters 
Pages: 217-223 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720924 
File-URL: http://hdl.handle.net/10.1080/13504850701720924 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:3:p:217-223




Template-Type: ReDIF-Article 1.0
Author-Name: Tom Hertz 
Author-X-Name-First: Tom 
Author-X-Name-Last: Hertz 
Title: Heteroskedasticity-robust elasticities in logarithmic and two-part models 
Abstract:
	      Logarithmic models are widely used to study highly skewed
 positive outcomes, either alone or in combination with an equation that
 first distinguishes between zero and nonzero values (the two-part model).
 A well-known drawback of such models is that to obtain marginal effects
 that pertain to the arithmetic mean, rather than the mean of logs, we must
 exponentiate, and this retransformation is complicated in the presence of
 heteroskedasticity. This article presents a simple method for correcting
 estimated elasticities for the effects of heteroskedasticity, in both
 log-linear and log-log (constant elasticity) equations. An example,
 drawing on Bulgarian farm survey data, demonstrates that this correction
 leads to significantly different estimates of the elasticity of
 expenditures on agricultural inputs with respect to land area and the age
 of the household head. 	 
Journal: Applied Economics Letters 
Pages: 225-228 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720239 
File-URL: http://hdl.handle.net/10.1080/13504850701720239 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:3:p:225-228




Template-Type: ReDIF-Article 1.0
Author-Name: Mark J. Holmes 
Author-X-Name-First: Mark J. 
Author-X-Name-Last: Holmes 
Author-Name: Brian Silverstone 
Author-X-Name-First: Brian 
Author-X-Name-Last: Silverstone 
Title: Business confidence and cyclical turning points: a Markov-switching approach 
Abstract:
	      Markov regime-switching analysis is used to consider the
 relationship between business confidence and the probability of turning
 points in cyclical GDP. We find, in an application to New Zealand, that
 confidence is related to both the deepness and duration of the business
 cycle and is asymmetric regarding the probability of the economy remaining
 in a given regime. Overall, the New Zealand business confidence series is
 a useful indicator of cyclical turning points. 	 
Journal: Applied Economics Letters 
Pages: 229-233 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720247 
File-URL: http://hdl.handle.net/10.1080/13504850701720247 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:3:p:229-233




Template-Type: ReDIF-Article 1.0
Author-Name: Yihua Yu 
Author-X-Name-First: Yihua 
Author-X-Name-Last: Yu 
Title: Determinants of variations in state per capita personal income: a panel data approach 
Abstract:
	      This article employs a panel data analysis to examine factors
 that affect variations in state real per capita personal income (PCPI) by
 using a panel of 48 contiguous US states over the period 1950-2000. The
 preferred Panel-Corrected Standard Errors (PCSE) approach reveals that the
 important explanatory variables are, respectively, the percentage of the
 population with a college education (COLLEGE), the percentage of the
 population with a high school education (HIGHSCHOOL), the percentage of
 the population employed in the manufacturing sector (MANUFACTURING), the
 percentage of population employed in the service sector (SERVICE) and the
 percentage of the population that was African American (BLACK). The
 results are found to be sensitive to estimation technique, suggesting
 formal model misspecification tests are required in order to choose an
 approach with better statistical properties.	       
Journal: Applied Economics Letters 
Pages: 235-239 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720213 
File-URL: http://hdl.handle.net/10.1080/13504850701720213 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:3:p:235-239




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Tillmann 
Author-X-Name-First: Peter 
Author-X-Name-Last: Tillmann 
Title: A note on the stability of the New Keynesian Phillips Curve in Europe 
Abstract:
	      This note investigates how the explanatory power of the
 forward-looking New Keynesian Phillips Curve evolves over time. We exploit
 the present-value implications of the model and use VAR forecasts to
 assess whether the model matches the behaviour of actual inflation in the
 Euro area. A set of rolling regressions shows that the model's explanatory
 power varies substantially over the sample. Regime changes in the
 underlying monetary framework, i.e. realignment crises in the European
 Monetary System, the Maastricht treaty and, eventually, the introduction
 of European Monetary Union, are reflected in a deterioration of the
 model's explanatory power.	     
Journal: Applied Economics Letters 
Pages: 241-245 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720262 
File-URL: http://hdl.handle.net/10.1080/13504850701720262 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:3:p:241-245




Template-Type: ReDIF-Article 1.0
Author-Name: Martin S�derstr�m 
Author-X-Name-First: Martin 
Author-X-Name-Last: S�derstr�m 
Title: Wage scales and centralized bargaining - a binding constraint on the wage-setting? 
Abstract:
	      The wage-setting for Swedish teachers was up and until 1996
 characterized by centralized bargaining and wage scales. According to the
 scales, wages were exclusively determined by teacher type and years in the
 profession. In 1996, the scale system was replaced by individual wage
 bargaining. This study uses this change in bargaining structure to examine
 whether the scale system was a binding constraint on the wage-setting. The
 results suggest that the scales did impose such a constraint, since the
 earnings structure changed after the reform. More precisely, entry-wages
 and earnings dispersion increased.	     
Journal: Applied Economics Letters 
Pages: 247-250 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720155 
File-URL: http://hdl.handle.net/10.1080/13504850701720155 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:3:p:247-250




Template-Type: ReDIF-Article 1.0
Author-Name: Ajay Singh Behl 
Author-X-Name-First: Ajay Singh 
Author-X-Name-Last: Behl 
Title: Children and labour supply 
Abstract:
	      This article analyses the role of parents' expected payoffs
 of children and their labour supply. It uses the current education and
 income status of the parent and the educational expectations, health and
 behaviour problems of the child in order to form the expectations
 regarding the payoffs. We use a three stage (child, adult and old) model
 for individuals in order to capture the trade-off between supply of labour
 in the adult stage and consumption (from savings, investments and
 transfers from government and child) in the old age. The labour supply
 increases with the educational expectations, hopefulness and expected
 future income of the parent.	       
Journal: Applied Economics Letters 
Pages: 251-255 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720072 
File-URL: http://hdl.handle.net/10.1080/13504850701720072 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:3:p:251-255




Template-Type: ReDIF-Article 1.0
Author-Name: Am�lie Charles 
Author-X-Name-First: Am�lie 
Author-X-Name-Last: Charles 
Title: Does the day-of-the-week effect on volatility improve the volatility forecasts? 
Abstract:
	      This study tests the presence of the day-of-the-week effect
 on stock market volatility of six European stock markets. Using a GARCH or
 GARCH-GJR specifications for the variance equation, we find that the day
 of week effect is present in volatility equation. Finally, we test whether
 the statistically significant in-sample findings regarding seasonality in
 volatility lead to better out-of-sample forecasts of volatility.	   
Journal: Applied Economics Letters 
Pages: 257-262 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720106 
File-URL: http://hdl.handle.net/10.1080/13504850701720106 
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Template-Type: ReDIF-Article 1.0
Author-Name: Harald Badinger 
Author-X-Name-First: Harald 
Author-X-Name-Last: Badinger 
Title: Globalization, Taylor rulesand inflation 
Abstract:
	      This article provides evidence that globalization has
 contributed to global disinflation by making policy makers more aggressive
 towards fighting inflation. We estimate Taylor rules for 83 countries over
 the period 1985 to 2004 and find that the relative weight attached to the
 output gap is negatively related to trade and financial openness in a
 simple cross-section model. This result does not hold up for the OECD
 subsample, suggesting that this group of countries has successfully solved
 the time inconsistency problem and uncoupled central bank behaviour from
 otherwise relevant determinants of the inflation bias. 	 
Journal: Applied Economics Letters 
Pages: 263-267 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720114 
File-URL: http://hdl.handle.net/10.1080/13504850701720114 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:3:p:263-267




Template-Type: ReDIF-Article 1.0
Author-Name: Raphael Franck 
Author-X-Name-First: Raphael 
Author-X-Name-Last: Franck 
Title: What do macroeconomic and political-economy data tell us about economic freedom? 
Abstract:
	      We use OLS cross-country regressions and a competitive neural
 network approach to evaluate the performance of macroeconomic and
 political-economy data in assessing economic freedom. Our results point to
 a reasonable performance of the cross-sectional approach in explaining
 economic freedom scores but to a poor performance of the neural network
 approach in replicating country rankings provided by the Index of Economic
 Freedom. Our results thus justify the use of qualitative elements but at
 the same time call in question the relevance of macroeconomic data in the
 construction of economic freedom rankings	    
Journal: Applied Economics Letters 
Pages: 269-272 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720122 
File-URL: http://hdl.handle.net/10.1080/13504850701720122 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Gausden 
Author-X-Name-First: Robert 
Author-X-Name-Last: Gausden 
Title: The relationship between the price of oil and macroeconomic performance: empirical evidence for the UK 
Abstract:
	      This study adopts a vector autoregressive (VAR) approach
 towards investigating the relationship between the price of oil and UK
 macroeconomic performance over the period of floating exchange rates. Its
 distinctive feature is the allowance for a systematic variation in the
 macroeconomic effects of a change in the price of oil, in recognition of
 fundamental developments which have occurred with respect to the structure
 of the UK economy. Empirical analysis indicates that the accommodation of
 this characteristic within a VAR model increases both the prominence and
 the pervasiveness of the impact of an oil price shock. 	 
Journal: Applied Economics Letters 
Pages: 273-278 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720130 
File-URL: http://hdl.handle.net/10.1080/13504850701720130 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vicky Bamiatzi 
Author-X-Name-First: Vicky 
Author-X-Name-Last: Bamiatzi 
Author-Name: Konstantinos Bozos 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Bozos 
Author-Name: Konstantinos Nikolopoulos 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Nikolopoulos 
Title: On the predictability of firm performance via simple time-series and econometric models: evidence from UK SMEs 
Abstract:
	      This article examines the predictive accuracy of simple
 time-series and econometric models on forecasting firm performance in
 terms of sales turnover. Evidence from Small and Medium sized Enterprises
 (SMEs) in the United Kingdom are presented. The study identifies
 operational rules under which the class of simple econometric regression
 models is more accurate than simple time-series forecasting alternatives,
 thus more appropriate to back-up multiple investment decisions.	  
Journal: Applied Economics Letters 
Pages: 279-282 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720163 
File-URL: http://hdl.handle.net/10.1080/13504850701720163 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. A. Batten 
Author-X-Name-First: J. A. 
Author-X-Name-Last: Batten 
Author-Name: P. G. Szilagyi 
Author-X-Name-First: P. G. 
Author-X-Name-Last: Szilagyi 
Title: Is covered interest parity arbitrage extinct? Evidence from the spot USD/Yen 
Abstract:
	      We investigate the long-term covered interest parity (CIP)
 relationship between the US dollar and the Japanese yen. We find that the
 CIP relation tends to be one way and favours those with the ability to
 borrow US dollars. Regression analysis reveals that negative changes in
 spot exchange rates, positive changes in US interest rates and negative
 changes in yen interest rates generally affect the deviation from parity.
 Evidence of declining deviations from equilibrium over the sample period
 is consistent with a more efficient trading environment.	   
Journal: Applied Economics Letters 
Pages: 283-287 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720189 
File-URL: http://hdl.handle.net/10.1080/13504850701720189 
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Template-Type: ReDIF-Article 1.0
Author-Name: Horst Feldmann 
Author-X-Name-First: Horst 
Author-X-Name-Last: Feldmann 
Title: Government size and unemployment in developing countries 
Abstract:
	      Using data from 52 developing countries, this article
 analyses how the size of government affects unemployment. It tackles the
 reverse causality issue by instrumenting for the government size variable.
 According to the regression results, a large government sector is likely
 to increase the unemployment rate. The magnitude of the effect appears to
 be substantial, both among the total labour force as well as among women
 and young people. Furthermore, the estimates indicate that a large
 government sector is likely to substantially increase the share of
 long-term unemployed in the total number of unemployed. The results are
 robust to variations in specification. 	 
Journal: Applied Economics Letters 
Pages: 289-292 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720221 
File-URL: http://hdl.handle.net/10.1080/13504850701720221 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthew J. Higgins 
Author-X-Name-First: Matthew J. 
Author-X-Name-Last: Higgins 
Author-Name: Andrew T. Young 
Author-X-Name-First: Andrew T. 
Author-X-Name-Last: Young 
Author-Name: Daniel Levy 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Levy 
Title: Robust correlates of county-level growth in the United States 
Abstract:
	      Higgins <italic>et al</italic>. (2006), report several
 statistically significant partial correlates with US per capita income
 growth. However, Levine and Renelt (1992) demonstrate that such
 correlations are hardly ever robust to changing the combination of
 conditioning variables included. We ask, whether the same is true for the
 variables identified as important by Higgins <italic>et al</italic>. Using
 the extreme bounds analysis of Levine and Renelt, we find that the
 majority of the partial correlations can be accepted as robust. The
 variables associated with those partial correlations stand solidly as
 variables of interest for future studies of US growth. 	 
Journal: Applied Economics Letters 
Pages: 293-296 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720254 
File-URL: http://hdl.handle.net/10.1080/13504850701720254 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kazumine Kondo 
Author-X-Name-First: Kazumine 
Author-X-Name-Last: Kondo 
Title: Do ATMs influence bankprofitability in Japan? 
Abstract:
	      Holden and El-Bannany (2004) showed that Automated Teller
 Machines (ATMs) play an important role in increasing Return On Asset (ROA)
 in their analysis of banks in the United Kingdom. The present article
 investigates whether this conclusion also applies to Japanese banks. We
 found that ATMs do not have any influence on the ROA of Japanese banks;
 however, it was revealed that ATMs had positive effects on fees and
 commissions (income) from 2000 to 2003, and positive effects of ATMs on
 interest income were also seen recently. We conclude that in Japan, ATMs
 do not influence ROA, which includes the overall profits of bank
 transactions, but do contribute to particular businesses in that they can
 make the most of their abilities.	    
Journal: Applied Economics Letters 
Pages: 297-303 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720379 
File-URL: http://hdl.handle.net/10.1080/13504850701720379 
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Template-Type: ReDIF-Article 1.0
Author-Name: Myoung Shik Choi 
Author-X-Name-First: Myoung Shik 
Author-X-Name-Last: Choi 
Title: Currency risks hedging for major and minor currencies: constant hedging versus speculative hedging 
Abstract:
	      Focusing on the recent experience of major and minor
 currencies, this study examines the effectiveness of constant hedge and
 speculative hedge respectively with the objective of identifying whether
 there are any significant differences between both hedges. Our finding is
 that the speculative hedge is very slightly more effective than the
 constant hedge in reducing the currency risk. This supports that the
 speculative hedge about major currencies can be a relevant hedging tool.
 The analysis also shows that our multiple currency futures hedge can be a
 good hedging instrument for some minor currencies such as Cyprus pound.    
Journal: Applied Economics Letters 
Pages: 305-311 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701735757 
File-URL: http://hdl.handle.net/10.1080/13504850701735757 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nam Anh Tran 
Author-X-Name-First: Nam Anh 
Author-X-Name-Last: Tran 
Author-Name: Gerald Shively 
Author-X-Name-First: Gerald 
Author-X-Name-Last: Shively 
Author-Name: Paul Preckel 
Author-X-Name-First: Paul 
Author-X-Name-Last: Preckel 
Title: A new method for detecting outliers in Data Envelopment Analysis 
Abstract:
  We introduce a simple method for detecting outliers in Data Envelopment
 Analysis. The method is based on two scalar measures. The first is the
 relative frequency with which an observation appears in the construction
 of the frontier when testing the efficiency of other observations, and the
 second is the cumulative weight of an observation in the construction of
 the frontier. We provide a link to computer programming code for
 implementing the procedure. 
Journal: Applied Economics Letters 
Pages: 313-316 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701765119 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701765119&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pasquale Scandizzo 
Author-X-Name-First: Pasquale 
Author-X-Name-Last: Scandizzo 
Author-Name: Marco Ventura 
Author-X-Name-First: Marco 
Author-X-Name-Last: Ventura 
Title: Estimating the value of natural resources under legal constraints: an application to marine resources in Sicily 
Abstract:
  In this article, we use the Contingent Evaluation methodology to develop
 an economic evaluation of natural resources in a protected marine area of
 Sicily. Assuming a nonnormal distribution for the ML estimation, the
 article shows that a variant of the stochastic utility model appears to
 capture well the dependence of the willingness to pay (WTP) on the
 socioeconomic characteristics of a sample of stakeholders of the natural
 resources in question. The estimates obtained are consistent and robust
 across different policy measures, no embedding or sequencing effects
 emerge and option values also appear to have been elicited in a consistent
 way. Once these values are added to the basic WTP, the income elasticities
 estimated fall in the range reported by other studies. 
Journal: Applied Economics Letters 
Pages: 317-323 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701735849 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735849&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lennart Flood 
Author-X-Name-First: Lennart 
Author-X-Name-Last: Flood 
Author-Name: Nizamul Islam 
Author-X-Name-First: Nizamul 
Author-X-Name-Last: Islam 
Author-Name: Thomas Sterner 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Sterner 
Title: Are demand elasticities affected by politically determined tax levels? Simultaneous estimates of gasoline demand and price 
Abstract:
  Raising the price of fossil fuels is a key component of any effective
 policy to deal with climate change. Just how effective such policies are
 is decided by the price elasticities of demand. Many papers have studied
 this without recognising that not only is there a demand side response:
 quantities are decided by the price but also there is a reverse causality:
 the level of consumption affects the political acceptability of the taxes
 which are the main component of the final price. Thus prices affect
 consumption and consumption levels, in turn, have an affect on taxes and
 thus consumer prices. This article estimates these functions
 simultaneously to show that there is indeed an effect on the demand
 elasticity. 
Journal: Applied Economics Letters 
Pages: 325-328 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701735864 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735864&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Suryadipta Roy 
Author-X-Name-First: Suryadipta 
Author-X-Name-Last: Roy 
Title: Is corruption anti-labour? 
Abstract:
  This article investigates the effect of corruption on trade openness in
 low-income and high-income countries. The results suggest corruption is
 anti-labour, since it reduces trade in low-income countries and increases
 trade in high-income countries. 
Journal: Applied Economics Letters 
Pages: 329-333 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701735856 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735856&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Arthur Caplan 
Author-X-Name-First: Arthur 
Author-X-Name-Last: Caplan 
Author-Name: Douglas Jackson-Smith 
Author-X-Name-First: Douglas 
Author-X-Name-Last: Jackson-Smith 
Author-Name: Sandy Marquart-Pyatt 
Author-X-Name-First: Sandy 
Author-X-Name-Last: Marquart-Pyatt 
Title: Does 'free-sampling' enhance the value of public goods? 
Abstract:
  This study investigates whether 'free sampling' enhances the value of
 public goods. Using data from a unique field experiment, we find that the
 WTP premium effect associated with a brief opportunity to consume a local
 public good for free is relatively small and temporary. It therefore may
 not be cost effective to offer free-participation incentives for public
 goods. 
Journal: Applied Economics Letters 
Pages: 335-339 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701735872 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735872&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amy Moore 
Author-X-Name-First: Amy 
Author-X-Name-Last: Moore 
Author-Name: Michael Taylor 
Author-X-Name-First: Michael 
Author-X-Name-Last: Taylor 
Title: Waste not, even if it's free: an experimental explanation for apparently unprofitable promotions 
Abstract:
  This article highlights an intriguing finding that consumers are averse
 to wasting even items gotten for free, and provides waste-aversion as an
 explanation for the prevalence of store promotions that at first glance
 appear to be unprofitable to a store. 
Journal: Applied Economics Letters 
Pages: 341-343 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701748891 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701748891&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: Long memory in return volatility 
Abstract:
  This article reports, confirming evidence for long memory in the return
 volatility from equity, and foreign exchange markets with the newly
 proposed increment ratio statistic by Surgailis et al. (2007). The test is
 robust to changing means, slowly varying trends and other
 nonstationarities. In contrast to the widely held belief, we also find
 that the absolute returns have the most memory for all the markets
 examined here and that the so-called Taylor effect holds for the foreign
 exchange rate markets as well. 
Journal: Applied Economics Letters 
Pages: 345-349 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701748909 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701748909&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuka Takeda 
Author-X-Name-First: Yuka 
Author-X-Name-Last: Takeda 
Title: Equivalence scales for measuring poverty in transitional Russia: Engel's food share method and the subjective economic well-being method 
Abstract:
  This study estimates the equivalence scales for measuring poverty in
 transitional Russia using the Russia Longitudinal Monitoring Survey data
 of 1994 and 2002, i.e. before and after the 1998 economic crisis. To
 examine the robustness and plausibility of the two estimates, we compared
 the estimate results in both the periods. For constructing the equivalence
 scales, the costs of children and additional adults are estimated.
 Further, in order to investigate the most plausible equivalence scales for
 measuring poverty, the following two methods are employed for the
 estimations: Engel's food share method (Engel method) and the subjective
 economic well-being method (SW method). The estimation results show that
 the equivalence scales for a child, obtained from the Engel and SW
 methods, could be similar; however, the results for an additional adult
 are very different. It reveals that poverty evaluation is highly
 underestimated when the SW method is used. In conclusion, although the
 Engel method has a theoretical flaw, it might be more plausible than the
 SW method in the context of poverty evaluation for transitional Russia. 
Journal: Applied Economics Letters 
Pages: 351-355 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701748925 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701748925&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Tin 
Author-X-Name-First: Jan 
Author-X-Name-Last: Tin 
Title: The buffer stock model of money demand: evidence from panel data 
Abstract:
  One of the tenets of the buffer stock model of money demand is that
 transactions money balances are shock absorbers and transitory money
 balances would dissipate in the long run as actual money demand adjusts to
 its desired level following an unanticipated income shock. However, poor
 performance of the standard partial dynamic aggregate money demand model
 since the middle 1973s has seriously challenged the validity of the buffer
 stock model. Utilizing panel data, this study empirically shows that the
 speed of adjustment is fast at the microeconomic level, and the long-run
 parametric estimates are not as implausible as those suggested in past
 aggregate studies on money demand. 
Journal: Applied Economics Letters 
Pages: 357-360 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701735765 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735765&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ozgur Aslan 
Author-X-Name-First: Ozgur 
Author-X-Name-Last: Aslan 
Author-Name: H. Levent Korap 
Author-X-Name-First: H. Levent 
Author-X-Name-Last: Korap 
Title: Does the uncovered interest parity hold in short horizons? 
Abstract:
  In this article, one of the contemporaneous monetary theories of exchange
 rate determination, namely uncovered interest parity (UIP), is examined.
 The UIP hypothesis assumes that if capital is perfectly mobile, then
 investors around the world will be indifferent between holding their
 portfolios in domestic or foreign securities because they obtain the same
 return from these assets. Based on a theoretical formulation, our ex post
 estimation results employing four developed countries exchange rates
 vis-a-vis US dollar indicate the failure of the UIP hypothesis using
 short-horizon interest differential and future spot exchange rate data in
 line with most empirical papers in the economics literature. 
Journal: Applied Economics Letters 
Pages: 361-365 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701735781 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735781&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jer-Yuh Wan 
Author-X-Name-First: Jer-Yuh 
Author-X-Name-Last: Wan 
Author-Name: Chung-Wei Kao 
Author-X-Name-First: Chung-Wei 
Author-X-Name-Last: Kao 
Title: Effects of Japanese intervention on yen/dollar exchange rate volatility: a conditional jump dynamics approach 
Abstract:
  This article investigates the effects of foreign exchange interventions
 by the Japanese authorities on the level as well as the volatility of
 yen/dollar exchange rate. The empirical results show interventions in the
 last decade were effective not only in altering the exchange rate level,
 but also in volatility reduction. Jump events that tended to drive yen's
 appreciations and volatility increases have been effectively reduced by
 the 'large-in-size' interventions during the last decade. Our findings are
 in compliance with the coordination channel that explains the
 effectiveness in intervention proposed by Taylor (2004) and Reitz and
 Taylor (2006). 
Journal: Applied Economics Letters 
Pages: 367-373 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701735799 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735799&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kazuhiko Hayakawa 
Author-X-Name-First: Kazuhiko 
Author-X-Name-Last: Hayakawa 
Author-Name: Minoru Nogimori 
Author-X-Name-First: Minoru 
Author-X-Name-Last: Nogimori 
Title: New transformation methods in dynamic panel data models with heterogeneous time trends 
Abstract:
  In this paper, we introduce new type of within groups transformations so
 called the double within groups (DWG) and the long within groups (LWG)
 transformations. Both transformations eliminate individual effects and
 heterogeneous deterministic time trends jointly. Asymptotic analysis shows
 that both the DWG and LWG estimators are consistent when T is large.
 Simulation results show that both estimators have smaller root mean
 squared errors than the modified within groups estimator. 
Journal: Applied Economics Letters 
Pages: 375-379 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701735831 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735831&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bulent Guloglu 
Author-X-Name-First: Bulent 
Author-X-Name-Last: Guloglu 
Author-Name: Mehmet Ivrendi 
Author-X-Name-First: Mehmet 
Author-X-Name-Last: Ivrendi 
Title: Output fluctuations: transitory or permanent? the case of Latin America 
Abstract:
  This article investigates the time series properties of per capita real
 output for 19 Latin American Countries over the period 1965 to 2004. This
 empirical study examines the significance of contemporaneous correlations
 among cross sectional residuals using two newly developed tests. The tests
 find evidence of cross sectional dependence and induce us to use the
 SURADF and the CADF panel unit root tests, which allow for cross sectional
 dependence. The tests indicate that the real output in Latin American
 countries are characterized by a difference stationary process and output
 fluctuations seem to be permanent. These findings have important policy
 implications for these countries. 
Journal: Applied Economics Letters 
Pages: 381-386 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701735880 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735880&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Alberta Oliveira 
Author-X-Name-First: Maria Alberta 
Author-X-Name-Last: Oliveira 
Author-Name: Carlos Santos 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Santos 
Title: Looking for a change point in French monetary policy in the early eighties 
Abstract:
  We investigate where, in the early eighties, did a change occur in French
 monetary policy. The novelty in our treatment of this subject is the use
 of the impulse saturation break test. The results clearly identify the
 adoption of the Franc Fort policy as the key change in the period. The
 resulting econometric model is congruent and reveals no signs of
 persistence in inflation. 
Journal: Applied Economics Letters 
Pages: 387-392 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701735898 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735898&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. N. W. Azman-Saini 
Author-X-Name-First: W. N. W. 
Author-X-Name-Last: Azman-Saini 
Author-Name: Evan Lau 
Author-X-Name-First: Evan 
Author-X-Name-Last: Lau 
Author-Name: Zulkefly Abdul Karim 
Author-X-Name-First: Zulkefly Abdul 
Author-X-Name-Last: Karim 
Title: Hedge funds, exchange rates and causality: evidence from Thailand and Malaysia 
Abstract:
  This article contributes to the debate on hedge funds and exchange rates
 in Thailand and Malaysia. It provides the first empirical evidence on
 causal relation between hedge funds and exchange rates. Using a new
 Granger noncausality procedure proposed by Toda and Yamamoto (1995) and
 monthly data for the January 1994 to April 2002 period, two important
 findings emerge. First, hedge funds lead Thai baht during the 1997 crisis.
 Second, there is a bidirectional causality between hedge funds and
 Malaysian ringgit for the pre-crisis period. In all other cases, no causal
 relation can be established. 
Journal: Applied Economics Letters 
Pages: 393-397 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701748883 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701748883&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joo-Yeon Hyun 
Author-X-Name-First: Joo-Yeon 
Author-X-Name-Last: Hyun 
Author-Name: Hyeong Ho Mun 
Author-X-Name-First: Hyeong Ho 
Author-X-Name-Last: Mun 
Author-Name: Tae-Hwan Kim 
Author-X-Name-First: Tae-Hwan 
Author-X-Name-Last: Kim 
Author-Name: Jinook Jeong 
Author-X-Name-First: Jinook 
Author-X-Name-Last: Jeong 
Title: The effect of a variance shift on the Breusch-Godfrey's LM test 
Abstract:
  In this article, we study the impact of an abrupt change in variance on
 the Breusch-Godfrey's LM test for autocorrelation. It is demonstrated by
 Monte Carlo simulations that a break in variance can generate spurious
 rejections of the null hypothesis of no serial correlation. Hence, a
 researcher might conclude that the error terms are serially correlated
 when in fact the contrary is true. It has been found that the likelihood
 of making this mistake depends on three factors: (i) break size, (ii)
 break location and (iii) the number of lagged terms included in the LM
 test. 
Journal: Applied Economics Letters 
Pages: 399-404 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701748933 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701748933&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vicente Esteve 
Author-X-Name-First: Vicente 
Author-X-Name-Last: Esteve 
Author-Name: Maria Prats 
Author-X-Name-First: Maria 
Author-X-Name-Last: Prats 
Title: Threshold cointegration and nonlinear adjustment between stock prices and dividends 
Abstract:
  According to several empirical studies, the linear present-value model
 fails to explain the behaviour of stock prices in the long run. We analyse
 the possible presence of threshold cointegration between real stock prices
 and dividends for the US market during the period from 1871:1 to 2004:6.
 According to our results, the null hypothesis of linear cointegration
 between stock prices and dividends is rejected in favour of a two-regime
 threshold cointegration model. We find also that stock prices do not
 respond to equilibrium error, and dividends respond to the past divergence
 only if the deviation from the equilibrium error does not exceed the
 estimated threshold parameter. This in turn would support theoretical
 models assuming that the stock price-dividend relation is nonlinear. 
Journal: Applied Economics Letters 
Pages: 405-410 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701765085 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701765085&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Laxmi Paudel 
Author-X-Name-First: Laxmi 
Author-X-Name-Last: Paudel 
Author-Name: Murali Adhikari 
Author-X-Name-First: Murali 
Author-X-Name-Last: Adhikari 
Author-Name: Jack Houston 
Author-X-Name-First: Jack 
Author-X-Name-Last: Houston 
Author-Name: Krishna Paudel 
Author-X-Name-First: Krishna 
Author-X-Name-Last: Paudel 
Title: Low carbohydrate information, consumer health preferences and market demand of fruits in the United States 
Abstract:
  We assessed the impacts of low carbohydrate information on the market
 demand of US fruits using almost ideal demand system, Rotterdam and
 double-log models. Results indicated significant positive impacts of low
 carbohydrate information on the market demand of grape and lemon. However,
 a significant negative effect exists on market demand of apples and
 bananas. Majority of the estimated elasticities are consistent in terms of
 expected sign and magnitude across all models. 
Journal: Applied Economics Letters 
Pages: 411-415 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701765093 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701765093&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Iza Lejarraga 
Author-X-Name-First: Iza 
Author-X-Name-Last: Lejarraga 
Author-Name: Peter Walkenhorst 
Author-X-Name-First: Peter 
Author-X-Name-Last: Walkenhorst 
Title: On linkages and leakages: measuring the secondary effects of tourism 
Abstract:
  Tourism multipliers are widely used tools of services trade analysis.
 Yet, their derivation and interpretation has often been inconsistent and
 confusing. This article presents a unifying approach for calculating
 indicators of tourism linkages and leakages, derives these multipliers for
 a large sample of more than 150 countries and statistically assesses the
 relationship among the multipliers, along with several other economic
 indicators. Contrary to widely held views, the multipliers for tourism
 linkages and leakages are noncomplementary, as they are based on different
 economic concepts, so that no particular correlation is to be expected.
 This independence is confirmed in the empirical cross-country analysis.
 Moreover, the analysis finds a positive association between the degree of
 linkages and per-capita income, trade openness and the friendliness of the
 business climate. 
Journal: Applied Economics Letters 
Pages: 417-421 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701765127 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701765127&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Connelly 
Author-X-Name-First: Richard 
Author-X-Name-Last: Connelly 
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Author-Name: Rati Ram 
Author-X-Name-First: Rati 
Author-X-Name-Last: Ram 
Title: Income inequality and cigarette consumption: evidence from the United States 
Abstract:
  There is enormous literature on the determinants of consumption of
 cigarettes and other tobacco products, and on the magnitude of the impact
 of a wide variety of economic and noneconomic factors. Also, a huge amount
 of research has been done on the association between income inequality and
 health for which numerous proxies have been used. We seek to link these
 two strands of scholarship by treating smoking as a major health hazard
 and considering the association between income inequality and smoking.
 Using US state-level data for the year 2004, we estimate an augmented
 model of cigarette consumption in which income inequality is added to a
 fairly standard specification. Subject to the caveats appropriate for such
 studies, there is little indication of a significant association between
 income inequality and the health-retarding behaviour in the form of
 cigarette smoking. Estimates for other variables are broadly consistent
 with similar studies. 
Journal: Applied Economics Letters 
Pages: 423-426 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701765135 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701765135&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Hirschberg 
Author-X-Name-First: J. 
Author-X-Name-Last: Hirschberg 
Author-Name: J. Lye 
Author-X-Name-First: J. 
Author-X-Name-Last: Lye 
Title: A reinterpretation of interactions in regressions 
Abstract:
  Regression specifications in applied econometrics frequently employ
 regressors, which are defined as the product of two other regressors to
 form an interaction. Unfortunately, the interpretation of the results of
 these models is not as straight forward as in the linear case. In this
 article, we present a method for drawing inferences for interaction models
 by defining the partial influence (PI) function. We present an example
 that demonstrates how one may draw new inferences by constructing the
 confidence intervals for the PI functions based on the traditional
 published findings for regressions with interaction terms. 
Journal: Applied Economics Letters 
Pages: 427-430 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701842843 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701842843&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Schaub 
Author-X-Name-First: Mark 
Author-X-Name-Last: Schaub 
Title: A note on the performance of Chinese American Depository Receipts 
Abstract:
  In this note, New York Stock Exchange-listed American Depository Receipts
 (ADRs) from China are examined to determine overall investment performance
 for the first 3 years of trading. The segmented results show that while
 Chinese ADRs perform roughly the same as the S&P 500 Index, those trading
 during the bull market under-performed the market index by over 26% while
 those trading through the bear market (listed after 1 January 1998)
 outperformed the S&P 500 by nearly 40%. Furthermore, issues from Hong Kong
 under-performed the S&P Index by nearly 73% while those issued from other
 areas of China exceeded the index by over 29%. These results provide
 evidence that market timing and regional issues affect portfolio returns
 from Chinese ADRs. 
Journal: Applied Economics Letters 
Pages: 431-435 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701842850 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701842850&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Enchuan Shao 
Author-X-Name-First: Enchuan 
Author-X-Name-Last: Shao 
Title: Credit rationing and endogenous monetary policy 
Abstract:
  The implication of credit rationing models states that the effect of
 monetary policy on output may be stronger when credit conditions are tight
 than when they are loose. Therefore, there may be a threshold effect on
 the relation between real money supply and output. Existing empirical
 studies on testing threshold effects ignore the fact that the monetary
 policy which follows optimal rules is endogenous. This article provides a
 test of threshold effects when monetary policy is endogenous and finds
 that the US aggregate data cannot provide substantial evidence of a
 threshold effect on the relation between money and output. 
Journal: Applied Economics Letters 
Pages: 437-443 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701857858 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701857858&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Ferris 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Ferris 
Author-Name: Woojin Kim 
Author-X-Name-First: Woojin 
Author-X-Name-Last: Kim 
Author-Name: Kwangwoo Park 
Author-X-Name-First: Kwangwoo 
Author-X-Name-Last: Park 
Title: The informational quality of implied volatility and the volatility risk premium 
Abstract:
  This article examines the informational quality of implied volatility in
 forecasting future realized volatility using daily S&P 500 and S&P 100
 index option prices from 2000 to 2006. In contrast to many previous
 studies, we find that implied volatility is an unbiased and efficient
 estimator of future realized volatility. Unlike implied volatility
 estimates; both historical and conditional volatility estimates using
 GARCH and EGARCH models possess limited explanatory power. A delta-hedged
 trading strategy with long positions in calls, however, generates
 significantly negative profits that imply a misspecification of constant
 volatility models. These results suggest that implied volatility estimates
 from constant volatility models contain valuable information, even though
 the model might be misspecified. 
Journal: Applied Economics Letters 
Pages: 445-450 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850801935356 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850801935356&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: T. A. Park 
Author-X-Name-First: T. A. 
Author-X-Name-Last: Park 
Author-Name: L. Lohr 
Author-X-Name-First: L. 
Author-X-Name-Last: Lohr 
Title: A Oaxaca-Blinder decomposition for count data models 
Abstract:
  Little research has examined the factors influencing differential
 adoption of organic farming practices by women and men farmers, a sector
 where women account for a significant and rapidly growing proportion of
 farmers. Female organic farmers adopt more crop disease management
 practices than male organic farmers and use a different portfolio of
 techniques. Results from a count data model are used to decompose observed
 differences in the adoption of management practices into an endowment
 effect and a coefficients effect. The analysis indicates that 50% of the
 adoption differential is due to differences in characteristics of male vs.
 female farmers with percentage of vegetable acreage a key factor
 influencing the gap in adoption practices. 
Journal: Applied Economics Letters 
Pages: 451-455 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850801964307 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850801964307&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mehmet Nihat Solakoglu 
Author-X-Name-First: Mehmet Nihat 
Author-X-Name-Last: Solakoglu 
Title: Exchange rate exposure and real exports 
Abstract:
  This study investigates the relationship between real exports and
 exchange rate risk for Turkish firms between 2001 and 2003. Different from
 earlier studies, the analysis is conducted at the firm level with an
 exchange rate risk specific to the individual firm. Results show that real
 exports are negatively impacted by an increase in exchange rate risk. In
 addition, size of the trade volume and the dependence on domestic market
 for revenue generation are found to be important for the aforementioned
 relationship. 
Journal: Applied Economics Letters 
Pages: 457-462 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850801935331 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850801935331&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Mirman 
Author-X-Name-First: Martin 
Author-X-Name-Last: Mirman 
Author-Name: Rajneesh Sharma 
Author-X-Name-First: Rajneesh 
Author-X-Name-Last: Sharma 
Title: Stock market reaction to Olympic Games announcement 
Abstract:
  This article analyses stock market reactions in countries competing to
 hold the Olympic Games around the time of the winning bid announcements,
 using both regular and abnormal returns. We analyse the announcement
 effects of winning and losing for both Summer and Winter games, beginning
 with 1996 games announced in 1990, up until the announcement of the 2012
 games in 2006. We find significantly negative stock market reaction for
 winners of the bid to host Winter Games and insignificant positive
 reaction for winners of the Summer Games. 
Journal: Applied Economics Letters 
Pages: 463-466 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850801964349 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850801964349&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Graham Bird 
Author-X-Name-First: Graham 
Author-X-Name-Last: Bird 
Author-Name: Alex Mandilaras 
Author-X-Name-First: Alex 
Author-X-Name-Last: Mandilaras 
Title: Revisiting Mrs. Machlup's wardrobe: the accumulation of international reserves, 1992-2001 
Abstract:
  A fature of the late 1990s was the accumulation of International reserves
 in many countries. Against the background of this phenomenon, in what
 follows we investigate the following questions: how widely has the
 tendency to accumulate reserves been seen? Does the incidence of a
 currency crisis increase the subsequent demand for reserves? Do countries
 make choices between different combinations of exchange rate regime and
 reserve holding? Does an arrangement with the IMF encourage countries
 subsequently to build up reserves more than they otherwise would have
 done? Do different patterns emerge depending upon the measure of reserves
 used? In addressing the above questions, we find significant support for
 the 'Mrs. Machlup's Wardrobe Theory' of international reserves, which
 purports that irrespective of the amount of reserves countries have
 accumulated, they continue to add to their stock. 
Journal: Applied Economics Letters 
Pages: 467-471 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701765143 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701765143&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Laurenceson 
Author-X-Name-First: James 
Author-X-Name-Last: Laurenceson 
Author-Name: Kam Ki Tang 
Author-X-Name-First: Kam Ki 
Author-X-Name-Last: Tang 
Title: Measuring long-run equilibrium exchange rates using standardized products with different specifications 
Abstract:
  Purchasing Power Parity (PPP) is an appealing theory of the determination
 of long-run equilibrium exchange rates as it is founded on the intuitive
 proposition that opportunities for arbitrage will not go unexploited.
 However, in practice, measuring PPP exchange rates is hindered by
 difficulties in isolating the cost of tradeable inputs in the price of a
 reference product basket. This article proposes a method that can extract
 this component using price information embodied in slightly different
 specifications of otherwise identical, standardized products. The method
 is illustrated using two well-known information and telecommunication
 (ICT) products, and could readily be applied to a broader, more
 representative product basket. 
Journal: Applied Economics Letters 
Pages: 473-476 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850801964315 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850801964315&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ari Van Assche 
Author-X-Name-First: Ari Van 
Author-X-Name-Last: Assche 
Author-Name: Byron Gangnes 
Author-X-Name-First: Byron 
Author-X-Name-Last: Gangnes 
Title: Electronics production upgrading: is China exceptional? 
Abstract:
  In this article, we make use of a unique world electronics production
 dataset to assess China's upgrading trajectory in the global electronics
 industry. Contrary to existing trade studies, we find no evidence that
 China's electronics production activities are more sophisticated than one
 would expect from its level of development. We also find little evidence
 that China is rapidly upgrading into more sophisticated production
 activities. 
Journal: Applied Economics Letters 
Pages: 477-482 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701765101 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701765101&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paola Cardamone 
Author-X-Name-First: Paola 
Author-X-Name-Last: Cardamone 
Title: The role of R&D spillovers in product and process innovation 
Abstract:
  The goal of this article is to assess the effectiveness of innovation
 activities and technological diffusion in Italy. In particular, we provide
 an econometric evaluation of the impact of technological efforts on the
 innovative output. Using a panel of 1203 firms over the period 1998 to
 2003, we estimate a bivariate probit, which models the probability of
 introducing product and process innovations. Results show that the
 probability of implementing a product or a process innovation is
 positively correlated with innovative activities and negatively correlated
 with technological spillovers. 
Journal: Applied Economics Letters 
Pages: 483-493 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850801935349 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850801935349&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuan-Ming Lee 
Author-X-Name-First: Yuan-Ming 
Author-X-Name-Last: Lee 
Author-Name: Kuan-Min Wang 
Author-X-Name-First: Kuan-Min 
Author-X-Name-Last: Wang 
Title: Finance, investment and growth: nonlinear time series evidence from 10 Asian economies 
Abstract:
  This article employs financial development as the threshold variable to
 construct a threshold model and to re-examine the findings in Rousseau and
 Vuthipadadorn (2005) for 10 Asian economies. Our results show that in the
 high financial development regime, financial development could fuel
 economic growth, which is consistent with the conclusion in Rousseau and
 Vuthipadadorn (2005); however, there is no evidence shows that financial
 development could affect investment. In the low financial development
 regime, financial development has negative influence on investment growth,
 which is contradictory to the findings in Rousseau and Vuthipadadorn
 (2005); as to the relation between financial development and economic
 growth, the causality could not be supported by the data. 
Journal: Applied Economics Letters 
Pages: 495-501 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701857841 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701857841&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Ormerod 
Author-X-Name-First: Paul 
Author-X-Name-Last: Ormerod 
Title: Resilience after localeconomic shocks 
Abstract:
  The rapid closure of pits during the 1980s in the UK is an example of an
 economic shock which is not only specific to a particular industry but
 also to local economic areas. In 1983, only 29 of the 459 local authority
 areas in the UK was coal mining more than 10% of total employment. Over
 the 20-year period 1983-2002, average percentage employment growth in
 these areas was less than the UK as a whole. But the key feature is the
 huge diversity across areas, with three showing employment falls of nearly
 20% and three exhibiting employment gains of more than 30%. Some areas
 showed great resilience in the face of a serious shock. Two general
 factors account for over half the variability of this experience. First,
 the greater the percentage in coal mining in 1983, the lower was 20-year
 employment growth. Second, the more militant an area was during the
 miners' strike of 1984/85, the lower also was employment growth. 
Journal: Applied Economics Letters 
Pages: 503-507 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850801964331 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850801964331&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcos Alvarez-Diaz 
Author-X-Name-First: Marcos 
Author-X-Name-Last: Alvarez-Diaz 
Author-Name: Alberto Alvarez 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Alvarez 
Title: Forecasting exchange rates using local regression 
Abstract:
  In this article we use a generalization of the standard nearest
 neighbours, called local regression (LR), to study the predictability of
 the yen/US$ and pound sterling/US$ exchange rates. We also compare our
 results with those previously obtained with global methods such as neural
 networks, genetic programming, data fusion and evolutionary neural
 networks. We want to verify if we can generalize to the exchange rate
 forecasting problem the belief that local methods beat global ones. 
Journal: Applied Economics Letters 
Pages: 509-514 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850801987217 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850801987217&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Sisto 
Author-X-Name-First: A. 
Author-X-Name-Last: Sisto 
Author-Name: R. Zanola 
Author-X-Name-First: R. 
Author-X-Name-Last: Zanola 
Title: Cinema attendance in Europe 
Abstract:
  Although there exists a large body of literature which has empirically
 investigated the impact of various determinants on cinema attendance,
 studies that analyse the addictive component of cinema consumption seem to
 be relatively rare. The aim of this article is to empirically investigate
 the addictive component of cinema consumption by adopting a cross-country
 focus. To this aim, the Becker and Murphy's rational addiction model has
 been tested using a pooled cross-section and time-series data on 12
 European countries over the period 1989 to 2004. Results provide evidence
 that cinema consumption seems to conform to a rational addiction
 hypothesis. 
Journal: Applied Economics Letters 
Pages: 515-517 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802046997 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802046997&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sunil Sapra 
Author-X-Name-First: Sunil 
Author-X-Name-Last: Sapra 
Title: Robust vs. classical principalcomponent analysis in the presence of outliers 
Abstract:
  Principal Component Analysis (PCA) is a very versatile technique for
 dimension reduction in multivariate data. Classical PCA is very sensitive
 to outliers and can lead to misleading conclusions in the presence of
 outliers. This article studies the merits of robust PCA relative to
 classical PCA when outliers are present. An algorithm due to Filzmoser et
 al. (2006) based on a modification of the projection pursuit algorithm of
 Croux and Ruiz-Gazen (2005) is used for robust PCA computations for a
 financial data set as well as simulated data sets. Our simulation results
 indicate that robust PCA generally leads to greater reduction in model
 dimension than classical PCA in data sets with outliers. 
Journal: Applied Economics Letters 
Pages: 519-523 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802046989 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802046989&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Massomeh Hajilee 
Author-X-Name-First: Massomeh 
Author-X-Name-Last: Hajilee 
Title: On the relation between currency depreciation and wages 
Abstract:
  Devaluation is said to redistribute income from the poor, who have a high
 Marginal Propensity to Consume (MPC) to the rich, who have a low MPC.
 Assuming the high MPC group to be unskilled labour and the low MPC group
 to be skilled labour, we investigate the impact of currency depreciation
 on skilled and unskilled wage rates by drawing data from 18 countries.
 While in most countries we found short-run effects, the long-run effects
 of devaluation on both wage rates were limited to a few countries. Indeed
 in these countries, devaluation raised the skilled labour wages and
 reduced unskilled labour wages in the long run as theory dictates. 
Journal: Applied Economics Letters 
Pages: 525-530 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802112278 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802112278&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julie Hotchkiss 
Author-X-Name-First: Julie 
Author-X-Name-Last: Hotchkiss 
Author-Name: M. Melinda Pitts 
Author-X-Name-First: M. Melinda 
Author-X-Name-Last: Pitts 
Title: The demand side of the penalty for intermittent labour market behaviour 
Abstract:
  The purpose of this article is to determine whether there is any
 empirical evidence for the contribution of employer, or demand-side,
 determinants of the labour market intermittency penalty. The documented
 negative relationship between the size of the penalty and the labour
 market strength is interpreted as evidence that labour market
 intermittency is viewed as an undesirable characteristic that employers
 penalize more severely when the labour market is weak. 
Journal: Applied Economics Letters 
Pages: 531-535 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802167181 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802167181&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Jose Castillo 
Author-X-Name-First: Maria Jose 
Author-X-Name-Last: Castillo 
Author-Name: Pilar Useche 
Author-X-Name-First: Pilar 
Author-X-Name-Last: Useche 
Author-Name: Charles Moss 
Author-X-Name-First: Charles 
Author-X-Name-Last: Moss 
Title: Missing agricultural price data: an application of mixed estimation 
Abstract:
  This article shows the convenience of combining the Country-Product-
 Dummy (CPD) model and the Theil-Goldberger (TG) mixed estimator to obtain
 better estimates of missing prices than those obtained by marginal mean
 imputation. We use the TG estimator to combine aggregate price data for
 regions of Ecuador with producer-level data (the sample data) to fill-in
 the missing price observations. Our results show better price estimates
 for predicting missing data than estimates obtained from using the CPD
 model on the sample data only. Through this approach, missing data can be
 replaced with economically meaningful data. 
Journal: Applied Economics Letters 
Pages: 537-541 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802167207 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802167207&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Niclas Kruger 
Author-X-Name-First: Niclas 
Author-X-Name-Last: Kruger 
Author-Name: Mikael Svensson 
Author-X-Name-First: Mikael 
Author-X-Name-Last: Svensson 
Title: Good times are drinking times: empirical evidence on business cycles and alcohol sales in Sweden 1861-2000 
Abstract:
  This article studies the relationship between the business cycle and
 alcohol sales in Sweden using a data set for the years 1861-2000. Using
 wavelet-based band-pass filtering, it is found that there is a
 pro-cyclical relationship, i.e. alcohol sales increases in short-term
 economic upturns. Using moving window techniques, we see that the
 pro-cyclical relationship holds over the entire time period. We also find
 that alcohol sales are a long-memory process with nonstationary behaviour,
 i.e. a shock in alcohol sales has persistent effects. 
Journal: Applied Economics Letters 
Pages: 543-546 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802167215 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802167215&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tin-Chun Lin 
Author-X-Name-First: Tin-Chun 
Author-X-Name-Last: Lin 
Title: Teacher salaries and student achievement: the case of Pennsylvania 
Abstract:
  In this article, we developed an empirical model and tested the
 hypothesis that teacher salaries and student achievement are positively
 and significantly related. A total of 500 school districts in the state of
 Pennsylvania for 3 school years (1999-2000, 2000-2001 and 2001-2002) were
 selected for a case study. Consequently, the empirical evidence revealed
 that the hypothesis was accepted, implying that higher teacher salaries
 attract better qualified teachers and thus benefits student learning and
 improves student achievement. 
Journal: Applied Economics Letters 
Pages: 547-550 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802167223 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802167223&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ayse Evrensel 
Author-X-Name-First: Ayse 
Author-X-Name-Last: Evrensel 
Title: Institutional and economic determinants of corruption: a cross-section analysis 
Abstract:
  In recent years, corruption and possible anti-corruption measures have
 been extensively discussed at the national, international and multilateral
 levels. This article provides an empirical analysis of corruption by
 viewing corruption as an evolutionary process. It assumes that the
 institutional set-up of the country such as the characteristics of the
 political and judicial system determines the extent of corruption. The
 empirical results confirm that countries with totalitarian political
 regimes, ineffective judicial systems and lower levels of education as
 well as slower economic growth and higher inflation rates tend to have
 higher levels of corruption. 
Journal: Applied Economics Letters 
Pages: 551-554 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297814 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297814&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marie-Edith Bissey 
Author-X-Name-First: Marie-Edith 
Author-X-Name-Last: Bissey 
Author-Name: John Hey 
Author-X-Name-First: John 
Author-X-Name-Last: Hey 
Author-Name: Stefania Ottone 
Author-X-Name-First: Stefania 
Author-X-Name-Last: Ottone 
Title: Jekyll and Hyde 
Abstract:
  Jekyll and Hyde were in fact two people inside the same person - an
 obviously dynamically-inconsistent person. In the book and in the movie,
 the dynamic inconsistency was resolved in a rather dramatic way. We
 investigate its resolution in the laboratory. 
Journal: Applied Economics Letters 
Pages: 555-559 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802260853 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802260853&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Silke Anger 
Author-X-Name-First: Silke 
Author-X-Name-Last: Anger 
Author-Name: Michael Kvasnicka 
Author-X-Name-First: Michael 
Author-X-Name-Last: Kvasnicka 
Title: Does smoking really harm your earnings so much? Biases in current estimates of the smoking wage penalty 
Abstract:
  Empirical studies on the earnings effects of tobacco use have found
 significant wage penalties attached to smoking. This article produces
 evidence that suggests that these estimates are significantly upward
 biased. The bias arises from a general failure in the literature to
 control for past smoking behaviour of individuals. Two-Stage Least Squares
 (2SLS) regressions show that the smoking wage penalty is reduced by as
 much as a third, if past smoking of individuals is controlled for. 
Journal: Applied Economics Letters 
Pages: 561-564 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802260846 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802260846&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Razvan Pascalau 
Author-X-Name-First: Razvan 
Author-X-Name-Last: Pascalau 
Title: Unit root tests with smooth breaks: an application to the Nelson-Plosser data set 
Abstract:
  This article reconsiders the nature of the trends (i.e. deterministic or
 stochastic) of the Nelson-Plosser macroeconomic time series. For this
 purpose, the article employs two new tests that display robustness to
 structural breaks of unknown forms, irrespective of the date and/or
 location of the breaks. These tests approximate structural changes as
 smooth processes via flexible Fourier transforms. In general, it appears
 that real variables are stationary while nominal ones have a unit root. 
Journal: Applied Economics Letters 
Pages: 565-570 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802112245 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802112245&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wim Naude 
Author-X-Name-First: Wim 
Author-X-Name-Last: Naude 
Title: Does sexual strategies theory help explain high violent crime in South Africa? 
Abstract:
  In sexual strategies theory (SST), risky behaviour such as crime is the
 outcome of males' sexual reproduction strategies. Using panel data from
 South Africa, one of the countries with the highest crime rates in the
 world, a random-effects GLS regression finds support for the SST as an
 explanation for violent crime. 
Journal: Applied Economics Letters 
Pages: 571-574 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802064586 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802064586&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: Analysis of movements in the AUD/USD exchange rate: comparison of four major models 
Abstract:
  Four different models are considered in examining the movements in the
 AUD/USD exchange rate. Based on the value of R2, the uncovered interest
 parity model performs best, followed by the purchasing power parity model,
 the monetary model, and the Mundell-Fleming model. The opposite signs of
 the relative interest rate in the uncovered interest parity model and the
 monetary model and the insignificant coefficient of the domestic interest
 rate in the Mundell-Fleming model suggest that more study is needed to
 examine the behaviour of exchange rate fluctuations for the Australian
 dollar. 
Journal: Applied Economics Letters 
Pages: 575-580 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802047003 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802047003&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dustin Chambers 
Author-X-Name-First: Dustin 
Author-X-Name-Last: Chambers 
Title: Does a rising tide raise all ships? The impact of growth on inequality 
Abstract:
  Using semiparametric methods and an up-to-date panel dataset on income
 inequality, the impact of past economic growth on current inequality is
 examined in a group of nations with widely differing initial incomes.
 Regardless of a nation's initial development, past economic growth
 stimulates inequality over short and medium-run periods. However, in the
 long-run, inequality in developed and developing nations reacts
 differently to comparable rates of economic growth. Specifically,
 inequality declines with growth in developing nations, while rising with
 growth in developed nations. 
Journal: Applied Economics Letters 
Pages: 581-586 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802046971 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802046971&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: William Nilsson 
Author-X-Name-First: William 
Author-X-Name-Last: Nilsson 
Title: Marital status and unobserved heterogeneity: Do twins suggest a genetic inheritance? 
Abstract:
  The purpose of this study is to measure the importance of the background
 for marital status. The role of unobserved circumstances, including the
 genes, is of particular interest. Unobserved heterogeneity is, as
 expected, found to be important for marital status. The results for
 monozygotic (identical) and dizygotic (fraternal) twins indicate an
 important genetic component in marital status. The genetic inheritance of
 marital status is found to be particularly strong for females. 
Journal: Applied Economics Letters 
Pages: 587-591 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802077992 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802077992&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jane Binner 
Author-X-Name-First: Jane 
Author-X-Name-Last: Binner 
Author-Name: Thomas Elger 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Elger 
Author-Name: Barry Jones 
Author-X-Name-First: Barry 
Author-X-Name-Last: Jones 
Author-Name: Birger Nilsson 
Author-X-Name-First: Birger 
Author-X-Name-Last: Nilsson 
Title: Inflation forecasting, relative price variability and skewness 
Abstract:
  This article presents out-of-sample inflation forecasting results based
 on relative price variability and skewness. It is demonstrated that
 forecasts on long horizons of 1.5-2 years are significantly improved if
 the forecast equation is augmented with skewness. 
Journal: Applied Economics Letters 
Pages: 593-596 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802112260 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802112260&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yen-Hsien Lee 
Author-X-Name-First: Yen-Hsien 
Author-X-Name-Last: Lee 
Author-Name: Chien-Liang Chiu 
Author-X-Name-First: Chien-Liang 
Author-X-Name-Last: Chiu 
Title: Nonlinear adjustment of short-term deviations impacts on the US real estate market 
Abstract:
  This study examines whether nonlinear adjustment of short-term deviations
 impacts US real estate market returns by applying an exponential smooth
 transition threshold error-correction model with Generalized Auto
 Regressive Conditional Heteroscedasticity (GARCH) (ESTECM-GARCH).
 Empirical results demonstrate that the ESTECM-GARCH captures the dynamics
 of returns more effectively than the Error-Correction Model (ECM) and
 Exponential Smooth Transition Error-Correction Model (ESTECM).
 Consequently, the nonlinear behaviour of returns is driven by momentum
 noise traders and heterogeneous arbitrageurs in Real Estate Investment
 Trust (REIT) markets. 
Journal: Applied Economics Letters 
Pages: 597-603 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802167165 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802167165&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shunsuke Managi 
Author-X-Name-First: Shunsuke 
Author-X-Name-Last: Managi 
Author-Name: Samuel Mulenga Bwalya 
Author-X-Name-First: Samuel Mulenga 
Author-X-Name-Last: Bwalya 
Title: Foreign direct investment and technology spillovers in sub-Saharan Africa 
Abstract:
  Foreign direct investment (FDI) is an effective conduit for technology
 transfer through technology spillovers to domestically owned firms in the
 host country. This study analyses the significance of productivity
 externalities of FDI to local firms, in terms of both intra-industry and
 inter-industry spillovers, using firm-level data from Kenya, Tanzania and
 Zimbabwe. The results show evidences in support of intra- and
 inter-industry productivity spillovers from FDI for Kenya and Zimbabwe. 
Journal: Applied Economics Letters 
Pages: 605-608 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802167173 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802167173&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jong-Eun Lee 
Author-X-Name-First: Jong-Eun 
Author-X-Name-Last: Lee 
Title: How homogeneous are balance of payments movements? 
Abstract:
  The article conducts panel data Granger causality tests for current and
 financial accounts in 53 countries over the period of 1970Q1 to 2007Q3. We
 found that there is no homogeneity within the same income groups of
 economies unlike the previous studies. It implies that push and pull
 factors of capital mobility are independent of income levels of economies. 
Journal: Applied Economics Letters 
Pages: 609-611 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802167199 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802167199&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Assaf&#x200a; 
Author-X-Name-First: A. 
Author-X-Name-Last: Assaf&#x200a; 
Author-Name: K. M. Matawie 
Author-X-Name-First: K. M. 
Author-X-Name-Last: Matawie 
Title: A bootstrapped metafrontier model 
Abstract:
  The major aim of this article is to apply the bootstrapping methodology
 to the estimation of the metafrotnier model. The article has two parts.
 The first part deals with the technical details of the metafrontier model,
 and the second presents the application of the model using cross-sectional
 input/output data on health care foodservice operations. The results
 obtained by bootstrapping the metafrontier model are presented and
 discussed. 
Journal: Applied Economics Letters 
Pages: 613-617 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802232613 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802232613&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joo-Suk Lee 
Author-X-Name-First: Joo-Suk 
Author-X-Name-Last: Lee 
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Author-Name: Seung-Jun Kwak 
Author-X-Name-First: Seung-Jun 
Author-X-Name-Last: Kwak 
Title: Public's willingness to pay for preventing climate change 
Abstract:
  In order to develop the proper policies for preventing climate change, it
 is necessary to know the public preference for preventing climate change.
 This study attempts to analyse public Willingness To Pay (WTP) for
 preventing climate change by applying a Contingent Valuation (CV) method.
 The estimated mean WTP per household per month in Seoul, Korea, is about
 3326 Korean won (approximately GBP 1.60). 
Journal: Applied Economics Letters 
Pages: 619-622 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802277113 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802277113&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roisin O'Sullivan 
Author-X-Name-First: Roisin 
Author-X-Name-Last: O'Sullivan 
Author-Name: Ayse Ozsoz 
Author-X-Name-First: Ayse 
Author-X-Name-Last: Ozsoz 
Title: Foreign bank presence in emerging markets: help or hindrance to banking system stability? 
Abstract:
  With financial liberalization during the 1990s, there was a marked
 increase in the involvement of foreign banks in emerging market economies.
 This study uses data from 32 emerging markets for the period 1999 to 2005
 to investigate whether the presence of foreign banks promotes or hurts the
 stability of the banking systems in these economies. We find consistently
 that a greater presence of foreign banks does not harm banking system
 stability and, under some definitions, is associated with a statistically
 significant fall in the probability of a banking crisis. This result is
 robust across different ways of distinguishing foreign from domestic
 banks, thus providing useful information to policy makers and banking
 regulators. 
Journal: Applied Economics Letters 
Pages: 623-626 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297939 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297939&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Darold Barnum 
Author-X-Name-First: Darold 
Author-X-Name-Last: Barnum 
Author-Name: John Gleason 
Author-X-Name-First: John 
Author-X-Name-Last: Gleason 
Title: DEA efficiency analysis involving multiple production processes 
Abstract:
  This article addresses Data Envelopment Analysis (DEA) efficiency
 analysis in organizations with multiple production processes. It shows how
 to measure the impact on an organization's overall efficiency of (a)
 inefficient and superefficient subunits and (b) the efficiency with which
 input resources are allocated to the subunits. It introduces a simple
 model for efficiently allocating inputs among subunits and applies the
 entire analytical process to a large urban transit agency. 
Journal: Applied Economics Letters 
Pages: 627-632 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297905 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297905&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Church 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Church 
Author-Name: Han Donker 
Author-X-Name-First: Han 
Author-X-Name-Last: Donker 
Title: Profit warnings: will openness be rewarded? 
Abstract:
  We investigate the information content of profit warnings released by
 firms on the abnormal returns for a sample of 149 firms listed on the
 Euronext Amsterdam in 2000-2002. We propose that firms can diminish the
 negative influence of profit warnings on shareholder's returns by
 releasing detailed information, thereby reducing the information asymmetry
 between shareholders and management. We find empirical evidence that a
 greater degree of disclosure has a significantly positive impact on the
 abnormal returns of firms with multiple successive profit warnings. We
 argue that negative abnormal returns will occur with firms which provide
 external reasons in their press releases indicating that the causes of the
 current situation are a market-wide phenomenon and beyond their scope. We
 report a negative - but not significant - impact of information regarding
 external reasons on the abnormal returns to shareholders of firms with
 profit warnings. Our research findings offer valuable insights into the
 practical implications of the information content of profit warnings. 
Journal: Applied Economics Letters 
Pages: 633-637 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802298043 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802298043&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Ang 
Author-X-Name-First: James 
Author-X-Name-Last: Ang 
Title: The determinants of health care expenditure in Australia 
Abstract:
  The objective of this article is to examine the long-run relationship and
 short-run dynamics of the health care expenditure in Australia during the
 period 1960-2003. Consistent with the conventional findings, the income
 elasticity for health care is found to be greater than one, suggesting
 that health care is a luxury good in Australia. Demographic structure is
 found to exert a significant positive impact on health care expenditure.
 An increase in the accessibility to health care services is associated
 with higher per capita real health care expenditure. Finally, public
 funding of health care appears to have a contributory effect on the
 formation of health care expenditure in Australia. 
Journal: Applied Economics Letters 
Pages: 639-644 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840802297868 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840802297868&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Judith Stallmann 
Author-X-Name-First: Judith 
Author-X-Name-Last: Stallmann 
Author-Name: Steven Deller 
Author-X-Name-First: Steven 
Author-X-Name-Last: Deller 
Title: Impacts of local and state tax and expenditure limits on economic growth 
Abstract:
  We focus on the impact of statutory and constitutional Tax and
 Expenditure Limits (TELs) on growth levels and rates of convergence. Using
 a panel of US state data from 1987 to 2004, we report a family of
 neoclassical growth models. Using simple dummy variables to identify
 states with and without strict TELs, we find that local property tax levy
 limits do not significantly influence income growth and convergence rates.
 Results for state revenue and expenditure limits suggest that more recent
 limits may have negatively affected income growth and slowed convergence. 
Journal: Applied Economics Letters 
Pages: 645-648 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297954 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297954&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gabriel Power 
Author-X-Name-First: Gabriel 
Author-X-Name-Last: Power 
Author-Name: Calum Turvey 
Author-X-Name-First: Calum 
Author-X-Name-Last: Turvey 
Title: US rural land value bubbles 
Abstract:
  Real estate bubbles have attracted much attention in the research
 literature following substantial growth in prices. Given the recent
 subprime mortgage crisis, this article is concerned with the related
 problem of possible bubbles in rural land values, given that at the margin
 urban real estate exerts pressure on rural land markets. Land is the most
 important financial asset for the agricultural economy, and income risk
 caused by farmland price volatility creates economic hardship for rural
 communities. Farmland valuation remains to a large extent a puzzle as it
 is only partially explained by fundamentals including inflation. This
 article tests the hypothesis of a price bubble in the real option value to
 future land development using land value data for all 48 contiguous US
 states and finds strong evidence that a short-run bubble has been active
 in recent years. 
Journal: Applied Economics Letters 
Pages: 649-656 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297970 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297970&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: In search of a critical value for the real crude oil price for the United States 
Abstract:
  Applying the GARCH(1,1) model, this article finds that a higher real oil
 price may have a positive or negative impact on the US real output and
 that the critical value of the real oil price for output maximization is
 estimated to be $50.09 per barrel. Hence, real crude oil prices of $54.90
 in 2006 and $59.07 in 2007 are expected to affect real output negatively.
 In addition, more deficit spending, real depreciation, a higher real stock
 price and a lower expected inflation rate would cause real output to rise. 
Journal: Applied Economics Letters 
Pages: 657-661 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297988 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297988&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vaughan Dickson 
Author-X-Name-First: Vaughan 
Author-X-Name-Last: Dickson 
Title: Cost pass-through elasticities, concentration and productivity growth 
Abstract:
  Cost pass-through elasticities measure the percentage decrease in prices
 from a percentage cost reduction. For given cost reductions, lower
 elasticities harm consumers through a lower pass-through to prices. But
 these same lower elasticities may increase cost-reducing innovation by
 firms and thereby help consumers by leading to lower prices. To explore
 this trade-off, pass-through elasticities are first estimated for 253 US
 manufacturing industries. After this, two second-stage regressions that
 use the estimated elasticities are introduced. The first regression finds
 that higher seller concentration leads to lower pass-through elasticities,
 whereas the second finds that the lower pass-through elasticities, which
 accompany higher concentration, lead to higher average annual productivity
 growth. This means there is a trade-off, and lower elasticities can
 benefit consumers. 
Journal: Applied Economics Letters 
Pages: 663-666 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297962 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297962&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Linus Wilson 
Author-X-Name-First: Linus 
Author-X-Name-Last: Wilson 
Title: Fixed cost efficiency with infinitesimal competitors 
Abstract:
  Suppose that infinitesimal firms have identical variable costs, but there
 is heterogeneity in their fixed costs. Regardless of the ordering of entry
 and exit, fixed costs will be minimized for a given industry size. 
Journal: Applied Economics Letters 
Pages: 667-671 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297921 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297921&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. O. Stekler 
Author-X-Name-First: H. O. 
Author-X-Name-Last: Stekler 
Author-Name: Kazuta Sakamoto 
Author-X-Name-First: Kazuta 
Author-X-Name-Last: Sakamoto 
Title: Evaluating current-year forecasts made during the year: a Japanese example 
Abstract:
  Forecasts for the current year that are made sometime during the current
 year are not true annual forecasts because they include already known
 information for the early part of the year. The current methodology that
 evaluates these 'forecasts' does not take into account the known
 information. This article presents a methodology for calculating an
 implicit forecast for the latter part of a year conditional on the known
 information. We then apply the procedure to Japanese forecasts for
 1988-2003 and analyse some of the characteristics of those predictions. 
Journal: Applied Economics Letters 
Pages: 673-676 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297848 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297848&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bjorn Thor Arnarson 
Author-X-Name-First: Bjorn 
Author-X-Name-Last: Thor Arnarson 
Author-Name: Aparna Mitra 
Author-X-Name-First: Aparna 
Author-X-Name-Last: Mitra 
Title: The Paternity Leave Act in Iceland: implications for gender equality in the labour market 
Abstract:
  The Icelandic Act on Maternity/Paternity and Parental Leave (2000)
 introduced some major changes. The leave was extended from 6 to 9 months,
 and parents who were active in the labour market were paid 80% of their
 average salaries during the leave. The 9 months' leave was distributed so
 that mothers could take 3 months' leave, fathers could take 3 months'
 leave and the remaining 3 months could be shared by the mother or father
 in any manner that the parents saw fit. Using information and data from
 the Althingi and Statice, this article discusses the new legislation and
 the implications of such a policy in reducing gender inequality in the
 Icelandic labour market. 
Journal: Applied Economics Letters 
Pages: 677-680 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297830 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297830&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hoa Nguyen 
Author-X-Name-First: Hoa 
Author-X-Name-Last: Nguyen 
Author-Name: Robert Faff 
Author-X-Name-First: Robert 
Author-X-Name-Last: Faff 
Title: Does the type of derivative instrument used by companies impact firm value? 
Abstract:
  We explore the relationship between the type of derivative instrument
 used and firm value, in a sample of Australian firms. Specifically, we
 examine the impact of the corporate use of swaps, futures, forwards and
 options, and the extent of such usage, on firm value. Our findings suggest
 that a 'discount' is most severely imposed on users of swaps. 
Journal: Applied Economics Letters 
Pages: 681-683 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297822 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297822&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Emmanuel Lartey 
Author-X-Name-First: Emmanuel 
Author-X-Name-Last: Lartey 
Title: A note on the effect of financial development on economic growth 
Abstract:
  A common result from the literature has been a positive monotonic effect
 of financial development on growth. This article presents an empirical
 investigation of the financial development-economic growth relationship by
 estimating a variant model to those in Levine et al. (2000) while allowing
 for the coefficient on the financial development index to vary by the
 level of financial development. Using dynamic panel techniques,
 coefficient estimates suggest that the exogenous component of financial
 development has a positive effect on economic growth and does not vary
 with the level of financial development. 
Journal: Applied Economics Letters 
Pages: 685-687 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297897 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297897&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Randy Nelson 
Author-X-Name-First: Randy 
Author-X-Name-Last: Nelson 
Author-Name: Patrick Rutherford 
Author-X-Name-First: Patrick 
Author-X-Name-Last: Rutherford 
Title: The impact of early DVD release on box office revenues 
Abstract:
  In recent years, film studios have accelerated the release of films on
 DVDs, prompting theatre owners to express concerns about the possible
 negative impact of the early release of DVDs on a film's box office
 revenues. This study examines the impact of releasing a film on DVD before
 the film ends its theatrical run. Based on a sample of the top 50 grossing
 films in the USA over the period 2001 to 2005, our results indicate that
 roughly a quarter of the films appear on DVD before exiting the theatres,
 and that studios release these films on DVD after they have been in the
 theatres for an average of 20 weeks. By delaying the DVD release until the
 twentieth week, studios minimize the impact on box office revenues, as the
 average films take in 95% of its total box office growth by the seventh
 week in distribution. Regression results indicate that an early DVD
 release reduces box office revenues by 46%, or $303 989, which represents
 an average of 0.21% of a film's total box office revenue. 
Journal: Applied Economics Letters 
Pages: 689-693 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297913 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297913&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. 
Author-X-Name-Last: Bhaskara Rao 
Author-Name: Rup Singh 
Author-X-Name-First: Rup 
Author-X-Name-Last: Singh 
Author-Name: Saten Kumar 
Author-X-Name-First: Saten 
Author-X-Name-Last: Kumar 
Title: Do we need time series econometrics? 
Abstract:
  It is argued that whether the need for unit roots and cointegration-based
 econometric methods is a methodological issue. An alternative is the
 econometrics of the London School of Economics (LSE) and Hendry approach
 based on the simpler classical methods of estimation. This is known as the
 general to specific method (GETS). Like all other methodological issues
 this is also difficult to resolve, but we think that GETS is very useful. 
Journal: Applied Economics Letters 
Pages: 695-697 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297889 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297889&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Silke Anger 
Author-X-Name-First: Silke 
Author-X-Name-Last: Anger 
Author-Name: Guido Heineck 
Author-X-Name-First: Guido 
Author-X-Name-Last: Heineck 
Title: Cognitive abilities and earnings - first evidence for Germany 
Abstract:
  We provide first evidence on the relationship between cognitive abilities
 and earnings in Germany using data from the German Socio-Economic Panel
 (SOEP) Study. The estimates suggest that mechanics abilities are
 positively related to wages of West German workers, even when educational
 attainment is controlled for. Pragmatics of cognition are not related to
 earnings. In line with studies for other countries, we find that ability
 and education are inseparable determinants of earnings. 
Journal: Applied Economics Letters 
Pages: 699-702 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297855 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297855&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Paul Gius 
Author-X-Name-First: Mark 
Author-X-Name-Last: Paul Gius 
Title: An analysis of the 2006 congressional elections: does campaign spending matter? 
Abstract:
  The results of research on the effects of political campaign expenditures
 on congressional elections are somewhat mixed although most suggest that
 incumbent campaign spending has a minimal to no statistically significant
 effect on election outcomes, whereas challenger spending has a rather
 significant effect. This study differs from the prior research by
 including as an explanatory variable the percentage of registered voters
 who have the same party affiliation as the candidate. Results suggest that
 spending by both the incumbent and the challenger have significant effects
 on the percentage of votes obtained, while the percentage of own party
 affiliation has a positive, but minimal, effect. Finally, it was found
 that incumbents possess a 24-point advantage over their challengers; this
 result may partially explain why incumbents are re-elected over 90% of the
 time. 
Journal: Applied Economics Letters 
Pages: 703-706 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802298002 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802298002&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcelo Resende 
Author-X-Name-First: Marcelo 
Author-X-Name-Last: Resende 
Title: Gibrat's law for counties in medieval England: an empirical study 
Abstract:
  The article investigates a distributional implication of Gibrat's Law
 (GL) in the context of English counties in the eleventh century, taking as
 reference population data from the Domesday Book. Tests for the
 log-normality of the size distribution (including specific assessments of
 the skewness and kurtosis) provided evidence that favours the prevalence
 of GL. 
Journal: Applied Economics Letters 
Pages: 707-710 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297996 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297996&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Olumuyiwa Adedeji 
Author-X-Name-First: Olumuyiwa 
Author-X-Name-Last: Adedeji 
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: Fiscal sustainability in a panel of Asian countries 
Abstract:
  Panel cointegration techniques indicate that government revenue (REV) and
 expenditure (EXP) in a panel of five Asian economies for the period 1974
 to 2001 were nonstationary and cointegrated series. However, the
 cointegration coefficient was significantly less than unity, indicating
 'weak' fiscal sustainability and the likelihood that policy measures would
 be needed to put the public finances on a more sustainable basis. 
Journal: Applied Economics Letters 
Pages: 711-715 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297871 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297871&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Theodoros Stamatopoulos 
Author-X-Name-First: Theodoros 
Author-X-Name-Last: Stamatopoulos 
Author-Name: Harilaos Harissis 
Author-X-Name-First: Harilaos 
Author-X-Name-Last: Harissis 
Title: Exchange rate pass-through, exchange rate disconnect and exchange rate regimes 
Abstract:
  This article investigates the degree of Exchange Rate Pass-Through (ERPT)
 into import prices for the Hellenic economy, during its post-Bretton Woods
 and pre-European Monetary Union (pre-EMU) era 1975-1998. Using
 multivariate cointegration techniques, we provide empirical evidence for
 complete long-run and incomplete short-run ERPT coefficients. The pattern
 of trade, which reflects the production pattern as well as intervention
 policies, appearing from the country's course towards EMU, justifies these
 estimations. Complete ERPT and estimated disconnection of the exchange
 rate of the Hellenic Drachmae from the real industrial production may be
 accepted as an argument in favour of joining the euro, within a single
 criterion of Optimum Currency Areas' theory. 
Journal: Applied Economics Letters 
Pages: 717-722 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802298050 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802298050&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Cantarero 
Author-X-Name-First: David 
Author-X-Name-Last: Cantarero 
Author-Name: Santiago Lago-Penas 
Author-X-Name-First: Santiago 
Author-X-Name-Last: Lago-Penas 
Title: The determinants of health care expenditure: a reexamination 
Abstract:
  In this article, the determinants of health care expenditure per capita
 in Spanish regions are analysed. The coexistence of several models
 concerning the degree of spending power decentralization and financing
 systems makes Spain a singular case and allows us to draw conclusions
 relevant for other countries decentralizing their health care systems.
 Analysing the Spanish case also serves to show a number of pitfalls
 affecting econometric estimation of the effects of income and demographic
 structure on health expenditure. Because the reliability of parameter
 estimates is a key issue in the literature on the determinants of health
 expenditure, these potential problems should be taken into account when
 estimating and interpreting results. 
Journal: Applied Economics Letters 
Pages: 723-726 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802314437 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802314437&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Ryan Haley 
Author-X-Name-First: M. Ryan 
Author-X-Name-Last: Haley 
Author-Name: Craig Dunphey 
Author-X-Name-First: Craig 
Author-X-Name-Last: Dunphey 
Title: On the Athey-Levin model of skewed bidding 
Abstract:
  Using data from 39 first-price, sealed-bid auctions from three Wisconsin
 State forests, we examine the fragility of the sealed-bid auction portion
 of Athey and Levin's (2001) study of skewed bidding behaviour in US forest
 service auctions. The results of our analysis compare favourably with
 their results, suggesting that their model is robust across data sets
 similar to, but distinct from, the data used in their study. 
Journal: Applied Economics Letters 
Pages: 727-732 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802375487 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802375487&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: Government size and the stability of output: evidence from emerging market economies 
Abstract:
  Fatas and Mihov (2001a, b) reported a negative and statistically
 significant relation between government size and output variability in a
 cross-section of 20 Organization for Economic Cooperation and Development
 (OECD) countries and concluded that large governments stabilize output.
 This conclusion does not appear to be valid for Emerging Market Economies
 (EMEs). Results from cross-section and combined cross-section and time
 series regressions for a sample of 21 EMEs for the period 1970 to 2001
 indicate that the relation between government size and output volatility
 is statistically significant and positive. 
Journal: Applied Economics Letters 
Pages: 733-736 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802464117 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802464117&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: Who chooses to adopt fiscal responsibility laws? Evidence from emerging market economies 
Abstract:
  In recent years, at least 10 emerging market economies have sought to
 anchor their fiscal frameworks in fiscal responsibility laws. Key factors
 in the decision appear to include a prior improvement in fiscal
 discipline, particularly in the context of a federal fiscal system,
 substantial ethnic fractionalization and vulnerability to adverse shocks,
 such as real exchange rate volatility and inflation. 
Journal: Applied Economics Letters 
Pages: 737-740 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297947 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297947&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. J. Dawson 
Author-X-Name-First: P. J. 
Author-X-Name-Last: Dawson 
Title: Financial development and economic growth: a panel approach 
Abstract:
  This article examines the finance-growth nexus for a panel of less
 developed countries using panel cointegration methods. The financial
 development elasticity of gross domestic product is 0.46, and this varies
 little between broad income groups. 
Journal: Applied Economics Letters 
Pages: 741-745 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802314411 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802314411&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wuyang Hu 
Author-X-Name-First: Wuyang 
Author-X-Name-Last: Hu 
Author-Name: Alison Davis 
Author-X-Name-First: Alison 
Author-X-Name-Last: Davis 
Title: Desert recreation: economic values of management and service strategies 
Abstract:
  This study focuses on the management of a desert area. It utilizes survey
 data to assess visitors' preferences and values for several management
 strategies designed to alleviate conflicts in this region. The
 implications may help to understand management issues in other similar
 environments. The results show distinctive differences between how these
 management strategies may be valued by the resource users, depending on
 the intended goals of the strategies. A key conclusion is that the best
 management strategy is interrelated with the characteristics of the
 resource users. A heterogeneous analysis and diversified policy may
 achieve better management goals and social welfare. 
Journal: Applied Economics Letters 
Pages: 747-751 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802359911 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802359911&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gordon Tang 
Author-X-Name-First: Gordon 
Author-X-Name-Last: Tang 
Author-Name: Karen Wong 
Author-X-Name-First: Karen 
Author-X-Name-Last: Wong 
Title: A note on the intraday and intraweek patterns in premiums of exchange-traded funds: evidence from Hong Kong 
Abstract:
  The Tracker Fund of Hong Kong, the first launched exchange-traded fund in
 Asia except Japan, aims to track the performance of the Hang Seng Index.
 This article examines the fund's characteristic via investigating the
 intraday and intraweek patterns of the fund's premiums. Empirical results
 suggest that no such patterns exist on the mean premium. However, a weak
 intraweek pattern is found for the volatility of premium and the number of
 transactions. Furthermore, for all measures except the mean premium, we
 find that a significant intraday pattern with a double-U shape or a
 W-shape exists. 
Journal: Applied Economics Letters 
Pages: 753-760 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802314429 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802314429&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jorge Andraz 
Author-X-Name-First: Jorge 
Author-X-Name-Last: Andraz 
Author-Name: Paulo Rodrigues 
Author-X-Name-First: Paulo 
Author-X-Name-Last: Rodrigues 
Title: Events that marked tourism in Portugal 
Abstract:
  This article uses outlier detection procedures to investigate events that
 may have had a pronounced effect on tourism in Portugal. Interestingly, we
 confirm the evidence that the effects on tourism are lagged in time. As a
 result, expected business volumes are only attained later than originally
 anticipated and arising difficulties affect tourism leading to possible
 destination rerouting. 
Journal: Applied Economics Letters 
Pages: 761-766 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802314445 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802314445&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seong-Hoon Cho 
Author-X-Name-First: Seong-Hoon 
Author-X-Name-Last: Cho 
Author-Name: Dayton Lambert 
Author-X-Name-First: Dayton 
Author-X-Name-Last: Lambert 
Author-Name: Zhuo Chen 
Author-X-Name-First: Zhuo 
Author-X-Name-Last: Chen 
Title: Geographically weighted regression bandwidth selection and spatial autocorrelation: an empirical example using Chinese agriculture data 
Abstract:
  This research note examined the performance of Geographically Weighted
 Regression (GWR) using two calibration methods. The first method, Cross
 Validation (CV), has been commonly used in the applied literature using
 GWR. A second criterion selected an optimal bandwidth that corresponded
 with the smallest spatial error Lagrange Multiplier (LM) test statistic.
 We find that there is a tradeoff between addressing spatial
 autocorrelation and reducing degree of extreme coefficients in GWR.
 Although spatial autocorrelation can be controlled for by using the LM
 criterion, a substantial degree of extreme coefficients may remain.
 However, while the CV approach appears to be less prone to producing
 extreme coefficients, it may not always attend to the problems that arise
 in the presence of spatial error autocorrelation. 
Journal: Applied Economics Letters 
Pages: 767-772 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802314452 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802314452&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: De-Chih Liu 
Author-X-Name-First: De-Chih 
Author-X-Name-Last: Liu 
Title: Monetary policy and the asymmetric job creation and destruction behaviour 
Abstract:
  This article explores whether monetary policy can account for the
 asymmetric job creation and job destruction behaviour in the Taiwanese
 manufacturing and service sectors during the period 1987 to 2003. This
 article finds evidence for positive steepness in the job destruction rate
 in the manufacturing sector and negative steepness in the job creation
 rate in the service sector. This article also finds that the monetary
 policy (discount rate) can help to explain the asymmetric job creation and
 job destruction behaviour. Importantly, this article finds that monetary
 policy stimulated job flow behaviour to a better regime. This evidence
 suggests that monetary policy may be an efficient instrument in
 stimulating the labour market in Taiwan. 
Journal: Applied Economics Letters 
Pages: 773-780 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802359903 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802359903&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Huseyin Kalyoncu 
Author-X-Name-First: Huseyin 
Author-X-Name-Last: Kalyoncu 
Author-Name: Ilhan Ozturk 
Author-X-Name-First: Ilhan 
Author-X-Name-Last: Ozturk 
Title: Sustainability of current account for Latin America and Caribbean countries 
Abstract:
  This article examines sustainability of current account for Colombia,
 Peru, Venezuela, Mexico, Brazil and Argentina. Using the usual
 intertemporal borrowing constraint, we have tested for a long-run
 relationship between exports and imports plus net transfer payments and
 net interest payments. In our empirical analysis of the sustainability of
 current account, cointegration approaches have been used. Empirical
 results suggest that in the case of Peru, there exists a unique long run
 or equilibrium relationship among real exports and imports. In the case of
 Colombia, Venezuela, Mexico, Brazil and Argentina, cointegration results
 suggest that these countries' current accounts are not sustainable in the
 long run. 
Journal: Applied Economics Letters 
Pages: 781-785 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802359937 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802359937&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anthony Mancuso 
Author-X-Name-First: Anthony 
Author-X-Name-Last: Mancuso 
Author-Name: Cassandra Dirienzo 
Author-X-Name-First: Cassandra 
Author-X-Name-Last: Dirienzo 
Author-Name: Jayoti Das 
Author-X-Name-First: Jayoti 
Author-X-Name-Last: Das 
Title: Assessing terrorist risk and FDI using relative information measures 
Abstract:
  Recent research has explored the determinants of terrorism and the impact
 that terrorist activity has on a country. However, to date, no research
 has examined what specific aspect of terrorist risk most significantly
 impacts a country's ability to operate in the global market. Using the
 five sub-indices of the World Market Research Center's Global Terrorism
 Index, this study explores how the different dimensions of terrorist risk
 impact the inflow of Foreign Direct Investment (FDI) using a Shannon
 information measure of relationship. The results of this research suggest
 that a country's proven ability to prevent terrorist activity has the most
 significant impact on investment decisions in regard to FDI. 
Journal: Applied Economics Letters 
Pages: 787-790 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802375479 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802375479&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sadullah Celik 
Author-X-Name-First: Sadullah 
Author-X-Name-Last: Celik 
Author-Name: Huseyin Kaya 
Author-X-Name-First: Huseyin 
Author-X-Name-Last: Kaya 
Title: Real exchange rates and bilateral trade dynamics of Turkey: panel cointegration approach 
Abstract:
  The aim of this article is to analyse Turkey's bilateral trade dynamics
 with respect to a panel of seven countries. Employing several panel
 cointegration techniques, we show that the effect of a devaluation of
 Turkish currency on trade balance is country specific and there is no
 J-curve effect. 
Journal: Applied Economics Letters 
Pages: 791-795 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802388993 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802388993&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: Nonlinear mean reversion in real exchange rates: threshold autoregressive models and stochastic unit root processes 
Abstract:
  Threshold-type nonlinear relations are pretty popular in modelling the
 deviations from purchasing power parity. This article shows that there is
 a close relation between the nonlinear band Threshold Autoregressive (TAR)
 models studied by Obstfeld and Taylor (1997) and Stochastic Unit Root
 (STUR) processes discussed by Granger and Swanson (1997) and McCabe and
 Tremayne (1995). Employing the real exchange rates from four major
 countries against the US dollar, this article finds little evidence for
 TAR but some support for STUR during the post-Bretton Woods sample
 periods. 
Journal: Applied Economics Letters 
Pages: 797-804 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802403610 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802403610&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Leeds 
Author-X-Name-First: Michael 
Author-X-Name-Last: Leeds 
Title: Is bad news always bad? The impact of Floyd Landis's rise and fall on Phonak 
Abstract:
  In the space of one week, cyclist Floyd Landis went from hero to villain
 when his remarkable comeback to win the 2006 Tour de France was nullified
 by a positive drug test. I use event study techniques to analyse the
 impact of Landis's rise and fall on the profitability of Phonak, his
 team's sponsor. I find that neither his spectacular win nor his rapid fall
 had an immediate impact on Phonak but that there was a significant
 cumulative abnormal return to Phonak stock in the wake of these events. I
 conclude that Phonak benefited from both the good and bad news about
 Landis. 
Journal: Applied Economics Letters 
Pages: 805-808 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802464109 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802464109&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hart Hodges 
Author-X-Name-First: Hart 
Author-X-Name-Last: Hodges 
Author-Name: Stein &#xd8;stbye 
Author-X-Name-First: Stein 
Author-X-Name-Last: &#xd8;stbye 
Title: Is small firm gardening good for local economic growth? 
Abstract:
  Based on panel data for the manufacturing and retail industries in a
 sample of 2645 US counties spanning the last two decades of the twentieth
 century, we find that firm size matters for industry growth. Contrary to
 previous research, our results suggest that there is a positive linkage
 between the average size of manufacturing and retail firms on the one hand
 and industry growth on the other. Our results are consistent with a
 Schumpeterian growth model, where bigger firms are needed to carry out
 effective Research and Development, leading to higher growth. The results,
 therefore, do not support the idea of small firm gardening as a local
 development strategy. 
Journal: Applied Economics Letters 
Pages: 809-813 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802481780 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802481780&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mao-Wei Hung 
Author-X-Name-First: Mao-Wei 
Author-X-Name-Last: Hung 
Author-Name: Mei-Lan Lo 
Author-X-Name-First: Mei-Lan 
Author-X-Name-Last: Lo 
Author-Name: Hsiao-Yuan Yu 
Author-X-Name-First: Hsiao-Yuan 
Author-X-Name-Last: Yu 
Title: On the currency effect to home bias puzzle 
Abstract:
  We propose an international asset allocation model to investigate whether
 home currency concern has impacts on home bias puzzle. Domestic investors
 choosing their international portfolios depend on home currency premium
 and thus will behave in home bias scenarios. Besides, the optimal
 portfolio suggests that it is isolated with nontradable and tradable
 consumptions. After employing the market-clearing condition, we price the
 equilibrium exchange rate and it tells that Interest Rate Parity (IRP) has
 more potential influence than Purchasing Power Parity (PPP) on exchange
 rate pricing in our model. 
Journal: Applied Economics Letters 
Pages: 815-822 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802481839 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802481839&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: Does nonlinearity help resolve the Fisher effect puzzle? 
Abstract:
  Even though there is little evidence for linear cointegration,
 Christopoulos and Leon-Ledesma (2007) recently have found nonlinear
 cointegrating relations between the US quarterly nominal interest rate and
 CPI inflation rate. Through Monte Carlo simulations, they also show that
 the nonlinear relations are responsible for the 'Fisher effect puzzle' of
 less than a proportional coefficient of inflation in the linear Fisher
 relation. We provide, in this study, an explanation of their simulation
 results on the Fisher effect puzzle and further examine if nonlinear
 relations really help resolving the puzzle. 
Journal: Applied Economics Letters 
Pages: 823-828 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802481772 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802481772&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuqing Zheng 
Author-X-Name-First: Yuqing 
Author-X-Name-Last: Zheng 
Author-Name: Harry Kaiser 
Author-X-Name-First: Harry 
Author-X-Name-Last: Kaiser 
Title: Nonparallel demand increases in an asymmetric Cournot oligopoly 
Abstract:
  We examine equilibrium responses of a Cournot oligopoly to two typical
 types of nonparallel demand increases. The results based on a linear
 demand curve show that in terms of profits, increases in demand that
 result in a more elastic demand curve are beneficial to every firm, with
 large firms benefiting disproportionately. In sharp contrast, only certain
 small firms benefit from demand increases that result in a more inelastic
 demand. Our results have implications in marketing and government policy
 making. 
Journal: Applied Economics Letters 
Pages: 829-833 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802552317 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802552317&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Brian Lucey 
Author-X-Name-First: Brian 
Author-X-Name-Last: Lucey 
Title: Lunar seasonality in precious metal returns? 
Abstract:
  We demonstrate for the first time the existence of a lunar cycle on
 precious metal returns. This appears to be more pronounced in silver than
 gold, with very little evidence for an effect in platinum. 
Journal: Applied Economics Letters 
Pages: 835-838 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802516188 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802516188&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Afonso 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Afonso 
Author-Name: Miguel St. Aubyn 
Author-X-Name-First: Miguel 
Author-X-Name-Last: St. Aubyn 
Title: Public and private investment rates of return: evidence for industrialized countries 
Abstract:
  We compute the macroeconomic rates of return of public and private
 investment implicit in a VAR for 14 European Union countries, Canada,
 Japan and the United States. Results point mostly to positive effects of
 public and private investment on output, whereas public investment crowds
 out private investment in a significant number of countries. 
Journal: Applied Economics Letters 
Pages: 839-843 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802599425 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802599425&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: &#xc5;sa Lofgren 
Author-X-Name-First: &#xc5;sa 
Author-X-Name-Last: Lofgren 
Author-Name: Katarina Nordblom 
Author-X-Name-First: Katarina 
Author-X-Name-Last: Nordblom 
Title: Attitudes towards CO2 taxation - is there an Al Gore effect? 
Abstract:
  Fuel taxes are one of the most powerful climate policies. Yet, these
 taxes have not been given very much attention in the global debate
 regarding climate policy, compared with other instruments, such as
 tradable emission permits. This article shows, however, that the immense
 media coverage during fall 2006 significantly affected people's attitudes
 towards the CO2 tax on gasoline. We conducted a survey where we asked for
 people's opinions about the CO2 tax in September and in December 2006,
 i.e. before and after the release of Al Gore's 'An Inconvenient Truth' and
 the Stern Review. We found that the attitude towards the level of the CO2
 tax was significantly changed after these events; people became much more
 positive towards the tax. This signals that using the CO2 tax as an
 important climate policy becomes more politically feasible and legitimate
 when more attention is drawn to climate change problems. 
Journal: Applied Economics Letters 
Pages: 845-848 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802584849 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802584849&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alice Melkumian 
Author-X-Name-First: Alice 
Author-X-Name-Last: Melkumian 
Title: The cost of a short-selling constraint - welfare implications for investors under uncertainty 
Abstract:
  In this article, I analyse investors' welfare losses from being
 restricted from short-selling. To measure those losses, I use the concept
 of the proportionate opportunity cost along with various Constant Relative
 Risk Aversion (CRRA) utility functions. Two sets of asset returns are used
 with a Vector Autoregressive process for generating joint returns
 distributions: the original historical asset returns data set and the
 historical asset returns with extreme values exaggerated. In each case,
 1000 alternative sets of assets, including one with a risk-free nominal
 return, are randomly made available for investment. I show that the
 optimal portfolio strategy with the short-selling constraint performs
 almost as well as the unconstrained portfolio strategy for investors with
 medium and high levels of risk aversion. The results, derived from the
 original historical asset returns data set, show that investors' welfare
 losses reach 12.8% of initial wealth when risk aversion is low and reach
 13.5% of initial wealth with extreme returns exaggerated. The results in
 both cases indicate that less risk-averse investors experience greater
 welfare losses and that the short-selling constraint reduces the cost of
 sub-optimal diversification. 
Journal: Applied Economics Letters 
Pages: 849-860 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802481847 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802481847&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian David Dick 
Author-X-Name-First: Christian David 
Author-X-Name-Last: Dick 
Author-Name: Qingwei Wang 
Author-X-Name-First: Qingwei 
Author-X-Name-Last: Wang 
Title: The economic impact of the Olympic Games: evidence from stock markets 
Abstract:
  By means of an event study of stock market reactions to the announcement
 of the Olympic Games host cities, we find a significant and positive
 announcement effect of hosting the Summer Games, with a cumulative
 abnormal return of about 2% within a few days. Yet, we find no significant
 results for the Winter Games and for losers. Our results differ from those
 of Mirman and Sharma (2008), who found that the Winter Games have a
 significantly negative announcement impact, whereas there is no effect for
 the Summer Games. Our results rely on a larger sample of 15 Olympic events
 and are obtained by assessing the abnormal returns after the announcement
 against a 'business-as-usual' situation (instead of testing the difference
 between winners and losers). Our findings are in line with economic
 intuition: the Summer Games represent a larger event and are thus more
 likely to make a significant impact. We also find that among the winners,
 small economies tend to exhibit greater cumulative abnormal returns than
 their larger peers. 
Journal: Applied Economics Letters 
Pages: 861-864 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802552291 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802552291&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paolo Zagaglia 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Zagaglia 
Title: The sources of volatility transmission in the Euro area money market: from longer maturities to the overnight? 
Abstract:
  This article investigates the transmission of volatility from longer
 maturities to the overnight segment of the Euro area money market. I use
 nonparametric estimates of the daily variance of swap rates to test for
 block exogeneity with respect to the overnight. The results suggest that
 there exists transmission of volatility shocks from the 1-year swap rate
 to the overnight market. The reform of the operational framework of March
 2004 has improved the segmentation of the market, as it has insulated the
 overnight segment from volatility spillovers stemming from swap rates of
 up to 6 months of maturity. 
Journal: Applied Economics Letters 
Pages: 865-868 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802498809 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802498809&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Soderlind 
Author-X-Name-First: Paul 
Author-X-Name-Last: Soderlind 
Title: Predicting stock price movements: regressions versus economists 
Abstract:
  The forecasting performance of the Livingston survey and traditional
 prediction models of stock prices is analysed. The survey forecasts look
 similar to those from a 'too large' prediction model: poor out-of-sample
 performance and too sensitive to recent and irrelevant information. 
Journal: Applied Economics Letters 
Pages: 869-874 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802584871 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802584871&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hiroshi Yamada 
Author-X-Name-First: Hiroshi 
Author-X-Name-Last: Yamada 
Author-Name: Syuichi Nagata 
Author-X-Name-First: Syuichi 
Author-X-Name-Last: Nagata 
Author-Name: Yuzo Honda 
Author-X-Name-First: Yuzo 
Author-X-Name-Last: Honda 
Title: A comparison of two alternative composite leading indicators for detecting Japanese business cycle turning points 
Abstract:
  The Organisation for Economic Cooperation and Development (OECD) has
 developed a system of Composite Leading Indicators (CLIs) for its member
 countries. On the other hand, the Japanese government has released another
 CLI for detecting the Japanese business cycle turning points. Both CLIs
 are widely used alternatives. These two CLIs may provide different
 business forecasts. When different forecasts occur, how can we interpret
 the discrepancies? This article tries to answer this question by
 clarifying their relationships. 
Journal: Applied Economics Letters 
Pages: 875-879 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802570384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802570384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peng Fei 
Author-X-Name-First: Peng 
Author-X-Name-Last: Fei 
Title: A note on applying option pricing theory to emerging mortgage and mortgage-backed securities markets 
Abstract:
  Option-based models have been the dominant paradigm for researches on the
 risks and pricing of mortgages and Mortgage-Backed Securities (MBS) in the
 USA. However, the adaptability and flexibility of option-based models in
 the emerging mortgage markets has been obviously neglected. This study
 provides the first analysis of the potential strengths and weaknesses of
 application of the option pricing theory to emerging markets with
 referring to both theoretical and empirical literatures. This study finds
 that the mortgage type, the attitude of mortgagees to risk and the
 institutional features are the key determinants of success of application
 of the option pricing theory to emerging mortgage and MBS markets. The
 option pricing literature in finance has been extended to study the risks
 and pricing of mortgages and MBS in the USA over the last three decades.
 However, given the robust and rapid growth of emerging mortgage and
 mortgage-related capital markets, there is surprisingly little known about
 to what extent the option pricing theory can be applied to the emerging
 mortgage and MBS markets in the global arena. The purpose of this study is
 to fill this gap by analysing the potential strengths and weaknesses of
 application of the option pricing models to emerging markets with
 specifically referring to both theoretical and empirical literatures. 
Journal: Applied Economics Letters 
Pages: 881-885 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802552332 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802552332&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alberto Iniguez-Montiel 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Iniguez-Montiel 
Title: Government expenditure and national income in Mexico: Keynes versus Wagner 
Abstract:
  This article examines the relationship between government expenditure and
 national income in Mexico by testing the validity of Wagner's law and
 Keynes's hypothesis for the period between 1950 and 1999. More
 specifically, by applying time-series analysis, government-spending and
 national-income variables were found to be nonstationary and cointegrated,
 thus satisfying a long-run equilibrium condition. In addition, through the
 application of Granger causality tests to error-correction models,
 unidirectional causality, running from Gross Domestic Product (GDP) to
 government-expenditure variables, could be established between the
 variables and, therefore, only Wagner's law was found to be valid in
 Mexico's case for the period of study. 
Journal: Applied Economics Letters 
Pages: 887-893 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802599433 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802599433&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Spencer 
Author-X-Name-First: Michael 
Author-X-Name-Last: Spencer 
Title: Loyalty, protocol, bargainer characteristics, and rationality in an experimental investigation of bilateral bargaining in dyads 
Abstract:
  This article analyses data from a bargaining experiment where dyads (i.e.
 two players) bargain over the chances (in terms of lottery tickets) to win
 a shrinking monetary reward. The analysis models both time-independent and
 time-dependent measures of rationality, which are derived from the
 negotiated distribution of lottery tickets, as a function of bargainers'
 stated loyalty, individual characteristics, and bargaining protocol.
 Statistical results suggest that constrained self-interest dominates both
 measures of rationality, which are significantly affected by pre-bargain
 cheap talk, first-offer restrictions, loyalty, gender, and academic major. 
Journal: Applied Economics Letters 
Pages: 895-900 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802552283 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802552283&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Lange 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Lange 
Title: Culture and life satisfaction in developed and less developed nations 
Abstract:
  Defining culture by reference to deeply engrained societal values and
 beliefs, this article makes two contributions to the growing field of
 satisfaction research: first, it explores whether and to what extent a
 range of cultural values serve as important moderators of individuals'
 life satisfaction; and second, it also tries to uncover if the economic
 development status of countries in which individuals live mitigates the
 impact of these cultural values. Based on sub-samples of the fourth wave
 of the World Value Survey, the empirical results show that several
 cultural values are indeed very significant influences on individuals'
 assessment of their life satisfaction. The importance of work, family,
 religion and interpersonal trust play a particularly prominent role.
 However, contrary to previous assertions, cultural values also appear to
 have a rather different effect on life satisfaction when examined in the
 context of developed versus less developed economies. 
Journal: Applied Economics Letters 
Pages: 901-906 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802552309 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802552309&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Pierdzioch 
Author-X-Name-First: Christian 
Author-X-Name-Last: Pierdzioch 
Title: Periodically collapsing bubbles in the German stock market, 1876-1913 
Abstract:
  The present-discounted value model of stock price determination implies
 that, rational bubbles being absent, stock prices and dividends should be
 cointegrated. The results of tests for noncointegration indicate that the
 possibility of periodically collapsing rational bubbles in the German
 stock market before World War I cannot be ruled out. 
Journal: Applied Economics Letters 
Pages: 907-908 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802552324 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802552324&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Dawson 
Author-X-Name-First: John 
Author-X-Name-Last: Dawson 
Author-Name: Mark Strazicich 
Author-X-Name-First: Mark 
Author-X-Name-Last: Strazicich 
Title: Time-series tests of income convergence with two structural breaks: evidence from 29 countries 
Abstract:
  This article uses data on real per capita incomes from 1900 to 2001 to
 test for stochastic convergence in a diverse group of 29 countries. We
 utilize LM unit root tests to endogenously determine the number and
 location of structural breaks for each country. These tests avoid spurious
 rejections that can occur in Dickey-Fuller-type endogenous break tests
 used in many previous studies. We find significant evidence that incomes
 are stochastically converging in 23 of the countries, with World War II
 most often identified as the time period of structural breaks. 
Journal: Applied Economics Letters 
Pages: 909-912 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802584807 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802584807&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Pilar Socorro 
Author-X-Name-First: M. 
Author-X-Name-Last: Pilar Socorro 
Author-Name: Gines de Rus 
Author-X-Name-First: Gines 
Author-X-Name-Last: de Rus 
Title: The effectiveness of the Spanish urban transport contracts in terms of incentives 
Abstract:
  We consider a principal-agent model in which the regulator faces a moral
 hazard problem as he cannot observe the effort exerted by public transit
 operators. In this context, we analyse the effectiveness of the different
 urban transport contracts signed by the Spanish Central Government since
 1990 in terms of incentives. The main result is that none of these
 contracts provides the appropriate incentives to public transit operators.
 Thus, we propose a fixed-quantity contract as an alternative financing
 mechanism. The fixed-quantity contract is a high-powered incentive
 contract that allows the regulator to perfectly forecast the amount of
 public funds to be used in the urban transport system. Moreover, the
 fixed-quantity contract can be adjusted to attain the equilibrium between
 incentives and optimal allocation of risk. 
Journal: Applied Economics Letters 
Pages: 913-916 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802584815 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802584815&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ali Malik 
Author-X-Name-First: Ali 
Author-X-Name-Last: Malik 
Title: The importance of output for the monetary policy rules 
Abstract:
  We examine the importance of variable output (Gross Domestic Product
 (GDP) growth rate) on the preferences of the policy makers. We do so by
 examining the effect of output regimes on the form of monetary policy
 implemented by the central banks. We use simple monetary policy rules to
 characterize the monetary policy of the central bank. Regime switching
 models are utilized to model output and monetary policy regimes
 separately. The importance of output is then examined for the UK and the
 USA by corresponding the output and monetary regimes together. We find
 some evidence supportive of the fact that the phase of output existent can
 change the preferences of the policy makers. 
Journal: Applied Economics Letters 
Pages: 917-923 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802584823 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802584823&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ferdinand Vinuya 
Author-X-Name-First: Ferdinand 
Author-X-Name-Last: Vinuya 
Author-Name: Ferdinand DiFurio 
Author-X-Name-First: Ferdinand 
Author-X-Name-Last: DiFurio 
Author-Name: Erica Sandoval 
Author-X-Name-First: Erica 
Author-X-Name-Last: Sandoval 
Title: A decomposition analysis of CO2 emissions in the United States 
Abstract:
  This article decomposes the growth in US CO2 emissions by state. Using
 the Logarithmic Mean Divisia Index (LMDI) method, we account for CO2
 emissions change in each state between 1990 and 2004. The change is
 decomposed into five effects: (a) emissions per unit of fossil fuel; (b)
 share of fossil fuel in total energy consumption; (c) energy intensity;
 (d) gross state product per capita and (e) population. Results show that
 for the past 15&#xa0;years gains in the efficiency of energy use in the
 economy, the lowering share of fossil fuels in total energy consumption
 and lowering of emissions intensity of fuels all contributed to offsetting
 the effect of Gross Domestic Product (GDP) per capita and the population
 growth in carbon emission across the US. 
Journal: Applied Economics Letters 
Pages: 925-931 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902762688 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902762688&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohamed Ali Marouani 
Author-X-Name-First: Mohamed 
Author-X-Name-Last: Ali Marouani 
Title: More jobs for university graduates: some policy options for Tunisia 
Abstract:
  The combination of demographic factors and an increase in education has
 caused a significant rise of university graduates' unemployment in the
 Middle-East and North Africa regions. This article provides a prospective
 cost-effectiveness analysis of the impact of alternative labour market
 policies using a dynamic general equilibrium model. The model allows for
 an endogenous determination of unemployment through a multisectoral
 efficiency wage setting mechanism. The main finding is that a wage subsidy
 targeted at highly skilled intensive sectors is more effective than tax
 reductions or investment subsidies. However, wage subsidies are not enough
 to reduce unemployment significantly. Other policy options need to be
 considered. 
Journal: Applied Economics Letters 
Pages: 933-937 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802599466 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802599466&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Serial correlation, drift and range unit root testing 
Abstract:
  The finite-sample properties of recently proposed range unit root tests
 are examined in the presence of serial correlation and drift. The results
 obtained show that both tests suffer from severe size distortion when
 applied to unit root process which either possess serially correlated
 disturbances or exhibit drift. Consequently, the noted robustness of the
 tests and the appropriateness of the previously provided critical values
 are both questioned. 
Journal: Applied Economics Letters 
Pages: 939-944 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802660367 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802660367&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Ang 
Author-X-Name-First: James 
Author-X-Name-Last: Ang 
Author-Name: Carol Boyer 
Author-X-Name-First: Carol 
Author-X-Name-Last: Boyer 
Title: Knightian uncertainty: evidence of uncertainty premium in the capital market 
Abstract:
  We empirically verify two predictions of asset pricing with a role for
 uncertainty: return premium to increase with uncertainty, and to decrease
 with the resolution of uncertainty over time and experience. These
 properties are found among Initial Public Offerings (IPOs) of new
 industries where uncertainty is created by innovations of new products and
 services, and resolution of uncertainty from early IPOs is to decline with
 later IPOs. Return premium for uncertainty is shown to be separate from
 all known measurable risks. Evidence that uncertainty is priced also lends
 support to the notion that investors are in general, averse to
 uncertainty. 
Journal: Applied Economics Letters 
Pages: 945-949 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802599721 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802599721&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuk Ying Chang 
Author-X-Name-First: Yuk Ying 
Author-X-Name-Last: Chang 
Author-Name: Robert Faff 
Author-X-Name-First: Robert 
Author-X-Name-Last: Faff 
Author-Name: Chuan-Yang Hwang 
Author-X-Name-First: Chuan-Yang 
Author-X-Name-Last: Hwang 
Title: Testing seasonality in the liquidity-return relation: Japanese evidence 
Abstract:
  We study liquidity (share turnover) effects of stock returns and their
 seasonality using Japanese data. We find a significant and negative
 turnover/return relation. Moreover, we find that the liquidity effect is
 not impacted by either January or June seasonality. There is weak evidence
 that stocks with higher liquidity risk have on average higher rates of
 return for non-June months. 
Journal: Applied Economics Letters 
Pages: 951-954 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802599705 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802599705&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chih-Jen Huang 
Author-X-Name-First: Chih-Jen 
Author-X-Name-Last: Huang 
Author-Name: Ching-Hsiang Chao 
Author-X-Name-First: Ching-Hsiang 
Author-X-Name-Last: Chao 
Author-Name: Tsai-Ling Liao 
Author-X-Name-First: Tsai-Ling 
Author-X-Name-Last: Liao 
Title: The joint decision to signal through IPO underpricing and lockup 
Abstract:
  Before Initial Public Offerings (IPOs), the decisions on the offering
 price and lockup are made simultaneously. This study examines the
 endogenous relation between underpricing and lockup duration. We adopt the
 three-stage least square method to estimate a set of the simultaneous
 equations model, including the inverse Mill's ratio to correct the
 self-selective bias into the use of lockup. The results indicate a
 negative association between underpricing and the length of lockup,
 supporting our signalling hypothesis that IPO firms and underwriters
 employ underpricing and lockup duration in a substituted way to signal the
 firm quality. The bivariate analysis provides further support for this
 view. Our findings offer new insights into how pre-IPO shareholders and
 underwriters might combine both the underpricing and lockup strategies to
 signal. 
Journal: Applied Economics Letters 
Pages: 955-961 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802616476 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802616476&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Idil Uz 
Author-X-Name-First: Idil 
Author-X-Name-Last: Uz 
Author-Name: Natalya Ketenci 
Author-X-Name-First: Natalya 
Author-X-Name-Last: Ketenci 
Title: Exchange rate determination: monetary approach in the new EU members and Turkey 
Abstract:
  This study is based on the evaluation of the long-run performance of the
 monetary model approach of exchange rate determination for the newly
 entered EU members and Turkey. First, we tested the cointegration
 relationship between exchange rates and monetary variables. Then, the
 forecast estimates of the monetary approach were used for comparing the
 performances with the random walk model. 
Journal: Applied Economics Letters 
Pages: 963-967 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802599458 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802599458&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guan-Ru Chen 
Author-X-Name-First: Guan-Ru 
Author-X-Name-Last: Chen 
Author-Name: Miao-Ling Chen 
Author-X-Name-First: Miao-Ling 
Author-X-Name-Last: Chen 
Title: Substitution effect of advertising on resale price maintenance: using a real options approach 
Abstract:
  This article investigates the incentives to impose Resale Price
 Maintenance (RPM) from the real options perspective, how manufacturers use
 national advertising as a substitute for RPM when RPM is made illegal.
 Purchase delay caused by frequent markdowns among retailers encourages the
 manufacturers to impose RPM. But advertising mitigates the impacts of
 frequent markdowns by decreasing the demand price elasticity. When RPM is
 prohibited, we find that manufacturers increase national advertising
 expenditures to reduce the negative externality of frequent markdowns. 
Journal: Applied Economics Letters 
Pages: 969-972 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802599474 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802599474&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yannis Panagopoulos 
Author-X-Name-First: Yannis 
Author-X-Name-Last: Panagopoulos 
Title: Basel II and the money supply process: some empirical evidence from the Greek banking system 
Abstract:
  The purpose of this article is to examine the Basel II influence on the
 money endogeneity process in the Greek banking system. The importance of
 equity, through Basel II directives, is initially discussed by creating
 and applying a 'new credit (equity) multiplier'. Then a new multivariate
 loan model, which contains bank's equity as explanatory variable, is
 briefly presented and next tested. From the econometrics, it is obvious
 that although the equity multiplier is not operative, the loan model
 favours Structuralism regarding the Greek monetary system and its money
 supply process. 
Journal: Applied Economics Letters 
Pages: 973-976 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802599482 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802599482&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cho-Min Lin 
Author-X-Name-First: Cho-Min 
Author-X-Name-Last: Lin 
Author-Name: Yen-Hsien Lee 
Author-X-Name-First: Yen-Hsien 
Author-X-Name-Last: Lee 
Author-Name: Chien-Liang Chiu 
Author-X-Name-First: Chien-Liang 
Author-X-Name-Last: Chiu 
Title: Friends or enemies? Foreign investors in Taiwan 
Abstract:
  This study investigates how foreign investors impact the Taiwanese stock
 market using the AutoRegressive Jump Intensity (ARJI) model proposed by
 Chan and Maheu (2002), in which stock volatility in Taiwan is classified
 as either normal or abnormal and the net purchases of foreign investors,
 together with the classified volatilities, are included in the bivariate
 Vector Autoregression (VAR) model for further analyses. The sample period
 comprises of two parts, namely before and after relaxation of the
 restrictions on Qualified Foreign Institutional Investor (QFII) investors
 on 2 October 2003 (pre- and post-QFII). The forecast error variance
 decompositions and impulse-response functions are obtained via simulating
 the VAR model. Our results indicate why previous studies, in which
 abnormal volatilities were not taken into account, confronted biased and
 inconsistent results. Biased results from previous studies tend to be
 caused by not differentiating between normal and abnormal volatilities,
 and the results of this study provide a valuable reference for efforts to
 end conflicting arguments for whether destabilizing or stabilizing stock
 markets of foreign investor transactions. Furthermore, the study results
 also indicate why Taiwan was less affected during the Asian financial
 crisis. 
Journal: Applied Economics Letters 
Pages: 977-982 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802599663 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802599663&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pravish Kumar Nunkoo 
Author-X-Name-First: Pravish Kumar 
Author-X-Name-Last: Nunkoo 
Author-Name: Agyenim Boateng 
Author-X-Name-First: Agyenim 
Author-X-Name-Last: Boateng 
Title: The empirical determinants of target capital structure and adjustment to long-run target: evidence from Canadian firms 
Abstract:
  The main objective of this article is to provide more insight into the
 empirical determinants of target capital structure of Canadian firms.
 Panel data covering the period 1996 to 2004 was analysed using a much
 stronger estimation technique, that is, a dynamic regression model. The
 results show that profitability and tangibility have a positive and
 significant impact on the firm leverage, whereas growth opportunities and
 size have a negative influence on the leverage of Canadian firms. The
 study also suggests that firms have long-term target leverage ratios, but
 the speed of adjustment to the target leverage ratios is relatively slow
 in the context of Canadian firms. 
Journal: Applied Economics Letters 
Pages: 983-990 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802599671 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802599671&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Hanke 
Author-X-Name-First: Michael 
Author-X-Name-Last: Hanke 
Author-Name: Klaus Schredelseker 
Author-X-Name-First: Klaus 
Author-X-Name-Last: Schredelseker 
Title: Index funds should be expected to underperform the index 
Abstract:
  A widespread belief is that index funds should earn the index return. We
 argue that this would lead to a serious paradox. In our model, we analyse
 the effects of an increasing number of investors switching from active to
 passive investment. 
Journal: Applied Economics Letters 
Pages: 991-994 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802599689 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802599689&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Karim Ben Khediri 
Author-X-Name-First: Karim Ben 
Author-X-Name-Last: Khediri 
Author-Name: Didier Folus 
Author-X-Name-First: Didier 
Author-X-Name-Last: Folus 
Title: Does hedging increase firm value? Evidence from French firms 
Abstract:
  This study investigates the relationship between corporate hedging and
 firm value for a large sample of French firms. The aim is to extend the
 existing literature on corporate hedging by empirically investigating the
 effect of hedging with derivatives on the market value of firm. We find,
 from the univariate analysis, that the derivative users have lower firm
 value (as proxied by Tobin's Q) than the nonusers. However, multivariate
 tests have not reported significant results that are consistent with the
 documented US sample examinations that the use of derivatives increases
 the firm value. 
Journal: Applied Economics Letters 
Pages: 995-998 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802599697 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802599697&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rosa Badillo 
Author-X-Name-First: Rosa 
Author-X-Name-Last: Badillo 
Author-Name: Jorge Belaire-Franch 
Author-X-Name-First: Jorge 
Author-X-Name-Last: Belaire-Franch 
Author-Name: Carmelo Reverte 
Author-X-Name-First: Carmelo 
Author-X-Name-Last: Reverte 
Title: Residual-based block bootstrap for cointegration testing 
Abstract:
  We propose a new testing procedure to determine the rank of
 cointegration. This new method is based on the nonparametric resampling
 procedure, so-called Residual-Based Block Bootstrap (RBB), which is
 developed by Paparoditis and Politis (2003) in the context of unit root
 testing. Through Monte Carlo experiments we show that, in small samples,
 the RBB cointegration test has good power properties in relation to the
 other two well-known tests for cointegration, such as the Augmented
 Dickey-Fuller (ADF), applied to the residual of a cointegrating
 regression, and the Johansen's maximum eigenvalue tests. Likewise, this
 article looks at the influence played by the correlation of the 'X'
 variables with the errors of the cointegrating regression on the size and
 power properties of the above cointegration tests. In particular, we show
 that, when this correlation decreases, the RBB test for cointegration is
 the most powerful one. 
Journal: Applied Economics Letters 
Pages: 999-1003 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802616468 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802616468&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ocean Fan Lu 
Author-X-Name-First: Ocean 
Author-X-Name-Last: Fan Lu 
Author-Name: David Giles 
Author-X-Name-First: David 
Author-X-Name-Last: Giles 
Title: Benford's Law and psychological barriers in certain eBay auctions 
Abstract:
  Using generalizations of Benford's Law we test for the absence of
 psychological barriers at various price levels in eBay auctions for
 professional football tickets. Our empirical results indicate that this
 hypothesis cannot be rejected. 
Journal: Applied Economics Letters 
Pages: 1005-1008 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802631814 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802631814&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eiji Yamamura 
Author-X-Name-First: Eiji 
Author-X-Name-Last: Yamamura 
Title: The different impacts of socio-economic factors on suicide between males and females 
Abstract:
  I used the national panel data of Japan to investigate the determinants
 of suicide. The major findings are twofold. First, the social capital that
 enhances community integration had a greater effect on the suicide of
 females than that of males. This is probably because females are less
 likely to have full-time jobs and thus have more spare time, leading them
 to seek social involvement in their neighbourhoods and participate in
 community activities. Second, divorce causes the propensity to commit
 suicide among males to become about two times higher than that among
 females because of the compensation costs that males are more likely to
 pay to females. 
Journal: Applied Economics Letters 
Pages: 1009-1012 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802676199 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802676199&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paulo Roberto Arvate 
Author-X-Name-First: Paulo Roberto 
Author-X-Name-Last: Arvate 
Author-Name: Andrea Zaitune Curi 
Author-X-Name-First: Andrea Zaitune 
Author-X-Name-Last: Curi 
Author-Name: Fabiana Rocha 
Author-X-Name-First: Fabiana 
Author-X-Name-Last: Rocha 
Author-Name: Fabio Miessi Sanches 
Author-X-Name-First: Fabio 
Author-X-Name-Last: Miessi Sanches 
Title: Corruption and the size of government: causality tests for OECD and Latin American countries 
Abstract:
  The purpose of this article is to examine the causality between
 government size and corruption, and to verify if there is a different
 pattern of causality between developed Organization for Economic
 Co-operation and Development (OECD) countries (excluding Mexico) and
 developing countries (Latin American countries) during the period 1996 to
 2003. Applying Granger and Huang's (1997) methodology we find evidence
 that size of government Granger causes corruption in both samples. Since a
 larger government involvement in private markets today will be followed in
 future by a higher level of corruption a policy advice would be to enhance
 governance. The promotion of good governance helps to combat corruption
 given that it complements efforts to reduce corruption more directly, and
 it is strongly recommended by the International Monetary Fund, other
 multilateral institutions, and all worried with the negative impacts of
 corruption on economic activity. 
Journal: Applied Economics Letters 
Pages: 1013-1017 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802676207 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802676207&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fredj Jawadi 
Author-X-Name-First: Fredj 
Author-X-Name-Last: Jawadi 
Title: Financial crises, bank losses, risk management and audit: what happened? 
Abstract:
  This article discusses some of the highly topical issues linked to
 financial crises, bank losses and audit. In addition to a theoretical
 discussion of the recent bank losses and financial turmoil, our analysis
 of a 10-question questionnaire indicates, as in the work of Stonham
 (1996), strong evidence of auditing weaknesses and erroneous management
 decisions that explain such bank losses. Our analysis also highlights the
 fact that trading and arbitrage are riskier and more hazardous during
 periods of crises. 
Journal: Applied Economics Letters 
Pages: 1019-1022 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802676215 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802676215&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nikolaos Mylonidis 
Author-X-Name-First: Nikolaos 
Author-X-Name-Last: Mylonidis 
Author-Name: Maria Semertzidou 
Author-X-Name-First: Maria 
Author-X-Name-Last: Semertzidou 
Title: Uncovered interest parity puzzle: does it really exist? 
Abstract:
  Most studies indicate the violation of the Uncovered Interest Parity
 (UIP) restrictions, and indeed, there are many who find a statistically
 significant and negative interest rate differential slope. This finding
 has now become known in international economics as the UIP puzzle. Using
 recent data on four major currencies vis-a-vis the US dollar and employing
 the Generalized Method of Moments (GMM) technique, our estimation results
 indicate the absence of any relationship between the interest rate
 differential and the expected change in the exchange rate, rather than the
 presence of the UIP puzzle. 
Journal: Applied Economics Letters 
Pages: 1023-1026 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902762696 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902762696&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Ferris 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Ferris 
Author-Name: Nilanjan Sen 
Author-X-Name-First: Nilanjan 
Author-X-Name-Last: Sen 
Author-Name: Nguyen Thi Anh Thu 
Author-X-Name-First: Nguyen Thi Anh 
Author-X-Name-Last: Thu 
Title: Firm value and the diversification choice: international evidence from global and industrial diversification 
Abstract:
  Our study examines the nature of industrial and global diversification
 for a sample of more than 12 000 firms across 35 emerging and developed
 countries during the period 1991-2006. Consistent with previous studies,
 we find that industrial diversification, either alone or combined with
 global diversification, results in a reduction of firm excess value.
 Global diversification alone, however, does not exert a significant impact
 on excess value. In an analysis of the decision to diversify, we find that
 firms in civil law countries or less developed nations are more likely to
 diversify, suggesting the greater utility of internal capital markets in
 economies where it is difficult to raise external capital. We observe that
 high leverage, larger size, lower levels of growth, R&D, free cash flow,
 profitability and Tobin's q encourage firms to diversify industrially.
 Higher values of q, firm size, R&D expenditures, free cash flow and
 liquidity, but reduced growth rates and profitability are associated with
 global diversification. 
Journal: Applied Economics Letters 
Pages: 1027-1031 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817433 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817433&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stefan Eichler 
Author-X-Name-First: Stefan 
Author-X-Name-Last: Eichler 
Author-Name: Dominik Maltritz 
Author-X-Name-First: Dominik 
Author-X-Name-Last: Maltritz 
Title: On the look-out for a white knight: options-based calculation of probability and expected value of increased bids in hostile takeover battles 
Abstract:
  Takeover bids provide an option right to the target's shareholders; they
 guarantee the offered price but maintain the chance of higher offers.
 Using Option Pricing Theory (OPT) we estimate the probability and expected
 value of higher bids from target stock prices. 
Journal: Applied Economics Letters 
Pages: 1033-1036 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817466 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817466&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sang-Chul Jung 
Author-X-Name-First: Sang-Chul 
Author-X-Name-Last: Jung 
Author-Name: Myeong Hwan Kim 
Author-X-Name-First: Myeong Hwan 
Author-X-Name-Last: Kim 
Title: Does the star power matter? 
Abstract:
  This study investigates the role of superstars in the Korean movie
 industry. We apply a two-step approach: the first step is to test the
 significance of the star power during 1988-1999 in Korea; the second step
 is to estimate the magnitude of star power. The appearance of a star actor
 increases the probability of a hit or success by 15-19% and star power is
 higher than a director power. A domestic award is associated with positive
 performance. We find that the top 15 players among 68 actors and actresses
 significantly impacts on the success of movies. 
Journal: Applied Economics Letters 
Pages: 1037-1041 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817490 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817490&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Author-Name: Olumuyiwa Adedeji 
Author-X-Name-First: Olumuyiwa 
Author-X-Name-Last: Adedeji 
Title: Fiscal decentralization and fiscal consolidations in emerging market economies 
Abstract:
  Results using event study analysis based on a data panel of expenditure
 and revenue developments in emerging market economies during 1972-2001
 indicate that subnational governments supported fiscal consolidation
 efforts by cutting their capital expenditure and increasing their
 revenues. 
Journal: Applied Economics Letters 
Pages: 1043-1047 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817441 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817441&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Turner 
Author-X-Name-First: Paul 
Author-X-Name-Last: Turner 
Title: Power properties of the CUSUM and CUSUMSQ tests for parameter instability 
Abstract:
  This article investigates the power of CUSUM and CUSUMSQ tests for
 parameter stability and demonstrates that this depends on the nature of
 the structural change taking place. If the break is in the intercept of
 the regression equation then the CUSUM test has higher power. However, if
 the structural change involves a slope coefficient or the variance of the
 error term, then the CUSUMSQ test has higher power. This may help to
 explain why the two tests often produce contradictory findings. 
Journal: Applied Economics Letters 
Pages: 1049-1053 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817474 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817474&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Angela Cipollone 
Author-X-Name-First: Angela 
Author-X-Name-Last: Cipollone 
Author-Name: Carlo D'Ippoliti 
Author-X-Name-First: Carlo 
Author-X-Name-Last: D'Ippoliti 
Title: Discriminating factors of women's employment 
Abstract:
  Italy exhibits a dramatic level of territorial heterogeneity in terms of
 socio-economic dynamics and in the economic position of women. We employ
 this territorial variance to assess the impact of selected policies and
 institutions on men's and women's employment using microeconomic data.
 Such an analysis provides results partly different from what was expected
 on the basis of cross-country aggregate evidence on industrialized
 countries. Aggregate growth and tertiarization of the economy are
 surprisingly found beneficial only to men's employment, while culture and
 discrimination are relevant for women's. Social Assistance is found highly
 significant too, with the provision of services being more beneficial to
 women's employment than monetary transfers. 
Journal: Applied Economics Letters 
Pages: 1055-1062 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902762712 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902762712&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Berck 
Author-X-Name-First: Peter 
Author-X-Name-Last: Berck 
Author-Name: Jonathan Lipow 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Lipow 
Author-Name: Yakir Plessner 
Author-X-Name-First: Yakir 
Author-X-Name-Last: Plessner 
Title: Defense planning and fiscal strategy 
Abstract:
  In this article, we consider the optimal fiscal strategy of
 a&#xa0;government interested in maximizing expected social welfare in the
 face of a&#xa0;potential future security threat. While the common wisdom
 is that countries facing security threats should seek to bolster their
 fiscal position in order to 'save for a&#xa0;rainy day', we find that the
 optimization of expected social welfare may require governments to run
 'precautionary' fiscal deficits. 
Journal: Applied Economics Letters 
Pages: 1063-1065 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817557 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817557&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: The micro-firm health insurance hypothesis 
Abstract:
  The objective of this study is to investigate the 'micro-firm health
 insurance hypothesis', a&#xa0;hypothesis that the greater the percentage
 of domestic firms that are 'very small', i.e. have four or fewer
 employees, the greater the percentage of the US population that will be
 without health insurance. The focus of this study is based on the premise
 that very small firms (as defined), 'micro-firms', which constitute 58.6%
 of all private sector firms in the US, face bargaining-power, financial,
 and competitive constraints that tend to limit their ability to provide
 group health insurance benefits to their employees, with the result being
 that employees at very small firms are relatively more likely than
 employees at larger firms to be without a&#xa0;health insurance fringe
 benefit. Weighted Least Squares (WLS) estimates provide strong empirical
 support for the hypothesis. 
Journal: Applied Economics Letters 
Pages: 1067-1072 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817532 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817532&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Venus Khim-Sen Liew 
Author-X-Name-First: Venus Khim-Sen 
Author-X-Name-Last: Liew 
Author-Name: Ricky Chee-Jiun Chia 
Author-X-Name-First: Ricky Chee-Jiun 
Author-X-Name-Last: Chia 
Author-Name: Tai-Hu Ling 
Author-X-Name-First: Tai-Hu 
Author-X-Name-Last: Ling 
Title: Long-run validity of purchasing power parity and rank tests for cointegration for Central Asian countries 
Abstract:
  This study finds that Purchasing Power Parity (PPP) holds in the long-run
 for Azerbaijan, Kazakhstan and Kyrgyzstan, based on Breitung's (2001) rank
 tests for cointegration. Results from further analysis indicates that
 nominal exchange rates and relative prices are nonlinearly interrelated.
 Trade barriers, transportation costs and government intervention in the
 pricing system in these countries may have resulted in the establishment
 of the above-mentioned nonlinear relationship. 
Journal: Applied Economics Letters 
Pages: 1073-1077 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902762704 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902762704&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale 
Author-X-Name-First: Guglielmo Maria 
Author-X-Name-Last: Caporale 
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Multiple cyclical fractional structures in financial time series 
Abstract:
  This article analyses multiple cyclical structures in financial time
 series. In particular, we focus on the monthly structure of the Nasdaq,
 the Dow-Jones and the S&P stock market indices. The three series are
 modelled as long-memory processes with poles in the spectrum at multiple
 frequencies, including the long-run or zero frequency. 
Journal: Applied Economics Letters 
Pages: 1079-1081 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817425 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817425&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hsu-Ling Chang 
Author-X-Name-First: Hsu-Ling 
Author-X-Name-Last: Chang 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Author-Name: Meng-Nan Zhu 
Author-X-Name-First: Meng-Nan 
Author-X-Name-Last: Zhu 
Author-Name: Pei Liu 
Author-X-Name-First: Pei 
Author-X-Name-Last: Liu 
Title: Long-run purchasing power parity and asymmetric adjustment in BRICs 
Abstract:
  The primary aim of this study is an attempt to determine whether the
 Purchasing Power Parity (PPP) hypothesis holds for those countries that
 have collectively come to be known as 'BRICs', namely, Brazil, Russia,
 India and China. We use the momentum threshold cointegration tests
 (advanced by Enders and Siklos, 2001) to investigate whether any
 asymmetric adjustment is discernible for BRICs, and show that whilst the
 Engle-Granger test (which assumes only symmetric adjustment) fails to
 reveal any cointegrational relationship for BRICs, the threshold
 cointegration test (with asymmetric adjustment) provides clear evidence of
 long-run PPP for BRICs, with the notable exception of China. We conclude
 that asymmetric adjustment of nominal exchange rates plays an important
 role in eliminating deviations from long-run PPP. 
Journal: Applied Economics Letters 
Pages: 1083-1087 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817458 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817458&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Vaona 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Vaona 
Title: A survival analysis approach to the duration of union membership in Italy 
Abstract:
  Thanks to direct access to union databases, this article applies survival
 analysis to a sample of 47 637 Italian workers trying to explain the
 determinants of the duration of union membership. The results show that
 union membership duration is a positive, though declining, function of
 age. Furthermore, women, flexible workers, foreign ones and those working
 in cities tend to show less attachment to union membership than other
 workers. The estimated median duration is about 6 years. Positive hazard
 duration dependence is also found. Unobserved heterogeneity is detected
 but it does not significantly affect model estimates. 
Journal: Applied Economics Letters 
Pages: 1089-1093 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817482 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817482&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephanie Simpson 
Author-X-Name-First: Stephanie 
Author-X-Name-Last: Simpson 
Author-Name: Brid Gleeson Hanna 
Author-X-Name-First: Brid Gleeson 
Author-X-Name-Last: Hanna 
Title: Willingness to pay for a clear night sky: use of the contingent valuation method 
Abstract:
  This article applies the Contingent Valuation Method (CVM) to the issue
 of night sky pollution. Light pollution decreases the ability to view a
 clear, unobstructed night sky. We administered a survey to the students of
 the Rochester Institute of Technology (RIT) to obtain estimates of
 Willingness To Pay (WTP) to improve night sky visibility and to prevent
 deterioration in visibility. This is the first CVM study that attempts to
 distinguish between these different WTPs. We find that students are
 willing to pay significantly more for a larger improvement in night sky
 conditions. We also find significant differences in WTP to improve versus
 prevent deterioration in night sky conditions. 
Journal: Applied Economics Letters 
Pages: 1095-1103 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817508 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817508&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Lee 
Author-X-Name-First: J. 
Author-X-Name-Last: Lee 
Author-Name: G. Stewart 
Author-X-Name-First: G. 
Author-X-Name-Last: Stewart 
Title: Implicit amenity prices and the location of retirees in England and Wales 
Abstract:
  General equilibrium models in which compensation for local amenities
 occurs in both housing and labour markets have been widely used to
 generate implicit amenity prices and regional quality of life indices. An
 implication and prospective test of such models is that individuals who
 are outside the labour market have an incentive to locate in regions where
 amenities are capitalized into wages. In this article we construct a
 measure of the extent of amenity capitalization into wages for each county
 in England and Wales. We then test the multimarket amenity model by
 applying this measure to county-level data on the location of retirees.
 Our results provide strong support for the model. 
Journal: Applied Economics Letters 
Pages: 1105-1109 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817516 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817516&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Winters 
Author-X-Name-First: John 
Author-X-Name-Last: Winters 
Title: Teacher moonlighting: evidence from the US Current Population Survey 
Abstract:
  This article reports new evidence on teacher moonlighting from the US
 Current Population Survey. I investigate the determinants of teacher
 moonlighting and examine the effect that the teacher moonlighting has on
 the number of hours teachers spend on their primary job. I find that male
 teachers and teachers with advanced degrees are more likely to moonlight,
 but teacher pay appears to have little or no effect on the propensity to
 moonlight. I also find that holding a second job reduces the amount of
 time teachers spend on their primary jobs by about 1 h per week. Thus,
 teacher moonlighting may have harmful effects on education, though the
 effect on hours worked is neither trivial nor especially large. 
Journal: Applied Economics Letters 
Pages: 1111-1114 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817524 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817524&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hamid Baghestani 
Author-X-Name-First: Hamid 
Author-X-Name-Last: Baghestani 
Title: On the accuracy of Federal Reserve forecasts of the budget deficit-output ratio 
Abstract:
  Monetary authorities, while unable to resolve fiscal imbalances, have to
 deal with their consequences in formulating monetary policy. This article
 asks whether the Federal Open Market Committee (FOMC) is provided with
 accurate forecasts of the federal budget deficit-output ratio. We show
 that the forecasts made in the period 1982 to 2002 are unbiased with
 useful predictive information above that contained in time-series
 forecasts. 
Journal: Applied Economics Letters 
Pages: 1115-1118 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817540 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817540&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hsu-Ling Chang 
Author-X-Name-First: Hsu-Ling 
Author-X-Name-Last: Chang 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Title: Revisiting purchasing power parity for major OPEC countries: evidence based on nonlinear panel unit-root tests 
Abstract:
  In this study, we apply nonlinear panel unit-root test to assess the
 nonstationary properties of the real exchange rate for seven major
 Organization of the Petroleum Exporting Countries (OPEC). We find that
 nonlinear panel unit-root test has higher power than linear method
 suggested by Breuer et al. (2001) if the true data generating process of
 exchange rate is in fact a stationary nonlinear process. We re-examine the
 validity of Purchasing Power Parity (PPP) from the panel nonlinear point
 of view and provide robust evidence clearly indicating that PPP holds true
 for four countries, namely Angola, Indonesia, Iran and Saudi Arabia. Our
 findings point out their exchange rate adjustment is mean reversion
 towards PPP equilibrium values in a nonlinear way. 
Journal: Applied Economics Letters 
Pages: 1119-1123 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817565 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817565&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: Nonlinearity in real exchange rates: an approach with disaggregated data and a new linearity test 
Abstract:
  Employing disaggregated real exchange rates from nine European counties
 in 16 goods categories, we assess in this study the nonlinearity in the
 real exchange rates. Surprisingly, we find evidence for nonlinearity in
 only four (10) out of 143 series with the linearity test proposed by
 Harvey et al. (2008) at the 5% (10%) significance level. This result
 differs greatly from those of Juvenal and Taylor (2008), Imbs et al.
 (2003), Sarno et al. (2004) and Berka (2009), who report ample evidence
 for nonlinearity for the same or similarly disaggregated real exchange
 rate datasets. 
Journal: Applied Economics Letters 
Pages: 1125-1132 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817573 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817573&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marco Realdon 
Author-X-Name-First: Marco 
Author-X-Name-Last: Realdon 
Author-Name: Cheng Qin Shi 
Author-X-Name-First: Cheng Qin 
Author-X-Name-Last: Shi 
Title: 'Extended black' sovereign credit default swap pricing model 
Abstract:
  This article presents and tests an 'Extended Black' sovereign Credit
 Default Swap (CDS) pricing model, whereby the default intensity is driven
 by truncated Gaussian latent factors. CDS pricing requires numerical
 solutions through finite differences, yet maximum likelihood estimation is
 still feasible. Empirical evidence from sovereign CDS rates supports the
 Extended Black model. The addition of a second truncated Gaussian latent
 factor driving the default intensity significantly improves performance. 
Journal: Applied Economics Letters 
Pages: 1133-1137 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540902817627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540902817627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Beckworth 
Author-X-Name-First: David 
Author-X-Name-Last: Beckworth 
Author-Name: Kenneth Moon 
Author-X-Name-First: Kenneth 
Author-X-Name-Last: Moon 
Author-Name: J. Holland Toles 
Author-X-Name-First: J. Holland 
Author-X-Name-Last: Toles 
Title: Monetary policy and corporate bond yield spreads 
Abstract:
  Firm characteristics, economic conditions and policy regimes are the key
 determinants that most researchers have used to explain corporate bond
 yield spreads. In this article, we examine whether monetary policy shocks
 are also important determinants given their ability to affect default
 risk, risk aversion and liquidity premiums. Using a Vector Autoregression
 (VAR) with long-run monetary neutrality, we find that monetary policy
 shocks do, in fact, account for a large portion of the variation in
 corporate bond yield spreads. 
Journal: Applied Economics Letters 
Pages: 1139-1144 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902845368 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902845368&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jorge Belaire-Franch 
Author-X-Name-First: Jorge 
Author-X-Name-Last: Belaire-Franch 
Author-Name: Kwaku Opong 
Author-X-Name-First: Kwaku 
Author-X-Name-Last: Opong 
Title: Testing for random walk in euro exchange rates using the subsampling approach 
Abstract:
  This study utilizes variance ratio tests based on the subsampling
 approach to test the behaviour of euro-based exchange rates markets.
 Results are mixed, although the random walk behaviour is dominant among
 the three major currencies namely the Japanese yen, the US dollar and the
 British pound. 
Journal: Applied Economics Letters 
Pages: 1145-1151 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817581 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817581&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Ford 
Author-X-Name-First: George 
Author-X-Name-Last: Ford 
Author-Name: John Jackson 
Author-X-Name-First: John 
Author-X-Name-Last: Jackson 
Author-Name: Sarah Skinner 
Author-X-Name-First: Sarah 
Author-X-Name-Last: Skinner 
Title: HAC standard errors and the event study methodology: a cautionary note 
Abstract:
  In support of Fomby and Murfin's (2005) article published in this
 journal, we demonstrate empirically, rather than theoretically, the severe
 consequences of using Heteroscedasticity and Autocorrelation Consistent
 (HAC) SEs in regression-based financial event studies. Applying an event
 study to a recent merger, we show that the use of HAC SEs render
 misleading conclusions. Critical values for t-tests on the event dummy
 variables are about 15 times larger than the nominal values using only a
 year of daily return data. Even with samples of only 100 returns, critical
 values exceed nominal critical values by a factor of 10. 
Journal: Applied Economics Letters 
Pages: 1153-1156 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540902817601 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540902817601&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Helmut Herwartz 
Author-X-Name-First: Helmut 
Author-X-Name-Last: Herwartz 
Title: A note on model selection in (time series) regression models - general-to-specific or specific-to-general? 
Abstract:
  This article provides Monte Carlo evidence on the performance of
 general-to-specific and specific-to-general selection of explanatory
 variables in linear (auto)regressions. In small samples the former is
 markedly inefficient in terms of ex-ante forecasting performance. 
Journal: Applied Economics Letters 
Pages: 1157-1160 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902845418 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902845418&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Burger 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Burger 
Author-Name: John Lynham 
Author-X-Name-First: John 
Author-X-Name-Last: Lynham 
Title: Betting on weight loss &#x2026; and losing: personal gambles as commitment mechanisms 
Abstract:
  Professional bookmakers rarely accept bets from individuals who directly
 control the outcome of the bet. We analyse a unique exception to this rule
 and a potential policy innovation in the battle against obesity: a weight
 loss betting market. If obese individuals have time-inconsistent
 preferences then commitment mechanisms, such as personal gambles, should
 help them restrain their short-term impulses and lose weight.
 Correspondence with the bettors confirms that this is their primary
 motivation. However, it appears that the bettors in our sample are not
 particularly skilled at choosing effective commitment mechanisms. Despite
 payoffs of as high as $7350, approximately 80% of people who spend money
 to bet on their own behaviour end up losing their bets. Empirical analysis
 of the betting market yields further insights. Males are treated very
 differently compared to females: being male is considered equivalent to
 having an extra 6 months to lose the same amount of weight. Movements in
 the market price also confirm the belief that rigidity is preferred to
 flexibility in setting successful weight loss targets. 
Journal: Applied Economics Letters 
Pages: 1161-1166 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902845442 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902845442&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Etienne Farvaque 
Author-X-Name-First: Etienne 
Author-X-Name-Last: Farvaque 
Author-Name: Jerome Hericourt 
Author-X-Name-First: Jerome 
Author-X-Name-Last: Hericourt 
Author-Name: Ga&#xeb;l Lagadec 
Author-X-Name-First: Ga&#xeb;l 
Author-X-Name-Last: Lagadec 
Title: Central bank independence and ageing 
Abstract:
  We contrast the influence of demography and Central Bank Independence
 (CBI) on inflation. The recent demographic trends in developed countries
 are shown to weight more on inflation than CBI, while the contrary stands
 for the period from 1960 to 1979. 
Journal: Applied Economics Letters 
Pages: 1167-1171 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902845459 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902845459&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Terence Tai-Leung Chong 
Author-X-Name-First: Terence Tai-Leung 
Author-X-Name-Last: Chong 
Author-Name: Kin Keung Luk 
Author-X-Name-First: Kin Keung 
Author-X-Name-Last: Luk 
Title: Does the 'Dogs of the Dow' strategy work better in blue chips? 
Abstract:
  The 'Dogs of the Dow' strategy is a dividend-yield trading strategy,
 which invests in stocks that give the highest dividend. This article
 examines whether the 'Dogs of the Dow' strategy is profitable in the Hong
 Kong stock market. Using the data from 1992 to 2007, we show that a
 portfolio consisting of the top dividend-yielding stocks generates a
 negative return for investors, whereas a portfolio with top
 dividend-yielding Hang Seng Index constituent stocks can fetch a positive
 return of about 8% per year. The result is in agreement with that of
 McQueen et al. (1997). 
Journal: Applied Economics Letters 
Pages: 1173-1175 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540902845495 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540902845495&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ronny Freier 
Author-X-Name-First: Ronny 
Author-X-Name-Last: Freier 
Author-Name: Viktor Steiner 
Author-X-Name-First: Viktor 
Author-X-Name-Last: Steiner 
Title: 'Marginal employment' and the demand for heterogeneous labour - elasticity estimates from a multi-factor labour demand model for Germany 
Abstract:
  We develop a structural multi-factor labour demand model which
 distinguishes between eight labour categories including marginal
 employment, i.e. low-paying jobs with only a few working hours and
 partially exempted from employee's social security contributions. Using a
 new panel data set for Germany, the model is estimated both for the number
 of workers and total working hours. For unskilled and skilled workers in
 full-time employment, we find labour demand elasticities similar to
 previous estimates. Our new estimates of own-wage elasticities for
 marginal employment range between -0.13 (number of male workers in West
 Germany) to -1 (working hours for women). 
Journal: Applied Economics Letters 
Pages: 1177-1182 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902862140 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902862140&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Ferruz 
Author-X-Name-First: Luis 
Author-X-Name-Last: Ferruz 
Author-Name: Fernando Munoz 
Author-X-Name-First: Fernando 
Author-X-Name-Last: Munoz 
Author-Name: Maria Vargas 
Author-X-Name-First: Maria 
Author-X-Name-Last: Vargas 
Title: Correcting the Merton and Henriksson timing model 
Abstract:
  This article provides evidence of a common bias found in traditional
 timing models, which is related with a negative correlation between timing
 and stock-picking abilities resulting in spurious coefficients. We
 consider as a possible cause for this bias the failure to include in the
 timing models the cost of the option implied in timing activities, and on
 this basis we opt for a corrected version of the Merton and Henriksson's
 model (1981). As far as we know, this correction has not previously been
 applied. Our results confirm both the existence of this bias and the
 correction of the problem when the cost of the option is included in
 timing models. 
Journal: Applied Economics Letters 
Pages: 1183-1187 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902845384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902845384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Linus Wilson 
Author-X-Name-First: Linus 
Author-X-Name-Last: Wilson 
Title: The weight of bad governance in foreign mutual funds 
Abstract:
  Empirical studies show that mutual funds are less likely to hold poorly
 governed foreign stocks. This theoretical model shows that foreign mutual
 fund managers will optimally lower their weight of badly governed stocks
 because they have higher costs of actively managing these holdings than
 their domestic rivals. 
Journal: Applied Economics Letters 
Pages: 1189-1192 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540902817635 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540902817635&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carl Lonnbark 
Author-X-Name-First: Carl 
Author-X-Name-Last: Lonnbark 
Title: A corrected Value-at-Risk predictor 
Abstract:
  In this article, it is argued that the estimation error in Value-at-Risk
 (VaR) predictors gives rise to underestimation of portfolio risk. We
 propose a simple correction and find in an empirical illustration that it
 is economically relevant. 
Journal: Applied Economics Letters 
Pages: 1193-1196 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540902817619 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540902817619&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sung-Hoon Park 
Author-X-Name-First: Sung-Hoon 
Author-X-Name-Last: Park 
Title: Asymmetric reimbursement system in an environmental conflict 
Abstract:
  This article explores how a fair-minded regulator has to set policy
 through an asymmetric reimbursement. The lawyer for a citizen group works
 on a contingent-fee basis, whereas a polluting firm has either in-house
 legal advice or lawyers on retainer. Under an asymmetric reimbursement
 rule we show: (i) the case goes to settlement if the objective merits of
 the case favour the citizen group; (ii) whereas it goes to trial, the
 probability winning the citizen group has is less than 50%, and the
 reimbursement policy incurs the total effort in trial to increase if the
 merits of the case favour the firm. 
Journal: Applied Economics Letters 
Pages: 1197-1199 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902845376 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902845376&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Enrica Carbone 
Author-X-Name-First: Enrica 
Author-X-Name-Last: Carbone 
Title: Ownership herding and informational herding 
Abstract:
  This article takes as its point of departure the herding model of
 Bikhchandani et al. (1992). We extend earlier experimental evidence to
 distinguish between informational herding, as in the model, and ownership
 herding, an alternative explanation for observed behaviour. 
Journal: Applied Economics Letters 
Pages: 1201-1204 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902845392 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902845392&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Author-Name: Artur Tamazian 
Author-X-Name-First: Artur 
Author-X-Name-Last: Tamazian 
Author-Name: Rup Singh 
Author-X-Name-First: Rup 
Author-X-Name-Last: Singh 
Title: What is the long run growth rate of the East Asian Tigers? 
Abstract:
  New panel data estimates for the four East Asian Tigers show that the
 contribution of Total Factor Productivity (TFP) to growth is much higher
 than past estimates. An extended production function with learning by
 doing implies that TFP is about 3.5% and these countries will grow at this
 rate in the long-run. 
Journal: Applied Economics Letters 
Pages: 1205-1208 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902845400 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902845400&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Holmes 
Author-X-Name-First: Mark 
Author-X-Name-Last: Holmes 
Title: A reassessment of the twin deficits relationship 
Abstract:
  This article provides new evidence on the relationship between the United
 States budget and current account deficits. Using a testing procedure
 advocated by Bierens, both deficits are found to be stationary around a
 nonlinear deterministic trend and are co-trended insofar as they share a
 common nonlinear deterministic trend. 
Journal: Applied Economics Letters 
Pages: 1209-1212 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902845434 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902845434&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Masanori Ohkuma 
Author-X-Name-First: Masanori 
Author-X-Name-Last: Ohkuma 
Title: Between Mao and markets: new evidence on segmentation of the bank loan market in China 
Abstract:
  This article examines the local bank lending's dependency upon local
 deposits within China in the Feldstein-Horioka vein. In the case of a
 transition economy like China, it would be appropriate to assume the
 presence of a significant level of disparity in the cost of funds between
 State-Owned Enterprises (SOEs) and non-SOEs. For this purpose, a dataset
 of the provincial deposit rates and the provincial loan rates for the
 state and the nonstate sectors is built. Even after controlling the
 national- and province-specific shocks, the correlation between the local
 deposit rates and the local loan rates for the nonstate sector, in
 contrast with that for the state sector, is even higher than for the
 Organization for Economic Co-operation and Development (OECD) member
 countries. The findings suggest that serious asymmetric information
 problems between banks and non-SOEs might impede cross-regional lending
 and prevent the development of the nonstate sector within China. 
Journal: Applied Economics Letters 
Pages: 1213-1218 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902845426 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902845426&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tal Shavit 
Author-X-Name-First: Tal 
Author-X-Name-Last: Shavit 
Author-Name: Shosh Shahrabani 
Author-X-Name-First: Shosh 
Author-X-Name-Last: Shahrabani 
Author-Name: Uri Benzion 
Author-X-Name-First: Uri 
Author-X-Name-Last: Benzion 
Title: Effect of price quoting on financial asset prices: an experimental analysis 
Abstract:
  Stock options are usually sold in bundles of 100 units, and their price
 can be quoted either per unit or per bundle. In this article, the effect
 of different methods of quoting financial asset prices on the subjective
 value of a contract was examined experimentally. In particular, we
 examined differences in participants' Willingness-To-Pay and
 Willingness-To-Accept for financial assets depending upon whether prices
 are quoted per unit or per bundle. We found that participants bid (ask) a
 higher price when prices are quoted per unit than when they are quoted per
 bundle. The results indicated that different quoting methods affect the
 bidding price for risky assets. These results can have important
 implications for trading on financial markets. 
Journal: Applied Economics Letters 
Pages: 1219-1222 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540902845487 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540902845487&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Wen-Chi Liu 
Author-X-Name-First: Wen-Chi 
Author-X-Name-Last: Liu 
Author-Name: Han-Wen Tzeng 
Author-X-Name-First: Han-Wen 
Author-X-Name-Last: Tzeng 
Author-Name: Chin-Ping Yu 
Author-X-Name-First: Chin-Ping 
Author-X-Name-Last: Yu 
Title: Purchasing power parity for G-7 countries: panel SURADF tests 
Abstract:
  In this study, the panel Seemingly Unrelated Regressions Augmented
 Dickey-Fuller (SURADF) tests advanced by Breuer et al. (2001) are used to
 test the validity of Purchasing Power Parity (PPP) for G-7 countries over
 the period 1980M1 to 2008M5. The empirical results from several
 panel-based unit root tests indicate that PPP does not hold for G-7
 countries under study; however, Breuer et al.'s (2001) panel SURADF tests
 unequivocally indicate that PPP is valid for half of the G-7 countries. 
Journal: Applied Economics Letters 
Pages: 1223-1228 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902845467 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902845467&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chu Nguyen 
Author-X-Name-First: Chu 
Author-X-Name-Last: Nguyen 
Author-Name: Anisul Islam 
Author-X-Name-First: Anisul 
Author-X-Name-Last: Islam 
Title: Asymmetries in the Thai lending-deposit rate spread: an econometric analysis 
Abstract:
  This study examines the asymmetric behaviour of lending-deposit rate
 spread in the emerging Thai economy over the period 1991:1 to 2007:1.
 Although both the threshold autoregressive model and the Momentum
 Threshold Autoregressive (MTAR) model detect asymmetries, the MTAR model
 is a better fit for the sample data. The finding that Thai banks exhibit
 faster adjustment in lending rates when the spread is widening (i.e.
 falling deposit rates) than when the spread is narrowing (i.e. rising
 deposit rates) supports the consumer reaction hypothesis of Stiglitz and
 Weiss. This phenomenon is the result of the 'oligopsonistic' relationship
 between the banks and their powerful corporate customers, and the
 attendant practice of the 'name'-based lending. 
Journal: Applied Economics Letters 
Pages: 1229-1236 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902902201 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902902201&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Derek Bond 
Author-X-Name-First: Derek 
Author-X-Name-Last: Bond 
Author-Name: Michael Harrison 
Author-X-Name-First: Michael 
Author-X-Name-Last: Harrison 
Author-Name: Niall Hession 
Author-X-Name-First: Niall 
Author-X-Name-Last: Hession 
Author-Name: Edward O'Brien 
Author-X-Name-First: Edward 
Author-X-Name-Last: O'Brien 
Title: Nonlinearity as an explanation of the forward exchange rate anomaly 
Abstract:
  This article shows that nonlinearity can provide an explanation for the
 forward exchange rate anomaly (Fama, 1984). Using sterling-Canadian dollar
 data and modelling nonlinearity of unspecified form by means of a random
 field, we find strong evidence of time-wise nonlinearity and,
 significantly, obtain parameter estimates that conform with theory to a
 high degree of precision. 
Journal: Applied Economics Letters 
Pages: 1237-1239 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902950564 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902950564&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Meng Li 
Author-X-Name-First: Meng 
Author-X-Name-Last: Li 
Author-Name: Misao Endo 
Author-X-Name-First: Misao 
Author-X-Name-Last: Endo 
Author-Name: Shiwei Zuo 
Author-X-Name-First: Shiwei 
Author-X-Name-Last: Zuo 
Author-Name: Kazuo Kishimoto 
Author-X-Name-First: Kazuo 
Author-X-Name-Last: Kishimoto 
Title: Order imbalances explain 90% of returns of Nikkei 225 futures 
Abstract:
  This article introduces a new kind of order imbalance - limit order
 imbalance - in addition to the conventional order imbalance to explain the
 intraday stock returns. The conventional order imbalance together with our
 new order imbalance are shown to explain more than 90% of intraday returns
 of the Nikkei 225 Futures in the Osaka Stock Exchange in Japan. It is also
 found that a scaling by spreads substantially increases the explanatory
 power in thinner markets. 
Journal: Applied Economics Letters 
Pages: 1241-1245 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902881819 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902881819&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hsiao-Peng Fu 
Author-X-Name-First: Hsiao-Peng 
Author-X-Name-Last: Fu 
Author-Name: Andrew Wood 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Wood 
Title: Momentum in Taiwan: seasonality matters! 
Abstract:
  Previous studies suggest that momentum exists in international stock
 markets with the exception of Asia. Using a large data set of Taiwanese
 stocks, we show that momentum does exist, but it is restricted to the
 months following the deadline for annual statements. During the remaining
 months, a reverse momentum, or contrarian, strategy produces significant
 returns. These contrarian returns are particularly high during the
 national holidays linked to the Lunar New Year and the Lunar Moon
 Festival. 
Journal: Applied Economics Letters 
Pages: 1247-1253 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902917589 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902917589&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thouraya Boujelbene 
Author-X-Name-First: Thouraya 
Author-X-Name-Last: Boujelbene 
Author-Name: Younes Boujelbene 
Author-X-Name-First: Younes 
Author-X-Name-Last: Boujelbene 
Title: Long run determinants and short run dynamics of inflation in Tunisia 
Abstract:
  The essential idea of this study is to analyse the origins of inflation
 at short and long runs in Tunisia relying on annual data during the period
 1962 to 2003. We also suggest a model that has a structure determined by
 monetary and structural factors, and estimated by Johansen's cointegration
 technique. The empirical results show that inflation is explained by mixed
 factors: monetary ones such as money supply, the interest rate and the
 real effective exchange rate; and structural ones like the nominal average
 annual wage rate, the import prices and the real output. The analysis aims
 at pointing out the long run determinants of inflation and studying its
 short run dynamics. 
Journal: Applied Economics Letters 
Pages: 1255-1263 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902862157 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902862157&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Donglin Pei 
Author-X-Name-First: Donglin 
Author-X-Name-Last: Pei 
Author-Name: Philip Anthony Hamill 
Author-X-Name-First: Philip Anthony 
Author-X-Name-Last: Hamill 
Author-Name: Kwaku Kyekyeku Opong 
Author-X-Name-First: Kwaku Kyekyeku 
Author-X-Name-Last: Opong 
Title: An analysis of quasi-qualification, modified auditor opinions and special treatment status on China's Shenzhen market 
Abstract:
  The development of accounting, auditing and capital markets in China were
 an integral component of China's economic reforms; auditing was regarded
 as being critically important to achieving the desired policy objective of
 delivering a market economy (Yang and Yang, 1998). This article examines
 the quasi-qualification hypothesis and tests whether investors valued the
 introduction of Special Treatment (ST) status for firms in 1998. Our
 empirical analysis fails to find significant support for the
 quasi-qualification hypothesis. In contrast, it appears that the issuance
 of ST status was valued by investors; the issuance of ST status led
 investors to discriminate between firms. 
Journal: Applied Economics Letters 
Pages: 1265-1271 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902881827 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902881827&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kunihiro Hanabusa 
Author-X-Name-First: Kunihiro 
Author-X-Name-Last: Hanabusa 
Title: The effects of zero interest rate commitment in Japan 
Abstract:
  This article examines the effectiveness of the Bank of Japan's Zero
 Interest Rate Commitment Policy (ZIRCP). Using the Exponential
 Autoregressive Conditional Heteroskedasticity model, we present an
 empirical analysis of the volatility of return on Japanese interest rates
 for the short-, medium-, long- and super long-term. We find that each
 interest rate is affected by the ZIRCP. However, the ZIRCP stabilizes the
 daily change for only the super long-term interest rate. This suggests
 that the ZIRCP effect includes the decrease in interest rate and the
 reduction in super long-term variability. 
Journal: Applied Economics Letters 
Pages: 1273-1277 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902881835 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902881835&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hsu-Ling Chang 
Author-X-Name-First: Hsu-Ling 
Author-X-Name-Last: Chang 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Title: The relationship between the Vietnam stock market and its major trading partners - TECM with bivariate asymmetric GARCH model 
Abstract:
  This study employs threshold error-correction model with bivariate
 Glosten-Jagannathan-Runkle-generalized autoregressive conditional
 heteroscedasticity model to examine the relationship between the Vietnam
 stock market and its major trading partners, the United States, Japan,
 Singapore and China. The results indicate that the Vietnam stock market
 and return risks are influenced by Japan and Singapore stock markets. We
 also find that the volatility of stock market in Vietnam and its trading
 countries have an asymmetrical effect. These findings could be valuable to
 individual investors and financial institutions holding long-run
 investment portfolios in the Vietnam stock market. 
Journal: Applied Economics Letters 
Pages: 1279-1283 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902881892 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902881892&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Qiming Wang 
Author-X-Name-First: Qiming 
Author-X-Name-Last: Wang 
Title: Price clustering of IPOs in the secondary market 
Abstract:
  This article studies the integer price clustering of Initial Public
 Offerings (IPOs) in the secondary market trading during the first 240
 trading days after their IPO dates. The results indicate the huge
 difference between the integer price frequency of IPOs in the primary
 market and that of matched stocks in the secondary market almost
 disappears on the first trading day after IPO. The integer price frequency
 of IPOs is still significantly higher than that of matched stocks during
 the first 240 trading days. However, after controlling for price level,
 trading characteristics and IPO price support, the integer price frequency
 of IPOs conforms to that of matched stocks and that those IPOs with
 integer offer prices have the same integer price frequency as IPOs
 without. 
Journal: Applied Economics Letters 
Pages: 1285-1292 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902881843 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902881843&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guoma Alrgibi 
Author-X-Name-First: Guoma 
Author-X-Name-Last: Alrgibi 
Author-Name: Mohamed Ariff 
Author-X-Name-First: Mohamed 
Author-X-Name-Last: Ariff 
Author-Name: Louis Murray 
Author-X-Name-First: Louis 
Author-X-Name-Last: Murray 
Title: What factors discriminate developed and emerging capital markets? 
Abstract:
  This article identifies variables that might help an analyst to classify
 a stock market as either a developed or an emerging market. Although these
 terms are used widely, the basis for the application of the two
 descriptors has not been examined, using quantitative method(s) to verify
 the characteristics associated with each. The aim of this article is to do
 that, through identification of those variables associated with developed
 and with emerging markets. Discriminant analysis is applied, to identify a
 number of characteristics that do successfully differentiate between each
 group of markets, and helps to provide authenticity to the terms -
 developed and emerging. 
Journal: Applied Economics Letters 
Pages: 1293-1298 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902881850 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902881850&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michel Rakotomavo 
Author-X-Name-First: Michel 
Author-X-Name-Last: Rakotomavo 
Title: Payout and asymmetric information 
Abstract:
  This article investigates the effects of payout policy on the level of
 asymmetric information in the market for common equity shares. The results
 suggest that higher dividend levels are associated with lower price
 impact, both as a percentage of economic value and as a percentage of the
 spread. And greater share repurchase ratios are associated with lower
 price impacts as a percentage of the spread. Overall, the results suggest
 that managers may have more than the choice of market settings as a means
 to improve the quality of the market for their stock and the efficiency of
 price. 
Journal: Applied Economics Letters 
Pages: 1299-1304 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902881868 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902881868&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nikolai Dokuchaev 
Author-X-Name-First: Nikolai 
Author-X-Name-Last: Dokuchaev 
Title: Optimal gradual liquidation of equity from a risky asset 
Abstract:
  We consider a problem of optimal gradual liquidation of equity from a
 risky asset for continuous time stochastic market model. The owner of the
 risky asset uses this equity as a source of steady cash flow by borrowing
 money permanently against this equity. At the terminal time, there is no
 equity for him in this asset, and the bank gains ownership of this asset.
 Optimal strategy is obtained explicitly. 
Journal: Applied Economics Letters 
Pages: 1305-1308 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902881876 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902881876&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hsiu-Yun Chang 
Author-X-Name-First: Hsiu-Yun 
Author-X-Name-Last: Chang 
Author-Name: Yen-Ching Kuo 
Author-X-Name-First: Yen-Ching 
Author-X-Name-Last: Kuo 
Title: The impact of subprime mortgage on correlation between stock and FX markets 
Abstract:
  Our researching period contains the American subprime mortgage crisis, an
 insignificant financial crisis and the Asian financial crisis periods. We
 analyse and compare the interrelations between the stock and Foreign
 Exchange (FX) markets in Taiwan by the daily data of stock prices and
 NTD/US exchange rates. The empirical results found that there is no effect
 on the long-term equilibrium between the stock and FX markets during the
 American subprime mortgage crisis. It also shows that, whether financial
 crisis occurs or not, there is no cointegration between the stock and FX
 markets. Furthermore, the results find that there exists bidirectional
 causality between the stock and FX markets among the American subprime
 mortgage crisis and the Asian financial crisis period. However, there is
 only unidirectional relationship from stock prices to exchange rates
 during insignificant financial crisis period. Such results imply that two
 financial crises do significantly affect the short-term interrelationships
 between the stock and FX markets and lead to more importance for the
 connection between two markets. 
Journal: Applied Economics Letters 
Pages: 1309-1312 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902917563 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902917563&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: Determinants of bank failures in the US revisited 
Abstract:
  This study investigates factors influencing the bank failure rate in the
 United States over the period 1970 to 2007. The bank failure rate was
 found to be an increasing function of the unemployment rate, the average
 cost of funds, volatility of the S&P 500 Stock Index, and charge-offs as a
 percentage of outstanding loans and a decreasing function of the mortgage
 rate on new 30-year fixed-rate mortgages. The evidence implies also that
 the Federal Deposit Insurance Corporation Improvement Act acted to reduce
 bank failures whereas the Riegle-Neal Interstate Banking Act of 1994 may
 inadvertently have (by increasing competition and/or increasing costs
 through branch bank expansion) induced increased bank failures. 
Journal: Applied Economics Letters 
Pages: 1313-1317 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902881884 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902881884&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gil Cohen 
Author-X-Name-First: Gil 
Author-X-Name-Last: Cohen 
Title: Do short sellers outperformthe market? 
Abstract:
  During the current financial crisis, short sellers have been blamed for
 causing or at least accelerating the crash of the financial market. They
 have been accused of manipulating stock prices so that they would fall and
 getting rich at the 'naive' investors' expense. This study investigates
 the validity of these accusations by following the TA100 Index and four
 designed portfolios during the period 2006 to 2008. The designed
 portfolios were constructed in accordance with the weekly report on short
 selling activity issued by the Tel Aviv Stock Exchange. The results show
 that short sellers did not succeed in outperforming the market during that
 3-year period. Moreover, the portfolios that did not include the stocks
 picked by the short sellers performed more poorly (they should have been
 sold short) than the portfolios that included stocks chosen by the short
 sellers. These results contradict the hypothesis that short selling
 disrupts market efficiency. 
Journal: Applied Economics Letters 
Pages: 1319-1322 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902917571 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902917571&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohamed El Hedi Arouri 
Author-X-Name-First: Mohamed 
Author-X-Name-Last: El Hedi Arouri 
Author-Name: Mondher Bellalah 
Author-X-Name-First: Mondher 
Author-X-Name-Last: Bellalah 
Author-Name: Duc Khuong Nguyen 
Author-X-Name-First: Duc Khuong 
Author-X-Name-Last: Nguyen 
Title: The comovements in international stock markets: new evidence from Latin American emerging countries 
Abstract:
  We analyse the time variations in the comovements of Latin American stock
 markets. Conditional correlations are estimated from the dynamic
 conditional correlation GARCH model. Then, Bai and Perron's (2003)
 structural break technique is employed to test for changing nature of
 market comovements. Main findings are as follows. First, the degree of
 cross-market comovements changed over time and has significantly increased
 since 1994. However, room for international diversification still remains
 largely possible. Second, the comovements are subjected to various regime
 shifts, essentially due to major economic events. Finally, stock markets
 move much more together in times of crisis. 
Journal: Applied Economics Letters 
Pages: 1323-1328 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902967449 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902967449&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chia-Hao Lee 
Author-X-Name-First: Chia-Hao 
Author-X-Name-Last: Lee 
Title: Revisiting purchasing power parity for East Asian countries: panel SURADF tests 
Abstract:
  In this study, the panel Seemingly Unrelated Regression Augmented
 Dickey-Fuller (SURADF) tests advanced by Breuer et al. (2001) are used to
 test the validity of Purchasing Power Parity (PPP) for a sample of East
 Asian countries over the 1985M3 to 2008M5. The empirical results from
 several panel-based unit root tests indicate that PPP does not hold for
 East Asian countries under study; however, Breuer et al.'s (2001) panel
 SURADF tests indicate that PPP is valid for most of the East Asian
 countries under study. 
Journal: Applied Economics Letters 
Pages: 1329-1334 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902958356 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902958356&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Scott Hegerty 
Author-X-Name-First: Scott 
Author-X-Name-Last: Hegerty 
Title: Bounds testing cointegration methods and PPP: evidence from 123 Countries 
Abstract:
  Cointegration analysis is often used in empirical studies of Purchasing
 Power Parity (PPP) to test whether there is a long-run relationship among
 countries' bilateral exchange rates and price levels. But the presence of
 a cointegrated relationship is not enough to support PPP, as other
 restrictions must be met as well. Nevertheless, even simple cointegration
 has been rejected for many countries in previous studies. We apply the
 'bounds testing' approach of Pesaran et al. (2001), which has only seen
 limited use thus far, to analyse 123 countries' bilateral rates with the
 United States. Besides testing for cointegration, we also assess whether
 our long-run coefficients support the PPP hypothesis. We find that while
 most rates are indeed cointegrated, only a few have coefficients that meet
 even one of the necessary restrictions for PPP. 
Journal: Applied Economics Letters 
Pages: 1335-1340 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902967456 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902967456&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Ryan Haley 
Author-X-Name-First: M. Ryan 
Author-X-Name-Last: Haley 
Author-Name: Lee Van Scyoc 
Author-X-Name-First: Lee 
Author-X-Name-Last: Van Scyoc 
Title: Adverse selection, seller reputation and buyer insurance in online auctions for 1960s-era collectible baseball cards 
Abstract:
  We investigate the differences between Beckett book values and eBay
 auction prices using an original data set of 876 auctions for 30 baseball
 cards from the 1960s era. We find that cards of lower quality generally
 sell (on eBay) above book price, whereas cards of higher quality generally
 sell below book price. We find that both the presence of buyer insurance
 and the number of bids increase eBay prices relative to book values and
 that the seller's reputation and the number of bids increase the
 probability that the eBay price will be greater than the corresponding
 book value. 
Journal: Applied Economics Letters 
Pages: 1341-1345 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902984303 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902984303&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Yuan-Hong Ho 
Author-X-Name-First: Yuan-Hong 
Author-X-Name-Last: Ho 
Author-Name: Steven Caudill 
Author-X-Name-First: Steven 
Author-X-Name-Last: Caudill 
Title: Is per capita real GDP stationary in China? More powerful nonlinear (logistic) unit root tests 
Abstract:
  In this study, we use a more powerful nonlinear (logistic) unit root test
 advanced by Leybourne et al. (1998) to investigate the time-series
 properties of real gross domestic product for 25 Chinese provinces for the
 period 1952 to 1998. We strongly reject the null of unit root process for
 over half the provinces. These empirical results have important policy
 implications for China. 
Journal: Applied Economics Letters 
Pages: 1347-1349 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903007567 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903007567&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Schaub 
Author-X-Name-First: Mark 
Author-X-Name-Last: Schaub 
Title: Short-term wealth effects from debt buyback announcements 
Abstract:
  This study provides evidence that, as with stock buyback announcements,
 investors believe that debt buyback announcements signal good news about
 the future cash flows of the announcing firm. This information is
 contained in the stock price reaction on the announcement date. On
 average, the firms sampled experienced an average 5.51% increase in their
 stock price on the day their plans to repurchase debt were announced in
 the financial media. 
Journal: Applied Economics Letters 
Pages: 1351-1354 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902967506 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902967506&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan Mulhern 
Author-X-Name-First: Alan 
Author-X-Name-Last: Mulhern 
Author-Name: John Watson 
Author-X-Name-First: John 
Author-X-Name-Last: Watson 
Title: Spanish inter-regional migration: an enigma resolved 
Abstract:
  This article demonstrates that Spanish inter-regional migration, for many
 years unresponsive to traditional explanatory variables, is now explicable
 in terms of such variables. These include gaps in real wages, unemployment
 and distance. In the middle of the 1990s, there arose an increased
 responsiveness of regional migration to such explanatory variables. 
Journal: Applied Economics Letters 
Pages: 1355-1359 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902967464 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902967464&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Catherine Boulatoff 
Author-X-Name-First: Catherine 
Author-X-Name-Last: Boulatoff 
Author-Name: Carol Boyer 
Author-X-Name-First: Carol 
Author-X-Name-Last: Boyer 
Title: Using contingent valuation with undergraduate students to elicit a community's preferences for wind farm development 
Abstract:
  This article presents the results of a survey that elicited the value of
 the perceived net benefits associated with the implementation of a wind
 farm in a rural community in upstate New York. The survey was designed and
 administered by upper level undergraduate students enrolled in an
 environmental economics course at Saint Lawrence University. Results may
 give instructors interested in introducing more applied research in the
 classroom an idea of what to expect. The analysis of this project may also
 suggest policy implications for the implementation of wind farms. 
Journal: Applied Economics Letters 
Pages: 1361-1366 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902967480 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902967480&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nico Dewaelheyns 
Author-X-Name-First: Nico 
Author-X-Name-Last: Dewaelheyns 
Author-Name: Cynthia Van Hulle 
Author-X-Name-First: Cynthia 
Author-X-Name-Last: Van Hulle 
Title: Bankruptcy reform: evidence from a survey among judges and receivers 
Abstract:
  Because of low success rates, several European countries have recently
 reformed their US Chapter 11-type bankruptcy procedures or are planning
 future reforms. Using unique data from a survey among judges and
 insolvency practitioners (receivers), we explore the ex ante expectations
 of the impact of the 2009 adjustments to the Belgian reorganization
 procedure, including cost reductions, improvement of the procedure's
 reputation, encouraging informal reorganizations and appointing a
 mediator. The general assessment is moderately positive, although judges
 are significantly more optimistic than receivers. In addition, we find
 that the respondents' expectations are related to their views on the
 current system, perceived causes of failure and regional characteristics.
 We conclude by formulating policy recommendations. 
Journal: Applied Economics Letters 
Pages: 1367-1371 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902967498 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902967498&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Victor Pontines 
Author-X-Name-First: Victor 
Author-X-Name-Last: Pontines 
Title: Fat-tails and house prices in OECD countries 
Abstract:
  It is a well-known stylized fact that the distributions of financial
 asset returns are non-normal and fat-tailed. In this study, we explore
 whether this stylized fact also applies to the log changes in house
 prices. Using house price indices data for 16 Organization for Economic
 Cooperation and Development countries, we find that there is an apparent
 tail-fatness in the empirical distribution of log changes in house prices.
 Furthermore, the Student's t provides an adequate fit for almost all the
 house price indices under consideration. 
Journal: Applied Economics Letters 
Pages: 1373-1377 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902967514 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902967514&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alper Aslan 
Author-X-Name-First: Alper 
Author-X-Name-Last: Aslan 
Author-Name: Ferit Kula 
Author-X-Name-First: Ferit 
Author-X-Name-Last: Kula 
Author-Name: Huseyin Kalyoncu 
Author-X-Name-First: Huseyin 
Author-X-Name-Last: Kalyoncu 
Title: Additional evidence of long-run purchasing power parity with black and official exchange rates 
Abstract:
  In this study, the validity of Purchasing Power Parity (PPP) hypothesis
 is investigated by using unit root test on official and black market
 exchange rates for Turkey. When we used the classical unit root test, we
 found poor evidence for the validity of PPP in classical PP test but no
 evidence for PPP in the augmented Dickey-Fuller test. However, by using
 Zivot-Andrews test allowing for one structural break in the series of PPP,
 we find stronger evidence for both official and black market exchange
 rates. Our findings illustrate that the unit root test with structural
 break is powerful than classical ones for long-run PPP. 
Journal: Applied Economics Letters 
Pages: 1379-1382 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902967522 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902967522&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Wen-Chi Liu 
Author-X-Name-First: Wen-Chi 
Author-X-Name-Last: Liu 
Author-Name: Chin-Ping Yu 
Author-X-Name-First: Chin-Ping 
Author-X-Name-Last: Yu 
Title: Revisiting purchasing power parity for G7 countries: further evidence based on panel SURKSS tests 
Abstract:
  This study applies panel SURKSS tests, proposed by Wu and Lee (2009), to
 investigate the properties of long-run Purchasing Power Parity (PPP) in G7
 countries over the period January 1980 to September 2008. The empirical
 results from several panel-based unit root tests indicate that PPP does
 not hold for G7 countries under study; however, panel SURKSS tests
 indicate that PPP is valid for more than half of the G7 countries.
 Further, our results point out that the real exchange rate adjustment is
 mean reversion towards PPP equilibrium values in a nonlinear way. These
 results have important policy implications for G7 countries. 
Journal: Applied Economics Letters 
Pages: 1383-1387 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902967530 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902967530&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: On the performance of a nonparametric measure of convergence towards purchasing power parity in the presence of linearity 
Abstract:
  In this study, we have assessed the performance of the nonparametric
 measure of convergence towards purchasing power parity, as previously
 suggested by Shintani (2006). While the measure, which is also applicable
 to nonlinear processes, should correspond to the exact half-life of a
 linear process when the true data-generating process is linear, we find,
 in practice, that it is too far off the mark and thus should not be
 employed. We recommend testing linearity first, before applying the
 measure of convergence. 
Journal: Applied Economics Letters 
Pages: 1389-1396 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902967548 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902967548&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Susana Iglesias Antelo 
Author-X-Name-First: Susana 
Author-X-Name-Last: Iglesias Antelo 
Author-Name: Jean-Pierre Levy Mangin 
Author-X-Name-First: Jean-Pierre 
Author-X-Name-Last: Levy Mangin 
Title: An analysis of the risk-return relationship in the Spanish capital market using a structural equation model 
Abstract:
  This work is a contribution to an incipient third line of empirical
 analysis within the context of the use of multifactor models to explain
 the covariation among asset returns. Such a line of research establishes a
 bridgehead between the one based on the selection of economic variables
 and that based on the extraction of factors by means of factor analysis.
 Specifically, this study focuses on macroeconomic magnitudes as potential
 sources of risk and uses a structural equation model to analyse data
 relative to the Spanish market. The market return is the only factor that
 is found to be significant. 
Journal: Applied Economics Letters 
Pages: 1397-1403 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902984287 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902984287&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Song-Zan Chiou-Wei 
Author-X-Name-First: Song-Zan 
Author-X-Name-Last: Chiou-Wei 
Author-Name: Zhen Zhu 
Author-X-Name-First: Zhen 
Author-X-Name-Last: Zhu 
Author-Name: Yung-Hsing Kuo 
Author-X-Name-First: Yung-Hsing 
Author-X-Name-Last: Kuo 
Title: Government size and economic growth: an application of the smooth transition regression model 
Abstract:
  This article employs a smooth transition autoregressive model to
 investigate the effects of government size (measured as the share of
 government consumption expenditure in gross domestic product) on economic
 growth using South Korea, Malaysia, Singapore, Taiwan and Thailand as
 sample countries during the period 1961 to 2004. The empirical results
 reveal that there is a nonlinear relationship among variables for each
 country except Malaysia and confirm the view of Barro (1990) that the
 government size over a certain threshold will have an adverse impact on
 economic growth rate for Korea, Taiwan and Thailand. Through the smooth
 transition autoregressive framework, we find that the estimated threshold
 of government size is 11% for most countries while the threshold
 government size of Taiwan is 16% and further conclude that the bigger
 government size is not really the better. 
Journal: Applied Economics Letters 
Pages: 1405-1415 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902984295 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902984295&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Aitor Ciarreta 
Author-X-Name-First: Aitor 
Author-X-Name-Last: Ciarreta 
Author-Name: Ainhoa Zarraga 
Author-X-Name-First: Ainhoa 
Author-X-Name-Last: Zarraga 
Title: Electricity consumption and economic growth in Spain 
Abstract:
  This article investigates linear and nonlinear causality between
 electricity consumption and economic growth in Spain for the period 1971
 to 2005. We use the methodology of Toda and Yamamoto (1995) and Dolado and
 Lutkepohl (1996). We also apply the standard Granger causality test in a
 vector autoregression for the series in first differences. We find
 unidirectional linear causality running from real GDP to electricity
 consumption. By contrast, we find no evidence of nonlinear Granger
 causality between the series in either direction. 
Journal: Applied Economics Letters 
Pages: 1417-1421 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903018689 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903018689&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jasim Al-Ajmi 
Author-X-Name-First: Jasim 
Author-X-Name-Last: Al-Ajmi 
Title: Modelling the dividend policy of banks in Gulf Cooperation Council countries 
Abstract:
  This article presents the results of an investigation on the determinants
 of banks' dividend decisions among banks listed on seven stock exchanges
 in the Gulf Cooperation Council countries. The results show that dividend
 decisions are determined by current earnings and lagged dividends and that
 only banks in Abu Dhabi resist curtailing/skipping dividend payments. The
 results are mixed as to the role of dividend decisions in reducing agency
 problems and as a signalling device, but the results offer strong support
 for the transaction cost hypothesis. 
Journal: Applied Economics Letters 
Pages: 1423-1428 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903018697 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903018697&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Andrikopoulos 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Andrikopoulos 
Title: On the valuation of American exchange options: an analytical approximation 
Abstract:
  We adopt a quadratic approach to the valuation of the option to exchange
 one asset for another, when the option owner has the right to exercise
 before option expiration. Accurate pricing results are obtained and tested
 against competitive models in the literature, building on the hypothesis
 that option value is the product of two functions, one being a function of
 time and the other one being a function of the stock prices. 
Journal: Applied Economics Letters 
Pages: 1429-1435 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903018705 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903018705&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Afonso 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Afonso 
Title: Long-term government bond yields and economic forecasts: evidence for the EU 
Abstract:
  I use a panel of semi-annual vintages of growth and fiscal forecasts of
 the European Commission, covering the period 1998:II-2008:II, to assess
 its effects on 10-year government yields for 14 EU countries. Results show
 that yields increase with better growth forecasts and with decreases in
 budget balance-to-GDP rations, signaling that sovereigns may need to pay
 more to finance higher budget deficits in the market. 
Journal: Applied Economics Letters 
Pages: 1437-1441 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903049627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903049627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rabah Arezki 
Author-X-Name-First: Rabah 
Author-X-Name-Last: Arezki 
Author-Name: Frederick van der Ploeg 
Author-X-Name-First: Frederick 
Author-X-Name-Last: van der Ploeg 
Title: Trade policies, institutions and the natural resource curse 
Abstract:
  We offer new cross-country evidence on the natural resource curse. We
 investigate the impact of the interaction of natural resource abundance
 and policies on growth. We find that the resource curse is less severe in
 countries with less restrictive trade policies and good institutions.
 However, we show that empirical evidence on the resource curse is not
 robust to correcting for the endogenous nature of some regressors. 
Journal: Applied Economics Letters 
Pages: 1443-1451 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903035881 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903035881&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Ali Kutan 
Author-X-Name-First: Ali 
Author-X-Name-Last: Kutan 
Author-Name: Su Zhou 
Author-X-Name-First: Su 
Author-X-Name-Last: Zhou 
Title: Black and official market exchange rates and purchasing power parity: evidence from Latin America 
Abstract:
  A group of studies have shown that in less developed countries,
 Purchasing Power Parity (PPP) theory is supported more often when black
 market exchange rates rather than official rates are used in the testing
 procedure. They have all relied upon linear Augmented Dickey-Fuller (ADF)
 test applied either to the residuals of a cointegrating vector or to real
 exchange rates. In this article, we use a nonlinear ADF test and show that
 when nonlinearity is incorporated in the testing procedure, the nonlinear
 tests support PPP more often than the linear test regardless of whether we
 use official or black market exchange rate. Besides, for the post-Bretton
 Woods period, PPP is almost equally supported using either the black
 market exchange rates or the official rates. 
Journal: Applied Economics Letters 
Pages: 1453-1459 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902967472 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902967472&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Uriel Spiegel 
Author-X-Name-First: Uriel 
Author-X-Name-Last: Spiegel 
Author-Name: Tchai Tavor 
Author-X-Name-First: Tchai 
Author-X-Name-Last: Tavor 
Author-Name: Joseph Templeman 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Templeman 
Title: The effects of rumours on financial market efficiency 
Abstract:
  During the last decade the world has faced a tremendous development of
 information technology and telecommunication. This study investigates the
 impact of rumours (released on the web) on common stock returns. The
 findings indicate that the market responds positively to rumours. During
 the event day and the five preceding days, the abnormal stock return is
 positive and statistically significant. In particular, the impact is
 stronger for single than for multi-rumours, for initial rather than
 subsequent rumours and for realized rumours than for nonrealized rumours. 
Journal: Applied Economics Letters 
Pages: 1461-1464 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903035873 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903035873&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roger Wahlberg 
Author-X-Name-First: Roger 
Author-X-Name-Last: Wahlberg 
Title: The gender wage gap across the wage distribution in the private and public sectors in Sweden 
Abstract:
  This study examines gender wage differentials across the wage
 distribution in the Swedish private and public sectors using quantile
 regression. There is a glass ceiling effect for women in both the private
 and the public sectors in Sweden. Although this is true for both sectors,
 it is especially pronounced in the public sector. The gender wage
 differentials across the whole distribution in the private sector are
 lower in Sweden than in the USA and in 11 European countries, whereas the
 opposite can be said about the public sector; here the gap is higher
 across the entire distribution in Sweden. 
Journal: Applied Economics Letters 
Pages: 1465-1468 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903035915 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903035915&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Adam Petersen 
Author-X-Name-First: Mark Adam 
Author-X-Name-Last: Petersen 
Author-Name: Mmboniseni Phanuel Mulaudzi 
Author-X-Name-First: Mmboniseni Phanuel 
Author-X-Name-Last: Mulaudzi 
Author-Name: Janine Mukuddem-Petersen 
Author-X-Name-First: Janine 
Author-X-Name-Last: Mukuddem-Petersen 
Author-Name: Ilse Schoeman 
Author-X-Name-First: Ilse 
Author-X-Name-Last: Schoeman 
Title: A note on the subprime mortgage crisis: dynamic modelling of bank leverage profit under loan securitization 
Abstract:
  In this brief research article, we consider the financial modelling of
 the process of mortgage loan securitization that has been a root cause of
 the ongoing Subprime Mortgage Crisis (SMC). In particular, we suggest a
 Levy process-driven model of bank leverage profit that arises from the
 securitization of a pool of subprime mortgage loans. To achieve this, we
 develop stochastic models for mortgage loans, mortgage loan losses, credit
 ratings and mortgage loan guarantees in a subprime context. These models
 incorporate some of the most important issues related to the SMC and its
 causes. Finally, we provide a brief analysis of the models developed
 earlier in our contribution and its relationship with the SMC. 
Journal: Applied Economics Letters 
Pages: 1469-1474 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903035907 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903035907&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Bernstein 
Author-X-Name-First: David 
Author-X-Name-Last: Bernstein 
Title: Should the US Congress appropriate funds for the repurchase of older vehicles? 
Abstract:
  Proponents of vehicle buyback programmes maintain that the earlier
 retirement of older vehicles will reduce pollution, increase income for
 lower income households and stimulate the automobile industry. This
 article provides a brief assessment of costs and benefits of vehicle
 buyback programmes. There are environmental benefits from the early
 retirement of automobiles and light trucks; however, some pollutants are
 not closely related to vehicle age. Moreover, vehicle buyback programmes
 are unlikely to reduce consumption of gasoline by a substantial amount and
 may even increase gasoline consumption in the short run because vehicle
 age is associated with an increase in miles travelled. Vehicle buyback
 programmes are not unambiguously progressive because they will increase
 the price of older vehicles, the only source of transportation for lower
 income groups. This analysis does not justify the creation of a national
 large-scale vehicle buyback programme. However, vehicle buyback programme
 targeting the highest emission vehicles and vehicles likely to fail
 emission inspections creates support for more stringent vehicle emission
 standards and systems, a proven method to reduce mobile source air
 pollution. It may be useful to expand subsidies for existing local vehicle
 buyback programmes and create incentives for the creation of these
 programmes by additional municipalities. 
Journal: Applied Economics Letters 
Pages: 1475-1478 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903035931 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903035931&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hirofumi Shimizu 
Author-X-Name-First: Hirofumi 
Author-X-Name-Last: Shimizu 
Author-Name: Todd Sandler 
Author-X-Name-First: Todd 
Author-X-Name-Last: Sandler 
Title: Recent peacekeeping burden sharing 
Abstract:
  This article investigates peacekeeping burden sharing during the period
 2001 to 2006 for NATO allies and a more inclusive sample, which contains
 the main peacekeeping contributors. A Kendall rank correlation test for
 peacekeeping burdens and gross domestic product is applied to ascertain
 whether rich countries assume disproportionately large burdens. With
 recent increases in peacekeeping expenditures, burdens are being
 disproportionately shouldered by the rich countries for UN-financed
 operations. For non-UN-financed peacekeeping missions, disproportionality
 of burden sharing holds for NATO allies but not for the large sample.
 Unequal burden sharing is most prevalent in the years where peacekeeping
 spending is the greatest. 
Journal: Applied Economics Letters 
Pages: 1479-1484 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903049593 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903049593&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alberto Humala 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Humala 
Author-Name: Gabriel Rodriguez 
Author-X-Name-First: Gabriel 
Author-X-Name-Last: Rodriguez 
Title: Foreign exchange intervention and exchange rate volatility in Peru 
Abstract:
  Flexible exchange rate experience in Peru has been accompanied by
 frequent official interventions in the form of foreign exchange purchases
 or sales. Monetary authority pursues reducing excess volatility in the
 exchange rate through its direct intervention. However, in recent years,
 this intervention has concentrated on US dollar purchases, apparently
 signalling a bias towards defending a given exchange rate level (not
 necessarily fixed). For the period 1994 to 2007, this document assesses
 consistency of the empirical evidence with the goal of reducing exchange
 rate volatility. Thus, it uses univariate and multivariate time series
 models subject to stochastic shifts to study currency pressures. Results
 suggest consistency with the reduced-volatility goal. Nonetheless, in line
 with other studies, factors such as the foreign exchange gap with respect
 to its trend also induce foreign exchange intervention. 
Journal: Applied Economics Letters 
Pages: 1485-1491 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903049643 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903049643&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ram Acharya 
Author-X-Name-First: Ram 
Author-X-Name-Last: Acharya 
Author-Name: Paul Gentle 
Author-X-Name-First: Paul 
Author-X-Name-Last: Gentle 
Author-Name: Krishna Paudel 
Author-X-Name-First: Krishna 
Author-X-Name-Last: Paudel 
Title: Examining the CRB index as a leading indicator for US inflation 
Abstract:
  This article analyses historical movements in the commodity futures
 market and its relationship to inflation. Specifically, the relationship
 between the Commodity Research Bureau (CRB) index and US inflation is
 investigated. The results show that the CRB index continues to be an
 effective early indicator of inflation. However, as the composition of the
 US economy changes, the CRB should continue to realign the index to
 maintain its long-term viability. 
Journal: Applied Economics Letters 
Pages: 1493-1496 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903049619 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903049619&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alexandre Almeida 
Author-X-Name-First: Alexandre 
Author-X-Name-Last: Almeida 
Author-Name: Oscar Afonso 
Author-X-Name-First: Oscar 
Author-X-Name-Last: Afonso 
Title: SBTC versus trade: testing skill-premia evidence across 25 OECD countries 
Abstract:
  The recent widening of intra-country wage inequality in favour of
 high-skilled labour has been attributed by some authors to Skill-Biased
 Technological Change (SBTC) and by others to International Trade (IT)
 liberalization. As few empirical studies have tried to assess both
 explanations across a comprehensive sample of countries, we analyse the
 impact of both explanations within a unified framework and across 25
 Organisation for Economic Co-operation and Development countries. Results
 suggest that the SBTC (IT) explanation dominates in developed (developing)
 countries and when intra-country wage inequality is measured by the wage
 ratio of college-to-lower (upper)-secondary graduates. 
Journal: Applied Economics Letters 
Pages: 1497-1501 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903049601 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903049601&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fredj Jawadi 
Author-X-Name-First: Fredj 
Author-X-Name-Last: Jawadi 
Author-Name: Mohamed El Hedi Arouri 
Author-X-Name-First: Mohamed El Hedi 
Author-X-Name-Last: Arouri 
Author-Name: Duc Khuong Nguyen 
Author-X-Name-First: Duc Khuong 
Author-X-Name-Last: Nguyen 
Title: Stock market integration in Mexico and Argentina: are short- and long-term considerations different? 
Abstract:
  This article aims to study the issue of short- and long-term stock market
 integration in two of Latin America's biggest emerging economies - Mexico
 and Argentina - with the US stock market using multivariate cointegration
 tools. Our study covers a period of two decades and shows strong evidence
 of Argentina and Mexico's short-term financial dependence on the US
 market. However, our results show no long-term linkages between the
 markets studied, indicating that Mexican and Argentinean stock markets are
 governed more by their fundamentals in the long term. 
Journal: Applied Economics Letters 
Pages: 1503-1507 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903035899 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903035899&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Betty Agnani 
Author-X-Name-First: Betty 
Author-X-Name-Last: Agnani 
Author-Name: Henry Aray 
Author-X-Name-First: Henry 
Author-X-Name-Last: Aray 
Title: Subsidies and awards in movie production 
Abstract:
  This article analyses the effect of subsidies and awards on the Spanish
 motion picture industry. We estimate a Cobb-Douglas production function
 using regional data and show that Spanish motion picture industry exhibits
 constant returns to scale and that awards positively affect movie
 production whereas subsidies have no effect. In fact, awards affect the
 productivity of the sector as they allow for an increase in the output,
 which is not explained by an increase in inputs. 
Journal: Applied Economics Letters 
Pages: 1509-1511 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903035865 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903035865&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sehoon Kwon 
Author-X-Name-First: Sehoon 
Author-X-Name-Last: Kwon 
Author-Name: Sang Buhm Hahn 
Author-X-Name-First: Sang Buhm 
Author-X-Name-Last: Hahn 
Title: Duration analysis of corporate bankruptcy in the presence of competing risks 
Abstract:
  The bankruptcy duration of reorganized firms should be different from
 that of failed firms. Adopting a competing risk model and using the Korean
 corporate bankruptcy data, we confirm the differences in reorganized and
 failed cases. We find that the failure decision of bigger firms seems
 delayed (the too-big-to-fail-too-early hypothesis). In systemic
 bankruptcy, the bankruptcy period is shortened and the reorganization bias
 is increased (Super Chapter 11 principle). Also, if bankruptcy is filed in
 a poor business environment, reorganization may occur faster and failure
 slower for that company (handicapped signal theory). 
Journal: Applied Economics Letters 
Pages: 1513-1516 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903035840 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903035840&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: YiChun Zhang 
Author-X-Name-First: YiChun 
Author-X-Name-Last: Zhang 
Author-Name: Wen-Chi Liu 
Author-X-Name-First: Wen-Chi 
Author-X-Name-Last: Liu 
Title: Purchasing power parity for ASEAN-8 countries: panel SURKSS tests 
Abstract:
  This study applies panel SURKSS tests, proposed by Wu and Lee (2009), to
 investigate the properties of long-run Purchasing Power Parity (PPP) in a
 sample of ASEAN (Association of Southeast Asian Nations)-8 countries over
 the period January 1999 to June 2008. The empirical results from several
 panel-based unit root tests indicate that PPP does not hold for the
 ASEAN-8 countries under study; however, panel SURKSS tests indicate that
 PPP is valid for two (four) of these ASEAN-8 countries when the US dollar
 (the Japanese yen) is used as a base country. These results have important
 policy implications for these ASEAN-8 countries under study. 
Journal: Applied Economics Letters 
Pages: 1517-1523 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903018721 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903018721&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu-Ming Hsiao 
Author-X-Name-First: Yu-Ming 
Author-X-Name-Last: Hsiao 
Author-Name: Sheng-Chieh Pan 
Author-X-Name-First: Sheng-Chieh 
Author-X-Name-Last: Pan 
Author-Name: Po-Chin Wu 
Author-X-Name-First: Po-Chin 
Author-X-Name-Last: Wu 
Title: Can intervention indices detect central bank's actual intervention behaviour? 
Abstract:
  This article employs the Weymark (1997) and Baig et al. (2003) models to
 evaluate the central bank's intervention behaviour and utilizes ex post
 intervention news to check the models' estimation results. Empirical
 results show that the Baig et al. model's evaluation performance in
 intervention behaviour is inferior to the Weymark model. The scale of
 intervention index is not an excellent indicator to detect intervention
 behaviour. Intervention indices and intervention news all support that the
 intervention frequency in expansion period is higher than in recession
 period and in face of fatal events the intervention exhibits cluster
 phenomenon. 
Journal: Applied Economics Letters 
Pages: 1525-1530 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903018713 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903018713&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Hsi Huang 
Author-X-Name-First: Hung-Hsi 
Author-X-Name-Last: Huang 
Author-Name: Rern-Jay Hung 
Author-X-Name-First: Rern-Jay 
Author-X-Name-Last: Hung 
Author-Name: Ching-Ping Wang 
Author-X-Name-First: Ching-Ping 
Author-X-Name-Last: Wang 
Author-Name: Yuan-Pei Hsieh 
Author-X-Name-First: Yuan-Pei 
Author-X-Name-Last: Hsieh 
Title: Does fund manager herding vary over the business cycle? 
Abstract:
  This article aims to explore whether business cycle has any bearing on
 herding by fund mangers. Using the sample of open-end mutual funds in
 Taiwan from January 2003 to February 2007, the main results are as
 follows. First, excluding the impact of business indicator, herd
 behaviours for balanced and growth fund managers are more significant than
 growth-income and aggressive-growth ones. Next, the business indicator has
 significantly negative influence on the herding for balanced and growth
 fund managers. Finally, without considering the impact of business
 indicator, there are no significant differences of the herding among
 various types of fund managers. 
Journal: Applied Economics Letters 
Pages: 1531-1535 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903035857 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903035857&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rebeca Jimenez-Rodriguez 
Author-X-Name-First: Rebeca 
Author-X-Name-Last: Jimenez-Rodriguez 
Author-Name: Marcelo Sanchez 
Author-X-Name-First: Marcelo 
Author-X-Name-Last: Sanchez 
Title: Oil-induced stagflation: a comparison across major G7 economies and shock episodes 
Abstract:
  This article finds strong evidence of oil-induced stagflation in major G7
 economies. Oil shocks provoked output losses and higher inflation on a
 widespread basis from the mid-1970s to the early 1980s, as well as - to a
 lesser extent - in the new millennium. 
Journal: Applied Economics Letters 
Pages: 1537-1541 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903035923 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903035923&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eugene Nivorozhkin 
Author-X-Name-First: Eugene 
Author-X-Name-Last: Nivorozhkin 
Author-Name: Anton Nivorozhkin 
Author-X-Name-First: Anton 
Author-X-Name-Last: Nivorozhkin 
Author-Name: Ludmila Nivorozhkina 
Author-X-Name-First: Ludmila 
Author-X-Name-Last: Nivorozhkina 
Author-Name: Lilia Ovcharova 
Author-X-Name-First: Lilia 
Author-X-Name-Last: Ovcharova 
Title: The urban-rural divide in the perception of the poverty line: the case of Russia 
Abstract:
  In this article, we analyse the differences in the perception of the
 poverty line between rural and urban settlements in the Russian
 Federation. We show that although the level of absolute poverty increases
 as the size of the settlement decreases, the level of subjective poverty
 moves in the opposite direction. These results have potential implications
 for targeting poverty in urban and rural areas. 
Journal: Applied Economics Letters 
Pages: 1543-1546 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903049635 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903049635&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Rogers 
Author-X-Name-First: Mark 
Author-X-Name-Last: Rogers 
Author-Name: Christian Helmers 
Author-X-Name-First: Christian 
Author-X-Name-Last: Helmers 
Author-Name: Christoffer Koch 
Author-X-Name-First: Christoffer 
Author-X-Name-Last: Koch 
Title: Firm growth and firm size 
Abstract:
  This article analyses the growth rates of the complete population of
 UK-registered firms for the period 2001 to 2005. We estimate Gibrat's law
 - that growth rates are independent of firm size - by deciles of the firm
 size distribution. Whether we are able to reject Gibrat's law varies
 across deciles. We also show how estimates vary according to the measure
 of firm size, time period and sample selection. 
Journal: Applied Economics Letters 
Pages: 1547-1550 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903085043 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903085043&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Simonian 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Simonian 
Author-Name: Josh Davis 
Author-X-Name-First: Josh 
Author-X-Name-Last: Davis 
Title: Robust value-at-risk: an information-theoretic approach 
Abstract:
  We present a robust value-at-risk model that takes into account the
 possibility of model misspecification. In place of a single prior
 distribution, we utilize multiple priors in the form of an 'uncertainty
 set' around the estimated expected returns and covariance matrix,
 constructed using the information-theoretic notion of Kullback-Leibler
 divergence. An extension to conditional value-at-risk is also specified. 
Journal: Applied Economics Letters 
Pages: 1551-1553 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903085019 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903085019&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Baffes 
Author-X-Name-First: John 
Author-X-Name-Last: Baffes 
Title: More on the energy/nonenergy price link 
Abstract:
  This note re-examines the energy/nonenergy price link. Using annual data
 from the period 1960 to 2008, it finds that the pass-through of energy
 price changes to the overall nonenergy commodity index is 0.28. At a more
 disaggregated level, the fertilizer index exhibited the largest
 pass-through (0.55), followed by agriculture (0.26) and metals (0.25). 
Journal: Applied Economics Letters 
Pages: 1555-1558 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903120683 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903120683&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jordi McKenzie 
Author-X-Name-First: Jordi 
Author-X-Name-Last: McKenzie 
Title: Do 'African American' films perform better or worse at the box office? An empirical analysis of motion picture revenues and profits 
Abstract:
  This article investigates the box office performance of films defined as
 being 'African American', with respect to their cast and content material,
 against those which are not. Using a large sample of films released in the
 North American market from 1997 to 2007, the analysis shows that, in
 general, African American films earn higher revenues yet are typically
 produced on lower budgets. Regression results of revenues show that this
 difference is highly statistically significant. Further, the profit
 functions are also statistically different, leading to the conclusion
 that, ceteris paribus, African American films perform better at the box
 office. 
Journal: Applied Economics Letters 
Pages: 1559-1564 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903103689 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903103689&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dierk Herzer 
Author-X-Name-First: Dierk 
Author-X-Name-Last: Herzer 
Author-Name: Rainer Klump 
Author-X-Name-First: Rainer 
Author-X-Name-Last: Klump 
Title: Poverty and government transfers in the United States 
Abstract:
  This article examines the long-term impact of government transfers on
 poverty in the United States using cointegration techniques. In contrast
 to most existing studies, we find that government transfers play an
 important poverty-reducing role. 
Journal: Applied Economics Letters 
Pages: 1565-1569 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903051516 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903051516&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takanori Tanaka 
Author-X-Name-First: Takanori 
Author-X-Name-Last: Tanaka 
Title: Managerial entrenchment and corporate bond financing: evidence from Japan 
Abstract:
  This article investigates whether managerial entrenchment of controlling
 shareholders affects corporate bond financing. Using data on Japanese
 manufacturing firms, we find that firms with large corporate shareholders
 as controlling shareholders issue less straight corporate bonds than other
 firms. The results show that managerial entrenchment of controlling
 shareholders has an influential impact on corporate bond financing. 
Journal: Applied Economics Letters 
Pages: 1571-1574 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903051508 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903051508&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Wen-Chi Liu 
Author-X-Name-First: Wen-Chi 
Author-X-Name-Last: Liu 
Author-Name: Chin-Ping Yu 
Author-X-Name-First: Chin-Ping 
Author-X-Name-Last: Yu 
Author-Name: Shuchen Kang 
Author-X-Name-First: Shuchen 
Author-X-Name-Last: Kang 
Title: Purchasing power parity for 10 Latin American integration association countries: panel SURKSS tests 
Abstract:
  This empirical study applies panel SURKSS tests, proposed by Wu and Lee
 (2009), to investigate the properties of long-run Purchasing Power Parity
 (PPP) in a sample of 10 Latin American Integration Association (LAIA)
 countries over the period January 1980 to September 2008. The empirical
 results from several panel-based unit root tests indicate that PPP does
 not hold for the LAIA-10 countries under study; however, panel SURKSS
 tests indicate that PPP is valid for half of these LAIA-10 countries.
 These results have important policy implications for these LAIA-10
 countries under study. 
Journal: Applied Economics Letters 
Pages: 1575-1580 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903049668 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903049668&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Reschreiter 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Reschreiter 
Title: The inflation protection from indexed bonds 
Abstract:
  Indexed bonds provide protection against inflation if they are (i)
 insensitive to revisions of inflation expectations but (ii) adjust
 one-for-one to unexpected inflation. The sensitivity of British
 index-linked gilts to unexpected inflation is statistically significant
 and consistent with a unit response. This protection of British
 index-linked gilts against a loss of contemporaneous purchasing power is
 consistent with the view that indexed bonds avoid the inflation risk
 compensation of conventional bonds. This suggests that issuing indexed
 instead of conventional government bonds reduces the long-run funding
 costs of the public sector borrowing requirement. 
Journal: Applied Economics Letters 
Pages: 1581-1585 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903066639 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903066639&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Massimiliano Marzo 
Author-X-Name-First: Massimiliano 
Author-X-Name-Last: Marzo 
Author-Name: Paolo Zagaglia 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Zagaglia 
Title: Volatility forecasting for crude oil futures 
Abstract:
  This article studies the forecasting properties of linear GARCH models
 for closing-day futures prices on crude oil, first position, traded in the
 New York Mercantile Exchange from January 1995 to November 2005. To
 account for fat tails in the empirical distribution of the series, we
 compare models based on the normal, Student's t and generalized
 exponential distribution. We focus on out-of-sample predictability by
 ranking the models according to a large array of statistical loss
 functions. The results from the tests for predictive ability show that the
 GARCH-G model fares best for short horizons from 1 to 3 days ahead. For
 horizons from 1 week ahead, no superior model can be identified. We also
 consider out-of-sample loss functions based on value-at-risk that mimic
 portfolio managers and regulators' preferences. Exponential GARCH models
 display the best performance in this case. The swings in oil prices that
 gave investors and traders whiplash in 2004 are not preventing new
 investors from rushing into oil and other energy-related commodities this
 year. (&#x2026;) Ultimately, the rising number of speculator could lead to
 even more price volatility in 2005, pushing the highs higher and the lows
 lower. (&#x2026;) After a generation in the wilderness, the oil futures
 that are used to make a bet on oil prices have become a bona fide
 investment, said Charles O'Donnell, who manages Lake Asset Management, a
 small energy fund based in London. Heather Timmons, The New York Times1 
Journal: Applied Economics Letters 
Pages: 1587-1599 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903084996 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903084996&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: Nonlinearity in US macroeconomic time series 
Abstract:
  In this study, we evaluate the linearity of 170 major monthly US
 macroeconomic time series spanning the years 1959-2002. Employing the
 linearity test recently proposed by Harvey et al. (2008), which is
 applicable when the order of integration is uncertain, we determined that
 more than half of the macroeconomic time series were nonlinear. In
 particular, approximately 75% of the time series in nominal prices, wages
 and money category were determined to be nonlinear, whereas the least
 abundant evidence, corresponding to approximately 43% of the series, was
 detected in the category of construction, inventories and order. 
Journal: Applied Economics Letters 
Pages: 1601-1609 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903085001 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903085001&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Lally 
Author-X-Name-First: Martin 
Author-X-Name-Last: Lally 
Title: The risk-adjusted costs of financial distress: a comment 
Abstract:
  Almeida and Philippon (2007) argue that the present value of the costs of
 financial distress is considerably larger than previously estimated
 through failure to recognize that the relevant probabilities to use in
 this assessment are the risk-adjusted probabilities rather than the
 historical probabilities. However, Almeida and Philippon have still
 underestimated the present value of the costs of financial distress
 through failure to recognize that the costs are expected to grow over
 time, and correction for this more than doubles their present value.
 Accordingly, the present value of the tax benefits of debt net of the
 financial distress costs is now clearly negative rather than marginally
 positive. 
Journal: Applied Economics Letters 
Pages: 1611-1613 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903085027 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903085027&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Karen Wong 
Author-X-Name-First: Karen 
Author-X-Name-Last: Wong 
Author-Name: Wai Cheong Shum 
Author-X-Name-First: Wai Cheong 
Author-X-Name-Last: Shum 
Title: Exchange-traded funds in bullish and bearish markets 
Abstract:
  An Exchange-Traded Fund (ETF) aims to track the performance of market
 indices. This article examines the performances of 15 worldwide ETFs
 across bearish and bullish markets over the period 1999 to 2007. The
 results indicate that ETFs always provide higher returns in a bullish
 market than in a bearish market by the Sharpe ratio test that shows that
 ETF returns are not positive, proportional to the market volatility.
 Additionally, ETFs with the same underlying index do not perform exactly
 the same. It is believed that active portfolio management plays an
 important role in ETFs. 
Journal: Applied Economics Letters 
Pages: 1615-1624 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903085035 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903085035&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Burren 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Burren 
Author-Name: Klaus Neusser 
Author-X-Name-First: Klaus 
Author-X-Name-Last: Neusser 
Title: The decline in volatility of US GDP growth 
Abstract:
  The decline in volatility of US Gross Domestic Product (GDP) growth is a
 well-known stylized fact of post WWII macroeconomic data. Economists call
 this observation the Great Moderation. This article contributes to the
 discussion whether the drop in GDP volatility was a one-time break or a
 trend decrease (Blanchard and Simon, 2001; Fang and Miller, 2007). We
 provide evidence for a nonlinear time trend in the volatility of GDP
 growth and give support for the hypothesis that the 1970s were special in
 the sense of Blanchard and Simon (2001). 
Journal: Applied Economics Letters 
Pages: 1625-1631 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903085050 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903085050&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Banghan Chiu 
Author-X-Name-First: Banghan 
Author-X-Name-Last: Chiu 
Author-Name: Ming-Te Lee 
Author-X-Name-First: Ming-Te 
Author-X-Name-Last: Lee 
Author-Name: Ming-Long Lee 
Author-X-Name-First: Ming-Long 
Author-X-Name-Last: Lee 
Author-Name: Kevin Chiang 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Chiang 
Title: Time-varying real estate sensitivities of mortgage REITs 
Abstract:
  This study examines the linkage between mortgage Real Estate Investment
 Trust (REIT) returns and the private real estate factor. The results show
 that real estate sensitivities of mortgage REITs are time varying and have
 been significant since 2000. Furthermore, home-financing mortgage REITs
 appear to be more sensitive to real estate market fluctuations than
 commercial-financing mortgage REITs are. This differential sensitivity is
 consistent with the notion that the default risk and the prepayment risk
 associated with residential mortgage loans are more closely related to
 real estate market conditions than are commercial mortgage loans. 
Journal: Applied Economics Letters 
Pages: 1633-1640 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903120667 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903120667&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Arnade 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Arnade 
Author-Name: Daniel Pick 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Pick 
Author-Name: Munisamy Gopinath 
Author-X-Name-First: Munisamy 
Author-X-Name-Last: Gopinath 
Title: Demand estimation when some prices are unobserved: an application to fresh lettuce 
Abstract:
  This study proposes a linear two-stage approach to derive prices of
 observations when reported consumption is zero. In the first stage, demand
 equations are estimated using an ad hoc filling of unobserved prices.
 Then, each estimated demand equation is solved for price and a numerical
 estimate of the price, which drives consumption to zero, referred to as
 the choke price, is calculated. The demand equations are re-estimated with
 the choke-price series replacing the initial ad hoc prices. Although
 differing claims can be made on the appropriateness of the chosen method
 for filling prices, we demonstrate significant differences in statistical
 fit of the demand model and own-price demand elasticities among
 alternative approaches. 
Journal: Applied Economics Letters 
Pages: 1641-1646 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903166165 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903166165&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Condliffe 
Author-X-Name-First: Simon 
Author-X-Name-Last: Condliffe 
Author-Name: Charles Link 
Author-X-Name-First: Charles 
Author-X-Name-Last: Link 
Author-Name: Bryan Townsend 
Author-X-Name-First: Bryan 
Author-X-Name-Last: Townsend 
Title: Who receives statins? Variations in physician prescribing patterns for patients with coronary heart disease 
Abstract:
  Using a nationally representative data set including patients most likely
 to benefit from statins, we find racial/ethnic and insurance-related
 disparities in physician prescribing patterns. Whites and patients who
 have private insurance are more likely to be prescribed a statin than
 nonwhites and those with public insurance. Because coronary heart disease
 is the leading cause of death in the USA and currently is estimated to
 cost over $150 billion annually, observed differences in prescribing
 patterns along these dimensions should be part of discussions dealing with
 health care reform. 
Journal: Applied Economics Letters 
Pages: 1647-1652 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903266783 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903266783&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Brian Jacobsen 
Author-X-Name-First: Brian 
Author-X-Name-Last: Jacobsen 
Title: Currency, credit, confidence and bubbles 
Abstract:
  The popular media suggest that the Federal Reserve is 'all powerful' in
 determining things like interest rates and inflation, but this is not
 true. The Fed controls currency and reserves - imperfectly - but the money
 supply is determined by the numerous decisions of borrowers and lenders to
 expand credit. Thus, the Fed can try to pump reserves into the financial
 system, but it will not result in an expansion of any monetary aggregates.
 Monetary policy can also lead to price bubbles. When people think of money
 and inflation, they usually think about inflation in goods prices. This
 stems from the quantity theory of money that treated the number of
 transactions taking place as being proportional to goods and services
 produced. That may have been appropriate for a society in which most
 transactions were indeed for goods and services, but today, the
 transactions for real estate and securities dwarf the transactions for
 goods and services. This means that the quantity theory of money needs to
 be rethought, and this rethinking illuminates how excess money supply
 growth can cause price bubbles in securities, real estate and commodities
 as well as traditional inflation. 
Journal: Applied Economics Letters 
Pages: 1653-1655 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903120733 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903120733&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jordi McKenzie 
Author-X-Name-First: Jordi 
Author-X-Name-Last: McKenzie 
Title: Movie producers and the statistical distribution of achievement 
Abstract:
  This article investigates De Vany's (2004) application of the Pareto
 distribution to the careers of actors and directors by considering a
 sample of movie producers. The results support the Pareto distribution for
 describing the 'number of films produced' and the 'sum of box office
 revenue' earned by a producer. The results suggest that a producer is more
 likely to produce another film as the number of films which they have
 already produced increases. Also, although an early career producer faces
 more chance of securing a further film by pure luck, an established
 producer greatly benefits from his/her previous success. 
Journal: Applied Economics Letters 
Pages: 1657-1661 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903194183 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903194183&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Arthur Caplan 
Author-X-Name-First: Arthur 
Author-X-Name-Last: Caplan 
Author-Name: John Gilbert 
Author-X-Name-First: John 
Author-X-Name-Last: Gilbert 
Title: Can fighting grade inflation help the bottom line? 
Abstract:
  This article uses a rich set of student transcript data to estimate the
 economic cost incurred by a university when it does not adopt a
 'mean-shift grading policy' to fight grade inflation. We show that even in
 the face of moral hazard constraints a university can enhance its
 profitability by fighting grade inflation with a distribution-shifting
 policy. 
Journal: Applied Economics Letters 
Pages: 1663-1667 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903251231 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903251231&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald Smith 
Author-X-Name-First: Donald 
Author-X-Name-Last: Smith 
Title: Bond portfolio duration, cash flow dispersion and convexity 
Abstract:
  Immunization is a well-known fixed-income strategy to lock in a target
 rate of return over a known investment horizon. This is accomplished by
 structuring the bonds so that the duration of the portfolio matches the
 time horizon and then rebalancing the portfolio to maintain the match as
 time passes and yields change. The structural risk to the strategy can be
 measured by the cash flow dispersion or by the convexity of the immunizing
 portfolio. The general relationship between the duration, cash flow
 dispersion and convexity statistics for any date in the current period is
 derived in the article. Although both statistics measure the risk,
 convexity is significantly easier to implement in practice. 
Journal: Applied Economics Letters 
Pages: 1669-1672 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903251249 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903251249&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Susan Averett 
Author-X-Name-First: Susan 
Author-X-Name-Last: Averett 
Author-Name: David Stifel 
Author-X-Name-First: David 
Author-X-Name-Last: Stifel 
Title: Race and gender differences in the cognitive effects of childhood overweight 
Abstract:
  The increase in the prevalence of overweight children (ages 6-13 years)
 in the United States over the past two decades is likely to result in
 adverse public health consequences. We use data from the children of the
 National Longitudinal Survey of Youth 1979 cohort to investigate an
 additional consequence of childhood overweight - its effect on relative
 cognitive development. To control for unobserved heterogeneity, we
 estimate individual (child) fixed effect (FE) models and instrumental
 variable (IV) models. Although recent research suggests that there is a
 negligible effect of childhood overweight on cognitive ability, our
 results demonstrate that the effects are uncovered when examining the
 relationship separately by race. In particular, we find that overweight
 white boys have math and reading scores approximately an SD lower than the
 mean. Overweight white girls have lower math scores whereas overweight
 black boys and girls have lower reading scores. Our results suggest that
 in addition to well-documented health consequences, overweight children
 may also be at risk in terms of experiencing adverse education outcomes,
 which could lead to lower future wages. 
Journal: Applied Economics Letters 
Pages: 1673-1679 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903251256 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903251256&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kyle Hyndman 
Author-X-Name-First: Kyle 
Author-X-Name-Last: Hyndman 
Author-Name: Antoine Terracol 
Author-X-Name-First: Antoine 
Author-X-Name-Last: Terracol 
Author-Name: Jonathan Vaksmann 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Vaksmann 
Title: Strategic interactions and belief formation: an experiment 
Abstract:
  Traditional models of belief formation in repeated games assume adaptive
 players who do not take strategic interactions into account. We find that
 these approaches are limited in the sense that people think more
 strategically and realize that, in contrast with the classical view, their
 own actions are likely to influence their opponents' behaviour. 
Journal: Applied Economics Letters 
Pages: 1681-1685 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903120691 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903120691&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: Impact of trade freedom on per capita real GDP growth among OECD nations: recent panel data evidence 
Abstract:
  Motivated by the Organisation for Economic Co-operation and Development
 (OECD)'s call to nations to resist protectionism and keep markets open to
 competition in the midst of the current world economic crisis, this study
 empirically investigates the impact of trade freedom (TF) on recent per
 capita real Gross Domestic Product (GDP) growth among OECD nations. In
 addition to TF, the study controls for the impacts of Business Freedom
 (BF), Monetary Freedom (MF) and Property Rights (PR), along with various
 economic factors. The study period runs from 2005 to 2007. Panel
 Least-Squares (PLS) estimation finds that the natural log of per capita
 real Purchasing-Power-Parity (PPP)-adjusted GDP in OECD nations is in fact
 an increasing function of TF, as well as BF, MF and PR security. The OECD
 appears correct in its position on behalf of maintaining TF. 
Journal: Applied Economics Letters 
Pages: 1687-1690 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903120709 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903120709&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ronald Bernstein 
Author-X-Name-First: Ronald 
Author-X-Name-Last: Bernstein 
Author-Name: Reinhard Madlener 
Author-X-Name-First: Reinhard 
Author-X-Name-Last: Madlener 
Title: Impact of disaggregated ICT capital on electricity intensity in European manufacturing 
Abstract:
  In this article we empirically analyse the impact of disaggregated ICT
 capital on the electricity intensity in five major European manufacturing
 industries (chemical, food, metal, pulp and paper, textile). The analysis
 of each industrial sector is based on an unbalanced panel including data
 for eight EU member countries (Denmark, Finland, Germany, Italy, Portugal,
 Slovenia, Sweden and the UK) for the period 1991 to 2005. The
 panel-econometric approach, in which we account for country-specific fixed
 effects, is based on a factor demand model similar to the one derived in
 Collard et al. (2005) for the French service sector. On the one hand, our
 analysis provides some evidence for an electricity-saving effect on
 production, induced by communication technologies in all sectors
 considered. On the other hand, the effect of computers and software on the
 electricity intensity of industrial production is not that clear-cut, but
 it does seem to be strongly dependent on the sector-specific production
 processes involved. Overall, the net effect of ICT diffusion on
 electricity intensity of production appears to be in favour of an
 enhancement of electricity efficiency in production. 
Journal: Applied Economics Letters 
Pages: 1691-1695 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903120717 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903120717&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shi Young Lee 
Author-X-Name-First: Shi Young 
Author-X-Name-Last: Lee 
Author-Name: Sanghack Lee 
Author-X-Name-First: Sanghack 
Author-X-Name-Last: Lee 
Author-Name: Sung Hee Jun 
Author-X-Name-First: Sung Hee 
Author-X-Name-Last: Jun 
Title: Author and article characteristics, journal quality and citation in economic research 
Abstract:
  Citation count serves as an indicator of quality of research in economics
 as well as in many other disciplines. The purpose of this article is to
 examine the effects of author and article characteristics on the citations
 in economics research. We investigate empirically the relationship between
 citations and author and article characteristics for different journal
 quality. We found that the same institution (affiliation) and the location
 of authors may affect the citation positively. Moreover, journal quality
 affects some of these variables differently. This article also provides
 rationales for these results. 
Journal: Applied Economics Letters 
Pages: 1697-1701 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903120725 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903120725&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alex Luiz Ferreira 
Author-X-Name-First: Alex Luiz 
Author-X-Name-Last: Ferreira 
Title: The determinants of default risk in Brazil 
Abstract:
  We formulated a general unrestricted model of the Brazilian Emerging
 Markets Bond Index Plus (EMBI+) spreads, a proxy for the country's default
 risk. Employing algorithms that perform automated model selection, we
 found that macroeconomic fundamentals, such as current account deficit
 ratio to gross domestic product, public deficit ratio to gross domestic
 product and imports over foreign exchange reserves, can explain a great
 part of the variation in EMBI+ spreads. There is also robust evidence of
 systematic contagion from Argentina and Mexico and that the variance of
 the spread also affects its mean. 
Journal: Applied Economics Letters 
Pages: 1703-1708 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903120741 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903120741&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Senay Asma 
Author-X-Name-First: Senay 
Author-X-Name-Last: Asma 
Title: Conditional entropy distribution of Istanbul stock market value 
Abstract:
  In this study, the conditional distributions of Istanbul stock market
 value are obtained by using entropy optimization. The aim is to observe
 how the fluctuation of the conditional distributions changes according to
 different correlation values between the value of the firm and its stock
 price fluctuation. The entropy optimization problem, which is taken into
 account, is bivariate, so a geometric programming approach is used to
 convert it to a univariate problem. 
Journal: Applied Economics Letters 
Pages: 1709-1713 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903136655 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903136655&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Ignacio Gimenez-Nadal 
Author-X-Name-First: Jose Ignacio 
Author-X-Name-Last: Gimenez-Nadal 
Author-Name: Miriam Marcen 
Author-X-Name-First: Miriam 
Author-X-Name-Last: Marcen 
Author-Name: Raquel Ortega 
Author-X-Name-First: Raquel 
Author-X-Name-Last: Ortega 
Title: How do children affect parents' allocation of time? 
Abstract:
  There is an extensive literature examining the relationship between elder
 care, child care and labour market activities, although these studies have
 largely overlooked their simultaneity. This article explores the
 relationship between these three activities, accounting for the influence
 that children have on parental allocation of time, using the 2002-2003
 Spanish Time Use Survey (STUS). We find that the presence of children has
 quantitatively significant positive effects on the extent of dependent
 care-giving activities, with this increase in care-giving being
 compensated for by a decrease in the time devoted to the labour market. 
Journal: Applied Economics Letters 
Pages: 1715-1719 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903153767 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903153767&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: De-Piao Tang 
Author-X-Name-First: De-Piao 
Author-X-Name-Last: Tang 
Author-Name: Wen-Chi Liu 
Author-X-Name-First: Wen-Chi 
Author-X-Name-Last: Liu 
Author-Name: Chia-Hao Lee 
Author-X-Name-First: Chia-Hao 
Author-X-Name-Last: Lee 
Title: Purchasing power parity for 15 COMESA and SADC countries: evidence based on panel SURADF tests 
Abstract:
  In this study, the panel Seemingly Unrelated Regressions Augmented
 Dickey-Fuller (SURADF) tests advanced by Breuer et al. (2001) are used to
 test the validity of Purchasing Power Parity (PPP) for 15 countries
 belonging to the Common Market for Eastern and Southern Africa (COMESA)
 and the Southern African Development Community (SADC) over the period of
 December 1994 to July 2008. The empirical results from the univariate unit
 root and panel-based unit root tests indicate that PPP does not hold for
 these 15 countries; however, Breuer et al.'s (2001) panel SURADF tests
 unequivocally indicate that PPP is valid for three of these 15 countries. 
Journal: Applied Economics Letters 
Pages: 1721-1727 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903153775 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903153775&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariasole Banno 
Author-X-Name-First: Mariasole 
Author-X-Name-Last: Banno 
Author-Name: Lucia Piscitello 
Author-X-Name-First: Lucia 
Author-X-Name-Last: Piscitello 
Title: The effectiveness of incentives to firms' outward internationalization 
Abstract:
  This article provides an empirical analysis on the effects of incentives
 to firms' outward internationalization on the firm's growth. Specifically,
 the analysis is conducted on 237 Italian firms that received an incentive
 in the period 1991 to 2007 versus a counterfactual sample of 307 firms
 that internationalized their activity in the same period without any
 incentive. The econometric results, stemming from a two-step treatment
 effect model, reveal that selection for getting the incentive tended not
 to be a random event and that incentives to firms' internationalization
 are highly effective especially when targeted towards smaller companies. 
Journal: Applied Economics Letters 
Pages: 1729-1733 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903183459 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903183459&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Ignacio Gimenez-Nadal 
Author-X-Name-First: Jose Ignacio 
Author-X-Name-Last: Gimenez-Nadal 
Author-Name: Raquel Ortega-Lapiedra 
Author-X-Name-First: Raquel 
Author-X-Name-Last: Ortega-Lapiedra 
Title: Self-employment and time stress: the effect of leisure quality 
Abstract:
  Levels of time stress have increased markedly over the last 30 years,
 affecting well-being. Self-employment is viewed as allowing the individual
 greater autonomy and more flexible hours, which may reduce time stress.
 This article analyses time stress of the self-employed, compared to the
 employed, using the Spanish Time Use Survey (2002/03) finding that, when
 objective indicators of time allocation are included, being self-employed
 increases the time stress perceived by men, with our interpretation being
 based on the notion that not only the quantity but also the quality of
 leisure matters. 
Journal: Applied Economics Letters 
Pages: 1735-1738 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903266791 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903266791&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rada Dakovic 
Author-X-Name-First: Rada 
Author-X-Name-Last: Dakovic 
Author-Name: Claudia Czado 
Author-X-Name-First: Claudia 
Author-X-Name-Last: Czado 
Author-Name: Daniel Berg 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Berg 
Title: Bankruptcy prediction in Norway: a comparison study 
Abstract:
  In this article we develop statistical models for bankruptcy prediction
 of Norwegian firms in the limited liability sector using annual balance
 sheet information. We fit generalized linear, generalized linear mixed and
 Generalized Additive Models (GAM) in a discrete hazard setting. It is
 demonstrated that careful examination of the functional relationship
 between the explanatory variables and the probability of bankruptcy
 enhances the models' forecasting performance. Using information on the
 industry sector we model the unobserved heterogeneity between different
 sectors through an industry-specific random factor in the generalized
 linear mixed model. The models developed are shown to outperform the model
 with Altman's variables. 
Journal: Applied Economics Letters 
Pages: 1739-1746 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903299594 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903299594&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hillard Huntington 
Author-X-Name-First: Hillard 
Author-X-Name-Last: Huntington 
Title: Oil demand and technical progress 
Abstract:
  This analysis provides an empirical perspective on the role of technical
 progress in OECD oil demand since 1971. It differentiates the role of
 price-induced and exogenous technical progress from other time-related
 factors that may influence oil demand growth. Results confirm that both
 sources of technical progress operate but that price-induced improvements
 appear to be substantially larger. 
Journal: Applied Economics Letters 
Pages: 1747-1751 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903299636 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903299636&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Allen Dennis 
Author-X-Name-First: Allen 
Author-X-Name-Last: Dennis 
Title: Global economic crisis and trade: the role of trade facilitation 
Abstract:
  The onset of the global economic crisis has led to a slump in global
 demand. However, the extent to which major trading powers have reduced
 their imports has differed by trading partner. Like financial contagion,
 could it be the case that countries that are better integrated in the
 global trading system via efficient trade facilitation environment
 suffered the most because of their interconnectedness? Using recent data
 from the US census bureau, this study finds that the efficiency of the
 trade facilitation environment actually helped to mitigate the effects of
 the global slump in demand. Other countries with a better trade
 facilitation environment suffered less of a drop in their exports to the
 United States compared to those with a weaker trade facilitation
 environment. Specifically, an extra day's delay in the exporting country
 accounted for about a 0.5% more fall in import demand from the United
 States. 
Journal: Applied Economics Letters 
Pages: 1753-1757 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903409771 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903409771&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Manfred Gartner 
Author-X-Name-First: Manfred 
Author-X-Name-Last: Gartner 
Title: Predicting the presidential election cycle in US stock prices: guinea pigs versus the pros 
Abstract:
  The notion that US stock prices follow a pattern that is synchronized
 with presidential elections has been discussed among financial investors
 for a long time. Academic work exists that supports this idea, quantifies
 the pattern and has demonstrated its robustness over several decades and
 across parties in power. This article takes the existence and robustness
 of this presidential election cycle for granted and asks whether
 individuals exploit it when they predict stock prices. It considers and
 contrasts two types of such forecasts: Those made by professionals
 included in the Livingston survey and those made by students in a
 laboratory experiment. A key result is that neither group fares
 particularly well, though participants in the experiment outperformed the
 professionals. 
Journal: Applied Economics Letters 
Pages: 1759-1765 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903299602 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903299602&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Simonian 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Simonian 
Title: The most simple methodology to create a valid correlation matrix for risk management and option pricing purposes 
Abstract:
  We present a methodology for obtaining a valid correlation matrix from an
 invalid one for financial applications. In contrast to other approaches,
 the methodology described only requires the use of elementary matrix
 algebra and a simple randomization procedure. 
Journal: Applied Economics Letters 
Pages: 1767-1768 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903299628 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903299628&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lakshmi Balasubramanyan 
Author-X-Name-First: Lakshmi 
Author-X-Name-Last: Balasubramanyan 
Author-Name: Spiro Stefanou 
Author-X-Name-First: Spiro 
Author-X-Name-Last: Stefanou 
Author-Name: Jeffrey Stokes 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Stokes 
Title: Declining cost efficiency as a signal of increasing bank vulnerability: an entropy-based approach 
Abstract:
  The mortgage crisis of 2007/08 has impacted the health of both small and
 large commercial banks in the financial services industry. The pressing
 question is how do regulators and bank monitors identify the warning
 signals of bank vulnerability and bank risk because of weakening credit
 and asset markets. Linking poor bank performance and efficiency, we employ
 an information theoretic approach to derive the cost efficiency scores and
 evaluate the effects of crisis signalling factors such as different types
 of loans on cost efficiency of the smallest and largest commercial banks. 
Journal: Applied Economics Letters 
Pages: 1769-1781 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903357368 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903357368&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paolo Zagaglia 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Zagaglia 
Title: Did the turmoil affect money-market segmentation in the Euro area? 
Abstract:
  Yes. For the preturmoil period, exogeneity tests from vector
 autoregression (VAR) models suggest the presence of a transmission channel
 from longer maturities to the overnight. This disappears in the subsample
 starting in 9 August, 2007. The results of the semiparametric tests of
 Cappiello et al. (2005a) report evidence of an increase in volatility
 contagion within the longer end of the money-market curve, which takes
 place in the lower tail of the empirical distributions. 
Journal: Applied Economics Letters 
Pages: 1783-1788 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903357384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903357384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tatsuyoshi Miyakoshi 
Author-X-Name-First: Tatsuyoshi 
Author-X-Name-Last: Miyakoshi 
Title: Seigniorage revenue or consumer revenue? Theoretical and empirical evidences 
Abstract:
  The purpose of this article is to propose a seigniorage model including
 the contributions of Bailey (1956) and Marty (1976), using an alternative
 framework from Mankiw (1987), to test how much degree their results are
 supported and to estimate the seigniorage model. The government decides
 the money growth rate to maximize the social welfare function for each of
 seigniorage revenue aversion, loving and neutrality. The Japanese data
 shows that the social welfare function supports seigniorage revenue
 aversion, supporting the results of Bailey and Marty, and that the degree
 of seigniorage revenue aversion is stronger in the 2000s than in the
 1990s. 
Journal: Applied Economics Letters 
Pages: 1789-1795 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903357376 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903357376&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jiale Zhang 
Author-X-Name-First: Jiale 
Author-X-Name-Last: Zhang 
Title: The impact of a diagnosis-related group-based prospective payment experiment: the experience of Shanghai 
Abstract:
  The purpose of this study is to examine the impact of the 2004 and 2005
 Diagnosis-Related Group (DRG)-based Prospective Payment Experiments
 (whereby a ceiling was set on per case payments for 15 DRGs) of the health
 insurance system in Shanghai using Differences-In-Differences (DID) and
 Differences-in-Differences-in-Differences (DDD) empirical strategies. The
 results show that the Length Of Stay (LOS) of all inpatients suffering
 from the target diseases during the two test periods responded quickly to
 the experiment (even though only insured inpatients living in Shanghai
 were eligible for the DRG-based experiments), thus implying that the
 DRG-based prospective payment system does not induce physicians to
 significantly reduce inpatient expenditures but does induce them to reduce
 the LOS of those suffering from the target diseases. Moreover, costs were
 shifted to uninsured inpatients suffering from the target diseases: their
 overall inpatient expenditures increased by 33.6 percentage points more
 than that of uninsured inpatients during the nontest period in 2005. Thus,
 the experiments were of limited effectiveness, and cost-shifting to
 uninsured inpatients was observed during at least the latter test period. 
Journal: Applied Economics Letters 
Pages: 1797-1803 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903317347 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903317347&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Aikaterini Andronikidi 
Author-X-Name-First: Aikaterini 
Author-X-Name-Last: Andronikidi 
Author-Name: Vasileios Kallinterakis 
Author-X-Name-First: Vasileios 
Author-X-Name-Last: Kallinterakis 
Title: Thin trading and its impact upon herding: the case of Israel 
Abstract:
  Emerging markets have been found to accommodate higher herding levels
 compared to their developed counterparts, yet very little attention has
 been drawn to the possible impact of thin trading over herding
 estimations, even though these markets are often typified by thin trading.
 We address this issue by testing for herding in the Israeli market using
 the methodology proposed by Hwang and Salmon (2004). Results indicate that
 correcting for thin trading renders herding more persistent and smoother
 in its evolution, thus indicating that thin trading leads to an
 underestimated picture of herding. 
Journal: Applied Economics Letters 
Pages: 1805-1810 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903357327 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903357327&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paola Gritti 
Author-X-Name-First: Paola 
Author-X-Name-Last: Gritti 
Author-Name: Nicolai Foss 
Author-X-Name-First: Nicolai 
Author-X-Name-Last: Foss 
Title: Customer satisfaction and competencies: an econometric study of an Italian bank 
Abstract:
  We empirically address how Customer Satisfaction (CS) and loyalty in the
 banking industry may affect profitability. This helps in identifying the
 strategy and competencies necessary to benefit from customer
 relationships, which are important sources for improved performance in the
 banking. We do this by analysing data collected on 2105 customers of 118
 branches of one of the biggest banks of an Italian banking group. We find
 that CS impacts loyalty, which in turn has a direct effect on financial
 and nonfinancial customer value/total customer value/complex customer
 value. Moreover, loyalty is a mediator between financial and nonfinancial
 customer value and two sources of CS, namely, relationships with the front
 office and the branch, on the one hand, and the products offered, on the
 other. 
Journal: Applied Economics Letters 
Pages: 1811-1817 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903357335 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903357335&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vasco Gabriel 
Author-X-Name-First: Vasco 
Author-X-Name-Last: Gabriel 
Author-Name: Pataaree Sangduan 
Author-X-Name-First: Pataaree 
Author-X-Name-Last: Sangduan 
Title: An efficient test of fiscal sustainability 
Abstract:
  We suggest using the efficient test with prespecified cointegration
 vectors of Horvath and Watson (1995) for the 'strong' fiscal
 sustainability hypothesis. Unlike this procedure, conventional
 methodologies tend to penalize the sustainability hypothesis. 
Journal: Applied Economics Letters 
Pages: 1819-1822 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903299610 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903299610&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Theologos Dergiades 
Author-X-Name-First: Theologos 
Author-X-Name-Last: Dergiades 
Author-Name: Apostolos Dasilas 
Author-X-Name-First: Apostolos 
Author-X-Name-Last: Dasilas 
Title: Modelling and forecasting mobile telecommunication services: the case of Greece 
Abstract:
  In this article we try to model the adoption pattern of mobile
 telecommunication services into the Greek market for the period 1993 to
 2005. Two separate sigmoid curves, the Gompertz and the Logistic, are
 fitted to the observed number of subscribers by means of nonlinear least
 squares. Our empirical results reached three conclusions. First, the
 introduction of the pre-paid mobile telephony in 1997 along with the entry
 of the third mobile operator in 1998 has boosted the diffusion process in
 Greece; second, the levelling-off process in the diffusion of mobile
 phones has already begun; third, the average expected growth rate in new
 subscribers is less than half percent for the period between 2006 and
 2015. 
Journal: Applied Economics Letters 
Pages: 1823-1828 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903373258 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903373258&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jian Chen 
Author-X-Name-First: Jian 
Author-X-Name-Last: Chen 
Author-Name: Xiaoquan Liu 
Author-X-Name-First: Xiaoquan 
Author-X-Name-Last: Liu 
Title: The model-free measures and the volatility spread 
Abstract:
  In this article, we empirically investigate the relationship between
 realized and risk-neutral volatilities by applying the model-free measures
 to FTSE-100 index and index options from April 1992 to March 2005. Based
 on the deviation between the risk-neutral and the physical volatilities,
 we estimate the volatility spread through the Generalized Method of
 Moments (GMM) and reveal the volatility risk aversion. 
Journal: Applied Economics Letters 
Pages: 1829-1833 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903357350 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903357350&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicky Yeong 
Author-X-Name-First: Nicky 
Author-X-Name-Last: Yeong 
Author-Name: Chong Mun Ho 
Author-X-Name-First: Chong 
Author-X-Name-Last: Mun Ho 
Author-Name: Brian Dollery 
Author-X-Name-First: Brian 
Author-X-Name-Last: Dollery 
Author-Name: Mori Kogid 
Author-X-Name-First: Mori 
Author-X-Name-Last: Kogid 
Title: A test of the present value model of stock prices under rational and adaptive expectations using Bursa Malaysia data from 1983 to 2003 
Abstract:
  The rational expectations model has been the central expectations
 hypothesis used by economists while the adaptive expectations hypothesis
 has been considered by many as inefficient because expectations cannot
 fully exploit all available information. The aim of this study is to
 determine which of these two expectations formation hypotheses best
 explains the behaviour of investors in the Malaysian stock market. We
 employ the Chow (1988) methodology in which the two expectations
 hypotheses are applied to the present value model of stock prices for
 Malaysian stock market data consisting of stock prices and dividends for
 13 companies over 21 years. Our results provide strong statistical support
 for the adaptive expectations hypothesis. This finding is in line with the
 empirical findings of Chow and his collaborators. 
Journal: Applied Economics Letters 
Pages: 1835-1839 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903317354 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903317354&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Irene Daskalopoulou 
Author-X-Name-First: Irene 
Author-X-Name-Last: Daskalopoulou 
Author-Name: Panagiotis Liargovas 
Author-X-Name-First: Panagiotis 
Author-X-Name-Last: Liargovas 
Title: Regional determinants of manufacturing start-ups in Greece: evidence on the effect of agglomeration economies 
Abstract:
  This article analyses the regional determinants of manufacturing start-up
 ratios in Greece. Emphasis is placed on the effect of agglomeration
 economies, which are distinguished between urbanization and localization
 economies. The data refer to the establishments realized in the 51 Greek
 prefectures (NUTS III level) in 2005. Results indicate that negative
 urbanization economies prevail. Localization economies in the form of
 positive Marshallian and negative Jacobian externalities are observed and
 constitute important determinants of start-up ratios. Results regarding
 the effect of other factors such as expected demand and profit, cost and
 human resources factors are as anticipated. 
Journal: Applied Economics Letters 
Pages: 1841-1844 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903388272 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903388272&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Afonso 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Afonso 
Author-Name: Ricardo Sousa 
Author-X-Name-First: Ricardo 
Author-X-Name-Last: Sousa 
Title: Assessing long-term fiscal developments: evidence from Portugal 
Abstract:
  We use a Three-Stage Least Square (TSLS) method and a system of equations
 to recursively estimate two components of fiscal policy - responsiveness
 and persistence - and to infer about the sources of fiscal deterioration
 (improvement). The results suggest that (i) government spending exhibits
 higher persistence than government revenue and (ii) government revenue is
 more responsive to the business cycle than government spending, pointing
 to fiscal deterioration issues. 
Journal: Applied Economics Letters 
Pages: 1-5 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425090 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425090&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. S. Sephton 
Author-X-Name-First: P. S. 
Author-X-Name-Last: Sephton 
Title: Who cut the cheese? 
Abstract:
  In this article I examine whether retail and producer prices for American
 processed cheese follow a long-run linear relationship. The results
 suggest that wholesale and retail prices are not cointegrated, even when
 allowance is made for nonlinear and threshold effects, suggesting little
 evidence of pass-through of costs to the retail level. 
Journal: Applied Economics Letters 
Pages: 7-10 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425082 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425082&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ivo Arnold 
Author-X-Name-First: Ivo 
Author-X-Name-Last: Arnold 
Author-Name: Michiel Glasbeek 
Author-X-Name-First: Michiel 
Author-X-Name-Last: Glasbeek 
Title: The ECB's survey of professional forecasters and financial market volatility in the euro area 
Abstract:
  Since 1999, the European Central Bank (ECB) conducts a quarterly survey
 of the economic outlook in the euro area among professional forecasters.
 This article investigates the relationship between macroeconomic
 uncertainty, measured as the dispersion in economic forecasts across
 survey participants, and financial market volatility. We find a
 significant positive short-run relationship between stock market
 volatility and uncertainty about the future level of economic activity. In
 contrast, bond market volatility is mainly affected by inflation
 uncertainty. In addition, we find long-run cointegration relationships
 between asset market volatilities and macroeconomic uncertainties. We also
 investigate the sensitivity of our results to the inclusion of the
 extremely volatile post-Lehman period. 
Journal: Applied Economics Letters 
Pages: 11-15 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903427179 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903427179&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Annette Bergemann 
Author-X-Name-First: Annette 
Author-X-Name-Last: Bergemann 
Author-Name: Regina Riphahn 
Author-X-Name-First: Regina 
Author-X-Name-Last: Riphahn 
Title: Female labour supply and parental leave benefits - the causal effect of paying higher transfers for a shorter period of time 
Abstract:
  We study the labour supply effects of a major change in child-subsidy
 policy in Germany in 2007 designed to increase both fertility and shorten
 birth-related employment interruptions. The reform involved a move from a
 means-tested maternity leave benefit system that paid a maximum of 300
 Euro for up to 2 years to a benefit system that replaced two-thirds of
 pre-birth earnings for at most 1 year. As the reform took place very
 recently, we estimate the labour supply effect by using data drawn from
 the German Socio-Economic Panel (GSOEP) on the intention of women to
 return to the labour market. Our results show that the reform yields most
 of the intended effects: the fraction of mothers who plan to return to the
 labour market within a year after the interview increased by 14 percentage
 points. 
Journal: Applied Economics Letters 
Pages: 17-20 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425173 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425173&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Pestana Barros 
Author-X-Name-First: Carlos Pestana 
Author-X-Name-Last: Barros 
Author-Name: Maria Rosa Borges 
Author-X-Name-First: Maria Rosa 
Author-X-Name-Last: Borges 
Title: Measuring performance in the Portuguese banking industry with a Fourier regression model 
Abstract:
  This article analyses the determinants of banks' profitability in the
 Portuguese banking sector during the period 1990 to 2005. The study
 extends the established literature on modelling the banks'k performance by
 applying a Fourier approximation in order to detect for possible
 nonlinearities between the profitability variables and the explanatory
 variables. In so doing, we verify that the introduction of the Fourier
 coefficients in the analysis quite improved the quality of the
 adjustments, the need to accept the existence of nonlinear relationships
 among the variables involved in the study thus becoming evident. The
 results of this article suggest that the best performing banks in the
 Portuguese banking sector are those which have endeavoured to improve
 their capital and labour productivity, those which have maintained a high
 dimension and, finally, those which have been able to reinforce their
 capital structure. 
Journal: Applied Economics Letters 
Pages: 21-28 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903409755 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903409755&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rui Cunha Marques 
Author-X-Name-First: Rui Cunha 
Author-X-Name-Last: Marques 
Author-Name: Carlos Pestana Barros 
Author-X-Name-First: Carlos Pestana 
Author-X-Name-Last: Barros 
Title: Performance of European airports: regulation, ownership and managerial efficiency 
Abstract:
  This article analyses regulation, ownership and unobserved managerial
 ability as factors affecting the performance of a representative sample of
 European airports by means of frontier models. The Alvarez et al. (2004)
 frontier model is used. These airports are ranked according to their
 technical efficiency during the period 2001 to 2004 and homogenous and
 heterogeneous variables are disentangled in the cost function, which leads
 us to advise the implementation of common policies as well as policies by
 segments. Economic implications arising from the study are also
 considered. 
Journal: Applied Economics Letters 
Pages: 29-37 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903409763 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903409763&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Clifford Lipscomb 
Author-X-Name-First: Clifford 
Author-X-Name-Last: Lipscomb 
Author-Name: Brandon Koford 
Author-X-Name-First: Brandon 
Author-X-Name-Last: Koford 
Title: Conservative dichotomous choice responses in the active policy setting: the case of University Parking 
Abstract:
  This study presents evidence of strategic behaviour in faculty/staff
 members' reports of willingness-to-pay at a public university. The results
 suggest that (1) students have a higher mean willingness-to-pay than
 faculty/staff and that (2) faculty/staff reject clear gains because they
 expect a revision to the parking permit fee structure in the future. 
Journal: Applied Economics Letters 
Pages: 39-42 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425058 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425058&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marie-Estelle Binet 
Author-X-Name-First: Marie-Estelle 
Author-X-Name-Last: Binet 
Author-Name: Lionel Richefort 
Author-X-Name-First: Lionel 
Author-X-Name-Last: Richefort 
Title: Diffusion of irrigation technologies: the role of mimicking behaviour and public incentives 
Abstract:
  We develop a conceptual framework designed to assess the impact of public
 incentives on the diffusion process of modern, water-saving irrigation
 technologies. Diffusion patterns of the integral sprinkler cover system in
 the sugarcane sector of Reunion Island (France) are estimated using a
 sample of 110 farmers aggregated over the period 1990 to 2006. We show
 that imitation is the main explanatory factor of the adoption dynamics. We
 also show that the characteristic diffusion path is not perfectly
 symmetric and is significantly affected by equipment subsidies. 
Journal: Applied Economics Letters 
Pages: 43-48 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425025 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425025&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Castillo-Manzano 
Author-X-Name-First: Jose 
Author-X-Name-Last: Castillo-Manzano 
Author-Name: Manuel Marchena-Gomez 
Author-X-Name-First: Manuel 
Author-X-Name-Last: Marchena-Gomez 
Title: Analysis of determinants of airline choice: profiling the LCC passenger 
Abstract:
  This article analyses the socioeconomic characteristics and trip
 attributes that influence or correlate with airline choice using a
 database of 20 000 passengers. One of the conclusions that should be
 highlighted is the lack of significance of socioeconomic variables except
 when the passenger is non-Spanish and the frequency with which one
 travels. And yet there are many trip attributes that condition the choice.
 Of these the following can be highlighted: the destination, the purpose,
 the need to transfer to another flight, the duration of the trip, the
 passenger's choice of accommodation or whether the trip is made on a
 weekend or not. 
Journal: Applied Economics Letters 
Pages: 49-53 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425108 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425108&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wade Pfau 
Author-X-Name-First: Wade 
Author-X-Name-Last: Pfau 
Title: An optimizing framework for the glide paths of life cycle asset allocation funds 
Abstract:
  In choosing a glide path strategy for asset allocation over their working
 lives, retirement savers face a trade-off between the higher expected
 wealth provided by strategies that maintain or increase equity holdings
 over time and the greater potential security offered from shifting into
 more conservative assets. We quantify this trade-off with an expected
 utility framework for our simulated distribution of target-date wealth
 accumulations under a variety of life cycle, fixed and contrarian glide
 path strategies. We find justification for the life cycle strategy for
 savers with very reasonable amounts of risk aversion, and we also provide
 guidance about utility-maximizing glide paths. 
Journal: Applied Economics Letters 
Pages: 55-58 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425124 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425124&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Author-Name: Krishna Chaitanya Vadlamannati 
Author-X-Name-First: Krishna Chaitanya 
Author-X-Name-Last: Vadlamannati 
Title: The level and growth effects of human capital in India 
Abstract:
  In the extended Solow growth model of Mankiw et al. (1992), human capital
 has only permanent level and no growth effects. In the endogenous growth
 models human capital is a growth-improving variable. Human capital may
 have both a permanent level and a permanent growth effect, we show how
 both can be estimated with an extension to the Solow model. 
Journal: Applied Economics Letters 
Pages: 59-62 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903427146 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903427146&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Yang-Cheng Lu 
Author-X-Name-First: Yang-Cheng 
Author-X-Name-Last: Lu 
Author-Name: Wen-Chi Liu 
Author-X-Name-First: Wen-Chi 
Author-X-Name-Last: Liu 
Author-Name: Shu-Chen Kang 
Author-X-Name-First: Shu-Chen 
Author-X-Name-Last: Kang 
Title: Revisiting purchasing power parity for major oil-exporting countries using panel SURADF tests 
Abstract:
  The panel Seemingly Unrelated Regressions Augmented Dickey-Fuller
 (SURADF) tests advanced by Breuer et al. (2001) are used to test the
 validity of Purchasing Power Parity (PPP) for eight major oil-exporting
 countries over the 1992:06 to 2008:02. Empirical results from several
 panel-based unit root tests indicate that PPP does not hold for eight
 major oil-exporting countries under study; however, Breuer et al.'s (2001)
 panel SURADF tests unequivocally indicate that PPP is valid for five
 countries with the exception of three countries, Kuwait, Nigeria and Saudi
 Arabia. These results have important policy implications for these eight
 oil-exporting countries under study. 
Journal: Applied Economics Letters 
Pages: 63-67 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425041 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425041&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: Changing volatility of long-term UK interest rates during Pax Britannica 
Abstract:
  It is generally believed that the political and economic stability
 pertaining during the heyday of Britain's imperial power contributed to
 reduced uncertainty in the UK financial markets at that time. Employing
 quite a unique data set for the sample period spanning 1850-1914, we
 examine in this study the stability of four long-term UK interest rates,
 including the yield on Consols. Although we find some evidence for
 changing volatility in three interest rates, it appears that overall the
 interest rates did indeed exhibit remarkable stability over the long
 sample period. 
Journal: Applied Economics Letters 
Pages: 69-74 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425116 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425116&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pao-Peng Hsu 
Author-X-Name-First: Pao-Peng 
Author-X-Name-Last: Hsu 
Author-Name: Chen-Hui Yen 
Author-X-Name-First: Chen-Hui 
Author-X-Name-Last: Yen 
Author-Name: Ya-Hui Chang 
Author-X-Name-First: Ya-Hui 
Author-X-Name-Last: Chang 
Author-Name: Li-Ling Chou 
Author-X-Name-First: Li-Ling 
Author-X-Name-Last: Chou 
Title: Cycle and performance of mutual funds - an application of spectral analysis 
Abstract:
  This study investigates the daily and monthly data of nine major
 categories of funds from 1997 to 2008. It hopes to verify if lead-lag
 relations exist amid different categories of funds. The study has come up
 with two major conclusions: (1) the funds in respective categories mostly
 have a regular cyclical phenomenon; (2) three kinds of lead-lag relations
 in return exist amid various categories of funds, in which the first kind
 of relations is bond funds leading equity funds and equity funds leading
 energy funds, the second kind of relations is bond funds leading
 technology funds and technology funds leading energy funds and the third
 kind of relations is currency funds leading real estate funds. Thus, the
 investors can not only optimize their investment portfolios but also know
 the timing that they should buy or sell the funds' position. 
Journal: Applied Economics Letters 
Pages: 75-79 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425132 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425132&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chris Hand 
Author-X-Name-First: Chris 
Author-X-Name-Last: Hand 
Author-Name: Guy Judge 
Author-X-Name-First: Guy 
Author-X-Name-Last: Judge 
Title: How stable is the seasonal pattern in cinema admissions? Evidence from the UK 
Abstract:
  Conventionally, the seasonal pattern in a time series is taken as
 exogenous. However, two recent studies from the US have suggested, the
 seasonal component in box office revenue may in part be endogenously
 determined. Films that are expected to do well tend to be released at
 times of peak demand. Hence, the seasonal pattern may reflect both the
 underlying seasonal pattern and the market expansion effect of the films;
 evidence from the US suggests the former dominates the latter. This
 article investigates the same issue for the UK using a structural time
 series model. We find that, although the seasonal pattern varies over
 time, we are unable to reject the hypothesis that the seasonal factors are
 constant. This is consistent with findings from the US. 
Journal: Applied Economics Letters 
Pages: 81-85 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425140 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425140&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ho-Chuan Huang 
Author-X-Name-First: Ho-Chuan 
Author-X-Name-Last: Huang 
Author-Name: Pei-Chien Lin 
Author-X-Name-First: Pei-Chien 
Author-X-Name-Last: Lin 
Author-Name: Chih-Chuan Yeh 
Author-X-Name-First: Chih-Chuan 
Author-X-Name-Last: Yeh 
Title: Price level convergence across cities? Evidence from panel unit root tests 
Abstract:
  This article empirically tests for convergence in Consumer Price Indices
 (CPIs) across 17 major cities in the United States over the period 1918 to
 2008. Although the conventional panel unit root tests generally fail to
 reject the null hypothesis of nonstationarity, the panel LM tests of Im et
 al. (2005), by taking the presence of structural breaks into account, find
 overwhelming evidence in support of the hypothesis of price convergence
 The main finding is confirmed even when we consider both the structural
 changes and the cross-sectional dependence by using the recent advanced
 panel unit root approach of Bai and Carrion-i-Silvestre (2009). 
Journal: Applied Economics Letters 
Pages: 87-93 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425157 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425157&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Tarzijan 
Author-X-Name-First: J. 
Author-X-Name-Last: Tarzijan 
Author-Name: C. Ramirez 
Author-X-Name-First: C. 
Author-X-Name-Last: Ramirez 
Title: Firm, industry and corporation effects revisited: a mixed multilevel analysis for Chilean companies 
Abstract:
  The relative importance of the corporate, industry and firm effects on
 business performance has been studied profusely in the literature. Until
 now, little has been said about the nested structure of the problem. The
 multilevel analysis appears as a good alternative over the approaches used
 so far to better understand this phenomenon. This article analyses the
 significance of the aforesaid effects on Chilean firms and assesses the
 impact of various regressors on residual variances. The export intensity
 of firms and industries proved to have a significant impact on the
 estimated industry effect, making the industry-related variance
 statistically not different from zero. However, the industry's influence
 did not totally disappear, because the effect of export intensity on
 firms' profitability depends on the industry to which the firm belongs.
 Moreover, firm size turns out to be significant and positively associated
 with firm's return, which can be evidence of economies of scale or more
 efficient processes as a company grows in size. 
Journal: Applied Economics Letters 
Pages: 95-100 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425165 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425165&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kjell Hausken 
Author-X-Name-First: Kjell 
Author-X-Name-Last: Hausken 
Author-Name: Galina Schwartz 
Author-X-Name-First: Galina 
Author-X-Name-Last: Schwartz 
Title: Transaction costs and iceberg costs 
Abstract:
  Iceberg costs are modelled as a transaction cost function, which
 increases exponentially in an action chosen by each player. The model
 estimates how much the players' joint ex post shares shrink in terms of
 their transaction constants and production. 
Journal: Applied Economics Letters 
Pages: 101-102 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903427153 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903427153&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julien Labonne 
Author-X-Name-First: Julien 
Author-X-Name-Last: Labonne 
Author-Name: Robert Chase 
Author-X-Name-First: Robert 
Author-X-Name-Last: Chase 
Title: So you want to quit smoking: have you tried a mobile phone? 
Abstract:
  Using spatially coded data on mobile phone coverage and panel data from
 2100 households in 135 communities of the Philippines, we estimate the
 impact of mobile phone ownership on tobacco consumption. Purchasing a
 mobile phone leads to a 17.1% decrease in tobacco consumption per adult
 over the age of 15. 
Journal: Applied Economics Letters 
Pages: 103-106 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903508309 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903508309&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Prakash Kannan 
Author-X-Name-First: Prakash 
Author-X-Name-Last: Kannan 
Author-Name: Pau Rabanal 
Author-X-Name-First: Pau 
Author-X-Name-Last: Rabanal 
Author-Name: Alasdair Scott 
Author-X-Name-First: Alasdair 
Author-X-Name-Last: Scott 
Title: Recurring patterns in the run-up to house price busts 
Abstract:
  We present evidence that shows that large increases in credit and
 residential investment shares, along with deteriorating current account
 balances, provide useful leading indicators of house price busts. These
 variables also explain cross-sectional patterns in the build-up to the
 2007 crisis. Interestingly, movements in output and inflation have little
 ability to predict house price busts. 
Journal: Applied Economics Letters 
Pages: 107-113 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903427161 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903427161&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Israel Waichman 
Author-X-Name-First: Israel 
Author-X-Name-Last: Waichman 
Author-Name: Till Requate 
Author-X-Name-First: Till 
Author-X-Name-Last: Requate 
Author-Name: Ch'ng Kean Siang 
Author-X-Name-First: Ch'ng Kean 
Author-X-Name-Last: Siang 
Title: Managers and students playing Cournot - evidence from duopoly and triopoly experiments 
Abstract:
  This article reports results from Cournot duopoly and triopoly
 experiments with different subject pools: German students, Malaysian
 students and Malaysian managers. We find that Malaysian managers perform
 significantly more collusively than Malaysian students. We also find that
 country matters insofar as German students perform significantly more
 collusively than their Malaysian counterparts. 
Journal: Applied Economics Letters 
Pages: 115-120 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903442988 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903442988&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Beckworth 
Author-X-Name-First: David 
Author-X-Name-Last: Beckworth 
Title: The stance of US monetary policy: an alternative measure 
Abstract:
  Knowing the stance of monetary policy is important for its successful
 implementation. Typically, observers look to the changes in the money
 supply and short-term interest rates to determine the stance of monetary
 policy. Sometimes, however, discerning the stance of monetary policy
 through these measures can be misleading. In this article, an alternative
 measure of the stance of US monetary policy is proposed and empirically
 examined, which appears to be a promising improvement over the standard
 metrics currently used. 
Journal: Applied Economics Letters 
Pages: 121-125 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903459727 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903459727&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Volpe Martincus 
Author-X-Name-First: Christian Volpe 
Author-X-Name-Last: Martincus 
Author-Name: Jeronimo Carballo 
Author-X-Name-First: Jeronimo 
Author-X-Name-Last: Carballo 
Author-Name: Andres Gallo 
Author-X-Name-First: Andres 
Author-X-Name-Last: Gallo 
Title: The impact of export promotion institutions on trade: is it the intensive or the extensive margin? 
Abstract:
  This article provides evidence on the channels through which export
 promotion institutions affect bilateral trade using a sample of Latin
 American and Caribbean countries over the period 1995 to 2004. We find
 that these institutions have a larger impact on the extensive margin of
 exports, especially in the case of trade promotion organizations. 
Journal: Applied Economics Letters 
Pages: 127-132 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903508283 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903508283&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Finlay 
Author-X-Name-First: Richard 
Author-X-Name-Last: Finlay 
Author-Name: Callum Jones 
Author-X-Name-First: Callum 
Author-X-Name-Last: Jones 
Title: Time-varying term premia and the expectations hypothesis in Australia 
Abstract:
  This article investigates whether the (rational) expectations hypothesis
 holds for Australian yield data (it does not), whether the hypothesis
 holds after adjusting for term premia estimated from an affine term
 structure model (it appears to) and whether the yield process implied by
 the term structure model can match the failure of the hypothesis on
 unadjusted yields (it can). These results suggest that the term structure
 model used in Finlay and Chambers (2009) does a reasonable job in
 capturing the risk-neutral and real-world dynamics of Australian interest
 rates, at least as measured through the prism of the expectations
 hypothesis. 
Journal: Applied Economics Letters 
Pages: 133-136 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903508259 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903508259&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Farmer 
Author-X-Name-First: Michael 
Author-X-Name-Last: Farmer 
Author-Name: Eric Belasco 
Author-X-Name-First: Eric 
Author-X-Name-Last: Belasco 
Title: A finite mixture model of heterogeneous anchoring with distinct anchoring patterns 
Abstract:
  Bayesian models of starting price effects in contingent valuation studies
 have been used to track and to correct for starting price effects for more
 than two decades. Since then, the single parameter form that has been used
 to estimate the starting price effect has been adapted to distinguish
 among strategically induced, Bayesian or yea-saying responses (Whitehead,
 2002). Recent works, however, show that these diagnostics can be
 inaccurate if heterogeneity exists in the value of the updating parameter.
 This work allows a more flexible functional form, beyond the single
 updating parameter, to capture a potentially richer set of starting price
 effects that may operate in a single dataset. First we employ a finite
 mixture model to sort respondents into latent classes. The finite mixture
 model locates three distinct types (latent classes) of respondents, and
 each exhibits a discretely different starting price-affected behaviour in
 a subsequent regression. Heterogeneity does not follow a continuous
 distribution across one starting price effect, such as a Bayesian updating
 parameter, that might be captured by a random parameter estimator. Rather
 effects fall into discrete classes. Researchers will need to better match
 theory to the diverse array of starting price effects detected. 
Journal: Applied Economics Letters 
Pages: 137-141 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903508275 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903508275&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Makdissi 
Author-X-Name-First: Paul 
Author-X-Name-Last: Makdissi 
Author-Name: Myra Yazbeck 
Author-X-Name-First: Myra 
Author-X-Name-Last: Yazbeck 
Title: Assessing the redistributive impact of higher education tuition fees reforms: the case of Quebec 
Abstract:
  In this article, we analyse the redistributive impact of a recent reform
 of tuition fees in Quebec. We adapt Duclos et al.'s (2005) methodology to
 a generalized Lorenz framework. Many policy analysts argued that
 maintaining low higher education tuition fees is regressive. We take a
 look at the empirical validity of this argument using data from Statistics
 Canada's Survey of Labor and Income Dynamics. We show the importance of
 using data to validate this argument. The results obtained allow for the
 conclusion that this redistributive argument is empirically not verified
 for the province of Quebec. 
Journal: Applied Economics Letters 
Pages: 143-147 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903508325 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903508325&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthias Busse 
Author-X-Name-First: Matthias 
Author-X-Name-Last: Busse 
Author-Name: Peter Nunnenkamp 
Author-X-Name-First: Peter 
Author-X-Name-Last: Nunnenkamp 
Author-Name: Mariana Spatareanu 
Author-X-Name-First: Mariana 
Author-X-Name-Last: Spatareanu 
Title: Foreign direct investment and labour rights: a panel analysis of bilateral FDI flows 
Abstract:
  The article analyses the impact of fundamental labour rights on bilateral
 Foreign Direct Investment (FDI) flows to 82 developing countries. The
 results indicate that investments by multinationals are significantly
 higher in countries that adhere to labour rights, thereby refuting the
 hypothesis that repression of these rights fosters FDI. 
Journal: Applied Economics Letters 
Pages: 149-152 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903559500 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903559500&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pieter de Jong 
Author-X-Name-First: Pieter 
Author-X-Name-Last: de Jong 
Title: Are revenue forecasts rational? Evidence surrounding Reg FD 
Abstract:
  I test the rationality of analysts' revenue forecasts for a sample of
 value and growth stocks, which have been shown to have different valuation
 properties in previous research. Using one-quarter-ahead revenue forecasts
 and actual sales figures in a firm-by-firm and panel setting in the period
 1997 to 2007, I find that all revenue forecasts are rational and actually
 improved after the introduction of regulation fair disclosure, albeit in
 larger proportion for value stocks. 
Journal: Applied Economics Letters 
Pages: 153-160 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903508317 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903508317&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Boudreau 
Author-X-Name-First: James 
Author-X-Name-Last: Boudreau 
Title: All-pay auctions with discrete action spaces 
Abstract:
  This article describes all-pay auctions with discrete action spaces and
 shows that pure-strategy Nash equilibria may exist. Such equilibria are
 shown to be potentially more favourable to both buyers and sellers than
 the more standard mixed-strategy equilibria, thus suggesting that it can
 be in the interest of both sides to limit bidders' action spaces. 
Journal: Applied Economics Letters 
Pages: 161-162 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903442954 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903442954&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Miao Wang 
Author-X-Name-First: Miao 
Author-X-Name-Last: Wang 
Title: FDI and human capital in the USA: is FDI in different industries created equal? 
Abstract:
  We use data in the USA to study the effect of inward Foreign Direct
 Investment (FDI) in different sectors/industries on the state-level human
 capital, measured by the average years of tertiary schooling. We find that
 inward manufacturing FDI tends to lower the tertiary schooling in a host
 state while information FDI increases the tertiary schooling in a host
 state. 
Journal: Applied Economics Letters 
Pages: 163-166 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903442962 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903442962&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yi-Hua Wu 
Author-X-Name-First: Yi-Hua 
Author-X-Name-Last: Wu 
Author-Name: Eric Lin 
Author-X-Name-First: Eric 
Author-X-Name-Last: Lin 
Title: Does purchasing power parity hold following the launch of the euro? Evidence from the panel unit root test 
Abstract:
  Using a richer panel data set with more representative price indexes,
 this article adopts Pesaran's (2007) panel unit root test to study the
 validity of Purchasing Power Parity (PPP) across the eurozone countries
 both before and after the launch of the euro in 1999. We find that PPP
 holds before the introduction of the single currency, whereas it fails to
 hold after 1999. Our result is consistent with the finding in Engel and
 Rogers (2004) and Rogers (2007) that there is no longer a tendency to
 support the law of one price following the birth of the euro. 
Journal: Applied Economics Letters 
Pages: 167-172 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903442970 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903442970&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: L. Ramprasath 
Author-X-Name-First: L. 
Author-X-Name-Last: Ramprasath 
Title: Simpler proofs in finance and shout options 
Abstract:
  In the discrete binomial model for option pricing, the price of an
 American option is obtained using a backward recursion algorithm. However,
 the currently available justification for this algorithm is long and
 circuitous. Similarly, the key result used in the justification for
 antithetic sampling is not proved in standard financial texts. The proof
 is relegated to an older article, where the required result is masked by
 general details about association of random variables. This article gives
 self-contained, considerably simpler, proofs for both these basic results
 and extends these results to more general applications. In particular, it
 settles the question of optimality of early shouting for the buyer of
 Shout call options. 
Journal: Applied Economics Letters 
Pages: 173-178 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903493189 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903493189&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Niclas Kruger 
Author-X-Name-First: Niclas 
Author-X-Name-Last: Kruger 
Title: The impact of economic fluctuations on crime: a multiscale analysis 
Abstract:
  In this article we use a wavelet-based approach in order to analyse the
 periodicity in the relationship between economic fluctuations and
 different types of crime. All examined types of crime share seasonal
 behaviour with variations of real economic activity. Removing the
 intrayear dynamics, we find that the effect of real economic activity is
 different between different types of crime. We conclude that property
 crimes, violence crimes and sex crimes are countercyclical. The reverse is
 true for both alcohol/drug-related crimes and economic crimes, because
 there is a highly significant increase of these types of crime during
 economic expansions. 
Journal: Applied Economics Letters 
Pages: 179-182 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903508267 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903508267&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stefania Mojon-Azzi 
Author-X-Name-First: Stefania 
Author-X-Name-Last: Mojon-Azzi 
Author-Name: Alfonso Sousa-Poza 
Author-X-Name-First: Alfonso 
Author-X-Name-Last: Sousa-Poza 
Title: Hypertension and life satisfaction: an analysis using data from the Survey of Health, Ageing and Retirement in Europe 
Abstract:
  This study examines the relationship between hypertension and life
 satisfaction using more objective measures of hypertension from the Survey
 of Health, Ageing and Retirement in Europe. Our results confirm the
 analysis in Blanchflower and Oswald (2008): there is a significant
 negative correlation between high blood pressure problems and life
 satisfaction. 
Journal: Applied Economics Letters 
Pages: 183-187 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903508291 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903508291&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sergio Gabas 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Gabas 
Author-Name: Maria-Dolores Gadea 
Author-X-Name-First: Maria-Dolores 
Author-X-Name-Last: Gadea 
Author-Name: Antonio Montanes 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Montanes 
Title: Change in the persistence of the real exchange rates 
Abstract:
  We investigate the existence of multiple structural changes in the
 persistence of a broad sample of Real Exchange Rate (RER) using a new
 methodology proposed by Kejriwal et al. (2009). The application of this
 procedure shows that RER persistence has been unstable during the
 twentieth century. Yoon (2009) reaches the noteworthy conclusion that
 stationary RERs are more likely to be found in fixed nominal exchange rate
 regimes than in floating ones. Nevertheless, we find no support for this
 conclusion when the deterministic trend is withdrawn from the equation
 specification and the sample is extended by a decade with data belonging
 to the current float. 
Journal: Applied Economics Letters 
Pages: 189-192 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903508333 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903508333&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rodney Paul 
Author-X-Name-First: Rodney 
Author-X-Name-Last: Paul 
Author-Name: Andrew Weinbach 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Weinbach 
Title: NFL bettor biases and price setting: further tests of the Levitt hypothesis of sportsbook behaviour 
Abstract:
  Empirical support for the Levitt hypothesis of sportsbook behaviour,
 where sportsbooks set prices to maximize profits, not to clear the market,
 is shown using data from actual sportsbooks. Betting percentages on
 favourites and underdogs (pointspread market) and overs and unders (totals
 market) were obtained using actual dollars bet (www.sportsbook.com) and
 percentage of bets made (www.sportsinsights.com). Both data sets reinforce
 the idea that sportsbooks are not setting prices to attract even betting
 dollars on both sides of the proposition. Big favourites, road favourites
 and overs on high totals are all shown to attract a significantly higher
 percentage of bets in both samples. Betting against public sentiment is
 shown to be statistically profitable for the National Football League
 pointspread market, but not in the market for totals. 
Journal: Applied Economics Letters 
Pages: 193-197 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903508242 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903508242&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajen Mookerjee 
Author-X-Name-First: Rajen 
Author-X-Name-Last: Mookerjee 
Author-Name: Jellina Roberts 
Author-X-Name-First: Jellina 
Author-X-Name-Last: Roberts 
Title: Banking services, transaction costs and international remittance flows 
Abstract:
  Using a unique data set on the financial sector, this article assesses
 the impact that financial sector development has on international
 remittance flows for a sample of 64 countries. The results show that
 greater financial sector development - as measured by bank branches per
 1000&#xa0;km2 - results in greater remittance flows to a country. However,
 this study also documents that transaction costs have no impact on
 remittance flows. This latter finding has important policy implications as
 reductions in transaction costs are often cited as an important approach
 to increase remittance flows. 
Journal: Applied Economics Letters 
Pages: 199-205 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003614146 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003614146&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matias Fontenla 
Author-X-Name-First: Matias 
Author-X-Name-Last: Fontenla 
Author-Name: Fidel Gonzalez 
Author-X-Name-First: Fidel 
Author-X-Name-Last: Gonzalez 
Author-Name: Troy Quast 
Author-X-Name-First: Troy 
Author-X-Name-Last: Quast 
Title: Are recessions good for everyone's health? The association between mortality and the business cycle by race/ethnicity in the US 
Abstract:
  This article studies the effect of the business cycle on the mortality
 rates of the major racial/ethnic groups in the USA. We use county-level
 data from 1999 to 2005 and employ a panel econometric approach that
 includes county- and year-fixed effects. We found that the mortality rates
 for whites and latinos are procyclical, i.e, that economic expansions
 (contractions) are associated with increases (decreases) in mortality.
 Moreover, the magnitude of this relationship is larger for latinos than
 for whites. However, we generally do not find a statistically significant
 relationship for blacks. Finally, the procyclical relationship for whites
 and latinos increases in magnitude as the county becomes less
 racially/ethnically diverse. Taken together, these findings suggest that
 the procyclical association identified in previous studies of the overall
 US population may vary by race and ethnicity. 
Journal: Applied Economics Letters 
Pages: 207-212 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003614120 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003614120&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jennifer Feenstra Schultz 
Author-X-Name-First: Jennifer Feenstra 
Author-X-Name-Last: Schultz 
Author-Name: David John Doorn 
Author-X-Name-First: David John 
Author-X-Name-Last: Doorn 
Title: Employer health benefit costs and demand for part-time labour 
Abstract:
  The current healthcare policy debate in the USA has stressed the fact
 that a growing number of Americans are going without health insurance
 coverage. Much of this decline in coverage is due to rising costs
 affecting employer's provision of health insurance benefits to their
 employees. One potential avenue for this is through employers changing
 their employment mix and decreasing the number of employees eligible for
 such benefits in an effort to reduce costs. In this study we investigate
 the link between rising employer costs for health insurance benefits and
 the demand for part-time workers. 
Journal: Applied Economics Letters 
Pages: 213-216 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003614112 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003614112&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peng Shi 
Author-X-Name-First: Peng 
Author-X-Name-Last: Shi 
Author-Name: Wei Zhang 
Author-X-Name-First: Wei 
Author-X-Name-Last: Zhang 
Title: Time-varying X-efficiency: evidence from US property casualty insurers 
Abstract:
  The existing efficiency studies for the insurance industry rely on the
 time-invariant efficiency assumption, presumably because of the short
 duration of observation. However, temporal variation in firm efficiency
 could be substantial even for a short period of time. We demonstrate this
 point by examining the X-efficiency for the US property casualty insurers
 utilizing stochastic panel frontier models. Efficiencies are estimated
 under both time-invariant and time-varying efficiency assumptions using a
 large panel dataset from the National Association of Insurance
 Commissioners (NAIC) of years 2001-2006. It is shown that the two
 assumptions result in significantly different estimates. To test whether
 the estimated efficiencies correspond well to the properties that the true
 efficiencies should have, we investigate the relationship between the
 efficiency measures and other indicators of firm performance. The results
 suggest that the stochastic panel frontier model with time-varying
 efficiency provides more reasonable estimates. 
Journal: Applied Economics Letters 
Pages: 217-221 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903559559 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903559559&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Claeys 
Author-X-Name-First: Peter 
Author-X-Name-Last: Claeys 
Author-Name: Fabio Manca 
Author-X-Name-First: Fabio 
Author-X-Name-Last: Manca 
Title: A missing spatial link in institutional quality 
Abstract:
  History tells that institutions evolve gradually over time, pushing new
 ideas across borders and cultures. Globalization is argued to accelerate
 this process. We examine the spatial links of different political
 institutions across borders. Applying various tests for spatial proximity,
 we do not find evidence of contemporaneous spatial links. This result is
 robust to various measures of distance and of cultural proximity across
 countries. Instead, when we analyse long-run dynamics, diffusion of
 institutions seems to occur only gradually. 
Journal: Applied Economics Letters 
Pages: 223-227 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903559542 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903559542&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale 
Author-X-Name-First: Guglielmo Maria 
Author-X-Name-Last: Caporale 
Author-Name: Alessandro Girardi 
Author-X-Name-First: Alessandro 
Author-X-Name-Last: Girardi 
Title: Price formation on the EuroMTS platform 
Abstract:
  This article examines the process of price discovery in the Mercato
 Telematico dei Titoli di Stato (MTS) system, which builds on the parallel
 quoting of euro-denominated government securities on a number of
 (relatively large) domestic markets and on a (relatively small) European
 marketplace (EuroMTS). Using 27 months of daily data for 107 pairs of
 bonds, we present unambiguous evidence that trades on EuroMTS have a
 sizeable informational content. 
Journal: Applied Economics Letters 
Pages: 229-233 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903559567 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903559567&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Kozyra 
Author-X-Name-First: James 
Author-X-Name-Last: Kozyra 
Author-Name: Camillo Lento 
Author-X-Name-First: Camillo 
Author-X-Name-Last: Lento 
Title: Filter rules: follow the trend or take the contrarian approach? 
Abstract:
  This article compares a trending approach to the filter trading rule
 against a contrarian approach. It is found that, after adjusting for
 transaction costs, the contrarian approach consistently outperforms the
 trending approach and is able to earn returns in excess of the
 buy-and-hold trading strategy. The significance and the robustness of the
 results are supported by a bootstrap simulation and sub-period analysis,
 respectively. 
Journal: Applied Economics Letters 
Pages: 235-237 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003636164 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003636164&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francois Delcourt 
Author-X-Name-First: Francois 
Author-X-Name-Last: Delcourt 
Author-Name: Mikael Petitjean 
Author-X-Name-First: Mikael 
Author-X-Name-Last: Petitjean 
Title: To what extent is resampling useful in portfolio management? 
Abstract:
  We take a new look at the resampled efficiencyTM technique developed by
 Michaud (1998) and compare it with the Markowitz mean-variance portfolio
 construction technique by assessing the performance of three
 representative portfolios, i.e. the Global Minimum Variance (GMV)
 portfolio, the Intermediate Return (I) portfolio and the Maximum Return
 (M) portfolio. We show that resampling leads to more stable and more
 diversified portfolios. However, the out-of-sample analysis shows that
 resampling does not systematically increase (decrease) the risk adjusted
 performance (turnover) of the portfolios. 
Journal: Applied Economics Letters 
Pages: 239-244 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003636123 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003636123&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Philip Inyeob Ji 
Author-X-Name-First: Philip Inyeob 
Author-X-Name-Last: Ji 
Title: The impact of Asian crisis on market integration: evidence from East Asian real interest rates 
Abstract:
  This article examines the linkage of real interest rates for a group of
 East Asian countries. Monthly real interest rates data are considered for
 the USA, Japan, Korea, Singapore and Thailand from 1980 to 2005. It is
 found that the degree of capital market integration has increased after
 the Asian financial crisis in 1997. Before the crisis, both the US and
 Japanese capital markets dominated the region. After the crisis, the
 dominance of the Japanese market has completely disappeared while the US
 market remains the sole dominant player. Also it appears that Korea was
 insulated from the regional market influence before the crisis. 
Journal: Applied Economics Letters 
Pages: 245-249 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003596038 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003596038&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yang-Cheng Ralph Lu 
Author-X-Name-First: Yang-Cheng 
Author-X-Name-Last: Ralph Lu 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chi-Chen Chiu 
Author-X-Name-First: Chi-Chen 
Author-X-Name-Last: Chiu 
Author-Name: Han-Wen Tzeng 
Author-X-Name-First: Han-Wen 
Author-X-Name-Last: Tzeng 
Title: Revisiting purchasing power parity for 16 Latin American countries: panel SURADF tests 
Abstract:
  In this study, we apply the panel Seemingly Unrelated Regressions
 Augmented Dickey-Fuller (SURADF) tests developed by Breuer et al. (2001)
 to revisit the validity of Purchasing Power Parity (PPP) for 16 Latin
 American countries. The empirical results from several panel-based unit
 root tests indicate that PPP does not hold for these 16 countries under
 study. However, panel SURADF tests indicate that PPP is valid for 3 of
 these 16 countries. These results have important policy implications for
 these 16 Latin American countries under study. 
Journal: Applied Economics Letters 
Pages: 251-255 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903559518 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903559518&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sang Buhm Hahn 
Author-X-Name-First: Sang Buhm 
Author-X-Name-Last: Hahn 
Author-Name: Seungyeon Won 
Author-X-Name-First: Seungyeon 
Author-X-Name-Last: Won 
Title: The behaviour of individual traders and the persistence of arbitrage trading 
Abstract:
  This article analyses the influence of individual traders on the
 persistence of arbitrage opportunities, using futures market data from the
 Korea Composite Stock Price Index 200. The empirical results show that
 individual traders traded towards increasing arbitrage opportunities
 unlike other types of traders. This study helps explain the reason why
 arbitrage opportunities persist even when arbitrage trading is executed in
 the real world. According to our empirical results, arbitrage
 opportunities can persist if the behaviour of individual traders regarding
 arbitrage opportunities overwhelms other traders who are against arbitrage
 opportunities. This is not fully explained by previous studies that
 attributed the persistence of arbitrage opportunities to the limit to
 arbitrage. In this context, this study suggests that two separate
 arguments need to be combined for explaining arbitrage trading in the real
 world, namely studies of arbitrage trading and the behavioural approach. 
Journal: Applied Economics Letters 
Pages: 257-261 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903559526 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903559526&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roy Howsen 
Author-X-Name-First: Roy 
Author-X-Name-Last: Howsen 
Author-Name: Stephen Lile 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Lile 
Title: The role of politics and economics in the allocation of federal stimulus spending 
Abstract:
  This study identifies the political and economic variables that explain
 differences among US states in per capita funding resulting from the
 American Recovery and Reinvestment Act (ARRA) of 2009. We find a marginal
 statistically significant negative relationship between states that have
 been traditionally Democratic (Blue states) versus those that have
 traditionally been Republican (Red states). Additionally, we find a highly
 statistically significant negative relationship between states that were
 traditionally Republican but voted for President Obama in the 2008
 election (Blue states) and traditionally Red states. Furthermore, our
 findings suggest that there is a statistically significant positive
 relationship between union representation for a state and per capita
 funding and between per capita electoral votes and per capita funding.
 With regard to economic variables, we find that a state's unemployment
 rate has a positive and statistically significant influence with regard to
 funding, but a state's poverty rate has no statistically significant
 impact on funding. 
Journal: Applied Economics Letters 
Pages: 263-266 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903559534 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903559534&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Fountain 
Author-X-Name-First: John 
Author-X-Name-Last: Fountain 
Author-Name: Glenn Harrison 
Author-X-Name-First: Glenn 
Author-X-Name-Last: Harrison 
Title: What do prediction markets predict? 
Abstract:
  We show that prediction markets cannot be relied on to always elicit any
 interesting statistic of aggregate beliefs. Formal derivations of the bets
 placed in prediction markets can be viewed as demands for state-contingent
 commodities. We provide derivations for two popular cases, log utility and
 Constant Relative Risk Aversion (CRRA) utility, connecting these
 derivations to familiar scoring rules. We then use these results to
 demonstrate how the properties of prediction markets depend critically on
 the assumed homogeneity of participants. 
Journal: Applied Economics Letters 
Pages: 267-272 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903559575 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903559575&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Russ Ray 
Author-X-Name-First: Russ 
Author-X-Name-Last: Ray 
Title: Econophysics: finance, economics and physics 
Abstract:
  This article examines the new science of 'econophysics' that utilizes
 physics models to explain economic and financial behaviour. First
 neologized in 1995, this innovative research methodology combines
 non-linear models, scaling laws, statistical mechanics and the Cauchy and
 Levy distributions to explain economic and financial behaviour more
 robustly than traditional economic and financial tools, which
 predominantly utilize linear models and Gaussian distributions. The
 conclusion of this article is that economics and finance will eventually
 absorb the powerful tools of econophysics as they continue to evolve as
 dominant social sciences. 
Journal: Applied Economics Letters 
Pages: 273-277 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003596020 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003596020&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fredj Jawadi 
Author-X-Name-First: Fredj 
Author-X-Name-Last: Jawadi 
Author-Name: Mohamed Hedi Arouri 
Author-X-Name-First: Mohamed Hedi 
Author-X-Name-Last: Arouri 
Title: The current international financial crisis in 10 questions: some lessons 
Abstract:
  This article aims to explore the most important sources and implications
 of the current international financial downturn, while analyzing and
 discussing a recently published book on finance by Professor Michel
 Aglietta, written in 2008, in which the author expands on the sources of
 the current international financial crisis and suggests several possible
 solutions. In particular, while analyzing Aglietta's answers to 10
 questions, we examine, firstly, the most important microeconomic sources
 (i.e. governance problems, market imperfections, audit and new
 international financial reporting standard limitations) and macroeconomic
 explanations (i.e. the impact of the Asian crisis and the development of
 emerging models) for the current financial downturn. We then investigate
 the most notable features and characteristics of the current crisis.
 Finally, we identify the most widely expected economic, social, political
 and geopolitical outcomes of the present market turmoil and explain what
 we expect the financial world to look like once the crisis is over. 
Journal: Applied Economics Letters 
Pages: 279-283 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003614104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003614104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Osman Suliman 
Author-X-Name-First: Osman 
Author-X-Name-Last: Suliman 
Title: The large country effect, contagion and spillover effects in the GCC 
Abstract:
  This article examines contagion and crisis propagation (spillovers) in
 the Gulf Cooperation Council (GCC) economies over the period 1960 to 2002.
 It also examines whether contagion occurred in Saudi Arabia (large
 country) after the 1987 US stock market crash and the 1997 Thai exchange
 rate devaluation and whether these contagion shocks spillover to smaller
 countries of the region. Spillovers are likely to occur among
 interdependent countries within the same geographical region. Tests based
 on correlation coefficients, ARCH/GARCH estimates and direct change
 (generalized least squares regression) propagation effects indicate that
 contagion from the US stock market crash and the Thai devaluation occurred
 in Saudi Arabia, and these external shocks were propagated to smaller GCC
 countries. This suggests that GCC countries are likely to mitigate such
 propagations through economic integration. Thus, the idea of GCC formation
 may help insulate Gulf economies against crisis propagation. 
Journal: Applied Economics Letters 
Pages: 285-294 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003614138 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003614138&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Salih Turan Katircioglu 
Author-X-Name-First: Salih Turan 
Author-X-Name-Last: Katircioglu 
Author-Name: Mete Feridun 
Author-X-Name-First: Mete 
Author-X-Name-Last: Feridun 
Title: Do macroeconomic fundamentals affect exchange market pressure? Evidence from bounds testing approach for Turkey 
Abstract:
  This article investigates the relationship between Exchange Market
 Pressure (EMP) and macroeconomic fundamentals in Turkey using the
 Autoregressive Distributed Lag (ARDL) bounds testing procedure and Vector
 Error Correction Model (VECM) within the framework of the canonical
 currency crisis models. The results of the bounds tests suggest the
 existence of a level relationship between EMP and the selected
 macroeconomic fundamentals. The results of the VECM also suggest that
 there exists a unidirectional causation that runs from those macroeconomic
 fundamentals to EMP in the case of the Turkish Economy. 
Journal: Applied Economics Letters 
Pages: 295-300 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/00036841003636110 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036841003636110&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Whalley 
Author-X-Name-First: John 
Author-X-Name-Last: Whalley 
Author-Name: Shunming Zhang 
Author-X-Name-First: Shunming 
Author-X-Name-Last: Zhang 
Title: On the arbitrariness of consumption 
Abstract:
  We discuss a simple model of choices of joint consumption by a working
 couple who place maintenance of their marriage (relationship) above all
 else. Any proposal made by one partner seeking to provide maximal utility
 to the other so as to preserve the marriage, in the case where preferences
 of partners are unknown, will be accepted. In this sense consumption is
 arbitrary. In the concluding section, we suggest that while overly simple,
 this structure may characterize to some degree significant amounts of
 observed consumption, emphasizing how social arrangements and the value
 placed on them by individuals can impact on observed economic behaviour. 
Journal: Applied Economics Letters 
Pages: 301-304 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003655024 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003655024&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ciaran Driver 
Author-X-Name-First: Ciaran 
Author-X-Name-Last: Driver 
Author-Name: Katsushi Imai 
Author-X-Name-First: Katsushi 
Author-X-Name-Last: Imai 
Title: Testing the uncertainty-investment relationship using survey data on capital stock disequilibrium 
Abstract:
  This article uses unique survey-based data that record the extent of
 positive and negative disequilibrium in capital stock at industry level.
 Change in these disequilibria are hypothesized to take account of planned
 and revised targets, and the influence of uncertainty on adjustment. We
 find that increased uncertainty slows the adjustment of fixed capital
 towards equilibrium levels. That is consistent with the predictions of
 real options theory and partial irreversibility models. 
Journal: Applied Economics Letters 
Pages: 305-310 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003670585 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003670585&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. P. Gius 
Author-X-Name-First: M. P. 
Author-X-Name-Last: Gius 
Title: The effects of curfews on juvenile criminal activity: an individual-level analysis 
Abstract:
  The purpose of this study is to determine the impact of juvenile curfews
 on the criminal activities of young adults. Using individual-level data
 from the National Longitudinal Survey of Youth - Geocode (NLSY) data set
 and estimating an economic model of crime for young adults, this study
 finds that although curfews have no statistically significant effect on
 the criminal behaviour of young adults, they do have a negative effect on
 the arrests of young adults. These results differ somewhat from the
 results of prior studies but lend support to community officials who
 believe that curfews are an effective tool in combating juvenile crime. 
Journal: Applied Economics Letters 
Pages: 311-313 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003689643 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003689643&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takanori Tanaka 
Author-X-Name-First: Takanori 
Author-X-Name-Last: Tanaka 
Title: Public debt financing, ownership structures and bankers on boards: evidence from Japan 
Abstract:
  This article provides new insights on determinants that affect the
 allocation of bankers to firm boards by focusing on the benefits and costs
 they bring to the boards. Using data on Japanese firms during the period
 2003-2007, we find that firms with lower credit ratings have higher
 proportions of bankers on their boards to gain easier access to bank
 credit. In contrast, firms with large shareholders face potential costs
 arising from conflicts of interest between large shareholders and banks,
 and accept fewer bankers on their boards. The results indicate that
 availability of public debt financing and ownership structures are
 important factors affecting the allocation of bankers to firm boards. 
Journal: Applied Economics Letters 
Pages: 315-318 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003689650 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003689650&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Auer 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Auer 
Author-Name: Martin Schuster 
Author-X-Name-First: Martin 
Author-X-Name-Last: Schuster 
Title: Does the financial crisis influence the random walk behaviour of international stock markets? 
Abstract:
  In this note, we use several modern multiple variance ratio tests (VR
 tests) to investigate whether the financial crisis has an impact on the
 random walk behaviour of international stock markets. Grouping a
 pre-crisis- and a crisis-panel in developed, emerging and frontier
 markets, respectively, and using daily returns of selected Morgan Stanley
 Capital International (MSCI) International Equity Indices we find that
 markets classified as developed or emerging mostly follow a random walk
 whereas we find the opposite for frontier markets. Frontier markets show a
 higher proportion of countries that experience changes in the random walk
 behaviour and changes from random walk to nonrandom walk are more
 frequent. We also find that the choice of multiple VR test does not matter
 for this kind of analysis. 
Journal: Applied Economics Letters 
Pages: 319-323 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003670676 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003670676&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: L. Dahlbom 
Author-X-Name-First: L. 
Author-X-Name-Last: Dahlbom 
Author-Name: A. Jakobsson 
Author-X-Name-First: A. 
Author-X-Name-Last: Jakobsson 
Author-Name: N. Jakobsson 
Author-X-Name-First: N. 
Author-X-Name-Last: Jakobsson 
Author-Name: A. Kotsadam 
Author-X-Name-First: A. 
Author-X-Name-Last: Kotsadam 
Title: Gender and overconfidence: are girls really overconfident? 
Abstract:
  Previous research finds that people are overconfident and that men are
 more overconfident than women. Using a very precise confidence measure,
 this article shows, however, that whereas boys are overconfident, girls
 are actually underconfident regarding their mathematics performance. We
 conducted a survey where 14-year-old high school students were asked what
 grade they thought they would get in a mathematics test a week later.
 These results were then compared with their actual grade. Boys were
 overconfident about their grades, whereas girls were underconfident. 
Journal: Applied Economics Letters 
Pages: 325-327 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003670668 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003670668&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Olugbenga Ajilore 
Author-X-Name-First: Olugbenga 
Author-X-Name-Last: Ajilore 
Author-Name: John Smith 
Author-X-Name-First: John 
Author-X-Name-Last: Smith 
Title: Ethnic fragmentation and police spending 
Abstract:
  Using a two-stage least-squares procedure, we estimate the relationship
 between ethnic fragmentation and police spending using a cross-section of
 the US counties. Our results show that, when controlling for community
 characteristics and accounting for simultaneity bias, ethnic fragmentation
 is positively related to police spending. This article contributes to the
 understanding of the stylized fact that public spending on police
 increased over a period in which the incidence of crime decreased. 
Journal: Applied Economics Letters 
Pages: 329-332 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003670650 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003670650&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pedro Mazeda Gil 
Author-X-Name-First: Pedro Mazeda 
Author-X-Name-Last: Gil 
Author-Name: Oscar Afonso 
Author-X-Name-First: Oscar 
Author-X-Name-Last: Afonso 
Title: Technological-knowledge dynamics in lab-equipment models of quality ladders 
Abstract:
  The Perpetual Inventory Model (PIM) assumes that, in each period, an
 arbitrary constant fraction of technological-knowledge stock is lost. We
 give a theoretical background to the PIM by showing that the
 technological-knowledge accumulation follows a dynamic process with an
 endogenous depreciation rate, which remains stable in steady state. 
Journal: Applied Economics Letters 
Pages: 333-336 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003670635 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003670635&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdullah Mamun 
Author-X-Name-First: Abdullah 
Author-X-Name-Last: Mamun 
Author-Name: M. Kabir Hassan 
Author-X-Name-First: M. Kabir 
Author-X-Name-Last: Hassan 
Author-Name: Ihsan Isik 
Author-X-Name-First: Ihsan 
Author-X-Name-Last: Isik 
Title: Cross-border impact of the Financial Services Modernization Act: evidence from large foreign banks 
Abstract:
  This article investigates the impact of the Financial Services
 Modernization Act (FSMA) on foreign banks. We find that the banking
 sectors of most developed countries experience significant negative
 spillover effect. However, the impacts on any two countries' banking
 sectors are not identical. Most importantly, we show that exposure to
 systematic risk with respect to the world equity index can explain the
 cross-sectional variation of the wealth effects. We also find that larger
 banks are more adversely affected. 
Journal: Applied Economics Letters 
Pages: 337-341 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003670627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003670627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nobuyoshi Yamori 
Author-X-Name-First: Nobuyoshi 
Author-X-Name-Last: Yamori 
Author-Name: Kei Tomimura 
Author-X-Name-First: Kei 
Author-X-Name-Last: Tomimura 
Author-Name: Kozo Harimaya 
Author-X-Name-First: Kozo 
Author-X-Name-Last: Harimaya 
Title: What kinds of credit associations favour introducing new financial technology? 
Abstract:
  Since 2003, the Financial Services Agency (FSA) has set relationship
 banking enhancement program as an important strategic task to improve the
 functions of regional financial institutions. In this enhancement program,
 the FSA recommended that regional financial institutions introduce new
 financial products such as collateralized loan obligations (CLOs) and
 collateralized bond obligations (CBOs). However, this was left up to each
 institution's discretion rather than being mandatory. This resulted in a
 large difference in the introduction of new products. Therefore, this
 article has analysed what kinds of credit associations favourably
 increased the use of new financial products. As a result, it has been
 confirmed that the larger their lending shares and management scale and
 the better their business conditions are, the more positively they work on
 the introduction of new products. Considering the fact that relationships
 between financial institutions and enterprises tend to be fixed in Japan,
 this means that medium and small enterprises will have restrictions on the
 financial products they can use depending on the situation of their main
 banks. 
Journal: Applied Economics Letters 
Pages: 343-347 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003636131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003636131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frederick Wallace 
Author-X-Name-First: Frederick 
Author-X-Name-Last: Wallace 
Title: Purchasing power parity in Mexico: a historical note 
Abstract:
  Purchasing power parity has been the subject of many empirical studies.
 Much of this work has focused on recent history in developed countries.
 This article reports results of tests for nonlinear, mean reversion of the
 real exchange rate for a less-developed country, Mexico, using a
 previously unexploited data set of monthly observations for 1930-1960. The
 test results provide limited support for Purchasing Power Parity (PPP). 
Journal: Applied Economics Letters 
Pages: 349-352 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003636149 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003636149&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wenshu Gao 
Author-X-Name-First: Wenshu 
Author-X-Name-Last: Gao 
Author-Name: Russell Smyth 
Author-X-Name-First: Russell 
Author-X-Name-Last: Smyth 
Title: Firm size and wages in China 
Abstract:
  We find that larger firms in China actually pay lower wages. The most
 plausible explanation for this result is that larger firms in China employ
 a higher ratio of blue-collar workers. 
Journal: Applied Economics Letters 
Pages: 353-357 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003636156 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003636156&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Javier Nunez 
Author-X-Name-First: Javier 
Author-X-Name-Last: Nunez 
Author-Name: Andrea Tartakowsky 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Tartakowsky 
Title: The relationship between income inequality and inequality of opportunities in a high-inequality country: the case of Chile 
Abstract:
  Based on Bourguignon et al. (2005, 2007), we explore the extent to which
 income inequality in Chile is associated with inequality of
 'opportunities', proxied by inequality in observed socioeconomic
 circumstances of origin. We found that equalizing a diverse set of
 observed circumstances across individuals reduces the Gini and the Theil
 coefficients by about 15 and 25%, respectively. Almost half of the effect
 of observed circumstances on incomes is transmitted directly to earnings,
 whereas the rest is indirectly transmitted through the accumulation of
 schooling. Further results suggest that the influence of unobserved
 circumstances on income inequality may be limited; hence aspects such as
 preferences, choices, transitory income shocks and income measurement
 errors may be important factors behind observed income inequality. 
Journal: Applied Economics Letters 
Pages: 359-369 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003636172 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003636172&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jo&#xeb;lle Noailly 
Author-X-Name-First: Jo&#xeb;lle 
Author-X-Name-Last: Noailly 
Author-Name: Dinand Webbink 
Author-X-Name-First: Dinand 
Author-X-Name-Last: Webbink 
Author-Name: Bas Jacobs 
Author-X-Name-First: Bas 
Author-X-Name-Last: Jacobs 
Title: Should the government stimulate enrolment in science and engineering studies? 
Abstract:
  In many countries there is a deep concern about shortages of Science and
 Engineering workers (S&E). This article focuses on the effectiveness of
 policies aimed at stimulating the supply of S&E workers in the
 Netherlands. Despite the 'common wisdom' of severe and increasing
 shortages, we do not find evidence for a tight labour market of S&E
 workers. Instead, the data suggest that S&E workers have become less
 scarce since 1996. Stimulating enrolment in S&E studies may not be an
 effective policy for increasing R&D activity in the Netherlands because
 the majority of Dutch S&E freshmen do not end up working in R&D. They drop
 out during their S&E study or choose other jobs. In addition, the
 internationalization of the market for S&E workers tends to counter the
 effects of supply-side policies because the growing supply of foreign S&E
 graduates puts downward pressure on wages. As a result, demand-side
 policies may be more effective because they are directly targeted at
 fostering R&D. 
Journal: Applied Economics Letters 
Pages: 371-375 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003652385 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003652385&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:18:y:2011:i:4:p:371-375




Template-Type: ReDIF-Article 1.0
Author-Name: B. -W. Kim 
Author-X-Name-First: B. -W. 
Author-X-Name-Last: Kim 
Author-Name: S. -H. Seol 
Author-X-Name-First: S. -H. 
Author-X-Name-Last: Seol 
Author-Name: D. -H. Lee 
Author-X-Name-First: D. -H. 
Author-X-Name-Last: Lee 
Title: Indirect access to mobile networks: economic effects and policy implications 
Abstract:
  This study investigates the economic effects that may be expected from
 the introduction of an indirect access (IA) scheme, a potentially
 effective tool for stimulating competition, into Korea's mobile market. We
 estimate the changes in consumer surplus and operator's net revenues
 attributable to the IA system, using actual or estimated market data such
 as the price elasticity, call traffics, prices and interconnection
 charges, combined with some competition scenarios. Our results suggest
 that the increase of consumer surplus by the introduction of an IA scheme
 would be sizeable, regardless of its type and that is largest under the
 scheme access charge is regulated on cost-plus basis and mandated for
 Significant Market Power (SMP) only to provide interconnection service if
 IA providers (IAP) request. 
Journal: Applied Economics Letters 
Pages: 377-381 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003670593 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003670593&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Geronikolaou 
Author-X-Name-First: George 
Author-X-Name-Last: Geronikolaou 
Author-Name: George Papachristou 
Author-X-Name-First: George 
Author-X-Name-Last: Papachristou 
Title: Is there an adverse effect of uncertainty on Venture Capital? The European evidence 
Abstract:
  Early-stage and, to a lesser degree, expansion Venture Capital (VC)
 investment exhibits evident irreversibility characteristics and, according
 to the irreversibility-delay theory of investment, should thus be
 sensitive to real and financial uncertainty. The objective of this article
 is to examine to what extent VC investment is adversely affected by
 macroeconomic uncertainty on the basis of a European dataset from 1995 to
 2005. Our results indicate that price uncertainty and interest rate
 volatility do not significantly affect European VC finance and that only
 growth and cost of capital considerations seem to matter. 
Journal: Applied Economics Letters 
Pages: 383-388 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003670601 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003670601&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Harry Haupt 
Author-X-Name-First: Harry 
Author-X-Name-Last: Haupt 
Author-Name: Verena Petring 
Author-X-Name-First: Verena 
Author-X-Name-Last: Petring 
Title: Assessing parametric misspecification and heterogeneity in growth regression 
Abstract:
  A fully nonparametric analysis is applied to address the problems of
 nonlinearity and heterogeneity in classical growth regression models using
 original data from seminal contributions in this field. Nonparametric
 specification tests and in-sample goodness-of-fit measures, as well as
 cross-validation based out-of-sample measures provide considerable
 evidence for parametric misspecification and a superior performance of a
 nonparametric model, despite the small sample size. In contrast to recent
 contributions identifying heterogeneity as the primal source of
 misspecification, a formal and graphical analysis does not reveal evidence
 for heterogeneity in a parametric and nonparametric quantile regression
 framework. 
Journal: Applied Economics Letters 
Pages: 389-394 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003670643 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003670643&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tiziana La Rocca 
Author-X-Name-First: Tiziana 
Author-X-Name-Last: La Rocca 
Title: Debt-maturity, corporate diversification and relatedness 
Abstract:
  The aim of this study is to analyse the financing choices of
 multibusiness firms, in terms of debt-maturity. The results suggest that
 the degree of product diversification and the direction of diversification
 (related or unrelated) translate into different corporate financial
 behaviours. In particular, diversification related or unrelated had
 opposite effects on debt-maturity; the former strategy has a negative
 effect whereas the latter has a positive influence on debt-maturity. 
Journal: Applied Economics Letters 
Pages: 395-398 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003689635 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003689635&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rudiger Ahrend 
Author-X-Name-First: Rudiger 
Author-X-Name-Last: Ahrend 
Author-Name: Jens Arnold 
Author-X-Name-First: Jens 
Author-X-Name-Last: Arnold 
Author-Name: Fabrice Murtin 
Author-X-Name-First: Fabrice 
Author-X-Name-Last: Murtin 
Title: Have more strictly regulated banking systems fared better during the recent financial crisis? 
Abstract:
  We assess whether during the recent financial crisis banking systems in
 countries with more stringent prudential banking regulation have proved
 more stable. We find indicators of regulatory strength to be relatively
 well correlated with the extent to which countries have escaped damage
 during the recent crisis, as measured either by the degree of equity value
 destruction in the banking sector or by the fiscal cost of financial
 sector rescue. 
Journal: Applied Economics Letters 
Pages: 399-403 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003689684 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003689684&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Hammond 
Author-X-Name-First: Robert 
Author-X-Name-Last: Hammond 
Title: Auctioning to buyers with correlated values 
Abstract:
  In a laboratory setting, a monopolistic auctioneer sells to buyers as the
 level and nature of demand changes. I ask whether sellers correctly
 recognize the role played by correlation among buyers' values. The prices
 set by subjects closely match the risk-neutral benchmark predictions when
 demand follows the independent-private-values framework. In contrast,
 subjects fail to correctly account for correlation among buyers' values
 once the independence assumption is dropped. I offer two new models of
 pricing in a correlated-values environment. The model that suggests
 sellers ignore correlation outperforms both the benchmark and the model
 that suggests sellers incorrectly account for correlation. 
Journal: Applied Economics Letters 
Pages: 405-409 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003724275 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003724275&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hsu-Ling Chang 
Author-X-Name-First: Hsu-Ling 
Author-X-Name-Last: Chang 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Author-Name: Meng-Nan Zhu 
Author-X-Name-First: Meng-Nan 
Author-X-Name-Last: Zhu 
Author-Name: Pei Liu 
Author-X-Name-First: Pei 
Author-X-Name-Last: Liu 
Title: Re-examining long-run purchasing power parity for Central and Eastern European countries: nonlinear panel unit root tests 
Abstract:
  This study applies nonlinear panel unit root test to assess the
 nonstationary properties of the real exchange rate for seven Central and
 Eastern European countries (CEEC). We find that nonlinear panel unit root
 test has higher power than linear method suggested by Breuer et al. (2001)
 if the true data-generating process of exchange rate is in fact a
 stationary nonlinear process. We re-examine the validity of Purchasing
 Power Parity (PPP) from the panel nonlinear point of view and provide
 robust evidence that clearly indicates that PPP holds true for five
 countries, namely, Bulgaria, Hungary, Poland, Romania and Russia. Our
 findings point out their exchange rate adjustment is mean reversion
 towards PPP equilibrium values in a nonlinear way. 
Journal: Applied Economics Letters 
Pages: 411-415 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003724218 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003724218&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Bruner 
Author-X-Name-First: David 
Author-X-Name-Last: Bruner 
Title: Multiple switching behaviour in multiple price lists 
Abstract:
  A common mechanism to elicit risk preferences requires a respondent to
 make a series of dichotomous choices. A recurring problem with this
 mechanism is a frequently observed tendency to switch from the less to the
 more risky choice multiple times, multiple switching behaviour. We
 introduce an instructional variation which our evidence suggests
 practically eliminates such behaviour. We read a script emphasizing only
 one decision will determine earnings before providing written
 instructions. Emphasizing the incentive compatibility of the payment rule
 reduces observed multiple switching behaviour from 13.3% to 2.3% in one
 format and from 25.8% to 6.7% in another. 
Journal: Applied Economics Letters 
Pages: 417-420 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003724242 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003724242&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Pasten 
Author-X-Name-First: R. 
Author-X-Name-Last: Pasten 
Author-Name: J. P. Cover 
Author-X-Name-First: J. P. 
Author-X-Name-Last: Cover 
Title: Does the Chilean government smooth taxes? A tax-smoothing model with revenue collection from a natural resource 
Abstract:
  This article uses a present value test to examine whether the Chilean
 government has smoothed taxes optimally since 1973. An important portion
 of the Chilean government's revenue is the result of royalties it earns
 from the extraction of copper. An appropriate test for tax-smoothing
 therefore must recognize that this part of the government's revenue is not
 completely under its control. The results provide strong evidence for tax
 smoothing when royalties from copper are treated as not being under
 government control, but only weak evidence if they are treated as if they
 are under government control. 
Journal: Applied Economics Letters 
Pages: 421-425 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003705274 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003705274&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jean Heck 
Author-X-Name-First: Jean 
Author-X-Name-Last: Heck 
Author-Name: Rajneesh Sharma 
Author-X-Name-First: Rajneesh 
Author-X-Name-Last: Sharma 
Title: Leading contributing institutions to the elite finance journals: affiliation on publication versus current institutional affiliation 
Abstract:
  This study examines the ranking by institutional affiliation of authors
 appearing in the six leading finance journals (Financial Management,
 Journal of Banking and Finance, Journal of Finance, Journal of Financial
 Economics, Journal of Financial and Quantitative Analysis and Review of
 Financial Studies) over the past 25 years (1984-2008). Unlike previous
 studies that rank schools' appearances in finance journals, this study
 compares the rankings of schools that appear on the articles at the time
 of publication versus the ranking of schools based on authors' current
 institutional affiliation. In a mobile academic marketplace, the schools
 with faculty appearing most frequently in the leading journals may change
 over time. 
Journal: Applied Economics Letters 
Pages: 427-432 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003689676 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003689676&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. R. Hughes 
Author-X-Name-First: D. R. 
Author-X-Name-Last: Hughes 
Author-Name: D. T. Mitchell 
Author-X-Name-First: D. T. 
Author-X-Name-Last: Mitchell 
Author-Name: D. P. Molinari 
Author-X-Name-First: D. P. 
Author-X-Name-Last: Molinari 
Title: Heeding the call: seminary enrollment and the business cycle 
Abstract:
  We examine a panel of divinity school enrollments to explore the
 motivations of prospective clergy considering post-graduate training in
 preparation for the ministry. Employing the fixed-effects within estimator
 allows us to see pecuniary motivations while controlling for the
 differences between types of divinity school and denomination. We find
 decisions by prospective clergy to enroll in seminary are responsive to
 changes in the business cycle as well as salaries. Our results reinforce
 the view that variation in opportunity costs associated with business
 cycles plays a significant role in the timing of human capital formation
 even for those with mostly nonmonetary motivations. 
Journal: Applied Economics Letters 
Pages: 433-437 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003689668 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003689668&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gregory Berg 
Author-X-Name-First: Gregory 
Author-X-Name-Last: Berg 
Title: An application of kernel-based versus one-to-one propensity score matching for a nonexperimental causal study: example from a disease management program evaluation 
Abstract:
  Objective: To discuss and compare kernel-based matching with one-to-one
 propensity score matching applied to disease management. Data sources:
 Administrative claims data from a US Medicaid fee for service plan. Study
 design: Matched two group analyses using both kernel-based matching and
 one-to-one propensity score matching. This comparison is applied to the
 estimation of diabetes disease management treatment effects. Principle
 findings: Kernel-based matching is found to be better than one-to-one
 propensity score matching when there is no sufficient number of potential
 controls from which to draw a matched cohort but similar when there is a
 sufficient number of potential controls. Matching was applied in the
 context of a diabetes disease management program that showed an increase
 in management of each person's medical care through the disease management
 program. Conclusions: The approach provides a methodology for researchers
 to evaluate healthcare service innovations without a randomized trial
 design and delineates the requirements for a matched analysis. Matching
 was applied in the context of a disease management program showing better
 patient management through the disease management program. 
Journal: Applied Economics Letters 
Pages: 439-447 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003689692 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003689692&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dragan Miljkovic 
Author-X-Name-First: Dragan 
Author-X-Name-Last: Miljkovic 
Author-Name: William Wilson 
Author-X-Name-First: William 
Author-X-Name-Last: Wilson 
Title: The impact of emergence of Chinese international corn markets on Chinese and US corn prices 
Abstract:
  Because of reduced stockholding, Chinese domestic corn markets are
 becoming much more interdependent with the rest of the world. As China's
 economy continues to transition from centrally planned to market oriented,
 internal pressure for increased use of market mechanisms in trading corn
 and other commodities is continuous. Moreover, there is also external
 pressure for increased use of market mechanisms because of the accession
 of China to the World Trade Organization (WTO). The objective of this
 article is to evaluate the dynamic interrelationships between Chinese corn
 prices in producing, consuming and export/import locations and the US
 Chicago Board of Trade (CBOT) price. A novel dataset including daily
 prices from dominant cash markets at producing regions, at export/import
 ports and at major consuming regions within China, as well as prices at
 Chicago is used in the analysis. Based on results of Vector Error
 Correction (VEC) model, prices in these markets are correlated in short
 run while error correction terms indicate long-run relationship among
 Chinese prices only. Causality relationships suggest that Dalian export
 price in China precedes the US price in the short run. However, shocks to
 any of Chinese prices have no long-term impact on the behaviour of US corn
 prices and the vice versa. 
Journal: Applied Economics Letters 
Pages: 449-454 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003724192 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003724192&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gianfranco Giulioni 
Author-X-Name-First: Gianfranco 
Author-X-Name-Last: Giulioni 
Author-Name: Edgardo Bucciarelli 
Author-X-Name-First: Edgardo 
Author-X-Name-Last: Bucciarelli 
Title: Agent's behaviour in a sequential Dutch auction: evidence from the Pescara wholesale fish market 
Abstract:
  In this article we perform an empirical investigation to detect whether
 and to what extent agents' behaviour departs from those foreseen by the
 orthodox economic theory in the Pescara wholesale fish market, which has a
 centralized structure. Using non-parametric techniques and tools from
 statistical physics, we tackle the issue investigating features such as
 the dynamics of the structure of attendance in auctions, the varieties of
 fish presentation during the seller's turn and the presence of long-term
 relationships between buyers and sellers. We follow this way instead of
 focusing on the price dispersion and dynamics to avoid risking that the
 unobserved quality differences of the traded products might bias the
 results of the analysis. 
Journal: Applied Economics Letters 
Pages: 455-460 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003705266 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003705266&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Elena Bojesteanu 
Author-X-Name-First: Elena 
Author-X-Name-Last: Bojesteanu 
Author-Name: Gabriel Bobeic&#x103; 
Author-X-Name-First: Gabriel 
Author-X-Name-Last: Bobeic&#x103; 
Title: The propagation of European monetary policy shocks into Romania's economy 
Abstract:
  This article analyses the role of monetary shocks in transmitting
 macroeconomic fluctuations across countries within a two-country
 framework, with a special emphasis on the case of Romania. Based on the
 estimation results for various specifications of the European Central Bank
 reaction function, we argue that the proper framework for isolating the
 European monetary policy shocks includes survey data. To determine the
 magnitude of the effects of European monetary fluctuations on the Romanian
 economy, we employ a Structural Vector Autoregressive (SVAR) model
 identified using long-term restrictions that comprises key Romanian
 macro-indicators and the variables considered suitable for isolating the
 European monetary policy shocks. Our findings are important to establish
 the degree of vulnerability of the Romanian economy to external
 disturbances and the degree of fulfilment of the prerequisites for
 becoming a full member of the Economic and Monetary Union. 
Journal: Applied Economics Letters 
Pages: 461-465 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003705282 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003705282&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ankita Mishra 
Author-X-Name-First: Ankita 
Author-X-Name-Last: Mishra 
Author-Name: Vinod Mishra 
Author-X-Name-First: Vinod 
Author-X-Name-Last: Mishra 
Title: Is the Indian stock market efficient? Evidence from a TAR model with an autoregressive unit root 
Abstract:
  This study uses a two-regime threshold autoregressive (TAR) model with an
 autoregressive unit root to examine the efficiency of the Indian stock
 market. Using 11 years' weekly data for two indices and 10 common stocks
 from the National Stock Exchange (NSE) of India, this study applies the
 Caner and Hensen (2001) methodology to simultaneously test for the
 presence of nonlinearities and unit root in the stock prices data. The
 main finding of this study is that Indian stock prices follow a random
 walk albeit the presence of nonlinearities in the data. 
Journal: Applied Economics Letters 
Pages: 467-472 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003705290 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003705290&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joon Chae 
Author-X-Name-First: Joon 
Author-X-Name-Last: Chae 
Author-Name: Eun Jung Lee 
Author-X-Name-First: Eun Jung 
Author-X-Name-Last: Lee 
Title: An analysis of split orders in an index options market 
Abstract:
  This study presents the empirical evidence of Kyle (1985) that informed
 traders spread their orders over time to camouflage their information. Our
 proprietary data, which contain account numbers in the Korean options
 market, identify whether traders break up his or her order (split orders)
 or not. We show that split orders are associated with a larger proportion
 of cumulative price change than nonsplit orders are. Furthermore, nonsplit
 orders, even small- or medium-size ones, cause much smaller cumulative
 price changes. These results improve upon the tests of Barclay and Warner
 (1993). 
Journal: Applied Economics Letters 
Pages: 473-477 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003724200 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003724200&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zoya Nissanov 
Author-X-Name-First: Zoya 
Author-X-Name-Last: Nissanov 
Author-Name: Jacques Gabriel Silber 
Author-X-Name-First: Jacques Gabriel 
Author-X-Name-Last: Silber 
Title: On some extensions of the concept of growth incidence curves 
Abstract:
  This article proposes a decomposition of what Grimm (2007) called
 individual growth incidence curve into two components measuring the impact
 of structural mobility (measured through the traditional growth incidence
 curve) and of exchange mobility, respectively. It also suggests
 introducing a growth incidence curve that checks whether pure mobility was
 pro-poor. An illustration based on Israeli census data for the years 1983
 and 1995 seems to confirm the usefulness of the proposed breakdown. 
Journal: Applied Economics Letters 
Pages: 479-483 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003724226 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003724226&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Helder Ferreira de Mendonca 
Author-X-Name-First: Helder Ferreira 
Author-X-Name-Last: de Mendonca 
Author-Name: Delio Jose Cordeiro Galvao 
Author-X-Name-First: Delio Jose Cordeiro 
Author-X-Name-Last: Galvao 
Author-Name: Renato Falci Villela Loures 
Author-X-Name-First: Renato Falci Villela 
Author-X-Name-Last: Loures 
Title: Estimation of economic capital for operational risk in banking industry: a Brazilian case 
Abstract:
  This article presents an analysis for the estimation of economic capital
 concerning operational risk in a Brazilian banking industry case making
 use of Markov chains, Extreme Value Theory (EVT) and Peaks Over Threshold
 (POT) modelling. The findings denote that some existent methods present
 consistent results among institutions with similar characteristics of loss
 data. 
Journal: Applied Economics Letters 
Pages: 485-491 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003724234 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003724234&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hooi Hooi Lean 
Author-X-Name-First: Hooi Hooi 
Author-X-Name-Last: Lean 
Author-Name: Russell Smyth 
Author-X-Name-First: Russell 
Author-X-Name-Last: Smyth 
Title: Will Obama's economic stimulus package be effective? Evidence from the misery index 
Abstract:
  We apply Lagrange Multiplier (LM) unit root tests with one and two
 structural breaks to the US misery index. The results indicate that
 aggregate demand shocks, such as the economic stimulus package passed by
 the Congress in 2009, will only have a temporary effect on the long-run
 growth path of the misery index. The implication is that the benefits of
 the Obama package in terms of initiating recovery from the Global
 Financial Crisis will only be transitory. 
Journal: Applied Economics Letters 
Pages: 493-495 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003724259 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003724259&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chul-Hwan Kim 
Author-X-Name-First: Chul-Hwan 
Author-X-Name-Last: Kim 
Author-Name: Donggeun Kim 
Author-X-Name-First: Donggeun 
Author-X-Name-Last: Kim 
Title: Do capital inflows cause current account deficits? 
Abstract:
  This article examines the causal relationship between the Current Account
 (CA) and the Capital Account (KA) for Korea in a multivariate framework.
 The estimation results indicate the existence of bidirectional causality
 between the KA and the CA. The findings imply that an inflow of capital
 causes an appreciation of the Exchange Rate (ER), which in turn worsens
 the CA balance and may even trigger a currency crisis in the absence of
 adequately supervised banking systems and ER flexibility. 
Journal: Applied Economics Letters 
Pages: 497-500 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003724267 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003724267&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeffrey Prince 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Prince 
Author-Name: Daniel Shawhan 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Shawhan 
Title: Is time inconsistency primarily a male problem? 
Abstract:
  We conduct a simple experiment, using real money, that tests whether men
 and woman differ in time consistency. The experiment provides strong
 evidence of time inconsistency among males, but no evidence of such
 behaviour among females. Furthermore, the difference between males and
 females is statistically significant. This result could have important
 implications in marketing and in efforts to improve intertemporal
 decision-marking. 
Journal: Applied Economics Letters 
Pages: 501-504 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761806 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761806&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kenneth Moon 
Author-X-Name-First: Kenneth 
Author-X-Name-Last: Moon 
Author-Name: James LeSage 
Author-X-Name-First: James 
Author-X-Name-Last: LeSage 
Title: Revisiting the question - Does corporate headquarters location matter for stock returns? 
Abstract:
  We show that the ordinary least squares applied to right-hand-side
 variables consisting of averages of neighbouring observations such as
 stock returns representing a portfolio of firms in the same location or
 industry result in biased and inconsistent estimates. A maximum likelihood
 estimation procedure that will produce consistent estimates for this type
 of model is set forth. In addition, we show how to correctly interpret the
 maximum likelihood parameter estimates. 
Journal: Applied Economics Letters 
Pages: 505-508 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761780 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761780&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jurgen Holl 
Author-X-Name-First: Jurgen 
Author-X-Name-Last: Holl 
Author-Name: Robert Kunst 
Author-X-Name-First: Robert 
Author-X-Name-Last: Kunst 
Title: Unit root in unemployment - new evidence from nonparametric tests 
Abstract:
  We apply Range Unit Root (RUR) tests to Organization for Economic
 Co-operation and Development (OECD) unemployment rates and compare the
 results to conventional tests. By simulations, we find that unemployment
 is represented adequately by a new nonlinear transformation of a serially
 correlated I(1) process. 
Journal: Applied Economics Letters 
Pages: 509-512 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003725934 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003725934&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Hoffmann 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Hoffmann 
Author-Name: Gunther Schnabl 
Author-X-Name-First: Gunther 
Author-X-Name-Last: Schnabl 
Title: The theory of optimum currency areas and growth in emerging markets 
Abstract:
  We test for the impact of exchange rate volatility on growth in emerging
 market economies based on the theory of optimum currency areas. Our
 findings provide evidence for a positive impact of exchange rate stability
 on growth. 
Journal: Applied Economics Letters 
Pages: 513-517 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003742434 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003742434&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Yamaguchi 
Author-X-Name-First: R. 
Author-X-Name-Last: Yamaguchi 
Author-Name: K. Ueta 
Author-X-Name-First: K. 
Author-X-Name-Last: Ueta 
Title: Capital depreciation and waste accumulation in capital-resource economies 
Abstract:
  In this article, we investigate how the depreciation of a manufactured
 stock and the related accumulation of a waste stock can alter the optimal
 path of the capital-resource economy. It is shown that the optimal
 consumption path is affected by how the disuse pattern of the manufactured
 stock in question is distributed, specifically with forward-looking terms. 
Journal: Applied Economics Letters 
Pages: 519-522 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761814 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761814&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Philip Grossman 
Author-X-Name-First: Philip 
Author-X-Name-Last: Grossman 
Author-Name: Matthew Parrett 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Parrett 
Title: Religion and prosocial behaviour: a field test 
Abstract:
  Religious people are thought to be more prosocial than nonreligious
 people. Laboratory studies of this using ultimatum, dictator, public goods
 and trust games have produced mixed results, which could be due to lack of
 context. This article examines the relationship between religion and
 prosocial behaviour using data from a context-rich, naturally occurring
 field experiment that closely resembles the dictator game - tipping in
 restaurants. Customers were surveyed as they left a set of restaurants in
 Richmond, Virginia, in the summers of 2002 and 2003. Our findings reveal
 no evidence of religious prosociality. 
Journal: Applied Economics Letters 
Pages: 523-526 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761798 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761798&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Holian 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Holian 
Author-Name: Ali Reza 
Author-X-Name-First: Ali 
Author-X-Name-Last: Reza 
Title: Firm and industry effects in accounting versus economic profit data 
Abstract:
  This article presents estimates of firm and industry fixed effects on
 profit rates for large US corporations, using Economic Value Added (EVA),
 the popular measure of profits produced by Stern Stewart & Co., and simple
 (unadjusted) accounting measures as the dependent variables. We find that
 the improvement in explanatory power of the fixed-effect model is
 substantially greater when using EVA than has been documented with
 alternative measures. 
Journal: Applied Economics Letters 
Pages: 527-529 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761756 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761756&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jean Serbera 
Author-X-Name-First: Jean 
Author-X-Name-Last: Serbera 
Title: Partial horizontal and vertical ownership 
Abstract:
  Others have shown that in vertically related Cournot oligopolies, partial
 ownership could have no real effects on total output or price choice, and
 in a separate way that increasing cross-ownership among rivals leads to
 more collusive outcome. In a complementary manner we study the
 interactions between vertical and horizontal partial ownership giving no
 control over target. This article shows that when the choice of optimal
 cross-ownership profile is simultaneous, a mixed equilibrium with upward
 vertical and horizontal participations can be achieved, vertical and
 horizontal ones being strategic substitutes. We finally exhibit the
 significant influence of vertical shareholdings on output price as on
 profits and on consumer surplus, which in our model is harmful at optimum
 from a consumer and a social point of view. 
Journal: Applied Economics Letters 
Pages: 531-537 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761772 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761772&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Leightner 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Leightner 
Title: Fiscal stimulus for the USA in the current financial crisis: what does 1930-2008 tell us? 
Abstract:
  This article uses Bi-directional Reiterative Truncated Projected Least
 Squares (BD-RTPLS) to estimate annual dGDP/dG (GDP, Gross Domestic Product
 and G, government spending) multipliers for the USA between 1930 and 2008.
 The analysis is redone with quarterly data from 1947 to 2008. To account
 for the influence of omitted variables, BD-RTPLS produces a separate
 dGPP/dG estimate for every observation in the data set. I find that
 whenever the US government increases government spending by an unusually
 large amount in a given year or quarter, the resulting government spending
 multiplier plummets. This is not good news for the current US government
 which is hoping that a huge fiscal stimulus package will rescue the USA
 from the current crisis. 
Journal: Applied Economics Letters 
Pages: 539-549 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003724374 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003724374&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Howe 
Author-X-Name-First: John 
Author-X-Name-Last: Howe 
Author-Name: David Maslar 
Author-X-Name-First: David 
Author-X-Name-Last: Maslar 
Title: The intra-industry effects of the acquisition of Dow Jones 
Abstract:
  We examine the intra-industry effects associated with the acquisition of
 Dow Jones and Company by News Corporation. We test the significance of the
 market's reaction to news releases throughout 2007 using event study
 methods. We find evidence of a direct relation between the stock price
 reaction of Dow Jones and the stock price reaction of its competitors,
 indicating that the market viewed the acquisition as beneficial to Dow
 Jones's industry rivals. 
Journal: Applied Economics Letters 
Pages: 551-554 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003742475 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003742475&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anna Micaela Ciarrapico 
Author-X-Name-First: Anna Micaela 
Author-X-Name-Last: Ciarrapico 
Author-Name: Stefania Cosci 
Author-X-Name-First: Stefania 
Author-X-Name-Last: Cosci 
Title: European banks and cross-selling 
Abstract:
  According to a part of economic literature, the growing competition among
 financial intermediaries, together with the consequent interest margin
 shrink, induced many banks to enter new markets and adopt cross-selling
 strategies. Our results show that two kinds of banks coexist in Europe:
 cross-selling banks, more interested in 'depositors' than in loans, and
 traditional banks, interested in granting loans to good borrowers. The
 awareness of the deep difference existing between these two types of banks
 now operating in Europe is very important for the implementation of an
 effective economic policy in the face of the financial crisis. We find
 evidence that cross-selling banks tend to be localized in countries where
 the banking system is less concentrated but they are not characterized by
 lower interest margins. 
Journal: Applied Economics Letters 
Pages: 555-559 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761749 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761749&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ahmet Ozyigit 
Author-X-Name-First: Ahmet 
Author-X-Name-Last: Ozyigit 
Author-Name: Fehiman Eminer 
Author-X-Name-First: Fehiman 
Author-X-Name-Last: Eminer 
Title: Bounds test approach to the relationship between human capital and foreign direct investment as regressors of economic growth in Turkey 
Abstract:
  Although the linkages between Foreign Direct Investment (FDI), Human
 Capital Investment (HC) and economic growth have been of special interest
 in many lines of research for quite some time, there is no clear-cut
 evidence as to suggest a concrete arrow of causality between these
 variables. This article employs a bounds test analysis for co-integration
 and Granger causality test to investigate a long-term relationship between
 FDI, HC and economic growth in Turkey after 1970. Our results indicate
 that although there is no evidence for the FDI-led growth hypothesis in
 Turkey, there is evidence for causality in the backwards direction. There
 is also a strong arrow of causality running from HC to FDI and economic
 growth. Our findings are in line with the existing literature on the
 linkages between HC and economic growth; however, the fact that FDI does
 not cause economic growth contradicts a vast range of work in the
 literature. To this end, we employ a trivariate framework to analyse
 whether FDI and HC jointly Granger-cause per capita economic growth.
 Although FDI alone does not exhibit a causal relationship with per capita
 income growth, it is the case where FDI and HC jointly produce this
 result. 
Journal: Applied Economics Letters 
Pages: 561-565 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003742426 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003742426&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pratap Chandra Pati 
Author-X-Name-First: Pratap Chandra 
Author-X-Name-Last: Pati 
Author-Name: Prabina Rajib 
Author-X-Name-First: Prabina 
Author-X-Name-Last: Rajib 
Title: Intraday return dynamics and volatility spillovers between NSE S&P CNX Nifty stock index and stock index futures 
Abstract:
  Using 5-min intraday transaction prices, this study investigates the
 relationship between the National Stock Exchange (NSE) S&P CNX Nifty
 futures and its underlying spot index in terms of both return and
 volatility. By applying Johansen-Juselius (J-J) cointegration analysis, we
 find evidence of single common stochastic trend, to which spot and futures
 prices move together in a long-run equilibrium path. The vector error
 correction model (VECM) and Granger causality test find that there is
 unidirectional causality running from futures to spot market. To examine
 the volatility spillovers between the markets, this study has used
 bivariate Generalized Autoregressive Conditional Heteroscedastic (GARCH)
 (1, 1) model with Baba, Engle, Kraft and Kroner (BEKK) parameterization
 and finds evidence of bidirectional volatility spillovers between spot and
 futures markets. However, there is pronounced spillover effect of a
 previous shock and volatility from the futures market to spot market.
 Hence, we conclude that Nifty futures prices lead spot prices and futures
 market largely contributes to price discovery. These findings have
 significant implications for traders in implementing hedging and arbitrage
 trading strategies, for portfolio managers in managing risk and also for
 policymakers in assessing market stability. 
Journal: Applied Economics Letters 
Pages: 567-574 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003742442 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003742442&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christos Agiakloglou 
Author-X-Name-First: Christos 
Author-X-Name-Last: Agiakloglou 
Author-Name: Konstantinos Bloutsos 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Bloutsos 
Title: Comparing estimates of risk between markets and telecommunications institutions in Europe 
Abstract:
  We examine and evaluate the concept of risk for the financial market of
 telecommunications in Europe using the Value-at-Risk (VaR) method. In
 particular, we compare the estimates of risk between stock market indices
 and stock prices of telecommunications institutions in Europe. The
 estimates of risk are obtained as a one-step-ahead forecast using
 AutoRegressive Integrated Moving Average (ARIMA) analysis with Generalized
 AutoRegressive Conditional Heteroscedastic (GARCH) errors. 
Journal: Applied Economics Letters 
Pages: 575-579 
Issue: 6 
Volume: 18 
Year: 2011 
Keywords: value-at- risk method, ARIMA analysis, GARCH models, telecommunications market, 
X-DOI: 10.1080/13504851003742459 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003742459&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Loureiro 
Author-X-Name-First: Maria 
Author-X-Name-Last: Loureiro 
Author-Name: Melina Barrio 
Author-X-Name-First: Melina 
Author-X-Name-Last: Barrio 
Title: Do entreaties reduce the WTA-WTP disparity when valuing public goods? 
Abstract:
  In this work we investigate the effects of entreaties to reduce the
 disparity between willingness to pay (WTP) and willingness to accept (WTA)
 estimates in the valuation of a public program. We find that entreaties
 are very effective on reducing the hypothetical bias inherent to the WTA
 estimates, as well as the gap between both WTP and WTA welfare estimates.
 The success of such entreaties warrants future research in this area. 
Journal: Applied Economics Letters 
Pages: 581-584 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003742467 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003742467&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. H. Hung 
Author-X-Name-First: S. H. 
Author-X-Name-Last: Hung 
Author-Name: M. J. Weng 
Author-X-Name-First: M. J. 
Author-X-Name-Last: Weng 
Title: Panel unit root tests of purchasing power parity for Central Asian countries 
Abstract:
  Is the real price of commodities among the Central Asian countries
 similar? Prior research suggests that for Central Asian countries the
 Purchasing Power Parity (PPP) doctrine does not hold. This article employs
 alternative cross-section correlations of panel unit root tests to examine
 the validity of the PPP hypothesis for three Central Asian countries
 vis-a-vis the Russian Federation. The empirical results show significant
 support for the PPP doctrine in these Central Asian countries when the
 testing takes into account the cross-sectional dependence on panel unit
 root tests. 
Journal: Applied Economics Letters 
Pages: 585-590 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003742483 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003742483&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mingxi Wang 
Author-X-Name-First: Mingxi 
Author-X-Name-Last: Wang 
Author-Name: Shulin Liu 
Author-X-Name-First: Shulin 
Author-X-Name-Last: Liu 
Author-Name: Shouyang Wang 
Author-X-Name-First: Shouyang 
Author-X-Name-Last: Wang 
Title: The simple economics of bid criteria 
Abstract:
  Bid criteria are of prime importance to bidders because they are the
 basis for the bidders to select bid price or bid mark-up. This article
 presents the alternative expressions of the bid criteria of the
 conditional negative and positive profit ratios proposed by Seydel and
 Olson (1990) and Lai et al. (2002), respectively, and interprets them in
 the traditional demand and supply theory. It is found that there is a
 'frontier' bid mark-up if the bidders adopt the conditional profit ratio
 as their sole bid criterion. 
Journal: Applied Economics Letters 
Pages: 591-594 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761731 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761731&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: U&#x11f;ur Soytas 
Author-X-Name-First: U&#x11f;ur 
Author-X-Name-Last: Soytas 
Author-Name: Engin Kucukkaya 
Author-X-Name-First: Engin 
Author-X-Name-Last: Kucukkaya 
Title: Economic growth and financial development in Turkey: new evidence 
Abstract:
  We examine the link between financial development and economic growth in
 Turkey for the period 1991 to 2005 using quarterly data. We use relatively
 new time series techniques that are less prone to bias to examine this
 relationship. We also construct a comprehensive financial development
 index using principal component analysis. When we control for the possible
 effects of inflation and monetary and fiscal policies on monetary
 aggregates and the economic growth rate, we fail to find any long-run
 causality in either direction. The result is also confirmed by generalized
 impulse response analysis. 
Journal: Applied Economics Letters 
Pages: 595-600 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761764 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761764&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gabe de Bondt 
Author-X-Name-First: Gabe 
Author-X-Name-Last: de Bondt 
Title: Equity wealth effects: fundamental or bubble-driven? 
Abstract:
  This article estimates equity wealth effects on euro area consumption,
 splitting equity returns into fundamental- and bubble-related components.
 The equity wealth effect is fundamental-driven, particularly strong since
 1994, and operates comparatively quickly during negative bubble returns. 
Journal: Applied Economics Letters 
Pages: 601-605 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761822 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761822&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steffen Habermalz 
Author-X-Name-First: Steffen 
Author-X-Name-Last: Habermalz 
Title: The speed of employer learning and job market signalling revisited 
Abstract:
  This article discusses the claim made by Altonji and Pierret (AP) (1997)
 and Lange (2007) that a high Speed of Employer Learning (SEL) indicates a
 low value of Job Market Signalling (JMS). It is first discussed
 intuitively in the light of Spence's original model and then evaluated in
 a simple extension of a model developed by AP (1997). The analysis
 provided indicates that, if Employer Learning (EL) is incomplete, a high
 SEL is not necessarily indicative of a low value of JMS. 
Journal: Applied Economics Letters 
Pages: 607-610 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.482514 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.482514&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Title: Persistence of cigarette advertising across media and smoking rates 
Abstract:
  This article uses state-level US panel data to examine the effects of
 cigarette advertising on smoking. We disaggregate cigarette advertising
 into (1) print, (2) outdoor, (3) entertainment and (4) store. How does
 advertising persist over time across advertising media? Are there
 differences in effectiveness of advertising across different smoking
 rates? Results show that the price elasticity of cigarette demand is
 negative and within the range of recent estimates, whereas border price
 elasticities and income elasticities are positive. All elasticities,
 however, are uniquely sensitive to smoking rates, as is the effectiveness
 of the Master Settlement Agreement. Current aggregate advertising
 increases cigarette demand, whereas accompanying negative advertising
 takes hold in the third year. Upon disaggregation, current store
 advertising increases smoking in most cases. However, store advertising
 has a negative effect by the third year, especially in states with smoking
 rates at or above the median. Other advertising media have weak or no
 effects. 
Journal: Applied Economics Letters 
Pages: 611-619 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.487822 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.487822&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gabriel Power 
Author-X-Name-First: Gabriel 
Author-X-Name-Last: Power 
Author-Name: Calum Turvey 
Author-X-Name-First: Calum 
Author-X-Name-Last: Turvey 
Title: Revealing the impact of index traders on commodity futures markets 
Abstract:
  Commodity futures prices and volatility increased dramatically from 2006
 to 2008, following a period during which index traders, a class of large
 investment funds, took on massive commodity futures positions. This
 article presents a method to reveal the extent to which index trader
 trading activity (volume) might have caused increases in futures price
 volatility. This approach is useful when position-level data are
 incomplete or confidential, as with index trader position data. The method
 is applied to leading agricultural commodity futures data. The impact of
 index traders is identified during their period of greatest activity, that
 is, 2005 to 2006, using aggregated volume data that are filtered using
 wavelet transforms. The filtering decision rule is guided by the Commodity
 Futures Trading Commission's (CFTC) finding that index traders do not
 engage in short-run trades. A joint model of futures (filtered) volume and
 (unfiltered) price volatility is estimated by 2SLS to account for the
 endogeneity of prices and volume. As a robustness check, both log-range
 and GARCH measures of volatility are used. The evidence provides no
 support for the claim that index traders have increased price volatility
 for storable commodities (grains/oilseeds) and only weak support in the
 case of nonstorable commodities (meats). 
Journal: Applied Economics Letters 
Pages: 621-626 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761848 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761848&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. Chatterjee 
Author-X-Name-First: S. 
Author-X-Name-Last: Chatterjee 
Author-Name: M. Finke 
Author-X-Name-First: M. 
Author-X-Name-Last: Finke 
Author-Name: N. Harness 
Author-X-Name-First: N. 
Author-X-Name-Last: Harness 
Title: The impact of self-efficacy on wealth accumulation and portfolio choice 
Abstract:
  Self-efficacy is a psychological construct based on the evaluations of
 one's ability to accomplish certain behaviours or achieve certain outcomes
 (Bandura, 1977). Although self-efficacy has been linked to health, task
 accomplishment, greater socio-economic status and income (Seeman and
 Seeman, 1983; Stretcher et al., 1986; Gecas and Seff, 1990; Judge et al.,
 2002; Zagorsky, 2007), there has been no study that investigates whether
 self-efficacy is also a predictor of greater wealth creation over a
 specific period of time. Applying a theoretical framework based on
 self-efficacy, this article investigates household financial behaviours
 using the National Longitudinal Survey of Youth (NLSY79) data-set. For the
 purpose of this study, change in wealth across time and financial market
 participation is modelled as a function of socio-economic and demographic
 variables drawn from prior literature. Findings from this research reveal
 that self-efficacy is indeed a predictor of investment for financial
 assets and is also a predictor of wealth creation across time. 
Journal: Applied Economics Letters 
Pages: 627-631 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761830 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761830&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Ryan Haley 
Author-X-Name-First: M. Ryan 
Author-X-Name-Last: Haley 
Author-Name: Sarinda Taengnoi 
Author-X-Name-First: Sarinda 
Author-X-Name-Last: Taengnoi 
Title: The skill transferability of high-skilled US immigrants 
Abstract:
  Using the 2000 US Census data, we explored the effect of international
 transferability of skills on the earnings of high-skilled US immigrants.
 We confirmed that education and labour market experience received by
 immigrants from Japan and English-speaking developed countries before
 migrating have the greatest transferability; immigrants from
 non-English-speaking and Less Developed Countries (LDCs) make a greater
 investment in US-specific skills after arrival and earn a salary
 commensurate with the acquired skill level. Nevertheless, high-skilled
 workers from English-speaking developed countries still receive higher
 earnings, other things equal. We explore factors that influence this
 earnings differential. 
Journal: Applied Economics Letters 
Pages: 633-636 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.491438 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.491438&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcus Mossfeldt 
Author-X-Name-First: Marcus 
Author-X-Name-Last: Mossfeldt 
Author-Name: Par Osterholm 
Author-X-Name-First: Par 
Author-X-Name-Last: Osterholm 
Title: The persistent labour-market effects of the financial crisis 
Abstract:
  This article estimates the effects of the financial crisis on the Swedish
 labour market. Using an unobserved components model and an external
 forecast, we estimate a future path for the Nonaccelerating Inflation Rate
 of Unemployment (NAIRU). Judging by this analysis, the labour market will
 be in equilibrium again in 2013. Linking the NAIRU to other labour-market
 variables through an estimated vector error correction model and
 population projections, it is found that this new equilibrium is
 associated with a smaller equilibrium labour force and lower equilibrium
 employment. 
Journal: Applied Economics Letters 
Pages: 637-642 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003781424 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003781424&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Magnus Gustavsson 
Author-X-Name-First: Magnus 
Author-X-Name-Last: Gustavsson 
Author-Name: Par Osterholm 
Author-X-Name-First: Par 
Author-X-Name-Last: Osterholm 
Title: Mean reversion in the US unemployment rate - evidence from bootstrapped out-of-sample forecasts 
Abstract:
  This article investigates whether the US unemployment rate is best
 described as a unit-root or mean-reverting process. An out-of-sample
 forecast exercise is conducted in which the performance of an
 autoregressive (AR) model with an imposed unit root is compared with that
 of a mean-reverting AR model. A bootstrap distribution for the relative
 root mean square forecast error is generated and provides strong support
 for mean reversion in the US unemployment rate. 
Journal: Applied Economics Letters 
Pages: 643-646 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761855 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761855&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mahmood Yahyazadehfar 
Author-X-Name-First: Mahmood 
Author-X-Name-Last: Yahyazadehfar 
Author-Name: Mohammad Reza Zali 
Author-X-Name-First: Mohammad Reza 
Author-X-Name-Last: Zali 
Author-Name: Hooman Shababi 
Author-X-Name-First: Hooman 
Author-X-Name-Last: Shababi 
Title: Determinants of investors' financial behaviour in Tehran Stock Exchange 
Abstract:
  Decision-making and investors' behaviours are affected by various factors
 in Tehran Stock Exchange. Based on theoretical perspective, investors
 collect the key information of decision-making by the study of macro- and
 micro-levels of investment environments. To analyse the research data,
 path analysis and Linear Structural Relationships (LISREL) software are
 used. The results indicate that political factors with 62%, psychological
 factors with 53%, economic factors with 47% and internal factors with 31%
 are the most important factors that affect the stocks trading in Tehran
 Stock Exchange. Political and psychological factors not only have direct
 effect but also affect the investors' financial decision-making indirectly
 (through intended interest rate) 16 and 11%, respectively. The total
 effect of political and psychological factors on investors' financial
 decision-making is 79 and 64%, respectively. 
Journal: Applied Economics Letters 
Pages: 647-654 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003781416 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003781416&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Author-Name: Gazi Hassan 
Author-X-Name-First: Gazi 
Author-X-Name-Last: Hassan 
Title: Determinants of the long-run growth rate of Bangladesh 
Abstract:
  This article estimates Total Factor Productivity (TFP) for Bangladesh and
 analyses its key determinants. According to the Solow (1956) growth model,
 long-run growth rate equals TFP. Estimated &#x3b2;-coefficients show that
 trade openness, foreign direct investment and development of financial
 sector increase TFP. 
Journal: Applied Economics Letters 
Pages: 655-658 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003800760 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003800760&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Logan Kelly 
Author-X-Name-First: Logan 
Author-X-Name-Last: Kelly 
Title: The current stock of money: an aggregation theoretic measure of narrowly defined money 
Abstract:
  While the usual definition of narrowly defined money is in terms of
 grouping of assets to be included in the aggregate, the Current Stock of
 Money (CSM) focuses on the function of those assets. By isolating the
 portion of each monetary asset that functions as currency, the CSM
 measures the amount of currency needed to provide an equal level of
 monetary service to that of the current monetary portfolio. This makes the
 CSM suitable for use in any model that contains currency, that is,
 narrowly defined money. Thus, the main contributions of this research are
 to derive the CSM and to show that the Currency Equivalent (CE) index is
 an unbiased measure of the CSM. 
Journal: Applied Economics Letters 
Pages: 659-664 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003800778 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003800778&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Garcia-Jimenez 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Garcia-Jimenez 
Author-Name: Ashok Kumar Mishra 
Author-X-Name-First: Ashok Kumar 
Author-X-Name-Last: Mishra 
Title: Role of ethnicity in consumption of meat products 
Abstract:
  Previous studies on the demand for meat products have not received much
 attention on the role of ethnicity on consumption. Using data from the US
 Consumer Expenditure Survey (CES) and LinQuad demand systems, this study
 investigates the impact of ethnicity on the demand for meat products in
 the United States. Results indicate that ethnicity plays a significant
 role in the consumption of meat products. Specifically, results show that,
 compared to Hispanics, African American households consume significantly
 more bacon, pork chops and chicken meats. In general, White households
 consume lower quantities of meat products, compared to Hispanics,
 specifically chicken and seafood products. 
Journal: Applied Economics Letters 
Pages: 665-669 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003800786 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003800786&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Horacio Sobarzo 
Author-X-Name-First: Horacio 
Author-X-Name-Last: Sobarzo 
Title: Tax reform in Mexico: a general equilibrium assessment 
Abstract:
  This article reports the results of an Applied General Equilibrium Model
 (AGEM) built to simulate a recent fiscal reform initiative of the Mexican
 government. Treating public revenues as endogenous and tax rates as
 exogenous variables, the model explicitly incorporates both the tax
 structure and the oil-exporting sector as important sources of government
 revenues. The results confirm that the fiscal problem in Mexico lies in
 the low degree of tax compliance. By simulating the reform starting in the
 year 2008, the results suggest that consumption taxes are not necessarily
 the unique solution to the tax collection process in a developing country
 like Mexico. 
Journal: Applied Economics Letters 
Pages: 671-678 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.483999 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.483999&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Pistoresi 
Author-X-Name-First: B. 
Author-X-Name-Last: Pistoresi 
Author-Name: F. Salsano 
Author-X-Name-First: F. 
Author-X-Name-Last: Salsano 
Author-Name: D. Ferrari 
Author-X-Name-First: D. 
Author-X-Name-Last: Ferrari 
Title: Political institutions and central bank independence revisited 
Abstract:
  We build on earlier studies regarding Central Bank Independence (CBI) by
 relating it to political, institutional and economic variables. The data
 suggest that CBI is positively related to the presence of federalism, the
 features of the electoral system and parties, the correlation between the
 shocks to the level of economic activity in the countries included in the
 sample and, for a sub-sample of economies, the convergence criteria to
 join the European Monetary Union (EMU). 
Journal: Applied Economics Letters 
Pages: 679-682 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.485923 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.485923&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Dominguez 
Author-X-Name-First: E. 
Author-X-Name-Last: Dominguez 
Author-Name: M. Ullibarri 
Author-X-Name-First: M. 
Author-X-Name-Last: Ullibarri 
Author-Name: I. Zabaleta 
Author-X-Name-First: I. 
Author-X-Name-Last: Zabaleta 
Title: Reduction of working hours as a policy of work sharing in the face of an economic crisis 
Abstract:
  In times of economic crisis, with a high unemployment rate expected to
 continue rising, governments such as those of the European countries which
 establish the number of hours to be worked can share out work by reducing
 the length of the working week. This article constructs a general
 equilibrium model in which the effects of reduction in working hours on
 the main macroeconomic variables are studied. To do so, the model includes
 two important new features with regard to the production function: a
 parameter measuring the productivity of working hours and another
 parameter of adjustment costs measuring the unproductive time in the
 course of the working day. Results show that the employment level always
 improves as the length of the working week is reduced but also reveal an
 inflection point in terms of the productivity of working hours, below
 which a reduction in the number of working hours improves the results of
 macroeconomic variables and above which this policy aggravates the
 economic situation. 
Journal: Applied Economics Letters 
Pages: 683-686 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.485924 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.485924&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: L. M. Doncel 
Author-X-Name-First: L. M. 
Author-X-Name-Last: Doncel 
Author-Name: P. Grau 
Author-X-Name-First: P. 
Author-X-Name-Last: Grau 
Author-Name: J. Otamendi 
Author-X-Name-First: J. 
Author-X-Name-Last: Otamendi 
Author-Name: J. Sainz 
Author-X-Name-First: J. 
Author-X-Name-Last: Sainz 
Title: The truth about mutual funds across Europe 
Abstract:
  Traditional measures of mutual funds persistence are based on measures
 like Jensen's alpha, factor models and so on. As expected, their results
 on a broad data-set of European mutual funds show a small, but relevant,
 amount of persistent funds, depending on the method of estimation used. We
 go further in our analysis and, by using a multiple hypothesis testing
 methodology, find that those measures overstate the performance on the
 sample across countries, signalling persistence in situations where the
 positive results are due to luck. 
Journal: Applied Economics Letters 
Pages: 687-692 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.487820 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.487820&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Fuentes-Castro 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Fuentes-Castro 
Title: Leverage and bubbles: a note on the Spanish property market between 1998 and 2006 
Abstract:
  Financial leverage means the debt taken to make a property investment is
 revalued in the same proportion as the speculative asset acquired. When
 the expected price rises above a certain threshold, it becomes rational to
 take on long-term debt to finance a short-term investment. This causes
 bubbles, which can have disastrous consequences for the economy as a
 whole. We model here the economics of speculative leverage and calculate
 the speculative threshold for the Spanish property market over the last
 decade, showing how far prices were above the mark. 
Journal: Applied Economics Letters 
Pages: 693-695 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.487821 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.487821&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Boitumelo Dudu Moffat 
Author-X-Name-First: Boitumelo Dudu 
Author-X-Name-Last: Moffat 
Author-Name: Abbas Valadkhani 
Author-X-Name-First: Abbas 
Author-X-Name-Last: Valadkhani 
Title: Efficiency of Botswana's financial institutions: a data envelopment analysis 
Abstract:
  This article examines technical and pure technical efficiencies of 10
 major financial institutions in Botswana during the period 2001 to 2006
 using Data Envelopment Analysis (DEA). To obtain more robust and reliable
 results, the sensitivity of our efficiency indices were put to test by
 choosing three alternative approaches in specifying the mix of inputs and
 outputs. The empirical results indicate that (a) no matter which approach
 and year are taken into consideration, Bank of Baroda (BoB) and First
 National Bank (FNB) (which are both foreign banks) and Botswana Savings
 Bank (BSB) (which is a publicly owned institution) are consistently among
 the most efficient institutions and Botswana Development Corporation,
 African Bank Corporation and National Development Bank (NDB) are the least
 efficient ones; and (b) the most efficient banks are either small or large
 institutions in terms of their asset sizes. One can conclude that
 financial institutions can further enhance efficiency by adopting
 Self-Service Technologies (SSTs) such as telephone and Internet banking,
 which can substantially reduce their service delivery costs. 
Journal: Applied Economics Letters 
Pages: 697-702 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.491456 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.491456&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Treme 
Author-X-Name-First: J. 
Author-X-Name-Last: Treme 
Author-Name: R. Burrus 
Author-X-Name-First: R. 
Author-X-Name-Last: Burrus 
Author-Name: B. Sherrick 
Author-X-Name-First: B. 
Author-X-Name-Last: Sherrick 
Title: The impact of recruiting on NCAA basketball success 
Abstract:
  This study examines whether highly ranked recruiting classes
 significantly impact the number of games won by an NCAA men's basketball
 team the following year. The results suggest that highly regarded freshman
 guards increase the number of wins whereas freshman players at other
 positions do not have a significant impact. Although both experience and
 incoming talent significantly affect regular season wins, the results
 imply that experience trumps freshman talent in post-season play in the
 NCAA tournament. 
Journal: Applied Economics Letters 
Pages: 795-798 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.507171 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.507171&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Don Clark 
Author-X-Name-First: Don 
Author-X-Name-Last: Clark 
Author-Name: Alejandro Dellachiesa 
Author-X-Name-First: Alejandro 
Author-X-Name-Last: Dellachiesa 
Title: Cross-country pollution patterns 
Abstract:
  This study investigates the relationship between pollution emissions and
 levels of economic activity as countries move up the per capita income
 scale. Previous studies examine the relationships between pollution and
 per capita income. Pollution emissions are found to be highly concentrated
 among the lower income countries. Poorer countries account for much more
 pollution than would be expected from their levels of economic activity.
 Findings suggest that the proposed US legislation to curb carbon dioxide
 (CO2) emissions will have a minor effect on global warming. The United
 States should not attempt costly emission reductions until there is a
 global agreement on CO2 emissions that includes lower- and middle-income
 countries. 
Journal: Applied Economics Letters 
Pages: 799-804 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.507169 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.507169&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Merkl 
Author-X-Name-First: Christian 
Author-X-Name-Last: Merkl 
Author-Name: Dennis Wesselbaum 
Author-X-Name-First: Dennis 
Author-X-Name-Last: Wesselbaum 
Title: Extensive versus intensive margin in Germany and the United States: any differences? 
Abstract:
  This article analyses the role of the extensive vis-a-vis the intensive
 margin of labour adjustment in Germany and in the United States. The
 contribution is twofold. First, we provide an update of older US studies
 and confirm the view that the extensive margin (i.e. the adjustment in the
 number of workers) explains the largest part in the overall variability in
 aggregate hours. Second, although the German labour market structure is
 very different from its US counterpart, the quantitative importance of the
 extensive margin is of similar magnitude. 
Journal: Applied Economics Letters 
Pages: 805-808 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.507170 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.507170&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Lensink 
Author-X-Name-First: Robert 
Author-X-Name-Last: Lensink 
Author-Name: Thi Thu Tra Pham 
Author-X-Name-First: Thi Thu Tra 
Author-X-Name-Last: Pham 
Title: On the signalling property of debt maturity: empirical evidence from a private bank in Vietnam 
Abstract:
  This article provides new empirical evidence for the relevance of the
 signalling view on debt maturity, using data from a private bank in
 Vietnam. More specifically, we test the empirical predictions of the two
 main signalling models on debt maturity, that is, the models by Flannery
 (1986) and Diamond (1991), and compare this with the debt covenant view.
 The results of our regressions provide strong evidence for a
 downward-sloping effect of firm quality on maturity, which is in line with
 the signalling model of Flannery (1986), and contradict the debt covenant
 view. Our empirical analysis does not support the model by Diamond (1991). 
Journal: Applied Economics Letters 
Pages: 809-816 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.507167 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.507167&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicolas Berman 
Author-X-Name-First: Nicolas 
Author-X-Name-Last: Berman 
Author-Name: Jerome Hericourt 
Author-X-Name-First: Jerome 
Author-X-Name-Last: Hericourt 
Title: Debt denomination, exchange-rate variations and the margins of trade 
Abstract:
  Using firm-level data, we find that a currency depreciation has two
 opposite effects on exports when firms are indebted in foreign currency:
 (i) a pro-competitive effect that increases both the amount of exports by
 firm (the intensive margin) and the number of firms (the extensive
 margin); and (ii) a balance-sheet effect that forces some firms to exit
 the export market and decreases the extensive margin. These results both
 provide an explanation for the negative reactions of trade after recent
 emerging market crises and document a finance-based empirical
 microfoundation to the 'exchange-rate disconnect puzzle'. 
Journal: Applied Economics Letters 
Pages: 817-822 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.510462 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.510462&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. G. Menezes 
Author-X-Name-First: A. G. 
Author-X-Name-Last: Menezes 
Author-Name: D. Sciulli 
Author-X-Name-First: D. 
Author-X-Name-Last: Sciulli 
Author-Name: J. C. Vieira 
Author-X-Name-First: J. C. 
Author-X-Name-Last: Vieira 
Title: Wage persistence and labour market institutions: an analysis of young European workers 
Abstract:
  This article investigates the effects of Labour Market Institutions
 (LMIs) on wage persistence among young European workers at the beginning
 of their careers. We use European Community Household Panel (ECHP) data
 from 1995 to 2001 for 13 EU countries and estimate a three-level random
 intercept probit model that allows for unobserved heterogeneity both at
 the individual and country level. Overall, we find that LMIs explain wage
 persistence. In particular, we find a high level of Employment Protection
 Legislation (EPL) and a high level of Bargaining Centralization (BC)
 increase wage persistence. 
Journal: Applied Economics Letters 
Pages: 823-828 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.505554 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.505554&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Bang 
Author-X-Name-First: James 
Author-X-Name-Last: Bang 
Author-Name: Aniruddha Mitra 
Author-X-Name-First: Aniruddha 
Author-X-Name-Last: Mitra 
Title: Gender bias and the female brain drain 
Abstract:
  This article contributes to the emerging literature on gender differences
 in the causes and consequences of brain drain. Differentiating between
 gender bias in the access to economic opportunities and gender
 differentials in economic outcomes, we find that differences in access
 have a significant impact on the emigration of highly skilled women
 relative to that of men. However, differentials in outcomes do not have a
 significant impact. Additionally, the structure of political institutions
 in the source countries does not have a significant impact on the
 difference in emigration rates. 
Journal: Applied Economics Letters 
Pages: 829-833 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.503928 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.503928&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Arne Bigsten 
Author-X-Name-First: Arne 
Author-X-Name-Last: Bigsten 
Author-Name: Abebe Shimeles 
Author-X-Name-First: Abebe 
Author-X-Name-Last: Shimeles 
Title: The persistence of urban poverty in Ethiopia: a tale of two measurements 
Abstract:
  This article investigates dynamics of poverty in urban Ethiopia using
 both subjective and objective definitions of poverty. The two sets of
 estimates of persistence and recurrence of poverty are similar, suggesting
 that consumption-based mobility or poverty persistence estimates are not
 seriously distorted by measurement error. 
Journal: Applied Economics Letters 
Pages: 835-839 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.503930 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.503930&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bernd Ebersberger 
Author-X-Name-First: Bernd 
Author-X-Name-Last: Ebersberger 
Author-Name: Christine Pirhofer 
Author-X-Name-First: Christine 
Author-X-Name-Last: Pirhofer 
Title: Gender, management education and the willingness for academic entrepreneurship 
Abstract:
  This article explores the determinants of academic entrepreneurship. In
 particular, it investigates the effects of gender and supplementary
 management education on academics' willingness to start up a company. The
 analysis is based on a survey of academics. Controlling for academic
 achievement, field of science and perceived hampering factors, we find
 that female academics show a significantly lower propensity to have a high
 willingness to start up. Our results indicate that supplementary
 management education does not in general have a significant effect on the
 willingness to start up. Yet, for female academics supplementary
 management education exerts a significantly positive effect almost
 offsetting the gender effect. 
Journal: Applied Economics Letters 
Pages: 841-844 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.503931 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.503931&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Horst Feldmann 
Author-X-Name-First: Horst 
Author-X-Name-Last: Feldmann 
Title: Stock markets and unemployment in industrial countries 
Abstract:
  Using data on 20 industrial countries for the period 1982 to 2003, this
 article finds that more active stock markets are likely to lower the
 unemployment rate. The magnitude of the effect appears to be modest but
 noticeable. We control for both endogeneity of stock market activity and
 all major determinants of unemployment. Our results are robust to
 variations in specification. 
Journal: Applied Economics Letters 
Pages: 845-849 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.503929 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.503929&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Evangelia Kasimati 
Author-X-Name-First: Evangelia 
Author-X-Name-Last: Kasimati 
Title: Did the climb on the Greek sovereign spreads cause the devaluation of euro? 
Abstract:
  Despite the minimal size of the Greek economy within eurozone, our
 Error-Correction Model (ECM) identified that the deterioration in the
 public finances of the Greek government caused the euro depreciation over
 the last weeks of 2009 and first weeks of 2010. 
Journal: Applied Economics Letters 
Pages: 851-854 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.503927 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.503927&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Hatemi-J 
Author-X-Name-First: A. 
Author-X-Name-Last: Hatemi-J 
Title: A re-examination of the Fisher effect using an alternative approach 
Abstract:
  The Fisher Effect (FE) is of fundamental importance in financial markets.
 The majority of previous studies have not managed to obtain the expected
 one-for-one reaction of the nominal interest rate to the inflation rate.
 The aim of this article is to reinvestigate the FE for the USA and the UK
 using a case-wise bootstrap approach developed by Hatemi-J and Hacker
 (2005). This method is robust to nonnormality or heteroscedasticity and it
 is used to calculate and test the statistical significance of the
 coefficients. The results support a tax-adjusted FE in the presence of a
 structural break. 
Journal: Applied Economics Letters 
Pages: 855-858 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.505551 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.505551&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yeti Nisha Madhoo 
Author-X-Name-First: Yeti Nisha 
Author-X-Name-Last: Madhoo 
Title: Fish imports as an environmental policy 
Abstract:
  Although Total Allowable Catch (TAC) system has not been successful in
 management of fisheries, fish imports have shown features of an
 environmental-friendly policy. Imports emerge as a significant tool to
 improve fish productivity through biodiversity conservation and induce the
 use of less capital intensive technology. Conversely, TAC system harms
 biodiversity leading to increased capital effort and reduced catch levels.
 Another interesting finding is the existence of an Environmental Kuznets
 Curve (EKC)-type relationship between per capita Gross Domestic Product
 (GDP) and fish catch. As development proceeds, propensity to import
 increases, having favourable impact on biodiversity through reduced fish
 production. 
Journal: Applied Economics Letters 
Pages: 859-864 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.508712 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.508712&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cedric Schneider 
Author-X-Name-First: Cedric 
Author-X-Name-Last: Schneider 
Title: How important are noncorporate patents? A comparative analysis using patent citations data 
Abstract:
  This article analyses the innovative performances of noncorporate
 inventors using patent citations data from the European Patent Office. The
 results show that inventions patented outside an established corporate
 framework are on average less 'important' than corporate patents, but with
 large variations across technology classes. Patents applied for by
 independent inventors, start-ups and corporate firms are of comparable
 'quality' in emerging technologies. The results also highlight that in
 these fields noncorporate patents are more 'radical' than corporate
 patents. 
Journal: Applied Economics Letters 
Pages: 865-871 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.507168 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.507168&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. Smolny 
Author-X-Name-First: W. 
Author-X-Name-Last: Smolny 
Author-Name: M. Kirbach 
Author-X-Name-First: M. 
Author-X-Name-Last: Kirbach 
Title: Wage differentials between East and West Germany: are they related to the location or to the people? 
Abstract:
  Despite rapid economic integration and massive help from the Federal
 Government, large wage differences between East and West Germany still
 persist. We ask whether those differences are related to disadvantageous
 locational conditions in East Germany or could be found in the
 characteristics of the people living there. This article analyses income
 adjustment of East-West migrants based on the German Socio-Economic Panel
 (GSOEP), 1990-2008. Because migrants earned their income in both East and
 West Germany, the effect of the location can be identified. The results
 indicate that the wage differences cannot be attributed to the people. 
Journal: Applied Economics Letters 
Pages: 873-879 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.511990 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.511990&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yang-Cheng Lu 
Author-X-Name-First: Yang-Cheng 
Author-X-Name-Last: Lu 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Title: Long-run purchasing power parity with asymmetric adjustment: further evidence from China 
Abstract:
  This study applies threshold cointegration test advanced by Enders and
 Siklos (2001) to investigate the properties of asymmetric adjustment in
 long-run Purchasing Power Parity (PPP) for China during the period of
 March 1985 to September 2008. Although there is evidence of long-run PPP
 for China, when both the United States and Japan are served as the base
 country, the adjustment mechanism is asymmetric only when the United
 States is served as the base country. These results have particularly
 important policy implications for China. 
Journal: Applied Economics Letters 
Pages: 881-886 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.513673 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.513673&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Meijui Sun 
Author-X-Name-First: Meijui 
Author-X-Name-Last: Sun 
Author-Name: Pei-Gi Shu 
Author-X-Name-First: Pei-Gi 
Author-X-Name-Last: Shu 
Title: The valuation effects of equity carve-outs 
Abstract:
  In an examination of 136 equity carve-outs in Taiwan in 1994-2007 we
 first find significantly positive stock price reactions associated with
 the announcements, consistent with the global findings. We further examine
 the sources of wealth gains on the basis of the asymmetric information
 hypothesis (Nanda, 1991) and the divestiture gains hypothesis (Schipper
 and Smith, 1986) and find that the results lend more support to the latter
 than the former. Specifically, two ramifications of the divestiture gains
 hypothesis are supported: firms that divest unrelated business (refocusing
 strategy hypothesis) and use the proceeds to undertake new investments
 (the investment strategy hypothesis) draw favourable market appraisals. 
Journal: Applied Economics Letters 
Pages: 887-891 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.515196 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.515196&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rosa Abrantes-Metz 
Author-X-Name-First: Rosa 
Author-X-Name-Last: Abrantes-Metz 
Author-Name: Sofia Villas-Boas 
Author-X-Name-First: Sofia 
Author-X-Name-Last: Villas-Boas 
Author-Name: George Judge 
Author-X-Name-First: George 
Author-X-Name-Last: Judge 
Title: Tracking the Libor rate 
Abstract:
  With an eye to providing a methodology for tracking the dynamic integrity
 of prices for important market indicators, in this article we use Benford
 second digit (SD) reference distribution to track the daily London
 Interbank Offered Rate (Libor) over the period 2005 to 2008. This
 reference, known as Benford's law, is present in many naturally occurring
 numerical data sets as well as in several financial data sets. We find
 that in two recent periods, Libor rates depart significantly from the
 expected Benford reference distribution. This raises potential concerns
 relative to the unbiased nature of the signals coming from the 16 banks
 from which the Libor is computed and the usefulness of the Libor as a
 major economic indicator. 
Journal: Applied Economics Letters 
Pages: 893-899 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.515197 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.515197&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Erlinda Mutuc 
Author-X-Name-First: Maria Erlinda 
Author-X-Name-Last: Mutuc 
Author-Name: Samarendu Mohanty 
Author-X-Name-First: Samarendu 
Author-X-Name-Last: Mohanty 
Author-Name: Don Ethridge 
Author-X-Name-First: Don 
Author-X-Name-Last: Ethridge 
Author-Name: Darren Hudson 
Author-X-Name-First: Darren 
Author-X-Name-Last: Hudson 
Title: The effects of the removal of US safeguards on imports from China 
Abstract:
  The expiration of temporary safeguard measures against Chinese exports of
 certain cotton apparel to the US beginning 2009 is estimated to result in
 lower apparel prices in the US by $0.02/kg, on average, whereas cotton
 prices in the US remain unaltered in the medium term (2009-2015). A price
 equilibrium simulation model (of both the cotton apparel and cotton
 sectors) was used to estimate the trade effects of China's increased
 access into the US import market on other Asian and Latin American
 exporters to the US, and ultimately in these exporters' demand for US
 cotton. 
Journal: Applied Economics Letters 
Pages: 901-913 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.517186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.517186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Cuesta 
Author-X-Name-First: Jose 
Author-X-Name-Last: Cuesta 
Title: Music to my ears: the (many) socioeconomic benefits of music training programmes 
Abstract:
  A simple cost-benefit analysis is used to estimate substantive social
 benefits associated with a universal music training programme in Venezuela
 (B/C ratio of 1.68). Those social benefits accrue from both reduced school
 dropouts and declining community victimization. Biases affecting these
 results (omission of other social benefits and selection bias) work in
 opposite directions, which reduce the potential error associated with the
 results. This evidence of important social benefits adds to the already
 existing evidence of individual gains reported by the developmental
 psychology literature. 
Journal: Applied Economics Letters 
Pages: 915-918 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.517187 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.517187&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles Reback 
Author-X-Name-First: Charles 
Author-X-Name-Last: Reback 
Author-Name: Kristin Stowe 
Author-X-Name-First: Kristin 
Author-X-Name-Last: Stowe 
Title: Unnatural experiments: the case of television game shows 
Abstract:
  Economists often use television game shows as 'natural experiments' to
 test theories on risk aversion. This article demonstrates that some of
 these natural experiments may not be so natural after all. Using data from
 Jeopardy!, we show that contestants are chosen to maintain a gender
 balance, with the result that men outperform women across several
 dimensions. This selection bias suggests that caution should be exercised
 in generalizing findings based on these shows to the population as a
 whole. 
Journal: Applied Economics Letters 
Pages: 919-923 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.515198 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.515198&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nadia Doytch 
Author-X-Name-First: Nadia 
Author-X-Name-Last: Doytch 
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Author-Name: Kamal Upadhyaya 
Author-X-Name-First: Kamal 
Author-X-Name-Last: Upadhyaya 
Title: Employment effects of mergers and acquisitions in the United States by sector 
Abstract:
  This article studies the employment effects of mergers and acquisitions
 in the manufacturing, financial and service sectors of the US economy
 using annual time series data from 1978 to 2008. An empirical model is
 developed in which average wages per hour and the total value of mergers
 and acquisitions are the explanatory variables, with the number of people
 employed as the dependent variable. Before estimating the model, the time
 series properties of the data are diagnosed. The estimated results suggest
 that mergers and acquisitions have helped to increase employment in both
 the short-run as well as in the long-run in all three sectors of the
 economy. To ensure the robustness of the finding, a panel data set is
 created and the model is re-estimated using the fixed effects estimator.
 The finding is consistent with the sectoral results. 
Journal: Applied Economics Letters 
Pages: 925-928 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.515200 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.515200&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pierre Siklos 
Author-X-Name-First: Pierre 
Author-X-Name-Last: Siklos 
Title: Central bank transparency: another look 
Abstract:
  This article extends the Dincer and Eichengreen (2007) index of central
 bank transparency. Improvements in transparency are notable in Central and
 Eastern Europe, whereas the index has shown much smaller rises in most
 other parts of the world. The pattern observed by Dincer and Eichengreen,
 consistent with a permanent increase in central bank transparency, is also
 evident in the updated results. The dramatic enhancements in central bank
 transparency reported earlier appear to be a feature of the late 1990s and
 the early 2000s. Whether the subsequent data reflect limits to central
 banks' transparency or, to some extent, transparency 'fatigue' is unclear. 
Journal: Applied Economics Letters 
Pages: 929-933 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.515199 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.515199&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vani Borooah 
Author-X-Name-First: Vani 
Author-X-Name-Last: Borooah 
Title: Driving under the influence: the breathalyser fallacy 
Abstract:
  The use of breathalysers to determine whether a person is 'Driving Under
 the Influence' (DUI) is an example of situations in which the outcome of a
 test - positive or negative - is used to determine whether a condition
 exists. As such, it is susceptible to a fallacy that is inherent in such
 situations: confusing the chances that a person would test positive if
 he/she was DUI with the chances that a person was DUI if he/she tested
 positive. This is referred to here as the breathalyser fallacy and this
 article provides quantitative estimates of the size of this fallacy.
 Almost all of the criticism of the conclusions of breathalyser tests
 (namely, a person over the limit is DUI, a person below the limit is not)
 concerns the likelihood of a person who is not DUI being incorrectly
 identified. This analysis questions this argument. We show that the
 likelihood of an innocent person testing positive depends on two further
 factors: (i) the a priori likelihood that a person selected for breath
 analysis is, in fact, DUI and (ii) the reliability of the test in terms of
 the likelihood of a DUI person being found to be over the limit. If these
 two likelihoods are high, then the probability of a person being guilty of
 DUI for a positive outcome on the breathalyser test would also be high,
 even though there is a significant chance that a person who is not DUI
 will be incorrectly identified as being over the limit. 
Journal: Applied Economics Letters 
Pages: 935-938 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.515201 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.515201&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marco Biagetti 
Author-X-Name-First: Marco 
Author-X-Name-Last: Biagetti 
Author-Name: Sergio Scicchitano 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Scicchitano 
Title: A note on the gender wage gap among managerial positions using a counterfactual decomposition approach: sticky floor or glass ceiling? 
Abstract:
  In this article, we apply a counterfactual decomposition approach using
 Quantile Regression (QR) to the wage distribution of managerial workforce
 in Italy. We find evidence of both significant sticky floor and glass
 ceiling effects for the Gender Wage Gap (GWG). Furthermore, the U-shaped
 figure of the pay gap is mostly due to the difference in rewards that the
 two genders receive for their characteristics, whose relative incidence is
 also continuously increasing as we move to upper quantiles. 
Journal: Applied Economics Letters 
Pages: 939-943 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.518944 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.518944&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Neil Longley 
Author-X-Name-First: Neil 
Author-X-Name-Last: Longley 
Title: Congressional complicity in the baseball antitrust exemption: analysing senate voting patterns 
Abstract:
  This article examines a key congressional vote on preserving baseball's
 antitrust exemption. It finds that the most important factor influencing a
 legislator's vote was whether there was a Major League Baseball (MLB) team
 in the legislator's constituency. This supports the notion that the
 professional sports industry has been effective in 'capturing' their
 political overseers. 
Journal: Applied Economics Letters 
Pages: 945-947 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.518945 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.518945&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Borghesi 
Author-X-Name-First: Richard 
Author-X-Name-Last: Borghesi 
Author-Name: Thomas Pencek 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Pencek 
Title: The value of SmartMoney's stock recommendations 
Abstract:
  We examine the value of expert picks published by SmartMoney, a popular
 investment periodical. Most can be described as 'hot' stocks - those that
 have experienced run-ups in price before publication. However, these
 stocks subsequently underperform the market by 0.45% per month in the
 6-month post-publication period. We also observe that market risk-adjusted
 abnormal returns (AR) are -1.18% per month over the same time period,
 which is significantly below expectations. Results suggest SmartMoney's
 recommendations have negative value to its subscribers. 
Journal: Applied Economics Letters 
Pages: 949-953 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.518946 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.518946&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hwai-Chung Ho 
Author-X-Name-First: Hwai-Chung 
Author-X-Name-Last: Ho 
Author-Name: Chien-Chih Lin 
Author-X-Name-First: Chien-Chih 
Author-X-Name-Last: Lin 
Title: Influence of heterogeneous beliefs on volatility when agents' degree of confidence differs 
Abstract:
  This study provides theoretical and empirical evidences of the effects of
 heterogeneous beliefs on asset volatility when agents' level of confidence
 differs. We derive a stock price formula that is applied to simulating
 stock volatility using Monte Carlo method. Through the simulation results,
 we observe that the influence of heterogeneous beliefs on volatility
 depends on the confident agents' level of optimism. Some empirical results
 are provided to confirm those observations. 
Journal: Applied Economics Letters 
Pages: 955-959 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.520659 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.520659&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. Bounie 
Author-X-Name-First: D. 
Author-X-Name-Last: Bounie 
Author-Name: A. Francois 
Author-X-Name-First: A. 
Author-X-Name-Last: Francois 
Title: The economics of bill payments: an empirical analysis 
Abstract:
  The growing economic literature dedicated to payment instruments mainly
 focuses on the point of sale payments. Yet, credit transfers and direct
 debits used in bill payments are much more used in the euro area than
 cheques, payment cards and other payment instruments. The main objective
 of this article is, therefore, to verify whether the theoretical standard
 framework stated for studying the choice of payment instruments at the
 point of sale is relevant to study bill payments. Using an original data
 set, we show that the main predictions of the standard model do not hold. 
Journal: Applied Economics Letters 
Pages: 961-966 
Issue: 10 
Volume: 18 
Year: 2011 
Keywords: payment instruments, bill payments, 
X-DOI: 10.1080/13504851.2010.520660 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.520660&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ameeta Jain 
Author-X-Name-First: Ameeta 
Author-X-Name-Last: Jain 
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Author-Name: Dianne Thomson 
Author-X-Name-First: Dianne 
Author-X-Name-Last: Thomson 
Title: The relationship between exchange rates, interest rates and Australian bank returns 
Abstract:
  Although there has been significant research on US financial
 intermediaries' stock returns and sensitivity to interest yields, there
 has only been limited research on Australian bank stock returns and key
 macro variables, such as interest rates and exchange rates. The aim of
 this article is to examine this relationship for four major Australian
 banks, namely the Australia New Zealand bank (ANZ), the Commonwealth Bank
 of Australia (CBA), the National Australia Bank (NAB) and the Westpac
 Banking Corporation (WBC). We use the EGARCH model and examine the
 relationship using monthly data covering the period 1992 to 2007. The
 results suggest that for all four banks: (1) there is a similar and
 statistically significant negative relationship between interest rates and
 stock returns; and (2) there is evidence of an increase in returns during
 the period of appreciation of the Australian dollar. 
Journal: Applied Economics Letters 
Pages: 967-972 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.520661 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.520661&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robin Chou 
Author-X-Name-First: Robin 
Author-X-Name-Last: Chou 
Author-Name: Yi-Min Yu 
Author-X-Name-First: Yi-Min 
Author-X-Name-Last: Yu 
Title: Information trading around open market share repurchases: evidence from the Taiwan Stock Exchange 
Abstract:
  We examine the information trading around open market share repurchases
 on the Taiwan Stock Exchange (TSE). Because of the distinctive regulations
 of share repurchases in Taiwan, our samples offer a unique opportunity to
 test changes in information trading during share repurchases. We show that
 the risk of information trading significantly increases during the
 repurchase execution period and reverts back in the post-expiration
 period. It is likely that some uninformed traders leave the market in the
 execution period, in anticipation of higher information uncertainties.
 Therefore, the remaining uninformed traders collectively face higher
 possibility of trading with informed traders. 
Journal: Applied Economics Letters 
Pages: 973-981 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.520662 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.520662&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jo-Hui Chen 
Author-X-Name-First: Jo-Hui 
Author-X-Name-Last: Chen 
Title: The spillover and leverage effects of ethical exchange traded fund 
Abstract:
  Using the Exponentially Generalized AutoRegressive Conditional
 Heteroscedasticity-AutoRegressive Moving Average (EGARCH-ARMA) model,
 there are no differences in terms of the spillover of returns from
 volatilities and leverage effects between ethical and non-ethical Exchange
 Traded Funds (ETFs) against benchmark indexes after applying negative
 ethical screening on ETFs. The lagged ethical ETF returns unilaterally
 influence current stock index returns or the bilateral relationships
 between them. This article sheds new light on the selection process
 involved in ethical ETFs and may provide clues for fund managers as they
 reward investors who prefer ethical value investments. 
Journal: Applied Economics Letters 
Pages: 983-987 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.520663 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.520663&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kazuhiko Nishimura 
Author-X-Name-First: Kazuhiko 
Author-X-Name-Last: Nishimura 
Author-Name: Satoshi Nakano 
Author-X-Name-First: Satoshi 
Author-X-Name-Last: Nakano 
Title: Measuring innovations in the Japanese LCD TVs using market data 
Abstract:
  Quality-adjusted price indexes based on a discrete choice model and a
 weighted hedonic function are estimated using market data for Liquid
 Crystal Display (LCD) TVs obtained from a large Internet price comparison
 service in Japan. Implicit values of attributes were used to unify
 marginal values of attributes into a scalar quality measure, and thus, we
 measure innovations by the price shift while controlling the levels of the
 attributes. We also report estimates on welfare gains through the discrete
 choice approach. 
Journal: Applied Economics Letters 
Pages: 989-995 
Issue: 10 
Volume: 18 
Year: 2011 
Keywords: innovation, measurement, discrete choice, LCD TV, 
X-DOI: 10.1080/13504851.2010.520664 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.520664&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Johanna &#xc5;strom 
Author-X-Name-First: Johanna 
Author-X-Name-Last: &#xc5;strom 
Author-Name: Robert Nakosteen 
Author-X-Name-First: Robert 
Author-X-Name-Last: Nakosteen 
Author-Name: Olle Westerlund 
Author-X-Name-First: Olle 
Author-X-Name-Last: Westerlund 
Author-Name: Michael Zimmer 
Author-X-Name-First: Michael 
Author-X-Name-Last: Zimmer 
Title: See the future by looking at the past: predicting divorce with premarital earnings 
Abstract:
  The effect of spouse's premarital earnings capacity on the probability of
 divorce is examined. This study is based on longitudinal register data on
 married and cohabitating couples in Sweden. We use the residuals from
 estimated earnings equations of men and women based on observations before
 their marriage in estimation of a logit model of divorce. By using
 information on individuals as singles, we can identify the impact of
 relative earnings power on the probability of divorce, per se, without the
 confounding effect of the marital relationship. The results indicate that
 differences in spouse's conditional earnings capacities increase the
 probability of divorce. 
Journal: Applied Economics Letters 
Pages: 997-1000 
Issue: 11 
Volume: 18 
Year: 2011 
Keywords: divorce, earnings, marriage, 
X-DOI: 10.1080/13504851.2010.520665 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.520665&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Miguel Garcia-Rubio 
Author-X-Name-First: Miguel 
Author-X-Name-Last: Garcia-Rubio 
Author-Name: Andres Picazo-Tadeo 
Author-X-Name-First: Andres 
Author-X-Name-Last: Picazo-Tadeo 
Author-Name: Francisco Gonzalez-Gomez 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Gonzalez-Gomez 
Title: Does a red shirt improve sporting performance? Evidence from Spanish football 
Abstract:
  Recent research has linked red shirts to sporting success. In this
 article, we analyse the relationship between the colour red and sporting
 performance in the Spanish Professional Football League. Our foremost
 conclusion is that once the effect of the different endowments of
 resources and the ability of managers have been discounted, teams with red
 shirts do not show greater performance than teams wearing shirts of other
 colours. 
Journal: Applied Economics Letters 
Pages: 1001-1004 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.520666 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.520666&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hideo Aizaki 
Author-X-Name-First: Hideo 
Author-X-Name-Last: Aizaki 
Author-Name: Yasuhiro Nakashima 
Author-X-Name-First: Yasuhiro 
Author-X-Name-Last: Nakashima 
Author-Name: Kiyokazu Ujiie 
Author-X-Name-First: Kiyokazu 
Author-X-Name-Last: Ujiie 
Author-Name: Hironobu Takeshita 
Author-X-Name-First: Hironobu 
Author-X-Name-Last: Takeshita 
Author-Name: Kengo Tahara 
Author-X-Name-First: Kengo 
Author-X-Name-Last: Tahara 
Title: Intention to access food risk information through Internet-enabled mobile phones: the role of critical thinking 
Abstract:
  Although the development of an Internet-based communication system could
 decrease the cost of accessing food risk information, a strong intention
 to access information through the Web would also be required to activate
 consumer behaviour. We examined how consumers' critical thinking attitudes
 influence their intention to contract a hypothetical pay website that
 provides food risk information, through an Internet-enabled mobile phone.
 A payment card contingent valuation method was applied to capture a
 Japanese co-op members' intention to contract the website and the
 willingness to pay for it. A critical thinking attitude was found to have
 a statistically significant effect on the respondents' intention to access
 food risk information, suggesting that to strengthen consumer
 participation in food risk communication through the Internet, it is
 important to examine measures that promote critical thinking among
 consumers. 
Journal: Applied Economics Letters 
Pages: 1005-1009 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.520667 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.520667&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: T. J. Classen 
Author-X-Name-First: T. J. 
Author-X-Name-Last: Classen 
Author-Name: R. A. Dunn 
Author-X-Name-First: R. A. 
Author-X-Name-Last: Dunn 
Title: Suicide, social integration and fertility rates 
Abstract:
  We measure the association between rates of suicide and fertility in the
 United States using a panel of states from 1981 to 2005. We find a
 positive relationship between suicide and fertility rates, in contrast to
 previous empirical work from other countries that has reported a strong
 negative relationship between fertility and suicide. This suggests that
 differences in the health-care system and social safety net between the
 United States and Europe may influence the relationship between childbirth
 and suicide. 
Journal: Applied Economics Letters 
Pages: 1011-1014 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.520668 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.520668&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Marcano 
Author-X-Name-First: Luis 
Author-X-Name-Last: Marcano 
Author-Name: Inder Ruprah 
Author-X-Name-First: Inder 
Author-X-Name-Last: Ruprah 
Title: Incapacity to pay or moral hazard? Public mortgage delinquency rates in Chile 
Abstract:
  High delinquency rate of publicly provided mortgages in social housing
 programmes are often interpreted to be due to moral hazard. In this
 article we show that the typically used parametric approaches give
 misleading results because of overlooked confounding and selection biases.
 We show that using the more appropriate impact or treatment nonparametric
 approach the problem of high delinquency rate in publicly provided
 mortgages is due to the incapacity to pay and not due to moral hazard. The
 results caution against public policies to encourage private mortgage
 providers to move down market, and suggest eliminating mortgages and
 correspondingly increasing the grant component of the programmes. 
Journal: Applied Economics Letters 
Pages: 1015-1020 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.522510 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.522510&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Su-Yin Cheng 
Author-X-Name-First: Su-Yin 
Author-X-Name-Last: Cheng 
Author-Name: Han Hou 
Author-X-Name-First: Han 
Author-X-Name-Last: Hou 
Author-Name: Chia-Cheng Ho 
Author-X-Name-First: Chia-Cheng 
Author-X-Name-Last: Ho 
Author-Name: Joakim Westerlund 
Author-X-Name-First: Joakim 
Author-X-Name-Last: Westerlund 
Title: Financial systems and mechanisms of growth in different conditions of country risk 
Abstract:
  This article uses panel data from 1976 to 2003 to investigate the ways in
 which banking and stock markets influence economic growth in situations of
 high and low country risk. The mean and Standard Deviation (SD) of country
 risk are adopted to classify 28 countries into Low Risk Low Volatility
 (LRLV) and High Risk High Volatility (HRHV) subgroups. Through the
 technique of error correction-based panel co-integration developed by
 Westerlund (2007), several results are obtained. First, LRLV countries can
 expand the capitalization of stock market to enhance long-term economic
 growth. Second, HRHV countries, on the other hand, use two distinct
 strategies to promote long-term economic growth. Initially they develop
 their equity markets, which promote economic growth directly. Strengthened
 equity markets, in turn, aid in the development of credit markets, which
 subsequently brings an economic boom. Finally, regardless of selected
 subgroups, the contribution of stock market capitalization to economic
 growth appears to be substantially larger than that of bank credit,
 highlighting the importance of stock markets. 
Journal: Applied Economics Letters 
Pages: 1021-1028 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.522511 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.522511&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitris Kenourgios 
Author-X-Name-First: Dimitris 
Author-X-Name-Last: Kenourgios 
Author-Name: Athanasios Katevatis 
Author-X-Name-First: Athanasios 
Author-X-Name-Last: Katevatis 
Title: Maturity effect on stock index futures in an emerging market 
Abstract:
  This article examines the maturity effect or Samuelson hypothesis on
 stock index futures in the emerging Greek market, using a range of
 methodologies such as linear models and conditional variance
 specifications. The results obtained show that the Greek index futures
 exhibit the phenomenon of maturity effect. Furthermore, we document a
 positive relationship between futures price volatility and volume and a
 negative one between volatility and open interest. However, including
 trading volume and open interest in a conditional variance framework, we
 provide evidence on the simultaneous diminution of maturity effect. 
Journal: Applied Economics Letters 
Pages: 1029-1033 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.522512 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.522512&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. F. Baklaci 
Author-X-Name-First: H. F. 
Author-X-Name-Last: Baklaci 
Author-Name: O. Olgun 
Author-X-Name-First: O. 
Author-X-Name-Last: Olgun 
Author-Name: E. Can 
Author-X-Name-First: E. 
Author-X-Name-Last: Can 
Title: Noise traders: a new approach to understand the phantom of stock markets 
Abstract:
  In microstructure literature, the ambiguity regarding the distinctive
 features of noise traders suggests that a further exploration of their
 behaviour is needed. In this study, we attempt to illuminate the intraday
 behavioural aspects of noise traders in the Turkish stock market using a
 novel approach. The diagnostic results in the initial phase of the
 analysis reveal that residual volume is a suitable proxy to identify noise
 traders' activities. The second phase of the analysis manifests that the
 noise traders significantly contribute to the volatility in spreads and
 that the duration of the volatility impact is short lived. These results
 are consistent with our prior conjectures and affirm the validity of our
 approach and propositions. The approach and findings, when generalized to
 other emerging markets, carry some implications for policy markers. In
 Turkey, revival of capital gain taxes abolished after the inception of
 global crisis might be a resolution to alleviate noise trader activities. 
Journal: Applied Economics Letters 
Pages: 1035-1041 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.522513 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.522513&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Martinez-Sanchez 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Martinez-Sanchez 
Title: Collusion, competition and piracy 
Abstract:
  In this article we analyse firms' ability to tacitly collude on prices in
 an infinitely repeated duopoly game of vertical product differentiation.
 We show that firms collude if and only if their discount factor is high
 enough, that is, if they value future profits sufficiently. We also show
 that a lower cost of copying facilitates collusion but that a higher
 quality of the copy hinders collusion. Thus, the overall effect of these
 new characteristics of copies made by consumers is ambiguous. 
Journal: Applied Economics Letters 
Pages: 1043-1047 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.522514 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.522514&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Boram Lee 
Author-X-Name-First: Boram 
Author-X-Name-Last: Lee 
Author-Name: Yulia Veld-Merkoulova 
Author-X-Name-First: Yulia 
Author-X-Name-Last: Veld-Merkoulova 
Title: The persistence of memory of Marilyn: the diversification potential of individual artists 
Abstract:
  We investigate the investment performance of the art of Andy Warhol and
 Salvador Dali through constructing hedonic price indices from auction
 sales records. Although the arithmetic average returns are higher for the
 art than for equities, the geometric returns and the Sharpe ratios of the
 art indices underperform the market, because of their higher volatilities.
 The Capital Asset Pricing Model (CAPM) regression results indicate that
 Dali artworks were negatively correlated with the stock market and
 achieved a positive and significant Jensen's alpha of 12.3%. Therefore,
 investment in selected artists' works can provide sufficient
 diversification benefits even for individual investors unable to diversify
 their art portfolios. 
Journal: Applied Economics Letters 
Pages: 1049-1052 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.522515 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.522515&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Naoko Akashi-Ronquest 
Author-X-Name-First: Naoko 
Author-X-Name-Last: Akashi-Ronquest 
Author-Name: Paul Carrillo 
Author-X-Name-First: Paul 
Author-X-Name-Last: Carrillo 
Author-Name: Bruce Dembling 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Dembling 
Author-Name: Steven Stern 
Author-X-Name-First: Steven 
Author-X-Name-Last: Stern 
Title: Measuring the biases in self-reported disability status: evidence from aggregate data 
Abstract:
  Self-reported health status measures are generally used to analyse Social
 Security Disability Insurance's (SSDI) application and award decisions as
 well as the relationship between its generosity and labour force
 participation. Due to endogeneity and measurement error, the use of
 self-reported health and disability indicators as explanatory variables in
 economic models is problematic. We employ county-level aggregate data,
 instrumental variables and spatial econometric techniques to analyse the
 determinants of variation in SSDI rates and explicitly account for the
 endogeneity and measurement error of the self-reported disability measure.
 Two surprising results are found. First, it is shown that measurement
 error is the dominating source of the bias and that the main source of
 measurement error is sampling error. Second, results suggest that there
 may be synergies for applying for SSDI when the disabled population is
 larger. 
Journal: Applied Economics Letters 
Pages: 1053-1060 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.524603 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.524603&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xindan Li 
Author-X-Name-First: Xindan 
Author-X-Name-Last: Li 
Author-Name: Bing Zhang 
Author-X-Name-First: Bing 
Author-X-Name-Last: Zhang 
Title: Has split share structure reform improved the efficiency of the Chinese stock market? 
Abstract:
  Split share structure reform brings about fundamental changes to the
 Chinese stock market. This article compares the market efficiency before
 and after this reform. The generalized spectral derivative method is
 applied, which can capture linear and nonlinear serial dependence, and has
 stronger power against departures from market efficiency. The results show
 that although the markets were inefficient before the split share
 structure reform, they have reached the weak-form efficiency after that.
 This fundamental reform has improved the Chinese stock market efficiency. 
Journal: Applied Economics Letters 
Pages: 1061-1064 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.524604 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.524604&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xianbo Zhou 
Author-X-Name-First: Xianbo 
Author-X-Name-Last: Zhou 
Author-Name: Kui-Wai Li 
Author-X-Name-First: Kui-Wai 
Author-X-Name-Last: Li 
Title: The impact of openness and domestic performance on growth using nonparametric estimation 
Abstract:
  This article distinguishes openness from domestic performance as
 different growth determinants and uses nonparametric estimation to reveal
 their direct effects on GDP. On average, openness promotes growth, but its
 effect on growth is negative when the levels of openness and domestic
 performance both are very low. The effect of domestic performance on
 growth is always positive averagely and locally, but its effect on growth
 is decreasing when the economy experiences the initial stage of
 globalization and domestic performance. Our result makes a useful
 contribution to the globalization debate because the distinction between
 openness and domestic performance shows how different economies can
 perform and improve in each aspect. Among the developing economies,
 openness is a necessary and prerequisite condition for growth, but the
 achievement of a high level in domestic performance is also important for
 growth. 
Journal: Applied Economics Letters 
Pages: 1065-1070 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.524605 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.524605&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christos Kollias 
Author-X-Name-First: Christos 
Author-X-Name-Last: Kollias 
Author-Name: Susana-Maria Paleologou 
Author-X-Name-First: Susana-Maria 
Author-X-Name-Last: Paleologou 
Title: Budgetary trade-offs between defence, education and social spending in Greece 
Abstract:
  We examine the presence of budgetary trade-offs between defence spending
 and welfare expenditure in the case of Greece, the country with the
 highest defence burden in the European Union. The findings reported herein
 point to a positive trade-off between education, social expenditure and
 defence. 
Journal: Applied Economics Letters 
Pages: 1071-1075 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.524606 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.524606&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shah Danyal 
Author-X-Name-First: Shah 
Author-X-Name-Last: Danyal 
Author-Name: Pankaj Maskara 
Author-X-Name-First: Pankaj 
Author-X-Name-Last: Maskara 
Author-Name: Annaheeta Naqvi 
Author-X-Name-First: Annaheeta 
Author-X-Name-Last: Naqvi 
Title: Impact of computer skills on wages in USA 
Abstract:
  Using US NLSY panel data set, staggered every 2 years from 2000 to 2006
 for a cross section of 12&#xa0;686 individuals, we investigate the effect
 of computer skills on wages. We use the definition of computer skills as
 having a personal computer with Microsoft Windows at home. Unlike most
 previous studies in the United States, which used instrumental variables
 for controlling the unobserved factors, we use fixed-effects estimation
 methodology. Based on the unique data set and the robust fixed-effects
 estimation, we find that individuals possessing computer skills earn a
 wage premium. 
Journal: Applied Economics Letters 
Pages: 1077-1081 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.524607 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.524607&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sandeep Mazumder 
Author-X-Name-First: Sandeep 
Author-X-Name-Last: Mazumder 
Title: Inflation and marginal cost: on the importance of their covariance 
Abstract:
  Many researchers have found that estimating the New Keynesian Phillips
 Curve (NKPC) using the output gap to proxy for real marginal cost tends to
 produce a counter-intuitive coefficient sign in the model, whereas using
 the labour income share produces the expected coefficient sign. This
 article investigates the potential cause of this puzzle: What causes these
 differing signs for the coefficient for real marginal cost? We find that
 this coefficient sign crucially depends on the covariance between
 inflation and marginal cost. Moreover, this covariance in turn critically
 depends on the cyclicality of the marginal cost proxy that is used. 
Journal: Applied Economics Letters 
Pages: 1083-1089 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.524608 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.524608&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles Moul 
Author-X-Name-First: Charles 
Author-X-Name-Last: Moul 
Author-Name: John Nye 
Author-X-Name-First: John 
Author-X-Name-Last: Nye 
Title: Money isn't everything: linking college choice to winning prizes and professorships 
Abstract:
  We expand upon the literature that considers how characteristics of
 undergraduate schools affect nonincome outcomes by considering Nobel Prize
 winners and full professors at top 25 universities. We introduce National
 Merit Scholars (NMS) as a percentage of 1960-1961 class as a
 time-appropriate measure of student quality and show how this measure
 largely matches up with prior expectations and observed outcomes. We
 conclude with the discussion of the convex relation between NMS and these
 professional outcomes. 
Journal: Applied Economics Letters 
Pages: 1091-1098 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.524611 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.524611&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ali Ahmed 
Author-X-Name-First: Ali 
Author-X-Name-Last: Ahmed 
Title: Women are not always less competitive than men: evidence from Come Dine with Me 
Abstract:
  Are women less competitive than men? Many experimental and
 nonexperimental studies have documented gender differences in
 competitiveness. This article presents the results from a study that
 examines gender differences in competitiveness in the television show Come
 Dine with Me. It is a cooking show in which amateur chefs compete against
 each other for a cash prize. The show provides an unusual opportunity to
 study gender differences in a high-stakes game environment. The results
 demonstrate that there are no gender differences in competitiveness. 
Journal: Applied Economics Letters 
Pages: 1099-1101 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.524609 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.524609&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Baumohl 
Author-X-Name-First: E. 
Author-X-Name-Last: Baumohl 
Author-Name: S. Lyocsa 
Author-X-Name-First: S. 
Author-X-Name-Last: Lyocsa 
Author-Name: T. Vyrost 
Author-X-Name-First: T. 
Author-X-Name-Last: Vyrost 
Title: Shift contagion with endogenously detected volatility breaks: the case of CEE stock markets 
Abstract:
  Using data from three Central and Eastern European (CEE-3) and two
 developed stock markets, we present a methodology for validating the
 existence of shift contagion between these markets. The use of
 endogenously detected changes in the volatility of stock market returns
 allows us to define relatively high- and low-volatility regimes for
 particular stock markets. We verify whether volatility regimes are
 significantly associated with dynamic conditional correlations (DCCs),
 thus providing evidence for contagion between stock markets. 
Journal: Applied Economics Letters 
Pages: 1103-1109 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.524610 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.524610&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chen-Jui Huang 
Author-X-Name-First: Chen-Jui 
Author-X-Name-Last: Huang 
Author-Name: Jwu-Rong Lin 
Author-X-Name-First: Jwu-Rong 
Author-X-Name-Last: Lin 
Title: Financial liberalization and banking performance: an analysis of Taiwan's former 'Top 10 Banks' 
Abstract:
  This article examines, from a unique sample of once-oligopolized 'Top 10
 Banks' in Taiwan between 1981 and 2001, the dynamic effect of cost-side
 efficiency structure and revenue-side market structure on performance
 gauged by the Return on Asset (ROA) and the Return on Equity (ROE).
 Financial liberalization with market reopening by the Taiwanese government
 in 1991 reduces ROA. Cost Efficiency (CE) and Allocative Efficiency (AE)
 assessed with Data Envelopment Analysis (DEA) increase procyclical ROA but
 are unrelated to ROE, suggesting effectiveness of cost control over
 productivity innovation for the 'Top 10' to maintain performance.
 Operation expansion merely aggravates hierarchical complexity. Market
 Share (MS) and Market Concentration (CR) behave oppositely and profit is
 unaffected by their interaction term, substantiating the standard
 efficient structure hypothesis and confirming inappropriateness of using
 MS as a proxy for efficiency. Under the trend towards universal banking,
 longer-term revenue generated from geographical and operational
 diversification, on balance, is likely to overweigh the cost linked with
 greater asymmetry of information in loan making. 
Journal: Applied Economics Letters 
Pages: 1111-1120 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.526566 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.526566&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chich-Jen Shieh 
Author-X-Name-First: Chich-Jen 
Author-X-Name-Last: Shieh 
Title: Management innovation, corporation core competence and corporate culture: the impact of relatedness 
Abstract:
  This study reports the results of a study of Management Innovation of
 Taiwanese businesses in China. Over 800 questionnaires were sent out to
 the Taiwanese owners/managers in Kun-Shan City, China, with 260 valid
 responses included in the study. Four relationships were examined in the
 study: the correlation between management innovation and corporation core
 competence, between management innovation and the corporate culture,
 between corporation core competence and the corporate culture and finally
 the effect of the corporate culture on the relationship between management
 innovation and corporation core competence. Findings and conclusions are
 discussed. 
Journal: Applied Economics Letters 
Pages: 1121-1124 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.526567 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.526567&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michio Yuda 
Author-X-Name-First: Michio 
Author-X-Name-Last: Yuda 
Title: The effect of habitual smoking on labour productivity 
Abstract:
  This article investigates the effect of habitual smoking on full-time
 employees' hourly wages, which represent one of the social costs of
 smoking. Because the decision whether to smoke is affected by the
 cigarette tax level and by various socioeconomic factors, it is
 appropriate that we treat smoking indicators as endogenous in econometric
 analyses. To control this endogeneity, I use the levels of state and
 federal cigarette taxes per package and family attributes as instrumental
 variables for habitual smoking. According to the estimation results, there
 is no difference in wages between smokers and nonsmokers of both genders
 after appropriately controlling for the endogeneity of smoking. This
 result is different from the results of most previous studies, most of
 which suffer from several methodological problems. I also found that
 cigarette taxes have a strong impact on smoking participation for both
 genders. However, it is also found that cigarette taxes do not make
 smokers without rationality quit smoking. 
Journal: Applied Economics Letters 
Pages: 1125-1132 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.526568 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.526568&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Javed Younas 
Author-X-Name-First: Javed 
Author-X-Name-Last: Younas 
Title: Role of foreign direct investment in estimating capital mobility: a reappraisal of Feldstein-Horioka puzzle 
Abstract:
  As investment by nonresidents is not subject to inter-temporal budget
 constraint of the recipient country, it may not belong to
 Feldstein-Horioka equation. This article finds that capital mobility is
 remarkably high in both developed and developing countries when Foreign
 Direct Investment (FDI) is excluded from domestic investment. Moreover,
 economic openness and financial markets' liberalization are also found to
 have increased the degree of capital mobility. 
Journal: Applied Economics Letters 
Pages: 1133-1137 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.526569 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.526569&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kurt Rotthoff 
Author-X-Name-First: Kurt 
Author-X-Name-Last: Rotthoff 
Author-Name: Danielle Zanzalari 
Author-X-Name-First: Danielle 
Author-X-Name-Last: Zanzalari 
Author-Name: John Jasina 
Author-X-Name-First: John 
Author-X-Name-Last: Jasina 
Title: What are the odds? A measure of the small sample problems 
Abstract:
  Decisions on whether to retain recent hires are often limited by small
 sample size. We empirically assess whether uncertainty in employee
 retention decisions could be significantly reduced by increasing sample
 size. Using a unique data set from professional tennis matches to measure
 small sample outcomes, we find little difference in giving three chances,
 relative to five chances, in determining innate ability. 
Journal: Applied Economics Letters 
Pages: 1139-1143 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.526570 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.526570&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sun-Tien Wu 
Author-X-Name-First: Sun-Tien 
Author-X-Name-Last: Wu 
Author-Name: Chieh-Hsuan Wang 
Author-X-Name-First: Chieh-Hsuan 
Author-X-Name-Last: Wang 
Title: The relationships between rent multiplier and user cost - a case study of Taipei 
Abstract:
  The value of Rent Multiplier (RM) for the city of Taipei has been in
 extraordinary magnitudes and remains to be a myth to most housing
 economists. Why does the RM in Taipei exhibit such a peculiarity? Is it
 because the populace there are so peculiar in their housing behaviours
 that can be held to account for such an extraordinary phenomenon or
 because there are logically consistent economic factors behind the scene
 that might have led the people to make their housing choices rather
 differently from the way usually envisaged by the conventional wisdom in
 economics? In this article, we try to uncover the myth by examining
 whether the economic factors such as user cost, vacancy rate and people's
 disposable income can be held to account for the above-mentioned
 consequence through a vector error correction model. More specifically, we
 examine whether there are long-term relationships between those
 explanatory variables and the RMs in question. The results show that our
 argument that the extraordinary RM phenomenon can be explained with user
 cost is empirically verified. 
Journal: Applied Economics Letters 
Pages: 1145-1148 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.528348 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.528348&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Magnus Soderberg 
Author-X-Name-First: Magnus 
Author-X-Name-Last: Soderberg 
Title: Firm-level inefficiency and its determinants in the Swedish water and wastewater sector 
Abstract:
  The Swedish Water and Wastewater (WW) utilities are subject to a
 cost-of-service regulation with no regulatory incentives to reduce costs.
 An estimation of firm-level inefficiency using stochastic frontier models
 on a cross-sectional sample of 148 utilities from 2006 suggests that
 overall the sector has at least a 15% cost reduction potential. Utilities
 can increase efficiency by reducing network losses. The cost frontier
 shifts to a higher level when (1) two or more municipalities merge their
 WW operations and when (2) utilities receive tax subsidies. 
Journal: Applied Economics Letters 
Pages: 1149-1153 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.528349 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.528349&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cipriano Quiros 
Author-X-Name-First: Cipriano 
Author-X-Name-Last: Quiros 
Title: Liberalization and efficiency in the European postal sector 
Abstract:
  Market competition has been widely considered as one of the main
 determinants of business efficiency. This study evaluates this hypothesis
 for European postal operators. In particular, it takes advantage of the
 coexistence of various degrees of competition in national postal markets
 and the differences in regulations established among countries. For this
 purpose, a stochastic production frontier model is estimated, using a
 database of 17 European national postal operators. The results show that
 the degree of competition in domestic markets and the independence of
 national regulatory authorities are the main factors to explain the
 increase in efficiency in the postal sector. This reinforces the need for
 transposing the European regulatory framework into all national postal
 markets and opening them up to competition with no further delay. 
Journal: Applied Economics Letters 
Pages: 1155-1158 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.528350 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.528350&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julide Yildirim 
Author-X-Name-First: Julide 
Author-X-Name-Last: Yildirim 
Author-Name: Erdogan Yilmaz 
Author-X-Name-First: Erdogan 
Author-X-Name-Last: Yilmaz 
Author-Name: Nebile Korucu 
Author-X-Name-First: Nebile 
Author-X-Name-Last: Korucu 
Title: The determinants of out-of-pocket payments: evidence from selected hospitals in Ankara, Turkey 
Abstract:
  The aim of this study is to explore the determinants of the out-of-pocket
 expenditures on health in selected hospitals of the capital city Ankara,
 Turkey. Maximum likelihood logistic analysis is used to estimate the
 relationship between the likelihood of incurring out-of-pocket payments
 and a set of individual- and facility-level covariates, such as income,
 education level and wealth of the patient. Empirical findings indicate
 that as the level of education, age and income increase the likelihood of
 making out-of-payment expenditures on health increases. Additionally, the
 attitudes of patients towards the health-care system and their possible
 impacts on the decision of out-of-pocket payments have also been
 considered. The distrust in the public health-care system is reflected in
 patients' choices regarding the first applied medical centre. It appears
 that patients with high levels of income prefer private health-care rather
 than the public health-care services. 
Journal: Applied Economics Letters 
Pages: 1159-1162 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.528351 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.528351&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ross Guest 
Author-X-Name-First: Ross 
Author-X-Name-Last: Guest 
Title: Social time preference and the optimal carbon price 
Abstract:
  This article examines the implications of alternative social time
 preference assumptions for the optimal carbon price by numerical
 simulations of a simple Ramsey model. Three specifications of social time
 preferences are compared: a constant social time preference rate (stpr),
 decreasing social impatience or hyperbolic social preferences and
 increasing social impatience. The results show nontrivial effects on the
 optimal carbon price. The policy implication is that value judgements
 about intergenerational welfare, reflected in stpr, have implications for
 policies aimed at achieving a target carbon price. These value judgements
 therefore ought to be made explicit in setting target carbon prices over
 time. 
Journal: Applied Economics Letters 
Pages: 1163-1166 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.528352 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.528352&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. van Groezen 
Author-X-Name-First: B. 
Author-X-Name-Last: van Groezen 
Author-Name: R. Jadoenandansing 
Author-X-Name-First: R. 
Author-X-Name-Last: Jadoenandansing 
Author-Name: G. Pasini 
Author-X-Name-First: G. 
Author-X-Name-Last: Pasini 
Title: Social capital and health across European countries 
Abstract:
  In this article we compare the effect of trust and civic participation on
 self-assessed health across 10 European countries. We find that, after
 controlling for a rich set of socio-economic characteristics, for actual
 health status and for health-related behaviours, trust has a significantly
 positive effect on perceived health in Sweden and Germany, but none in the
 other countries. Civic participation does have a positive and quite
 similar effect in all countries. Our conclusion is that they measure two
 different aspects of social capital that must be treated separately. 
Journal: Applied Economics Letters 
Pages: 1167-1170 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.528353 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.528353&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Garrett 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Garrett 
Author-Name: Lesli Ott 
Author-X-Name-First: Lesli 
Author-X-Name-Last: Ott 
Title: Crime and arrests: deterrence or resource reallocation? 
Abstract:
  We use monthly time-series data for 20 large US cities to test the
 deterrence hypothesis (arrests reduce crimes) and the resource
 reallocation hypothesis (arrests follow from an increase in crime). We
 find (1) weak support for the deterrence hypothesis, (2) much stronger
 support for the resource reallocation hypothesis and (3) differences in
 city-level estimates suggest much heterogeneity in the crime and arrest
 relationship across regions. 
Journal: Applied Economics Letters 
Pages: 1171-1175 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.528354 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.528354&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Scott Hegerty 
Author-X-Name-First: Scott 
Author-X-Name-Last: Hegerty 
Title: Openness and capital flow volatility: comparisons between transition economies and Latin America 
Abstract:
  The transition economies of Eastern Europe, much like Latin America, have
 attracted a great deal of capital and thus become vulnerable to external
 crises. As a result, assessing the volatility of capital movements, and
 distinguishing between stable and transitory flows, is particularly
 important. This study looks at nine transition and six Latin American
 countries individually, modelling Foreign Direct Investment (FDI),
 portfolio and other inflows separately as functions of macroeconomic
 variables that include economic openness. Cointegration analysis shows
 that Latin American flows seem to experience more of a reduction in
 volatility due to increased openness, suggesting that this region enjoys
 more risk-sharing as a result of financial integration than do transition
 economies. 
Journal: Applied Economics Letters 
Pages: 1177-1180 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.528355 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.528355&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tiago de. V. Cavalcanti 
Author-X-Name-First: Tiago 
Author-X-Name-Last: de. V. Cavalcanti 
Author-Name: Kamiar Mohaddes 
Author-X-Name-First: Kamiar 
Author-X-Name-Last: Mohaddes 
Author-Name: Mehdi Raissi 
Author-X-Name-First: Mehdi 
Author-X-Name-Last: Raissi 
Title: Does oil abundance harm growth? 
Abstract:
  This article explores whether natural resource abundance is a curse. Our
 results reveal that oil abundance has a positive effect on both long-run
 income levels and short-run economic growth. 
Journal: Applied Economics Letters 
Pages: 1181-1184 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.528356 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.528356&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Todd Gabe 
Author-X-Name-First: Todd 
Author-X-Name-Last: Gabe 
Author-Name: Bernardita Silva 
Author-X-Name-First: Bernardita 
Author-X-Name-Last: Silva 
Title: Did George W. Bush increase the happiness of US Republicans? 
Abstract:
  Using information from the US General Social Survey (GSS) between 1972
 and 2006, we examine the effects of political affiliation on happiness.
 Regression results show that Republicans are always happier than
 Democrats, but members of both parties tend to be happier during a
 Democratic presidential administration. We do not find compelling evidence
 that Americans are happier when their own political party is in power. 
Journal: Applied Economics Letters 
Pages: 1185-1188 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.528357 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.528357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Bywaters 
Author-X-Name-First: David 
Author-X-Name-Last: Bywaters 
Author-Name: David Thomas 
Author-X-Name-First: David 
Author-X-Name-Last: Thomas 
Title: Real money demand and supply meets Federal debt 
Abstract:
  This article presents the empirical results of an econometric
 investigation of the demand and supply of real money (M2) with real
 Federal debt in the USA economy as a Vector Auto-Regressions (VARs)
 system. This allows the study to focus on the crucial variables of fiscal
 and monetary policies, specifically the debt (wealth-creating
 instruments), the real monetary base and the relevant rates of interest.
 The long- and short-run effects of these variables over the quarterly
 data, spanning from 1960 to 2007, are analysed. Clearly, this is a
 well-researched field, where others have published excellent work,
 although this investigation differs in its choice of variables. The idea
 is to explain the dynamics and mechanisms of adjustment, generally left
 unexplained by economic theory. 
Journal: Applied Economics Letters 
Pages: 1189-1193 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532089 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532089&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tin-Chun Lin 
Author-X-Name-First: Tin-Chun 
Author-X-Name-Last: Lin 
Title: Economic effects of grades on course evaluations 
Abstract:
  In this article, we develop econometric models to test the hypothesis
 that students rate their professors primarily based upon their midterm
 grades. Our findings reveal that students' midterm grades are positively
 and significantly related to professors' overall evaluations, indicating
 that the hypothesis is accepted. 
Journal: Applied Economics Letters 
Pages: 1195-1199 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532090 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532090&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Josep Maria Raya 
Author-X-Name-First: Josep Maria 
Author-X-Name-Last: Raya 
Title: The effect of time on hotel pricing strategy 
Abstract:
  Tourist product distribution over the Internet is encouraging companies
 to implement dynamic pricing policies. The aim of this article is to
 present an empirical model of the dynamics of room prices in tourist
 resorts on the Catalan coast. We estimate a discrete time duration model
 for the probability of a price change occurring at any particular time and
 a count model for the number of price changes occurring over the period.
 The results suggest that the largest marginal effects are caused by a
 change in the location, the hotel category and the market share. 
Journal: Applied Economics Letters 
Pages: 1201-1205 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532091 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532091&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Massimo Peri 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Peri 
Author-Name: Lucia Baldi 
Author-X-Name-First: Lucia 
Author-X-Name-Last: Baldi 
Title: Nonlinear price dynamics between CO2 futures and Brent 
Abstract:
  The growing expansion of European Union Emission Trading futures market
 and the parallel increase in the tendency of using such products also as
 financial instruments in the capital market outline the interest in the
 analysis of European Union Allowances (EUA) futures prices drivers. We
 applied recent developments in the threshold cointegration approach to
 investigate the presence of asymmetric dynamic adjusting processes between
 CO2 futures and spot Brent prices. We found evidence of the existences of
 long-run nonlinear relationships, with Brent prices driving EUA futures
 prices to a long-run equilibrium up to a point where the gap between the
 two prices exceeds a critical threshold. Hence, EUA futures market
 currently do not act only as a tool for compliance within the
 environmental regulation (i.e. to contain CO2 emissions), but has become a
 financial instrument to support firms' profit-maximizing behaviour. 
Journal: Applied Economics Letters 
Pages: 1207-1211 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532092 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532092&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Hey 
Author-X-Name-First: John 
Author-X-Name-Last: Hey 
Author-Name: Carmen Pasca 
Author-X-Name-First: Carmen 
Author-X-Name-Last: Pasca 
Title: On choosing a constitution (at least the part relating to the distribution of income) 
Abstract:
  A constitution is a collection of principles or axioms determining how
 society should be organized and a description of the ordering of the
 axioms in terms of their importance and invocation. We report on an
 exploratory experiment aimed at discovering preferred axioms relating to
 the distribution of income within society. Unlike most previous
 experiments, we inquired directly into preferred axioms, rather than
 indirectly (done by asking subjects to choose between distributions). In
 addition to learning that the experimental design was, in principle,
 appropriate, we discovered that preferences expressed in this direct way
 appear to differ from preferences expressed indirectly. Interestingly, we
 also get an insight into the order in which people prefer principles to be
 implemented, thus suggesting something about relative importance. 
Journal: Applied Economics Letters 
Pages: 1213-1217 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532093 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532093&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Josef Loening 
Author-X-Name-First: Josef 
Author-X-Name-Last: Loening 
Author-Name: Masato Higashi 
Author-X-Name-First: Masato 
Author-X-Name-Last: Higashi 
Title: Decomposing terms of trade fluctuations in Ethiopia 
Abstract:
  This article proposes a technique to decompose short-run fluctuations in
 the terms of trade. Using Ethiopia as an example, we decompose the
 commodity terms of trade into various components to measure the impact of
 price and volume shifts as well as export diversification. We use monthly
 data from the past decade, including periods during the global food and
 financial crises. Our findings suggest that diversification out of
 traditional coffee exports to other export commodities successfully
 mitigated the terms of trade shock. Continued export diversification will
 be beneficial. 
Journal: Applied Economics Letters 
Pages: 1219-1224 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532094 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532094&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Brian Lucey 
Author-X-Name-First: Brian 
Author-X-Name-Last: Lucey 
Author-Name: Brenda Carron 
Author-X-Name-First: Brenda 
Author-X-Name-Last: Carron 
Title: The effect of gender on stock price reaction to the appointment of directors: the case of the FTSE 100 
Abstract:
  We examine the effect of the appointment of directors on the share price
 of FTSE companies. We find that the share price reaction to the
 appointment of directors suggests that gender is not an issue in the
 appointment of nonexecutive directors, but it does have an effect on the
 market reaction to the appointment of executive directors. 
Journal: Applied Economics Letters 
Pages: 1225-1229 
Issue: 13 
Volume: 18 
Year: 2011 
Keywords: FTSE 100, gender, directors, event study, 
X-DOI: 10.1080/13504851.2010.532095 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532095&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jens Matthias Arnold 
Author-X-Name-First: Jens Matthias 
Author-X-Name-Last: Arnold 
Author-Name: Andreas Worgotter 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Worgotter 
Title: Structural reforms and the benefits of the enlarged EU internal market: still much to be gained 
Abstract:
  In the light of recent calls for additional structural reforms in Europe,
 this article looks at the role that a reduction of remaining barriers for
 integration and competition in the EU internal market can play in this
 context. This article presents new estimates of the likely impact of
 product market reform on labour productivity in old and new EU member
 countries, with a particular focus on network industries, professional
 services and retail trade. These estimates reveal that labour productivity
 could be boosted by an average of 10% over a time horizon of 10 years, in
 reward for a reform agenda that would align the stringency of
 anti-competitive regulation in services sectors to European best practice
 across all countries. 
Journal: Applied Economics Letters 
Pages: 1231-1235 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Naomi Kodama 
Author-X-Name-First: Naomi 
Author-X-Name-Last: Kodama 
Author-Name: Kazuhiko Odaki 
Author-X-Name-First: Kazuhiko 
Author-X-Name-Last: Odaki 
Title: Gender difference in the probability of success in starting business turns negligible when controlling for the managerial experience 
Abstract:
  This study analyses the difference in the probability of success in
 starting a business between male and female entrepreneurs. The novel data
 set of the participants of business start-up seminars enables us to
 control for entrepreneurial drive, educational level and managerial
 experience. In contrast to the existing literature, the gender difference
 proves to be negligible after controlling for the managerial experience.
 Our finding implies that the training programmes for women to improve
 their management skill will reduce the gender gap in starting a business. 
Journal: Applied Economics Letters 
Pages: 1237-1241 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532097 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532097&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Harris 
Author-X-Name-First: R. 
Author-X-Name-Last: Harris 
Author-Name: Q. C. Li 
Author-X-Name-First: Q. C. 
Author-X-Name-Last: Li 
Author-Name: J. Moffat 
Author-X-Name-First: J. 
Author-X-Name-Last: Moffat 
Title: The impact of higher education institution-firm knowledge links on firm-level productivity in Britain 
Abstract:
  This article estimates whether knowledge links with universities impact
 on establishment-level Total Factor Productivity (TFP). Using propensity
 score matching, the results show a positive and statistically significant
 impact although there are differences across production and nonproduction
 industries and domestically and foreign-owned firms. 
Journal: Applied Economics Letters 
Pages: 1243-1246 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532098 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532098&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rosa Badillo 
Author-X-Name-First: Rosa 
Author-X-Name-Last: Badillo 
Author-Name: Carmelo Reverte 
Author-X-Name-First: Carmelo 
Author-X-Name-Last: Reverte 
Author-Name: Elena Rubio 
Author-X-Name-First: Elena 
Author-X-Name-Last: Rubio 
Title: The Fisher effect in the EU revisited: new evidence using panel cointegration estimation with global stochastic trends 
Abstract:
  This article is aimed at verifying the fulfilment of the Fisher
 hypothesis for a panel of 15 EU countries using the recent developments in
 the estimation of panel cointegration models with cross-sectional
 dependence generated by unobservable global stochastic trends (Bai et al.,
 2009). Bai et al. (2009) propose two iterative procedures that jointly
 estimate the slope parameters and the stochastic trends. The resulting
 estimators are referred to, respectively, as Continuously Updated and Bias
 Corrected (CupBC) and Continuously Updated and Fully Modified (CupFM)
 estimators. Our results show that, if we ignore the cross-sectional
 dependence generated by global stochastic trends when estimating the
 Fisher equation, we could erroneously infer that there is a full Fisher
 effect, as found by Westerlund (2008) for a panel of OECD countries.
 However, if we explicitly introduce the common factors in the Fisher
 equation, the CupBC and CupFM estimators of the slope parameter on
 inflation are significantly lower than unity, which implies the existence
 of a 'partial' Fisher effect. 
Journal: Applied Economics Letters 
Pages: 1247-1251 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532099 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532099&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. Forrest 
Author-X-Name-First: D. 
Author-X-Name-Last: Forrest 
Author-Name: L. Perez 
Author-X-Name-First: L. 
Author-X-Name-Last: Perez 
Title: Football pools and lotteries: substitute roads to riches? 
Abstract:
  Football pools offer an older alternative to lotto games for gamblers
 seeking high prizes with low stakes. The article models football pools
 demand in Spain over nearly 40 years. The introduction of lotto games to
 the market led to substantial cannibalization of the pools but,
 subsequently, there is no evidence that the products were substitutes when
 the relative value for money fluctuated. Entry fee is shown to be a
 determinant of demand independent of the expected loss per euro, implying
 that long-odds games should not be analysed as if buyers were acquiring a
 purely financial asset. 
Journal: Applied Economics Letters 
Pages: 1253-1257 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532100 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532100&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ana-Isabel Guerra 
Author-X-Name-First: Ana-Isabel 
Author-X-Name-Last: Guerra 
Author-Name: Ferran Sancho 
Author-X-Name-First: Ferran 
Author-X-Name-Last: Sancho 
Title: Budget-constrained expenditure multipliers 
Abstract:
  Standard expenditure multipliers capture economy-wide effects of new
 government projects only when financing constraints are not binding. In
 actual policy-making, however, new projects usually need financing. We
 show that under liquidity constraints, new projects are subject to two
 opposite effects: an income effect and a set of spending substitution
 effects. The former is the traditional, unrestricted, multiplier effect;
 the latter is the result of expenditure reallocation to uphold effective
 financing constraints. Unrestricted multipliers will therefore be, as a
 general rule, upward biased and policy designs based upon them should be
 reassessed in the light of the countervailing substitution effects. We
 also propose a novel decomposition of multiplier effects based on internal
 and external dependencies. 
Journal: Applied Economics Letters 
Pages: 1259-1262 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532101 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532101&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jon Olaskoaga-Larrauri 
Author-X-Name-First: Jon 
Author-X-Name-Last: Olaskoaga-Larrauri 
Author-Name: Ricardo Alaez-Aller 
Author-X-Name-First: Ricardo 
Author-X-Name-Last: Alaez-Aller 
Author-Name: Eneko Arrospide-Zabala 
Author-X-Name-First: Eneko 
Author-X-Name-Last: Arrospide-Zabala 
Title: Determinant factors in the convergence of welfare effort in OECD countries: a decomposition of the Theil indices 
Abstract:
  This article uses Theil's index to confirm the convergence of welfare
 effort in 21 developed countries. Taking advantage of the properties of
 this index, this article decomposes the dispersion of effort into its
 immediate determinants and thus illustrates that it is possible for there
 to be convergence in welfare effort but not in the intensity with which
 national systems protect their citizens. 
Journal: Applied Economics Letters 
Pages: 1263-1266 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532102 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532102&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. Ben Khediri 
Author-X-Name-First: K. 
Author-X-Name-Last: Ben Khediri 
Author-Name: H. Ben-Khedhiri 
Author-X-Name-First: H. 
Author-X-Name-Last: Ben-Khedhiri 
Title: Determinants of bank net interest margin in Tunisia: a panel data model 
Abstract:
  This article examines the determinants of Net Interest Margins (NIM) in
 Tunisia and tests some of the bank's characteristics that are derived
 mainly from the dealership model (Ho and Saunders, 1981). The research
 considers the heterogeneity of individual banks through the use of
 random-effect as well as fixed-effect models. It tests the robustness of
 the results by running the Wooldridge test for autocorrelation in panel
 data and robust cluster estimation. Operating Costs (OC) and Bank Capital
 (BC) are found to be consistent to the theoretical model implying positive
 association to NIM. In addition, NIM is positively related to Opportunity
 Costs of Bank Reserves (OCBR), Implicit Interest Payments (IIP) and
 negatively related to Quality of Management (QM). 
Journal: Applied Economics Letters 
Pages: 1267-1271 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.534052 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.534052&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Viktors Ajevskis 
Author-X-Name-First: Viktors 
Author-X-Name-Last: Ajevskis 
Title: A target zone model with the terminal condition of joining a currency area 
Abstract:
  This study aims to generalize the Krugman target zone model for the case
 of terminal condition of joining a currency area. Using the terminal
 condition and the 'smooth pasting conditions', both analytical and
 numerical solutions of the problem are obtained. The proposed model is
 more adequate than the Krugman one when the moment of joining currency
 area approaches. The properties of the model highlight that monetary
 authorities have some degree of monetary independence until the moment of
 entering a currency zone. The model's outcomes are consistent with dynamic
 properties of the exchange rate time series of the European countries that
 entered euro zone in January 1999. 
Journal: Applied Economics Letters 
Pages: 1273-1278 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.534053 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.534053&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ellen Sewell 
Author-X-Name-First: Ellen 
Author-X-Name-Last: Sewell 
Title: Competition and dealership agglomeration in new car markets 
Abstract:
  The theoretical literature addressing firm agglomeration is rich and
 varied. Yet few empirical studies have been published. This article
 investigates the impact of competition on dealership agglomeration in new
 car markets in the United States. The driving distance between Dodge and
 Ford dealerships is used as a proxy for the extent of market
 agglomeration. The number of new car dealers, used car dealers and
 automotive service facilities are included to measure the extent of
 competition in the market. Both the land area and the population of the
 county are used as measures of market size. The geographical dimension for
 the market is taken to be the county, with counties included in
 multi-county Metropolitan Statistical Areas (MSAs) excluded from the
 study. The empirical results provide no support for the expectation that
 competition drives agglomeration. 
Journal: Applied Economics Letters 
Pages: 1279-1283 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.534054 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.534054&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mathias Moersch 
Author-X-Name-First: Mathias 
Author-X-Name-Last: Moersch 
Author-Name: Armin Pohl 
Author-X-Name-First: Armin 
Author-X-Name-Last: Pohl 
Title: Predicting recessions with the term spread - recent evidence from seven countries 
Abstract:
  Using data including the most recent recession and employing two
 different definitions of recessions, this article examines the ability of
 the term spread of interest rates to predict recessions for seven
 countries. The empirical results indicate that the predictive power of the
 term spread is best for Canada, Germany, the United States and the United
 Kingdom. It is not solely a result of the link with monetary policy but
 for the most part reflects information independent of monetary policy
 actions. The National Bureau of Economic Research (NBER)/Economic Cycle
 Research Institute (ECRI) chronology of recessions provides the best fit. 
Journal: Applied Economics Letters 
Pages: 1285-1288 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.534055 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.534055&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rupert Rhodd 
Author-X-Name-First: Rupert 
Author-X-Name-Last: Rhodd 
Author-Name: Sandra Schrouder 
Author-X-Name-First: Sandra 
Author-X-Name-Last: Schrouder 
Author-Name: Marcus Allen 
Author-X-Name-First: Marcus 
Author-X-Name-Last: Allen 
Title: Weekend business school degrees: Levelling the playing field? 
Abstract:
  Using a sample of 6001 students in the traditional Bachelor of Business
 Administration (BBA) programme and 228 students in the weekend BBA
 programme, this study considers whether undergraduate students who
 participate in a weekend bachelor degree programme at an Association to
 Advance Collegiate Schools of Business (AACSB)-accredited business school
 perform as well as students who attend the traditional programme at the
 same university as measured by their final Grade Point Averages (GPAs).
 The results of this study demonstrate that some demographic factors that
 are correlated with the level of overall academic performance in the
 weekend programme significantly differ from the demographic factors that
 are correlated with students' performances in the traditional programme.
 Although the mean performances of students in the traditional and weekend
 programmes differ only slightly (2.95 GPA and 3.00 GPA, respectively),
 gender and age were a factor only in the traditional programme as females
 and older students outperform males and younger students. Underperformance
 by minority students is consistent in both programmes. 
Journal: Applied Economics Letters 
Pages: 1289-1294 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.534058 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.534058&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jomana Amara 
Author-X-Name-First: Jomana 
Author-X-Name-Last: Amara 
Title: Testing for stationarity using covariates: an application to purchasing power parity 
Abstract:
  We examine the evidence for Purchasing Power Parity (PPP) using
 post-Bretton Woods exchange rate data for 20 industrialized countries. The
 two tests used are the covariate tests for stationarity where the null
 hypothesis of stationarity is tested against the unit root alternative.
 These tests are generalizations of existing univariate stationarity tests
 and improve the power of univariate tests by utilizing the information
 contained in related stationary covariates. We conclude that PPP holds for
 17 out of the 20 countries tested. 
Journal: Applied Economics Letters 
Pages: 1295-1301 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.534059 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.534059&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sherif Khalifa 
Author-X-Name-First: Sherif 
Author-X-Name-Last: Khalifa 
Author-Name: Ousmane Seck 
Author-X-Name-First: Ousmane 
Author-X-Name-Last: Seck 
Author-Name: Elwin Tobing 
Author-X-Name-First: Elwin 
Author-X-Name-Last: Tobing 
Title: Financial wealth effect: evidence from threshold estimation 
Abstract:
  Using Hansen's (1999) threshold estimation technique and Panel Study of
 Income Dynamics (PSID) data set for the waves of 2001, 2003 and 2005, we
 estimate the effects of the fluctuations in financial wealth on the
 consumption behaviour of households for different endogenously determined
 income groups. We found a threshold income level of almost $130 000, below
 which the financial wealth effect is insignificant, and above which the
 effect is 0.004. 
Journal: Applied Economics Letters 
Pages: 1303-1305 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.535777 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.535777&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hai Fang 
Author-X-Name-First: Hai 
Author-X-Name-Last: Fang 
Author-Name: John Rizzo 
Author-X-Name-First: John 
Author-X-Name-Last: Rizzo 
Title: Income inequality dynamics in rural China from 1991 to 2006: the role of alternative income sources 
Abstract:
  This article decomposes income inequality in rural China into five income
 sources and studies the marginal effect of each income source on total
 income inequality. We find that rising wage income and declining
 agricultural income play important roles in the rapid increase of income
 inequality in rural China from 1991 to 2006. Only increases in
 agricultural income appear to reduce total income inequality. China has
 recently eliminated taxes on agricultural income. These findings suggest
 that such a policy will help reduce income inequality in rural China. 
Journal: Applied Economics Letters 
Pages: 1307-1310 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.535778 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.535778&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hans Bystrom 
Author-X-Name-First: Hans 
Author-X-Name-Last: Bystrom 
Title: An index to evaluate fund and fund manager performance 
Abstract:
  I propose a new index, the b-index, to measure the performance of funds
 and fund managers. A fund or fund manager has a b-index equal to b if b is
 the highest number for which it holds that the fund/fund manager has
 returned more than b% at least b years throughout the history of the
 fund/fund manager. 
Journal: Applied Economics Letters 
Pages: 1311-1314 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.535779 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.535779&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Terence Tai-Leung Chong 
Author-X-Name-First: Terence Tai-Leung 
Author-X-Name-Last: Chong 
Author-Name: Wing-Keung Wong 
Author-X-Name-First: Wing-Keung 
Author-X-Name-Last: Wong 
Author-Name: Juan Zhang 
Author-X-Name-First: Juan 
Author-X-Name-Last: Zhang 
Title: A gravity analysis of international stock market linkages 
Abstract:
  The last decade has witnessed a marked improvement in information
 technology. Such an improvement has reduced the information cost for
 market participants. Thus, whether the influence of geographic factors on
 international financial linkage is still significant nowadays is an
 important question yet to be addressed. This article develops a gravity
 model of international financial linkages. Using the panel data of
 bilateral cross-country stock market correlations of 23 countries, it is
 found that the correlations are negatively associated with the Great
 Circular Distance (GCD) between the financial centres of these countries
 and positively associated with the duration of overlapping trading hours
 among stock exchanges and the colonial links between countries. However,
 whether the countries share a common border or language does not affect
 the stock market correlations. 
Journal: Applied Economics Letters 
Pages: 1315-1319 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537614 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537614&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Claudio Bonilla 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Bonilla 
Author-Name: Jean Sepulveda 
Author-X-Name-First: Jean 
Author-X-Name-Last: Sepulveda 
Title: Stock returns in emerging markets and the use of GARCH models 
Abstract:
  We use the Hinich portmanteau bicorrelation test to detect for the
 adequacy of using GARCH (Generalized Autoregressive Conditional
 Heteroscedasticity) as the data-generating process to model conditional
 volatility of stock market index rates of return in 13 emerging economies.
 We find that a GARCH formulation or any of its variants fail to provide an
 adequate characterization for the underlying process of the 13 emerging
 stock market indices. We also study whether there exist evidence of ARCH
 effects, over windows of 200, 400 and 800 observations, using Engle's LM
 (Lagrange Multiplier) test, and find that there exist long periods of time
 with no evidence of ARCH effects. The results suggest that policymakers
 should use caution when using autoregressive models for policy analysis
 and forecast because the inadequacy of GARCH models has strong
 implications for the pricing of stock index options, portfolio selection
 and risk management. Specially, measures of spillover effects and output
 volatility may not be accurate when using GARCH models to evaluate
 economic policy. 
Journal: Applied Economics Letters 
Pages: 1321-1325 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537615 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537615&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vedat Yorucu 
Author-X-Name-First: Vedat 
Author-X-Name-Last: Yorucu 
Author-Name: Ozay Mehmet 
Author-X-Name-First: Ozay 
Author-X-Name-Last: Mehmet 
Title: The bounds-test approach for co-integration between international tourist arrivals, per capita income and cost of living: the case of All Cyprus 
Abstract:
  Tourism is a major income earner for Cyprus, but the market is a divided
 destination. Since 1974 the country has been divided into the North and
 the South, each competing with one another in the same tourism market. For
 the first time, this empirical study investigates an island-wide tourism
 demand. Extending earlier work (Yorucu, 2001), All Cyprus tourism time
 series data covering 1980-2006 has been used in this article to estimate
 demand applying standard bounds-test approach for co-integration within a
 disaggregated framework. The results confirm a special long-run
 equilibrium relationship between Turkey/North Cyprus and Greece/South
 Cyprus. Thus, per capita tourist arrivals from Greece to South Cyprus and
 those from Turkey to North Cyprus are statistically significant with cost
 of living and per capita income variables. So long as incomes per capita
 increase in Turkey and Greece, a reunited All Cyprus will gain as one
 destination as Turkish and Greek citizens will become mobile island-wide. 
Journal: Applied Economics Letters 
Pages: 1327-1331 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537616 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537616&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Alagidede 
Author-X-Name-First: Paul 
Author-X-Name-Last: Alagidede 
Author-Name: Theodore Panagiotidis 
Author-X-Name-First: Theodore 
Author-X-Name-Last: Panagiotidis 
Author-Name: Xu Zhang 
Author-X-Name-First: Xu 
Author-X-Name-Last: Zhang 
Title: Why a diversified portfolio should include African assets 
Abstract:
  We employ parametric and nonparametric cointegration approaches to
 investigate the extent of integration between African stock markets and
 the rest of the world. Long-run correlation estimates imply very low
 association between these two. The two distinct cointegration approaches
 confirm the latter through recursive estimation. The implication is that
 global markets have little impact on African stock markets. However,
 including African assets in a mean-variance portfolio would be beneficial
 to international investors. 
Journal: Applied Economics Letters 
Pages: 1333-1340 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537617 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537617&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matteo Barigozzi 
Author-X-Name-First: Matteo 
Author-X-Name-Last: Barigozzi 
Author-Name: Biagio Speciale 
Author-X-Name-First: Biagio 
Author-X-Name-Last: Speciale 
Title: Immigrants' legal status, permanence in the destination country and the distribution of consumption expenditure 
Abstract:
  This article considers the distribution of consumption expenditures for a
 large sample of documented and undocumented immigrants in Italy. Using the
 one-sided and two-sided Kolmogorov-Smirnov tests, we show that the
 distribution of consumption of immigrants with higher permanence in the
 host country first-order stochastically dominates the one of immigrants
 with lower permanence. These distributions are first-order stochastically
 dominated by the ones of natives with similar characteristics. Apart from
 differences in the first years since migration, undocumented immigrants
 show similar consumption distributions to the ones of documented
 immigrants. 
Journal: Applied Economics Letters 
Pages: 1341-1347 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537618 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537618&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ahmet Goncu 
Author-X-Name-First: Ahmet 
Author-X-Name-Last: Goncu 
Title: Pricing temperature-based weather contracts: an application to China 
Abstract:
  This article is the first study to price temperature-based weather
 derivatives based on the daily average temperatures of Chinese cities,
 namely Beijing, Shanghai and Shenzhen. A dynamic model with a piecewise
 constant volatility function, proposed by Alaton et al. (2002), is used
 for pricing Heating Degree Days (HDD) and Cooling Degree Days (CDD)
 options. Price estimates for these options are obtained using Monte Carlo
 simulation and analytical approximation methods. 
Journal: Applied Economics Letters 
Pages: 1349-1354 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537619 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537619&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dierk Herzer 
Author-X-Name-First: Dierk 
Author-X-Name-Last: Herzer 
Title: The long-run effect of outward FDI on domestic output in developing countries 
Abstract:
  This article examines the long-run effect of outward Foreign Direct
 Investment (FDI) on domestic output in developing countries. Using panel
 cointegration techniques, we find a significant positive long-run effect. 
Journal: Applied Economics Letters 
Pages: 1355-1358 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537620 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537620&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Gallet 
Author-X-Name-First: Craig 
Author-X-Name-Last: Gallet 
Author-Name: Antonio Andres 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Andres 
Title: International evidence on the determinants of alcohol advertising restrictions 
Abstract:
  Unlike previous studies, which address the impact of alcohol advertising
 restrictions on alcohol demand, this article turns the issue around by
 investigating the determinants of alcohol advertising restrictions.
 Estimating a series of Probit models, our results show that the
 probability of adopting advertising restrictions tends to be higher in
 countries with higher life expectancy, higher per capita income, having a
 majority of the population that is Muslim and having a higher share of the
 population that is young. Population density, alcohol consumption and
 economic freedom play largely insignificant roles in the determination of
 advertising restrictions. 
Journal: Applied Economics Letters 
Pages: 1359-1362 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537621 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537621&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Barry Harrison 
Author-X-Name-First: Barry 
Author-X-Name-Last: Harrison 
Author-Name: Winston Moore 
Author-X-Name-First: Winston 
Author-X-Name-Last: Moore 
Title: Nonlinearities in central and eastern European stock markets 
Abstract:
  In this article we use nonlinear tests to investigate the mean reverting
 properties of stock prices in a group of Central and East European (CEE)
 markets. We also test whether returns in our target group of countries
 demonstrate characteristics of persistence and cross-sectional dependence.
 Our results indicate that ignoring the nonlinearity in the stock prices of
 CEE countries could result in misleading inferences. 
Journal: Applied Economics Letters 
Pages: 1363-1366 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537622 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537622&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Kozyra 
Author-X-Name-First: James 
Author-X-Name-Last: Kozyra 
Author-Name: Camillo Lento 
Author-X-Name-First: Camillo 
Author-X-Name-Last: Lento 
Title: Using VIX data to enhance technical trading signals 
Abstract:
  The purpose of this article is to provide new insights into the
 relationship between technical analysis and implied market volatility
 (VIX) by calculating technical trading rules with the VIX price data, as
 opposed to the stock prices. Three trending trading rule signals are
 calculated on the prices of three major US indices and the VIX prices. The
 results reveal that the trading signals calculated with the VIX level
 provide large, statistically significant profits that are in excess of the
 profits from the traditional computation. Sub-period analysis reveals that
 technical trading rules were most (least) profitable during the period
 with the highest (lowest) volatility levels. 
Journal: Applied Economics Letters 
Pages: 1367-1370 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537623 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537623&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: WenShwo Fang 
Author-X-Name-First: WenShwo 
Author-X-Name-Last: Fang 
Author-Name: Stephen Miller 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Miller 
Title: The lag in effect of inflation targeting and policy evaluation 
Abstract:
  The lag in effect of monetary policy contains vital information for the
 policy evaluation. Allowing for a time-varying treatment effect, we show
 that Inflation Targeting (IT) effectively lowers inflation for both
 developed and developing countries. Developed countries reach their
 targets rapidly with a 2-year lag in effect. Developing countries,
 however, reduce inflation gradually towards their targets and do not reach
 their ultimate goal by the end year of 2007. 
Journal: Applied Economics Letters 
Pages: 1371-1375 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537624 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537624&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. You 
Author-X-Name-First: J. 
Author-X-Name-Last: You 
Title: Evaluating poverty duration and transition: a spell-approach to rural China 
Abstract:
  This article uses a discrete-time multivariate duration model to study
 poverty transition in rural China between 1989 and 2006. The analysis
 identifies nonlinear negative duration-dependence for both exit and
 re-entry rates of poverty. There is significant difference in hazard rates
 of exit and re-entry associated with geographic location and educational
 level of households, but less related to gender, occupation or ethnic
 background of household head. The factors facilitating households' ending
 a poverty spell are found to be education, land ownership, asset
 accumulation, health insurance and outmigration, whereas larger family
 size and dependence ratio may reduce the chance of exit. 
Journal: Applied Economics Letters 
Pages: 1377-1382 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537625 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537625&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Bentzen 
Author-X-Name-First: Jan 
Author-X-Name-Last: Bentzen 
Title: Quantifying environmental sustainability using an aggregate index reflecting increasing marginal damage costs 
Abstract:
  In an environmental economics context increasing marginal damage costs
 are usually assumed, and a methodology for calculating a sustainability
 index in accordance with this assumption is presented. The aggregate index
 is constructed from an n-element vector including the values of the (n)
 subset indicators, and the length of this vector in Euclidian space is
 perceived as an alternative measurement scale. Increasing values for any
 of the elements in the vector will influence the total result more than
 proportionately and hence in accordance with an assumption of increasing
 marginal damage costs. 
Journal: Applied Economics Letters 
Pages: 1383-1386 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537626 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537626&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Scott Hegerty 
Author-X-Name-First: Scott 
Author-X-Name-Last: Hegerty 
Title: How stable is the demand for international reserves? 
Abstract:
  Previous research that has tested the stability of the reserve demand
 function uses panel data, without incorporating any adjustment process
 into the testing procedure when providing evidence of instability in
 reserve demand. In this article, we use time-series data, as well as a
 bounds testing approach to error-correction modelling that incorporates
 the adjustment process, to show that reserve demand function is stable in
 20 of the 22 Organisation for Economic Co-operation and Development (OECD)
 countries in our study. 
Journal: Applied Economics Letters 
Pages: 1387-1392 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nick Drydakis 
Author-X-Name-First: Nick 
Author-X-Name-Last: Drydakis 
Title: Health status and wage differences: measuring productivity penalty and discrimination patterns 
Abstract:
  In this study by utilizing the 2008 Athens Area Study (AAS) data set, I
 examine to what extent inequalities in the Greek labour market between
 health-impaired and healthy employees may be attributed to differences in
 productivity and/or discrimination. A group of health-impaired male and
 female employees who self-reported that their productivity is not affected
 by their impairment is used to measure the effects of discrimination
 separately from the effects of poor health on wages. A penalty for
 heath-impaired employees having work limitations exists. Evidence of wage
 discrimination against health-impaired employees having no work
 limitations is also observed. Both findings are statistically significant.
 Currently, health-impaired people do not appear to face a level playing
 field in the Greek labour market. 
Journal: Applied Economics Letters 
Pages: 1393-1396 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537628 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537628&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Simonian 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Simonian 
Title: A Bayesian approach to building robust structural credit default models 
Abstract:
  We present a methodology for constructing robust credit default estimates
 using Bayesian mixture models. Robust models explicitly take parameter
 uncertainty into account by allowing the modeller to formally express his
 degree of confidence in the model he is using and thus generate new model
 parameters that more accurately reflect his views on the soundness of his
 model. In the context of credit risk modelling, robust models are
 beneficial to practitioners because they provide a more structured way to
 err on the side of caution when estimating default probabilities. We
 conclude by briefly comparing the model presented with so-called credit
 risk models of incomplete information. 
Journal: Applied Economics Letters 
Pages: 1397-1400 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.539528 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.539528&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Giulio Bottazzi 
Author-X-Name-First: Giulio 
Author-X-Name-Last: Bottazzi 
Author-Name: Federico Tamagni 
Author-X-Name-First: Federico 
Author-X-Name-Last: Tamagni 
Title: Big and fragile: when size does not shield from default 
Abstract:
  Analysing a large sample of Italian firms we find that the probability of
 default increases with size. This contrasts with the common observation,
 based on measures of exit from business registry data, that firms' death
 rate is inversely related to the scale of their operation and suggests a
 rethinking of the economic role of larger companies. 
Journal: Applied Economics Letters 
Pages: 1401-1404 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.539529 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.539529&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Miao Wang 
Author-X-Name-First: Miao 
Author-X-Name-Last: Wang 
Author-Name: M. C. Sunny Wong 
Author-X-Name-First: M. C. Sunny 
Author-X-Name-Last: Wong 
Title: Inward FDI, remittances and out-migration 
Abstract:
  In this study, we look at the relationship between remittances received
 at home, inward Foreign Direct Investment (FDI) and out-migration of
 individuals with different levels of education. Using the bilateral
 international migration data in 1990 and 2000, we find that inward FDI
 tends to deter the out-migration of individuals with secondary and
 tertiary education, but has no significant impact on the out-migration of
 individuals with primary education. In addition, remittances received at
 home induce the out-migration of individuals with primary education, but
 not the out-migration of individuals with secondary and tertiary
 education. The stock of existing migrants in a foreign country encourage
 future out-migration regardless of migrants' levels of education. 
Journal: Applied Economics Letters 
Pages: 1405-1409 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.539530 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.539530&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Deng Lu 
Author-X-Name-First: Deng 
Author-X-Name-Last: Lu 
Author-Name: Li Si-fei 
Author-X-Name-First: Li 
Author-X-Name-Last: Si-fei 
Author-Name: Wu Wei-xing 
Author-X-Name-First: Wu 
Author-X-Name-Last: Wei-xing 
Title: Market discounts and announcement effects of private placements: evidence from China 
Abstract:
  This article examines the market discounts and announcement effects of
 private equity placements in China. We find that, on average, Chinese
 firms have about 30% market discounts for private placements, which is
 higher in number than those of US firms. Firms experience positive
 announcement effects for private placements and such effects are
 positively related with the market discounts. 
Journal: Applied Economics Letters 
Pages: 1411-1414 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.539531 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.539531&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: N. Baba 
Author-X-Name-First: N. 
Author-X-Name-Last: Baba 
Author-Name: Y. Sakurai 
Author-X-Name-First: Y. 
Author-X-Name-Last: Sakurai 
Title: Predicting regime switches in the VIX index with macroeconomic variables 
Abstract:
  In this article, we investigate the role of US macroeconomic variables as
 leading indicators of regime shifts in the VIX index using a
 regime-switching approach. We find that there are three distinct regimes
 in the VIX index during the 1990 to 2010 period: tranquil regime with low
 volatility, turmoil regime with high volatility and crisis regime with
 extremely high volatility. We also show that the regime shift from the
 tranquil to the turmoil regime is significantly predicted by lower term
 spreads. 
Journal: Applied Economics Letters 
Pages: 1415-1419 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.539532 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.539532&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu-Hsiu Lin 
Author-X-Name-First: Yu-Hsiu 
Author-X-Name-Last: Lin 
Author-Name: Len-Kuo Hu 
Author-X-Name-First: Len-Kuo 
Author-X-Name-Last: Hu 
Title: The role of ownership on control right allocation and compensation contract design 
Abstract:
  We propose a corporate control model that deals with control right
 allocation and compensation contract design. By drawing upon a special
 feature of human nature, that is the sense of gain and loss affiliated
 with initial ownership as described by the prospect theory in Kahneman and
 Tversky (1979), we find that it helps mitigate the inefficiency stemming
 from the agency problem. In particular, there exists a most desirable
 level of 'managerial irrationality' that completely offsets the social
 efficiency loss inflicted by the moral hazard problem. Moreover, less
 control right should be allocated to outside investors and more
 compensation should be granted to the manager as the latter reveals more
 serious concern about his ownership gain and loss. 
Journal: Applied Economics Letters 
Pages: 1421-1426 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.541148 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.541148&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Afonso 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Afonso 
Author-Name: Miguel St. Aubyn 
Author-X-Name-First: Miguel 
Author-X-Name-Last: St. Aubyn 
Title: Assessing health efficiency across countries with a two-step and bootstrap analysis 
Abstract:
  Regressing Data Envelopment Analysis (DEA) output efficiency scores on
 nondiscretionary variables, with a two-stage DEA/Tobit and bootstrap
 procedures, we show that health inefficiency in Organization for Economic
 Co-operation and Development (OECD) countries is related to Gross Domestic
 Product (GDP) per head, education level, obesity and smoking habits. 
Journal: Applied Economics Letters 
Pages: 1427-1430 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.541149 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.541149&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yan Dong 
Author-X-Name-First: Yan 
Author-X-Name-Last: Dong 
Author-Name: John Whalley 
Author-X-Name-First: John 
Author-X-Name-Last: Whalley 
Title: Optimal tariff calculations in tariff games with climate change considerations 
Abstract:
  We discuss whether the introduction of climate change considerations into
 Nash tariff games increases or reduces post-retaliation tariffs. We
 briefly discuss how climate change considerations can be introduced into
 computational trade models. We then calculate optimal tariffs in
 comparable conventional (no climate change considerations present) and
 with climate change trade models. Results show that compared with
 conventional trade models, adding climate change considerations reduces
 the level of optimal tariffs, but this only occurs when the damage effects
 involved are large. 
Journal: Applied Economics Letters 
Pages: 1431-1435 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.541391 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.541391&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsung-Chi Cheng 
Author-X-Name-First: Tsung-Chi 
Author-X-Name-Last: Cheng 
Author-Name: Wei-Jen Wen 
Author-X-Name-First: Wei-Jen 
Author-X-Name-Last: Wen 
Title: Determinants of performing arts attendance in Taiwan: a multivariate probit analysis 
Abstract:
  This article uses data collected from a telephone survey of Taiwanese
 residents to investigate the live performance attendances at four types of
 performing arts: contemporary drama, traditional theatre, dance and music.
 We estimate a Multivariate Probit (MVP) model to characterize the audience
 for each type of performing arts and to find out the pairwise correlations
 across performing arts. The audience of traditional theatre appears to be
 quite different from that of the other three types of performing arts. We
 also show significant and positive correlations across attendances at all
 four performing arts, with the correlation coefficient between dance and
 music being the highest. This indicates that performing arts are
 complements and audiences tend to be 'omnivorous' rather than 'univorous'. 
Journal: Applied Economics Letters 
Pages: 1437-1442 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543060 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543060&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: Further evidence on money and inflation in the long run 
Abstract:
  The long-run money-inflation relation is re-examined in the context of De
 Grauwe and Polan's (2005) recent claim that the monetary aggregates are of
 no use for monetary analysis at low rates of inflation, and Nelson's
 (2002) counterclaim that in cross-country analysis money should be defined
 as currency and allowance should be made for lags. I report cross-section
 results that support a role for the monetary aggregates at low inflation
 when currency is the monetary aggregate, and panel data results that find
 no such role, notwithstanding the use of currency and allowing for lags. 
Journal: Applied Economics Letters 
Pages: 1443-1447 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543061 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543061&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Huai-I. Lee 
Author-X-Name-First: Huai-I. 
Author-X-Name-Last: Lee 
Author-Name: Hsinan Hsu 
Author-X-Name-First: Hsinan 
Author-X-Name-Last: Hsu 
Author-Name: Len-Kuo Hu 
Author-X-Name-First: Len-Kuo 
Author-X-Name-Last: Hu 
Author-Name: Ching-Chung Lin 
Author-X-Name-First: Ching-Chung 
Author-X-Name-Last: Lin 
Title: Portfolio insurance with ratcheted floor as a long-term asset management strategy: implications of loss aversion 
Abstract:
  The existing literature has revealed that the performance of current
 portfolio insurance strategies as long-term asset management is limited.
 Prospect theory implies that creation of ladder return distributions by
 portfolio insurance can improve long-term asset management with criteria
 of loss avoidance and gain protection. Based on this principle, we propose
 the Ratcheted Floor Variable Proportion Portfolio Insurance (RF-VPPI) as a
 competing strategy with the Constant Proportion Portfolio Insurance (CPPI)
 and rolling-CPPI strategies. Simulations and empirical tests demonstrate
 that the RF-VPPI outperforms the CPPI and the rolling-CPPI in the long
 term. 
Journal: Applied Economics Letters 
Pages: 1449-1454 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543062 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543062&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. J. Dawson 
Author-X-Name-First: P. J. 
Author-X-Name-Last: Dawson 
Author-Name: A. I. Sanjuan 
Author-X-Name-First: A. I. 
Author-X-Name-Last: Sanjuan 
Title: Calorie consumption and income: panel cointegration and causality evidence in developing countries 
Abstract:
  Two theories characterize the relationship between calorie consumption
 and income. The Engel curve hypothesizes that calories are determined by
 income whereas the efficiency wage hypothesis posits the converse. This
 article examines the validity of these hypotheses for 41 developing
 countries using panel cointegration methods. Results show bidirectional
 causality and both hypotheses are supported. The long-run income
 elasticity of calorie demand is 0.25, and the calorie elasticity of income
 generation is 1.78. Thus, increases in income can alleviate malnutrition
 to a limited extent, and increases in calorie consumption lead to greater
 work effort and income. 
Journal: Applied Economics Letters 
Pages: 1455-1461 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543063 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543063&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dennis Weisman 
Author-X-Name-First: Dennis 
Author-X-Name-Last: Weisman 
Title: A note on subsidy-free prices and scope economies 
Abstract:
  The necessary admissible range of subsidy-free prices is bounded from
 above by the incremental scope economy measure for the service - the
 difference between total scope economies and the scope economies
 associated with the complement of the service. These incremental scope
 economy measures provide an alternative, though no less computationally
 burdensome, approach for deriving sufficient (necessary) conditions for
 subsidy-free prices. 
Journal: Applied Economics Letters 
Pages: 1463-1468 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543064 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543064&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Whalley 
Author-X-Name-First: John 
Author-X-Name-Last: Whalley 
Author-Name: Shunming Zhang 
Author-X-Name-First: Shunming 
Author-X-Name-Last: Zhang 
Title: Tax-induced multiple equilibria 
Abstract:
  In this article, we present examples of tax-distorted general equilibrium
 economies in which equilibria are unique in the absence of taxes, but
 taxes generate multiplicity when introduced over a range of tax rates. We
 also provide converse examples of economies with multiple no-tax
 equilibria, but where taxes when introduced induce uniqueness. Both Foster
 and Sonnenschein (1970) and Kehoe (1985) discussed the possibility of
 tax-induced multiplicity. Here, we show how in 2-individual 2-good pure
 exchange economies with Constant Elasticity of Substitution/Linear
 Expenditure System (CES/LES) preferences such cases can occur. We also
 provide ranges of consumption tax rates over which these cases can occur
 for alternative parameterizations. 
Journal: Applied Economics Letters 
Pages: 1469-1477 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543065 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543065&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Paradiso 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Paradiso 
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Title: How to offset the negative trend growth rate in the Italian economy? 
Abstract:
  The trend growth rate of the Italian economy has been declining since the
 1980s. To examine how to offset this trend, we estimate a simple
 specification of an endogenous growth model. Cointegrating equations for
 the long-run output growth and its determinants are estimated with
 alternative time series methods. Our results imply that policies to double
 trade openness are necessary. 
Journal: Applied Economics Letters 
Pages: 1479-1483 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543066 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543066&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vahe Lskavyan 
Author-X-Name-First: Vahe 
Author-X-Name-Last: Lskavyan 
Title: Democracy levels and the income-military expenditure relationship 
Abstract:
  I explore whether the level of democracy has an impact on the income
 sensitivity of military expenditures. Such an impact can exist if military
 support is a substitute for popular support in nondemocracies but not in
 democracies. For a panel of developing and less developed countries, I
 find that the sensitivity of military expenditures to income changes
 decreases with the level of democracy. 
Journal: Applied Economics Letters 
Pages: 1485-1489 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543067 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543067&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Mueller 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Mueller 
Author-Name: Philipp Wichardt 
Author-X-Name-First: Philipp 
Author-X-Name-Last: Wichardt 
Title: Why not sell lottery tickets in a pharmacy: on conflicting product features and consumer choice 
Abstract:
  This article reports data from a questionnaire study indicating that in a
 consumer choice problem, additional choice options can cause a tangible
 disutility that people prefer to avoid if the additional options exhibit
 features that conflict with those of the old ones, for example, lottery
 tickets (gambling) and health-care products (health and reliability). 
Journal: Applied Economics Letters 
Pages: 1491-1495 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543068 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543068&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Mulligan 
Author-X-Name-First: James 
Author-X-Name-Last: Mulligan 
Title: Market size, service quality and competition in the US downhill ski industry 
Abstract:
  Using a two-sector model of congestion, I explain theoretically how lower
 travel costs and increased consumer income over time resulted in
 endogenous investment in quality and higher real prices at both national
 and local ski resorts despite limited market entry. I also provide
 empirical evidence for the US ski industry in support of the implications
 of the model. 
Journal: Applied Economics Letters 
Pages: 1497-1500 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543072 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543072&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jinliang Li 
Author-X-Name-First: Jinliang 
Author-X-Name-Last: Li 
Author-Name: Liang Lei 
Author-X-Name-First: Liang 
Author-X-Name-Last: Lei 
Title: Determinants and information of REIT pricing 
Abstract:
  Utilizing advanced asset pricing techniques, we investigate the long-term
 relation between the general economy, the broad equity market and Real
 Estate Investment Trusts (REITs). Both monetary and real economy factors,
 along with the stock market factor, are found to be determinants in REIT
 pricing. On a quarterly basis, we provide evidence that the REIT market is
 efficient in terms of incorporating information from the economy and the
 stock market. Furthermore, we test and find that REITs provide significant
 forward-looking information regarding the economy. 
Journal: Applied Economics Letters 
Pages: 1501-1505 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543074 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543074&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John McDonald 
Author-X-Name-First: John 
Author-X-Name-Last: McDonald 
Title: Why real estate values decline with leverage: a Modigliani-Miller example 
Abstract:
  This article shows that, because real estate investors borrow at an
 interest rate that is greater than the rate at which they can lend, the
 reservation value of real estate investments declines with the amount
 borrowed. The proof is a modified version of the home-made leverage
 examples introduced by Modigliani and Miller (1958). Market value is
 established as the reservation value of the marginal investor. 
Journal: Applied Economics Letters 
Pages: 1507-1510 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.544639 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.544639&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jinliang Li 
Author-X-Name-First: Jinliang 
Author-X-Name-Last: Li 
Author-Name: Chunchi Wu 
Author-X-Name-First: Chunchi 
Author-X-Name-Last: Wu 
Title: Stochastic volatility, liquidity and intraday information flow 
Abstract:
  This article examines the relationship among intradaily information
 flows, volatility and volume based on the Mixture of Distribution
 Hypothesis (MDH). We generalize the MDH model to accommodate both informed
 and uninformed trading effects on return volatility. Using a Fourier
 filtering technique, we uncover the salient long-run dependence of
 information flow from high-frequency data with a relative short time span.
 The positive relationship between volatility and volume is primarily
 driven by the informed component of trading. We find a negative
 correlation between uninformed volume and volatility. Uninformed trading
 seems to add depth and liquidity to the market and therefore reduces
 volatility. 
Journal: Applied Economics Letters 
Pages: 1511-1515 
Issue: 16 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543077 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543077&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luisa Zanforlin 
Author-X-Name-First: Luisa 
Author-X-Name-Last: Zanforlin 
Title: Domestic lending when financial markets are integrated: Is it all for real? 
Abstract:
  Recent episodes of strong growth in banks' credit to the private sector
 have been accompanied by large appreciations of the real exchange rates. I
 conjecture that such appreciations have been associated with cross-country
 interest rate differentials, and integrated financial markets generated
 increases in domestic liquidity. I also conjecture that real exchange
 rates alter the relative values of domestic and foreign collateral goods
 and thus they affect total financing available to a country. I use panel
 data for 91 countries from 1970 to 2000 to investigate the association
 between cross-country interest rate differentials, real exchange rate
 levels and private sector credit growth, through dynamic panel data
 techniques. 
Journal: Applied Economics Letters 
Pages: 1517-1520 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: bank lending, exchange rate policy, emerging markets, 
X-DOI: 10.1080/13504851.2010.548769 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548769&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. D. Snowball 
Author-X-Name-First: J. D. 
Author-X-Name-Last: Snowball 
Author-Name: K. G. Willis 
Author-X-Name-First: K. G. 
Author-X-Name-Last: Willis 
Title: Interview versus self-completion questionnaires in discrete choice experiments 
Abstract:
  Since the NOAA (National Oceanic and Atmospheric Administration) panel
 (1993) on Contingent Valuation (CV), it has been accepted that Willingness
 to Pay (WTP) data should ideally be collected using only face-to-face
 interviews and not self-completion surveys. However, there has been little
 testing of the accuracy of Discrete Choice Experiment (DCE) data collected
 using self-completion methods, which may actually produce more reliable
 results because of a reduction in interviewer bias and because respondents
 are given more time to think. This research, conducted at the South
 African National Arts Festival (NAF), compares the findings of
 face-to-face and self-completion surveys using a choice experiment
 eliciting the willingness of attenders to pay for various attributes of
 live theatre performances. Results show that attribute coefficients are
 consistently lower for the self-completion data than for the interview
 data and, for the model including interaction terms, have lower SEs for
 the majority of the coefficients. WTP estimates are also lower and, given
 ticket prices, more realistic, when using the self-completion data. 
Journal: Applied Economics Letters 
Pages: 1521-1525 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: discrete choice, questionnaires, interview, self-completion, 
X-DOI: 10.1080/13504851.2010.548770 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548770&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bidisha Mukhopadhyay 
Author-X-Name-First: Bidisha 
Author-X-Name-Last: Mukhopadhyay 
Author-Name: Rudra Pradhan 
Author-X-Name-First: Rudra 
Author-X-Name-Last: Pradhan 
Author-Name: Mete Feridun 
Author-X-Name-First: Mete 
Author-X-Name-Last: Feridun 
Title: Finance-growth nexus revisited for some Asian countries 
Abstract:
  This article investigates the causal relationship between financial
 development and economic growth for Thailand, Indonesia, Malaysia, the
 Philippines, China, India and Singapore for the period between 1979 and
 2009, using Johansen cointegration tests and vector error correction
 models. The results suggest that in the case of Indonesia, Singapore, the
 Philippines, China and India financial development leads to economic
 growth, whereas in the case of Thailand there exists a bidirectional
 causality between these variables. The results further suggest that in the
 case of Malaysia financial development does not seem to cause economic
 growth. 
Journal: Applied Economics Letters 
Pages: 1527-1530 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: financial development, economic growth, multivariate VAR, 
X-DOI: 10.1080/13504851.2010.548771 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548771&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Kim 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Kim 
Author-Name: Andrew Perumal 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Perumal 
Title: Are Asian-Pacific real exchange rates (trend) stationary? 
Abstract:
  We apply the Range Unit-Root (RUR) test, a new nonparametric test
 advanced by Aparicio et al. (2006), to the exploration of stationarity for
 19 Asian-Pacific currencies. The RUR test is exceptionally well suited to
 this analysis because it is robust against multiple structural breaks,
 parameter shifts and certain additive outliers, does not depend on the
 variance of any stationary alternative and thereby outperforms standard
 tests in terms of power on near-unit-root stationary time series. We find
 strikingly favourable results for trend-stationarity for most of the 19
 Asian-Pacific currencies studied. Our results indicate that the long-run
 equilibrium Real Exchange Rate (RER) varies with changes in some real
 economic factors, hinting at some type of Balassa-Samuelson effects, which
 is particularly plausible for export-led, fast-growing economies such as
 many of the Asian-Pacific countries included in this study. 
Journal: Applied Economics Letters 
Pages: 1531-1535 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: real exchange rates, trend-stationarity, RUR, FB-RUR, 
X-DOI: 10.1080/13504851.2010.548772 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548772&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Garcia-Quevedo 
Author-X-Name-First: Jose 
Author-X-Name-Last: Garcia-Quevedo 
Author-Name: Francisco Mas-Verdu 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Mas-Verdu 
Author-Name: Jose Polo-Otero 
Author-X-Name-First: Jose 
Author-X-Name-Last: Polo-Otero 
Title: R&D human resources in firms: What determines the educational level required? 
Abstract:
  This article analyses the determinants of the demand for R&D employees
 with different educational levels. The results from the estimations of an
 ordered logit model show that the main characteristics of the firms that
 explain the level of education required are university-firm cooperation,
 R&D intensity and how internal R&D activities are organized. 
Journal: Applied Economics Letters 
Pages: 1537-1540 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: R&D, skills, human resources, 
X-DOI: 10.1080/13504851.2010.548774 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548774&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank Strobel 
Author-X-Name-First: Frank 
Author-X-Name-Last: Strobel 
Title: Bank insolvency risk and different approaches to aggregate Z-score measures: a note 
Abstract:
  We discuss to what extent existing approaches to the construction of
 aggregate Z-score measures capture the notion of systemic soundness,
 propose some alternative ones that could be just as informative and have
 potential complementary value, and illustrate how these different
 approaches compare using a data set of Organisation for Economic
 Co-operation and Development (OECD) commercial, cooperative and savings
 banks for the period 1994-2008. 
Journal: Applied Economics Letters 
Pages: 1541-1543 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: insolvency risk, aggregate Z-score, systemic soundness, 
X-DOI: 10.1080/13504851.2010.548775 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548775&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Katharina Hauck 
Author-X-Name-First: Katharina 
Author-X-Name-Last: Hauck 
Author-Name: Bruce Hollingsworth 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Hollingsworth 
Title: Health dynamics, adaptation to illness and resource allocation 
Abstract:
  The increased availability of panel data has made it possible to estimate
 and measure health dynamics for population subgroups who may have
 systematically different levels of dynamics. We use a straightforward
 hypothetical example to investigate the implications of different levels
 of health dynamics on health outcomes, considering in addition the effects
 of adaptation to illness over time. The results demonstrate implications
 for the assessment of health technologies. 
Journal: Applied Economics Letters 
Pages: 1545-1548 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: health dynamics, panel data, quality-adjusted life years, adaptation, response shift, 
X-DOI: 10.1080/13504851.2010.548776 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548776&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guo Li 
Author-X-Name-First: Guo 
Author-X-Name-Last: Li 
Author-Name: Lee Sanning 
Author-X-Name-First: Lee 
Author-X-Name-Last: Sanning 
Author-Name: Sherrill Shaffer 
Author-X-Name-First: Sherrill 
Author-X-Name-Last: Shaffer 
Title: Forecasting bank failures: timeliness versus number of failures 
Abstract:
  Motivated by the observation that very few banks fail in normal years, we
 explore the impact of that pattern on the precision of a standard
 statistical failure model and discuss implications for regulation and risk
 management. Out-of-sample forecasting is found to be worse for a model
 fitted to recent data with few failures than for a model fitted to much
 older data with more failures. 
Journal: Applied Economics Letters 
Pages: 1549-1552 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: bank failure, early warning, rare events, 
X-DOI: 10.1080/13504851.2010.548777 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548777&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhong Chunping 
Author-X-Name-First: Zhong 
Author-X-Name-Last: Chunping 
Author-Name: Calum Turvey 
Author-X-Name-First: Calum 
Author-X-Name-Last: Turvey 
Title: Can households form consistent/convergent and unbiased expectation of interest rate? 
Abstract:
  Expectation reliability remains a question. In this article, we test
 whether the households could form unbiased expectation of interest rate.
 From the Survey of Consumer Finance (SCF), we find that the majority of
 households hold higher interest rate expectation, and by simple t-test,
 the interest rate movement in 5 years does not support such expectation.
 Additional evidence from the Survey of Economic Expectations (SEE)
 confirms that it is hard to accept that the households could form unbiased
 expectation of interest rate. 
Journal: Applied Economics Letters 
Pages: 1553-1557 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: interest rate, expectation, survey, t-test, 
X-DOI: 10.1080/13504851.2010.548778 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548778&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dennis Weisman 
Author-X-Name-First: Dennis 
Author-X-Name-Last: Weisman 
Title: A note on sibling rivalry and good-kid, bad-kid equilibria 
Abstract:
  When parents with concave utility reward good behaviour on the part of
 their children with a share of the marginal utility they derive from good
 behaviour, a decrease in good behaviour by kid i causes kid j to increase
 the amount of good behaviour he/she supplies in equilibrium. This may
 explain why simultaneous good-kid behaviour is rare and also why children
 try to get their siblings into trouble. 
Journal: Applied Economics Letters 
Pages: 1559-1563 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: sibling rivalry, kid behaviour, bribery, 
X-DOI: 10.1080/13504851.2010.548779 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548779&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Diego Escobari 
Author-X-Name-First: Diego 
Author-X-Name-Last: Escobari 
Title: Frequent flyer programs premium and the role of airport dominance 
Abstract:
  This article estimates a Frequent Flyer Programs (FFP) price premium -
 higher fares associated with a larger proportion of travellers using FFP.
 The results show that FFP affect the entire price distribution, but the
 effect is larger on lower end fares. In addition, airport dominance
 increases the premium on less expensive fares but has no effect on the
 premium associated with the right tail of the price distribution. 
Journal: Applied Economics Letters 
Pages: 1565-1569 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: frequent flyer programs, pricing, airlines, panel data, 
X-DOI: 10.1080/13504851.2010.548780 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548780&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyunbae Chun 
Author-X-Name-First: Hyunbae 
Author-X-Name-Last: Chun 
Author-Name: Jung-Wook Kim 
Author-X-Name-First: Jung-Wook 
Author-X-Name-Last: Kim 
Title: Capital allocation, stock return volatility and productivity growth in US industries 
Abstract:
  Using firm-level Compustat data from 1971 to 2000, we report a
 substantial cross-industry variation of allocative efficiency in capital
 expenditure in the US economy. Industries with higher allocative
 efficiency are the ones with higher firm-level value-added growth
 heterogeneity, higher information transparency captured by firm-specific
 stock return volatility and faster long-run productivity growth. This
 finding is consistent with the idea of creative destruction, where a
 well-functioning market mechanism sharply distinguishes winners from
 losers and thus enhances economic growth in the long run. Allocative
 efficiency has a substantial economic significance and explains as much as
 24.5% of the difference in long-run industry productivity growth. 
Journal: Applied Economics Letters 
Pages: 1571-1576 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: allocative efficiency, capital expenditure, stock return volatility, productivity, 
X-DOI: 10.1080/13504851.2010.548781 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548781&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jorge Perdomo 
Author-X-Name-First: Jorge 
Author-X-Name-Last: Perdomo 
Title: A methodological proposal to estimate changes of residential property value: case study developed in Bogota 
Abstract:
  This article is an empirical study of residential land values in the
 vicinity of the TransMilenio system (Bus Rapid Transit, BRT) in Bogota
 (Colombia). The results have been established through impact evaluation by
 means of nonparameteric approaches (Propensity Score Matching, PSM) and
 econometric approaches (Spatial Hedonic Price, SHP) indicating that access
 to the BRT system generates benefits on the change of property value. 
Journal: Applied Economics Letters 
Pages: 1577-1581 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: TransMilenio, Bogota, impact evaluation, propensity score matching, spatial hedonic price, change of property value, 
X-DOI: 10.1080/13504851.2011.554360 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.554360&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carsten Colombier 
Author-X-Name-First: Carsten 
Author-X-Name-Last: Colombier 
Title: Does the composition of public expenditure affect economic growth? Evidence from the Swiss case 
Abstract:
  In the light of tightening budget constraints caused by the recent
 financial and economic crisis and population ageing, it has become
 increasingly important to explore which portfolio of public expenditure
 generates economic growth. This article, therefore, estimates the growth
 effects of the composition of public expenditure for the Swiss case. One
 main finding is that public expenditures on transport infrastructure,
 education and administration foster growth. As nonhigh-quality data, which
 can bias least square estimators, are pervasive in economics,
 statistically robust estimation methods are applied. 
Journal: Applied Economics Letters 
Pages: 1583-1589 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: fiscal policy, economic growth, composition of public expenditure, robust estimator, 
X-DOI: 10.1080/13504851.2011.554361 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.554361&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Simonian 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Simonian 
Title: Liquidity on the outside from the inside 
Abstract:
  We describe an extension to a Liquidity-Adjusted Value-at-Risk (LVaR)
 model originally developed by Bangia et al. (1999) that incorporates
 liquidity risk into the traditional VaR model using random bid-ask
 spreads. By applying the Hellinger distance measure, we show how the
 bid-ask spread can be partially endogenized by adjusting it to reflect the
 influence of trade size on prices and ultimately on the measurement of
 market risk. 
Journal: Applied Economics Letters 
Pages: 1591-1593 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: VaR, liquidity, bid-ask spread, 
X-DOI: 10.1080/13504851.2011.554362 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.554362&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Hearn 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Hearn 
Author-Name: Shuk Yin Man 
Author-X-Name-First: Shuk Yin 
Author-X-Name-Last: Man 
Title: An examination of price integration between stock market and international crude oil indices: evidence from China 
Abstract:
  This study examines the degree of price integration between aggregate
 equity market indices of Hong Kong, the Chinese Shanghai and Shenzhen A
 and B share markets, and the international Brent crude oil price. The
 application of Vector Autoregressive (VAR) methods reveals that the
 regions' markets are generally price-segmented, with the prominent
 exception of Shanghai B market which is price-integrated with the domestic
 A share markets in both Shanghai and Shenzhen. The evidence would suggest
 that Chinese markets are more heavily influenced by domestic events in the
 long term than external influences. 
Journal: Applied Economics Letters 
Pages: 1595-1602 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: financial market integration, causality, oil, China, 
X-DOI: 10.1080/13504851.2011.554363 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.554363&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cynthia Bansak 
Author-X-Name-First: Cynthia 
Author-X-Name-Last: Bansak 
Author-Name: Mary Graham 
Author-X-Name-First: Mary 
Author-X-Name-Last: Graham 
Author-Name: Allan Zebedee 
Author-X-Name-First: Allan 
Author-X-Name-Last: Zebedee 
Title: The effects of gender composition of senior management on the economic fallout 
Abstract:
  In this article, we test the proposition that the presence of women in
 management impacts decision-making outcomes. In particular, we hypothesize
 that the greater the proportion of women on the senior management team,
 the lower the degree of risks taken at the firm level. Using data from the
 US Equal Employment Opportunity Commission (EEOC), the Center for Research
 in Security Prices (CRSP) and the US Treasury in this study, we create
 firm-level gender ratios and control for firm size to assess the impact on
 two separate risk outcome measures. We find some evidence that financial
 institutions with more women in the senior management team avoided having
 to accept Troubled Asset Relief Program (TARP) funds, but that the
 proportion of women executives has no impact on stock return volatility. 
Journal: Applied Economics Letters 
Pages: 1603-1607 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: gender, risk management, financial crisis, senior management, Troubled Asset Relief Program (TARP) funding, 
X-DOI: 10.1080/13504851.2011.554364 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.554364&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tony Caporale 
Author-X-Name-First: Tony 
Author-X-Name-Last: Caporale 
Author-Name: Julia Paxton 
Author-X-Name-First: Julia 
Author-X-Name-Last: Paxton 
Title: From debt crisis to tequila crisis: inflation stationarity through Mexico's turbulent decades 
Abstract:
  The volatility of Mexican inflation throughout the 1980s' debt crisis and
 the 1994 tequila crisis provides an interesting backdrop to test for
 structural breaks and inflation stationarity in a developing country
 context. By allowing for multiple breaks, four inflationary regimes are
 identified during the period 1980 to 2004. Initial unit root tests reject
 stationarity; however, by incorporating structural break analysis,
 inflation is found to be I(0). The structural break analysis and the
 stationarity analysis point to monetary and fiscal determinants of
 inflation. 
Journal: Applied Economics Letters 
Pages: 1609-1612 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: Mexico, inflation, structural breaks, 
X-DOI: 10.1080/13504851.2011.554365 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.554365&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yunhee Kim 
Author-X-Name-First: Yunhee 
Author-X-Name-Last: Kim 
Author-Name: Jae Young Choi 
Author-X-Name-First: Jae Young 
Author-X-Name-Last: Choi 
Author-Name: Yeonbae Kim 
Author-X-Name-First: Yeonbae 
Author-X-Name-Last: Kim 
Title: Complementarity and contextuality in the adoption of information systems 
Abstract:
  To understand the impact of Information Systems (ISs) on actual
 performance, we employed 616 Korean firms to estimate the
 complementarities among such systems and to uncover the contextual factors
 influencing them. In particular, we introduced various contextual
 variables and analysed their effects on the complementarities of firms.
 Our results indicate that Information Technology (IT) stock serves as an
 important contextual factor for enhancing the complementarity between the
 adoption of Enterprise Resource Planning (ERP) and Customer Relationship
 Management (CRM). Furthermore, although IT stock has a strong positive
 direct and indirect IS-mediated impact on the performance of firms, other
 IT-related variables such as IT organization and the use of firewalls
 generally have a positive influence only when they are combined with the
 adoption of ISs. 
Journal: Applied Economics Letters 
Pages: 1613-1618 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: information systems, performance of firms, complementarity, contextuality, 
X-DOI: 10.1080/13504851.2011.556583 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.556583&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antoine Belgodere 
Author-X-Name-First: Antoine 
Author-X-Name-Last: Belgodere 
Author-Name: Charles Vellutini 
Author-X-Name-First: Charles 
Author-X-Name-Last: Vellutini 
Title: Identifying key elasticities in a CGE model: a Monte Carlo approach 
Abstract:
  This article presents a simple Monte Carlo (MC) procedure to improve
 sensitivity analysis in Computable general equilibrium (CGE) modelling. MC
 experiments provide the modeller with a population of randomly drawn
 exogenous parameters and corresponding endogenous outcomes. Standard
 econometrics can then shed light on the relationship between them and help
 to identify key parameters, particularly key elasticities. 
Journal: Applied Economics Letters 
Pages: 1619-1622 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: Monte Carlo, elasticities, CGE, 
X-DOI: 10.1080/13504851.2011.554366 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.554366&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hui Feng 
Author-X-Name-First: Hui 
Author-X-Name-Last: Feng 
Title: Forecasting comparison between two nonlinear models: fuzzy regression versus SETAR 
Abstract:
  In this article, we compare the forecasting performances of the
 Self-Exciting Threshold Autoregressive (SETAR) model and a fuzzy
 clustering regression model. The series used in this study are
 high-frequency financial data in the form of seven major stock prices in
 the US stock markets; the stock indices from seven world stock trading
 centres; the daily prices for two important commodities, gold and crude
 oil; and the daily exchange rate between the Canadian dollar and the US
 dollar. We find that the two models are not too different from each other
 in terms of the within-sample fit, but in terms of the forecasting
 performance, the fuzzy model gives better and stable forecasts. 
Journal: Applied Economics Letters 
Pages: 1623-1627 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: one-step-ahead forecast SETAR, fuzzy set, fuzzy regression, 
X-DOI: 10.1080/13504851.2011.554369 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.554369&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vladimir Kuhl Teles 
Author-X-Name-First: Vladimir Kuhl 
Author-X-Name-Last: Teles 
Author-Name: Renato Joiozo 
Author-X-Name-First: Renato 
Author-X-Name-Last: Joiozo 
Title: Human capital and innovation: evidence from panel cointegration tests 
Abstract:
  Panel cointegration techniques applied to pooled data for 27 countries
 for the period 1960 to 2000 indicate that (1) government spending in
 education and innovation indicators is cointegrated; (2) education
 hierarchy is relevant when explaining innovation; and (3) relationship
 between education and innovation can be obtained after an accommodation of
 a level structural break. 
Journal: Applied Economics Letters 
Pages: 1629-1632 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: human capital, innovation, panel cointegration, 
X-DOI: 10.1080/13504851.2011.556584 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.556584&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yukio Fukumoto 
Author-X-Name-First: Yukio 
Author-X-Name-Last: Fukumoto 
Title: International price dispersions of the Big Mac and economic integration 
Abstract:
  McDonald's Big Mac hamburger is available all over the world, and its
 recipe and quality are almost identical around the world and have changed
 little over time. However, Big Mac prices are widely disparate even across
 countries with more similar per capita incomes. This fact would be amazing
 because world tariff levels have been falling steadily and world trade
 volumes have been increasing dramatically in recent decades. We pay
 attention to the situation of international goods markets' integration and
 attempt to clarify why the deviations from absolute Big Mac parity are
 common across countries. To summarize our main results, global price
 dispersion of the Big Mac did not decrease although per capita income
 dispersion reduced. On the other hand, price dispersions of the Big Mac
 decreased within countries where trade ties are strong. These results
 suggest that Big Mac prices of countries in the world converge to several
 levels and that existence of trading bloc accounts for deviations from
 absolute Big Mac parity to some extent. 
Journal: Applied Economics Letters 
Pages: 1633-1638 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: Big Mac parity, dispersion, price convergence, economic integration, 
X-DOI: 10.1080/13504851.2011.556585 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.556585&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yun-Huan Lee 
Author-X-Name-First: Yun-Huan 
Author-X-Name-Last: Lee 
Author-Name: Ya-Li Huang 
Author-X-Name-First: Ya-Li 
Author-X-Name-Last: Huang 
Title: Do you have credit cards? The expansion of the credit card market in Taiwan 
Abstract:
  This article discusses the expansion of credit cards in Taiwan. The
 intention of the study is (1) to compare the performance of various
 diffusion models, such as logistic models, Fourier models and
 autoregressive models; (2) to identify the important explanatory factors
 regarding the expansion of the credit card market in Taiwan. The data set
 comprised annual data regarding the number of credit cards in circulation
 between 1991 and 2005. Empirical results show that the diffusion rate
 increased with per capita Gross Domestic Product (GDP), but decreases with
 number of banks and net savings. The rate of market penetration for the
 number of credit cards in circulation will reach 204.3% of the population. 
Journal: Applied Economics Letters 
Pages: 1639-1644 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: credit cards in circulation, diffusion model, market penetration rate, 
X-DOI: 10.1080/13504851.2011.556586 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.556586&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Koon Nam Henry Lee 
Author-X-Name-First: Koon Nam Henry 
Author-X-Name-Last: Lee 
Title: Estimating demand elasticities for intra-regional tourist arrivals to Hong Kong - the 'bounds' testing approach 
Abstract:
  The aim of this study is to develop econometric models for estimating
 tourism demand elasticities using the Autoregressive Distributed Lag
 (ARDL) approach to cointegration analysis, and to explain the effects of
 economic determinants on inbound tourist flows to Hong Kong from four
 major short-haul markets. The cointegration test used is the 'bounds' test
 of Pesaran et al. (2001) that is based on the estimation of an
 Unrestricted Error-Correction Model (UECM). This article addresses one of
 the major problems of how to use a relatively small sample to estimate
 tourism demand elasticities using cointegration approaches, which is faced
 by many researchers in modelling tourism demand. The results show that
 permanent income is the most important explanatory variable for all origin
 countries, but there are substantial variations between countries with the
 long-run elasticity ranging between 1.74 for China and 3.05 for Australia.
 Price elasticity is the next most important variable with the long-run
 elasticities ranging from 0.35 (Australia) to 0.98 (Taiwan). The findings
 are consistent with economic theory and have implications for government
 policies and strategies on investment, marketing and promotion and
 pricing. 
Journal: Applied Economics Letters 
Pages: 1645-1654 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: tourism demand, demand elasticities, cointegration, bounds testing, 
X-DOI: 10.1080/13504851.2011.558469 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.558469&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ching-Chih Chang 
Author-X-Name-First: Ching-Chih 
Author-X-Name-Last: Chang 
Author-Name: Tin-Chia Lai 
Author-X-Name-First: Tin-Chia 
Author-X-Name-Last: Lai 
Title: The nonlinear dynamic process of macroeconomic development by modelling dry bulk shipping market 
Abstract:
  The purpose of this research is to study the trough of the global
 economics crisis in 2007 by studying business cycle of dry bulk shipping
 market using an integrative model over the period from January 1999 to
 October 2008 with developing an integrative model. This market is
 comprised of three different vessel sizes (Capesize, Panamax and
 Handymax), which were affected to varying degrees by the global economic
 crisis. Empirical results indicate that there is one complete cycle during
 the research period, which was methodologically determined by X11
 decomposition and the Phase Average Trend (PAT). The values of Mean
 Absolute Percentage Error (MAPE) for the predictive model are 4.0383%
 (Capesize), 0.8393% (Panamax) and 15.5012% (Handymax). The values of MAPE
 for the forecasting models are 19.4276%, 10.146% and 8.0399%,
 respectively. Results indicate that the troughs are September 2009
 (Capesize and Panamax) and July 2009 (Handymax). This article concluded
 that the shipping and macroeconomic recession will persist until the end
 of 2009. 
Journal: Applied Economics Letters 
Pages: 1655-1663 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: dynamic process, integrative model, dry bulk market, X11, MAPE, 
X-DOI: 10.1080/13504851.2011.558470 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.558470&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: F. van Es 
Author-X-Name-First: F. 
Author-X-Name-Last: van Es 
Author-Name: D. J. van Vuuren 
Author-X-Name-First: D. J. 
Author-X-Name-Last: van Vuuren 
Title: A decomposition of the growth in self-employment 
Abstract:
  We decompose the rise of self-employment in the Netherlands in the period
 1992 to 2006. Using Logit estimates we identify the most important
 determinants of the recent upturn, separately for women and for men. In
 contrast with findings for the United States, we find that changes in the
 industrial composition only play a small role. For women, we find that
 intra-sectoral developments have been important in spurring
 self-employment. In particular, it has become more common for women to be
 self-employed in the Trade and Culture sectors. The ageing of society
 (older people are more often self-employed) is an important cause of the
 observed increase. This effect is partly compensated by the negative
 effect of a higher educated labour force. The estimation results imply
 that both policies to foster self-employment and a socio-cultural trend
 have been important. We postulate that generic policy effects have been
 the most important cause of the increase in self-employment. The largest
 effects were seen just in the last few years of our sample (2004-2006),
 which appears to be inconsistent with the notion of a longer lasting
 socio-cultural trend. 
Journal: Applied Economics Letters 
Pages: 1665-1669 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: self-employment, trend, decomposition, 
X-DOI: 10.1080/13504851.2011.558471 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.558471&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Author-Name: Michael Naretta 
Author-X-Name-First: Michael 
Author-X-Name-Last: Naretta 
Title: Determinants of various aspects of smoking behaviour in the United States 
Abstract:
  Using state-level data for the United States, this study uniquely
 examines the effects of cigarette prices and income on seven dimensions of
 smoking behaviour. Results show that income-based policies are relatively
 more effective than price- or tax-based policies. Smokers considering
 quitting smoking respond in expected ways to changing cigarette prices and
 income. Strong habit effects in most cases stress the need for early
 intervention programmes. 
Journal: Applied Economics Letters 
Pages: 1671-1675 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: smoking, demand, intensity, smuggling, 
X-DOI: 10.1080/13504851.2011.558472 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.558472&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gilbert Cette 
Author-X-Name-First: Gilbert 
Author-X-Name-Last: Cette 
Author-Name: Samuel Chang 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Chang 
Author-Name: Maty Konte 
Author-X-Name-First: Maty 
Author-X-Name-Last: Konte 
Title: The decreasing returns on working time: an empirical analysis on panel country data 
Abstract:
  An empirical analysis is conducted on two panels of 18 Organisation for
 Economic Cooperation and Development (OECD) countries to test whether the
 elasticity of hourly productivity to working time is negative and
 decreasing with working time itself. If so, the decreasing returns on
 working time could be indicative of a fatigue effect that increases with
 working time. We find that the elasticity of productivity per hour to
 working time is negative and decreases with working time, but its
 coefficient is not strongly significant. This study offers empirical
 support for the hypothesis of a fatigue effect that increases with working
 time, but with some reservations. 
Journal: Applied Economics Letters 
Pages: 1677-1682 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: productivity, working time, decreasing returns, 
X-DOI: 10.1080/13504851.2011.558473 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.558473&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank Strobel 
Author-X-Name-First: Frank 
Author-X-Name-Last: Strobel 
Title: Bank insolvency risk and Z-score measures with unimodal returns 
Abstract:
  We specialize the established justification for using Z-scores as a risk
 measure reflecting a bank's probability of insolvency to the case where
 the bank's distribution of returns is unimodal, obtaining a refined upper
 bound of the probability of insolvency for this potentially useful special
 case. 
Journal: Applied Economics Letters 
Pages: 1683-1685 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: insolvency risk, Z-score, unimodal, Vysochanskii-Petunin inequality, 
X-DOI: 10.1080/13504851.2011.558474 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.558474&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hector Bellido 
Author-X-Name-First: Hector 
Author-X-Name-Last: Bellido 
Author-Name: Jose Ignacio Gimenez-Nadal 
Author-X-Name-First: Jose Ignacio 
Author-X-Name-Last: Gimenez-Nadal 
Author-Name: Raquel Ortega 
Author-X-Name-First: Raquel 
Author-X-Name-Last: Ortega 
Title: Measuring satisfaction of the unemployed: a composite indicator and policy implications 
Abstract:
  Given that unemployment is one of the main economic problems,
 policymakers debate the possible solutions. We contribute to this debate
 by analysing the general satisfaction of the unemployed in Spain and
 comparing it with that of the employed. To this end, we create a composite
 indicator of general satisfaction using responses in the European
 Community Household Panel (ECHP) (1994-2001) relating to specific
 satisfaction in different areas, work, financial, home and leisure time.
 We find that being unemployed has a significant and negative association
 with the general satisfaction of individuals and, in consequence, we
 conclude that the Spanish unemployment problem cannot be attributed, at
 least not entirely, to a lack of incentives for seeking work. 
Journal: Applied Economics Letters 
Pages: 1687-1690 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: unemployment, general satisfaction, Spain, 
X-DOI: 10.1080/13504851.2011.558475 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.558475&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yang-Cheng Ralph Lu 
Author-X-Name-First: Yang-Cheng Ralph 
Author-X-Name-Last: Lu 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Kuei-Chiu Lee 
Author-X-Name-First: Kuei-Chiu 
Author-X-Name-Last: Lee 
Author-Name: Han-Wen Tzeng 
Author-X-Name-First: Han-Wen 
Author-X-Name-Last: Tzeng 
Title: An empirical test of the purchasing power parity for transition economies: Panel SURADF tests 
Abstract:
  Purchasing Power Parity (PPP) for transition economies is tested using
 Panel Seemingly Unrelated Regressions Augmented Dickey-Fuller (SURADF)
 tests of Breuer et al. (2001) for the period of January 1995 to December
 2008. Although the other panel-based unit-root tests are joint tests of a
 unit root for all members of the panel and are incapable of determining
 the mix of I(0) and I(1) series in the panel setting, the Panel SURADF
 tests test a separate unit-root null hypothesis for each individual panel
 member and therefore identify how many and which series in the panel are
 stationary processes. The PPP hypothesis is not confirmed for all the nine
 transition countries except Estonia and Romania when Breuer et al.'s Panel
 SURADF tests are conducted. 
Journal: Applied Economics Letters 
Pages: 1691-1696 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: purchasing power parity, transition economic, Panel SURADFtests, 
X-DOI: 10.1080/13504851.2011.560102 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.560102&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fumihide Takeuchi 
Author-X-Name-First: Fumihide 
Author-X-Name-Last: Takeuchi 
Title: The exact import price and its implications for the US external imbalance 
Abstract:
  This article calculates the Feenstra's (1994) 'exact price index' for
 each category of US-imported goods and aggregates them to analyse the US
 import demand equation for assessing the seriousness of the external
 imbalance. What distinguishes Feenstra's exact price index is that it
 incorporates new product varieties. The exact import price index thus
 calculated suggests that US conventional import prices are biased upwards.
 The consequent downward adjustment in import prices causes appreciation in
 the real exchange rate and lowers the excessive portion of imports (the
 difference between actual and theoretical amounts of imports obtained from
 the import demand equation). Since the early 2000s, however, the role that
 new product varieties play in lowering the excessive portion of imports
 has declined because the impact of new products on import prices has been
 outweighed by the impact of the spike in primary commodity prices, which
 has resulted in a substantial depreciation of the real exchange rate. It
 is possible that this depreciation combined with relatively large
 excessive imports has caused the subsequent US current account deficit to
 stop expansion from the late 2000s onwards. 
Journal: Applied Economics Letters 
Pages: 1697-1703 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: exact import price index, import demand equation, real exchange rate, US external imbalance, 
X-DOI: 10.1080/13504851.2011.560103 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.560103&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Laurent Cavenaile 
Author-X-Name-First: Laurent 
Author-X-Name-Last: Cavenaile 
Author-Name: David Dubois 
Author-X-Name-First: David 
Author-X-Name-Last: Dubois 
Title: An empirical analysis of income convergence in the European Union 
Abstract:
  In this article, we investigate the convergence process within the
 European Union. More particularly, we study the convergence process of the
 new entrants from Central and Eastern Europe and of the 15 Western
 countries between 1990 and 2007. Applying a panel approach to the
 convergence equation derived from the Solow model, we show that new
 entrants and former members of the European Union can be seen as belonging
 to different groups of convergence. The existence of heterogeneity in the
 European Union or the Eurozone might affect their stability as the recent
 Greece's sovereign debt crisis illustrates it. 
Journal: Applied Economics Letters 
Pages: 1705-1708 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: income convergence, European Union, heterogeneity, panel approach, 
X-DOI: 10.1080/13504851.2011.560104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.560104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luca Stanca 
Author-X-Name-First: Luca 
Author-X-Name-Last: Stanca 
Author-Name: Luigino Bruni 
Author-X-Name-First: Luigino 
Author-X-Name-Last: Bruni 
Author-Name: Marco Mantovani 
Author-X-Name-First: Marco 
Author-X-Name-Last: Mantovani 
Title: The effect of motivations on social indirect reciprocity: an experimental analysis 
Abstract:
  This article investigates the effect of motivations on the perceived
 kindness of an action within the context of social indirect reciprocity
 (if A helps B, then C helps A). We test experimentally the hypothesis
 that, for a given distributional outcome, an action is perceived by a
 third party to be less kind if it can be strategically motivated. As a
 consequence, intention-based reciprocity should be stronger in the absence
 of strategic motivations. The results do not support this hypothesis:
 social indirect reciprocity is found to be less strong when strategic
 motivations can be ruled out. 
Journal: Applied Economics Letters 
Pages: 1709-1711 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: indirect reciprocity, motivations, laboratory experiments, 
X-DOI: 10.1080/13504851.2011.560105 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.560105&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Silvestrini 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Silvestrini 
Title: The revision policy of seasonally adjusted balance sheet data in Italy 
Abstract:
  This article illustrates the seasonal adjustment procedure for bank
 deposits and loans in Italy focusing on the revision policy of seasonally
 adjusted data. Seasonal adjustment is conducted in a semi-automatic way,
 employing TRAMO-SEATS, one of the software packages most often used for
 the production of seasonally adjusted series. Regarding the frequency of
 data revisions, three alternative methods (current adjustment, concurrent
 adjustment and partial concurrent adjustment) are tested according to a
 quantitative criterion. An empirical application allows us to measure the
 speed of convergence of the estimates obtained with the aforementioned
 updating methods towards a 'final' value that can be considered a
 benchmark. The results suggest using the method of partial concurrent
 adjustment, which is based on the identification of the ARIMA model and of
 the deterministic components once a year, whereas the updating of the
 corresponding coefficients is undertaken every month. 
Journal: Applied Economics Letters 
Pages: 1713-1717 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: seasonal adjustment, revisions, partial concurrent adjustment, balance sheet data, 
X-DOI: 10.1080/13504851.2011.560106 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.560106&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Simonian 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Simonian 
Author-Name: Josh Davis 
Author-X-Name-First: Josh 
Author-X-Name-Last: Davis 
Title: Incorporating uncertainty into the Black-Litterman portfolio selection model 
Abstract:
  We present a robust Black-Litterman (BL) model that takes into account
 the possibility of model misspecification. In place of a single prior
 distribution, we utilize multiple priors around the estimated expected
 excess returns and covariance matrix. The model has two primary advantages
 over the original BL model: (1) it systematically incorporates model
 misspecification in the form of Kullback-Leibler (KL) divergence and (2)
 by explicitly targeting robust allocations, it improves upon traditional
 bootstrap approaches. 
Journal: Applied Economics Letters 
Pages: 1719-1722 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: Black-Litterman, robust optimization, Kullback-Leibler divergence, 
X-DOI: 10.1080/13504851.2011.562151 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.562151&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Panas 
Author-X-Name-First: E. 
Author-X-Name-Last: Panas 
Author-Name: V. Ninni 
Author-X-Name-First: V. 
Author-X-Name-Last: Ninni 
Title: Is there a software Kuznets curve? 
Abstract:
  This study investigates the effect of the per capita income, national
 culture, quality of governance, education, informal market and corruption
 on the level of software piracy across 61 countries over a 4-year period
 (1996, 1998, 2000, 2002). Cross-country regressions as well as panel data
 analysis show that there is an inverted U-shaped relation between the per
 capita income and software piracy, very similar to the one described by
 the Environmental Kuznets Curve (EKC). We address this relation as the
 Software Kuznets Curve (SKC) and we find that our results are robust to
 the inclusion of the aforementioned variables. Moreover, the choice of a
 random or fixed effects model does not seem to affect these findings. We
 have also tried to relax the homogeneity assumption, by grouping the
 countries of our sample to classes, according to an indicator of
 well-being, namely the Human Development Index (HDI). 
Journal: Applied Economics Letters 
Pages: 1723-1728 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.562147 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.562147 
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Template-Type: ReDIF-Article 1.0
Author-Name: Henning M&#xFC;hlen 
Author-X-Name-First: Henning 
Author-X-Name-Last: M&#xFC;hlen 
Author-Name: Peter Nunnenkamp 
Author-X-Name-First: Peter 
Author-X-Name-Last: Nunnenkamp 
Title: FDI by early movers, followers and latecomers: timing of entry by German firms during transition in the Czech Republic 
Abstract:
  We analyse Foreign Direct Investment (FDI) decisions by German firms with
 and without affiliates in the Czech Republic at different stages of
 transition. We find that FDI entry strongly depends on firm productivity
 immediately after the political and economic regime change, but less so
 with diminishing uncertainty. Likewise, distance-related transaction costs
 discourage FDI by latecomers considerably less than FDI by early movers. 
Journal: Applied Economics Letters 
Pages: 1729-1734 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.562149 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.562149 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Schaub 
Author-X-Name-First: Mark 
Author-X-Name-Last: Schaub 
Title: The performance of NASDAQ-listed UK ADRs: a note 
Abstract:
  The author examines NASDAQ-listed American Depository Receipts (ADRs)
 from the United Kingdom to determine overall investment performance for
 the first 21 days of trading and the first 3 years of trading. Long-term
 results also show the effects of market timing. In early trading, the 22
 UK ADRs outperformed the NASDAQ by 8.81% for the first 21 days. Long-term
 results show the entire sample of UK ADRs outperformed the NASDAQ index by
 nearly 20% for the first 3 years of trading. Those ADRs trading during the
 bull market (listed before 1998) performed roughly equal to the NASDAQ
 index whereas those trading through the bear market (listed after 1
 January 1998) outperformed the NASDAQ by nearly 39% during the first 36
 months of trading. These results suggest that market timing affects
 long-term portfolio returns from UK ADRs. 
Journal: Applied Economics Letters 
Pages: 1735-1738 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.562152 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.562152 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kenneth W. Clements 
Author-X-Name-First: Kenneth W. 
Author-X-Name-Last: Clements 
Author-Name: Maxwell Maesepp 
Author-X-Name-First: Maxwell 
Author-X-Name-Last: Maesepp 
Title: A self-reflective inverse demand system 
Abstract:
  This article introduces an inverse differential demand system that has
 exactly the same form as the corresponding direct version. Its application
 is illustrated with the case of Australian fruit, whose prices were
 substantially affected by Severe Tropical Cyclone Larry in 2006. 
Journal: Applied Economics Letters 
Pages: 1739-1743 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.562153 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.562153 
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Template-Type: ReDIF-Article 1.0
Author-Name: C�sar R. Sobrino 
Author-X-Name-First: C�sar R. 
Author-X-Name-Last: Sobrino 
Title: Current account, productivity and terms of trade shocks in Norway 
Abstract:
  Economic theory suggests that a permanent rise in terms of trade should
 result in a permanent rise in the standard of living. The increase comes
 from a permanent rise in productivity following an efficient reallocation
 of resources in a frictionless economy. This article presents Norway as a
 counterexample using three-variable Structural Vector Moving Average
 (SVMA) with long-run restrictions. The results show that permanent shocks
 to terms of trade improve the current account and have almost no effect on
 the output per capita growth. An over-identification test that restricts
 the permanent shocks to terms of trade to have only temporary effects on
 output per capita growth cannot be rejected as well. Overall, those shocks
 that have permanent effects on terms of trade or output per capita growth
 do not have permanent effects on each other. The empirical evidence
 suggests that strong intersectoral rigidities to reallocation of resources
 are present in Norway. 
Journal: Applied Economics Letters 
Pages: 1745-1750 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.562154 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.562154 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tatsuyoshi Miyakoshi 
Author-X-Name-First: Tatsuyoshi 
Author-X-Name-Last: Miyakoshi 
Author-Name: Kenichi Suzuki 
Author-X-Name-First: Kenichi 
Author-X-Name-Last: Suzuki 
Title: The existence and uniqueness of equilibrium in the international public good model 
Abstract:
  The international public good model is an extension of the public good
 model, allowing for different productivities of producing the public good
 across countries. By extending the proofs of Bergstrom <italic>et
 al.</italic> (1986, 1992), which are the seminal studies in the public
 good literature, this article develops an international public good model
 with proofs of the existence and uniqueness of equilibrium. 
Journal: Applied Economics Letters 
Pages: 1751-1754 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.562155 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.562155 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fabio Augusto Reis Gomes 
Author-X-Name-First: Fabio Augusto Reis 
Author-X-Name-Last: Gomes 
Title: Testing the permanent income hypothesis using unit root quantile autoregression tests 
Abstract:
  In this article the covariate quantile autoregression approach was used
 to test whether consumption is a constant unit root process, as predicted
 by the Permanent Income Hypothesis (PIH). The evidence suggests that at
 low quantiles of the conditional quantile function of consumption the
 persistence of shocks are lower than that predicted by the PIH. This
 asymmetry is consistent with credit constraints and/or buffer-stock
 savings. 
Journal: Applied Economics Letters 
Pages: 1755-1758 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.562156 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.562156 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mar�a-Isabel Ayuda 
Author-X-Name-First: Mar�a-Isabel 
Author-X-Name-Last: Ayuda 
Author-Name: Antonio Aznar 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Aznar 
Title: A Monte Carlo study to compare two recent modifications of the KPSS test for near integration 
Abstract:
  The objective of this article is to compare the size and power properties
 of two modifications of the KPSS test of Kwiatkowski <italic>et
 al</italic>. (1992) proposed by Sul <italic>et al</italic>. (2005) and by
 Harris <italic>et al</italic>. (2007), using Monte Carlo simulations, in
 order to decide which version to use in applied research. The two
 modifications have been proposed to deal with those cases in which the
 null hypothesis specifies that the time series is near integrated, in the
 sense that it is very close to the alternative hypothesis of a unit root.
 It has been shown in the literature that in these cases the KPSS test
 tends to over-reject the null hypothesis. The modification by Sul
 <italic>et al</italic>. (2005) is based on an alternative long-run
 variance estimator. Harris <italic>et al</italic>. (2007) propose applying
 the KPSS test to the filtered series instead of to the original series. We
 conclude that the test based on the transformation proposed by Sul
 <italic>et al</italic>. outperforms the test based on the transformation
 proposed by Harris <italic>et al</italic>. 
Journal: Applied Economics Letters 
Pages: 1759-1764 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.562157 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.562157 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seamus Hogan 
Author-X-Name-First: Seamus 
Author-X-Name-Last: Hogan 
Author-Name: Laura Meriluoto 
Author-X-Name-First: Laura 
Author-X-Name-Last: Meriluoto 
Title: On the probability of winning a lottery with a random number of competitors 
Abstract:
  This article is concerned with models in which an agent faces a lottery
 with <italic>j</italic> other agents for a prize, so that the probability
 of winning the prize is 1/(<italic>j</italic>&#xA0;+&#xA0;1), and where
 <italic>j</italic> is stochastic. After describing four different
 situations where such a lottery is present, we construct the expected
 value of the probability of winning such a lottery and prove a theorem
 that presents the expected value in a simpler form. We then give an
 example of the theorem being applied to gain new insights into auction
 theory. 
Journal: Applied Economics Letters 
Pages: 1765-1768 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.562158 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.562158 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tiago Oliveira 
Author-X-Name-First: Tiago 
Author-X-Name-Last: Oliveira 
Author-Name: Maria Fraga O. Martins 
Author-X-Name-First: Maria Fraga O. 
Author-X-Name-Last: Martins 
Title: Understanding the determinant factors of Internet business solutions adoption: the case of Portuguese firms 
Abstract:
  The purpose of our article is to identify the determinants of Internet
 Business Solutions (IBS), using a representative sample of Portuguese
 business sector in 2006. This article is based on a theoretical framework
 in which the adoption of IBS is done in two stages. At the first stage,
 the firm decides to adopt or not a website; at the second stage, those who
 adopted a website decide on the level of IBS adoption. We considered that
 the determinants of the adoption decisions can be internal or external and
 that their effect may be different at the two adoption stages. Based on
 these assumptions, we develop and test an integrated model of IBS adoption
 allowing for sample selection. Our results show that the two adoption
 decisions are taken sequentially and that selectivity bias is not present
 in our sample. Our findings also suggest that the relevant drivers of
 website and the level of IBS adoption are not necessarily the same. 
Journal: Applied Economics Letters 
Pages: 1769-1775 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.564116 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564116 
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Template-Type: ReDIF-Article 1.0
Author-Name: Catalin Angelo Ioan 
Author-X-Name-First: Catalin Angelo 
Author-X-Name-Last: Ioan 
Author-Name: Gina Ioan 
Author-X-Name-First: Gina 
Author-X-Name-Last: Ioan 
Title: A generalization of a class of production functions 
Abstract:
  In this article we shall give a generalization of Cobb--Douglas, Constant
 Elasticity of Substitution (CES), Lu--Fletcher, Liu--Hildebrand, Variable
 Elasticity of Substitution (VES) and Kadiyala production functions. We
 compute the principal indicators such as the marginal products, the
 marginal rate of substitution, the elasticities of factors and the
 elasticity of substitution. Finally, we formulate three theorems of
 characterization for the functions with a proportional marginal rate of
 substitution, with constant elasticity of labour and for those with
 constant elasticity of substitution (for
 <italic>n</italic>&#x2009;=&#x2009;1). 
Journal: Applied Economics Letters 
Pages: 1777-1784 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.564117 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564117 
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Template-Type: ReDIF-Article 1.0
Author-Name: Junichi Nagami 
Author-X-Name-First: Junichi 
Author-X-Name-Last: Nagami 
Author-Name: Hikaru Ogawa 
Author-X-Name-First: Hikaru 
Author-X-Name-Last: Ogawa 
Title: Partial coordination in local debt policies 
Abstract:
  This article compares several rules of coordinated debt policies to show
 that the central government intervention is not required to carry out an
 efficient local debt policy. The main argument is that a form of
 <italic>partial</italic> coordination results in the efficient outcome
 rather than a <italic>full</italic> coordination in local debt policies. 
Journal: Applied Economics Letters 
Pages: 1785-1787 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.564118 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564118 
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Template-Type: ReDIF-Article 1.0
Author-Name: Theara Horn 
Author-X-Name-First: Theara 
Author-X-Name-Last: Horn 
Title: Incorporating water purification in efficiency evaluation: evidence from Japanese water utilities 
Abstract:
  This study attempts to show that the inclusion of water purification
 efforts should be another crucial dimension in the efficiency measurement.
 I use a Stochastic Cost Frontier (SCF) to estimate the technical
 efficiency of 392 Japanese water utilities in 2005. The results show that
 a water purification effort may increase cost, and that its inclusion in
 efficiency evaluation leads to some specific changes in efficiency score
 and the ranking of water utilities. Furthermore, this incorporation
 enables the impact of different qualities of source water on efficiency to
 be controlled. The result suggests that to encourage water purification
 efforts, it is crucial to incorporate purification in benchmarking. 
Journal: Applied Economics Letters 
Pages: 1789-1794 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.564119 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564119 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Kuei-Chiu Lee 
Author-X-Name-First: Kuei-Chiu 
Author-X-Name-Last: Lee 
Author-Name: Yang-Cheng Ralph Lu 
Author-X-Name-First: Yang-Cheng Ralph 
Author-X-Name-Last: Lu 
Author-Name: Guochen Pan 
Author-X-Name-First: Guochen 
Author-X-Name-Last: Pan 
Title: Revisiting purchasing power parity for G-7 countries using nonparametric rank test for cointegration 
Abstract:
  This study applies the nonparametric rank test for cointegration,
 proposed by Breitung (2001), to test the validity of long-run Purchasing
 Power Parity (PPP) for G-7 countries over the period of January 1980 to
 January 2009. The empirical results indicate that PPP holds true for all
 G-7 countries studied and that the nominal exchange rate and the domestic
 and US Consumer Price Index (CPI) are nonlinearly interrelated with the
 exception of France and Germany cases. Our results have important policy
 implications for the G-7 countries under study. 
Journal: Applied Economics Letters 
Pages: 1795-1800 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.564120 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564120 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu-Shao Liu 
Author-X-Name-First: Yu-Shao 
Author-X-Name-Last: Liu 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Author-Name: Meng-Nan Zhu 
Author-X-Name-First: Meng-Nan 
Author-X-Name-Last: Zhu 
Title: Purchasing power parity with threshold effects for Central and Eastern European countries 
Abstract:
  This study applies nonlinear threshold unit-root test to assess the
 nonstationarity properties of the Real Exchange Rate (RER) for seven
 Central and Eastern European Countries (CEEC). We find that nonlinear
 threshold unit-root test has higher power than linear method suggested by
 Caner and Hansen (2001) if the true data-generating process of exchange
 rate is in fact a stationary nonlinear process. We examine the validity of
 Purchasing Power Parity (PPP) from the nonlinear point of view and provide
 robust evidence that clearly indicates that PPP holds true for three
 countries, namely Slovakia, Romania and Bulgaria. Our findings point out
 their exchange rate adjustment mean-reverts towards PPP equilibrium values
 in a nonlinear way. 
Journal: Applied Economics Letters 
Pages: 1801-1806 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.564121 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564121 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsung-Hsien Chen 
Author-X-Name-First: Tsung-Hsien 
Author-X-Name-Last: Chen 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Yi-Chun Zhang 
Author-X-Name-First: Yi-Chun 
Author-X-Name-Last: Zhang 
Author-Name: Chia-Hao Lee 
Author-X-Name-First: Chia-Hao 
Author-X-Name-Last: Lee 
Title: Purchasing power parity in Mainland China and Taiwan: an empirical note based on threshold unit root test 
Abstract:
  This empirical note applies the threshold unit root test proposed by
 Caner and Hansen (2001) to test the validity of long-run Purchasing Power
 Parity (PPP) in Mainland China and Taiwan over the period of January 1986
 to October 2009. The empirical results indicate that PPP holds true for
 the two areas under study, and the adjustment towards PPP is found to be
 nonlinear. 
Journal: Applied Economics Letters 
Pages: 1807-1812 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.564122 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564122 
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Template-Type: ReDIF-Article 1.0
Author-Name: Miao Wang 
Author-X-Name-First: Miao 
Author-X-Name-Last: Wang 
Author-Name: Man Chiu Sunny Wong 
Author-X-Name-First: Man Chiu 
Author-X-Name-Last: Sunny Wong 
Title: Leisure and happiness in the United States: evidence from survey data 
Abstract:
  We study the relationship between leisure and happiness, controlling for
 income and other determinants. Using survey data for the United States in
 2007, our results show that certain aspects of leisure, such as leisure
 activity satisfaction, have a significant impact on individual well-being
 whereas the amount of leisure time may not play an important role in
 affecting happiness. 
Journal: Applied Economics Letters 
Pages: 1813-1816 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.564123 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564123 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bulent Guloglu 
Author-X-Name-First: Bulent 
Author-X-Name-Last: Guloglu 
Author-Name: Serdar Ispira 
Author-X-Name-First: Serdar 
Author-X-Name-Last: Ispira 
Author-Name: Deniz Okat 
Author-X-Name-First: Deniz 
Author-X-Name-Last: Okat 
Title: Testing the validity of quasi PPP hypothesis: evidence from a recent panel unit root test with structural breaks 
Abstract:
  In this article we test the validity of quasi Purchasing Power Parity
 (PPP) hypothesis for 18 Turkish real exchange rate series using a panel
 unit root test that allows for structural breaks in the level and the
 trend. Test results based on a long span of data find evidence of the
 validity of quasi PPP hypothesis for almost all the exchange rate series
 under study and for the whole of panel as well. 
Journal: Applied Economics Letters 
Pages: 1817-1822 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.564124 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564124 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zerihun Gudeta Alemu 
Author-X-Name-First: Zerihun Gudeta 
Author-X-Name-Last: Alemu 
Title: Causality links between consumer and producer price inflation in South Africa 
Abstract:
  This study investigates causal relationships between consumer and
 producer inflation. In so doing, it makes the following contributions to
 the literature. First, the methodology allows causality testing within a
 bivariate system, with other important variables included in the system.
 Second, the analysis is based on a model chosen out of three other
 competing models. The models consider the possibility of both symmetric
 and asymmetric responses to demand and supply shock inflationary
 situations. This approach differs from the traditional Engle--Granger (EG)
 approach, which implicitly assumes symmetric adjustment towards
 equilibrium (Enders and Siklos, 2001). Third, causality testing is
 conducted within an error correction framework to handle possible
 inferential biases resulting from invalid asymptotic critical values. The
 chosen model was used to conduct short- and long-run causality tests
 within a framework that takes into account differentiated responses to
 changes in inflation regimes. The following are major findings of this
 study: There exists dynamic relationship between producer and consumer
 prices, characterized by unidirectional causality running from producer to
 consumer inflation. On the issue of asymmetric responses, it is found that
 consumer inflation reacts differently to positive and negative trends in
 producer inflation. In other words, consumer price rises faster than it
 falls. 
Journal: Applied Economics Letters 
Pages: 13-18 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.564127 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564127 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ragnar Bengtsson 
Author-X-Name-First: Ragnar 
Author-X-Name-Last: Bengtsson 
Author-Name: Ellis Iverman 
Author-X-Name-First: Ellis 
Author-X-Name-Last: Iverman 
Author-Name: Bj&#xF6;rn Tyrefors Hinnerich 
Author-X-Name-First: Bj&#xF6;rn Tyrefors 
Author-X-Name-Last: Hinnerich 
Title: Gender and ethnic discrimination in the rental housing market 
Abstract:
  We use a field experiment to measure discrimination in the housing market
 in Stockholm. Four fictitious persons, of different gender, with
 distinct-sounding Arabic or Swedish names, are randomly assigned to vacant
 apartments. We extend the study by Ahmed and Hammarstedt (2008). There are
 two new results. First, we provide evidence that there is no or little
 gender premium for the female with the Arabic name, which suggests that
 ethnic discrimination dominates the effects of gender. Second,
 discriminatory behaviour is only found in the suburbs or satellite
 cities/towns of Stockholm County not in the densely populated, affluent,
 city centre. Moreover, we can replicate that there is a gender premium for
 females with Swedish names. However, we are not able to confirm that males
 with Arabic names face discrimination. 
Journal: Applied Economics Letters 
Pages: 1-5 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.564125 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564125 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Author-Name: Yu-Shao Liu 
Author-X-Name-First: Yu-Shao 
Author-X-Name-Last: Liu 
Author-Name: Meng-Nan Zhu 
Author-X-Name-First: Meng-Nan 
Author-X-Name-Last: Zhu 
Author-Name: Kuei-Chiu Lee 
Author-X-Name-First: Kuei-Chiu 
Author-X-Name-Last: Lee 
Title: Purchasing power parity in major OPEC countries: flexible Fourier stationary test 
Abstract:
  This study applies stationary test with a Fourier function proposed by
 Enders and Lee (2004, 2009) to test the validity of long-run Purchasing
 Power Parity (PPP) to assess the nonstationary properties of the Real
 Exchange Rates (RERs) for seven major countries of the Organization of the
 Petroleum Exporting Countries (OPEC). We find that our approximation has
 higher power to detect U-shaped breaks and smooth breaks than linear
 method if the true Data-Generating Process (DGP) of exchange rate is in
 fact a stationary nonlinear process. We examine the validity of PPP from
 the nonlinear point of view and provide robust evidence that clearly
 indicates that PPP holds true for six countries, namely Algeria, Angola,
 Indonesia, Kuwait, Nigeria and Saudi Arabia. Our findings point out their
 exchange rate adjustment mean-reverts towards PPP equilibrium values in a
 nonlinear way. 
Journal: Applied Economics Letters 
Pages: 19-24 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.564128 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564128 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takeshi Hoshikawa 
Author-X-Name-First: Takeshi 
Author-X-Name-Last: Hoshikawa 
Title: Regime shift of Japanese foreign exchange policy: some findings 
Abstract:
  This article examines the regime shift of Japanese foreign exchange
 policy using monthly data from 1973:1 to 2005:9. We employ the
 residual-based tests for cointegration with regime shifts proposed by
 Gregory and Hansen (1996) to detect the change of Japanese exchange rate
 policy. The result of cointegration test with break shows that exchange
 rate and Japanese international reserves have long-run relationship. 
Journal: Applied Economics Letters 
Pages: 25-28 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.566003 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.566003 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Nawshaba Islam 
Author-X-Name-First: Nawshaba 
Author-X-Name-Last: Islam 
Author-Name: Motiur Rahman 
Author-X-Name-First: Motiur 
Author-X-Name-Last: Rahman 
Title: An assessment of crop diversification in Bangladesh: a spatial analysis 
Abstract:
  The main aim of this article is to assess the crop diversification in
 different districts of Bangladesh. As there are some variations in
 topology and rainfall across regions, crop diversification index is
 computed for 23 old districts. The trend in diversification between
 1980/81 and 2002/03 is analysed to see changing pattern over the years.
 Spatial analysis is also made to examine variations in diversification
 across regions, using time series data on acreage under different crops. 
Journal: Applied Economics Letters 
Pages: 29-33 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/00036846.2011.566168 
File-URL: http://hdl.handle.net/10.1080/00036846.2011.566168 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Ying Chu Ng 
Author-X-Name-First: Ying Chu 
Author-X-Name-Last: Ng 
Author-Name: Li-Qun Wei 
Author-X-Name-First: Li-Qun 
Author-X-Name-Last: Wei 
Title: Efficiency of Chinese enterprises: Does human resource management matter? 
Abstract:
  Data Envelopment Analysis (DEA) was applied to Chinese enterprises with
 different forms of ownership to estimate their efficiency. The efficiency
 scores obtained were further regressed against scores rating the
 implementation of Strategic Human Resource Management (SHRM) and other
 explanatory data. State-Owned Enterprises (SOEs) were the least efficient,
 whereas foreign-owned firms were the most efficient. Tentative evidence
 was found of a relationship between SHRM practices and enterprise
 efficiency, but only in foreign- and collectively owned enterprises,
 indicating that Chinese enterprises lack management skills or/and are
 still subject to tight institutional constraints than their
 foreign-invested counterparts. 
Journal: Applied Economics Letters 
Pages: 35-39 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.566170 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.566170 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:1:p:35-39




Template-Type: ReDIF-Article 1.0
Author-Name: Enzo Weber 
Author-X-Name-First: Enzo 
Author-X-Name-Last: Weber 
Author-Name: J&#xFC;rgen Wolters 
Author-X-Name-First: J&#xFC;rgen 
Author-X-Name-Last: Wolters 
Title: The US term structure and central bank policy 
Abstract:
  The Expectations Hypothesis of the Term Structure (EHT) implies
 cointegration between interest rates of different maturities and predicts
 certain values for adjustment speed. We estimate reduced-form Vector Error
 Correction Models (VECMs) of the US term structure. These are derived from
 a structural model combining the EHT, autocorrelated risk premia, interest
 rate smoothing and monetary policy feedback, which is able to capture a
 wide range of empirical outcomes. We explicitly test the necessary
 preconditions for the validity of the theoretical model. Premia
 persistence rises with longer-rate maturity, whereas the influence of the
 according spreads in the central bank reaction function diminishes. 
Journal: Applied Economics Letters 
Pages: 41-45 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.566171 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.566171 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Ho-Chuan (River) Huang 
Author-X-Name-First: Ho-Chuan (River) 
Author-X-Name-Last: Huang 
Author-Name: Yi-Chen Lin 
Author-X-Name-First: Yi-Chen 
Author-X-Name-Last: Lin 
Author-Name: Chih-Chuan Yeh 
Author-X-Name-First: Chih-Chuan 
Author-X-Name-Last: Yeh 
Title: An appropriate test of the Kuznets hypothesis 
Abstract:
  The Kuznets hypothesis, that is, inequality first rises and then falls as
 the economy advances, is often tested by regressing inequality on income
 and its squared term (along with other determinants). Findings of a
 significantly negative coefficient on income and a significantly positive
 estimate on the quadratic term are commonly taken as evidence supporting
 the inverted-U Kuznets curve. Although intuitive, Lind and Mehlum (2010)
 argued that the conventional approach is flawed and proposed an
 appropriate test for a U-shaped association. We revisit the validity of
 the Kuznets hypothesis by applying the novel testing strategy of Lind and
 Mehlum (2010) to annual US data over the period 1917 to 2007. Inconsistent
 with the Kuznets hypothesis, the test results overwhelmingly reject the
 combined null hypothesis of an inverted-U or monotone relationship in
 favour of a U-shaped linkage between income inequality and economic
 development. Moreover, the results are robust to changes in inequality
 measures and functional specifications. 
Journal: Applied Economics Letters 
Pages: 47-51 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.566172 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.566172 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Camilo Sarmiento 
Author-X-Name-First: Camilo 
Author-X-Name-Last: Sarmiento 
Title: Credit securitization decisions 
Abstract:
  To balance capital requirements and manage credit risk, lenders slice and
 dice mortgages for securitization versus holding unsecured loans for
 investment in their portfolios. This article estimates factors that
 explain credit securitization decisions with Government Sponsor
 Enterprises (GSEs). 
Journal: Applied Economics Letters 
Pages: 53-56 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.566173 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.566173 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:1:p:53-56




Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Simonian 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Simonian 
Title: An EBIT-based variant of the Duffie--Lando credit risk model 
Abstract:
  The Duffie--Lando (DL) credit risk model is based on the structural model
 developed by Leland and Toft, but modifies it by adding a noise term to
 the observation of firm value. This is done to reflect the fact that the
 asset process cannot be observed directly and thus that default times are
 basically unpredictable. Here we present a variant of the DL model that
 substitutes an earnings process for the asset value process used in the
 original version of the model. Using an earnings process as the state
 variable ties default to a piece of publicly available information widely
 considered to be a sign of a firm's financial well-being. It also allows
 for the precise specification of accounting noise, which is only sketched
 in the original DL model. In the last section, we specify a Bayesian
 methodology for applying the model in practice. 
Journal: Applied Economics Letters 
Pages: 57-60 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.566174 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.566174 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:1:p:57-60




Template-Type: ReDIF-Article 1.0
Author-Name: Simon C. Parker 
Author-X-Name-First: Simon C. 
Author-X-Name-Last: Parker 
Author-Name: Emilio Congregado 
Author-X-Name-First: Emilio 
Author-X-Name-Last: Congregado 
Author-Name: Antonio A. Golpe 
Author-X-Name-First: Antonio A. 
Author-X-Name-Last: Golpe 
Title: Testing for hysteresis in entrepreneurship in 23 OECD countries 
Abstract:
  We explore the macrostructure of entrepreneurship rates in a panel of 23
 OECD countries over 1972--2006. We find that rates of entrepreneurship in
 OECD countries exhibit persistence rather than hysteresis. Implications
 for the design of entrepreneurship policies are discussed. 
Journal: Applied Economics Letters 
Pages: 61-66 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.566175 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.566175 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:1:p:61-66




Template-Type: ReDIF-Article 1.0
Author-Name: Brian J. Jacobsen 
Author-X-Name-First: Brian J. 
Author-X-Name-Last: Jacobsen 
Title: Successive monopolies and product variety 
Abstract:
  If there is a shift of market power from manufacturers to retailers or
 from retailers to manufacturers, how are consumers affected? When the
 value chain has successive firms, each with market power, the shifting
 balance of power up or down the chain (away from the consumer or towards
 the consumer, respectively) can lead to a further fractionation of the
 consumer market, meaning greater product variety. If retailers have a
 minimum efficient scale greater than manufacturers, a shift in bargaining
 power from manufacturers to retailers will increase consumer welfare while
 market fractionation can enhance firms' abilities to price discriminate,
 capturing some of this consumer surplus. 
Journal: Applied Economics Letters 
Pages: 67-71 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.568379 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568379 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:1:p:67-71




Template-Type: ReDIF-Article 1.0
Author-Name: Nikolaos Antonakakis 
Author-X-Name-First: Nikolaos 
Author-X-Name-Last: Antonakakis 
Author-Name: Johann Scharler 
Author-X-Name-First: Johann 
Author-X-Name-Last: Scharler 
Title: The synchronization of GDP growth in the G7 during US recessions 
Abstract:
  Using the Dynamic Conditional Correlation (DCC) model due to Engle
 (2002), we estimate time-varying correlations of quarterly real GDP growth
 among the G7 countries. In general, we find that rather heterogeneous
 patterns of international synchronization exist during US recessions.
 During the 2007--2009 recession, however, international co-movement
 increased substantially. 
Journal: Applied Economics Letters 
Pages: 7-11 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.564126 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564126 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:1:p:7-11




Template-Type: ReDIF-Article 1.0
Author-Name: Yukiko Hirao 
Author-X-Name-First: Yukiko 
Author-X-Name-Last: Hirao 
Title: Efficiency of the top 50 business schools in the United States 
Abstract:
  This article measures efficiency of the top 50 business schools in the
 United States in 2006, using the Data Envelopment Analysis (DEA) method.
 We use peer assessment (to represent school quality) and average Graduate
 Management Admission Test (GMAT) scores (to represent student ability) as
 inputs and average starting salary and the percent of graduates employed
 upon graduation as outputs. The 50 business schools consist of 27 private
 schools and 23 public schools, and their efficiency scores are compared.
 We find that although technical efficiencies of private and public schools
 are both high, scale and overall efficiencies of the public schools are
 lower than those of the private schools. And most public schools exhibit
 Increasing Returns To Scale (IRTS). The returns to scale in this article
 refers to increases in the output measures -- starting salary and the
 employment rates -- in response to increases in the quality of inputs --
 peer assessment and the average GMAT scores. Hence, schools that exhibit
 IRTS will experience more than proportionate increases in starting salary
 and the employment rates by raising the quality of inputs. The policy
 implication is that for many public schools, efficiency will be improved
 if they could improve school and student quality levels. 
Journal: Applied Economics Letters 
Pages: 73-78 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.568380 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568380 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Oliver Masakure 
Author-X-Name-First: Oliver 
Author-X-Name-Last: Masakure 
Title: An empirical test of Lazear's leadership theory using evidence from Ghana 
Abstract:
  This article tests Lazear's theory of leadership which suggests that
 leaders emerge by acquiring a wide range of publicly demonstrable skills.
 I use cross-sectional data from a labour force survey in Ghana covering
 small, medium and large firms and find that individuals with more roles in
 their previous jobs are more likely to hold a leadership role in their
 current occupation. This confirms Lazear's theory which he tested using
 data from Stanford MBA graduates. 
Journal: Applied Economics Letters 
Pages: 79-82 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.568381 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568381 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:1:p:79-82




Template-Type: ReDIF-Article 1.0
Author-Name: P. S. Sephton 
Author-X-Name-First: P. S. 
Author-X-Name-Last: Sephton 
Title: Breaking deterministics, test size and the efficient Wald test for fractional unit roots 
Abstract:
  Lobato and Velasco (2007) introduced a test for a unit root against
 fractional alternatives with good power and performance properties. The
 purpose of this article is to examine the size of the test in the presence
 of level and trend breaks under the null hypothesis. The results suggest
 that test size remains relatively unaffected by level breaks but that the
 test can be undersized when there are breaking trends. 
Journal: Applied Economics Letters 
Pages: 83-85 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.568382 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568382 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:1:p:83-85




Template-Type: ReDIF-Article 1.0
Author-Name: Darja Bor&#x161;i&#x10D; 
Author-X-Name-First: Darja 
Author-X-Name-Last: Bor&#x161;i&#x10D; 
Author-Name: Ahmad Zubaidi Baharumshah 
Author-X-Name-First: Ahmad Zubaidi 
Author-X-Name-Last: Baharumshah 
Author-Name: Jani Bek&#x151; 
Author-X-Name-First: Jani 
Author-X-Name-Last: Bek&#x151; 
Title: Are we getting closer to purchasing power parity in Central and Eastern European economies? 
Abstract:
  In this article we examine the theory of Purchasing Power Parity (PPP) on
 a sample of Central and Eastern European economies. This article makes two
 main advances with respect to previous PPP studies. First, it employs a
 monthly database on real exchange rates for a panel of 12 Central and
 Eastern European economies by testing the theory separately with respect
 to the US dollar and to the euro for the period January 1994 to December
 2008. Second, we utilize, among other panel unit root tests, the panel
 Seemingly Unrelated Regressions Augmented Dickey--Fuller (SURADF) test
 proposed by Breuer <italic>et al.</italic> (2002), which allows us to
 identify how many and which members of the panel contain a unit root. As
 our study found support for the validity of PPP in some reforming European
 economies, special attention should be devoted to individual
 country-specific factors that cause PPP deviations. 
Journal: Applied Economics Letters 
Pages: 87-91 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.568383 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568383 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:1:p:87-91




Template-Type: ReDIF-Article 1.0
Author-Name: Sean Wever 
Author-X-Name-First: Sean 
Author-X-Name-Last: Wever 
Author-Name: David Aadland 
Author-X-Name-First: David 
Author-X-Name-Last: Aadland 
Title: Herd behaviour and underdogs in the NFL 
Abstract:
  Previous research has failed to draw any clear conclusions about the
 efficiency of the billion-dollar gambling industry for National Football
 League (NFL) games. We build on previous research and expose a new market
 inefficiency, which is consistent with the well-documented notion of
 <italic>herd behaviour</italic> in behavioural finance. A differential
 strategy of betting on home and visitor underdogs with large closing lines
 can produce statistically significant positive returns. 
Journal: Applied Economics Letters 
Pages: 93-97 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.568384 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568384 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:1:p:93-97




Template-Type: ReDIF-Article 1.0
Author-Name: Rui Dai 
Author-X-Name-First: Rui 
Author-X-Name-Last: Dai 
Author-Name: John Robst 
Author-X-Name-First: John 
Author-X-Name-Last: Robst 
Title: The relationship between plan characteristics and Medicare Prescription Drug Plan bids 
Abstract:
  This article assesses the relationship between plan characteristics and
 Medicare Prescription Drug Plan (PDP) bids. Medicare PDP information data
 are used to link plan and geographic data for stand-alone prescription
 drug plans participating in the Part D programme from 2006 to 2008
 (<italic>N</italic>&#x2009;=&#x2009;5101). Firm fixed effects models are
 estimated to measure the relationship between plan characteristics
 including formularies, beneficiary cost sharing and utilization controls
 and PDP bids. Firm fixed effects models show a negative inelastic
 relationship between member cost sharing and plan bids. Among the
 utilization controls, only prior authorization is associated with lower
 bids. The use of quantity limits and step therapy is associated with
 higher bids, although this reflects their likely use for nonpreferred
 brand name medications. Bids are positively related to the number of
 preferred brand name medications and specialty medications covered, gap
 coverage of generics and brand name medications and the regional risk
 score. Lower bids are associated with higher deductibles and market size. 
Journal: Applied Economics Letters 
Pages: 99-104 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.568385 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568385 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:1:p:99-104




Template-Type: ReDIF-Article 1.0
Author-Name: Ming-Sun Horng 
Author-X-Name-First: Ming-Sun 
Author-X-Name-Last: Horng 
Author-Name: Yung-Wang Chang 
Author-X-Name-First: Yung-Wang 
Author-X-Name-Last: Chang 
Author-Name: Ting-Yi Wu 
Author-X-Name-First: Ting-Yi 
Author-X-Name-Last: Wu 
Title: Does insurance demand or financial development promote economic growth? Evidence from Taiwan 
Abstract:
  This study examines the dynamic relationship among insurance demand,
 financial development and economic growth in Taiwan between 1961 and 2006.
 Using a three-variable Vector Autoregressive (VAR) model, the competing
 hypotheses of demand-following versus supply-leading are empirically
 tested. Extending the conceptual link among these variables proposed by
 Hussels <italic>et al.</italic> (2005), we find that there is an
 equilibrium relationship between demand, financial development and
 economic growth. In the short run, economic growth Granger causes
 insurance demand, and financial development Granger causes economic
 growth. In other words, financial development does promote real GDP
 growth, and a change in real GDP leads to deviation in real insurance
 demand in Taiwan. Managerial implications are proposed based on the
 empirical findings. 
Journal: Applied Economics Letters 
Pages: 105-111 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.568386 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568386 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:105-111




Template-Type: ReDIF-Article 1.0
Author-Name: Samih Antoine Azar 
Author-X-Name-First: Samih Antoine 
Author-X-Name-Last: Azar 
Title: On the specification of the asset evolution equation in consumption models 
Abstract:
  Dynamic programming is often used by researchers to find the first-order
 Euler relation when the discounted utility of an infinite stream of
 consumption is maximized, subject to one or more constraints. Although the
 consumption model is the same in most studies, the specification of the
 constraint, that is, the asset evolution equation, differs from author to
 author. In fact there are two general formulations of this equation. The
 purpose of this article is to check whether these two different
 formulations alter the first-order conditions. The surprising but
 reassuring result is that they do not. This result holds for both discrete
 and continuous-time variables. This article also solves the Euler
 relations for two customary functional forms of the utility. 
Journal: Applied Economics Letters 
Pages: 113-116 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.568387 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568387 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:113-116




Template-Type: ReDIF-Article 1.0
Author-Name: John F. McDonald 
Author-X-Name-First: John F. 
Author-X-Name-Last: McDonald 
Title: Optimal leverage with a variable borrowing rate 
Abstract:
  This article is a theoretical examination of optimal leverage to maximize
 the value of an investment asset, assuming that the interest rate on loans
 increases with leverage. The expected rate of return to equity for the
 investing firm (that is subject to taxation at the entity level) and
 market equilibrium for the model are derived. The amount of risk that is
 assumed by investing firms that borrow is set by the competitive market.
 The article also includes a model of the capitalization rate for
 commercial real estate, defined as net operating income divided by
 property value (which depends upon leverage). 
Journal: Applied Economics Letters 
Pages: 117-121 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.568388 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568388 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:117-121




Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chia-Hao Lee 
Author-X-Name-First: Chia-Hao 
Author-X-Name-Last: Lee 
Author-Name: Pei-I Chou 
Author-X-Name-First: Pei-I 
Author-X-Name-Last: Chou 
Title: Nonlinear adjustment to purchasing power parity in G-7 countries 
Abstract:
  This study applies a simple and powerful nonlinear unit root proposed by
 Sollis (2009) to test the validity of long-run Purchasing Power Parity
 (PPP) in G-7 countries over the period January 1980 to September 2008. The
 empirical results indicate that PPP holds true for all G-7 countries, with
 the exception of Canada, and the adjustment towards PPP is nonlinear but
 in a symmetric way. These results have important policy implications for
 the G-7 countries under study. 
Journal: Applied Economics Letters 
Pages: 123-128 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.568389 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568389 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:123-128




Template-Type: ReDIF-Article 1.0
Author-Name: Yang Liu 
Author-X-Name-First: Yang 
Author-X-Name-Last: Liu 
Author-Name: Bruce Morley 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Morley 
Title: Sovereign credit default swaps and the macroeconomy 
Abstract:
  The aim of this study is to determine whether the domestic economy as
 represented by the interest rate, the international economic status as
 represented by the exchange rate or both determine sovereign Credit
 Default Swap (CDS) spreads. Using a Vector Autoregressive (VAR) and
 Granger noncausality tests, the results suggest that it is the exchange
 rate that has the most important effect on sovereign CDS spreads, with
 domestic interest rates having only a limited effect. There is also some
 evidence of causality running from the CDS spread to the exchange rate. 
Journal: Applied Economics Letters 
Pages: 129-132 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.568390 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568390 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:129-132




Template-Type: ReDIF-Article 1.0
Author-Name: George Dotsis 
Author-X-Name-First: George 
Author-X-Name-Last: Dotsis 
Author-Name: Vasiliki Makropoulou 
Author-X-Name-First: Vasiliki 
Author-X-Name-Last: Makropoulou 
Author-Name: Raphael Nicholas Markellos 
Author-X-Name-First: Raphael Nicholas 
Author-X-Name-Last: Markellos 
Title: Investment under uncertainty and volatility estimation risk 
Abstract:
  This article considers the implications of volatility estimation risk in
 real options theory. We construct confidence intervals for critical
 project values and options prices. An empirical example in lease
 investment evaluation for an offshore petroleum tract shows that
 confidence intervals can be substantial when a limited amount of data are
 used to estimate volatility. 
Journal: Applied Economics Letters 
Pages: 133-137 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570697 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570697 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:133-137




Template-Type: ReDIF-Article 1.0
Author-Name: Pelin &#xD6;ge G&#xFC;ney 
Author-X-Name-First: Pelin 
Author-X-Name-Last: &#xD6;ge G&#xFC;ney 
Author-Name: Erdin&#xE7; Telatar 
Author-X-Name-First: Erdin&#xE7; 
Author-X-Name-Last: Telatar 
Author-Name: M&#xFC;bariz Hasanov 
Author-X-Name-First: M&#xFC;bariz 
Author-X-Name-Last: Hasanov 
Title: Re-examining purchasing power parity for selected emerging markets and African countries 
Abstract:
  The validity of Purchasing Power Parity (PPP) is re-examined using data
 for some emerging market economies and African countries, extending recent
 works of Do&#x11F;anlar <italic>et al.</italic> (2009) and Chang
 <italic>et al.</italic> (2010), respectively. For this purpose, we apply
 new unit root tests that allow for nonlinearities and structural change in
 the data-generating process. The results of this study suggest that
 although linear unit root test provides evidence in favour of PPP only in
 a few cases, the new nonlinear unit root tests suggest that the PPP
 proposition holds in majority of the sample countries. 
Journal: Applied Economics Letters 
Pages: 139-144 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570698 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570698 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:139-144




Template-Type: ReDIF-Article 1.0
Author-Name: Biswo Poudel 
Author-X-Name-First: Biswo 
Author-X-Name-Last: Poudel 
Author-Name: Krishna P. Paudel 
Author-X-Name-First: Krishna P. 
Author-X-Name-Last: Paudel 
Title: Trust, institutions and development 
Abstract:
  This article suggests an explanation as to why relatively prosperous
 societies in the 1500s were unable to protect themselves from the
 colonialist powers. It reasons that while the prevalence of institutions
 fostering mutual trust among citizens allowed the earlier prosperous
 societies to achieve a degree of prosperity that same trust led to lower
 investments in defence and the eventual fall of the society. 
Journal: Applied Economics Letters 
Pages: 145-147 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570699 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570699 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:145-147




Template-Type: ReDIF-Article 1.0
Author-Name: Won-Cheol Yun 
Author-X-Name-First: Won-Cheol 
Author-X-Name-Last: Yun 
Title: Yuan revaluation and its implications 
Abstract:
  This study analyses the impacts of economic activity and exchange-rate
 movement and its volatility on exports and imports between Korea and
 China. Using monthly data from April 1994 to December 2007,
 Error-Correction Models (ECMs) are specified to estimate the cumulative
 effects of determinants for export and import demand. According to the
 empirical results, the depreciation of exchange rate would stimulate the
 export growth. In addition, it would be desirable to stabilize exchange
 rate in order to boost trade flows. 
Journal: Applied Economics Letters 
Pages: 149-154 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570700 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570700 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:149-154




Template-Type: ReDIF-Article 1.0
Author-Name: Leo de Haan 
Author-X-Name-First: Leo 
Author-X-Name-Last: de Haan 
Author-Name: Jan Kakes 
Author-X-Name-First: Jan 
Author-X-Name-Last: Kakes 
Title: Investment strategies of institutional investors: evidence from Dutch flow-of-funds data 
Abstract:
  This article investigates investment strategies of Dutch pension funds,
 life insurers and nonlife insurers, using quarterly flow-of-funds data.
 The results suggest that all three investor types buy past losers and sell
 past winners, although they only partially rebalance their portfolios that
 way. 
Journal: Applied Economics Letters 
Pages: 155-159 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570701 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570701 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:155-159




Template-Type: ReDIF-Article 1.0
Author-Name: Yoshihiro Hashiguchi 
Author-X-Name-First: Yoshihiro 
Author-X-Name-Last: Hashiguchi 
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Title: The sustainability of trade balances in sub-Saharan Africa: panel cointegration tests with cross-section dependence 
Abstract:
  This article investigates the sustainability of trade balances in the
 sub-Saharan African regions, using both the panel unit root
 (Im--Pesaran--Shin (IPS)) test proposed by Im <italic>et al.</italic>
 (2003) and the cross-sectionally augmented version of the IPS (Pesaran
 Cross-sectional IPS (CIPS)) test suggested by Pesaran (2007), where the
 former test is based on the assumption of cross-section independence and
 the latter actually considers cross-section independence. Although the
 empirical results based on the IPS test indicate that the balance of trade
 in the sub-Saharan African regions is sustainable, the empirical results
 of the CIPS test reveal that it is not sustainable. Since Cross-section
 Dependence (CD) was recognized using the CD test developed by Pesaran
 (2004), there is a possibility that the empirical results based on the IPS
 test are spurious. 
Journal: Applied Economics Letters 
Pages: 161-165 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570702 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570702 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:161-165




Template-Type: ReDIF-Article 1.0
Author-Name: Hassan Mohammadi 
Author-X-Name-First: Hassan 
Author-X-Name-Last: Mohammadi 
Author-Name: Golaleh Moshrefi 
Author-X-Name-First: Golaleh 
Author-X-Name-Last: Moshrefi 
Title: Fiscal policy and the current account new evidence from four East Asian countries 
Abstract:
  The long-run relation and short-run dynamics of fiscal policy and current
 account is examined using time-series data on four East Asian economies --
 South Korea, Malaysia, Singapore and Thailand. The purpose of the study is
 to test the validity of two alternative views on budget deficits -- the
 Ricardian and Keynesian theories. According to Ricardians, given the path
 government spending, a rise in budget deficits has no effect of national
 savings, investment and the current account. In contrast, Keynesian theory
 suggests that such tax cuts reduce national savings and result in current
 account deficits. Empirical results based on cointegration model and Error
 Correction Model (ECM) over 1975--2008 are broadly consistent with the
 Ricardian view. 
Journal: Applied Economics Letters 
Pages: 167-173 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570703 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570703 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:167-173




Template-Type: ReDIF-Article 1.0
Author-Name: Massimiliano Caporin 
Author-X-Name-First: Massimiliano 
Author-X-Name-Last: Caporin 
Author-Name: Paolo Santucci de Magistris 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Santucci de Magistris 
Title: On the evaluation of marginal expected shortfall 
Abstract:
  In the analysis of systemic risk, Marginal Expected Shortfall (MES) may
 be considered to evaluate the marginal impact of a single stock on the
 market Expected Shortfall (ES). These quantities are generally computed
 using log-returns, in particular when there is also a focus on returns
 conditional distribution. In this case, the market log-return is only
 approximately equal to the weighed sum of equities log-returns. We show
 that the approximation error is large during turbulent market phases, with
 a subsequent impact on MES. We then suggest how to improve the evaluation
 of MES by means of a second-order approximation. 
Journal: Applied Economics Letters 
Pages: 175-179 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570704 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570704 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:175-179




Template-Type: ReDIF-Article 1.0
Author-Name: Akio Matsumoto 
Author-X-Name-First: Akio 
Author-X-Name-Last: Matsumoto 
Author-Name: Ugo Merlone 
Author-X-Name-First: Ugo 
Author-X-Name-Last: Merlone 
Author-Name: Ferenc Szidarovszky 
Author-X-Name-First: Ferenc 
Author-X-Name-Last: Szidarovszky 
Title: Some notes on applying the Herfindahl--Hirschman Index 
Abstract:
  The Herfindahl--Hirschman Index is one of the most commonly used
 indicators to detect anticompetitive behaviour in industries. In fact, an
 increase in the value of the index is usually interpreted as an indicator
 of actions which may lessen competition or even create a monopoly. In this
 article we show that this is not always the case, since in certain
 instances it is impossible to detect cooperation. We also show an example
 when competition even has a decreasing effect on the value of the index. 
Journal: Applied Economics Letters 
Pages: 181-184 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570705 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570705 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:181-184




Template-Type: ReDIF-Article 1.0
Author-Name: Eric Blankmeyer 
Author-X-Name-First: Eric 
Author-X-Name-Last: Blankmeyer 
Title: Estimating an inflation index by quantile regression 
Abstract:
  This article gives a methodology for estimating an inflation index using
 the quantile regression of Bassett and Koenker. The regression --
 orthogonal in the logarithmic price changes -- is computed by linear
 programming for each percentile of inflation; and the results are
 bootstrapped to estimate standard errors. The procedure is applied to
 monthly data on seven metals. 
Journal: Applied Economics Letters 
Pages: 185-187 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570706 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570706 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:185-187




Template-Type: ReDIF-Article 1.0
Author-Name: Bo Sun 
Author-X-Name-First: Bo 
Author-X-Name-Last: Sun 
Title: Corporate governance, stock options and earnings management 
Abstract:
  Firms often compensate executives with stock options when empirical
 studies find that these contracts lead to severe earnings management
 problem. In order to understand the use of stock options as a prevailing
 compensation strategy in practice, we derive the optimal contract between
 a firm's shareholders and its manager, the latter of whom exerts
 unobservable effort and is privately informed about economic earnings as
 well as his own expertise in managing earnings. The optimal contract is
 characterized analytically in different corporate governance systems. The
 model indicates that the inactive region below a threshold in the
 compensation should be more economically significant when the corporate
 governance is weaker. The model suggests that, while the use of options
 leads to earnings management incentives, it is an optimal contract in the
 presence of reporting latitude and uncertainty over an executives' ability
 to manage earnings. The model result is in accordance with the observed
 positive association between the level of earnings management and the use
 of stock options in both time series and cross section. Empirical evidence
 on the changes in the intensity of option grants in executive compensation
 in response to corporate governance legislations also lends support to the
 model. 
Journal: Applied Economics Letters 
Pages: 189-196 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570707 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570707 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:189-196




Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Hsu-Ling Chang 
Author-X-Name-First: Hsu-Ling 
Author-X-Name-Last: Chang 
Author-Name: Ken Hung 
Author-X-Name-First: Ken 
Author-X-Name-Last: Hung 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Title: Nonlinear adjustment to purchasing power parity for Germany's real exchange rate relative to its major trading partners 
Abstract:
  This study applies a simple and powerful nonlinear unit-root test
 proposed by Sollis (2009) to test the validity of long-run Purchasing
 Power Parity (PPP) for Germany's real exchange rate
 <italic>vis-&#xE0;-vis</italic> its trading partner countries. The
 empirical results indicate that PPP holds for Germany relative to its
 major trading partners, with the exception of Canada, and the adjustment
 towards PPP is nonlinear and asymmetric. This result provides support for
 PPP for Germany relative to its major trading partner countries. 
Journal: Applied Economics Letters 
Pages: 197-202 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570708 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570708 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:197-202




Template-Type: ReDIF-Article 1.0
Author-Name: Matthew J. Salois 
Author-X-Name-First: Matthew J. 
Author-X-Name-Last: Salois 
Title: Biases in the distribution of bilateral aid: a regional decomposition analysis 
Abstract:
  This article investigates income and population biases in the
 distribution of aid and decomposes recipients by geographic region.
 Previous analyses aggregate recipients and assume biases have an equal
 impact. Results demonstrate that although while a bias towards
 middle-income and medium-sized countries persists in the full sample, the
 extent of such biases differs significantly by region. 
Journal: Applied Economics Letters 
Pages: 203-206 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570709 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570709 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:203-206




Template-Type: ReDIF-Article 1.0
Author-Name: Angel Estrada 
Author-X-Name-First: Angel 
Author-X-Name-Last: Estrada 
Author-Name: Pablo Hern&#xE1;ndez de Cos 
Author-X-Name-First: Pablo 
Author-X-Name-Last: Hern&#xE1;ndez de Cos 
Title: Oil prices and their effect on potential output 
Abstract:
  This article describes some of the mechanisms by which oil price
 fluctuations produce changes in the long-run growth of the economy. The
 analysis suggests that a (permanent) increase in oil prices can
 significantly reduce potential output. From an economic policy point of
 view, this effect may be more marked when competition in the product
 markets is low or when wage indexation is high; thus, reforms aiming to
 increase competition and improve wage-setting mechanisms help to reduce
 the negative effects of higher oil prices on long-run economic growth. 
Journal: Applied Economics Letters 
Pages: 207-214 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572833 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572833 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:207-214




Template-Type: ReDIF-Article 1.0
Author-Name: Joon-Mo Yang 
Author-X-Name-First: Joon-Mo 
Author-X-Name-Last: Yang 
Title: Note on estimating effectiveness of demand management 
Abstract:
  This article suggests a method for estimating the effectiveness of
 electricity demand management and improving the accuracy of future peak
 load forecasting. The measurement accuracy is essential for deciding the
 optimal size of power plants. The measurement issue has been very
 controversial because the real effectiveness of demand management policy
 is not observable. This article uses the state space modelling technique
 to capture the effectiveness of the demand management. From the
 application of this technique to the Korea's case, this article finds that
 the effectiveness of the policy relatively becomes smaller than before and
 that the peak load forecast should be adjusted. This enhanced measurement
 technique will help the Korean government to have the theoretical base for
 the national energy plan in the future. 
Journal: Applied Economics Letters 
Pages: 215-220 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572834 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572834 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:215-220




Template-Type: ReDIF-Article 1.0
Author-Name: Kazuhiko Mikami 
Author-X-Name-First: Kazuhiko 
Author-X-Name-Last: Mikami 
Title: Sunk costs of physical capital and the form of enterprise: investor-owned firms, consumer cooperatives and public enterprises 
Abstract:
  This article considers how the efficiency of organizational forms of
 enterprise can depend on the level of sunk costs of physical capital in
 relation to market size, informational asymmetry and the heterogeneity of
 firm owners. 
Journal: Applied Economics Letters 
Pages: 221-225 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572835 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572835 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:221-225




Template-Type: ReDIF-Article 1.0
Author-Name: Fl&#xE1;vio Lenz-Cesar 
Author-X-Name-First: Fl&#xE1;vio 
Author-X-Name-Last: Lenz-Cesar 
Author-Name: Almas Heshmati 
Author-X-Name-First: Almas 
Author-X-Name-Last: Heshmati 
Title: An econometric approach to identify determinants of cooperation for innovation among firms 
Abstract:
  R&D cooperation has received great attention among industrialists,
 decision-makers and researchers. This article introduces an econometric
 approach for identifying the factors that lead firms to cooperate in order
 to achieve innovation. The determining factors were defined according to
 empirical findings from the Korean Innovation Survey (KIS) 2005, captured
 in a multivariate probit regression model. The aim is to subsidize further
 research by applying agent-based modelling to simulate innovation networks
 in the Korean manufacturing sector. 
Journal: Applied Economics Letters 
Pages: 227-235 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572836 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572836 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:227-235




Template-Type: ReDIF-Article 1.0
Author-Name: Marco Percoco 
Author-X-Name-First: Marco 
Author-X-Name-Last: Percoco 
Title: Are project appraisers chiromancers? 
Abstract:
  The accuracy of <italic>ex ante</italic> project appraisal has been
 subject to scrutiny by scholars in recent years. It has often been claimed
 that the inaccuracy of project evaluation leads to a waste of public
 spending. In this article I acknowledge that the appraisal of a project
 consists in long-run predictions of several variables, so that the
 accuracy of <italic>ex ante</italic> evaluations should be assessed on the
 basis of forecasting rationality. I test for the rationality of a sample
 of World Bank project appraisals and find no significant discrepancy
 between <italic>ex ante</italic> and realized rates of return. 
Journal: Applied Economics Letters 
Pages: 237-241 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572837 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572837 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:237-241




Template-Type: ReDIF-Article 1.0
Author-Name: Hing Lin Chan 
Author-X-Name-First: Hing Lin 
Author-X-Name-Last: Chan 
Author-Name: Kai-Yin Woo 
Author-X-Name-First: Kai-Yin 
Author-X-Name-Last: Woo 
Title: Day-of-the-week effect on the return and conditional variance of the H-shares index in Hong Kong 
Abstract:
  The purpose of this article is to investigate the day-of-the-week effect
 on both the return and conditional variance (volatility) of the H-shares
 index in Hong Kong from 3 January 2000 to 1 August 2008. Using an
 Exponential General Autoregressive Conditional Heteroskedasticity (EGARCH)
 specification to model the conditional variance, we find that the
 day-of-the-week effect is present in both return and variance equations.
 In particular, higher risk-adjusted returns are found on Monday and
 Friday. However, after adjusting for market risks that vary across the
 days of the week, only the Monday effect remains. The conditional variance
 model also finds that the highest volatility of return also occurs on
 Monday. Thus, the Monday effects on risk-adjusted returns may be a reward
 for higher volatility on that day. However, after adjusting for
 transaction costs, the abnormal returns for Monday become negligible. 
Journal: Applied Economics Letters 
Pages: 243-249 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572838 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572838 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:243-249




Template-Type: ReDIF-Article 1.0
Author-Name: Rahmi Erdem Aktug 
Author-X-Name-First: Rahmi Erdem 
Author-X-Name-Last: Aktug 
Author-Name: Geraldo Vasconcellos 
Author-X-Name-First: Geraldo 
Author-X-Name-Last: Vasconcellos 
Author-Name: Youngsoo Bae 
Author-X-Name-First: Youngsoo 
Author-X-Name-Last: Bae 
Title: The dynamics of sovereign credit default swap and bond markets: empirical evidence from the 2001 to 2007 period 
Abstract:
  This article evaluates the dynamic relationship between sovereign Credit
 Default Swap (CDS) and bond markets over the period 2001 to 2007 across 30
 emerging markets. Our results suggest that the bond markets play a
 significant role in the price discovery process, which is in contrast with
 the corporate studies. We also show that the CDS markets play a more
 dominant role in lead--lag relationships compared to earlier studies on
 the sovereign credit markets. 
Journal: Applied Economics Letters 
Pages: 251-259 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572839 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572839 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:251-259




Template-Type: ReDIF-Article 1.0
Author-Name: Hyun-Jae Rhee 
Author-X-Name-First: Hyun-Jae 
Author-X-Name-Last: Rhee 
Title: Testing for the possibility of a monetary union in the ASEAN+3 countries: rationality and asymmetric loss functions 
Abstract:
  This study uses market variables, such as the rates of foreign exchange,
 interest and inflation, to determine if a market-led monetary integration
 in the ASEAN+3 countries is possible. Following Batchelor and Peel (1998),
 rationality is revealed in the presence of an asymmetric Linex loss
 function. In order to generate an expected value for a target variable,
 arithmetically weighted, pseudo-numeraire and Auto-Regressive Integrated
 Moving Average (ARIMA(1,1,1)) process information matrices are generated.
 It is found that certain preconditions have to be fulfilled in the ASEAN+3
 countries for monetary unification to take place and that this process
 must be gradual. In particular, an economic infrastructure has to be built
 to strengthen foreign exchange markets in this region. 
Journal: Applied Economics Letters 
Pages: 261-268 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572840 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572840 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:261-268




Template-Type: ReDIF-Article 1.0
Author-Name: Jane Jing Xu 
Author-X-Name-First: Jane Jing 
Author-X-Name-Last: Xu 
Author-Name: Tsz Leung Yip 
Author-X-Name-First: Tsz Leung 
Author-X-Name-Last: Yip 
Title: Ship investment at a standstill? An analysis of shipbuilding activities and policies 
Abstract:
  In the wake of the global financial crisis which started around mid-2008,
 the global shipbuilding industry is no longer in a state of euphoria as
 before. The volume of new ship orders dropped dramatically after August
 2008. We are motivated to examine three issues in this article: First, in
 the context of shipping industry, which variable(s) play the most
 important role in a ship investment decision? Second, do government
 support and favourable investment conditions really help to save
 shipbuilding industry from the distressing situation? Third, if we
 separate Japan, South Korea and China as leading shipbuilding clusters,
 what will the cluster effect be? Our results indicate that the investment
 of ships can be decided by the freight level, the supply of the market
 (fleet size), the demand of the ships (trade volume) and the transport
 service share (location advantage). However, the state of the freight
 market is of major importance to the investment decision of ships.
 Shipbuilding price, second-hand ship price and foreign direct investment
 in transport are proved to have no linkage to ship investment. Besides,
 the rising role of Japan, South Korea and China in shipbuilding is also
 identified. 
Journal: Applied Economics Letters 
Pages: 269-275 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572842 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572842 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:269-275




Template-Type: ReDIF-Article 1.0
Author-Name: Hongliang Yang 
Author-X-Name-First: Hongliang 
Author-X-Name-Last: Yang 
Author-Name: Michael Pollitt 
Author-X-Name-First: Michael 
Author-X-Name-Last: Pollitt 
Title: Incorporating undesirable outputs into Malmquist TFP indices with an unbalanced data panel of Chinese power plants 
Abstract:
  In this article, we examine the effects of undesirable outputs on
 Malmquist Total Factor Productivity (TFP) indices. Our empirical work uses
 an unbalanced panel of 1626 real observations on coal-fired power plants
 in China during 1996--2002. In order to meet the requirement of a balanced
 panel for calculating the Malmquist indices, an innovative fake unit
 approach has been introduced. To the authors' knowledge, no other
 published papers on TFP change have used this method before. Our final
 results show that (1) the original growth path of the Chinese electricity
 till 2002 heavily depended upon an increase of resource input and (2) the
 environmental TFP change of Chinese coal-fired power plants was about
 2--3% (at least with respect to SO<sub>2</sub>), which mainly comes from
 technical change rather than efficiency change during the report period. 
Journal: Applied Economics Letters 
Pages: 277-283 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572843 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572843 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:277-283




Template-Type: ReDIF-Article 1.0
Author-Name: David Michael McEvoy 
Author-X-Name-First: David Michael 
Author-X-Name-Last: McEvoy 
Title: Paying to punish on a free ride: member and nonmember punishments in voluntary coalitions 
Abstract:
  We explore public good experiments in which players have the opportunity
 to form cooperative coalitions. The decision to join a coalition is
 voluntary as is a member's decision to comply with the terms of the
 coalition. An informal enforcement mechanism is examined in which
 coalition members and nonmembers can impose costly punishments on one
 another. We find that when punishments are purely voluntary, coalition
 members and free-riding nonmembers are equally likely to punish
 noncompliant coalition members. Moreover, the extent to which nonmembers
 punish noncompliance does not change regardless of whether the members can
 credibly enforce compliance within their coalition. 
Journal: Applied Economics Letters 
Pages: 285-288 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572844 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572844 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:285-288




Template-Type: ReDIF-Article 1.0
Author-Name: Ho-Chuan (River) Huang 
Author-X-Name-First: Ho-Chuan (River) 
Author-X-Name-Last: Huang 
Author-Name: Chih-Chuan Yeh 
Author-X-Name-First: Chih-Chuan 
Author-X-Name-Last: Yeh 
Title: A reassessment of inequality and growth in the United States 
Abstract:
  In a recent interesting paper, Frank (2009) investigated the long-run
 inequality--growth nexus with a large panel of annual data for the 48
 states in the United States over the 1945 to 2004 post-war period. By
 implementing the Pooled Mean Group (PMG) estimators, Frank (2009)
 concluded that there is a significant and positive relationship between
 inequality and growth. However, we find that Frank (2009) was actually
 measuring the effect of inequality on <italic>economic
 development</italic> (proxied by the logarithm of the real state income
 per capita) rather than on <italic>economic growth</italic> (defined by
 the first difference of the logarithm of the real state income per
 capita). To this purpose, we suggest a more adequate specification to
 reassess the relationship using the same data set and estimation
 technique. The fresh empirical results indicate that the
 inequality--growth connection continues to hold in a positive and
 significant manner, and the findings are robust to alternative lag order
 structures and income inequality measures. 
Journal: Applied Economics Letters 
Pages: 289-295 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572845 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572845 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:289-295




Template-Type: ReDIF-Article 1.0
Author-Name: G&#xFC;listan Erdal 
Author-X-Name-First: G&#xFC;listan 
Author-X-Name-Last: Erdal 
Author-Name: Hilmi Erdal 
Author-X-Name-First: Hilmi 
Author-X-Name-Last: Erdal 
Author-Name: Kemal Eseng&#xFC;n 
Author-X-Name-First: Kemal 
Author-X-Name-Last: Eseng&#xFC;n 
Title: The effects of exchange rate volatility on trade: evidence from Turkish agricultural trade 
Abstract:
  In this article, an empirical study of the effect of Real Effective
 Exchange Rate Volatility (REERV) on Agricultural Export (AGX) and
 Agricultural Import (AGM) in Turkey was conducted. Studied period covers
 1995 to 2007. In order to reach REERV, Generalized Autoregressive
 Conditional Heteroscedasticity (GARCH) (1,1) model was used. Long-term
 relationship between series was determined using Johansen cointegration
 test. The direction of this relationship, on the other hand, was
 determined using pairwise Granger causality. Our empirical results
 indicated that there was a positive long-term relationship between REERV
 and AGX series, while there was a negative long-term relationship between
 REERV and AGM. The relationship is unidirectional for both AGX and AGM
 series. 
Journal: Applied Economics Letters 
Pages: 297-303 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.576996 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.576996 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:297-303




Template-Type: ReDIF-Article 1.0
Author-Name: Chiao-Yi Chang 
Author-X-Name-First: Chiao-Yi 
Author-X-Name-Last: Chang 
Author-Name: Fu-Shuen Shie 
Author-X-Name-First: Fu-Shuen 
Author-X-Name-Last: Shie 
Title: The nonlinear relationship between autocorrelation and volatility: the case of the Asian financial crisis 
Abstract:
  In this article we explore how autocorrelation impacts volatility in
 stock markets. We use the Threshold Autoregressive-Generalized
 Autoregressive Conditional Heteroscedasticity (TAR-GARCH) model to obtain
 a better approximation of the volatility pattern with the threshold of a
 positive or negative prior return autocorrelation. In contrast to the
 general regime-switching model that focuses on the mean equation or on the
 variance equation with prior shocks as the threshold variable, we consider
 the asymmetric response of volatility to the autocorrelation of stock
 returns and apply a nonlinear relationship between autocorrelation and
 volatility to refine the volatility equation. The empirical results
 indicate that different levels of autocorrelation are related to stock
 return volatility. Regardless of whether there is positive or negative
 correlation, the volatility increases under larger absolute values of
 autocorrelation both during and after the Asian financial crisis. Stock
 returns are observed in 10 countries before, during and after the 1997
 Asian financial crisis. 
Journal: Applied Economics Letters 
Pages: 305-311 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.576997 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.576997 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ching-Chih Chang 
Author-X-Name-First: Ching-Chih 
Author-X-Name-Last: Chang 
Author-Name: Chin-Yuan Hsieh 
Author-X-Name-First: Chin-Yuan 
Author-X-Name-Last: Hsieh 
Author-Name: Yung-Chih Lin 
Author-X-Name-First: Yung-Chih 
Author-X-Name-Last: Lin 
Title: A predictive model of the freight rate of the international market in Capesize dry bulk carriers 
Abstract:
  This study examines the considerable fluctuations of the world's dry bulk
 shipping market from November 1995 to September 2008. The major objective
 is to provide a forecasting model for the freight rate in relation to the
 second-hand ship price. The results indicate an acceptable level of
 prediction according to Mean Absolute Percentage Error (MAPE), with a
 value no more than 20%. It is anticipated that this research will prove
 germane to major stakeholders, including owners, charters, investors and
 bankers, by forecasting the freight rate and thereby expediting the
 decision-making process. 
Journal: Applied Economics Letters 
Pages: 313-317 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.576998 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.576998 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:313-317




Template-Type: ReDIF-Article 1.0
Author-Name: Lourdes Badillo Amador 
Author-X-Name-First: Lourdes 
Author-X-Name-Last: Badillo Amador 
Author-Name: &#xC1;ngel L&#xF3;pez Nicol&#xE1;s 
Author-X-Name-First: &#xC1;ngel 
Author-X-Name-Last: L&#xF3;pez Nicol&#xE1;s 
Author-Name: Luis E. Vila 
Author-X-Name-First: Luis E. 
Author-X-Name-Last: Vila 
Title: The consequences on job satisfaction of job--worker educational and skill mismatches in the Spanish labour market: a panel analysis 
Abstract:
  The effects of job--worker mismatches on job satisfaction are examined
 using the eight waves (1994--2001) of Spanish data in the European
 Community Household Panel (ECHP). The impacts of both educational and
 skill mismatches are estimated considering unobserved heterogeneity, state
 dependence and attrition bias. Dynamic analysis shows that skill
 mismatches emerge as a much better predictor of job satisfaction than
 educational mismatches as the effects of the latter are related to
 unobserved heterogeneity among workers. Moreover, the current level of job
 satisfaction appears to be influenced by workers' previous job
 perceptions, suggesting a dynamic structure for job satisfaction. 
Journal: Applied Economics Letters 
Pages: 319-324 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.576999 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.576999 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:319-324




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Dolan 
Author-X-Name-First: Paul 
Author-X-Name-Last: Dolan 
Author-Name: Nattavudh Powdthavee 
Author-X-Name-First: Nattavudh 
Author-X-Name-Last: Powdthavee 
Title: Thinking about it: a note on attention and well-being losses from unemployment 
Abstract:
  This article investigates Schkade and Kahneman's (1998) maxim that
 &#x2018;Nothing in life is quite as important as you think it is while you
 are thinking about it.&#x2019; This article shows that whilst becoming
 unemployed hurts psychologically, unemployment has a greater impact on
 happiness if the person also regards it as an important event that took
 place in the last year. This finding, particularly if it is replicated for
 other domains, such as health and income, will have important implications
 for how we think about the impact of objective circumstances on well-being
 and about well-being more generally. 
Journal: Applied Economics Letters 
Pages: 325-328 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.577000 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.577000 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:325-328




Template-Type: ReDIF-Article 1.0
Author-Name: Chien-Chung Nieh 
Author-X-Name-First: Chien-Chung 
Author-X-Name-Last: Nieh 
Author-Name: Chao-Hsiang Yang 
Author-X-Name-First: Chao-Hsiang 
Author-X-Name-Last: Yang 
Author-Name: Yu-Sheng Kao 
Author-X-Name-First: Yu-Sheng 
Author-X-Name-Last: Kao 
Title: Who has more influence on Asian stock markets around the subprime mortgage crisis -- the US or China? 
Abstract:
  This article employed the Momentum Threshold Autoregressive (M-TAR) model
 to investigate the changes in the asymmetric co-integration relationship
 between the US and China's stock markets and Asian stock markets of
 Taiwan, Hong Kong, Singapore, Japan, Korea and India around the subprime
 mortgage crisis. The main empirical findings demonstrated that with the
 application of traditional symmetric co-integration tests, the subprime
 mortgage crisis did not reinforce the co-movement trends between the US
 and China's markets and Asian markets. However, with the application of
 the M-TAR model for the threshold co-integration test, there was
 significant increase in these asymmetric co-integration relationships
 between them during the period of the subprime mortgage crisis, and our
 empirical results show evidence that the linkage between the US and
 China's stock markets is low, and investors can somewhat diversify risks
 by investing in the United States and China simultaneously. 
Journal: Applied Economics Letters 
Pages: 329-335 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.577001 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.577001 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:329-335




Template-Type: ReDIF-Article 1.0
Author-Name: Rong-Her Chiu 
Author-X-Name-First: Rong-Her 
Author-X-Name-Last: Chiu 
Author-Name: Yu-Chang Lin 
Author-X-Name-First: Yu-Chang 
Author-X-Name-Last: Lin 
Title: The inter-industrial linkage of maritime sector in Taiwan: an input--output analysis 
Abstract:
  The main purpose of this article is to investigate the role and influence
 of the maritime sector on the national economy of Taiwan by using
 Input--Output (I--O) analysis. Results show that the maritime industry has
 relatively high backward linkage and production-inducing effects, but has
 relatively low forward linkage, supply-shortage cost and price effects.
 This study reveals the difficulty in considering the maritime sector as a
 leading sector for the national economy based on the low values of both
 power and sensitivity of dispersion, no matter how many shipping companies
 who request government incentives for promoting the shipping industries
 and underscore the importance of maritime transport in conveying the
 national imports and exports. 
Journal: Applied Economics Letters 
Pages: 337-343 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.577002 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.577002 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:337-343




Template-Type: ReDIF-Article 1.0
Author-Name: Lixu Chi 
Author-X-Name-First: Lixu 
Author-X-Name-Last: Chi 
Author-Name: Xintian Zhuang 
Author-X-Name-First: Xintian 
Author-X-Name-Last: Zhuang 
Author-Name: Dalei Song 
Author-X-Name-First: Dalei 
Author-X-Name-Last: Song 
Title: Investor sentiment in the Chinese stock market: an empirical analysis 
Abstract:
  This article focuses on investor sentiment and its relationships to stock
 returns and volatility in the Chinese stock market. By using mutual fund
 flows as a substitute for investor sentiment for different stocks, this
 study finds that investor sentiment has a tremendous impact on stock
 returns in the Chinese stock market. However, some of our results are
 inconsistent with previous research. Since the Chinese stock market is
 still an emerging capital market, one explanation for the inconsistency is
 that investor sentiment has comparatively stronger impact on stock returns
 in China. 
Journal: Applied Economics Letters 
Pages: 345-348 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.577003 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.577003 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:345-348




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Huber 
Author-X-Name-First: Peter 
Author-X-Name-Last: Huber 
Title: Do commuters suffer from job--education mismatch? 
Abstract:
  Cross-border commuters from EU15 countries have lower over- but higher
 undereducation rates than noncommuters. For cross-border commuters from
 the NMS12 countries the opposite applies. Within-country commuters have
 lower over- but higher undereducation rates than noncommuters in both
 regions. 
Journal: Applied Economics Letters 
Pages: 349-352 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.577004 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.577004 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:349-352




Template-Type: ReDIF-Article 1.0
Author-Name: Chao-Hsiang Yang 
Author-X-Name-First: Chao-Hsiang 
Author-X-Name-Last: Yang 
Author-Name: Chi-Tai Lin 
Author-X-Name-First: Chi-Tai 
Author-X-Name-Last: Lin 
Author-Name: Yu-Sheng Kao 
Author-X-Name-First: Yu-Sheng 
Author-X-Name-Last: Kao 
Title: Exploring stationarity and structural breaks in commodity prices by the panel data model 
Abstract:
  This article applies the panel unit root test of Carrion-i-Silvestre
 <italic>et al.</italic> (2005) to examine the relative prices of 24
 nonfuel commodities over the period from 1900 to 2003. This test method
 allows for endogenous multiple structural breaks and the presence of
 cross-sectional dependence among commodities. The empirical results
 provided evidence of stationarity in relative prices of most commodities
 and supported the price theory in economics. In addition, the findings
 show that the locations of structural breaks coincided with the
 occurrences of some exogenous events over the past 100 years. 
Journal: Applied Economics Letters 
Pages: 353-361 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.579052 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.579052 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:353-361




Template-Type: ReDIF-Article 1.0
Author-Name: Mahmod Qadan 
Author-X-Name-First: Mahmod 
Author-X-Name-Last: Qadan 
Author-Name: Joseph Yagil 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Yagil 
Title: Fear sentiments and gold price: testing causality in-mean and in-variance 
Abstract:
  This study investigates the causal relationship between the Volatility
 Index (VIX), as an indicator of fear sentiment, and the price of gold
 futures. We apply tests of causality in-mean and in-variance to recent
 data about US gold futures and find bidirectional causality in-mean and
 in-variance patterns between both variables. We also observe a significant
 lagged causality in-mean, implying that changes in the VIX drive the
 returns of gold contracts but not vice versa. While prior studies explain
 gold price movements through macroeconomic variables and events, this
 study expands our understanding of how psychological sentiments (risk
 aversion) move the gold price. 
Journal: Applied Economics Letters 
Pages: 363-366 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.579053 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.579053 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:363-366




Template-Type: ReDIF-Article 1.0
Author-Name: Yongjing Zhang 
Author-X-Name-First: Yongjing 
Author-X-Name-Last: Zhang 
Title: A Lotka--Volterra evolutionary model of China's incremental institutional reform 
Abstract:
  Integrating evolutionary game theory with modern political economics,
 this article develops a Lotka--Volterra evolutionary model to explain
 China's incremental institutional reform. In this model, growth-oriented
 central leaders are intelligent designers of institutional changes;
 provincial and local leaders are potential predators; and private firms
 are potential prey. This model finds that improvements in the rule of law
 and in the protection of private property rights are not essential for
 short-run growth in China. Instead, the primary institutional source of
 China's economic success is the incremental reductions of discrimination
 policy against the private sector. 
Journal: Applied Economics Letters 
Pages: 367-371 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.579054 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.579054 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:367-371




Template-Type: ReDIF-Article 1.0
Author-Name: Jen-Je Su 
Author-X-Name-First: Jen-Je 
Author-X-Name-Last: Su 
Author-Name: Eduardo Roca 
Author-X-Name-First: Eduardo 
Author-X-Name-Last: Roca 
Title: Examining the power of stochastic unit root tests without assuming independence in the error processes of the underlying time series 
Abstract:
  Many studies have examined the power of Stochastic Unit Root (STUR)
 tests. However, these studies assume that the two error processes of the
 underlying time series are independent. In this study, we undertake a
 Monte Carlo study on the power of STUR tests without the condition of
 independence among the error processes. The results show that the
 correlation between the two error processes may profoundly impact the
 power of STUR tests. Given the extensive use of STUR tests as both a
 diagnostic tool and a tool of analysis in economics and finance, this
 result therefore has very important implications for both theory and
 practice. 
Journal: Applied Economics Letters 
Pages: 373-377 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.579055 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.579055 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:373-377




Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale 
Author-X-Name-First: Guglielmo 
Author-X-Name-Last: Maria Caporale 
Author-Name: Alessandro Girardi 
Author-X-Name-First: Alessandro 
Author-X-Name-Last: Girardi 
Author-Name: Marco Ventura 
Author-X-Name-First: Marco 
Author-X-Name-Last: Ventura 
Title: The euro changeover and price adjustments in Italy 
Abstract:
  By estimating a staggered price model over the period 1980Q1 to 2010Q2,
 this article documents that, after the euro changeover, Italian retailers
 have increased the number of price adjustments, which has translated into
 a higher inflation rate, with a detrimental effect on the competitiveness
 of the Italian economy. 
Journal: Applied Economics Letters 
Pages: 379-382 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.579056 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.579056 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:379-382




Template-Type: ReDIF-Article 1.0
Author-Name: Jian-Fa Li 
Author-X-Name-First: Jian-Fa 
Author-X-Name-Last: Li 
Author-Name: Yih-Bey Lin 
Author-X-Name-First: Yih-Bey 
Author-X-Name-Last: Lin 
Author-Name: Cheng-Yih Hong 
Author-X-Name-First: Cheng-Yih 
Author-X-Name-Last: Hong 
Title: Effects of unusual R&D expenditures on stock returns -- evidences from the listed companies in Taiwan 
Abstract:
  This study examines the Research and Development (R&D) effect on stock
 returns. By modifying Kyle's (1985) model, we construct an asset pricing
 model and propose a related hypothesis to investigate the
 information-related content of unusual increases in R&D expenditures. The
 empirical evidence shows that R&D increases might not be beneficial
 investments and the information-related value of R&D increases is
 gradually incorporated in the stock price system. Therefore, we document
 that the stock market is informationally efficient in the semi-strong
 form. 
Journal: Applied Economics Letters 
Pages: 383-386 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.579057 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.579057 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:383-386




Template-Type: ReDIF-Article 1.0
Author-Name: Sandeep Mazumder 
Author-X-Name-First: Sandeep 
Author-X-Name-Last: Mazumder 
Title: The Volcker--Greenspan--Bernanke Phillips Curve 
Abstract:
  This article addresses the issue of Phillips Curve stability between
 different Federal Reserve (Fed) chairmen, from the time Paul Volcker took
 office in the late 1970s all the way up until 2010 under the leadership of
 Ben Bernanke. Phillips Curves are estimated both across and within the
 regimes of Volcker, Greenspan and Bernanke, and thereafter we also check
 for the existence of potential structural breaks. The results suggest that
 the Phillips Curve is very much a robust macroeconomic relationship: not
 only across time, but across Fed chairmen as well. 
Journal: Applied Economics Letters 
Pages: 387-391 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.581196 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.581196 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:387-391




Template-Type: ReDIF-Article 1.0
Author-Name: Szu-Hsien Lin 
Author-X-Name-First: Szu-Hsien 
Author-X-Name-Last: Lin 
Author-Name: You-Jie Chen 
Author-X-Name-First: You-Jie 
Author-X-Name-Last: Chen 
Author-Name: Tz-Li Wang 
Author-X-Name-First: Tz-Li 
Author-X-Name-Last: Wang 
Author-Name: Ya-Chiu Angela Liu 
Author-X-Name-First: Ya-Chiu 
Author-X-Name-Last: Angela Liu 
Title: FDIs in life cycle stages: firm-level evidence from Taiwan 
Abstract:
  This study aims to examine how attainment discrepancy and financial slack
 affect risk-taking behaviour across a Firm's Life Cycle (FLC) stages. The
 empirical results show that the investment behaviour of the firms is
 deeply affected by the industry's investment behaviour in all FLC stages.
 Especially in the mature stage, slack search can appropriately explain
 Foreign Direct Investment (FDI) behaviour, and long-run resource is an
 essential factor. In the growth stage, financial soundness is a
 prerequisite for firms to launch FDIs. In the recession stage, firms seem
 to be insensitive to performance or slack resources. 
Journal: Applied Economics Letters 
Pages: 393-397 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.581197 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.581197 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:393-397




Template-Type: ReDIF-Article 1.0
Author-Name: Anna Lo Prete 
Author-X-Name-First: Anna 
Author-X-Name-Last: Lo Prete 
Title: Current account imbalances, trade and finance 
Abstract:
  This article analyses how trade-related policy choices and financial
 development affect current account imbalances in OECD countries. Once the
 policy-related component of trade openness is estimated using
 exogenous-to-policy indicators of globalization pressures, legal origins
 and natural openness, financial development plays a significant role and
 is negatively associated with the current account. 
Journal: Applied Economics Letters 
Pages: 399-402 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.581198 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.581198 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:399-402




Template-Type: ReDIF-Article 1.0
Author-Name: Ali M. Ahmed 
Author-X-Name-First: Ali M. 
Author-X-Name-Last: Ahmed 
Author-Name: Lina Andersson 
Author-X-Name-First: Lina 
Author-X-Name-Last: Andersson 
Author-Name: Mats Hammarstedt 
Author-X-Name-First: Mats 
Author-X-Name-Last: Hammarstedt 
Title: Does age matter for employability? A field experiment on ageism in the Swedish labour market 
Abstract:
  This article presents the findings of the first field experiment on age
 discrimination in the Swedish labour market. Pairs of matched
 applications, one from a fictitious 31-year-old male applicant and one
 from a fictitious 46-year-old male applicant, were sent to employers with
 job openings for restaurant workers and sales assistants. Employers'
 responses to the applicants were then recorded. The experimental data
 provide clear and strong evidence of significant ageism in the Swedish
 labour market. On average, the younger applicant received over 3 times
 more responses from employers looking to hire a restaurant worker and over
 4 times more responses from employers looking to hire a sales assistant
 than the older applicant. Therefore, the older applicant received
 significantly fewer invitations for interviews and job offers than the
 younger applicant in both occupations examined. 
Journal: Applied Economics Letters 
Pages: 403-406 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.581199 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.581199 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:403-406




Template-Type: ReDIF-Article 1.0
Author-Name: Burkhard Heer 
Author-X-Name-First: Burkhard 
Author-X-Name-Last: Heer 
Author-Name: Alfred Mau&#xDF;ner 
Author-X-Name-First: Alfred 
Author-X-Name-Last: Mau&#xDF;ner 
Title: Log-normal approximation of the equity premium in the production model 
Abstract:
  The conditional equity premium in the model with production is often
 approximated by assuming a jointly log-normal distribution of the marginal
 rate of substitution in consumption and the marginal productivity of
 capital. We show that, for standard parameterization, this premium is
 about one-third less than that implied by a nonlinear approximation of the
 Euler equations. 
Journal: Applied Economics Letters 
Pages: 407-412 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.581201 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.581201 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:407-412




Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo M. Sousa 
Author-X-Name-First: Ricardo M. 
Author-X-Name-Last: Sousa 
Title: Time-varying expected returns: evidence from the United States and the United Kingdom 
Abstract:
  I assess the relative performance of several exmpirical proxies developed
 in the literature of asset pricing to capture time variation in expected
 future returns using data for the United States and the United Kingdom. I
 show that the wealth composition risk by Sousa (2010a) exhibits strong
 forecasting power and tracks risk premium better than many economically
 motivated variables. 
Journal: Applied Economics Letters 
Pages: 413-416 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.581202 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.581202 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:413-416




Template-Type: ReDIF-Article 1.0
Author-Name: Mu Shun Wang 
Author-X-Name-First: Mu Shun 
Author-X-Name-Last: Wang 
Title: Income convergence within ASEAN, ASEAN+3: a panel unit root approach 
Abstract:
  This article aims to test the income convergence hypothesis in the
 Association of Southeast Asian Nations (ASEAN) region using new panel unit
 root tests. As the newer member states of ASEAN are gradually developing
 in order to enter the economic zone, it was found that the great majority
 of original members showed income convergence over a long time period of
 50 years. However, when a 22-year period was explored to encompass these
 newer member states, only three countries were found to support the
 existence of a &#x2018;catch-up&#x2019; effect. This testing method as
 applied to the ASEAN economic zone results in outcomes that vary from
 other examples, which can be explained by the diverse political histories
 of the member countries and their relatively recent reform processes. 
Journal: Applied Economics Letters 
Pages: 417-423 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.581203 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.581203 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:417-423




Template-Type: ReDIF-Article 1.0
Author-Name: Mauro Costantini 
Author-X-Name-First: Mauro 
Author-X-Name-Last: Costantini 
Author-Name: Amit Sen 
Author-X-Name-First: Amit 
Author-X-Name-Last: Sen 
Title: New evidence on the convergence of international income from a group of 29 countries 
Abstract:
  We evaluate the empirical evidence regarding stochastic convergence in
 income across a group of 29 countries. Our results are based on a new unit
 root test developed by Popp (2008) that estimates the break-date more
 accurately and does not suffer from size distortions in the presence of a
 break. Our results reveal considerably less evidence of stochastic
 convergence compared with previous studies. 
Journal: Applied Economics Letters 
Pages: 425-429 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.581204 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.581204 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:425-429




Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale 
Author-X-Name-First: Guglielmo Maria 
Author-X-Name-Last: Caporale 
Author-Name: Luis Alberiko Gil-Alana 
Author-X-Name-First: Luis Alberiko 
Author-X-Name-Last: Gil-Alana 
Title: Fractional cointegration in US term spreads 
Abstract:
  This article examines the stochastic properties of US term spreads with
 parametric and semi-parametric fractional integration techniques. Since
 the observed data (rather than the estimated residuals from a
 cointegrating regression) are used for the analysis, standard methods can
 be applied. The results indicate that US Treasury maturity rates are
 <italic>I</italic>(1) in most cases, although the order of integration
 decreases with maturity. Furthermore, mean reversion occurs for the 5-, 7-
 and 10-year rates as well as for several term spreads, suggesting that the
 expectation hypothesis of the term structure is supported empirically in
 these cases. 
Journal: Applied Economics Letters 
Pages: 431-434 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.581205 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.581205 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:431-434




Template-Type: ReDIF-Article 1.0
Author-Name: Menno Broos 
Author-X-Name-First: Menno 
Author-X-Name-Last: Broos 
Author-Name: Jakob de Haan 
Author-X-Name-First: Jakob 
Author-X-Name-Last: de Haan 
Title: Government bond yields and foreign ownership of debt 
Abstract:
  We analyse the government bond yield spread vis-&#xE0;-vis Germany for 10
 countries in the euro area for the period 1991 to 2009. Our results
 suggest a positive relationship between the marginal impact of government
 debt on the spread and foreign ownership of the government debt of the
 country concerned for countries currently facing difficulties to finance
 their deficits. This conditioning effect is absent in other countries in
 our sample. 
Journal: Applied Economics Letters 
Pages: 435-438 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.581206 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.581206 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:435-438




Template-Type: ReDIF-Article 1.0
Author-Name: Hideo Aizaki 
Author-X-Name-First: Hideo 
Author-X-Name-Last: Aizaki 
Author-Name: Manabu Sawada 
Author-X-Name-First: Manabu 
Author-X-Name-Last: Sawada 
Author-Name: Kazuo Sato 
Author-X-Name-First: Kazuo 
Author-X-Name-Last: Sato 
Author-Name: Toshiko Kikkawa 
Author-X-Name-First: Toshiko 
Author-X-Name-Last: Kikkawa 
Title: A noncompensatory choice experiment analysis of Japanese consumers' purchase preferences for beef 
Abstract:
  In this article, we consider the noncompensatory valuation of food safety
 among Japanese consumers with regard to the purchase of beef. Using a
 choice experiment with a wide range of choice rules, we examine the
 valuation of beef by Japanese consumers in terms of the country of origin
 and Bovine Spongiform Encephalopathy (BSE)-test status of beef. The
 results reveal that a Random Parameters Logit (RPL) model along with the
 noncompensatory choice rules is more suitable than a compensatory model
 for measuring the valuation of food safety with regard to beef by
 consumers who are conscious of food safety. Further, the Willingness to
 Pay (WTP) for each BSE-tested type of beef reveals that Japanese consumers
 regard the BSE test as rather important for ensuring the food safety of
 beef. 
Journal: Applied Economics Letters 
Pages: 439-444 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.583207 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.583207 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:439-444




Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Henr�quez 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Henr�quez 
Author-Name: Bernardo Lara 
Author-X-Name-First: Bernardo 
Author-X-Name-Last: Lara 
Author-Name: Alejandra Mizala 
Author-X-Name-First: Alejandra 
Author-X-Name-Last: Mizala 
Author-Name: Andrea Repetto 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Repetto 
Title: Effective schools do exist: low-income children's academic performance in Chile 
Abstract:
  The aim of this article is twofold. First, we show that despite students'
 disadvantaged backgrounds and despite not having more financial resources
 than similar schools, there are schools in Chile that serve low-income
 students and that obtain superior academic outcomes. Second, we present
 qualitative evidence to identify school and classroom processes that might
 explain these good results. Specifically, we analyse a network of Chilean
 private voucher schools called <italic>Sociedad de Instrucci&#xF3;n
 Primaria</italic> (SIP). In the econometric analysis we use a number of
 propensity score-based estimation methods to find that SIP students'
 achievement is not due to observables or selection on measured variables.
 We also perform a number of interviews in SIP schools and other
 neighbouring schools. Our qualitative analysis suggests that having
 children's learning as a central and permanent goal, an aim that is shared
 and that drives the community's efforts, seems to best summarize what
 makes SIP schools special. 
Journal: Applied Economics Letters 
Pages: 445-451 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.583208 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.583208 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:445-451




Template-Type: ReDIF-Article 1.0
Author-Name: Pratompong Srinuan 
Author-X-Name-First: Pratompong 
Author-X-Name-Last: Srinuan 
Author-Name: Erik Bohlin 
Author-X-Name-First: Erik 
Author-X-Name-Last: Bohlin 
Author-Name: Gary Madden 
Author-X-Name-First: Gary 
Author-X-Name-Last: Madden 
Title: The determinants of mobile subscriber retention in Sweden 
Abstract:
  A binomial logit model is estimated on individual telecommunications
 service use data. The model examines whether operator-specific switching
 costs and termination-based prices impact on retention. The results show
 that service attributes (brand image and on-net prices) are significant in
 retaining subscribers. As customers of larger networks face higher
 switching costs, only the largest operator can use termination-based
 pricing to retain mobile subscribers. 
Journal: Applied Economics Letters 
Pages: 453-457 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.583209 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.583209 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:453-457




Template-Type: ReDIF-Article 1.0
Author-Name: Monica Auteri 
Author-X-Name-First: Monica 
Author-X-Name-Last: Auteri 
Author-Name: Antonello Maruotti 
Author-X-Name-First: Antonello 
Author-X-Name-Last: Maruotti 
Title: Modelling waiting times in the Italian National Health Service 
Abstract:
  Understanding health-care utilization is important to design efficient
 and effective health-care systems. Towards this end, we propose a
 relatively simple and intuitively appealing microeconometric framework
 based on a two-part model to investigate the determinants that increase
 the probability and the length of waiting for a health-care service
 provision. This article attempts to accommodate all data features in one
 model focusing on overdispersion in the data due to unobserved
 heterogeneity and zero-inflation, with an application to the Italian
 National Health System. 
Journal: Applied Economics Letters 
Pages: 459-465 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.583210 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.583210 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:459-465




Template-Type: ReDIF-Article 1.0
Author-Name: Fernando G&#xF3;mez-Bezares 
Author-X-Name-First: Fernando 
Author-X-Name-Last: G&#xF3;mez-Bezares 
Author-Name: Fernando R. G&#xF3;mez-Bezares 
Author-X-Name-First: Fernando R. 
Author-X-Name-Last: G&#xF3;mez-Bezares 
Title: Classic performance indexes revisited: axiomatic and applications 
Abstract:
  In this short article we revisit three classic performance indexes:
 Sharpe, Treynor and Jensen, adding a fourth index, the Penalized Internal
 Rate of Return (PIRR), which is perfectly coherent with those three. We
 propose some axioms that support the logic of these indexes, identifying
 one exception for the Treynor index and warning about the problems of
 quotients use. All these are empirically supported. 
Journal: Applied Economics Letters 
Pages: 467-470 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.583211 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.583211 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:467-470




Template-Type: ReDIF-Article 1.0
Author-Name: Astrid Ayala 
Author-X-Name-First: Astrid 
Author-X-Name-Last: Ayala 
Author-Name: Szabolcs Blazsek 
Author-X-Name-First: Szabolcs 
Author-X-Name-Last: Blazsek 
Title: How has the financial crisis affected the fiscal convergence of Central and Eastern Europe to the Eurozone? 
Abstract:
  This article reports empirical findings on the convergence of the
 government debt to Gross Domestic Product (GDP) ratio of seven Central and
 Eastern European (CEE) member states of the European Union (EU) to the
 European Monetary Union (EMU) over the period 2000 to 2010. This study
 tests stochastic and &#x3B2; convergence in a time series framework
 allowing for two structural breaks identified endogenously. The results
 help to evaluate the distortions in the fiscal convergence process of the
 CEE countries after the 2008 global financial crisis and the future
 accession possibilities of each CEE state conditional on the current
 levels and trends of the debt/GDP ratios. 
Journal: Applied Economics Letters 
Pages: 471-476 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.583212 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.583212 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:471-476




Template-Type: ReDIF-Article 1.0
Author-Name: Gary R. Skoog 
Author-X-Name-First: Gary R. 
Author-X-Name-Last: Skoog 
Author-Name: James E. Ciecka 
Author-X-Name-First: James E. 
Author-X-Name-Last: Ciecka 
Title: Interchangeability of the median operator with the present value operator 
Abstract:
  It is well known that the expected present value of a life annuity is
 smaller than the present value of an annuity certain with term equal to
 life expectancy. This result can be viewed as a consequence of the lack of
 interchangeability between the present value operator and the mathematical
 expectation operation. However, we prove that the median and present value
 operators can be interchanged; that is, the median of the present value of
 a life annuity equals the present value of an annuity certain whose term
 is the median additional years of life. At young ages and through late
 middle age, median additional years of life exceed life expectancy.
 Therefore, the median value of a life annuity exceeds an annuity certain
 paid to life expectancy which exceeds the expected present value of a life
 annuity - the fair price of a life annuity. 
Journal: Applied Economics Letters 
Pages: 477-481 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.583213 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.583213 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:477-481




Template-Type: ReDIF-Article 1.0
Author-Name: Jangkoo Kang 
Author-X-Name-First: Jangkoo 
Author-X-Name-Last: Kang 
Author-Name: Hwa-Sung Kim 
Author-X-Name-First: Hwa-Sung 
Author-X-Name-Last: Kim 
Title: An interrelation of time preference and risk attitude: an application to the equity premium puzzle 
Abstract:
  In the fields of behavioural economics and finance, several researchers
 show that the time preference of an investor is related to his/her
 attitude towards risky assets. This article investigates whether the
 equity premium puzzle laid out in Mehra and Prescott (1985) can be
 accounted for when this relation is imposed on the representative agent
 model of asset pricing. Three primary features of our analysis allow us to
 investigate the relationship. First, we derive an equation satisfied by
 the rate of time preference. Second, our model can yield an equity premium
 that is consistent with the observed data even in the standard power
 utility setting. Third, to fit the observed equity premium, we show that
 it is required to assume a negative rate of time preference, which is
 consistent with Kocherlakota (1996) and Brennan and Xia (2001). 
Journal: Applied Economics Letters 
Pages: 483-486 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.587755 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587755 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:483-486




Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Yu-Shao Liu 
Author-X-Name-First: Yu-Shao 
Author-X-Name-Last: Liu 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Title: Purchasing power parity with nonlinear and asymmetric smooth adjustment for the Middle Eastern countries 
Abstract:
  This empirical note uses a simple and powerful nonlinear unit root test
 proposed by Sollis (2009) to test the validity of Purchasing Power Parity
 (PPP) for Middle Eastern countries. Empirical test results indicate that
 PPP is valid for most of these Middle Eastern countries, with the
 exception of Bahrain. These results have important policy implications for
 the Middle Eastern countries under study. 
Journal: Applied Economics Letters 
Pages: 487-491 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.587756 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587756 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:487-491




Template-Type: ReDIF-Article 1.0
Author-Name: Adri&#xE1;n Fern&#xE1;ndez-P�rez 
Author-X-Name-First: Adri&#xE1;n 
Author-X-Name-Last: Fern&#xE1;ndez-P�rez 
Author-Name: Fernando Fern&#xE1;ndez-Rodr�guez 
Author-X-Name-First: Fernando 
Author-X-Name-Last: Fern&#xE1;ndez-Rodr�guez 
Author-Name: Sim&#xF3;n Sosvilla-Rivero 
Author-X-Name-First: Sim&#xF3;n 
Author-X-Name-Last: Sosvilla-Rivero 
Title: Detecting trends in the foreign exchange markets 
Abstract:
  We test for the existence of trends in exchange-rate series for 95
 currencies against the US dollar. To that end, we make use of Taylor's
 (1980) price trend model that, instead of focusing on the mean reverting
 behaviour of exchange rates measured over a long horizon, concentrates on
 the short-term pattern of the price trend. Employing a maximum likelihood
 method and a genetic algorithm to estimate the model parameters, in 39 of
 the 95 cases considered we find evidence in favour of the presence of
 trends, the trends being more frequent in intermediate exchange-rate
 regimes. 
Journal: Applied Economics Letters 
Pages: 493-503 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.587757 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587757 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:493-503




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Pfeifer 
Author-X-Name-First: Christian 
Author-X-Name-Last: Pfeifer 
Title: Physical attractiveness, employment and earnings 
Abstract:
  Survey data are used to estimate the impact of physical attractiveness
 rated by the interviewer as well as by the respondent on employment
 probability and labour income of men and women. In addition to mean linear
 and nonlinear effects on earnings, simultaneous quantile regressions are
 applied to analyse heterogeneity across the wage distribution. 
Journal: Applied Economics Letters 
Pages: 505-510 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587758 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587758 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:505-510




Template-Type: ReDIF-Article 1.0
Author-Name: M. Ryan Haley 
Author-X-Name-First: M. Ryan 
Author-X-Name-Last: Haley 
Title: Generalized safety first and the planting of crops 
Abstract:
  This article adapts a modern shortfall-based portfolio selection rule
 developed by Stutzer (2000) and Haley and Whiteman (2008) to the farm
 manager's land allocation problem. The approach provides a useful
 normative model of land allocation that obviates distributional
 assumptions and expected utility specifications, and one that selects an
 optimal allocation that weighs skewness and other higher order moments in
 addition to mean and variance. This is of particular interest because crop
 returns often exhibit skewness, which is not accounted for by traditional
 Mean-Variance (MV)-based approaches. The rule is demonstrated using the
 data from Lence and Hart (1997). 
Journal: Applied Economics Letters 
Pages: 511-515 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587759 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587759 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:511-515




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Blumenfeld 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Blumenfeld 
Author-Name: Andres G. Victorio 
Author-X-Name-First: Andres G. 
Author-X-Name-Last: Victorio 
Title: Union wages, strikes and profits 
Abstract:
  A model is used to propose the countervailing effects of a strike upon
 wages. Wages may rise if unions succeed in obtaining concessions. They may
 fall if firms succeed in neutralizing the potential damage to their
 profits. Some US evidence suggests that wages fall whenever strikes
 increase in intensity, somewhat corroborating the view that unions have
 continued to become weaker over time. 
Journal: Applied Economics Letters 
Pages: 517-520 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587760 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587760 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:517-520




Template-Type: ReDIF-Article 1.0
Author-Name: Raphael Auer 
Author-X-Name-First: Raphael 
Author-X-Name-Last: Auer 
Author-Name: Philip Saur� 
Author-X-Name-First: Philip 
Author-X-Name-Last: Saur� 
Title: CHF strength and Swiss export performance -- evidence and outlook from a disaggregate analysis 
Abstract:
  Why has Swiss export performance been so strong during the past quarters
 despite the marked appreciation of the Swiss Franc (CHF)? What is the
 outlook for Swiss exports given the still elevated CHF? In this article,
 we shed light on these questions by analysing a panel of Swiss exports
 disaggregated along both the regional and the industry dimension. To
 explain the export performance of the recent past, we estimate how the
 exchange rate and demand growth in each export market affect trade flows
 and also, how this varies across different industries. The appreciation of
 the CHF has considerably dampened Swiss export performance. As a
 counterfactual, we ask how Swiss exports would have developed had the CHF
 stayed flat against other currencies during the 5 years leading up to
 October 2010. Compared to this scenario, the Swiss export industry has
 already lost a cumulative of CHF 35 billion in revenues due to the CHF
 appreciation. At the current juncture, monthly exports are reduced by CHF
 2.7 billion (around 17%). We show that the key reason for the strong
 export performance despite the CHF strength was the rebound in global
 demand in the aftermath of the financial crisis. Moreover, we also
 document that the timing of global demand growth has completely masked the
 effect of the CHF strength: during the last quarters, periods of
 pronounced CHF appreciation always coincided with strong recovery of
 global demand. Failure to account for this coincidence could lead to the
 wrong assumption that the exchange rate matters very little for Swiss
 export performance. Last, to gauge the likely evolution of Swiss exports
 and their regional composition in the years to come, we combine our
 estimation results with the regional Gross Domestic Product (GDP) and
 exchange rate forecasts provided by the Swiss National Bank (SNB).
 Following this approach, we predict that over the next 3 years, Swiss
 exports will rise a combined 16%, with little less than half of this
 increase going to Emerging Asia and 30% to the euro zone. We also document
 the key industries that will drive Swiss export growth in the near future. 
Journal: Applied Economics Letters 
Pages: 521-531 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587761 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587761 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:521-531




Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo Mart�nez 
Author-X-Name-First: Ricardo 
Author-X-Name-Last: Mart�nez 
Title: Inequality and the new human development index 
Abstract:
  Taking as a reference the new human development index introduced by the
 UN in 2010, we study inequality in the world with respect to achievements
 in human development. We consider four of the most widely known measures
 of inequality: the Gini, Theil, Atkinson and Kolm indices. We analyse the
 evolution of each index over the whole history of UN human development
 reports (every 5 years, from 1980 to 2010). We find that according to the
 Gini, Theil and Atkinson measures, the world was significantly more equal
 in 2010 than in 1980. However, the Kolm index shows that the distribution
 of human development has worsened. 
Journal: Applied Economics Letters 
Pages: 533-535 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587762 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587762 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:533-535




Template-Type: ReDIF-Article 1.0
Author-Name: Rakesh Bali 
Author-X-Name-First: Rakesh 
Author-X-Name-Last: Bali 
Author-Name: Jack C. Francis 
Author-X-Name-First: Jack C. 
Author-X-Name-Last: Francis 
Title: Further evidence from ex-dividend days 
Abstract:
  We tested how dividend pricing is impacted by the reduction in capital
 gains tax rate to 20% (May 1997) and the move to trading in 6.25&#xA2;
 (June 1997). Price behaviour does not support tax clienteles but is
 consistent with transaction costs-based explanation. Raw returns, for all
 groups, are within or close to weak no-arbitrage bounds and are unchanged
 around these events. We find that taxes may impact investor behaviour but
 they do not impact marginal dividend pricing. 
Journal: Applied Economics Letters 
Pages: 537-540 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587763 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587763 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:537-540




Template-Type: ReDIF-Article 1.0
Author-Name: Doojin Ryu 
Author-X-Name-First: Doojin 
Author-X-Name-Last: Ryu 
Title: The effectiveness of the order-splitting strategy: an analysis of unique data 
Abstract:
  This letter first examines the effectiveness of the order-splitting
 strategy by analysing the unique intraday dataset of the KOSPI200 futures
 market, which contains high-quality information on the classes and
 identification of investors. The empirical finding indicates that a
 significant number of traders fragment their trades, and these split
 trades are generally more informative than nonsplit trades. When trades
 are fragmented, the price impact of buy trades is significantly larger
 than the price impact of sell trades. By conducting an analysis of
 investor type, we also find that the order-splitting strategy of domestic
 individuals, banks and foreign institutions is quite successful in the
 futures market; on the other hand, the split orders submitted by domestic
 money managers typically incur a substantial loss. 
Journal: Applied Economics Letters 
Pages: 541-549 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587764 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587764 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:541-549




Template-Type: ReDIF-Article 1.0
Author-Name: Tidiane Kinda 
Author-X-Name-First: Tidiane 
Author-X-Name-Last: Kinda 
Title: Foreign ownership, sales to multinationals and firm efficiency: the case of Brazil, Morocco, Pakistan, South Africa and Vietnam 
Abstract:
  Using a one-step stochastic frontier model for five developing countries,
 this article shows that foreign firms benefit from a better investment
 climate, which significantly explains why they are more efficient than
 local firms. This article uses the share of each firm's sales to
 multinationals located in the country to assess the importance of vertical
 spillovers, while controlling for the direct impact of the investment
 climate on efficiency. The results show that firms, particularly small
 local firms, selling more of their production to multinationals are more
 efficient, highlighting the presence of vertical spillovers through
 backward linkages. 
Journal: Applied Economics Letters 
Pages: 551-555 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587765 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587765 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:551-555




Template-Type: ReDIF-Article 1.0
Author-Name: MeiChi Huang 
Author-X-Name-First: MeiChi 
Author-X-Name-Last: Huang 
Title: Forecasts and implications of the current housing crisis: switching regimes in a threshold framework 
Abstract:
  This article aims to explore the implications of the recent housing
 crisis from a forward-looking perspective in the form of the two-regime
 switching phenomena under a Threshold Autoregressive (TAR) model. Three
 categories of thresholds, which are housing prices, housing volumes and
 price-to-income ratios, are adopted in an attempt to examine the US
 state-level housing market cycles in multiple dimensions. In general,
 while lagged differenced thresholds fail to capture the recent housing
 boom-and-bust regime switching, moving-average thresholds succeed in
 signalling a housing crisis in many states. The regime-switching
 autoregressive structures show that housing price cycle has remarkable
 series dependence, and the housing volume cycle tends to show a
 mean-reversion pattern. Most importantly, only four states, Arizona,
 California, Florida and Nevada, display the bust regime of housing price
 growth during 2006 to 2010. The price-over-income also indicates that less
 than five states have significant two switching regimes. Otherwise, most
 states exhibit low-growth regime of housing permits, implying a nationwide
 housing volume cycle during the current housing crisis. The forecasting
 system provides a helpful guideline for policy-making of the government as
 well as household decisions of consumption and investment. 
Journal: Applied Economics Letters 
Pages: 557-568 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587766 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587766 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:557-568




Template-Type: ReDIF-Article 1.0
Author-Name: Siyue Liu 
Author-X-Name-First: Siyue 
Author-X-Name-Last: Liu 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chia-Hao Lee 
Author-X-Name-First: Chia-Hao 
Author-X-Name-Last: Lee 
Author-Name: Pei-I Chou 
Author-X-Name-First: Pei-I 
Author-X-Name-Last: Chou 
Title: Nonlinear adjustment to purchasing power parity: the ADL test for threshold cointegration 
Abstract:
  This study applies a newly developed Autoregressive Distributed Lag (ADL)
 test for threshold cointegration, proposed by Li and Lee (2010) to test
 the validity of long-run Purchasing Power Parity (PPP) for a sample of
 East Asian countries from January 1986 to October 2009. Empirical results
 indicate that PPP holds true for all the countries studied, with the
 exception of Japan and Philippines, and the long-run PPP adjustment
 process towards its equilibrium is asymmetric. Our results have important
 policy implications for these East Asian countries under study. 
Journal: Applied Economics Letters 
Pages: 569-573 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587767 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587767 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:569-573




Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Author-Name: Yu-Shao Liu 
Author-X-Name-First: Yu-Shao 
Author-X-Name-Last: Liu 
Title: Purchasing power parity with nonlinear and asymmetric smooth adjustment 
Abstract:
  This empirical note applies a simple and powerful nonlinear unit root
 proposed by Sollis (2009) to test the validity of long-run Purchasing
 Power Parity (PPP) for Japan's Real Exchange Rate (RER) vis-&#xE0;-vis its
 eight trading partner countries. The empirical results indicate that PPP
 holds for Japan relative to her major trading partners, with the exception
 of Hong Kong and Thailand, and the adjustment towards PPP is nonlinear and
 in an asymmetric way. This result provides support for PPP for Japan
 relative to its major trading partner countries. 
Journal: Applied Economics Letters 
Pages: 575-578 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587768 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587768 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:575-578




Template-Type: ReDIF-Article 1.0
Author-Name: Dany Jaimovich 
Author-X-Name-First: Dany 
Author-X-Name-Last: Jaimovich 
Title: A Bayesian spatial probit estimation of Free Trade Agreement contagion 
Abstract:
  This article analyses the spatial interdependence of Free Trade
 Agreements (FTAs) in a cross-section framework using the <italic>Contagion
 Index</italic> proposed by Baldwin and Jaimovich (2010). A Bayesian
 heteroskedastic probit model is estimated, where a spatial lag is built
 based on the <italic>Contagion Index</italic>, finding evidence of
 interdependence related with a domino-like effect. I compare the results
 with other spatial specifications previously used in the literature. 
Journal: Applied Economics Letters 
Pages: 579-583 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587958 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587958 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:579-583




Template-Type: ReDIF-Article 1.0
Author-Name: Nabamita Dutta 
Author-X-Name-First: Nabamita 
Author-X-Name-Last: Dutta 
Author-Name: Deepraj Mukherjee 
Author-X-Name-First: Deepraj 
Author-X-Name-Last: Mukherjee 
Title: Is culture a determinant of financial development? 
Abstract:
  This article investigates the missing link in the literature -- whether
 informal institutions, or what is known as culture, can affect the level
 of financial development for a country? Our hypothesis stresses that the
 cultural dimensions of a country can have an impact on its financial
 set-up. We consider multiple dimensions of culture, identified in the
 literature by Tabellini (2008), to test our hypothesis. As culture evolves
 in the form of greater trust, control and other traits, individuals'
 attitudes towards financial market change, and they engage in greater
 financial transactions. This, in turn, leads to better financial
 development. Using quantile estimation technique for a cross section of 90
 countries, we find that culture significantly influences the level of
 financial development. To ensure the robustness of our findings we use
 Hofstede's cultural dimension -- &#x2018;Uncertainty Avoidance
 Index&#x2019; (UAI) -- as an alternative measure for culture. Our results
 hold for multiple measures of financial development. 
Journal: Applied Economics Letters 
Pages: 585-590 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.589800 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.589800 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:585-590




Template-Type: ReDIF-Article 1.0
Author-Name: Adri&#xE1;n Fern&#xE1;ndez-P�rez 
Author-X-Name-First: Adri&#xE1;n 
Author-X-Name-Last: Fern&#xE1;ndez-P�rez 
Author-Name: Fernando Fern&#xE1;ndez-Rodr�guez 
Author-X-Name-First: Fernando 
Author-X-Name-Last: Fern&#xE1;ndez-Rodr�guez 
Author-Name: Sim&#xF3;n Sosvilla-Rivero 
Author-X-Name-First: Sim&#xF3;n 
Author-X-Name-Last: Sosvilla-Rivero 
Title: Exploiting trends in the foreign exchange markets 
Abstract:
  We offer further evidence on the relevance of technical trading in
 exchange-rate markets using daily data for 95 currencies against the US
 dollar. To that end, we investigate the profitability of a simple
 technical trading rule based on Taylor's (1980) price trend model,
 generating optimal one-step-ahead forecasts of returns using genetic
 algorithms. These trading rules, that bear similarity to the popular
 trading rules based on moving averages, overcome the buy-and-hold strategy
 in 25 of 39 cases where trends are detected, even in the presence of
 transaction costs. 
Journal: Applied Economics Letters 
Pages: 591-597 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.589801 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.589801 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:591-597




Template-Type: ReDIF-Article 1.0
Author-Name: Ant&#xF3;nio S. Ribeiro 
Author-X-Name-First: Ant&#xF3;nio S. 
Author-X-Name-Last: Ribeiro 
Author-Name: Francisco Lima 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Lima 
Title: Portuguese football league efficiency and players' wages 
Abstract:
  In this article, we use Data Envelopment Analysis (DEA) to measure the
 efficiency of Portuguese football clubs in the First League for seasons
 2002/03 to 2008/09. Clubs spend different amounts of money on their
 players and use different incentive devices to achieve their aims for each
 season. Our first aim is to find out whether clubs are spending more money
 than they need to. Evidence shows that this is the case for several clubs,
 suggesting that buying players solely with a view to selling them on for
 future financial gain can seriously damage clubs' accounts and efficiency.
 This is all the more remarkable as the competitive level is increasing and
 Union of European Football Associations (UEFA) is issuing more stringent
 financial stability conditions. Our second aim is to ascertain the
 relationship between the players' wage distribution and the clubs'
 efficiency. We demonstrate that a higher wage spread tends to be
 associated with an increase in efficiency. The implication is that clubs
 should structure wages so as to have the optimal pay ranking for inducing
 players' effort. 
Journal: Applied Economics Letters 
Pages: 599-602 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.591719 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.591719 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:599-602




Template-Type: ReDIF-Article 1.0
Author-Name: Mathias Drehmann 
Author-X-Name-First: Mathias 
Author-X-Name-Last: Drehmann 
Author-Name: Leonardo Gambacorta 
Author-X-Name-First: Leonardo 
Author-X-Name-Last: Gambacorta 
Title: The effects of countercyclical capital buffers on bank lending 
Abstract:
  This article provides a simulation on how the countercyclical capital
 buffer designed in the Basel III package could impact on bank lending. It
 finds that the buffer could help to reduce credit growth during booms and
 attenuate the credit contraction once it is released. This would help to
 dampen procyclicality in addition to the beneficial effects of higher
 capital levels in terms of higher banking sector resilience to shocks. 
Journal: Applied Economics Letters 
Pages: 603-608 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.591720 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.591720 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:603-608




Template-Type: ReDIF-Article 1.0
Author-Name: Vicki L. Bogan 
Author-X-Name-First: Vicki L. 
Author-X-Name-Last: Bogan 
Author-Name: Chad M. Sandler 
Author-X-Name-First: Chad M. 
Author-X-Name-Last: Sandler 
Title: Are firms on the right page with Chapter 11? An analysis of firm choices that contribute to post-bankruptcy survival 
Abstract:
  Historically, corporate bankruptcy reorganization has generated varying
 results with respect to subsequent firm performance. Some firms reorganize
 effectively and emerge as more efficient and productive enterprises.
 However, other inefficient companies strive to survive by utilizing the
 rehabilitative process of Chapter 11; though liquidation might be a more
 suitable course of action. This study investigates which characteristics
 of firm performance and Chapter 11 bankruptcy are linked to successful
 emergence upon reorganization. We find that the strongest contributor to
 post-bankruptcy survival is having new management in place. This suggests
 that Chapter 11 can be utilized as an effective rehabilitative tool in the
 &#x2018;right hands&#x2019;. 
Journal: Applied Economics Letters 
Pages: 609-613 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.591721 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.591721 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:609-613




Template-Type: ReDIF-Article 1.0
Author-Name: Richard Fabling 
Author-X-Name-First: Richard 
Author-X-Name-Last: Fabling 
Author-Name: Arthur Grimes 
Author-X-Name-First: Arthur 
Author-X-Name-Last: Grimes 
Author-Name: Philip Stevens 
Author-X-Name-First: Philip 
Author-X-Name-Last: Stevens 
Title: The relatives are fine: use of qualitative firm data in economic analysis 
Abstract:
  We use qualitative and quantitative data for the same firms to examine
 the robustness of firms' qualitative responses regarding their
 performance. In contrast to some prior studies, firms accurately respond
 to qualitative questions regarding productivity and profitability relative
 to other firms. One reason for this accuracy is that the qualitative
 response options specifically include a <italic>don't know</italic>
 category that reduces misreporting and bias. 
Journal: Applied Economics Letters 
Pages: 615-618 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.591722 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.591722 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:615-618




Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo M. Sousa 
Author-X-Name-First: Ricardo M. 
Author-X-Name-Last: Sousa 
Title: Wealth-to-income ratio and stock returns: evidence from the Euro Area 
Abstract:
  I find that when the ratio of asset wealth to human wealth falls,
 investors become more exposed to labour income shocks and demand a higher
 risk premium for stocks. I show that the residuals of the trend
 relationship among wealth and labour income, <italic>wy</italic>, predict
 future stock returns in the Euro Area. The results are robust to
 additional control variables and show the superiority of
 <italic>wy</italic> vis-a-vis other benchmark models. 
Journal: Applied Economics Letters 
Pages: 619-622 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.591723 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.591723 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:619-622




Template-Type: ReDIF-Article 1.0
Author-Name: Jyh-Horng Lin 
Author-X-Name-First: Jyh-Horng 
Author-X-Name-Last: Lin 
Author-Name: Jyh-Jiuan Lin 
Author-X-Name-First: Jyh-Jiuan 
Author-X-Name-Last: Lin 
Author-Name: Ching-Hui Chang 
Author-X-Name-First: Ching-Hui 
Author-X-Name-Last: Chang 
Title: A note on selling distressed loans with bank bailouts: modelling of bank interest margins with default probabilities 
Abstract:
  This article extends the framework of Merton (1974) with Vassalou and
 Xing (2004) to value a troubled but solvent bank's equity by explicitly
 incorporating distressed assets purchased by the government in an
 imperfectly competitive loan market. We show that the bank may be willing
 to take this bailout when the purchased amount is relatively small and the
 margin is relatively low. However, the bank may be harder to entice even
 when the unit price of the bailed-out assets subsidized by the government
 is relatively high. As a consequence, most of the first half of the
 Troubled Asset Relief Program's money is not used to buy troubled assets
 (Wilson, 2010). 
Journal: Applied Economics Letters 
Pages: 623-627 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.591724 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.591724 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:623-627




Template-Type: ReDIF-Article 1.0
Author-Name: Yang-Cheng Ralph Lu 
Author-X-Name-First: Yang-Cheng Ralph 
Author-X-Name-Last: Lu 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chia-Hao Lee 
Author-X-Name-First: Chia-Hao 
Author-X-Name-Last: Lee 
Title: Nonlinear adjustment to purchasing power parity in transition countries: the ADL test for threshold cointegration 
Abstract:
  This study applies a newly developed Autoregressive Distributed Lag (ADL)
 test for threshold cointegration, proposed by Li and Lee (2010) to test
 the validity of long-run Purchasing Power Parity (PPP) for a sample of
 transition countries (i.e. Bulgaria, the Czech Republic, Estonia, Hungary,
 Latvia, Lithuania, Poland, Romania and Russia) over January 1995 to
 December 2008. The empirical results indicate that PPP only holds true for
 five of these transition countries under study. Our results have important
 policy implications for the transition countries under study. 
Journal: Applied Economics Letters 
Pages: 629-633 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.591725 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.591725 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:629-633




Template-Type: ReDIF-Article 1.0
Author-Name: Paolo Casadio 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Casadio 
Author-Name: Antonio Paradiso 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Paradiso 
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Title: The dynamics of Italian public debt: alternative paths for fiscal consolidation 
Abstract:
  This article analyses possible targets for the Italian debt-to-GDP ratio
 with a small macroeconomic model. The role of international macroeconomic
 variables such as the US GDP growth, prices of raw materials, EUR/USD
 exchange rate and European Central Bank (ECB) monetary policy stance and
 domestic policy instruments is analysed in the debt dynamics. We find that
 external conditions play a fundamental role for the Italian fiscal
 consolidation. To reach a target of 100% of debt-to-GDP ratio by 2020, a
 further growth-sustaining policy has to be implemented. 
Journal: Applied Economics Letters 
Pages: 635-639 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.591726 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.591726 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:635-639




Template-Type: ReDIF-Article 1.0
Author-Name: Weiping Kostenko 
Author-X-Name-First: Weiping 
Author-X-Name-Last: Kostenko 
Title: Australian migration policy change: selecting winners and making losers 
Abstract:
  I investigate the effects of 1997 Australian migration policy changes on
 the skilled immigrants' labour market and social assimilation. I find
 that, after the changes, notwithstanding the overall success and stronger
 favourable self-selection of skilled immigrants, females, Asians and the
 &#x2018;poorer&#x2019; are at risk of underemployment and mental disorder.
 The findings facilitate the debate on economic gains and social costs of
 policy reforms. 
Journal: Applied Economics Letters 
Pages: 641-644 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.591727 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.591727 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:641-644




Template-Type: ReDIF-Article 1.0
Author-Name: Eiji Yamamura 
Author-X-Name-First: Eiji 
Author-X-Name-Last: Yamamura 
Title: The effect of social trust on achievement test performance of students in Japan 
Abstract:
  Empirical results using Japanese data suggest that social trust improves
 student language and mathematics achievement test scores in primary and
 junior high school. After controlling for endogeneity bias, social trust
 had a greater effect on scores for primary school students than on scores
 for junior high school students. 
Journal: Applied Economics Letters 
Pages: 645-648 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.593490 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.593490 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:645-648




Template-Type: ReDIF-Article 1.0
Author-Name: Elwin Tobing 
Author-X-Name-First: Elwin 
Author-X-Name-Last: Tobing 
Title: How do housing wealth effects vary with age? 
Abstract:
  This article investigates whether the housing wealth effect is constant
 across age. The data are drawn from the Panel Study of Income Dynamics
 (PSID) for the waves of 2001, 2003 and 2005. Using threshold estimation to
 endogenously split the sample by age group, we find three threshold age
 groups of 49, 55 and 65. Housing wealth has a significant and positive
 effect on the consumption for individuals aged 49 and 55 years, but a
 negative effect for individuals aged 65 years and older. If age is below
 49 or between 55 and 65 years, the housing wealth effect is insignificant. 
Journal: Applied Economics Letters 
Pages: 649-652 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.593491 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.593491 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:649-652




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Rhein 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Rhein 
Author-Name: Parvati Tr&#xFC;bswetter 
Author-X-Name-First: Parvati 
Author-X-Name-Last: Tr&#xFC;bswetter 
Title: Occupational mobility and the change in the occupational structure in Britain and Germany, 1993--2008 
Abstract:
  We investigate the relationship between occupational mobility and the
 change in the occupational structure at the International Standard
 Classification of Occupations (ISCO) two-digit level in Britain and
 Germany between 1993 and 2008. We find that although gross mobility rates
 in Britain were almost 3 times as high as those in Germany, this did not
 translate into more structural change, as measured by the Lilien index.
 Furthermore, we find that net mobility flows are more closely correlated
 with structural change in Germany than Britain, leading to the conclusion
 that the more highly regulated occupational system in Germany does not
 hinder occupational change. 
Journal: Applied Economics Letters 
Pages: 653-656 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.593492 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.593492 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:653-656




Template-Type: ReDIF-Article 1.0
Author-Name: Ian M. Dobbs 
Author-X-Name-First: Ian M. 
Author-X-Name-Last: Dobbs 
Author-Name: Anthony D. Miller 
Author-X-Name-First: Anthony D. 
Author-X-Name-Last: Miller 
Title: Inducing risk preferences in economics experiments 
Abstract:
  A common procedure in experiments is to use binary lotteries to induce in
 all subjects pre-specified risk preferences. The validity of this
 procedure has been established only for a subject performing a single
 task, yet the procedure is normally applied in multi-task settings. This
 article formally analyses the multi-task case and establishes necessary
 and sufficient conditions relating to experimental design. New guidance is
 provided for the design of experiments involving interdependent tasks. 
Journal: Applied Economics Letters 
Pages: 657-660 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.593493 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.593493 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:657-660




Template-Type: ReDIF-Article 1.0
Author-Name: Chris Veld 
Author-X-Name-First: Chris 
Author-X-Name-Last: Veld 
Author-Name: Yuriy Zabolotnyuk 
Author-X-Name-First: Yuriy 
Author-X-Name-Last: Zabolotnyuk 
Title: The optimal call policy for convertible bonds: Is there a market memory effect? 
Abstract:
  This article examines the market memory effect in convertible bond
 markets. We look at the pricing of convertible bonds issued after the
 original issuer redeemed previous issues without giving an opportunity for
 investors to benefit from bond value appreciation. We find evidence that
 the market underprices new convertible bond issues of firms that called
 their previous convertible bonds early compared with new convertibles
 bonds of firms that called their previous convertibles late. 
Journal: Applied Economics Letters 
Pages: 661-664 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.593494 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.593494 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:661-664




Template-Type: ReDIF-Article 1.0
Author-Name: Giuseppe Di Vita 
Author-X-Name-First: Giuseppe 
Author-X-Name-Last: Di Vita 
Title: Endogenous discount rate and elasticity of the marginal utility of consumption 
Abstract:
  Using an endogenous growth model where the discount rate is a function of
 consumption, we show that the condition in which the elasticity of the
 marginal utility of consumption is greater than 1 ensures, at the same
 time, the existence of an unique saddle point equilibrium and the
 maximization of capital and consumption. 
Journal: Applied Economics Letters 
Pages: 665-669 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.593495 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.593495 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:665-669




Template-Type: ReDIF-Article 1.0
Author-Name: David Edmund Allen 
Author-X-Name-First: David Edmund 
Author-X-Name-Last: Allen 
Author-Name: Robert John Powell 
Author-X-Name-First: Robert John 
Author-X-Name-Last: Powell 
Author-Name: Abhay Kumar Singh 
Author-X-Name-First: Abhay Kumar 
Author-X-Name-Last: Singh 
Title: Beyond reasonable doubt: multiple tail risk measures applied to European industries 
Abstract:
  Using a comprehensive range of metrics, this article determines how
 relative market and credit risk change among European sectors during
 extreme market fluctuations. Differences are found between conditional and
 nonconditional outcomes, and sectors which were most risky prior to the
 Global Financial Crisis (GFC) are found to be different to the riskiest
 sectors during the GFC. These findings are consistent across the metrics
 used. The insights into extreme sectoral risk are important to investors
 in portfolio selection and to banks in setting sectoral concentration
 limits. 
Journal: Applied Economics Letters 
Pages: 671-676 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.593496 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.593496 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:671-676




Template-Type: ReDIF-Article 1.0
Author-Name: Erick Michael Elder 
Author-X-Name-First: Erick Michael 
Author-X-Name-Last: Elder 
Author-Name: Gary A. Wagner 
Author-X-Name-First: Gary A. 
Author-X-Name-Last: Wagner 
Title: A simple approach to balancing government budgets over the business cycle 
Abstract:
  Despite the renewed interest in fiscal rules to constrain government
 deficits and debt, most rules provide no guidelines for reaching fiscal
 objectives in practice. This note demonstrates how to construct simple and
 transparent savings-rate rules that could aid policymakers if balancing
 the budget over the business cycle is a goal. 
Journal: Applied Economics Letters 
Pages: 677-681 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.595672 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.595672 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:677-681




Template-Type: ReDIF-Article 1.0
Author-Name: Simeon Vosen 
Author-X-Name-First: Simeon 
Author-X-Name-Last: Vosen 
Author-Name: Torsten Schmidt 
Author-X-Name-First: Torsten 
Author-X-Name-Last: Schmidt 
Title: A monthly consumption indicator for Germany based on Internet search query data 
Abstract:
  This study introduces a monthly coincident indicator for consumption in
 Germany based on Google Trends data on web search activity. In real-time
 nowcasting experiments the indicator outperforms common survey-based
 indicators in predicting consumption. Unlike those indicators, it provides
 predictive information beyond that already captured in other macroeconomic
 variables. 
Journal: Applied Economics Letters 
Pages: 683-687 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.595673 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.595673 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:683-687




Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Fuentes-Castro 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Fuentes-Castro 
Title: Labour productivity and compensation of employees in Europe 
Abstract:
  The current international crisis has highlighted the need to improve
 productivity. This article examines labour productivity and compensation
 of employees in the main European economics over the past 15 years. The
 decomposition of labour productivity suggests that, during the most recent
 phase of expansion, capital stock per hour worked hides a widespread
 decline in Multifactor Productivity (MFP). There was also a significant
 deterioration in the equity of primary income distribution. The crisis
 seems to be correcting this trend, with some exceptions, but at the
 expense of rising unemployment rates. 
Journal: Applied Economics Letters 
Pages: 689-693 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.595674 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.595674 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:689-693




Template-Type: ReDIF-Article 1.0
Author-Name: Shu-Shiuan Lu 
Author-X-Name-First: Shu-Shiuan 
Author-X-Name-Last: Lu 
Title: How significant is the role of reallocation to long-term growth? 
Abstract:
  This article investigates the contribution of labour and capital
 reallocation from the farm to the nonfarm sector to Total Factor
 Productivity (TFP) Growth (TFPG). We find that if labour reallocation is
 hypothetically suppressed in economies experiencing rapid structural
 transformation, that is, South Korea and Taiwan, the annualized long-term
 TFPG rate can be reduced by more than 0.8 percentage points. Such an
 effect is significant. 
Journal: Applied Economics Letters 
Pages: 695-698 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.595675 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.595675 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:695-698




Template-Type: ReDIF-Article 1.0
Author-Name: Abdulnasser Hatemi-J 
Author-X-Name-First: Abdulnasser 
Author-X-Name-Last: Hatemi-J 
Author-Name: Youssef El-Khatib 
Author-X-Name-First: Youssef 
Author-X-Name-Last: El-Khatib 
Title: Stochastic optimal hedge ratio: theory and evidence 
Abstract:
  The minimum variance hedge ratio is widely used by investors to immunize
 against the price risk. This hedge ratio is usually assumed to be constant
 across time by practitioners, which might be a too restrictive assumption
 because the Optimal Hedge Ratio (OHR) might vary across time. In this
 article we put forward a proposition that a stochastic OHR performs
 differently than an OHR with constant structure even in the situations in
 which the mean value of the stochastic OHR is equal to the constant OHR. A
 mathematical proof is provided for this proposition combined with some
 simulation results and an application to the US stock market during
 1999--2009 using weekly data. 
Journal: Applied Economics Letters 
Pages: 699-703 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.572841 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572841 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:699-703




Template-Type: ReDIF-Article 1.0
Author-Name: Melina Dritsaki 
Author-X-Name-First: Melina 
Author-X-Name-Last: Dritsaki 
Author-Name: Chaido Dritsaki 
Author-X-Name-First: Chaido 
Author-X-Name-Last: Dritsaki 
Title: A panel data approach to the demand for money in Bulgaria and Romania 
Abstract:
  This article aims to investigate the relationship between real money,
 real Gross Domestic Product (GDP) and the nominal short-term rate of
 interest in the two new European Union (EU) member states. In pursuit of
 this objective, the tests of panel cointegration and Fully Modified
 Ordinary Least Squares (FMOLS) are conducted by using panel data. The data
 used in this study consist of annual data during period 1990 to 2008. The
 panel cointegration results confirm a long-run relationship between real
 money, real GDP and the nominal short-term rate of interest. Our empirical
 results also show that real GDP elasticity is 0.739 and nominal short-term
 rate of interest elasticity is&#x2009;&#x2212;0.013 for the panel of the
 two countries. 
Journal: Applied Economics Letters 
Pages: 705-710 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.597712 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.597712 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:705-710




Template-Type: ReDIF-Article 1.0
Author-Name: St�phanie Peltier 
Author-X-Name-First: St�phanie 
Author-X-Name-Last: Peltier 
Author-Name: Fran&#xE7;ois Moreau 
Author-X-Name-First: Fran&#xE7;ois 
Author-X-Name-Last: Moreau 
Title: Internet and the &#x2018;Long Tail versus superstar effect&#x2019; debate: evidence from the French book market 
Abstract:
  From a comprehensive database of monthly sales of comic books and
 literature books in France over the period 2003 to 2007, we show that (i)
 bestsellers got smaller market shares online than offline, contrary to
 medium- and low-sellers; (ii) both online and offline sales shift from the
 head of the distribution to the tail with increasing magnitude over the
 period; and (iii) the Long Tail appears to be more than just a short-lived
 phenomenon caused by the specific preferences of early adopters of
 e-commerce. These three results suggest that online information and
 distribution tools, whose use increased over the period 2003 to 2007, do
 have an impact on book distribution and on consumers' purchase decisions. 
Journal: Applied Economics Letters 
Pages: 711-715 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.597714 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.597714 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:711-715




Template-Type: ReDIF-Article 1.0
Author-Name: M. Kevin McGee 
Author-X-Name-First: M. Kevin 
Author-X-Name-Last: McGee 
Author-Name: Lee Van Scyoc 
Author-X-Name-First: Lee 
Author-X-Name-Last: Van Scyoc 
Author-Name: Nancy J. Burnett 
Author-X-Name-First: Nancy J. 
Author-X-Name-Last: Burnett 
Title: &#x2018;The best defence&#x2026;&#x2019; or optimal offence/defence spending ratios in the NFL 
Abstract:
  An original data set built from all 32 National Football League (NFL)
 teams, covering 2000--2009, is used to produce a production function for
 professional football. We use spending on salaries, divided between
 offensive and defensive players, as inputs to produce season wins. Our
 data suggest that the optimal strategy is simply to <italic>have</italic>
 a strategy, meaning teams with balanced spending tend to do worse than
 those with a more strategic allocation towards <italic>either</italic>
 offence or defence. 
Journal: Applied Economics Letters 
Pages: 717-720 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.597715 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.597715 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:717-720




Template-Type: ReDIF-Article 1.0
Author-Name: Ranjula Bali Swain 
Author-X-Name-First: Ranjula Bali 
Author-X-Name-Last: Swain 
Title: Differential impact of microfinance delivery mechanism on vulnerability 
Abstract:
  Microfinance reduces vulnerability. We investigate if this impact varies
 by the delivery mechanism used. Correcting for the membership selection
 bias using Propensity Score Matching (PSM), the household's vulnerability
 is estimated using the Self-Help Group (SHG) microfinance programme data
 in India. The results show that the reduction in vulnerability is greater
 for villages with better infrastructure and for SHGs that are formed by
 NGOs and linked by banks (linkage model 2). 
Journal: Applied Economics Letters 
Pages: 721-724 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.597716 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.597716 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:721-724




Template-Type: ReDIF-Article 1.0
Author-Name: Xinhua Gu 
Author-X-Name-First: Xinhua 
Author-X-Name-Last: Gu 
Author-Name: Baomin Dong 
Author-X-Name-First: Baomin 
Author-X-Name-Last: Dong 
Title: A simple model of two-country bargaining for financial integration 
Abstract:
  This article treats financial openness as a practical dimension on which
 two countries can negotiate for capital mobility benefit sharing. A
 capital-exporting country has some first-mover advantage in bargaining
 with its importing counterparts for their opening. Yet the former
 country's impatience can act against its own interests when faced with the
 latter's reluctance to fully liberalize financial systems. Hence it may be
 unwise to push them into prematurely opening up their capital markets. 
Journal: Applied Economics Letters 
Pages: 725-728 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.597717 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.597717 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:725-728




Template-Type: ReDIF-Article 1.0
Author-Name: M&#xF3;nica Meireles 
Author-X-Name-First: M&#xF3;nica 
Author-X-Name-Last: Meireles 
Author-Name: Isabel Soares 
Author-X-Name-First: Isabel 
Author-X-Name-Last: Soares 
Author-Name: Oscar Afonso 
Author-X-Name-First: Oscar 
Author-X-Name-Last: Afonso 
Title: Dirty versus ecological technology in an endogenous growth model 
Abstract:
  An endogenous growth model with renewable and nonrenewable Intermediate
 Goods (IGs) is developed to study the exogenous environmental quality
 effects on technological-knowledge bias and on Final-Good (FG) sector
 bias. Solving the transitional dynamics numerically and removing the scale
 effects, FG sector bias is showed to be caused by both
 technological-knowledge bias, through the price channel, and
 technological-knowledge-absorption effect. 
Journal: Applied Economics Letters 
Pages: 729-733 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.597718 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.597718 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:729-733




Template-Type: ReDIF-Article 1.0
Author-Name: Georgiana Nicoleta Rosoi 
Author-X-Name-First: Georgiana Nicoleta 
Author-X-Name-Last: Rosoi 
Title: Financial integration and international transmission of business cycles: evidence from dynamic correlations 
Journal: Applied Economics Letters 
Pages: 735-738 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.597719 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.597719 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:735-738




Template-Type: ReDIF-Article 1.0
Author-Name: Fredj Jawadi 
Author-X-Name-First: Fredj 
Author-X-Name-Last: Jawadi 
Author-Name: Sabrina Khanniche 
Author-X-Name-First: Sabrina 
Author-X-Name-Last: Khanniche 
Title: Are hedge fund clones attractive financial products for investors? 
Abstract:
  The subprime crisis, which proved devastating for the hedge fund
 industry, induced significant losses for investors who ploughed into
 absolute return funds. In such a context, investigating the opacity
 surrounding the hedge fund industry and its prohibitive fee structure is
 of real interest as, within the context of the Madoff scandal, there is
 strong evidence of a reduction in investor confidence. On the other hand,
 investors are still looking for attractive returns. Hedge fund clones
 therefore appear to offer a promising solution as they seek to replicate
 hedge fund returns at lower fees and with more transparency and liquidity. 
Journal: Applied Economics Letters 
Pages: 739-743 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.599783 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.599783 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:739-743




Template-Type: ReDIF-Article 1.0
Author-Name: Sara E. Helms 
Author-X-Name-First: Sara E. 
Author-X-Name-Last: Helms 
Author-Name: Brian L. Scott 
Author-X-Name-First: Brian L. 
Author-X-Name-Last: Scott 
Author-Name: Jeremy P. Thornton 
Author-X-Name-First: Jeremy P. 
Author-X-Name-Last: Thornton 
Title: Choosing to give more: experimental evidence on restricted gifts and charitable behaviour 
Abstract:
  It is common for charitable organizations to allow donors to place
 material restrictions on their gifts. Nonprofit firms and fundraisers
 generally believe that allowing gift restrictions will increase donation
 revenue. Restricted gifts are costly to the nonprofit firms because of
 increased management expenses and an inability to reallocate gifts to
 higher valued uses. We report the results of an experiment which tests the
 influence of charitable gift restrictions on donor behaviour. We find that
 allowing restricted gifts significantly increases the amount given in a
 laboratory setting. However, we find no evidence that grant restrictions
 increase the probability of giving. 
Journal: Applied Economics Letters 
Pages: 745-748 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.599784 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.599784 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:745-748




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Nunnenkamp 
Author-X-Name-First: Peter 
Author-X-Name-Last: Nunnenkamp 
Author-Name: Megha Mukim 
Author-X-Name-First: Megha 
Author-X-Name-Last: Mukim 
Title: The clustering of FDI in India: the importance of peer effects 
Abstract:
  We assess the location choices of 6020 foreign investors at the level of
 Indian districts. Employing conditional logit models, we find that
 clustering of Foreign Direct Investment (FDI) is driven strongly by
 herding among investors from both, the same and other countries of origin.
 However, the behaviour of Nonresident Indians (NRIs) and German investors
 is strikingly different. 
Journal: Applied Economics Letters 
Pages: 749-753 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.602007 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.602007 
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Carlos Matallin-Saez 
Author-X-Name-First: Juan Carlos 
Author-X-Name-Last: Matallin-Saez 
Author-Name: Amparo Soler-Dominguez 
Author-X-Name-First: Amparo 
Author-X-Name-Last: Soler-Dominguez 
Author-Name: Emili Tortosa-Ausina 
Author-X-Name-First: Emili 
Author-X-Name-Last: Tortosa-Ausina 
Title: Mutual fund performance: banking versus independent managers 
Abstract:
  We examine the performance of mutual fund managers for a sample of
 Spanish mutual funds considering data on active management, loads, size
 and the number of funds managed per manager. We find evidence of
 differences in fund performance according to management: independent
 managers outperform their banking counterparts even when the lower
 associated fees are considered. Overall, our results suggest that superior
 active managers do exist and the slight discrepancies which arise between
 managers can be interpreted as agency problems. 
Journal: Applied Economics Letters 
Pages: 755-758 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.602008 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.602008 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:755-758




Template-Type: ReDIF-Article 1.0
Author-Name: Elina Lampi 
Author-X-Name-First: Elina 
Author-X-Name-Last: Lampi 
Author-Name: Katarina Nordblom 
Author-X-Name-First: Katarina 
Author-X-Name-Last: Nordblom 
Title: Nature and nurture: the relation between number of siblings and earnings 
Abstract:
  In this study, we examine the relation between different kinds of
 siblings and earnings and find that both nature and nurture matter:
 full-siblings are equally negatively related to earnings regardless of
 whether one grew up with them or not. The number of step-siblings, on the
 other hand, also turns out significant if one grew up together. 
Journal: Applied Economics Letters 
Pages: 759-762 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.603683 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.603683 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:759-762




Template-Type: ReDIF-Article 1.0
Author-Name: Todd A. McFall 
Author-X-Name-First: Todd A. 
Author-X-Name-Last: McFall 
Author-Name: Julianne Treme 
Author-X-Name-First: Julianne 
Author-X-Name-Last: Treme 
Title: Pandora's groove: analysing the effect of the U-groove ban on PGA Tour golfers' performances and strategies 
Abstract:
  This study examines how PGA Tour golfers' playing strategies offset a ban
 on technologically superior golf club grooves and how the strategy changes
 translated into performance changes. The ban, which was implemented at the
 beginning of the 2010 season, effectively decreased golfers' abilities to
 spin the golf ball from all on-course environments and offers a unique
 opportunity to examine offsetting behaviour in the light of a ban on the
 type of technology. We compare 2009 and 2010 PGA Tour results in a manner
 consistent with previous studies of offsetting behaviour and golf club
 groove construction. Our results suggest that offsetting behaviour
 mitigated the effects of the technological regulations on golf clubs in an
 economically and statistically significant way, as golfers' performances
 improved following the technological ban. 
Journal: Applied Economics Letters 
Pages: 763-768 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.603684 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.603684 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:763-768




Template-Type: ReDIF-Article 1.0
Author-Name: Farrukh Suvankulov 
Author-X-Name-First: Farrukh 
Author-X-Name-Last: Suvankulov 
Author-Name: Fatma Ogucu 
Author-X-Name-First: Fatma 
Author-X-Name-Last: Ogucu 
Title: Have firms with better corporate governance fared better during the recent financial crisis in Russia? 
Abstract:
  We assess whether during the recent (2008--2009) financial crisis in
 Russia firms with better corporate governance have experienced a milder
 decline in stock prices and market value as well as lower stock price
 volatility. Using a structural break analysis, Ordinary Least Squares
 (OLS) and Instrumental Variable (IV) techniques, we find that firms that
 had better corporate governance prior to the crisis suffered a smaller
 decline in both stock prices and market value. We report no evidence of
 statistically significant relationship between corporate governance and
 volatility of stock prices. 
Journal: Applied Economics Letters 
Pages: 769-773 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.603685 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.603685 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:769-773




Template-Type: ReDIF-Article 1.0
Author-Name: Fatih Cemil Ozbugday 
Author-X-Name-First: Fatih Cemil 
Author-X-Name-Last: Ozbugday 
Author-Name: Erik Brouwer 
Author-X-Name-First: Erik 
Author-X-Name-Last: Brouwer 
Title: Competition law, networks and innovation 
Abstract:
  This article investigates the determinants of innovative activities at
 the industry level for the Dutch manufacturing industries during the
 period 1993 to 2007. The results indicate that the transition from the old
 Economic Competition Act to the new Competition Act is statistically
 insignificantly associated with decreased innovation intensity, while it
 is positively and statistically significantly linked to an increased share
 of firms with patent applications. Furthermore, we find that cooperation
 with their suppliers for innovative activities boosts both innovation
 intensity of the industry and the ratio of firms with patent applications. 
Journal: Applied Economics Letters 
Pages: 775-778 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.603686 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.603686 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:775-778




Template-Type: ReDIF-Article 1.0
Author-Name: Arup Mitra 
Author-X-Name-First: Arup 
Author-X-Name-Last: Mitra 
Author-Name: Chandan Sharma 
Author-X-Name-First: Chandan 
Author-X-Name-Last: Sharma 
Author-Name: Marie-Ange V�ganzon&#xE8;s-Varoudakis 
Author-X-Name-First: Marie-Ange 
Author-X-Name-Last: V�ganzon&#xE8;s-Varoudakis 
Title: Estimating impact of infrastructure on productivity and efficiency of Indian manufacturing 
Abstract:
  Drawing on a recent data set of the Indian manufacturing industry for the
 period 1994--2008, this article shows for eight sectors that core
 infrastructure matters in determining Total Factor Productivity (TFP) and
 Technical Efficiency (TE). Results suggest that the impact is rather
 strong on both measures (elasticity of 0.32 and 0.17, respectively). This
 finding is of particular importance in the Indian context characterized by
 infrastructure bottlenecks and strongly supports the view that a lack of
 infrastructure can hamper growth in developing countries. 
Journal: Applied Economics Letters 
Pages: 779-783 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.603687 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.603687 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:779-783




Template-Type: ReDIF-Article 1.0
Author-Name: Lajos Zolt&#xE1;n Bakucs 
Author-X-Name-First: Lajos Zolt&#xE1;n 
Author-X-Name-Last: Bakucs 
Author-Name: Bernhard Br&#xFC;mmer 
Author-X-Name-First: Bernhard 
Author-X-Name-Last: Br&#xFC;mmer 
Author-Name: Stephan von Cramon-Taubadel 
Author-X-Name-First: Stephan 
Author-X-Name-Last: von Cramon-Taubadel 
Author-Name: Imre Fert&#x151; 
Author-X-Name-First: Imre 
Author-X-Name-Last: Fert&#x151; 
Title: Wheat market integration between Hungary and Germany 
Abstract:
  The aim of this article is to analyse the price transmission between
 German and Hungarian wheat producer prices using weekly prices.
 Markov-Switching Vector Error Correction Model (MS-VECM) with three
 regimes seems to appropriately capture the dynamics in the price
 relationship. 
Journal: Applied Economics Letters 
Pages: 785-788 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.603688 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.603688 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nick Drydakis 
Author-X-Name-First: Nick 
Author-X-Name-Last: Drydakis 
Title: Health-impaired employees' job satisfaction: new evidence from Athens, Greece 
Abstract:
  This study by utilizing the 2008 Athens Area Study (AAS) data set
 investigates four aspects of job satisfaction -- total pay, promotion
 prospects, respect received from one's supervisor and total job
 satisfaction -- between healthy and heath-impaired employees.
 Health-impaired employees are found to be less satisfied according to all
 job satisfaction measures even when a large number of productivity
 features and job characteristics are controlled for. The outcomes also
 suggest that women are more satisfied with their jobs than men are,
 regardless of health status. Moreover, the estimations show that
 health-impaired employees' job satisfaction is affected more than healthy
 employees' job satisfaction by adverse mental health symptoms (life
 dissatisfaction). Finally, health-impaired employees are found to become
 more satisfied with their jobs with time after disability onset. This
 study concludes that health-impaired employees may have higher
 expectations about what they will obtain from their work, as well as they
 may have job satisfaction adjustments. 
Journal: Applied Economics Letters 
Pages: 789-793 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.605346 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.605346 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:789-793




Template-Type: ReDIF-Article 1.0
Author-Name: William R. Hauk 
Author-X-Name-First: William R. 
Author-X-Name-Last: Hauk 
Title: Trade restriction indices and US trade policy 
Abstract:
  The proper way to measure differences in trade protection across
 countries and economic sectors has been a vexing problem for economists
 studying international trade. Based on research by Anderson and Neary
 (2005) and Kee <italic>et al</italic>. (KNO) (2009), this article proposes
 the use of Trade Restriction Indices (TRIs) when studying US trade policy.
 TRIs can potentially solve several problems related to measuring the
 restrictiveness of trade policy. To this end, this article creates a data
 set of TRIs for US imports by sector at several different levels of
 aggregation using the Harmonized Tariff Schedule (HS), the North American
 Industry Classification System (NAICS) and the Standard International
 Trade Classification industry coding systems. 
Journal: Applied Economics Letters 
Pages: 795-799 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.605347 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.605347 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Chun-Yu Ho 
Author-X-Name-First: Chun-Yu 
Author-X-Name-Last: Ho 
Author-Name: Wai-Yip Alex Ho 
Author-X-Name-First: Wai-Yip Alex 
Author-X-Name-Last: Ho 
Author-Name: Dan Li 
Author-X-Name-First: Dan 
Author-X-Name-Last: Li 
Title: Examining the role of risk aversion in calculating the welfare cost of consumption fluctuations 
Abstract:
  This note examines the role of risk aversion in computing the welfare
 cost of consumption fluctuations under different utility and consumption
 process specifications. We find that the welfare cost of consumption
 fluctuations under a Constant-Relative-Risk-Aversion (CRRA) utility
 specification does not necessarily increase with the degree of relative
 risk aversion unless it fulfils certain conditions. The case of China is
 used as an illustration. 
Journal: Applied Economics Letters 
Pages: 801-806 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2010.548773 
File-URL: http://hdl.handle.net/10.1080/13504851.2010.548773 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:9:p:801-806




Template-Type: ReDIF-Article 1.0
Author-Name: Chun-Hsien Wang 
Author-X-Name-First: Chun-Hsien 
Author-X-Name-Last: Wang 
Author-Name: Jun-Yen Lee 
Author-X-Name-First: Jun-Yen 
Author-X-Name-Last: Lee 
Author-Name: Yi-Hua Chang 
Author-X-Name-First: Yi-Hua 
Author-X-Name-Last: Chang 
Title: Measuring productivity in the biotechnology industry using the global Malmquist index 
Abstract:
  This study applies the Data Envelopment Analysis (DEA)-based Malmquist
 Productivity Index (MPI) to measure productivity growth in Taiwanese
 biotechnology industry over time. The contemporaneous MPI and the global
 MPI are used to estimate and compare changes in productivity. In this
 study, we provide a single measurement of productivity change and its
 decompositions, that is, the global MPI. This index satisfies the
 circularity property and is free from the problem of base period
 dependency. Our results show that changes in productivity in the
 biotechnology industry are progressing. Under the assumption of Variable
 Returns to Scale (VRS), the sources of productivity change could be
 decomposed into Efficiency Change (EC), Best Practice Change (BPC) and
 Scale Change (SC). As result, the BPC and SC are progressing except for
 EC. 
Journal: Applied Economics Letters 
Pages: 807-812 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.605552 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.605552 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:9:p:807-812




Template-Type: ReDIF-Article 1.0
Author-Name: Hyungna Oh 
Author-X-Name-First: Hyungna 
Author-X-Name-Last: Oh 
Title: Aggregation bias in stochastic frontier models employing region-level data: an empirical analysis with Korean manufacturing data 
Abstract:
  A stochastic frontier study often employs aggregate data to analyse the
 productivity and technical efficiency of regions. In this article, a
 stochastic frontier model is run on plant-level data and region-level
 aggregate data. Comparisons of estimated coefficients and characteristics
 of regional production based on estimation outcomes suggest that an
 empirical model employing regional-level data can provide misleading
 results concerning the production function faced by a representative plant
 in a region. 
Journal: Applied Economics Letters 
Pages: 813-821 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.605750 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.605750 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:9:p:813-821




Template-Type: ReDIF-Article 1.0
Author-Name: Yongseung Han 
Author-X-Name-First: Yongseung 
Author-X-Name-Last: Han 
Title: Modelling a stochastic profit system using gauge function 
Abstract:
  This article provides an analytical solution to the &#x2018;Greene
 problem&#x2019;; use of McFadden's gauge function successfully separates
 technical inefficiency from the profit function and its share equations,
 even though allocative inefficiency is incorporated into the profit
 system, and establishes an exact relationship between allocative
 inefficiency in the profit function and its share equations to make the
 system readily estimable. 
Journal: Applied Economics Letters 
Pages: 823-827 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.605754 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.605754 
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Template-Type: ReDIF-Article 1.0
Author-Name: James T. Bang 
Author-X-Name-First: James T. 
Author-X-Name-Last: Bang 
Author-Name: Bharati Basu 
Author-X-Name-First: Bharati 
Author-X-Name-Last: Basu 
Title: Marriage, fertility and the selection of women into high-skill industries 
Abstract:
  This article focuses on the selection of women into industries of
 different skill intensities as another dimension in the discussion of the
 differences in wages among similarly skilled women. Using the Current
 Population Survey (CPS) data and controlling for education and other
 factors, we find evidence that married women tend to work in industries
 that are less skill intensive and that pay lower wages. We also find that
 education and experience affect this selection process less favourably for
 married women compared with single women. Since less skill-intensive
 industries often pay lower wages for similar occupations, our results
 contribute to the broader debate over the gaps in wages between single and
 married women as well as men and women. 
Journal: Applied Economics Letters 
Pages: 829-834 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607108 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607108 
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Template-Type: ReDIF-Article 1.0
Author-Name: Manisha Chakrabarty 
Author-X-Name-First: Manisha 
Author-X-Name-Last: Chakrabarty 
Author-Name: Sumon Kumar Bhaumik 
Author-X-Name-First: Sumon Kumar 
Author-X-Name-Last: Bhaumik 
Title: Whither human capital? The woeful tale of transition to tertiary education in India 
Abstract:
  In this article, we examine the issue of high dropout rates in India
 which has adverse implications for human capital formation and hence for
 the country's long-term growth potential. Using the 2004--2005 National
 Sample Survey (NSS) employment--unemployment data, we estimate transition
 probabilities of moving from a number of different educational levels to
 higher educational levels using a sequential logit model. Our results
 suggest that the overall probability of reaching tertiary education is
 very low. Further, even by the woeful overall standards, women are
 significantly worse off, particularly in rural areas. 
Journal: Applied Economics Letters 
Pages: 835-838 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607109 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607109 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:9:p:835-838




Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Author-Name: Yu-Shao Liu 
Author-X-Name-First: Yu-Shao 
Author-X-Name-Last: Liu 
Title: Purchasing power parity with nonlinear threshold unit root test 
Abstract:
  This study applies a simple and powerful nonlinear threshold unit root
 test proposed by Caner and Hansen (2001) to test the validity of long-run
 Purchasing Power Parity (PPP) in a sample of nine East Asian countries.
 The empirical results indicate that PPP holds true for more than half of
 these nine East Asian countries under study, and the adjustment towards
 PPP is found to be nonlinear. 
Journal: Applied Economics Letters 
Pages: 839-842 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607110 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607110 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:9:p:839-842




Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Title: Nonlinear adjustment to purchasing power parity in China 
Abstract:
  This study applies a simple and powerful nonlinear unit root test
 proposed by Sollis (2009) to investigate the Purchasing Power Parity (PPP)
 for China's real exchange rate vis-&#xE0;-vis her nine trading partner
 countries over the period January 1986 to October 2009. The empirical
 results indicate that China's real exchange is a nonlinear process and a
 unit root in real exchange rate was not found for most of the cases under
 study. These results provide strong support for PPP for China relative to
 her major trading partner countries. 
Journal: Applied Economics Letters 
Pages: 843-848 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607111 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607111 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:9:p:843-848




Template-Type: ReDIF-Article 1.0
Author-Name: Paulo Ma&#xE7;as Nunes 
Author-X-Name-First: Paulo Ma&#xE7;as 
Author-X-Name-Last: Nunes 
Author-Name: Z�lia Serrasqueiro 
Author-X-Name-First: Z�lia 
Author-X-Name-Last: Serrasqueiro 
Title: Are young SMEs' survival determinants different? Empirical evidence using panel data 
Abstract:
  Based on two subsamples of Small and Medium-sized Enterprises (SMEs), 495
 young SMEs and 1350 old SMEs, using probit regressions, we investigate
 whether the survival determinants of young SMEs are different from those
 of old SMEs. The multiple empirical evidence obtained allows us to
 conclude that the survival determinants of young SMEs are considerably
 different from those of the old SMEs: (1) determinants related to scale
 effects, financial situation and macroeconomic situation are of greater
 relative importance in explaining young SMEs' survival; and (2) a
 determinant related to technological intensity is of greater relative
 importance in explaining old SMEs' survival. The results let us provide
 different guidelines for economic policy in general, and industrial policy
 in particular, in support of young and old SMEs. 
Journal: Applied Economics Letters 
Pages: 849-855 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607112 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607112 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guochen Pan 
Author-X-Name-First: Guochen 
Author-X-Name-Last: Pan 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: D.P. Tang 
Author-X-Name-First: D.P. 
Author-X-Name-Last: Tang 
Author-Name: Chia-Hao Lee 
Author-X-Name-First: Chia-Hao 
Author-X-Name-Last: Lee 
Title: Nonlinear adjustment to purchasing power parity in Latin American countries: the ADL test for threshold cointegration 
Abstract:
  This study applies a newly developed Autoregressive Distributed Lag (ADL)
 test for threshold cointegration proposed by Li and Lee (2010) to test the
 validity of long-run Purchasing Power Parity (PPP) for a sample of 15
 Latin American countries from December 1994 to February 2010. Empirical
 results indicate that PPP holds true for most of the countries studied,
 with the exception of Brazil, Chile, Dominica, Haiti and Uruguay, and the
 long-run PPP adjustment process towards its equilibrium is asymmetric. Our
 results have important policy implications for these Latin American
 countries under study. 
Journal: Applied Economics Letters 
Pages: 857-862 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607113 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607113 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jos� Mar�a Mart�n-Moreno 
Author-X-Name-First: Jos� Mar�a 
Author-X-Name-Last: Mart�n-Moreno 
Author-Name: Rafaela P�rez 
Author-X-Name-First: Rafaela 
Author-X-Name-Last: P�rez 
Author-Name: Jes&#xFA;s Ru�z 
Author-X-Name-First: Jes&#xFA;s 
Author-X-Name-Last: Ru�z 
Title: Private consumption and sector price behaviour in the Spanish economy: a business cycle approach 
Abstract:
  In this article we examine the consequences of introducing tradable,
 nontradable and investment goods in a small open economy business cycle
 model in the case of Spain. The stochastic simulation of the model and its
 comparison to the Spanish economic data show that the model is able to
 mimic two prominent features of the Spanish cycle: (1) the dual inflation
 phenomenon, that is, the cyclical properties of the divergent behaviour
 between nontradable and tradable prices; and (2) the high volatility of
 private consumption relative to the volatility of output, a feature known
 as the Dolado <italic>et al.</italic> puzzle. 
Journal: Applied Economics Letters 
Pages: 863-868 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607114 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607114 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Phillip Reicher 
Author-X-Name-First: Christopher Phillip 
Author-X-Name-Last: Reicher 
Title: A simple decomposition of the variance of output growth across countries 
Abstract:
  This article outlines a simple regression-based method to decompose the
 variance of an aggregate time series into the variance of its components,
 which is then applied to measure the relative contributions of
 productivity, hours per worker and employment to cyclical output growth
 across a panel of countries. Measured productivity contributes more to the
 cycle in Europe and Japan than in the United States. Employment
 contributes the largest proportion of the cycle in Europe and the United
 States (but not Japan), which is inconsistent with the idea that higher
 levels of employment protection in Europe dampen cyclical employment
 fluctuations. 
Journal: Applied Economics Letters 
Pages: 869-872 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607115 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607115 
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Template-Type: ReDIF-Article 1.0
Author-Name: Declan Trott 
Author-X-Name-First: Declan 
Author-X-Name-Last: Trott 
Title: A capital mistake? The neglected effect of immigration on average wages 
Abstract:
  Much recent literature on the wage effects of immigration assumes that
 the return to capital, and therefore the average wage, is unaffected in
 the long run. If immigration is modelled as a continuous flow rather than
 a one-off shock, this result does not necessarily hold. A simple
 calibration with pre-crisis US immigration rates gives a reduction in
 average wages of 5%, larger than most estimates of the effect on relative
 wages. 
Journal: Applied Economics Letters 
Pages: 873-876 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607116 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607116 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:9:p:873-876




Template-Type: ReDIF-Article 1.0
Author-Name: Guochen Pan 
Author-X-Name-First: Guochen 
Author-X-Name-Last: Pan 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chia-Hao Lee 
Author-X-Name-First: Chia-Hao 
Author-X-Name-Last: Lee 
Author-Name: Wen-Chi Liu 
Author-X-Name-First: Wen-Chi 
Author-X-Name-Last: Liu 
Title: Revisiting purchasing power parity for 18 African countries: sequential panel selection method 
Abstract:
  This study applies the Sequential Panel Selection Method (SPSM) proposed
 by Chortareas and Kapetanios (2009) to test the validity of the long-run
 Purchasing Power Parity (PPP) for a sample of 18 African countries over
 the period January 1985 to September 2008. SPSM classifies the whole panel
 into a group of stationary series and a group of nonstationary series. In
 doing so, we can clearly identify how many and which series in the panel
 are stationary processes. Empirical results indicate that the PPP holds
 true for only four of these African countries studied. Our results have
 important policy implications for these African countries under study. 
Journal: Applied Economics Letters 
Pages: 877-881 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607117 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607117 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Michael Dawson 
Author-X-Name-First: Peter Michael 
Author-X-Name-Last: Dawson 
Title: Experience, social pressure and performance: the case of soccer officials 
Abstract:
  This study examines the relationship between experience, social pressure
 and performance of match officials (referees) in professional soccer.
 Using data from European Cup competitions, it is found that officials with
 more experience are marginally less biased towards the home side in the
 issuing of disciplinary sanctions. However, it is also the case that
 officials with greater levels of experience are just as likely to be
 influenced by social pressure as their less experienced counterparts. 
Journal: Applied Economics Letters 
Pages: 883-886 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607118 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607118 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:9:p:883-886




Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Jude Salois 
Author-X-Name-First: Matthew Jude 
Author-X-Name-Last: Salois 
Title: The effect of quasi-hyperbolic discounting on rural land conversion timing 
Abstract:
  This article explores how the presence of a quasi-hyperbolic discount
 parameter in a land investment model can affect conversion times for
 undeveloped rural land. A simple model of land development is compared
 using both exponential discounting and quasi-hyperbolic discounting. The
 presence of quasi-hyperbolic discounting tends to increase the rate of
 land conversion and may lead to possible overdevelopment of rural lands. 
Journal: Applied Economics Letters 
Pages: 887-890 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607119 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607119 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:9:p:887-890




Template-Type: ReDIF-Article 1.0
Author-Name: Jen-Je Su 
Author-X-Name-First: Jen-Je 
Author-X-Name-Last: Su 
Author-Name: Duc-Tho Nguyen 
Author-X-Name-First: Duc-Tho 
Author-X-Name-Last: Nguyen 
Title: On maintaining the power of the Kapetanios--Snell--Shin (KSS) test under uncertain initial conditions 
Abstract:
  This article investigates the impact of initial condition (specifically,
 the deviation of the initial observation from the underlying deterministic
 component) on the power properties of the nonlinear Kapetanios--
 Snell--Shin (KSS) unit root test. While the Generalized Least Squares
 (GLS)-detrended KSS test has significant power advantage over the Ordinary
 Least Squares (OLS)-detrended KSS test if the initial deviation is small,
 the opposite occurs if the initial deviation is large. These results are
 similar to those found previously for the Dickey--Fuller (DF) test. To
 maintain good power properties across different initial conditions, a
 Union of Rejections (UR) strategy is adopted; the strategy is demonstrated
 to be useful. 
Journal: Applied Economics Letters 
Pages: 891-896 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607120 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607120 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jason Stevens 
Author-X-Name-First: Jason 
Author-X-Name-Last: Stevens 
Title: A simple in-sample test of futures market efficiency based on rolling regressions 
Abstract:
  Given the tremendous volatility of commodity prices, models used to test
 the efficiency of futures markets often contain unstable parameter
 estimates. This instability may cause the results of hypothesis tests to
 become sensitive to the sample period. As a result, tests based on
 constant parameter specifications may be inconclusive. This article
 proposes an in-sample test of efficiency based on rolling regressions.
 Using data for crude oil futures contracts traded on the New York
 Mercantile Exchange between 1985 and 2010, no significant evidence of
 inefficiency is found. 
Journal: Applied Economics Letters 
Pages: 897-900 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607121 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607121 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Chun-Chu Liu 
Author-X-Name-First: Chun-Chu 
Author-X-Name-Last: Liu 
Author-Name: Li-Min Chuang 
Author-X-Name-First: Li-Min 
Author-X-Name-Last: Chuang 
Author-Name: Chien-Min Huang 
Author-X-Name-First: Chien-Min 
Author-X-Name-Last: Huang 
Title: A study on the urban competitiveness of two-straits 
Abstract:
  This study attempts to help cities enhance their competitiveness, doing
 so primarily by demonstrating the competitiveness of individual cities
 through economic indicators. This study focuses primarily on 20 major
 cities in Taiwan and China. Using annual data for each city over the
 period 2001--2007, this study observes the relative efficiency of major
 cities on both sides of the Taiwan Strait with the authentication of Data
 Envelopment Analysis (DEA) model and Bootstrap confidence interval model.
 This study measures the long-term competitiveness achieved through urban
 changes through the Malmquist Productivity Index (MPI) and also measures
 the structural productivity changes to understand the strengths and
 weaknesses of individual cities as well as differences in their
 competitiveness, and to establish future development directions for each
 city. Finally, this study applies the Bootstrap to obtain an accurate
 confidence interval for evaluating the accuracy of various efficiency
 indicators through the MPI. Based on multi-input and multi-output data,
 this study examines whether the main cities in Taiwan and China use their
 resources effectively to enhance urban efficiency of competitiveness and
 provide inefficient cities with suggestions on improvement. 
Journal: Applied Economics Letters 
Pages: 1001-1005 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.610736 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.610736 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pinar Derin-G&#xFC;re 
Author-X-Name-First: Pinar 
Author-X-Name-Last: Derin-G&#xFC;re 
Title: Happiness and parental altruism in the United States 
Abstract:
  This article focuses on the relationship between happiness and standard
 of living compared with kids and parents in the United States. Using
 General Social Survey (GSS) data from 1993 to 2010, I find that people who
 are poorer than their parents or those whose kids are worse off than them
 are unhappier than the people who have the same standard of living
 compared with their parents or kids. On the other hand, people who are
 richer than their parents and people who have richer kids are not
 significantly happier. These results might suggest that people in the
 United States are altruistic towards their children only if they are
 poorer than them but not if their children are richer. 
Journal: Applied Economics Letters 
Pages: 901-904 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.607122 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607122 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Kian-Ping Lim 
Author-X-Name-First: Kian-Ping 
Author-X-Name-Last: Lim 
Author-Name: Weiwei Luo 
Author-X-Name-First: Weiwei 
Author-X-Name-Last: Luo 
Title: The weak-form efficiency of Asian stock markets: new evidence from generalized spectral martingale test 
Abstract:
  The most appropriate approach to test for weak-form market efficiency is
 to examine whether the stock returns are Martingale Difference Sequence
 (MDS). However, the MDS tests have been largely ignored by previous
 studies, as the empirical analysis is dominated by Variance Ratio (VR)
 tests and Independent and Identically Distributed (IID)-based nonlinearity
 tests. This article re-examines the weak-form efficiency of 14 Asian stock
 markets using the generalized spectral martingale test. The result shows
 that all the return series are not MDSs, indicating the presence of return
 predictability and hence market inefficiency. 
Journal: Applied Economics Letters 
Pages: 905-908 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.607123 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607123 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alisher Akhmedjonov 
Author-X-Name-First: Alisher 
Author-X-Name-Last: Akhmedjonov 
Author-Name: Berna Izgi 
Author-X-Name-First: Berna 
Author-X-Name-Last: Izgi 
Title: Does it pay to work in the public sector in Turkey? 
Abstract:
  This article examines wage gap between the public and private sectors in
 Turkey. Relying on microdata from Turkey's Household Budget Survey (HBS)
 for the year 2009, we estimate separate earnings functions for public and
 private sectors by gender with appropriate correction for selectivity
 bias. The results suggest that while the observed pay advantage of public
 male employees can be explained entirely by differences in their observed
 characteristics, for female employees these differences only partly
 explain the observed public--private pay differential. Decomposition of
 male--female wage differentials by sector of work suggests that women are
 facing discrimination in both sectors. 
Journal: Applied Economics Letters 
Pages: 909-913 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.607124 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607124 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nuno Alves 
Author-X-Name-First: Nuno 
Author-X-Name-Last: Alves 
Title: The impact of education on household income and expenditure inequality 
Abstract:
  This article uncovers the distribution of returns to education at the
 household level using quantile regression techniques applied to a
 representative household survey in Portugal. We conclude that education
 has a positive impact on within-level income inequality, but no
 significant impact on expenditure inequality. 
Journal: Applied Economics Letters 
Pages: 915-919 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.607125 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607125 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jacek Wallusch 
Author-X-Name-First: Jacek 
Author-X-Name-Last: Wallusch 
Title: How frequently do consumer prices change in transition countries? 
Abstract:
  A common feature of recent literature regarding inflation dynamics is the
 Calvo pricing mechanism. Using this model and aggregate series, I estimate
 the price change probability and the mean time between price changes in 13
 transition countries. The average price change probability is much larger
 than suggested by the New Keynesian Phillips Curve (NKPC) literature. The
 corresponding mean time between price changes is slightly longer than 6
 months. Moreover, a forward-looking pricing has been found only for four
 countries. 
Journal: Applied Economics Letters 
Pages: 921-928 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.608631 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.608631 
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Template-Type: ReDIF-Article 1.0
Author-Name: Junko Koeda 
Author-X-Name-First: Junko 
Author-X-Name-Last: Koeda 
Title: How does yield curve predict GDP growth? A macro-finance approach revisited 
Abstract:
  This article analyses the yield-curve predictability for Gross Domestic
 Product (GDP) growth by modifying the time-series property of the interest
 rate process in Ang <italic>et al.</italic> (2006). When interest rates
 have a unit root and term spreads are stationary, the short rate's
 forecasting role changes, and the relationship between the shift of yield
 curves and GDP growth is intuitively revealed. 
Journal: Applied Economics Letters 
Pages: 929-933 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.608632 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.608632 
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Template-Type: ReDIF-Article 1.0
Author-Name: Liam John Anthony Lenten 
Author-X-Name-First: Liam John Anthony 
Author-X-Name-Last: Lenten 
Title: The underdog should always fire the first salvo against Brazil 
Abstract:
  A popular myth in football (soccer) that it is unwise tactically to score
 early against Brazil is busted using data from 1993 to 2010. This result
 provides further evidence about the choice of timing of effort exertion by
 an underdog in a finite-length industry contest against a more favoured
 opponent. 
Journal: Applied Economics Letters 
Pages: 935-938 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.608633 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.608633 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:10:p:935-938




Template-Type: ReDIF-Article 1.0
Author-Name: Jun Nagayasu 
Author-X-Name-First: Jun 
Author-X-Name-Last: Nagayasu 
Title: Regional deposits and demographic changes 
Abstract:
  This article empirically analyses the relationship between regional
 deposits and demographic changes. Using different types of deposit data
 from Japan which has experienced a sharp increase in the number of
 retirees, we provide clear evidence that an increase in the dependency
 ratio has led to a decline in overall deposits but an increase in most
 liquid deposits. 
Journal: Applied Economics Letters 
Pages: 939-942 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.608634 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.608634 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:10:p:939-942




Template-Type: ReDIF-Article 1.0
Author-Name: Michael A. Kortt 
Author-X-Name-First: Michael A. 
Author-X-Name-Last: Kortt 
Author-Name: Brian Dollery 
Author-X-Name-First: Brian 
Author-X-Name-Last: Dollery 
Title: Religion and the rate of return to human capital: evidence from Australia 
Abstract:
  We estimated the relationship between religion and the rate of return to
 human capital for Australia. Data from the Household Income Labour
 Dynamics Survey were analysed for men aged between 25 and 54 years.
 Conventional human capital functions were estimated using Ordinary Least
 Squares (OLS). Our results suggest that Catholic men benefit from a wage
 premium of 6.7%, controlling for an extensive range of controls. 
Journal: Applied Economics Letters 
Pages: 943-946 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.608635 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.608635 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jyh-Horng Lin 
Author-X-Name-First: Jyh-Horng 
Author-X-Name-Last: Lin 
Author-Name: Chuen-Ping Chang 
Author-X-Name-First: Chuen-Ping 
Author-X-Name-Last: Chang 
Author-Name: Wei-Ming Hung 
Author-X-Name-First: Wei-Ming 
Author-X-Name-Last: Hung 
Title: A note on bank bailout: equity quality and direct equity injections 
Abstract:
  Previous research on market-based evaluation of bank equity with
 government bailout has modelled the bank as a corporate firm with risky
 assets and liabilities. No attempt was made to analyse explicitly equity
 quality expressed as a situation when the carrying value of the bank's
 equity book is above the market price, in particular, during the financial
 crisis. The purpose of this article is to model bank equity quality
 explicitly and examine the relationships between direct equity capital
 injections by the government and bank interest margin (and thus bank
 equity quality). Comparative static results with simulation exercises show
 that the bailout programme of direct equity injections may be efficient in
 terms of bank equity quality when the bailout amount is relatively
 small-size and the bank's interest margin is relatively low. 
Journal: Applied Economics Letters 
Pages: 947-951 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.608636 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.608636 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Silvo Dajcman 
Author-X-Name-First: Silvo 
Author-X-Name-Last: Dajcman 
Title: Time-varying long-range dependence in stock market returns and financial market disruptions -- a case of eight European countries 
Abstract:
  The long-range dependence (or long memory) in stock market returns has
 many implications for modern financial economics. The existent empirical
 studies on long-range dependence in stock market returns, however, do not
 examine it on a dynamical basis. In this article we applied a rolling
 window approach to prove that long-range dependence parameter for eight
 European stock market returns is time-varying. Our findings show that
 sharp, but temporary, increases of long-range dependence parameter for
 investigated stock market returns in the period October 1999 to April 2011
 coincided with the major financial market disruptions in the world and
 Europe. 
Journal: Applied Economics Letters 
Pages: 953-957 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.608637 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.608637 
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Template-Type: ReDIF-Article 1.0
Author-Name: Filippo Belloc 
Author-X-Name-First: Filippo 
Author-X-Name-Last: Belloc 
Author-Name: Antonio Nicita 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Nicita 
Title: Partisan privatizations: assessing the ideological bias 
Abstract:
  Previous empirical literature suggests that privatization choices are
 driven by ideology. However, available measures of this political bias are
 weakly grounded as they neglect crucial factors affecting privatizations,
 such as the liberalization levels and the public finance structure. To
 fill this gap, we perform an econometric analysis explicitly considering
 such neglected factors. Our findings conclude that privatization choices
 in OECD network industries are determined by right-wing ideology. 
Journal: Applied Economics Letters 
Pages: 959-963 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.608638 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.608638 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Don P. Clark 
Author-X-Name-First: Don P. 
Author-X-Name-Last: Clark 
Title: Scale economies and trade 
Abstract:
  While previous research has shown that industries with high-scale
 economies more frequently have low rather than high intra-industry trade
 shares, this study provides strong support for other predictions of modern
 trade models. Industries with high-scale economies more frequently have
 high rather than low export and import shares. A finding that high-scale
 economies is associated with low net export shares may be due to the role
 scale economies play in generating both high industry export and import
 shares. Theoretical and empirical studies should focus attention on
 relationships among scale economies, trade flows and net exports. 
Journal: Applied Economics Letters 
Pages: 965-968 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.608639 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.608639 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Dirk Bleich 
Author-X-Name-First: Dirk 
Author-X-Name-Last: Bleich 
Author-Name: Ralf Fendel 
Author-X-Name-First: Ralf 
Author-X-Name-Last: Fendel 
Author-Name: Jan-Christoph R&#xFC;lke 
Author-X-Name-First: Jan-Christoph 
Author-X-Name-Last: R&#xFC;lke 
Title: Monetary policy and oil price expectations 
Abstract:
  This article provides robust estimates that the Bank of Canada, Bank of
 England, Federal Reserve Bank and the European Central Bank (ECB) respond
 to a 1% increase in oil price expectations with an increase in the
 interest rate of on average about 11 basis points. To correctly assess the
 information set of a central bank we use private sector forecasts and
 disentangle oil price expectations from inflation expectations. We also
 find asymmetries in the central bank's behaviour and report that those
 central banks do not respond to the realized oil price. 
Journal: Applied Economics Letters 
Pages: 969-973 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.608640 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.608640 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Author-Name: Chia-Hao Lee 
Author-X-Name-First: Chia-Hao 
Author-X-Name-Last: Lee 
Title: Purchasing power parity nonlinear threshold unit root test for East-Asian countries 
Abstract:
  This study applies the Threshold Autoregressive (TAR) model proposed by
 Caner and Hansen (2001) to test the validity of long-run Purchasing Power
 Parity (PPP) of nine East-Asian countries over the period January 1986 to
 October 2009. The empirical results indicated that PPP holds true for more
 than half of these nine East-Asian countries under study, and the
 adjustment towards PPP is found to be nonlinear. 
Journal: Applied Economics Letters 
Pages: 975-979 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.608641 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.608641 
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Template-Type: ReDIF-Article 1.0
Author-Name: Farrokh Nourzad 
Author-X-Name-First: Farrokh 
Author-X-Name-Last: Nourzad 
Title: Assessing the predictive power of labour-market indicators of inflation 
Abstract:
  This article examines two different measures of wages as predicators of
 prices in a Vector Error-Correction (VEC) framework using quarterly data
 for the United States for the period from 1947Q1 to 2008Q1. Based on
 cointegration and a series of exogeneity tests, it is found that (i) there
 is a stable, long-run relationship between the Consumer Price Index (CPI)
 and the Personal Consumption Expenditures Deflator (PCED) on the one hand
 and Unit Labour Cost (ULC) and Average Hourly Earnings per Unit of Output
 (AHE) on the other; (ii) ULC is weakly exogenous for both price indices
 while the two price indices are weakly exogenous for AHE; (iii) ULC is
 strongly exogenous for CPI but not for AHE; and (iv) ULC is super
 exogenous for CPI. Taken together, these findings lead to the conclusion
 that ULC is a reliable indicator of price inflation but
 productivity-adjusted hourly earnings is not. Thus, monetary policymakers
 are justified in using information about the behaviour of ULC in
 formulating policy actions for achieving the goal of price stability. 
Journal: Applied Economics Letters 
Pages: 981-985 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.610732 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.610732 
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Template-Type: ReDIF-Article 1.0
Author-Name: Manuel Frondel 
Author-X-Name-First: Manuel 
Author-X-Name-Last: Frondel 
Author-Name: Colin James Vance 
Author-X-Name-First: Colin James 
Author-X-Name-Last: Vance 
Title: Interpreting the outcomes of two-part models 
Abstract:
  Interaction effects capture the impact of one explanatory variable
 <italic>x</italic> <sub>1</sub> on the marginal effect of another
 explanatory variable <italic>x</italic> <sub>2</sub>. To explore
 interaction effects, the so-called interaction terms <italic>x</italic>
 <sub>1</sub> <italic>x</italic> <sub>2</sub> are typically included in
 estimation specifications. While in linear models the effect of a marginal
 change in the interaction term is equal to the interaction effect, this
 equality generally does not hold in nonlinear specifications (Ai and
 Norton, 2003). This article provides for a general derivation of marginal
 and interaction effects in both linear and nonlinear models and calculates
 the formulae of the marginal and interaction effects resulting from the
 Two-Part Model (2PM), a commonly employed censored regression model.
 Drawing on a survey of automobile use from Germany, we illustrate several
 subtleties inherent to the substantive interpretation of interaction
 effects gleaned from nonlinear models, such as the 2PM. 
Journal: Applied Economics Letters 
Pages: 987-992 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.610733 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.610733 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariusz Krzak 
Author-X-Name-First: Mariusz 
Author-X-Name-Last: Krzak 
Author-Name: Pawe&#x142; Panajew 
Author-X-Name-First: Pawe&#x142; 
Author-X-Name-Last: Panajew 
Title: The possibility of mineral deposit exploitation control with Bellman's optimality principle use -- a Polkowice--Sieroszowice copper mine case study 
Abstract:
  Decision-making problems in mineral deposit management can be solved with
 mathematical techniques. Accomplishment of geological mining projects is
 usually long lasting and expensive as well as it proceeds in uncertainty
 conditions and is burdened with a considerable risk. The article presents
 possible applications of Bellman's optimality principle in exploitation
 control in the Polkowice--Sieroszowice copper mine. Exploitation blocks of
 a certain area in the mine differ mutually in ore quality and geological
 mining conditions. The blocks can be exploited in a certain sequence,
 which at optimal financial means allocation guarantees maximization of the
 incomes. In the first step of solving the decision-making problem the
 price of ore has been calculated. In the second the optimality equations
 have been constructed. These equations describe possible to achieve
 incomes related to allocated and consumed financial means. Mathematically
 solving the equations has allowed selecting the sequence of optimal
 decisions constituting the optimal strategy. 
Journal: Applied Economics Letters 
Pages: 993-999 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.610734 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.610734 
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Template-Type: ReDIF-Article 1.0
Author-Name: Colin Santos Regan 
Author-X-Name-First: Colin Santos 
Author-X-Name-Last: Regan 
Title: The price of efficiency: examining the effects of payroll efficiency on Major League Baseball attendance 
Abstract:
  From 1998 to 2008, the Oakland Athletics were the most payroll efficient
 team in Major League Baseball (MLB), recording the 5th highest win
 percentage despite having the 7th lowest payroll to work with. Their
 remarkable success has been widely attributed to the innovative strategies
 employed by general manager Billy Beane designed to identify undervalued
 statistics and players. However, these strategies also had the unintended
 effect of diminishing fan interest. An estimated 1600 fans per game were
 lost as a result of these payroll efficiency strategies, which produce
 teams composed of young, relatively unknown players and game tactics
 perceived as less exciting than more traditional approaches. 
Journal: Applied Economics Letters 
Pages: 1007-1015 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.610735 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.610735 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Bowon Kim 
Author-X-Name-First: Bowon 
Author-X-Name-Last: Kim 
Author-Name: Fouad El Ouardighi 
Author-X-Name-First: Fouad 
Author-X-Name-Last: El Ouardighi 
Author-Name: Sangsun Park 
Author-X-Name-First: Sangsun 
Author-X-Name-Last: Park 
Title: Optimal dynamics of technology and price in a duopoly market 
Abstract:
  This article examines a case where the demand of a new product follows an
 applied diffusion model influenced by innovation and price differential
 effects, and the potential market size expands as the technology level
 embodied in the product advances. For a duopoly, we set up a differential
 game model and derived open-loop Nash equilibrium solutions, showing that
 the optimal dynamics between the competitors' technology and price levels
 depend on the relative magnitude of innovation and price differential
 coefficients. If the price differential coefficients of the two
 competitors are symmetrical, the optimal prices become constant and in
 general the technology levels increase. 
Journal: Applied Economics Letters 
Pages: 1017-1022 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.610737 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.610737 
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Template-Type: ReDIF-Article 1.0
Author-Name: Manami Ogura 
Author-X-Name-First: Manami 
Author-X-Name-Last: Ogura 
Title: Estimation of a fractionally cointegrated demand system: evidence from the Japanese expenditure data 
Abstract:
  In this article, we investigate the exact integration of series and
 analyse the cointegration relationship in the Japanese demand system. We
 find that the series considered in this analysis follow a fractionally
 <italic>I</italic>(<italic>d</italic>) process, not an exact
 <italic>I</italic>(1) one. Further, the Japanese demand system comprises
 the fractional cointegration relationships. Therefore, the use of a
 standard cointegration analysis might have a possibility of misleading the
 demand system with a fractionally cointegrated
 <italic>I</italic>(<italic>d</italic>) process. 
Journal: Applied Economics Letters 
Pages: 1023-1028 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613738 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613738 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthias W. Uhl 
Author-X-Name-First: Matthias W. 
Author-X-Name-Last: Uhl 
Title: And action: TV sentiment and the US consumer 
Abstract:
  With a novel data set, we test whether sentiment in TV news can be used
 as a proxy for consumer sentiment in order to explain changes in private
 consumption growth in the United States. The University of Michigan Index
 of Consumer Sentiment (ICS) is taken to compare its explanatory power with
 TV sentiment in classical consumer behaviour models. We find that TV
 sentiment can be used at least as good a proxy for consumer sentiment as
 the ICS, while TV sentiment can best explain private consumption behaviour
 with personal income and savings. 
Journal: Applied Economics Letters 
Pages: 1029-1034 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613739 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613739 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Sachiko Kuroda 
Author-X-Name-First: Sachiko 
Author-X-Name-Last: Kuroda 
Author-Name: Isamu Yamamoto 
Author-X-Name-First: Isamu 
Author-X-Name-Last: Yamamoto 
Title: The era of the 24-hour society?: assessing changes in work timing using a Japanese time use survey 
Abstract:
  Using data from a Japanese time use survey, we show a noteworthy increase
 in the share of employees working at unusual hours (late night and early
 morning) over a period of a decade since the mid-1990s. When controlling
 for changes in hours worked, however, we find that the notable increase in
 the fraction of people at work at unusual hours was for low-income
 nonregular employees (part-time, temporary and contract workers) while
 relatively higher income regular employees' work timing remains stable.
 These observations imply that there is a trend of diversification of work
 timing in Japan between regular and nonregular employees. A possible
 explanation is that the increase in the average hours worked per weekday
 by regular employees, possibly because of the spread of the 5-day workweek
 since the 1990s, increased services and goods demand at unusual hours as
 they returned home. An Oaxaca--Blinder type decomposition suggests that
 such an increase in the average hours worked by regular employees explains
 partially the rise in the employment rate of nonregular employees at
 unusual times. 
Journal: Applied Economics Letters 
Pages: 1035-1038 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613740 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613740 
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Template-Type: ReDIF-Article 1.0
Author-Name: Makoto Kakinaka 
Author-X-Name-First: Makoto 
Author-X-Name-Last: Kakinaka 
Author-Name: Hiroaki Miyamoto 
Author-X-Name-First: Hiroaki 
Author-X-Name-Last: Miyamoto 
Title: Unemployment and labour force participation in Japan 
Abstract:
  This article studies a long-run relationship between the labour-force
 participation rate and the unemployment rate in Japan. By using
 cointegration analysis, we demonstrate that there exists a long-run
 relationship between the two variables for male workers but not for female
 workers. Furthermore, using labour-force data by age group, we find the
 added-worker effect for young males and the discouraged-worker effect for
 middle-aged and old male groups. 
Journal: Applied Economics Letters 
Pages: 1039-1043 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613742 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613742 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kozo Otsuka 
Author-X-Name-First: Kozo 
Author-X-Name-Last: Otsuka 
Title: University patenting and knowledge spillover in Japan: panel-data analysis with citation data 
Abstract:
  University-based patents, by their nature, tend to embody scientific
 knowledge, which can contribute to technological innovation. University
 patents, therefore, can be an important catalyst between science and
 technology. This article examines the contribution of university patents
 to technological innovation. Using patent citation data, we investigate
 how the knowledge embodied in university patents influences technological
 innovation. We conclude that university-based patents convert scientific
 knowledge into generic knowledge and contribute to technological
 innovation. 
Journal: Applied Economics Letters 
Pages: 1045-1049 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613743 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613743 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chris Hand 
Author-X-Name-First: Chris 
Author-X-Name-Last: Hand 
Author-Name: Guy Judge 
Author-X-Name-First: Guy 
Author-X-Name-Last: Judge 
Title: Searching for the picture: forecasting UK cinema admissions using Google Trends data 
Abstract:
  This article investigates whether Google Trends search information can
 improve forecasts of cinema admissions. Using monthly data for the United
 Kingdom for the period 1 January 2004 to 31 December 2008, we examine
 various forecasting models that incorporate Google Trends search
 information. We find clear evidence that Google Trends data on searches
 relevant to cinema visits (as opposed to searches for specific films) do
 have the potential to increase the accuracy of cinema admissions
 forecasting models. 
Journal: Applied Economics Letters 
Pages: 1051-1055 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613744 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613744 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Niklas Jakobsson 
Author-X-Name-First: Niklas 
Author-X-Name-Last: Jakobsson 
Title: Gender and confidence: are women underconfident? 
Abstract:
  Previous research finds that schoolgirls tend to be underconfident with
 respect to their mathematics performance, while schoolboys tend to be
 overconfident. We asked Swedish university students (aged 18--35) what
 grade they thought they would get in a macroeconomics exam 1 week later.
 These results were compared with their actual grade and we find no
 evidence of men being overconfident, but women are underconfident about
 their test performance. These results suggest that the findings that
 schoolgirls are underconfident about their math performance also carry
 over to grown-up women studying macroeconomics. 
Journal: Applied Economics Letters 
Pages: 1057-1059 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613745 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613745 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:11:p:1057-1059




Template-Type: ReDIF-Article 1.0
Author-Name: Pui Sun Tam 
Author-X-Name-First: Pui Sun 
Author-X-Name-Last: Tam 
Title: Size properties of Lagrange Multiplier cointegration tests in the presence of structural breaks 
Abstract:
  The size properties of the recently advanced Lagrange Multiplier (LM)
 cointegration tests in the presence of structural breaks in time series
 are investigated. It is shown that misspecification of the types of breaks
 is liable to spurious rejection. In contrast, severe undersizing may
 result when ignoring the presence of any break. 
Journal: Applied Economics Letters 
Pages: 1061-1064 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613746 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613746 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:11:p:1061-1064




Template-Type: ReDIF-Article 1.0
Author-Name: Wo-Chiang Lee 
Author-X-Name-First: Wo-Chiang 
Author-X-Name-Last: Lee 
Author-Name: Hui-Na Lin 
Author-X-Name-First: Hui-Na 
Author-X-Name-Last: Lin 
Title: Threshold effects in the relationships between USD and gold futures by panel smooth transition approach 
Abstract:
  Using a Panel Smooth Transition Regression (PSTR) model, this study sets
 crude oil as threshold variable, and Volatility Index (VIX) and Morgan
 Stanley Capital International (MSCI) for Emerging Market Index (MSCI-E) as
 control variables to investigate the nonlinear dynamic relationship
 between USD/yen and gold futures in the Commodity Exchange, Inc. (COMEX).
 Empirical results show that the transition function is a logistic type. In
 region 1, the price of crude oil is low. The sign of VIX is positive.
 USD/yen exerts negative impact on gold market due to the way that gold
 market functions as a factor of hedge against portfolio and geopolitical
 risk. In region 2, the price of crude oil is higher (the demand for crude
 oil may be stronger). The economy is prosperous; VIX turns low; USD/yen
 increases. Investors have more money from other financial markets to buy
 gold, thus, causing gold futures price to rise. Besides, gold is both a
 hedge and a safe haven for developing countries but not for emerging
 countries; therefore, the relationships between gold and MSCI-E are
 positive in both regions. 
Journal: Applied Economics Letters 
Pages: 1065-1070 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613747 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613747 
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Template-Type: ReDIF-Article 1.0
Author-Name: Naotaka Sugawara 
Author-X-Name-First: Naotaka 
Author-X-Name-Last: Sugawara 
Title: Fiscal adjustment in Greece under the financial rescue programme: the distributional effects on Greek households 
Abstract:
  This article examines the distributional effects of the fiscal adjustment
 programme in Greece agreed with the European Commission (EC) and the
 International Monetary Fund (IMF) in 2010. It deals with adjustment
 measures that are front loaded and directly related to the household
 welfare: an increase in Value-Added Tax (VAT) and excise rates and a
 reduction in wages and pensions. Analysing these two effects reveals that
 the programme decreases the welfare of all households in Greece but that
 the adverse effects of the adjustment are mitigated in favour of the poor. 
Journal: Applied Economics Letters 
Pages: 1071-1074 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613748 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613748 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:11:p:1071-1074




Template-Type: ReDIF-Article 1.0
Author-Name: Pasquale Cirillo 
Author-X-Name-First: Pasquale 
Author-X-Name-Last: Cirillo 
Author-Name: Gabriele Tedeschi 
Author-X-Name-First: Gabriele 
Author-X-Name-Last: Tedeschi 
Author-Name: Mauro Gallegati 
Author-X-Name-First: Mauro 
Author-X-Name-Last: Gallegati 
Title: The Boulogne fish market: the social structure and the role of loyalty 
Abstract:
  We examine the Boulogne wholesale fish market, analysing the structure of
 the trading network between sellers and buyers. Differently from other
 works in the literature, our analysis indicates a significant amount of
 &#x2018;bilateral loyalty&#x2019; seller--buyer. Loyalty is from buyers to
 a few sellers as well as from sellers to a few buyers. We also show that
 loyalty has an impact on prices, discriminating among agents. 
Journal: Applied Economics Letters 
Pages: 1075-1079 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613749 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613749 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hamid Baghestani 
Author-X-Name-First: Hamid 
Author-X-Name-Last: Baghestani 
Author-Name: Cassia Marchon 
Author-X-Name-First: Cassia 
Author-X-Name-Last: Marchon 
Title: Testing rationality of foreign exchange forecasts under flexible loss: survey evidence from Brazil 
Abstract:
  This study asks whether the Brazilian exchange rate (R$/US$) survey
 forecasts are rational under flexible loss. For 2001--2011, the forecasts
 overpredict. The bias in shorter-horizon forecasts is due to an
 inefficient use of information, while the bias in longer-horizon forecasts
 seems to reflect asymmetric loss. Further evidence indicates that the
 shorter-horizon (longer-horizon) forecasts are significantly less accurate
 than (as accurate as) those of the random walk. These forecasts, however,
 are not directionally accurate and are thus of no value to a user. The
 backward-looking nature of the forecasts may be due to reliance on simple
 forecasting rules (heuristics) since experts have great difficulty
 understanding the complex market dynamics. 
Journal: Applied Economics Letters 
Pages: 1081-1084 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613750 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613750 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo M. Sousa 
Author-X-Name-First: Ricardo M. 
Author-X-Name-Last: Sousa 
Title: Wealth-to-income ratio, government bond yields and financial stress in the Euro Area 
Abstract:
  I show that when the ratio of asset wealth to human wealth,
 <italic>wy</italic>, falls, investors become more exposed to idiosyncratic
 shocks and demand a higher government bond risk premium. Using data for
 the Euro Area as a whole and conditioning the forecasting ability of
 <italic>wy</italic> on the financial stress conditions, one is able to
 track better future time-variation in risk premium. 
Journal: Applied Economics Letters 
Pages: 1085-1088 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613751 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613751 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:11:p:1085-1088




Template-Type: ReDIF-Article 1.0
Author-Name: Renatas Kizys 
Author-X-Name-First: Renatas 
Author-X-Name-Last: Kizys 
Author-Name: Christian Pierdzioch 
Author-X-Name-First: Christian 
Author-X-Name-Last: Pierdzioch 
Title: Why do speculative bubbles gather steam? Some international evidence 
Abstract:
  We combined tests for speculative bubbles in stock markets with a
 cross-country regression framework to analyse whether economic and
 institutional variables can be identified that make speculative bubbles in
 stock markets more likely to occur. The list of variables that we found to
 have a significant effect on the probability that a speculative bubble
 arises includes an index of shareholder rights (with a negative sign), the
 share of assets of foreign-owned banks in total banking assets (with a
 positive sign) and the ratio of gross private saving to gross private
 disposable income (with a positive sign). 
Journal: Applied Economics Letters 
Pages: 1089-1093 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613752 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613752 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:11:p:1089-1093




Template-Type: ReDIF-Article 1.0
Author-Name: Don J. Webber 
Author-X-Name-First: Don J. 
Author-X-Name-Last: Webber 
Title: Grade surprise and the decision to stay on into post-compulsory education 
Abstract:
  This article argues that an important influence on boys' decisions to
 stay on into post-compulsory education is the attainment of maths grades
 that differ from expectations. 
Journal: Applied Economics Letters 
Pages: 1095-1099 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613765 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613765 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:11:p:1095-1099




Template-Type: ReDIF-Article 1.0
Author-Name: Seo Bin Hong 
Author-X-Name-First: Seo Bin 
Author-X-Name-Last: Hong 
Title: A comment on survival of the hippest: life at the top of the hot 100 
Abstract:
  Giles (2007) analysed the survival characteristics of musical recordings
 that reached &#x2018;number one hit&#x2019; spot in the US popular music
 charts over the period 1955 to 2003. From the empirical analyses of data
 from the Billboard Hot 100 chart, he concluded that a number one hit's
 &#x2018;life at the top&#x2019; is enhanced significantly if it is
 recorded by a female solo artist, if it is an instrumental piece or if it
 is able to &#x2018;bounce back&#x2019; for a second spell. We found that,
 however, the data set he used contains a number of errors in it. In this
 article, we have corrected such errors and obtained the more reliable
 results about the survival characteristics of number one hit songs. In
 addition to these corrections, we have asked five new different questions
 to the corrected data set to investigate if there are any other survival
 characteristics that Giles (2007) did not indicate in his article. 
Journal: Applied Economics Letters 
Pages: 1101-1105 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.615722 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.615722 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:11:p:1101-1105




Template-Type: ReDIF-Article 1.0
Author-Name: Ann L. Owen 
Author-X-Name-First: Ann L. 
Author-X-Name-Last: Owen 
Author-Name: Brent Palmer 
Author-X-Name-First: Brent 
Author-X-Name-Last: Palmer 
Title: Macroeconomic conditions and technical trading profitability in foreign exchange markets 
Abstract:
  We simulated portfolios for a momentum trading strategy in the foreign
 exchange market and investigated the determinants of its profitability. We
 found that the profits exhibited a downward trend in all nine countries
 that we examined, but that this trend may be somewhat explained by
 declining exchange rate volatility and to a greater extent by declining
 rates of inflation. We did not find similar evidence about the effects of
 fiscal policy or openness. 
Journal: Applied Economics Letters 
Pages: 1107-1110 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.615723 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.615723 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1107-1110




Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Author-Name: Chia-Hao Lee 
Author-X-Name-First: Chia-Hao 
Author-X-Name-Last: Lee 
Title: Nonlinear adjustment to purchasing power parity with flexible Fourier function in G-7 countries 
Abstract:
  This study applied the nonlinear Kapetanios <italic>et al.</italic>
 (2003) test with a Fourier function (capturing the smooth breaks) to test
 the validity of long-run Purchasing Power Parity (PPP) for G-7 countries
 over the period January 1994 to April 2010. The empirical results indicate
 that PPP holds for all the G-7 countries studied. Our results have
 important policy implications for the G-7 countries under study. 
Journal: Applied Economics Letters 
Pages: 1111-1116 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.615725 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.615725 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1111-1116




Template-Type: ReDIF-Article 1.0
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Title: Further examples of the impact of skewness on the expected utility of a risk-averse agent 
Abstract:
  Recent literature contains numerous examples where researchers continue
 to assert that a positive third derivative of the utility function of a
 risk-averse agent implies a preference for skewness, <italic>ceteris
 paribus</italic>. The purpose in this letter is to provide some examples
 pertinent to occupational choice, the gambling literature and experimental
 work where the assertion is incorrect and an example relevant to
 experimental work where it is correct. 
Journal: Applied Economics Letters 
Pages: 1117-1121 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.615726 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.615726 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1117-1121




Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chia-Hao Lee 
Author-X-Name-First: Chia-Hao 
Author-X-Name-Last: Lee 
Author-Name: Ken Hung 
Author-X-Name-First: Ken 
Author-X-Name-Last: Hung 
Title: Can the PPP stand on the BRICS? The ADL test for threshold cointegration 
Abstract:
  We apply a newly developed Autoregressive Distributed Lag (ADL) test for
 threshold cointegration, proposed by Li and Lee (2010) to test the
 validity of long-run Purchasing Power Parity (PPP) for a sample of BRICS
 countries (i.e. Brazil, Russia, India, China and South Africa) over
 January 1996 to July 2010. The empirical results indicate that PPP only
 holds true for most of these countries under study, with the exception of
 Brazil. Our results have important policy implications for the BRICS
 countries under study. 
Journal: Applied Economics Letters 
Pages: 1123-1127 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.615727 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.615727 
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Template-Type: ReDIF-Article 1.0
Author-Name: Valentino Dardanoni 
Author-X-Name-First: Valentino 
Author-X-Name-Last: Dardanoni 
Author-Name: Paolo Li Donni 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Li Donni 
Title: Reporting heterogeneity in health: an extended latent class approach 
Abstract:
  This article explores how individual socio-economic characteristics
 affect unobserved heterogeneity in self-reporting behaviour and health
 production using a multivariate finite mixture model. Results show a
 positive relationship between objective and subjective observable health
 indicators and true health and support the existence of self-reporting
 bias related to socio-economic characteristics and individual life styles. 
Journal: Applied Economics Letters 
Pages: 1129-1133 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.615728 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.615728 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1129-1133




Template-Type: ReDIF-Article 1.0
Author-Name: Kjell Hausken 
Author-X-Name-First: Kjell 
Author-X-Name-Last: Hausken 
Title: The economics of terrorism against two targets 
Abstract:
  A terrorist without capacity constraints attacks two independent targets.
 As the target defence efficiency decreases, the target first increases its
 defence, and thereafter decreases and eventually does not defend because
 of the high cost. With terrorist capacity constraints, targets become
 interdependent. The attack gets gradually shifted towards the most
 vulnerable target. When only the most vulnerable target is attacked, only
 the nonattacked target benefits relatively. 
Journal: Applied Economics Letters 
Pages: 1135-1138 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.615729 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.615729 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1135-1138




Template-Type: ReDIF-Article 1.0
Author-Name: Roland Cheo 
Author-X-Name-First: Roland 
Author-X-Name-Last: Cheo 
Title: Gamblers hate inequality: evidence from China 
Abstract:
  Two gambles are presented in this article along with two treatments which
 allow us to test for inequality aversion without having to consider risk
 aversion. This work complements existing studies by extending it to the
 gambling environment. In gambling decisions made from a &#x2018;losses
 from an initial endowment&#x2019; approach, we find that regardless of
 whether out-of-pocket losses are an issue, both Chinese male and female
 students bet less when they know that losses will be distributed to the
 winners of gambles with excessive winnings. 
Journal: Applied Economics Letters 
Pages: 1139-1142 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.581200 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.581200 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1139-1142




Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Reinstaller 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Reinstaller 
Author-Name: Fabian Unterlass 
Author-X-Name-First: Fabian 
Author-X-Name-Last: Unterlass 
Title: Comparing business R&D across countries over time: a decomposition exercise using data for the EU 27 
Abstract:
  This article develops a simple decomposition of Business R&D Expenditures
 (BERD) panel data and applies it to analyse the development of R&D
 intensities in the business sector in the EU 27 countries and important
 non-EU countries over time. The results show that changes in aggregate
 BERD figures are driven by &#x2018;within&#x2019; and
 &#x2018;between&#x2019; effects that differ considerably across countries. 
Journal: Applied Economics Letters 
Pages: 1143-1148 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.615724 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.615724 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1143-1148




Template-Type: ReDIF-Article 1.0
Author-Name: Peter J. DaDalt 
Author-X-Name-First: Peter J. 
Author-X-Name-Last: DaDalt 
Author-Name: Bing-Xuan Lin 
Author-X-Name-First: Bing-Xuan 
Author-X-Name-Last: Lin 
Author-Name: Chen-Miao Lin 
Author-X-Name-First: Chen-Miao 
Author-X-Name-Last: Lin 
Title: Do derivatives affect the use of external financing? 
Abstract:
  We examine whether derivatives use reduces the utilization of external
 financing for a large sample of nonfinancial firms over the period 2002 to
 2004. Using the measures of net external finance as discussed in Bradshaw
 <italic>et al</italic>. (2006), we find a negative association between
 corporate derivative use and the use of external financing. Further, we
 find the relationship is driven by differences in the use of debt, as
 opposed to equity financing. 
Journal: Applied Economics Letters 
Pages: 1149-1152 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617677 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617677 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1149-1152




Template-Type: ReDIF-Article 1.0
Author-Name: Craig A. Gallet 
Author-X-Name-First: Craig A. 
Author-X-Name-Last: Gallet 
Title: A note on the determinants of substance abuse spending 
Abstract:
  Although many studies have addressed policies directed towards the use of
 licit drugs, namely, alcohol and tobacco, less attention has been paid on
 policies affecting the use of illicit drugs. Accordingly, similar to
 studies of tobacco control spending, this article addresses the
 determinants of US state-level spending on substance abuse. Substance
 abuse spending is found to be higher in states with higher illicit drug
 use, as well as more rural states with higher per capita income, whose
 legislatures are controlled by Democrats. 
Journal: Applied Economics Letters 
Pages: 1153-1156 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617678 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617678 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1153-1156




Template-Type: ReDIF-Article 1.0
Author-Name: Wenfeng Wu 
Author-X-Name-First: Wenfeng 
Author-X-Name-Last: Wu 
Author-Name: Chongfeng Wu 
Author-X-Name-First: Chongfeng 
Author-X-Name-Last: Wu 
Author-Name: Oliver M. Rui 
Author-X-Name-First: Oliver M. 
Author-X-Name-Last: Rui 
Title: What drives regional differences in the stock market wealth effect in China? 
Abstract:
  This article investigates the determinants of stock market wealth effect
 across regions. Using panel data from China, we find that the stock market
 wealth effect is more prevalent in regions with more stockholders, regions
 in which households have higher levels of stock ownership and regions in
 which households have lower incomes. 
Journal: Applied Economics Letters 
Pages: 1157-1160 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617679 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617679 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1157-1160




Template-Type: ReDIF-Article 1.0
Author-Name: Ryan Garvey 
Author-X-Name-First: Ryan 
Author-X-Name-Last: Garvey 
Author-Name: Fei Wu 
Author-X-Name-First: Fei 
Author-X-Name-Last: Wu 
Title: Who cancels in electronic markets? 
Abstract:
  We study differences in trading between US equity market participants
 with high and low cancellation activity. Traders with high (low)
 cancellation rates are significant net suppliers (takers) of liquidity
 and, overall, less (more) informed about future prices. The findings
 suggest that recent US government considerations to impose a fee on
 traders who cancel often could, if enacted, adversely impact market
 liquidity. 
Journal: Applied Economics Letters 
Pages: 1161-1164 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617681 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617681 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1161-1164




Template-Type: ReDIF-Article 1.0
Author-Name: Wenkai Sun 
Author-X-Name-First: Wenkai 
Author-X-Name-Last: Sun 
Author-Name: Xianghong Wang 
Author-X-Name-First: Xianghong 
Author-X-Name-Last: Wang 
Author-Name: Yean Zhou 
Author-X-Name-First: Yean 
Author-X-Name-Last: Zhou 
Title: How free do people feel to express their opinions? A study in urban China 
Abstract:
  This article reports the freedom of expression in China using a unique
 survey to urban residents in the provincial capital cities. The degree of
 freedom is measured by the respondents' openness about expressing their
 opinions about the society, the government and public policies. More than
 half of the people do not feel they can express their views freely. We
 examine how such freedom is related to the observed government actions and
 trust of others. We find that perceived corruption significantly inhibits
 individuals' freedom of expression, while the government's information
 transparency has a significant positive impact. Trust of other people and
 the government is positively related to the tendency to express one's
 opinions freely. We also report the impact of individual characteristics
 and the freedom of expression across cities. 
Journal: Applied Economics Letters 
Pages: 1165-1169 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617682 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617682 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1165-1169




Template-Type: ReDIF-Article 1.0
Author-Name: Alfredo G. Esposto 
Author-X-Name-First: Alfredo G. 
Author-X-Name-Last: Esposto 
Title: Tort reform and caesarean deliveries 
Abstract:
  This study examines the effects of state-level, tort law reforms on the
 rate of caesarean deliveries in the United States. The central thesis
 focuses on the rate of caesarean deliveries as an indicator of defensive
 medicine and the role, if any, of legal reform. Specifically, if
 physicians reduce their level of defensive medicine in the wake of
 liability reforms, this will show up as a reduction in the share of births
 in which a caesarean section was used. I discover after analysing panel
 data reflecting the rate of caesarean deliveries by states and for the
 years 1987, 1990 and 1993 that differences in rate of caesarean deliveries
 are partially the result of state-level liability reforms. The results
 provide further evidence of the existence of defensive medicine and of the
 impact of the legal environment on physician's choice of medical
 procedures. 
Journal: Applied Economics Letters 
Pages: 1171-1174 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617683 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617683 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael A. Kortt 
Author-X-Name-First: Michael A. 
Author-X-Name-Last: Kortt 
Author-Name: Brian Dollery 
Author-X-Name-First: Brian 
Author-X-Name-Last: Dollery 
Author-Name: Simon Pervan 
Author-X-Name-First: Simon 
Author-X-Name-Last: Pervan 
Title: Religion and education: recent evidence from the United States 
Abstract:
  While there is evidence to suggest that education is positively related
 to religious activity, it is possible that education may be endogenous. We
 re-examine this relationship using the cumulative US General Social Survey
 (GSS) data file. While we observe a positive correlation between education
 and attendance at religious services, we find no evidence to support a
 causal inference. Moreover, while we observe a positive association
 between education and religious contributions, the possibility of causal
 connection cannot be dismissed. 
Journal: Applied Economics Letters 
Pages: 1175-1178 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617684 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617684 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Fuleky 
Author-X-Name-First: Peter 
Author-X-Name-Last: Fuleky 
Title: On the choice of the unit period in time series models 
Abstract:
  When estimating the parameters of a process, researchers can choose the
 reference unit of time (unit period) for their study. Frequently, they set
 the unit period equal to the observation interval. However, I show that
 decoupling the unit period from the observation interval facilitates the
 comparison of parameter estimates across studies with different data
 sampling frequencies. If the unit period is standardized across these
 studies, then the parameters will represent the same attributes of the
 underlying process, and their interpretation will be independent of the
 sampling frequency. 
Journal: Applied Economics Letters 
Pages: 1179-1182 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617685 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617685 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Buehn 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Buehn 
Author-Name: Stefan Eichler 
Author-X-Name-First: Stefan 
Author-X-Name-Last: Eichler 
Title: Smuggling illegal goods across the US--Mexico border: a political-economy perspective 
Abstract:
  We analyse the impact that political business cycles and party
 preferences have on smuggling illegal goods across the US--Mexico border
 during the years 1980--2004. We find that smuggling is significantly
 reduced prior to Congressional elections -- but only if the incumbent
 President is Republican. 
Journal: Applied Economics Letters 
Pages: 1183-1187 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617686 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617686 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1183-1187




Template-Type: ReDIF-Article 1.0
Author-Name: Cinthia Barbosa 
Author-X-Name-First: Cinthia 
Author-X-Name-Last: Barbosa 
Author-Name: Cristiano M. Costa 
Author-X-Name-First: Cristiano M. 
Author-X-Name-Last: Costa 
Author-Name: Bruno Funchal 
Author-X-Name-First: Bruno 
Author-X-Name-Last: Funchal 
Title: The effects of privatization on the capital structure of Brazilian firms 
Abstract:
  This article investigates the effects of privatization under Brazil's
 National Privatization Program (PND) during the 1990s on companies'
 capital structure. Our model suggests that privatized firms increased
 their market leverage by 10--14% on average relative to the level before
 privatization. The effect of privatization on book leverage level was
 8--12% on average. These results indicate a positive effect of the
 privatization process on the levels of leverage of privatized firms, as
 predicted by signalling and agency theories. 
Journal: Applied Economics Letters 
Pages: 1189-1192 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617687 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617687 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1189-1192




Template-Type: ReDIF-Article 1.0
Author-Name: Jahyun Koo 
Author-X-Name-First: Jahyun 
Author-X-Name-Last: Koo 
Author-Name: Ivan Paya 
Author-X-Name-First: Ivan 
Author-X-Name-Last: Paya 
Author-Name: David A. Peel 
Author-X-Name-First: David A. 
Author-X-Name-Last: Peel 
Title: The Bank of Korea's nonlinear monetary policy rule 
Abstract:
  A new test for nonlinear causality and also nonparametric procedures
 suggest significant nonlinearity in the implementation of the Taylor rule
 by the Bank of Korea (BOK). In particular, the response to the output gap
 appears nonlinear. 
Journal: Applied Economics Letters 
Pages: 1193-1202 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617688 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617688 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Fatih Cemil Ozbugday 
Author-X-Name-First: Fatih Cemil 
Author-X-Name-Last: Ozbugday 
Author-Name: Erik Brouwer 
Author-X-Name-First: Erik 
Author-X-Name-Last: Brouwer 
Title: Competition law and profits: a dynamic panel data analysis for Dutch manufacturing firms 
Abstract:
  This article tests whether the transition from the old Economic
 Competition Act, which was based on the so-called &#x2018;abuse
 system&#x2019;, to the new Competition Act, which was based on
 &#x2018;prohibition system&#x2019;, in the Netherlands had an impact on
 the Price-Cost Margins (PCM) of manufacturing firms during the period 1993
 to 2006. The results indicate that the transition from the old system to
 the new system, which was aimed at fostering competition, did not result
 in lower profits. 
Journal: Applied Economics Letters 
Pages: 1203-1206 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617689 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617689 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Bob J. Barnes 
Author-X-Name-First: Bob J. 
Author-X-Name-Last: Barnes 
Title: The change in the CD rate--target federal funds rate linkage during the financial crisis 
Abstract:
  This study examines the target federal funds rate-Certificate of Deposit
 (CD) rate link over two time periods. The first period is 16 May 2000 to
 31 July 2007 and the second is 1 August 2007 to 31 July 2009. August 2007
 begins the initial stages of the financial crisis. A time-series analysis
 compares the two time periods. The results reveal a breakdown in the
 typical target--CD rate linkage in August 2007. For the 2-year period
 after August 2007 banks remained resilient to lower CD rates. This
 resiliency confirms the noted tightening of credit and bank uncertainty.
 During the 2-year period banks maintained firm CD rates as a way to
 attract funds in a period of growing uncertainty even with the target and
 other short-term rates falling. 
Journal: Applied Economics Letters 
Pages: 1207-1211 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617690 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617690 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Evren Erdo&#x11F;an Co&#x15F;ar 
Author-X-Name-First: Evren 
Author-X-Name-Last: Erdo&#x11F;an Co&#x15F;ar 
Title: Analysis of cyclical behaviour of investment expenditures for the Turkish economy 
Abstract:
  This article aims to analyse the cyclical behaviour of fixed investments
 in Turkey and then construct a Composite Leading Indicators Index (CLI) to
 forecast the turning points of investment. The cycles of investment and
 selected leading indicators are identified following the growth cycle
 approach. The series are detrended using the Hodrick--Prescott (HP)
 detrending filter. After identification of the cycles and turning points
 of the selected leading indicators, they are combined into a single
 composite index. Then a probit model is estimated to evaluate the forecast
 performance of the composite index. The results show that the constructed
 CLI is considered to be helpful in monitoring and predicting investment
 expenditures. 
Journal: Applied Economics Letters 
Pages: 1213-1221 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.576995 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.576995 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiuqing Ji 
Author-X-Name-First: Xiuqing 
Author-X-Name-Last: Ji 
Title: Momentum profitability: the pre-CRSP evidence 
Abstract:
  There is tremendous interest and research on the existence and sources of
 momentum profitability. This article is the first to examine momentum
 strategy in the pre-Center for Research in Security Prices (CRSP) era. The
 results show that momentum is profitable during the period of 1815 to
 1925. Moreover, the profits are negative in January and positive in
 non-January months. 
Journal: Applied Economics Letters 
Pages: 1223-1226 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.613741 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613741 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew J. Cassey 
Author-X-Name-First: Andrew J. 
Author-X-Name-Last: Cassey 
Title: An application of the Ricardian trade model with trade costs 
Abstract:
  Deardorff's (2004) broad definition of technology in Ricardian trade
 models is useful for extending the explanatory power of comparative
 advantage to account for a fact on firm level exporter clustering
 unexplained under the standard definition. 
Journal: Applied Economics Letters 
Pages: 1227-1230 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.617871 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617871 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Renuka Mahadevan 
Author-X-Name-First: Renuka 
Author-X-Name-Last: Mahadevan 
Author-Name: Sandy Suardi 
Author-X-Name-First: Sandy 
Author-X-Name-Last: Suardi 
Title: Impact of socio-economic factors and social affiliation on living standards: a quantile regression approach 
Abstract:
  The influence of socio-economic factors and social affiliation on living
 standards is shown to be contingent on the living standard status of the
 household. This new result casts doubt on studies that use conditional
 mean regression analysis and the Oaxaca--Blinder decomposition analysis to
 study the impact of &#x2018;characteristics&#x2019; and
 &#x2018;structural&#x2019; components in areas such as poverty, health and
 labour market outcomes. 
Journal: Applied Economics Letters 
Pages: 1231-1236 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619478 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619478 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdurrahman Nazif &#xC7;atik 
Author-X-Name-First: Abdurrahman Nazif 
Author-X-Name-Last: &#xC7;atik 
Author-Name: Mehmet Kara&#xE7;uka 
Author-X-Name-First: Mehmet 
Author-X-Name-Last: Kara&#xE7;uka 
Title: The bank lending channel in Turkey: has it changed after the low-inflation regime? 
Abstract:
  In this article we aim to analyse the role of credit channel in the
 monetary transmission mechanism under different inflationary environments
 in Turkey covering the period from January 1986 to October 2009. Our
 results suggest that traditional interest rate channel is only valid for
 the post-inflation targeting period. This variable is also a more
 effective monetary policy tool in terms of its impacts on economic
 activity in both the regimes. Credit shocks itself have significant power
 on economic activity and prices. However, the effect of monetary shocks on
 credit volume is very limited, especially in the low-inflation regime. 
Journal: Applied Economics Letters 
Pages: 1237-1242 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619479 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619479 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sean M. Murphy 
Author-X-Name-First: Sean M. 
Author-X-Name-Last: Murphy 
Author-Name: Dan L. Friesner 
Author-X-Name-First: Dan L. 
Author-X-Name-Last: Friesner 
Author-Name: Robert Rosenman 
Author-X-Name-First: Robert 
Author-X-Name-Last: Rosenman 
Title: Patients' perceptions and treatment effectiveness: a reassessment using generalized maximum entropy 
Abstract:
  Recent research using Prospect Theory (PT) suggests that treatment
 history contributes to a frame of reference that introduces heterogeneity
 in patients' perceptions of how further treatment will improve their
 health status and carries over into an assessment of how effective the
 recent treatment was. Analysis using the Monotone Rank Estimator (MRE), a
 semi-parametric classical statistical technique that allows for
 heterogeneity across individual responses, supported this idea. This
 article checks whether the MRE results are accurate using an alternative
 technique, Generalized Maximum Entropy (GME), which more effectively
 incorporates heterogeneity through the assignment of support points (based
 on prior information) for the error term. The results are compared to
 those obtained previously with the MRE. In the new results, prior
 treatment outcomes do not appear to significantly affect patients'
 perceived outcomes for subsequent treatments, which contradicts the
 earlier findings. 
Journal: Applied Economics Letters 
Pages: 1243-1248 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619480 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619480 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Silvo Dajcman 
Author-X-Name-First: Silvo 
Author-X-Name-Last: Dajcman 
Author-Name: Mejra Festic 
Author-X-Name-First: Mejra 
Author-X-Name-Last: Festic 
Author-Name: Alenka Kavkler 
Author-X-Name-First: Alenka 
Author-X-Name-Last: Kavkler 
Title: European stock market comovement dynamics during some major financial market turmoils in the period 1997 to 2010 -- a comparative DCC-GARCH and wavelet correlation analysis 
Abstract:
  This article examines the comovement dynamics between the developed
 European stock markets of the United Kingdom, Germany, France and Austria.
 After applying a Dynamic Conditional Correlation-Generalized
 Autoregressive Conditional Heteroskedastic (DCC-GARCH) and wavelet
 multiscale analysis on a daily return series for the period 1997 to 2010,
 we found that (1) comovements between stock market returns are time
 varying and scale dependent; (2) financial crisis in the observed period
 did not uniformly increase comovement between stock market returns across
 all scales; (3) the global financial crisis of 2007--2008 only slightly
 and temporarily increased the already high level of comovement between the
 observed stock markets. 
Journal: Applied Economics Letters 
Pages: 1249-1256 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619481 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619481 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan-Christoph R&#xFC;lke 
Author-X-Name-First: Jan-Christoph 
Author-X-Name-Last: R&#xFC;lke 
Title: Are central bank projections rational? 
Abstract:
  Central bank projections have gained considerable attention for monetary
 policy modelling. However, less is known about the nature of central bank
 projections. This letter explores the unbiasedness and rationality of more
 than 2000 growth and inflation projections published by 15 major central
 banks. The results indicate that central bank projections are rational and
 unbiased in most cases. Interestingly, inflation projections are more
 biased than growth projections. 
Journal: Applied Economics Letters 
Pages: 1257-1263 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619482 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619482 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:13:p:1257-1263




Template-Type: ReDIF-Article 1.0
Author-Name: Jeremy Michael D'Antoni 
Author-X-Name-First: Jeremy Michael 
Author-X-Name-Last: D'Antoni 
Author-Name: Ashok Kumar Mishra 
Author-X-Name-First: Ashok Kumar 
Author-X-Name-Last: Mishra 
Title: Testing dependence using copulas: the case of dual employment 
Abstract:
  Copulas are functions that parameterize the dependence between univariate
 marginal distribution functions to form a joint distribution function.
 Copulas provide a consistent procedure for testing dependence and guiding
 the choice of empirical model. In this study we use copulas to measure the
 dependence in labour supply by married farm couples. Using individual data
 our research provides an easy method that researchers can use to address
 the issues of dependence. The method outlined here reduces computational
 time and provides a more efficient method of testing dependence early in
 the investigative process. Unlike previous studies findings from this
 study show with robustness that labour supply decision of married farm
 couples is best modelled jointly. 
Journal: Applied Economics Letters 
Pages: 1265-1269 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619483 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619483 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:13:p:1265-1269




Template-Type: ReDIF-Article 1.0
Author-Name: Adalbert Mayer 
Author-X-Name-First: Adalbert 
Author-X-Name-Last: Mayer 
Title: The structure of social networks and labour market success 
Abstract:
  I use data on the complete Facebook networks of university students to
 test Granovetter's weak-ties hypothesis. I am not able to detect a
 relationship between the structure of a student's Facebook network and the
 initial employment outcomes. At the same time, I cannot reject
 Granovetter's weak-ties hypothesis. This nonfinding is consistent with
 prior research based on surveys of job search methods. These studies
 present some evidence for a connection between the use of weak ties in the
 job search process and the employment outcomes, but the results are
 sometimes not robust. 
Journal: Applied Economics Letters 
Pages: 1271-1274 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619484 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619484 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:13:p:1271-1274




Template-Type: ReDIF-Article 1.0
Author-Name: Sandra J. Huston 
Author-X-Name-First: Sandra J. 
Author-X-Name-Last: Huston 
Author-Name: Michael S. Finke 
Author-X-Name-First: Michael S. 
Author-X-Name-Last: Finke 
Author-Name: Hyrum Smith 
Author-X-Name-First: Hyrum 
Author-X-Name-Last: Smith 
Title: A financial sophistication proxy for the Survey of Consumer Finances 
Abstract:
  The Survey of Consumer Finances (SCF) contains detailed US household
 balance sheet information and is frequently used to study outcomes in
 household finance. There is no variable that explicitly measures financial
 sophistication in the SCF. We propose a factor score composed of four
 questions that can serve as a proxy of financial sophistication to correct
 a possible important omitted variable bias. The results using the
 sophistication factor show how controlling for financial sophistication
 provides a more precise estimate of the marginal effects of control
 variables such as education and race. 
Journal: Applied Economics Letters 
Pages: 1275-1278 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619485 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619485 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:13:p:1275-1278




Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence Dacuycuy 
Author-X-Name-First: Lawrence 
Author-X-Name-Last: Dacuycuy 
Author-Name: Connie Dacuycuy 
Author-X-Name-First: Connie 
Author-X-Name-Last: Dacuycuy 
Title: Decomposing temporal changes in covariate contributions to wage inequality 
Abstract:
  This article provides counterfactual extensions to the Fields inequality
 decomposition framework and at the same time uses the nonparametric
 methodology in estimating bootstrap SEs and constructing confidence
 intervals. For methodological illustration, we decompose changes in
 schooling's inequality contribution into changes in attributes and returns
 using a simple counterfactual measure that combines return to schooling in
 a given year with the distributional characteristics of schooling in
 another year. Using data from the Philippine Labour Force Surveys (LFSs)
 in 1988 and 1995 and replication methodologies from Racine (2010), the
 results show that schooling's contribution to inequality in the
 Philippines is robust but has declined in 1995 relative to 1988. The
 decline in the said measure is due to the reduced variability of schooling
 achievement in 1995 but is mitigated by the rise in schooling returns in
 1995. 
Journal: Applied Economics Letters 
Pages: 1279-1283 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619486 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619486 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:13:p:1279-1283




Template-Type: ReDIF-Article 1.0
Author-Name: Cassandro Maria Mendes 
Author-X-Name-First: Cassandro Maria 
Author-X-Name-Last: Mendes 
Author-Name: Sabino Porto Junior 
Author-X-Name-First: Sabino Porto 
Author-X-Name-Last: Junior 
Title: Deforestation, economic growth and corruption: a nonparametric analysis on the case of Amazon forest 
Abstract:
  This article aims to analyse the relationship between deforestation,
 corruption and economic growth. We focused our analysis on the Brazilian
 municipalities situated in the Amazon region. We used the cross-sectional
 data from 538 municipalities in the Legal Amazon area for the year 2004.
 We constructed the municipal corruption index based on the objective data
 delivered by the reports from <italic>Controladoria-Geral da
 Uni&#xE3;o</italic> (CGU). We performed a nonparametric analysis, that is,
 we applied the Generalized Additive Model (GAM). We found statistically
 significant effects of the economic growth rate on the level of
 deforestation. However, the corruption seems to have no significant
 impact. Given the first results, we divided our data and analysed just the
 data from 25 municipalities from the states Par&#xE1; and Matogrosso. In
 the second approach, corruption was statistically significant. 
Journal: Applied Economics Letters 
Pages: 1285-1291 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619487 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619487 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:13:p:1285-1291




Template-Type: ReDIF-Article 1.0
Author-Name: Sergio Scicchitano 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Scicchitano 
Title: The male--female pay gap across the managerial workforce in the United Kingdom: a semi-parametric decomposition approach 
Abstract:
  Using the last wave of the Community Statistics on Income and Living
 Conditions (EU-SILC) survey, this article employs a semi-parametric
 decomposition method to examine the male--female pay gap over the entire
 conditional wage distribution of the managerial workforce in the United
 Kingdom. The results make clear a U-shaped pattern for the pay gap, thus
 showing both significant sticky floor and glass ceiling effects. The
 counterfactual decomposition also displays that the gap is mostly due to
 the difference in rewards, whose relative effect grows as we move to the
 upper quantiles of the whole wage distribution. 
Journal: Applied Economics Letters 
Pages: 1293-1297 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619488 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619488 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:13:p:1293-1297




Template-Type: ReDIF-Article 1.0
Author-Name: Chih-Kai Chang 
Author-X-Name-First: Chih-Kai 
Author-X-Name-Last: Chang 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Title: Statistical evidence on the mean reversion of real interest rates: SPSM using the Panel KSS test with a Fourier function 
Abstract:
  This study applies the Sequential Panel Selection Method (SPSM) to test
 the mean reversion properties in the real interest rates for the G-10
 countries (i.e. Belgium, Canada, France, Germany, Italy, Japan, the
 Netherlands, Sweden, the United Kingdom and the United States) over the
 period 1980M1 to 2010M12. SPSM classifies the whole panel into a group of
 stationary countries and a group of nonstationary countries. In doing so,
 we can clearly identify how many and which series in the panel are
 stationary processes. Empirical results from the SPSM using the Panel
 Kapetanios <italic>et al.</italic> (KSS; 2003) test with a Fourier
 function indicate that the mean reversion holds true for all the G-10
 countries. Our results have important policy implications for the G-10
 countries under study. 
Journal: Applied Economics Letters 
Pages: 1299-1304 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619489 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619489 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:13:p:1299-1304




Template-Type: ReDIF-Article 1.0
Author-Name: Jie Li 
Author-X-Name-First: Jie 
Author-X-Name-Last: Li 
Title: A monetary approach to the exchange market pressure index under capital control 
Abstract:
  The conventional Exchange Market Pressure Index (EMPI), originated from
 Girton and Roper (1977) and popularized by Eichengreen <italic>et
 al.</italic> (1994, 1995) and Weymark (1995), uses weighted average of
 loss of foreign reserves and depreciation of local currency to capture
 foreign exchange market pressure. However, it does not take into account
 the effect of capital control on foreign exchange market pressure. With
 effective capital control, the conventional EMPI tends to under- or
 overestimate the actual foreign exchange market pressure, depending on the
 magnitude of capital control. We adopt a monetary approach to derive a
 formula for new EMPI under capital control. Then we test the difference
 between the old and the new EMPI with China's data. The result shows that
 the conventional EMPI overestimates the actual foreign exchange market
 pressure by 91% in average. 
Journal: Applied Economics Letters 
Pages: 1305-1309 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.624079 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.624079 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:13:p:1305-1309




Template-Type: ReDIF-Article 1.0
Author-Name: C. Chameni Nembua 
Author-X-Name-First: C. Chameni 
Author-X-Name-Last: Nembua 
Title: On a class of bi-polarization variance-based measurement: evidence from Cameroonian data 
Abstract:
  This article revisits one of the bi-polarization indices of the large
 class of Duclos--Estebane--Ray polarization measures. The relationship
 between polarization, inequality and poverty is analysed via the index.
 The preceding results are applied to study the Cameroonian household's
 consumption distribution. 
Journal: Applied Economics Letters 
Pages: 1311-1317 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.626395 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.626395 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:13:p:1311-1317




Template-Type: ReDIF-Article 1.0
Author-Name: Elsa Cristina Vaz 
Author-X-Name-First: Elsa Cristina 
Author-X-Name-Last: Vaz 
Title: Sectoral leadership in international competitiveness: the Portuguese case 
Abstract:
  The purpose of this article is to identify the type of labour and the
 sectors where labour productivity should be improved to elevate the
 international competitiveness of Portugal. A static multisectoral general
 equilibrium model, with multinational and single-country versions, is
 used. This model permits the identification of sectors that are leaders in
 competitiveness improvement. In some countries, traditional export sectors
 are expected to assume this role, whereas the suppliers of intermediate
 goods possess the potential to fulfil this function in other countries.
 The results of this study show that the choice of sector and the type of
 labour are crucial for improving the international competitiveness of the
 Portuguese economy. The criterion used to measure competitiveness also has
 an important role. Whereas multifactor productivity is especially
 increased when the promotion of labour competencies occurs in import and
 export sectors, population welfare has a greater impact, with the
 generalized improvement of unskilled labour competencies. 
Journal: Applied Economics Letters 
Pages: 1319-1330 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.624270 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.624270 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1319-1330




Template-Type: ReDIF-Article 1.0
Author-Name: Alberto Humala 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Humala 
Author-Name: Gabriel Rodr�guez 
Author-X-Name-First: Gabriel 
Author-X-Name-Last: Rodr�guez 
Title: A factorial decomposition of inflation in Peru: an alternative measure of core inflation 
Abstract:
  A dynamic factorial decomposition model of inflation is estimated using
 Peruvian monthly data for January 1995--July 2008. This model allows the
 identification of changes in three relevant inflation components:
 idiosyncratic relative prices, aggregate relative prices and absolute
 prices. Furthermore, following Reis and Watson (2007), the model allows
 measuring pure inflation as the common factor in the inflation rate that
 has a proportionate effect to all prices and that is not correlated with
 relative-price changes at any period of time. This pure inflation estimate
 relates closely to standard measures of core inflation. The results are
 robust to different lag structures and various stochastic assumptions on
 the estimated factors. 
Journal: Applied Economics Letters 
Pages: 1331-1334 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.627207 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.627207 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1331-1334




Template-Type: ReDIF-Article 1.0
Author-Name: Umut Oguzoglu 
Author-X-Name-First: Umut 
Author-X-Name-Last: Oguzoglu 
Title: Is there a better measure of self-assessed disability? 
Abstract:
  Activity limitations and work limitations are often used interchangeably
 to proxy work disability. The findings of this article show that both
 definitions produce very similar estimates of disability effect on labour
 force participation if a two-step model is used to address the endogeneity
 of these self-assessed measures. 
Journal: Applied Economics Letters 
Pages: 1335-1338 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.627208 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.627208 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1335-1338




Template-Type: ReDIF-Article 1.0
Author-Name: Guzin Erlat 
Author-X-Name-First: Guzin 
Author-X-Name-Last: Erlat 
Author-Name: Haluk Erlat 
Author-X-Name-First: Haluk 
Author-X-Name-Last: Erlat 
Title: Measuring the persistence in trade patterns: the case for Turkey 
Abstract:
  We investigate whether the pattern of Turkish trade has a persistent
 nature or is dynamic, by considering 5-digit Rev.3 trade data for the
 period 1969 to 2001 and investigating whether their distribution between
 sectors which are in surplus, in balance or in deficit, has shown
 persistence over time. The tools we use involve classifying the sectors as
 surplus, balance and deficit sectors and constructing a
 3&#x2009;&#xD7;&#x2009;3 contingency table, indicating whether sectors
 that, say, showed a surplus at the beginning of a period remained surplus
 sectors at the end of the period or moved into the balance and deficit
 categories, testing whether the beginning pattern is independent of the
 pattern at the end of a period and constructing histograms regarding the
 distribution of how long the sectors have been showing surpluses over the
 period. We used these tools on Turkish trade for the full 1969 to 2001
 period and for two (1969 to 1979, 1980 to 2001) and three (1969 to 1979,
 1980 to 1996, 1997 to 2001) subperiods. We conclude that when one
 considers long enough periods, the pattern of Turkish foreign trade has a
 very dynamic nature, and it appears safe to say that this dynamic nature
 shows itself in the post-1980 period. 
Journal: Applied Economics Letters 
Pages: 1339-1348 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.628288 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.628288 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1339-1348




Template-Type: ReDIF-Article 1.0
Author-Name: Elena D'Agostino 
Author-X-Name-First: Elena 
Author-X-Name-Last: D'Agostino 
Author-Name: Emiliano Sironi 
Author-X-Name-First: Emiliano 
Author-X-Name-Last: Sironi 
Author-Name: Giuseppe Sobbrio 
Author-X-Name-First: Giuseppe 
Author-X-Name-Last: Sobbrio 
Title: Lawyers and legal disputes. Evidence from Italy 
Abstract:
  We test the hypothesis that, being clients not fully informed on the
 expected benefit from fulfilling the disputes and being incentives of
 lawyers not aligned to those of their clients, the demand for legal
 disputes in Italy is induced. This hypothesis finds empirical support for
 a sample of Italian legal districts. 
Journal: Applied Economics Letters 
Pages: 1349-1352 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.628289 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.628289 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1349-1352




Template-Type: ReDIF-Article 1.0
Author-Name: Yan Yuan 
Author-X-Name-First: Yan 
Author-X-Name-Last: Yuan 
Author-Name: Steven T. Yen 
Author-X-Name-First: Steven T. 
Author-X-Name-Last: Yen 
Title: Alcohol consumption by individuals in the United States: a sample selection approach 
Abstract:
  We investigate the socio-economic determinants of alcohol consumption in
 the United States with a Sample Selection Model (SSM). The dependent
 variable is log-transformed that facilitates the estimation of the model.
 In addition, marginal effects of explanatory variables are calculated in
 both SSM and Two-Part Model (TPM). Our results suggest that the use of
 proper marginal effect formulae is important, and that the socio-economic
 variables play important roles in alcohol consumption. The probability of
 drinking decreases with age, income and education. Men are more likely to
 drink and drink more than women. Marriage decreases drinking, and drinking
 are more likely to occur on weekends. 
Journal: Applied Economics Letters 
Pages: 1353-1358 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.628290 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.628290 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1353-1358




Template-Type: ReDIF-Article 1.0
Author-Name: Anna Buchholz 
Author-X-Name-First: Anna 
Author-X-Name-Last: Buchholz 
Author-Name: Cesar Cupertino 
Author-X-Name-First: Cesar 
Author-X-Name-Last: Cupertino 
Author-Name: Roberto Meurer 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Meurer 
Author-Name: Andre Portela Santos 
Author-X-Name-First: Andre Portela 
Author-X-Name-Last: Santos 
Author-Name: Newton Da Costa 
Author-X-Name-First: Newton 
Author-X-Name-Last: Da Costa 
Title: The market reaction to changes in the Brazilian official interest rate 
Abstract:
  This study is aimed at investigating the effects of monetary policymaking
 on the short-term and long-term interest rates for the Brazilian economy
 for the period August 1999 to March 2011. It is shown that the reversal of
 the current account deficit and the alleviation of political uncertainties
 in 2003 affect the impact of monetary policy on market interest rates. In
 particular, it is observed that surprises in policymaking are
 substantially reduced after the macroeconomic and political stability. 
Journal: Applied Economics Letters 
Pages: 1359-1364 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.629975 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.629975 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1359-1364




Template-Type: ReDIF-Article 1.0
Author-Name: C. Chameni Nembua 
Author-X-Name-First: C. Chameni 
Author-X-Name-Last: Nembua 
Title: Inequality factor decomposition under uniform additions property with applications to Cameroonian rural data 
Abstract:
  In this article, we generalize and extend the Morduch and Sicular's
 (2002) Coefficient of Variation (CV)-squared decomposition approach. This
 leads to a class of decomposition methods which satisfy the uniform
 additions principle, especially in the case of the Gini index. The
 regression-based method using the new formulations of component
 contributions is carried out. An application using Cameroonian data is
 provided to support the appropriateness of the procedure and to contrast
 our results to those of Morduch and Sicular. 
Journal: Applied Economics Letters 
Pages: 1365-1371 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.629976 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.629976 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1365-1371




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Andrew Fenrick 
Author-X-Name-First: Steven Andrew 
Author-X-Name-Last: Fenrick 
Author-Name: Lullit Getachew 
Author-X-Name-First: Lullit 
Author-X-Name-Last: Getachew 
Title: Estimation of the effects of price and billing frequency on household water demand using a panel of Wisconsin municipalities 
Abstract:
  A demand function of residential water consumption is developed from a
 1997 to 2006 panel of 200 Wisconsin water utilities. A double-log
 functional form is assumed and parameters are estimated using a random
 effects model. The results suggest that the price is inelastic yet
 negative and statistically significant and this elasticity response grows
 stronger as the marginal price level is increased. Additionally, the model
 reveals water savings due to monthly billing and also the annual water
 savings from technology adoption. 
Journal: Applied Economics Letters 
Pages: 1373-1380 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.629977 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.629977 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1373-1380




Template-Type: ReDIF-Article 1.0
Author-Name: Jinfeng Ma 
Author-X-Name-First: Jinfeng 
Author-X-Name-Last: Ma 
Author-Name: Shancun Liu 
Author-X-Name-First: Shancun 
Author-X-Name-Last: Liu 
Title: A method to overcome the numerical difficulties in PIN estimation 
Abstract:
  The Probability of Information (PIN)-based trading introduced by Easley
 <italic>et al</italic>. (1996, 2002) has been adopted to address a variety
 of issues in empirical finance. To obtain PIN using numerical Maximum
 Likelihood Estimation (MLE) from transaction data, one may suffer from the
 numerical overflow or underflow problems which are more pronounced for
 active stocks than for inactive stocks. As buy and sell orders increase,
 more and more stocks fall into the category for which the PIN estimation
 simply falls. Based on the round-off error in digital computing, this
 article proposes a recipe to eradicate such numerical difficulties, which
 sheds light on heavily traded stocks. 
Journal: Applied Economics Letters 
Pages: 1381-1384 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.629978 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.629978 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1381-1384




Template-Type: ReDIF-Article 1.0
Author-Name: Jean P. Sep&#xFA;lveda 
Author-X-Name-First: Jean P. 
Author-X-Name-Last: Sep&#xFA;lveda 
Title: On the relationship between concentration and competition: evidence from the Chilean private pension system 
Abstract:
  I use Panzar and Rosse (1987) methodology to estimate the degree of
 competition among Pension Fund Administrators (PFAs) in the Chilean
 private pension system for the period 1996 to 2008. The results indicate
 that the industry can be described as a cartel (or monopoly) during this
 period. There is evidence that in this industry there is a negative, and
 statistically significant, correlation between concentration and
 competition. 
Journal: Applied Economics Letters 
Pages: 1385-1389 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.631879 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.631879 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1385-1389




Template-Type: ReDIF-Article 1.0
Author-Name: Ali K. Malik 
Author-X-Name-First: Ali K. 
Author-X-Name-Last: Malik 
Title: A comparison of equilibrium under alternative monetary policy rules 
Abstract:
  We evaluate the Taylor rule and the nominal income-targeting rule at
 alternative horizons, along the dimension of determinacy and E-stability
 of the rational expectations equilibrium. We use the New Keynesian model
 frequently used as a benchmark model for the evaluation of alternative
 monetary policy rules in the recent literature, for this purpose.
 Evaluating the two policy rules along this dimension, our results clearly
 prefer the Taylor rule over the nominal income-targeting rule. 
Journal: Applied Economics Letters 
Pages: 1391-1399 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.631880 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.631880 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1391-1399




Template-Type: ReDIF-Article 1.0
Author-Name: Kathleen Farrell 
Author-X-Name-First: Kathleen 
Author-X-Name-Last: Farrell 
Author-Name: Philip L. Hersch 
Author-X-Name-First: Philip L. 
Author-X-Name-Last: Hersch 
Title: Inter-board pay differentials for directors with multiple appointments 
Abstract:
  We analyse uniformity in the market's valuation of director human capital
 by comparing director compensation across firms with and without director
 overlaps. We find that although there is less variation in director
 compensation for connected boards, which share a common director, than for
 unrelated boards, there remains a high variation in director compensation
 for directors with multiple directorships. We also find that active Chief
 Executive Officers (CEOs), on average, command higher total director
 compensation in subsequent board appointments. This result holds for
 appointments where the individual already holds two or more directorships
 and is counter to the prediction of a busy director effect. Overall, our
 evidence suggests that active CEOs are high-quality directors or have a
 high disutility of additional board work and are able to command higher
 compensation when added to subsequent boards. 
Journal: Applied Economics Letters 
Pages: 1401-1404 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.631881 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.631881 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1401-1404




Template-Type: ReDIF-Article 1.0
Author-Name: Norman V. Loayza 
Author-X-Name-First: Norman V. 
Author-X-Name-Last: Loayza 
Author-Name: Naotaka Sugawara 
Author-X-Name-First: Naotaka 
Author-X-Name-Last: Sugawara 
Title: Would liberalization lead to epidemic cocaine consumption? 
Abstract:
  This article uses cross-country data to estimate the potential effect of
 drastic reductions in the price of cocaine on the share of the population
 that consumes this drug. In order to identify movements along the cocaine
 consumption/demand function, this article instruments for cocaine prices
 with variables that affect the supply of cocaine. Liberalization of drug
 policies would produce an increase in the prevalence of cocaine
 consumption. However, the quantitative evidence presented here suggests
 that, even if substantial, this increase would not amount to epidemic
 cocaine use. 
Journal: Applied Economics Letters 
Pages: 1405-1409 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.631882 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.631882 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1405-1409




Template-Type: ReDIF-Article 1.0
Author-Name: Neil Malhotra 
Author-X-Name-First: Neil 
Author-X-Name-Last: Malhotra 
Author-Name: Edmund Helmer 
Author-X-Name-First: Edmund 
Author-X-Name-Last: Helmer 
Title: Inflation in weekend box office estimates 
Abstract:
  Do movie studios inflate box office estimates that they report every
 Sunday? Is the pattern of this inflation consistent with the
 studios&#x2019; strategic incentives? Analysing actual and estimated box
 office returns of major movie releases between 2003 and 2010, we find that
 movie studios substantially overestimate weekend box office performance
 and that this overestimation is highly unlikely to be due to chance. Our
 findings also suggest that box office inflation is strategic because (1)
 inflation is substantially higher in the first weekend of release when the
 incentives are greatest to generate positive word of mouth and (2)
 inflation for the top two films in a weekend increases with the degree of
 competition between the films. 
Journal: Applied Economics Letters 
Pages: 1411-1415 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.631883 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.631883 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1411-1415




Template-Type: ReDIF-Article 1.0
Author-Name: Moritz Hahn 
Author-X-Name-First: Moritz 
Author-X-Name-Last: Hahn 
Author-Name: Edward J. O'Brien 
Author-X-Name-First: Edward J. 
Author-X-Name-Last: O'Brien 
Title: Weak instruments in estimating business cycle effects on banks' interest income 
Abstract:
  This article explores the link between the real business cycle and core
 bank earnings. Using bank-level data and an estimation technique which
 corrects for weak instruments, evidence confirms that pre-provision Net
 Interest Income (NII) is determined by the term structure of interest
 rates rather than output fluctuations. Output growth is only found to be
 significant when Loan-Loss Provisions (LLP) are taken into account. 
Journal: Applied Economics Letters 
Pages: 1417-1420 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.631884 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.631884 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1417-1420




Template-Type: ReDIF-Article 1.0
Author-Name: Gregory A. Gilpin 
Author-X-Name-First: Gregory A. 
Author-X-Name-Last: Gilpin 
Author-Name: Anton Bekkerman 
Author-X-Name-First: Anton 
Author-X-Name-Last: Bekkerman 
Title: Cost-effective hiring in US high schools: estimating optimal teacher quantity and quality decisions 
Abstract:
  Extensive literature has shown that student attainment outcomes are
 affected by student-to-teacher ratios and overall teacher aptitude levels,
 but offers little information about which method offers the greatest
 student attainment return relative to associated costs. This study
 provides empirical evidence that staffing policies should consider the
 cost-effectiveness of teacher-hiring decisions when multiple education
 policies are effective. 
Journal: Applied Economics Letters 
Pages: 1421-1424 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.631886 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.631886 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luca Agnello 
Author-X-Name-First: Luca 
Author-X-Name-Last: Agnello 
Author-Name: Ricardo M. Sousa 
Author-X-Name-First: Ricardo M. 
Author-X-Name-Last: Sousa 
Title: How do banking crises impact on income inequality? 
Abstract:
  We show that banking crises have an important effect on income
 distribution: inequality increases before banking crisis episodes and
 sharply declines afterwards. We also find that, while a large government
 size does not <italic>per se</italic> seem to reduce inequality, a rise in
 financial depth (i.e. better access to credit provided by the banking
 sector) contributes to a more equal distribution of income. 
Journal: Applied Economics Letters 
Pages: 1425-1429 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.631885 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.631885 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hiroki Uematsu 
Author-X-Name-First: Hiroki 
Author-X-Name-Last: Uematsu 
Author-Name: Ashok Kumar Mishra 
Author-X-Name-First: Ashok Kumar 
Author-X-Name-Last: Mishra 
Author-Name: Rebekah Rachel Powell 
Author-X-Name-First: Rebekah Rachel 
Author-X-Name-Last: Powell 
Title: An alternative method to estimate income variance in cross-sectional data 
Abstract:
  A popular approach to estimating income variance in cross-sectional data
 is to use an aggregate method by categorizing sample observations into
 arbitrarily formed groups, taking into account some socio-economic
 attributes. This study proposes an alternative technique that can be used
 to estimate income variance from cross-sectional data. Results indicate
 that this multiplicative heteroskedastic feasible least squares estimation
 procedure is consistent and efficient, consumes less time and requires
 less manipulation of data. 
Journal: Applied Economics Letters 
Pages: 1431-1436 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.631887 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.631887 
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Template-Type: ReDIF-Article 1.0
Author-Name: Heather Mitchell 
Author-X-Name-First: Heather 
Author-X-Name-Last: Mitchell 
Author-Name: Mark Fergusson Stewart 
Author-X-Name-First: Mark Fergusson 
Author-X-Name-Last: Stewart 
Title: Movies and holidays: the empirical relationship between movies and tourism 
Abstract:
  Governments around the world believe that tourism will increase if
 locations within their nations are featured in films. Money and other
 inducements are often offered to moviemakers to encourage them to shoot
 within a particular constituency. This article finds a positive and
 statistically significant relationship between successful films and
 tourism. 
Journal: Applied Economics Letters 
Pages: 1437-1440 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.631888 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.631888 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiao Qin 
Author-X-Name-First: Xiao 
Author-X-Name-Last: Qin 
Title: Can L-moments beat central moments in modelling risk? An empirical analysis 
Abstract:
  This article applies a new statistical moment, Trimmed L-comoment, in
 modelling Expected Shortfall (<italic>ES</italic>) and exploits an
 empirical study on China's stock markets. In comparison with existing
 models, out-of-sample forecasts and backtests indicate superior accuracy
 and precision for the models based on Trimmed L-comoments, especially to
 those based on central moments. 
Journal: Applied Economics Letters 
Pages: 1441-1447 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.631889 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.631889 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Morley 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Morley 
Author-Name: Qijia Wei 
Author-X-Name-First: Qijia 
Author-X-Name-Last: Wei 
Title: The Taylor rule and house price uncertainty 
Abstract:
  The aim of this article is to determine whether house price uncertainty
 has been an important determinant of the Taylor rule-based interest rate
 during the years leading up to the financial crisis. A Generalized
 Autoregressive Conditional Heteroskedasticity (GARCH)-based specification
 has been used to produce a time-varying measure of volatility, and the
 results indicate that it has had a significant negative effect on the
 interest rate, but that its addition only produces a slightly better fit
 to the actual interest rate. 
Journal: Applied Economics Letters 
Pages: 1449-1453 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.633882 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.633882 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce A. Rayton 
Author-X-Name-First: Bruce A. 
Author-X-Name-Last: Rayton 
Author-Name: Konstantinos Georgiadis 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Georgiadis 
Title: Workplace self-selection into Investors in People 
Abstract:
  This article estimates the effect of the Investors in People Standard on
 training while controlling for self-selection. Our results show that
 high-training workplaces self-select into Investors in People and question
 the value of the Standard for promoting training. 
Journal: Applied Economics Letters 
Pages: 1455-1458 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.633883 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.633883 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jyh-Horng Lin 
Author-X-Name-First: Jyh-Horng 
Author-X-Name-Last: Lin 
Author-Name: Jeng-Yan Tsai 
Author-X-Name-First: Jeng-Yan 
Author-X-Name-Last: Tsai 
Author-Name: Paichou Huang 
Author-X-Name-First: Paichou 
Author-X-Name-Last: Huang 
Title: The Gramm--Leach--Bliley Act: optimal interest margin effects of commercial bank expansion into insurance underwriting 
Abstract:
  We examine the optimal bank interest margin effects of the
 Gramm--Leach--Bliley Act (GLBA), particularly allowing commercial banks to
 engage in insurance underwriting. This article models bank equity
 explicitly integrating the Down-and-Out Call (DOC) option of insurance
 underwriting with the standard call option of commercial banking
 activities. We conclude that commercial banks may not appear to benefit
 from broader product mix when the expansion of insurance underwriting is
 relatively large scale or insurance asset quality is relatively low. 
Journal: Applied Economics Letters 
Pages: 1459-1463 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.633884 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.633884 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeong-Ryeol Kurz-Kim 
Author-X-Name-First: Jeong-Ryeol 
Author-X-Name-Last: Kurz-Kim 
Title: Early warning indicator for financial crashes using the log periodic power law 
Abstract:
  In this article, we apply the Log Periodic Power Law (LPPL), introduced
 by Johansen <italic>et al.</italic> (2000), for capturing the recent stock
 market crash in the German stock index (Deutscher Aktien Index, DAX). The
 contribution of this article consists not only in describing the
 historical crash by the LPPL, but also in demonstrating how the LPPL can
 be used as an early warning indicator for financial crashes. 
Journal: Applied Economics Letters 
Pages: 1465-1469 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.633885 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.633885 
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Template-Type: ReDIF-Article 1.0
Author-Name: Elena B&#xE1;rcena-Mart�n 
Author-X-Name-First: Elena 
Author-X-Name-Last: B&#xE1;rcena-Mart�n 
Author-Name: Santiago Budr�a 
Author-X-Name-First: Santiago 
Author-X-Name-Last: Budr�a 
Author-Name: Ana I. Moro-Egido 
Author-X-Name-First: Ana I. 
Author-X-Name-Last: Moro-Egido 
Title: Skill mismatches and wages among European university graduates 
Abstract:
  This article uses comparable international data to examine the extent and
 wage effects of skill mismatches among European university graduates. The
 results show that the mismatched earn on average 11.7% less than their
 well-matched counterparts. This effect, however, cannot be regarded as
 constant across the conditional earnings distribution: workers with lower
 unobserved earnings capacity tend to be exposed to greater wage losses
 when they end up in mismatched jobs. 
Journal: Applied Economics Letters 
Pages: 1471-1475 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.633886 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.633886 
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Template-Type: ReDIF-Article 1.0
Author-Name: Linda S. Ghent 
Author-X-Name-First: Linda S. 
Author-X-Name-Last: Ghent 
Author-Name: Alan P. Grant 
Author-X-Name-First: Alan P. 
Author-X-Name-Last: Grant 
Title: Estimating the extent of cross-border lottery shopping: evidence from South Carolina 
Abstract:
  The South Carolina Education Lottery (SCEL) began selling tickets in
 2001. Early studies indicate significant cross-border shopping, especially
 in counties bordering North Carolina (NC), which created its own lottery
 in 2006. We examine the impact of the North Carolina Education Lottery
 (NCEL) on sales of lottery tickets in South Carolina (SC). We find that
 the introduction of the NCEL coincides with a significant drop in lottery
 sales in SC counties bordering NC. By creating its own lottery, NC
 successfully redirected the flow of lottery dollars to its own coffers. 
Journal: Applied Economics Letters 
Pages: 1477-1481 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.636014 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.636014 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuki Toyoshima 
Author-X-Name-First: Yuki 
Author-X-Name-Last: Toyoshima 
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Title: Panel cointegration analysis of co-movement between interest rate swap and treasury markets 
Abstract:
  Extending Ito's (2009) analysis, this article investigates the
 co-movement between interest rate swaps and treasury markets by using the
 panel cointegration tests developed by Maddala and Wu (1999). Empirical
 results show that there exists a single cointegration relationship between
 the swap rates and treasury rates for all maturities. The cointegration
 vector for the 2-, 3- and 4-year maturities is 1, showing that a 1%
 increase in the treasury rates will lead to a 1% increase in the swap
 rates. On the other hand, in the 5-, 7- and 10-year maturities, the
 cointegration vector is found to be more than 1, implying that a 1%
 increase in the treasury rates will lead to a more than 1% increase in the
 swap rates. Thus, a rise (decline) in the treasury rates is associated
 with a rise (decline) in the swap spread. 
Journal: Applied Economics Letters 
Pages: 1483-1486 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.636015 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.636015 
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Template-Type: ReDIF-Article 1.0
Author-Name: Belayet Hossain 
Author-X-Name-First: Belayet 
Author-X-Name-Last: Hossain 
Author-Name: Laura Lamb 
Author-X-Name-First: Laura 
Author-X-Name-Last: Lamb 
Title: Does the effectiveness of tax incentives on the decision to give charitable donations vary across donation sectors in Canada? 
Abstract:
  This article explores the effectiveness of tax incentives on the decision
 to make a charitable donation in Canada and extends the analysis to
 compare the effectiveness of tax incentives across different types of
 giving. The data set employed is the 2007 Canada Survey of Giving,
 Volunteering and Participating (CSGVP), which is analysed using probit and
 probit selection models. The results imply that public policy can be used
 to influence the likelihood of making a donation in general and that the
 degree of influence varies across different donation sectors. 
Journal: Applied Economics Letters 
Pages: 1487-1491 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.636016 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.636016 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. E. Allen 
Author-X-Name-First: D. E. 
Author-X-Name-Last: Allen 
Author-Name: A. K. Singh 
Author-X-Name-First: A. K. 
Author-X-Name-Last: Singh 
Author-Name: R. Powell 
Author-X-Name-First: R. 
Author-X-Name-Last: Powell 
Title: A Gourmet's delight: CAViaR and the Australian stock market 
Abstract:
  Value at Risk (VaR) is the metric adopted by the Basel Accords for
 banking industry internal control and regulatory reporting. This has
 focused attention on the measuring, estimating and forecasting of lower
 tail risk. Engle and Manganelli (2004) developed the conditional
 autoregressive value at risk (CAViaR) model using quantile regression to
 calculate VaR. In this article we apply their model to Australian stock
 market indices and a sample of stocks, and test the efficacy of four
 different specifications of the model in a set of in-sample and
 out-of-sample tests. We also contrast the results with those obtained from
 a Generalized Autoregressive Conditional Heteroskedastic (GARCH(1,1))
 model, the RiskMetrics&#x2122; model (Morgan, 1996) and an Asymmetric
 Power Autoregressive Conditional Heteroskedastic (APARCH) model. 
Journal: Applied Economics Letters 
Pages: 1493-1498 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.636017 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.636017 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard J. Cebula 
Author-X-Name-First: Richard J. 
Author-X-Name-Last: Cebula 
Title: US residential electricity consumption: the effect of states' pursuit of energy efficiency policies 
Abstract:
  This empirical note seeks to provide evidence identifying key factors
 that have influenced the per residential customer consumption of
 electricity in the United States during recent years, with particular
 emphasis on the degree to which each state has pursued energy efficiency
 policies. This preliminary empirical analysis takes the form of Panel
 Two-Stage Least Squares (P2SLS) estimations. State-level data are adopted
 for the 4-year period from 2002 through 2005. The P2SLS findings indicate
 that the consumption of electricity per residential customer is an
 increasing function of the annual number of cooling degree days, the real
 personal disposable income and the real price of natural gas, as well as
 the maximum electricity generation capacity, while being a decreasing
 function of the real unit price of electricity, the extent of usage of
 natural gas for residential heating and the degree to which each state has
 pursued energy efficiency policies. 
Journal: Applied Economics Letters 
Pages: 1499-1503 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.637884 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.637884 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Berlemann 
Author-X-Name-First: Michael 
Author-X-Name-Last: Berlemann 
Author-Name: Kai Hielscher 
Author-X-Name-First: Kai 
Author-X-Name-Last: Hielscher 
Title: Output sensitivity of monetary policy and macroeconomic performance 
Abstract:
  Employing dynamic panel estimation techniques we derive an empirical
 measure of central banks' degree of output sensitivity. When relating this
 measure to macroeconomic outcome variables, we find that a decrease in
 output sensitivity results in larger business-cycle movements and higher
 medium-term inflation uncertainty. However, the level of inflation is
 decreased and the output gap is increased. 
Journal: Applied Economics Letters 
Pages: 1505-1509 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.637885 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.637885 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nikolaus Bartzsch 
Author-X-Name-First: Nikolaus 
Author-X-Name-Last: Bartzsch 
Author-Name: Gerhard R&#xF6;sl 
Author-X-Name-First: Gerhard 
Author-X-Name-Last: R&#xF6;sl 
Author-Name: Franz Seitz 
Author-X-Name-First: Franz 
Author-X-Name-Last: Seitz 
Title: A simple way to capture currency abroad 
Abstract:
  In this article, we analyse the volume of euro banknotes issued by
 Germany that circulate abroad. Inferences are drawn from a coin model. Our
 approach suggests that foreign demand has increased since 2002. At the end
 of 2009 nearly 50%, the equivalent of &#x20AC;170 billion, is held outside
 the euro area. 
Journal: Applied Economics Letters 
Pages: 1511-1514 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.637886 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.637886 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hasan Faruq 
Author-X-Name-First: Hasan 
Author-X-Name-Last: Faruq 
Title: Multinational presence and the export participation of local firms in Ghana 
Abstract:
  This article examines whether the presence of multinationals affects the
 export participation of local firms in the same industry using data on
 manufacturing firms in Ghana. We find robust evidence consistent with the
 idea of spillovers from multinationals to Ghanaian exporters. We also
 observe that larger firms and firms that exported in the past are more
 likely to export. Our results remain unchanged after we control for
 potential spillovers from other exporters. These results have useful
 implications for both Ghana's trade and Foreign Direct Investment (FDI)
 policies. 
Journal: Applied Economics Letters 
Pages: 1515-1519 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.637887 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.637887 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jai S. Mah 
Author-X-Name-First: Jai S. 
Author-X-Name-Last: Mah 
Title: Foreign direct investment, labour unionization and income inequality of Korea 
Abstract:
  The Korean economy has witnessed significant expansion of Foreign Direct
 Investment (FDI) inflows and decrease in labour unionization ratio. This
 article analyses their effect on income inequality during 1982--2008. The
 small sample cointegration test and the error correction model confirm the
 existence of cointegration among the concerned variables. The error
 correction model shows that the increasing values of FDI inflows and the
 decreasing labour unionization ratio have led to deterioration in income
 inequality. 
Journal: Applied Economics Letters 
Pages: 1521-1524 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.637888 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.637888 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sriram Shankar 
Author-X-Name-First: Sriram 
Author-X-Name-Last: Shankar 
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Title: Estimates of the long-run growth rate of Singapore with a CES production function 
Abstract:
  This article estimates using the Bayesian methods a Constant Elasticity
 of Substitution (CES) production function for Singapore for 1960--2009. It
 is found that the elasticity of substitution is 0.6, technical progress is
 labour augmenting and the Steady-State Growth Rate (SSGR) of Singapore is
 about 1.8%. 
Journal: Applied Economics Letters 
Pages: 1525-1530 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.637889 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.637889 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Author-Name: Pei-Long Shen 
Author-X-Name-First: Pei-Long 
Author-X-Name-Last: Shen 
Author-Name: Hsu-Ling Chang 
Author-X-Name-First: Hsu-Ling 
Author-X-Name-Last: Chang 
Author-Name: Lin Liu 
Author-X-Name-First: Lin 
Author-X-Name-Last: Liu 
Title: Real interest rate parity in East Asian countries based on China with nonlinear threshold unit-root test 
Abstract:
  This study applies nonlinear threshold unit-root test to assess the
 nonstationary properties of the Real Interest Rate Parity (RIRP) for 10
 East Asian countries relative to China. We find that nonlinear threshold
 unit-root test has higher power than linear method suggested by Caner and
 Hansen (2001) if the true Data-Generating Process (DGP) of real interest
 rate convergence is in fact a stationary nonlinear process. We examine the
 validity of RIRP from the nonlinear point of view and provide robust
 evidence that clearly indicates that RIRP holds true for eight countries
 in this region. It implies that the choices and effectiveness of the
 monetary and fiscal policies in the East Asian economies will be highly
 influenced by external factors originating from China. Also, our findings
 point out their real interest rate convergence relative to China is mean
 reversion towards RIRP equilibrium values in a nonlinear way. 
Journal: Applied Economics Letters 
Pages: 1531-1536 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.637890 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.637890 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Alenka Kavkler 
Author-X-Name-First: Alenka 
Author-X-Name-Last: Kavkler 
Author-Name: Darja Bor&#x161;i&#x10D; 
Author-X-Name-First: Darja 
Author-X-Name-Last: Bor&#x161;i&#x10D; 
Author-Name: Jani Bek&#x151; 
Author-X-Name-First: Jani 
Author-X-Name-Last: Bek&#x151; 
Title: PPP in Central and Eastern European economies: further evidence from panel unit root tests 
Abstract:
  The question of the validity of the Purchasing Power Parity (PPP)
 hypothesis in European transition countries remains relevant and
 empirically unsettled. This article aims to contribute to this debate by
 using an updated monthly database on real exchange rates for 12 Central
 and Eastern European economies. We implemented a range of panel unit root
 tests characterized by the rejection of the cross-sectional independence
 hypothesis and taking the US Dollar (USD) and the euro as numeraire
 currencies separately into account in the testing procedures. The results
 reported in this study provide additional evidence supporting the PPP
 proposition. 
Journal: Applied Economics Letters 
Pages: 1543-1548 
Issue: 16 
Volume: 19 
Year: 2012 
Month: 11 
X-DOI: 10.1080/13504851.2011.637891 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.637891 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Pierdzioch 
Author-X-Name-First: Christian 
Author-X-Name-Last: Pierdzioch 
Author-Name: Jan-Christoph R&#xFC;lke 
Author-X-Name-First: Jan-Christoph 
Author-X-Name-Last: R&#xFC;lke 
Author-Name: Georg Stadtmann 
Author-X-Name-First: Georg 
Author-X-Name-Last: Stadtmann 
Title: Exchange-rate forecasts and asymmetric loss: empirical evidence for the yen/dollar exchange rate 
Abstract:
  We used the yen/dollar exchange-rate forecasts of the <italic>Wall Street
 Journal</italic> (WSJ) poll to analyse whether exchange-rate forecasters
 have an asymmetric loss function. To this end, we applied an approach
 recently developed by Elliott <italic>et al</italic>. (2005). We found
 that only few forecasters seem to form forecasts under an asymmetric loss
 function. For some forecasters, accounting for the asymmetry of their loss
 function makes their forecasts look rational. 
Journal: Applied Economics Letters 
Pages: 1759-1763 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.659338 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.659338 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Hajizadeh 
Author-X-Name-First: Mohammad 
Author-X-Name-Last: Hajizadeh 
Author-Name: Luke Brian Connelly 
Author-X-Name-First: Luke Brian 
Author-X-Name-Last: Connelly 
Author-Name: James Robert Gerard Butler 
Author-X-Name-First: James Robert Gerard 
Author-X-Name-Last: Butler 
Title: Health policy and horizontal inequities of health-care utilization in Australia: 1983--2005 
Abstract:
  We used five National Health Surveys (NHSs) in order to measure
 horizontal inequity (equal health care for equal need) in health-care
 utilization in Australia over five time points from 1983 to 2005. The
 direct standardization method was used to estimate the horizontal inequity
 indices for six measures of health-care utilization. The results suggest
 that the distributions of General Practitioner (GP) services and any
 physician visits in Australia were generally pro-poor, whereas the
 distributions of specialist visits, dentist visits and any ambulatory
 visits were pro-rich. The computed indices demonstrate that the
 introduction of Medicare in 1984 had a pro-poor effect on the utilization
 of GPs, any physician visits and any ambulatory visits. In contrast, the
 implementation of Private Health Insurance (PHI) policies over the period
 1997 to 2000 had a pro-rich effect on the distribution of health-care
 utilization in recent years, but this finding is based on the assumption
 that PHI policies affected health-care consumption in the long term. 
Journal: Applied Economics Letters 
Pages: 1765-1775 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.659337 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.659337 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Hui Ding 
Author-X-Name-First: Hui 
Author-X-Name-Last: Ding 
Author-Name: Jaebeom Kim 
Author-X-Name-First: Jaebeom 
Author-X-Name-Last: Kim 
Title: Does inflation targeting matter for PPP? An empirical investigation 
Abstract:
  This article examines whether Inflation Targeting (IT) matters for
 long-run Purchasing Power Parity (PPP). For this purpose, we formally
 assess the evidence on PPP for a panel of 19 countries using two price
 indices and two panel unit root tests with cross-sectional dependence. The
 empirical results show that IT plays an important role in providing
 favourable evidence for long-run PPP. 
Journal: Applied Economics Letters 
Pages: 1777-1780 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.659336 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.659336 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Siyue Liu 
Author-X-Name-First: Siyue 
Author-X-Name-Last: Liu 
Author-Name: Dongxiang Zhang 
Author-X-Name-First: Dongxiang 
Author-X-Name-Last: Zhang 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Title: Purchasing power parity -- nonlinear threshold unit root test for transition countries 
Abstract:
  This study applies the Threshold Autoregressive (TAR) model proposed by
 Caner and Hansen (2001) to test the validity of long-run Purchasing Power
 Parity (PPP) of eight transition countries over the period January 1995 to
 October 2011. The empirical results indicate that PPP holds true for only
 one country (i.e. Romanian) under study and the adjustment towards PPP is
 found to be nonlinear. 
Journal: Applied Economics Letters 
Pages: 1781-1785 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.654905 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.654905 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1781-1785




Template-Type: ReDIF-Article 1.0
Author-Name: Francisco J. Callado-Mu&#xF1;oz 
Author-X-Name-First: Francisco J. 
Author-X-Name-Last: Callado-Mu&#xF1;oz 
Author-Name: Jana Hromcov&#xE1; 
Author-X-Name-First: Jana 
Author-X-Name-Last: Hromcov&#xE1; 
Author-Name: Natalia Utrero-Gonz&#xE1;lez 
Author-X-Name-First: Natalia 
Author-X-Name-Last: Utrero-Gonz&#xE1;lez 
Title: Transformation of payment systems: the case of European Union enlargement 
Abstract:
  In this article, we analyse how the accession to an economic and monetary
 union and the influence of new institutions may shape consumers' payment
 decisions in newly acceded countries. Our analysis focuses on the 2004
 European Union (EU) enlargement process. Results confirm the prediction of
 theoretical models about the relevance of economic development,
 institutional environment and payment infrastructure in retail payment
 system decisions. 
Journal: Applied Economics Letters 
Pages: 1787-1791 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.654908 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.654908 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1787-1791




Template-Type: ReDIF-Article 1.0
Author-Name: Adam J. Hoffer 
Author-X-Name-First: Adam J. 
Author-X-Name-Last: Hoffer 
Author-Name: Adam Pellillo 
Author-X-Name-First: Adam 
Author-X-Name-Last: Pellillo 
Title: The political economy of tobacco control spending 
Abstract:
  This article investigates why some US states spend so comparatively
 little on Tobacco Control Funding (TCF). We find that cross-state
 variation in spending on tobacco control is significantly driven by a
 tobacco special interest effect. 
Journal: Applied Economics Letters 
Pages: 1793-1797 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.657348 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.657348 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Laura H. Atuesta 
Author-X-Name-First: Laura H. 
Author-X-Name-Last: Atuesta 
Author-Name: Dusan Paredes Araya 
Author-X-Name-First: Dusan 
Author-X-Name-Last: Paredes Araya 
Title: A spatial cost of living index for Colombia using a microeconomic approach and censored data 
Abstract:
  This article describes a methodology to calculate a Spatial Cost of
 Living (SCOL) index using the Colombian data for 2006 that considers the
 microeconomic behaviour of households. Estimating an Almost Ideal Demand
 System (AIDS) to recover the expenditure function of the 23 main Colombian
 cities, the index is compared to the fixed basket approach and to an
 alternative methodology proposed by Romero (2005). This comparison
 suggests that the index is biased when the substitution effects are not
 considered, and this bias increases when the difference in expenditure
 levels between cities increases. According to our calculations, Bogota is
 still the most expensive city in the country. 
Journal: Applied Economics Letters 
Pages: 1799-1805 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.657347 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.657347 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Pradeepa Malkanthi Korale-Gedara 
Author-X-Name-First: Pradeepa Malkanthi 
Author-X-Name-Last: Korale-Gedara 
Author-Name: Shyama Ratnasiri 
Author-X-Name-First: Shyama 
Author-X-Name-Last: Ratnasiri 
Author-Name: Jayatilleke Bandara 
Author-X-Name-First: Jayatilleke 
Author-X-Name-Last: Bandara 
Title: Soaring food prices and food security: Does the income effect matter? 
Abstract:
  While the existing literature on rising food prices in recent years has
 mainly focused on the causes and calculating the number of people falling
 below the poverty line in developing countries, less attention has been
 paid to rising food prices and food security in terms of calorie intake.
 The main objective of this study is to fill this gap using a case study of
 a developing country, Sri Lanka. In this study, we estimate the change in
 individual calorie intake associated with food inflation using the
 Stone--Geary utility function. The impact at national level is assessed
 using a calorie intake distribution curve. The results demonstrate that
 the percentage of undernourished population in Sri Lanka is expected to
 rise rapidly with food inflation on the basis that there is no income
 increase during the period under consideration. However, the rise in
 undernourished population is remarkably low when the income effect is
 taken into consideration. 
Journal: Applied Economics Letters 
Pages: 1807-1811 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.667538 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.667538 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hans Marius Eikseth 
Author-X-Name-First: Hans Marius 
Author-X-Name-Last: Eikseth 
Author-Name: Snorre Lindset 
Author-X-Name-First: Snorre 
Author-X-Name-Last: Lindset 
Title: Are taxes sufficient for CAPM rejection? 
Abstract:
  From simulated data, we infer that heterogeneous asset taxes may
 contribute towards rejection of the Capital Asset Pricing Model (CAPM). 
Journal: Applied Economics Letters 
Pages: 1813-1816 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.657345 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.657345 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Morley 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Morley 
Title: Empirical evidence on the effectiveness of environmental taxes 
Abstract:
  The aim of this study is to determine whether environmental taxes affect
 levels of pollution and energy consumption. Using a panel of European
 Union (EU) members and Norway, there is a significant negative
 relationship between environmental taxes and pollution, but no
 relationship between environmental taxes and energy consumption. 
Journal: Applied Economics Letters 
Pages: 1817-1820 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2011.650324 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.650324 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Ant&#xF3;nio Afonso 
Author-X-Name-First: Ant&#xF3;nio 
Author-X-Name-Last: Afonso 
Author-Name: Jo&#xE3;o Tovar Jalles 
Author-X-Name-First: Jo&#xE3;o Tovar 
Author-X-Name-Last: Jalles 
Title: Fiscal volatility, financial crises and growth 
Abstract:
  We use a panel of developed and emerging countries for the period 1970 to
 2008 to assess how fiscal policy volatility and financial crises affect
 growth. We find that economic growth is lower in the presence of more
 volatile fiscal policy. Moreover, with a financial crisis government
 spending is stickier than revenue. 
Journal: Applied Economics Letters 
Pages: 1821-1826 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.667531 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.667531 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Massimiliano Marzo 
Author-X-Name-First: Massimiliano 
Author-X-Name-Last: Marzo 
Author-Name: Paolo Zagaglia 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Zagaglia 
Title: Trading directions and the pricing of Euro interbank deposits in the long run 
Abstract:
  We investigate the relation between aggregate trading imbalances and
 interest rates in the Euro money market. We use data for OTC contracts as
 well as information from the major electronic trading platform in Europe
 to study the presence of cointegration between trading pressures and money
 market rates. We report strong evidence of a long-term linear relation
 between trading imbalances and liquidity prices for Euro interbank
 deposits. 
Journal: Applied Economics Letters 
Pages: 1827-1839 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.663467 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.663467 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shakil Quayes 
Author-X-Name-First: Shakil 
Author-X-Name-Last: Quayes 
Author-Name: Abu Jamal 
Author-X-Name-First: Abu 
Author-X-Name-Last: Jamal 
Author-Name: Tanweer Hasan 
Author-X-Name-First: Tanweer 
Author-X-Name-Last: Hasan 
Title: The impact of foreign participation on stock prices in the United States 
Abstract:
  Using a standard demand--supply model, this study investigates the
 relationship between foreign participation in the equity market and stock
 prices, incorporating the effects of inflation and the demographic
 structure. The results show that while foreign participation in the equity
 market and the proportion of population in their prime earning age have a
 positive impact, inflation has a negative impact on stock prices. 
Journal: Applied Economics Letters 
Pages: 1841-1845 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.667534 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.667534 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Berck 
Author-X-Name-First: Peter 
Author-X-Name-Last: Berck 
Author-Name: Jonathan Lipow 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Lipow 
Title: Trade, tariffs and terrorism 
Abstract:
  Insurgencies and terrorist activities are often dependent on foreign
 sources of funding. When this is the case, trade barriers such as import
 tariffs can prove to be an effective means of combating violence and
 enhancing social welfare. In this article, we identify the optimal tariff
 for a country facing an externally financed insurgency. 
Journal: Applied Economics Letters 
Pages: 1847-1849 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.667543 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.667543 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Jani Bek&#x151; 
Author-X-Name-First: Jani 
Author-X-Name-Last: Bek&#x151; 
Author-Name: Alenka Kavkler 
Author-X-Name-First: Alenka 
Author-X-Name-Last: Kavkler 
Author-Name: Darja Bor&#x161;i&#x10D; 
Author-X-Name-First: Darja 
Author-X-Name-Last: Bor&#x161;i&#x10D; 
Title: PPP and nonlinearity of real exchange rates: new evidence from transition economies 
Abstract:
  In this article, we investigate the Purchasing Power Parity (PPP) concept
 by utilizing a database of monthly real exchange rates from 12 Central and
 Eastern European economies with respect to different numeraire currencies.
 Owing to the elaborated limitations of linear specifications by verifying
 this exchange rate theory, we apply a nonlinear unit root test based on
 the Exponential Smooth Transition Autoregressive (ESTAR) model proposed by
 Kapetanios <italic>et al</italic>. (KSS; 2003). Our analysis shows that
 after taking into account the nonlinear reversion of real exchange rates
 of European transition economies with respect to the euro, the validity of
 PPP is confirmed for the majority of countries in the sample. 
Journal: Applied Economics Letters 
Pages: 1851-1855 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.667544 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.667544 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1851-1855




Template-Type: ReDIF-Article 1.0
Author-Name: Rodrigo Lovaton Davila 
Author-X-Name-First: Rodrigo 
Author-X-Name-Last: Lovaton Davila 
Author-Name: Inhyuck &#x201C;Steve&#x201D; Ha 
Author-X-Name-First: Inhyuck &#x201C;Steve&#x201D; 
Author-X-Name-Last: Ha 
Author-Name: Samuel L. Myers 
Author-X-Name-First: Samuel L. 
Author-X-Name-Last: Myers 
Title: Affirmative action retrenchment in public procurement and contracting 
Abstract:
  This article provides estimates of the impacts of a race-neutral
 programme called an Emerging Small Business Enterprise (ESBE) Programme in
 New Jersey in 2003--2004 on women- and minority-owned contractors. We show
 that although women- and minority-owned firms conceptually benefit from
 ESBE set-asides, they do not benefit as much as non-Disadvantaged Business
 Enterprises (DBEs), resulting in a reduced share of total contract dollars
 awarded to DBEs. 
Journal: Applied Economics Letters 
Pages: 1857-1860 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.654906 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.654906 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1857-1860




Template-Type: ReDIF-Article 1.0
Author-Name: Magnus Carlsson 
Author-X-Name-First: Magnus 
Author-X-Name-Last: Carlsson 
Author-Name: Dan-Olof Rooth 
Author-X-Name-First: Dan-Olof 
Author-X-Name-Last: Rooth 
Title: Revealing taste-based discrimination in hiring: a correspondence testing experiment with geographic variation 
Abstract:
  The standard Correspondence Testing Experiment (CTE) does not identify
 whether employer prejudice, as opposed to statistical discrimination,
 drives discriminatory behaviour when hiring. This article proposes a new
 methodology using geographic variation to explore the link between
 employer attitudes towards ethnic minorities and the ethnic difference in
 callbacks for a job interview. Using already existing Swedish data we find
 that a randomly selected employer is more likely to discriminate against a
 minority job applicant in regions where the average employer has more
 negative attitudes. 
Journal: Applied Economics Letters 
Pages: 1861-1864 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.667537 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.667537 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1861-1864




Template-Type: ReDIF-Article 1.0
Author-Name: E. Tebaldi 
Author-X-Name-First: E. 
Author-X-Name-Last: Tebaldi 
Author-Name: L. Kelly 
Author-X-Name-First: L. 
Author-X-Name-Last: Kelly 
Title: Measuring economic conditions: an extension of the Stock/Watson methodology 
Abstract:
  This study develops an economic indicator tailored to measure economic
 conditions at the state level by recognizing that a state's economy is an
 integrated part of the region and responds to both regional and national
 economic outlooks. This article applies our methodology to the state of
 Rhode Island. In the case of Rhode Island, the addition of a regional
 economic indicator appears to make a significant improvement over the
 Federal Reserve Bank (FED) of Philadelphia coincident index. Therefore,
 this preliminary study indicates that it is worthwhile to expand this
 project to include all 50 states. 
Journal: Applied Economics Letters 
Pages: 1865-1869 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.669453 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.669453 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdoul G. Sam 
Author-X-Name-First: Abdoul G. 
Author-X-Name-Last: Sam 
Author-Name: Stanley R. Thompson 
Author-X-Name-First: Stanley R. 
Author-X-Name-Last: Thompson 
Title: Country of origin advertising and US demand of imported wine: an empirical analysis 
Abstract:
  We investigate the impact of media advertising on the US consumption of
 imported wine. Panel data from six countries over 15 years (1994--2008)
 are used to estimate an aggregate demand function for US wine imports. Our
 empirical analysis reveals evidence of important effects of advertising of
 domestic and imported wines on imported quantities; the advertising of
 imported wines significantly increases the quantity of imports for most
 countries while the advertising of domestic wines has a mixed effect on
 imported wine volumes. Other determinants such as price and real income
 are also found significant. 
Journal: Applied Economics Letters 
Pages: 1871-1877 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.669457 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.669457 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1871-1877




Template-Type: ReDIF-Article 1.0
Author-Name: Shishu Zhang 
Author-X-Name-First: Shishu 
Author-X-Name-Last: Zhang 
Author-Name: Gregory J. Soukup 
Author-X-Name-First: Gregory J. 
Author-X-Name-Last: Soukup 
Title: Analysis of the Medical Expenditure Panel Survey and the impact of family structure on children's well-being in the United States 
Abstract:
  Different family structures can significantly impact the well-being of
 children. From 1980 to 2008, reported births to unwed mothers in the
 United States rose from 18.4% to 40.6% and children in single-parent
 households in the United States increased from 19.5% to 29.5%. The Medical
 Expenditure Panel Survey (MEPS) (2001--2005) collected data on
 13&#x200A;582 American children 5--19 years old. A multiple-regression
 analysis tested for differences regarding family structure and income and
 the MEPS results on physical health, mental health, Body Mass Index (BMI)
 and class attendance. Level of significance for the study was
 <italic>p</italic> > 0.05. Children from single-mother households had
 significantly higher absentee rates than children from single-father
 households. Children from single-father families had significantly better
 rates of well-being when compared to single-mother families in general by
 income level. Children from higher income households had significantly
 better rates of mental and physical health and lower BMI and absentee
 rates. 
Journal: Applied Economics Letters 
Pages: 1879-1883 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.669458 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.669458 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1879-1883




Template-Type: ReDIF-Article 1.0
Author-Name: Sandro Garcia Duarte Peixoto 
Author-X-Name-First: Sandro Garcia Duarte 
Author-X-Name-Last: Peixoto 
Author-Name: Fabiana Fontes Rocha 
Author-X-Name-First: Fabiana Fontes 
Author-X-Name-Last: Rocha 
Author-Name: Marislei Nishijima 
Author-X-Name-First: Marislei 
Author-X-Name-Last: Nishijima 
Author-Name: Fernando Antonio Slaibe Postali 
Author-X-Name-First: Fernando Antonio Slaibe 
Author-X-Name-Last: Postali 
Title: Decentralization and corruption: evidence from primary health-care programmes 
Abstract:
  The aim of this article is to evaluate whether there is an association
 between decentralization and corruption. In order to do so we analyse
 Brazilian health-care programmes that are run locally. To construct
 objective measures of corruption, we use the information from the reports
 of the auditing programme of the local governments of Brazil. Results
 point that there is no relationship between decentralization and
 corruption, whatever the measure of decentralization used. 
Journal: Applied Economics Letters 
Pages: 1885-1888 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.671918 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.671918 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1885-1888




Template-Type: ReDIF-Article 1.0
Author-Name: Daehwan Kim 
Author-X-Name-First: Daehwan 
Author-X-Name-Last: Kim 
Author-Name: Taeyoon Sung 
Author-X-Name-First: Taeyoon 
Author-X-Name-Last: Sung 
Title: Efficiency of internal capital market under a controlling-minority-shareholder structure 
Abstract:
  We examine the efficiency of the internal capital market under three
 alternative ownership structures -- the dispersed ownership, the
 concentrated ownership and the Controlling-Minority-Shareholder (CMS)
 structure. Although the highest efficiency is achieved under the
 concentrated ownership, our analysis shows that the efficiency is higher
 under the CMS structure than under the dispersed ownership. The efficiency
 gain is greater if the agency problem between shareholders and the
 Headquarter (HQ) manager is greater. The conclusion of the analysis is in
 line with the observed patterns of firm organization in developing
 economies. 
Journal: Applied Economics Letters 
Pages: 1889-1892 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.671919 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.671919 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1889-1892




Template-Type: ReDIF-Article 1.0
Author-Name: Jan Saarela 
Author-X-Name-First: Jan 
Author-X-Name-Last: Saarela 
Author-Name: Dan-Olof Rooth 
Author-X-Name-First: Dan-Olof 
Author-X-Name-Last: Rooth 
Title: Uncertainty and international return migration: some evidence from linked register data 
Abstract:
  This article provides the first empirical evidence about the role of
 uncertainty in international return migration decisions using high-quality
 and detailed micro-data that cover migrants who were observed in both the
 source country before emigration and in the host country subsequent to
 immigration. We find that uncertainty in the initial migration decision
 might be an important driving mechanism behind the decision to return
 migrate, because migrants with a worse-than-expected outcome in the host
 country upon arrival and shortly thereafter have a notably higher
 probability of return migration than other migrants. 
Journal: Applied Economics Letters 
Pages: 1893-1897 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.674196 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.674196 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1893-1897




Template-Type: ReDIF-Article 1.0
Author-Name: Timothy Perri 
Author-X-Name-First: Timothy 
Author-X-Name-Last: Perri 
Title: Between the penthouse and the outhouse: the sorting of economics professors 
Abstract:
  Oyer (2007, 2008) considered the turnover of economics professors early
 in their careers. He found professors are more likely to move down from
 higher ranked schools than up from lower ranked schools. An asymmetric
 information model suggests this phenomenon is explained by imperfect
 screening at one's initial hiring. The smaller the fraction of more able
 individuals, and the more accurate the screening, the greater the chance
 downward movement exceeds upward movement. 
Journal: Applied Economics Letters 
Pages: 1899-1902 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.674199 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.674199 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1899-1902




Template-Type: ReDIF-Article 1.0
Author-Name: Ching-Cheng Chang 
Author-X-Name-First: Ching-Cheng 
Author-X-Name-Last: Chang 
Author-Name: Michael Mendy 
Author-X-Name-First: Michael 
Author-X-Name-Last: Mendy 
Title: Economic growth and openness in Africa: What is the empirical relationship? 
Abstract:
  This study examines the effects of trade policies on economic growth in
 Africa. The econometric methodology follows the cross-country studies by
 Barro (1991) and Kandiero and Chitiga (2003) with empirical application to
 a panel of 36 African countries observed over the period 1980 to 2009.
 Panel regressions are carried out using the fixed-effects models. The aim
 is to provide an empirical evidence for the driving force of Africa's
 economic growth. The results illustrate that openness in trade and
 investment is positively related to economic growth significantly.
 However, foreign aid, gross national savings and investment have negative
 relationships to both Gross Domestic Product (GDP) growth and GDP. Using
 South Africa as benchmark, the regional performance indicates that North
 Africa is the best one in generating positive GDP growth from Foreign
 Direct Investment (FDI), followed by Middle Africa whilst East Africa and
 West Africa compete for the third and fourth positions. 
Journal: Applied Economics Letters 
Pages: 1903-1907 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.676728 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.676728 
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Template-Type: ReDIF-Article 1.0
Author-Name: Liliane Bonnal 
Author-X-Name-First: Liliane 
Author-X-Name-Last: Bonnal 
Author-Name: Rachid Boumahdi 
Author-X-Name-First: Rachid 
Author-X-Name-Last: Boumahdi 
Author-Name: Pascal Favard 
Author-X-Name-First: Pascal 
Author-X-Name-Last: Favard 
Title: Nonexpected discrimination: the case of social housing in France 
Abstract:
  This research is a study of the differences in duration of waiting time
 between European and non-European households to obtain social housing,
 drawing on the housing survey carried out by the French National Institute
 of Statistics and Economic Studies (INSEE, Paris, 2006). The idea here is
 to bring to light eventual discrimination against non-European households.
 We show that these households, all else held constant, spend more time on
 the waiting lists. Appropriate decomposition techniques enable us to
 demonstrate that a nonnegligible portion of this gap could well be due to
 discrimination. 
Journal: Applied Economics Letters 
Pages: 1909-1916 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.676727 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.676727 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1909-1916




Template-Type: ReDIF-Article 1.0
Author-Name: Kam C. Chan 
Author-X-Name-First: Kam C. 
Author-X-Name-Last: Chan 
Author-Name: Chih-Hsiang Chang 
Author-X-Name-First: Chih-Hsiang 
Author-X-Name-Last: Chang 
Author-Name: Yining Chen 
Author-X-Name-First: Yining 
Author-X-Name-Last: Chen 
Title: A retrospective analysis of financial research by worldwide central banks and international monetary organizations 
Abstract:
  We examine the publications by Central Banks (CB) and International
 Monetary Organizations (IMO) in renowned finance journals over the past
 two decades. Unsurprisingly, the most productive CB in financial research
 are the Federal Reserve Board, the Federal Reserve Bank of New York, the
 World Bank and the International Monetary Fund (IMF). Although the
 worldwide CB have, more or less, increased productivity over the years,
 more than a few CB in Europe have made noticeable progress and revealed
 sizeable upsurge in financial research productivity. Also noteworthy is
 that the most productive central bank researchers are affiliated with a
 few highly productive institutions whereas the majority of them have prior
 or concurrent academic experience. 
Journal: Applied Economics Letters 
Pages: 1917-1922 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.676729 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.676729 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1917-1922




Template-Type: ReDIF-Article 1.0
Author-Name: Brahim Boudarbat 
Author-X-Name-First: Brahim 
Author-X-Name-Last: Boudarbat 
Author-Name: Victor Chernoff 
Author-X-Name-First: Victor 
Author-X-Name-Last: Chernoff 
Title: Education--job match among recent Canadian university graduates 
Abstract:
  This study uses data from the 2005 Follow-up of Canadian Graduates --
 Class of 2000 -- to look at the determinants of education--job match among
 university graduates. The question of education--job match is relevant
 given the substantial investment society puts into its postsecondary
 institutions and the role devoted to human capital in economic
 development. We find that 35.1% of graduates are in a job that is not
 closely related to their education 5 years after graduation. The
 education--job match strongly depends upon education characteristics, with
 fields that focus on providing specific skills for the job market (such as
 &#x2018;Health sciences&#x2019; and &#x2018;Education&#x2019;) being
 associated with the highest likelihood of obtaining an education--job
 match. In addition, the level of education, good grades and time devoted
 to studying strongly affect the match. Employment characteristics also
 affect the match, but to a mixed extent. One of our main findings is that
 predetermined characteristics (age, gender and family background) do not
 significantly affect the match. However, immigrants are significantly
 disadvantaged even if they hold Canadian degrees. 
Journal: Applied Economics Letters 
Pages: 1923-1926 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.676730 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.676730 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1923-1926




Template-Type: ReDIF-Article 1.0
Author-Name: Randy McFerrin 
Author-X-Name-First: Randy 
Author-X-Name-Last: McFerrin 
Author-Name: Stephen Norman 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Norman 
Author-Name: Douglas Wills 
Author-X-Name-First: Douglas 
Author-X-Name-Last: Wills 
Title: Determinants of homestead claims and the expansion of Western settlement 
Abstract:
  This article examines the impact economic variables had on the rate of
 settlement, measured by original homestead claims, in the Western United
 States. Our results from the estimated panel regressions indicate that the
 underlying rationale for the Homestead Act, namely that economic factors
 were important for settlement, was justified. The two most important
 economic variables, output prices, measured by real wheat prices, and the
 cost of capital, measured by real interest rates, were statistically
 significant in explaining the change in the original homestead claims.
 Furthermore, contrary to previous studies, railroad mileage was not found
 to be significant. This study also reveals that the location of a
 homestead relative to the 100th meridian, the traditional boundary of
 humid and sub-humid areas, had little effect on the response of
 homesteaders to economic variables. 
Journal: Applied Economics Letters 
Pages: 1927-1932 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.671920 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.671920 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Mercedes Alda 
Author-X-Name-First: Mercedes 
Author-X-Name-Last: Alda 
Author-Name: Luis Ferruz 
Author-X-Name-First: Luis 
Author-X-Name-Last: Ferruz 
Title: Linear and nonlinear financial time series: evidence in a sample of pension funds in Spain and the United Kingdom 
Abstract:
  In this article, we examine whether traditional linear models are
 suitable to assess financial samples, because financial data usually
 present nonnormality or nonlinear patterns, therefore linear models do not
 always adequately capture them. For this reason, as returns series usually
 follow autoregressive patterns, nonlinear models such as Self-Exciting
 Threshold Autoregressive (SETAR), Logistic STAR (LSTAR), Additive
 Autoregressive (AAR) or Neural Network (NNET) could provide a good fit. We
 study whether two samples of pension funds' returns in Spain and the
 United Kingdom present these features, and we find that the most
 appropriate model for the Spanish sample is an autoregressive model, but
 in the United Kingdom sample, we fit a neural network. 
Journal: Applied Economics Letters 
Pages: 1933-1937 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.669454 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.669454 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1933-1937




Template-Type: ReDIF-Article 1.0
Author-Name: Marianne Johnson 
Author-X-Name-First: Marianne 
Author-X-Name-Last: Johnson 
Author-Name: Denise Robson 
Author-X-Name-First: Denise 
Author-X-Name-Last: Robson 
Author-Name: Sarinda Taengnoi 
Author-X-Name-First: Sarinda 
Author-X-Name-Last: Taengnoi 
Title: Study design's influence on empirical findings in economic education 
Abstract:
  We use Meta-Regression Analysis (MRA) to investigate how study design
 influences the finding of a gender gap in the economics education
 literature. We survey 65 studies published in the <italic>American
 Economics Review Papers and Proceedings</italic> and the <italic>Journal
 of Economic Education</italic> over the past 30 years, containing 279
 distinct regressions. We find that studies with more explanatory
 variables, include statistics courses taught by economists, or sample
 preadolescent children are associated with a reduced likelihood of
 observing a gender gap; in contrast, studies that employ a stock model
 methodology or use course grade as the dependent variable are
 significantly more likely to find evidence of a gender gap. Estimation
 strategy seems to have little impact. We conclude that much of the
 conventional view of a gender gap in economics performance can be
 attributed to study design. 
Journal: Applied Economics Letters 
Pages: 1939-1942 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.674197 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.674197 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1939-1942




Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Cook 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Cook 
Author-Name: Susmita Chatterjee 
Author-X-Name-First: Susmita 
Author-X-Name-Last: Chatterjee 
Author-Name: Dipika Sur 
Author-X-Name-First: Dipika 
Author-X-Name-Last: Sur 
Author-Name: Dale Whittington 
Author-X-Name-First: Dale 
Author-X-Name-Last: Whittington 
Title: Measuring risk aversion among the urban poor in Kolkata, India 
Abstract:
  We examine risk preferences in an urban setting in a low-income
 developing country with nonstudent subjects by adapting the experimental
 approach of Holt and Laury (HL; 2002). We conducted 22 group experiments
 with 404 participants and used in-kind payoffs. The average respondent was
 &#x2018;risk-averse&#x2019; (the midpoint of Constant Relative Risk
 Aversion (CRRA) intervals among participants was 0.53, roughly in line
 with most similar studies in poor countries). Like most other studies, we
 find weak correlations between risk aversion and most socio-economic
 characteristics. Importantly, a sizeable minority had difficulty
 understanding the experiment, and participants were influenced by the
 context in which the experiments occurred (these problems are not unique
 to our study). Our article adds to a growing literature that suggests that
 risk aversion elicitation approaches are sensitive to context and
 cognitive abilities of participants. 
Journal: Applied Economics Letters 
Pages: 1-9 
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2011.644235 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.644235 
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Template-Type: ReDIF-Article 1.0
Author-Name: Koki Arai
Author-X-Name-First: Koki
Author-X-Name-Last: Arai
Title: Note on the need for rules on misleading representation based on experimental evidence
Abstract:
This article examines the rules for misleading representation with an experimental approach using Internet questionnaire data from a recent research article. The findings indicate that consumers who have been closely associated with the goods or who fully intend to purchase the goods are highly likely to understand any (alleged) deceptive advertising. Therefore, advertising regulations should protect marginal consumers from deceptive advertising rather than the actual or potential purchasers. The findings therefore corroborate the inducing requirement of the rules for misleading representation presently applied in Japan and other countries.
Journal: Applied Economics Letters 
Pages: 10-17
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.665591
File-URL: http://hdl.handle.net/10.1080/13504851.2012.665591 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Corrado Andini
Author-X-Name-First: Corrado
Author-X-Name-Last: Andini 
Author-Name: Ricardo Cabral
Author-X-Name-First: Ricardo
Author-X-Name-Last: Cabral
Title: How do mobile-voice operators compete? IVQR estimates
Abstract:
This article proposes a novel procedure to test whether firms compete &#xE0; la Cournot or perfectly collude when firms' conduct is allowed to be heterogeneous along the conditional distribution of price&#x2013;cost margins. We apply the procedure to a panel of quarterly data for 177 mobile-voice operators in 45 countries from 1999:1 to 2004:2. Particularly, we find that the hypothesis of perfect collusion can be rejected even for very high-margin operators while the hypothesis that very low-margin operators compete &#xE0; la Cournot cannot be rejected.
Journal: Applied Economics Letters 
Pages: 18-22
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.669455
File-URL: http://hdl.handle.net/10.1080/13504851.2012.669455 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:1:p:18-22




Template-Type: ReDIF-Article 1.0
Author-Name: X. Li
Author-X-Name-First: X. 
Author-X-Name-Last: Li
Author-Name: A. H. Anis
Author-X-Name-First: A.
Author-X-Name-Last: Anis
Title: Cost sharing of prescription drugs and demand for health-care utilization among seniors with rheumatoid arthritis
Abstract:
We employed a pre-post study design with a control group - a Difference-In-Difference (DID) estimator - to evaluate the effect of prescription drug policy reform on the number of prescriptions filled, the number of physician visits, the likelihood of hospitalizations and the number of hospitalizations among seniors with Rheumatoid Arthritis (RA) in British Columbia (BC), Canada. Our study demonstrates that when patients have to pay part of all of their drug costs, they often have more doctor visits and hospitalization events. Our results show that in a predominantly publicly funded health-care system, piecewise introduction of market-driven cost containment concepts such as patient cost sharing might have the unintended impact of increasing overall health utilization.
Journal: Applied Economics Letters 
Pages: 23-27
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.669456 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.669456
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:1:p:23-27




Template-Type: ReDIF-Article 1.0
Author-Name: Laurent Carnis 
Author-X-Name-First: Laurent
Author-X-Name-Last: Carnis
Author-Name: Nicolas Vaillant
Author-X-Name-First: Nicolas
Author-X-Name-Last: Vaillant
Author-Name: Beno&#xEE;t Dervaux
Author-X-Name-First: Beno&#xEE;t
Author-X-Name-Last: Dervaux
Title: Is injury compensation inequitable? Evidence from road accidents victims in France
Abstract:
This article analyses the heterogeneous character of compensation amounts awarded by insurance companies and the courts. The information source &#x2013; the Association for Insurance Risk Information (AGIRA) database &#x2013; covers all surviving victims of injuries resulting from road accidents in France over the period 2002 to 2008. Three results emerge: first, compensation amounts awarded under different headings &#x2013; Partial Permanent Incapacity (PPI), solatium (emotional harm), disfigurement and loss of amenity &#x2013; are not determined independently of each other; second, victim characteristics, notably age and sex, play a major part; and third, inequalities of treatment across the country are strikingly low.
Journal: Applied Economics Letters 
Pages: 28-33
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.671917
File-URL: http://hdl.handle.net/10.1080/13504851.2012.671917
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:1:p:28-33




Template-Type: ReDIF-Article 1.0
Author-Name: Ant&#xF3;nio Afonso 
Author-X-Name-First: Ant&#xF3;nio
Author-X-Name-Last: Afonso 
Author-Name: Jo&#xE3;o Tovar Jalles 
Author-X-Name-First: Jo&#xE3;o Tovar
Author-X-Name-Last: Jalles
Title: Do fiscal rules matter for growth?
Abstract:
We study the relevance of fiscal rules for growth in an European Union (EU) panel. Our results show that they foster growth, while stricter fiscal rules mitigate the adverse impact on growth from big governments. Moreover, more recent EU member states have gained from the implementation of fiscal rules. 
Journal: Applied Economics Letters 
Pages: 34-40 
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.674198 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.674198
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:1:p:34-40




Template-Type: ReDIF-Article 1.0
Author-Name: Gabriela Mundaca
Author-X-Name-First: Gabriela
Author-X-Name-Last: Mundaca
Title: Oil prices and exchange rate volatility in Arab countries
Abstract:
I test the bipolar view hypothesis on the exchange rates of countries of the Arab Monetary Fund (AMF) which are countries with relative free capital mobility. I find that oil price shocks seem to be the source of less flexible exchange rates.
Journal: Applied Economics Letters 
Pages: 41-47
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.674200
File-URL: http://hdl.handle.net/10.1080/13504851.2012.674200
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Template-Type: ReDIF-Article 1.0
Author-Name: Philipp Mohl
Author-X-Name-First: Philipp
Author-X-Name-Last: Mohl
Author-Name: David Sondermann 
Author-X-Name-First: David
Author-X-Name-Last: Sondermann
Title: Has political communication during the crisis impacted sovereign bond spreads in the euro area?
Abstract:
Using thousands of news agencies reports from May 2010 to June 2011, we find that statements about restructuring, bailout and the involvement of the European Financial Stability Facility (EFSF) have impacted bond spreads of countries in the periphery vis-&#xE0;-vis Germany. Our findings also indicate that the more different euro area governments issued statements at the same time, the more bond spreads have increased. Finally, statements from politicians from AAA-rated countries seemed to have a particularly strong impact on spreads.
Journal: Applied Economics Letters 
Pages: 48-61
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.674201
File-URL: http://hdl.handle.net/10.1080/13504851.2012.674201
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Template-Type: ReDIF-Article 1.0
Author-Name: Dongxiang Zhang
Author-X-Name-First: Dongxiang 
Author-X-Name-Last: Zhang 
Author-Name: Tsangyao Chang
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang
Author-Name: Chia-Hao Lee
Author-X-Name-First: Chia-Hao
Author-X-Name-Last: Lee
Author-Name: Ken Hung
Author-X-Name-First: Ken
Author-X-Name-Last: Hung
Title: Revisiting purchasing power parity for East Asian countries: sequential panel selection method 
Abstract:
This study applies the Sequential Panel Selection Method (SPSM) procedure proposed by Chortareas and Kapetanios (2009) to test the validity of long-run Purchasing Power Parity (PPP) for a sample of East Asian countries over the period March 1985 to September 2011. SPSM classifies the whole panel into a group of stationary series and a group of nonstationary series. In doing so, we can clearly identify how many and which series in the panel are stationary processes. Empirical results from the SPSM using the Panel Kapetanios <italic>et al.</italic> (KSS) unit root test (Ucar and Omay, 2009) with a Fourier function indicate that PPP holds true for most of these East Asian countries studied, with the exception of Hong Kong. Our results have important policy implications for these East Asian countries under study.
Journal: Applied Economics Letters 
Pages: 62-66
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.681022 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.681022
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Template-Type: ReDIF-Article 1.0
Author-Name: Sara Ayll&#xF3;n
Author-X-Name-First: Sara
Author-X-Name-Last: Ayll&#xF3;n 
Title: Unemployment persistence: not only stigma but discouragement too 
Abstract:
This article shows how stigma effects and discouragement counterbalance as sources of state dependence in unemployment throughout the business cycle.
Journal: Applied Economics Letters 
Pages: 67-71 
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.681020
File-URL: http://hdl.handle.net/10.1080/13504851.2012.681020
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Silva
Author-X-Name-First: Francisco
Author-X-Name-Last: Silva
Author-Name: Maria Batista
Author-X-Name-First: Maria
Author-X-Name-Last: Batista
Author-Name: Nelson Elias
Author-X-Name-First: Nelson
Author-X-Name-Last: Elias 
Title: Fuel price transmission mechanisms in Portugal 
Abstract:
This study aims to analyse the behaviour of fuel prices at the pump (unleaded gasoline and diesel) in Portugal, relative to positive and negative variations in Brent crude oil price. Applying an Autoregressive Distributed Lags (ARDL) model to weekly time series data for the period of January 2004 through May 2009, we detected some signs of asymmetry in the transmission price mechanism. However, these patterns are not statistically significant enough to reject hypotheses of symmetry in the price adjustment mechanisms of fuel in Portugal.
Journal: Applied Economics Letters 
Pages: 72-75
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.681019 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.681019 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeffrey A. Livingston 
Author-X-Name-First: Jeffrey
Author-X-Name-Last: Livingston 
Author-Name: David L. Ortmeyer 
Author-X-Name-First: David
Author-X-Name-Last: Ortmeyer
Author-Name: Patrick A. Scholten
Author-X-Name-First: Patrick 
Author-X-Name-Last: Scholten 
Title: A hedonic approach to testing for indirect network effects in the LCD television market
Abstract:
Using data from CNet's Shopper's.com on prices and television characteristics, we use a quality-adjusted, hedonic price regression to test for the presence of indirect network effects in the television market. In 2009, broadcasters were mandated to cease programme transmission using analog signals, and convert to digital signal transmission, necessitating changes to the reception mechanisms themselves, televisions. Digital signal transmission permits broadcasters to offer greater programming variety, which makes televisions more valuable to consumers. Similarly, the presence of adapters on televisions enables compatibility with a multitude of complementary devices, also increasing consumers' values of televisions. Our results are consistent with the presence of indirect network effects arising from each of these sources. 
Journal: Applied Economics Letters 
Pages: 76-79
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.681018
File-URL: http://hdl.handle.net/10.1080/13504851.2012.681018 
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig A. Gallet 
Author-X-Name-First: Craig
Author-X-Name-Last: Gallet 
Title: Tobacco control and obesity: evidence from a cross section of countries 
Abstract:
Although several studies of highly developed countries find tobacco control efforts impact obesity rates, whether such results extend to less developed countries is unclear. Accordingly, this study re-examines this issue by using data from countries that lie across the development spectrum. Similar to the existing literature, evidence suggests higher cigarette prices increase the per cent of the population that is overweight or obese. Yet, other tobacco control efforts have less influence. A number of other factors, including health-care expenditure, urban concentration and undernourishment, are also found to influence population weight.
Journal: Applied Economics Letters 
Pages: 80-83
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.683165
File-URL: http://hdl.handle.net/10.1080/13504851.2012.683165
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Template-Type: ReDIF-Article 1.0
Author-Name: Russell S. Sobel 
Author-X-Name-First: Russell S. 
Author-X-Name-Last: Sobel 
Author-Name: Nabamita Dutta 
Author-X-Name-First: Nabamita 
Author-X-Name-Last: Dutta 
Author-Name: Sanjukta Roy 
Author-X-Name-First: Sanjukta 
Author-X-Name-Last: Roy 
Title: Does fiscal decentralization result in a better business climate? 
Abstract:
  Previous literature generally finds that greater fiscal decentralization
 is associated with faster economic growth, improved government performance
 and stronger constraints on the Leviathan behaviour of governments.
 Because economic growth critically depends on the presence of good
 government policies and institutions, the likely but untested link between
 these strands of literature is that greater decentralization probably
 improves growth <italic>because</italic> it results in government policies
 more conducive to entrepreneurship and business success. We test (and
 confirm) this hypothesis using several business climate measures for the
 US states. 
Journal: Applied Economics Letters 
Pages: 84-91 
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.657344 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.657344 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:1:p:84-91




Template-Type: ReDIF-Article 1.0
Author-Name: John Whalley
Author-X-Name-First: John 
Author-X-Name-Last: Whalley
Author-Name: Kai Zhao
Author-X-Name-First: Kai
Author-X-Name-Last: Zhao 
Title: Home production and the welfare cost of labour supply tax distortions
Abstract:
The traditional model of household labour supply incorporates leisure into preferences rather than focusing on how relative costs of production at home and via market activity determine market labour supply. In part, this reflects the lack of simple closed form solutions for the home production model. This article uses numerical techniques to compare the welfare costs of tax distortions of labour supply in models with and without home production. When observationally equivalent models of each type are calibrated to the same aggregate labour supply elasticity, the home production model of labour supply produces a much smaller welfare cost of tax distortions of labour supply than the standard model. Our results thus suggest that home production is important for understanding the welfare effects of labour tax policies.
Journal: Applied Economics Letters 
Pages: 92-95 
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.667545
File-URL: http://hdl.handle.net/10.1080/13504851.2012.667545
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Template-Type: ReDIF-Article 1.0
Author-Name: Liliane Bonnal
Author-X-Name-First: Liliane 
Author-X-Name-Last: Bonnal
Author-Name: Rachid Boumahdi
Author-X-Name-First: Rachid
Author-X-Name-Last: Boumahdi
Author-Name: Pascal Favard 
Author-X-Name-First: Pascal
Author-X-Name-Last: Favard
Title: The easiest way to estimate the Oaxaca-Blinder decomposition
Abstract:
This article studies the relation between the Oaxaca-Blinder decomposition and the estimated coefficient of a dummy variable for a linear regression. We calculate the unexplained part of the decomposition from the estimated coefficient of the dummy variable. More precisely, if the exogenous variables are uncorrelated to the dummy variable, the estimated coefficient and its variance give directly the value and the variance of the unexplained part of the decomposition. If the independent variables are correlated a simple relation is obtained. Moreover, we show that the significance of the unexplained part can be deduced from the significance of the estimated coefficient of the dummy variable.
Journal: Applied Economics Letters 
Pages: 96-101
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.681021 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.681021 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dragan Miljkovic 
Author-X-Name-First: Dragan 
Author-X-Name-Last: Miljkovic 
Author-Name: Silvia H. Miranda 
Author-X-Name-First: Silvia H. 
Author-X-Name-Last: Miranda 
Author-Name: Saleem Shaik 
Author-X-Name-First: Saleem 
Author-X-Name-Last: Shaik 
Title: Trade openness and technical efficiency in Brazilian agriculture 
Abstract:
  This study is conducted (1) to examine the possible link between
 increased trade openness and technical efficiency in Brazilian agriculture
 and (2) to contribute to the scholarly debate in the literature by
 measuring the impact of trade openness on technical efficiency. The
 analysis is conducted by using the Stochastic Frontier Analysis (SFA)
 method. Our results indicate large and significant impact of capital, and
 lesser but significant impact of labour on sectorial output, while
 expanding farmland would not increase the output. The estimates of trade
 openness are not statistically significant, indicating that it does not
 impact technical efficiency. Trade liberalization as an underlying motive
 for increasing technical efficiency does not exist based on our results.
 The primary markets for Brazilian agricultural commodities are still the
 domestic markets, which are still relatively well protected from foreign
 competition. This implies that domestic producers are not forced to use
 existing inputs more efficiently given the relative lack of competition
 domestically and enlarged foreign markets expanding primarily in the
 booming and large Asian economies. 
Journal: Applied Economics Letters 
Pages: 103-106 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684870 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684870 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Sosvilla-Rivero 
Author-X-Name-First: Simon 
Author-X-Name-Last: Sosvilla-Rivero 
Author-Name: Mar�a del Carmen Ramos-Herrera 
Author-X-Name-First: Mar�a del Carmen 
Author-X-Name-Last: Ramos-Herrera 
Title: On the forecast accuracy and consistency of exchange rate expectations: the Spanish PwC Survey 
Abstract:
  We examine the predictive ability and consistency properties of exchange
 rate expectations for the dollar/euro using a survey conducted in Spain by
 PricewaterhouseCoopers (PwC) among a panel of experts and entrepreneurs.
 Our results suggest that the PwC panel have some forecasting ability for
 time horizons from 3 to 9 months, although only for the 3-month ahead
 expectations we obtain marginal evidence of unbiasedness and efficiency in
 the forecasts. As for the consistency properties of the exchange rate
 expectation formation process, we find that survey participants form
 stabilizing expectations in the short run and destabilizing expectations
 in the long run. 
Journal: Applied Economics Letters 
Pages: 107-110 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684775 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684775 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:107-110




Template-Type: ReDIF-Article 1.0
Author-Name: D. Ventosa-Santaul&#xE0;ria 
Author-X-Name-First: D. 
Author-X-Name-Last: Ventosa-Santaul&#xE0;ria 
Author-Name: M. G&#xF3;mez-Zald�var 
Author-X-Name-First: M. 
Author-X-Name-Last: G&#xF3;mez-Zald�var 
Title: A comment on &#x2018;Testing the validity of quasi-PPP hypothesis: evidence from a recent panel unit-root test with structural breaks&#x2019; 
Abstract:
  In a recent study, Guloglu <italic>et al</italic>. (2011) took 18 Turkish
 real exchange rate series and used a panel unit-root test, which allows
 for structural breaks in the level and the trend of the real exchange
 rate. When the practitioner allows for structural breaks, the rejection of
 the null hypothesis of unit root in the real exchange rate does not imply
 that Purchasing Power Parity (PPP) holds. The authors claim that they
 found evidence of Quasi-PPP (Q-PPP). Yet, the latter does not include
 either linear trend or trend breaks. Their results cannot be considered
 evidence of either Trend-PPP (T-PPP) or Trend-Qualified PPP (TQ-PPP),
 since both exclude trend shifts. 
Journal: Applied Economics Letters 
Pages: 111-113 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684778 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684778 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:111-113




Template-Type: ReDIF-Article 1.0
Author-Name: Richard J. Cebula 
Author-X-Name-First: Richard J. 
Author-X-Name-Last: Cebula 
Title: Determinants of per commercial and industrial customer electricity consumption in the United States for the period 2001 to 2005 
Abstract:
  This empirical study focuses on identifying the key economic factors and
 other conditions that have influenced the per customer commercial and
 industrial consumption of electricity in the United States during recent
 years. Unlike most previous studies, this study uses a 5-year state-level
 panel data set for the period 2001 to 2005. The Panel Least Squares (PLS)
 estimation provided in this study implies that per commercial and
 industrial customer electricity consumption is an increasing function of
 the annual number of Cooling Degree Days (CDDs), per capita real
 disposable income (a <italic>de facto</italic> &#x2018;control&#x2019;
 variable) and the peak summer electricity-generating capacity.
 Furthermore, per commercial and industrial customer electricity
 consumption is a decreasing function of the average real unit price of
 electricity to commercial and industrial enterprises and the degree of
 each state's commitment to energy efficiency programmes, as reflected in
 an &#x2018;LEEP&#x2019; score, where the term &#x2018;LEEP&#x2019; stands
 for Level of Energy Efficiency Programmes. The latter result provides
 evidence that public policies to promote energy efficiency have yielded at
 least some benefits in terms of reducing commercial and industrial
 electricity consumption. 
Journal: Applied Economics Letters 
Pages: 114-118 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684776 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684776 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kun Ho Kim 
Author-X-Name-First: Kun Ho 
Author-X-Name-Last: Kim 
Title: Inference of the environmental Kuznets curve 
Abstract:
  This article provides inference of the pollution and income relationship,
 typically known as the Environmental Kuznets Curve (EKC). We construct the
 Uniform Confidence Band (UCB) of the nonparametric component in the
 semiparametric EKC and test the hypothesis of an inverted U-shaped
 pattern. 
Journal: Applied Economics Letters 
Pages: 119-122 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.683163 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.683163 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:119-122




Template-Type: ReDIF-Article 1.0
Author-Name: I. Koske 
Author-X-Name-First: I. 
Author-X-Name-Last: Koske 
Author-Name: I. Wanner 
Author-X-Name-First: I. 
Author-X-Name-Last: Wanner 
Title: The drivers of labour income inequality -- an analysis based on Bayesian Model Averaging 
Abstract:
  Many Organisation for Economic Co-operation and Development (OECD)
 countries have seen income inequality rising over the past decade, which
 has led to a renewed interest among researchers and policy makers in
 understanding the causes of income inequality. To shed light on this
 issue, this article investigates the determinants of labour income
 inequality for a sample of 22 OECD countries. As model uncertainty is
 likely to be a major issue in such an underpinning, the empirical analysis
 relies on a Bayesian Model Averaging (BMA) technique. The results suggest
 that in particular labour, education and tax policies have an important
 influence on the distribution of labour income. 
Journal: Applied Economics Letters 
Pages: 123-126 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.683164 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.683164 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:123-126




Template-Type: ReDIF-Article 1.0
Author-Name: Tal Shavit 
Author-X-Name-First: Tal 
Author-X-Name-Last: Shavit 
Author-Name: Mosi Rosenboim 
Author-X-Name-First: Mosi 
Author-X-Name-Last: Rosenboim 
Author-Name: Yaniv Shani 
Author-X-Name-First: Yaniv 
Author-X-Name-Last: Shani 
Title: What is more important, the outcome or the probability? 
Abstract:
  According to basic economic theory, people wish to maximize their
 expected utility. In order to do so they should integrate the likelihood
 (i.e. probability) and the possible outcomes (good or bad). Nevertheless,
 research has shown that people do not always account for their decisions
 on the basis of a rational or a cold evaluation of utility. We suggest
 that when choosing between two risky alternatives people determine the
 relative perceived importance of the outcomes and probabilities before
 making their choice. If the outcome is more important, they will tend to
 choose the option with the best outcome. If the probability is more
 important, they will tend to choose the option with the higher probability
 for the desirable outcome, or the option with the lower probability for
 the undesirable outcome. This means that people maximize their utility
 based on their perceived importance of probabilities and outcomes. To test
 our argument, we conducted an experiment in which we asked the
 participants to decide between two uncertain outcomes. The results support
 our claim that the importance of the probability and the importance of the
 outcome affect the choice between two risky alternatives. 
Journal: Applied Economics Letters 
Pages: 127-130 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684782 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684782 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. E. Anderson 
Author-X-Name-First: J. E. 
Author-X-Name-Last: Anderson 
Title: US tax acts and their effects on average tax rates 
Abstract:
  Tax legislation since the early 1980s has significantly altered Average
 Tax Rates (ATRs) across the income distribution in the United States.
 Using a consistently defined ATR series for the years 1979--2003, this
 study finds that the 1980s reduced ATRs for all taxpayers except those in
 the bottom quintile whose ATRs rose. The reforms of the early 1990s
 generally had the effect of raising ATRs at the top of the income
 distribution and lowering those at the bottom, although the magnitude of
 the effects was smaller than the reforms of the 1980s. Reforms of the late
 1990s and early 2000s significantly reduced ATRs virtually across the
 board. The only exception occurred in the bottom quintile where the
 effects of the various tax acts have been mixed. The tax acts of 2001 and
 2003 reduced ATRs significantly in the top and middle quintiles, although
 the size of the ATR reduction in both cases was greater in the middle
 quintile than in the top quintile. Within the top percentile, the ATR
 reductions due to Jobs and Growth Tax Relief Reconciliation Act of 2003
 (JGTRRA03) are larger than those due to Economic Growth and Tax Relief
 Reconciliation Act of 2001 (EGTRRA01), but they are only modestly larger
 than the ATR reductions due to TRA86. 
Journal: Applied Economics Letters 
Pages: 131-134 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684781 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684781 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:131-134




Template-Type: ReDIF-Article 1.0
Author-Name: Yen-Sen Ni 
Author-X-Name-First: Yen-Sen 
Author-X-Name-Last: Ni 
Author-Name: Jen-Tsai Lee 
Author-X-Name-First: Jen-Tsai 
Author-X-Name-Last: Lee 
Author-Name: Yi-Ching Liao 
Author-X-Name-First: Yi-Ching 
Author-X-Name-Last: Liao 
Title: Do variable length moving average trading rules matter during a financial crisis period? 
Abstract:
  When analysing the data periods including the pre-financial and financial
 crisis periods, the results show that investors might make profits by
 using Variable Length Moving Average (VMA) trading rules as buying signals
 rather than as selling signals shown for the Brazil, Russia, India and
 China (BRIC) stock markets. However, investors may find it difficult to
 make profits in a financial crisis period, suggesting that more detailed
 information should be investigated, since the significant results shown
 during the full period might not reveal the differences between the
 pre-financial and financial crisis periods. 
Journal: Applied Economics Letters 
Pages: 135-141 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684784 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684784 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:135-141




Template-Type: ReDIF-Article 1.0
Author-Name: Micha&#x142; Brzoza-Brzezina 
Author-X-Name-First: Micha&#x142; 
Author-X-Name-Last: Brzoza-Brzezina 
Author-Name: Jacek Kot&#x142;owski 
Author-X-Name-First: Jacek 
Author-X-Name-Last: Kot&#x142;owski 
Author-Name: Agata Mi&#x15B;kowiec 
Author-X-Name-First: Agata 
Author-X-Name-Last: Mi&#x15B;kowiec 
Title: How forward-looking are central banks? Some evidence from their forecasts 
Abstract:
  We estimate forward-looking Taylor rules on data from macroeconomic
 forecasts of three central banks in order to determine the extent to which
 these banks are forward-looking. We find that all three banks are to some
 extent forward-looking, albeit to a varying degree. In general, the
 horizons for inflation seem to be longer than for output. We also find
 that central banks prefer to concentrate on one particular horizon rather
 than take into account the whole forecast. 
Journal: Applied Economics Letters 
Pages: 142-146 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684780 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684780 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:142-146




Template-Type: ReDIF-Article 1.0
Author-Name: Byeongchan Seong 
Author-X-Name-First: Byeongchan 
Author-X-Name-Last: Seong 
Title: Bootstrap test for seasonal cointegrating ranks 
Abstract:
  We consider a bootstrap algorithm for the Likelihood Ratio (LR) test of
 seasonal Cointegrating (CI) ranks as the extension of Swensen (2006).
 Through a small Monte Carlo simulation experiment, we find that the
 bootstrap algorithm can effectively improve size distortions of the LR
 test. 
Journal: Applied Economics Letters 
Pages: 147-151 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684785 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684785 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:147-151




Template-Type: ReDIF-Article 1.0
Author-Name: Alessandro Maravalle 
Author-X-Name-First: Alessandro 
Author-X-Name-Last: Maravalle 
Title: Oil shocks and the US terms of trade: gauging the role of the trade channel 
Abstract:
  Recent theoretical literature claims that demand-driven transmission
 mechanisms are the key to understand how oil shocks affect the economy.
 Following this literature, we measure the economic strength of one of
 these demand-driven channels, the trade channel, in the transmission of
 oil shocks to the US economy. We use Kilian's (2009) decomposition of oil
 price shocks to identify three possible sources of oil shocks: oil supply,
 oil-market specific demand and global demand shocks. We then estimate the
 impact of each shock on the US terms of trade controlling for nonlinear
 effects in the sign and the size of the shocks. All oil shocks have
 persistent and statistically significant effects on the US terms of trade.
 However, we find that only oil supply shocks have an impact on the terms
 of trade that is nonlinear in the size of the shock. This last result is
 in accordance with the theoretical findings in Maravalle (forthcoming). 
Journal: Applied Economics Letters 
Pages: 152-156 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684779 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684779 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:152-156




Template-Type: ReDIF-Article 1.0
Author-Name: U. Brixy 
Author-X-Name-First: U. 
Author-X-Name-Last: Brixy 
Author-Name: R. Sternberg 
Author-X-Name-First: R. 
Author-X-Name-Last: Sternberg 
Author-Name: H. St&#xFC;ber 
Author-X-Name-First: H. 
Author-X-Name-Last: St&#xFC;ber 
Title: Why some nascent entrepreneurs do not seek professional assistance 
Abstract:
  As the high share of failed new businesses shows, the marked success of
 new firms is still rather low. Hence, enhancing the quality of new firms
 is an important goal of entrepreneurship support policies. Schemes that
 give professional assistance to individuals who want to start up a
 business are a key feature of most developed countries' policies towards
 improving the performance of new firms. In our sample, only approximately
 half of nascent entrepreneurs seek professional assistance. Given that
 assistance is highly subsidized and available to everyone interested in
 starting up a firm, we ask why certain nascent entrepreneurs do not seek
 assistance. By using survey data consisting of an initial screening
 interview and a follow-up interview after 1 year, we are able to show that
 men and well-educated founders tend to refrain from professional
 assistance. Notably, those without any experience in the industry of the
 planned business are more apt not to seek assistance. This finding
 suggests that cognitive biases such as overconfidence might play a role in
 explaining the assistance-avoiding behaviour. Policy measures aiming at
 improving the knowledge of potential entrepreneurs are therefore well
 advised to target well-educated males in particular. 
Journal: Applied Economics Letters 
Pages: 157-161 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684783 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684783 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:157-161




Template-Type: ReDIF-Article 1.0
Author-Name: Yener Altunba&#x15F; 
Author-X-Name-First: Yener 
Author-X-Name-Last: Altunba&#x15F; 
Author-Name: Edward Jones 
Author-X-Name-First: Edward 
Author-X-Name-Last: Jones 
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: Knowledge spillovers and the growth of British cities 
Abstract:
  The relative importance of intra-industry or inter-industry knowledge
 spillovers for the growth of cities remains an open question. Using a
 unique data set on the growth of 109 British cities during 1951--1991, we
 find evidence suggesting that the most important knowledge spillovers
 occur between rather than within industries, which is consistent with
 Jacobs (1969, 1985). 
Journal: Applied Economics Letters 
Pages: 162-166 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684773 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684773 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:162-166




Template-Type: ReDIF-Article 1.0
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Author-Name: Larry Li 
Author-X-Name-First: Larry 
Author-X-Name-Last: Li 
Title: The frequency and severity of operational losses: a cross-country comparison 
Abstract:
  We examine the proposition that cross-country differences in the factors
 determining the frequency and severity of operational losses lead to
 cross-country differences in the distribution and incidence of operational
 loss events in terms of frequency and severity. For this purpose, we
 consider 4388 operational loss events covering 11 countries or country
 groups. The results reveal differences with respect to the type of loss
 events prevailing in each country or country group as well as differences
 with respect to the dominance of events of certain type in a particular
 business line and corporate entity type. 
Journal: Applied Economics Letters 
Pages: 167-172 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684777 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684777 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:167-172




Template-Type: ReDIF-Article 1.0
Author-Name: M. P. McCullough 
Author-X-Name-First: M. P. 
Author-X-Name-Last: McCullough 
Author-Name: T. L. Marsh 
Author-X-Name-First: T. L. 
Author-X-Name-Last: Marsh 
Author-Name: R. Huffaker 
Author-X-Name-First: R. 
Author-X-Name-Last: Huffaker 
Title: Reconstructing market reactions to consumption harms 
Abstract:
  We investigate dynamic market reactions from harmful events using phase
 space reconstruction to analyse nonlinear dynamical systems. Phase space
 reconstruction analysis is applied to US beef consumption data,
 demonstrating market deviations and transitions from plausible, stable
 consumption patterns in response to product attributes (latent or
 nonlatent) coinciding with longer or shorter term human health harms (e.g.
 cholesterol) or food safety harms (e.g. <italic>Escherichia coli</italic>
 and Bovine Spongiform Encephalopathy (BSE)). The results support complex,
 nonlinear dynamic behavioural responses to perceived consumption harms.
 Consistent with previous research, the perceived negative long-run health
 effect from cholesterol caused consumers to transition their consumption
 behaviour from a higher to a lower level while retaining a persistent
 seasonal pattern. In contrast, responses to food safety information (i.e.
 <italic>E. coli</italic> or BSE) about beef derived from phase space
 reconstruction demonstrated temporary deviations from stable consumption
 patterns. 
Journal: Applied Economics Letters 
Pages: 173-179 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.687091 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.687091 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:173-179




Template-Type: ReDIF-Article 1.0
Author-Name: Scott W. Fausti 
Author-X-Name-First: Scott W. 
Author-X-Name-Last: Fausti 
Author-Name: Matthew A. Diersen 
Author-X-Name-First: Matthew A. 
Author-X-Name-Last: Diersen 
Author-Name: Bashir A. Qasmi 
Author-X-Name-First: Bashir A. 
Author-X-Name-Last: Qasmi 
Author-Name: Jing Li 
Author-X-Name-First: Jing 
Author-X-Name-Last: Li 
Author-Name: Brent Lange 
Author-X-Name-First: Brent 
Author-X-Name-Last: Lange 
Title: The effect of animal gender on producer marketing behaviour 
Abstract:
  Weekly grid market share by volume for slaughter steers is compared with
 slaughter heifers. Summary statistics indicate average grid market share
 for steers (42%) is higher relative to heifers (33%). The literature
 indicates that pregnancy and increased dark cutter incidence associated
 with heifers relative to steers create additional financial risk when
 heifers are sold on a grid. Empirical evidence suggests that carcass
 quality risk is a plausible contributing factor to gender disparity with
 respect to grid market share. 
Journal: Applied Economics Letters 
Pages: 180-185 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684774 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684774 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:180-185




Template-Type: ReDIF-Article 1.0
Author-Name: Tajul Ariffin Masron 
Author-X-Name-First: Tajul Ariffin 
Author-X-Name-Last: Masron 
Author-Name: Eliza Nor 
Author-X-Name-First: Eliza 
Author-X-Name-Last: Nor 
Title: FDI in ASEAN-8: Does institutional quality matter? 
Abstract:
  The importance of Foreign Direct Investment (FDI) as a driver of economic
 development is no longer a secret. As a result, the competition to attract
 FDI is getting stiffer as any economy in the world is currently eyeing for
 FDI, including the Association of Southeast Asian Nations (ASEAN). With
 the emergence of China as a new attractive location for FDI, and as part
 of the alternatives to further enhance the attractiveness of ASEAN, this
 study analyses the role of institutional quality on FDI inflows into
 ASEAN. 
Journal: Applied Economics Letters 
Pages: 186-189 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.687090 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.687090 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:186-189




Template-Type: ReDIF-Article 1.0
Author-Name: Hongjai Rhee 
Author-X-Name-First: Hongjai 
Author-X-Name-Last: Rhee 
Title: An empirical relationship between price elasticity and price levels 
Abstract:
  This study examines price competition between Duty-Free Stores (DFSs).
 The primary research question is the relationship between the own- and
 cross-store price elasticities, on the one hand, and the average price
 levels of DFS products, on the other hand. Using a unique data set of DFS
 sales in Korea combined with a hierarchical Bayesian model, we show that
 the own- and cross-store price elasticities increase significantly with
 the average price level. 
Journal: Applied Economics Letters 
Pages: 190-193 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.689101 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689101 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:190-193




Template-Type: ReDIF-Article 1.0
Author-Name: Pierpaolo Pattitoni 
Author-X-Name-First: Pierpaolo 
Author-X-Name-Last: Pattitoni 
Author-Name: Barbara Petracci 
Author-X-Name-First: Barbara 
Author-X-Name-Last: Petracci 
Author-Name: Massimo Spisni 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Spisni 
Title: NAV discount in REITs: the role of expert assessors 
Abstract:
  Using a unique hand-collected data set that comprises the 2009 balance
 sheets of all Italian listed Real Estate Investment Trusts (REITs), we
 test whether Net Asset Value (NAV) discount can be explained by expert
 assessor overestimations. Our results suggest that expert assessors make
 conservative assessments of NAV values; thus, they are not responsible for
 NAV discounts. Furthermore, using the balance sheet disaggregated data of
 each REIT, we cluster properties by region and intended use and find that
 certain regions and types of properties are more discount-prone than
 others. 
Journal: Applied Economics Letters 
Pages: 194-198 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.689103 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689103 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:194-198




Template-Type: ReDIF-Article 1.0
Author-Name: Bidisha Lahiri 
Author-X-Name-First: Bidisha 
Author-X-Name-Last: Lahiri 
Author-Name: Xi Tian 
Author-X-Name-First: Xi 
Author-X-Name-Last: Tian 
Title: Structural break between small and large firms' behaviour in trade credit and bank credit: evidence from India's retail sector 
Abstract:
  This article recognizes the simultaneity of firms' decision in choosing
 between the various options of external financing. Additionally, the
 analysis allows the combination of bank finance and trade credit finance
 to vary with the firm's size even when all the firms are operating within
 the same financial infrastructure. We use cross-sectional data for the
 retail sector in India and apply structural break analysis common to
 time-series analysis to a system of simultaneous equations to split the
 sample into small and large firms. We find that the smaller firms depend
 more strongly on trade credit than the larger firms. Bank credit is found
 to be strongly related with the proxy for available collateral for the
 small firms but not for the large firms indicating that the large firms
 are unconstrained with respect to bank credit. 
Journal: Applied Economics Letters 
Pages: 199-202 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.689105 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689105 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:199-202




Template-Type: ReDIF-Article 1.0
Author-Name: Jie Yang 
Author-X-Name-First: Jie 
Author-X-Name-Last: Yang 
Author-Name: Liyan Han 
Author-X-Name-First: Liyan 
Author-X-Name-Last: Han 
Title: Optimal size of currency swap between central banks: evidence from China 
Abstract:
  Currency swaps are used by central banks to provide short-term liquidity
 to help enhance financial stability for both counterparts. We apply the
 newsboy inventory optimization to interpret the factors related to the
 optimal size of a currency swap, and we find that the mean value of
 foreign exchange demand, its volatility and the distribution form are
 important for the optimal swap size. Empirical studies regarding swap
 arrangements between China and its trading partners show that total trade
 volume and its long-term SD are robust explanatory variables. 
Journal: Applied Economics Letters 
Pages: 203-207 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.689102 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689102 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:203-207




Template-Type: ReDIF-Article 1.0
Author-Name: Seonyeong Cho 
Author-X-Name-First: Seonyeong 
Author-X-Name-Last: Cho 
Author-Name: Chung-Ki Lee 
Author-X-Name-First: Chung-Ki 
Author-X-Name-Last: Lee 
Author-Name: Beomsoo Kim 
Author-X-Name-First: Beomsoo 
Author-X-Name-Last: Kim 
Title: The impacts of air pollution on low birth weight 
Abstract:
  This study examines the impacts of air pollution on low birth weight by
 considering overtime variation in Korea in early 2000, when some parts of
 Korea experienced huge drop in air pollution due to regulation. The
 mother's exposure to ozone level above 0.12 ppm per hour during the first
 trimester increased the probability of low birth weight by 0.4 percentage
 point (0.08% of the sample mean). Exposure to carbon monoxide or sulphur
 dioxide (SO<sub>2</sub>) during the third trimester also led to a
 significant but modest increase in the probability of low birth weight. 
Journal: Applied Economics Letters 
Pages: 208-212 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.689100 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689100 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:208-212




Template-Type: ReDIF-Article 1.0
Author-Name: Yi-Mien Lin 
Author-X-Name-First: Yi-Mien 
Author-X-Name-Last: Lin 
Author-Name: Woody M. Liao 
Author-X-Name-First: Woody M. 
Author-X-Name-Last: Liao 
Author-Name: Yen-Yu Liu 
Author-X-Name-First: Yen-Yu 
Author-X-Name-Last: Liu 
Title: Financing policy, executive stock options and cash flow forecasts 
Abstract:
  This article investigates the relationship between management voluntary
 disclosures of cash flow forecasts and external financing policy, earnings
 management, earnings forecasts and executive stock option compensation. We
 find that management is more likely to issue cash flow forecasts when a
 firm has external financing needs or when a firm has more executive stock
 option compensation. However, management is less likely to disclose cash
 flow forecasts when a firm has more earnings management. Consistent with
 the prior research, we document that a firm with high dividend payout,
 large asset value and high profitability tends to disclose cash flow
 information to convey good news. Further, if analysts have released
 earning forecasts, management is likely to issue cash flow forecasts to
 complement those analyst earnings forecasts. If analysts release cash flow
 forecasts, management is less likely to disclose cash flow forecasts to
 avoid issuing repeat forecasts. Our results, therefore, suggest that
 different incentives drive management disclosure decisions regarding cash
 flow forecasts in actual practice. 
Journal: Applied Economics Letters 
Pages: 213-226 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.689108 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689108 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:213-226




Template-Type: ReDIF-Article 1.0
Author-Name: Anichul Hoque Khan 
Author-X-Name-First: Anichul Hoque 
Author-X-Name-Last: Khan 
Author-Name: Hasnat Dewan 
Author-X-Name-First: Hasnat 
Author-X-Name-Last: Dewan 
Title: Factors correlating with long-lasting banking crises: a special focus on crisis resolution policy measures 
Abstract:
  The costs of a long-lasting banking crisis are high because both the
 depositors and the investors lose confidence in the banking system. For a
 rapid recovery from such a crisis, the government often undertakes Crisis
 Resolution Policy (CRP) measure(s). Existing studies have paid little
 attention to these CRP measures and their correlations with long-lasting
 banking crises. This study fills that literature void. The major finding
 is that the CRP measure that allows the regulation forbearance to keep the
 insolvent banks operative is strongly significant in increasing the
 duration of a banking crisis. Another CRP measure, which relieves bank
 borrowers from paying debt, is also significant but weakly significant in
 increasing the duration of a crisis. 
Journal: Applied Economics Letters 
Pages: 227-232 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.688936 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.688936 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:227-232




Template-Type: ReDIF-Article 1.0
Author-Name: Laurent Ferrara 
Author-X-Name-First: Laurent 
Author-X-Name-Last: Ferrara 
Author-Name: Cl�ment Marsilli 
Author-X-Name-First: Cl�ment 
Author-X-Name-Last: Marsilli 
Title: Financial variables as leading indicators of GDP growth: Evidence from a MIDAS approach during the Great Recession 
Abstract:
  The global economic recession, referred to as the Great Recession,
 endured by the main industrialized countries during the period 2008--09,
 in the wake of the financial and banking crises, has pointed out the
 current importance of the financial sector in macroeconomics. In this
 article, we evaluate the predictive power of some major financial
 variables to anticipate GDP growth in euro area countries during this
 specific period of time. In this respect, we implement a Mixed Data
 Sampling (MIDAS)-based modelling approach, put forward by Ghysels
 <italic>et al.</italic> (2007), that enables to forecast quarterly Gross
 Domestic Product (GDP) growth rates using exogenous variables sampled at
 higher frequencies. Empirical results show that, overall, stock prices
 help to improve the accuracy of GDP forecasts by comparison with a
 standard opinion survey variable, whereas oil prices and term spread
 appear to be less informative. <fn id="FT0001"> The views expressed herein
 are those of the authors and do not necessarily reflect those of the
 Banque de France. </fn>  
Journal: Applied Economics Letters 
Pages: 233-237 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.689099 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689099 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:233-237




Template-Type: ReDIF-Article 1.0
Author-Name: Takeshi Hoshikawa 
Author-X-Name-First: Takeshi 
Author-X-Name-Last: Hoshikawa 
Author-Name: Keiko Yamaguchi 
Author-X-Name-First: Keiko 
Author-X-Name-Last: Yamaguchi 
Title: A note on the yen/dollar rate without foreign exchange intervention 
Abstract:
  This article shows what the yen/dollar rate would be without foreign
 exchange interventions by the Japanese government for 61 086 billion yen.
 If there had been no interventions, then the yen/dollar rate in June 2011
 may have been 54.30 instead of the actual rate of 80.52. 
Journal: Applied Economics Letters 
Pages: 238-243 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.689097 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689097 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:238-243




Template-Type: ReDIF-Article 1.0
Author-Name: Arusha Cooray 
Author-X-Name-First: Arusha 
Author-X-Name-Last: Cooray 
Title: Does health capital have differential effects on economic growth? 
Abstract:
  Investigating the impact of health capital disaggregated by gender on
 economic growth in a sample of 210 countries over the period 1990 to 2008,
 this study suggests that the influence of health capital across countries
 cannot be generalized. The results for the full sample indicate that
 health capital does not have a robust and significant effect on economic
 growth unless through their interactions with health expenditure and
 education. The results disaggregated by income group reveal that health
 capital has a positive robust influence on economic growth in high and
 upper middle income economies. In low and low middle income economies,
 health capital gains statistical significance only through their
 interaction with education and health expenditure. Increased fertility
 rates act to reduce the influence of health capital on economic growth. 
Journal: Applied Economics Letters 
Pages: 244-249 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.690844 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.690844 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:244-249




Template-Type: ReDIF-Article 1.0
Author-Name: Dewei Zhang 
Author-X-Name-First: Dewei 
Author-X-Name-Last: Zhang 
Author-Name: Chunyang Zhou 
Author-X-Name-First: Chunyang 
Author-X-Name-Last: Zhou 
Title: Foreign exchange reserves management in the presence of jump risk 
Abstract:
  This article investigates how the jump in the exchange rate and risky
 asset can affect the central bank's foreign management. We find that the
 jump in the exchange rate has a positive impact on the need for the risky
 asset, whereas the jump in the risky asset has a negative impact. However,
 the overall impact relies on how effective the central bank can intervene
 in the exchange market. Specifically, if the central bank can intervene in
 the market effectively, the safety of foreign reserves becomes a more
 important issue, which will decrease the need for risky asset. 
Journal: Applied Economics Letters 
Pages: 250-254 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.689106 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689106 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:250-254




Template-Type: ReDIF-Article 1.0
Author-Name: Abdur Chowdhury 
Author-X-Name-First: Abdur 
Author-X-Name-Last: Chowdhury 
Title: &#x2019;Til recession do us part: booms, busts and divorce in the United States 
Abstract:
  A general hypothesis regarding the impact of permanent income levels and
 business cycle fluctuations on divorce rate at the state level in the
 United States is analysed in this article. Based on the data for 45 states
 over the sample period of 1978--2009, it is shown that the higher the
 level of transitory income, the higher the incidence of divorce. In other
 words, divorce is pro-cyclical. 
Journal: Applied Economics Letters 
Pages: 255-261 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.689104 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689104 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:255-261




Template-Type: ReDIF-Article 1.0
Author-Name: Go Tamakoshi 
Author-X-Name-First: Go 
Author-X-Name-Last: Tamakoshi 
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Title: Volatility and mean spillovers between sovereign and banking sector CDS markets: a note on the European sovereign debt crisis 
Abstract:
  This article empirically assesses causality-in-variance and
 causality-in-mean between the Eurozone banking sector Credit Default Swap
 (CDS) index and the Greek sovereign CDS spread. We employ the
 Cross-Correlation Function (CCF) approach developed by Hong (2001) to
 daily data from January 2008 to December 2011. Our key findings are
 twofold. First, before the European sovereign debt crisis, significant
 unidirectional causality-in-variance and causality-in-mean were found from
 the bank CDS to the Greek sovereign CDS spreads. Second, during the crisis
 period, we detected significant causality-in-variance from the Greek
 sovereign CDS spreads to the bank CDS, implying that the deteriorated
 Greek sovereign solvency might have triggered contagion effects on the
 banking sector in the area. Our results are relevant for policymakers who
 provide regulations for the CDS markets. 
Journal: Applied Economics Letters 
Pages: 262-266 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.689107 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689107 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:262-266




Template-Type: ReDIF-Article 1.0
Author-Name: Paulo Reis Mourao 
Author-X-Name-First: Paulo Reis 
Author-X-Name-Last: Mourao 
Title: The messenger of inflation -- how media change political competition 
Abstract:
  Voters do not like bad economic news, especially rising inflation rates.
 How voters learn about this news, not simply the news itself, can affect
 electoral behaviour. This article reports a study of media and electoral
 behaviour between 1960 and 2006 in 70 democratic states. It demonstrates
 that high inflation rates, combined with intense media coverage, resulted
 in more political competition and tight electoral races. Our detailed
 results show that European (EU-27) voters are more sensitive to television
 and radio coverage than they are to printed press coverage of negative
 economic news when compared with non-European electorates. 
Journal: Applied Economics Letters 
Pages: 267-271 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.690843 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.690843 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:267-271




Template-Type: ReDIF-Article 1.0
Author-Name: Taggert J. Brooks 
Author-X-Name-First: Taggert J. 
Author-X-Name-Last: Brooks 
Author-Name: Kristen Monaco 
Author-X-Name-First: Kristen 
Author-X-Name-Last: Monaco 
Title: Your cheatin&#x2019; heart: joint production, joint consumption and the likelihood of extramarital sex 
Abstract:
  Using data from the General Social Survey (GSS), we model the probability
 of engaging in Extramarital Sex (EMS) with a focus on variables that allow
 us to discern evidence of assortative mating. We find that couples with
 the same religion and both having high levels of education are less likely
 to engage in EMS. We also find that work status matters: those who are
 employed are more likely to cheat if their spouses are not working. 
Journal: Applied Economics Letters 
Pages: 272-275 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.690845 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.690845 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:272-275




Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Marchand 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Marchand 
Author-Name: Sara Olfert 
Author-X-Name-First: Sara 
Author-X-Name-Last: Olfert 
Title: The US gender gap through the Great Recession using an alternative approach to cyclicality 
Abstract:
  Annual changes in the US gender gap are analysed before, during and after
 the Great Recession using a quasi-experimental approach, with treatment
 and comparison groups based on the industry composition within states.
 During this recession, the hourly wage gap was differentially reduced by
 seven to ten percentage points in states with a higher concentration of
 employment in male-dominant and cyclical industries, whereas the
 employment gap was differentially reduced by five to seven percentage
 points. Neither outcome was significantly altered in the years immediately
 before or after the recession. The evidence supports the pro-cyclicality
 of the gender gap movements. 
Journal: Applied Economics Letters 
Pages: 276-281 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.692868 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.692868 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:276-281




Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Hsiao-Ping Chu 
Author-X-Name-First: Hsiao-Ping 
Author-X-Name-Last: Chu 
Author-Name: Wen-Yi Chen 
Author-X-Name-First: Wen-Yi 
Author-X-Name-Last: Chen 
Title: Energy consumption and economic growth in 12 Asian countries: panel data analysis 
Abstract:
  This study examines &#x2018;growth, conservation, neutrality or
 feedback&#x2019; hypotheses in 12 Asian countries for the period 1970 to
 2010, using panel causality analysis, which accounts for dependency and
 heterogeneity across countries, supports evidence on the direction of
 causality and is consistent with the neutrality hypothesis in two-thirds
 of these 12 Asian countries. Growth hypothesis and conservation hypothesis
 hold for India and Philippines, respectively. However, a feedback was
 found for both Thailand and Vietnam. Thereby, the findings provide
 important policy implication for 12 Asian countries under study. 
Journal: Applied Economics Letters 
Pages: 282-287 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.692869 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.692869 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:282-287




Template-Type: ReDIF-Article 1.0
Author-Name: J. H. Lin 
Author-X-Name-First: J. H. 
Author-X-Name-Last: Lin 
Author-Name: Yi Hu 
Author-X-Name-First: Yi 
Author-X-Name-Last: Hu 
Author-Name: M. J. Wang 
Author-X-Name-First: M. J. 
Author-X-Name-Last: Wang 
Author-Name: X. H. Xia 
Author-X-Name-First: X. H. 
Author-X-Name-Last: Xia 
Title: A Monte Carlo comparison of panel unit root tests under factor structure 
Abstract:
  This article investigates and compares, through Monte Carlo experiments,
 the finite sample sizes and powers of the proposed
 &#x2018;second-generation&#x2019; Panel Unit Root Tests (PUTs) under the
 strict and approximate factor structures, respectively. 
Journal: Applied Economics Letters 
Pages: 288-291 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.695067 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.695067 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:288-291




Template-Type: ReDIF-Article 1.0
Author-Name: Show-Lin Chen 
Author-X-Name-First: Show-Lin 
Author-X-Name-Last: Chen 
Author-Name: Ching-Chin Chou 
Author-X-Name-First: Ching-Chin 
Author-X-Name-Last: Chou 
Author-Name: Nen-Jing Chen 
Author-X-Name-First: Nen-Jing 
Author-X-Name-Last: Chen 
Title: A wavelet transform analysis of the relationship between unexpected macroeconomic news and foreign exchange rates 
Abstract:
  This study applies the wavelet transform technique to analyse the
 relationship between exchange rates of major currencies and the unexpected
 macroeconomic news. Hourly closing exchange rates of major currencies from
 2000 to 2009 are utilized for wavelet analysis and those of 2010 are used
 for <italic>ex ante</italic> test. It is found that JPY and CHF are the
 most affected exchange rates, which are followed by EUR and GBP. The least
 affected exchange rates are AUD and CAD. In general, the most influential
 news is NFP, which is followed by ISM_M. These two factors have an impact
 on at least four currency exchange rates in the short, intermediate and
 long terms. UR is a short-term factor and the effect of NFP lasts for all
 the three time horizons considered. <italic>Ex ante</italic> test is
 carried out and the accuracy rates for EUR, AUD, GBP, CAD, CHF and JPY are
 0.75, 0.5, 0.67, 0.83, 0.83 and 0.58, respectively. 
Journal: Applied Economics Letters 
Pages: 292-296 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.692867 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.692867 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:292-296




Template-Type: ReDIF-Article 1.0
Author-Name: Petre Caraiani 
Author-X-Name-First: Petre 
Author-X-Name-Last: Caraiani 
Title: The uncertain unit root in GDP and CPI: a wavelet-based perspective 
Abstract:
  One of the controversial issues in macroeconomics consists in whether the
 macroeconomic time series are better characterized as being driven by
 permanent shocks or by temporary shocks. We provide here new evidence
 using a recent unit-root test based on the wavelets methodology. 
Journal: Applied Economics Letters 
Pages: 297-299 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.697114 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.697114 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:297-299




Template-Type: ReDIF-Article 1.0
Author-Name: Gary Madden 
Author-X-Name-First: Gary 
Author-X-Name-Last: Madden 
Author-Name: Hasnat Ahmad 
Author-X-Name-First: Hasnat 
Author-X-Name-Last: Ahmad 
Title: 3G spectrum auction aftermarket network deployment 
Abstract:
  This study empirically examines national 3G spectrum assignments for the
 years 2000--2007 to identify the sources and inhibitors of aftermarket
 network deployment. The analysis reveals that variables controlled by
 regulators have conflicting impacts on the deployment probability. In
 particular, placing more than one licence bid and stringent minimum prices
 enhance deployment. Conversely, encouraging entry and mandating
 infrastructure sharing discourage deployment. These findings should inform
 regulators' calculus in designing future 4G spectrum auctions. 
Journal: Applied Economics Letters 
Pages: 300-303 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.697116 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.697116 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:300-303




Template-Type: ReDIF-Article 1.0
Author-Name: Dinuk S. Jayasuriya 
Author-X-Name-First: Dinuk S. 
Author-X-Name-Last: Jayasuriya 
Author-Name: Paul J. Burke 
Author-X-Name-First: Paul J. 
Author-X-Name-Last: Burke 
Title: Female parliamentarians and economic growth: evidence from a large panel 
Abstract:
  This article investigates whether female political representation affects
 economic growth. Panel estimates for 119 democracies using fixed-effects
 specifications and a system generalized method of moments approach suggest
 that, over recent decades, countries with higher shares of women in
 parliament have had faster growing economies. 
Journal: Applied Economics Letters 
Pages: 304-307 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.697113 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.697113 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:304-307




Template-Type: ReDIF-Article 1.0
Author-Name: Michal Brzezinski 
Author-X-Name-First: Michal 
Author-X-Name-Last: Brzezinski 
Title: Top income shares and crime 
Abstract:
  This article estimates the relationship between income inequality
 approximated by the top 10% and 1% income shares derived from income tax
 return data and nine crime categories for the US states between 1979 and
 2003. We fail to find a positive relationship between inequality and
 crime, except for the case of the top 10% share and motor vehicle theft. 
Journal: Applied Economics Letters 
Pages: 309-315 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.697117 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.697117 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:309-315




Template-Type: ReDIF-Article 1.0
Author-Name: M. Dungey 
Author-X-Name-First: M. 
Author-X-Name-Last: Dungey 
Author-Name: J. P. A. M. Jacobs 
Author-X-Name-First: J. P. A. M. 
Author-X-Name-Last: Jacobs 
Author-Name: J. Tian 
Author-X-Name-First: J. 
Author-X-Name-Last: Tian 
Author-Name: S. van Norden 
Author-X-Name-First: S. 
Author-X-Name-Last: van Norden 
Title: On the correspondence between data revision and trend-cycle decomposition 
Abstract:
  This article places the data revision model of Jacobs and van Norden
 (2011) within a class of trend-cycle decompositions relating directly to
 the Beveridge--Nelson decomposition. In both these approaches, identifying
 restrictions on the covariance matrix under simple and realistic
 conditions may produce a smoothed estimate of the underlying series, which
 is more volatile than the observed series. 
Journal: Applied Economics Letters 
Pages: 316-319 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.697118 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.697118 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:316-319




Template-Type: ReDIF-Article 1.0
Author-Name: Matthias Busse 
Author-X-Name-First: Matthias 
Author-X-Name-Last: Busse 
Author-Name: Magdalene Silberberger 
Author-X-Name-First: Magdalene 
Author-X-Name-Last: Silberberger 
Title: Trade in pollutive industries and the stringency of environmental regulations 
Abstract:
  This article analyses the impact of trade in pollution-intensive
 industries on the stringency of environmental regulation. Using system
 Generalized Method of Moments (GMM) regressions for a panel of 92
 countries and the period 1998 to 2007, we find that an increase in net
 exports of pollution-intensive goods leads to a lowering of the stringency
 of environmental regulations. 
Journal: Applied Economics Letters 
Pages: 320-323 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.695068 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.695068 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:320-323




Template-Type: ReDIF-Article 1.0
Author-Name: Miki Malul 
Author-X-Name-First: Miki 
Author-X-Name-Last: Malul 
Author-Name: Daniel Shapira 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Shapira 
Author-Name: Amir Shoham 
Author-X-Name-First: Amir 
Author-X-Name-Last: Shoham 
Title: Practical modified Gini index 
Abstract:
  The Gini index is the most common method for estimating the level of
 income inequality in countries. In this article, we suggest a simple
 modification that takes into account the moderating effect of in-kind
 government benefits. Unlike other studies that use micro-level data that
 are rarely available for many countries or over a period of time, the
 proposed Modified Gini (MGINI) index could be calculated using just the
 regularly available data for each country. Such data include the original
 Gini coefficient, government consumption expenditures, Gross Domestic
 Product (GDP) and total tax revenue as a percentage of GDP. This modified
 version of the Gini index allows us to calculate the level of inequality
 more precisely and make better comparisons between countries and over
 time. 
Journal: Applied Economics Letters 
Pages: 324-327 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.699182 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.699182 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:324-327




Template-Type: ReDIF-Article 1.0
Author-Name: Rodolfo Hoffmann 
Author-X-Name-First: Rodolfo 
Author-X-Name-Last: Hoffmann 
Title: How to measure the progressivity of an income component 
Abstract:
  We argue that a general measure of progressivity should consider the
 ordering of the final incomes and not, as is usual, the ordering before
 the inclusion of the component being analysed. We also show that the
 general measure of progressivity is relevant in the decomposition of
 changes in the overall Gini index by components of income. 
Journal: Applied Economics Letters 
Pages: 328-331 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.699181 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.699181 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:328-331




Template-Type: ReDIF-Article 1.0
Author-Name: Hui Huang 
Author-X-Name-First: Hui 
Author-X-Name-Last: Huang 
Author-Name: John Whalley 
Author-X-Name-First: John 
Author-X-Name-Last: Whalley 
Author-Name: Shunming Zhang 
Author-X-Name-First: Shunming 
Author-X-Name-Last: Zhang 
Title: Multiple Nash equilibria in tariff games 
Abstract:
  Unlike the case of competitive equilibria for which there is the index
 theorem, almost nothing is known about multiple equilibria in Nash games.
 Multiple Nash equilibria are hard to find computationally accounting for
 spare prior literature discussion. Existing numerical literature on tariff
 games either assumes uniqueness or uses restrictive functional forms that
 guarantees this is the case. Here, we show for pure exchange Constant
 Elasticity of Substitution (CES) two country models with tariffs both how
 the introduction of a tariff can generate multiple competitive equilibria
 and related examples of widely separated multiple Nash equilibria. These
 typically occur when substitution elasticities are low, although implied
 import demand elasticities can still be high if the shares of trade in
 consumption are small. The implication seems to be that as one moves away
 from the constant elasticity excess demands (offer curve) formulations
 used in the optimal tariff literature to explicit structural models of
 international trade, multiplicity of Nash equilibria may well be present. 
Journal: Applied Economics Letters 
Pages: 332-342 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.701003 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.701003 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:332-342




Template-Type: ReDIF-Article 1.0
Author-Name: Khalid A. Alkhathlan 
Author-X-Name-First: Khalid A. 
Author-X-Name-Last: Alkhathlan 
Title: Contribution of oil in economic growth of Saudi Arabia 
Abstract:
  This article examines the relationship between oil production and
 economic growth based on time-series data of Saudi Arabia from 1971 to
 2010, and the Autoregressive Distributed Lag (ARDL) model approach for
 cointegration has been used. The innovative contribution of this study is
 to determine long-run relationship between oil production and economic
 growth by disaggregating oil production into domestic consumption of oil
 in industrial sector and revenues earned from export of oil. Results show
 that oil revenues have a strong positive impact on real Gross Domestic
 Product (GDP) in both the short and the long runs, and this positive
 relationship holds for different specification of the model. Domestic
 consumption of oil in industrial sector has negative impact on GDP in both
 the short and the long runs. 
Journal: Applied Economics Letters 
Pages: 343-348 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.703310 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.703310 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:343-348




Template-Type: ReDIF-Article 1.0
Author-Name: Cristiana Donati 
Author-X-Name-First: Cristiana 
Author-X-Name-Last: Donati 
Author-Name: Domenico Sarno 
Author-X-Name-First: Domenico 
Author-X-Name-Last: Sarno 
Title: The impact of ICT on productivity of Italian firms: evaluation of the micro-complementarity hypothesis 
Abstract:
  The seminal work of Milgrom and Roberts (1990) established that
 interactions between factors such as Information and Communication
 Technologies (ICTs), organization and human capital entail a complementary
 relationship between these inputs; from such interactions, firms are able
 to exploit productivity gains arising from ICT investment. The empirical
 analysis is conducted on a panel of Italian manufacturing firms covering
 the period 2001--2006. The application of a suited System Generalized
 Method of Moments (SYS-GMM) estimator shows that for firms engaging ICT
 there exists a more coherent relationship between pair inputs and also
 among all three inputs considered. 
Journal: Applied Economics Letters 
Pages: 349-352 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.703309 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.703309 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:349-352




Template-Type: ReDIF-Article 1.0
Author-Name: Dean R. Lillard 
Author-X-Name-First: Dean R. 
Author-X-Name-Last: Lillard 
Author-Name: Andrew Sfekas 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Sfekas 
Title: Just passing through: the effect of the Master Settlement Agreement on estimated cigarette tax price pass-through 
Abstract:
  In 1998, cigarette manufacturers and state attorneys general in the
 United States settled a group of lawsuits in an agreement known as the
 Master Settlement Agreement (MSA). Among the provisions of this agreement
 were a set of mandated escrow payments to the states that would be based
 on cigarette sales. The result of these provisions is that the apparent
 relationship between taxes and prices changed substantially following
 implementation of the MSA. This article estimates whether the MSA escrow
 amounts are reflected in prices and compares the pass-through rate of
 state and federal cigarette taxes only and the rate when one adds escrow
 payments. We find much different pass-through rates for the two measures.
 State and federal taxes are not fully passed to smokers. In years that
 escrow payments were made, cigarette prices increased by more than the sum
 of the state and federal taxes and the escrow payments. 
Journal: Applied Economics Letters 
Pages: 353-357 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.705422 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.705422 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:353-357




Template-Type: ReDIF-Article 1.0
Author-Name: Ignacio Moral-Arce 
Author-X-Name-First: Ignacio 
Author-X-Name-Last: Moral-Arce 
Author-Name: Stefan Sperlich 
Author-X-Name-First: Stefan 
Author-X-Name-Last: Sperlich 
Author-Name: Juan M. Rodriguez-P&#xF3;o 
Author-X-Name-First: Juan M. 
Author-X-Name-Last: Rodriguez-P&#xF3;o 
Title: Consumer behaviour analysis for luxury goods: a technical note for empirical studies 
Abstract:
  Today, many econometric tools are provided for studying consumer
 expenditures. Less attention has been paid to the fact that, when
 analysing expenditures for superior goods, these tools have to be adapted
 to some particularities that have a serious impact on the estimation
 outcome. First, the considered data, in our case household expenditures
 for jewellery in Spain, exhibit a strong censoring that must not be
 ignored. Second, our confidence bands show serious nonlinearities for
 basically all continuous covariates. Finally, it turns out that especially
 in the case of luxury goods, one has to control for endogeneity of the
 covariate &#x2018;total expenditure&#x2019;. 
Journal: Applied Economics Letters 
Pages: 358-363 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.703375 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.703375 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:358-363




Template-Type: ReDIF-Article 1.0
Author-Name: M. &#xC7;ule 
Author-X-Name-First: M. 
Author-X-Name-Last: &#xC7;ule 
Author-Name: M. E. Fulton 
Author-X-Name-First: M. E. 
Author-X-Name-Last: Fulton 
Title: Corporate governance and subjective well-being 
Abstract:
  The results from a cross-country empirical analysis show that corporate
 governance and ethics are linked to national scores of subjective
 well-being. This impact is over and above the effect that corporate
 governance has on national income, suggesting that people value corporate
 governance for additional reasons besides its economic impact. 
Journal: Applied Economics Letters 
Pages: 364-367 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.705424 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.705424 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:364-367




Template-Type: ReDIF-Article 1.0
Author-Name: Richard J. Cebula 
Author-X-Name-First: Richard J. 
Author-X-Name-Last: Cebula 
Title: Which economic freedoms influence per capita real income? 
Abstract:
  Several recent empirical studies find a strong, positive impact of
 economic freedom on economic growth. This finding is predicated upon the
 argument that increased economic freedom elevates the pace of economic
 activity through incentives and other means and hence generates higher
 economic growth. This study focuses on a similar, but not identical,
 potential impact of higher economic freedom levels. In particular, this
 study investigates the hypothesis that higher levels of economic freedom
 promote higher levels of economic activity and hence higher levels of per
 capita real income. The context of this empirical study is the 30 nations
 of the OECD over the study period 2003 to 2006. Panel Least Squares (PLS)
 estimations reveal that the level of per capita real income is an
 increasing function of business freedom, freedom from corruption,
 investment freedom, monetary freedom, government size freedom, trade
 freedom and property rights freedom, whereas fiscal freedom, labour
 freedom and financial freedom do not appear to influence per capita real
 income. 
Journal: Applied Economics Letters 
Pages: 368-372 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.707768 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.707768 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:368-372




Template-Type: ReDIF-Article 1.0
Author-Name: Sofia N. Andreou 
Author-X-Name-First: Sofia N. 
Author-X-Name-Last: Andreou 
Author-Name: Nicoletta Pashourtidou 
Author-X-Name-First: Nicoletta 
Author-X-Name-Last: Pashourtidou 
Title: A consumer demand approach to estimating the education quality component of housing cost 
Abstract:
  A consumer demand-based approach is proposed for estimating the shadow
 price of education relative to housing for households with children in
 state schools. This approach can be used together with or in place of a
 hedonic approach in countries in which the location of households is not
 disclosed in publicly available data. An empirical illustration is
 provided using UK data from the family expenditure surveys. 
Journal: Applied Economics Letters 
Pages: 373-376 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.705421 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.705421 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:373-376




Template-Type: ReDIF-Article 1.0
Author-Name: Bernard Malamud 
Author-X-Name-First: Bernard 
Author-X-Name-Last: Malamud 
Author-Name: Djeto Assane 
Author-X-Name-First: Djeto 
Author-X-Name-Last: Assane 
Title: Slow growth and slow convergence in sub-Saharan Africa 
Abstract:
  We expand on the sub-Saharan Africa (SSA)--Rest of World (ROW) growth
 difference literature and find a robust and consistently negative
 coefficient of an <italic>SSA</italic> dummy variable over the period 1965
 to 2000. Most importantly, we find that SSA countries converge more
 slowly, if at all, than ROW countries. 
Journal: Applied Economics Letters 
Pages: 377-381 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.707767 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.707767 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:377-381




Template-Type: ReDIF-Article 1.0
Author-Name: A. Cassey 
Author-X-Name-First: A. 
Author-X-Name-Last: Cassey 
Author-Name: K. Schmeiser 
Author-X-Name-First: K. 
Author-X-Name-Last: Schmeiser 
Title: Six comparisons of firm-level and product-level data 
Abstract:
  We compare readily available product-level export data with
 hard-to-obtain firm-level export data along six dimensions such as value
 and the number of destination countries. We find the product data
 qualitatively match the firm-level data, but not quantitatively,
 particularly on dynamics. This is due to the categorization of products.
 However, product data can be used to establish a lower estimate on
 statistics compared with firm-level data that may be useful in
 monopolistic competition models of international trade. 
Journal: Applied Economics Letters 
Pages: 382-385 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.707764 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.707764 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:382-385




Template-Type: ReDIF-Article 1.0
Author-Name: Mauro Mussini 
Author-X-Name-First: Mauro 
Author-X-Name-Last: Mussini 
Title: A subgroup decomposition of the inequality change over time 
Abstract:
  This article proposes a subgroup decomposition of the determinants of the
 change in the Gini index over time. The decomposition allows one to
 explain the link between inequality change, reranking and income growth
 for the various subgroup components of the inequality index. 
Journal: Applied Economics Letters 
Pages: 386-390 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.707766 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.707766 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:386-390




Template-Type: ReDIF-Article 1.0
Author-Name: Nikolaos S. Thomaidis 
Author-X-Name-First: Nikolaos S. 
Author-X-Name-Last: Thomaidis 
Title: On the application of cointegration analysis in enhanced indexing 
Abstract:
  We investigate the application of cointegration techniques in designing
 trading portfolios that outperform a market benchmark. Of particular
 interest is the situation of enhanced indexation with incomplete
 portfolios, that is, by imposing a limit on the maximum number of assets
 included in the portfolio. We present a technique for solving
 cardinality-constrained portfolio selection problems using cointegration
 analysis. We investigate the empirical performance of cointegration-based
 trading strategies in the context of benchmarking portfolios relative to a
 common stock market index. 
Journal: Applied Economics Letters 
Pages: 391-396 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.705420 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.705420 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:391-396




Template-Type: ReDIF-Article 1.0
Author-Name: Massimo Peri 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Peri 
Author-Name: Lucia Baldi 
Author-X-Name-First: Lucia 
Author-X-Name-Last: Baldi 
Author-Name: Daniela Vandone 
Author-X-Name-First: Daniela 
Author-X-Name-Last: Vandone 
Title: Price discovery in commodity markets 
Abstract:
  This article investigates the long-run relationship between spot and
 futures prices for corn and soybean. We apply cointegration methodology,
 allowing for the presence of potentially unknown structural breaks and
 then study the causality relationships between spot and futures prices
 within each specific subperiod identified with the aim of analysing the
 price discovery. Empirical estimates highlight (i) multiple breaks exist
 in the cointegrating relationship between prices and (ii) subperiods
 consequently identified express different dynamics in the causal
 relationship between spot and futures prices and support the idea that
 fundamentals are important in explaining the 2007/08 food price increase. 
Journal: Applied Economics Letters 
Pages: 397-403 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.709590 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.709590 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:397-403




Template-Type: ReDIF-Article 1.0
Author-Name: G. Tamakoshi 
Author-X-Name-First: G. 
Author-X-Name-Last: Tamakoshi 
Author-Name: S. Hamori 
Author-X-Name-First: S. 
Author-X-Name-Last: Hamori 
Title: Dynamic linkages among cross-currency swap markets under stress 
Abstract:
  This article examines the impacts of the European sovereign debt crisis
 on the Dynamic Conditional Correlation (DCC) between three European
 currencies (EUR, CHF and GBP) and the US dollar for 1-year maturities. We
 found that the correlation between each pair of the swap prices
 significantly fluctuated over time and exhibited a higher co-movement
 during the crisis period, suggesting a higher degree of market
 integration. Importantly, applying a linear regression framework with a
 crisis dummy variable to the derived DCC, we find evidence of spillover
 effects of the sovereign debt turbulence to the cross-currency swap
 markets, as reflected in the increased co-movement between the EUR/USD and
 CHF/USD swap prices. 
Journal: Applied Economics Letters 
Pages: 404-409 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.709591 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.709591 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:404-409




Template-Type: ReDIF-Article 1.0
Author-Name: Hamid Baghestani 
Author-X-Name-First: Hamid 
Author-X-Name-Last: Baghestani 
Author-Name: Ilker Kaya 
Author-X-Name-First: Ilker 
Author-X-Name-Last: Kaya 
Author-Name: Samer Kherfi 
Author-X-Name-First: Samer 
Author-X-Name-Last: Kherfi 
Title: Do changes in consumers' home buying attitudes predict directional change in home sales? 
Abstract:
  The Survey of Consumers probes consumer sentiment on personal finances,
 business conditions and buying conditions. We focus on the latter category
 by examining the surveys question &#x2018;Generally speaking, do you think
 now is a good time or a bad time to buy a house?&#x2019; and the follow-up
 question &#x2018;Why do you say so?&#x2019; The responses to these
 questions provide us with several measures of consumers' home buying
 attitudes. We show that changes in survey data on home buying attitudes
 (measured by consumers' assessments of current and future mortgage
 interest rates and house prices) accurately predict the direction of
 change in home sales 3 months later. 
Journal: Applied Economics Letters 
Pages: 411-415 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.709597 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.709597 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:411-415




Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Mongeon 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Mongeon 
Author-Name: Neil Longley 
Author-X-Name-First: Neil 
Author-X-Name-Last: Longley 
Title: A methodology for identifying the impacted groups in referee discrimination studies 
Abstract:
  This article presents an empirical methodology that allows one to
 identify the group being discriminated against by sport referees.
 Reestimating Price and Wolfers (2010, PW) discrimination in foul-calling
 analysis with our methodology, we find evidence that only black players
 are discriminated against. 
Journal: Applied Economics Letters 
Pages: 416-419 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.709592 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.709592 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:416-419




Template-Type: ReDIF-Article 1.0
Author-Name: Eleftherios Goulas 
Author-X-Name-First: Eleftherios 
Author-X-Name-Last: Goulas 
Author-Name: Athina Zervoyianni 
Author-X-Name-First: Athina 
Author-X-Name-Last: Zervoyianni 
Title: Economic growth and crime: does uncertainty matter? 
Abstract:
  This article contributes to the crime literature by exploring how the
 crime--uncertainty interaction impacts on economic growth. Using a panel
 of 25 countries over the period 1991 to 2007, we find evidence suggesting
 that increased crime has an asymmetric effect on growth depending on the
 future prospects of the economy as reflected in the degree of
 macroeconomic uncertainty. In particular, our results indicate that
 higher-than-average macroeconomic uncertainty enhances the adverse impact
 of crime on growth implying that a 10% increase in the crime rate can
 reduce annual per-capita GDP growth by between 0.49% and 0.62%. 
Journal: Applied Economics Letters 
Pages: 420-427 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.709596 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.709596 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:420-427




Template-Type: ReDIF-Article 1.0
Author-Name: Basil Al-Najjar 
Author-X-Name-First: Basil 
Author-X-Name-Last: Al-Najjar 
Author-Name: Mohammed M. Elgammal 
Author-X-Name-First: Mohammed M. 
Author-X-Name-Last: Elgammal 
Title: Innovation and credit ratings, does it matter? UK evidence 
Abstract:
  This study investigates the under-researched topic of credit rating
 predictions in the United Kingdom, using a sample of credit rated firms
 from FTSE 350 nonfinancial firms for the period 1999 to 2008. We aim to
 provide further insights regarding the credit ratings--capital structure
 hypothesis and to test whether innovation impacts credit ratings. We
 employed logit model and ordered probit analysis. Our results show that
 credit ratings are improved by innovation, profitability, growth, size,
 and reduction of leverage and business risk. However, firms with more
 innovation activities than internal optimum level have lower ratings.
 These results provide evidence that credit ratings can be viewed within
 the context of capital structure theory. 
Journal: Applied Economics Letters 
Pages: 428-431 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.709589 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.709589 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:428-431




Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Beccarini 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Beccarini 
Title: Economic reforms and the indirect role of monetary policy 
Abstract:
  Due to pressure from some lobbies, the government is unwilling to perform
 structural reforms. The probability of its re-election depends, however,
 on a positive business cycle. The central bank may create surprise
 deflation even though it maximizes the public's utility function and even
 if it faces a rational market. This may explain why the European Central
 Bank (ECB), but not the US Federal Reserve (FED), is found to be
 unaffected by the inflation bias. 
Journal: Applied Economics Letters 
Pages: 432-435 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.709598 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.709598 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:432-435




Template-Type: ReDIF-Article 1.0
Author-Name: D. Serenis 
Author-X-Name-First: D. 
Author-X-Name-Last: Serenis 
Title: Does exchange rate volatility hinder export flows for South American countries? 
Abstract:
  This article examines the influence of exchange rate volatility on
 exports for three South American countries (Bolivia, Colombia and Guyana)
 in the period January 1973 to February 2010. Using a new measure of
 volatility, a significant negative relationship is found between aggregate
 exports and volatility. 
Journal: Applied Economics Letters 
Pages: 436-439 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.709593 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.709593 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:436-439




Template-Type: ReDIF-Article 1.0
Author-Name: Julianne Treme 
Author-X-Name-First: Julianne 
Author-X-Name-Last: Treme 
Author-Name: Lee A. Craig 
Author-X-Name-First: Lee A. 
Author-X-Name-Last: Craig 
Title: Celebrity star power: Do age and gender effects influence box office performance? 
Abstract:
  Celebrity media exposure is an increasingly strong source of actor
 popularity and is a viable star power variable that focuses on the impact
 of celebrity, not acting talent. Using <italic>People</italic> to
 calculate an actor's popularity, we analyse how the gender and age of a
 movie's lead actors affect box office success using quantile regression.
 We find that male celebrity media exposure can positively impact the
 success of a movie, whereas female celebrity exposure tends to decrease
 box office revenues. The results also suggest that although it may be
 harder for older actresses to land a lead role, it is actually the older
 male actors who lack the ability to carry a movie. The results highlight
 that a linear regression may not be the optimal solution to assess the
 relationship between star power and box office revenues. 
Journal: Applied Economics Letters 
Pages: 440-445 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.709594 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.709594 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:440-445




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Muhammad 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Muhammad 
Title: Estimating import demand in the presence of seasonal trade and unobserved prices 
Abstract:
  Estimating import demand is particularly difficult when trade is seasonal
 because prices do not exist for observations with no recorded transaction.
 Fresh apple imports in the United Kingdom provide a perfect case of this
 particular problem due to periodic trade. In this study, the differenced
 version of the almost ideal demand system is employed for estimating
 import demand by source and an iterative procedure is developed for
 deriving choke prices (prices at which imports are zero) and import demand
 estimates. The appeal of this procedure is that the final estimates and
 choke prices are not sensitive to the starting values used for the initial
 estimation. When comparing the results of the choke price procedure to a
 more traditional approach of eliminating zeros by aggregating across
 countries, significant differences emerge. Results clearly show that the
 aggregate estimates do not adequately reflect the pattern of UK imports
 from seasonal suppliers. 
Journal: Applied Economics Letters 
Pages: 446-451 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.709595 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.709595 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:446-451




Template-Type: ReDIF-Article 1.0
Author-Name: Albert Wijeweera 
Author-X-Name-First: Albert 
Author-X-Name-Last: Wijeweera 
Author-Name: Brian Dollery 
Author-X-Name-First: Brian 
Author-X-Name-Last: Dollery 
Title: J-curve disparity between the goods sector and the services sector: evidence from Australia 
Abstract:
  The J-curve effect phenomenon suggests that the currency devaluation
 would worsen the trade balance in the short run, but improve it in the
 long run. This article uses quarterly Australian data over the period 1988
 to 2011 to examine whether J-curve effects are different between the two
 main components of the trade account: the goods sector and the services
 sector. Using the bound testing approach to cointegration and error
 correction modelling, we find some evidence to support the J-curve
 phenomenon, but the impact of real exchange rate on the trade account
 seems complex. While the services sector displays a J-curve effect, the
 goods sector response is quite the opposite: it has a positive response in
 the short run, but a weak negative response in the long run. 
Journal: Applied Economics Letters 
Pages: 452-456 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.707765 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.707765 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:452-456




Template-Type: ReDIF-Article 1.0
Author-Name: Olivier Lamotte 
Author-X-Name-First: Olivier 
Author-X-Name-Last: Lamotte 
Author-Name: Thomas Porcher 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Porcher 
Author-Name: Christophe Schalck 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Schalck 
Author-Name: Stephan Silvestre 
Author-X-Name-First: Stephan 
Author-X-Name-Last: Silvestre 
Title: Asymmetric gasoline price responses in France 
Abstract:
  This article examines the response of gasoline prices in France to shocks
 to crude oil prices in the international market. Using the Autoregressive
 Distributed Lag (ARDL) bounds testing approach of cointegration, we
 investigate potential price asymmetries in the French diesel and premium
 gasoline markets using weekly data over the period from May 1990 to April
 2011. We find that gasoline prices gradually adjust towards a long-term
 equilibrium after a shock to the crude oil price, but this adjustment is
 lower when the crude oil price decreases than when it increases. We also
 find that the estimates differ slightly depending on the chosen gasoline
 price. 
Journal: Applied Economics Letters 
Pages: 457-461 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.714063 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.714063 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:457-461




Template-Type: ReDIF-Article 1.0
Author-Name: Eric Blankmeyer 
Author-X-Name-First: Eric 
Author-X-Name-Last: Blankmeyer 
Title: Exploring Theil's best linear indexes 
Abstract:
  Theil (1960) estimates price and quantity indexes jointly by orthogonal
 regression. This letter shows how to bootstrap Theil's indexes and how to
 detect outliers. Aggregation issues are discussed, and the methodology is
 applied to a cross section of nursing facilities. 
Journal: Applied Economics Letters 
Pages: 462-465 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.714065 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.714065 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:462-465




Template-Type: ReDIF-Article 1.0
Author-Name: Michael L. Marlow 
Author-X-Name-First: Michael L. 
Author-X-Name-Last: Marlow 
Title: Public sector unions and government size 
Abstract:
  Although various studies have concluded that public sector unions raise
 wages and employment for members, very little research has examined
 whether public sector unionism influences the overall size of state and
 local government. The relationship is examined within a pooled data set on
 all states over selected years during 2003--2010. Wide variation in union
 membership trends across states provides a rich data set to examine.
 Empirical results indicate that 10 percentage point increases in public
 union membership raise several measures of government size within a range
 of 2.25--4.25%. A similar increase in union membership is estimated to
 raise annual real wages by $1603 for the average government worker, which
 amounts to a rise of 3.48%. 
Journal: Applied Economics Letters 
Pages: 466-470 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.714058 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.714058 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:466-470




Template-Type: ReDIF-Article 1.0
Author-Name: Xiaoping Li 
Author-X-Name-First: Xiaoping 
Author-X-Name-Last: Li 
Author-Name: Chunyang Zhou 
Author-X-Name-First: Chunyang 
Author-X-Name-Last: Zhou 
Author-Name: Chongfeng Wu 
Author-X-Name-First: Chongfeng 
Author-X-Name-Last: Wu 
Title: The role of heterogeneous expectations in forward exchange market 
Abstract:
  We build a Markov regime switching model to examine the role of
 heterogeneous expectations in the forward exchange market, where the
 regime could be fundamentalists or chartists. Our empirical analysis of
 EUR/USD and USD/JPY forward markets suggest that the fundamen-talists who
 follow negative feedback rule provide a mean-reverting dynamics into the
 market, while the chartists who follow positive feedback rule would
 reinforce the forward exchange rate movement. Finally, we find the
 chartists tend to switch to fundamentalists when the forward rate deviates
 away from its equilibrium. 
Journal: Applied Economics Letters 
Pages: 471-475 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.714061 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.714061 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: George Magonis 
Author-X-Name-First: George 
Author-X-Name-Last: Magonis 
Author-Name: Andreas Tsopanakis 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Tsopanakis 
Title: Real interest rate parity in OECD countries: new evidence from time series and panel cointegration techniques 
Abstract:
  We examine the existence of Real Interest Rate Parity (RIRP) for a number
 of Organisation for Economic Co-operation and Development (OECD)
 countries. Using time series techniques, we manage to identify
 cointegrating relationships. For a subset of countries our findings
 suggest the existence of a structural break. The panel results are also in
 favour of the RIRP. 
Journal: Applied Economics Letters 
Pages: 476-479 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.667540 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.667540 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:476-479




Template-Type: ReDIF-Article 1.0
Author-Name: David E. Giles 
Author-X-Name-First: David E. 
Author-X-Name-Last: Giles 
Title: Constructing confidence bands for the Hodrick--Prescott filter 
Abstract:
  By noting that the Hodrick--Prescott (H--P) filter can be used as the
 solution to a particular regression problem, we are able to show how to
 construct confidence bands for the filtered time-series. This procedure
 requires that the data are stationary. The construction of such confidence
 bands is illustrated using annual US data for real value-added output and
 monthly US data for the unemployment rate. 
Journal: Applied Economics Letters 
Pages: 480-484 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.714057 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.714057 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Benrud 
Author-X-Name-First: E. 
Author-X-Name-Last: Benrud 
Title: Was there an option-listing effect for the IRX options? 
Abstract:
  Properties of the 3-month Treasury bill rate changed on and around the
 listing date of the IRX options for which the Treasury bill rate is the
 underlying. The level of return declined, the volatility declined and
 dummy variables for the day of listing and the 2 days after are negative
 and significant in an econometric model. The changes are consistent with
 the option-listing effect observed with the listing of options on stocks
 and American Depositary Receipts (ADRs). 
Journal: Applied Economics Letters 
Pages: 485-488 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.714060 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.714060 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:485-488




Template-Type: ReDIF-Article 1.0
Author-Name: Jan-Christoph R&#xFC;lke 
Author-X-Name-First: Jan-Christoph 
Author-X-Name-Last: R&#xFC;lke 
Author-Name: Christian Pierdzioch 
Author-X-Name-First: Christian 
Author-X-Name-Last: Pierdzioch 
Title: Currency crises, uncertain fundamentals and private-sector forecasts 
Abstract:
  The cross-sectional dispersion of private-sector forecasts has been used
 in recent research on currency crises as a measure of uncertainty over
 expected fundamentals. We argue that the cross-sectional dispersion of
 private-sector forecasts need not only reflect uncertainty over expected
 fundamentals but may also arise due to a deliberate scattering of
 forecasts. Using data on foreign exchange (FX) reserve forecasts for 11
 South-American and Eastern-European countries, we report evidence of such
 a forecast scattering that seems more pronounced during the economic
 crisis of 2008/09. 
Journal: Applied Economics Letters 
Pages: 489-494 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.716149 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.716149 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:489-494




Template-Type: ReDIF-Article 1.0
Author-Name: Estefania Santacreu-Vasut 
Author-X-Name-First: Estefania 
Author-X-Name-Last: Santacreu-Vasut 
Author-Name: Amir Shoham 
Author-X-Name-First: Amir 
Author-X-Name-Last: Shoham 
Author-Name: Victor Gay 
Author-X-Name-First: Victor 
Author-X-Name-Last: Gay 
Title: Do female/male distinctions in language matter? Evidence from gender political quotas 
Abstract:
  This article studies the determinants of gender political quota and
 enforcement sanctions, two key policy instruments for increasing female
 participation in politics. We find a novel empirical fact: language (the
 pervasiveness of gender distinctions in grammar) is the most significant
 related variable to quota adoption, more than traditional explanations
 such as economic development, political system and religion. 
Journal: Applied Economics Letters 
Pages: 495-498 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.714062 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.714062 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:495-498




Template-Type: ReDIF-Article 1.0
Author-Name: Fredj Jawadi 
Author-X-Name-First: Fredj 
Author-X-Name-Last: Jawadi 
Author-Name: Wa&#xEB;l Louhichi 
Author-X-Name-First: Wa&#xEB;l 
Author-X-Name-Last: Louhichi 
Author-Name: Hachmi Ben Ameur 
Author-X-Name-First: Hachmi 
Author-X-Name-Last: Ben Ameur 
Title: Do the US trends drive the UK--French market linkages?: empirical evidence from a threshold intraday analysis 
Abstract:
  This article investigates the impact of US stock market openings on
 linkages between the UK and French markets. Using intraday data over the
 period December 2004 to March 2009, we find significant time-varying
 dependence between the UK and French stock returns, which alter according
 to the state of the US market. Indeed, not only does the opening of the US
 market itself significantly affect the UK stock dependency, but such
 linkages also seem to be closely dependent on bearish or bullish US market
 trends. Interestingly, the estimation of a two-regime Threshold
 Autoregressive (TAR) model indicates that the bearish US trends are a
 source of minor linkage (lower regime), whereas the bullish US trends
 involve higher interdependency (upper regime). This finding is
 particularly interesting as following the US trend expectations enables us
 to better forecast future European stock prices and to calculate the level
 of their potential contagion effects. 
Journal: Applied Economics Letters 
Pages: 499-503 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.714064 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.714064 
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Template-Type: ReDIF-Article 1.0
Author-Name: Harold Creusen 
Author-X-Name-First: Harold 
Author-X-Name-Last: Creusen 
Author-Name: Arjan Lejour 
Author-X-Name-First: Arjan 
Author-X-Name-Last: Lejour 
Title: Market entry and economic diplomacy 
Abstract:
  This article analyses the role of economic diplomacy on the export market
 entry decisions of Dutch firms. We show that the presence of government
 support offices in middle-income countries and government trade missions
 stimulate Dutch firms to enter export markets in these countries. These
 conclusions follow from using detailed international trade data combined
 with firm and export market characteristics. 
Journal: Applied Economics Letters 
Pages: 504-507 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.714066 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.714066 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:504-507




Template-Type: ReDIF-Article 1.0
Author-Name: Yuqing Zheng 
Author-X-Name-First: Yuqing 
Author-X-Name-Last: Zheng 
Author-Name: Edward W. McLaughlin 
Author-X-Name-First: Edward W. 
Author-X-Name-Last: McLaughlin 
Author-Name: Harry M. Kaiser 
Author-X-Name-First: Harry M. 
Author-X-Name-Last: Kaiser 
Title: Salience and taxation: salience effect versus information effect 
Abstract:
  Posting tax-inclusive price tags on grocery products can reduce demand
 through an information effect that corrects consumers who misperceive the
 actual tax status. We disentangle the information effect from the salience
 effect developed by Chetty, Looney and Kroft (2009, CLK for short). By
 utilizing CLK's survey finding that 20% of shoppers mistakenly think there
 is no sales tax on toothpaste, we show that the information effect
 actually explains 31% of the sales drop in CLK's field study. Therefore,
 ignoring the information effect may overestimate the salience effect by a
 large degree. 
Journal: Applied Economics Letters 
Pages: 508-510 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.718050 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718050 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:508-510




Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Gonz&#xE1;lez-Aguado 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Gonz&#xE1;lez-Aguado 
Author-Name: Enrique Moral-Benito 
Author-X-Name-First: Enrique 
Author-X-Name-Last: Moral-Benito 
Title: Determinants of corporate default: a BMA approach 
Abstract:
  In this article, we aim to identify the main determinants of corporate
 default by considering Bayesian Model Averaging (BMA) techniques. Our
 empirical findings suggest that the most robust determinants of firm
 default are firm-specific variables such as the ratio of working capital
 to total assets and the SD of the firm stock return. In contrast,
 aggregate variables do not seem to play a relevant role once firm-specific
 characteristics (observable and unobservable) and model uncertainty are
 taken into consideration. 
Journal: Applied Economics Letters 
Pages: 511-514 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.718051 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718051 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:511-514




Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Fran&#xE7;ois Arvis 
Author-X-Name-First: Jean-Fran&#xE7;ois 
Author-X-Name-Last: Arvis 
Author-Name: Ben Shepherd 
Author-X-Name-First: Ben 
Author-X-Name-Last: Shepherd 
Title: The Poisson quasi-maximum likelihood estimator: a solution to the &#x2018;adding up&#x2019; problem in gravity models 
Abstract:
  This article shows that the Poisson Quasi-Maximum Likelihood (QML)
 estimator applied to the gravity model produces estimates in which,
 summing across all partners, actual and estimated total trade flows are
 identical. Other methods such as OLS do not have this desirable property.
 Indeed, Poisson is the only QML estimator that preserves total trade
 flows. This result is an additional reason for preferring Poisson as a
 workhorse gravity model estimator. 
Journal: Applied Economics Letters 
Pages: 515-519 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.718052 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718052 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shao-Chi Chang 
Author-X-Name-First: Shao-Chi 
Author-X-Name-Last: Chang 
Author-Name: Ming-Tse Tsai 
Author-X-Name-First: Ming-Tse 
Author-X-Name-Last: Tsai 
Title: Long-run performance of mergers and acquisition of privately held targets: evidence in the USA 
Abstract:
  In this study, we examine the long-run performance of firms acquiring
 privately held targets. Past studies have documented a positive market
 reaction to the announcement of Mergers and Acquisitions (M&A) of
 privately held targets. The M&As of privately held targets involve
 uncertain information, which investors are more likely to misestimate. In
 this study, we tested the long-run performances of acquiring firms and
 found negative results. We further found that the stock performance of
 acquiring firms was superior prior to the M&A. Our results suggest that
 investors may over-extrapolate prior good performance and that the
 long-run reversed return corrects the overestimation in response to
 announcements of M&A. 
Journal: Applied Economics Letters 
Pages: 520-524 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.718060 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718060 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyung-Gun Kim 
Author-X-Name-First: Hyung-Gun 
Author-X-Name-Last: Kim 
Author-Name: Sang Young Jei 
Author-X-Name-First: Sang Young 
Author-X-Name-Last: Jei 
Title: Empirical test for purchasing power parity using a time-varying parameter model: Japan and Korea cases 
Abstract:
  This study examines the validity of the Purchasing Power Parity (PPP)
 hypothesis for Japan and Korea by using a smooth time-varying
 cointegrating regression model. When we use the usual approaches,
 including unit root and cointegration tests, we fail to find the existence
 of the PPP for Japan and Korea. However, we find there is a time-varying
 cointegrating relationship between the logarithm of nominal exchange rates
 and the logarithm of the Producer Price Indices (PPI) ratio for Japan and
 Korea. This relationship does support the PPP theory. Moreover, we also
 find that the exact PPP theory holds for some periods in Japan and Korea. 
Journal: Applied Economics Letters 
Pages: 525-529 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.689109 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689109 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jarko Fidrmuc 
Author-X-Name-First: Jarko 
Author-X-Name-Last: Fidrmuc 
Author-Name: Johann Scharler 
Author-X-Name-First: Johann 
Author-X-Name-Last: Scharler 
Title: Financial development and the magnitude of business cycle fluctuations in OECD countries 
Abstract:
  We study empirically how the development of financial systems influences
 the magnitude of output growth fluctuations in a sample of OECD countries
 between 1995 and 2005. While the development of banking sectors is not
 significantly related to the magnitude of macroeconomic fluctuations,
 countries characterized by developed stock markets experience less
 pronounced fluctuations. 
Journal: Applied Economics Letters 
Pages: 530-533 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.718055 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718055 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:530-533




Template-Type: ReDIF-Article 1.0
Author-Name: Ivo Ph. Jansen 
Author-X-Name-First: Ivo Ph. 
Author-X-Name-Last: Jansen 
Author-Name: Lee W. Sanning 
Author-X-Name-First: Lee W. 
Author-X-Name-Last: Sanning 
Author-Name: Nathan V. Stuart 
Author-X-Name-First: Nathan V. 
Author-X-Name-Last: Stuart 
Title: On the relation between the relative size of acquisitions and the wealth of acquiring firms 
Abstract:
  There are dozens of studies in the mergers and acquisitions literature
 that include the relative size of an acquisition as an additive control
 variable in models explaining acquisition wealth effects. A majority of
 these studies document a positive coefficient estimate on relative size,
 but many document a negative coefficient estimate instead. Our study
 demonstrates that these seemingly contradictory findings stem from a
 misspecification of the functional form of the relation between Cumulative
 Abnormal Returns (<italic>CAR</italic>) and relative size. 
Journal: Applied Economics Letters 
Pages: 534-539 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.718056 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718056 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:534-539




Template-Type: ReDIF-Article 1.0
Author-Name: David C. Broadstock 
Author-X-Name-First: David C. 
Author-X-Name-Last: Broadstock 
Author-Name: Xun Chen 
Author-X-Name-First: Xun 
Author-X-Name-Last: Chen 
Title: A possible role for discriminatory fuel duty in reducing the emissions from road transport: some UK evidence 
Abstract:
  It is shown that the relative demands for gasoline and diesel fuels are
 price-responsive. Given the differing emissions-based externalities from
 these two fuel types, it is contended that discriminatory fuel duty might
 be a means to reduce these externalities. Results are derived from an
 Almost Ideal Demand System with time-varying technological progress,
 estimated using a bootstrap procedure given the nonnormalities and
 relative small sample sizes. 
Journal: Applied Economics Letters 
Pages: 540-544 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.714059 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.714059 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:540-544




Template-Type: ReDIF-Article 1.0
Author-Name: Riccardo Trezzi 
Author-X-Name-First: Riccardo 
Author-X-Name-Last: Trezzi 
Title: Perfect risk-sharing restrictions in the state space 
Abstract:
  I propose a state-space approach to test for international risk sharing
 at different horizons. Running the tests on US data
 <italic>vis-&#xE0;-vis</italic> the rest of the world, I find that market
 incompleteness is pervasive: the null is rejected at all horizons. 
Journal: Applied Economics Letters 
Pages: 545-548 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.718059 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718059 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:545-548




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew T. Young 
Author-X-Name-First: Andrew T. 
Author-X-Name-Last: Young 
Author-Name: Hernando Zuleta 
Author-X-Name-First: Hernando 
Author-X-Name-Last: Zuleta 
Title: Remeasuring labour's share 
Abstract:
  Krueger (1999) provides a measure of &#x2018;raw&#x2019; labour's share
 for the US post-war economy based on Mincerian regressions. He finds that
 raw labour's share fell by over 8 percentage points from 1959 to 1996. We
 provide an alternative estimate using direct observations on the wage
 rates of raw labour units, i.e. those with 8 years of education or less;
 aged 16--18 years. Our measure of raw labour's share is considerably
 higher on average than Krueger's. Furthermore, our measure rises during
 the later part of the sample and is over 22% by 1996. 
Journal: Applied Economics Letters 
Pages: 549-553 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.718061 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718061 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:549-553




Template-Type: ReDIF-Article 1.0
Author-Name: Rati Ram 
Author-X-Name-First: Rati 
Author-X-Name-Last: Ram 
Title: Income elasticity of poverty in developing countries: updated estimates from new data 
Abstract:
  New data on poverty released by World Bank in March 2012 are used to
 provide estimates of income (growth) elasticity of poverty for 2005--2008
 and to compare these with two earlier periods. Five points are noted.
 First, there is a big drop in the overall elasticity for developing
 countries for 2005--2008, indicating a considerably weaker response of
 poverty to increased income. Second, the drop is particularly sharp for
 $1.25 poverty rate but is fairly substantial for $2.00 line also. Third,
 the fall largely reflects a slowdown in poverty reduction in China from
 the extremely high declines in previous periods and the consequent drop in
 the elasticities for that country. Fourth, the elasticities, particularly
 that for $2.00 line, continue to be extremely low in poverty-dense India
 where $2.00 poverty rate is still higher than that even in sub-Saharan
 Africa (SSA). Fifth, the good progress towards the poverty goal of the
 Millennium Declaration is once again noted to be almost entirely due to
 the huge poverty declines that have occurred in China. 
Journal: Applied Economics Letters 
Pages: 554-558 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.718053 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718053 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:554-558




Template-Type: ReDIF-Article 1.0
Author-Name: Lorenzo Corsini 
Author-X-Name-First: Lorenzo 
Author-X-Name-Last: Corsini 
Title: Is there really no link between international trade and wage differentials? 
Abstract:
  This article investigates empirically the relationship between
 international trade (in particular with non-OECD countries) and wage
 differentials of workers with different skills. We examine years from 1996
 to 2005 in several countries and, whereas past studies (using data from
 previous years) had not detected any relevant relationship, we find a
 clean-cut positive effect of imports from non-OECD countries on
 differentials. In addition, we find evidence that technological change is
 having a polarization effect on wages. 
Journal: Applied Economics Letters 
Pages: 559-565 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.720007 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.720007 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:559-565




Template-Type: ReDIF-Article 1.0
Author-Name: Horst Feldmann 
Author-X-Name-First: Horst 
Author-X-Name-Last: Feldmann 
Title: Capital account liberalization and unemployment in industrial countries 
Abstract:
  Using data on 21 industrial countries over 1973 to 2005, this article
 finds that the liberalization of capital accounts implemented during this
 period has probably reduced unemployment. The magnitude of the estimated
 effect is substantial. We control for both endogeneity of capital account
 regulation and all major determinants of unemployment. The results are
 robust to variations in specification. 
Journal: Applied Economics Letters 
Pages: 566-571 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.718058 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718058 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:566-571




Template-Type: ReDIF-Article 1.0
Author-Name: Aberra Senbeta 
Author-X-Name-First: Aberra 
Author-X-Name-Last: Senbeta 
Title: Remittances and the sources of growth 
Abstract:
  This article studies the effects of remittances on economic growth and
 the sources of growth:capital accumulation and Total Factor Productivity
 (TFP) growth. This approach is different from previous studies, in that,
 it focuses on the transmission mechanism instead of the impact of
 remittances on economic growth. We find that remittances have conflicting
 effects on the two sources of growth: capital accumulation and
 productivity growth. Remittances have a significantly positive impact on
 capital accumulation while the impact on TFP growth is insignificant.
 These findings suggest that while remittances enhance investment and
 contribute to physical capital accumulation, the lack of efficiency
 enhancing effect or possible adverse impact on TFP growth would make the
 net effect on economic growth ambiguous. 
Journal: Applied Economics Letters 
Pages: 572-580 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.718057 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718057 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:572-580




Template-Type: ReDIF-Article 1.0
Author-Name: Bobby Davis 
Author-X-Name-First: Bobby 
Author-X-Name-Last: Davis 
Author-Name: David Karemera 
Author-X-Name-First: David 
Author-X-Name-Last: Karemera 
Author-Name: Louis Whitesides 
Author-X-Name-First: Louis 
Author-X-Name-Last: Whitesides 
Title: The intertemporal stability of the US money demand function: new evidence from switching regressions 
Abstract:
  The demand for money remains one of the topics most extensively studied
 in macroeconomics. This article contributes to the debate on the money
 demand stability and presents further evidence of a structural shift in
 the US money demand function. The switching regression technique developed
 by Goldfeld and Quandt (1972) shows that the US money demand function
 displays a gradual structural break during the 1994--1995 period. The
 traditional Goldfeld money demand model was estimated by the nonlinear
 optimization methods. Consumer and corporate interest rates were included
 in the model specifications. In all specifications, the results show a
 two-regime money demand model with a significant structural shift common
 to the 1994--1995 period. The study period from 1966:I to 2009:IV suggests
 that any identified shift is the most significant break in the series.
 Thus, this study demonstrates that the most significant transition from
 the first to the second regime is gradual rather than abrupt, as suggested
 by the previous studies. We believe that the cause of the gradual break
 may be associated with the US recession in the 1992--1993 period. This
 finding suggests that a two-regime demand model can be used in US money
 demand analysis and forecasting in future. 
Journal: Applied Economics Letters 
Pages: 581-586 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.720006 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.720006 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:581-586




Template-Type: ReDIF-Article 1.0
Author-Name: Beldi Amira 
Author-X-Name-First: Beldi 
Author-X-Name-Last: Amira 
Author-Name: Djelassi Mouldi 
Author-X-Name-First: Djelassi 
Author-X-Name-Last: Mouldi 
Author-Name: Mete Feridun 
Author-X-Name-First: Mete 
Author-X-Name-Last: Feridun 
Title: Growth effects of inflation targeting revisited: empirical evidence from emerging markets 
Abstract:
  This study investigates the impact of Inflation Targeting (IT) on real
 economic growth and real economic growth volatility for a panel of 36
 emerging economies from 1979 to 2009. The results suggest that although IT
 regime results in higher economic growth, it does not necessarily
 guarantee a more stable growth rate. 
Journal: Applied Economics Letters 
Pages: 587-591 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.718054 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718054 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:587-591




Template-Type: ReDIF-Article 1.0
Author-Name: Laurent Bouvier 
Author-X-Name-First: Laurent 
Author-X-Name-Last: Bouvier 
Author-Name: Tahir M. Nisar 
Author-X-Name-First: Tahir M. 
Author-X-Name-Last: Nisar 
Title: Managerial capital and firm types: findings from private bond contracts 
Abstract:
  Field experiments have variously discovered that modern management
 practices enhance productivity, but not all firms adopt such practices. In
 this study, we examine private bond contracts used by the public house
 operators to explore if such variations are due to the differences in the
 types of the firms. Bond covenants make management actions in areas such
 as acquisitions and disposals contingent on meeting specified performance
 targets. We find that managed firms that provide greater flexibility in
 managing their operations are more responsive to these constraints than
 tenanted firms. The significant variations in the propensity of the firms
 to respond to covenant restrictions suggest that firms vary in their
 capacity to take different management actions. 
Journal: Applied Economics Letters 
Pages: 592-595 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.720009 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.720009 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:592-595




Template-Type: ReDIF-Article 1.0
Author-Name: Elitza Mileva 
Author-X-Name-First: Elitza 
Author-X-Name-Last: Mileva 
Title: Voluntary private sector involvement and the financial crisis in emerging Europe 
Abstract:
  In 2009, as part of the European Bank Coordination Initiative (also known
 as the Vienna Initiative (VI)), foreign banks with significant interests
 in emerging Europe signed voluntary commitment letters to maintain
 exposure to five countries as long as their International Monetary
 Fund/European Union (IMF/EU) stabilization programmes remained on track.
 Using panel regressions based on international bank lending data for 19
 emerging European states for 2000--2010, this article shows that countries
 with Stand-by Arrangements with the IMF attracted less foreign bank
 lending than justified by fundamentals. However, countries that obtained
 official financing and participated in the VI did not experience the
 decline in foreign private loans associated with IMF programmes. 
Journal: Applied Economics Letters 
Pages: 596-600 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.724157 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.724157 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:596-600




Template-Type: ReDIF-Article 1.0
Author-Name: Hyeon-Seung Huh 
Author-X-Name-First: Hyeon-Seung 
Author-X-Name-Last: Huh 
Title: A Monte Carlo test for the identifying assumptions of the Blanchard and Quah (1989) model 
Abstract:
  In their VAR model, Blanchard and Quah (BQ, 1989) employed
 uncorrelatedness between Aggregate Supply (AS) and Aggregate Demand (AD)
 shocks and the long-run output neutrality condition as identifying
 assumptions. This article conducts a simple Monte Carlo experiment to
 gauge how well the BQ procedure can approximate the true structure if the
 underlying assumptions of uncorrelatedness and long-run output neutrality
 are not supported by data. 
Journal: Applied Economics Letters 
Pages: 601-605 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.725923 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.725923 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:601-605




Template-Type: ReDIF-Article 1.0
Author-Name: Ignacio del Rosal 
Author-X-Name-First: Ignacio 
Author-X-Name-Last: del Rosal 
Title: Delivery terms in international trade: some evidence for Spain 
Abstract:
  Although there is abundant literature on the analysis of transportation
 costs in international trade, there are practically no studies concerning
 delivery terms defined in the International Commercial Terms (Incoterms).
 This article aims to take a first step using the information on Incoterms
 usage provided by the Spanish Foreign Trade Statistics. 
Journal: Applied Economics Letters 
Pages: 606-610 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.725924 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.725924 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:606-610




Template-Type: ReDIF-Article 1.0
Author-Name: Iwan Bos 
Author-X-Name-First: Iwan 
Author-X-Name-Last: Bos 
Author-Name: Ronald Peeters 
Author-X-Name-First: Ronald 
Author-X-Name-Last: Peeters 
Author-Name: Erik Pot 
Author-X-Name-First: Erik 
Author-X-Name-Last: Pot 
Title: Do antitrust agencies facilitate meetings in smoke-filled rooms? 
Abstract:
  This article identifies a potential adverse effect of antitrust
 enforcement. We show that if tacit collusion is not sustainable, firms are
 able and willing to collude explicitly when demand is viscous, the
 expected antitrust penalty is limited and antitrust agencies are
 sufficiently effective in catching cartels. 
Journal: Applied Economics Letters 
Pages: 611-614 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.725925 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.725925 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:611-614




Template-Type: ReDIF-Article 1.0
Author-Name: Hiroaki Miyamoto 
Author-X-Name-First: Hiroaki 
Author-X-Name-Last: Miyamoto 
Title: Ins and outs of the long-run unemployment dynamics 
Abstract:
  This article studies the contribution of inflow and outflow rates to the
 unemployment dynamics in the long-run. I find that both inflow and outflow
 rates contribute significantly to variation in the long-run trend in the
 unemployment rate in both the United States and Japan. In the United
 States, the inflow and outflow rates account for roughly similar
 proportions of overall unemployment variability in the long run. On the
 other hand, in Japan, the inflow rate accounts for much of unemployment
 variation in the long run, and the contribution of the inflow rate to
 overall unemployment fluctuation is around 62%. 
Journal: Applied Economics Letters 
Pages: 615-620 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.725926 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.725926 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:615-620




Template-Type: ReDIF-Article 1.0
Author-Name: Imad A. Moosa 
Author-X-Name-First: Imad A. 
Author-X-Name-Last: Moosa 
Author-Name: Kelly Burns 
Author-X-Name-First: Kelly 
Author-X-Name-Last: Burns 
Title: Interpolating flow and stock variables in a continuous-time dynamic framework 
Abstract:
  A continuous-time dynamic interpolation method for deriving
 high-frequency data is illustrated by deriving monthly data from quarterly
 data on two US macroeconomic variables: industrial production as a flow
 variable and the money supply as a stock variable. Analysis of the actual
 and interpolated series shows that they do not differ significantly in
 terms of the basic statistics and that they are cointegrated with a
 cointegarting vector of (--1,0,1). Unlike other interpolation methods,
 this method distinguishes between stock and flow variables. 
Journal: Applied Economics Letters 
Pages: 621-625 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.727969 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.727969 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:621-625




Template-Type: ReDIF-Article 1.0
Author-Name: Bernd Ebersberger 
Author-X-Name-First: Bernd 
Author-X-Name-Last: Ebersberger 
Author-Name: Sverre J. Herstad 
Author-X-Name-First: Sverre J. 
Author-X-Name-Last: Herstad 
Title: The relationship between international innovation collaboration, intramural R&D and SMEs&#x2019; innovation performance: a quantile regression approach 
Abstract:
  In the current global economic landscape, it is virtually impossible for
 any single firm to stay abreast of all relevant technological advances.
 Thus integration in global innovation networks is becoming more and more
 important for competitiveness and growth. However, the fact that
 international collaboration is organizationally demanding raises important
 questions concerning the relative importance of international
 collaboration and intramural R&D for innovation performance, and how they
 interact in determining it. These questions are particularly relevant in
 the context of SMEs due to the narrower internal knowledge bases of
 smaller organizations. In the following they are investigated using
 Norwegian innovation survey data and quantile regression. Firms in the
 upper quantile of the innovation performance distribution face a trade-off
 between engaging in global innovation collaboration and engaging in
 systematic R&D, where both individually have a positive effect. This is
 consistent with baseline OLS findings. By contrast, firms in the lower
 quantiles of the distribution are found to strengthen their performance by
 means of R&D only. Consequently, the baseline OLS regression results fail
 to capture the determinants of innovation performance for the population
 of SMEs that are not already strong innovation performers. This leads to a
 risk of excessive SME innovation policy emphasis on inducing international
 collaboration. 
Journal: Applied Economics Letters 
Pages: 626-630 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.724158 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.724158 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:626-630




Template-Type: ReDIF-Article 1.0
Author-Name: Rodrigo Leandro de Moura 
Author-X-Name-First: Rodrigo Leandro 
Author-X-Name-Last: de Moura 
Author-Name: Jaime de Jesus Filho 
Author-X-Name-First: Jaime 
Author-X-Name-Last: de Jesus Filho 
Author-Name: Paulo S�rgio Braga Tafner 
Author-X-Name-First: Paulo S�rgio Braga 
Author-X-Name-Last: Tafner 
Author-Name: Ligia Helena da Cruz Ourives 
Author-X-Name-First: Ligia Helena 
Author-X-Name-Last: da Cruz Ourives 
Title: Social security effects on income distribution: a counterfactual analysis for Brazil 
Abstract:
  One of the reasons for the existence of social security systems is that
 they function as an income redistribution mechanism (Diamond, 1977).
 Nevertheless, there is no obvious consensus about this social security
 property. We test it to the Brazilian case and try to answer an additional
 question: is the trend of social security systems increasingly progressive
 or regressive? We conclude that the changes in Brazilian Social Security
 legislation reduced inequality between 1987 and 1996, but only for the
 elderly. For the other age groups, there is a stable trend. Results for
 the period between 1996 and 2006 reveal that the Brazilian system is
 neutral for all cohorts. 
Journal: Applied Economics Letters 
Pages: 631-637 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.725922 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.725922 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:631-637




Template-Type: ReDIF-Article 1.0
Author-Name: Nathan J. Ashby 
Author-X-Name-First: Nathan J. 
Author-X-Name-Last: Ashby 
Author-Name: Avilia Bueno 
Author-X-Name-First: Avilia 
Author-X-Name-Last: Bueno 
Author-Name: Deborah Mart�nez Villarreal 
Author-X-Name-First: Deborah Mart�nez 
Author-X-Name-Last: Villarreal 
Title: The determinants of immigration from Mexico to the United States: a state-to-state analysis 
Abstract:
  The determinants of undocumented immigration flows from Mexican states to
 US states utilizing data recently released by the Mexican Consulate are
 analysed. The results generally support that immigrants tend towards
 states with higher Mexican immigrant populations, shorter distances,
 higher wages and smaller populations. 
Journal: Applied Economics Letters 
Pages: 638-641 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.727964 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.727964 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:638-641




Template-Type: ReDIF-Article 1.0
Author-Name: Scott Wallace 
Author-X-Name-First: Scott 
Author-X-Name-Last: Wallace 
Author-Name: Steven B. Caudill 
Author-X-Name-First: Steven B. 
Author-X-Name-Last: Caudill 
Author-Name: Franklin G. Mixon 
Author-X-Name-First: Franklin G. 
Author-X-Name-Last: Mixon 
Title:  <italic>Homo certus</italic> in professional basketball? Empirical evidence from the 2011 NBA Playoffs 
Abstract:
  The current article builds on Berri and Eschker's (2005) research on the
 impact of crunch time, or pressure-packed performance, in professional
 basketball by searching for changes in individual player performance near
 the end of the game. In this way, our study is similar to the study of
 Savage and Torgler (2012), which examined World Cup soccer performances.
 Here, we focus solely on National Basketball Association (NBA) Playoff
 games (from 2011), which are the most stressful games to players. The
 empirical analyses presented in this study generally confirm earlier
 research contending that the existence of a prime time or clutch player in
 the NBA is a myth. On the contrary, our work supports the idea that
 professional basketball fans often exhibit confirmation bias, wherein they
 tend to overweight clutch performances that support their <italic>a
 priori</italic> beliefs. 
Journal: Applied Economics Letters 
Pages: 642-648 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.727965 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.727965 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:642-648




Template-Type: ReDIF-Article 1.0
Author-Name: Simon Condliffe 
Author-X-Name-First: Simon 
Author-X-Name-Last: Condliffe 
Author-Name: Charles R. Link 
Author-X-Name-First: Charles R. 
Author-X-Name-Last: Link 
Author-Name: Shreekant Parasuraman 
Author-X-Name-First: Shreekant 
Author-X-Name-Last: Parasuraman 
Author-Name: Michael F. Pollack 
Author-X-Name-First: Michael F. 
Author-X-Name-Last: Pollack 
Title: The effects of hypertension and obesity on total health-care expenditures of diabetes patients in the United States 
Abstract:
  We identify a representative sample of US diabetes patients with comorbid
 hypertension and obesity and then evaluate health-care expenditures in
 this population across comorbidity categories. The underlying hypothesis
 is that the presence of comorbid obesity and hypertension poses an
 additional burden on patients with diabetes, thus impacting their overall
 resource utilization. More than one-third of diabetes patients suffer from
 comorbid obesity and hypertension, which outnumbers diabetes patients with
 neither or only one of these comorbidities. The results of multivariate
 regressions clearly show the significant impact these comorbidities have
 on the health-care expenditures of the diabetes population. For example, a
 person with diabetes and obesity has health-care expenditures 14% greater
 than a diabetes patient without obesity. Adding hypertension to a diabetes
 patient raises health-care expenditures by 26%. Finally, diabetes patients
 with both comorbid obesity and hypertension -- the fastest growing group
 of diabetes patients -- have health-care expenditures 40% higher than
 those without these comorbidities. Our results indicate that diabetes
 patients are placing an increasing strain on health-care resources, and
 health-care providers should consider the management of comorbid
 hypertension and/or obesity, as these have significant effects on resource
 utilization and expenditures beyond the underlying diabetes condition. 
Journal: Applied Economics Letters 
Pages: 649-652 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.727966 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.727966 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:649-652




Template-Type: ReDIF-Article 1.0
Author-Name: Fredj Jawadi 
Author-X-Name-First: Fredj 
Author-X-Name-Last: Jawadi 
Author-Name: Ricardo M. Sousa 
Author-X-Name-First: Ricardo M. 
Author-X-Name-Last: Sousa 
Title: Structural breaks and nonlinearity in US and UK public debts 
Abstract:
  This article investigates the short-term dynamics of public debts in the
 United States and the United Kingdom over more than four decades. We check
 for structural changes in the data and assess nonlinearity and
 switching-regime hypotheses using several linearity tests. Our findings
 point to multiple structural breaks due to economic downturns, oil shocks
 and financial and political instability. We also identify different
 regimes for which the adjustment is asymmetric and nonlinear, in
 particular, since 2003 and around the Great Recession. 
Journal: Applied Economics Letters 
Pages: 653-657 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.727967 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.727967 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:653-657




Template-Type: ReDIF-Article 1.0
Author-Name: Markus Poschke 
Author-X-Name-First: Markus 
Author-X-Name-Last: Poschke 
Title: &#x2018;Entrepreneurs out of necessity&#x2019;: a snapshot 
Abstract:
  &#x2018;Entrepreneurs out of necessity&#x2019; as identified by the
 Global Entrepreneurship Monitor (GEM) survey are a sizeable group across
 countries. This article documents that they tend to have low education,
 run smaller firms, expect their firms to grow less, but are likely to stay
 in the market. This evidence matters for policy supporting small
 businesses. It is a challenge for existing theories of heterogeneous firms
 and points to the importance of heterogeneous outside options. 
Journal: Applied Economics Letters 
Pages: 658-663 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.727968 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.727968 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:658-663




Template-Type: ReDIF-Article 1.0
Author-Name: Bilin Neyapti 
Author-X-Name-First: Bilin 
Author-X-Name-Last: Neyapti 
Title: Turkey's experience with disinflation: where did all the welfare gains go? 
Abstract:
  This article measures the welfare gains from disinflation in Turkey
 during the 2000s. Estimated welfare gains exceed the real output gains,
 which is likely to arise from persisting allocative inefficiencies,
 pointing at the need for further structural and institutional reforms for
 the benefits of price stability to be utilized towards achieving
 sustainable development. 
Journal: Applied Economics Letters 
Pages: 664-668 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.727970 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.727970 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:664-668




Template-Type: ReDIF-Article 1.0
Author-Name: Ant&#xF3;nio Afonso 
Author-X-Name-First: Ant&#xF3;nio 
Author-X-Name-Last: Afonso 
Author-Name: Jo&#xE3;o Tovar Jalles 
Author-X-Name-First: Jo&#xE3;o Tovar 
Author-X-Name-Last: Jalles 
Title: The cyclicality of education, health, and social security government spending 
Abstract:
  We use a panel of developed and emerging countries for the period 1970 to
 2008 to assess the cyclicality of education, health and social security
 government spending. We mostly find acyclical behaviour, but evidence also
 points to counter-cyclicality for social security spending, particularly
 in OECD countries, consistent with the operation of automatic stabilizers. 
Journal: Applied Economics Letters 
Pages: 669-672 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.730125 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.730125 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:669-672




Template-Type: ReDIF-Article 1.0
Author-Name: Wei Gao 
Author-X-Name-First: Wei 
Author-X-Name-Last: Gao 
Author-Name: Scott Gilbert 
Author-X-Name-First: Scott 
Author-X-Name-Last: Gilbert 
Author-Name: Kevin Sylwester 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Sylwester 
Title: The effect of assassinations on political institutions: Are the Jones--Olken findings robust? 
Abstract:
  Jones and Olken (JO; 2009) report that the outcome of an assassination
 attempt -- whether it is successful or not -- matters for political
 institutions. We question how these institutions are classified.
 Revisiting their methodology shows that their findings are generally
 robust to reasonable differences in classification, thereby strengthening
 their conclusions that leadership and luck matter for political outcomes. 
Journal: Applied Economics Letters 
Pages: 673-676 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.730126 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.730126 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:673-676




Template-Type: ReDIF-Article 1.0
Author-Name: N. Podlich 
Author-X-Name-First: N. 
Author-X-Name-Last: Podlich 
Author-Name: M. Wedow 
Author-X-Name-First: M. 
Author-X-Name-Last: Wedow 
Title: Are insurers SIFIs? A MGARCH model to measure interconnectedness 
Abstract:
  We examine whether insurance companies should, like banks, be regulated
 as Systemically Important Financial Institutions (SIFIs). For this
 purpose, we empirically model the interconnectedness between different
 sectors of the financial system with a multivariate GARCH model using the
 information content of Credit Default Swap (CDS) prices. Our findings
 suggest that large insurers transmit risks to other parts of the financial
 system. The magnitude of these contagion effects is substantially lower
 than those of large banks that are currently treated as SIFIs. 
Journal: Applied Economics Letters 
Pages: 677-681 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.730127 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.730127 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:677-681




Template-Type: ReDIF-Article 1.0
Author-Name: John Whalley 
Author-X-Name-First: John 
Author-X-Name-Last: Whalley 
Author-Name: Xiliang Zhao 
Author-X-Name-First: Xiliang 
Author-X-Name-Last: Zhao 
Title: The relative importance of the Chinese stimulus package and tax stabilization during the 2008 financial crisis 
Abstract:
  The general presumption in the policy literature has been that China's
 sustained high growth since 2008 and the global financial crisis (with a
 dip in Q1 2009) have been heavily reflections of the November 2008
 4-trillion Renminbi stimulus package. Less attention has been paid to the
 revenue side of the government account, even though immediately following
 the onset of the crisis, government revenues fell after growing at roughly
 30% annually pre-crisis. The issue we address in this article is the
 relative importance of expenditure stimulus and tax stabilization after
 the onset of the 2008 crisis. We use a Keynesian macroeconomic model of
 China recast in changes form to quantitatively evaluate the relative
 importance of the stimulus and automatic tax stabilization components. Our
 simulation results indicate that without the stimulus package, the
 economic growth in 2009 would have been only 6.8%, and without slowed
 growth of government revenues, the growth rate in 2009 would have been
 only 6.0%. Our conclusion is that while increases in government spending
 and revenue reduction stimulus from automatic revenue responses both
 contributed to the speedy recovery of the Chinese economy from the crisis,
 the tax side may have contributed more than the expenditure side. 
Journal: Applied Economics Letters 
Pages: 682-686 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.730128 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.730128 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:682-686




Template-Type: ReDIF-Article 1.0
Author-Name: Tidiane Kinda 
Author-X-Name-First: Tidiane 
Author-X-Name-Last: Kinda 
Author-Name: Marie-Helene Le Manchec 
Author-X-Name-First: Marie-Helene 
Author-X-Name-Last: Le Manchec 
Title: Heterogeneity in the allocation of external public financing: evidence from post-MDRI countries 
Abstract:
  This article revisits the evidence on the allocation of external public
 financing to post-MDRI countries while controlling for heterogeneity
 across recipient economies through quantile regressions. The results show
 that donors were more selective in terms of institutional quality when
 allocating aid to countries with the highest income per capita in the
 sample. 
Journal: Applied Economics Letters 
Pages: 687-691 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2011.652774 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.652774 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:687-691




Template-Type: ReDIF-Article 1.0
Author-Name: Tarlok Singh 
Author-X-Name-First: Tarlok 
Author-X-Name-Last: Singh 
Title: International mobility of capital in the OECD countries: a robust evidence from panel data estimators 
Abstract:
  This study estimates the Feldstein and Horioka (FH, 1980) model and
 examines the International Mobility of Capital (IMC) for a balanced panel
 of 24 OECD countries. The results provide consistent support for moderate
 mobility of capital and for cointegrating relationship between domestic
 saving and investment. 
Journal: Applied Economics Letters 
Pages: 692-696 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.732683 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.732683 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:692-696




Template-Type: ReDIF-Article 1.0
Author-Name: Levent Bulut 
Author-X-Name-First: Levent 
Author-X-Name-Last: Bulut 
Title: Current account dynamics and degree of capital mobility 
Abstract:
  By modelling the current account balances (as a percentage of GDP) in a
 dynamic AR(1) model, Taylor (2002) proposed to use speed of mean reversion
 of the dynamics of the current account as a tool for measurement of
 capital mobility and confirmed the stylized fact of U-Shape degree of
 capital mobility through the last two centuries with this new approach.
 With the assumption that countries obey their Long-Run Budget Constraint
 (LRBC), the OLS estimate of the degree of current account persistency in
 Taylor (2002) is downward bias due to small sample and high serial
 correlation of current account ratios with its lags. By correcting these
 biases with the Andrews (1993) exact median-unbiased estimation, we find
 that the confidence intervals for half-life estimates include 1 year
 (which was used as a benchmark) in 37 out of 75 country--period cases,
 which cast some doubt on the use of half-life estimate as a practical
 measure of capital mobility. 
Journal: Applied Economics Letters 
Pages: 697-701 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.720008 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.720008 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:697-701




Template-Type: ReDIF-Article 1.0
Author-Name: E. Dijkgraaf 
Author-X-Name-First: E. 
Author-X-Name-Last: Dijkgraaf 
Author-Name: R. H. J. M. Gradus 
Author-X-Name-First: R. H. J. M. 
Author-X-Name-Last: Gradus 
Title: Cost advantage cooperations larger than private waste collectors 
Abstract:
  For refuse collection, we estimate the cost effects of different
 institutional modes using panel data for almost all Dutch municipalities
 between 1998 and 2010. The modes we consider are private enterprises,
 intermunicipal cooperation, municipality-owned enterprises and in-house
 collection. For private companies, the cost advantage becomes
 substantially smaller and nonsignificant if municipal fixed effects are
 included. The cost advantage of intermunicipal cooperation is larger in
 this case than that of privatization. 
Journal: Applied Economics Letters 
Pages: 702-705 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.732682 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.732682 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:702-705




Template-Type: ReDIF-Article 1.0
Author-Name: Celia Bilbao-Terol 
Author-X-Name-First: Celia 
Author-X-Name-Last: Bilbao-Terol 
Author-Name: Ver&#xF3;nica Ca&#xF1;al-Fern&#xE1;ndez 
Author-X-Name-First: Ver&#xF3;nica 
Author-X-Name-Last: Ca&#xF1;al-Fern&#xE1;ndez 
Title: The price of secondary school quality: a hedonic approach 
Abstract:
  The aim of this article is to calculate the market valuation of quality
 characteristics and locational attributes of private secondary school in
 Spain. In order to achieve this, a hedonic price regression is estimated.
 The quality characteristics of a school appear to be important
 determinants of tuition in Spain. 
Journal: Applied Economics Letters 
Pages: 706-709 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.732684 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.732684 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:706-709




Template-Type: ReDIF-Article 1.0
Author-Name: Barry Reilly 
Author-X-Name-First: Barry 
Author-X-Name-Last: Reilly 
Author-Name: Robert Witt 
Author-X-Name-First: Robert 
Author-X-Name-Last: Witt 
Title: Red cards, referee home bias and social pressure: evidence from English Premiership Soccer 
Abstract:
  This article uses player/match-level data from five seasons of the
 English Premiership League (EPL) to test for home bias and referee
 susceptibility to social pressure in the application of the most stringent
 disciplinary sanction available to a referee. We find persuasive evidence
 for the former but none for the latter. 
Journal: Applied Economics Letters 
Pages: 710-714 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.734591 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.734591 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:710-714




Template-Type: ReDIF-Article 1.0
Author-Name: Christer Ljungwall 
Author-X-Name-First: Christer 
Author-X-Name-Last: Ljungwall 
Author-Name: Patrik Gustavsson Tingvall 
Author-X-Name-First: Patrik Gustavsson 
Author-X-Name-Last: Tingvall 
Title: Is China different? A meta-analysis of China's financial sector development 
Abstract:
  We examine whether China has benefited more from financial development
 than other countries. The results show that financial development has been
 less significant for growth in China than in other countries, even when
 China is compared with other transition economies. 
Journal: Applied Economics Letters 
Pages: 715-718 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.734592 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.734592 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:715-718




Template-Type: ReDIF-Article 1.0
Author-Name: Su-Lien Lu 
Author-X-Name-First: Su-Lien 
Author-X-Name-Last: Lu 
Title: Measuring credit risk by using a parameterized model under risk-neutral measure 
Abstract:
	      This article assesses credit risk by using a parameterized
 model under risk-neutral measure, elaborating the assumption of
 Bystr&#xF6;m and Kwon (2007) by using interpolation to estimate the
 risk-free yield curve. The required data are minimal; the proposed model
 only necessitates information regarding loans, such as loan rates, and
 risk-free rates that can avoid shortcomings of rating data. The default
 probabilities are estimated under risk-neutral measure though few studies
 have done so. The empirical results show that default probabilities of
 financial distress are higher compared to those of normal firms.
 Furthermore, the proposed model is also closely associated with the
 economic state.	  
Journal: Applied Economics Letters 
Pages: 719-723 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.734593 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.734593 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:719-723




Template-Type: ReDIF-Article 1.0
Author-Name: Elena D'Agostino 
Author-X-Name-First: Elena 
Author-X-Name-Last: D'Agostino 
Author-Name: Emiliano Sironi 
Author-X-Name-First: Emiliano 
Author-X-Name-Last: Sironi 
Author-Name: Giuseppe Sobbrio 
Author-X-Name-First: Giuseppe 
Author-X-Name-Last: Sobbrio 
Title: The role of education in determining the attitudes towards crime in Europe 
Abstract:
	      Using data from the European Social Survey (ESS), we
 investigate the relationship between education and attitudes towards
 offences and crime. The results suggest that in a European context years
 spent in education are positively associated with more permissive
 attitudes towards criminal behaviour.		
Journal: Applied Economics Letters 
Pages: 724-727 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.739280 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.739280 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:724-727




Template-Type: ReDIF-Article 1.0
Author-Name: Bruno Rocha 
Author-X-Name-First: Bruno 
Author-X-Name-Last: Rocha 
Author-Name: F&#xE1;bio Sanches 
Author-X-Name-First: F&#xE1;bio 
Author-X-Name-Last: Sanches 
Author-Name: Igor Souza 
Author-X-Name-First: Igor 
Author-X-Name-Last: Souza 
Author-Name: Jos� Carlos Domingos da Silva 
Author-X-Name-First: Jos� 
Author-X-Name-Last: Carlos Domingos da Silva 
Title: Does monitoring affect corruption? Career concerns and home bias in football refereeing 
Abstract:
	      This article evaluates refereeing bias in football games.
 Using a data set for Brazilian Championship, we find that referees
 systematically favour home teams setting more extra time in close matches
 in which home teams are behind. Career concerns seem to be relevant, since
 monitoring inhibits this behaviour and the effect of the refereeing bias
 on the probability of scoring in the extra time is quantitatively
 negligible.	      
Journal: Applied Economics Letters 
Pages: 728-731 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.736938 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.736938 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:728-731




Template-Type: ReDIF-Article 1.0
Author-Name: Gary Madden 
Author-X-Name-First: Gary 
Author-X-Name-Last: Madden 
Author-Name: Erik Bohlin 
Author-X-Name-First: Erik 
Author-X-Name-Last: Bohlin 
Author-Name: Hajime Oniki 
Author-X-Name-First: Hajime 
Author-X-Name-Last: Oniki 
Author-Name: Thien Tran 
Author-X-Name-First: Thien 
Author-X-Name-Last: Tran 
Title: Potential demand for m-government services in Japan 
Abstract:
	      This article attempts to identify factors that influence the
 potential demand for m-government service adoption in Japan by analysing
 survey responses. This study identifies smartphone ownership, mobile
 application activity and e-government subscription as demand drivers.
 These results suggest government should encourage Juki cards and the e-tax
 payment system adoption and support programmes to encourage smartphone
 ownership and mobile application subscriptions.	  
Journal: Applied Economics Letters 
Pages: 732-736 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.736939 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.736939 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:732-736




Template-Type: ReDIF-Article 1.0
Author-Name: Wojciech Charemza 
Author-X-Name-First: Wojciech 
Author-X-Name-Last: Charemza 
Author-Name: Imran Husssain Shah 
Author-X-Name-First: Imran 
Author-X-Name-Last: Husssain Shah 
Title: Stability price index, core inflation and output volatility 
Abstract:
	      This article examines the relationship between the
 &#x2018;exclusion&#x2019; type Core Inflation (<italic>CI</italic>)
 measures and the stability price index. Empirical results for Malaysia and
 Pakistan suggest that if targeting <italic>CI</italic> index is to
 stabilize output, weights of the export-oriented sectors (energy for
 Malaysia and foodstuffs for Pakistan) should be reduced, in relation to
 the <italic>CPI</italic> weights, and weights of the import-oriented
 sectors should be increased. It also indicates that, in order to maintain
 real sector stability, central bankers should include the fundamental
 component of the stock market prices in the price index they target.	    
Journal: Applied Economics Letters 
Pages: 737-741 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.739279 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.739279 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:737-741




Template-Type: ReDIF-Article 1.0
Author-Name: Yasunori Yoshizaki 
Author-X-Name-First: Yasunori 
Author-X-Name-Last: Yoshizaki 
Author-Name: Yuki Toyoshima 
Author-X-Name-First: Yuki 
Author-X-Name-Last: Toyoshima 
Author-Name: Shigeyuki Haomori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Haomori 
Title: The causal relationships between sovereign CDS premiums for Japan and selected EU countries 
Abstract:
	      In this article, we apply the cross-correlation function
 approach developed by Hong (2001) in order to investigate how the recent
 sovereign debt crisis has influenced interrelations between sovereign
 credit default swap (CDS) premiums for Japan and for Europe's major
 countries. We confirm the existence of a causal linkage between the mean
 of Japan and those of EU countries except Greece. In addition, this causal
 linkage has strengthened remarkably since the crisis. Further, we detect a
 causal linkage in terms of variance between Japan and certain EU countries
 including Greece.	    
Journal: Applied Economics Letters 
Pages: 742-747 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.741671 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.741671 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:742-747




Template-Type: ReDIF-Article 1.0
Author-Name: Pablo Hern&#xE1;ndez de Cos 
Author-X-Name-First: Pablo 
Author-X-Name-Last: Hern&#xE1;ndez de Cos 
Author-Name: Enrique Moral-Benito 
Author-X-Name-First: Enrique 
Author-X-Name-Last: Moral-Benito 
Title: What drives a successful fiscal consolidation? 
Abstract:
	      Fiscal consolidations are currently in the agenda of fiscal
 authorities in many countries. Using Bayesian Model Averaging to overcome
 the problem of model uncertainty, we find that growth-enhancing policies
 and cuts in public wages are the most appropriate ingredients for
 successfully reducing debt levels and budget deficits. 	 
Journal: Applied Economics Letters 
Pages: 748-753 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.741672 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.741672 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:748-753




Template-Type: ReDIF-Article 1.0
Author-Name: Rodrigo Fuentes 
Author-X-Name-First: Rodrigo 
Author-X-Name-Last: Fuentes 
Author-Name: Jorge Dresdner 
Author-X-Name-First: Jorge 
Author-X-Name-Last: Dresdner 
Title: Survival of micro-enterprises: Does public seed financing work? 
Abstract:
	      We estimated a hazard function for the duration of
 micro-enterprises after they had been subject to a public seed financing
 programme in southern Chile. The programme aims to encourage innovative
 new firms and uses sponsors to support and follow-up on the benefiting
 firms. Using an administrative database, specially recovered for this
 purpose, we were able to follow a sample of 76 firms throughout a period
 of 9 years. This article offers new evidence about how a firm promotion
 subsidy programme works in a medium developed country. The results
 indicate that the amount of funds granted increases survival time. In
 contrast, the type of support organization does not seem to affect the
 duration of the micro-enterprises, while the sponsors' individual
 characteristics do seem to have an impact on survival. Thus, the public
 institution should periodically assess the sponsors' performance as part
 of the programme evaluation.	       
Journal: Applied Economics Letters 
Pages: 754-757 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.741673 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.741673 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:754-757




Template-Type: ReDIF-Article 1.0
Author-Name: Radu Vranceanu 
Author-X-Name-First: Radu 
Author-X-Name-Last: Vranceanu 
Author-Name: Damien Besancenot 
Author-X-Name-First: Damien 
Author-X-Name-Last: Besancenot 
Title: The spending multiplier in a time of massive public debt: The Euro-area case 
Abstract:
	      This article argues that in Euro-area economies, where the
 European Central Bank (ECB) cannot bail out financially distressed
 governments, the spending multiplier is adversely affected by the amount
 of public debt. A regression model on a panel of 26 EU countries over the
 last 16 years shows that a 10 percentage point increase in the debt-to-GDP
 ratio is connected to a slowdown in annual growth rates of 0.28 percentage
 point. Furthermore, the effectiveness of fiscal spending is adversely
 affected by the amount of public debt; in particular, when the public debt
 exceeds 150% of GDP, the growth impact of the deficit might turn negative. 
Journal: Applied Economics Letters 
Pages: 758-762 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.741674 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.741674 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:758-762




Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Simonian 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Simonian 
Author-Name: Gabriella Barschdorff 
Author-X-Name-First: Gabriella 
Author-X-Name-Last: Barschdorff 
Title: Liabilities -- a multi-objective approach 
Abstract:
	      The majority of pension plans today are underfunded,
 uncertain about the market, the economic and regulatory environment and
 searching for a more stable approach to meeting their pension benefit
 obligations. For plan sponsors who want to adopt a more structured
 approach to asset--liability management, adopting a glide path framework
 that gradually de-risks their investment portfolio as funded status
 improves has become an attractive way to move towards their funding goal.
 To that end, this article describes a multi-objective optimization
 methodology known as the goal attainment method, an approach which can
 accommodate the simultaneous optimization of distinct objective functions,
 and shows how it can be used to construct glide path strategies for
 asset--liability applications. 	 
Journal: Applied Economics Letters 
Pages: 763-766 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.741675 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.741675 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:763-766




Template-Type: ReDIF-Article 1.0
Author-Name: Michail Kiriakidis 
Author-X-Name-First: Michail 
Author-X-Name-Last: Kiriakidis 
Author-Name: Antonios Kargas 
Author-X-Name-First: Antonios 
Author-X-Name-Last: Kargas 
Title: Greek GDP forecast estimates 
Abstract:
	      The papers scope is to use historical data in order to
 forecast Greek Gross Domestic Product (GDP). By using a range of
 forecasting models the Greek economy's performance is investigated and the
 main indicators are revealed. Main findings are the revealing of important
 economic indexes determining the Greek GDP as retail trade index,
 industrial production index, unemployment rate and touristic index, and
 the forecast of high recession for the year 2012.	    
Journal: Applied Economics Letters 
Pages: 767-772 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.744128 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.744128 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:767-772




Template-Type: ReDIF-Article 1.0
Author-Name: Ant&#xF3;nio Rua 
Author-X-Name-First: Ant&#xF3;nio 
Author-X-Name-Last: Rua 
Title: Worldwide synchronization since the nineteenth century: a wavelet-based view 
Abstract:
	      Resorting to wavelet analysis, a novel measure is used to
 assess synchronization of economic activity across a large set of
 countries. As it has long been acknowledged in the literature that
 synchronization can vary over time and may depend on the type of
 fluctuation, the use of a wavelet-based measure of synchronization becomes
 particularly useful as it can capture both time and frequency varying
 features within a unified framework. Considering the period since 1870s up
 to 2011 for a set of 23 countries, it is found that worldwide
 synchronization has increased over the last decades and it has attained an
 unprecedented level during the Great Recession.	  
Journal: Applied Economics Letters 
Pages: 773-776 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.744129 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.744129 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:773-776




Template-Type: ReDIF-Article 1.0
Author-Name: Bernadine De Waal 
Author-X-Name-First: Bernadine 
Author-X-Name-Last: De Waal 
Author-Name: Mark A. Petersen 
Author-X-Name-First: Mark A. 
Author-X-Name-Last: Petersen 
Author-Name: Lungile N. P. Hlatshwayo 
Author-X-Name-First: Lungile N. P. 
Author-X-Name-Last: Hlatshwayo 
Author-Name: Janine Mukuddem-Petersen 
Author-X-Name-First: Janine 
Author-X-Name-Last: Mukuddem-Petersen 
Title: A note on Basel III and liquidity 
Abstract:
	      In this article, we obtain numerical results involving new
 Basel III liquidity regulation. More specifically, we compute the net
 stable funding ratio in accordance with the prescripts of the proposed
 banking rules. In this regard, we investigate the effects of shareholder
 cash flow rights on the aforementioned funding ratio and a non-Basel III
 liquidity coverage ratio for certain developing countries during the
 period 2005 Q1 to 2009 Q4. Our study finds that the funding ratio appears
 to have satisfied Basel III minimum liquidity standards during this
 period. Also, we conclude that more concentrated cash flow rights result
 in improved liquidity. 	 
Journal: Applied Economics Letters 
Pages: 777-780 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.744130 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.744130 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:777-780




Template-Type: ReDIF-Article 1.0
Author-Name: Jin-Hyuk Kim 
Author-X-Name-First: Jin-Hyuk 
Author-X-Name-Last: Kim 
Title: Does competition affect evolutionary dynamics? Evidence from a collegiate university 
Abstract:
	      This article shows that competition is inversely related to
 the strength of evolutionary dynamics using a collegiate university's
 admission statistics during the period 2004--2009. Specifically, estimated
 coefficients of the replicator dynamic equation is inversely related to
 the subject's applications-to-offers ratio. This suggests that competition
 favours a choice of strategies that is serially independent of the
 previous round's pay-offs.	     
Journal: Applied Economics Letters 
Pages: 781-785 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.744131 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.744131 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:781-785




Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Melser 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Melser 
Title: Multilateral index number theory and generalized repeat sales house price indexes 
Abstract:
	      One of the most common approaches to constructing home price
 indexes is the repeat sales method. In this article, it is shown that this
 approach is part of a family of widely used multilateral index number
 methods known as weighted GEKS. Here, the price index is constructed in
 two stages. First, elementary indexes are constructed between each period.
 Second, these bilateral indexes are aggregated into a transitive set of
 multilateral indexes using weighted least squares regression. We show that
 the repeat sales index has precisely this form and identify the specific
 elementary index formula and weights used. This observation provides a
 basis upon which to consider generalized repeat sales indexes which use
 different elementary indexes and weights. We apply some of these methods
 to repeat sales data and show that these choices matter empirically.	    
Journal: Applied Economics Letters 
Pages: 786-789 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.745924 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.745924 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:786-789




Template-Type: ReDIF-Article 1.0
Author-Name: &#x15E;aziye Gaziog&#x303;lu 
Author-X-Name-First: &#x15E;aziye 
Author-X-Name-Last: Gaziog&#x303;lu 
Author-Name: Azize Bast&#x131;yal&#x131;-Hafavi 
Author-X-Name-First: Azize 
Author-X-Name-Last: Bast&#x131;yal&#x131;-Hafavi 
Author-Name: &#xD6;zge Sezgin 
Author-X-Name-First: &#xD6;zge 
Author-X-Name-Last: Sezgin 
Title: Jumps in an stochastic optimization: self-financing portfolio for risk averse investors: does bequest matter? 
Abstract:
	      We optimized consumer/investor behaviour, subject to
 self-financing constraint by using stochastic dynamics system with jumps.
 Our aim in this article was to compare a stochastic optimization model
 with and without jumps in a self-financing portfolio model, for the risk
 averse investors. In this article, our contribution to the literature was
 to introduce an analytical solution of the utility maximizing model and to
 investigate the consequences of jumps and bequest to the economic system.
 A previous model by Gazioglu and Bastiyali-Hafavi (2010) used
 optimization, only with a Brownian motion during optimization. In this
 article, we introduced jump difussion to Brownian motion during
 optimization. We compared the model with and without jumps for the risk
 averse investors. Furthermore, as a form of wealth, we compared the
 results with and without bequest.	    
Journal: Applied Economics Letters 
Pages: 790-794 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.744158 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.744158 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:790-794




Template-Type: ReDIF-Article 1.0
Author-Name: Yoshito Funashima 
Author-X-Name-First: Yoshito 
Author-X-Name-Last: Funashima 
Title: Reassessing the Fed's behaviour towards presidential elections 
Abstract:
	      This article re-examines the existence of opportunistic
 political monetary cycle in the United States using frequency-domain
 analysis. We reveal the cyclical propensity that expansionary monetary
 policy emerges prior to the presidential elections.	      
Journal: Applied Economics Letters 
Pages: 795-798 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.745925 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.745925 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:795-798




Template-Type: ReDIF-Article 1.0
Author-Name: Andr� Betzer 
Author-X-Name-First: Andr� 
Author-X-Name-Last: Betzer 
Author-Name: Markus Doumet 
Author-X-Name-First: Markus 
Author-X-Name-Last: Doumet 
Author-Name: Ulf Rinne 
Author-X-Name-First: Ulf 
Author-X-Name-Last: Rinne 
Title: How policy changes affect shareholder wealth: the case of the Fukushima Dai-ichi nuclear disaster 
Abstract:
	      This article analyses how policy changes affect shareholder
 wealth by exploiting the unexpected German reaction to the Japanese
 nuclear disaster. Event study results show that energy companies'
 shareholder wealth was affected by the policy reaction and not by the
 disaster.	    
Journal: Applied Economics Letters 
Pages: 799-803 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.748172 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.748172 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:799-803




Template-Type: ReDIF-Article 1.0
Author-Name: Miguel Manj&#xF3;n Antol&#xED;n 
Author-X-Name-First: Miguel Manj&#xF3;n 
Author-X-Name-Last: Antol&#xED;n 
Author-Name: Juan A. M&#xE1;&#xF1;ez 
Author-X-Name-First: Juan A. 
Author-X-Name-Last: M&#xE1;&#xF1;ez 
Author-Name: Mar&#xED;a E. Rochina Barrachina 
Author-X-Name-First: Mar&#xED;a E. 
Author-X-Name-Last: Rochina Barrachina 
Author-Name: Juan A. Sanchis Llopis 
Author-X-Name-First: Juan A. 
Author-X-Name-Last: Sanchis Llopis 
Title: Export intensity and the productivity gains of exporting 
Abstract:
	      This article analyses whether the productivity gains
 associated with Learning-by-Exporting (LBE) (controlling for
 self-selection) depend on the intensity of the firm's exporting activity.
 The results from a representative sample of Spanish manufacturing firms
 indicate that the yearly average gains in productivity are larger for
 those firms that increase their export-to-sales ratio. 	 
Journal: Applied Economics Letters 
Pages: 804-808 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.748173 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.748173 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:804-808




Template-Type: ReDIF-Article 1.0
Author-Name: St�phan Marette 
Author-X-Name-First: St�phan 
Author-X-Name-Last: Marette 
Author-Name: Sandrine Blanchemanche 
Author-X-Name-First: Sandrine 
Author-X-Name-Last: Blanchemanche 
Author-Name: Jutta Roosen 
Author-X-Name-First: Jutta 
Author-X-Name-Last: Roosen 
Title: Multiple equilibria with a multiple price list 
Abstract:
	      A multiple price list is useful for eliciting a
 Willingness-to-Pay (WTP) and a possible Lower Limit (LL) under which the
 demand is zero. This multiple price list implies an aggregate demand
 determined by the number of participants whose WTP is greater than the
 market price and whose LL is below this market price. From a survey
 focusing on meat demand, we show that this aggregate demand leads to
 multiple price equilibria.	     
Journal: Applied Economics Letters 
Pages: 809-812 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.748174 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.748174 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:809-812




Template-Type: ReDIF-Article 1.0
Author-Name: Brian M. Lucey 
Author-X-Name-First: Brian M. 
Author-X-Name-Last: Lucey 
Author-Name: Charles Larkin 
Author-X-Name-First: Charles 
Author-X-Name-Last: Larkin 
Author-Name: Fergal A. O'Connor 
Author-X-Name-First: Fergal A. 
Author-X-Name-Last: O'Connor 
Title: London or New York: where and when does the gold price originate? 
Abstract:
	      We investigate the Information Shares (ISs) of the two main
 centres of gold trading, over a 25-year period, using nonoverlapping
 4-month windows. We find that neither London nor New York is dominant in
 terms of price IS, that the dominant market switches from time to time and
 that these switches do not appear to be very clearly linkable to
 macroeconomic or political events.	     
Journal: Applied Economics Letters 
Pages: 813-817 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.748175 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.748175 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:813-817




Template-Type: ReDIF-Article 1.0
Author-Name: M. Christensen 
Author-X-Name-First: M. 
Author-X-Name-Last: Christensen 
Title: Danish mutual fund performance 
Abstract:
	      This article provides the first independent performance
 analysis of Danish mutual funds. We analyse selectivity and market timing
 abilities for 71 mutual funds that have been in operation from 2001 to
 2010. The results show great fund performance diversity. Half the funds
 have performed neutrally, whereas 42% of the funds have shown
 significantly negative performance and only 7% of the funds have
 over-performed their benchmark. Furthermore, 14% of the funds analysed
 possess market timing abilities, but for 8 out of 10 funds, their market
 timing ability has been unsuccessful.		
Journal: Applied Economics Letters 
Pages: 818-820 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.750415 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.750415 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:818-820




Template-Type: ReDIF-Article 1.0
Author-Name: O. Hutengs 
Author-X-Name-First: O. 
Author-X-Name-Last: Hutengs 
Author-Name: G. Stadtmann 
Author-X-Name-First: G. 
Author-X-Name-Last: Stadtmann 
Title: Age effects in Okun's law within the Eurozone 
Abstract:
	      We estimate Okun's coefficients for five different age
 cohorts for several Eurozone countries. We find a stable pattern for all
 countries: the relationship between business cycle fluctuations and the
 unemployment rate is the strongest for the youngest cohort and gets
 smaller for the elderly cohorts.	   
Journal: Applied Economics Letters 
Pages: 821-825 
Issue: 9 
Volume: 20 
Year: 2013 
Month: 6 
X-DOI: 10.1080/13504851.2012.750416 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.750416 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:9:p:821-825




Template-Type: ReDIF-Article 1.0
Author-Name: Francesco Devicienti 
Author-X-Name-First: Francesco 
Author-X-Name-Last: Devicienti 
Author-Name: Mariacristina Rossi 
Author-X-Name-First: Mariacristina 
Author-X-Name-Last: Rossi 
Title: Liquidity constraints, uncertain parental income and human capital accumulation 
Abstract:
	      This note analyses the effect of parental income variability
 on investments in education when capital markets are imperfect. Our
 empirical results show that educational choices might act as a buffer
 choice when the environment is uncertain.	    
Journal: Applied Economics Letters 
Pages: 826-829 
Issue: 9 
Volume: 20 
Year: 2013 
Month: 6 
X-DOI: 10.1080/13504851.2012.750417 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.750417 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:9:p:826-829




Template-Type: ReDIF-Article 1.0
Author-Name: M. Ryan Haley 
Author-X-Name-First: M. Ryan 
Author-X-Name-Last: Haley 
Title: Rank variability of the Publish or Perish metrics for economics and finance journals 
Abstract:
	      This article analyses the 10 citation-based journal ranking
 metrics reported by Harzing's (2007) Publish or Perish (PoP) software
 (http://www.harzing.com/pop.htm) for 163 economics and finance journals.
 The results indicate that the 10 metrics produce rankings that are highly
 correlated. However, closer examination reveals that the variability in
 rank across the 10 metrics is significantly larger for some journals than
 others; this article identifies journals for which this is most poignant
 and offers possible solutions. 	 
Journal: Applied Economics Letters 
Pages: 830-836 
Issue: 9 
Volume: 20 
Year: 2013 
Month: 6 
X-DOI: 10.1080/13504851.2012.697115 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.697115 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:9:p:830-836




Template-Type: ReDIF-Article 1.0
Author-Name: Filippo Belloc 
Author-X-Name-First: Filippo 
Author-X-Name-Last: Belloc 
Author-Name: Mauro Bernardi 
Author-X-Name-First: Mauro 
Author-X-Name-Last: Bernardi 
Author-Name: Antonello Maruotti 
Author-X-Name-First: Antonello 
Author-X-Name-Last: Maruotti 
Author-Name: Lea Petrella 
Author-X-Name-First: Lea 
Author-X-Name-Last: Petrella 
Title: A dynamic hurdle model for zeroinflated panel count data 
Abstract:
	      This article proposes an approximate conditional dynamic
 finite mixture hurdle model for panel count data with excess of zeros and
 endogenous initial conditions. We provide parameter estimates by using the
 Expectation-Maximization (EM) algorithm in a Nonparametric Maximum
 Likelihood (NPML) framework. An application to a unique data set on
 traffic violation counts of a subpopulation of Italian drivers is given.   
Journal: Applied Economics Letters 
Pages: 837-841 
Issue: 9 
Volume: 20 
Year: 2013 
Month: 6 
X-DOI: 10.1080/13504851.2012.750447 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.750447 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:9:p:837-841




Template-Type: ReDIF-Article 1.0
Author-Name: M. Eling 
Author-X-Name-First: M. 
Author-X-Name-Last: Eling 
Author-Name: K. K. Sudheesh 
Author-X-Name-First: K. K. 
Author-X-Name-Last: Sudheesh 
Author-Name: L. Tibiletti 
Author-X-Name-First: L. 
Author-X-Name-Last: Tibiletti 
Title: How skewness influences optimal allocation in a risky asset? 
Abstract:
	      This article extends the classic Samuelson (1970) and Merton
 (1973) model of optimal portfolio allocation with one risky asset and a
 riskless one to include the effect of the skewness. Using an extended
 version of Stein's Lemma, we provide the explicit solution for optimal
 demand that holds for <italic>all</italic> expected utility maximizing
 investors when the risky asset is skew-normally and normally distributed.
 A closed expression is achieved for investors with constant absolute risk
 aversion.	    
Journal: Applied Economics Letters 
Pages: 842-846 
Issue: 9 
Volume: 20 
Year: 2013 
Month: 6 
X-DOI: 10.1080/13504851.2012.752567 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.752567 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:9:p:842-846




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Pierdzioch 
Author-X-Name-First: Christian 
Author-X-Name-Last: Pierdzioch 
Author-Name: Jan-Christoph R&#xFC;lke 
Author-X-Name-First: Jan-Christoph 
Author-X-Name-Last: R&#xFC;lke 
Author-Name: Georg Stadtmann 
Author-X-Name-First: Georg 
Author-X-Name-Last: Stadtmann 
Title: On the internal consistency of the term structure of forecasts of housing starts 
Abstract:
	      We use the term structure of forecasts of housing starts to
 test for rationality of forecasts. Our test is based on the idea that
 short-term and long-term forecasts should be internally consistent. We
 test the internal consistency of forecasts using data for Australia,
 Canada, Japan and the United States. Using a simple model of forecast
 formation, we find that forecasts are not internally consistent, leading
 to a rejection of forecast rationality.	  
Journal: Applied Economics Letters 
Pages: 847-851 
Issue: 9 
Volume: 20 
Year: 2013 
Month: 6 
X-DOI: 10.1080/13504851.2012.752568 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.752568 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:9:p:847-851




Template-Type: ReDIF-Article 1.0
Author-Name: Gary Madden 
Author-X-Name-First: Gary 
Author-X-Name-Last: Madden 
Author-Name: Thien Tran 
Author-X-Name-First: Thien 
Author-X-Name-Last: Tran 
Title: Do regulators consider welfare when assigning spectrum via comparative selections? 
Abstract:
	      This study asks whether regulators consider societal welfare
 in assigning radio spectrum via comparative selections and also whether
 assignment competitiveness matters to regulators. The short answers are
 that regulators do focus on welfare goals in short and medium terms and
 vehicles to achieve these goals are fees and deployment obligations,
 respectively. Attempts are also made to reduce entry barriers via
 financial obligations. Also evident is that competitive assignments are
 desired by regulators. 	 
Journal: Applied Economics Letters 
Pages: 852-856 
Issue: 9 
Volume: 20 
Year: 2013 
Month: 6 
X-DOI: 10.1080/13504851.2012.752569 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.752569 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:9:p:852-856




Template-Type: ReDIF-Article 1.0
Author-Name: Tuan Hock Ng 
Author-X-Name-First: Tuan Hock 
Author-X-Name-Last: Ng 
Author-Name: Chun Teck Lye 
Author-X-Name-First: Chun Teck 
Author-X-Name-Last: Lye 
Author-Name: Ying San Lim 
Author-X-Name-First: Ying San 
Author-X-Name-Last: Lim 
Title: Broadband penetration and economic growth in ASEAN countries: a generalized method of moments approach 
Abstract:
	      Broadband infrastructure has numerous economic potentials.
 This study examines the impact of broadband penetration on economic growth
 in the panel of 10 countries of the Association of Southeast Asian Nations
 (ASEAN) from 1998 to 2011. Based on the pooled Ordinary Least Squares
 (OLS), fixed effects and random effects estimates, we found that broadband
 deployment has a positive relationship with economic growth. In addition,
 we used the Generalized Method of Moments (GMM) dynamic panel data model
 to address the reverse causality and potential endogeneity issues in this
 study. The result also reveals that broadband penetration appears to be a
 key factor in the explanation of Gross Domestic Product growth. The
 finding remains robust even after the control for Information and
 Communication Technology (ICT) goods imports. This result in turn suggests
 that the utilization of broadband infrastructure and application is
 expected to enhance the national aggregate outputs.	      
Journal: Applied Economics Letters 
Pages: 857-862 
Issue: 9 
Volume: 20 
Year: 2013 
Month: 6 
X-DOI: 10.1080/13504851.2012.754538 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.754538 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:9:p:857-862




Template-Type: ReDIF-Article 1.0
Author-Name: Kwesi Enninful 
Author-X-Name-First: Kwesi 
Author-X-Name-Last: Enninful 
Author-Name: Michael Mark Dowling 
Author-X-Name-First: Michael Mark 
Author-X-Name-Last: Dowling 
Title: Robust weak-form efficiency tests in volatile European equity indices 
Abstract:
	      Robust weak-form efficiency tests are conducted to examine
 market efficiency in two pan-European indices: the large capitalization
 EuroStoxx 50 and the small capitalization EuroStoxx Small from January
 2000 to March 2012. Application of the nonparametric Belaire-Franch and
 Opong (2005) multiple Variance Ratio (VR) test and Kim's (2006) wild
 bootstrap technique shows that large capitalization stocks display
 evidence of negative serial correlation in the recent time period, and
 these indices do generally have greater weak-form efficiency over longer
 time windows. This finding contrasts with Hung <italic>et al</italic>.
 (2009), particularly in large capitalization equities, and suggests that
 weak-form efficiency can be influenced by high market volatility.	    
Journal: Applied Economics Letters 
Pages: 863-868 
Issue: 9 
Volume: 20 
Year: 2013 
Month: 6 
X-DOI: 10.1080/13504851.2012.754539 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.754539 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:9:p:863-868




Template-Type: ReDIF-Article 1.0
Author-Name: Abbas Valadkhani 
Author-X-Name-First: Abbas 
Author-X-Name-Last: Valadkhani 
Author-Name: Amir Arjomandi 
Author-X-Name-First: Amir 
Author-X-Name-Last: Arjomandi 
Author-Name: Martin O'Brien 
Author-X-Name-First: Martin 
Author-X-Name-Last: O'Brien 
Title: Does the interest rate for business loans respond asymmetrically to changes in the cash rate? 
Abstract:
	      This article examines the dynamic relationship between the
 Reserve Bank of Australia's (RBA's) cash rate and the variable interest
 rate for lending to small businesses. The relationship is evaluated via an
 asymmetric GARCH model using monthly data spanning from August 1990 to
 October 2012. Our results show that a 1 percentage point increase in the
 cash rate results in an instantaneous 1.086 percentage point rise in the
 variable rate for small businesses, whereas an equivalent 1 percentage
 point cut only leads to a 0.862 percentage point fall with a delay of up
 to 2 months. This outcome has obvious implications for the RBA's monetary
 policy transmission mechanism and the effectiveness of the expansionary
 policy versus contractionary policy.	       
Journal: Applied Economics Letters 
Pages: 869-874 
Issue: 9 
Volume: 20 
Year: 2013 
Month: 6 
X-DOI: 10.1080/13504851.2012.754540 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.754540 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:9:p:869-874




Template-Type: ReDIF-Article 1.0
Author-Name: L. J. Van Scyoc 
Author-X-Name-First: L. J. 
Author-X-Name-Last: Van Scyoc 
Author-Name: N. J. Burnett 
Author-X-Name-First: N. J. 
Author-X-Name-Last: Burnett 
Title: How times have changed: racial discrimination in the market for sports memorabilia (baseball cards) 
Abstract:
	      Since the early days of racial integration in baseball, the
 issue of fan prejudice has been in question. Evidence of fan reaction to
 an individual players' race, however, has been nearly impossible to
 distinguish through means such as game attendance or ticket revenue.
 Looking at baseball card valuation, however, allows us to parse out
 effects of race from other variables that contribute to a card's value. We
 use the Oaxaca--Blinder decomposition to explore an original data set
 consisting of all single-player, nonpitcher baseball cards issued in 1969
 and 2 years of pricing data on those cards (1981 and 2008) to find
 evidence of a reduction in discriminatory preferences among card
 collectors.	      
Journal: Applied Economics Letters 
Pages: 875-878 
Issue: 9 
Volume: 20 
Year: 2013 
Month: 6 
X-DOI: 10.1080/13504851.2012.756573 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.756573 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ben Shepherd 
Author-X-Name-First: Ben 
Author-X-Name-Last: Shepherd 
Title: Trade times, importing and exporting: firm-level evidence 
Abstract:
	      This article uses data on 11 industries in 85 developing
 countries to show that trade times matter for import and export
 performance at the firm level. Firms import more intermediate inputs if
 import licensing times are shorter. They export more of their production
 if border clearance times are shorter, but tend to use third-party
 distributors more if clearance times are longer. This is the first time
 that imports and indirect exports have been considered in the firm-level
 literature on trade facilitation.	    
Journal: Applied Economics Letters 
Pages: 879-883 
Issue: 9 
Volume: 20 
Year: 2013 
Month: 6 
X-DOI: 10.1080/13504851.2012.756574 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.756574 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Anouk G. P. Claes 
Author-X-Name-First: Anouk G. P. 
Author-X-Name-Last: Claes 
Author-Name: Marc J. K. De Ceuster 
Author-X-Name-First: Marc J. K. 
Author-X-Name-Last: De Ceuster 
Title: Estimating the economics Nobel Prize laureates' achievement from their fame 
Abstract:
	      This article estimates the achievement of Nobel Prize winners
 in Economics according to a simple model that exponentially relates fame
 to achievement. Based on Google hits, Paul Krugman, Joseph Stiglitz and
 Milton Friedman turn out to be the top-three economists that achieved the
 most. It is clear that fame in economics is not merely based on pure
 academic achievement.		
Journal: Applied Economics Letters 
Pages: 884-888 
Issue: 9 
Volume: 20 
Year: 2013 
Month: 6 
X-DOI: 10.1080/13504851.2012.758836 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.758836 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael A. McPherson 
Author-X-Name-First: Michael A. 
Author-X-Name-Last: McPherson 
Author-Name: Myungsup Kim 
Author-X-Name-First: Myungsup 
Author-X-Name-Last: Kim 
Author-Name: Megan Dorman 
Author-X-Name-First: Megan 
Author-X-Name-Last: Dorman 
Author-Name: Nishelli Perera 
Author-X-Name-First: Nishelli 
Author-X-Name-Last: Perera 
Title: Research output at US economics departments 
Abstract:
	      Using curricula vitae and EconLit, we examine the publication
 records of nearly 2000 academic economists. We consider the probationary
 period and the years between tenure and promotion to professor. Faculty
 tenured at top programmes average 3.44 articles in top-ten journals (and
 8.75 total articles). The quality of faculty members' publications
 decreases with programme ranking; the quantity of publications does not
 differ much among top-100 programmes. Those promoted to professor generate
 fewer top-ten and total articles. There is some evidence that females
 produce fewer top-ten and total journal articles than males at many
 programmes.	      
Journal: Applied Economics Letters 
Pages: 889-892 
Issue: 9 
Volume: 20 
Year: 2013 
Month: 6 
X-DOI: 10.1080/13504851.2012.761331 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.761331 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ernesto R. Gantman 
Author-X-Name-First: Ernesto R. 
Author-X-Name-Last: Gantman 
Author-Name: Marcelo P. Dab&#xF3;s 
Author-X-Name-First: Marcelo P. 
Author-X-Name-Last: Dab&#xF3;s 
Title: Finance and economic growth: new evidence from time series analysis (1961--2009) 
Abstract:
	      Using time series techniques that deal with the problem of
 cross-sectional dependence and relax the constraint that the slope
 parameters of the independent variables should be the same for all
 countries, we demonstrate that financial development does not have a
 significant influence upon economic growth.	      
Journal: Applied Economics Letters 
Pages: 893-896 
Issue: 9 
Volume: 20 
Year: 2013 
Month: 6 
X-DOI: 10.1080/13504851.2012.761332 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.761332 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tarcisio da Gra&#xE7;a 
Author-X-Name-First: Tarcisio 
Author-X-Name-Last: da Gra&#xE7;a 
Author-Name: Robert Masson 
Author-X-Name-First: Robert 
Author-X-Name-Last: Masson 
Title: Ignorance is bliss? Uncertainty about product valuation may benefit consumers 
Abstract:
	      Product information which is beneficial for an individual
 consumer may hurt if disseminated widely. Even with rational expectations,
 a fallacy of composition may occur if information leads to demand and
 price increases.	   
Journal: Applied Economics Letters 
Pages: 897-902 
Issue: 9 
Volume: 20 
Year: 2013 
Month: 6 
X-DOI: 10.1080/13504851.2012.761333 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.761333 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Cummins 
Author-X-Name-First: M. 
Author-X-Name-Last: Cummins 
Title: Multiple comparisons problem: Recent advances applied to energy and emissions 
Abstract:
	      Within the field of empirical finance, the econometric
 analysis of markets commonly suffers from the well-established problem of
 data-snooping bias, whereby there is a likelihood that statistically
 significant results may be identified by pure random chance alone. This is
 the multiple comparisons problem resulting from Multiple Hypothesis
 Testing (MHT). Recent advances in MHT techniques to control the multiple
 comparisons problem are uniquely showcased within a VAR and Granger
 causality testing of energy and emissions market interactions. Four
 generalized <italic>p</italic>-value-based MHT techniques show no evidence
 of interactions between European Union Allowance (EUA) prices and a range
 of energy prices -- spanning key oil, gas, coal and electricity markets --
 over the first half or so (2008--2010) of Phase II of the EU Emissions
 Trading Scheme. The generalized familywise error rate procedures show
 evidence of regional and cross-regional interactions within European
 electricity markets. However, in contrast, the more conservative false
 discovery proportion procedures identify much fewer statistically
 significant relationship and, indeed, show little evidence of such
 cross-regional electricity market interactions.	  
Journal: Applied Economics Letters 
Pages: 903-909 
Issue: 9 
Volume: 20 
Year: 2013 
Month: 6 
X-DOI: 10.1080/13504851.2012.761334 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.761334 
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Template-Type: ReDIF-Article 1.0
Author-Name: Barry K. Goodwin 
Author-X-Name-First: Barry K. 
Author-X-Name-Last: Goodwin 
Title: A note on a simplified and general approach to simulating from multivariate copula functions 
Abstract:
	      Copulas have become an important analytic tool for
 characterizing multivariate distributions and dependence. One is often
 interested in simulating data from copula estimates. The process can be
 analytically and computationally complex and usually involves steps that
 are unique to a given parametric copula. We describe an alternative
 approach that uses &#x2018;Probability-Proportional-to-Size&#x2019; random
 sampling with weights formed from the copula likelihood function. The
 method is flexible and can be applied to parametric and nonparametric
 marginal density estimates. The precision of the simulation can be
 calibrated by adjusting the density of the multidimensional grid used in
 the simulation process. The approach is fully transparent to any copula
 function with continuous random variables. An example evaluates a number
 of goodness-of-fit criteria and provides strong support for the validity
 and practicality of the method.	  
Journal: Applied Economics Letters 
Pages: 910-915 
Issue: 9 
Volume: 20 
Year: 2013 
Month: 6 
X-DOI: 10.1080/13504851.2012.761418 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.761418 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bodo Knoll 
Author-X-Name-First: Bodo 
Author-X-Name-Last: Knoll 
Author-Name: Hans Pitlik 
Author-X-Name-First: Hans 
Author-X-Name-Last: Pitlik 
Author-Name: Martin Rode 
Author-X-Name-First: Martin 
Author-X-Name-Last: Rode 
Title: A note on the impact of economic regulation on life satisfaction 
Abstract:
	      Are people happier if they experience freedom from
 regulations, and how do individual attitudes towards liberalization
 influence personal life satisfaction? Based on the data from European and
 World Values Surveys and the Economic Freedom of the World project, we
 find evidence for positive effects of low regulation and pro-market
 attitudes on life satisfaction. Paradoxically, people who are opposed to
 market-oriented policies sometimes benefit most from deregulation.	    
Journal: Applied Economics Letters 
Pages: 916-920 
Issue: 9 
Volume: 20 
Year: 2013 
Month: 6 
X-DOI: 10.1080/13504851.2012.762709 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.762709 
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Template-Type: ReDIF-Article 1.0
Author-Name: Klaus Grobys 
Author-X-Name-First: Klaus 
Author-X-Name-Last: Grobys 
Title: An empirical analysis of changes of the impact of federal budget deficits on stock market returns: evidence from the US economy 
Abstract:
	      We investigate the causality between the real federal budget
 deficit returns and real stock market returns for the US economy. We
 divide the overall sample into two sub-samples running from 1968:1 to
 1988:3 and from 1988:4 to 2011:3. In contrast to earlier studies, we find
 a significant positive relationship between real stock market returns and
 real federal budget deficit returns for both samples. Moreover, we find
 that the stochastic interrelations between these variables have
 considerably changed over time.	  
Journal: Applied Economics Letters 
Pages: 921-924 
Issue: 9 
Volume: 20 
Year: 2013 
Month: 6 
X-DOI: 10.1080/13504851.2013.765534 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.765534 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariasole Bann&#xF2; 
Author-X-Name-First: Mariasole 
Author-X-Name-Last: Bann&#xF2; 
Author-Name: Valentina Morandi 
Author-X-Name-First: Valentina 
Author-X-Name-Last: Morandi 
Author-Name: Celeste Amorim Varum 
Author-X-Name-First: Celeste Amorim 
Author-X-Name-Last: Varum 
Title: Public policy for innovation and internationalization: are they worth it? 
Abstract:
  This study contributes to the debate about the role of industrial
 policies for innovation and internationalization on local economic
 performance. A panel data analysis on Italian regions examines the
 interrelationships between public grants, level of innovation and
 internationalization and economic performance. The main findings are that
 (1) the impact of pro-innovation policies on economic performance is
 higher in internationalized regions and (2) the level of local R&D
 expenditures does not contribute to the effectiveness of subsidies for
 internationalization. 
Journal: Applied Economics Letters 
Pages: 927-930 
Issue: 10 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.765535 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.765535 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Signori 
Author-X-Name-First: A. 
Author-X-Name-Last: Signori 
Author-Name: M. Meoli 
Author-X-Name-First: M. 
Author-X-Name-Last: Meoli 
Author-Name: S. Vismara 
Author-X-Name-First: S. 
Author-X-Name-Last: Vismara 
Title: Short covering and price stabilization of IPOs 
Abstract:
  Underwriters underprice Initial Public Offerings (IPOs) and often,
 immediately after, repurchase shares in an attempt to stabilize the price.
 This ancillary service is not mandatory and can be provided by
 underwriters in the first month of trading. Using a sample of Italian
 IPOs, we investigate whether the price stabilization activity is carried
 out when actually needed. We document that only half of the IPOs that
 require this service are actually stabilized after going public. The fees
 charged by underwriters are not informative about the provision of this
 ancillary activity. Rather, the underwriter's reputation is negatively
 associated with the stabilization activity. Negative price revisions and
 negative (or low) underpricing also drive the provision of price
 stabilization. 
Journal: Applied Economics Letters 
Pages: 931-937 
Issue: 10 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.765536 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.765536 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Jochen Hartwig 
Author-X-Name-First: Jochen 
Author-X-Name-Last: Hartwig 
Title: Distribution and growth in demand and productivity in Switzerland (1950--2010) 
Abstract:
  I investigate whether demand growth and productivity growth in
 Switzerland have benefitted from the wage moderation that set in at the
 beginning of the 1990s in this country. The results suggest that the Swiss
 demand regime is profit-led while the productivity regime is wage-led.
 This means on the one hand that wage moderation has added almost one
 Percentage Point to Gross Domestic Product (GDP) growth after 1990. On the
 other hand, it has also contributed to the drop in productivity growth.
 The latter effect, however, is weak. 
Journal: Applied Economics Letters 
Pages: 938-944 
Issue: 10 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.765538 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.765538 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul A. Raschky 
Author-X-Name-First: Paul A. 
Author-X-Name-Last: Raschky 
Title: The media and discretionary behaviour of bureaucrats 
Abstract:
  Due to the public good character of protective measures against natural
 disasters, their allocation is very often in the realm of bureaucratic and
 expert agencies. I analysed the effect of negative media reports on a
 bureaucratic agency's output decisions by applying a Vector Autoregression
 (VAR) model on annual data of the US Army Corps of Engineers' (USACE)
 spending on flood protection from 1968 to 2008. The results showed that
 the negative media reports about the agency subsequently increase formal
 output. 
Journal: Applied Economics Letters 
Pages: 945-948 
Issue: 10 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.765537 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.765537 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Yang 
Author-X-Name-First: J. 
Author-X-Name-Last: Yang 
Author-Name: J. Beirne 
Author-X-Name-First: J. 
Author-X-Name-Last: Beirne 
Author-Name: G. Liu 
Author-X-Name-First: G. 
Author-X-Name-Last: Liu 
Author-Name: P. Sheng 
Author-X-Name-First: P. 
Author-X-Name-Last: Sheng 
Title: Labour supply and pollution in China 
Abstract:
  In the context of sharply declining labour supply in China, this article
 analyses the relationship between pollution and labour supply
 theoretically. In addition, using Chinese provincial data, we find that
 pollution impacts negatively on labour supply and that this is aggravated
 by rising labour income. 
Journal: Applied Economics Letters 
Pages: 949-952 
Issue: 10 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.765539 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.765539 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: S. Anderson 
Author-X-Name-First: S. 
Author-X-Name-Last: Anderson 
Author-Name: T. R. Beard 
Author-X-Name-First: T. R. 
Author-X-Name-Last: Beard 
Author-Name: H. Kim 
Author-X-Name-First: H. 
Author-X-Name-Last: Kim 
Author-Name: L. V. Stern 
Author-X-Name-First: L. V. 
Author-X-Name-Last: Stern 
Title: Fear and Closed-End Fund discounts 
Abstract:
  Closed-End Fund (CEF) discounts have intrigued researchers for decades.
 Of the many explanations offered, the behavioural framework of Lee
 <italic>et al</italic>. (1991), which posits noise traders subject to
 sentiment, is the most discussed. In this article, we contribute some
 novel evidence to the evaluation of this theory by examining the role of
 implied market volatility (VIX, i.e., the &#x2018;fear index&#x2019;) in
 fund discounts using a Dynamic Conditional Correlation (DCC) approach. We
 find that VIX has almost no role in determining discounts except during
 periods of extreme market turbulence, providing strong but indirect
 evidence for the sentiment story. 
Journal: Applied Economics Letters 
Pages: 956-959 
Issue: 10 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.767969 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.767969 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:10:p:956-959




Template-Type: ReDIF-Article 1.0
Author-Name: Nkunde Mwase 
Author-X-Name-First: Nkunde 
Author-X-Name-Last: Mwase 
Title: Tourism flows to Caribbean islands: an empirical note 
Abstract:
  This article examines the determinants of tourism flows to 31
 small-island Caribbean economies, from 12 source countries, using an
 empirical approach that accounts for the inherent heterogeneity of the
 tourism product and tourism consumers. The results show that tourism flows
 from the source markets to the Caribbean are income elastic, with the
 exception of flows from Spain and the USA, but are not very sensitive to
 price changes. 
Journal: Applied Economics Letters 
Pages: 957-965 
Issue: 10 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.767970 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.767970 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lilia Cavallari 
Author-X-Name-First: Lilia 
Author-X-Name-Last: Cavallari 
Author-Name: Stefano D'Addona 
Author-X-Name-First: Stefano 
Author-X-Name-Last: D'Addona 
Title: Business cycle determinants of US foreign direct investments 
Abstract:
  This article investigates the role of output fluctuations and exchange
 rate volatility in driving US FDIs. Using a sample of 46 economies over
 the period 1982 to 2009, we provide the evidence of a positive relation
 between US FDI and host country's cyclical conditions. Allowing for
 asymmetry over the business cycle, we find that the output elasticity of
 foreign investments is higher in booms than in recessions. An increase in
 exchange rate volatility, on the other hand, has a strong deterrent effect
 on US foreign investments. This effect is fairly stable over the business
 cycle. 
Journal: Applied Economics Letters 
Pages: 966-970 
Issue: 10 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.767971 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.767971 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiaowei Cai 
Author-X-Name-First: Xiaowei 
Author-X-Name-Last: Cai 
Author-Name: Kyle W. Stiegert 
Author-X-Name-First: Kyle W. 
Author-X-Name-Last: Stiegert 
Title: Economic analysis of the US fluid milk industry 
Abstract:
  In the literature, mixed results have been obtained from the studies that
 have examined the market power of dairy cooperatives and processors. As
 the main objective of the present work, we intend to find further
 empirical evidence to investigate whether the dairy cooperatives&#x2019;
 oligopoly power that is implicit in the dynamic pricing games exists and
 how it influences the beverage milk margins from 1983 to 2012. We studied
 three regional markets: California, New York and Wisconsin. In all
 regions, we found clear evidence of alternating high- and low-margin
 regimes during the study years which indicates slight departures from
 perfect competition in the US fluid milk market. But the levels of
 departure vary across different states. 
Journal: Applied Economics Letters 
Pages: 971-977 
Issue: 10 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.767972 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.767972 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peng Chen 
Author-X-Name-First: Peng 
Author-X-Name-Last: Chen 
Author-Name: Shu Wu 
Author-X-Name-First: Shu 
Author-X-Name-Last: Wu 
Title: On international stock market co-movements and macroeconomic risks 
Abstract:
  We use Bayesian dynamic factor models to disentangle the global and
 idiosyncratic country-specific factors of the stock market prices and
 other macroeconomic variables from a large group of countries. We find
 that the global factors account for significant portions of an individual
 country's stock market volatility and its macroeconomic fluctuations. The
 global macroeconomic shocks have strong effects on the stock price
 movement across countries in addition to domestic macroeconomic shocks.
 And a country's exposure to the global stock market risk to a large extent
 reflects that country's exposure to the global macroeconomic risks. 
Journal: Applied Economics Letters 
Pages: 978-982 
Issue: 10 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.767973 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.767973 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fabian Kosse 
Author-X-Name-First: Fabian 
Author-X-Name-Last: Kosse 
Author-Name: Friedhelm Pfeiffer 
Author-X-Name-First: Friedhelm 
Author-X-Name-Last: Pfeiffer 
Title: Quasi-hyperbolic time preferences and their intergenerational transmission 
Abstract:
  This study explores the intergenerational transmission of time
 preferences and focuses on the question of which specific aspects of
 mother's time preference are related to her preschool child's ability to
 delay gratification. We provide a new procedure for calculating the
 parameters of a &#x2018;quasi-hyperbolic&#x2019; discount function
 (Laibson, 1997) using two trade-off experiments. We apply the procedure to
 a sample of 213 mother-child pairs and show that especially mother's beta
 parameter is related to her preschool child's ability to delay
 gratification. 
Journal: Applied Economics Letters 
Pages: 983-986 
Issue: 10 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.767974 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.767974 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Jen-Eem Chen 
Author-X-Name-First: Jen-Eem 
Author-X-Name-Last: Chen 
Author-Name: Chin-Yu Lee 
Author-X-Name-First: Chin-Yu 
Author-X-Name-Last: Lee 
Author-Name: Lim-Thye Goh 
Author-X-Name-First: Lim-Thye 
Author-X-Name-Last: Goh 
Title: Exchange rate and oil price: asymmetric adjustment 
Abstract:
  This article aims to investigate whether the interaction between exchange
 rate and oil price exhibits asymmetric adjustment in Philippines using
 quarterly data over the period 1970Q1 to 2011Q4. The Threshold
 Autoregressive (TAR) model reveals that exchange rate and oil price are
 not cointegrated. However, these two variables are asymmetrically adjusted
 in Momentum Threshold Autoregressive (MTAR) model. Thus, it suggests that
 adjustment mechanism towards equilibrium may not be necessarily constant. 
Journal: Applied Economics Letters 
Pages: 987-990 
Issue: 10 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.770118 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.770118 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Hugo Figueiredo 
Author-X-Name-First: Hugo 
Author-X-Name-Last: Figueiredo 
Author-Name: Pedro Teixeira 
Author-X-Name-First: Pedro 
Author-X-Name-Last: Teixeira 
Author-Name: Jill Rubery 
Author-X-Name-First: Jill 
Author-X-Name-Last: Rubery 
Title: Unequal futures? Mass higher education and graduates' relative earnings in Portugal, 1995--2009 
Abstract:
  This article analyses the evolution of relative earnings premiums for
 young university graduates in Portugal (1995--2009), suggesting that the
 previous picture of a successful transition towards mass higher education
 changed significantly. Our results indicate a decline in the average
 premium and an increasing dispersion in the returns to higher education.
 The relative position of graduates at the top of the wage distribution, in
 jobs in which the majority of workers have a degree, has, however,
 remained stable. These trends raise the risk of increasing expectations
 mismatches among recent graduate cohorts. 
Journal: Applied Economics Letters 
Pages: 991-997 
Issue: 10 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.770119 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.770119 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:10:p:991-997




Template-Type: ReDIF-Article 1.0
Author-Name: Chong Wha Lee 
Author-X-Name-First: Chong Wha 
Author-X-Name-Last: Lee 
Title: Does religion affect international trade in services more than trade in goods? 
Abstract:
  This study used gravity modelling to examine the impact of religion on
 international trade in goods and services. The Poisson pseudo-maximum
 likelihood estimator was used to correct for the presence of
 heteroscedasticity, and religion-related dummy variables were incorporated
 to investigate the relationship between religion and trade. The results
 indicate that religion creates positive institutional and network effects,
 increasing international trade in goods and services; these effects
 enhance trade in services more than trade in goods; institutional effects
 exert a greater trade-creating effect than deliberately designed
 institutional regimes, but a lesser effect than historically established
 cultural regimes, such as common language and colonial ties; network
 effects on trade in services, although less significant than common
 language and colonial ties, promote trade to nearly the same degree as
 regional trade agreements and shared legal systems. Religion establishes
 co-religious networks that positively affect interpersonal trust, thereby
 reducing institutional distances between countries. This effect is similar
 to that of trading diaspora. 
Journal: Applied Economics Letters 
Pages: 998-1002 
Issue: 10 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.770120 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.770120 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:10:p:998-1002




Template-Type: ReDIF-Article 1.0
Author-Name: Richard A. Parsons 
Author-X-Name-First: Richard A. 
Author-X-Name-Last: Parsons 
Title: A question of bias in the US unemployment numbers 
Abstract:
  During the recently US presidential election, questions were raised about
 bias in the widely published unemployment numbers released each month by
 the US Bureau of Labor Statistics (BLS). This article will examine the BLS
 unemployment data for any outward sign of prejudice or systematic bias.
 This pragmatic look at the numbers should help build confidence that there
 is neither systematic nor purposeful bias in the numbers. 
Journal: Applied Economics Letters 
Pages: 1003-1007 
Issue: 10 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.772285 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.772285 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julien Chevallier 
Author-X-Name-First: Julien 
Author-X-Name-Last: Chevallier 
Author-Name: Florian Ielpo 
Author-X-Name-First: Florian 
Author-X-Name-Last: Ielpo 
Title: Cross-market linkages between commodities, stocks and bonds 
Abstract:
  This article assesses the cross-market linkages between commodities,
 stocks and bonds in a cointegration framework during 1993--2011. 
Journal: Applied Economics Letters 
Pages: 1008-1018 
Issue: 10 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.772286 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.772286 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:10:p:1008-1018




Template-Type: ReDIF-Article 1.0
Author-Name: Sverre J. Herstad 
Author-X-Name-First: Sverre J. 
Author-X-Name-Last: Herstad 
Author-Name: Tore Sandven 
Author-X-Name-First: Tore 
Author-X-Name-Last: Sandven 
Author-Name: Espen Solberg 
Author-X-Name-First: Espen 
Author-X-Name-Last: Solberg 
Title: Location, education and enterprise growth 
Abstract:
  There is a long-standing tradition of attributing the growth of
 enterprises to unique capabilities expressed through entrepreneurial
 activities. These are contingent on their exposure to information that
 signals opportunities, access to external resources that enable
 capabilities to be built and the existence of prior related knowledge and
 routines within the firm. This article uses the Norwegian
 employer--employee register data to investigate whether the likelihood of
 achieving high growth as defined by the OECD is contingent on the location
 of the firm, the educational background of its employees and their
 employment performance prior to the period 2006--2009 for which growth and
 survival probabilities are estimated. 
Journal: Applied Economics Letters 
Pages: 1019-1022 
Issue: 10 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.772287 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.772287 
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Template-Type: ReDIF-Article 1.0
Author-Name: T. Roach 
Author-X-Name-First: T. 
Author-X-Name-Last: Roach 
Title: On the nature and causes of carbon dioxide emissions in the United States 
Abstract:
  This letter estimates the long-run impacts of shocks to real disposable
 personal income on the environment in the United States through the use of
 a structural vector autoregression model. Coal use in the electricity
 sector and vehicle use data are considered specifically as these are major
 contributors to carbon dioxide emissions and capture demand from both
 firms and households. 
Journal: Applied Economics Letters 
Pages: 1023-1026 
Issue: 10 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.772289 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.772289 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shingo Umino 
Author-X-Name-First: Shingo 
Author-X-Name-Last: Umino 
Title: Re-evaluation of Japan's monetary policy in the late 1980s with the interest rate gap 
Abstract:
	      This article presents reconsideration of whether the monetary
 policy in the late 1980s was delayed. No report in the literature
 describes studies evaluating past monetary policy using the
 model-consistent latent variable from Bayesian estimation. No delay of
 monetary policy can be found.		
Journal: Applied Economics Letters 
Pages: 1027-1031 
Issue: 11 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.772288 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.772288 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Iselin 
Author-X-Name-First: David 
Author-X-Name-Last: Iselin 
Author-Name: Boriss Siliverstovs 
Author-X-Name-First: Boriss 
Author-X-Name-Last: Siliverstovs 
Title: The R-word index for Switzerland 
Abstract:
	      In a pioneering attempt, we present the R(ecession)-word
 index for Switzerland. We evaluate its predictive ability of GDP growth
 using real-time vintages of GDP data, closely simulating flow of
 information in the past. We find that inclusion of the R-word index led to
 a statistically significant improvement in forecast accuracy over the
 benchmark autoregressive (AR) model. Largest improvements in forecast
 accuracy were observed in the period around the Great Recession.	   
Journal: Applied Economics Letters 
Pages: 1032-1035 
Issue: 11 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.772290 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.772290 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:11:p:1032-1035




Template-Type: ReDIF-Article 1.0
Author-Name: P. Jiraporn 
Author-X-Name-First: P. 
Author-X-Name-Last: Jiraporn 
Author-Name: P. Chintrakarn 
Author-X-Name-First: P. 
Author-X-Name-Last: Chintrakarn 
Title: Corporate social responsibility (CSR) and CEO luck: are lucky CEOs socially responsible? 
Abstract:
	      &#x2018;Lucky&#x2019; CEOs are given stock option grants on
 days when the stock price is the lowest in the month of the grant,
 implying opportunistic timing, severe agency problems and poor corporate
 governance. We find that lucky (opportunistic) CEOs invest significantly
 less in CSR. The evidence thus does not support the notion that CSR is
 primarily used to enhance managers&#x2019; private benefits at the expense
 of shareholders. Rather, lucky CEOs appear to view CSR investments as
 depriving them of the free cash flow they could otherwise exploit.	    
Journal: Applied Economics Letters 
Pages: 1036-1039 
Issue: 11 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.772291 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.772291 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alessandro De Matteis 
Author-X-Name-First: Alessandro 
Author-X-Name-Last: De Matteis 
Title: Evidence of &#x2018;foreign aid Keynesianism&#x2019; 
Abstract:
	      Recent literature on the determinants of the US foreign aid
 budget has raised the hypothesis of a relationship between the latter and
 the extent of domestic poverty. This is particularly relevant at times of
 economic crisis and has led to talk of &#x2018;foreign aid
 Keynesianism&#x2019;. The present study is based on the experience of
 members of the Development Assistance Committee of the Organisation for
 Economic Co-operation and Development (OECD-DAC). It supports previous
 findings related to the United States and shows that the influence of
 domestic poverty on donor decision-making regarding the foreign aid budget
 is shared by other countries, strengthening support for the poverty--aid
 relationship. However, this positive result refers to only half of the
 sample considered and an opposite relationship can be detected in a few
 other cases.	       
Journal: Applied Economics Letters 
Pages: 1040-1045 
Issue: 11 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.774455 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.774455 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fabiana Fontes Rocha 
Author-X-Name-First: Fabiana Fontes 
Author-X-Name-Last: Rocha 
Author-Name: Marislei Nishijima 
Author-X-Name-First: Marislei 
Author-X-Name-Last: Nishijima 
Author-Name: Sandro Garcia Duarte Peixoto 
Author-X-Name-First: Sandro Garcia Duarte 
Author-X-Name-Last: Peixoto 
Title: Primary health care policies: investigation on morbidity 
Abstract:
	      The purpose of this article is to investigate the impact of
 primary health care policies on infant morbidity and mortality, by using
 as health indicators the number of infant hospitalizations and infant
 mortality rates, respectively, in Brazilian cities. Our sample comprises
 towns and cities in the South-East of the country, where there is some
 controversy about the impact of the Family Health Program on mortality for
 the 1999--2003 period. We found that the preventive health care model did
 achieve its goal of reducing hospitalizations and mortality rates in
 municipalities without hospitals, and to some extent, achieved its goal in
 municipalities with hospitals. 	 
Journal: Applied Economics Letters 
Pages: 1046-1051 
Issue: 11 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.774456 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.774456 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:11:p:1046-1051




Template-Type: ReDIF-Article 1.0
Author-Name: Fredj Jawadi 
Author-X-Name-First: Fredj 
Author-X-Name-Last: Jawadi 
Author-Name: Ricardo M. Sousa 
Author-X-Name-First: Ricardo M. 
Author-X-Name-Last: Sousa 
Title: Modelling money demand: further evidence from an international comparison 
Abstract:
	      This article aims at estimating money demand for the euro
 area, the United States and the United Kingdom using a Dynamic Ordinary
 Least Squares (DOLS) estimator. Our findings show that (1) wealth effects
 on money demand are important in the euro area and the United Kingdom; (2)
 the impact of changes in the interest rate on real money holdings is
 negative and small; (3) goods are a reasonable alternative to money and
 (4) international currency substitution has a major influence on the
 behaviour of real money demand in the United Kingdom.		
Journal: Applied Economics Letters 
Pages: 1052-1055 
Issue: 11 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2012.758835 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.758835 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:11:p:1052-1055




Template-Type: ReDIF-Article 1.0
Author-Name: Sangkyom Kim 
Author-X-Name-First: Sangkyom 
Author-X-Name-Last: Kim 
Author-Name: Innwon Park 
Author-X-Name-First: Innwon 
Author-X-Name-Last: Park 
Author-Name: Soonchan Park 
Author-X-Name-First: Soonchan 
Author-X-Name-Last: Park 
Title: Trade-creating regime-wide rules of origin: a quantitative analysis 
Abstract:
	      Regime-wide rules of origin (ROO), such as diagonal
 cumulation, de minimis and self-certification requirement, can be applied
 to reduce additional administrative and compliance costs for verifying
 restrictive ROO. However, empirical evidence related to the trade effect
 of various regime-wide ROOs is very few. We quantitatively investigate the
 trade effect of regime-wide ROOs by estimating the modified gravity
 equation with panel data on 36&#xA0;238 country pairs covering 151
 countries for 16 years from 1990 to 2005 at 5 year intervals. From our
 empirical experiments, we find that implementation of regime-wide ROOs
 such as diagonal cumulation and de minimis generate more trade between
 members of free trade agreements (FTAs). However, we also find that
 certification requirement does not produce positive trade effects. In
 addition, we confirm the effectiveness of the Poisson pseudo-maximum
 likelihood (PPML) estimator dealing with the zero trade issue and the
 presence of heteroscedasticity compared to the traditional log-linearized
 model estimation.	    
Journal: Applied Economics Letters 
Pages: 1056-1061 
Issue: 11 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.781259 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.781259 
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Template-Type: ReDIF-Article 1.0
Author-Name: Laurence Pouw 
Author-X-Name-First: Laurence 
Author-X-Name-Last: Pouw 
Author-Name: Jan Kakes 
Author-X-Name-First: Jan 
Author-X-Name-Last: Kakes 
Title: What drives bank earnings? Evidence for 28 banking sectors 
Abstract:
	      The crisis has revived interest in the determinants of bank
 earnings. We investigate the relationship between profitability and
 balance sheet composition of 28 national banking sectors. Using
 Statistical Cost Accounting, we find a plausible pattern of individual
 assets&#x2019; and liabilities&#x2019; contributions to earnings and
 costs. Both wholesale and retail activities yield positive margins, while
 interbank lending and customer deposits are the most expensive funding
 sources. Wholesale finance has a positive effect on profitability, which
 may explain banks&#x2019; increasing reliance on it prior to the crisis.
 Economic growth and unemployment have a procyclical impact, while
 inflation tends to erode profitability.	  
Journal: Applied Economics Letters 
Pages: 1062-1066 
Issue: 11 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.783676 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.783676 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. Chintrakarn 
Author-X-Name-First: P. 
Author-X-Name-Last: Chintrakarn 
Author-Name: N. Jiraporn 
Author-X-Name-First: N. 
Author-X-Name-Last: Jiraporn 
Author-Name: P. Jiraporn 
Author-X-Name-First: P. 
Author-X-Name-Last: Jiraporn 
Title: The effect of entrenched boards on corporate risk-taking: testing the quiet life hypothesis 
Abstract:
	      The quiet life hypothesis posits that entrenched managers are
 well insulated from removal and thus prefer to enjoy a quiet life, i.e.
 they tend to be less ambitious, avoid difficult decisions and engage in
 less risk-taking (Bertrand and Mullainathan, 2003). We utilize the
 staggered board (or classified board) to test this hypothesis. The
 staggered board is a powerful takeover defence that enables inefficient
 managers to evade the discipline of the takeover market, thereby
 exacerbating managerial entrenchment (Bebchuk and Cohen, 2005). We find
 that managers entrenched by the staggered board adopt significantly less
 risky strategies, consistent with the quiet life hypothesis. In
 particular, the presence of a staggered board reduces the volatility of
 stock returns by 4.46%. We also show that our conclusion is unlikely
 affected by the presence of endogeneity.	   
Journal: Applied Economics Letters 
Pages: 1067-1070 
Issue: 11 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.783677 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.783677 
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Template-Type: ReDIF-Article 1.0
Author-Name: Myeong Hwan Kim 
Author-X-Name-First: Myeong Hwan 
Author-X-Name-Last: Kim 
Title: Determinants of revenues in the motion picture industry 
Abstract:
	      This article examines the determinants of revenue in the
 motion picture industry. The sample consists of 435 films released during
 1965 to 2010. This study finds that the main actor or actress and director
 in a movie are the most likely determinants of whether or not a movie is a
 box office success. Further, if the production budget is high and the
 running time is longer, the probability of success is much greater.	    
Journal: Applied Economics Letters 
Pages: 1071-1075 
Issue: 11 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.783678 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.783678 
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Template-Type: ReDIF-Article 1.0
Author-Name: T. Efthimiadis 
Author-X-Name-First: T. 
Author-X-Name-Last: Efthimiadis 
Author-Name: S. Papaioannou 
Author-X-Name-First: S. 
Author-X-Name-Last: Papaioannou 
Author-Name: P. Tsintzos 
Author-X-Name-First: P. 
Author-X-Name-Last: Tsintzos 
Title: Economic growth in Greece: the cost of a failed adjustment programme 
Abstract:
	      This article aims to assess the cost of failure of Greece's
 &#x2018;First Economic Adjustment Programme&#x2019;, in terms of potential
 Gross Domestic Product (GDP) growth. In particular, real GDP trends are
 estimated through filtering techniques and compared with those had the
 first programme been successful. The trend growth rate of GDP is estimated
 at&#x2009;&#x2212;3.84% (2012Q2), against&#x2009;&#x2212;2.21% if the
 targets and forecasts of the first adjustment programme had been realized.
 The results indicate that the failure of the first programme has had a
 signifying adverse effect on the country's future growth prospects as
 current GDP dynamics are far worse than those forecasted in the first
 programme.	     
Journal: Applied Economics Letters 
Pages: 1076-1080 
Issue: 11 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.783679 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.783679 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiaoyong Cui 
Author-X-Name-First: Xiaoyong 
Author-X-Name-Last: Cui 
Author-Name: Liutang Gong 
Author-X-Name-First: Liutang 
Author-X-Name-Last: Gong 
Author-Name: Xiaojun Zhao 
Author-X-Name-First: Xiaojun 
Author-X-Name-Last: Zhao 
Author-Name: Heng-fu Zou 
Author-X-Name-First: Heng-fu 
Author-X-Name-Last: Zou 
Title: The <italic>Z</italic>-transform method for multidimensional dynamic economic systems 
Abstract:
	      This article uses the <italic>Z</italic>-transform to develop
 a method for solving the linearised multidimensional discrete-time
 systems, which can be used to discuss the effects of policies on economy
 (including the welfare gains and initial effects on economy) raised by
 multi-sector perfect-foresight-discrete-time models. Our method is not
 restricted to the dimension of the dynamic system, and it can not only
 analyse the effect of permanent policy change on the economy but also can
 be used to analyse the effect of temporal policy change on the economy. As
 an application example, we analyse the effects of fiscal policy on the
 initial economy and social welfare in the discrete-time Uzawa--Lucas
 model. 	 
Journal: Applied Economics Letters 
Pages: 1081-1088 
Issue: 11 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.787156 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.787156 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:11:p:1081-1088




Template-Type: ReDIF-Article 1.0
Author-Name: Gabriel J. Power 
Author-X-Name-First: Gabriel J. 
Author-X-Name-Last: Power 
Author-Name: John R. C. Robinson 
Author-X-Name-First: John R. C. 
Author-X-Name-Last: Robinson 
Title: Commodity futures price volatility, convenience yield and economic fundamentals 
Abstract:
	      Commodity price volatility increased during 2006 to 2011
 first with the commodity bull cycle of 2006 to 2008 and then with the
 credit freeze crisis and Great Recession. This letter uses both high- and
 low-frequency data over 1990 to 2011 to examine the link between economic
 fundamentals and measures of realized volatility and convenience yield
 computed from estimated futures price forward curves. The possible
 influence of institutional investors (index traders) is also examined.
 Affine term structure models are estimated using Intercontinental Exchange
 (ICE) futures prices on cotton, a commodity for which economic
 fundamentals can be readily identified and measured. The results, robust
 across specifications, suggest that the determinants of volatility, but
 not convenience yield, changed during the period 2006 to 2011. There is no
 evidence that index traders are responsible for increased volatility or
 changes in convenience yield.		
Journal: Applied Economics Letters 
Pages: 1089-1095 
Issue: 11 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.788775 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.788775 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:11:p:1089-1095




Template-Type: ReDIF-Article 1.0
Author-Name: James Stodder 
Author-X-Name-First: James 
Author-X-Name-Last: Stodder 
Title: The strange persistence of consumer surplus 
Abstract:
	      Despite its abandonment in theoretical work, a literature
 search shows that variation in consumer surplus (VCS) is the overwhelming
 choice in applied work -- not compensating variation (CV) or equivalent
 variation (EV). How can this be explained? Besides the obvious ease of
 computation, there are three good reasons for the persistence of VCS. (1)
 The Willig bounds on VCS usually give close upper and lower bounds on CV
 and EV, respectively, and are thus <italic>conservative</italic> in the
 estimation of EV. (2) Without integrability, all three measures are
 inaccurate. Common quasi-linear utility assumptions for VCS, however,
 imply integrability. (3) Even with integrability, the expected values of
 highly nonlinear CV and EV measures cannot be determined by substituting
 prices or quantities into the estimated equations; simulations are
 required. Thus, VCS is not only simpler, it may also be more accurate.     
Journal: Applied Economics Letters 
Pages: 1096-1099 
Issue: 11 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.788776 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.788776 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:11:p:1096-1099




Template-Type: ReDIF-Article 1.0
Author-Name: Iwan Bos 
Author-X-Name-First: Iwan 
Author-X-Name-Last: Bos 
Author-Name: Frederick Wandschneider 
Author-X-Name-First: Frederick 
Author-X-Name-Last: Wandschneider 
Title: A note on cartel ringleaders and the corporate leniency programme 
Abstract:
	      Cartel ringleaders can apply for amnesty in some
 jurisdictions (e.g., the EU), whereas in others they are excluded (e.g.,
 the US). This note shows that ringleader exclusion loosens the incentive
 constraint of regular cartel members and tightens or loosens the incentive
 constraint of ringleaders. The latter may occur when the first firm that
 applies for leniency receives a sufficiently high discount.	      
Journal: Applied Economics Letters 
Pages: 1100-1103 
Issue: 11 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.788777 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.788777 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:11:p:1100-1103




Template-Type: ReDIF-Article 1.0
Author-Name: John F. McDonald 
Author-X-Name-First: John F. 
Author-X-Name-Last: McDonald 
Author-Name: Houston H. Stokes 
Author-X-Name-First: Houston H. 
Author-X-Name-Last: Stokes 
Title: The housing price bubble, the monetary policy and the foreclosure crisis in the US 
Abstract:
	      This article presents a monthly vector autoregressive (VAR)
 model of housing prices, the federal funds rate, foreclosures, the
 unemployment rate and the mortgage interest rate for the United States for
 the period of 2000(1)--2010(8). Impulse response functions show that
 negative shocks to the federal funds rate increased housing prices. The
 interaction effect between the foreclosure rate and the housing prices
 shows that an initial shock to the foreclosure rate produced further
 increases in the foreclosure rate through a reduction in housing prices.   
Journal: Applied Economics Letters 
Pages: 1104-1108 
Issue: 11 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.791009 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.791009 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:11:p:1104-1108




Template-Type: ReDIF-Article 1.0
Author-Name: Ryan A. Kent 
Author-X-Name-First: Ryan A. 
Author-X-Name-Last: Kent 
Author-Name: Steven B. Caudill 
Author-X-Name-First: Steven B. 
Author-X-Name-Last: Caudill 
Author-Name: Franklin G. Mixon 
Author-X-Name-First: Franklin G. 
Author-X-Name-Last: Mixon 
Title: Rules changes and competitive balance in European professional soccer: evidence from an event study approach 
Abstract:
	      This study examines the effectiveness of successive rules
 changes on competitive balance, as measured by score differential in a
 match, over the history of seven European professional soccer leagues.
 Poisson regression results show that various rules changes do have an
 effect on match competitiveness in European professional soccer.	   
Journal: Applied Economics Letters 
Pages: 1109-1112 
Issue: 11 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.791010 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.791010 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:11:p:1109-1112




Template-Type: ReDIF-Article 1.0
Author-Name: Dario Sciulli 
Author-X-Name-First: Dario 
Author-X-Name-Last: Sciulli 
Title: Conviction, gender and labour market status 
Abstract:
	      Applying propensity score matching to the National Child
 Development Study, we found that conviction reduces the employment
 probability of middle-aged British females by about three times more than
 that of comparable males. Moreover, while males recover a part of the
 disadvantage by increasing self-employment, conviction results in a strong
 labour market marginalization for females, as unemployment and, overall,
 inactivity increase. Robustness checks tend to confirm these findings.
 This suggests both a stronger discouragement effect for females and/or a
 different attitude towards self-employment and/or excluding factors (e.g.
 access to borrowing).		
Journal: Applied Economics Letters 
Pages: 1113-1120 
Issue: 11 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.791011 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.791011 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:11:p:1113-1120




Template-Type: ReDIF-Article 1.0
Author-Name: Atef Al-Rashidi 
Author-X-Name-First: Atef 
Author-X-Name-Last: Al-Rashidi 
Author-Name: Bidisha Lahiri 
Author-X-Name-First: Bidisha 
Author-X-Name-Last: Lahiri 
Title: The effect of exchange rate volatility on trade: correcting for selection bias and asymmetric trade flows 
Abstract:
	      The gravity model that serves as an important framework to
 explore the relation between exchange rate volatility and international
 trade suffers from two weaknesses: selection bias caused by dropping of
 observations with zero trade flows and the inability to predict asymmetric
 bilateral trade flows. The latter includes situations of bilateral trade
 in one direction but not in the opposite direction. While some recent
 literature has addressed the selection bias, there are no studies that
 address both problems in the context of the effect of exchange rate
 volatility on international trade. The article contributes to the
 literature by applying a recent model of firm selection to control for
 both biases. We found that the effect of exchange rate volatility on
 trade, that appears to be weak under the standard gravity model or in
 those models that only correct for sample selection bias, emerges as a
 strong negative effect as both biases get controlled.		
Journal: Applied Economics Letters 
Pages: 1121-1126 
Issue: 11 
Volume: 20 
Year: 2013 
Month: 7 
X-DOI: 10.1080/13504851.2013.791015 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.791015 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:11:p:1121-1126




Template-Type: ReDIF-Article 1.0
Author-Name: Ulrich Fritsche 
Author-X-Name-First: Ulrich 
Author-X-Name-Last: Fritsche 
Author-Name: Christian Pierdzioch 
Author-X-Name-First: Christian 
Author-X-Name-Last: Pierdzioch 
Author-Name: Jan-Christoph R�lke 
Author-X-Name-First: Jan-Christoph 
Author-X-Name-Last: R�lke 
Author-Name: Georg Stadtmann 
Author-X-Name-First: Georg 
Author-X-Name-Last: Stadtmann 
Title: On the directional accuracy of survey forecasts: the case of gold and silver 
Abstract:
	      We use a nonparametric market-timing test to study the
 <italic>directional accuracy</italic> of survey forecasts of the prices of
 gold and silver. We find that forecasters have market-timing ability with
 respect to the direction of change of the price of silver at various
 forecast horizons. In contrast, forecasters have no market-timing ability
 with respect to the direction of change in the gold price. Combining
 forecasts of both metal prices to set up a multivariate market-timing test
 yields no evidence of joint predictability of the directions of change of
 the prices of gold and silver. 	 
Journal: Applied Economics Letters 
Pages: 1127-1129 
Issue: 12 
Volume: 20 
Year: 2013 
Month: 8 
X-DOI: 10.1080/13504851.2013.791014 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.791014 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:12:p:1127-1129




Template-Type: ReDIF-Article 1.0
Author-Name: Martin Jacob 
Author-X-Name-First: Martin 
Author-X-Name-Last: Jacob 
Title: Taxes and life cycle capital gains realizations 
Abstract:
	      This article analyses heterogeneity in capital gains tax
 elasticities across individuals. Using panel data of over 260&thinsp;000
 individuals, I find that the sensitivity of capital gains to taxes is
 decreasing over the individual life cycle. Younger individuals respond
 more strongly to changes in capital gains taxes than older individuals. An
 increase in age of 18 years decreases the lock-in effect of capital gains
 taxes by approximately 10%.	      
Journal: Applied Economics Letters 
Pages: 1130-1134 
Issue: 12 
Volume: 20 
Year: 2013 
Month: 8 
X-DOI: 10.1080/13504851.2013.792988 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.792988 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:12:p:1130-1134




Template-Type: ReDIF-Article 1.0
Author-Name: Y. Tsuchiya 
Author-X-Name-First: Y. 
Author-X-Name-Last: Tsuchiya 
Title: Evaluating corporate executives' exchange rate forecasts under a flexible loss function 
Abstract:
	      We examine asymmetry in the loss function of corporate
 executives in their exchange rate forecasts and test for rationality of
 the forecast under the assumption of a possibly asymmetric loss function.
 We find evidence that the loss function of the forecast with a 1-year
 horizon is symmetric and support for rationality. These findings hold for
 manufacturing and nonmanufacturing sectors.	      
Journal: Applied Economics Letters 
Pages: 1135-1138 
Issue: 12 
Volume: 20 
Year: 2013 
Month: 8 
X-DOI: 10.1080/13504851.2013.792989 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.792989 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:12:p:1135-1138




Template-Type: ReDIF-Article 1.0
Author-Name: Brahim Boudarbat 
Author-X-Name-First: Brahim 
Author-X-Name-Last: Boudarbat 
Author-Name: Lee Grenon 
Author-X-Name-First: Lee 
Author-X-Name-Last: Grenon 
Title: Attrition and the estimation of employment and wage equations: the Canadian survey of labour and income dynamics 
Abstract:
	      This article provides an analysis of the effects of attrition
 on employment and wages using the Canadian survey of labour and income
 dynamics. We consider a structural model composed of three freely
 correlated equations for nonattrition, employment and wages. The model is
 estimated using microdata from 22&nbsp;990 individuals who provided
 sufficient information in the first year of the 1996--2001 panel. The main
 findings of this article are that attrition is not random. Attritors
 likely are less attached to employment and come from low-income
 population. The correlation between nonattrition and employment is
 positive and statistically significant, though small. Also, wage estimates
 are biased upwards. Observed wages are on average higher than wages that
 would be observed if all the individuals initially selected in the panel
 remained in the sample.	  
Journal: Applied Economics Letters 
Pages: 1139-1144 
Issue: 12 
Volume: 20 
Year: 2013 
Month: 8 
X-DOI: 10.1080/13504851.2013.795270 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.795270 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:12:p:1139-1144




Template-Type: ReDIF-Article 1.0
Author-Name: Areum Han 
Author-X-Name-First: Areum 
Author-X-Name-Last: Han 
Author-Name: Chune Young Chung 
Author-X-Name-First: Chune Young 
Author-X-Name-Last: Chung 
Title: Are individual investors less informed than institutional investors? Unique evidence from investor trading behaviours around bad mergers in Korean financial market 
Abstract:
	      This article presents the trading behaviours of individual
 and institutional investors in Korean mergers and acquisitions market.
 Based on Chen <italic>et al.</italic> (2007), we consider a bidder's
 negative abnormal announcement-period return as a measure for bad merger.
 To investigate the investor trading behaviours around the bad mergers, we
 employ a unique daily trading data of different groups of investors in
 Korean stock market. Our finding shows that institutional investors sell
 their shares on a bidding firm before announcement of a bad merger, while
 individual investors buy the shares. In addition, we find that
 institutional investors continue to sell their shares on a bidding firm
 even after announcement of a bad merger, but individual investors keep
 buying them. Hence, our results newly support the hypothesis that
 individual investors are less informed and/or less sophisticated than
 institutional investors.	   
Journal: Applied Economics Letters 
Pages: 1145-1149 
Issue: 12 
Volume: 20 
Year: 2013 
Month: 8 
X-DOI: 10.1080/13504851.2013.791012 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.791012 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:12:p:1145-1149




Template-Type: ReDIF-Article 1.0
Author-Name: T. Parker Ballinger 
Author-X-Name-First: T. Parker 
Author-X-Name-Last: Ballinger 
Author-Name: Bradley T. Ewing 
Author-X-Name-First: Bradley T. 
Author-X-Name-Last: Ewing 
Author-Name: Mark A. Thompson 
Author-X-Name-First: Mark A. 
Author-X-Name-Last: Thompson 
Title: Rivalry and the dynamic instability of venture capital investment shares 
Abstract:
	      This article examines the time-series properties of the US
 venture capital investments (VCI) to determine whether or not various
 sectors compete in the same market for venture capital funds. Using a
 battery of unit root tests, we find substantial evidence that VCI shares
 are nonstationary. Our findings are consistent with a high degree of
 rivalry for VCI among the different sectors.	       
Journal: Applied Economics Letters 
Pages: 1150-1154 
Issue: 12 
Volume: 20 
Year: 2013 
Month: 8 
X-DOI: 10.1080/13504851.2013.791013 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.791013 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:12:p:1150-1154




Template-Type: ReDIF-Article 1.0
Author-Name: Tobias Hiller 
Author-X-Name-First: Tobias 
Author-X-Name-Last: Hiller 
Title: The distribution of power in governing coalitions of the German Laender 
Abstract:
	      In this article, we analyse the distribution of voting power
 in governing coalitions of the German Laender (states). In a first step,
 we use the number of votes of parties in a parliament to determine the
 voting power of the parties. Based on these results, we apply the
 <inline-formula>		    <inline-graphic
 xmlns:xlink="http://www.w3.org/1999/xlink"				   
   xlink:href="rael_a_797548_o_ilm0001.gif"/>		    
 </inline-formula>-power index (Casajus, 2009) to calculate the power of
 parties within governing coalitions (Wiese, 2007). For this, we consider
 the limitations of coalition possibilities. In three scenarios, we analyse
 how these affect the parties' voting power.	      
Journal: Applied Economics Letters 
Pages: 1155-1159 
Issue: 12 
Volume: 20 
Year: 2013 
Month: 8 
X-DOI: 10.1080/13504851.2013.797548 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.797548 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:12:p:1155-1159




Template-Type: ReDIF-Article 1.0
Author-Name: Alok Kumar 
Author-X-Name-First: Alok 
Author-X-Name-Last: Kumar 
Author-Name: Wenshu Chen 
Author-X-Name-First: Wenshu 
Author-X-Name-Last: Chen 
Title: Health, education and the dynamics of cross-country productivity differences 
Abstract:
	      In this article, we study the impact of health and education
 on the growth rate of total factor productivity (TFP) in a sample of 97
 countries for the period 1960 to 2005. We find that both health and
 education have a positive and significant effect on GRTFP. The result that
 health has a positive effect on GRTFP is new to the literature. The result
 suggests that in designing policies which facilitate technology diffusion
 we need to broaden the concept of human capital to include health.	    
Journal: Applied Economics Letters 
Pages: 1160-1164 
Issue: 12 
Volume: 20 
Year: 2013 
Month: 8 
X-DOI: 10.1080/13504851.2013.797549 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.797549 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:12:p:1160-1164




Template-Type: ReDIF-Article 1.0
Author-Name: Ana Lamo 
Author-X-Name-First: Ana 
Author-X-Name-Last: Lamo 
Author-Name: Javier J. P�rez 
Author-X-Name-First: Javier J. 
Author-X-Name-Last: P�rez 
Author-Name: A. Jes&uacute;s S�nchez-Fuentes 
Author-X-Name-First: A. Jes&uacute;s 
Author-X-Name-Last: S�nchez-Fuentes 
Title: Institutional determinants of public--private sector wages' linkages 
Abstract:
	      We estimate the probability of public sector wage leadership
 -- defined as Granger causality from public to private sector wages -- in
 a pool of 15 Organization for Economic Cooperation and Development (OECD)
 countries as a function of countries' institutional features, and notably
 wage-setting institutions. Government's involvement in collective
 bargaining and collective bargaining centralization are positively
 correlated with the probability of finding public wage leadership. Among
 the factors that reduce its probability, we can underline the impact of
 globalization and the degree of unionization of the economy.	       
Journal: Applied Economics Letters 
Pages: 1165-1169 
Issue: 12 
Volume: 20 
Year: 2013 
Month: 8 
X-DOI: 10.1080/13504851.2013.797550 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.797550 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:12:p:1165-1169




Template-Type: ReDIF-Article 1.0
Author-Name: Oscar Afonso 
Author-X-Name-First: Oscar 
Author-X-Name-Last: Afonso 
Author-Name: Ana Lurdes Albuquerque 
Author-X-Name-First: Ana Lurdes 
Author-X-Name-Last: Albuquerque 
Author-Name: Alexandre Almeida 
Author-X-Name-First: Alexandre 
Author-X-Name-Last: Almeida 
Title: Wage inequality determinants in European Union countries 
Abstract:
	      The explanation of the recent increase in intra-country wage
 inequality in favour of high-skilled labour has been dominated by two
 explanations: skill-biased technological change (SBTC) and international
 trade (IT) liberalization. Since few empirical studies have tried to
 assess both explanations across a comprehensive sample of countries, we
 analyse the impact of both and add some new variables within a unified
 framework and across 18 European Union countries. Results show that the
 SBTC, the immigration and education present an impact positive on wage
 inequality measured by the wage ratio of college to secondary graduates.   
Journal: Applied Economics Letters 
Pages: 1170-1173 
Issue: 12 
Volume: 20 
Year: 2013 
Month: 8 
X-DOI: 10.1080/13504851.2013.797551 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.797551 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:12:p:1170-1173




Template-Type: ReDIF-Article 1.0
Author-Name: S. Castriota 
Author-X-Name-First: S. 
Author-X-Name-Last: Castriota 
Author-Name: D. Curzi 
Author-X-Name-First: D. 
Author-X-Name-Last: Curzi 
Author-Name: M. Delmastro 
Author-X-Name-First: M. 
Author-X-Name-Last: Delmastro 
Title: Tasters' bias in wine guides' quality evaluations 
Abstract:
	      Using a new database on Italian wines rated by the
 <italic>Guida dei Vini di Veronelli</italic> from 2004 to 2009, we show
 that the tasters' quality evaluations are affected by two sources of
 personal bias, namely generosity and personal preferences towards certain
 types of wine characteristics. 	 
Journal: Applied Economics Letters 
Pages: 1174-1177 
Issue: 12 
Volume: 20 
Year: 2013 
Month: 8 
X-DOI: 10.1080/13504851.2013.797552 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.797552 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:12:p:1174-1177




Template-Type: ReDIF-Article 1.0
Author-Name: P. Chintrakarn 
Author-X-Name-First: P. 
Author-X-Name-Last: Chintrakarn 
Author-Name: P. Chatjuthamard 
Author-X-Name-First: P. 
Author-X-Name-Last: Chatjuthamard 
Author-Name: P. Jiraporn 
Author-X-Name-First: P. 
Author-X-Name-Last: Jiraporn 
Title: How do entrenched boards reduce human rights violations? An empirical analysis 
Abstract:
	      As part of corporate social responsibility, companies invest
 in activities that promote human rights or refrain from activities that
 violate human rights. Investments in human rights, however, usually do not
 yield immediate benefits. Rather, they are expected to improve the
 reputation of the firm over time as a good corporate citizen. As one of
 the most effective takeover defences, a staggered board insulates managers
 from the takeover market. Secured in their positions, managers are less
 likely to be myopic and are more likely to adopt policies that yield
 long-term benefits, such as investments in human rights. Consistent with
 this notion, our results show that firms with a staggered board exhibit
 much better human rights performance. We also show that our results are
 not likely driven by endogeneity.	    
Journal: Applied Economics Letters 
Pages: 1178-1182 
Issue: 12 
Volume: 20 
Year: 2013 
Month: 8 
X-DOI: 10.1080/13504851.2013.797553 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.797553 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:12:p:1178-1182




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Stuetzer 
Author-X-Name-First: Michael 
Author-X-Name-Last: Stuetzer 
Author-Name: Martin Obschonka 
Author-X-Name-First: Martin 
Author-X-Name-Last: Obschonka 
Author-Name: Per Davidsson 
Author-X-Name-First: Per 
Author-X-Name-Last: Davidsson 
Author-Name: Eva Schmitt-Rodermund 
Author-X-Name-First: Eva 
Author-X-Name-Last: Schmitt-Rodermund 
Title: Where do entrepreneurial skills come from? 
Abstract:
	      Applying Lazear's jack-of-all-trades theory, we investigate
 the formation of entrepreneurial skills in two data sets on innovative new
 firms. Our results suggest that traditional human capital indicators
 individually have little or no influence on entrepreneurial skills.
 However, consistent with Lazear's theory, those entrepreneurs who exhibit
 a <italic>varied</italic> set of work experience have higher
 entrepreneurial skills relevant for starting and growing a firm. This
 supports the notion that a varied set of work experiences rather than
 depth of any particular type of experience or education is important for
 the development of entrepreneurial skills.	     
Journal: Applied Economics Letters 
Pages: 1183-1186 
Issue: 12 
Volume: 20 
Year: 2013 
Month: 8 
X-DOI: 10.1080/13504851.2013.797554 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.797554 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:12:p:1183-1186




Template-Type: ReDIF-Article 1.0
Author-Name: A. Kasman 
Author-X-Name-First: A. 
Author-X-Name-Last: Kasman 
Author-Name: S. Kirbas-Kasman 
Author-X-Name-First: S. 
Author-X-Name-Last: Kirbas-Kasman 
Title: The dynamic relationship between earnings volatility, concentration, stability and size in the Turkish banking sector 
Abstract:
	      This article investigates the causal relationship between
 earnings volatility, concentration, stability and bank size in the Turkish
 banking sector in the period 2002 to 2011. A relatively new empirical
 methodology, dynamic panel Granger-causality test, is used to analyse the
 causal relationship between these variables. The empirical result shows
 that bank size and concentration negatively Granger-cause earnings
 volatility, suggesting that larger banks and more concentrated banking
 market decrease earnings volatility. Moreover, the result also indicates
 that concentration in the banking sector increases bank stability and
 supports the 'concentration-stability' hypothesis.	     
Journal: Applied Economics Letters 
Pages: 1187-1192 
Issue: 12 
Volume: 20 
Year: 2013 
Month: 8 
X-DOI: 10.1080/13504851.2013.799742 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.799742 
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Template-Type: ReDIF-Article 1.0
Author-Name: Y. Tsuchiya 
Author-X-Name-First: Y. 
Author-X-Name-Last: Tsuchiya 
Title: Joint evaluation of the directional accuracy of corporate executives' forecasts 
Abstract:
	      Although most research on directional analysis focused on
 either increase/decrease or acceleration/deceleration of variables of
 interest, we jointly evaluate the two-directional changes in the real GDP
 predicted by corporate executives. We applied an approach recently
 developed by Pesaran and Timmermann (2009) in addition to the tests
 extensively used in the literature. Besides determining that, the forecast
 is not useful in predicting an increase/decrease and
 acceleration/deceleration in real GDP, joint evaluation of the forecast
 illustrates the advantage of the new test. Further, we examine the two
 data vintages. 	 
Journal: Applied Economics Letters 
Pages: 1193-1196 
Issue: 12 
Volume: 20 
Year: 2013 
Month: 8 
X-DOI: 10.1080/13504851.2013.799743 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.799743 
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Template-Type: ReDIF-Article 1.0
Author-Name: Elsy Thomas Kizhakethalackal 
Author-X-Name-First: Elsy Thomas 
Author-X-Name-Last: Kizhakethalackal 
Author-Name: Debasri Mukherjee 
Author-X-Name-First: Debasri 
Author-X-Name-Last: Mukherjee 
Author-Name: Eskander Alvi 
Author-X-Name-First: Eskander 
Author-X-Name-Last: Alvi 
Title: Quantile regression analysis of health-aid and infant mortality: a note 
Abstract:
	      Empirical literature examining the effectiveness of
 foreignaid on infant mortality, using mean regressions, has not found
 robust evidence in favour of foreignaid. The present article uses quantile
 regression technique to perform detailed scrutiny of the effect of
 multilateral health-aid on various quantiles of infant mortality rates in
 developing economies. We find that at relatively lower quantiles of infant
 mortality, health-aid is effective but it loses its effectiveness at
 relatively higher quantiles (i.e. for countries faced with more infant
 mortalities). This implies that more effective policy measures need to be
 undertaken for countries swamped with infant mortalities.	    
Journal: Applied Economics Letters 
Pages: 1197-1201 
Issue: 13 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.799744 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.799744 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:13:p:1197-1201




Template-Type: ReDIF-Article 1.0
Author-Name: Kristopher J. Kemper 
Author-X-Name-First: Kristopher J. 
Author-X-Name-Last: Kemper 
Author-Name: Ramesh P. Rao 
Author-X-Name-First: Ramesh P. 
Author-X-Name-Last: Rao 
Title: Credit watch and capital structure 
Abstract:
	      We study the capital structure reactions of firms that have
 been added to Standard & Poor's (S&P's) CreditWatch list in order to test
 the role of credit ratings in firm financial decisions. Survey evidence by
 Graham and Harvey (2001) indicates that Chief Financial Officers (CFOs)
 consider credit ratings as the second most important determinant of
 financing policy. If credit ratings are indeed important, we should
 observe that firms facing a potential downgrade should react by reducing
 debt financing in an attempt to avert the potential rating downgrade. In
 the case of a potential upgrade, we should also observe a scaling back of
 debt financing to reinforce the rating upgrade. We find evidence for the
 latter but for potential downgrade firms, contrary to expectations; we
 find that these firms issue <italic>more</italic> debt relative to equity.
 Overall, we conclude that while credit ratings may be a consideration in
 determining corporate financing policy, it is probably a secondary
 determinant.	       
Journal: Applied Economics Letters 
Pages: 1202-1205 
Issue: 13 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.799746 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.799746 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:13:p:1202-1205




Template-Type: ReDIF-Article 1.0
Author-Name: Olivier Lamotte 
Author-X-Name-First: Olivier 
Author-X-Name-Last: Lamotte 
Author-Name: Ana Colovic 
Author-X-Name-First: Ana 
Author-X-Name-Last: Colovic 
Title: Do demographics influence aggregate entrepreneurship? 
Abstract:
	      Analysing a cross-country panel of 53 countries from 2001 to
 2009, we find that the age distribution of a population is related to
 entrepreneurial activity. More specifically, a high share of young people
 in a country positively influences nascent entrepreneurship, whereas a
 high share of older people has a negative influence.	       
Journal: Applied Economics Letters 
Pages: 1206-1210 
Issue: 13 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.799747 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.799747 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:13:p:1206-1210




Template-Type: ReDIF-Article 1.0
Author-Name: Julien Chevallier 
Author-X-Name-First: Julien 
Author-X-Name-Last: Chevallier 
Author-Name: Florian Ielpo 
Author-X-Name-First: Florian 
Author-X-Name-Last: Ielpo 
Title: Volatility spillovers in commodity markets 
Abstract:
	      This article investigates volatility spillovers in commodity
 markets by following the methodology pioneered in Diebold and Yilmaz
 (2012). By using a broad data set during 1995--2012, we address three key
 research questions: are there volatility spillovers within commodities?
 between standard assets and commodities? between commodities and commodity
 currencies? The main results indicate first that commodities exhibit
 weaker than other asset classes volatility spillovers. These spillovers
 have, however, been increasing over the period. Second, agricultural
 commodities are the commodities exhibiting the lowest spillovers, whereas
 precious metals and energy are the biggest net contributors. In a
 diversified portfolio, including commodities -- and especially
 agricultural products -- helps decreasing the total spillover index. This
 stylized fact has, however, been less and less valid over the years.
 Third, some currencies are more responsive than others to commodity
 volatility spillovers. 	 
Journal: Applied Economics Letters 
Pages: 1211-1227 
Issue: 13 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.799748 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.799748 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marc Anthony Fusaro 
Author-X-Name-First: Marc Anthony 
Author-X-Name-Last: Fusaro 
Author-Name: Donald H. Dutkowsky 
Author-X-Name-First: Donald H. 
Author-X-Name-Last: Dutkowsky 
Title: What explains consumption and money holding in the very short-run?: evidence from checking account data 
Abstract:
	      This article investigates consumption and money-holding
 behaviour within an intertemporal optimization model of the individual
 household. Our data set consists of deposits and withdrawals from
 individual household checking accounts that received pay cheques by direct
 deposit. We construct samples of panel data for households with weekly,
 biweekly and semi-monthly pay periods and form two different measures of
 consumption. Generalized Method of Moments estimates of structural
 parameters provide limited evidence for habit formation or durability. The
 results indicate small but positive marginal utility of money within a
 well-behaved utility function, with &#x2018;rule of thumb&#x2019;
 consumption a close approximation. These findings are uniform for
 sub-samples split according to household age or income.	  
Journal: Applied Economics Letters 
Pages: 1228-1232 
Issue: 13 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.799749 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.799749 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:13:p:1228-1232




Template-Type: ReDIF-Article 1.0
Author-Name: Margot Quijano 
Author-X-Name-First: Margot 
Author-X-Name-Last: Quijano 
Title: Is unsystematic risk priced in bank loan contracts? 
Abstract:
	      We demonstrate that a firm's unsystematic risk is positively
 related to its cost of bank debt. A borrower's unsystematic risk needs to
 be costly monitored by the lender and some of this cost is included in the
 bank contract. A one SD increase in unsystematic risk results in a
 14.0--19.5% increase in the cost of the loan, or 24--34 basis points for
 the median loan. Our results complement recent literature about the
 relevance of unsystematic risk and its effect on the cost of capital of
 corporations.		
Journal: Applied Economics Letters 
Pages: 1233-1237 
Issue: 13 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.799750 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.799750 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:13:p:1233-1237




Template-Type: ReDIF-Article 1.0
Author-Name: Illoong Kwon 
Author-X-Name-First: Illoong 
Author-X-Name-Last: Kwon 
Title: Risk-taking in subjective promotion tournaments 
Abstract:
	      This article considers a promotion tournament where the
 winner is decided by the principal's posterior belief about the
 agents&#x2019; abilities, called a subjective promotion tournament. If the
 agents can choose the risk of their performance as well as their effort,
 this article shows that such a subjective tournament can be better than an
 objective tournament where the winner is decided by the agents&#x2019;
 verifiable performance measures only. This is because the subjective
 tournament leads to lower uncertainty about the agents&#x2019; abilities
 and a higher level of agents&#x2019; effort, thereby providing better
 sorting and incentive effects. 	 
Journal: Applied Economics Letters 
Pages: 1238-1243 
Issue: 13 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.802081 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.802081 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:13:p:1238-1243




Template-Type: ReDIF-Article 1.0
Author-Name: Salvador Gil-Pareja 
Author-X-Name-First: Salvador 
Author-X-Name-Last: Gil-Pareja 
Author-Name: Rafael-Llorca Vivero 
Author-X-Name-First: Rafael-Llorca 
Author-X-Name-Last: Vivero 
Author-Name: Jordi Paniagua 
Author-X-Name-First: Jordi 
Author-X-Name-Last: Paniagua 
Title: The effect of the great recession on foreign direct investment: global empirical evidence with a gravity approach 
Abstract:
	      This article estimates the effect of the present global
 systemic banking crisis on foreign direct investment (FDI) using the
 gravity equation on a sample of 161 countries over the period 2003 to
 2010. Systemic banking crises, through demand shocks and credit
 constraints, may impact FDI in two ways: aggregate monetary flows and
 individual projects count. Since gravity equations account for output
 variations, our research relies on the financial constraints channel. We
 find that the great recession, through credit constraints on home supply
 markets, has reduced the number of FDI projects, but not their size,
 forcing investors to become more selective on their international
 endeavours.	      
Journal: Applied Economics Letters 
Pages: 1244-1248 
Issue: 13 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.802082 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.802082 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:13:p:1244-1248




Template-Type: ReDIF-Article 1.0
Author-Name: Weidong Huang 
Author-X-Name-First: Weidong 
Author-X-Name-Last: Huang 
Title: Numerical method to calculate Gini coefficient from limited data of subgroups 
Abstract:
	      A numerical method is proposed to calculate the income
 distribution and Gini coefficient of the total population from the limited
 data of subgroups. The method is optimized to simulate the Lorenz curve of
 each subgroup with the third spline interpolation, and the cumulative
 income distribution curve of each subgroup and the total population is
 calculated. Thus the Lorenz curve of the total population can be predicted
 to obtain the Gini coefficient. The method can simulate the complex income
 distribution with a relative error of less than 4%. It overcomes the
 defect of the present method with a function to simulate the complex
 income distribution of subgroup such as the multiple peaks which will
 introduce much more error.	     
Journal: Applied Economics Letters 
Pages: 1249-1253 
Issue: 13 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.802083 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.802083 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:13:p:1249-1253




Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: Common change-points in long-term UK bond yields, 1870--1914: a piecewise linear trends approach 
Abstract:
	      This article estimates common structural breaks among four
 long-term UK bond yields, which shared a V-shaped trending behaviour
 during the sample period of 1870 to 1914. By applying the new inference
 procedure proposed by Qu and Perron (2007) for structural breaks in
 multivariate regressions, we find that the four bond yields had six common
 change-points and that the estimated common piecewise linear trend well
 represents their long-run movements.	       
Journal: Applied Economics Letters 
Pages: 1254-1258 
Issue: 13 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.802084 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.802084 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:13:p:1254-1258




Template-Type: ReDIF-Article 1.0
Author-Name: Jen-Je Su 
Author-X-Name-First: Jen-Je 
Author-X-Name-Last: Su 
Author-Name: Jeremy K. Nguyen 
Author-X-Name-First: Jeremy K. 
Author-X-Name-Last: Nguyen 
Title: GLS detrending in Sollis nonlinear unit root tests 
Abstract:
	      The Sollis (2009) nonlinear unit root test has been shown to
 possess attractive power properties, especially where the series being
 tested follows an Asymmetric Exponential Smooth Transition Autoregressive
 (AESTAR) process. In this article, we propose a modification of this test,
 namely, using GLS rather than OLS to detrend the relevant series.
 Simulation results indicate that, in general, the modified Sollis test is
 more powerful than the original test. An application to real GDP data for
 20 OECD countries is provided. 	 
Journal: Applied Economics Letters 
Pages: 1259-1262 
Issue: 13 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.802085 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.802085 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:13:p:1259-1262




Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Fuentes Castro 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Fuentes Castro 
Title: An international comparison of the impact of the 2008 crisis on productivity 
Abstract:
	      This article seeks to shed light on the puzzle of
 productivity after the 2008 crisis in the United States, the United
 Kingdom and the main countries in the Euro Zone. First of all, we
 calculate the productivity according to the Solow model. Afterwards, we
 study the TPF cycle in each country applying the Bai and Perron structural
 break test. Finally, we measure the productivity gap in relation to the
 pre-crisis trend, and the contribution of TFP, capital and labour. The
 United States and the Euro Zone have a similar productivity gap, but TFP
 reduction is more important in Europe (partially offset by better
 behaviour of the capital to labour ratio than in the United States).
 Significant differences arise within the Euro Zone.	      
Journal: Applied Economics Letters 
Pages: 1263-1269 
Issue: 13 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.802086 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.802086 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:13:p:1263-1269




Template-Type: ReDIF-Article 1.0
Author-Name: Eugen Dimant 
Author-X-Name-First: Eugen 
Author-X-Name-Last: Dimant 
Author-Name: Tim Krieger 
Author-X-Name-First: Tim 
Author-X-Name-Last: Krieger 
Author-Name: Daniel Meierrieks 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Meierrieks 
Title: The effect of corruption on migration,1985--2000 
Abstract:
	      We examine the influence of corruption on migration for 111
 countries between 1985 and 2000. Robust evidence indicates that corruption
 is among the push factors of migration, especially fuelling skilled
 migration. We argue that corruption tends to diminish the returns to
 education, which is particularly relevant to the better educated.	    
Journal: Applied Economics Letters 
Pages: 1270-1274 
Issue: 13 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.806776 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.806776 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthias Neuenkirch 
Author-X-Name-First: Matthias 
Author-X-Name-Last: Neuenkirch 
Title: Predicting Bank of England's asset purchase decisions with MPC voting records 
Abstract:
	      We use the MPC voting records to predict changes in the
 volume of asset purchases. We find, first, that minority voting favouring
 an increase in the volume of asset purchases raises the probability of an
 actual increase at the next meeting. Second, minority voting supporting a
 higher Bank Rate decreases the likelihood of further asset purchases.	    
Journal: Applied Economics Letters 
Pages: 1275-1278 
Issue: 13 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.806779 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.806779 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:13:p:1275-1278




Template-Type: ReDIF-Article 1.0
Author-Name: Kerstin Bruckmeier 
Author-X-Name-First: Kerstin 
Author-X-Name-Last: Bruckmeier 
Author-Name: Georg-Benedikt Fischer 
Author-X-Name-First: Georg-Benedikt 
Author-X-Name-Last: Fischer 
Author-Name: Berthold U. Wigger 
Author-X-Name-First: Berthold U. 
Author-X-Name-Last: Wigger 
Title: The willingness to pay for higher education: does the type of fee matter? 
Abstract:
	      University level data are used to determine whether different
 types of fees affect university enrolment of first-year students
 differently at public universities in Germany. We find a significantly
 negative effect of the recently introduced tuition fees on enrolment. In
 contrast, the effect of administrative fees is insignificant. This is
 striking as both types of fees serve similar purposes. 	 
Journal: Applied Economics Letters 
Pages: 1279-1282 
Issue: 13 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.799745 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.799745 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:13:p:1279-1282




Template-Type: ReDIF-Article 1.0
Author-Name: H. A. Mridha 
Author-X-Name-First: H. A. 
Author-X-Name-Last: Mridha 
Author-Name: F. C. Khan 
Author-X-Name-First: F. C. 
Author-X-Name-Last: Khan 
Title: Does unemployment affect compensating wage differentials for work-related fatal injuries? Empirical evidence from occupational data 
Abstract:
	      The study examines the hypothesis that high unemployment
 rates in local labour markets weaken the bargaining power of workers and
 reduce the wage premium given to compensate for the risk of death in the
 workplace. Analysis of fatal occupational injury risk and demographic data
 from the Bureau of Labour Statistics (BLS) and the Current population
 Survey (CPS) over 2004 to 2007 finds strong evidence for this hypothesis.
 Results show that both blue-collar union and nonunion workers are likely
 to receive a lower wage premium in locations where unemployment rates are
 high. They also indicate that the compensating differentials for fatal
 injury risks are larger for union workers than those of their nonunion
 counterparts.		
Journal: Applied Economics Letters 
Pages: 1283-1287 
Issue: 14 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.788774 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.788774 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. Lapor&#x161;ek 
Author-X-Name-First: S. 
Author-X-Name-Last: Lapor&#x161;ek 
Title: Minimum wage effects on youth employment in the European Union 
Abstract:
	      The purpose of this article is to estimate minimum wage
 effects on youth employment in the European Union (EU). The analysis
 employs a panel regression method with fixed effects and uses data for 18
 EU member states with statutory minimum wage over the period 1996 to 2011.
 The analysis is restricted to teenage workers between 15 and 19 years of
 age and young workers between 20 and 24 years of age. The study finds a
 negative, statistically significant impact of minimum wage on youth
 employment, by which the disemployment effect appears to be stronger for
 teenage workers. The effect remains negative and statistically significant
 also when controlled for other labour market institutions. Taking into
 account empirical results, we can conclude that EU countries should be
 more cautious when setting up minimum wages for young workers, as
 disemployment effects may have been downplayed.	  
Journal: Applied Economics Letters 
Pages: 1288-1292 
Issue: 14 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.799752 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.799752 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:14:p:1288-1292




Template-Type: ReDIF-Article 1.0
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Author-Name: Kelly Burns 
Author-X-Name-First: Kelly 
Author-X-Name-Last: Burns 
Title: The monetary model of exchange rates is better than the random walk in out-of-sample forecasting 
Abstract:
	      It is demonstrated that the monetary model of exchange rates
 is better than the random walk in out-of-sample forecasting if forecasting
 accuracy is measured by metrics that take into account the magnitude of
 the forecasting errors and the ability of the model to predict the
 direction of change. It is suggested that such a metric is the numerical
 value of the Wald test statistic for the joint coefficient restriction
 implied by the line of perfect forecast. The results reveal that the
 monetary model outperforms the random walk in out-of-sample forecasting
 for four different exchange rates.	     
Journal: Applied Economics Letters 
Pages: 1293-1297 
Issue: 14 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.799753 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.799753 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:14:p:1293-1297




Template-Type: ReDIF-Article 1.0
Author-Name: Riccardo Vecchio 
Author-X-Name-First: Riccardo 
Author-X-Name-Last: Vecchio 
Author-Name: Eugenio Pomarici 
Author-X-Name-First: Eugenio 
Author-X-Name-Last: Pomarici 
Title: An empirical investigation of rewards&#x2019; effect on experimental auctions outcomes 
Abstract:
	      We examine the effect of earned participation rewards on
 willingness to pay (WTP) bids in experimental auctions. Our results show
 that when subjects are provided with a fixed reward, they bid more than
 those who had to earn their reward.	      
Journal: Applied Economics Letters 
Pages: 1298-1300 
Issue: 14 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.799751 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.799751 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:14:p:1298-1300




Template-Type: ReDIF-Article 1.0
Author-Name: Nicolas Huck 
Author-X-Name-First: Nicolas 
Author-X-Name-Last: Huck 
Title: The high sensitivity of pairs trading returns 
Abstract:
	      Pairs trading is a simple and popular relative value trading
 strategy. This article deals with the most common implementation of the
 method based on a distance criterion. It demonstrates the high sensitivity
 of the return to changes in the length of the formation period and shows
 that a reasonable modification of this parameter may lead to generate
 positive excess returns which are robust to data snooping. This empirical
 result underlines the difficulty in understanding pairs trading returns,
 dynamics and sources of profitability through time.	      
Journal: Applied Economics Letters 
Pages: 1301-1304 
Issue: 14 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.802121 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.802121 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:14:p:1301-1304




Template-Type: ReDIF-Article 1.0
Author-Name: Hsiao-Fen Chang 
Author-X-Name-First: Hsiao-Fen 
Author-X-Name-Last: Chang 
Title: Are &#x2018;stock returns&#x2019; a hedge against inflation in Japan? Determination using ADL bounds testing 
Abstract:
	      In this study, the ADL bounds test, developed by Pesaran
 <italic>et al.</italic> (2001), is used to test whether the Japanese stock
 market can provide a hedge against inflation based on monthly data over
 the period 2001M1 to 2011M7. Granger causality between stock market
 returns and inflation is also examined. The results of this study provide
 a reference for participants in developed stock markets and provide
 evidence that stock returns hedge against inflation.	       
Journal: Applied Economics Letters 
Pages: 1305-1309 
Issue: 14 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.806772 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.806772 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:14:p:1305-1309




Template-Type: ReDIF-Article 1.0
Author-Name: Gianpaolo Iazzolino 
Author-X-Name-First: Gianpaolo 
Author-X-Name-Last: Iazzolino 
Author-Name: Maria Elena Bruni 
Author-X-Name-First: Maria Elena 
Author-X-Name-Last: Bruni 
Author-Name: Patrizia Beraldi 
Author-X-Name-First: Patrizia 
Author-X-Name-Last: Beraldi 
Title: Using DEA and financial ratings for credit risk evaluation: an empirical analysis 
Abstract:
	      The article deals with the methodologies for credit risk
 evaluation. It describes an empirical analysis carried out on a sample of
 Italian firms belonging to the leather manufacturing and wholesale
 industry. The study uses the efficiency, calculated through data
 envelopment analysis (DEA), and the credit rating at the same time. As
 long as efficiency is calculated by using inputs and outputs strictly
 linked to the credit reliability of the firm, the study confirms that
 there is a relationship between efficiency and credit rating, and then
 that efficiency can be considered as an <italic>early warning
 index</italic> for evaluating credit risk.	     
Journal: Applied Economics Letters 
Pages: 1310-1317 
Issue: 14 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.806771 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.806771 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:14:p:1310-1317




Template-Type: ReDIF-Article 1.0
Author-Name: A. J. Hekman 
Author-X-Name-First: A. J. 
Author-X-Name-Last: Hekman 
Author-Name: D. B. Deisenroth 
Author-X-Name-First: D. B. 
Author-X-Name-Last: Deisenroth 
Title: An empirical approach for directly accounting for expectations in behavioural models 
Abstract:
	      Demand and choice behaviour models in economic literature
 often involve demand determinants such as product quality. In theory,
 decisions are based on expected quality; however, in practice, reported or
 actual values are used as a proxy for expectations. This paper presents a
 novel approach to measure expectations directly and then compares the
 predictive success of this explanatory variable with that of the
 traditional reported values in modelling behaviour. We use recreational
 fisheries as a case study, and find, as expected, that a priori expected
 catch rates are a better determinant of demand than ex post revealed catch
 rates. 	 
Journal: Applied Economics Letters 
Pages: 1318-1321 
Issue: 14 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.802087 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.802087 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:14:p:1318-1321




Template-Type: ReDIF-Article 1.0
Author-Name: Luis Uzeda 
Author-X-Name-First: Luis 
Author-X-Name-Last: Uzeda 
Author-Name: Callum Jones 
Author-X-Name-First: Callum 
Author-X-Name-Last: Jones 
Title: Detection of anticipated structural changes in a rational expectations environment 
Abstract:
	      When agents have rational expectations, anticipated changes
 in the structure of the economy have an immediate affect on their
 behaviour. In this article, we investigate the interplay between a linear
 rational expectation model with predictable structural changes and
 reduced-form evidence of structural breaks. In our study, we vary the
 length of time between the announcement and the implementation of an
 inflation target change. Using a model similar to Ireland (2007) and the
 method presented in Bai and Perron (1998) and Bai and Perron (2003) to
 estimate unknown structural breaks, Monte Carlo simulation results suggest
 that reduced-form evidence of structural breaks are broadly in line with
 what is predicted by forward-looking rational expectation models; that is,
 as the transition period increases, break estimates gradually move farther
 from the policy announcement date.	     
Journal: Applied Economics Letters 
Pages: 1322-1327 
Issue: 14 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.791033 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.791033 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:14:p:1322-1327




Template-Type: ReDIF-Article 1.0
Author-Name: Jose Maria Arranz 
Author-X-Name-First: Jose Maria 
Author-X-Name-Last: Arranz 
Author-Name: Carlos Garcia-Serrano 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Garcia-Serrano 
Title: The &#x2018;effective&#x2019; measure of unemployment benefit duration: data on spells or individuals? 
Abstract:
	      Using administrative data, this article measures the
 &#x2018;effective&#x2019; duration of unemployment benefit recipiency. Our
 results suggest that this duration varies considerably when we use spells
 instead of data on individuals. The exit hazard rate from unemployment
 using spells is overestimated when compared to the one obtained with data
 on individuals and, therefore, the expected duration of unemployment
 benefit recipiency is underestimated.		
Journal: Applied Economics Letters 
Pages: 1328-1332 
Issue: 14 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.806780 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.806780 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:14:p:1328-1332




Template-Type: ReDIF-Article 1.0
Author-Name: David Ardia 
Author-X-Name-First: David 
Author-X-Name-Last: Ardia 
Author-Name: Lennart F. Hoogerheide 
Author-X-Name-First: Lennart F. 
Author-X-Name-Last: Hoogerheide 
Title: Worldwide equity risk prediction 
Abstract:
	      Various GARCH models are applied to daily returns of more
 than 1200 constituents of major stock indices worldwide. The value-at-risk
 forecast performance is investigated for different markets and industries,
 considering the test for correct conditional coverage using the false
 discovery rate (FDR) methodology. For most of the markets and industries,
 we find the same two conclusions. First, an asymmetric GARCH specification
 is essential when forecasting the 95% value-at-risk. Second, for both the
 95% and 99% value-at-risk, it is crucial that the innovations&#x2019;
 distribution is fat-tailed (e.g. Student-<italic>t</italic> or -- even
 better -- a nonparametric kernel density estimate).	      
Journal: Applied Economics Letters 
Pages: 1333-1339 
Issue: 14 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.806775 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.806775 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:14:p:1333-1339




Template-Type: ReDIF-Article 1.0
Author-Name: B. Artz 
Author-X-Name-First: B. 
Author-X-Name-Last: Artz 
Title: The impact of supervisor age on employee job satisfaction 
Abstract:
	      As workers in the United States get older, it is increasingly
 likely that they will have significantly younger supervisors. In these
 instances, workers experience status incongruence -- the
 supervisor--subordinate relationship does not conform to social
 &#x2018;norms&#x2019;. As a result workers may, in some instances, be
 dissatisfied with their opportunities for advancement if they have a
 significantly younger supervisor. This is most likely the case among more
 educated workers, potentially leading to lower job satisfaction and
 increased likelihood of quits. Ordered probit estimations of the 2008 wave
 of the National Study of the Changing Workforce confirm these hypotheses.  
Journal: Applied Economics Letters 
Pages: 1340-1343 
Issue: 14 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.806777 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.806777 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:14:p:1340-1343




Template-Type: ReDIF-Article 1.0
Author-Name: P. Chintrakarn 
Author-X-Name-First: P. 
Author-X-Name-Last: Chintrakarn 
Title: Subnational trade flows and state-level energy intensity: an empirical analysis 
Abstract:
	      In one strand of research, analysts examine the trends and
 determinants of energy usage and intensity. In the second strand,
 researchers analyse the impact of trade flows on environmental outcomes.
 Recently, Cole (2006) bridges this gap, analysing the impact of trade
 intensity on energy usage utilizing panel data at the country level. In
 line with Cole (2006), we analyse the impact of subnational trade flows
 across US states on state-level energy usage and intensity, controlling
 for the endogeneity of trade flows. The model treating trade as endogenous
 confirms the cross-country result in Cole (2006); trade causes energy
 intensity to rise on average. However, the impact is not homogeneous
 across sectors as the increase in intensity is concentrated in the
 industrial and transportation sectors. 	 
Journal: Applied Economics Letters 
Pages: 1344-1351 
Issue: 14 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.806773 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.806773 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:14:p:1344-1351




Template-Type: ReDIF-Article 1.0
Author-Name: Tobias Heinrich 
Author-X-Name-First: Tobias 
Author-X-Name-Last: Heinrich 
Author-Name: Manuel Kreutner 
Author-X-Name-First: Manuel 
Author-X-Name-Last: Kreutner 
Title: On the provision of public goods under credit constraints 
Abstract:
	      This article develops a model with indivisible infrastructure
 projects which are too large to operate on regional level due to credit
 constraints. We investigate the performance of different forms of
 centralized governments. Our focus is on central legislatures with
 regional representatives with and without agenda setter. We show that a
 central legislature without agenda setter performs better in the case of a
 soft credit constraint, whereas a central legislature with agenda setter
 is more successful in the case of a hard credit constraint.	      
Journal: Applied Economics Letters 
Pages: 1352-1356 
Issue: 14 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.806774 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.806774 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:14:p:1352-1356




Template-Type: ReDIF-Article 1.0
Author-Name: Kenneth Carling 
Author-X-Name-First: Kenneth 
Author-X-Name-Last: Carling 
Author-Name: Johan H&#xE5;kansson 
Author-X-Name-First: Johan 
Author-X-Name-Last: H&#xE5;kansson 
Author-Name: Niklas Rudholm 
Author-X-Name-First: Niklas 
Author-X-Name-Last: Rudholm 
Title: Optimal retail location and CO<sub>2</sub> emissions 
Abstract:
	      In this article, the <italic>p</italic>-median model is used
 to find the location of retail stores that minimizes CO<sub>2</sub>
 emissions from consumer travel. The optimal location is then compared with
 the existing retail location, and the excess CO<sub>2</sub> emissions
 compared with the optimal solution is calculated. The results show that by
 using the environmentally optimal location, CO<sub>2</sub> emissions from
 consumer travel could be reduced by approximately 22%. 	 
Journal: Applied Economics Letters 
Pages: 1357-1361 
Issue: 14 
Volume: 20 
Year: 2013 
Month: 9 
X-DOI: 10.1080/13504851.2013.808306 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.808306 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:14:p:1357-1361




Template-Type: ReDIF-Article 1.0
Author-Name: Rongxi Zhou 
Author-X-Name-First: Rongxi 
Author-X-Name-Last: Zhou 
Author-Name: Xianliang Wang 
Author-X-Name-First: Xianliang 
Author-X-Name-Last: Wang 
Author-Name: Guanqun Tong 
Author-X-Name-First: Guanqun 
Author-X-Name-Last: Tong 
Title: Forecasting macroeconomy based on the term structure of credit spreads: evidence from China 
Abstract:
	      This article establishes an original methodology to forecast
 macroeconomy based on the term structure of credit spreads. It combines
 the traditional Svensson model with genetic algorithms to obtain the
 interest rate term structures of government bonds and corporate bonds and
 calculates credit spreads as their differences. And this article defines
 three factors of the term structure of credit spreads: level, slope and
 curvature. Based on these three factors and several macroeconomic
 variables, VAR models are developed and tested to forecast macroeconomic
 variables. The empirical results confirm that VAR models can predict the
 changes of China's macroeconomy well, which indicates that the term
 structure of credit spreads contains information of future changes of
 macroeconomic variables. We believe this result has significant
 implications for macroeconomy policy-makers.	       
Journal: Applied Economics Letters 
Pages: 1363-1367 
Issue: 15 
Volume: 20 
Year: 2013 
Month: 10 
X-DOI: 10.1080/13504851.2013.806778 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.806778 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:15:p:1363-1367




Template-Type: ReDIF-Article 1.0
Author-Name: Jyh-Horng Lin 
Author-X-Name-First: Jyh-Horng 
Author-X-Name-Last: Lin 
Author-Name: Chuen-Ping Chang 
Author-X-Name-First: Chuen-Ping 
Author-X-Name-Last: Chang 
Author-Name: Hsiao-Ning Lin 
Author-X-Name-First: Hsiao-Ning 
Author-X-Name-Last: Lin 
Title: A note on bank default risk under government capital injection coinciding with high future loss expectation 
Abstract:
	      This article proposes a framework for bank default risk
 measure under government capital injection explicitly coinciding with an
 adverse signal that a rescued bank is expected to have significant future
 losses. A bank facing a serious problem of early closure may have a strong
 incentive to participate in a government assistance programme. Recipients
 of government capital injections are encouraged to make additional loans
 at a reduced margin, and then increase the default risk in the bank's
 equity returns. These results may be due to the conflicting goals of the
 government's capital injection programme for bank recapitalization and
 bank lending.		
Journal: Applied Economics Letters 
Pages: 1368-1373 
Issue: 15 
Volume: 20 
Year: 2013 
Month: 10 
X-DOI: 10.1080/13504851.2013.810326 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.810326 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:15:p:1368-1373




Template-Type: ReDIF-Article 1.0
Author-Name: Johann Fuchs 
Author-X-Name-First: Johann 
Author-X-Name-Last: Fuchs 
Author-Name: Enzo Weber 
Author-X-Name-First: Enzo 
Author-X-Name-Last: Weber 
Title: A new look at the discouragement and the added worker hypotheses: applying a trend--cycle decomposition to unemployment 
Abstract:
	      This article proposes an unobserved components approach to
 disentangle the influence of unemployment on labour participation into a
 permanent and a cyclical part, connected to discouragement and added
 worker effect, respectively. By splitting up the participation effect of
 changes in the unemployment rate, our analysis differs profoundly from
 previous studies that present the net of both or only a single effect. The
 results for Germany confirm that both the discouragement and the added
 worker effect exist, but different age groups respond differently to
 permanent and transitory changes in the unemployment rate.	     
Journal: Applied Economics Letters 
Pages: 1374-1378 
Issue: 15 
Volume: 20 
Year: 2013 
Month: 10 
X-DOI: 10.1080/13504851.2013.812777 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.812777 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:15:p:1374-1378




Template-Type: ReDIF-Article 1.0
Author-Name: Eike Emrich 
Author-X-Name-First: Eike 
Author-X-Name-Last: Emrich 
Author-Name: Christian Pierdzioch 
Author-X-Name-First: Christian 
Author-X-Name-Last: Pierdzioch 
Title: Joining the international fight against doping 
Abstract:
	      We develop a simple two-country model to trace out conditions
 under which countries join the international fight against doping. We show
 that the support for an internationally coordinated anti-doping policy
 depends on the extent to which the rules of the anti-doping fight, as
 formulated by the World Anti-Doping Agency (WADA), account for national
 preferences and on the cross-country substitutability of sporting
 performance.	       
Journal: Applied Economics Letters 
Pages: 1379-1382 
Issue: 15 
Volume: 20 
Year: 2013 
Month: 10 
X-DOI: 10.1080/13504851.2013.812778 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.812778 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:15:p:1379-1382




Template-Type: ReDIF-Article 1.0
Author-Name: Julien Chevallier 
Author-X-Name-First: Julien 
Author-X-Name-Last: Chevallier 
Author-Name: Mathieu Gatumel 
Author-X-Name-First: Mathieu 
Author-X-Name-Last: Gatumel 
Author-Name: Florian Ielpo 
Author-X-Name-First: Florian 
Author-X-Name-Last: Ielpo 
Title: Understanding momentum in commodity markets 
Abstract:
	      This article investigates momentum strategies in commodity
 markets. Using a Markov-switching model and formal tests for the number of
 regimes in the data, we identify momentum trends for a variety of
 commodities, exchange rates, interest rates and equities. The data cover
 the period 1995--2012 at a daily frequency. The results shed light on the
 key differences between commodities and standard assets with regard to the
 presence of trends, mean-reverting behaviour and number of regimes that
 would need to be accurately taken into account to build profitable
 trend-following strategies. The results are also of economic significance
 for researchers interested in the modelling of commodity time series.	    
Journal: Applied Economics Letters 
Pages: 1383-1402 
Issue: 15 
Volume: 20 
Year: 2013 
Month: 10 
X-DOI: 10.1080/13504851.2013.815300 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.815300 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:15:p:1383-1402




Template-Type: ReDIF-Article 1.0
Author-Name: Y. Tsuchiya 
Author-X-Name-First: Y. 
Author-X-Name-Last: Tsuchiya 
Title: Are production managers' forecasts useful? Joint evaluation and robustness 
Abstract:
	      We jointly evaluate the two directional changes
 (increase/decrease and acceleration/deceleration) in monthly manufacturing
 production activity predicted by production managers using a new
 market-timing test. Besides determining that the forecasts are useful in
 predicting an increase/decrease and acceleration/deceleration in monthly
 production activity, joint evaluation of the forecast illustrates the
 advantage of the new test. Moreover, we find that the results are broadly
 robust to two data vintages and outlying observations. 	 
Journal: Applied Economics Letters 
Pages: 1403-1406 
Issue: 15 
Volume: 20 
Year: 2013 
Month: 10 
X-DOI: 10.1080/13504851.2013.815301 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.815301 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:15:p:1403-1406




Template-Type: ReDIF-Article 1.0
Author-Name: Giuseppe Lucio Gaeta 
Author-X-Name-First: Giuseppe Lucio 
Author-X-Name-Last: Gaeta 
Title: Do influential contacts help in receiving fair treatment from public officials? 
Abstract:
	      Using data provided by the International Social Survey
 Programme (ISSP) module Role of Government IV, we empirically investigate
 the micro-foundations of citizens' perceptions of public officials'
 fairness. Our results support the idea that (perceived) fairness of public
 officials is associated with a number of citizens' characteristics. In
 greater detail, we find evidence that receiving fair treatment from public
 officials is positively and significantly correlated to having connections
 with influential people.	   
Journal: Applied Economics Letters 
Pages: 1407-1412 
Issue: 15 
Volume: 20 
Year: 2013 
Month: 10 
X-DOI: 10.1080/13504851.2013.815303 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.815303 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:15:p:1407-1412




Template-Type: ReDIF-Article 1.0
Author-Name: Michael L. Marlow 
Author-X-Name-First: Michael L. 
Author-X-Name-Last: Marlow 
Title: Do public sector unions erode business climates? 
Abstract:
	      This article addresses whether the growing prevalence of
 public sector unions exerts effects that spill over to the private sector.
 The hypothesis that higher prevalence erodes business climate is tested on
 an index of CEO ratings of the best and worst states in which to conduct
 business. Evidence indicates that business climates are inversely related
 to public sector union prevalence. An implication is that erosion of
 business climates should be a concern to union members as well since they
 rely on businesses, their employees and customers to pay for government.   
Journal: Applied Economics Letters 
Pages: 1413-1417 
Issue: 15 
Volume: 20 
Year: 2013 
Month: 10 
X-DOI: 10.1080/13504851.2013.815304 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.815304 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:15:p:1413-1417




Template-Type: ReDIF-Article 1.0
Author-Name: Berta Rivera 
Author-X-Name-First: Berta 
Author-X-Name-Last: Rivera 
Author-Name: Bruno Casal 
Author-X-Name-First: Bruno 
Author-X-Name-Last: Casal 
Author-Name: Luis Currais 
Author-X-Name-First: Luis 
Author-X-Name-Last: Currais 
Author-Name: Paolo Rungo 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Rungo 
Title: Illicit drug use and labour market participation: evidence of simultaneity 
Abstract:
	      Empirical research into the relationship between illicit drug
 use and labour market success has been found to have mixed results in the
 literature. The relevant sources of variability are the methods used to
 account for the potential endogeneity of drug use. This article utilizes
 clinical data for drug use and a recursive simultaneous equations approach
 as an alternative method for estimating the effect of consumption on
 labour participation and as a means for controlling for the endogeneity
 problem. Our results confirm that drug use is endogenously determined, and
 provide evidence to support the thesis that frequent use of dependency
 drugs greatly decreases the likelihood of being employed.	    
Journal: Applied Economics Letters 
Pages: 1418-1422 
Issue: 15 
Volume: 20 
Year: 2013 
Month: 10 
X-DOI: 10.1080/13504851.2013.815305 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.815305 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:15:p:1418-1422




Template-Type: ReDIF-Article 1.0
Author-Name: Helga Kristj�nsd�ttir 
Author-X-Name-First: Helga 
Author-X-Name-Last: Kristj�nsd�ttir 
Title: Foreign direct investment in a small open economy 
Abstract:
	      Think of a small open economy interestingly positioned
 between the trade blocs of the NAFTA and the EU, with FDI in recent years
 resembling the pattern before the economic crash, making a pre-crash data
 set useful for exploring potential long-term trends. In this research,
 investment is explained by geographic location and country size, using a
 gravity model to account for the country's exceptional remoteness and
 sparseness. A unique extension of the gravity model applies the inverse
 hyperbolic sine (IHS) function. The IHS functional form is estimated
 together with fixed difference between investment sectors and trade blocs
 being estimated simultaneously, an analysis that is rarely possible.
 Results indicate that under these conditions, investment appears to be
 more driven by wealth than market size effects.	  
Journal: Applied Economics Letters 
Pages: 1423-1425 
Issue: 15 
Volume: 20 
Year: 2013 
Month: 10 
X-DOI: 10.1080/13504851.2013.815306 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.815306 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andr�s Barge-Gil 
Author-X-Name-First: Andr�s 
Author-X-Name-Last: Barge-Gil 
Author-Name: Alberto L�pez 
Author-X-Name-First: Alberto 
Author-X-Name-Last: L�pez 
Title: The complementarity effect of research and development on firm productivity 
Abstract:
	      Returns to investment in research and development (R&D) are a
 subject of considerable interest in the literature on economics of
 innovation. However, a drawback of this literature is that R&D is mostly
 treated as a homogeneous activity. This article analyses the
 differentiated effect of research and development on productivity and
 tests the existence of complementarity between these activities. We find
 evidence supporting the existence of a direct effect of both innovation
 activities. Most interestingly, our results suggest that there is
 complementarity between research and development in determining
 productivity.		
Journal: Applied Economics Letters 
Pages: 1426-1430 
Issue: 15 
Volume: 20 
Year: 2013 
Month: 10 
X-DOI: 10.1080/13504851.2013.815307 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.815307 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kenneth Button 
Author-X-Name-First: Kenneth 
Author-X-Name-Last: Button 
Author-Name: Rui Neiva 
Author-X-Name-First: Rui 
Author-X-Name-Last: Neiva 
Title: Spatial autocorrelation in the European air navigation system 
Abstract:
	      The fragmentation of the European air navigation system has
 been identified as a cause of inefficiencies and additional costs. One of
 the problems is that since the different national systems are not
 independent of their neighbours, there might be issues of spatial
 autocorrelation, where the efficiency of a system is dependent on the
 efficiency of others, and thus an inefficient system might negatively
 impact the economic efficiency of those around it. This article will
 explore that possibility by applying spatial autocorrelation techniques to
 data envelopment analysis efficiency results for 2010. 	 
Journal: Applied Economics Letters 
Pages: 1431-1434 
Issue: 15 
Volume: 20 
Year: 2013 
Month: 10 
X-DOI: 10.1080/13504851.2013.815308 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.815308 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Ignacio Gimenez-Nadal 
Author-X-Name-First: J. Ignacio 
Author-X-Name-Last: Gimenez-Nadal 
Author-Name: Raquel Ortega-Lapiedra 
Author-X-Name-First: Raquel 
Author-X-Name-Last: Ortega-Lapiedra 
Title: Health status and time allocation in Spain 
Abstract:
	      This article analyses the relationship between health status
 and the time devoted to both market and nonmarket work by individuals
 responding to the Spanish Time Use Survey 2002--2003. We find that better
 health of individuals is associated with an increase in the hours of
 market work, while reducing the time devoted to nonmarket work. We show
 that OLS estimations yield biased results, and the use of instrumental
 variables (IV) is needed to deal with endogeneity issues.	    
Journal: Applied Economics Letters 
Pages: 1435-1439 
Issue: 15 
Volume: 20 
Year: 2013 
Month: 10 
X-DOI: 10.1080/13504851.2013.818205 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.818205 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:15:p:1435-1439




Template-Type: ReDIF-Article 1.0
Author-Name: Xiao-Ping Li 
Author-X-Name-First: Xiao-Ping 
Author-X-Name-Last: Li 
Author-Name: Chun-Yang Zhou 
Author-X-Name-First: Chun-Yang 
Author-X-Name-Last: Zhou 
Author-Name: Chong-Feng Wu 
Author-X-Name-First: Chong-Feng 
Author-X-Name-Last: Wu 
Title: The economic role of jumps in EUR/USD and USD/JPY exchange rates 
Abstract:
	      This study investigates the economic role of jumps in foreign
 currency market. We fit exchange rates by the stochastic volatility with
 correlated jumps (SVCJ) model, and use Markov Chain Monte Carlo (MCMC)
 approach to estimate the model and identify jumps in exchange rates. Our
 empirical analysis of EUR/USD and USD/JPY exchange rates suggest that SVCJ
 model is a good characterization for exchange rates. We find that the
 jumps in the currency markets are closely connected with significant
 economic and political events. 	 
Journal: Applied Economics Letters 
Pages: 1440-1444 
Issue: 15 
Volume: 20 
Year: 2013 
Month: 10 
X-DOI: 10.1080/13504851.2013.818206 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.818206 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Puqing Lai 
Author-X-Name-First: Puqing 
Author-X-Name-Last: Lai 
Title: Solving the Wallis--North paradox in transaction cost measurement 
Abstract:
	      This note contributes to solving the Wallis--North paradox in
 transaction cost measurement. By distinguishing latent transaction costs
 from actual transaction costs, the note showed that when the latent
 transaction costs were prohibitively high, no transaction and actual
 transaction costs would happen and thus the share of transaction sectors
 should be zero; nevertheless, with latent transaction costs declining,
 transaction sectors and actual transaction costs will increase. Therefore,
 a higher share of transaction sectors in an economy reveals that the
 economy actually has a lower level of (latent) transaction costs. The
 Wallis--North approach is still workable for the transaction cost
 measurement but with an inverted interpretation.	   
Journal: Applied Economics Letters 
Pages: 1445-1448 
Issue: 15 
Volume: 20 
Year: 2013 
Month: 10 
X-DOI: 10.1080/13504851.2013.818207 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.818207 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:15:p:1445-1448




Template-Type: ReDIF-Article 1.0
Author-Name: Dewei Zhang 
Author-X-Name-First: Dewei 
Author-X-Name-Last: Zhang 
Author-Name: Chongfeng Wu 
Author-X-Name-First: Chongfeng 
Author-X-Name-Last: Wu 
Author-Name: Chunyang Zhou 
Author-X-Name-First: Chunyang 
Author-X-Name-Last: Zhou 
Title: Optimal liquidity reserve with funding liquidity risk 
Abstract:
	      In this article, we take the funding liquidity risk into
 account when determining the optimal liquidity reserve ratio for a
 commercial bank. A simple continuous-time model is developed, and a
 discrete-time model is built as a benchmark. We find that compared with
 the continuous-time model, the discrete-time model would generate a higher
 reserve ratio when the illiquid project has low haircut rate, and a lower
 reserve ratio when the project has high haircut rate.		
Journal: Applied Economics Letters 
Pages: 1449-1452 
Issue: 16 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.826860 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.826860 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:16:p:1449-1452




Template-Type: ReDIF-Article 1.0
Author-Name: Kristie Briggs 
Author-X-Name-First: Kristie 
Author-X-Name-Last: Briggs 
Title: Institutional quality as a barrier to trade 
Abstract:
	      Improvement of institutional quality abroad encourages new
 domestic firms to export to these countries, but has no effect on the
 volume of exports from incumbent firms. Thus, poor institutional quality
 acts as a barrier to the extensive margin of trade. As a result, policies
 that encourage the strengthening of foreign institutions coincide with
 national export initiatives such as the one launched by President Obama in
 2010.		
Journal: Applied Economics Letters 
Pages: 1453-1458 
Issue: 16 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.826862 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.826862 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:16:p:1453-1458




Template-Type: ReDIF-Article 1.0
Author-Name: Antoni Cunyat 
Author-X-Name-First: Antoni 
Author-X-Name-Last: Cunyat 
Author-Name: Celia Melguizo 
Author-X-Name-First: Celia 
Author-X-Name-Last: Melguizo 
Title: Effective leadership in teams: a simple model 
Abstract:
	      This article explores the determinants of effective
 leadership in a team of production. We obtain that for leadership to be
 effective, the leader must be at least as productive as the follower. In
 the case of a charismatic leader, we obtain that efficiency can be
 restored with a homogeneous team.	    
Journal: Applied Economics Letters 
Pages: 1459-1461 
Issue: 16 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.826863 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.826863 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:16:p:1459-1461




Template-Type: ReDIF-Article 1.0
Author-Name: Pilsun Choi 
Author-X-Name-First: Pilsun 
Author-X-Name-Last: Choi 
Author-Name: Insik Min 
Author-X-Name-First: Insik 
Author-X-Name-Last: Min 
Title: Marginal or copula: which one is critical? 
Abstract:
	      We construct twelve marginal--copula combinations using three
 marginal distributions (normal, <italic>t</italic> and
 <italic>S<sub>U</sub>		      </italic>-normal) and four types of
 copulas (normal, skewed normal, <italic>t</italic> and skewed
 <italic>t</italic>). Bivariate empirical evidence shows that the choice of
 marginal distribution plays a more important role in the Value at Risk
 (VaR) estimation than the selection of copula specification.	       
Journal: Applied Economics Letters 
Pages: 1462-1465 
Issue: 16 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.826870 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.826870 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:16:p:1462-1465




Template-Type: ReDIF-Article 1.0
Author-Name: V. D. Procher 
Author-X-Name-First: V. D. 
Author-X-Name-Last: Procher 
Author-Name: D. Urbig 
Author-X-Name-First: D. 
Author-X-Name-Last: Urbig 
Author-Name: C. Volkmann 
Author-X-Name-First: C. 
Author-X-Name-Last: Volkmann 
Title: Time to BRIC it? Internationalization of European family firms in Europe, North America and the BRIC countries 
Abstract:
	      For a sample of 1243 European companies, we analyse the link
 between firm type and foreign direct investment (FDI) locations. We find
 substantial empirical evidence that being a family firm does not only
 affect the overall propensity for FDI, but that this effect is also
 specific to target regions. Overall, family firms invest more than
 managerial-led firms, particularly in Europe and North America.
 Furthermore, the BRIC countries, Brazil, Russia, India and China do not
 constitute a homogeneous attractiveness cluster for FDI.	   
Journal: Applied Economics Letters 
Pages: 1466-1471 
Issue: 16 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.815302 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.815302 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: C�line Az�mar 
Author-X-Name-First: C�line 
Author-X-Name-Last: Az�mar 
Author-Name: Rodolphe Desbordes 
Author-X-Name-First: Rodolphe 
Author-X-Name-Last: Desbordes 
Title: External financial dependence and FDI responsiveness to corporate tax rates 
Abstract:
	      We investigate whether the impact of higher corporate tax
 rates on foreign direct investment (FDI), at home or abroad, depends on
 the external financial dependence of a given sector. By structurally
 relying on debt for the funding of their operations, firms operating in
 externally dependent (ED) sectors in OECD countries benefit from the tax
 shield provided by the tax-deductibility of debt interest payments. We
 conjecture that this tax advantage is likely to make them less sensitive
 to changes in home and host countries' corporate tax rates than firms in
 non-ED sectors when engaging in FDI. Using a new proprietary data on
 bilateral greenfield manufacturing FDI in OECD countries over the period
 2003 to 2010, we find empirical support for this hypothesis as firms
 operating in externally dependent sectors appear to be much less sensitive
 to home and host corporate tax rates than firms operating in nonexternally
 dependent sectors.	     
Journal: Applied Economics Letters 
Pages: 1472-1476 
Issue: 16 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.826859 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.826859 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:16:p:1472-1476




Template-Type: ReDIF-Article 1.0
Author-Name: A. Dreber 
Author-X-Name-First: A. 
Author-X-Name-Last: Dreber 
Author-Name: Ch. Gerdes 
Author-X-Name-First: Ch. 
Author-X-Name-Last: Gerdes 
Author-Name: P. Gr�nsmark 
Author-X-Name-First: P. 
Author-X-Name-Last: Gr�nsmark 
Author-Name: A. C. Little 
Author-X-Name-First: A. C. 
Author-X-Name-Last: Little 
Title: Facial masculinity predicts risk and time preferences in expert chess players 
Abstract:
	      In this study, we examine the relationship between
 risk-taking, impatience and facial masculinity in expert chess players. We
 combine a large panel data set from high-level chess games with measures
 of both risk-taking and impatience in chess with facial masculinity, a
 proxy for testosterone exposure in puberty. We find that male players with
 high pubertal testosterone exposure are more impatient by playing shorter
 chess games. For female players, we find that facial masculinity is
 negatively correlated with risk-taking.	  
Journal: Applied Economics Letters 
Pages: 1477-1480 
Issue: 16 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.826861 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.826861 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: John C. Whitehead 
Author-X-Name-First: John C. 
Author-X-Name-Last: Whitehead 
Author-Name: Christopher F. Dumas 
Author-X-Name-First: Christopher F. 
Author-X-Name-Last: Dumas 
Author-Name: Craig E. Landry 
Author-X-Name-First: Craig E. 
Author-X-Name-Last: Landry 
Author-Name: Jim Herstine 
Author-X-Name-First: Jim 
Author-X-Name-Last: Herstine 
Title: A recreation demand model of the North Carolina for-hire fishery: a comparison of primary and secondary purpose anglers 
Abstract:
	      In this article, we estimate a single trip random utility
 model for primary purpose and secondary purpose anglers with data from a
 field survey of charter and head-boat passengers in North Carolina. We
 find that primary and secondary purpose anglers exhibit significantly
 different behaviour with regards to cost. However, once costs are weighted
 for secondary purpose anglers, the value of catch is not statistically
 different across groups.	   
Journal: Applied Economics Letters 
Pages: 1481-1484 
Issue: 16 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.826864 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.826864 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Mongeon 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Mongeon 
Author-Name: Ron Mittelhammer 
Author-X-Name-First: Ron 
Author-X-Name-Last: Mittelhammer 
Title: To discriminate or not to discriminate -- Is data aggregation the question? 
Abstract:
	      Previous professional sports discrimination studies rely
 heavily on aggregated data to the game level and therefore do not control
 for unobservable within game heterogeneity. This article uses an
 established testing methodology for assessing discrimination among
 professional sports adjudicators and compares inferences when data are and
 are not aggregated above an influential factor that affects within game
 foul/penalty rates. Substantial differences in conclusions are found
 suggesting that a number of inferences in the literature relating to
 discrimination in various contexts may be fragile. The issue and findings
 have potential relevance to a wide range of related studies.	       
Journal: Applied Economics Letters 
Pages: 1485-1490 
Issue: 16 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.826867 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.826867 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:16:p:1485-1490




Template-Type: ReDIF-Article 1.0
Author-Name: Horst Feldmann 
Author-X-Name-First: Horst 
Author-X-Name-Last: Feldmann 
Title: Financial system sophistication and unemployment around the world 
Abstract:
	      Using data on 78 countries from 1984 to 2008 and a large
 number of controls, this article studies the unemployment effect of a
 major characteristic of the financial system: its level of sophistication,
 i.e. the variety of financial institutions and instruments available to
 the economy. It finds that a higher level of sophistication is likely to
 reduce unemployment. The magnitude of the estimated effect is moderate but
 noticeable.	      
Journal: Applied Economics Letters 
Pages: 1491-1496 
Issue: 16 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.826868 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.826868 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:16:p:1491-1496




Template-Type: ReDIF-Article 1.0
Author-Name: Richard J. Cebula 
Author-X-Name-First: Richard J. 
Author-X-Name-Last: Cebula 
Title: An exploratory inquiry into the impact of budget deficits on the nominal interest rate yield on Moody's Aaa-rated corporate bonds, 1973--2012 
Abstract:
	      This exploratory empirical article provides recent evidence
 on the impact of the US federal budget deficit on the nominal interest
 rate yield on Moody's Aaa-rated long-term corporate bonds. The study is
 couched within a loanable funds model that includes an <italic>ex
 ante</italic> real short-term real interest rate yield, the monetary base,
 expected inflation and the change in per capita real GDP. Using data for
 the period 1973--2012, which time frame includes 'quantitative easing'
 monetary policies in the US, autoregressive two-stage least squares
 estimation reveals the preliminary finding that the federal budget
 deficit, expressed as a per cent of GDP, has exercised a positive and
 statistically significant impact on the nominal interest rate yield on
 Moody's Aaa-rated long-term corporate bonds, even after allowing for
 'quantifying easing' and other factors.	  
Journal: Applied Economics Letters 
Pages: 1497-1500 
Issue: 16 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.826869 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.826869 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:16:p:1497-1500




Template-Type: ReDIF-Article 1.0
Author-Name: T. Potts 
Author-X-Name-First: T. 
Author-X-Name-Last: Potts 
Author-Name: R. Edwards 
Author-X-Name-First: R. 
Author-X-Name-Last: Edwards 
Title: The decreasing returns to gender equality: evidence from the 2012 summer Olympics 
Abstract:
	      This article uses data from the World Economic Forum to
 examine the role that closing the gender gap played in promoting national
 success at the 2012 summer Olympics. Tobit analysis reveals that economic
 equality increases weighted medal shares, while political equality is
 associated with lower success, <italic>ceteris paribus</italic>. The
 inverse relationship between political equality and Olympic success
 becomes manifest once nations reach the 58th percentile in political
 equality, a category associated with high degrees of overall gender
 equality. A nonlinear relationship between composite gender equality and
 Olympic success is found, with 71% of complete equality maximizing
 weighted medal shares and further increases in equality lowering success,
 all else equal.	  
Journal: Applied Economics Letters 
Pages: 1501-1505 
Issue: 16 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.826872 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.826872 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:16:p:1501-1505




Template-Type: ReDIF-Article 1.0
Author-Name: Doojin Ryu 
Author-X-Name-First: Doojin 
Author-X-Name-Last: Ryu 
Title: Spread and depth adjustment process: an analysis of high-quality microstructure data 
Abstract:
	      This study examines liquidity dynamics by observing changes
 in bid-ask spreads and market depths in response to new information and
 trading activities. By analysing high-quality data from the KOSPI200
 futures market, we determine that spread and depth effectively adjust to
 new information and trading activities. Our empirical results indicate
 that the size of the equilibrium spread is positively related to trade
 frequency, the degree of informed trading, volatility and the relative
 portions of individual trades, and negatively related to trade size. We
 also find that equilibrium depth is positively associated with the trade
 frequency and volatility, and negatively associated with the informed
 trading.	   
Journal: Applied Economics Letters 
Pages: 1506-1510 
Issue: 16 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.828401 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.828401 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:16:p:1506-1510




Template-Type: ReDIF-Article 1.0
Author-Name: Rudra P. Pradhan 
Author-X-Name-First: Rudra P. 
Author-X-Name-Last: Pradhan 
Author-Name: Samadhan Bele 
Author-X-Name-First: Samadhan 
Author-X-Name-Last: Bele 
Author-Name: Shashikant Pandey 
Author-X-Name-First: Shashikant 
Author-X-Name-Last: Pandey 
Title: Internet-growth nexus: evidence from cross-country panel data 
Abstract:
	      The article investigates the causal relationships between
 internet, economic growth, government expenditure and inflation in 34 OECD
 countries during the period 1990 to 2010. Using panel co-integration,
 empirical results show that they are co-integrated. Moreover, there exists
 bidirectional causality between internet and economic growth, inflation
 and economic growth and inflation and internet.	  
Journal: Applied Economics Letters 
Pages: 1511-1515 
Issue: 16 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.829170 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829170 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:16:p:1511-1515




Template-Type: ReDIF-Article 1.0
Author-Name: A. Collins 
Author-X-Name-First: A. 
Author-X-Name-Last: Collins 
Author-Name: A. E. Scorcu 
Author-X-Name-First: A. E. 
Author-X-Name-Last: Scorcu 
Author-Name: R. Zanola 
Author-X-Name-First: R. 
Author-X-Name-Last: Zanola 
Title: Read the book and see the film? The consumption of different versions of cultural goods 
Abstract:
	      Using a sample of individuals that consumed both the book and
 movie versions of some cultural experience goods, we investigated the
 precedence and the preference for a particular version. The likelihood of
 consuming a version increases as information about that version increases.
 The preference and the precedence in consumption are related to genre, age
 and reading habits.	      
Journal: Applied Economics Letters 
Pages: 1516-1520 
Issue: 16 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.829171 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829171 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sara Helms 
Author-X-Name-First: Sara 
Author-X-Name-Last: Helms 
Author-Name: Brian Scott 
Author-X-Name-First: Brian 
Author-X-Name-Last: Scott 
Author-Name: Jeremy Thornton 
Author-X-Name-First: Jeremy 
Author-X-Name-Last: Thornton 
Title: New experimental evidence on charitable gift restrictions and donor behaviour 
Abstract:
				 Gift restrictions are a common tool used
 by donors to ensure charitable intent. Owing to increased monitoring costs
 and the loss of flexibility, gift restrictions are costly to the recipient
 nonprofit organizations. Using an economic experiment, we studied the
 impact of offering donors the option to restrict their charitable gift.
 Our primary finding demonstrates that allowing the option to restrict a
 charitable gift increases the average gift size, whether or not the donor
 chooses to exercise that option. This result implies that restricted gifts
 both are an important tool for increasing donations and may be less costly
 to the nonprofit organizations than originally believed. We further
 demonstrate that high levels of religious attendance are associated with
 an increased use of gift restrictions and an increased responsiveness to
 those restrictions.		      
Journal: Applied Economics Letters 
Pages: 1521-1526 
Issue: 17 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.829172 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829172 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jacob Ladenburg 
Author-X-Name-First: Jacob 
Author-X-Name-Last: Ladenburg 
Title: Does gender-specific starting point bias in choice experiments prevail among well-informed respondents: evidence from an empirical study 
Abstract:
				 Welfare estimates in discrete choice
 experiments studies are found to be sensitive towards the applied bid
 vector, i.e. anchoring bias or starting point bias. Furthermore, there are
 some evidence that female respondents might be more prone to starting
 point bias compared to male respondents. Using a market good, starting
 point bias is tested and found on the preference margin only to be evident
 among female respondents with less experience with the market good.
 Experienced female and male respondents do not state significant starting
 point biased preferences. This suggests that starting point bias might be
 less severe among well-informed respondents.			   
Journal: Applied Economics Letters 
Pages: 1527-1530 
Issue: 17 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.829173 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829173 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anichul Hoque Khan 
Author-X-Name-First: Anichul Hoque 
Author-X-Name-Last: Khan 
Author-Name: Hasnat Dewan 
Author-X-Name-First: Hasnat 
Author-X-Name-Last: Dewan 
Title: Who should supervise banks for the banking sector stability? 
Abstract:
				 We empirically examine by whom the
 commercial banks should be supervised for the stability of a banking
 sector. With a cross-sectional dataset from 78 countries and using a logit
 estimation model, we find that the probability of the instability of a
 country's banking sector reduces if the commercial banks are supervised
 exclusively by the country's central bank. This probability is even higher
 if the central bank can conduct its supervision in a less-corrupt
 institutional environment. Finally, by carrying out some counter-factual
 thought experiments, we confirm that banking supervision causes banking
 sector instability, not vice versa.			 
Journal: Applied Economics Letters 
Pages: 1531-1537 
Issue: 17 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.829175 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829175 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fabio Pieri 
Author-X-Name-First: Fabio 
Author-X-Name-Last: Pieri 
Author-Name: Enrico Zaninotto 
Author-X-Name-First: Enrico 
Author-X-Name-Last: Zaninotto 
Title: Technical efficiency and the vertical boundaries of the firm: theory and evidence 
Abstract:
				 This article provides a theoretical and
 empirical analysis of the relationship between firms' technical efficiency
 and the vertical organization of production. Technical inefficiency is
 explicitly introduced as the source of firms' heterogeneity in a
 Bertrand--Nash model of industry competition: the main prediction of the
 model is that the most efficient firms choose vertical integrated
 structures and the less-efficient ones choose disintegrated structures.
 The empirical part of the article rests on a stochastic frontier analysis
 (SFA) in a sample of about 400 Italian machine tool (MT) builders, and the
 result supports the prediction of the theoretical model.		    
Journal: Applied Economics Letters 
Pages: 1538-1543 
Issue: 17 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.829177 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829177 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takehisa Kumakawa 
Author-X-Name-First: Takehisa 
Author-X-Name-Last: Kumakawa 
Title: Evaluating others' behaviour: a public-good experiment with ex-post communication 
Abstract:
				 The present study investigates the effect
 of ex-post communication on the voluntary provision of public goods. The
 experiment consists of two stages. In the first stage, paired subjects
 play a standard public-good game; in the second, each of them evaluates
 his or her partner's contribution in the first stage and sends a free-form
 written message to him or her. The experimental results show that the mere
 presence of an opportunity for ex-post communication is not enough to
 promote cooperation. However, once subjects actually receive negative
 messages, they contribute significantly more in the following round.
 Positive messages, by contrast, do not have such an effect.		    
Journal: Applied Economics Letters 
Pages: 1544-1547 
Issue: 17 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.829178 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829178 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xuebing Yang 
Author-X-Name-First: Xuebing 
Author-X-Name-Last: Yang 
Title: The relative importance of distance in restricting international trade 
Abstract:
				 Based on a general setup, this article
 shows that distance consistently accounts for about 40% of the
 international trade costs over the years for both developed and developing
 countries if we assume that trade costs take the iceberg form. The result
 helps us have a clear perspective of the relative importance of distance
 in restricting international trade.			     
Journal: Applied Economics Letters 
Pages: 1548-1552 
Issue: 17 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.829179 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829179 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:17:p:1548-1552




Template-Type: ReDIF-Article 1.0
Author-Name: M. A. Roach 
Author-X-Name-First: M. A. 
Author-X-Name-Last: Roach 
Title: Mean reversion or a breath of fresh air? The effect of NFL coaching changes on team performance in the salary cap era 
Abstract:
				 Just as firms must consider the impact of
 changes in management, sports teams must consider whether a coaching
 change will improve the team's on-field performance. I examine the effects
 of coaching changes for National Football League (NFL) teams between the
 1995 and 2012 seasons. A variety of factors contribute to an NFL team's
 performance reverting towards league-average levels between seasons. Thus,
 a nominal improvement in team performance could be due to improved
 management or it could simply be mean reversion. I find that, after
 accounting for the highly significant mean reversion effect during this
 time period, firing a coach reduces a team's expected performance during
 the next season and the team's average performance over the next two
 seasons. This effect is present when wins are used to measure performance,
 but also when performance is measured by point differential and playoff
 appearances, two variables that avoid some shortcomings of using team wins
 as a measure of performance. I conclude that teams are firing coaches an
 inefficiently high percentage of the time.		       
Journal: Applied Economics Letters 
Pages: 1553-1556 
Issue: 17 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.829181 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829181 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saten Kumar 
Author-X-Name-First: Saten 
Author-X-Name-Last: Kumar 
Title: Financial crisis, Taylor rule and the Fed 
Abstract:
				 We investigate how the Federal Reserve
 (Fed) hit the zero lower bound (ZLB) interest rate while operating under a
 Taylor-type policy rule. We estimate a reaction function, and the results
 indicate that during the crisis Fed increased the weight on output without
 also increasing the weight on inflation which led them to hit the ZLB.0    
Journal: Applied Economics Letters 
Pages: 1557-1561 
Issue: 17 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.829182 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829182 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:17:p:1557-1561




Template-Type: ReDIF-Article 1.0
Author-Name: M. Nihat Solakoglu 
Author-X-Name-First: M. Nihat 
Author-X-Name-Last: Solakoglu 
Title: The role of gender diversity on firm performance: a regression quantile approach 
Abstract:
				 The relationship between gender diversity
 and firm performance has been investigated using a regression quantile
 approach for the largest Turkish firms. Overall, results show that gender
 diversity has a different effect on firm performance over the different
 points of the conditional distribution. Moreover, the type of industry
 seems to be important for the sign and significance of the impact of
 gender diversity on performance.			  
Journal: Applied Economics Letters 
Pages: 1562-1566 
Issue: 17 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.829184 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829184 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:17:p:1562-1566




Template-Type: ReDIF-Article 1.0
Author-Name: Silvo Dajcman 
Author-X-Name-First: Silvo 
Author-X-Name-Last: Dajcman 
Title: Tail dependence between Central and Eastern European and major European stock markets: a copula approach 
Abstract:
				 This article analyses dynamic tail
 dependence between the returns of the three largest Central and Eastern
 European (CEE) stock markets (Hungary, Czech Republic and Poland) and two
 major Eurozone stock markets (Germany and France). Tail dependence is
 modelled by a constant and dynamic 'symmetrized Joe-Clayton' (SJC) copula
 assuming GARCH stock market return processes. The results of the dynamic
 SJC copula model show that the dependence between pair-wise observed stock
 markets is time-varying and asymmetric with lower tail dependence mostly
 exceeding upper tail dependence. The results of the article imply that
 advantages of international portfolio diversification are reduced in
 downturns.			   
Journal: Applied Economics Letters 
Pages: 1567-1573 
Issue: 17 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.829185 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829185 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marina-Selini Katsaiti 
Author-X-Name-First: Marina-Selini 
Author-X-Name-Last: Katsaiti 
Author-Name: Amany A. El Anshasy 
Author-X-Name-First: Amany A. 
Author-X-Name-Last: El Anshasy 
Title: What determines obesity in oil-rich UAE? New evidence from survey data 
Abstract:
				 We conduct a survey on university
 undergraduate students and use the novel data set to investigate the
 possible determinants of overweight and obesity in the UAE. Our results
 indicate that being male, married, rich and non-national is associated
 with higher BMI and students with these features are in greater risk of
 overweight/obesity. For students originating from MENA countries, we find
 a positive effect for eating out, income and computer use.		    
Journal: Applied Economics Letters 
Pages: 1574-1579 
Issue: 17 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.829186 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829186 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rafael Gonz�lez-Val 
Author-X-Name-First: Rafael 
Author-X-Name-Last: Gonz�lez-Val 
Author-Name: Arturo Ramos 
Author-X-Name-First: Arturo 
Author-X-Name-Last: Ramos 
Author-Name: Fernando Sanz-Gracia 
Author-X-Name-First: Fernando 
Author-X-Name-Last: Sanz-Gracia 
Title: The accuracy of graphs to describe size distributions 
Abstract:
				 This&nbsp; article analyses the
 performance of the graphs traditionally used to study size distributions:
 histograms, Zipf plots (double logarithmic graphs of rank compared to
 size) and plotted cumulative density functions. A lognormal distribution
 is fitted to urban data from three countries (the United States, Spain and
 Italy) over all of the twentieth century. We explain the advantages and
 disadvantages associated with these graphic methods and derive some
 statistical properties.			 
Journal: Applied Economics Letters 
Pages: 1580-1585 
Issue: 17 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.829187 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829187 
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Template-Type: ReDIF-Article 1.0
Author-Name: Turan G. Bali 
Author-X-Name-First: Turan G. 
Author-X-Name-Last: Bali 
Author-Name: Nusret Cakici 
Author-X-Name-First: Nusret 
Author-X-Name-Last: Cakici 
Author-Name: Frank J. Fabozzi 
Author-X-Name-First: Frank J. 
Author-X-Name-Last: Fabozzi 
Title: The new issues puzzle: evidence from non-US firms 
Abstract:
				 For non-US stocks of firms in the G7
 countries, we empirically test the new issues puzzle -- stocks of firms
 that issue new equity are, on average, very poor investments relative to
 various benchmarks -- by market capitalization. Only for the United
 Kingdom do we find evidence for a significantly negative relation between
 net share issues and expected returns for larger capitalization stocks.
 There is some evidence for Japanese stocks. For the other four countries,
 a positive relation between net share issues and expected returns is
 observed.		      
Journal: Applied Economics Letters 
Pages: 1586-1591 
Issue: 17 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.829188 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829188 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Norabajra Asava-vallobh 
Author-X-Name-First: Norabajra 
Author-X-Name-Last: Asava-vallobh 
Author-Name: Timothy J. Gronberg 
Author-X-Name-First: Timothy J. 
Author-X-Name-Last: Gronberg 
Author-Name: Dennis W. Jansen 
Author-X-Name-First: Dennis W. 
Author-X-Name-Last: Jansen 
Title: Introducing a new DEA methodology for environmental inputs 
Abstract:
				 Data envelopment analysis or DEA is a
 standard methodology for assessing technical efficiency. In many DEA
 applications, e.g. in the case of schools or hospitals, the issue arises
 of calculating efficiency in the presence of
 nondiscretionary/environmental inputs. We propose a three-stage DEA model
 to address the environmental input issue, and we provide a simulation
 analysis that illustrates the implementation and potential advantages of
 our approach relative to the leading existing multi-stage model of
 nondiscretionary inputs.		    
Journal: Applied Economics Letters 
Pages: 1592-1595 
Issue: 17 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.826865 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.826865 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peng Liu 
Author-X-Name-First: Peng 
Author-X-Name-Last: Liu 
Author-Name: Yu Ren 
Author-X-Name-First: Yu 
Author-X-Name-Last: Ren 
Title: Specification tests of habit formation 
Abstract:
				 Campbell and Cochrane (1999) propose the
 habit formation model to explain the equity premium puzzle. They assume
 that an agent's consumption is affected by habit and describe how habit
 adjusts to the history of consumption. We use the simulated moment method
 to test these two specifications. Empirically, we find that habit plays an
 important role in an agent's consumption choice, however not in the way
 Campbell and Cochrane (1999) specify.			   
Journal: Applied Economics Letters 
Pages: 1596-1601 
Issue: 17 
Volume: 20 
Year: 2013 
Month: 11 
X-DOI: 10.1080/13504851.2013.826871 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.826871 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:17:p:1596-1601




Template-Type: ReDIF-Article 1.0
Author-Name: Horst Feldmann 
Author-X-Name-First: Horst 
Author-X-Name-Last: Feldmann 
Title: The unemployment effect of hiring and firing regulation in developing countries: survey evidence 
Abstract:
				 Using the results of surveys of senior
 company managers to measure the strictness of hiring and firing
 regulation, this article finds that stricter regulation moderately
 increased unemployment in developing countries over 1992 to 2008.	    
Journal: Applied Economics Letters 
Pages: 1603-1607 
Issue: 18 
Volume: 20 
Year: 2013 
Month: 12 
X-DOI: 10.1080/13504851.2013.829176 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829176 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Jamel Saadaoui 
Author-X-Name-First: Jamel 
Author-X-Name-Last: Saadaoui 
Author-Name: Jacques Mazier 
Author-X-Name-First: Jacques 
Author-X-Name-Last: Mazier 
Author-Name: Nabil Aflouk 
Author-X-Name-First: Nabil 
Author-X-Name-Last: Aflouk 
Title: On the determinants of exchange rate misalignments 
Abstract:
				 The literature on exchange rate
 misalignments as well as on exchange rate determinants is very extensive.
 To our knowledge, however, no study has analysed the determinants of
 exchange rate misalignments. As huge capital inflows have been pouring
 into emerging countries since the climax of the crisis, exchange rate
 misalignments are becoming a crucial issue for policymakers. For a large
 panel of emerging and industrialized countries and over the period
 1982--2008, we identify, empirically, the main determinants of exchange
 rate misalignments obtained thanks to a FEER approach. Our analysis put
 forward trade openness, financial openness and regional specialization as
 determinant variables of exchange rate misalignments.			    
Journal: Applied Economics Letters 
Pages: 1608-1610 
Issue: 18 
Volume: 20 
Year: 2013 
Month: 12 
X-DOI: 10.1080/13504851.2013.829189 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829189 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:18:p:1608-1610




Template-Type: ReDIF-Article 1.0
Author-Name: J. Stevens 
Author-X-Name-First: J. 
Author-X-Name-Last: Stevens 
Title: Testing the efficiency of the futures market for crude oil using weighted least squares 
Abstract:
				 It is well known that parameter estimates
 obtained from ordinary least squares can be distorted by outliers. Given
 the dramatic fluctuations observed in the price of crude oil, it is
 surprising that the robustness of parameter estimates has not been
 scrutinized more closely. This article investigates the efficiency of the
 New York futures market for crude oil using the basis regression. In
 addition to ordinary least squares, the model's parameters are estimated
 using weighted least squares and trimmed least squares. The results
 suggest that the presence of outliers may distort parameter estimates
 obtained from ordinary least squares away from a finding of an inefficient
 futures market.		  
Journal: Applied Economics Letters 
Pages: 1611-1613 
Issue: 18 
Volume: 20 
Year: 2013 
Month: 12 
X-DOI: 10.1080/13504851.2013.829190 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829190 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:18:p:1611-1613




Template-Type: ReDIF-Article 1.0
Author-Name: D. Curzi 
Author-X-Name-First: D. 
Author-X-Name-Last: Curzi 
Author-Name: L. Pacca 
Author-X-Name-First: L. 
Author-X-Name-Last: Pacca 
Author-Name: A. Olper 
Author-X-Name-First: A. 
Author-X-Name-Last: Olper 
Title: Trade collapse, quality and food exports 
Abstract:
				 This article revisits the so-called
 'Collapse in Quality' hypothesis, according to which, during the
 2008--2009 crisis, higher quality goods experienced a stronger export
 reduction compared to low-quality ones. Using disaggregated trade data
 from three European countries that traditionally export high-quality food
 products -- France, Italy and Spain -- we do not find any econometric
 evidence supporting this hypothesis. In contrast, we provide preliminary
 evidence for the concurrent hypothesis, namely that firms reduced their
 markup to preserve market share.		      
Journal: Applied Economics Letters 
Pages: 1614-1617 
Issue: 18 
Volume: 20 
Year: 2013 
Month: 12 
X-DOI: 10.1080/13504851.2013.829191 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829191 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:18:p:1614-1617




Template-Type: ReDIF-Article 1.0
Author-Name: Sofiane Aboura 
Author-X-Name-First: Sofiane 
Author-X-Name-Last: Aboura 
Author-Name: Julien Chevallier 
Author-X-Name-First: Julien 
Author-X-Name-Last: Chevallier 
Title: An equicorrelation measure for equity, bond, foreign exchange and commodity returns 
Abstract:
				 This article provides the first empirical
 application of the dynamic equicorrelation (DECO) model to a cross-market
 data set composed of equities, bonds, foreign exchange and commodity
 returns during 1983--2013. The results reveal that the average
 cross-market equicorrelation is around 47%, although it is found to be
 time-varying and mean-reverting. Besides, we display the equicorrelation
 across markets as a natural way of looking at the DECO dynamics, which
 overcomes the cumbersome estimation difficulties encountered with
 multivariate GARCH models. Implications are derived in terms of asset
 management.			  
Journal: Applied Economics Letters 
Pages: 1618-1624 
Issue: 18 
Volume: 20 
Year: 2013 
Month: 12 
X-DOI: 10.1080/13504851.2013.829192 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829192 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:18:p:1618-1624




Template-Type: ReDIF-Article 1.0
Author-Name:  Pattitoni 
Author-X-Name-First:  
Author-X-Name-Last: Pattitoni 
Author-Name: Barbara Petracci 
Author-X-Name-First: Barbara 
Author-X-Name-Last: Petracci 
Author-Name: Massimo Spisni 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Spisni 
Title: Insider trading and blackout periods: evidence from Italy 
Abstract:
				 Using a unique hand-collected data set, we
 investigate the effectiveness of internal dealing regulation and
 self-imposed blackout periods on companies in Italy. While insiders comply
 with the internal dealing regulation in reporting their transactions,
 managers are still able to realize abnormal returns from their trades. We
 find that company self-imposed blackout periods are often violated as
 insiders continue trading around corporate events, to the point that
 managers realize their most profitable trades specifically during these
 periods.		       
Journal: Applied Economics Letters 
Pages: 1625-1629 
Issue: 18 
Volume: 20 
Year: 2013 
Month: 12 
X-DOI: 10.1080/13504851.2013.829193 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829193 
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Template-Type: ReDIF-Article 1.0
Author-Name: Haifeng Zhang 
Author-X-Name-First: Haifeng 
Author-X-Name-Last: Zhang 
Author-Name: Yang Wu 
Author-X-Name-First: Yang 
Author-X-Name-Last: Wu 
Author-Name: Xianguo Yao 
Author-X-Name-First: Xianguo 
Author-X-Name-Last: Yao 
Title: Does attending a key school have a quality premium? A regression discontinuity analysis 
Abstract:
				 This article investigates the effect of
 attending a <italic>key</italic> high school using unique administrative
 data collected from China. We employ regression discontinuity design to
 mitigate selection bias arising from unobservable individual ability. Our
 results show that attending a key high school has a positive effect on
 student's college entrance examination score. The results are robust to
 various robustness checks.		       
Journal: Applied Economics Letters 
Pages: 1630-1635 
Issue: 18 
Volume: 20 
Year: 2013 
Month: 12 
X-DOI: 10.1080/13504851.2013.829194 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829194 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:18:p:1630-1635




Template-Type: ReDIF-Article 1.0
Author-Name: Chew Ging Lee 
Author-X-Name-First: Chew Ging 
Author-X-Name-Last: Lee 
Author-Name: Pek Kim Ng 
Author-X-Name-First: Pek Kim 
Author-X-Name-Last: Ng 
Author-Name: Cassey Lee 
Author-X-Name-First: Cassey 
Author-X-Name-Last: Lee 
Title: Short-run and long-run causalities between happiness, income and unemployment in Japan 
Abstract:
				 This article examines the short-run and
 long-run causal interactions between happiness and two economic variables
 in Japan, namely, unemployment and income. Results suggest that whilst
 more rapid economic growth and lower levels of unemployment are important
 in raising people's well-being in the short run, it is the relative growth
 performance of the economy that matters in the long run.		   
Journal: Applied Economics Letters 
Pages: 1636-1639 
Issue: 18 
Volume: 20 
Year: 2013 
Month: 12 
X-DOI: 10.1080/13504851.2013.829195 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829195 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Markus Leibrecht 
Author-X-Name-First: Markus 
Author-X-Name-Last: Leibrecht 
Author-Name: Johann Scharler 
Author-X-Name-First: Johann 
Author-X-Name-Last: Scharler 
Title: When are fiscal adjustments successful? The role of social capital 
Abstract:
				 High levels of social capital, by
 fostering cooperation and coordination, have direct implications for the
 intensity of collective action problems in a society. While it has been
 shown that high levels of social capital facilitate the implementation of
 institutional reforms we argue that the extent of social capital also
 determines the success of reforms. Specifically, we analyse fiscal
 adjustments in a sample of OECD countries and find that higher levels of
 social capital significantly increase the probability that adjustments are
 associated with persistent declines in debt-to-GDP ratios.		    
Journal: Applied Economics Letters 
Pages: 1640-1643 
Issue: 18 
Volume: 20 
Year: 2013 
Month: 12 
X-DOI: 10.1080/13504851.2013.829261 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829261 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Clemente 
Author-X-Name-First: J. 
Author-X-Name-Last: Clemente 
Author-Name: G. Larramona 
Author-X-Name-First: G. 
Author-X-Name-Last: Larramona 
Author-Name: V. Montuenga 
Author-X-Name-First: V. 
Author-X-Name-Last: Montuenga 
Title: Scale and composition effects of human capital on Spanish regional migration 
Abstract:
				 The aim of this article is to test the
 effects of human capital on Spanish internal migration, decomposed into
 two components: the size and the composition of the labour force. Our
 results indicate that those Spanish regions that experienced increases in
 the ratio of skilled to unskilled workers attracted less immigration in
 the period 1965 to 1984. Between 1985 and 2000, when employment rates
 turned nonsignificant in determining migration, the opposite was observed. 
Journal: Applied Economics Letters 
Pages: 1644-1647 
Issue: 18 
Volume: 20 
Year: 2013 
Month: 12 
X-DOI: 10.1080/13504851.2013.831162 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.831162 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:18:p:1644-1647




Template-Type: ReDIF-Article 1.0
Author-Name: K.  
Author-X-Name-First: K. 
Author-X-Name-Last:  
Title: Information search in pension plan decisions 
Abstract:
				 This study empirically investigates
 consumer information search behaviour with respect to supplemental
 employer-based and private pension plans. The analysis shows that
 households collect as much information from their social environment as
 from experts. Regarding the dissemination of information, this suggests
 that governments should put more emphasis on information that is easily
 accessible to general public.			
Journal: Applied Economics Letters 
Pages: 1648-1650 
Issue: 18 
Volume: 20 
Year: 2013 
Month: 12 
X-DOI: 10.1080/13504851.2013.831163 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.831163 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:18:p:1648-1650




Template-Type: ReDIF-Article 1.0
Author-Name: Hamid Baghestani 
Author-X-Name-First: Hamid 
Author-X-Name-Last: Baghestani 
Title: On the accuracy of Federal Reserve forecasts of the saving rate 
Abstract:
				 This study investigates the unbiasedness
 and efficiency of the Federal Reserve forecasts of the saving rate for two
 distinct periods. For 1984--1997, when the saving rate was relatively
 stable, the forecasts are generally unbiased and efficient. For
 1998--2007, when the saving rate experienced significant declines, the
 forecasts are generally biased (over-predicting) but still efficient.
 Evidence of efficiency or 'weakly' rationality implies that the Federal
 Reserve forecasts were generated under symmetric (asymmetric) loss for
 1984--1997 (1998--2007). Under asymmetric loss where the forecast errors
 of the same magnitude but of different signs possess different costs,
 biased forecasts may still be optimal if the bias is strictly due to
 asymmetric loss. As such, for 1998--2007, the Federal Reserve staff may
 have assigned high cost (loss) to under-predictions but little or no cost
 to over-predictions due to, perhaps, perceiving the unusual declines in
 the saving rate as temporary.			     
Journal: Applied Economics Letters 
Pages: 1651-1655 
Issue: 18 
Volume: 20 
Year: 2013 
Month: 12 
X-DOI: 10.1080/13504851.2013.831164 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.831164 
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Template-Type: ReDIF-Article 1.0
Author-Name: Caterina Forti Grazzini 
Author-X-Name-First: Caterina Forti 
Author-X-Name-Last: Grazzini 
Author-Name: Massimo Guidolin 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Guidolin 
Title: Forecasting yield spreads under crisis-induced multiple breakpoints 
Abstract:
				 We perform a real time, out-of-sample
 forecasting exercise concerning seven fixed income spreads sampled at
 weekly frequency over a sample that spans the US financial crisis. We
 compare the predictive accuracy obtained from univariate, mean-reverting
 models of spreads that ignore the evidence of structural breaks in
 correspondence of the crisis, with models that take estimated and
 exogenous break dates into account. We also benchmark these predictive
 performances to standard random walk models. We find little or no evidence
 that accounts for breaks in the conditional mean process of yield spreads
 that would have improved real time predictive accuracy. We speculate on
 the reasons of such failure and we find informal indications that poor
 estimation of the breakpoint and the higher variance characterizing the
 post-break period is responsible for our results.		      
Journal: Applied Economics Letters 
Pages: 1656-1664 
Issue: 18 
Volume: 20 
Year: 2013 
Month: 12 
X-DOI: 10.1080/13504851.2013.831165 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.831165 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Aristei 
Author-X-Name-First: David 
Author-X-Name-Last: Aristei 
Title: A Blinder--Oaxaca decomposition for double-hurdle models with an application to migrants' remittance behaviour 
Abstract:
				 This article extends the Blinder--Oaxaca
 decomposition to double-hurdle (DH) models. The proposed methodology
 focuses on a generalized non-Gaussian DH specification with correlated
 errors and allows decomposing the gaps in participation probabilities and
 outcome levels for a wide range of nested specifications. The
 decomposition technique is applied to analyse differences in remittance
 behaviour of temporary and permanent migrants. 		    
Journal: Applied Economics Letters 
Pages: 1665-1672 
Issue: 18 
Volume: 20 
Year: 2013 
Month: 12 
X-DOI: 10.1080/13504851.2013.835468 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.835468 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hachmi Ben Ameur 
Author-X-Name-First: Hachmi Ben 
Author-X-Name-Last: Ameur 
Author-Name: Yacouba Gn�gn� 
Author-X-Name-First: Yacouba 
Author-X-Name-Last: Gn�gn� 
Author-Name: Fredj Jawadi 
Author-X-Name-First: Fredj 
Author-X-Name-Last: Jawadi 
Title: Measuring time-varying equity risk premium in the context of financial crisis: do developed and emerging markets differ? 
Journal: Applied Economics Letters 
Pages: 1673-1677 
Issue: 18 
Volume: 20 
Year: 2013 
Month: 12 
X-DOI: 10.1080/13504851.2013.829174 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829174 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:18:p:1673-1677




Template-Type: ReDIF-Article 1.0
Author-Name: Adam J. Hoffer 
Author-X-Name-First: Adam J. 
Author-X-Name-Last: Hoffer 
Author-Name: Ryan Freidel 
Author-X-Name-First: Ryan 
Author-X-Name-Last: Freidel 
Title: Does salary discrimination persist for foreign athletes in the NBA? 
Abstract:
				 This study empirically examines Becker's
 (1971) wage discrimination theory using foreign-born National Basketball
 Association (NBA) players. Despite the rapid growth in the NBA,
 particularly in foreign markets, existing literature suggests that
 foreign-born players continue to be underpaid relative to players born in
 the United States. Becker's theory predicts that, over time, wage
 discriminators will be priced out of the market and that wages will
 eventually equilibrate. This study uses the most recent data, from the
 2010 to 2011 NBA season, to test if foreign-born discrimination persists.
 The empirical results from this study reveal that not only have wages for
 foreign players caught up to the wages of their American counterparts, but
 foreign-born players received an average wage premium of approximately
 $900&nbsp;000. 		       
Journal: Applied Economics Letters 
Pages: 1-5 
Issue: 1 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.829183 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829183 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gregory G. Lubiani 
Author-X-Name-First: Gregory G. 
Author-X-Name-Last: Lubiani 
Author-Name: Albert A. Okunade 
Author-X-Name-First: Albert A. 
Author-X-Name-Last: Okunade 
Title: Quality-adjusted output cost economies of US adult versus paediatric physical therapy production 
Abstract:
				 With rapid population ageing and
 continuing proliferation of diseases limiting physical mobility and
 flexibility, timely research is needed on the operational economics of US
 physical therapy clinics at the disaggregated level (e.g., adult versus
 paediatric). This is because of potential variations in the cost
 economies, reimbursement structures and quality-adjusted outcome mandates
 of the reformed health care system. As such, the production technology
 structure and resource use flexibility implications in adult compared with
 paediatric physical therapy would tend to differ. Specifying a Generalized
 Translog (GTL) cost-minimization model, the core innovation in this
 article is investigating the cost structure differences between
 'for-profit' adult and paediatric physical therapy operations. Using a
 uniquely rich data set of 4552 bi-weekly, site-specific operations across
 27 US states with measurements on output, labour inputs (clinical,
 technicians, support staff) and capital, we separately model the economic
 contents of adult and paediatric physical therapy clinics. Results suggest
 that paediatric clinics do, indeed, have a statistically different
 operational cost structure compared with adult centres. The estimated
 factor demand elasticities of pair-wise factor substitutions (own and
 cross-price, Morishima and Shadow) and scale economies also differ, among
 other technological characteristics. These results have operational policy
 implications.			 
Journal: Applied Economics Letters 
Pages: 6-12 
Issue: 1 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.831166 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.831166 
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Template-Type: ReDIF-Article 1.0
Author-Name: Panayotis G. Michaelides 
Author-X-Name-First: Panayotis G. 
Author-X-Name-Last: Michaelides 
Author-Name: Theofanis Papageorgiou 
Author-X-Name-First: Theofanis 
Author-X-Name-Last: Papageorgiou 
Author-Name: Efthymios G. Tsionas 
Author-X-Name-First: Efthymios G. 
Author-X-Name-Last: Tsionas 
Title: Is the Greek crisis in the EMU contagious? 
Abstract:
				 In this article, we employ a number of
 econometric techniques in order to examine, on a quarterly basis, the
 transmission of fluctuations between the Greek and the other economic and
 monetary union (EMU) countries, respectively, after the introduction of
 the common currency in the period 2001--2012, which fully captures the
 recent recession. Our main finding is that the Greek crisis is, indeed,
 transmitted to several of its EMU counterparts, especially due to its
 various forms of debt but cannot (Granger) cause their economic activity
 except for in the short-run.			    
Journal: Applied Economics Letters 
Pages: 13-18 
Issue: 1 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.835469 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.835469 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cary Deck 
Author-X-Name-First: Cary 
Author-X-Name-Last: Deck 
Author-Name: Jungmin Lee 
Author-X-Name-First: Jungmin 
Author-X-Name-Last: Lee 
Author-Name: Javier Reyes 
Author-X-Name-First: Javier 
Author-X-Name-Last: Reyes 
Title: Investing versus gambling: experimental evidence of multi-domain risk attitudes 
Abstract:
				 Economists have noted the empirical
 regularity that an individual's attitude towards risk is not constant
 across elicitation settings. Such a pattern is conceptually consistent
 with the argument in psychology that risk is domain specific. To explore
 this view, we frame a common risk elicitation tool in laboratory
 experiments as both a gambling game and an investment opportunity. A
 survey instrument used to measure one's attitudes towards risks on
 different domains is found to explain partially within-subject variation
 in observed behaviour between the two tasks. The evidence presented in
 this article demonstrates the need to consider more nuanced approaches to
 modelling risk.		    
Journal: Applied Economics Letters 
Pages: 19-23 
Issue: 1 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.835470 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.835470 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dierk Herzer 
Author-X-Name-First: Dierk 
Author-X-Name-Last: Herzer 
Title: Unions and income inequality: evidence from Ireland 
Abstract:
				 Using cointegration and causality
 techniques, we find for Ireland that there is a negative long-run
 relationship between union density and income inequality and that
 causality runs in both directions.			   
Journal: Applied Economics Letters 
Pages: 24-27 
Issue: 1 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.835471 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.835471 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Ormerod 
Author-X-Name-First: Paul 
Author-X-Name-Last: Ormerod 
Title: The persistence of unemployment at the local area level: evidence from the US and the UK 
Abstract:
				 In the 1990s and 2000s, unemployment was
 seen, both by academic labour market economists and policymakers, as a
 short-run disequilibrium phenomenon. Policy was aimed at increasing the
 'flexibility' of the labour market, at removing obstacles to the workings
 of the market, which would ostensibly restore equilibrium in the labour
 market. In this article, I examine the correlations over time of relative
 unemployment rates at the detailed disaggregated level of both US counties
 and UK local authority areas, using the 1990--2010 period. The United
 States and to some extent the United Kingdom are held up as examples of
 the more 'flexible' labour markets to which other countries should aspire.
 But even over a period of 20 years, there is strong persistence in
 relative unemployment rates at local area levels in both countries, and
 especially the United Kingdom. This result extends to counties and local
 authority areas <italic>within</italic> individual states and regions.
 Local areas with high (low) unemployment in 1990 are likely to have high
 (low) unemployment in 2010.			     
Journal: Applied Economics Letters 
Pages: 28-30 
Issue: 1 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.835472 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.835472 
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Template-Type: ReDIF-Article 1.0
Author-Name: Patrice Bougette 
Author-X-Name-First: Patrice 
Author-X-Name-Last: Bougette 
Author-Name: Kai H�schelrath 
Author-X-Name-First: Kai 
Author-X-Name-Last: H�schelrath 
Author-Name: Kathrin M�ller 
Author-X-Name-First: Kathrin 
Author-X-Name-Last: M�ller 
Title: Do horizontal mergers induce entry? Evidence from the US airline industry 
Abstract:
				 Theoretical research has investigated the
 relevance of entry-inducing effects as countervailing factor to a
 merger-related increase in market power. We use route-level data for the
 America West Airlines--US Airways merger (2005) to investigate whether
 such an effect can be identified empirically. Our results show that both
 entry-inducing and entry-dissuading effects can be observed depending on
 the type of affected route and the carrier under investigation.	    
Journal: Applied Economics Letters 
Pages: 31-34 
Issue: 1 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.835473 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.835473 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:1:p:31-34




Template-Type: ReDIF-Article 1.0
Author-Name: Norbert Hirschauer 
Author-X-Name-First: Norbert 
Author-X-Name-Last: Hirschauer 
Author-Name: Oliver Musshoff 
Author-X-Name-First: Oliver 
Author-X-Name-Last: Musshoff 
Author-Name: Syster C. Maart-Noelck 
Author-X-Name-First: Syster C. 
Author-X-Name-Last: Maart-Noelck 
Author-Name: Sven Gruener 
Author-X-Name-First: Sven 
Author-X-Name-Last: Gruener 
Title: Eliciting risk attitudes -- how to avoid mean and variance bias in Holt-and-Laury lotteries 
Abstract:
				 This article shows that including
 inconsistent subjects in a Holt-and-Laury analysis will bias the mean, as
 well as the variance of the risk attitudes of the subject group of
 interest to an extent that cannot be determined a priori and that must not
 be neglected. One might be tempted to simply drop inconsistent subjects
 from the analysis to avoid such biases in a population-level analysis.
 Unfortunately, however, this is not a solution: first, the sample size may
 fall to an unacceptably low level. Second -- and even more important --
 simply dropping inconsistent subjects from the analysis may introduce
 another unknown bias since systematic differences may exist in the risk
 preferences of those who answer consistently and those who do not. One
 must thus conclude that, if the group of interest contains a large
 proportion of inconsistent subjects, the whole set-up of the
 Holt-and-Laury lottery (HLL) experiment must be critically reconsidered
 and the experiment eventually repeated.			
Journal: Applied Economics Letters 
Pages: 35-38 
Issue: 1 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.835474 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.835474 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alessandra Catozzella 
Author-X-Name-First: Alessandra 
Author-X-Name-Last: Catozzella 
Author-Name: Marco Vivarelli 
Author-X-Name-First: Marco 
Author-X-Name-Last: Vivarelli 
Title: Beyond absorptive capacity: in-house R&D as a driver of innovative complementarities 
Abstract:
				 This article shows how in-house R&D may
 play a role in affecting innovative output beyond its direct impact and
 its indirect effect through absorptive capacity, generating additional
 synergies that amplify the impacts of innovative inputs other than R&D
 itself.		   
Journal: Applied Economics Letters 
Pages: 39-42 
Issue: 1 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.835475 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.835475 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:1:p:39-42




Template-Type: ReDIF-Article 1.0
Author-Name: Yen-Sen Ni 
Author-X-Name-First: Yen-Sen 
Author-X-Name-Last: Ni 
Author-Name: Pao-Yu Huang 
Author-X-Name-First: Pao-Yu 
Author-X-Name-Last: Huang 
Title: Are investors' portfolios enhanced by incorporating CTA index funds? 
Abstract:
				 By exploring the CTA index with other
 representative indices across stock, bond, currency, futures, oil, gold
 and commodity markets, we reveal several impressive findings for the CTA
 index. First, an upward trend exists for the CTA index without obvious
 drops. Second, a lower correlation is shown between the CTA index and each
 of these indices without exceptions. Third, neither causality nor
 cointegration is revealed as well. The findings revealed above seldom
 coexist for other financial commodities, implying that investors are able
 to enhance their portfolios by incorporating CTA index funds according to
 the portfolio selection proposed by Markowitz (1952).			    
Journal: Applied Economics Letters 
Pages: 43-46 
Issue: 1 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.837571 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.837571 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:1:p:43-46




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Pfeifer 
Author-X-Name-First: Christian 
Author-X-Name-Last: Pfeifer 
Title: Determinants of fair own wage perceptions: the moderating effect of works councils and performance evaluations 
Abstract:
				 This empirical research note uses
 large-scale German survey data in order to analyse the determinants of
 fair wage perceptions. The probability to perceive the own wage as fair
 increases significantly with earned wages and is larger if a works council
 exists. Moreover, works councils and performance evaluations have a
 significant moderating effect on the link between the size of earned wages
 and fair wage perceptions.		      
Journal: Applied Economics Letters 
Pages: 47-50 
Issue: 1 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.837572 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.837572 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:1:p:47-50




Template-Type: ReDIF-Article 1.0
Author-Name: Philip L. Hersch 
Author-X-Name-First: Philip L. 
Author-X-Name-Last: Hersch 
Author-Name: Jodi E. Pelkowski 
Author-X-Name-First: Jodi E. 
Author-X-Name-Last: Pelkowski 
Title: Voter demand for fluoridated water: a tale of two c(av)ities 
Abstract:
				 Government fluoridation of public water
 systems to promote dental health has long been advocated by many health
 associations, based on the findings of mainstream scientific studies.
 Despite this, fluoridation remains a controversial issue. Some in the
 public are antithetical to the science behind fluoridation while others
 view it as an infringement on individual choice. Voting data from
 referendums in two of the six largest US cities without fluoridated water
 (Portland, Oregon, and Wichita, Kansas) are used to examine the factors
 driving voter demand for and against fluoridation. Although regression
 analysis reveals differences between the cities, a strong commonality is
 greater support for fluoride coming from voting precincts with higher
 concentrations of college graduates. Additionally, even though advocates
 often laud water fluoridation as a relatively inexpensive way to extend
 dental health benefits to all children (regardless of income levels),
 presence of children in households surprisingly does not appear to
 translate into voter support. Lastly, after controlling for socio-economic
 factors, results suggest that opposition to fluoridation does not appear
 to come from the political centre, but from the libertarian right and
 environmental left.		       
Journal: Applied Economics Letters 
Pages: 51-54 
Issue: 1 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.837573 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.837573 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:1:p:51-54




Template-Type: ReDIF-Article 1.0
Author-Name: Jung Hwan Min 
Author-X-Name-First: Jung Hwan 
Author-X-Name-Last: Min 
Author-Name: Harry M. Kaiser 
Author-X-Name-First: Harry M. 
Author-X-Name-Last: Kaiser 
Title: A note on the role of price risk in soya bean supply functions 
Abstract:
				 This article examines whether the
 inclusion of the price risk variable as an explanatory variable in a
 Gardner-type acreage response model is statistically significant. By
 estimating six separate soya bean acreage response equations, including
 two linear equations with and without risk, two double logarithmic
 equations with and without risk and two semi-logarithmic equations with
 and without risk, we find that adding a risk variable to the futures price
 model yields a better statistical result in every case. Furthermore, the
 models that have incorporated the risk variable have higher own and
 cross-price elasticities. This is a desirable result, since in the
 literature, many previous estimated supply elasticities were considered
 lower than plausible.			       
Journal: Applied Economics Letters 
Pages: 55-59 
Issue: 1 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.837574 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.837574 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:1:p:55-59




Template-Type: ReDIF-Article 1.0
Author-Name: Fahad Almudhaf 
Author-X-Name-First: Fahad 
Author-X-Name-Last: Almudhaf 
Title: Testing for random walk behaviour in CIVETS exchange rates 
Abstract:
				 This article investigates the random walk
 behaviour of CIVETS (Colombia, Indonesia, Vietnam, Egypt, Turkey and South
 Africa) foreign exchange rates against the US dollar using weekly data
 from February 2007 to April 2012. Using variance ratio tests, the results
 suggest that the nominal exchange rates of Vietnamese dong and Egyptian
 pounds violate the random walk hypothesis and do not follow a martingale
 process. However, the Colombian peso, Indonesian rupiah, Turkish lira and
 South African rand exchange rate markets are considered weak-form
 efficient.		      
Journal: Applied Economics Letters 
Pages: 60-63 
Issue: 1 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.839856 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.839856 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:1:p:60-63




Template-Type: ReDIF-Article 1.0
Author-Name: Janice Boucher Breuer 
Author-X-Name-First: Janice Boucher 
Author-X-Name-Last: Breuer 
Author-Name: William Hauk Jr. 
Author-X-Name-First: William 
Author-X-Name-Last: Hauk Jr. 
Author-Name: John McDermott 
Author-X-Name-First: John 
Author-X-Name-Last: McDermott 
Title: The return of convergence in the US states 
Abstract:
				 We analyse convergence of per capita
 income across the US states for the period 1929--2011. We find that
 absolute convergence was in evidence early, but it broke down around 1978.
 It appears to have returned in 1990, although more weakly than before. We
 use two standard metrics to evaluate convergence: (1)
 <italic>&#x3c3;</italic>-convergence, a reduction in the SD of state per
 capita income and (2) <italic>&#x3b2;</italic>-convergence, the fact that
 poor states grow faster than rich states.			  
Journal: Applied Economics Letters 
Pages: 64-68 
Issue: 1 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.826905 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.826905 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:1:p:64-68




Template-Type: ReDIF-Article 1.0
Author-Name: Hamid  
Author-X-Name-First: Hamid 
Author-X-Name-Last:  
Title: Bank deregulation and relative wages in finance 
Abstract:
				 Rising wages in the finance industry have
 been a source of debate and are usually linked to financial deregulations.
 Exploiting the cross-state and over-time variation in the timing of US
 bank deregulations, this article investigates the causal impact of each
 type of deregulation on the relative wages in the finance industry. I
 document that relative wages in finance began to rise in the early 1980s
 in almost all states, including those that deregulated before 1970 and
 those that deregulated in the 1990s. Consistently, after controlling for
 aggregate macro shocks that affected all states, there is no evidence that
 relative finance wages increased more following any type of deregulation.
 If anything, I find a negative impact of bank branching deregulation on
 relative wages in finance. These results together with those found in the
 study by Philippon and Reshef (2012) call for a better understanding of
 the dynamics of wages in the finance industry. 		       
Journal: Applied Economics Letters 
Pages: 69-74 
Issue: 2 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.829180 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.829180 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:2:p:69-74




Template-Type: ReDIF-Article 1.0
Author-Name: Esin Cakan 
Author-X-Name-First: Esin 
Author-X-Name-Last: Cakan 
Author-Name: Aram Balagyozyan 
Author-X-Name-First: Aram 
Author-X-Name-Last: Balagyozyan 
Title: Herd behaviour in the Turkish banking sector 
Abstract:
				 This study looks for evidence of investor
 herding in the Turkish banking sector. We apply the methodology of Chang
 <italic>et al</italic>. (2000) to daily stock returns between 2007 and
 2012 and find evidence of herding. This result is robust under model
 specifications that control for market and firm fundamentals. Herding
 behaviour shows asymmetric effects, and investors herd only in rising
 markets.		      
Journal: Applied Economics Letters 
Pages: 75-79 
Issue: 2 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.842629 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.842629 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:2:p:75-79




Template-Type: ReDIF-Article 1.0
Author-Name: Sartaj Rasool Rather 
Author-X-Name-First: Sartaj Rasool 
Author-X-Name-Last: Rather 
Author-Name: S. Raja Sethu Durai 
Author-X-Name-First: S. Raja Sethu 
Author-X-Name-Last: Durai 
Author-Name: M. Ramachandran 
Author-X-Name-First: M. 
Author-X-Name-Last: Ramachandran 
Title: Does inflation asymmetrically affect relative price variability? 
Abstract:
				 The U-shaped relationship between
 inflation and price dispersion around nonzero inflation rate is due to the
 use of aggregate measure of relative price variability (RPV), which
 amounts to specification errors in a piecewise linear regression models.
 However, the true underlying relationship between inflation and
 inflation-induced RPV is found to be U-shaped around zero inflation and
 inflation seems to have asymmetric impact on price dispersion as predicted
 by menu cost models.			    
Journal: Applied Economics Letters 
Pages: 80-83 
Issue: 2 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.842632 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.842632 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:2:p:80-83




Template-Type: ReDIF-Article 1.0
Author-Name: Michael L. Marlow 
Author-X-Name-First: Michael L. 
Author-X-Name-Last: Marlow 
Title: Determinants of state laws addressing obesity 
Abstract:
				 Little is known about why some states
 enact more laws addressing obesity than others. This study examines what
 factors influence the enactment of laws using a data set of the 90 laws
 enacted over 2001--2010 in 30 states. Odds of enacting laws are mostly
 unrelated to state variation in education, population density, income,
 political party structure and obesity prevalence. Factors that
 significantly influence number of laws include education, black and
 Hispanic percentages of population and age. Examination of categories of
 laws indicates cases where political party structure and obesity
 prevalence influence cumulative numbers of laws, but often in conflicting
 directions. The negative but weak (<italic>p</italic>&nbsp;=&nbsp;0.054)
 effect of obesity prevalence on the cumulative number of all laws also
 suggests that state governments that enact most laws are those with
 relatively low obesity prevalence. This study indicates opportunities for
 future research to examine which laws addressing obesity are most
 effective among the diverse experiments taking place across the states.    
Journal: Applied Economics Letters 
Pages: 84-89 
Issue: 2 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.842635 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.842635 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:2:p:84-89




Template-Type: ReDIF-Article 1.0
Author-Name: Ji&#x159;� Lahvi&#x10d;ka 
Author-X-Name-First: Ji&#x159;� 
Author-X-Name-Last: Lahvi&#x10d;ka 
Title: What causes the favourite-longshot bias? Further evidence from tennis 
Abstract:
				 In sports betting markets, bets on
 favourites tend to have a higher expected value than bets on longshots.
 This article uses a data set of almost 45 000 professional single tennis
 matches to show that the favourite-longshot bias is much stronger in
 matches between lower-ranked players, in later-round matches and in
 high-profile tournaments. These results cannot be solely explained by
 bettors being locally risk-loving or overestimating chances of longshots,
 but are consistent with bookmakers protecting themselves against both
 better informed insiders and the general public exploiting new
 information.		       
Journal: Applied Economics Letters 
Pages: 90-92 
Issue: 2 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.842628 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.842628 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:2:p:90-92




Template-Type: ReDIF-Article 1.0
Author-Name: Christian  
Author-X-Name-First: Christian 
Author-X-Name-Last:  
Author-Name: Jan-Christoph R�lke 
Author-X-Name-First: Jan-Christoph 
Author-X-Name-Last: R�lke 
Title: Do interest-rate forecasters herd? International evidence 
Abstract:
				 Results of earlier empirical research on
 whether survey data on forecasts of interest rates exhibit signs of
 forecaster herding are mixed. We reconsider the question of forecaster
 herding using a large international data set of interest-rate forecasts.
 We do not find much evidence of forecaster herding. Rather, forecasters
 seem to anti-herd, that is, they seem to intentionally scatter their
 interest-rate forecasts around the consensus forecast. 		    
Journal: Applied Economics Letters 
Pages: 93-98 
Issue: 2 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.842636 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.842636 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:2:p:93-98




Template-Type: ReDIF-Article 1.0
Author-Name: HuiMing Zhu 
Author-X-Name-First: HuiMing 
Author-X-Name-Last: Zhu 
Author-Name: WanHai You 
Author-X-Name-First: WanHai 
Author-X-Name-Last: You 
Author-Name: Yinghua Ren 
Author-X-Name-First: Yinghua 
Author-X-Name-Last: Ren 
Title: A note on the long-run determinants of economic growth 
Abstract:
				 Variable selection is the issue of major
 concern in practical regressions. This note provides a simple and
 efficient method to examine the robustness of predictor variables in
 cross-country economic growth models. Our results confirm the general
 findings of Sala-i-Martin <italic>et al.</italic> (2004), indicating the
 importance of a number of same predictor variables. In addition, we also
 identify that some other variables are associated with economic growth.    
Journal: Applied Economics Letters 
Pages: 99-102 
Issue: 2 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.842630 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.842630 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:2:p:99-102




Template-Type: ReDIF-Article 1.0
Author-Name: Chunyang Wang 
Author-X-Name-First: Chunyang 
Author-X-Name-Last: Wang 
Author-Name: Tianran Niu 
Author-X-Name-First: Tianran 
Author-X-Name-Last: Niu 
Title: Bank finance heterogeneity in China: micro-level evidence 
Abstract:
				 This article finds that there is a
 nonlinear relationship between a city's development level and a bank's
 impact on firm performance in China, by using firm level data. In
 particular, bank's impact on firm performance is largest in cities with
 intermediate level of development. This article reconciles the work done
 by Allen <italic>et al</italic>. (2005) and that done by Ayyagari
 <italic>et al</italic>. (2010).		  
Journal: Applied Economics Letters 
Pages: 103-106 
Issue: 2 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.842634 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.842634 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:2:p:103-106




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Espinosa 
Author-X-Name-First: Christian 
Author-X-Name-Last: Espinosa 
Author-Name: Juan Gorigoit�a 
Author-X-Name-First: Juan 
Author-X-Name-Last: Gorigoit�a 
Author-Name: Carlos Maquieira 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Maquieira 
Author-Name: Jo&atilde;o Paulo Vieito 
Author-X-Name-First: Jo&atilde;o Paulo 
Author-X-Name-Last: Vieito 
Title: Nonlinear behaviour in EMBI series from Eastern Europe: evidence of 'window size effect' 
Abstract:
				 The main objective of this article is to
 explore how the number of observations included in a window may impact the
 rejection rate of linear windows. We employ two methodologies proposed in
 the literature in order to study the linear and nonlinear behaviour. We
 use daily Emerging Markets Bond Index (EMBI) index spreads from six of the
 most important Eastern European countries (Bulgaria, Hungry, Poland,
 Russia, Serbia and Ukraine). The empirical results show what we call
 'window size effect' because when we include more than 50 observations in
 each window, the rejection rate increases using the two different
 methodologies. Therefore, our findings support the idea that, even in this
 well informed and sophisticated market, the weak-form of the efficient
 market hypothesis cannot be confirmed. 			
Journal: Applied Economics Letters 
Pages: 107-112 
Issue: 2 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.842627 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.842627 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:2:p:107-112




Template-Type: ReDIF-Article 1.0
Author-Name: Steven P. Cassou 
Author-X-Name-First: Steven P. 
Author-X-Name-Last: Cassou 
Author-Name: Hedieh Shadmani 
Author-X-Name-First: Hedieh 
Author-X-Name-Last: Shadmani 
Author-Name: Jes&uacute;s V�zquez 
Author-X-Name-First: Jes&uacute;s 
Author-X-Name-Last: V�zquez 
Title: Did asymmetric monetary preferences for the output gap disappear during recent economic times? 
Abstract:
				 Surico (2007) showed that the Federal
 Reserve Bank (FED) asymmetric preferences for the output gap disappeared
 during recent times. We show that this result is sensitive to the starting
 date chosen for the regressions. Using a starting date of 1984:01 or
 later, we find that the hypothesis of the FED exhibiting symmetric
 preferences is consistently rejected.			       
Journal: Applied Economics Letters 
Pages: 113-117 
Issue: 2 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.842631 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.842631 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:2:p:113-117




Template-Type: ReDIF-Article 1.0
Author-Name: Zhengxun Tan 
Author-X-Name-First: Zhengxun 
Author-X-Name-Last: Tan 
Author-Name: Shu Wu 
Author-X-Name-First: Shu 
Author-X-Name-Last: Wu 
Title: A comparison of two housing markets 
Abstract:
				 China is experiencing rapid increases in
 house prices similar in magnitude to that observed in the US housing
 market bubble. We use a simple vector autoregression model (VAR) to
 compare housing market dynamics in these two countries. We find that the
 US housing market responds very strongly to interest rate shocks and very
 little to money supply shocks. In contrast, the Chinese housing market
 responds strongly to both interest rate and money supply shocks. An
 inflation shock produces a larger response of house prices in China than
 in the US, and changes in house prices have a much stronger wealth effect
 in China than in the US. A major decline of house prices in China is
 likely to have a much bigger impact on the Chinese economy. Monetary
 policy in China needs to reply on both interest rate and quantitative
 measures to curb unsustainable increases in house prices.		    
Journal: Applied Economics Letters 
Pages: 118-124 
Issue: 2 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.842633 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.842633 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:2:p:118-124




Template-Type: ReDIF-Article 1.0
Author-Name:  Chintrakarn 
Author-X-Name-First:  
Author-X-Name-Last: Chintrakarn 
Author-Name:  Jiraporn 
Author-X-Name-First:  
Author-X-Name-Last: Jiraporn 
Author-Name:  Jiraporn 
Author-X-Name-First:  
Author-X-Name-Last: Jiraporn 
Title: Geography and CEO luck: where do CEOs tend to be lucky? 
Abstract:
				 CEOs are 'lucky' when they receive stock
 option grants on days when the stock price is the lowest in the month of
 the grant, implying opportunistic timing (Bebchuk <italic>et al</italic>.,
 2010). We extend Bebchuk <italic>et al</italic>. (2010) by investigating
 the geographic peer effects of CEO luck. Our evidence shows that a CEO is
 significantly more likely to be lucky when other CEOs in the surrounding
 area are not lucky. It appears that a CEO tends to practice opportunistic
 timing of option grants when such a practice is less prevalent and thus
 less noticeable in the nearby area, probably in order to avoid detection.
 We estimate that the marginal geographic effect on a given CEO's luck is
 18.36%, which is both statistically and economically significant. Our
 results suggest that regulators should look for corporate opportunistic
 behaviour where it is not expected.			     
Journal: Applied Economics Letters 
Pages: 125-128 
Issue: 2 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.826866 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.826866 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:2:p:125-128




Template-Type: ReDIF-Article 1.0
Author-Name: Sara Segura 
Author-X-Name-First: Sara 
Author-X-Name-Last: Segura 
Author-Name: Luis Ferruz 
Author-X-Name-First: Luis 
Author-X-Name-Last: Ferruz 
Author-Name: Pilar Gargallo 
Author-X-Name-First: Pilar 
Author-X-Name-Last: Gargallo 
Author-Name: Manuel Salvador 
Author-X-Name-First: Manuel 
Author-X-Name-Last: Salvador 
Title: EU ETS CO<sub>2</sub> emissions constraints and business performance: a quantile regression approach 
Abstract:
				 The European Union Emissions Trading
 Scheme (EU ETS) is the first and largest international scheme for the
 trading of greenhouse gas emission allowances (European Union Allowances
 (EUA)). Considering that the global economic crisis is hurting corporate
 profits, analysing the implications of CO<sub>2</sub> emissions
 constraints for company business performance (BP) is a crucial task for
 both policymakers and companies. In this context, we analyse the
 relationship between surplus of allowances (SA) and BP in Spanish firms
 during the period 2005 to 2010. Using quantile regression techniques that
 provide a more complete picture of the relationship between the analysed
 variables, we draw two conclusions. First, an increase in company activity
 effectiveness led to a decrease in SA, indicating that activity
 effectiveness was not linked to good environmental performance, in terms
 of wasting the minimum number of allowances. Second, a decrease in SA,
 i.e., buying more or selling less EUAs is linked to an increase in company
 profitability. This provides evidence that the price of EUA was not
 sufficiently high to create a cost advantage for firms reducing their
 emissions. Based on our results, two policy measures are proposed.	    
Journal: Applied Economics Letters 
Pages: 129-134 
Issue: 2 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.844316 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.844316 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:2:p:129-134




Template-Type: ReDIF-Article 1.0
Author-Name: P�r &Ouml;sterholm 
Author-X-Name-First: P�r 
Author-X-Name-Last: &Ouml;sterholm 
Title: Survey data and short-term forecasts of Swedish GDP growth 
Abstract:
				 In this article, we evaluate forecasting
 models for Swedish GDP growth which make use of data from Sweden's most
 important business survey, the <italic>Economic Tendency Survey</italic>.
 Employing nine years of quarterly real-time data, we conduct an
 out-of-sample forecast exercise. Results indicate that the survey data
 have informational value that can be used to improve forecasts, thereby
 confirming the empirical relevance of survey data for GDP forecasters.     
Journal: Applied Economics Letters 
Pages: 135-139 
Issue: 2 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.844317 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.844317 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:2:p:135-139




Template-Type: ReDIF-Article 1.0
Author-Name: Nimantha Manamperi 
Author-X-Name-First: Nimantha 
Author-X-Name-Last: Manamperi 
Title: The short and long-run dynamics between inflation and economic growth in BRICS 
Abstract:
				 The short-run and long-run dynamics
 between the inflation and economic growth is one of the prominent debates
 in the economics literature. This article investigates the short- and
 long-run relationships between the inflation and economic growth in BRICS
 (Brazil, Russia, India, China and South Africa) over the last three
 decades. The Johansen cointegration and the autoregressive distributed lag
 model (ARDL) bound test were used for the long-run relationship, and a VAR
 analysis sheds light on the short-run dynamics. The results found a
 positive long-run relationship between inflation and economic growth for
 India but no long-run relationship in other four countries. A significant
 negative short-run relationship is found for Brazil, Russia, China and
 South Africa while a positive short-run relationship is found for India.   
Journal: Applied Economics Letters 
Pages: 140-145 
Issue: 2 
Volume: 21 
Year: 2014 
Month: 1 
X-DOI: 10.1080/13504851.2013.844318 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.844318 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:2:p:140-145




Template-Type: ReDIF-Article 1.0
Author-Name: Bernhard Rauch 
Author-X-Name-First: Bernhard 
Author-X-Name-Last: Rauch 
Author-Name: Max G�ttsche 
Author-X-Name-First: Max 
Author-X-Name-Last: G�ttsche 
Author-Name: Gernot Br�hler 
Author-X-Name-First: Gernot 
Author-X-Name-Last: Br�hler 
Author-Name: Thomas Kronfeld 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Kronfeld 
Title: Deficit versus social statistics: empirical evidence for the effectiveness of Benford's law 
Abstract:
				 When analysing the quality of data,
 nonconformity with Benford's law can be a useful indicator of poor data
 quality, which may be a result of fraud or manipulation. In this article,
 we use Benford's law to compare government social security statistics with
 deficit related data reported by the EU member states to Eurostat. Unlike
 deficit related data, social security statistics are not subject to the
 fiscal monitoring connected with excessive deficit procedures (EDP) and
 the incentive to manipulate such statistics is therefore lower. Our
 results show that, across all but one 27 EU member states, the deviations
 from the Benford distribution in the social security statistics are
 considerably smaller than those shown by the deficit data. This leads us
 to conclude that, as would be expected, European governments behave in
 accordance with the incentives, i.e. while the quality of the social
 security statistics appears to be higher, there is a widespread tendency
 to report incorrect deficit data. We therefore consider our results to be
 evidence of the effectiveness of Benford's law in identifying manipulated
 data.			  
Journal: Applied Economics Letters 
Pages: 147-151 
Issue: 3 
Volume: 21 
Year: 2014 
Month: 2 
X-DOI: 10.1080/13504851.2013.844319 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.844319 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:3:p:147-151




Template-Type: ReDIF-Article 1.0
Author-Name: John Hey 
Author-X-Name-First: John 
Author-X-Name-Last: Hey 
Author-Name: Wenting Zhou 
Author-X-Name-First: Wenting 
Author-X-Name-Last: Zhou 
Title: Do past decisions influence future decisions? 
Abstract:
				 The random lottery incentive (RLI)
 mechanism (which involves subjects taking many decisions, only a randomly
 chosen one of which determines the payment to the subject) is widely used
 in many experiments, and hence its validity is of crucial importance to
 the inferences that can be drawn from the experiment. Its validity has
 been investigated in two main ways: first, in simple experiments where
 subjects were presented with just two decision problems, and second, in
 experiments where subjects were presented with many problems. In the first
 set, the hypothesis under test was whether the decisions made on the two
 problems were connected; in the second set, whether the set of
 <italic>all</italic> (previous) decisions affected the current decision.
 This article combines and extends these two ways by investigating, in
 experiments with many questions, whether the <italic>immediately
 preceding</italic> decision affects the current decision. This is a
 cognitively less-demanding hypothesis than that <italic>all</italic>
 previous decisions are taken into account, but allows for an
 <italic>indirect</italic> effect of previous decisions on current ones.
 Reassuringly, we find little effect and hence our results complement the
 previous evidence indicating that the RLI mechanism is robust and can
 safely be used.		    
Journal: Applied Economics Letters 
Pages: 152-157 
Issue: 3 
Volume: 21 
Year: 2014 
Month: 2 
X-DOI: 10.1080/13504851.2013.844320 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.844320 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:3:p:152-157




Template-Type: ReDIF-Article 1.0
Author-Name: An-Sing Chen 
Author-X-Name-First: An-Sing 
Author-X-Name-Last: Chen 
Author-Name: James Wuh Lin 
Author-X-Name-First: James Wuh 
Author-X-Name-Last: Lin 
Title: The relation between gold and stocks: an analysis of severe bear markets 
Abstract:
				 No  prior research has (1) studied the
 relation between gold and stocks for the four severe bear markets since
 1960s, (2) used different segments of stock markets simultaneously for
 analysis and (3) implemented a system of equations to control for
 exogenous and endogenous variables to investigate the role of gold for
 investments hedge in these severe bear market periods, and compare the
 results with its role in nonbear market periods. Results show that gold
 was a good instrument for hedging stock market risk for only two of the
 four severe bear market periods analysed. For nonbear market periods,
 except for small-cap stocks, gold also did not offer good risk hedging.
 The findings are of interest, as it coincides with the fact that small-cap
 stocks are the riskiest and most volatile investment even during economic
 good times, and gold is found to offer a risk-hedging power for this
 segment of the stock market.			   
Journal: Applied Economics Letters 
Pages: 158-170 
Issue: 3 
Volume: 21 
Year: 2014 
Month: 2 
X-DOI: 10.1080/13504851.2013.844321 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.844321 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:3:p:158-170




Template-Type: ReDIF-Article 1.0
Author-Name: Richard Chung 
Author-X-Name-First: Richard 
Author-X-Name-Last: Chung 
Author-Name: Ali F. Darrat 
Author-X-Name-First: Ali F. 
Author-X-Name-Last: Darrat 
Author-Name: Bin Li 
Author-X-Name-First: Bin 
Author-X-Name-Last: Li 
Title: Chinese superstition in US commodity trading 
Abstract:
				 We examine the potential effect of Chinese
 superstition on the prices of four commodities traded in the US commodity
 market using daily data from January 1994 to September 2012. We focus on
 market responses to days that Chinese traders superstitiously deem as
 either lucky or unlucky. Our results suggest that day 4 in the month
 (considered unlucky) is associated with significantly lower returns for
 three commodities (copper, cotton and soybean). The evidence controls for
 the possible effects of other anomalies and emerges despite the fact that
 China buys only about half of the US total exports of these commodities.
 These results seem in conflict with an efficient US commodity market as it
 opens the possibility for formulating profitable trading rules based on
 day 4 trading. 			
Journal: Applied Economics Letters 
Pages: 171-175 
Issue: 3 
Volume: 21 
Year: 2014 
Month: 2 
X-DOI: 10.1080/13504851.2013.848012 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.848012 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:3:p:171-175




Template-Type: ReDIF-Article 1.0
Author-Name: Ben Shepherd 
Author-X-Name-First: Ben 
Author-X-Name-Last: Shepherd 
Title: Export and FDI premia among services firms in the developing world 
Abstract:
				 There is extensive econometric evidence
 showing that goods exporters are larger, more productive, and pay higher
 wages than nonexporters ('export premia'). However, evidence for firms in
 the services sector is much more limited. This article uses firm-level
 data from a range of developing countries to show that export premia also
 exist for services firms in the developing world. Internationalized
 services firms display similar characteristics to internationalized
 manufacturers: they are larger, employ more workers, pay higher wages,
 invest more heavily and grow faster.			      
Journal: Applied Economics Letters 
Pages: 176-179 
Issue: 3 
Volume: 21 
Year: 2014 
Month: 2 
X-DOI: 10.1080/13504851.2013.848013 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.848013 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:3:p:176-179




Template-Type: ReDIF-Article 1.0
Author-Name: M'hand Fares 
Author-X-Name-First: M'hand 
Author-X-Name-Last: Fares 
Title: Using a multinomial probit to test for complementarity 
Abstract:
				 This note shows that the structural
 parameter estimate of complementarity among innovation strategies can be
 recovered when the strategies are dichotomous if we use a multinomial
 probit model. That is, we can separate the complementarity between the
 innovation strategies from the unobserved heterogeneity, by estimating
 both the parameter of complementarity and the correlation coefficients in
 the error terms. This result holds because the multinomial probit, in
 contrast to the bivariate probit, is not an incoherent model.		    
Journal: Applied Economics Letters 
Pages: 180-184 
Issue: 3 
Volume: 21 
Year: 2014 
Month: 2 
X-DOI: 10.1080/13504851.2013.848014 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.848014 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:3:p:180-184




Template-Type: ReDIF-Article 1.0
Author-Name: Paulo Leite 
Author-X-Name-First: Paulo 
Author-X-Name-Last: Leite 
Author-Name: Maria C�u Cortez 
Author-X-Name-First: Maria C�u 
Author-X-Name-Last: Cortez 
Title: Selectivity and timing abilities of international socially responsible funds 
Abstract:
				 This article analyses the selectivity and
 market timing abilities of international Socially Responsible Investment
 (SRI) funds, from eight European markets, in comparison to conventional
 funds with similar characteristics. The results show that differences in
 market timing abilities of international SRI funds and their conventional
 peers are not statistically significant. However, SRI funds investing in
 European equities are significantly worse stock pickers than conventional
 funds, whereas for funds investing globally, selectivity abilities are
 similar among both fund groups. Hence, our results suggest that a broader
 investment universe might increase SRI fund managers' stock picking
 abilities and, consequently, improve SRI fund performance.		    
Journal: Applied Economics Letters 
Pages: 185-188 
Issue: 3 
Volume: 21 
Year: 2014 
Month: 2 
X-DOI: 10.1080/13504851.2013.848015 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.848015 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:3:p:185-188




Template-Type: ReDIF-Article 1.0
Author-Name: Xin Shen 
Author-X-Name-First: Xin 
Author-X-Name-Last: Shen 
Author-Name: Mark J. Holmes 
Author-X-Name-First: Mark J. 
Author-X-Name-Last: Holmes 
Title: Do Asia-Pacific stock prices follow a random walk? A regime-switching perspective 
Abstract:
				 This article tests for stock market
 efficiency among 12 Asia-Pacific countries. A novel approach is applied
 where unit-root tests of real stock prices are embedded within a Markov
 regime-switching framework. Although standard univariate unit-root tests
 provide little support for stock price mean reversion, we find that each
 country is characterized by two stationary regimes with different speeds
 of adjustment. Further analysis suggests that the recent global financial
 crisis is associated with a shift in regimes, where the aftermath of the
 crisis is more likely associated with a faster speed of mean-reversion.    
Journal: Applied Economics Letters 
Pages: 189-195 
Issue: 3 
Volume: 21 
Year: 2014 
Month: 2 
X-DOI: 10.1080/13504851.2013.848016 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.848016 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:3:p:189-195




Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Malikane 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Malikane 
Author-Name: Tshepo Mokoka 
Author-X-Name-First: Tshepo 
Author-X-Name-Last: Mokoka 
Title: What really drives inflation? 
Abstract:
				 We derive a broad measure of real marginal
 cost which features the labour share, output gap and supply shock
 variables. We evaluate the contribution of each of these components of
 real marginal cost as driving forces for inflation. We find that supply
 shock variables dominate the output gap and the labour share in driving
 inflation dynamics. This finding suggests that a more elaborate real
 marginal cost function should be considered by the new Keynesian
 literature. Tests of the new Keynesian Phillips curve that are based on
 the restrictive one-factor production technology should therefore be
 reconsidered. In the light of this, forecast-based policy rules require
 more serious study, since they permit more flexibility to respond to
 supply shocks without generating significant output loss.		    
Journal: Applied Economics Letters 
Pages: 196-200 
Issue: 3 
Volume: 21 
Year: 2014 
Month: 2 
X-DOI: 10.1080/13504851.2013.848017 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.848017 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:3:p:196-200




Template-Type: ReDIF-Article 1.0
Author-Name: B. Ebersberger 
Author-X-Name-First: B. 
Author-X-Name-Last: Ebersberger 
Author-Name: S. J. Herstad 
Author-X-Name-First: S. J. 
Author-X-Name-Last: Herstad 
Author-Name: C. Koller 
Author-X-Name-First: C. 
Author-X-Name-Last: Koller 
Title: Does the composition of regional knowledge bases influence extra-regional collaboration for innovation? 
Abstract:
				 There is a growing research interest in
 the relationship between the composition of regional knowledge bases and
 the extra-regional collaborative ties maintained by actors during their
 development work. To investigate this relationship, we use patent data to
 characterize European NUTS 3 regions by their (i) comparative
 technological specializations; and (ii) related technological variety. We
 find domestic, extra-regional collaboration to be negatively associated
 with regional technological specialization and related technological
 variety. At the same time, we find related technological variety to serve
 in support of international innovation collaboration.			    
Journal: Applied Economics Letters 
Pages: 201-204 
Issue: 3 
Volume: 21 
Year: 2014 
Month: 2 
X-DOI: 10.1080/13504851.2013.848019 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.848019 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:3:p:201-204




Template-Type: ReDIF-Article 1.0
Author-Name: Fang Zhang 
Author-X-Name-First: Fang 
Author-X-Name-Last: Zhang 
Author-Name: Bruce Morley 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Morley 
Title: The convergence of regional house prices in China 
Abstract:
				 This aim of this study was to determine
 the extent of any convergence in house prices across China, using a
 regional panel data set. The results showed little evidence of convergence
 across the regions, although there is evidence of a ripple effect starting
 in Shanghai, Guangzhou and Beijing, although only the former two regions
 are affected by the distance from them to the respective cities.	    
Journal: Applied Economics Letters 
Pages: 205-208 
Issue: 3 
Volume: 21 
Year: 2014 
Month: 2 
X-DOI: 10.1080/13504851.2013.848021 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.848021 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:3:p:205-208




Template-Type: ReDIF-Article 1.0
Author-Name: P. R. Tomlinson 
Author-X-Name-First: P. R. 
Author-X-Name-Last: Tomlinson 
Author-Name: J. Robert Branston 
Author-X-Name-First: J. Robert 
Author-X-Name-Last: Branston 
Title: The demand for UK beer: estimates of the long-run on- and off-trade beer price elasticities 
Abstract:
				 Over  the last 30 years, UK beer sales
 have been falling while the market itself has experienced a dynamic shift
 from on-trade to off-trade sales. This article provides estimates of the
 long-run price, cross price and income elasticities, for both on- and
 off-trade beer consumption. The results shed light on the changing UK beer
 market, while also having different implications for imposing beer excise
 duties and the debate on a minimum price per unit for alcohol. 	    
Journal: Applied Economics Letters 
Pages: 209-214 
Issue: 3 
Volume: 21 
Year: 2014 
Month: 2 
X-DOI: 10.1080/13504851.2013.848022 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.848022 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:3:p:209-214




Template-Type: ReDIF-Article 1.0
Author-Name: John H. Huston 
Author-X-Name-First: John H. 
Author-X-Name-Last: Huston 
Author-Name: Roger W. Spencer 
Author-X-Name-First: Roger W. 
Author-X-Name-Last: Spencer 
Title: Housing and behavioural factors 
Abstract:
				 The field of behavioural finance is well
 established. Studies of housing bubbles are less common than studies of
 equity overvaluation and studies of the behavioural aspects of real-estate
 pricing are rare. This article examines the housing market from 1987 to
 the present with particular attention to the 2003 to 2007 bubble. Both
 behavioural and traditional variables are considered. Models with
 behavioural variables are seen to provide a better fit during the housing
 bubble. A state-space model shows that the coefficients on those
 behavioural variables vary in ways consistent with the emergence and
 dissipation of the recent housing bubble.		    
Journal: Applied Economics Letters 
Pages: 215-219 
Issue: 3 
Volume: 21 
Year: 2014 
Month: 2 
X-DOI: 10.1080/13504851.2013.849374 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.849374 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:3:p:215-219




Template-Type: ReDIF-Article 1.0
Author-Name: Tin-Chun Lin 
Author-X-Name-First: Tin-Chun 
Author-X-Name-Last: Lin 
Author-Name: Amanda Couch 
Author-X-Name-First: Amanda 
Author-X-Name-Last: Couch 
Title: The impact of federal, state and local taxes on student achievement in public schools: the case of Indiana 
Abstract:
				 In this article, data from 286 Indiana
 school districts during the 2009--2010 school year were used in a case
 study to investigate whether fiscal funding has a direct effect on
 education output (i.e. student achievement). Two results were found: (1)
 while federal taxes are not significantly associated with student
 achievement in public schools, both state and local taxes are strongly
 related to student achievement in public schools, implying a direct effect
 on education output; and (2) state tax funding has a greater impact on
 education output than local tax funding.		    
Journal: Applied Economics Letters 
Pages: 220-223 
Issue: 3 
Volume: 21 
Year: 2014 
Month: 2 
X-DOI: 10.1080/13504851.2013.849376 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.849376 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:3:p:220-223




Template-Type: ReDIF-Article 1.0
Author-Name: Riccardo Trezzi 
Author-X-Name-First: Riccardo 
Author-X-Name-Last: Trezzi 
Title: Exchange rates and commodity prices: Granger causality in the time--frequency domain 
Abstract:
				 I study the asset approach to exchange
 rates in the time--frequency domain. Using Australian data, I show that
 the Granger causality runs from the exchange rate to commodity prices -- a
 proxy for economic fundamentals. This result holds at any point in time at
 business cycle and higher frequencies confirming the exchange rate
 present-value framework.			 
Journal: Applied Economics Letters 
Pages: 224-227 
Issue: 3 
Volume: 21 
Year: 2014 
Month: 2 
X-DOI: 10.1080/13504851.2013.849377 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.849377 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:3:p:224-227




Template-Type: ReDIF-Article 1.0
Author-Name: Erasmus L. Owusu 
Author-X-Name-First: Erasmus L. 
Author-X-Name-Last: Owusu 
Author-Name: Nicholas M. Odhiambo 
Author-X-Name-First: Nicholas M. 
Author-X-Name-Last: Odhiambo 
Title: Stock market development and economic growth in Ghana: an ARDL-bounds testing approach 
Abstract:
				 This article examines the relationship
 between stock market development and sustainable economic growth in Ghana.
 The study employs the recently developed ARDL-bounds testing approach and
 multidimensional stock market development proxies to examine this linkage.
 The article finds that in the long run, stock market developments and
 capital account liberalization policies have no positive effect on
 economic growth in Ghana. This finding supports the numerous past studies,
 which have reported negative or inconclusive results on the effects of
 stock market development on economic growth. The article, therefore,
 concludes that it is the increase in credit to the private sector, rather
 than stock market development that drives the real sector development in
 Ghana. 		       
Journal: Applied Economics Letters 
Pages: 229-234 
Issue: 4 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.844315 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.844315 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:4:p:229-234




Template-Type: ReDIF-Article 1.0
Author-Name: Huei-Chu Liao 
Author-X-Name-First: Huei-Chu 
Author-X-Name-Last: Liao 
Author-Name: Shu-Chuan Lin 
Author-X-Name-First: Shu-Chuan 
Author-X-Name-Last: Lin 
Author-Name: Ho-Chuan Huang 
Author-X-Name-First: Ho-Chuan 
Author-X-Name-Last: Huang 
Title: Are crude oil markets globalized or regionalized? Evidence from WTI and Brent 
Abstract:
				 This study applies a novel quantile unit
 root with structural breaks approach to explore whether the international
 crude oil markets are better characterized as 'globalized' or
 'regionalized'. By using the spreads between WTI and Brent crude oil
 prices as a benchmark, we find that the spreads contain a unit root in the
 lower quantiles but display mean reversion behaviour in the upper
 quantiles. However, instead of focusing on some selected (local)
 quantiles, the quantile Kolmogorov--Smirnov tests over a range of
 quantiles suggest that the price differentials are universally
 mean-reverting and, thus, provide strong support to the 'globalization'
 view.			    
Journal: Applied Economics Letters 
Pages: 235-241 
Issue: 4 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.851766 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.851766 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:4:p:235-241




Template-Type: ReDIF-Article 1.0
Author-Name:  Boado-Penas 
Author-X-Name-First:  
Author-X-Name-Last: Boado-Penas 
Author-Name: Carlos Vidal-Meli� 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Vidal-Meli� 
Title: Nonfinancial defined contribution pension schemes: is a survivor dividend necessary to make the system balanced? 
Abstract:
				 The survivor dividend, at a specific age,
 is the portion of participants' credited account balances that is
 distributed on a birth cohort basis from the account balances of
 participants who do not survive to retirement. This article develops a
 model to show whether it would be justified to include the survivor
 dividend in the calculation of affiliate pension balances. The main
 findings are that the survivor dividend has a strong financial basis which
 enables the macro contribution rate applied to be the same as the
 individual credited rate, and that including the survivor dividend in the
 calculation of the initial pension is not irrelevant because the initial
 pension could rise by up to 21.84%, depending on the mortality scenario
 used.			     
Journal: Applied Economics Letters 
Pages: 242-247 
Issue: 4 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.851767 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.851767 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:4:p:242-247




Template-Type: ReDIF-Article 1.0
Author-Name: Ethan Hamilton 
Author-X-Name-First: Ethan 
Author-X-Name-Last: Hamilton 
Author-Name: Eric Olson 
Author-X-Name-First: Eric 
Author-X-Name-Last: Olson 
Title: Was the Euro good for Greece? 
Abstract:
				 Taylor (1979) posits a permanent trade-off
 between the volatility of output gap and the volatility of inflation. This
 trade-off serves as an efficiency envelope for optimal monetary policy.
 Using data from 1960, we examine the efficiency of monetary policy in
 Greece by measuring the orthogonal distance between the observed
 volatilities of the output gap and inflation from their optimal levels. As
 expected in an optimal currency area, we find that the Maastricht
 convergence criteria greatly benefited Greece in improving macroeconomic
 stability but at the cost of monetary policy efficacy. 		    
Journal: Applied Economics Letters 
Pages: 248-251 
Issue: 4 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.854289 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.854289 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:4:p:248-251




Template-Type: ReDIF-Article 1.0
Author-Name: Q. Li 
Author-X-Name-First: Q. 
Author-X-Name-Last: Li 
Author-Name: L. Bao 
Author-X-Name-First: L. 
Author-X-Name-Last: Bao 
Author-Name: Q. L. Zhang 
Author-X-Name-First: Q. L. 
Author-X-Name-Last: Zhang 
Title: Multi-scale tracking dynamics and optimal index replication 
Abstract:
				 We investigate the index tracking model
 with the analysis and optimization of tracking dynamic properties. The
 return deviations between tracking portfolio and the index are first
 decomposed into several components with different time-scale features. Our
 model then filters out components at low frequencies. Our approach is
 implemented to five data sets drawn from major world markets. The results
 show that our method could control the tracking dynamics and such control
 could also improve the terminal performance of index tracking. 	    
Journal: Applied Economics Letters 
Pages: 252-256 
Issue: 4 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.854290 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.854290 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:4:p:252-256




Template-Type: ReDIF-Article 1.0
Author-Name: Masahiro Kodama 
Author-X-Name-First: Masahiro 
Author-X-Name-Last: Kodama 
Title: Does growth affect volatility? An empirical study on developing countries 
Abstract:
				 Whereas economic growth and business
 cycles have received significant attention in the literature, they are
 typically examined separately. However, recent studies have found a
 causality in which short-term output volatility affects economic growth
 (volatility-growth causality). In contrast, in this study, we examine
 whether the opposite causality, from economic growth to short-term output
 volatility (growth-volatility causality), exists. The existence of
 volatility-growth causality does not necessarily exclude the existence of
 growth-volatility causality, and the two causalities may coexist. We
 empirically examine growth-volatility causality, and the results of our
 econometric analyses confirm its existence.		       
Journal: Applied Economics Letters 
Pages: 257-260 
Issue: 4 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.854291 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.854291 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:4:p:257-260




Template-Type: ReDIF-Article 1.0
Author-Name: X. Qin 
Author-X-Name-First: X. 
Author-X-Name-Last: Qin 
Author-Name: X. Zhu 
Author-X-Name-First: X. 
Author-X-Name-Last: Zhu 
Title: Too non-traditional to fail? Determinants of systemic risk for BRICs banks 
Abstract:
				 This article empirically tests the 'too
 non-traditional to fail' argument by exploring the determinants of
 systemic risk for the BRICs banks. The argument is found not applicable
 for the BRICs banks, since the systemic risk is merely determined by
 balance-sheet characteristics, rather than non-traditional activities such
 as interbank exposures and off-balance commitment. In contrast, systemic
 risk for banks from the developped countries is related with both aspects. 
Journal: Applied Economics Letters 
Pages: 261-264 
Issue: 4 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.854292 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.854292 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:4:p:261-264




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Gius 
Author-X-Name-First: Mark 
Author-X-Name-Last: Gius 
Title: An examination of the effects of concealed weapons laws and assault weapons bans on state-level murder rates 
Abstract:
				 The purpose of the present study is to
 determine the effects of state-level assault weapons bans and concealed
 weapons laws on state-level murder rates. Using data for the period 1980
 to 2009 and controlling for state and year fixed effects, the results of
 the present study suggest that states with restrictions on the carrying of
 concealed weapons had higher gun-related murder rates than other states.
 It was also found that assault weapons bans did not significantly affect
 murder rates at the state level. These results suggest that restrictive
 concealed weapons laws may cause an increase in gun-related murders at the
 state level. The results of this study are consistent with some prior
 research in this area, most notably Lott and Mustard (1997).		    
Journal: Applied Economics Letters 
Pages: 265-267 
Issue: 4 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.854294 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.854294 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:4:p:265-267




Template-Type: ReDIF-Article 1.0
Author-Name: David Moreno 
Author-X-Name-First: David 
Author-X-Name-Last: Moreno 
Author-Name: Rosa Rodr�guez 
Author-X-Name-First: Rosa 
Author-X-Name-Last: Rodr�guez 
Author-Name: Chieh Wang 
Author-X-Name-First: Chieh 
Author-X-Name-Last: Wang 
Title: Accurately measuring gold mutual fund performance 
Abstract:
				 Since the price of gold began climbing
 dramatically over a decade ago, gold-related industries have received a
 great deal of attention from investors. Moreover, investing in gold mutual
 funds has become a promising alternative to investing in gold directly
 because of the inherent difficulties involved in purchasing the commodity.
 However, gold's insensitivity to market factors requires a novel benchmark
 to adjust the returns of gold funds to risk. In the absence of this risk
 correction, gold mutual fund managers appear to perform systematically
 better than equity fund managers, although incorporating the new benchmark
 shows that this appearance is deceptive.		       
Journal: Applied Economics Letters 
Pages: 268-271 
Issue: 4 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.854295 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.854295 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:4:p:268-271




Template-Type: ReDIF-Article 1.0
Author-Name: Richard J Cebula 
Author-X-Name-First: Richard J 
Author-X-Name-Last: Cebula 
Author-Name: Maggie Foley 
Author-X-Name-First: Maggie 
Author-X-Name-Last: Foley 
Author-Name: Robert Boylan 
Author-X-Name-First: Robert 
Author-X-Name-Last: Boylan 
Title: The impact of unionization and other factors on undocumented immigrant settlement patterns in the US 
Abstract:
				 In this study, we seek to add to the
 literature on undocumented immigrants by (1) identifying key determinants
 of the settlement patterns of undocumented immigrants and (2) testing a
 new hypothesis, what is referred to here as the 'union-aversion
 hypothesis'. This hypothesis is elaborated upon in Section II of this
 study, but ultimately it argues that undocumented workers prefer to settle
 in states where the percentage of the labour force that is unionized is
 lower. Our findings suggest that the state-level settlement pattern of
 undocumented immigrants in the US is an increasing function of a state's
 median family income level, the mean January temperature in a state and
 the relative size of the documented Hispanic population in the state,
 while being a decreasing function of the overall cost of living in the
 state. In addition, strong empirical support for the union-aversion
 hypothesis is obtained, namely the settlement pattern of undocumented
 immigrants is a decreasing function of the percentage of a state's labour
 force that is unionized.			
Journal: Applied Economics Letters 
Pages: 272-275 
Issue: 4 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.856988 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.856988 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:4:p:272-275




Template-Type: ReDIF-Article 1.0
Author-Name: Bahram Adrangi 
Author-X-Name-First: Bahram 
Author-X-Name-Last: Adrangi 
Author-Name: Arjun Chatrath 
Author-X-Name-First: Arjun 
Author-X-Name-Last: Chatrath 
Author-Name: Rohan A. Christie-David 
Author-X-Name-First: Rohan A. 
Author-X-Name-Last: Christie-David 
Author-Name: Mariia Guk 
Author-X-Name-First: Mariia 
Author-X-Name-Last: Guk 
Author-Name: Gaurav Malik 
Author-X-Name-First: Gaurav 
Author-X-Name-Last: Malik 
Title: Hedging price risk when no direct hedge vehicle exists: the case of silicon 
Abstract:
				 Silicon has wide applications in the
 electronic, ferrous foundry and chemical industries but does not possess a
 well-developed forward or futures market. Here we investigate potential
 candidates to cross-hedge silicon's price risk. Our results show that a
 proxy for a newly introduced Chicago Mercantile Exchange (CME) ferrous
 contract, iron and steel scrap, explains close to 60% of the variation in
 silicon price changes. Estimated Generalized Least Squares (EGLS)
 estimations of hedge ratios are shown to produce more consistent
 hedge-effectiveness over OLS counterparts. Thus, it appears that the
 ferrous contract could fulfil this role.			
Journal: Applied Economics Letters 
Pages: 276-279 
Issue: 4 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.854293 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.854293 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:4:p:276-279




Template-Type: ReDIF-Article 1.0
Author-Name: Simon Condliffe 
Author-X-Name-First: Simon 
Author-X-Name-Last: Condliffe 
Author-Name: Charles R. Link 
Author-X-Name-First: Charles R. 
Author-X-Name-Last: Link 
Title: Racial differences in the effects of hypertension and obesity on health expenditures by diabetes patients in the US 
Abstract:
				 Using a representative sample of US
 diabetes patients with comorbid hypertension and obesity, we estimate the
 determinants of health care expenditures. The hypothesis is that the
 presence of comorbid obesity and hypertension is associated with higher
 expenditures in the health care system. We are unaware of any study that
 examines the effects of these conditions taken together. The results
 confirm our hypothesis. For all races/ethnicities, the addition of
 hypertension and/or obese to diabetes substantially increases health care
 expenditures: by over 25% for whites, by over 70% for Blacks and by over
 48% for Hispanics. We further find that interactions of obesity and
 hypertension with race indicate lower health expenditures by minorities
 compared to whites having the same combination of conditions.
 Diabetic-obese-not-hypertensive blacks spend 37.7% ($4224 per year) less
 than their white counterparts. Diabetic-obese-not-hypertensive Hispanics
 spend 41% ($4591 per year) less than diabetic-obese-not-hypertensive
 whites. Blacks and Hispanics who are diabetic but not obese or
 hypertensive spend $5923 and $6409 less than whites with equivalent
 conditions. The results have implications for efficiency and equity in the
 health care system.			   
Journal: Applied Economics Letters 
Pages: 280-283 
Issue: 4 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.856990 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.856990 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:4:p:280-283




Template-Type: ReDIF-Article 1.0
Author-Name: Alexander Karmann 
Author-X-Name-First: Alexander 
Author-X-Name-Last: Karmann 
Author-Name: Alexander Ludwig 
Author-X-Name-First: Alexander 
Author-X-Name-Last: Ludwig 
Title: A two-step approach to examine the dynamics of market convergence 
Abstract:
				 We present an improved approach to examine
 convergence of markets such as those for equity, bonds or commodities. The
 approach is motivated by Monte Carlo simulations and consists of two
 steps. First, we test for regime-shifts in the cointegration paths and
 cointegration with structural breaks. If equilibrium errors are
 stationary, we then obtain the degree of convergence by rolling speeds of
 adjustment in a vector error correction model. Our approach is illustrated
 by an application on stock market convergence. 		  
Journal: Applied Economics Letters 
Pages: 284-288 
Issue: 4 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.851765 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.851765 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:4:p:284-288




Template-Type: ReDIF-Article 1.0
Author-Name: T. Kifle 
Author-X-Name-First: T. 
Author-X-Name-Last: Kifle 
Author-Name: P. Kler 
Author-X-Name-First: P. 
Author-X-Name-Last: Kler 
Author-Name: S. Shankar 
Author-X-Name-First: S. 
Author-X-Name-Last: Shankar 
Title: The power of the pram: do young children determine female job satisfaction? 
Abstract:
				 Policy-makers worldwide have attempted a
 number of strategies over the last few decades to increase female
 labour-force participation without jeopardizing their choice of also
 maintaining a fulfilling family life, should they choose to do so. One
 such Australian strategy heavily subscribed by females with young children
 has been to promote part-time employment. Results provide evidence that
 females with young children at home engaged in part-time employment are
 generally more satisfied with their working hours and work--life balance
 relative to those with older and no children, whilst the opposite holds
 when looking at those in full-time employment. This suggests that
 part-time employment should be pursued as a policy tool to aid females
 with young children maintain a relationship with the labour market without
 having to also give up being the primary carer of their children.	    
Journal: Applied Economics Letters 
Pages: 289-292 
Issue: 4 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.856991 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.856991 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:4:p:289-292




Template-Type: ReDIF-Article 1.0
Author-Name: Z. K. Dong 
Author-X-Name-First: Z. K. 
Author-X-Name-Last: Dong 
Author-Name: D. S. Huang 
Author-X-Name-First: D. S. 
Author-X-Name-Last: Huang 
Author-Name: F. F. Tang 
Author-X-Name-First: F. F. 
Author-X-Name-Last: Tang 
Title: Information disclosure and job search: evidence from a social networks experiment 
Abstract:
				 We report the results of an experiment
 that determined the importance of an information disclosure policy in job
 search behaviour. We controlled the level of employment information
 disclosed after every experimental round. When we announced the subjects'
 wage levels, which at that point they had accepted along with their
 counterparts in a social network, the subjects' average reservation wages
 increased significantly according to their initial preference. However,
 when this information was not revealed, the reservation wage remained the
 same despite the availability of the social network. We suggest that the
 green-eyed monster effect may be significant in explaining these results.  
Journal: Applied Economics Letters 
Pages: 293-296 
Issue: 4 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.856992 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.856992 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:4:p:293-296




Template-Type: ReDIF-Article 1.0
Author-Name: Manfred G�rtner 
Author-X-Name-First: Manfred 
Author-X-Name-Last: G�rtner 
Author-Name: Bj�rn Griesbach 
Author-X-Name-First: Bj�rn 
Author-X-Name-Last: Griesbach 
Author-Name: Florian Jung 
Author-X-Name-First: Florian 
Author-X-Name-Last: Jung 
Title: Is there a transatlantic divide in undergraduate macroeconomics teaching? 
Abstract:
				 The global financial crisis triggered
 different policy responses in Europe and the United States. Interestingly,
 survey results suggest that there is also a significant difference in how
 undergraduate macroeconomics instructors responded to the crisis, with US
 instructors placing significantly more emphasis on financial topics than
 their European peers. This note considers whether such differences may be
 attributed to differences in instructors' profiles and teaching
 environments. The results suggest that, rather than explaining this gap,
 the transatlantic divide becomes even wider when analysed in a
 multivariate setting.			 
Journal: Applied Economics Letters 
Pages: 297-303 
Issue: 5 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.856989 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.856989 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:5:p:297-303




Template-Type: ReDIF-Article 1.0
Author-Name: Eduardo Acosta-Gonz�lez 
Author-X-Name-First: Eduardo 
Author-X-Name-Last: Acosta-Gonz�lez 
Author-Name: Fernando Fern�ndez-Rodr�guez 
Author-X-Name-First: Fernando 
Author-X-Name-Last: Fern�ndez-Rodr�guez 
Author-Name: Sim�n Sosvilla-Rivero 
Author-X-Name-First: Sim�n 
Author-X-Name-Last: Sosvilla-Rivero 
Title: An empirical examination of the determinants of the shadow economy 
Abstract:
				 Using a statistical methodology guided
 only by data and based on a genetic algorithm, we select the best
 econometric model for explaining the determinants of the size of the
 shadow economy, its main determinants being: taxes on capital gains of
 individuals, corporate taxes on income, profits and capital gains,
 domestic credit, bank secrecy, ethnic fractionalization, urban population,
 globalization, corruption and the socialist legal origin of country.	    
Journal: Applied Economics Letters 
Pages: 304-307 
Issue: 5 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.856993 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.856993 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:5:p:304-307




Template-Type: ReDIF-Article 1.0
Author-Name: Georgios Kavetsos 
Author-X-Name-First: Georgios 
Author-X-Name-Last: Kavetsos 
Author-Name: Marika Dimitriadou 
Author-X-Name-First: Marika 
Author-X-Name-Last: Dimitriadou 
Author-Name: Paul Dolan 
Author-X-Name-First: Paul 
Author-X-Name-Last: Dolan 
Title: Measuring happiness: context matters 
Abstract:
				 We test for calendar effects and the
 presence of others in reports of life satisfaction using Eurobarometer
 data from 31 countries over 20&nbsp;years. We find significant day and
 month, but not time of day, effects. Life satisfaction is significantly
 reduced in the presence of others.		      
Journal: Applied Economics Letters 
Pages: 308-311 
Issue: 5 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.856994 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.856994 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:5:p:308-311




Template-Type: ReDIF-Article 1.0
Author-Name: Israel Luski 
Author-X-Name-First: Israel 
Author-X-Name-Last: Luski 
Author-Name: Miki Malul 
Author-X-Name-First: Miki 
Author-X-Name-Last: Malul 
Title: The effects of a back-loaded compensation policy on the recruiting of older workers 
Abstract:
				 The goal of this article is to investigate
 the impact of back loading on the hiring of older workers. We argue that
 the impact of back loading on the motivation of a worker to put effort
 into work depends, among other variables, on the probability of being able
 to find another job. The less likely it is that one can find another job
 the more likely one is to exert a greater effort at work. Given that older
 workers are less likely to be able to find another job if they are
 dismissed from their current position, they are also less likely to shirk
 their obligations at work. Therefore, firms have to expend fewer resources
 monitoring their work. In addition, we demonstrate that the probability of
 employee misconduct declines with the number of years on the job even when
 the probability of detection remains constant. 		 
Journal: Applied Economics Letters 
Pages: 312-316 
Issue: 5 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.859364 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.859364 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:5:p:312-316




Template-Type: ReDIF-Article 1.0
Author-Name: Dimitrios Koutmos 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Koutmos 
Author-Name: Wei Song 
Author-X-Name-First: Wei 
Author-X-Name-Last: Song 
Author-Name: Si Zhou 
Author-X-Name-First: Si 
Author-X-Name-Last: Zhou 
Title: Firm location and the method of payment in mergers and acquisitions 
Abstract:
				 This article examines the impact of a
 bidding firm's geographical location on the choice of method of payment in
 mergers and acquisitions. We find that rural bidders are more likely to
 offer pure stock deals and have lower propensity to use cash as the method
 of payment compared to their nonrural counterparts. Such findings are
 possibly attributable to recent empirical evidence which finds that rural
 firms face higher costs of debt and have limited access to soft
 information that can help in determining the true value of target firms.   
Journal: Applied Economics Letters 
Pages: 317-324 
Issue: 5 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.859365 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.859365 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:5:p:317-324




Template-Type: ReDIF-Article 1.0
Author-Name: Yuezhou Cai 
Author-X-Name-First: Yuezhou 
Author-X-Name-Last: Cai 
Author-Name: Aoife Hanley 
Author-X-Name-First: Aoife 
Author-X-Name-Last: Hanley 
Title: Innovation rankings: good, bad or revealing? 
Abstract:
				 The standard indicators used to compare
 cross-country innovation are in the Global Competitiveness Report (GCR).
 But there are problems with aggregation and response bias with these
 largely self-reported measures (Hollanders and van Cruysen, 2008).We
 propose a theory-based metric using Data Envelopment Analysis which
 corrects for sample bias and considers returns to scale. The derived
 ranking compares well to components of the GCR. Moreover, in second-stage
 estimations, our corrected efficiency score correlates well with standard
 Growth Theory indicators.			 
Journal: Applied Economics Letters 
Pages: 325-328 
Issue: 5 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.859366 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.859366 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:5:p:325-328




Template-Type: ReDIF-Article 1.0
Author-Name: Joilson Dias 
Author-X-Name-First: Joilson 
Author-X-Name-Last: Dias 
Author-Name: Florian Schumacher 
Author-X-Name-First: Florian 
Author-X-Name-Last: Schumacher 
Author-Name: Edinaldo Tebaldi 
Author-X-Name-First: Edinaldo 
Author-X-Name-Last: Tebaldi 
Title: Geographic and sector externalities from highly qualified human capital: the importance of the business service sector 
Abstract:
				 This article develops a simple model where
 knowledge spillover is related to geography and sectors of the economy.
 Knowledge externality comes from those with college degree at sector level
 and the relative size of the business service sector at geographic level.
 We examine the model using data from Brazilian National Household Survey
 (PNAD) for the year 2008. We find evidence that sector concentration of
 highly qualified workers (with at least a college degree) generates
 knowledge externalities. Hence, workers benefit from the skills of their
 peers by learning from them. Also complementing the literature, we find a
 geographic knowledge spillover played by the business service sector. This
 last result holds even if we estimate rates of return to education by
 sectors or estimate wage regressions over sectors (not shown). This
 article also provides evidence of increasing returns to schooling in
 Brazil.		       
Journal: Applied Economics Letters 
Pages: 329-334 
Issue: 5 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.859367 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.859367 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:5:p:329-334




Template-Type: ReDIF-Article 1.0
Author-Name: Massimo G. Colombo 
Author-X-Name-First: Massimo G. 
Author-X-Name-Last: Colombo 
Author-Name: Annalisa Croce 
Author-X-Name-First: Annalisa 
Author-X-Name-Last: Croce 
Author-Name: Massimiliano Guerini 
Author-X-Name-First: Massimiliano 
Author-X-Name-Last: Guerini 
Title: Does informal risk capital relax the financial constraints of high-tech entrepreneurial ventures? 
Abstract:
				 This work analyses the effect of informal
 risk capital financing on a firm's investment/cash flow sensitivity (ICFS)
 in a sample of 498 Italian privately held high-tech entrepreneurial
 ventures (HTEVs) observed from 1996 to 2008. To detect financial
 constraints, we resort to an error correction model (ECM). We find that
 the receipt of informal risk capital in the seed stage results in reduced
 ICFS, indicating a persistent relaxation of financial constraints.	    
Journal: Applied Economics Letters 
Pages: 335-339 
Issue: 5 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.859368 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.859368 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:5:p:335-339




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen DeLoach 
Author-X-Name-First: Stephen 
Author-X-Name-Last: DeLoach 
Author-Name: Stephanie Franz 
Author-X-Name-First: Stephanie 
Author-X-Name-Last: Franz 
Author-Name: Jennifer Platania 
Author-X-Name-First: Jennifer 
Author-X-Name-Last: Platania 
Title: Reconsidering the effect of work intensity on study time 
Abstract:
				 Recent evidence on the impact of youth
 employment on study time has found only small, negative effects. However,
 previous estimates may be biased downward due to weak identification and
 measurement error. In this article, we re-examine the question with more
 recent data from the American Time Use Survey (2003--11) using a number of
 alternate estimation techniques. Results show that using a longer time
 span, state unemployment rates appears to be a stronger instrument for
 part-time work than was previously found. Depending on the estimation
 method used, the negative effects of part-time work on study time may be
 considerably larger than previously thought.			      
Journal: Applied Economics Letters 
Pages: 340-343 
Issue: 5 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.859370 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.859370 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:5:p:340-343




Template-Type: ReDIF-Article 1.0
Author-Name: B. P. Cozzarin 
Author-X-Name-First: B. P. 
Author-X-Name-Last: Cozzarin 
Author-Name: S. A. Jeffrey 
Author-X-Name-First: S. A. 
Author-X-Name-Last: Jeffrey 
Title: Human resource management practices and longitudinal workplace performance 
Abstract:
				 Recent studies have examined the impact of
 human resource management (HRM) practices on workplace performance. Most
 find that the adoption of a coherent system of new HRM practices such as
 flexible job definitions, cross-training and work teams, along with
 extensive reliance on incentive pay, results in substantially higher
 levels of productivity than more traditional HRM practices. Studies have
 found that there is a correlation between HRM systems and labour
 productivity. We find that greatest contributor to labour productivity is
 the employee's wage is congruent with the literature. The literature to
 date has shown that HRM practices in isolation may increase productivity
 or may reduce productivity because they have an inefficient side to them.
 Our study shows that when aggregated, HRM practices reduce productivity in
 Canada. Somewhat surprisingly, when combined with benefits, they increase
 productivity substantially. The main message from the aggregate
 productivity regressions is that: HRM by itself reduces productivity while
 HRM with BENEFIT increases productivity. Training by itself increases
 productivity and training with HRM also increases productivity. Wages
 clearly have the greatest impact on voluntary quits. HRM is not found to
 be statistically significant in the reduction of voluntary quits.	    
Journal: Applied Economics Letters 
Pages: 344-349 
Issue: 5 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.859371 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.859371 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:5:p:344-349




Template-Type: ReDIF-Article 1.0
Author-Name: Laurent Carnis 
Author-X-Name-First: Laurent 
Author-X-Name-Last: Carnis 
Author-Name: Hamza Achit 
Author-X-Name-First: Hamza 
Author-X-Name-Last: Achit 
Title: The injured victim's health care spending: is there an effect of the origin of accident? 
Abstract:
				 The aim of this study is to identify if
 the origin of an accident makes a difference in health care spending
 incurred by disabled victim. We analyse and model the amount of medical
 spending for victims whose disabilities are resulting from accidents
 occurring at home, at work and on road. Data about medical spending were
 provided by the social security fund in France. These data outline the
 amount incurred by different disabled persons in the different medical
 specialties. The results of the model show that although the victims of
 different types of accident are suffering from the same chronic diseases,
 they show different levels of medical spending. Persons injured in a road
 accident have a higher recourse to medical treatments. 		    
Journal: Applied Economics Letters 
Pages: 350-355 
Issue: 5 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.861576 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.861576 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:5:p:350-355




Template-Type: ReDIF-Article 1.0
Author-Name: Y. Tsuchiya 
Author-X-Name-First: Y. 
Author-X-Name-Last: Tsuchiya 
Title: Are consumer sentiments useful in Japan? An application of a new market-timing test 
Abstract:
				 We investigate whether consumer sentiment
 in Japan is a useful predictor of household consumption, durable goods
 consumption and the CPI using a recently developed market-timing test. We
 find that consumer sentiment is not useful for predicting an
 increase/decrease in household consumption, durable goods consumption, and
 CPI. The findings suggest that policy-makers may have difficulties
 obtaining useful qualitative information from consumers. However, using
 estimated threshold values for the increase/decrease, consumer sentiment
 became a useful predictor of durable goods consumption and CPI. This
 suggests that estimating relevant thresholds could enhance the use of
 directional analysis.			       
Journal: Applied Economics Letters 
Pages: 356-359 
Issue: 5 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.861578 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.861578 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:5:p:356-359




Template-Type: ReDIF-Article 1.0
Author-Name: Evgenia Motchenkova 
Author-X-Name-First: Evgenia 
Author-X-Name-Last: Motchenkova 
Title: Cost minimizing sequential punishment policies for repeat offenders 
Abstract:
				 This article discusses optimal sanctions
 for repeat offenders. We analysed a multi-period decision problem, where
 the regulator's main objectives are to block any violations of law and to
 minimize the costs of crime control. We conclude that, when offenders are
 identical and wealth constrained, the government is resource constrained,
 can perfectly observe illicit gains and commits to a certain policy
 throughout the whole planning horizon, forward-looking solution implies
 that cost minimizing deterrence is decreasing in the number of offenses.
 This analysis is relevant in case when imprisonment is not commonly used,
 only monetary sanctions are allowed and limited liability of offenders
 plays an important role. The examples are tax evasion, violations of
 environmental regulations and violations of competition law.		    
Journal: Applied Economics Letters 
Pages: 360-365 
Issue: 5 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.861579 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.861579 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:5:p:360-365




Template-Type: ReDIF-Article 1.0
Author-Name: Wenming Xu 
Author-X-Name-First: Wenming 
Author-X-Name-Last: Xu 
Title: Law matters?: a Bayesian analysis of the cross-country relationship between anti-self-dealing rules and stock market outcomes 
Abstract:
				 This article examines robustness of the
 cross-country relationship between anti-self-dealing rules and proxies for
 stock market development proposed by Djankov <italic>et al.</italic>
 (2008) using the weighted-average least squares estimator. The claimed
 relationship is not robust considering the model uncertainty problem.	    
Journal: Applied Economics Letters 
Pages: 366-371 
Issue: 5 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.861580 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.861580 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:5:p:366-371




Template-Type: ReDIF-Article 1.0
Author-Name: Jun Sik Kim 
Author-X-Name-First: Jun Sik 
Author-X-Name-Last: Kim 
Author-Name: Hyeyoen Kim 
Author-X-Name-First: Hyeyoen 
Author-X-Name-Last: Kim 
Author-Name: Doojin Ryu 
Author-X-Name-First: Doojin 
Author-X-Name-Last: Ryu 
Title: ELW pricing kernel and empirical risk aversion 
Abstract:
				 This study examines the pricing kernel and
 empirical risk aversion implied by Korea's equity-linked warrants (ELWs).
 The estimated pricing kernel is clearly time-varying and exhibits a
 monotonic decrease with the underlying return state, which is consistent
 with mainstream economic theories on marginal utility. The movement of
 empirical risk aversion captures the economic conditions reflecting the
 recent global and liquidity crises. Particularly, empirical risk aversion
 has a highly significant relationship with the overall stock market return
 and credit spread change.			   
Journal: Applied Economics Letters 
Pages: 372-376 
Issue: 5 
Volume: 21 
Year: 2014 
Month: 3 
X-DOI: 10.1080/13504851.2013.861577 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.861577 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:5:p:372-376




Template-Type: ReDIF-Article 1.0
Author-Name: Vasudeva N. R. Murthy 
Author-X-Name-First: Vasudeva N. R. 
Author-X-Name-Last: Murthy 
Author-Name: Albert A. Okunade 
Author-X-Name-First: Albert A. 
Author-X-Name-Last: Okunade 
Title: Population health status and economic growth in Chinese provinces: some policy implications 
Abstract:
				 Using recent cross-sectional, public use,
 data set on 31 Chinese provinces, we empirically model the core
 determinants of life expectancy (population health status) using the
 Ordinary Least Squares (OLS) method, instrumental variables estimation and
 the relatively more efficient Hubert robust estimator. The empirical
 regression model results and diagnostic tests indicate that the core
 determinants of life expectancy are the real GDP per capita, illiteracy
 rates and daily visits to physicians. Using results of the robust
 regression estimator (mimic the instrumental variables model estimation),
 the statistically significant elasticities of life expectancy are 0.033
 (<italic>t</italic>-ratio&nbsp;=&nbsp;2.45) with respect to per capita
 real GDP, 0.41 (<italic>t</italic>-ratio&nbsp;=&nbsp;2.54) with respect to
 daily visits to the physicians and is	- 0.026
 (<italic>t</italic>-ratio&nbsp;=&nbsp; - 2.26) with respect to the
 illiteracy rate. That is, income and daily visits to physicians are
 positively linked to life expectancy while the illiteracy rate stifles
 life expectancy production. Our findings are consistent with received
 theories. Policy implications are explored.			    
Journal: Applied Economics Letters 
Pages: 377-382 
Issue: 6 
Volume: 21 
Year: 2014 
Month: 4 
X-DOI: 10.1080/13504851.2013.859369 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.859369 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:6:p:377-382




Template-Type: ReDIF-Article 1.0
Author-Name: Kenneth Button 
Author-X-Name-First: Kenneth 
Author-X-Name-Last: Button 
Author-Name: Nobuhiko Daito 
Author-X-Name-First: Nobuhiko 
Author-X-Name-Last: Daito 
Title: Sharing out the costs of a public--private partnership 
Abstract:
				 This article looks at factors which have
 affected the shares of public and private money that have been going into
 public--private transportation partnership investments in the US. It looks
 at a number of recent partnerships and relates the importance of the
 private sector to sets of institutional and technical variables.	    
Journal: Applied Economics Letters 
Pages: 383-386 
Issue: 6 
Volume: 21 
Year: 2014 
Month: 4 
X-DOI: 10.1080/13504851.2013.856995 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.856995 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:6:p:383-386




Template-Type: ReDIF-Article 1.0
Author-Name: Kiyoung Chang 
Author-X-Name-First: Kiyoung 
Author-X-Name-Last: Chang 
Author-Name: Eun Kang 
Author-X-Name-First: Eun 
Author-X-Name-Last: Kang 
Author-Name: Ying Li 
Author-X-Name-First: Ying 
Author-X-Name-Last: Li 
Title: Local long-term institutions, growth and cash holdings 
Abstract:
				 We provide empirical evidence that support
 both 'outcome' and 'substitute' models of agency theories related to cash
 holding. Local long-term institutional investors are associated with lower
 excess cash in firms with less growth and easier access to external
 financing, and with higher excess cash in firms with higher growth in our
 US sample.			   
Journal: Applied Economics Letters 
Pages: 387-390 
Issue: 6 
Volume: 21 
Year: 2014 
Month: 4 
X-DOI: 10.1080/13504851.2013.861581 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.861581 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:6:p:387-390




Template-Type: ReDIF-Article 1.0
Author-Name: Stefano Maria Iacus 
Author-X-Name-First: Stefano Maria 
Author-X-Name-Last: Iacus 
Author-Name: Giuseppe Porro 
Author-X-Name-First: Giuseppe 
Author-X-Name-Last: Porro 
Title: Does European Monetary Union make inflation dynamics more uniform? 
Abstract:
				 Using a non-parametric method to
 characterize Markovian operators, we describe the evolution of the
 short-run inflation processes among the EMU countries between 1996 and
 2012. While a progressive clustering pattern can be outlined in the first
 half of the period -- showing that the monetary union makes price dynamics
 more homogeneous -- starting from 2004, an increase in price volatility
 makes the clustering pattern unstable, as the analysis of the changing
 points of the inflation processes confirms.			  
Journal: Applied Economics Letters 
Pages: 391-396 
Issue: 6 
Volume: 21 
Year: 2014 
Month: 4 
X-DOI: 10.1080/13504851.2013.848018 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.848018 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:6:p:391-396




Template-Type: ReDIF-Article 1.0
Author-Name: Yu Jiang 
Author-X-Name-First: Yu 
Author-X-Name-Last: Jiang 
Author-Name: Xianming Fang 
Author-X-Name-First: Xianming 
Author-X-Name-Last: Fang 
Title: Identify regimes in post-war US GDP growth 
Abstract:
				 This article attempts to simultaneously
 investigate different regimes in both mean and volatility of post-war US
 GDP growth using a four-regime Bayesian Markov switching model. Bayesian
 approach suffers from the label switching problem that leads to the
 failure of identifying regimes. We introduce two methods to deal with the
 label switching problem in posterior simulations of parameters. The four
 regimes identified by either of the two methods capture different
 characteristics in mean and volatility of US GDP growth.		    
Journal: Applied Economics Letters 
Pages: 397-401 
Issue: 6 
Volume: 21 
Year: 2014 
Month: 4 
X-DOI: 10.1080/13504851.2013.861582 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.861582 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:6:p:397-401




Template-Type: ReDIF-Article 1.0
Author-Name: Weixing Cai 
Author-X-Name-First: Weixing 
Author-X-Name-Last: Cai 
Author-Name: Hang Li 
Author-X-Name-First: Hang 
Author-X-Name-Last: Li 
Author-Name: Cheng Zeng 
Author-X-Name-First: Cheng 
Author-X-Name-Last: Zeng 
Title: Competition or privatization: which is more effective in China's banking sector reform? 
Abstract:
				 Using provincial panel data for Chinese
 commercial banks in the period 2002--2007, this article investigates the
 impact of competition and privatization on bank lending efficiency. We
 find evidence of noncommercialization in lending activities. In comparison
 with privatization, competition plays a more important role in improving
 lending efficiency.			     
Journal: Applied Economics Letters 
Pages: 402-406 
Issue: 6 
Volume: 21 
Year: 2014 
Month: 4 
X-DOI: 10.1080/13504851.2013.861583 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.861583 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:6:p:402-406




Template-Type: ReDIF-Article 1.0
Author-Name: Markus Haavio 
Author-X-Name-First: Markus 
Author-X-Name-Last: Haavio 
Author-Name: Caterina Mendicino 
Author-X-Name-First: Caterina 
Author-X-Name-Last: Mendicino 
Author-Name: Maria Teresa Punzi 
Author-X-Name-First: Maria Teresa 
Author-X-Name-Last: Punzi 
Title: Financial and economic downturns in OECD countries 
Abstract:
				 This article empirically studies the
 linkages between financial variable downturns and economic recessions. We
 present evidence that real asset prices tend to lead real cycles, while
 loan-to-GDP and loan-to-deposit ratios lag them. Using a probit anaylsis,
 we document that downturns in real asset prices, particularly real house
 prices, are useful leading indicators of economic recessions.		    
Journal: Applied Economics Letters 
Pages: 407-412 
Issue: 6 
Volume: 21 
Year: 2014 
Month: 4 
X-DOI: 10.1080/13504851.2013.864025 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.864025 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:6:p:407-412




Template-Type: ReDIF-Article 1.0
Author-Name: Hyoung-Goo Kang 
Author-X-Name-First: Hyoung-Goo 
Author-X-Name-Last: Kang 
Author-Name: Hailey Hayeon Joo 
Author-X-Name-First: Hailey Hayeon 
Author-X-Name-Last: Joo 
Author-Name: Janghee Cho 
Author-X-Name-First: Janghee 
Author-X-Name-Last: Cho 
Title: Brand-size complementarity in the choice of retail stores 
Abstract:
				 Shopping patterns of consumers vary as the
 level of size and brand of stores change jointly or separately. Brand and
 size can be either complementary or substitutable with respect to
 consumers' shopping characteristics. They are complementary to spending
 per visit, or brand magnifies the positive effect of size to spending per
 visit. Weekend consumers also tend to view size and brand complementary,
 which is so strong that there exists polarized shopping at either large
 nationwide brand or small unbranded stores during weekend. Car owners
 exhibit very similar patterns as weekend consumers. On the other hand,
 substitutability exists to explain shopping frequency. This effect is so
 high as to generate the polarized pattern; shopping frequency is high with
 regard to small nationwide brand and large unbranded stores. Substitution
 patterns also arise for working women, people older than 50, and
 high-income consumers. 		   
Journal: Applied Economics Letters 
Pages: 413-416 
Issue: 6 
Volume: 21 
Year: 2014 
Month: 4 
X-DOI: 10.1080/13504851.2013.864026 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.864026 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:6:p:413-416




Template-Type: ReDIF-Article 1.0
Author-Name: Brian Truong 
Author-X-Name-First: Brian 
Author-X-Name-Last: Truong 
Author-Name: Dang T. Tran 
Author-X-Name-First: Dang T. 
Author-X-Name-Last: Tran 
Title: The price momentum and discounting effects on stock prices after earnings announcements: an empirical analysis 
Abstract:
				 The purpose of this study is to test price
 momentum and the discounting effects on the stock prices of a firm
 immediately after its quarterly earnings announcement. The approach is
 holistic and cross-sectional. The model consists of a series of
 regressions in which the dependent variables were of several differing
 durations of price reaction periods and the explanatory variables account
 for timing effects, price momentum, market co-movement, earnings forecast,
 analyst effects, forecast revisions, earnings surprises and sectoral
 differences. There is evidence that points to mid- and long-term momentum
 that extend a day or two after the earnings release. After that point,
 there seems to be a net discounting effect. That is, there is evidence of
 an inverse relationship between the price change prior to the earnings
 announcement and the price change after the earnings announcement.	    
Journal: Applied Economics Letters 
Pages: 417-420 
Issue: 6 
Volume: 21 
Year: 2014 
Month: 4 
X-DOI: 10.1080/13504851.2013.864024 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.864024 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:6:p:417-420




Template-Type: ReDIF-Article 1.0
Author-Name: Josep Domenech 
Author-X-Name-First: Josep 
Author-X-Name-Last: Domenech 
Author-Name: Victor Martinez-Gomez 
Author-X-Name-First: Victor 
Author-X-Name-Last: Martinez-Gomez 
Author-Name: Francisco Mas-Verd&uacute; 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Mas-Verd&uacute; 
Title: Location and adoption of ICT innovations in the agri-food industry 
Abstract:
				 This article identifies the web
 technologies adoption pattern of agri-food industries considering a set of
 characteristics which include location, economic performance and previous
 history of adopting innovations. Our main results highlight that, together
 with certain firm characteristics, rural locations act as an accelerator
 for the adoption of web technology, compared to the slower adoption rate
 in urban areas.		       
Journal: Applied Economics Letters 
Pages: 421-424 
Issue: 6 
Volume: 21 
Year: 2014 
Month: 4 
X-DOI: 10.1080/13504851.2013.864032 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.864032 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:6:p:421-424




Template-Type: ReDIF-Article 1.0
Author-Name: Philipp Engler 
Author-X-Name-First: Philipp 
Author-X-Name-Last: Engler 
Author-Name: Alexander Wulff 
Author-X-Name-First: Alexander 
Author-X-Name-Last: Wulff 
Title: Opposition to capital market opening 
Abstract:
				 We employ a neoclassical growth model to
 assess the impact of financial liberalization in a developing country on
 capital owners' and workers' consumption and welfare. We find for an
 average non-OECD country that capital owners suffer a 42% reduction in
 permanent consumption because capital inflows reduce their return to
 capital while workers gain 8% of permanent consumption because capital
 inflows increase wages. These huge gross impacts contrast with the small
 positive net effect found in a neoclassical representative agent model by
 Gourinchas and Jeanne (2006). Our findings provide an estimate of the
 amount of redistribution needed to overcome capitalists' opposition to
 capital inflows.		       
Journal: Applied Economics Letters 
Pages: 425-428 
Issue: 6 
Volume: 21 
Year: 2014 
Month: 4 
X-DOI: 10.1080/13504851.2013.868579 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.868579 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:6:p:425-428




Template-Type: ReDIF-Article 1.0
Author-Name: U. Spiegel 
Author-X-Name-First: U. 
Author-X-Name-Last: Spiegel 
Author-Name: L.D. Gonen 
Author-X-Name-First: L.D. 
Author-X-Name-Last: Gonen 
Author-Name: M. Weber 
Author-X-Name-First: M. 
Author-X-Name-Last: Weber 
Title: Duration and optimal number of shifts in the labour market 
Abstract:
				 Significant conflicts impacting production
 costs and efficient use of labour are associated with shift work. We
 examine the relationship between the number of shifts and their duration
 in order to maximize efficient use of labour. We focus on the debate
 between two basic elements: (1) a greater number of shifts of shorter
 duration which require more idle time between shifts, and may lead to
 increased expenses and inefficient use of resources; and (2) shifts of
 shorter duration that generate higher productivity. We develop a formula
 for achieving a balance between the two elements and determining the
 optimal number of shifts and their duration. We present several
 applications that can be derived from our formula.			  
Journal: Applied Economics Letters 
Pages: 429-432 
Issue: 6 
Volume: 21 
Year: 2014 
Month: 4 
X-DOI: 10.1080/13504851.2013.864027 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.864027 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:6:p:429-432




Template-Type: ReDIF-Article 1.0
Author-Name: Qihui Chen 
Author-X-Name-First: Qihui 
Author-X-Name-Last: Chen 
Author-Name: Tade O. Okediji 
Author-X-Name-First: Tade O. 
Author-X-Name-Last: Okediji 
Title: What is behind class attendance in college economics courses? 
Abstract:
				 How class attendance influences students'
 performance remains unclear. Specifically, do students learn more
 <italic>in class</italic> if they attend more classes, or does class
 attendance create incentives for students to study harder <italic>outside
 class</italic>? To better understand this relationship, we designed an
 attendance policy in an economics course that does not significantly
 change students' attendance rates. Students who scored below a cut-off on
 the midterm exam were required to attend subsequent class lectures even
 though attendance had been implicitly made mandatory for all students,
 accounting for 10% of the course grade. Our regression discontinuity
 analysis suggests that our attendance policy significantly improved
 students' performance on the final exam, even though it had minimal
 impacts on their attendance rates. We also found that the policy worked
 via inducing students to reallocate their time spent studying other
 courses <italic>outside class</italic> to economics.			
Journal: Applied Economics Letters 
Pages: 433-437 
Issue: 6 
Volume: 21 
Year: 2014 
Month: 4 
X-DOI: 10.1080/13504851.2013.864028 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.864028 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:6:p:433-437




Template-Type: ReDIF-Article 1.0
Author-Name: Leonardo Gambacorta 
Author-X-Name-First: Leonardo 
Author-X-Name-Last: Gambacorta 
Author-Name: Michela Scatigna 
Author-X-Name-First: Michela 
Author-X-Name-Last: Scatigna 
Author-Name: Jing Yang 
Author-X-Name-First: Jing 
Author-X-Name-Last: Yang 
Title: Diversification and bank profitability: a nonlinear approach 
Abstract:
				 Using information on 98 internationally
 active banks headquartered in 27 countries over the period 1994--2012, we
 analyse the nonlinear link between income diversification (defined as
 noninterest income to total income) and bank return on assets (ROA). The
 main result is that income diversification is positively correlated with
 bank profitability only up to a certain degree (30% of the diversification
 ratio). Diversification benefits for global systemically important banks
 (GSIBs) are less sizable and significant, especially when we use
 volatility-adjusted return as a measure of bank profitability. 	    
Journal: Applied Economics Letters 
Pages: 438-441 
Issue: 6 
Volume: 21 
Year: 2014 
Month: 4 
X-DOI: 10.1080/13504851.2013.866196 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.866196 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:6:p:438-441




Template-Type: ReDIF-Article 1.0
Author-Name: Huong Vu 
Author-X-Name-First: Huong 
Author-X-Name-Last: Vu 
Author-Name: Mark Holmes 
Author-X-Name-First: Mark 
Author-X-Name-Last: Holmes 
Author-Name: Steven Lim 
Author-X-Name-First: Steven 
Author-X-Name-Last: Lim 
Author-Name: Tuyen Tran 
Author-X-Name-First: Tuyen 
Author-X-Name-Last: Tran 
Title: Exports and profitability: a note from quantile regression approach 
Abstract:
				 Studies of the linkage between exports and
 profitability often use mean regression approaches and focus only on
 European countries. Using a panel data quantile regression approach, this
 study analyses the linkage between export behaviour and profit growth in
 Vietnam. Using a panel dataset from 2005 to 2009, our results show an
 insignificant linkage between export status and firm profit growth when
 using OLS. However, when using a quantile approach, export participation
 is found to be positively related to profitability for those firms with
 high profit growth but negatively related for those firms with low profit
 growth. This might suggest that the productivity advantages of exporters
 with low profit growth are absorbed by costs relating to trading
 activities in overseas markets.		   
Journal: Applied Economics Letters 
Pages: 442-445 
Issue: 6 
Volume: 21 
Year: 2014 
Month: 4 
X-DOI: 10.1080/13504851.2013.866197 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.866197 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:6:p:442-445




Template-Type: ReDIF-Article 1.0
Author-Name: John Baffes 
Author-X-Name-First: John 
Author-X-Name-Last: Baffes 
Author-Name: Cristina Savescu 
Author-X-Name-First: Cristina 
Author-X-Name-Last: Savescu 
Title: Monetary conditions and metal prices 
Abstract:
				 The monetary easing of the past few years
 by the world's major central banks through conventional and unconventional
 policies coincided with the longest and broadest commodity price boom
 since the Second World War. And not surprisingly, the impending
 normalization of monetary conditions has created expectations of a likely
 reversal in commodity price trends. Based on a reduced form,
 price-determination model which accounts for all quantifiable sectoral and
 macroeconomic fundamentals, this note finds that the effect of short-term
 interest rates on metal prices is mixed and modest. But, changes in longer
 term rates have a positive and highly significant impact. The note also
 concludes that metal prices respond (in that order) to industrial
 production, input prices, US dollar movements and physical stocks of
 metals.			
Journal: Applied Economics Letters 
Pages: 447-452 
Issue: 7 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.864029 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.864029 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:7:p:447-452




Template-Type: ReDIF-Article 1.0
Author-Name: Ho-Chuan Huang 
Author-X-Name-First: Ho-Chuan 
Author-X-Name-Last: Huang 
Author-Name: Chih-Chuan Yeh 
Author-X-Name-First: Chih-Chuan 
Author-X-Name-Last: Yeh 
Title: Inflation targeting on unemployment rates: a quantile treatment effect approach 
Abstract:
				 This article explores the treatment
 effects of inflation targeting (IT) on unemployment rates across a large
 panel of 74 countries over the 1980--2010 period. By addressing the
 'self-selection' problem of policy adoption via a variety of propensity
 score matching algorithms, we first find that, on average, IT exerts no
 discernible effect on unemployment rates in the full sample. However, when
 the full sample is split into subgroups, the results strongly indicate
 that the adoption of IT is associated with higher (lower) unemployment
 rate in the industrial (developing) countries. Further outcome from a
 novel quantile treatment effects approach points out that the higher the
 unemployment rate is in the first place, the more harmful (beneficial) the
 implementation of IT becomes in the industrial (developing) subsample.     
Journal: Applied Economics Letters 
Pages: 453-458 
Issue: 7 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.866198 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.866198 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:7:p:453-458




Template-Type: ReDIF-Article 1.0
Author-Name: Christina Robinson 
Author-X-Name-First: Christina 
Author-X-Name-Last: Robinson 
Author-Name: Nicole M. Coomer 
Author-X-Name-First: Nicole M. 
Author-X-Name-Last: Coomer 
Title: Children's public health insurance and scholastic success 
Abstract:
				 There are currently two public health
 insurance options available to United States children, Medicaid and the
 State Children's Health Insurance Program (SCHIP). The programmes are
 similar in that they both target improvements in children's health through
 increased access to medical care. A well-developed body of literature has
 examined the effect these programmes have on a child's health and to a
 large extent has found that the programmes perform as desired. This
 article uses data from the Early Childhood Longitudinal
 Study--Kindergarten Cohort to determine whether access to public health
 insurance translates to an improvement in a child's academic performance.  
Journal: Applied Economics Letters 
Pages: 459-462 
Issue: 7 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.866200 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.866200 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:7:p:459-462




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Schmeiser 
Author-X-Name-First: Steven 
Author-X-Name-Last: Schmeiser 
Title: Consumer preference changes in the logit demand model 
Abstract:
				 I characterize how changes in consumer
 preferences for an attribute affect demand in the logit random utility
 model. The expressions take on simple and intuitive forms. Additionally,
 the expressions do not depend on observing or estimating the consumer's
 taste parameters and can be calculated based on knowledge of choice
 probabilities and product attributes.			      
Journal: Applied Economics Letters 
Pages: 463-465 
Issue: 7 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.868577 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.868577 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:7:p:463-465




Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: Test of the bank lending channel: the case of US consumer loans 
Abstract:
				 Based on a simultaneous-equation model
 incorporating potential substitution of credit card loans for conventional
 consumer loans, this article finds that the demand for conventional
 consumer loans is negatively affected by the personal loan rate and
 positively associated with the credit card rate and real per capita
 disposable income and that the supply of conventional consumer loans is
 positively affected by the personal loan rate and bank deposits and
 negatively impacted by the federal funds rate and the real effective
 exchange rate. Hence, the bank lending channel for conventional consumer
 loans is confirmed as monetary easing to reduce the federal funds rate or
 increased deposits/reserves is expected to increase loan supply.	    
Journal: Applied Economics Letters 
Pages: 466-469 
Issue: 7 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.868578 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.868578 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:7:p:466-469




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Schaub 
Author-X-Name-First: Mark 
Author-X-Name-Last: Schaub 
Title: European ADRs: what a difference a decade makes 
Abstract:
				 The long-term excess returns for European
 American Depository Receipts (ADRs) listed on the NYSE over the period
 1990 to 2009 are tested to determine differences in performance and
 evidence of market timing effects for the decades of the 1990s and the
 2000s. While the overall sample outperformed the S&P 500 index during the
 first 36 months of trading by 7%, those ADRs listed before 1 January 2000
 underperformed by less than 2% and those issued after outperformed the
 index by nearly 26%. These results suggest diversifying a portfolio
 internationally with European ADRs helps to overcome losses in times of
 market crashes and extreme volatility (as occurred in the 2000s).	    
Journal: Applied Economics Letters 
Pages: 470-476 
Issue: 7 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.868580 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.868580 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:7:p:470-476




Template-Type: ReDIF-Article 1.0
Author-Name: H�seyin Kaya 
Author-X-Name-First: H�seyin 
Author-X-Name-Last: Kaya 
Title: Does the level of the yield curve predict inflation? 
Abstract:
				 This article addresses the issue of
 forecasting inflation using the term structure of interest rates. I use
 several measures for the level and the slope of the yield curve and
 investigate their predictive content for inflation. The results show that
 the forecasting performance of the indicators varies across countries. The
 findings suggest that the level of the yield curve is a better predictor
 for inflation than the slope of the yield curve.		   
Journal: Applied Economics Letters 
Pages: 477-480 
Issue: 7 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.868582 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.868582 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:7:p:477-480




Template-Type: ReDIF-Article 1.0
Author-Name: Konstantinos N. Konstantakis 
Author-X-Name-First: Konstantinos N. 
Author-X-Name-Last: Konstantakis 
Author-Name: Panayotis G. Michaelides 
Author-X-Name-First: Panayotis G. 
Author-X-Name-Last: Michaelides 
Author-Name: Theodore Mariolis 
Author-X-Name-First: Theodore 
Author-X-Name-Last: Mariolis 
Title: An endogenous Goodwin--Keynes business cycle model: evidence for Germany (1991--2007) 
Abstract:
				 This article studies business cycles with
 the use of a novel Goodwin--Keynes type model. Based on its derived
 equations of motion and dynamic properties, we estimate the proposed model
 for the case of the German economy, the locomotive of the EMU, in the
 period 1991 to 2007, using relevant econometric techniques. The empirical
 estimation of the proposed model is very satisfactory, in contrast to
 previous efforts to empirically implement the original Goodwin model.	    
Journal: Applied Economics Letters 
Pages: 481-486 
Issue: 7 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.868581 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.868581 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:7:p:481-486




Template-Type: ReDIF-Article 1.0
Author-Name: P. E. Gabriel 
Author-X-Name-First: P. E. 
Author-X-Name-Last: Gabriel 
Author-Name: S. Schmitz 
Author-X-Name-First: S. 
Author-X-Name-Last: Schmitz 
Title: A longitudinal analysis of the union wage premium for US workers 
Abstract:
				 Estimates of the union wage premium for US
 workers are presented based on longitudinal data from the 1979 cohort of
 the National Longitudinal Survey of Youth. Our results indicate that the
 long-term private-sector union wage premium for men has remained fairly
 steady at nearly 22% over the period 1990 to 2010. For women, the wage
 premium exhibits greater volatility, although no clear downward trend, and
 is approximately one-half of the male premium. 		  
Journal: Applied Economics Letters 
Pages: 487-489 
Issue: 7 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.868583 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.868583 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:7:p:487-489




Template-Type: ReDIF-Article 1.0
Author-Name: G. J. Allan 
Author-X-Name-First: G. J. 
Author-X-Name-Last: Allan 
Author-Name: J. Moffat 
Author-X-Name-First: J. 
Author-X-Name-Last: Moffat 
Title: Muscle drain versus brain gain in association football: technology transfer through player emigration and manager immigration 
Abstract:
				 To test theories of migration and economic
 development, this article examines whether international football teams
 benefit from having players playing abroad in stronger leagues and from
 employing managers from countries with stronger leagues. The results
 provide evidence in support of the former effect. However, there is a
 negative impact from employing managers from countries with superior
 leagues.		      
Journal: Applied Economics Letters 
Pages: 490-493 
Issue: 7 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.870641 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.870641 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:7:p:490-493




Template-Type: ReDIF-Article 1.0
Author-Name: Kenneth Button 
Author-X-Name-First: Kenneth 
Author-X-Name-Last: Button 
Author-Name: Zhenhua Chen 
Author-X-Name-First: Zhenhua 
Author-X-Name-Last: Chen 
Title: Demand forecasting errors and the ownership of infrastructure 
Abstract:
				 This article examines the argument that
 the introduction of more private sector expertise into public sector
 transportation demand forecasting will improve its accuracy. An
 examination of a number of pure public and public--private US highway
 investment traffic demand forecasts, however, finds no significance
 evidence that latter are more accurate.		  
Journal: Applied Economics Letters 
Pages: 494-496 
Issue: 7 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.870642 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.870642 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:7:p:494-496




Template-Type: ReDIF-Article 1.0
Author-Name: Sudhanshu Kumar 
Author-X-Name-First: Sudhanshu 
Author-X-Name-Last: Kumar 
Title: The varying interest elasticity and the cost of inflation in India 
Abstract:
				 This article estimates the welfare cost of
 inflation in India using the time-varying interest semi-elasticity from
 the money demand schedule. The estimated interest semi-elasticity and the
 welfare cost of inflation for India show variation over time. The result
 suggests increasing welfare cost of inflation for Indian economy in recent
 times. 			
Journal: Applied Economics Letters 
Pages: 497-500 
Issue: 7 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.870643 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.870643 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:7:p:497-500




Template-Type: ReDIF-Article 1.0
Author-Name: Juan S. Blyde 
Author-X-Name-First: Juan S. 
Author-X-Name-Last: Blyde 
Title: The participation of Mexico in global supply chains: the challenge of adding Mexican value 
Abstract:
				 There is a general perception that
 Mexico's insertion in global supply chains has been mostly in assembly
 operations and that efforts should be made to incorporate additional
 domestic value in the international production networks in which the
 country participates. To examine this issue properly one needs to have a
 measure of the share of domestic value added that is effectively embodied
 in Mexico's exports. We analyse firm-level data from the Manufacturing
 Industry, maquiladora and Export Services Program census which covers all
 the firms that benefit from the Maquiladora and the Program of Temporary
 Imports to Produce Export Goods programs. We find that the share of
 domestic value added as a proportion of the firm's exports has been
 declining in the last 6&nbsp;years. We show that the decline is not the
 result of market share reallocations; that it persists after controlling
 for price changes and that is observed across firms of all sizes. The
 results suggest that more segments of the supply chains are generally not
 moving into Mexico and that on the contrary there is a trend of falling
 domestic value added. This result contrasts with that of other countries
 engaged in similar export processing activities, like China.		    
Journal: Applied Economics Letters 
Pages: 501-504 
Issue: 7 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.870647 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.870647 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:7:p:501-504




Template-Type: ReDIF-Article 1.0
Author-Name: Tai-Yuan Chen 
Author-X-Name-First: Tai-Yuan 
Author-X-Name-Last: Chen 
Author-Name: Lie-Jane Kao 
Author-X-Name-First: Lie-Jane 
Author-X-Name-Last: Kao 
Title: Dividend changes and information about future profitability: an application of difference GMM 
Abstract:
				 This research examines whether dividend
 changes convey information about future profitability. The difference GMM
 approach is employed to overcome the heterogeneity and endogeneity
 problems inherent in dynamic panel data models. Our evidence shows that
 previous abnormal earnings are a good predictor for subsequent abnormal
 earnings. Other than previous abnormal earnings, only dividend increases
 are strongly related to future profitability. Subsequent to dividend
 increases, profitability can last for four years. On the other hand,
 dividend decreases, initiations and omissions tend to reflect only
 concurrent profit performance. It is possible that previous abnormal
 earnings convey the most information about subsequent profitability,
 undermining the signalling of the dividend changes.			    
Journal: Applied Economics Letters 
Pages: 505-508 
Issue: 7 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.870648 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.870648 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:7:p:505-508




Template-Type: ReDIF-Article 1.0
Author-Name: Desamparados Blazquez 
Author-X-Name-First: Desamparados 
Author-X-Name-Last: Blazquez 
Author-Name: Josep Domenech 
Author-X-Name-First: Josep 
Author-X-Name-Last: Domenech 
Title: Inferring export orientation from corporate websites 
Abstract:
				 The purpose of this article is to infer
 indicators about the export orientation of firms from the analysis of
 their corporate websites. Using a data set of manufacturing firms, two
 logistic regressions were performed and compared: one considering some
 firm structural variables, and another considering some web-based
 variables. Results showed that the website features are good predictors of
 the export orientation of firms, performing as well as the classic
 economic variables.			     
Journal: Applied Economics Letters 
Pages: 509-512 
Issue: 7 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.872752 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.872752 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:7:p:509-512




Template-Type: ReDIF-Article 1.0
Author-Name: Massimiliano Guerini 
Author-X-Name-First: Massimiliano 
Author-X-Name-Last: Guerini 
Author-Name: Cristina Rossi-Lamastra 
Author-X-Name-First: Cristina 
Author-X-Name-Last: Rossi-Lamastra 
Title: How university and industry knowledge interact to determine local entrepreneurship 
Abstract:
				 This article discusses and empirically
 investigates whether and how university knowledge and industry knowledge
 <italic>interact</italic> to determine the creation of knowledge-intensive
 firms (KIFs) in a geographic area. In line with the knowledge spillover
 theory of entrepreneurship (KSTE), we find that both knowledge types
 matter for stimulating local entrepreneurship. However, our findings
 document that university knowledge exerts an effect just in areas where
 industry knowledge is low. In other words, the two types of knowledge do
 not generate synergetic gains, but are substitutes.			   
Journal: Applied Economics Letters 
Pages: 513-516 
Issue: 8 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.864031 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.864031 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:8:p:513-516




Template-Type: ReDIF-Article 1.0
Author-Name: Ching-Wai (Jeremy) Chiu 
Author-X-Name-First: Ching-Wai (Jeremy) 
Author-X-Name-Last: Chiu 
Title: A macroeconomic investigation of funding liquidity and monetary policy shocks in the United States 
Abstract:
				 This article provides empirical evidence
 that aggregate funding liquidity shocks and monetary policy shocks
 contribute to the business cycles in the United States. I estimate a
 structural VAR model with monthly macro-financial data, and identify the
 structural shocks based on the recursiveness assumption. Both adverse
 funding liquidity and monetary policy shocks, which are orthogonal to each
 other by construction, cause significant recessions, with monetary policy
 shocks generating relatively deeper and longer recessionary effects. Only
 funding liquidity shocks significantly reduce market liquidity. These two
 shocks account for over 30% of the cyclical fluctuations of the
 unemployment rate and industrial production two years after the shocks
 hit.			 
Journal: Applied Economics Letters 
Pages: 517-521 
Issue: 8 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.870646 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.870646 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:8:p:517-521




Template-Type: ReDIF-Article 1.0
Author-Name: Takeshi Inoue 
Author-X-Name-First: Takeshi 
Author-X-Name-Last: Inoue 
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Title: Market efficiency of commodity futures in India 
Abstract:
				 This article aims to examine the market
 efficiency of the commodity futures market in India, which has been
 growing phenomenally over the last few years. We estimate the long-run
 equilibrium relationship between multi-commodity futures and spot prices
 and then test for weak-form market efficiency by applying both the dynamic
 ordinary least squares and fully modified ordinary least squares methods.
 The entire sample period is from 2 January 2006 to 31 March 2011. The
 results indicate that a cointegrating relationship exists between these
 indices and that the commodity futures market appears efficient during the
 more recent sub-sample period since July 2009 onwards. 		    
Journal: Applied Economics Letters 
Pages: 522-527 
Issue: 8 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.872751 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.872751 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:8:p:522-527




Template-Type: ReDIF-Article 1.0
Author-Name: Hamid Baghestani 
Author-X-Name-First: Hamid 
Author-X-Name-Last: Baghestani 
Author-Name: Michael Malcolm 
Author-X-Name-First: Michael 
Author-X-Name-Last: Malcolm 
Title: Marriage, divorce and economic activity in the US: 1960--2008 
Abstract:
				 We utilize a time-series model to examine
 the interrelationship between marriage and divorce and their connections
 with macroeconomic conditions for the period 1960 to 2008. Our findings
 suggest that marriage and divorce are pro-cyclical, although macroeconomic
 conditions affect divorce only when the economy is underperforming.
 Marriage is pro-cyclical in all circumstances. Further, bidirectional
 causation exists, with marriage (divorce) affected by lagged rates of
 divorce (marriage).			   
Journal: Applied Economics Letters 
Pages: 528-532 
Issue: 8 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.872753 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.872753 
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Template-Type: ReDIF-Article 1.0
Author-Name: Masahiko Shibamoto 
Author-X-Name-First: Masahiko 
Author-X-Name-Last: Shibamoto 
Author-Name: Yoshiro Tsutsui 
Author-X-Name-First: Yoshiro 
Author-X-Name-Last: Tsutsui 
Title: Note on the interpretation of the convergence speed in the dynamic panel model 
Abstract:
				 Studies using dynamic panel regression
 approach have found a high speed of income convergence among the world and
 the regional economies. For example, Lee <italic>et al.</italic> (1997,
 1998) report 30% per annum. This note argues that their estimates of the
 convergence speed can be seriously overstated. Using a factor model, we
 show that the coefficient of the lagged income in their specification may
 not be the long-run convergence speed, but the adjustment speed of the
 short-run deviation from the long-run equilibrium path. We give an example
 of an empirical analysis, where the short-run adjustment speed is about
 40%.			  
Journal: Applied Economics Letters 
Pages: 533-535 
Issue: 8 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.872754 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.872754 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:8:p:533-535




Template-Type: ReDIF-Article 1.0
Author-Name: Suleyman Bolat 
Author-X-Name-First: Suleyman 
Author-X-Name-Last: Bolat 
Author-Name: Aviral Kumar Tiwari 
Author-X-Name-First: Aviral Kumar 
Author-X-Name-Last: Tiwari 
Author-Name: Ahmet Utku Erdayi 
Author-X-Name-First: Ahmet Utku 
Author-X-Name-Last: Erdayi 
Title: Unemployment hysteresis in the Eurozone area: evidences from nonlinear heterogeneous panel unit root test 
Abstract:
				 Our article tests for hysteresis of
 unemployment rate for 17 Eurozone countries over the period 2000:1 to
 2013:1 through the use of new nonlinear panel unit root tests by adopting
 the sequential panel selection method (SPSM), proposed by Chortareas and
 Kapetanios (2009) and a nonlinear panel unit root test developed by Ucar
 and Omay (2009). The results show that the unemployment rates for 17
 Eurozone countries are not stationary and conform to the hysteresis
 hypothesis for both panel unit root tests of Ucar and Omay (2009) and SPSM
 without Fourier. We reported the results of the Panel Kapetanios, Shin and
 Snell (KSS) test with a Fourier function and found that the unemployment
 rates in 11 countries are stationary and this result is in accord with
 natural rate hypothesis. On the other hand, unemployment rates in six
 countries, namely Netherlands, Slovakia, Slovenia, Italy, Portugal and
 Cyprus, show hysteresis effect.		       
Journal: Applied Economics Letters 
Pages: 536-540 
Issue: 8 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.872755 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.872755 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nadia Greenhalgh-Stanley 
Author-X-Name-First: Nadia 
Author-X-Name-Last: Greenhalgh-Stanley 
Title: Can the government incentivize the purchase of private long-term care insurance? Evidence from the Partnership for Long-Term Care 
Abstract:
				 Using data from the Health and Retirement
 Study, I show that state adoption of Partnerships for Long-Term Care
 incentivized the purchase of private long-term care insurance,
 particularly for households displaying the greatest risk aversion and
 long-term financial planning horizons. 		     
Journal: Applied Economics Letters 
Pages: 541-544 
Issue: 8 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.872756 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.872756 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:8:p:541-544




Template-Type: ReDIF-Article 1.0
Author-Name: H. E. T. Holgersson 
Author-X-Name-First: H. E. T. 
Author-X-Name-Last: Holgersson 
Author-Name: T. Norman 
Author-X-Name-First: T. 
Author-X-Name-Last: Norman 
Author-Name: S. Tavassoli 
Author-X-Name-First: S. 
Author-X-Name-Last: Tavassoli 
Title: In the quest for economic significance: assessing variable importance through mean value decomposition 
Abstract:
				 Economic significance is frequently
 assessed through statistical hypothesis testing, which however, does not
 always correspond to the implicit economical questions being addressed. In
 this article we propose using mean value decomposition to assess economic
 significance. Unlike most previously suggested methods the proposed one is
 intuitive and simple to conduct. The technique is demonstrated and
 contrasted with hypothesis tests by an empirical example involving the
 income of Mexican children, which shows that the two inference approaches
 provide different and supplementary pieces of information.		    
Journal: Applied Economics Letters 
Pages: 545-549 
Issue: 8 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.872757 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.872757 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:8:p:545-549




Template-Type: ReDIF-Article 1.0
Author-Name: Ju-Fang Yen 
Author-X-Name-First: Ju-Fang 
Author-X-Name-Last: Yen 
Author-Name: Yan-Shing Chen 
Author-X-Name-First: Yan-Shing 
Author-X-Name-Last: Chen 
Author-Name: Chih-Yung Lin 
Author-X-Name-First: Chih-Yung 
Author-X-Name-Last: Lin 
Author-Name: Chih-Hong Tsai 
Author-X-Name-First: Chih-Hong 
Author-X-Name-Last: Tsai 
Title: Can political and business connections alleviate financial constraints? 
Abstract:
				 This article examines the relationship
 between political and business connections (PBCs) and firms' financial
 constraints. We proxy a firm's PBCs by whether or not the firm's CEO
 should hold a directorship in major trade organizations. Using an
 endogenous switching regression model, we find that firms with a connected
 CEO are less likely to be classified as financially constrained firms. Our
 results can provide a possible explanation why firms allow their CEOs to
 hold directorships in trade associations.		     
Journal: Applied Economics Letters 
Pages: 550-555 
Issue: 8 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.875099 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.875099 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:8:p:550-555




Template-Type: ReDIF-Article 1.0
Author-Name: J. Spohr 
Author-X-Name-First: J. 
Author-X-Name-Last: Spohr 
Title: The share is down 8% after the profit warning, is it time to buy? 
Abstract:
				 Variables explaining the market response
 to a profit warning are of interest to both market participants and the
 managers of the firm. Several variables have been used in previous
 research to explain the market response to profit warnings with varying
 outcomes. This study uses a framework of surprise and risk to explain the
 market response and tests it on a sample of 474 profit warnings collected
 from Nasdaq OMX Nordic. The findings show that surprise and risk variables
 can be used to estimate the size of the market response to a profit
 warning.			  
Journal: Applied Economics Letters 
Pages: 556-559 
Issue: 8 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.875100 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.875100 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:8:p:556-559




Template-Type: ReDIF-Article 1.0
Author-Name: Francisca M. Antman 
Author-X-Name-First: Francisca M. 
Author-X-Name-Last: Antman 
Title: Spousal employment and intra-household bargaining power 
Abstract:
				 This article considers the relationship
 between work status and decision-making power of the head of household and
 his spouse. I used household fixed effects models to address the
 possibility that spousal work status may be correlated with unobserved
 factors that also affect bargaining power within the home. Consistent with
 the hypothesis that greater economic resources yield greater bargaining
 power, I found that the spouse of the head of household is more likely to
 be involved in making decisions when she has been employed. Similarly, the
 head of household is less likely to be the sole decision-maker when his
 spouse works.			      
Journal: Applied Economics Letters 
Pages: 560-563 
Issue: 8 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.875101 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.875101 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:8:p:560-563




Template-Type: ReDIF-Article 1.0
Author-Name: Pandej Chintrakarn 
Author-X-Name-First: Pandej 
Author-X-Name-Last: Chintrakarn 
Author-Name: Pornsit Jiraporn 
Author-X-Name-First: Pornsit 
Author-X-Name-Last: Jiraporn 
Author-Name: Manohar Singh 
Author-X-Name-First: Manohar 
Author-X-Name-Last: Singh 
Title: Powerful CEOs and capital structure decisions: evidence from the CEO pay slice (CPS) 
Abstract:
				 Motivated by agency theory, we explore how
 powerful CEOs view leverage. Because of the agency conflict, CEOs may
 adopt sub-optimal leverage levels that promote their own private benefits
 at the expense of shareholders. Using Bebchuk <italic>et al.</italic>
 (2011) CEO pay slice (CPS) to gauge CEO power, we find that powerful CEOs
 view leverage negatively and avoid high debt. However, CEOs appear to
 adopt sub-optimal leverage only when their power is sufficiently
 consolidated. Relatively weak CEOs do not seem to avoid leverage. The
 effect of CEO power on capital structure decisions is thus nonmonotonic.
 Our results imply that agency problems lead to self-serving behaviour only
 when managers command sufficient influence in the company. Finally, we
 also show that our conclusion is unlikely confounded by endogeneity.	    
Journal: Applied Economics Letters 
Pages: 564-568 
Issue: 8 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.875102 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.875102 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:8:p:564-568




Template-Type: ReDIF-Article 1.0
Author-Name: Satoshi Yamazaki 
Author-X-Name-First: Satoshi 
Author-X-Name-Last: Yamazaki 
Author-Name: Jing Tian 
Author-X-Name-First: Jing 
Author-X-Name-Last: Tian 
Author-Name: Firmin Doko Tchatoka 
Author-X-Name-First: Firmin 
Author-X-Name-Last: Doko Tchatoka 
Title: Are per capita CO<sub>2</sub> emissions increasing among OECD countries? A test of trends and breaks 
Abstract:
				 We empirically analyse the trend
 characteristics of per capita CO<sub>2</sub> emissions in OECD countries
 from 1971 to 2009. We use a statistically robust procedure, which is valid
 regardless of whether per capita CO<sub>2</sub> emissions are trend
 stationary or contain a stochastic trend, to test for the presence of a
 deterministic trend and a structural break in the trend. Our results
 suggest that the trend in per capita CO<sub>2</sub> emissions shifts
 downward or is reversed for a number of OECD countries either after the
 1970s oil shocks or during the early- to mid-2000s.		      
Journal: Applied Economics Letters 
Pages: 569-572 
Issue: 8 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.875103 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.875103 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:8:p:569-572




Template-Type: ReDIF-Article 1.0
Author-Name: Jean P. Sep&uacute;lveda 
Author-X-Name-First: Jean P. 
Author-X-Name-Last: Sep&uacute;lveda 
Author-Name: Claudio A. Bonilla 
Author-X-Name-First: Claudio A. 
Author-X-Name-Last: Bonilla 
Title: The factors affecting the risk attitude in entrepreneurship: evidence from Latin America 
Abstract:
				 This article departs from the traditional
 analysis of the effects of risk aversion in entrepreneurship to study the
 determinants of entrepreneurial risk aversion in developing a new venture
 and becoming an entrepreneur. We took fear of failing as a proxy for risk
 aversion and applied our analysis to the most important Latin American
 economies. We observed that being male, having more years of formal
 education and believing to have the necessary skills to develop a new
 venture decreased the probability of feeling a fear of failing and, thus,
 eventually increased the probability of developing a new venture. Age
 affects risk quadratically (first positively, but after some point,
 negatively), and if there is a prior experience of having shut down a
 business, risk aversion increases, that is, the probability of feeling a
 fear of failing, which reduces the probability of becoming an
 entrepreneur.			       
Journal: Applied Economics Letters 
Pages: 573-581 
Issue: 8 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.875104 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.875104 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:8:p:573-581




Template-Type: ReDIF-Article 1.0
Author-Name: Yoichi Tsuchiya 
Author-X-Name-First: Yoichi 
Author-X-Name-Last: Tsuchiya 
Title: Joint evaluation of the directional accuracy of federal budget forecasts 
Abstract:
				 Most research focused on deficit, revenue
 and outlay in budget forecasts has addressed these issues separately. In
 this study, we investigate changes in budget forecasts from the
 Congressional Budget Office, applying a recently developed market-timing
 test. We find that the combined forecasts of revenue and outlay are useful
 with a horizon of 8 months in predicting an increase/decrease, and useful
 with a horizon of up to 20 months in predicting an
 acceleration/deceleration in the deficit.		     
Journal: Applied Economics Letters 
Pages: 582-585 
Issue: 8 
Volume: 21 
Year: 2014 
Month: 5 
X-DOI: 10.1080/13504851.2013.877562 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.877562 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:8:p:582-585




Template-Type: ReDIF-Article 1.0
Author-Name: J. L. Hotchkiss 
Author-X-Name-First: J. L. 
Author-X-Name-Last: Hotchkiss 
Author-Name: M. M. Pitts 
Author-X-Name-First: M. M. 
Author-X-Name-Last: Pitts 
Author-Name: F. Rios-Avila 
Author-X-Name-First: F. 
Author-X-Name-Last: Rios-Avila 
Title: A search for evidence of skill mismatch in the aftermath of the great recession 
Abstract:
				 Using matched individual-level data from
 the Current Population Survey, this article identifies a significant trend
 shift upwards in schooling among prime-age labour force leavers following
 the 2008--2009 recession. However, further evidence discredits skill
 mismatch as an explanation for that trend shift.		      
Journal: Applied Economics Letters 
Pages: 587-592 
Issue: 9 
Volume: 21 
Year: 2014 
Month: 6 
X-DOI: 10.1080/13504851.2013.870645 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.870645 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:9:p:587-592




Template-Type: ReDIF-Article 1.0
Author-Name: Oscar Bajo-Rubio 
Author-X-Name-First: Oscar 
Author-X-Name-Last: Bajo-Rubio 
Title: Balance-constrained growth rates: generalizing Thirlwall's law 
Abstract:
				 In this article, we show how the concept
 of balance of payments-constrained growth rate developed by Thirlwall
 (1979) can be generalized as the growth rate constrained by the balance
 between any two economic variables. In particular, we derive two new
 concepts: the government balance-constrained growth rate and the private
 balance-constrained growth rate. Some extensions of the basic model are
 also provided. 		    
Journal: Applied Economics Letters 
Pages: 593-596 
Issue: 9 
Volume: 21 
Year: 2014 
Month: 6 
X-DOI: 10.1080/13504851.2013.877563 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.877563 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:9:p:593-596




Template-Type: ReDIF-Article 1.0
Author-Name: S. Baert 
Author-X-Name-First: S. 
Author-X-Name-Last: Baert 
Author-Name: L. Decuypere 
Author-X-Name-First: L. 
Author-X-Name-Last: Decuypere 
Title: Better sexy than flexy? A lab experiment assessing the impact of perceived attractiveness and personality traits on hiring decisions 
Abstract:
				 We present a laboratory experiment to
 assess the relative and independent effect of perceived attractiveness and
 personality traits on hiring decisions. Our results indicate that
 attractiveness and conscientiousness, followed by emotional stability, are
 important drivers of recruiters' decisions.			   
Journal: Applied Economics Letters 
Pages: 597-601 
Issue: 9 
Volume: 21 
Year: 2014 
Month: 6 
X-DOI: 10.1080/13504851.2013.877564 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.877564 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:9:p:597-601




Template-Type: ReDIF-Article 1.0
Author-Name: Botao Qin 
Author-X-Name-First: Botao 
Author-X-Name-Last: Qin 
Author-Name: Sherrill Shaffer 
Author-X-Name-First: Sherrill 
Author-X-Name-Last: Shaffer 
Title: A test of competition in Chinese banking 
Abstract:
				 We apply the Bresnahan--Lau model (1982)
 to test the degree of competition of China's banking industry over the
 period 1986 to 2011. Results strongly reject monopoly power and indicate
 perfectly competitive behaviour. China's entry into the WTO did not cause
 any measurable shift in banking competition.			      
Journal: Applied Economics Letters 
Pages: 602-604 
Issue: 9 
Volume: 21 
Year: 2014 
Month: 6 
X-DOI: 10.1080/13504851.2013.877565 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.877565 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:9:p:602-604




Template-Type: ReDIF-Article 1.0
Author-Name: May Hu 
Author-X-Name-First: May 
Author-X-Name-Last: Hu 
Author-Name: Jingjing Yang 
Author-X-Name-First: Jingjing 
Author-X-Name-Last: Yang 
Title: Can analyst coverage reduce the incidence of fraud? Evidence from China 
Abstract:
				 We investigate the impact of security
 analyst coverage on the incidence of corporate financial fraud in China.
 After controlling for the endogeneity between analyst following and fraud,
 we find that financial analyst coverage cannot significantly influence the
 incidence of fraud. The empirical findings suggest that financial analysts
 do not serve as external monitors to managers and large shareholders in
 China. 		 
Journal: Applied Economics Letters 
Pages: 605-608 
Issue: 9 
Volume: 21 
Year: 2014 
Month: 6 
X-DOI: 10.1080/13504851.2013.879273 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.879273 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:9:p:605-608




Template-Type: ReDIF-Article 1.0
Author-Name: Sherman D. Hanna 
Author-X-Name-First: Sherman D. 
Author-X-Name-Last: Hanna 
Author-Name: KyoungTae Kim 
Author-X-Name-First: KyoungTae 
Author-X-Name-Last: Kim 
Title: Time preference assumptions in normative analyses of household financial decisions 
Abstract:
				 Economists conducting normative analyses
 of household financial decisions typically assume specific values of
 parameters of the household utility function. We review 12 normative
 analyses and discuss justifications for the personal discount rates
 assumed. None of the normative articles cited an independent estimate of
 the personal discount rate. Instead, the authors made arbitrary
 assumptions or cited another article's assumption. We conclude with
 recommendations for assumptions about the personal discount rate in
 normative analyses of household financial decisions.			 
Journal: Applied Economics Letters 
Pages: 609-612 
Issue: 9 
Volume: 21 
Year: 2014 
Month: 6 
X-DOI: 10.1080/13504851.2013.879274 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.879274 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:9:p:609-612




Template-Type: ReDIF-Article 1.0
Author-Name: Simon Condliffe 
Author-X-Name-First: Simon 
Author-X-Name-Last: Condliffe 
Author-Name: Gregory T. Fiorentino 
Author-X-Name-First: Gregory T. 
Author-X-Name-Last: Fiorentino 
Title: The impact of risk preference on health insurance and health expenditures in the United States 
Abstract:
				 The Affordable Care Act includes an
 individual mandate whereby persons are required to carry health insurance.
 This mandate will bring currently uninsured persons into the insurance
 pool. The uninsured are a heterogeneous group that includes persons with
 diverse risk preferences. It is important, therefore, to understand the
 role risk preference plays in (1) the likelihood of being uninsured and
 (2) the health care expenditures. Using the recently available data from
 the Medical Expenditure Panel Survey (MEPS), we analyse eight years of US
 data using multivariate regression and quantify the role of risk
 preference in insurance and expenditure equations. The results provide
 evidence that a person with high risk preference is less likely to hold
 health insurance, and spends less on healthcare even when controlling for
 insurance.		     
Journal: Applied Economics Letters 
Pages: 613-616 
Issue: 9 
Volume: 21 
Year: 2014 
Month: 6 
X-DOI: 10.1080/13504851.2013.879275 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.879275 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:9:p:613-616




Template-Type: ReDIF-Article 1.0
Author-Name: Pengfei Sheng 
Author-X-Name-First: Pengfei 
Author-X-Name-Last: Sheng 
Author-Name: Jun Yang 
Author-X-Name-First: Jun 
Author-X-Name-Last: Yang 
Title: Low-energy development in China 
Abstract:
				 Energy is a nonrenewable resource. Hence,
 long-term sustainable development cannot be guaranteed by an increase in
 energy efficiency but to use the least energy as possible. Therefore, this
 article builds an index of low-energy development (LEDI) to describe the
 shift from high-energy development to LEDI. This research, which uses
 Chinese provincial data set, reveals that the LEDI of China is at the low
 level, but has a significant upward trend after 2005.			  
Journal: Applied Economics Letters 
Pages: 617-621 
Issue: 9 
Volume: 21 
Year: 2014 
Month: 6 
X-DOI: 10.1080/13504851.2013.879276 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.879276 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:9:p:617-621




Template-Type: ReDIF-Article 1.0
Author-Name: Ratul Lahkar 
Author-X-Name-First: Ratul 
Author-X-Name-Last: Lahkar 
Author-Name: Viswanath Pingali 
Author-X-Name-First: Viswanath 
Author-X-Name-Last: Pingali 
Title: Risk diversification through multiple group membership in microfinance 
Abstract:
				 We consider group formation in the joint
 liability setting in microfinance. Joint liability imposes additional
 liability of having to repay for group partners should they fail to repay.
 Multiple group membership allows diversification of that risk, and
 therefore, is welfare enhancing for risk averse agents. Welfare
 enhancement occurs even when the total loan of an agent is unchanged.
 Therefore, multiple borrowing is not synonymous with over-borrowing.	    
Journal: Applied Economics Letters 
Pages: 622-625 
Issue: 9 
Volume: 21 
Year: 2014 
Month: 6 
X-DOI: 10.1080/13504851.2013.879277 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.879277 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:9:p:622-625




Template-Type: ReDIF-Article 1.0
Author-Name: Guan-Chun Liu 
Author-X-Name-First: Guan-Chun 
Author-X-Name-Last: Liu 
Author-Name: Chien-Chiang Lee 
Author-X-Name-First: Chien-Chiang 
Author-X-Name-Last: Lee 
Title: Insurance activities and banking credit causal nexus: evidence from China 
Abstract:
				 Employing an advanced bootstrap VAR model
 with a fixed rolling window, we investigate the causal nexus between
 insurance activities and banking credit in China. Parameter stability
 tests show that none of the traditional VAR models have stable parameters,
 and hence the full sample results are unreliable. Rolling window results
 indicate the time-varying causal nexus between them in various subsamples
 in China and two key structural change points -- the years 2002 and 2008.  
Journal: Applied Economics Letters 
Pages: 626-630 
Issue: 9 
Volume: 21 
Year: 2014 
Month: 6 
X-DOI: 10.1080/13504851.2013.879278 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.879278 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:9:p:626-630




Template-Type: ReDIF-Article 1.0
Author-Name: Bingqing Li 
Author-X-Name-First: Bingqing 
Author-X-Name-Last: Li 
Author-Name: Han Wang 
Author-X-Name-First: Han 
Author-X-Name-Last: Wang 
Author-Name: Xinrong Xiao 
Author-X-Name-First: Xinrong 
Author-X-Name-Last: Xiao 
Title: Measuring financial contagion using general social interaction model with trade network structure 
Abstract:
				 This article applies general social
 interaction model to measure contagion across stock markets in a given
 trade network. We divide the whole sample period into five types of
 subperiods according to the extent of negative and positive coexceedances.
 We find that interdependence and contagion in the given trade network
 exist significantly. Our empirical results also confirm previous evidences
 that contagion is stronger for extreme negative returns than for positive
 ones. However, the direction of asymmetry reverses when the degree of
 coexceedances becomes somewhat smaller. In addition, trade partners'
 macroeconomic fundamentals in trade network significantly impact on
 domestic stock market during extreme periods.			     
Journal: Applied Economics Letters 
Pages: 631-635 
Issue: 9 
Volume: 21 
Year: 2014 
Month: 6 
X-DOI: 10.1080/13504851.2013.879279 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.879279 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:9:p:631-635




Template-Type: ReDIF-Article 1.0
Author-Name: Martin Biewen 
Author-X-Name-First: Martin 
Author-X-Name-Last: Biewen 
Title: A general decomposition formula with interaction effects 
Abstract:
				 This note presents a general way to
 decompose differences over time or between objects into the
 <italic>ceteris paribus</italic> effects and the interaction effects of an
 arbitrary number of factors. The decomposition addresses the issue of
 interaction effects between factors which have been neglected in the
 decomposition literature. It has the additional advantage of being
 path-independent and aggregation consistent. An empirical application
 studying distributional change demonstrates that interaction effects may
 be a relevant feature of reality that is overlooked if other decomposition
 methods are used.		      
Journal: Applied Economics Letters 
Pages: 636-642 
Issue: 9 
Volume: 21 
Year: 2014 
Month: 6 
X-DOI: 10.1080/13504851.2013.879280 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.879280 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:9:p:636-642




Template-Type: ReDIF-Article 1.0
Author-Name: Xiaohua Yu 
Author-X-Name-First: Xiaohua 
Author-X-Name-Last: Yu 
Title: Raising food prices and welfare change: a simple calibration 
Abstract:
				 This article proposes a simple and
 straightforward method which only requires the information of expenditure
 share and the compensated own price elasticity to calibrate <italic>ex
 ante</italic> consumer welfare change due to price change, while specific
 price information is not required. It is applied to calculate the welfare
 loss due to recent food price inflation and find that recent food price
 inflation after January 2009 in the world causes 22%, 14% and 9% welfare
 loss, respectively, for low-, middle- and high-income countries.	    
Journal: Applied Economics Letters 
Pages: 643-645 
Issue: 9 
Volume: 21 
Year: 2014 
Month: 6 
X-DOI: 10.1080/13504851.2013.879281 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.879281 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:9:p:643-645




Template-Type: ReDIF-Article 1.0
Author-Name: Raquel L�pez 
Author-X-Name-First: Raquel 
Author-X-Name-Last: L�pez 
Title: Volatility contagion across commodity, equity, foreign exchange and Treasury bond markets 
Abstract:
				 Over the last years, the Chicago Board of
 Options Exchange (CBOE) has launched a set of implied volatility indices
 based on new asset classes following the success of equity-based
 volatility indices. Using some of the newly created volatility indices,
 this study shows that evidence of implied volatility transmission across
 commodity, equity, foreign exchange and Treasury bond markets cannot be
 accounted for by news announcements on economic fundamentals, suggesting
 volatility contagion. The findings are robust over the recent financial
 crisis period and the post-crisis period.			   
Journal: Applied Economics Letters 
Pages: 646-650 
Issue: 9 
Volume: 21 
Year: 2014 
Month: 6 
X-DOI: 10.1080/13504851.2013.879282 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.879282 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:9:p:646-650




Template-Type: ReDIF-Article 1.0
Author-Name: Hail Park 
Author-X-Name-First: Hail 
Author-X-Name-Last: Park 
Title: Estimation of affine term structure models under the Milstein approximation 
Abstract:
				 This article suggests the Milstein
 approximation in the estimation of affine term structure models by the
 Kalman filter. By doing so, affine term structure models with various
 specifications of the market price of risk can be estimated in a tractable
 and reasonable manner. In regard to both in-sample fit and out-of-sample
 forecast, the performance of the Milstein approximation is very close to
 that of the closed form of the conditional moments. Monte Carlo simulation
 also shows that the properties of estimators under the Milstein
 approximation are comparable to those using the closed form of the
 conditional mean and variance. These indicate that the Milstein
 approximation can be a good alternative when the closed form of the
 conditional moments is impractical.			  
Journal: Applied Economics Letters 
Pages: 651-656 
Issue: 9 
Volume: 21 
Year: 2014 
Month: 6 
X-DOI: 10.1080/13504851.2014.881962 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.881962 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:9:p:651-656




Template-Type: ReDIF-Article 1.0
Author-Name: Jacob Ladenburg 
Author-X-Name-First: Jacob 
Author-X-Name-Last: Ladenburg 
Author-Name: Kirsten Lund Jensen 
Author-X-Name-First: Kirsten Lund 
Author-X-Name-Last: Jensen 
Author-Name: Christa Lassen 
Author-X-Name-First: Christa 
Author-X-Name-Last: Lassen 
Title: Does it matter why power outages occur? An example of information-induced gender-heterogeneous preference on the intensive and extensive margins of choice 
Abstract:
				 People experience welfare losses in the
 event of power outages. A higher share of wind power in the power
 generation mix increases difficulties in forecasting power generation.
 This, in turn, challenges an effective utilization of wind power and
 increases the risk of power outages. Using a split sample approach, we
 test whether private households' preferences for power outages are
 sensitive to information regarding the positive influence that controlled
 power outages can have on the utilization of wind energy in particular.
 Information increases the overall acceptance of contracts with low
 compensation, but influences females and males differently. Relative to
 female respondents, information increases male respondents' preferences
 for accepting a contract, whilst information reduces preferences among
 females, relative to males, for contracts with higher levels of
 compensation.			     
Journal: Applied Economics Letters 
Pages: 657-664 
Issue: 10 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.881963 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.881963 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:10:p:657-664




Template-Type: ReDIF-Article 1.0
Author-Name: Yingying Shi 
Author-X-Name-First: Yingying 
Author-X-Name-Last: Shi 
Author-Name: Daiyan Peng 
Author-X-Name-First: Daiyan 
Author-X-Name-Last: Peng 
Title: Dynamics of social tolerance in the economic interaction model with three groups 
Abstract:
				 The dynamics of social tolerance among
 three groups of economic agents have been discussed. We show that dynamics
 of social tolerance between two groups can be greatly influenced by the
 third group, and a society with three groups exhibits rich behaviours
 which are very different from the two-group case. In the three-group case,
 a fully intolerant society may also get total welfare maximization, while
 a society with higher social costs gets lower total welfare. Cultural
 integration is vitally important in achieving full tolerance and total
 welfare maximization. In particular, suitably increase the number of
 groups, which can reduce the necessary condition of achieving full
 tolerance, is an effective method if cultural integration is invalid.	    
Journal: Applied Economics Letters 
Pages: 665-670 
Issue: 10 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.881964 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.881964 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:10:p:665-670




Template-Type: ReDIF-Article 1.0
Author-Name: Astrid Krenz 
Author-X-Name-First: Astrid 
Author-X-Name-Last: Krenz 
Title: Adjustment dynamics of countries' specialization patterns in the European Union 
Abstract:
				 We investigate the adjustment dynamics of
 countries' specialization patterns in terms of labour market participation
 in manufacturing industries for the European Union. Using cointegration
 and error correction modelling techniques, we find that imbalances in
 European countries' specialization are being set off at a rate of about
 63% within the next period. Adjustment rates for Denmark, France, Germany
 and Spain are lower than for the entire EU. These patterns deliver
 valuable information about labour market rigidities and the suitability of
 a common monetary union in the European Union. 		      
Journal: Applied Economics Letters 
Pages: 671-674 
Issue: 10 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.882069 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.882069 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:10:p:671-674




Template-Type: ReDIF-Article 1.0
Author-Name: A. Barrett 
Author-X-Name-First: A. 
Author-X-Name-Last: Barrett 
Author-Name: V. O'Sullivan 
Author-X-Name-First: V. 
Author-X-Name-Last: O'Sullivan 
Title: The wealth, health and well-being of Ireland's older people before and during the economic crisis 
Abstract:
				 The economic crisis of 2008/9 was felt
 more acutely in Ireland relative to most other countries and culminated in
 the international bailout in 2010. Given the economic collapse, Ireland
 provides an ideal case study of the link between wealth collapses and
 movements in variables such as health and well-being. Using nationally
 representative samples of older people collected before and during the
 crisis, we show that mean net assets fell by 45% between 2006/7 and
 2012/13. In spite of this massive fall in wealth, measures of health and
 well-being remained broadly unchanged. However, expectations about future
 living standards became less optimistic. The results tend to support the
 findings of other recent studies that recessions do not have widespread
 negative effects on health and well-being.			   
Journal: Applied Economics Letters 
Pages: 675-678 
Issue: 10 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.884687 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.884687 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:10:p:675-678




Template-Type: ReDIF-Article 1.0
Author-Name: Johnny Ducking 
Author-X-Name-First: Johnny 
Author-X-Name-Last: Ducking 
Author-Name: Peter A. Groothuis 
Author-X-Name-First: Peter A. 
Author-X-Name-Last: Groothuis 
Author-Name: James Richard Hill 
Author-X-Name-First: James Richard 
Author-X-Name-Last: Hill 
Title: Compensation discrimination in the NFL: an analysis of career earnings 
Abstract:
				 Using NFL data from 2000 to 2008, we test
 for compensation discrimination on career earnings in the NFL. We use both
 the traditional dummy variable technique applied to Ordinary Least Squares
 regression and the quantile regression analysis to measure the effect of
 race on earnings. We focus on six positional groups: defensive backs,
 defensive linemen, linebackers, running backs, tight ends and wide
 receivers. Our analysis finds that a player's performance determines
 career earnings and not their race. Perhaps, using a Becker-like argument,
 market competition for the best players in a competitive environment to
 achieve a winning team has overcome personal prejudice.		    
Journal: Applied Economics Letters 
Pages: 679-682 
Issue: 10 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.884688 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.884688 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:10:p:679-682




Template-Type: ReDIF-Article 1.0
Author-Name: Samih Antoine Azar 
Author-X-Name-First: Samih Antoine 
Author-X-Name-Last: Azar 
Title: The US Dow and the US dollar 
Abstract:
				 This article considers the relation
 between the US Dow Jones Industrial Average (Dow) and the US dollar.
 Monthly data sets that cover the float period of foreign exchange rates
 are used. Least square regressions with calendar breakpoints are
 estimated. The evidence is strong that for the ten currencies that have
 breakpoints the recent samples uncover a significant relation between the
 US Dow and the US dollar, while the older samples negate such a relation.
 The conclusion is that this relation is subject to shifts and, when these
 shifts are accounted for, the relation is found to be statistically very
 significant.			
Journal: Applied Economics Letters 
Pages: 683-686 
Issue: 10 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.884690 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.884690 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:10:p:683-686




Template-Type: ReDIF-Article 1.0
Author-Name: Jamie Bologna 
Author-X-Name-First: Jamie 
Author-X-Name-Last: Bologna 
Title: Is the Internet an effective mechanism for reducing corruption experience? Evidence from a cross-section of countries 
Abstract:
				 This article develops an indicator of
 Internet awareness on corruption as described in Goel <italic>et
 al</italic>. (2012) to see how this impacts both corruption perceptions
 and corruption experience. The results confirm the finding of Goel
 <italic>et al</italic>. (2012) that corruption perceptions are highly
 influenced by Internet awareness. However, the effect Internet awareness
 has on corruption experience is unclear. This article finds that Internet
 awareness decreases the frequency of corruption experience of households,
 while it increases the frequency of corruption experience in firms.
 Overall, the results suggest that the effect Internet awareness has on
 corruption is highly sensitive to the corruption measures used and the
 time the Internet data is constructed. 		  
Journal: Applied Economics Letters 
Pages: 687-691 
Issue: 10 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.884692 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.884692 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:10:p:687-691




Template-Type: ReDIF-Article 1.0
Author-Name: A. Kontolaimou 
Author-X-Name-First: A. 
Author-X-Name-Last: Kontolaimou 
Title: An efficiency analysis of European banks considering hierarchical technologies 
Abstract:
				 This article, introduces the notion of
 hierarchical technologies in measuring banking efficiency, which arise
 from type- and country-specific characteristics of European banks.
 Adopting a <italic>meta-metafrontier</italic> framework, efficiency and
 technology gaps are measured for a sample of commercial, savings and
 cooperative European banks. In a hierarchical setting of banking
 technologies, the results reveal significant technology gaps among
 national banking systems, while minor technology gaps are identified among
 bank types within each country.		    
Journal: Applied Economics Letters 
Pages: 692-696 
Issue: 10 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.884693 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.884693 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:10:p:692-696




Template-Type: ReDIF-Article 1.0
Author-Name: Jos� E. G�mez-Gonz�lez 
Author-X-Name-First: Jos� E. 
Author-X-Name-Last: G�mez-Gonz�lez 
Author-Name: Jair N. Ojeda-Joya 
Author-X-Name-First: Jair N. 
Author-X-Name-Last: Ojeda-Joya 
Author-Name: H�ctor Manuel Z�rate 
Author-X-Name-First: H�ctor Manuel 
Author-X-Name-Last: Z�rate 
Author-Name: Fernando Tenjo-Galarza 
Author-X-Name-First: Fernando 
Author-X-Name-Last: Tenjo-Galarza 
Title: Testing for causality between credit and real business cycles in the frequency domain: an illustration 
Abstract:
				 We estimate credit and GDP cycles for
 three Latin American economies and study their relation in the frequency
 domain. We compute coherence statistics between credit and GDP cycles and
 find that the highest correlations between these two cycles are obtained
 in medium-term frequencies. Spectral cross-correlations suggest a positive
 relation among lags in credit cycles and contemporaneous GDP cycles.
 Furthermore, this relation is higher approximately at medium-term
 frequencies. We perform frequency-domain Granger-type causality tests and
 find evidence of causality running from credit cycles to GDP cycles in all
 three economies.			
Journal: Applied Economics Letters 
Pages: 697-701 
Issue: 10 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.884689 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.884689 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:10:p:697-701




Template-Type: ReDIF-Article 1.0
Author-Name: Tim Lohse 
Author-X-Name-First: Tim 
Author-X-Name-Last: Lohse 
Author-Name: Salmai Qari 
Author-X-Name-First: Salmai 
Author-X-Name-Last: Qari 
Title: Gender differences in deception behaviour -- the role of the counterpart 
Abstract:
				 In a tax compliance experiment with real
 face-to-face communication between declaring subjects and officers, we
 analyse the role of both the subject's and the officer's gender for
 deceptive behaviour. We do not find, first, that the amount of
 underreporting generally depends on the officer's gender, and second, that
 the matching of genders plays a role for the deceptive behaviour.
 Moreover, as a reaction to a high rather than a low penalty, women and men
 both reduce deceptive behaviour to the same extent and therefore exhibit
 the same risk-taking attitude. 		     
Journal: Applied Economics Letters 
Pages: 702-705 
Issue: 10 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2013.848020 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.848020 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:10:p:702-705




Template-Type: ReDIF-Article 1.0
Author-Name: Stefan Eichler 
Author-X-Name-First: Stefan 
Author-X-Name-Last: Eichler 
Title: Devaluation expectations based on cross-listed stocks: evidence for financial crises in Argentina then and now 
Abstract:
				 I use the relative prices of American
 Depositary Receipts and their underlying stocks to derive devaluation
 expectations. I find that stockholders currently perceive an overvalued
 peso. Devaluation expectations are driven by the incentive of competitive
 devaluation and sovereign default risk.		   
Journal: Applied Economics Letters 
Pages: 706-710 
Issue: 10 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.884691 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.884691 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:10:p:706-710




Template-Type: ReDIF-Article 1.0
Author-Name: Libo Yin 
Author-X-Name-First: Libo 
Author-X-Name-Last: Yin 
Author-Name: Liyan Han 
Author-X-Name-First: Liyan 
Author-X-Name-Last: Han 
Title: Macroeconomic uncertainty: does it matter for commodity prices? 
Abstract:
				 Using a new uncertainty index from Baker
 <italic>et al</italic>. (2013), we evaluate the time-varying correlation
 between macroeconomic uncertainty and commodity prices. Estimation results
 from a multivariate DCC-GARCH model reveal that increased volatility in
 uncertainty leads to increased price and volatility in commodity markets,
 while increased volatility in commodity markets enhances policy
 uncertainty. Our results also indicate that the dynamic linkage between
 uncertainty and commodity prices varies over time substantially. It
 becomes more correlated since the later part of 2003, and behaves largely
 different before and after the 2008 financial crisis.			    
Journal: Applied Economics Letters 
Pages: 711-716 
Issue: 10 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.887181 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.887181 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:10:p:711-716




Template-Type: ReDIF-Article 1.0
Author-Name: Cormac O'Keeffe 
Author-X-Name-First: Cormac 
Author-X-Name-Last: O'Keeffe 
Author-Name: Liam A. Gallagher 
Author-X-Name-First: Liam A. 
Author-X-Name-Last: Gallagher 
Title: Momentum in Irish stocks: evidence from the credit crisis 
Abstract:
				 This article examines return momentum in
 Irish shares over a 24-year period, including the recent credit crisis.
 The optimal momentum strategy generates significant risk-adjusted abnormal
 returns that are robust to the return generating model and seasonal
 effects. The extent of underreaction is more symmetrical than previous
 research has indicated, with both past winners and losers contributing to
 momentum returns. Momentum is found to be significantly higher in the
 pre-credit crisis period. The source of the positive returns in the
 momentum strategy changes from the winner portfolio to the loser portfolio
 as we move into the credit crisis, with this latter period showing
 positive but insignificant moment returns.			
Journal: Applied Economics Letters 
Pages: 717-722 
Issue: 11 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2013.877567 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.877567 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:11:p:717-722




Template-Type: ReDIF-Article 1.0
Author-Name: Saki Sugano 
Author-X-Name-First: Saki 
Author-X-Name-Last: Sugano 
Author-Name: Yusuke Matsuki 
Author-X-Name-First: Yusuke 
Author-X-Name-Last: Matsuki 
Title: Poisson analysis of suicide in Japan using municipal data 
Abstract:
				 This article investigates the nexus
 between suicide and socio-economic factors in Japan using
 municipality-level data using Poisson-based regression methods. We
 demonstrate the advantage of this method over the OLS approach and show
 that our method yields reasonable results compared to OLS. Our results
 show that economic difficulty and social isolation are significantly
 associated with suicide rate, and accessibility to hospitals can reduce
 suicide rates. 		    
Journal: Applied Economics Letters 
Pages: 723-726 
Issue: 11 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.881960 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.881960 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:11:p:723-726




Template-Type: ReDIF-Article 1.0
Author-Name: Soheil R. Nadimi 
Author-X-Name-First: Soheil R. 
Author-X-Name-Last: Nadimi 
Author-Name: Dennis L. Weisman 
Author-X-Name-First: Dennis L. 
Author-X-Name-Last: Weisman 
Title: Nonexclusionary input prices 
Abstract:
				 This article models a vertically
 integrated provider that is a monopoly supplier of an input that is
 essential for downstream production. An input price that is 'too high' can
 lead to inefficient foreclosure and one that is 'too low' creates
 incentives for nonprice discrimination. The range of nonexclusionary input
 prices is circumscribed by the input prices generated on the basis of
 upper-bound and lower-bound displacement ratios. The admissible range of
 the ratio of downstream to upstream price--cost margins is increasing in
 the degree of product differentiation and reduces to a single ratio in the
 limit as the products become perfectly homogeneous.			 
Journal: Applied Economics Letters 
Pages: 727-732 
Issue: 11 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.881961 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.881961 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:11:p:727-732




Template-Type: ReDIF-Article 1.0
Author-Name: Mogens Dilling-Hansen 
Author-X-Name-First: Mogens 
Author-X-Name-Last: Dilling-Hansen 
Author-Name: Valdemar Smith 
Author-X-Name-First: Valdemar 
Author-X-Name-Last: Smith 
Title: R&D, export and productivity: testing the Bustos model on Danish data 
Abstract:
				 In this article, a unique data set for
 Danish manufacturing firms has been used to analyse the interplay between
 export, R&D investments and productivity. In addition to traditional
 tests, a nonparametric test for differences in stochastic distributions
 gives evidence that the productivity distribution of firms that export and
 engage in R&D dominates the productivity distribution of firms that are
 exporters without engaging in R&D. Furthermore, the productivity
 distribution of the latter group of firms dominates that of firms who are
 neither R&D-active nor exporters. This conclusion applies to the years
 before, under and after the economic downward spiral in the world economy,
 i.e. 2007 to 2010. Overall, this result confirms the hypothesis of Bustos
 (2011) for Argentina, and for the results for German firms, see Wagner
 (2012b) and Vogel and Wagner (2012). However, for 2009 the findings are
 less clear, mainly due to the relative productivity cutback, which some
 exporting firms faced at the beginning of the downturn in the world
 economy.		      
Journal: Applied Economics Letters 
Pages: 733-737 
Issue: 11 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.884695 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.884695 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Amin 
Author-X-Name-First: Mohammad 
Author-X-Name-Last: Amin 
Author-Name: Asif Islam 
Author-X-Name-First: Asif 
Author-X-Name-Last: Islam 
Title: Imports of intermediate inputs and country size 
Abstract:
				 The article analyses the relationship
 between country size and the use of imported intermediate inputs by firms
 in 76 developing countries. Recent evidence indicates that the use of
 imported inputs can have a large positive effect on productivity and
 growth, thus motivating a better understanding of the determinants of
 foreign inputs. Our results confirm that as is the case with exports, use
 of imported intermediate inputs is much higher at the extensive and
 intensive margin in small relative to large countries. Our results for
 imported inputs are comparable in magnitude with that for exports.	    
Journal: Applied Economics Letters 
Pages: 738-741 
Issue: 11 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.887183 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.887183 
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Template-Type: ReDIF-Article 1.0
Author-Name: Satoshi Urasawa 
Author-X-Name-First: Satoshi 
Author-X-Name-Last: Urasawa 
Title: Japan's deflation: the role of wage costs 
Abstract:
				 Is weak demand pressure alone sufficient
 to explain Japan's long-standing deflation? The empirical evidence, based
 on a structural VAR model consisting of productivity, wage costs and
 prices, provides the robust facts for understanding Japan's deflation. It
 suggests that sluggish wage growth since the mid-1990s, along with
 productivity recovery from the collapse of the Japanese asset price
 bubble, contributed to the persistence of deflation, while weak demand
 pressure had a large negative implication for Japan's inflation. Going
 forward, the result implies that the translation of productivity gains
 into adequate wage growth, in addition to boosting demand, is important to
 help bring a definitive end to Japan's deflation.			
Journal: Applied Economics Letters 
Pages: 742-746 
Issue: 11 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.887184 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.887184 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael L. Polemis 
Author-X-Name-First: Michael L. 
Author-X-Name-Last: Polemis 
Title: Empirical estimation of market power in Greece 
Abstract:
				 The aim of this study is to estimate
 industry markups for 2-digit Greek manufacturing and services industries
 over the period 1970 to 2007. The empirical model estimates the markups
 following the Roeger (1995) methodology, separately for the two industries
 by using two different panel data econometric techniques. The results are
 robust revealing that Greek manufacturing and services industry operate in
 noncompetitive conditions. The findings also support the view that markup
 ratios vary significantly between the two industries, with services having
 higher markups than manufacturing.		      
Journal: Applied Economics Letters 
Pages: 747-750 
Issue: 11 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.887186 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.887186 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sanjib Bhuyan 
Author-X-Name-First: Sanjib 
Author-X-Name-Last: Bhuyan 
Title: Visiting an old battleground in empirical industrial organization: SCP versus NEIO 
Abstract:
				 There are two principal approaches to
 analysing market power -- the new empirical industrial organization (NEIO)
 approach and the structure--conduct--performance (SCP) approach. The
 existing literature on market power shows that there is no unanimous
 agreement on which of these two methods should be used to analyse the
 market power. Users seem to select whichever method is best suitable to
 their situation, such as data availability. Here we compare these two
 methods of analysing market power using a single US brewing industry data
 set and hypothesize that both the methods would yield identical results.
 On the basis of the empirical results, we conclude that the debate over
 the use of the SCP approach versus the use of the NEIO approach to analyse
 market power will continue.			    
Journal: Applied Economics Letters 
Pages: 751-754 
Issue: 11 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.887187 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.887187 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:11:p:751-754




Template-Type: ReDIF-Article 1.0
Author-Name: Komivi Afawubo 
Author-X-Name-First: Komivi 
Author-X-Name-Last: Afawubo 
Author-Name: Samuel Mathey 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Mathey 
Title: Employment and education effects on HIV/AIDS prevalence rate and economic growth: empirical investigation in ECOWAS 
Abstract:
				 We analyse the simultaneous effects of
 employment and education on GDP growth and HIV/AIDS prevalence rate in the
 long and short run across the 15 countries of ECOWAS. Our results suggest
 that employment and primary education are the main HIV/AIDS prevalence
 rate reduction drivers in the short run with primary education having a
 simultaneous effect on HIV/AIDS prevalence rate (reduction) and GDP growth
 (increase) while secondary education drives the HIV/AIDS prevalence rate
 reduction in the long term. Education and employment may therefore become
 the short-run policy targets in combatting HIV/AIDS prevalence rate among
 the active population and achieving economic growth. Our results equally
 suggest that GDP growth by itself may not be an HIV/AIDS reduction driver. 
Journal: Applied Economics Letters 
Pages: 755-759 
Issue: 11 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.887188 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.887188 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:11:p:755-759




Template-Type: ReDIF-Article 1.0
Author-Name: Tolga Yuret 
Author-X-Name-First: Tolga 
Author-X-Name-Last: Yuret 
Title: Why do economists publish less? 
Abstract:
				 We estimate that the economists publish
 much less than their colleagues in natural sciences, health and
 engineering disciplines even after we control for the quality of the
 publications. A possible explanation for the poor performance of
 economists is that the journals specialized in economics have a smaller
 capacity.			   
Journal: Applied Economics Letters 
Pages: 760-762 
Issue: 11 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.889792 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.889792 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:11:p:760-762




Template-Type: ReDIF-Article 1.0
Author-Name: Nurullah Gur 
Author-X-Name-First: Nurullah 
Author-X-Name-Last: Gur 
Title: Taxation and democracy: an instrumental variable approach 
Abstract:
				 Our article investigates the effect of
 taxation on democracy. We exploit exogenous variation in taxation driven
 by wars from the pre-modern era and document a positive and highly
 significant first-stage relationship between pre-modern war casualties and
 taxation. Using this instrumental variable strategy, we find that taxation
 has a positive effect on democracy.			
Journal: Applied Economics Letters 
Pages: 763-766 
Issue: 11 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.889793 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.889793 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:11:p:763-766




Template-Type: ReDIF-Article 1.0
Author-Name: Kenneth Button 
Author-X-Name-First: Kenneth 
Author-X-Name-Last: Button 
Author-Name: Rui Neiva 
Author-X-Name-First: Rui 
Author-X-Name-Last: Neiva 
Author-Name: Junyang Yuan 
Author-X-Name-First: Junyang 
Author-X-Name-Last: Yuan 
Title: Economic development and the impact of the EU--US Transatlantic Open Skies Air Transport Agreement 
Abstract:
				 This article examines the economic impacts
 on the United States east coast regions of the EU--US Open Skies Agreement
 that liberalized air service over the North Atlantic. It considers the
 link between air travel volumes before and after the Agreement and the
 economies of the main metropolitan areas. It finds, using a number of
 model specifications, that the economic impacts of air traffic increased
 after the enactment of the Agreement.			      
Journal: Applied Economics Letters 
Pages: 767-770 
Issue: 11 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.889794 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.889794 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:11:p:767-770




Template-Type: ReDIF-Article 1.0
Author-Name: Kathryn Birkeland 
Author-X-Name-First: Kathryn 
Author-X-Name-Last: Birkeland 
Title: Eating in: employment and home production during the Great Recession 
Abstract:
				 The shift from market purchases to home
 production is a prevalent feature of the macroeconomy during a recession.
 However, the nature of aggregate data makes observing this phenomenon
 difficult. Using the American Time Use Survey, this work highlights the
 substitution between eating out and eating in at the aggregate level in
 the United States during the Great Recession by comparing food service
 industry employment and estimates of time spent on food preparation at
 home.			   
Journal: Applied Economics Letters 
Pages: 771-775 
Issue: 11 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.889795 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.889795 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:11:p:771-775




Template-Type: ReDIF-Article 1.0
Author-Name: Juan A. Correa 
Author-X-Name-First: Juan A. 
Author-X-Name-Last: Correa 
Author-Name: Christian Ferrada 
Author-X-Name-First: Christian 
Author-X-Name-Last: Ferrada 
Author-Name: Pablo Guti�rrez 
Author-X-Name-First: Pablo 
Author-X-Name-Last: Guti�rrez 
Author-Name: Francisco Parro 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Parro 
Title: Effects of fiscal policy on private consumption: evidence from structural-balance fiscal rule deviations 
Abstract:
				 We use a new narrative measure of fiscal
 shocks to study how private consumption reacts to government spending
 increases. Our fiscal shocks arise from three announcements of
 expansionary fiscal rule deviations in a small and open economy where
 fiscal policy follows a structural-balance fiscal rule. All those
 deviations were announced to be mainly on the spending side. We find a
 negative response of private consumption in the face of those
 announcements. Our findings are consistent with the existence of consumers
 expecting some irreversibility in government spending increases and, as a
 consequence, a rise in future taxes to make the newly announced fiscal
 spending path consistent with the intertemporal government budget
 constraint.			
Journal: Applied Economics Letters 
Pages: 776-781 
Issue: 11 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.889796 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.889796 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:11:p:776-781




Template-Type: ReDIF-Article 1.0
Author-Name: Michael L. Polemis 
Author-X-Name-First: Michael L. 
Author-X-Name-Last: Polemis 
Author-Name: John M. Paleologos 
Author-X-Name-First: John M. 
Author-X-Name-Last: Paleologos 
Title: Too big to merge? Evidence from the US banking sector 
Abstract:
				 This article tries to cast light on the
 main determinants of the merger waves reported in the banking sector. For
 this reason, we investigate the recently developed merger wave theories by
 estimating an empirical model covering the US for the period 1987 to 2013.
 The empirical results, based on four alternative methodologies, are
 robust, claiming that merger waves in the banking sector are driven by
 stock market booms, a finding that is consistent with the behavioural
 hypothesis about the causes of merger waves.			
Journal: Applied Economics Letters 
Pages: 782-785 
Issue: 11 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.889797 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.889797 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:11:p:782-785




Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Apergis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Apergis 
Author-Name: Arusha Cooray 
Author-X-Name-First: Arusha 
Author-X-Name-Last: Cooray 
Title: Convergence in sovereign debt ratios across heavily indebted EU countries: evidence from club convergence 
Abstract:
				 We study the convergence of sovereign debt
 accumulation in five European Monetary Union (EMU) countries using
 quarterly data from June 2009 to June 2013, with a focus on debt ratio
 convergence following the 2009 sovereign debt crisis and the adoption of
 fiscal consolidation programmes. We test the Phillips and Sul (2007) club
 convergence hypothesis. We find the evidence of a lack of debt convergence
 for Greece and Portugal. Our results support the view that there is not a
 uniform austerity prescription for all, especially, without emphasizing
 friendly growth policies, which makes these countries more prone to
 investors' sentiments. 			
Journal: Applied Economics Letters 
Pages: 786-788 
Issue: 11 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.889798 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.889798 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:11:p:786-788




Template-Type: ReDIF-Article 1.0
Author-Name: Zhiyuan Pan 
Author-X-Name-First: Zhiyuan 
Author-X-Name-Last: Pan 
Title: Modelling tail dependence between energy market and stock markets in the BRIC countries 
Abstract:
				 This article investigates the tail
 dependence structure between energy market and stock markets returns in
 the BRIC (Brazil, Russia, India and China) countries over the period from
 12 January 2000 to 28 December 2012. Using the regime switching dynamic
 symmetrized Joe--Clayton (SJC) copula model, we find that the tail
 dependence increased rather substantially in the financial crisis of
 2008/12; moreover, the lower tail dependence for all the paired returns is
 almost larger than the upper one. Finally, the tail dependence is found to
 be the strongest for Russia and the weakest for China. The empirical
 results documented in this study have important implications for portfolio
 and risk management.			      
Journal: Applied Economics Letters 
Pages: 789-794 
Issue: 11 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.892188 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.892188 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Llop 
Author-X-Name-First: Maria 
Author-X-Name-Last: Llop 
Author-Name: Antonio Manresa 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Manresa 
Title: Comparing the aggregation bias in the input--output model and the social accounting matrix model 
Abstract:
				 In economic literature, some information
 deficiencies and computational complexities have traditionally been solved
 through the aggregation of data. In input--output (IO) modelling,
 researchers have been interested in aggregation since the 1950s. Extending
 the conventional IO aggregation approach to the social accounting matrix
 (SAM) framework may help to identify the effects caused by the problems of
 information that usually appear in the linear SAM models. This article
 applies the theory of IO aggregation to the SAM model and presents a
 comparison of the IO aggregation bias and the SAM aggregation bias.	    
Journal: Applied Economics Letters 
Pages: 795-800 
Issue: 11 
Volume: 21 
Year: 2014 
Month: 7 
X-DOI: 10.1080/13504851.2014.892189 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.892189 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:11:p:795-800




Template-Type: ReDIF-Article 1.0
Author-Name: Wen-chin Chen 
Author-X-Name-First: Wen-chin 
Author-X-Name-Last: Chen 
Author-Name: Kai-ping Liu 
Author-X-Name-First: Kai-ping 
Author-X-Name-Last: Liu 
Author-Name: Yung-lieh Yang 
Author-X-Name-First: Yung-lieh 
Author-X-Name-Last: Yang 
Author-Name: Yi-hao Lai 
Author-X-Name-First: Yi-hao 
Author-X-Name-Last: Lai 
Title: Dynamic hedging in stock index futures via copula multiplicative error model 
Abstract:
 This article combines a copula function and multiplicative error models to
 capture the dependence structure and the volatility patterns
 simultaneously, named copula-multiplicative error model (cMEM). We examine
 hedging performance of the presenting cMEM with different estimation
 window sizes for the futures contract of Taiwan stock price index. The
 results have shown that the cMEM with 1250-day window size for Clayton
 survival, Gumbel and OLS has better performance in which Clayton survival
 survives during the crisis and has the best out-of-sample hedging
 effectiveness. The empirical evidence indicates that the cMEM performs
 well for the turmoil periods.
Journal: Applied Economics Letters 
Pages: 801-805 
Issue: 12 
Volume: 21 
Year: 2014 
Month: 8 
X-DOI: 10.1080/13504851.2013.849373 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.849373 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:12:p:801-805




Template-Type: ReDIF-Article 1.0
Author-Name: Ina Ganguli 
Author-X-Name-First: Ina 
Author-X-Name-Last: Ganguli 
Author-Name: Ricardo Hausmann 
Author-X-Name-First: Ricardo 
Author-X-Name-Last: Hausmann 
Author-Name: Martina Viarengo 
Author-X-Name-First: Martina 
Author-X-Name-Last: Viarengo 
Title: Marriage, education and assortative mating in Latin America 
Abstract:
 In this article, we establish facts related to marriage and education in
 Latin American countries. Using census data from IPUMS International, we
 show how marriage and assortative mating patterns have changed from 1980
 to 2000 and how the patterns in Latin America compare to the United
 States. We find that in Latin American countries, highly educated
 individuals are less likely to be married than the less educated, and the
 pattern is stronger for women. We also show that while it has been
 increasing over time, there is less positive assortative mating in Latin
 America than in the United States.
Journal: Applied Economics Letters 
Pages: 806-811 
Issue: 12 
Volume: 21 
Year: 2014 
Month: 8 
X-DOI: 10.1080/13504851.2013.849375 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.849375 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:12:p:806-811




Template-Type: ReDIF-Article 1.0
Author-Name: Kerstin Bruckmeier 
Author-X-Name-First: Kerstin 
Author-X-Name-Last: Bruckmeier 
Author-Name: Gerrit M�ller 
Author-X-Name-First: Gerrit 
Author-X-Name-Last: M�ller 
Author-Name: Regina T. Riphahn 
Author-X-Name-First: Regina T. 
Author-X-Name-Last: Riphahn 
Title: Who misreports welfare receipt in surveys? 
Abstract:
 We match survey and administrative data and determine the extent of
 misreporting on welfare receipt. In our data, 10.5% of German welfare
 recipients under-report and 1% over-report benefit receipt. The analysis
 shows that particularly households who are close to the labour market,
 without children, and with relatively high household incomes and savings
 are prone to under-report their welfare receipt. This information is
 important for the study of transfer programmes based on survey data.
Journal: Applied Economics Letters 
Pages: 812-816 
Issue: 12 
Volume: 21 
Year: 2014 
Month: 8 
X-DOI: 10.1080/13504851.2013.877566 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.877566 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:12:p:812-816




Template-Type: ReDIF-Article 1.0
Author-Name: Anastasios Evgenidis 
Author-X-Name-First: Anastasios 
Author-X-Name-Last: Evgenidis 
Author-Name: Costas Siriopoulos 
Author-X-Name-First: Costas 
Author-X-Name-Last: Siriopoulos 
Title: Does the yield spread retain its forecasting ability during the 2007 recession? A comparative analysis 
Abstract:
 We review spread's predictive ability by implementing a number of linear
 and probit models. We conduct a comparative analysis of the forecasting
 performance of various specifications by focusing on the last three major
 US economic slowdowns: 1990, 2001 and 2007. The results indicate that
 although linear models are useful in predicting the 1990 and 2001 decline
 in economic activity, none of these give signal of the major 2007 decline
 in output. Moreover, we find evidence that there is more information in
 the shape of the yield curve about the future economic activity than that
 provided by the spread alone. We also document that probit models are
 doing well in signalling the onset of 2007 subprime crisis although they
 fail to capture its duration.
Journal: Applied Economics Letters 
Pages: 817-822 
Issue: 12 
Volume: 21 
Year: 2014 
Month: 8 
X-DOI: 10.1080/13504851.2014.884694 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.884694 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:12:p:817-822




Template-Type: ReDIF-Article 1.0
Author-Name: Hyun Joung Jin 
Author-X-Name-First: Hyun Joung 
Author-X-Name-Last: Jin 
Title: A bias in measuring consumer responses towards food safety issues due to imperfect substitution between foods 
Abstract:
 This study attempts to show that observed consumption change may not
 correctly depict consumer opinions and responses towards food safety
 issues due to the lack of suitable substitutes for foods with
 controversial safety. If there is no suitable alternative for consumers to
 alter their eating habits, consumers may not change consumption patterns,
 although they feel that consuming problem foods is risky. This study
 provides empirical evidence of this phenomenon using a consumer survey
 regarding the 2010-2011 foot and mouth disease outbreak in South Korea.
 The results show that the ratio of respondents who did not cease
 consumption of the implicated products due to lack of a suitable
 substitute was sizeable. This suggests that when we utilize observed
 consumption data, we may underestimate consumer responses to food safety
 issues.
Journal: Applied Economics Letters 
Pages: 823-827 
Issue: 12 
Volume: 21 
Year: 2014 
Month: 8 
X-DOI: 10.1080/13504851.2014.887182 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.887182 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:12:p:823-827




Template-Type: ReDIF-Article 1.0
Author-Name: Zhibai Zhang 
Author-X-Name-First: Zhibai 
Author-X-Name-Last: Zhang 
Author-Name: Xinyue Zou 
Author-X-Name-First: Xinyue 
Author-X-Name-Last: Zou 
Title: Different measures in testing absolute purchasing power parity 
Abstract:
 In popular studies, the theory of purchasing power parity (PPP) is tested
 for the real exchange rate (RER) that is constructed by price indexes and
 all variables are logarithmic. In this article, we test the absolute PPP
 theory for the RER that is constructed by general price levels and is in
 its original form. Panel unit root and cointegration tests reveal that the
 RER is stationary and a cointegration relationship exists between nominal
 exchange rate and PPP rate, which supports the PPP theory. But the RER
 misalignment is not a normal distribution with zero mean, and the
 coefficient restriction test also rejects the PPP theory. One reason that
 leads to the conflicting conclusions is given.
Journal: Applied Economics Letters 
Pages: 828-831 
Issue: 12 
Volume: 21 
Year: 2014 
Month: 8 
X-DOI: 10.1080/13504851.2014.887185 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.887185 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhuwei Li 
Author-X-Name-First: Zhuwei 
Author-X-Name-Last: Li 
Author-Name: Hui An 
Author-X-Name-First: Hui 
Author-X-Name-Last: An 
Author-Name: Xiaoting Yin 
Author-X-Name-First: Xiaoting 
Author-X-Name-Last: Yin 
Author-Name: Lin Chi 
Author-X-Name-First: Lin 
Author-X-Name-Last: Chi 
Title: Risk amplification effect of asset securitization among financial institutions: evidence from CDO products in the USA 
Abstract:
 This article theoretically and empirically investigates the risk
 amplification effects of asset securitization among financial institutions
 in the USA based on a risk model and a single-factor time series model.
 Results show that systemic risk of financial institutions is enlarged by
 asset securitization, and the reaction is faster with a larger issuance
 and holdings of collateralized debt obligation.
Journal: Applied Economics Letters 
Pages: 832-835 
Issue: 12 
Volume: 21 
Year: 2014 
Month: 8 
X-DOI: 10.1080/13504851.2014.892190 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.892190 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:12:p:832-835




Template-Type: ReDIF-Article 1.0
Author-Name: Jangryoul Kim 
Author-X-Name-First: Jangryoul 
Author-X-Name-Last: Kim 
Author-Name: Gieyoung Lim 
Author-X-Name-First: Gieyoung 
Author-X-Name-Last: Lim 
Title: Understanding the Irish price-rent ratio: an unobserved component approach 
Abstract:
 This article examines the movements in the Irish price-to-rent ratio over
 the period 1976 to 2012. We use the Campbell-Shiller present value formula
 to decompose the price-rent ratio into the present discounted values of
 expected future housing market fundamentals, i.e., rent growth, real
 interest rate and risk premium for investing in housing. Treating the
 expectations of the fundamentals as unobserved components, we cast the
 Campbell-Shiller formula into a state-space model and estimate the deep
 parameters by maximum likelihood method. It is found that that the
 variations in the price-rent ratio are mostly due to the expected housing
 premium, while the expected rent growth and real interest rate account for
 only small fractions of variations in the price-rent ratio. It is also
 found that, while the individual contributions of the expected market
 fundamentals sum up much larger variations than in the price-rent ratio
 itself, the correlations among them considerably dampen fluctuations in
 the ratio.
Journal: Applied Economics Letters 
Pages: 836-841 
Issue: 12 
Volume: 21 
Year: 2014 
Month: 8 
X-DOI: 10.1080/13504851.2014.892191 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.892191 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Busch 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Busch 
Author-Name: Thorsten Lehnert 
Author-X-Name-First: Thorsten 
Author-X-Name-Last: Lehnert 
Title: The impact of policy responses on stock liquidity 
Abstract:
 The collapse of Lehman Brothers in 2008 marked the peak of a financial
 crisis that is affecting the entire world of finance. This period is
 characterized by increasing fear of further defaults by corporations
 (including banks) or even by countries. In reaction, investors began
 shifting their assets to more stable and secure investments and this
 resulted in stock market crashes. Various policy interventions were
 initiated to restore stability. In this article, we analyse the impact of
 these interventions on stock liquidity, proxied by a new liquidity
 measure. The interventions, which we consider, are published by the
 Federal Reserve Bank (FED) in the form of a crisis timeline. Here, they
 are further combined to the following categories: bank liability
 guarantees, liquidity and rescue interventions, unconventional monetary
 policy and other market interventions. The results indicate that the
 market reacts positively to liquidity and rescue interventions, whereas
 bank liability guarantees reduced stock liquidity. In addition, we show
 that international events have a significant impact on the domestic
 market. By analysing the spreads of different trading volumes, an
 asymmetric effect can be detected, where the impact on lower trading
 volumes is substantially more pronounced compared to higher trading
 volumes.
Journal: Applied Economics Letters 
Pages: 842-845 
Issue: 12 
Volume: 21 
Year: 2014 
Month: 8 
X-DOI: 10.1080/13504851.2014.892193 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.892193 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlo Gallier 
Author-X-Name-First: Carlo 
Author-X-Name-Last: Gallier 
Author-Name: Andreas L�schel 
Author-X-Name-First: Andreas 
Author-X-Name-Last: L�schel 
Author-Name: Bodo Sturm 
Author-X-Name-First: Bodo 
Author-X-Name-Last: Sturm 
Title: Did Fukushima matter? Empirical evidence of the demand for climate protection in Germany 
Abstract:
 This article investigates the extent to which the Fukushima Daiichi
 nuclear disaster of March 2011 has had an impact on the private demand for
 climate protection in Germany. Data are taken from two framed field
 experiments (L�schel <italic>et al.</italic>, 2013a, b) conducted before
 and after the disaster. We find that the demand for climate protection in
 the experiment after the nuclear disaster is significantly higher than in
 the experiment before the disaster.
Journal: Applied Economics Letters 
Pages: 846-851 
Issue: 12 
Volume: 21 
Year: 2014 
Month: 8 
X-DOI: 10.1080/13504851.2014.892194 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.892194 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:12:p:846-851




Template-Type: ReDIF-Article 1.0
Author-Name: Rati Ram 
Author-X-Name-First: Rati 
Author-X-Name-Last: Ram 
Title: Measuring economic freedom: a comparison of two major sources 
Abstract:
 Overall country ratings on economic freedom by Fraser Institute and
 Heritage Foundation, which are probably the two most widely-used sources,
 are compared. Numerous cases of huge differences between country ranks for
 the two sets of ratings are noted. A simple illustration shows that
 inferences based on one set of ratings can be very different from those
 suggested by the other set. Researchers, policy-makers and other users are
 urged to exercise caution in drawing strong conclusions on the basis of
 ratings from either source.
Journal: Applied Economics Letters 
Pages: 852-856 
Issue: 12 
Volume: 21 
Year: 2014 
Month: 8 
X-DOI: 10.1080/13504851.2014.894620 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.894620 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:12:p:852-856




Template-Type: ReDIF-Article 1.0
Author-Name: Caterina Giannetti 
Author-X-Name-First: Caterina 
Author-X-Name-Last: Giannetti 
Author-Name: Raimondello Orsini 
Author-X-Name-First: Raimondello 
Author-X-Name-Last: Orsini 
Title: Being nice with the experimenter? 
Abstract:
 This article investigates the determinants of reciprocity towards the
 experimenters in the lab under a flat-wage scheme. We find that
 personality attributes - such as agreeableness - help predict the
 behaviour of the subjects. We additionally propose and assess a general
 measure of reciprocity.
Journal: Applied Economics Letters 
Pages: 857-861 
Issue: 12 
Volume: 21 
Year: 2014 
Month: 8 
X-DOI: 10.1080/13504851.2014.894621 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.894621 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:12:p:857-861




Template-Type: ReDIF-Article 1.0
Author-Name: Adem Y. Elveren 
Author-X-Name-First: Adem Y. 
Author-X-Name-Last: Elveren 
Title: Women's labour force participation and pay inequality: evidence from panel cointegration 
Abstract:
 This article examines the relationship between women's labour force
 participation and pay inequality for 58 countries for the 1990-2005 period
 using a panel cointegration analysis. The findings show that while higher
 women's labour force participation increases pay inequality in developing
 countries, it leads to a reduction in developed countries.
Journal: Applied Economics Letters 
Pages: 862-865 
Issue: 12 
Volume: 21 
Year: 2014 
Month: 8 
X-DOI: 10.1080/13504851.2014.894622 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.894622 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Subir Bairagi 
Author-X-Name-First: Subir 
Author-X-Name-Last: Bairagi 
Author-Name: Azzeddine Azzam 
Author-X-Name-First: Azzeddine 
Author-X-Name-Last: Azzam 
Title: Does the Grameen Bank exert market power over borrowers? 
Abstract:
 In this article, we use the recently developed stochastic frontier
 estimator of market power to test whether or not the Grameen Bank's
 lending rates are consistent with marginal cost pricing. We find that they
 are not and, on average, the markup is about 3% above marginal cost.
 However, the markup is considerably dwarfed when compared to the markups
 charged by commercial microfinance institutions. Their lending rates are
 reported to range from 97% to 165% above marginal cost.
Journal: Applied Economics Letters 
Pages: 866-869 
Issue: 12 
Volume: 21 
Year: 2014 
Month: 8 
X-DOI: 10.1080/13504851.2014.894623 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.894623 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:12:p:866-869




Template-Type: ReDIF-Article 1.0
Author-Name: Sim�n Sosvilla-Rivero 
Author-X-Name-First: Sim�n 
Author-X-Name-Last: Sosvilla-Rivero 
Author-Name: Mar�a del Carmen Ramos-Herrera 
Author-X-Name-First: Mar�a del Carmen 
Author-X-Name-Last: Ramos-Herrera 
Title: Exchange-rate regimes and economic growth: an empirical evaluation 
Abstract:
 Based on a data set of 123 economies, this article empirically
 investigates the relation between exchange-rate regimes and economic
 growth. We find that growth performance is best under intermediate
 exchange-rate regimes, while the smallest growth rates are associated with
 flexible exchange rates. Nevertheless, this conclusion is tempered when we
 analyse the countries by income level: even though countries that adopt
 intermediate exchange-rate regimes are characterized by higher economic
 growth, the higher the level of income, less difference in growth
 performance across exchange-rate regimes.
Journal: Applied Economics Letters 
Pages: 870-873 
Issue: 12 
Volume: 21 
Year: 2014 
Month: 8 
X-DOI: 10.1080/13504851.2014.894625 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.894625 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Willem van den End 
Author-X-Name-First: Jan Willem 
Author-X-Name-Last: van den End 
Title: The breakdown of the money multiplier at the zero lower bound 
Abstract:
 Unconventional monetary policy intends to influence the economy at the
 zero lower bound. However, this policy becomes less effective due to a
 diminishing money multiplier in a liquidity trap. We show that this
 creates an extreme low interest rate, low multiplier regime. This insight
 contributes to the literature, which shows there is uncertainty over the
 effects of unconventional monetary policy and the precise channel through
 which it works.
Journal: Applied Economics Letters 
Pages: 875-877 
Issue: 13 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.894626 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.894626 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:13:p:875-877




Template-Type: ReDIF-Article 1.0
Author-Name: Jos� I. Castillo-Manzano 
Author-X-Name-First: Jos� I. 
Author-X-Name-Last: Castillo-Manzano 
Author-Name: Lourdes Lopez-Valpuesta 
Author-X-Name-First: Lourdes 
Author-X-Name-Last: Lopez-Valpuesta 
Title: Can LCCs' economic efficiency create negative externalities for air transport? An analysis of passenger waiting time 
Abstract:
 Some features of the low-cost carrier (LCC) management model, such as
 quick turnaround times, the use of uncrowded airports and expediting
 check-in processes should have a favourable knock-on effect on their
 passengers' waiting times at the airport. This article seeks to quantify
 these possible savings in the low-cost model compared to traditional
 companies using a database of 37226 passengers and methodology based on
 statistical causal inference and the generalized ordered logit model. The
 results show that LCC passengers are less likely to experience delays of
 2hours or less, although the likelihood that they will have to endure long
 delays of over 3hours increases by almost 7.5%. Compared to the greater
 efficiency of LCCs in the daily movement of passengers averting the most
 common delays of up to 2hours, the intensive use of their airplanes
 results in their lesser ability to respond to unforeseen eventualities
 with no on-the-spot solution. The little cover that LCCs provide for
 delays is a strong incentive for their passengers to take out or extend
 their travel insurance, while airport F&B concessions can benefit from
 these longer waiting times.
Journal: Applied Economics Letters 
Pages: 878-881 
Issue: 13 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.896972 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.896972 
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Template-Type: ReDIF-Article 1.0
Author-Name: Manuel Cantavella-Jord� 
Author-X-Name-First: Manuel 
Author-X-Name-Last: Cantavella-Jord� 
Title: Dealing with an error correction model when trade balances are trend-stationary 
Abstract:
 The present research shows how one can deal with stationary plus trend
 trade balance variables in a trade model whenever the rest of the
 variables contain a unit root. Data are used in a monthly and a quarterly
 basis from January 1980 to June 2011 and applied to four countries
 (Germany, France, Italy and United Kingdom). It is proved that an error
 correction mechanism suits better when detrending trade balances once they
 have been verified to have a deterministic trend.
Journal: Applied Economics Letters 
Pages: 882-886 
Issue: 13 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.896973 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.896973 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:13:p:882-886




Template-Type: ReDIF-Article 1.0
Author-Name: Brian M. Lucey 
Author-X-Name-First: Brian M. 
Author-X-Name-Last: Lucey 
Author-Name: Charles Larkin 
Author-X-Name-First: Charles 
Author-X-Name-Last: Larkin 
Author-Name: Fergal O'Connor 
Author-X-Name-First: Fergal 
Author-X-Name-Last: O'Connor 
Title: Gold markets around the world - who spills over what, to whom, when? 
Abstract:
 Gold is traded worldwide, mainly in London, New York, Tokyo and Shanghai.
 We apply the recently developed spillover index approach of Diebold and
 Yilmaz (2009) to investigate the degree to which these markets are
 integrated, and which are net senders or recipients of information. The
 evidence suggests that Shanghai remains isolated as a market, both in
 terms of volatility and return spillovers. The strongest and most
 integrated pair of markets is the London cash market and COMEX. Returns
 spill over more strongly than do volatilities. Spillovers show significant
 time variation
Journal: Applied Economics Letters 
Pages: 887-892 
Issue: 13 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.896974 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.896974 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:13:p:887-892




Template-Type: ReDIF-Article 1.0
Author-Name: Don P. Clark 
Author-X-Name-First: Don P. 
Author-X-Name-Last: Clark 
Author-Name: W. Charles Sawyer 
Author-X-Name-First: W. Charles 
Author-X-Name-Last: Sawyer 
Title: Stages of diversification in Latin America 
Abstract:
 This article investigates the relationship between sectoral concentration
 and per capita income over the period 1963 to 2009 for 17 Latin American
 countries. Results confirm the existence of a U-shaped relationship
 between sectoral concentration of manufacturing value added and the level
 of per capita income. Import substitution industrialization policies
 encouraged excessive sectoral diversification early in the development
 process. Re-specialization in comparative advantage activities by higher
 per capita income countries coincided with a shift towards more
 market-oriented policies. The 'Lost Decade' of macroeconomic turmoil did
 not disrupt the evolving pattern of sectoral concentration.
Journal: Applied Economics Letters 
Pages: 893-897 
Issue: 13 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.896975 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.896975 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:13:p:893-897




Template-Type: ReDIF-Article 1.0
Author-Name: Sherif Khalifa 
Author-X-Name-First: Sherif 
Author-X-Name-Last: Khalifa 
Title: Direction of trade and wage inequality 
Abstract:
 Contrary to the predictions of the 2&times;2&times;2 Heckscher-Ohlin
 model, empirical evidence shows that the skill premium increased in some
 developing countries and decreased in others after trade liberalization.
 Khalifa (2014) attempts to reconcile the empirical evidence with the
 theoretical predictions by introducing a theoretical set-up that includes
 the additional aspect of South-South trade. The model shows that
 South-South trade openness can cause the skill premium to increase in the
 Southern country that is relatively more skill abundant, and to decrease
 in the Southern country that is relatively less skill abundant. This
 article introduces an empirical analysis to test the theoretical
 predictions of Khalifa (2014) using threshold estimation techniques
 introduced by Hansen (1999). The results suggest the presence of a
 statistically significant skill abundance threshold, below which the
 estimate of the coefficient of the relationship between South-South trade
 openness and wage inequality is negative, and above which the point
 estimate is positive.
Journal: Applied Economics Letters 
Pages: 898-901 
Issue: 13 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.896976 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.896976 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:13:p:898-901




Template-Type: ReDIF-Article 1.0
Author-Name: Steven P. Lanza 
Author-X-Name-First: Steven P. 
Author-X-Name-Last: Lanza 
Title: The effect of firearm restrictions on gun-related homicides across US states 
Abstract:
 The Newtown massacre has raised the issue of gun violence to a fever
 pitch. While several states have responded with tough new controls on
 firearms, most states have loosened restrictions. This study explores what
 effect such changes might have on gun-related homicides in the United
 States. The results, based on panel data for the 50 states over the
 2007-2010 period and estimated under several alternative model
 specifications, suggest that looser restrictions will likely do little to
 lessen the incidence of gun deaths but that tighter restrictions may
 produce a modest reduction in firearm fatalities.
Journal: Applied Economics Letters 
Pages: 902-905 
Issue: 13 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.896977 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.896977 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:13:p:902-905




Template-Type: ReDIF-Article 1.0
Author-Name: Charles W. Hodges 
Author-X-Name-First: Charles W. 
Author-X-Name-Last: Hodges 
Author-Name: Bingxuan Lin 
Author-X-Name-First: Bingxuan 
Author-X-Name-Last: Lin 
Author-Name: Chen-Miao Lin 
Author-X-Name-First: Chen-Miao 
Author-X-Name-Last: Lin 
Title: Product market competition, corporate governance, and cost of capital 
Abstract:
 We investigate how market competition and corporate governance affect a
 firm's cost of equity and debt. We find firms with better corporate
 governance have a lower cost of equity and cost of debt. However, we find
 that the negative relation between cost of capital and governance
 primarily holds for firms in highly competitive industries. The relation
 between governance and cost of capital does not hold if the industry
 competition is weak.
Journal: Applied Economics Letters 
Pages: 906-913 
Issue: 13 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.896978 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.896978 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:13:p:906-913




Template-Type: ReDIF-Article 1.0
Author-Name: Simon Sturn 
Author-X-Name-First: Simon 
Author-X-Name-Last: Sturn 
Title: Macroeconomic policy in recessions and unemployment hysteresis 
Abstract:
 I adopt Ball's (1999) cross-sectional approach to test for unemployment
 hysteresis to panel data. Long-run unemployment is explained with standard
 institutional controls, and proxies for monetary and fiscal policy
 reactions in recessions. The sample consists of 20 OECD countries for the
 period 1985 to 2008. The results indicate that fiscal consolidation in
 recessions has long-lasting effects on unemployment. No significant impact
 of monetary policy is found. However, tentative evidence suggests that the
 effects of fiscal spending are stronger when accommodated by expansionary
 monetary policy.
Journal: Applied Economics Letters 
Pages: 914-917 
Issue: 13 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.899660 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.899660 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:13:p:914-917




Template-Type: ReDIF-Article 1.0
Author-Name: Anna Samarina 
Author-X-Name-First: Anna 
Author-X-Name-Last: Samarina 
Author-Name: Jan-Egbert Sturm 
Author-X-Name-First: Jan-Egbert 
Author-X-Name-Last: Sturm 
Title: Factors leading to inflation targeting - the impact of adoption 
Abstract:
 This article examines how the analysis of inflation targeting (IT)
 adoption is affected by allowing for a structural change after adoption,
 using panel probit models for 60 countries over the period 1985 to 2008.
 Our findings suggest that there is a structural change after IT adoption.
 Including the post-adoption period when estimating the factors of IT
 adoption leads to biased results when interested in the question as of
 what drives countries' decision to adopt IT.
Journal: Applied Economics Letters 
Pages: 918-923 
Issue: 13 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.899661 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.899661 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:13:p:918-923




Template-Type: ReDIF-Article 1.0
Author-Name: Crawford Charman 
Author-X-Name-First: Crawford 
Author-X-Name-Last: Charman 
Author-Name: Ann L. Owen 
Author-X-Name-First: Ann L. 
Author-X-Name-Last: Owen 
Title: Collective happiness: labour union membership and life satisfaction 
Abstract:
 Labour union membership is associated with higher levels of life
 satisfaction in low-income countries, but not in high-income countries.
 Evidence suggests that union membership affects life satisfaction in
 low-income countries through better working conditions.
Journal: Applied Economics Letters 
Pages: 924-927 
Issue: 13 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.899662 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.899662 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:13:p:924-927




Template-Type: ReDIF-Article 1.0
Author-Name: Juyoung Cheong 
Author-X-Name-First: Juyoung 
Author-X-Name-Last: Cheong 
Author-Name: Do Won Kwak 
Author-X-Name-First: Do Won 
Author-X-Name-Last: Kwak 
Author-Name: Kam Ki Tang 
Author-X-Name-First: Kam Ki 
Author-X-Name-Last: Tang 
Title: The WTO puzzle, multilateral resistance terms and multicollinearity 
Abstract:
 Since Rose's (2004) striking finding of negligible WTO trade effects,
 numerous studies have attempted to solve the so-called WTO puzzle. These
 studies have progressively improved model specifications to control for
 potential sources of bias, but they often lead to conflicting results.
 Multilateral resistance terms (MRTs) are considered to be one of the most
 crucial factors to be accounted for to avoid the omitted variable bias in
 the gravity model. What has gone unnoticed, however, is that the control
 for MRTs leads to near-prefect multicollinearity because of the structural
 relationship between the variables that measure the General Agreement on
 Tariffs and Trade/World Trade Organization (GATT/WTO) membership status of
 any country pairs. This multicollinearity contributes to the fragility of
 the WTO effect estimates, as it dramatically increases SEs. In this
 article, we explain how this multicollinearity arises and provide evidence
 of it.
Journal: Applied Economics Letters 
Pages: 928-933 
Issue: 13 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.899663 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.899663 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaeseong Lee 
Author-X-Name-First: Jaeseong 
Author-X-Name-Last: Lee 
Author-Name: Joonmo Cho 
Author-X-Name-First: Joonmo 
Author-X-Name-Last: Cho 
Title: Who teaches economics courses better?: using student-professor matched data for the principle of economics course 
Abstract:
 This study investigates the influences on student evaluation of teaching
 of the principle of economics course using the student-professor matched
 data, which combines students' course evaluations and professors' research
 performance. The results indicated that professors with better research
 performance, majored in applied rather than theoretical economics and
 using global standard textbooks received higher course evaluations than
 otherwise.
Journal: Applied Economics Letters 
Pages: 934-937 
Issue: 13 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.899664 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.899664 
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Template-Type: ReDIF-Article 1.0
Author-Name: Libo Yin 
Author-X-Name-First: Libo 
Author-X-Name-Last: Yin 
Author-Name: Liyan Han 
Author-X-Name-First: Liyan 
Author-X-Name-Last: Han 
Title: Spillovers of macroeconomic uncertainty among major economies 
Abstract:
 Using the forecast error variance decomposition from a vector
 auto-regression, this article examines both average and time-varying
 spillovers of macroeconomic uncertainty across major economies since 1997
 and compares the ongoing crisis with earlier episodes. We show that
 spillover effects of macroeconomic uncertainty across major economies
 display no trend but clear bursts and reach its respective peaks during
 the 2008 global financial crisis, which attests to the severity of the
 current episode.
Journal: Applied Economics Letters 
Pages: 938-944 
Issue: 13 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.899665 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.899665 
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Template-Type: ReDIF-Article 1.0
Author-Name: John M. Amis 
Author-X-Name-First: John M. 
Author-X-Name-Last: Amis 
Author-Name: Andrew Hussey 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Hussey 
Author-Name: Albert A. Okunade 
Author-X-Name-First: Albert A. 
Author-X-Name-Last: Okunade 
Title: Adolescent obesity, educational attainment and adult earnings 
Abstract:
 We estimate the effects of being obese during adolescence on the
 likelihood of high school graduation, post-secondary educational
 attainment and labour market earnings as an adult (over 13 years later).
 We use longitudinal data from the National Longitudinal Survey of
 Adolescent Health (Add Health), conducted by the Carolina Population
 Center of the University of North Carolina at Chapel Hill. This is a
 nationally representative sample of students in grades 7 through 12 for
 the 1994-1995 first wave survey. Three subsequent waves of follow-up
 interviews occurred in 1996, 2001-2002 and finally in 2007-2008, when the
 sample was aged 25-31. Probit and linear regression models with a large
 set of controls (to minimize any bias that may result from omitting
 factors related to both adolescent obesity and adult outcomes) are fitted
 to carry out analyses separately by gender or racial groups. Pathological
 body weights are most notably present among males, blacks and Hispanics,
 suggesting possibility that diverging obesity effects may be found across
 race and gender groups. Unlike some prior research, we find no significant
 effects of adolescent obesity on high school graduation, but for some
 demographic groups, negative effects are found on college graduation and
 future income. Policy implications are discussed.
Journal: Applied Economics Letters 
Pages: 945-950 
Issue: 13 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.899666 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.899666 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anna Hvid 
Author-X-Name-First: Anna 
Author-X-Name-Last: Hvid 
Title: Agricultural rent-seeking in developing countries: an empirical investigation 
Abstract:
 Recent increases in demand for agricultural land has fuelled academic, as
 well as public, interest in the potential effects of high value
 agricultural land, particularly in developing countries. The dominating
 question seems to be: will increasing demand for agricultural land imply
 land grabbing or rural development? This article finds empirical support
 for a proposed theory which suggests that the extent of agricultural
 rent-seeking, in the form of large-scale land acquisitions, is determined
 by the relative political power of an elite and a farmer group.
Journal: Applied Economics Letters 
Pages: 951-954 
Issue: 14 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.902012 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.902012 
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Template-Type: ReDIF-Article 1.0
Author-Name: Javier Bilbao-Ubillos 
Author-X-Name-First: Javier 
Author-X-Name-Last: Bilbao-Ubillos 
Author-Name: Ana-Isabel Fern�ndez-Sainz 
Author-X-Name-First: Ana-Isabel 
Author-X-Name-Last: Fern�ndez-Sainz 
Title: The impact of austerity policies in the Eurozone: fiscal multipliers and 'adjustment fatigue' 
Abstract:
 This article seeks to compare the significance of the links between fiscal
 policies and economic growth in the Eurozone before and after the
 imposition of adjustments on the countries bailed out, in an effort to
 estimate the scale of fiscal multipliers and to evaluate pro-cyclical or
 counter-cyclical orientation of the measures. The results of the
 regression serve to bear out the theoretical forecasts of those authors
 who warned of high fiscal multipliers in a context of recession, also
 characterized by a credit crunch, massive deleveraging in the private
 sector and near-zero interest rates.
Journal: Applied Economics Letters 
Pages: 955-959 
Issue: 14 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.902013 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.902013 
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Template-Type: ReDIF-Article 1.0
Author-Name: Loren W. Tauer 
Author-X-Name-First: Loren W. 
Author-X-Name-Last: Tauer 
Title: Are two heads better than one head in managing the family business? 
Abstract:
 The return to operator's labour and management in sole proprietorship
 firms and partnership firms is compared using matching samples to
 determine if multi-managed firms produce greater returns. Data were
 obtained from a farm business management program for the years 1998
 through 2001. Managers in a parent-child partnership did not generate more
 returns than a sole proprietorship, but nonparent-child partnerships
 generated $36442 more labour and management income per manager per year
 than the sole proprietorship.
Journal: Applied Economics Letters 
Pages: 960-964 
Issue: 14 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.902014 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.902014 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Nihat Solakoglu 
Author-X-Name-First: M. Nihat 
Author-X-Name-Last: Solakoglu 
Author-Name: Nazmi Demir 
Author-X-Name-First: Nazmi 
Author-X-Name-Last: Demir 
Title: Sentimental herding in Borsa Istanbul: informed versus uninformed 
Abstract:
 This study searches for sentimental herding in Borsa Istanbul (BIST) using
 a state-space model for two distinct groups of investors/traders. We
 expect to find no sentimental herding in BIST30 as the investors are
 closely following the market, given their access to maximum amount of
 information and high quality of guidance from the world-known
 intermediaries that reduce information asymmetries. However, as the SNM
 investors are mostly local investors with smaller assets and with higher
 level of information asymmetry, we expect to find evidence of sentimental
 herding. As expected, we find no evidence of herding by the BIST30
 investors from 2000 to 2013. In contrast, our findings provide evidence
 that the SNM investors demonstrate sentimental herding persistently and
 independently from market fundamentals in three stages: evidence of
 herding in the first stage (2000-2004), a 4-year (2005-2008) no-herding
 calm period and finally a volatile adverse herding pattern (2009-2013)
 where fundamentals about the firm values became more important.
Journal: Applied Economics Letters 
Pages: 965-968 
Issue: 14 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.902015 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.902015 
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Carlos Cuestas 
Author-X-Name-First: Juan Carlos 
Author-X-Name-Last: Cuestas 
Author-Name: Javier Ord��ez 
Author-X-Name-First: Javier 
Author-X-Name-Last: Ord��ez 
Title: Smooth transitions, asymmetric adjustment and unit roots 
Abstract:
 The aim of this article is to develop a unit root test that takes into
 account two sources of nonlinearites in data, i.e. asymmetric speed of
 mean reversion and structural changes. The asymmetric speed of mean
 reversion is modelled by means of a exponential smooth transition
 autoregression (ESTAR) function for the autoregressive parameter, whereas
 structural changes are approximated by a smooth transition in the
 deterministic components. We find that the proposed test performs well in
 terms of size and power, in particular when the autoregressive parameter
 is near unity.
Journal: Applied Economics Letters 
Pages: 969-972 
Issue: 14 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.902016 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.902016 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bill Russell 
Author-X-Name-First: Bill 
Author-X-Name-Last: Russell 
Title: ARCH and structural breaks in United States inflation 
Abstract:
 United States Phillips curves are routinely estimated without accounting
 for the shifts in mean inflation. As a result, we may expect the standard
 estimates of Phillips curves to be biased and suffer from auto-regressive
 conditional heteroscedasticity (ARCH). We demonstrate this is indeed the
 case. We also demonstrate that once the shifts in mean inflation are
 accounted for, the ARCH is largely eliminated in the estimated model and
 the model defining expected rate of inflation in the New Keynesian model
 plays no significant role in the dynamics of inflation.
Journal: Applied Economics Letters 
Pages: 973-978 
Issue: 14 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.902017 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.902017 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christopher A. Hartwell 
Author-X-Name-First: Christopher A. 
Author-X-Name-Last: Hartwell 
Title: Capitalism and (versus?) democracy: stock markets and democratization in transition 
Abstract:
 This article takes a look at the determinants of democracy in transition
 economies, with reference to the role of financial markets. Using three
 different proxies for financial market development, I find that stock
 exchanges appear to correlate with lower levels of democracy on average,
 although the most successful democracies also have the largest stock
 markets. Nonlinearities thus appear to exist in the relationship between
 financial markets and political institutions in transition.
Journal: Applied Economics Letters 
Pages: 979-983 
Issue: 14 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.902018 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.902018 
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Template-Type: ReDIF-Article 1.0
Author-Name: Meredith Beechey 
Author-X-Name-First: Meredith 
Author-X-Name-Last: Beechey 
Author-Name: P�r &Ouml;sterholm 
Author-X-Name-First: P�r 
Author-X-Name-Last: &Ouml;sterholm 
Title: Policy interest-rate expectations in Sweden: a forecast evaluation 
Abstract:
 In this article, we evaluate two types of Swedish policy interest-rate
 expectations: survey expectations and expectations inferred from market
 pricing. The data are drawn from the most prominent survey of
 financial-market economists and from Swedish financial markets, and they
 are carefully matched by date to ensure comparability. Results show that
 both kinds of expectations suffer from bias and inefficiency, and in terms
 of forecast precision there is no clear winner. We do find, though,
 evidence that the forecast accuracy of both kinds of policy-rate
 expectations has improved since the Riksbank started publishing its own
 policy-rate forecast, suggesting that this communication strategy has been
 beneficial from a policy perspective.
Journal: Applied Economics Letters 
Pages: 984-991 
Issue: 14 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.904480 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.904480 
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Template-Type: ReDIF-Article 1.0
Author-Name: Arthur J. Caplan 
Author-X-Name-First: Arthur J. 
Author-X-Name-Last: Caplan 
Title: Measuring the surplus of superficiality: the case of dented bumper repair 
Abstract:
 This article uses data from a survey administered to 400 automobile owners
 in northern Utah to estimate willingness-to-pay (WTP) for removal of a
 superficial dent in the bumper of a typical owner's vehicle. A unique set
 of controls are used to estimate the determinants of WTP for this
 particular manifestation of superficiality. Both parametric and
 nonparametric measures of mean WTP are also derived. To the extent that a
 driver's demand for superficiality represents a market failure, e.g., due
 to imperfect information, or, in a normative sense, the influence of
 wasteful social norms, our welfare measures represent estimates of the
 potential social deadweight loss associated with the purchase of this
 particular good. In this case, potential social deadweight loss is defined
 as total surplus from the market for dented-bumper repair that remains
 'untransferred' to markets for non-(or less)superficial goods. Best-guess
 estimates of the annual potential deadweight loss from dented-bumper
 repair in the US fall in the range of $122000 to $609000, depending upon
 the estimated number of superficially dented bumpers per year.
Journal: Applied Economics Letters 
Pages: 992-996 
Issue: 14 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.904481 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.904481 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ayesha Ashraf 
Author-X-Name-First: Ayesha 
Author-X-Name-Last: Ashraf 
Author-Name: Dierk Herzer 
Author-X-Name-First: Dierk 
Author-X-Name-Last: Herzer 
Title: The effects of greenfield investment and M&As on domestic investment in developing countries 
Abstract:
 This article examines the effects of greenfield investment and M&As on
 domestic investment using panel data for 100 developing countries for the
 period 2003 to 2011. It is shown that while cross-border M&As do not have
 a significant effect on domestic investment, greenfield FDI has a large
 crowding-out effect.
Journal: Applied Economics Letters 
Pages: 997-1000 
Issue: 14 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.904482 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.904482 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Subrata Kumar Mitra 
Author-X-Name-First: Subrata Kumar 
Author-X-Name-Last: Mitra 
Title: Nonlinear impact of rain on foodgrain production in India 
Abstract:
 Owing to a very high population and low land resources, the economic
 importance of crop production is very high in India. However, in the
 absence of adequate irrigation facility, crop production of the country
 largely depends on rainfall during monsoon months. I, therefore, analysed
 the impact of rainfall on crop production using the ARDL approach of
 Pesaran <italic>et al</italic>. (2001). As the impact of rain might have
 an asymmetric effect on crop production, I analysed such possibility using
 the nonlinear ARDL model proposed by Shin <italic>et al</italic>. (2013).
Journal: Applied Economics Letters 
Pages: 1001-1005 
Issue: 14 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.904483 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.904483 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kurmas Akdo&#x11f;an 
Author-X-Name-First: Kurmas 
Author-X-Name-Last: Akdo&#x11f;an 
Title: Threshold adjustment in the current account: sustainability for danger zone economies? 
Abstract:
 We explore the presence of nonlinear adjustment behaviour in current
 accounts of 29 countries, using linear and nonlinear unit root tests. Our
 results suggest threshold adjustment in the current accounts of countries
 with relatively higher average current account deficits. Nonlinear mean
 reversion might be an indication of sustainability of the current account
 for these danger zone economies.
Journal: Applied Economics Letters 
Pages: 1006-1009 
Issue: 14 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.904484 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.904484 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Sica 
Author-X-Name-First: E. 
Author-X-Name-Last: Sica 
Author-Name: S. Su&scaron;nik 
Author-X-Name-First: S. 
Author-X-Name-Last: Su&scaron;nik 
Title: Geographical dimension and environmental Kuznets curve: the case of some less investigated air pollutants 
Abstract:
 The present article provides preliminary results about the environmental
 Kuznets curve (EKC) hypothesis in the Italian case for some less
 investigated air contaminants, such as benzene, sulphur hexafluoride and
 hydrofluorocarbons (HFCs). By using an emission data set disaggregated at
 the provincial level, it investigates whether the EKC is influenced by the
 geographical dimension, by splitting the national sample into four
 provincial subsets, according to the characteristics of the Italian
 productive system. Results suggest that southern provinces follow an EKC
 for the benzene and sulphur hexafluoride emissions, along with
 north-eastern provinces that follow a U-shaped trend for HFCs, thus
 providing evidence that geographical dimension significantly influences
 the relationship between income and pollutant emissions.
Journal: Applied Economics Letters 
Pages: 1010-1016 
Issue: 14 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.904485 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.904485 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos A. Medel 
Author-X-Name-First: Carlos A. 
Author-X-Name-Last: Medel 
Title: The typical spectral shape of an economic variable: a visual guide 
Abstract:
 Granger (1966) describes how the spectral shape of an economic variable
 concentrates spectral mass at low frequencies, declining smoothly as
 frequency increases. His empirical exercise focused on the evidence
 obtained from a handful of series. In this article, I focus on a broad
 range of economic variables to investigate their spectral shape. After
 performing several exercises, the results show that Granger's assertion
 holds more often than not. Especially fuzzy cases are those that exhibit
 some degree of transition to a different regime, as are those estimated
 with a very short bandwidth.
Journal: Applied Economics Letters 
Pages: 1017-1024 
Issue: 14 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.904486 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.904486 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:14:p:1017-1024




Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Duncan 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Duncan 
Title: Financial liberalization, low world interest rates and global imbalances: a note with a simple two-country model 
Abstract:
 We can understand the role of the liberalization of capital outflows on
 the global imbalances, the increasing share of US equities in foreign
 investors' portfolio and the decline in the world interest rate and the
 S&P dividend-price ratio, facts observed during the last three decades,
 when taxes on international asset holdings are reduced in a simple
 two-country model with costs of portfolio adjustment.
Journal: Applied Economics Letters 
Pages: 1025-1029 
Issue: 14 
Volume: 21 
Year: 2014 
Month: 9 
X-DOI: 10.1080/13504851.2014.907467 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.907467 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:14:p:1025-1029




Template-Type: ReDIF-Article 1.0
Author-Name: Fousseini Traor� 
Author-X-Name-First: Fousseini 
Author-X-Name-Last: Traor� 
Title: Assessing the impact of China net imports on the world cotton price 
Abstract:
 China is the first cotton producer and importer in the world. This article
 investigates the impact its net imports have on the world cotton price.
 Using annual data from 1976 to 2009, the results show a strong positive
 and significant impact both in the short and in the long run. These
 findings are important as it helps policy makers and forecasters to
 improve the quality of their models. This work could also be extended to
 other commodity markets as China becomes a major player in the world
 economy.
Journal: Applied Economics Letters 
Pages: 1031-1035 
Issue: 15 
Volume: 21 
Year: 2014 
Month: 10 
X-DOI: 10.1080/13504851.2014.907468 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.907468 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:15:p:1031-1035




Template-Type: ReDIF-Article 1.0
Author-Name: Durmus &Ouml;zdemir 
Author-X-Name-First: Durmus 
Author-X-Name-Last: &Ouml;zdemir 
Title: Economic growth and financial liberalization in the EU accession countries 
Abstract:
 This article investigates the impact of financial liberalization on
 aggregate productivity growth. Based on a sample of the EU accession
 countries and using quarterly longitudinal panel data between 1995 and
 2007, the static robust and dynamic panel data estimates indicate clear
 evidence of a link between the long-run growth and a number of indicators
 of financial liberalization. The empirical results illustrate that
 financial liberalization is negatively related to economic growth
 significantly. The results imply that higher levels of post-EU-membership
 growth are not caused by liberalized financial markets.
Journal: Applied Economics Letters 
Pages: 1036-1044 
Issue: 15 
Volume: 21 
Year: 2014 
Month: 10 
X-DOI: 10.1080/13504851.2014.907470 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.907470 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:15:p:1036-1044




Template-Type: ReDIF-Article 1.0
Author-Name: Chune Young Chung 
Author-X-Name-First: Chune Young 
Author-X-Name-Last: Chung 
Title: What do abnormal investor trading patterns around corporate mergers indicate? Further evidence from the Korean M&A market 
Abstract:
 This article examines the abnormal trading patterns by investor types
 around corporate mergers in the Korean financial market. Extending Han and
 Chung (2013), I investigate standardized abnormal net buy (SANB) of
 institutional and individual investors around both good and bad merger
 announcements based on unique daily trading data. I find that
 institutional investors abnormally buy (sell) their shares on a bidding
 firm before the announcement of a good (bad) merger, while individual
 investors abnormally sell (buy) the shares. I also find that institutional
 investors continue to abnormally buy (sell) their shares on a bidding firm
 even after the announcement of a good (bad) merger, while individual
 investors continue to abnormally sell (buy) the shares. Since good (bad)
 mergers exhibit positive (negative) cumulative abnormal returns around the
 announcement, the findings support the evidence of informed and/or
 sophisticated (uninformed and/or unsophisticated) trading by institutional
 (individual) investors.
Journal: Applied Economics Letters 
Pages: 1045-1049 
Issue: 15 
Volume: 21 
Year: 2014 
Month: 10 
X-DOI: 10.1080/13504851.2014.907471 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.907471 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:15:p:1045-1049




Template-Type: ReDIF-Article 1.0
Author-Name: Simon Porcher 
Author-X-Name-First: Simon 
Author-X-Name-Last: Porcher 
Author-Name: Thomas Porcher 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Porcher 
Title: The determinants of margins in French retail gasoline markets 
Abstract:
 When studying oligopolies, a tension exists between models supporting
 tacit collusion and those supporting the noncollusive behaviour of firms.
 Using a panel on retail fuel margins in France over more than 20years, we
 find mitigated evidence of collusive behaviour in the retail gasoline
 industry. On the one hand, we find lower margins when demand is expected
 to increase in the next period, which is a standard prediction for the
 noncooperative models. On the other hand, we also find evidence of tacit
 collusion as margins respond to input cost changes in the manner that the
 tacit collusion models predict: margins decline when the expected marginal
 cost increases. Our results leave open the question of collusion in the
 retail gasoline market.
Journal: Applied Economics Letters 
Pages: 1050-1053 
Issue: 15 
Volume: 21 
Year: 2014 
Month: 10 
X-DOI: 10.1080/13504851.2014.907472 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.907472 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andros Gregoriou 
Author-X-Name-First: Andros 
Author-X-Name-Last: Gregoriou 
Title: Event studies correcting for nonnormality using the wild bootstrap 
Abstract:
 We explore stock price effects following index additions to the Hang Seng
 Stock Index (HSI). Unlike previous event studies, we correct the critical
 values of the standard event study market model using a wild-bootstrap
 technique. Our findings show that after correcting for nonnormality, the
 stock price reaction associated with HSI index revisions ceases to exist.
 This demonstrates the importance of correcting event study methodology for
 nonnormality of residuals, when undertaking empirical analysis.
Journal: Applied Economics Letters 
Pages: 1054-1056 
Issue: 15 
Volume: 21 
Year: 2014 
Month: 10 
X-DOI: 10.1080/13504851.2014.907473 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.907473 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:15:p:1054-1056




Template-Type: ReDIF-Article 1.0
Author-Name: Hiroshi Yamada 
Author-X-Name-First: Hiroshi 
Author-X-Name-Last: Yamada 
Title: Estimating the time-varying NAIRU and the Phillips curve slope simultaneously: a note 
Abstract:
 This article presents a new method for estimating the unobservable
 nonaccelerating inflation rate of unemployment (NAIRU). We improve upon
 the method employed in Ball and Mankiw (2002) so that (i) the new method
 can estimate simultaneously both the time-varying NAIRU and the Phillips
 curve slope and (ii) it can yield traditional constant NAIRU estimates as
 an extreme. As an empirical illustration, we estimate the time-varying US
 NAIRU with the moving block bootstrap confidence intervals.
Journal: Applied Economics Letters 
Pages: 1057-1059 
Issue: 15 
Volume: 21 
Year: 2014 
Month: 10 
X-DOI: 10.1080/13504851.2014.907474 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.907474 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:15:p:1057-1059




Template-Type: ReDIF-Article 1.0
Author-Name: Jong-Hee Kim 
Author-X-Name-First: Jong-Hee 
Author-X-Name-Last: Kim 
Author-Name: Joocheol Kim 
Author-X-Name-First: Joocheol 
Author-X-Name-Last: Kim 
Title: Intra and offshore trade in the euro zone and trade imbalances 
Abstract:
 By examining trade imbalances using 40 countries including Euro-zone
 countries, we show that the trade imbalance has been exacerbated after
 joining the Euro zone for the member countries, and the intra trade has
 greater impact on the imbalance than the offshore trade. For the trade
 between northern countries and southern countries in the Euro-zone, the
 imbalance worsens after joining the Euro zone. The bilateral gaps in the
 government expenditure and the unemployment have significant effect.
 Excessive government expenditure leads to the increase in the trade
 imbalance.
Journal: Applied Economics Letters 
Pages: 1060-1064 
Issue: 15 
Volume: 21 
Year: 2014 
Month: 10 
X-DOI: 10.1080/13504851.2014.907475 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.907475 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:15:p:1060-1064




Template-Type: ReDIF-Article 1.0
Author-Name: Michael L. Polemis 
Author-X-Name-First: Michael L. 
Author-X-Name-Last: Polemis 
Title: Did financial crisis alter the level of competition in the EMU banks? 
Abstract:
 The goal of this article is to empirically assess the level of competition
 in the European Monetary Union (EMU) banking sector. The empirical
 findings provide sufficient evidence in favour of a monopolistic
 competition regime. The industry structure of the banking sector seems to
 have been left unaltered after the adoption of the euro currency and the
 recent financial crisis with the estimated values of the
 <italic>H</italic>-statistic range between zero and unity.
Journal: Applied Economics Letters 
Pages: 1065-1069 
Issue: 15 
Volume: 21 
Year: 2014 
Month: 10 
X-DOI: 10.1080/13504851.2014.909564 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.909564 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:15:p:1065-1069




Template-Type: ReDIF-Article 1.0
Author-Name: Toby Huskinson 
Author-X-Name-First: Toby 
Author-X-Name-Last: Huskinson 
Author-Name: Robert Lawson 
Author-X-Name-First: Robert 
Author-X-Name-Last: Lawson 
Title: Clusters of economic freedom 
Abstract:
 This article uses K-means clustering to group countries using the
 information from the five areas of the Economic Freedom of the World (EFW)
 index. The resulting clusters of countries are similar but not identical
 to quartile groupings found using the overall EFW index. Simple
 comparisons of socio-economic outcomes along the one-dimensional EFW index
 yield different results compared with the multidimensional-based country
 clusters. In particular, social democratic market economies appear to
 outperform liberal market economies using these simple comparisons.
Journal: Applied Economics Letters 
Pages: 1070-1074 
Issue: 15 
Volume: 21 
Year: 2014 
Month: 10 
X-DOI: 10.1080/13504851.2014.909565 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.909565 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:15:p:1070-1074




Template-Type: ReDIF-Article 1.0
Author-Name: Miguel A. Latorre 
Author-X-Name-First: Miguel A. 
Author-X-Name-Last: Latorre 
Author-Name: Bego�a Herrero 
Author-X-Name-First: Bego�a 
Author-X-Name-Last: Herrero 
Author-Name: Jos� E. Farin�s 
Author-X-Name-First: Jos� E. 
Author-X-Name-Last: Farin�s 
Title: Do acquirers' stock prices fully react to the acquisition announcement of listed versus unlisted target firms? Out-of-sample evidence from Spain 
Abstract:
 Previous results are ambiguous about whether prices fully reflect value
 creation or destruction at the time of the acquisition announcement when
 samples are split into listed and unlisted target firms. We find that the
 Spanish market fully reacts to the acquisition announcement (showing value
 creation only for unlisted target firm acquisitions), except for the
 smallest bidders of public targets since we find significant positive
 abnormal returns for a 24-month post-acquisition window. This evidence is
 consistent with investors extrapolating the performance of large acquirers
 of public firm to smaller ones and, therefore, only identifying value
 creation in the long term.
Journal: Applied Economics Letters 
Pages: 1075-1078 
Issue: 15 
Volume: 21 
Year: 2014 
Month: 10 
X-DOI: 10.1080/13504851.2014.909566 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.909566 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:15:p:1075-1078




Template-Type: ReDIF-Article 1.0
Author-Name: Ziemowit Bednarek 
Author-X-Name-First: Ziemowit 
Author-X-Name-Last: Bednarek 
Title: Predicting R&D investment with <italic>ex</italic> <italic>ante</italic> productivity 
Abstract:
 In this article I demonstrate the relationship between research and
 development expenditure and firm productivity. Using data envelopment, I
 construct a measure of the firm-level distance from the industry-wide
 productivity frontier. Firms <italic>ex ante</italic> further from the
 productivity frontier invest more in R&D. On average, a 1% larger distance
 from the frontier causes a 0.6% to 1.2% increase in the R&D intensity next
 quarter. The effect is statistically and economically significant.
Journal: Applied Economics Letters 
Pages: 1079-1082 
Issue: 15 
Volume: 21 
Year: 2014 
Month: 10 
X-DOI: 10.1080/13504851.2014.909567 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.909567 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:15:p:1079-1082




Template-Type: ReDIF-Article 1.0
Author-Name: Nino Speziale 
Author-X-Name-First: Nino 
Author-X-Name-Last: Speziale 
Title: Does unemployment increase crime? Evidence from Italian provinces 
Abstract:
 Criminality is one of the most worrying phenomena that affect economic
 development and social well-being. Authorities employ various schemes to
 prevent and discourage illegal behaviours. This article presents an
 analysis of the economic determinants of crime in Italy, with a special
 focus on unemployment effect on crime. Using a dynamic specification for
 the 103 Italian provinces over the period 2000 to 2005, results are in
 line with the predictions of the economic model of crime (Becker, 1968).
 The deterrence variables have the expected sign in all crime rates. The
 unemployment rates have a positive correlation with all crime rates. The
 juvenile unemployment rate shows a lower estimated coefficient than that
 of the overall unemployment rate.
Journal: Applied Economics Letters 
Pages: 1083-1089 
Issue: 15 
Volume: 21 
Year: 2014 
Month: 10 
X-DOI: 10.1080/13504851.2014.909568 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.909568 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:15:p:1083-1089




Template-Type: ReDIF-Article 1.0
Author-Name: Aditya R. Khanal 
Author-X-Name-First: Aditya R. 
Author-X-Name-Last: Khanal 
Author-Name: Ashok K. Mishra 
Author-X-Name-First: Ashok K. 
Author-X-Name-Last: Mishra 
Title: Is the 'buying winners and selling losers' trading strategy profitable in the New Economy? 
Abstract:
 Using recent US financial market data, this study tested whether relative
 strength trading strategy was profitable in two different sample periods
 (1990 to 2012 and 1965 to 2012). In contrast to the previous findings, our
 study finds no clear evidence for profitable zero-cost buy and hold
 strategy for 3- to 12-month periods for the period 1990 to 2012. However,
 we find few profitable zero-cost strategy for the period 1965 to 2012, but
 the returns are much smaller than previously reported. These findings may
 imply gain in market efficiency in the US financial markets in recent
 period.
Journal: Applied Economics Letters 
Pages: 1090-1093 
Issue: 15 
Volume: 21 
Year: 2014 
Month: 10 
X-DOI: 10.1080/13504851.2014.909569 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.909569 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:15:p:1090-1093




Template-Type: ReDIF-Article 1.0
Author-Name: Julian Donaubauer 
Author-X-Name-First: Julian 
Author-X-Name-Last: Donaubauer 
Title: Does foreign aid really attract foreign investors? New evidence from panel cointegration 
Abstract:
 This article examines whether foreign aid contributes to attracting
 foreign direct investment (FDI) in aid receiving countries. Using both
 homogeneous and heterogeneous panel cointegration techniques, I find that
 the effect of foreign aid on FDI is negative. This is in contrast to
 previous studies that usually found a positive association between aid and
 FDI.
Journal: Applied Economics Letters 
Pages: 1094-1098 
Issue: 15 
Volume: 21 
Year: 2014 
Month: 10 
X-DOI: 10.1080/13504851.2014.909570 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.909570 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:15:p:1094-1098




Template-Type: ReDIF-Article 1.0
Author-Name: Abdulnasser Hatemi-J 
Author-X-Name-First: Abdulnasser 
Author-X-Name-Last: Hatemi-J 
Title: On the interaction between government spending and economic performance in Sweden: an asymmetric approach 
Abstract:
 This article applies newly developed asymmetric impulse response functions
 and asymmetric variance decompositions to investigate the dynamic
 relationship between government spending and the GDP at constant prices in
 Sweden. The estimated results show that an innovation in the government
 spending does not lead to a significant response in the GDP regardless of
 whether or not the asymmetric property is taken into account in the
 estimation of the impulses. The asymmetric variance decompositions also
 provide support for this conclusion. This might support the view that the
 Ricardo equivalence theorem is valid in the case of Sweden.
Journal: Applied Economics Letters 
Pages: 1099-1103 
Issue: 15 
Volume: 21 
Year: 2014 
Month: 10 
X-DOI: 10.1080/13504851.2014.912027 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.912027 
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Template-Type: ReDIF-Article 1.0
Author-Name: P�r &Ouml;sterholm 
Author-X-Name-First: P�r 
Author-X-Name-Last: &Ouml;sterholm 
Author-Name: P�r Stockhammar 
Author-X-Name-First: P�r 
Author-X-Name-Last: Stockhammar 
Title: The euro crisis and Swedish GDP growth - a study of spillovers 
Abstract:
 In this article, a Bayesian VAR model is used to study the effects of euro
 area shocks on GDP growth in the small open economy of Sweden. A novel
 feature is that the new policy uncertainty index of Baker <italic>et
 al.</italic> (2013) is introduced in the model. The model behaves well in
 terms of reasonable impulse response functions. The specific effects of
 the euro crisis is investigated through a historical decomposition which
 shows that shocks to euro area GDP growth have been a reasonably important
 factor for Swedish GDP growth, supporting it during 2010 and holding it
 back thereafter. Generally, shocks to policy uncertainty have held back
 Swedish GDP growth during the euro crises.
Journal: Applied Economics Letters 
Pages: 1105-1110 
Issue: 16 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.912028 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.912028 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:16:p:1105-1110




Template-Type: ReDIF-Article 1.0
Author-Name: Hosin Song 
Author-X-Name-First: Hosin 
Author-X-Name-Last: Song 
Title: Revisiting Aschauer via ICM estimation 
Abstract:
 In this article, the effect of public expenditure on consumers' welfare is
 considered by estimating the substitutability of public expenditure for
 private consumption in the context of Aschauer (1985). Aschauer's full
 information maximum likelihood estimation requires much more assumptions
 than the equilibrium condition of his model. Therefore, this study
 proposes an alternative estimation approach under a weaker condition,
 which is equivalent to the equilibrium condition of the model. In
 particular, I propose to use an integrated conditional moments estimation
 and apply the proposed estimation to US economy. The estimation results
 show that Aschauer's model specification is not rejected at conventional
 significance levels, even though substitutability of public expenditure
 for private consumption is not significantly different from zero.
Journal: Applied Economics Letters 
Pages: 1111-1115 
Issue: 16 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.912029 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.912029 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:16:p:1111-1115




Template-Type: ReDIF-Article 1.0
Author-Name: Mao Liang Li 
Author-X-Name-First: Mao Liang 
Author-X-Name-Last: Li 
Author-Name: Chin Man Chui 
Author-X-Name-First: Chin Man 
Author-X-Name-Last: Chui 
Author-Name: Chang Qing Li 
Author-X-Name-First: Chang Qing 
Author-X-Name-Last: Li 
Title: Is pairs trading profitable on China AH-share markets? 
Abstract:
 Using the daily data for 38 companies during the period of 2009-2013, this
 article examines the long-run equilibrium between the stock prices of
 firms dual listed on A-share market in China and H-share market in Hong
 Kong, and exploits the arbitrage opportunity for investors. We propose a
 simple self-financing trading strategy which is derived from the short-run
 disequilibrium price path. Our results demonstrate that cointegration and
 error-correction mechanism exist between the A-share and the H-share. In
 addition, our proposed trading strategy actually beats the markets and
 provides superior performance in terms of Sharp Ratio and value at risk
 statistics. Further analysis on international asset pricing model
 demonstrates that our trading strategy yields an average annualized excess
 return of about 17.6% when adjusted for the systematic risk.
Journal: Applied Economics Letters 
Pages: 1116-1121 
Issue: 16 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.912030 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.912030 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:16:p:1116-1121




Template-Type: ReDIF-Article 1.0
Author-Name: Chien-Wei Wu 
Author-X-Name-First: Chien-Wei 
Author-X-Name-Last: Wu 
Author-Name: Hsien-Hung Chiu 
Author-X-Name-First: Hsien-Hung 
Author-X-Name-Last: Chiu 
Title: Turning counterfeiting into advantage: the case of a durable good monopolist 
Abstract:
 This article argues that the presence of nondeceptive counterfeits may
 benefit the monopolist of genuine products in a durable good scenario. For
 a monopolist selling a durable good over time, the presence of
 counterfeits mitigates the monopolist's incentives to lower the price in
 later periods because lower valuation consumers are more likely to
 purchase the counterfeit. While the counterfeit diminishes the demand for
 the genuine product, we show that, under some circumstances, the presence
 of counterfeits may raise the price and boost the monopolist's profit.
Journal: Applied Economics Letters 
Pages: 1122-1127 
Issue: 16 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.912031 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.912031 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:16:p:1122-1127




Template-Type: ReDIF-Article 1.0
Author-Name: Pattanaporn Chatjuthamard-Kitsabunnarat 
Author-X-Name-First: Pattanaporn 
Author-X-Name-Last: Chatjuthamard-Kitsabunnarat 
Author-Name: Pornsit Jiraporn 
Author-X-Name-First: Pornsit 
Author-X-Name-Last: Jiraporn 
Author-Name: Shenghui Tong 
Author-X-Name-First: Shenghui 
Author-X-Name-Last: Tong 
Title: Does religious piety inspire corporate social responsibility (CSR)? Evidence from historical religious identification 
Abstract:
 We explore the effect of religious piety on corporate social
 responsibility (CSR). Prior research links religion to honesty and risk
 aversion. Accordingly, religion induces managers to be more honest and
 likely view as opportunistic and unethical an exploitation of other
 stakeholders. Risk aversion also implies that managers are unlikely to
 take advantage of other stakeholders as stakeholders can take retaliatory
 actions against them. Religion therefore motivates managers to treat other
 stakeholders and the society at large more favourably, resulting in
 stronger CSR. Our evidence, based on over 17000 observations across 16
 years, shows that religious piety leads to stronger CSR. However, this is
 the case only when religious piety is sufficiently strong, that is, when
 it is beyond a certain threshold. To draw a causal inference, we use as
 our instruments religious piety in the distant past, that is from 1971 to
 1952. Religious piety from decades ago is unlikely correlated with current
 CSR, except through its impact on contemporaneous piety. Our
 instrumental-variable analysis shows that the effect of religion on CSR is
 likely causal.
Journal: Applied Economics Letters 
Pages: 1128-1133 
Issue: 16 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.912032 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.912032 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:16:p:1128-1133




Template-Type: ReDIF-Article 1.0
Author-Name: Guifeng Shi 
Author-X-Name-First: Guifeng 
Author-X-Name-Last: Shi 
Author-Name: Li Zhang 
Author-X-Name-First: Li 
Author-X-Name-Last: Zhang 
Title: Product market competition and unemployment: a county-level analysis 
Abstract:
 By using a competition measure derived from the textual analysis of firms'
 10-K filings, we examine the relationship between product market
 competition and the county-level unemployment. We find that unemployment
 is negatively related to product market competition pressure and the
 result is robust in additional tests. We also find that this relationship
 is strengthened in a good economy. Our findings are consistent with the
 previous theoretical prediction that competition can reduce unemployment.
 This article provides new evidence on the interactions between product
 markets and the labour market.
Journal: Applied Economics Letters 
Pages: 1134-1138 
Issue: 16 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.914132 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.914132 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:16:p:1134-1138




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Evans 
Author-X-Name-First: Paul 
Author-X-Name-Last: Evans 
Author-Name: Ji Uk Kim 
Author-X-Name-First: Ji Uk 
Author-X-Name-Last: Kim 
Title: The spatial dynamics of growth and convergence in Korean regional incomes 
Abstract:
 We investigate whether the convergence hypothesis in 13 Korean regional
 economies for the period 1985 to 2011 exists allowing technological
 spillover and spatial interdependence. We use the spatial dynamic panel
 data approach including the spatial Durbin model. When we use the spatial
 lag model (SAM) with spatial fixed, we find that there is a positive
 spillover effect of growth among Korean regions and that convergence speed
 rate is faster than the model without spatial interdependence. However,
 when we use the SAM with time period fixed, or spatial fixed and
 time-period fixed effects, these results do not support convergence
 hypothesis of regional incomes. Therefore, we have to be careful to
 approach conclusion about convergence hypothesis in Korean regional
 incomes.
Journal: Applied Economics Letters 
Pages: 1139-1143 
Issue: 16 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.914133 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.914133 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:16:p:1139-1143




Template-Type: ReDIF-Article 1.0
Author-Name: Stella Capuano 
Author-X-Name-First: Stella 
Author-X-Name-Last: Capuano 
Author-Name: Tat-kei Lai 
Author-X-Name-First: Tat-kei 
Author-X-Name-Last: Lai 
Author-Name: Hans-J�rg Schmerer 
Author-X-Name-First: Hans-J�rg 
Author-X-Name-Last: Schmerer 
Title: The US finance wage premium before and after the financial crisis: a decomposition exercise 
Abstract:
 Does the recent financial crisis change the wage structures of the US
 finance and nonfinance sectors? In this article, we study the wage gap
 between workers in these two sectors between 1990 and 2011. Using data
 from the Current Population Survey, we find that the finance wage premium
 increased over time and only dropped modestly during the crisis. Using the
 Oaxaca-Blinder method to decompose the wage gap into 'explained' and
 'unexplained' parts, we also find that the wage gap was entirely driven by
 unexplained factors.
Journal: Applied Economics Letters 
Pages: 1144-1147 
Issue: 16 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.914134 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.914134 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:16:p:1144-1147




Template-Type: ReDIF-Article 1.0
Author-Name: Viktor Manahov 
Author-X-Name-First: Viktor 
Author-X-Name-Last: Manahov 
Author-Name: Robert Hudson 
Author-X-Name-First: Robert 
Author-X-Name-Last: Hudson 
Title: The implications of high-frequency trading on market efficiency and price discovery 
Abstract:
 This study investigates the implications of high-frequency trading (HFT)
 on market efficiency and price discovery by using state-space models and
 real-life one-minute high-frequency data of the six most traded currency
 pairs worldwide - USD/EUR, USD/JPY, USD/GBP, USD/AUD, USD/CHF and USD/CAD.
 We found significant evidence that HFT enhances market efficiency and has
 a beneficial role in price discovery by trading in the direction of the
 permanent component of the state-space model and in the opposite direction
 of its transitory component.
Journal: Applied Economics Letters 
Pages: 1148-1151 
Issue: 16 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.914135 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.914135 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:16:p:1148-1151




Template-Type: ReDIF-Article 1.0
Author-Name: David Kleykamp 
Author-X-Name-First: David 
Author-X-Name-Last: Kleykamp 
Author-Name: Jer-Yuh Wan 
Author-X-Name-First: Jer-Yuh 
Author-X-Name-Last: Wan 
Title: Unemployment and participation rates? Revisiting the US data 
Abstract:
 This article applies the method of Gonzalo and Pitarakis (2006) to
 investigate the relationship of unemployment and labour force
 participation in the United States. Empirical analysis indicates the
 long-run relationships between these two variables are regime dependent.
Journal: Applied Economics Letters 
Pages: 1152-1155 
Issue: 16 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.914136 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.914136 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:16:p:1152-1155




Template-Type: ReDIF-Article 1.0
Author-Name: Carlos F. Alves 
Author-X-Name-First: Carlos F. 
Author-X-Name-Last: Alves 
Title: Evidence for the seasonality of European equity fund performance 
Abstract:
 The literature provides broad evidence for the seasonality of stock market
 returns, but is very scarce regarding the potential seasonality of
 investment funds performance. Using a sample of 5349 Equity Europe or
 Equity Eurozone investment funds, this article contributes to fill this
 gap by providing evidence that investment funds globally exhibit higher
 performances in the first than in the second 6 months of the year, and
 that they exhibit negative abnormal performances in the first compared to
 the intermediate and final months of each quarter. Finally, the article
 reports a summer holiday effect, such that investment funds outperform
 negatively in August compared to the other intermediate months of the
 quarter.
Journal: Applied Economics Letters 
Pages: 1156-1160 
Issue: 16 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.914137 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.914137 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:16:p:1156-1160




Template-Type: ReDIF-Article 1.0
Author-Name: T. Kautonen 
Author-X-Name-First: T. 
Author-X-Name-Last: Kautonen 
Author-Name: M. Minniti 
Author-X-Name-First: M. 
Author-X-Name-Last: Minniti 
Title: 'Fifty is the new thirty': ageing well and start-up activities 
Abstract:
 This article examines the impact of ageing well on the employment
 behaviour of ageing workers. We focus on start-up activities because doing
 so circumvents potential constraints on labour market participation
 imposed by statutory retirement and employer practices. Using Finnish
 survey data, we find a positive and significant relationship between
 ageing well and the likelihood of engaging in start-up activities for
 individuals in their late forties and throughout their fifties.
Journal: Applied Economics Letters 
Pages: 1161-1164 
Issue: 16 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.914138 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.914138 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:16:p:1161-1164




Template-Type: ReDIF-Article 1.0
Author-Name: Anne Anders 
Author-X-Name-First: Anne 
Author-X-Name-Last: Anders 
Author-Name: Kurt William Rotthoff 
Author-X-Name-First: Kurt William 
Author-X-Name-Last: Rotthoff 
Title: Is home-field advantage driven by the fans? Evidence from across the ocean 
Abstract:
 Some have claimed that referee and home-field bias in football (American
 soccer) have been impacted by the fans at the match. When fans are
 hostile, the threat referees feel to their health and well-being
 influences their ability to call a fair match. We analyse two leagues with
 differing fan types: one 'hostile' league (Germany's Bundesliga) and one
 league perceived as 'peaceful' (America's Major League Soccer). Although
 there is a strong home-field bias inherent in football, we find evidence
 that part of the bias is due to the prospect of fan violence.
Journal: Applied Economics Letters 
Pages: 1165-1168 
Issue: 16 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.914139 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.914139 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:16:p:1165-1168




Template-Type: ReDIF-Article 1.0
Author-Name: Carmelo J. Le�n 
Author-X-Name-First: Carmelo J. 
Author-X-Name-Last: Le�n 
Author-Name: Jorge E. Arana 
Author-X-Name-First: Jorge E. 
Author-X-Name-Last: Arana 
Author-Name: Anastasia Hern�ndez Alem�n 
Author-X-Name-First: Anastasia 
Author-X-Name-Last: Hern�ndez Alem�n 
Title: CO<sub>2</sub> Emissions and tourism in developed and less developed countries 
Abstract:
 Tourism is a major contributor to CO<sub>2</sub> emissions and therefore
 to climate change. In this article, we look at the relationships between
 CO<sub>2</sub> emissions and tourism in the context of both developed and
 less developed countries. We utilize a STIRPAT approach applied to a
 balanced panel data of developed and less developed countries for the
 period from 1998 to 2006. The results show that tourism contributes
 significantly to CO<sub>2</sub> emissions in both less developed and
 developed countries. However, the impact in developed countries is larger
 than in less developed countries. Tourism should find sustainable
 development paths involving less CO<sub>2</sub> emissions in the
 production and consumption of tourist services.
Journal: Applied Economics Letters 
Pages: 1169-1173 
Issue: 16 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.916376 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.916376 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:16:p:1169-1173




Template-Type: ReDIF-Article 1.0
Author-Name: Satoshi Shimizutani 
Author-X-Name-First: Satoshi 
Author-X-Name-Last: Shimizutani 
Author-Name: Hiroyuki Yamada 
Author-X-Name-First: Hiroyuki 
Author-X-Name-Last: Yamada 
Title: Long-term consequences of birth in an 'unlucky' year: evidence from Japanese women born in 1966 
Abstract:
 This article explores the long-term consequence of a prevailing
 superstition regarding women who were born in 1966, a year of the fire
 horse, who were around 44 years of age in 2010. The findings indicate that
 'fire horse women' are disadvantaged in some aspects such as divorce
 rates, educational attainment and their own and household level income,
 suggesting discrimination against fire horse women as a result of the
 superstition.
Journal: Applied Economics Letters 
Pages: 1174-1178 
Issue: 16 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.916377 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.916377 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:16:p:1174-1178




Template-Type: ReDIF-Article 1.0
Author-Name: Siti Nurazira Mohd Daud 
Author-X-Name-First: Siti Nurazira Mohd 
Author-X-Name-Last: Daud 
Author-Name: Jan Podivinsky 
Author-X-Name-First: Jan 
Author-X-Name-Last: Podivinsky 
Title: Government debt and economic growth in Malaysia: the role of institutional quality 
Abstract:
 We examine the role of economic freedom in the debt-growth model. There is
 evidence of the contingency effect of institutional quality on the
 relationship between government debt and economic growth.
Journal: Applied Economics Letters 
Pages: 1179-1183 
Issue: 17 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.916378 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.916378 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:17:p:1179-1183




Template-Type: ReDIF-Article 1.0
Author-Name: Lee A. Smales 
Author-X-Name-First: Lee A. 
Author-X-Name-Last: Smales 
Title: The relationship between financial asset returns and the well-being of US households 
Abstract:
 This note considers the effect of changes on the well-being of US
 residents owing to changes in the value of various financial assets.
 Ordinary least squares estimates reveal that equity market returns have a
 significant and asymmetric, impact on the well-being. This result is
 likely the result of a wealth effect whereby rising (falling) stock
 markets increase (decrease) the ability to meet basic needs and this
 contributes to a shifting assessment of life-situation and overall
 well-being.
Journal: Applied Economics Letters 
Pages: 1184-1188 
Issue: 17 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.916380 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.916380 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:17:p:1184-1188




Template-Type: ReDIF-Article 1.0
Author-Name: Xulia Gonz�lez 
Author-X-Name-First: Xulia 
Author-X-Name-Last: Gonz�lez 
Author-Name: Daniel Miles-Touya 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Miles-Touya 
Title: Admission policies and immigrant skills 
Abstract:
 It is often argued that stricter immigration policies have a positive
 selection effect on immigration from the perspective of the host country,
 as it makes migration less attractive for less-skilled individuals.
 However, there is relatively little evidence confirming this argument. The
 aim of this letter is to analyse how the change of the European
 immigration policy in 2002 and 2003 with regard to Colombia and Ecuador
 citizens affected the sorting of immigrants arriving to Spain. Our
 findings suggest that following the imposition of visa requirements for
 immigrants from Colombia and Ecuador, the proportion of the least-skilled
 emigrants diminished while the proportion of most-skilled immigrants to
 Spain from these two countries increased with respect to those migrating
 to the United States.
Journal: Applied Economics Letters 
Pages: 1189-1193 
Issue: 17 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.916381 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.916381 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:17:p:1189-1193




Template-Type: ReDIF-Article 1.0
Author-Name: Real Arai 
Author-X-Name-First: Real 
Author-X-Name-Last: Arai 
Author-Name: Masahiko Nakazawa 
Author-X-Name-First: Masahiko 
Author-X-Name-Last: Nakazawa 
Title: A numerical analysis of Japan's fiscal sustainability in a simple OLG model 
Abstract:
 We investigate the size of primary balance that can be sustained and the
 change in public debt and physical capital under transition dynamics in
 the Japanese economy. For our investigation, we construct a simple
 overlapping generations model. We find that a large primary surplus,
 13.8-18.7% of GDP, is needed to prevent the public debt-to-GDP ratio from
 diverging infinitely. We also show that even if the large primary surplus
 can be maintained, the Japanese economy faces a sharp reduction in
 physical capital from 191 to 70.0% of GDP on the transition path.
Journal: Applied Economics Letters 
Pages: 1194-1197 
Issue: 17 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.916382 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.916382 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:17:p:1194-1197




Template-Type: ReDIF-Article 1.0
Author-Name: Ant�nio Afonso 
Author-X-Name-First: Ant�nio 
Author-X-Name-Last: Afonso 
Author-Name: Jo&atilde;o Tovar Jalles 
Author-X-Name-First: Jo&atilde;o Tovar 
Author-X-Name-Last: Jalles 
Title: Causality for the government budget and economic growth 
Abstract:
 We use a panel of 155 countries for the period 1970 to 2010 to study the
 (two-way) causality between government spending, revenue and growth. Our
 results suggest the existence of weak evidence supporting causality from
 expenditures or revenues to GDP per capita and provide evidence supporting
 Wagner's law.
Journal: Applied Economics Letters 
Pages: 1198-1201 
Issue: 17 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.916383 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.916383 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:17:p:1198-1201




Template-Type: ReDIF-Article 1.0
Author-Name: Mary A. Silles 
Author-X-Name-First: Mary A. 
Author-X-Name-Last: Silles 
Title: The impact of children on marital stability in the United Kingdom 
Abstract:
 We examine the effect of fertility on marital stability in the UK using
 twin births and sex composition to tackle the endogeneity of family size.
 For women with children younger than age 12, we find little evidence that
 family size affects the probability of marital dissolution. For women with
 children at least 12 years or older, we do find evidence of a causal
 effect of children, but that this effect depends on how family size is
 increased.
Journal: Applied Economics Letters 
Pages: 1202-1205 
Issue: 17 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.916384 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.916384 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:17:p:1202-1205




Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Rueilin Lee 
Author-X-Name-First: Nicholas Rueilin 
Author-X-Name-Last: Lee 
Author-Name: Jung-Fang Liu 
Author-X-Name-First: Jung-Fang 
Author-X-Name-Last: Liu 
Author-Name: Wei-Yu Lin 
Author-X-Name-First: Wei-Yu 
Author-X-Name-Last: Lin 
Title: Default probability anomalies in the momentum strategies 
Abstract:
 This study examines the usefulness of default probability
 (<italic>DP</italic>) in explaining momentum profits. We follow Merton
 (1974) in computing the <italic>DP</italic> and then follow Jegadeesh and
 Titman (1993) in conducting default momentum investing. We consider
 emerging Taiwanese stock market and divide its stocks into three
 <italic>DP</italic> groups. Our findings show that adding
 <italic>DP</italic> to momentum investing leads to an increase in momentum
 profits, suggesting that momentum pay-off increases as <italic>DP</italic>
 increases. Moreover, a significant and positive momentum profit of buying
 winners in the high-<italic>DP</italic> group and selling losers in the
 low-<italic>DP</italic> group is observed, implying that
 <italic>DP</italic> anomalies exit in momentum strategies. These findings
 shed light on the source of profitability of momentum strategies.
Journal: Applied Economics Letters 
Pages: 1206-1209 
Issue: 17 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.920463 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.920463 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:17:p:1206-1209




Template-Type: ReDIF-Article 1.0
Author-Name: Sverre J. Herstad 
Author-X-Name-First: Sverre J. 
Author-X-Name-Last: Herstad 
Author-Name: Tore Sandven 
Author-X-Name-First: Tore 
Author-X-Name-Last: Sandven 
Title: Marked for life? On researcher involvement at infancy and the innovative capabilities of survivor firms 
Abstract:
 This article investigates the marks left on the innovative capabilities of
 Norwegian firms by science system researchers engaged during their
 infancy, i.e. during the first year of operation. The analysis is based on
 Community Innovation Survey (CIS) data gathered in 2010. Using additional
 information generated from linked employer-employee registers, firms in
 the CIS sample that were established in the 2001 to 2010 period are
 identified, as is the background of the individuals involved. Subsequent
 regressions find that researcher participation during infancy is
 positively and significantly associated with successful innovation
 activity reported in CIS2010. Estimates are robust to the inclusion of
 fine-grained sector controls and variables capturing age and size.
Journal: Applied Economics Letters 
Pages: 1210-1213 
Issue: 17 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.920464 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.920464 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:17:p:1210-1213




Template-Type: ReDIF-Article 1.0
Author-Name: L. A. Smales 
Author-X-Name-First: L. A. 
Author-X-Name-Last: Smales 
Title: Reaction to nonscheduled news during financial crisis: Australian evidence 
Abstract:
 News analytics software applies linguistic algorithms to newswire releases
 in order to assign a sentiment score; this allows users to comprehend the
 unstructured data flowing through newswires. I examine the market reaction
 of leading Australian stocks to stock-specific news flow during the
 financial crisis of 2007-2009. A high-frequency VAR model with GARCH
 effects modelled through a VECH(1,1) specification is utilized. I find a
 significant market impact induced by contemporaneous news items, a
 significant and positive relationship between volume and volatility, an
 increase in bid-ask spreads following periods of increased volatility, and
 evidence of volatility persistence.
Journal: Applied Economics Letters 
Pages: 1214-1220 
Issue: 17 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.920465 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.920465 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:17:p:1214-1220




Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Galera 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Galera 
Author-Name: Pedro Mendi 
Author-X-Name-First: Pedro 
Author-X-Name-Last: Mendi 
Author-Name: Juan Carlos Molero 
Author-X-Name-First: Juan Carlos 
Author-X-Name-Last: Molero 
Title: Unit taxes and <italic>ad valorem</italic> taxes with vertically differentiated products 
Abstract:
 This article analyses a model in which a local monopolist that produces
 low-quality goods competes against a foreign competitive industry that
 produces a higher quality version of the goods. We use the model to
 analyse the welfare implications of introducing a unit tax on the local
 producer, relative to an <italic>ad valorem</italic> tax. We find
 parameter values for which the unit tax dominates the <italic>ad
 valorem</italic> tax, in the sense of increasing welfare while not
 reducing government revenues. This result contrasts with the mainstream
 results on the dominance of <italic>ad valorem</italic> over unit taxes.
Journal: Applied Economics Letters 
Pages: 1221-1225 
Issue: 17 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.920466 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.920466 
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Template-Type: ReDIF-Article 1.0
Author-Name: Russell S. Sobel 
Author-X-Name-First: Russell S. 
Author-X-Name-Last: Sobel 
Title: The elephant in the room: why some states are refusing to expand Medicaid 
Abstract:
 After the US Supreme Court overturned the Affordable Care Act's mandate
 that states expand Medicaid, roughly half the states have declined to
 expand. Declining states blame the high state budgetary cost. While these
 states do have significantly higher expansion costs, they are also
 significantly more likely to have Republican Party control of the
 legislature and governor office. Statistical inquiry confirms that after
 controlling for costs, it is indeed political party control, particularly
 of the lower chamber of the state legislature that is the most important
 statistical determinant of state Medicaid expansion decisions.
Journal: Applied Economics Letters 
Pages: 1226-1229 
Issue: 17 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.920469 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.920469 
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:17:p:1226-1229




Template-Type: ReDIF-Article 1.0
Author-Name: Philipp H�hne 
Author-X-Name-First: Philipp 
Author-X-Name-Last: H�hne 
Author-Name: Birgit Meyer 
Author-X-Name-First: Birgit 
Author-X-Name-Last: Meyer 
Author-Name: Peter Nunnenkamp 
Author-X-Name-First: Peter 
Author-X-Name-Last: Nunnenkamp 
Title: Does Aid for Trade from the North promote South-South trade? 
Abstract:
 Our empirical estimations indicate that Aid for Trade (AfT) granted by
 OECD donors strengthens the trade relations of recipient countries with
 other developing countries. By focusing on South-South trade, we mitigate
 endogeneity concerns that have plagued analyses of trade between
 recipients and donors of AfT.
Journal: Applied Economics Letters 
Pages: 1230-1233 
Issue: 17 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.922665 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.922665 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:17:p:1230-1233




Template-Type: ReDIF-Article 1.0
Author-Name: Niclas Berggren 
Author-X-Name-First: Niclas 
Author-X-Name-Last: Berggren 
Author-Name: Therese Nilsson 
Author-X-Name-First: Therese 
Author-X-Name-Last: Nilsson 
Title: Market institutions bring tolerance, especially where there is social trust 
Abstract:
 Tolerant societies seem to function better than nontolerant societies both
 economically and socially. This makes it worthwhile to identify ways to
 stimulate tolerance. While previous research indicates that
 market-oriented formal institutions and policies offer such stimulus, it
 does not investigate what role cultural factors, like social trust, plays.
 We find that trust is a catalyst: The more there is, the more positive the
 effect of economic freedom on tolerance. Formal institutions hence
 interact with the culture of a society and work better as generators of
 tolerance in alignment with trust.
Journal: Applied Economics Letters 
Pages: 1234-1237 
Issue: 17 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.922666 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.922666 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:17:p:1234-1237




Template-Type: ReDIF-Article 1.0
Author-Name: Rapha&euml;l Homayoun Boroumand 
Author-X-Name-First: Rapha&euml;l Homayoun 
Author-X-Name-Last: Boroumand 
Author-Name: Stephane Goutte 
Author-X-Name-First: Stephane 
Author-X-Name-Last: Goutte 
Author-Name: Simon Porcher 
Author-X-Name-First: Simon 
Author-X-Name-Last: Porcher 
Author-Name: Thomas Porcher 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Porcher 
Title: Correlation evidence in the dynamics of agricultural commodity prices 
Abstract:
 The article studies the correlation structures of a large panel of
 agricultural commodities prices between January 1990 and February 2014. We
 use a various collection of mathematical and statistical methodologies
 (estimated correlation matrix and principal component analysis) to capture
 these correlations. Our results show that there exist different degrees of
 correlation between commodities. We also demonstrate, through data mining
 analysis, that there are hidden correlations between some commodities.
 Indeed, some commodities' price behaviours are very similar in trend. Our
 results contribute to a better understanding of agricultural prices'
 behaviours by producers, investors and market intermediaries. The results
 contribute to a more efficient strategic asset allocation process within
 agricultural markets.
Journal: Applied Economics Letters 
Pages: 1238-1242 
Issue: 17 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.922742 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.922742 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carole Toque 
Author-X-Name-First: Carole 
Author-X-Name-Last: Toque 
Author-Name: Virginie Terraza 
Author-X-Name-First: Virginie 
Author-X-Name-Last: Terraza 
Title: Histogram-valued data on value at risk measures: a symbolic approach for risk attribution 
Abstract:
 In this article, we develop the concept of histogram-valued data on value
 at risk for the classification of hedge fund risk. By using recent
 developments in data mining, it is a question of the classification of
 heterogeneous data in order to sort hedge funds by risk class. In
 practical terms, risk levels relative to measures of histogram-valued data
 on VaR are calculated as an aid to decision-making. The empirical study
 was carried out on 1023 HFR-based hedge funds, where we had estimated
 monthly ARMA-GARCH or asymmetric GARCH VaR and CVaR measures between 01
 January 2003 and 31 December 2008. We identify two sub-periods: from 2003
 to 2005, and from 2006 to 2008 in order to identify a recovery period
 after the 2001-2002 crisis and the impact of the 2007-2008 crisis. First,
 the symbolic approach allows us to construct the measures of
 histogram-valued data on VaR by optimizing the definition of categories. A
 symbolic principal component analysis shows that the indices coming from
 the VaR of the GARCH and asymmetrical GARCH are the most pertinent.
 Second, we apply a criterion of inter-class inertia and retain a
 partitioning of hedge funds into three classes by dynamic
 <italic>K</italic>-means cluster analysis. For each of our sub-periods and
 for each class, a risk level is defined on the basis of the categories of
 the most discriminating variable.
Journal: Applied Economics Letters 
Pages: 1243-1251 
Issue: 17 
Volume: 21 
Year: 2014 
Month: 11 
X-DOI: 10.1080/13504851.2014.920467 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.920467 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pavlo Buryi 
Author-X-Name-First: Pavlo 
Author-X-Name-Last: Buryi 
Author-Name: Scott Gilbert 
Author-X-Name-First: Scott 
Author-X-Name-Last: Gilbert 
Title: Effects of college education on demonstrated happiness in the United States 
Abstract:
 Among the many documented benefits of a college education is a higher
 level of self-reported happiness. The present work considers instead the
 level of demonstrated happiness and unhappiness within groups, the latter
 proxied by the conditional probability of suicide within groups having a
 college education and those without. Those with college are not happier
 for it, in these terms, and actually have slightly higher rates of suicide
 than those without college, based on a recent US data.
Journal: Applied Economics Letters 
Pages: 1253-1256 
Issue: 18 
Volume: 21 
Year: 2014 
Month: 12 
X-DOI: 10.1080/13504851.2014.920470 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.920470 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyeyoen Kim 
Author-X-Name-First: Hyeyoen 
Author-X-Name-Last: Kim 
Author-Name: Junyeup Kim 
Author-X-Name-First: Junyeup 
Author-X-Name-Last: Kim 
Author-Name: Jaeram Lee 
Author-X-Name-First: Jaeram 
Author-X-Name-Last: Lee 
Author-Name: Doojin Ryu 
Author-X-Name-First: Doojin 
Author-X-Name-Last: Ryu 
Title: The impact of monetary policy on banking and finance stock prices in China 
Abstract:
 In this study, we examine the impacts of changes to the required reserve
 ratio (RRR) on banking and finance stock prices in China from 2007 to 2012
 using multiple variance ratio tests and vector error correction models.
 The efficient market hypothesis is rejected during the earlier increases
 in required reserve ratio (2007-2008) in the Shanghai A-market, and
 A-share prices negatively respond to increases in RRR. In contrast, both
 Shanghai A- and Hong Kong H-markets are efficient, and negative effects of
 RRR are not clearly observed during periods of stable RRR (2009-2010) and
 during a recent increase in RRR (2010-2012).
Journal: Applied Economics Letters 
Pages: 1257-1261 
Issue: 18 
Volume: 21 
Year: 2014 
Month: 12 
X-DOI: 10.1080/13504851.2014.920472 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.920472 
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Template-Type: ReDIF-Article 1.0
Author-Name: Adam T. Jones 
Author-X-Name-First: Adam T. 
Author-X-Name-Last: Jones 
Author-Name: Mathew W. Snyder 
Author-X-Name-First: Mathew W. 
Author-X-Name-Last: Snyder 
Title: Federal Reserve independence: the Fed Funds Rate under different regimes 
Abstract:
 The independence of central banks is an important feature of a properly
 functioning and stable monetary system. The structure of the Federal
 Reserve is designed to minimize political influence and insulate policy
 makers from political pressure. Nevertheless, members of the Fed's Federal
 Open Market Committee are members of society and informed about public
 opinion, potentially opening them to political bias, even if
 unintentional. This article uses a Taylor rule structure to examine
 changes in the Fed's reaction function to unemployment and inflation under
 different political administrations and chairman. Preliminary results show
 that the Fed is more responsive to the output gap under Republican
 presidential administrations and sets the Federal Funds Rate at a lower
 level under Republican administrations.
Journal: Applied Economics Letters 
Pages: 1262-1265 
Issue: 18 
Volume: 21 
Year: 2014 
Month: 12 
X-DOI: 10.1080/13504851.2014.920473 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.920473 
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Template-Type: ReDIF-Article 1.0
Author-Name: Henning Finseraas 
Author-X-Name-First: Henning 
Author-X-Name-Last: Finseraas 
Author-Name: Niklas Jakobsson 
Author-X-Name-First: Niklas 
Author-X-Name-Last: Jakobsson 
Title: Does a simple information intervention change the perception of a reform? 
Abstract:
 We present the results of a survey experiment where the respondents were
 randomly assigned the opportunity to read an information brochure
 regarding recently implemented changes in the Norwegian pension system. We
 find that those given the opportunity to read the information material are
 more likely to believe that the reform has made the pension system easier
 to understand.
Journal: Applied Economics Letters 
Pages: 1266-1268 
Issue: 18 
Volume: 21 
Year: 2014 
Month: 12 
X-DOI: 10.1080/13504851.2014.922660 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.922660 
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Template-Type: ReDIF-Article 1.0
Author-Name: L. E. Blose 
Author-X-Name-First: L. E. 
Author-X-Name-Last: Blose 
Author-Name: V. Gondhalekar 
Author-X-Name-First: V. 
Author-X-Name-Last: Gondhalekar 
Title: Overnight gold returns 
Abstract:
 Overnight returns on the COMEX gold front month contract are significantly
 positive, whereas day returns are significantly negative (1985 through
 2012). Similarly, overnight returns on the SPDR Gold Shares exchange
 traded fund are significantly greater than day returns. The asymmetry has
 weakened substantially over the years, but it is still present.
Journal: Applied Economics Letters 
Pages: 1269-1272 
Issue: 18 
Volume: 21 
Year: 2014 
Month: 12 
X-DOI: 10.1080/13504851.2014.922661 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.922661 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Crawley 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Crawley 
Title: The relationship between commuting time and workers' utility 
Abstract:
 Numerous studies have looked at the multitude of aspects affecting the
 utility workers gain from their job. Within these studies, a common proxy
 for utility is job satisfaction, measured as a self-reported score. A
 variable often neglected within this research has been commuting time and
 modes of transport. This article utilizes a unique survey conducted in a
 UK city region and analyses the effect of commuting time and mode of
 transport on self-reported job satisfaction. Two cohorts of respondents
 are constructed based upon income levels, thus establishing the offsetting
 effect of income on commute. The study finds that commuting time has a
 negative effect on the utility of workers. However, the effect is found to
 be income dependent, with those earning the most having no negative effect
 from commuting time. Using a number of modes of transport is found to not
 have an effect on the utility of workers.
Journal: Applied Economics Letters 
Pages: 1273-1276 
Issue: 18 
Volume: 21 
Year: 2014 
Month: 12 
X-DOI: 10.1080/13504851.2014.922663 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.922663 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew S. Hanks 
Author-X-Name-First: Andrew S. 
Author-X-Name-Last: Hanks 
Author-Name: Kevin M. Kniffin 
Author-X-Name-First: Kevin M. 
Author-X-Name-Last: Kniffin 
Title: Early career PhD salaries: the industry premium and interdisciplinary debate 
Abstract:
 Despite the fact that earning the PhD in any given field requires clear
 investments, the individual returns for such commitments have not been
 closely studied. This article utilizes data from the Survey of Earned
 Doctorates to address three questions concerning the salaries earned by
 recent PhD recipients. We find that (1) industry salaries are
 significantly higher than other employment sectors and (2) salaries for
 people who complete interdisciplinary dissertations appear to show - with
 some noted exceptions - neither a premium nor a penalty when interacted
 with employment sector and discipline.
Journal: Applied Economics Letters 
Pages: 1277-1282 
Issue: 18 
Volume: 21 
Year: 2014 
Month: 12 
X-DOI: 10.1080/13504851.2014.922664 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.922664 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Wen-Chi Liu 
Author-X-Name-First: Wen-Chi 
Author-X-Name-Last: Liu 
Title: Revisiting purchasing power parity in 34 OECD countries: sequential panel selection method 
Abstract:
 Since introduction of unit roots, researchers have tried to solve the
 purchasing power parity (PPP) puzzle or its failure by testing for
 stationarity of the real exchange rates. Failure to support the PPP is
 mostly said to be due to low power of these tests. Panel unit root testing
 is more prevalent due to at least increased size of the sample and
 relatively more power of the tests. Within the panel, since some rates
 could be stationary and some nonstationary, Sequential Panel Selection
 Method (SPSM) should be used to distinguish the series. Furthermore, since
 some series could suffer from unknown structural break, the SPSM should be
 supplemented with Fourier function. We apply these proposed procedures to
 real effective exchange rate data from 34 OECD countries from January 1994
 to June 2012. We find that the PPP is supported in most members of the
 panel.
Journal: Applied Economics Letters 
Pages: 1283-1287 
Issue: 18 
Volume: 21 
Year: 2014 
Month: 12 
X-DOI: 10.1080/13504851.2014.923553 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.923553 
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Template-Type: ReDIF-Article 1.0
Author-Name: Klaus Grobys 
Author-X-Name-First: Klaus 
Author-X-Name-Last: Grobys 
Title: Momentum, sovereign credit ratings and global equity markets 
Abstract:
 This article investigates the link between momentum-based trading
 strategies implemented in global equity markets and country-specific
 credit ratings. The findings indicate that only the momentum strategy
 based on intermediate past returns generate statistically significant
 profits. Notably, the winner portfolios exhibit a higher average credit
 rating than the other portfolio groups. Surprisingly, neither global asset
 pricing models nor a conducted world credit risk factor can explain these
 profits.
Journal: Applied Economics Letters 
Pages: 1288-1292 
Issue: 18 
Volume: 21 
Year: 2014 
Month: 12 
X-DOI: 10.1080/13504851.2014.922662 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.922662 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:21:y:2014:i:18:p:1288-1292




Template-Type: ReDIF-Article 1.0
Author-Name: Claire Bonnard 
Author-X-Name-First: Claire 
Author-X-Name-Last: Bonnard 
Author-Name: Jean-Fran�ois Giret 
Author-X-Name-First: Jean-Fran�ois 
Author-X-Name-Last: Giret 
Author-Name: Marielle Lambert-Le Mener 
Author-X-Name-First: Marielle 
Author-X-Name-Last: Lambert-Le Mener 
Title: Educational intentions, cognitive skills and earnings expectations of French undergraduates 
Abstract:
 This article aims to study the earnings expectations of first-year
 students at a French university. Our findings highlight the importance of
 the environment in which students make their choices about education.
 Expected earnings are proportionally higher when their parents seem to be
 involved in the careers guidance, taking into account the effect of
 parental socio-economic status. The positive opinion of parents about the
 orientation or the connection between the discipline and the father's
 occupation are generally associated with higher earnings. In addition, our
 results show a strong impact of cognitive variables which are far more
 significant than variables relating to past educational performances.
Journal: Applied Economics Letters 
Pages: 1293-1296 
Issue: 18 
Volume: 21 
Year: 2014 
Month: 12 
X-DOI: 10.1080/13504851.2014.925042 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.925042 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Aviral Kumar Tiwari 
Author-X-Name-First: Aviral Kumar 
Author-X-Name-Last: Tiwari 
Author-Name: Alexander Ludwig 
Author-X-Name-First: Alexander 
Author-X-Name-Last: Ludwig 
Title: The export-led growth hypothesis for India: examining causality by a new approach in the time-frequency domain 
Abstract:
 The literature on the relationship between export and growth is
 inconsistent in its conclusions regarding the direction of causality. Most
 recent contributions argue that inconclusive results among studies are
 likely to be related to the instability of causal relationships over time
 or over frequencies. To unify these two aspects in one approach, we
 compute a time-varying Diebold-Yilmaz (2012) spillover measure for the
 relationship between output and growth at different frequency scales which
 are obtained from discrete wavelet transforms. Our results confirm the
 time and scale dependence of causalities between export and output growth
 in India in the period 1960 to 2011. This new methodological approach can
 also be applied to systems of more than two variables and thus shows an
 avenue to modelling the time and scale dependence of causalities between
 many other economic variables.
Journal: Applied Economics Letters 
Pages: 1297-1301 
Issue: 18 
Volume: 21 
Year: 2014 
Month: 12 
X-DOI: 10.1080/13504851.2014.925045 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.925045 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:21:y:2014:i:18:p:1297-1301




Template-Type: ReDIF-Article 1.0
Author-Name: D. Hauner 
Author-X-Name-First: D. 
Author-X-Name-Last: Hauner 
Author-Name: J. Lee 
Author-X-Name-First: J. 
Author-X-Name-Last: Lee 
Author-Name: H. Takizawa 
Author-X-Name-First: H. 
Author-X-Name-Last: Takizawa 
Title: In which exchange rate models do forecasters trust? 
Abstract:
 Using survey data of market expectations, we describe which popular
 exchange rate models appear to be consistent with expectation formation of
 market forecasters. Exchange rate expectations are found to be correlated
 with inflation differentials and productivity differentials, indicating
 that the relative PPP and the Balassa-Samuelson effect are common inputs
 into the expectation formation of market forecasters.
Journal: Applied Economics Letters 
Pages: 1302-1308 
Issue: 18 
Volume: 21 
Year: 2014 
Month: 12 
X-DOI: 10.1080/13504851.2013.804158 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.804158 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jarko Fidrmuc 
Author-X-Name-First: Jarko 
Author-X-Name-Last: Fidrmuc 
Author-Name: Iikka Korhonen 
Author-X-Name-First: Iikka 
Author-X-Name-Last: Korhonen 
Author-Name: Jitka Pom&#x11b;nkov� 
Author-X-Name-First: Jitka 
Author-X-Name-Last: Pom&#x11b;nkov� 
Title: Wavelet spectrum analysis of business cycles of China and G7 countries 
Abstract:
 We employ a wavelet spectrum analysis to study globalization and business
 cycles in China and G7 countries. The co-movement synchronization between
 G7 countries and China is shown to have undergone frequent and large
 changes during our sample period. The co-movements for business-cycle
 frequencies are generally different from those for other frequencies. We
 find a significant relationship between the time-varying wavelet measure
 of synchronization and trade only for business-cycle frequencies. The
 co-movements at longer frequencies are negatively related to trade, so
 that the overall co-movements and trade tend not to be significantly
 related.
Journal: Applied Economics Letters 
Pages: 1309-1313 
Issue: 18 
Volume: 21 
Year: 2014 
Month: 12 
X-DOI: 10.1080/13504851.2014.920468 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.920468 
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Template-Type: ReDIF-Article 1.0
Author-Name: Javier Garc�a-Bernal 
Author-X-Name-First: Javier 
Author-X-Name-Last: Garc�a-Bernal 
Title: The Bertrand solution revisited: strategic price setting 
Abstract:
 The industrial organization literature typically uses different models of
 strategic interaction to represent different degrees of competitive
 intensity. The current work shows how the Bertrand solution can converge
 towards the Cournot solution by modelling the presence of firms' strategic
 behaviours during the process of mutual price adjustment that takes place
 until the equilibrium solution is reached. Specifically, the results of
 this work show how price competition between firms can lead to an
 equilibrium solution with a lower competitive intensity than initially
 expected. The author illustrates this process using a concrete example.
 Introducing the concept of rational altruism, the author shows how firms
 can have an incentive to strategically modify their reaction functions
 and, as a consequence, to increase their prices.
Journal: Applied Economics Letters 
Pages: 1314-1318 
Issue: 18 
Volume: 21 
Year: 2014 
Month: 12 
X-DOI: 10.1080/13504851.2014.925039 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.925039 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yves Surry 
Author-X-Name-First: Yves 
Author-X-Name-Last: Surry 
Author-Name: Konstantinos Galanopoulos 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Galanopoulos 
Title: A random matrix theory approach to test for agricultural productivity convergence 
Abstract:
 Originating from multivariate statistics, random matrix theory (RMT) is
 used in order to test whether the elements of an empirical correlation
 coefficient matrix are noise dominated or contain true information. In
 this article, an attempt is made to apply the properties of RMT in
 macroeconomic time series data, by investigating the degree of convergence
 in agricultural labour productivity growth among a set of 32 European and
 Middle East and North Africa countries. Once the distribution of the
 eigenvalues of the empirical correlation matrix is found to differ from
 that of a pure random matrix, data are further analysed by means of
 hierarchical clustering techniques which allow for the creation of data
 clusters with common properties. This two-step procedure is an alternate
 means for club convergence tests, while some sensitivity analysis tests
 indicate an acceptable level of robustness of the proposed methodology
 even in small sample sizes.
Journal: Applied Economics Letters 
Pages: 1319-1323 
Issue: 18 
Volume: 21 
Year: 2014 
Month: 12 
X-DOI: 10.1080/13504851.2013.806781 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.806781 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wendy K. Tam Cho 
Author-X-Name-First: Wendy K. 
Author-X-Name-Last: Tam Cho 
Author-Name: George Judge 
Author-X-Name-First: George 
Author-X-Name-Last: Judge 
Title: An information theoretic approach to network tomography 
Abstract:
 In this article, we formulate an information theoretic approach to
 information recovery for a network flow transportation problem as an
 ill-posed inverse problem and use nonparametric information theoretic
 methods to recover the unknown adaptive-intelligent behaviour traffic
 flows. We indicate how, in general, information theoretic methods may
 provide a solution to the ill-posed inverse information flow problems,
 when a function must be inferred from insufficient sample information. As
 an application, we examine a data set which comprised traffic volumes at
 Bell Labs.
Journal: Applied Economics Letters 
Pages: 1-6 
Issue: 1 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2013.866199 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.866199 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Yao-Tung Chen 
Author-X-Name-First: Yao-Tung 
Author-X-Name-Last: Chen 
Author-Name: Yuh-Ju Lan 
Author-X-Name-First: Yuh-Ju 
Author-X-Name-Last: Lan 
Author-Name: Ker-Tah Hsu 
Author-X-Name-First: Ker-Tah 
Author-X-Name-Last: Hsu 
Author-Name: Keng-Shen Chen 
Author-X-Name-First: Keng-Shen 
Author-X-Name-Last: Chen 
Author-Name: Yu-Der Wang 
Author-X-Name-First: Yu-Der 
Author-X-Name-Last: Wang 
Title: Universal pension scheme and risk-taking 
Abstract:
 This article examines whether the existence of a universal pension scheme
 has any effect on a typical individual's willingness to take risks at a
 young age. The pension system will give the individual who is assumed to
 live for two periods a fixed amount in the second period regardless of his
 initial choice between certain and uncertain income patterns. It is found
 that with a grant in place for everyone after retirement that satisfies
 the basic need of consumption in any part of life where the typical
 individual is more risk-averse, he will always accept the risky projects
 that at least make him indifferent between sure incomes and uncertain
 profits in the first period.
Journal: Applied Economics Letters 
Pages: 7-11 
Issue: 1 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.881965 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.881965 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:1:p:7-11




Template-Type: ReDIF-Article 1.0
Author-Name: Jeroen Ruijg 
Author-X-Name-First: Jeroen 
Author-X-Name-Last: Ruijg 
Author-Name: Hans van Ophem 
Author-X-Name-First: Hans 
Author-X-Name-Last: van Ophem 
Title: Determinants of football transfers 
Abstract:
 The analysis of football transfers is hampered by selectivity bias. In
 most empirical estimations, simple regression is used and selectivity is
 ignored. In this article we propose an estimation method that corrects for
 sample selectivity and allows the use of more observations in a simple
 manner. The ordered probit estimates point in a similar direction as the
 estimates from commonly applied estimation techniques but the significance
 is higher.
Journal: Applied Economics Letters 
Pages: 12-19 
Issue: 1 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.892192 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.892192 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:1:p:12-19




Template-Type: ReDIF-Article 1.0
Author-Name: Zouha�er M'Chirgui 
Author-X-Name-First: Zouha�er 
Author-X-Name-Last: M'Chirgui 
Title: Determinants of success in setting standards coalition: empirical evidence from the standard war of the blue laser DVDs 
Abstract:
 This article examines what determines the success of a standard coalition.
 We test empirically for network effect, experience effect, and industrial
 and geographical relatedness in the Blu-ray versus HD-DVD standard war.
Journal: Applied Economics Letters 
Pages: 20-24 
Issue: 1 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.894624 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.894624 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:1:p:20-24




Template-Type: ReDIF-Article 1.0
Author-Name: Boris Kaiser 
Author-X-Name-First: Boris 
Author-X-Name-Last: Kaiser 
Title: Detailed decompositions in nonlinear models 
Abstract:
 We propose a new approach for performing detailed decompositions of
 average outcome differentials when outcome models are nonlinear. The
 method can be flexibly applied to all generalized linear models, which are
 widely used in empirical research. The advantage over other approaches in
 the literature is that the effects of group-specific differences in
 covariate distributions are taken into account. At the same time,
 desirable features such as path independence are still satisfied. A
 simulation exercise demonstrates that our decomposition method produces
 more convincing results than existing methods.
Journal: Applied Economics Letters 
Pages: 25-29 
Issue: 1 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.907469 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.907469 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:1:p:25-29




Template-Type: ReDIF-Article 1.0
Author-Name: C. Baek 
Author-X-Name-First: C. 
Author-X-Name-Last: Baek 
Author-Name: M. Elbeck 
Author-X-Name-First: M. 
Author-X-Name-Last: Elbeck 
Title: Bitcoins as an investment or speculative vehicle? A first look 
Abstract:
 We use Bitcoin and S&P 500 Index daily return data to examine relative
 volatility using detrended ratios. We then model Bitcoin market returns
 with selected economic variables to study the drivers of Bitcoin market
 returns. We report strong evidence to suggest that Bitcoin volatility is
 internally (buyer and seller) driven leading to the conclusion that the
 Bitcoin market is highly speculative at present.
Journal: Applied Economics Letters 
Pages: 30-34 
Issue: 1 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.916379 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.916379 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:1:p:30-34




Template-Type: ReDIF-Article 1.0
Author-Name: Brian M. Lucey 
Author-X-Name-First: Brian M. 
Author-X-Name-Last: Lucey 
Author-Name: Sile Li 
Author-X-Name-First: Sile 
Author-X-Name-Last: Li 
Title: What precious metals act as safe havens, and when? Some US evidence 
Abstract:
 Gold's role as a safe haven asset has been intensively studied in recent
 years. This article extends the previous literature and examines the safe
 haven properties of four precious metals (gold, silver, platinum and
 palladium) in a time-varying manner. Results from the United States show
 that during some periods of time silver, platinum and palladium act as a
 safe haven when gold does not. We also provide evidence as to the strength
 of the safe haven, with a finding that at times gold is not the strongest,
 safest, haven.
Journal: Applied Economics Letters 
Pages: 35-45 
Issue: 1 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.920471 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.920471 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:1:p:35-45




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Pierdzioch 
Author-X-Name-First: Christian 
Author-X-Name-Last: Pierdzioch 
Author-Name: Marian Risse 
Author-X-Name-First: Marian 
Author-X-Name-Last: Risse 
Author-Name: Sebastian Rohloff 
Author-X-Name-First: Sebastian 
Author-X-Name-Last: Rohloff 
Title: Forecasting gold-price fluctuations: a real-time boosting approach 
Abstract:
 We use a real-time boosting approach to study the time-varying
 out-of-sample informational content of various predictor variables
 (inflation rate, exchange-rate fluctuations, stock market returns and
 interest rates) for forecasting gold-price fluctuations. While the
 predictor variables have predictive power, the economic value added of
 forecasts does not suffice to leverage the performance of a simple trading
 rule above the performance of a buy-and-hold strategy.
Journal: Applied Economics Letters 
Pages: 46-50 
Issue: 1 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.925040 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.925040 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:1:p:46-50




Template-Type: ReDIF-Article 1.0
Author-Name: Paulo Ma�&atilde;s Nunes 
Author-X-Name-First: Paulo Ma�&atilde;s 
Author-X-Name-Last: Nunes 
Author-Name: Z�lia Serrasqueiro 
Author-X-Name-First: Z�lia 
Author-X-Name-Last: Serrasqueiro 
Title: Profitability determinants of Portuguese knowledge-intensive business services: empirical evidence using panel data models 
Abstract:
 This article studies the profitability determinants of knowledge-intensive
 business services (KIBS). To do so, we consider a sample of 187 Portuguese
 KIBS for the period 2002 to 2009, using dynamic panel estimators as
 estimation method. The results indicate that size, age, liquidity,
 long-term debt and R&D expenditure are determinants stimulating the
 profitability of Portuguese KIBS, with risk being a restrictive
 determinant. In addition, profitability is found to be persistent over
 time. The empirical evidence lets us make important suggestions for
 political decision-makers and the owners/managers of Portuguese KIBS.
Journal: Applied Economics Letters 
Pages: 51-56 
Issue: 1 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.925041 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.925041 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:1:p:51-56




Template-Type: ReDIF-Article 1.0
Author-Name: Zhenhua Chen 
Author-X-Name-First: Zhenhua 
Author-X-Name-Last: Chen 
Author-Name: Kingsley E. Haynes 
Author-X-Name-First: Kingsley E. 
Author-X-Name-Last: Haynes 
Title: Impact of high-speed rail on international tourism demand in China 
Abstract:
 This study investigates the impact of the Chinese high-speed rail (HSR)
 systems on its international tourism demand. A panel data set of 21
 countries over the period 1997 to 2012 is analysed using dynamic panel
 modeling following the classical tourism demand model. The empirical
 examination confirms the overall impact of HSR is positive, but the small
 elasticity of HSR station on international tourism demand may imply the
 negligible influence of the large number of small HSR stations.
Journal: Applied Economics Letters 
Pages: 57-60 
Issue: 1 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.925043 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.925043 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:1:p:57-60




Template-Type: ReDIF-Article 1.0
Author-Name: E. Gallagher 
Author-X-Name-First: E. 
Author-X-Name-Last: Gallagher 
Author-Name: D. Bond 
Author-X-Name-First: D. 
Author-X-Name-Last: Bond 
Author-Name: E. Ramsey 
Author-X-Name-First: E. 
Author-X-Name-Last: Ramsey 
Title: Northern Ireland's property market bubble: a preliminary analysis 
Abstract:
 This article applies a recursive regression technique developed by
 Phillips and Yu (2011) to examine recent property market movements in both
 the Republic of Ireland and Northern Ireland in the context of an asset
 market bubble. This technique, which interprets explosiveness in the price
 series as evidence of the existence of a bubble, provides a method for
 identifying not only bubble behaviour but also a dating mechanism.
 Statistically significant bubble characteristics are identified in both
 series. For the Republic of Ireland, a prolonged period of explosiveness
 is detected ranging from 1996Q2 to 2007Q2. Interestingly, the
 explosiveness is stronger in the late 1990s and early 2000s. For Northern
 Ireland, the analysis identifies a short yet intense bubble when the
 market in the Republic had matured, extending from 2005Q3 to 2009Q1 and
 reaching a peak in 2007Q2. These results taken together indicate the
 possibility of a spillover effect between the two regions; however,
 further research to investigate this possibility is necessary.
Journal: Applied Economics Letters 
Pages: 61-65 
Issue: 1 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.925044 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.925044 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:1:p:61-65




Template-Type: ReDIF-Article 1.0
Author-Name: D. Balios 
Author-X-Name-First: D. 
Author-X-Name-Last: Balios 
Author-Name: N. Eriotis 
Author-X-Name-First: N. 
Author-X-Name-Last: Eriotis 
Author-Name: S. Missiakoulis 
Author-X-Name-First: S. 
Author-X-Name-Last: Missiakoulis 
Author-Name: D. Vasiliou 
Author-X-Name-First: D. 
Author-X-Name-Last: Vasiliou 
Title: Delisted versus voluntary delisted versus remain listed: an ordered analysis 
Abstract:
 Public companies were classified according to whether they remain public
 or they have been delisted voluntarily or not. Proxy variables were
 separated according to accounting and/or market information and an ordered
 polytomous logit model was then applied in order to estimate the
 probability of delisting. Companies with poor liquidity, high leverage,
 big stock price decline and lack of interest from investors' point of view
 (low trading activity) have higher probability to be delisted, voluntarily
 or not.
Journal: Applied Economics Letters 
Pages: 66-70 
Issue: 1 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.927559 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.927559 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:1:p:66-70




Template-Type: ReDIF-Article 1.0
Author-Name: Werner B�nte 
Author-X-Name-First: Werner 
Author-X-Name-Last: B�nte 
Title: Gender differences in competitive preferences: new cross-country empirical evidence 
Abstract:
 This article provides new empirical evidence on gender differences in
 competitive preferences using a representative data set of more than 25
 000 individuals from 36 countries. The empirical results show that the
 gender differences in competitive preferences are statistically
 significant in almost all countries, with women having, on average, a
 lower preference for competitive situations than men. Although relatively
 substantial in most countries, the magnitude of gender differences varies
 considerably between countries. Results of a regression analysis suggest
 that the gender differences persist even when controlling for a number of
 potentially relevant variables. Furthermore, gender differences among
 adult men and women are hardly affected by the stage of life cycle.
Journal: Applied Economics Letters 
Pages: 71-75 
Issue: 1 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.927560 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.927560 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:1:p:71-75




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Howley 
Author-X-Name-First: Peter 
Author-X-Name-Last: Howley 
Title: Addressing endogeneity in estimating the effect of social capital on psychological health 
Abstract:
 This study examines the relationship between social capital and
 psychological health. Endogeneity concerns are addressed through the
 development of a two-stage residual inclusion (2SRI) model. I provide
 robust evidence that levels of social trust and support from friends
 significantly affect self-reported psychological health. Estimates
 obtained relating to the effect of these variables using the 2SRI method
 as well as two-stage least squares greatly exceed those obtained through
 standard ordered logit and OLS models. This illustrates the importance of
 controlling for endogeneity bias in any future studies of the relationship
 between social capital and psychological health.
Journal: Applied Economics Letters 
Pages: 76-79 
Issue: 1 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.927561 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.927561 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:1:p:76-79




Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas A. Jolly 
Author-X-Name-First: Nicholas A. 
Author-X-Name-Last: Jolly 
Title: Revenue sharing and within-team payroll inequality in Major League Baseball 
Abstract:
 Using data from the 2000 to 2012 Major League Baseball seasons, this
 article investigates how changes to revenue sharing in the 2007 collective
 bargaining agreement altered within-team payroll inequality. Results
 indicate that inequality within teams decreased after the 2007 bargaining
 agreement. This reduced inequity is concentrated among those teams that
 were already experiencing relatively higher levels of inequality. This
 indicates that changes to revenue sharing should help increase competitive
 balance within the league. Additionally, the reduction in inequality
 occurs only among hitters and not pitchers. These results highlight how
 collective bargaining can have heterogeneous effects on groups of workers
 despite there being no requirement of differential treatment.
Journal: Applied Economics Letters 
Pages: 80-85 
Issue: 1 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.927562 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.927562 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:1:p:80-85




Template-Type: ReDIF-Article 1.0
Author-Name: Weidong Xu 
Author-X-Name-First: Weidong 
Author-X-Name-Last: Xu 
Author-Name: Weijun Xu 
Author-X-Name-First: Weijun 
Author-X-Name-Last: Xu 
Author-Name: Weilin Xiao 
Author-X-Name-First: Weilin 
Author-X-Name-Last: Xiao 
Title: Pricing black-scholes options with correlated credit risk and jump risk 
Abstract:
 This article follows the framework of Klein (1996) to present an improved
 method of pricing vulnerable options under jump diffusion assumptions
 about the underlying stock prices and firm values which are appropriate in
 many business situations. In contrast to Klein's (1996) model, jumps allow
 not only for sudden changes in stock prices and firm values, but also for
 a firm to default instantaneously because of an unexpected drop in its
 value. Therefore, our model is able to provide sufficient conceptual
 insights about the economic mechanism of vulnerable option pricing. In
 particular, an analytical pricing formula for vulnerable European options
 under jump diffusion model is derived. The numerical results show that a
 jump occurrence in firm values can increase the likelihood of default and
 reduce the vulnerable option prices.
Journal: Applied Economics Letters 
Pages: 87-93 
Issue: 2 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2013.875098 
File-URL: http://hdl.handle.net/10.1080/13504851.2013.875098 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:2:p:87-93




Template-Type: ReDIF-Article 1.0
Author-Name: Kaitlyn Harger 
Author-X-Name-First: Kaitlyn 
Author-X-Name-Last: Harger 
Author-Name: Joshua C. Hall 
Author-X-Name-First: Joshua C. 
Author-X-Name-Last: Hall 
Title: Obedience and income levels 
Abstract:
 We revisit the relationship between informal institutions and income
 levels. The empirical literature on institutions finds that indices of
 'informal institutions' such as trust, respect, respect,
 self-determination and obedience are more important than 'formal
 institutions' such as constitutional constraints in explaining income
 levels across countries. We add to this literature in two ways. First, we
 separate out the index of informal institutions into its component parts
 to see which informal institutions are primary. Second, we construct two
 new measures of obedience to test the robustness of obedience. Our
 reduced-form results indicate the primacy of obedience over other informal
 institutions.
Journal: Applied Economics Letters 
Pages: 94-98 
Issue: 2 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.927563 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.927563 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:2:p:94-98




Template-Type: ReDIF-Article 1.0
Author-Name: Esther C�ceres 
Author-X-Name-First: Esther 
Author-X-Name-Last: C�ceres 
Author-Name: David Moreno 
Author-X-Name-First: David 
Author-X-Name-Last: Moreno 
Author-Name: Rosa Rodr�guez 
Author-X-Name-First: Rosa 
Author-X-Name-Last: Rodr�guez 
Title: A study on short-selling constraints: total ban versus partial ban 
Abstract:
 This article analyses the effect of short-selling constraints on market
 volatility. Between 2011 and 2012, two different types of short-sale bans
 were imposed on the Spanish stock market: first, a partial ban on
 financial companies, and later, a total ban affecting all stocks. Using
 panel data and different measures of risk, we study whether both types of
 constraints were effective in reducing market volatility or whether there
 were differences between them. Our results show evidence that market
 volatility was reduced under both types of bans, with a more powerful
 effect observed under the total ban.
Journal: Applied Economics Letters 
Pages: 99-103 
Issue: 2 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.927564 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.927564 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:2:p:99-103




Template-Type: ReDIF-Article 1.0
Author-Name: Pandej Chintrakarn 
Author-X-Name-First: Pandej 
Author-X-Name-Last: Chintrakarn 
Author-Name: Pornsit Jiraporn 
Author-X-Name-First: Pornsit 
Author-X-Name-Last: Jiraporn 
Author-Name: Shenghui Tong 
Author-X-Name-First: Shenghui 
Author-X-Name-Last: Tong 
Title: How do powerful CEOs view corporate risk-taking? Evidence from the CEO pay slice (CPS) 
Abstract:
 We explore the role of powerful CEOs on the extent of risk-taking, using
 Bebchuk, Cremers and Peyer's (2011) CEO pay slice (CPS). Based on more
 than 12,000 observations over 20 years (1992-2012), our results reveal a
 nonmonotonic association. In particular, relatively less powerful CEOs
 exhibit risk aversion, resulting in less risky strategies. However, when
 the CEO has his power consolidated beyond a certain point, he is less
 likely to compromise with other executives, leading to less moderate
 decisions and more risky strategies. We estimate that the CEO has to wield
 considerable power, that is, around the 75th percentile of CPS, before
 significantly more risk-taking is observed. Finally, we show that our
 results are unlikely vulnerable to endogeneity.
Journal: Applied Economics Letters 
Pages: 104-109 
Issue: 2 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.927565 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.927565 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:2:p:104-109




Template-Type: ReDIF-Article 1.0
Author-Name: Faruk Balli 
Author-X-Name-First: Faruk 
Author-X-Name-Last: Balli 
Author-Name: Rosmy Jean Louis 
Author-X-Name-First: Rosmy 
Author-X-Name-Last: Jean Louis 
Title: Modelling the tourism receipt's volatility 
Abstract:
 Using data from 87 countries, we show that proximity of recipient
 countries to the economic centres of the world, a diversified source of
 international tourist supplies, and larger share of GDP as tourism
 revenues are conducive to lower volatility in tourism receipts. We also
 find that the volatility of tourism revenues is quite dispersed across
 countries and intensifies when tourism flow originates from a specific set
 of countries.
Journal: Applied Economics Letters 
Pages: 110-115 
Issue: 2 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.929616 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.929616 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:2:p:110-115




Template-Type: ReDIF-Article 1.0
Author-Name: Francesco Renna 
Author-X-Name-First: Francesco 
Author-X-Name-Last: Renna 
Title: Obesity history and male employment 
Abstract:
 Using the National Longitudinal Survey of Youth 1979, this article
 computes the stock of obesity as the number of obese years in the adult
 life of an individual. Then it estimates the effect of the stock of
 obesity on the probability of being employed. It is found that the
 accumulated years of morbid obesity (i.e. obesity associated with a body
 mass index above 40) has a large negative impact on employment status.
 This effect remains significant even after conditioning on time-invariant
 unobserved heterogeneity. The results of the IV probit analysis indicate
 that the stock of morbid obese years can be regarded as exogenous. Less
 severe levels of obesity do not seem to have an impact on employment.
Journal: Applied Economics Letters 
Pages: 116-120 
Issue: 2 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.929617 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.929617 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:2:p:116-120




Template-Type: ReDIF-Article 1.0
Author-Name: James Manley 
Author-X-Name-First: James 
Author-X-Name-Last: Manley 
Author-Name: Lia Fernald 
Author-X-Name-First: Lia 
Author-X-Name-Last: Fernald 
Author-Name: Paul Gertler 
Author-X-Name-First: Paul 
Author-X-Name-Last: Gertler 
Title: Wealthy, healthy and wise: does money compensate for being born into difficult conditions? 
Abstract:
 Recent studies have linked transfers from Mexican conditional cash
 transfer programme Oportunidades (formerly PROGRESA) to improvements in
 child development (Fernald <italic>et al</italic>., 2008, 2009), but this
 work has been criticized as failing to account for endogeneity of the
 transfers. We create an exogenous instrument for the amount of transfers
 and use it to test programme and transfer effects. Applying the new
 instrument confirms that improvements in child development are more linked
 to the transfers themselves than to other portions of the programme, which
 involve medical check-ups as well as educational sessions for mothers.
Journal: Applied Economics Letters 
Pages: 121-126 
Issue: 2 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.929618 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.929618 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:2:p:121-126




Template-Type: ReDIF-Article 1.0
Author-Name: Sean Pascoe 
Author-X-Name-First: Sean 
Author-X-Name-Last: Pascoe 
Author-Name: Simon Vieira 
Author-X-Name-First: Simon 
Author-X-Name-Last: Vieira 
Author-Name: Olivier Thebaud 
Author-X-Name-First: Olivier 
Author-X-Name-Last: Thebaud 
Title: Allocating repairs and maintenance costs to fixed or variable costs in fisheries bioeconomic models 
Abstract:
 The objective of maximum economic yield in fisheries requires the use of
 bioeconomic models for the estimation of appropriate economic-based catch
 or effort targets. These in turn require detailed information on costs of
 fishing, and how these costs may change under different fleet size and
 effort conditions. Economic information is generally collected (if at all)
 on an annual basis. While some costs can be easily designated as fixed or
 variable, others, such as repairs and maintenance, have both a fixed and
 variable component that is not identifiable from annual information. In
 this note, we present a means for separating these costs into a fixed and
 variable component for Australian fisheries and find that the ratio varies
 considerably by fishing method and environment.
Journal: Applied Economics Letters 
Pages: 127-131 
Issue: 2 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.929619 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.929619 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:2:p:127-131




Template-Type: ReDIF-Article 1.0
Author-Name: Alfredo M. Pereira 
Author-X-Name-First: Alfredo M. 
Author-X-Name-Last: Pereira 
Author-Name: Jorge M. Andraz 
Author-X-Name-First: Jorge M. 
Author-X-Name-Last: Andraz 
Title: On the long-term macroeconomic effects of social spending in the United States 
Abstract:
 We estimate the long-term impact of changes in social security and social
 protection spending on economic performance in the United states. We
 estimate a VAR model relating GDP, unemployment rates, saving rates and
 social spending. Our results suggest that social spending has significant
 distortionary effects in the labour markets as measured by its long-term
 effects on the unemployment rate, which translate into a detrimental
 effect on long-term output, this despite a positive, albeit small, effect
 on the gross savings rate. There are important policy implications of
 these results. If one considers the systems as they are, any further
 expansion in their generosity would have detrimental long-term effects.
 These detrimental effects, however, are neither an indictment of social
 spending nor evidence against extension of benefits. What they highlight
 is the need to carefully consider the financing mechanisms currently used
 and the need to align benefits and contributions in the pension component
 of social security and the need to find a tax revenue mix that is less
 distortionary for the unfunded benefits.
Journal: Applied Economics Letters 
Pages: 132-136 
Issue: 2 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.929620 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.929620 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:2:p:132-136




Template-Type: ReDIF-Article 1.0
Author-Name: Riccardo Vecchio 
Author-X-Name-First: Riccardo 
Author-X-Name-Last: Vecchio 
Author-Name: Azzurra Annunziata 
Author-X-Name-First: Azzurra 
Author-X-Name-Last: Annunziata 
Title: The effect of monetary versus nonmonetary endowment on WTP in BDM auctions 
Abstract:
 We evaluate the effects of monetary and nonmonetary endowments on
 willingness to pay (WTP) bids in Becker-DeGroot-Marschak (BDM)
 experimental auctions. Results indicate that subjects provided with a
 monetary endowment bid more than those that received a nonmonetary
 endowment.
Journal: Applied Economics Letters 
Pages: 137-140 
Issue: 2 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.929621 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.929621 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:2:p:137-140




Template-Type: ReDIF-Article 1.0
Author-Name: Richard C. K. Burdekin 
Author-X-Name-First: Richard C. K. 
Author-X-Name-Last: Burdekin 
Author-Name: Xinzhu Li 
Author-X-Name-First: Xinzhu 
Author-X-Name-Last: Li 
Title: Tiananmen Square 1989: the view from financial markets 
Abstract:
 This article examines the effects of the Tiananmen Square incident on Hong
 Kong stock prices, which fell by more than 22% on the first day of trading
 after the event. Notwithstanding the expected negative across-the-board
 impact, we find some partial protection from the worst of the negative
 effects enjoyed by investors in utility stocks and companies with
 ownership ties to mainland China. Whereas some of the harder hit sectors
 enjoyed some degree of catching up after the first 2 months since the
 crisis, continued underperformance is seen for the hotel and property
 sectors throughout the empirical testing. The most domestically focused
 sectors therefore were also the ones that experienced the most lasting
 damage.
Journal: Applied Economics Letters 
Pages: 141-147 
Issue: 2 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.929622 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.929622 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:2:p:141-147




Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Simonian 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Simonian 
Title: A satisficing approach to factor portfolio construction 
Abstract:
 Multifactor models and the construction of factor-matching portfolios are
 by now pervasive in investment management. In textbook discussions, the
 construction of factor-tracking portfolios is presented as a simple
 exercise solved using well-known optimization methods such as linear
 programming. While mathematically correct, the standard approach does not
 address two practical considerations. First, when building portfolios,
 investment managers typically consider matching the target loadings of
 some factors as more important than matching the target loadings of other
 factors. Second, investment managers generally seek to achieve their
 investment objectives in the most efficient way possible, by minimizing
 turnover and/or transaction costs. In short, portfolio construction
 generally requires prioritizing and reconciling multiple objectives. To
 address the shortcomings of the standard factor-matching framework, we
 show how a multi-objective optimization methodology known as 'goal
 programming' can be effectively employed to build portfolios that
 successfully balance competing investment aims.
Journal: Applied Economics Letters 
Pages: 148-152 
Issue: 2 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.931911 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.931911 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:2:p:148-152




Template-Type: ReDIF-Article 1.0
Author-Name: Arne Martin Fevolden 
Author-X-Name-First: Arne Martin 
Author-X-Name-Last: Fevolden 
Author-Name: Sverre J. Herstad 
Author-X-Name-First: Sverre J. 
Author-X-Name-Last: Herstad 
Author-Name: Tore Sandven 
Author-X-Name-First: Tore 
Author-X-Name-Last: Sandven 
Title: Specialist supplier or systems integrator? The relationship between competencies and export performance in the Norwegian defence industry 
Abstract:
 This article investigates how defence contractors' competence profiles
 affect their export performance. It explores two competing hypotheses
 derived from international economics and business studies that (i) it is
 beneficial to be a specialist supplier and focus on a related set of
 competencies and (ii) it is beneficial to be a system integrator and
 assemble a broad set of competencies. It makes use of a unique and
 especially rich data set that includes close to 250 competency variables.
 These competency variables are used to compute entropy scores for the
 defence contractors, which again are used in in a fractional logit model
 to test the two hypotheses. The article concludes that the data only
 support the second hypothesis - that it is favourable to be a systems
 integrator.
Journal: Applied Economics Letters 
Pages: 153-157 
Issue: 2 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.931912 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.931912 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:2:p:153-157




Template-Type: ReDIF-Article 1.0
Author-Name: Shuo Chen 
Author-X-Name-First: Shuo 
Author-X-Name-Last: Chen 
Author-Name: Xiaobo He 
Author-X-Name-First: Xiaobo 
Author-X-Name-Last: He 
Title: Road to success? The effects of road toll on economic growth in China 
Abstract:
 This article examines the effects of road tolls on economic growth in
 China. Using a provincial panel data and pool mean group method, we find
 that a 1% rise in road tolls leads to 0.005% and 0.03% reduction in GDP
 growth and GDP per capita, respectively. Moreover, it shows that although
 more road tolls may contribute to financing local transportation networks,
 they hinder inter-regional trade thus result in more serious market
 segmentation.
Journal: Applied Economics Letters 
Pages: 158-162 
Issue: 2 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.931913 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.931913 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:2:p:158-162




Template-Type: ReDIF-Article 1.0
Author-Name: B�lent Ula&#x15f;an 
Author-X-Name-First: B�lent 
Author-X-Name-Last: Ula&#x15f;an 
Title: Trade openness and economic growth: panel evidence 
Abstract:
 This article examines openness-growth nexus in a dynamic panel data
 framework by using various openness indicators. We assess the robustness
 of our findings by reducing the number of instruments. Our findings show
 that lower trade barriers are not associated with higher growth.
Journal: Applied Economics Letters 
Pages: 163-167 
Issue: 2 
Volume: 22 
Year: 2015 
Month: 1 
X-DOI: 10.1080/13504851.2014.931914 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.931914 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:22:y:2015:i:2:p:163-167




Template-Type: ReDIF-Article 1.0
Author-Name: J. Stevens 
Author-X-Name-First: J. 
Author-X-Name-Last: Stevens 
Title: Do transaction costs prevent arbitrage in the market for crude oil? Evidence from a threshold autoregression 
Abstract:
 Recent evidence suggests that transaction costs may prevent arbitrage in
 the market for crude oil. If these costs are significant, they could have
 serious implications for the value of the basis as a predictor of movement
 in the spot price.Given the importance of the basis within the existing
 literature, this article investigates the effect of transaction costs on
 its dynamics. Using a threshold autoregression model, transaction costs
 are found to increase the persistence of the basis in most periods,
 suggesting the absence of arbitrage.
Journal: Applied Economics Letters 
Pages: 169-172 
Issue: 3 
Volume: 22 
Year: 2015 
Month: 2 
X-DOI: 10.1080/13504851.2014.931915 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.931915 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:3:p:169-172




Template-Type: ReDIF-Article 1.0
Author-Name: E. Arampatzi 
Author-X-Name-First: E. 
Author-X-Name-Last: Arampatzi 
Author-Name: M. J. Burger 
Author-X-Name-First: M. J. 
Author-X-Name-Last: Burger 
Author-Name: R. Veenhoven 
Author-X-Name-First: R. 
Author-X-Name-Last: Veenhoven 
Title: Financial distress and happiness of employees in times of economic crisis 
Abstract:
 Using data for 28 European countries for the period 2008 to 2012, we
 examine whether employed individuals are affected by the economic crisis.
 We provide robust evidence that unfavourable macroeconomic conditions are
 negatively associated with the life satisfaction of employees. In
 addition, we find that higher levels of regional unemployment and
 inflation are predominantly associated with lower levels of life
 satisfaction for employees who are in a bad financial situation or who
 expect that their future financial situation will be worse. By contrast,
 employed people who do well financially and who have good prospects are
 not affected by the crisis.
Journal: Applied Economics Letters 
Pages: 173-179 
Issue: 3 
Volume: 22 
Year: 2015 
Month: 2 
X-DOI: 10.1080/13504851.2014.931916 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.931916 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:3:p:173-179




Template-Type: ReDIF-Article 1.0
Author-Name: John D. Hey 
Author-X-Name-First: John D. 
Author-X-Name-Last: Hey 
Author-Name: Noemi Pace 
Author-X-Name-First: Noemi 
Author-X-Name-Last: Pace 
Title: Changes in individual and/or aggregate? 
Abstract:
 The majority of papers reporting the results of experimental tests on
 individual behaviour concentrate on the average or aggregate behaviour of
 the subjects, even though different subjects may exhibit different kinds
 of behaviour. At the same time, it is well known that subjects are noisy
 in their responses and thus may change their behaviour during an
 experiment. The question then arises as to whether this noise causes
 <italic>average</italic> behaviour to change during an experiment. We take
 the data from an experiment on behaviour under ambiguity, which try to
 identify which preference functional subjects are using, and analyse it in
 two halves. We find that, while some individual preferences seem to change
 from the first to the second half, on <italic>average</italic>,
 preferences are unchanged (though there is a reduction in the noise
 exhibited by subjects in the second half). This is a reassuring message
 for those who want to draw inferences from experiments.
Journal: Applied Economics Letters 
Pages: 180-183 
Issue: 3 
Volume: 22 
Year: 2015 
Month: 2 
X-DOI: 10.1080/13504851.2014.931917 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.931917 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:3:p:180-183




Template-Type: ReDIF-Article 1.0
Author-Name: Anna Kukla-Gryz 
Author-X-Name-First: Anna 
Author-X-Name-Last: Kukla-Gryz 
Author-Name: Joanna Tyrowicz 
Author-X-Name-First: Joanna 
Author-X-Name-Last: Tyrowicz 
Author-Name: Micha&#x142; Krawczyk 
Author-X-Name-First: Micha&#x142; 
Author-X-Name-Last: Krawczyk 
Author-Name: Konrad Siwi&#x144;ski 
Author-X-Name-First: Konrad 
Author-X-Name-Last: Siwi&#x144;ski 
Title: We all do it, but are we willing to admit? Incentivizing digital pirates' confessions 
Abstract:
 In this study, we try to assess the prevalence of illicit downloading in
 the market of audio books and the willingness to admit to such practices.
 We compare the Bayesian Truth Serum (Prelec, 2004) treatment in which
 truthful responses and precise estimates are rewarded to the control
 treatment with a flat participation fee. We find a sizable treatment
 effect - incentivized 'pirates' admit approximately 60% more often than
 the nonincentivized ones.
Journal: Applied Economics Letters 
Pages: 184-188 
Issue: 3 
Volume: 22 
Year: 2015 
Month: 2 
X-DOI: 10.1080/13504851.2014.931918 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.931918 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:3:p:184-188




Template-Type: ReDIF-Article 1.0
Author-Name: Amir Moradi-Motlagh 
Author-X-Name-First: Amir 
Author-X-Name-Last: Moradi-Motlagh 
Author-Name: Abbas Valadkhani 
Author-X-Name-First: Abbas 
Author-X-Name-Last: Valadkhani 
Author-Name: Ali Salman Saleh 
Author-X-Name-First: Ali Salman 
Author-X-Name-Last: Saleh 
Title: Rising efficiency and cost saving in Australian banks: a bootstrap approach 
Abstract:
 The purpose of this article is threefold. First, we measure both technical
 and scale efficiency of major Australian banks during the period 2006 to
 2012 using data envelopment analysis (DEA). Second, the robustness and
 sensitivity of efficiency scores are tested based on a bootstrap approach.
 Third, the bootstrap results are employed to examine by how much different
 scenarios of improving technical efficiency scores can result in cost
 savings for individual banks. The results indicate a notable difference
 between the original and bootstrap efficiency estimates. While the
 conventional DEA results show that more than half of banks are fully
 technical efficient, the bootstrap results reveal a more accurate account
 of efficiency disparities from best-practicing banks.
Journal: Applied Economics Letters 
Pages: 189-194 
Issue: 3 
Volume: 22 
Year: 2015 
Month: 2 
X-DOI: 10.1080/13504851.2014.932044 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.932044 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:3:p:189-194




Template-Type: ReDIF-Article 1.0
Author-Name: Jordi Paniagua 
Author-X-Name-First: Jordi 
Author-X-Name-Last: Paniagua 
Author-Name: Juan Sapena 
Author-X-Name-First: Juan 
Author-X-Name-Last: Sapena 
Title: Do credit constraints reduce foreign jobs? A note on foreign direct employment 
Abstract:
 This article studies the effect of credit constraints on the jobs created
 by multinational enterprises in host countries. Although most FDI is
 labour intensive, few studies delve into the determinants of foreign
 direct employment (FDE). This article constructs a model of limited
 commitment between the financed and financing parties to explain how FDE
 is affected by financial frictions. Moreover, this study examines FDE's
 determinants empirically on a global data set including FDE data from 161
 countries during 2003-2010 by means of the gravity equation. Results show
 that credit constraints during the Great Recession roughly halved FDE,
 tripling the effect on FDI and suggesting that domestic jobs slightly
 outpaced foreign jobs.
Journal: Applied Economics Letters 
Pages: 195-198 
Issue: 3 
Volume: 22 
Year: 2015 
Month: 2 
X-DOI: 10.1080/13504851.2014.934420 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.934420 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:3:p:195-198




Template-Type: ReDIF-Article 1.0
Author-Name: Paolo Rungo 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Rungo 
Author-Name: Bruno Casal 
Author-X-Name-First: Bruno 
Author-X-Name-Last: Casal 
Author-Name: Berta Rivera 
Author-X-Name-First: Berta 
Author-X-Name-Last: Rivera 
Author-Name: Luis Currais 
Author-X-Name-First: Luis 
Author-X-Name-Last: Currais 
Title: Parental education, child's grade repetition and the modifier effect of cannabis use 
Abstract:
 Previous research on the relationship among family socio-economic status
 (SES), cannabis use and educational attainment has concentrated on finding
 a causal pathway from SES and illicit drug use to educational achievement.
 However, the association between family background and a child's cannabis
 use is weak. When analysing both family SES and education as determinants
 of a child's educational attainment, cannabis use should be treated as an
 effect modifier rather than a confounder. This article examines how
 cannabis use alters the protective effect of better family education on a
 child's school performance. By means of a retrospective cohort study using
 data from the Spanish National Survey on Drug Use in Secondary Education,
 this study illustrates that, as expected, children of better-educated
 parents are less likely to repeat a grade, although the positive impact of
 higher family education vanishes when students use cannabis.
Journal: Applied Economics Letters 
Pages: 199-203 
Issue: 3 
Volume: 22 
Year: 2015 
Month: 2 
X-DOI: 10.1080/13504851.2014.934421 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.934421 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:3:p:199-203




Template-Type: ReDIF-Article 1.0
Author-Name: Maurice J. G. Bun 
Author-X-Name-First: Maurice J. G. 
Author-X-Name-Last: Bun 
Title: Identifying the impact of deterrence on crime: internal versus external instruments 
Abstract:
 We consider estimation of the economic model of crime exploiting
 instrumental variables (IV) techniques for panel data. We extend the
 empirical analysis of Cornwell and Trumbull (1994) and show that their
 instruments are very weak. We propose an alternative identification
 strategy based on the sequential moment conditions of Arellano and Bond
 (1991). The resulting GMM estimates of deterrence effects on crime are
 considerably more precise.
Journal: Applied Economics Letters 
Pages: 204-208 
Issue: 3 
Volume: 22 
Year: 2015 
Month: 2 
X-DOI: 10.1080/13504851.2014.934422 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.934422 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:3:p:204-208




Template-Type: ReDIF-Article 1.0
Author-Name: Naceur Essaddam 
Author-X-Name-First: Naceur 
Author-X-Name-Last: Essaddam 
Author-Name: Ayman Mnasri 
Author-X-Name-First: Ayman 
Author-X-Name-Last: Mnasri 
Title: Event-study volatility and bootstrapping: an international study 
Abstract:
 This paper examines the impact of terrorism on volatility of stock returns
 over 17 market indices between 1994 and 2005. Using a volatility event
 study approach methodology, we find that terrorism has a significant
 impact on the stock market volatility. We also propose a new
 semi-parametric bootstrap technique which consists in re-sampling the
 rescaled residuals obtained from the estimations of GARCH equations before
 the event and using a moving block approach where the residuals are chosen
 in a chronologically consecutive manner each time we generate a bootstrap
 sample. This technique provides a better way to perform inference that is
 more reliable on finite samples than inference based on conventional
 asymptotic theory.
Journal: Applied Economics Letters 
Pages: 209-213 
Issue: 3 
Volume: 22 
Year: 2015 
Month: 2 
X-DOI: 10.1080/13504851.2014.934423 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.934423 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:3:p:209-213




Template-Type: ReDIF-Article 1.0
Author-Name: Carlos P�rez 
Author-X-Name-First: Carlos 
Author-X-Name-Last: P�rez 
Author-Name: �ngel Mart�n-Rom�n 
Author-X-Name-First: �ngel 
Author-X-Name-Last: Mart�n-Rom�n 
Author-Name: Alfonso Moral 
Author-X-Name-First: Alfonso 
Author-X-Name-Last: Moral 
Title: The impact of <italic>leisure complementarity</italic> on the labour force participation of older males in Spain 
Abstract:
 This work seeks to gauge the <italic>complementarity</italic> or
 <italic>shared leisure effect</italic> in Spain. The study evidences the
 importance which the increase in female activity rates has on the decision
 of their male spouses to prolong their labour market participation. Thus,
 if active ageing is to be encouraged, vis-�-vis nonearly exit from the
 labour force of those in the latter stages of their working lives, and if
 the burden on public pensions is to be alleviated, comprehensive economic
 policies need to be adopted addressing the family unit of older persons as
 a whole rather than focusing on each individual member.
Journal: Applied Economics Letters 
Pages: 214-217 
Issue: 3 
Volume: 22 
Year: 2015 
Month: 2 
X-DOI: 10.1080/13504851.2014.934424 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.934424 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:3:p:214-217




Template-Type: ReDIF-Article 1.0
Author-Name: Ying Jiang 
Author-X-Name-First: Ying 
Author-X-Name-Last: Jiang 
Author-Name: Xiaoquan Liu 
Author-X-Name-First: Xiaoquan 
Author-X-Name-Last: Liu 
Author-Name: Wuyi Ye 
Author-X-Name-First: Wuyi 
Author-X-Name-Last: Ye 
Title: Do intraday data contain more information for volatility forecasting? Evidence from the Chinese commodity futures market 
Abstract:
 We compare volatility forecasts using daily data and intraday data at
 different frequencies from the Chinese commodity futures market. Focusing
 on aluminium, copper and fuel oil futures contracts with 3 months to
 maturity, our empirical results suggest that in the out-of-sample
 forecasting tests, there is little informational advantage in generating
 volatility forecasts using intraday data.
Journal: Applied Economics Letters 
Pages: 218-222 
Issue: 3 
Volume: 22 
Year: 2015 
Month: 2 
X-DOI: 10.1080/13504851.2014.934425 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.934425 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:3:p:218-222




Template-Type: ReDIF-Article 1.0
Author-Name: Thi Hong Hanh Pham 
Author-X-Name-First: Thi Hong Hanh 
Author-X-Name-Last: Pham 
Title: China's sovereign bond yield: some lessons 
Abstract:
 This article aims to address the question of why China's bond market,
 particularly sovereign bond, is still quite underdeveloped while the
 country has enjoyed a spectacular economic growth since the launch of
 economic reforms. To do so, we provide an empirical analysis on the
 long-run and short-run determinants of China's sovereign bond yield over
 the period 1994 to 2012. We find that China's sovereign bond yield is not
 well-constructed because of not considering the fundamental macroeconomic
 conditions. This should be considered as one of the most important reasons
 hampering the advancement of bond market in China.
Journal: Applied Economics Letters 
Pages: 223-227 
Issue: 3 
Volume: 22 
Year: 2015 
Month: 2 
X-DOI: 10.1080/13504851.2014.934426 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.934426 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:3:p:223-227




Template-Type: ReDIF-Article 1.0
Author-Name: Cary Deck 
Author-X-Name-First: Cary 
Author-X-Name-Last: Deck 
Author-Name: Jungmin Lee 
Author-X-Name-First: Jungmin 
Author-X-Name-Last: Lee 
Author-Name: Javier Reyes 
Author-X-Name-First: Javier 
Author-X-Name-Last: Reyes 
Title: Are subjects making financial decisions in lab auctions or are they just gambling? 
Abstract:
 Optimal bidding strategies in first-price and Dutch auctions are
 theoretically isomorphic but depend on bidder risk attitudes. However,
 laboratory experiments consistently find different behaviour between
 auction formats. This article explores whether the notion in psychology
 that financial and gambling risks are viewed differently can explain the
 discrepancy. Ultimately, the evidence does not support this hypothesis,
 but a bidder's propensity to gamble is associated with how much risk he
 takes in both auctions whereas his propensity to take financial risks is
 not. The results suggest that subjects may view themselves as gambling in
 laboratory auctions rather than making financial decisions.
Journal: Applied Economics Letters 
Pages: 228-232 
Issue: 3 
Volume: 22 
Year: 2015 
Month: 2 
X-DOI: 10.1080/13504851.2014.934427 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.934427 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:3:p:228-232




Template-Type: ReDIF-Article 1.0
Author-Name: M. Alper &#x4aa;enesiz 
Author-X-Name-First: M. Alper 
Author-X-Name-Last: &#x4aa;enesiz 
Author-Name: Christian Pierdzioch 
Author-X-Name-First: Christian 
Author-X-Name-Last: Pierdzioch 
Title: Sports and (real) business cycles 
Abstract:
 We extend a basic real business cycle model to incorporate households
 doing sports. Households decide on spending time at the workplace and
 spending time on doing sports. Sports acts as an investment in health and,
 thereby, affects total factor productivity. We study the implications of
 sports for the propagation of technology shocks and for the volatility and
 persistence of output at business cycle frequencies.
Journal: Applied Economics Letters 
Pages: 233-238 
Issue: 3 
Volume: 22 
Year: 2015 
Month: 2 
X-DOI: 10.1080/13504851.2014.934428 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.934428 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:22:y:2015:i:3:p:233-238




Template-Type: ReDIF-Article 1.0
Author-Name: Wentworth Boynton 
Author-X-Name-First: Wentworth 
Author-X-Name-Last: Boynton 
Author-Name: Gregory Blosick 
Author-X-Name-First: Gregory 
Author-X-Name-Last: Blosick 
Author-Name: Robert F. Rainish 
Author-X-Name-First: Robert F. 
Author-X-Name-Last: Rainish 
Title: The principal<italic>-</italic>agent problem, tracking error, and the optimal investment portfolio 
Abstract:
 The principal seeks a portfolio manager to manage funds. The principal
 uses a tracking-error constraint that restricts the portfolio's
 volatility. Without the constraint, the manager may increase the portfolio
 return by adding high-variance assets. Tests assume that the benchmark is
 the value-weighted market portfolio less the risk-free rate (MKT). Tests
 then add the Fama and French four long-short portfolios to test if they
 can increase return without a large increase in the portfolio variance.
 SMB (Small Minus Big) is long in small stocks and short in big stocks and
 picks up the small-firm premium. HML (High Minus Low) is long in high
 book-to-market stocks and short in low book-to-market stocks and picks up
 the value premium. WML (Winners Minus Losers) is long in past winners and
 short in past losers and picks up the momentum premium. Tests find that
 SMB adds tracking error and small returns, HML adds tracking error and
 large returns, and WML adds modest tracking error and large returns. WML
 requires heavy trading. Net of trade costs, the WML gain disappears.
 However, the trade execution costs to hold HML are modest. Net of trade
 costs, we see a gain from adding HML to MKT.
Journal: Applied Economics Letters 
Pages: 239-246 
Issue: 3 
Volume: 22 
Year: 2015 
Month: 2 
X-DOI: 10.1080/13504851.2014.934429 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.934429 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:3:p:239-246




Template-Type: ReDIF-Article 1.0
Author-Name: G. Glenn Baigent 
Author-X-Name-First: G. Glenn 
Author-X-Name-Last: Baigent 
Title: M-Squared and ranking issues for risky assets 
Abstract:
 Adjusting returns for risk is essential and the methodology employed
 should be universally representative. M-Squared is an attempt to provide a
 risk-adjusted measure of performance, but it has two serious shortcomings:
 the absence of a benchmark return and the use of leverage. Analytical and
 empirical observations highlight these issues. Jensen's alpha does not
 contain these problems.
Journal: Applied Economics Letters 
Pages: 247-250 
Issue: 4 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.937027 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.937027 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:4:p:247-250




Template-Type: ReDIF-Article 1.0
Author-Name: Merav Malcman 
Author-X-Name-First: Merav 
Author-X-Name-Last: Malcman 
Author-Name: Mosi Rosenboim 
Author-X-Name-First: Mosi 
Author-X-Name-Last: Rosenboim 
Author-Name: Tal Shavit 
Author-X-Name-First: Tal 
Author-X-Name-Last: Shavit 
Title: Does attachment to money affect reciprocity behaviour? 
Abstract:
 In this study, we test experimentally how a player who must decide how
 much money to transfer back in a trust game is affected by the
 experiment's monetary incentive. We find that positive reciprocity or
 altruism in a trust game is affected by the player's attachment to the
 money he received. We also argue that in a trust game played with virtual
 money, the players are affected by their willingness to punish the other
 player, consistent with the 'altruistic punishment' hypothesis.
Journal: Applied Economics Letters 
Pages: 251-254 
Issue: 4 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.937028 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.937028 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:4:p:251-254




Template-Type: ReDIF-Article 1.0
Author-Name: Danbee Park 
Author-X-Name-First: Danbee 
Author-X-Name-Last: Park 
Author-Name: Joocheol Kim 
Author-X-Name-First: Joocheol 
Author-X-Name-Last: Kim 
Title: Revisiting a story of two countries in East Asia after Abenomics 
Abstract:
 This article provides empirical evidence of the relationship between
 currency depreciation and stock market return using Korean and Japanese
 nonfinancial firms' data. Although the recent FX market circumstances have
 changed compared to Choi <italic>et al</italic>. (2010), we can still
 confirm the beggar-thy-neighbour using the extended sample period. Beggar
 country may change depending on the sample period, but Eichengreen and
 Sachs (1985) hypothesis can hold across the different macroeconomic
 circumstances. Currency depreciation is positively related to stock market
 return controlling for the firm-specific variables. The result shows that
 Japanese exporting firms would be advantageous due to the Japanese Yen
 (JPY) depreciation, and this situation is expected to continue under the
 Abenomics policy regime.
Journal: Applied Economics Letters 
Pages: 255-260 
Issue: 4 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.937029 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.937029 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:4:p:255-260




Template-Type: ReDIF-Article 1.0
Author-Name: Tao Guo 
Author-X-Name-First: Tao 
Author-X-Name-Last: Guo 
Author-Name: Michael Finke 
Author-X-Name-First: Michael 
Author-X-Name-Last: Finke 
Author-Name: Barry Mulholland 
Author-X-Name-First: Barry 
Author-X-Name-Last: Mulholland 
Title: Investor attention and advisor social media interaction 
Abstract:
 In this article, we use a unique data set of financial advisors' daily
 tweets to study investor attention. We develop an investor attention
 measure based on tweets between individual investors and their advisors in
 order to study the relation between investor attention and market
 fluctuations. Tweet frequency data indicate that investor attention
 increases on days with larger price fluctuations. Investors pay more
 attention to smaller gains than to smaller losses. However, attention
 increases by a greater magnitude for large losses than for large gains.
 Our findings provide evidence that daily equity return fluctuations are
 associated with individual investor attention and that large negative
 returns have the strongest impact on attention.
Journal: Applied Economics Letters 
Pages: 261-265 
Issue: 4 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.937030 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.937030 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:4:p:261-265




Template-Type: ReDIF-Article 1.0
Author-Name: Sofie J. Cabus 
Author-X-Name-First: Sofie J. 
Author-X-Name-Last: Cabus 
Author-Name: Kristof De Witte 
Author-X-Name-First: Kristof 
Author-X-Name-Last: De Witte 
Title: Does unauthorized school absenteeism accelerates the dropout decision? - Evidence from a Bayesian duration model 
Abstract:
 School absenteeism (or truancy) may be a signal of an ongoing process of
 student attrition that eventually leads to early school leaving. This
 article estimates how unauthorized school absenteeism accelerates the
 dropout decision. In particular, the timing of the dropout decision of
 truants is compared with the timing of regular school attendees using
 administrative data with insights into wrongly specified truancy spells.
 We correct in a Bayesian duration model for issues on data uncertainty and
 show that only a Bayesian structure on the data yields insightful and
 consistent results. The results indicate that the risk of truants to leave
 school early before the end of the compulsory education age increases with
 as much as 37.4%.
Journal: Applied Economics Letters 
Pages: 266-271 
Issue: 4 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.937031 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.937031 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:4:p:266-271




Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Taylor 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Taylor 
Title: Managed portfolio performance and transaction costs 
Abstract:
 In this work the economic value of conditioning information within a
 multi-asset dynamic portfolio setting is examined. The article innovates
 by deriving a simple closed-form expression for the optimal portfolio
 weights in the presence of quadratic transaction costs. An application to
 US stock and bond data provides an estimate of the maximum transaction
 cost level that will allow the value of conditioning information to be
 statistically significant.
Journal: Applied Economics Letters 
Pages: 272-280 
Issue: 4 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.937032 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.937032 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:4:p:272-280




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Gius 
Author-X-Name-First: Mark 
Author-X-Name-Last: Gius 
Title: The impact of state and federal assault weapons bans on public mass shootings 
Abstract:
 The purpose of the present study is to determine the effects of federal
 and state assault weapons bans on public mass shootings. Using a Poisson
 effect model and data for the period 1982 to 2011, it was found that both
 state and federal assault weapons bans have statistically significant and
 negative effects on mass shooting fatalities but that only the federal
 assault weapons ban had a negative effect on mass shooting injuries. This
 study is one of the first studies that looks solely at the effects of
 assault weapons bans on public mass shootings.
Journal: Applied Economics Letters 
Pages: 281-284 
Issue: 4 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.939367 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.939367 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:22:y:2015:i:4:p:281-284




Template-Type: ReDIF-Article 1.0
Author-Name: Anne Oeking 
Author-X-Name-First: Anne 
Author-X-Name-Last: Oeking 
Title: The European periphery during the crisis: fix or float? 
Abstract:
 This article empirically investigates the growth performance of European
 noneuro area countries during the recent global crisis depending on their
 respective exchange rate regime. Usually, floating exchange rate regimes
 are considered to better help countries cope with negative real shocks.
 However, for countries with close ties to the euro area, the advantages of
 pegging their exchange rate to the euro might dominate even during such a
 crisis. By applying standard panel growth regressions, the empirical
 analysis shows that during the crisis, countries with a floating exchange
 rate (i.e. those that should be better able to react to a crisis) did
 indeed grow more successfully.
Journal: Applied Economics Letters 
Pages: 285-290 
Issue: 4 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.939368 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.939368 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:4:p:285-290




Template-Type: ReDIF-Article 1.0
Author-Name: Yi-Heng Chen 
Author-X-Name-First: Yi-Heng 
Author-X-Name-Last: Chen 
Author-Name: Ho-Chuan Huang 
Author-X-Name-First: Ho-Chuan 
Author-X-Name-Last: Huang 
Author-Name: Kuang-Ping Ku 
Author-X-Name-First: Kuang-Ping 
Author-X-Name-Last: Ku 
Title: The effects of inflation and openness on inequality across alternative monetary regimes 
Abstract:
 This article provides the first empirical evidence by employing an
 endogenous switching regression model to investigate whether the adoption
 of inflation targeting (IT) alters the <italic>relationships</italic>
 between inflation and inequality as well as between openness and
 inequality. Using a large panel of countries over the 1980-2010 period, we
 find that policies aiming at stabilizing prices and opening to trade will
 benefit more from the reduction of income inequality, and the
 inequality-reducing effects are more pronounced in the IT countries. As a
 by-product, we find that the inverted-U relationship between inequality
 and development, that is, the Kuznets' hypothesis, holds only in the
 Non-IT countries, not in the IT economies. The findings are unlikely to be
 driven by the presence of outliers, the use of estimators and the
 assumptions of errors distribution.
Journal: Applied Economics Letters 
Pages: 291-298 
Issue: 4 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.939369 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.939369 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:4:p:291-298




Template-Type: ReDIF-Article 1.0
Author-Name: Mathieu Luypaert 
Author-X-Name-First: Mathieu 
Author-X-Name-Last: Luypaert 
Author-Name: Wouter De Maeseneire 
Author-X-Name-First: Wouter 
Author-X-Name-Last: De Maeseneire 
Title: Antecedents of time to completion in mergers and acquisitions 
Abstract:
 Literature on mergers and acquisitions (M&As) performance and wealth
 effects is abundant. Yet, we know very little about the pre-completion
 stage, in particular about aspects such as the likelihood of deal closing
 and time to completion. Understanding the drivers of completion time is
 however important as prolonged deal duration is costly and postpones
 realizing synergy gains. In this article, we study the antecedents of deal
 duration for a sample of 1150 M&As between listed US companies during
 1994-2011. Not surprisingly, deal complexity critically affects time to
 completion. Stock offers, deal hostility, mergers and larger deals are
 characterized by a lengthier acquisition duration. Strong and clear
 shareholder support accelerates deal completion, as does the likelihood of
 overpayment. Finally, experienced bidders succeed in more rapidly
 completing transactions, implying learning effects.
Journal: Applied Economics Letters 
Pages: 299-304 
Issue: 4 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.939370 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.939370 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:22:y:2015:i:4:p:299-304




Template-Type: ReDIF-Article 1.0
Author-Name: K. Farrow 
Author-X-Name-First: K. 
Author-X-Name-Last: Farrow 
Author-Name: S. Costa 
Author-X-Name-First: S. 
Author-X-Name-Last: Costa 
Author-Name: G. Grolleau 
Author-X-Name-First: G. 
Author-X-Name-Last: Grolleau 
Author-Name: L. Ibanez 
Author-X-Name-First: L. 
Author-X-Name-Last: Ibanez 
Title: The impact of goals and public rewards on a prosocial behaviour: an exploratory economic experiment 
Abstract:
 Given that private rewards have mixed effectiveness in the realm of
 prosocial behaviours (B�nabou and Tirole, 2006), we explore whether a
 'public' reward (denominated in additional units of public good provision)
 successfully encourages prosocial behaviour in the form of increased
 donations to a project aimed at improving atmospheric air quality. Our
 experiment consists of a dictator game designed to address (1) if the
 presence of a goal increases voluntary contributions to improving
 environmental quality and (2) if an additional public reward further
 increases voluntary contributions. We find a significant goal effect
 overall, yet no added public reward effect.
Journal: Applied Economics Letters 
Pages: 305-311 
Issue: 4 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.939371 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.939371 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:4:p:305-311




Template-Type: ReDIF-Article 1.0
Author-Name: Pandej Chintrakarn 
Author-X-Name-First: Pandej 
Author-X-Name-Last: Chintrakarn 
Author-Name: Pornsit Jiraporn 
Author-X-Name-First: Pornsit 
Author-X-Name-Last: Jiraporn 
Author-Name: Young Kim 
Author-X-Name-First: Young 
Author-X-Name-Last: Kim 
Author-Name: Jang-Chul Kim 
Author-X-Name-First: Jang-Chul 
Author-X-Name-Last: Kim 
Title: Does corporate governance quality affect analyst coverage? Evidence from the Institutional Shareholder Services (ISS) 
Abstract:
 We examine the impact of corporate governance quality on the extent of
 analyst coverage. The evidence based on nearly 3000 firms indicates that
 more analysts are likely to cover firms with weaker corporate governance.
 In particular, as corporate governance quality falls by one SD, analyst
 following increases by 11.40%. Our evidence is consistent with the notion
 that poor governance results in a wider divergence between the stock's
 market price and the fundamental value. Analysts prefer to cover companies
 with poor governance because it allows them to generate trading
 commissions by offering shareholders a particularly compelling story about
 why a stock's fundamental value and the current price differ.
Journal: Applied Economics Letters 
Pages: 312-317 
Issue: 4 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.939372 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.939372 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:22:y:2015:i:4:p:312-317




Template-Type: ReDIF-Article 1.0
Author-Name: Yanlin Shi 
Author-X-Name-First: Yanlin 
Author-X-Name-Last: Shi 
Title: Can we distinguish regime switching from long memory? A simulation evidence 
Abstract:
 It is well known that long memory can be caused by regime switching and is
 easily confused with it. However, recent study suggests that if the cause
 of confusion was properly controlled for, long memory and regime switching
 could be distinguished. Motivated by this idea, our study aims to
 distinguish regime switching from long memory for the financial time
 series. In this article, we model long memory and regime switching via the
 ARFIMA and Markov regime-switching (MRS) frameworks, respectively. A
 theoretical proof is provided to show that the time-varying smoothing
 probability series can induce the presence of significant long memory in
 the regime-switching process. We then propose a two-stage two-state-ARFIMA
 (2S-ARFIMA) model to control for the effect of the smoothing probability
 and use a simulation study to demonstrate that it can effectively
 distinguish the pure MRS process from the pure ARFIMA process.
Journal: Applied Economics Letters 
Pages: 318-323 
Issue: 4 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.941526 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.941526 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:4:p:318-323




Template-Type: ReDIF-Article 1.0
Author-Name: Tobias Hiller 
Author-X-Name-First: Tobias 
Author-X-Name-Last: Hiller 
Title: The importance of players in teams of the German Bundesliga in the season 2012/2013 - a cooperative game theory approach 
Abstract:
 In this article, we employ team games (Hern�ndez-Lamoneda and
 S�nchez-S�nchez, 2010) and the Shapley (1953) value to analyse the
 performance/importance of players in teams of the Bundesliga (German
 football league) in the season 2012/2013.
Journal: Applied Economics Letters 
Pages: 324-329 
Issue: 4 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.941527 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.941527 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:22:y:2015:i:4:p:324-329




Template-Type: ReDIF-Article 1.0
Author-Name: Juan de Lucio 
Author-X-Name-First: Juan 
Author-X-Name-Last: de Lucio 
Author-Name: Ra&uacute;l M�nguez 
Author-X-Name-First: Ra&uacute;l 
Author-X-Name-Last: M�nguez 
Author-Name: Asier Minondo 
Author-X-Name-First: Asier 
Author-X-Name-Last: Minondo 
Author-Name: Francisco Requena 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Requena 
Title: Do new exporters grow so fast? 
Abstract:
 The literature shows that new exporters have small levels of exports
 relative to regular exporters upon entry, and, if they survive, they have
 very high export growth rates between the entry year and the next year.
 However, these empirical facts might be biased by the partial year effect:
 firms that start to export late during the year have a lower level of
 exports upon entry and a higher growth rate between the entry year and the
 next year. We test the partial year effect for the whole universe of
 Spanish new exporters during the period 2002 to 2012. We confirm that the
 partial year undervalues entry levels and overvalues growth rates.
Journal: Applied Economics Letters 
Pages: 330-333 
Issue: 4 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.941528 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.941528 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:22:y:2015:i:4:p:330-333




Template-Type: ReDIF-Article 1.0
Author-Name: Bangzhu Zhu 
Author-X-Name-First: Bangzhu 
Author-X-Name-Last: Zhu 
Author-Name: Julien Chevallier 
Author-X-Name-First: Julien 
Author-X-Name-Last: Chevallier 
Author-Name: Shujiao Ma 
Author-X-Name-First: Shujiao 
Author-X-Name-Last: Ma 
Author-Name: Yiming Wei 
Author-X-Name-First: Yiming 
Author-X-Name-Last: Wei 
Title: Examining the structural changes of European carbon futures price 2005-2012 
Abstract:
 The aim of this research was to examine the structural changes of European
 carbon futures price under the European Union Emissions Trading Scheme
 during 2005-2012. More specifically, by relying on the daily EU allowance
 futures contract, we investigate the structural changes of the European
 carbon futures price. Structural breakpoints are detected based on the
 iterative cumulative sums of squares algorithm and event study models. The
 results show that since 2005, there have been three major breakpoints of
 the European carbon futures price, stemming from the two extreme events of
 the 2008 global financial crisis and the 2011 European debt crisis. This
 study contributes to understanding the pricing mechanism of the EU ETS and
 effectively forecasting carbon prices.
Journal: Applied Economics Letters 
Pages: 335-342 
Issue: 5 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.943875 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.943875 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:5:p:335-342




Template-Type: ReDIF-Article 1.0
Author-Name: Alexander Kupfer 
Author-X-Name-First: Alexander 
Author-X-Name-Last: Kupfer 
Title: Revisiting Svensson's test of inflation target credibility 
Abstract:
 I revisit Svensson's (1993) test of inflation target credibility by
 applying it to the European Central Bank (ECB)'s credibility regarding the
 maintenance of price stability. By selecting seven European bond pairs,
 each consisting of an inflation-linked and nominal bond, I show that
 Svensson's test is applicable during relatively calm times but does not
 work properly during the recent financial and sovereign debt crisis. Risk
 premia and flight-to-liquidity effects bias yields of both bond types and
 hamper a meaningful analysis during this time. However, in line with
 existing literature, the ECB's credibility can be confirmed during calm
 financial times.
Journal: Applied Economics Letters 
Pages: 343-348 
Issue: 5 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.943876 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.943876 
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Template-Type: ReDIF-Article 1.0
Author-Name: Brantley Liddle 
Author-X-Name-First: Brantley 
Author-X-Name-Last: Liddle 
Author-Name: George Messinis 
Author-X-Name-First: George 
Author-X-Name-Last: Messinis 
Title: Which comes first - urbanization or economic growth? Evidence from heterogeneous panel causality tests 
Abstract:
 Heterogeneous panel causality tests are employed to consider the
 relationship between urbanization change and economic growth. Urbanization
 causes economic growth in high-income countries, but noncausality could
 not be rejected for both middle-income and Latin American countries. A
 bi-directional, equilibrium relationship is observed for low-income,
 predominately African countries where economic growth has a positive,
 causal effect on urbanization, but where urbanization has a negative,
 causal effect on economic growth. Hence, urbanization and economic growth
 either co-evolve in low-income/African and high-income countries, or else
 the two processes are decoupled for middle-income and Latin American
 countries.
Journal: Applied Economics Letters 
Pages: 349-355 
Issue: 5 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.943877 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.943877 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:5:p:349-355




Template-Type: ReDIF-Article 1.0
Author-Name: Luca Agnello 
Author-X-Name-First: Luca 
Author-X-Name-Last: Agnello 
Author-Name: Vitor Castro 
Author-X-Name-First: Vitor 
Author-X-Name-Last: Castro 
Author-Name: Jo&atilde;o Tovar Jalles 
Author-X-Name-First: Jo&atilde;o Tovar 
Author-X-Name-Last: Jalles 
Author-Name: Ricardo M. Sousa 
Author-X-Name-First: Ricardo M. 
Author-X-Name-Last: Sousa 
Title: Do debt crises boost financial reforms? 
Abstract:
 Using a panel of developed and developing countries and data for the
 period 1980 to 2005, we find that debt crises trigger financial reforms.
 We also show that (i) when general economic conditions deteriorate,
 financial reforms become more likely to take place; (ii) IMF-stabilization
 programmes and sovereign debt restructurings favour the implementation of
 financial reforms; and (iii) the quality of economic institutions strongly
 boosts financial reforms.
Journal: Applied Economics Letters 
Pages: 356-360 
Issue: 5 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.943878 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.943878 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:5:p:356-360




Template-Type: ReDIF-Article 1.0
Author-Name: Sara Lemos 
Author-X-Name-First: Sara 
Author-X-Name-Last: Lemos 
Title: The immigrant-native earnings gap across the earnings distribution 
Abstract:
 Using the underexplored, sizeable and long longitudinal 1978-2006 UK
 Lifetime Labour Market Database (LLMDB), we estimate the immigrant-native
 earnings gap across the entire earnings distribution. We found that
 immigrants earn 2.3% more than natives on average. Whilst the gap was zero
 at the 30th percentile, it was negative at the bottom of the distribution
 and positive above the median.
Journal: Applied Economics Letters 
Pages: 361-369 
Issue: 5 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.943879 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.943879 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:5:p:361-369




Template-Type: ReDIF-Article 1.0
Author-Name: Marie-H�l�ne Gagnon 
Author-X-Name-First: Marie-H�l�ne 
Author-X-Name-Last: Gagnon 
Author-Name: Gabriel J. Power 
Author-X-Name-First: Gabriel J. 
Author-X-Name-Last: Power 
Author-Name: Dominique Toupin 
Author-X-Name-First: Dominique 
Author-X-Name-Last: Toupin 
Title: Dynamics between crude oil and equity markets under the risk-neutral measure 
Abstract:
 This article investigates the time series relationship between equity and
 crude oil markets using option-implied risk-neutral moments. We recover
 daily time series of constant-maturity risk-neutral volatility (RNV),
 skewness and kurtosis using options data for the S&P 500 and WTI oil
 futures over the period January 1996 to October 2011. The transmission of
 shocks is analysed for each risk-neutral moment using a vector
 autoregression model where each market is represented by one equation.
 Impulse response functions and variance decompositions are recovered and
 analysed. Our contribution is to document the transmission of shocks
 measured through investor anticipations in both markets. Our results
 suggest the transmission of shocks measured through investor anticipations
 is different under the risk-neutral measure than under the physical
 measure previously studied in the literature. Shocks to equity market RNV
 and skewness are transmitted to oil RNVand skewness while the reverse is
 not observed. However, shocks to risk-neutral kurtosis in one market do
 not affect the other market. The crystallized changes in investor
 anticipations in equity markets are eventually passed on to oil markets.
Journal: Applied Economics Letters 
Pages: 370-377 
Issue: 5 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.943880 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.943880 
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Template-Type: ReDIF-Article 1.0
Author-Name: Suxiao Li 
Author-X-Name-First: Suxiao 
Author-X-Name-Last: Li 
Author-Name: Jakob de Haan 
Author-X-Name-First: Jakob 
Author-X-Name-Last: de Haan 
Author-Name: Bert Scholtens 
Author-X-Name-First: Bert 
Author-X-Name-Last: Scholtens 
Author-Name: Haizhen Yang 
Author-X-Name-First: Haizhen 
Author-X-Name-Last: Yang 
Title: Are international fund flows pro- or counter-cyclical? 
Abstract:
 We investigate whether international fund flows are pro-or
 counter-cyclical by employing a concordance index. International fund
 flows are investments in bond and equity markets by institutional
 investors, such as mutual funds, exchange traded funds, closed-end funds
 and hedge funds. We find that fund flows are pro-cyclical ahead of the
 business cycle and counter-cyclical contemporaneously after the business
 cycle.
Journal: Applied Economics Letters 
Pages: 378-384 
Issue: 5 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.943881 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.943881 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:5:p:378-384




Template-Type: ReDIF-Article 1.0
Author-Name: Francisco J. Ib��ez-Hern�ndez 
Author-X-Name-First: Francisco J. 
Author-X-Name-Last: Ib��ez-Hern�ndez 
Author-Name: Miguel �. Pe�a-Cerezo 
Author-X-Name-First: Miguel �. 
Author-X-Name-Last: Pe�a-Cerezo 
Author-Name: Andr�s Araujo 
Author-X-Name-First: Andr�s 
Author-X-Name-Last: Araujo 
Title: Countercyclical capital buffers: credit-to-GDP ratio versus credit growth 
Abstract:
 This article provides a comparative analysis of the performance of the
 credit growth variable compared to the credit-to-GDP ratio as an early
 warning indicator of banking crises. We find that both variables correctly
 detect expansive credit growth leading to financial stability problems.
 However, the timing of the early warning indicators is closer in keeping
 with cycle changes when the credit growth variable is used. The results
 obtained are important to design prudential policies aimed at preventively
 monitoring and fostering banking sector stability and, particularly to
 manage the countercyclical capital buffer envisaged in the Basel III
 package.
Journal: Applied Economics Letters 
Pages: 385-390 
Issue: 5 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.946174 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.946174 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthias Neuenkirch 
Author-X-Name-First: Matthias 
Author-X-Name-Last: Neuenkirch 
Title: Establishing a hawkish reputation: interest rate setting by newly appointed central bank governors 
Abstract:
 In this article, we explore the interest rate setting behaviour of newly
 appointed central bank governors. We estimate an augmented Taylor (1993)
 rule for 15 OECD countries and the period 1974 to 2008. We find that newly
 appointed governors fight inflation more aggressively during the first
 four to eight quarters of their tenure in an effort to establish a
 reputation for being inflation averse.
Journal: Applied Economics Letters 
Pages: 391-396 
Issue: 5 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.946175 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.946175 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:5:p:391-396




Template-Type: ReDIF-Article 1.0
Author-Name: G. S. Sisodia 
Author-X-Name-First: G. S. 
Author-X-Name-Last: Sisodia 
Author-Name: I. Soares 
Author-X-Name-First: I. 
Author-X-Name-Last: Soares 
Title: Panel data analysis for renewable energy investment determinants in Europe 
Abstract:
 This study is an empirical approach to understand the determinants of
 renewable energy (RES) investment in European Union (EU-27) through panel
 data study over the period 1995 to 2011. Random effect panel data
 modelling technique was used to understand the variables that affect solar
 and wind energy investments in EU-27. Results suggest that the strong
 regulation perception plays negative role in the solar energy investment,
 and lower sunshine hours lead to higher wind investment.
Journal: Applied Economics Letters 
Pages: 397-401 
Issue: 5 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.946176 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.946176 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:5:p:397-401




Template-Type: ReDIF-Article 1.0
Author-Name: Klaus Grobys 
Author-X-Name-First: Klaus 
Author-X-Name-Last: Grobys 
Title: Idiosyncratic volatility and global equity markets 
Abstract:
 This article investigates the relation of idiosyncratic volatility (IVOL)
 and future returns on a portfolio level in global equity markets. In
 contrast to previous studies (Ang <italic>et al.</italic> 2006, 2009), it
 reveals that the spread between stock indices exhibiting a high IVOL and
 stock indices with low IVOL is positive and unrelated to movements in the
 business cycle. Traditional asset pricing models cannot explain the
 spread.
Journal: Applied Economics Letters 
Pages: 402-405 
Issue: 5 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.946177 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.946177 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:5:p:402-405




Template-Type: ReDIF-Article 1.0
Author-Name: Julia P�schel 
Author-X-Name-First: Julia 
Author-X-Name-Last: P�schel 
Title: Measuring task content and offshorability 
Abstract:
 Trade economists increasingly relate the offshoring of service occupations
 to occupational task characteristics. This article provides empirical
 insights into this relationship and supports the importance of the task
 dimension as a determinant of offshoring patterns. The results further
 suggest that offshoring is a multidimensional phenomenon and it is
 advisable to use a comprehensive set of tasks in the empirical analysis to
 capture most of the relevant offshorability characteristics.
Journal: Applied Economics Letters 
Pages: 406-410 
Issue: 5 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.946178 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.946178 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:5:p:406-410




Template-Type: ReDIF-Article 1.0
Author-Name: Cristiano M. Costa 
Author-X-Name-First: Cristiano M. 
Author-X-Name-Last: Costa 
Author-Name: Luciana D. Costa 
Author-X-Name-First: Luciana D. 
Author-X-Name-Last: Costa 
Author-Name: Renata C. Gomes 
Author-X-Name-First: Renata C. 
Author-X-Name-Last: Gomes 
Title: Family member incarceration and delinquent behaviour in the classroom: evidence from Brazil 
Abstract:
 This article extends the empirical literature on the economics of crime
 and delinquency. Using a unique data set from Brazil, we investigate how
 having a family member behind bars influences the behaviour of adolescents
 in the classroom. Results from a series of <italic>probit</italic> model
 estimations show that having close relatives incarcerated increases the
 adolescents' probability of fighting with a classmate by 2.69 p. p. and
 the probability of misbehaving in class by 4.8 p. p. This result is in
 line with social learning theories of crime, and it complements recent
 empirical evidence about the influence of peers on adolescent's time
 allocation and engagement in delinquent activities.
Journal: Applied Economics Letters 
Pages: 411-415 
Issue: 5 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.946179 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.946179 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:5:p:411-415




Template-Type: ReDIF-Article 1.0
Author-Name: Dierk Herzer 
Author-X-Name-First: Dierk 
Author-X-Name-Last: Herzer 
Title: The long-run effect of trade on life expectancy in the United States: an empirical note 
Abstract:
 This note analyses the long-run impact of trade on population health by
 applying cointegration techniques to US time series data for the period
 1960 to 2011. Despite the concerns of many commentators and observers, it
 is found that trade has a positive and significant long-run impact on
 population health, as measured by life expectancy.
Journal: Applied Economics Letters 
Pages: 416-420 
Issue: 5 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.946180 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.946180 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:5:p:416-420




Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale 
Author-X-Name-First: Guglielmo Maria 
Author-X-Name-Last: Caporale 
Author-Name: Hector Carcel 
Author-X-Name-First: Hector 
Author-X-Name-Last: Carcel 
Author-Name: Luis A. Gil-Alana 
Author-X-Name-First: Luis A. 
Author-X-Name-Last: Gil-Alana 
Title: Modelling African inflation rates: nonlinear deterministic terms and long-range dependence 
Abstract:
 This article estimates a fractional integration model with nonlinear
 deterministic trends for the inflation rates of five African countries.
 The results indicate that nonlinearities are present in the case of Angola
 and Lesotho, but not in the case of Botswana, Namibia and South Africa.
 Moreover, the degrees of differentiation are higher in the latter group of
 countries.
Journal: Applied Economics Letters 
Pages: 421-424 
Issue: 5 
Volume: 22 
Year: 2015 
Month: 3 
X-DOI: 10.1080/13504851.2014.946181 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.946181 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:5:p:421-424




Template-Type: ReDIF-Article 1.0
Author-Name: Ivica Rubil 
Author-X-Name-First: Ivica 
Author-X-Name-Last: Rubil 
Title: Regional heterogeneity in growth and inequality elasticities of poverty in transition countries 
Abstract:
 Using data for 25 transition countries, this article provides estimates of
 the growth and inequality elasticities of poverty for three regions:
 Central Europe (CE), South-East Europe and the former Soviet Union (FSU).
 Regional differences in the elasticities are decomposed into the
 contributions of (i) differences in initial conditions (expenditure
 density at the poverty line and inequality) and (ii) differences in
 sensitivity of the elasticities to these initial conditions. The
 elasticities are highest for CE and lowest for the FSU. Using a common
 poverty line, regional elasticity differences are explained predominantly
 by differences in the mean consumption expenditures per capita.
Journal: Applied Economics Letters 
Pages: 425-429 
Issue: 6 
Volume: 22 
Year: 2015 
Month: 4 
X-DOI: 10.1080/13504851.2014.948665 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.948665 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:6:p:425-429




Template-Type: ReDIF-Article 1.0
Author-Name: A. M. Aldanondo 
Author-X-Name-First: A. M. 
Author-X-Name-Last: Aldanondo 
Author-Name: V. L. Casasnovas 
Author-X-Name-First: V. L. 
Author-X-Name-Last: Casasnovas 
Title: Input aggregation bias in technical efficiency with multiple criteria analysis 
Abstract:
 We extend the Tauer (2001) and F�re <italic>et al</italic>. (2004)
 analyses of aggregation bias in technical efficiency measurement to
 multiple criteria decision analysis. We show input aggregation conditions
 consistent with multiple criteria evaluation of overall efficiency in
 conjunction with the variation in aggregation bias.
Journal: Applied Economics Letters 
Pages: 430-435 
Issue: 6 
Volume: 22 
Year: 2015 
Month: 4 
X-DOI: 10.1080/13504851.2014.948666 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.948666 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:6:p:430-435




Template-Type: ReDIF-Article 1.0
Author-Name: Zouha�er M'Chirgui 
Author-X-Name-First: Zouha�er 
Author-X-Name-Last: M'Chirgui 
Author-Name: Asma Guerfali 
Author-X-Name-First: Asma 
Author-X-Name-Last: Guerfali 
Author-Name: Wadid Lamine 
Author-X-Name-First: Wadid 
Author-X-Name-Last: Lamine 
Author-Name: Mohamed Safouane Ben A�ssa 
Author-X-Name-First: Mohamed Safouane 
Author-X-Name-Last: Ben A�ssa 
Title: Boosting new venture projects through incubator development programme 
Abstract:
 This article adopts a resource-based view to help understand why some of
 the incubators are more successful than others in supporting the
 development of new science and technology-based firms (NSTBFs). We provide
 this evidence using an original longitudinal data set collected from a
 decade-old public incubator programme funded after the passage of the 1999
 French law on innovation and research.
Journal: Applied Economics Letters 
Pages: 436-440 
Issue: 6 
Volume: 22 
Year: 2015 
Month: 4 
X-DOI: 10.1080/13504851.2014.948667 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.948667 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:6:p:436-440




Template-Type: ReDIF-Article 1.0
Author-Name: Volkan �lke 
Author-X-Name-First: Volkan 
Author-X-Name-Last: �lke 
Author-Name: Hakan Berument 
Author-X-Name-First: Hakan 
Author-X-Name-Last: Berument 
Title: Effectiveness of monetary policy under different levels of capital flows for an emerging economy: Turkey 
Abstract:
 This article assesses the effect of tight monetary policy on economic
 performance under different levels of capital flows. Empirical evidence
 from Turkey between 1990 and 2013 suggests that tight monetary policy
 measured with a positive innovation on interest rate appreciates the
 Turkish Lira and decreases output and prices. However, the effectiveness
 of monetary policy decreases for interest rate and increases for exchange
 rate and prices if capital flows are high. Specifically, interest rate,
 local currency value of foreign currency and prices will be lower for
 higher levels of capital flows. However, the relative effectiveness of
 monetary policy on output is virtually unchanged.
Journal: Applied Economics Letters 
Pages: 441-445 
Issue: 6 
Volume: 22 
Year: 2015 
Month: 4 
X-DOI: 10.1080/13504851.2014.948668 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.948668 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:6:p:441-445




Template-Type: ReDIF-Article 1.0
Author-Name: Bhavesh Garg 
Author-X-Name-First: Bhavesh 
Author-X-Name-Last: Garg 
Author-Name: K. P. Prabheesh 
Author-X-Name-First: K. P. 
Author-X-Name-Last: Prabheesh 
Title: Causal relationships between the capital account and the current account: an empirical investigation from India 
Abstract:
 This article provides an empirical investigation of the causal
 relationship between the current account (<italic>CA</italic>) and the
 capital account (<italic>KA</italic>) in the case of Indian economy. The
 results indicate the nonexistence of causal relationship between the
 <italic>CA</italic> and the <italic>KA</italic>. Furthermore, we examine
 the causal relations between the components of the <italic>KA</italic> and
 the <italic>CA</italic> along with exchange rate as the linking factor
 between them. The causal findings, in the above mentioned case, show
 different results. Our finding suggests that there exist a causal
 relationship from Nondebt flows to the <italic>CA</italic> via the real
 effective exchange rate. This implies that decomposition of the
 <italic>KA</italic> helps in identifying the source of flows that drives
 the <italic>CA</italic> the most. The results also indicate that volatile
 capital flows may deteriorate the <italic>CA</italic> balance and
 therefore, emphasis should be laid on improving the soundness of the
 financial sector before moving towards the full <italic>KA</italic>
 convertibility.
Journal: Applied Economics Letters 
Pages: 446-450 
Issue: 6 
Volume: 22 
Year: 2015 
Month: 4 
X-DOI: 10.1080/13504851.2014.948669 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.948669 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:6:p:446-450




Template-Type: ReDIF-Article 1.0
Author-Name: M. Alejandro Cardenete 
Author-X-Name-First: M. Alejandro 
Author-X-Name-Last: Cardenete 
Author-Name: M. Carmen Delgado 
Author-X-Name-First: M. Carmen 
Author-X-Name-Last: Delgado 
Title: Future of European funds in a regional economy: Andalusia 2014-2020 
Abstract:
 Since the adhesion of Spain to the European Union, Andalusia has been
 catalogued as an Objective 1 region because its GDP was inferior to 75% of
 the community average. In this way, funds have contributed to the
 generation of regional GDP and reduced unemployment during these years,
 causing that levels exceed 75% with respect to average GDP per capita in
 the European Union. So, Andalusia will not be considered as one of the
 Objective 1 priority areas for European Regional Policy. With the changes
 in the region and the threat of an expected withdrawal of funds, this
 article proposes an analysis to explain the meaning of this withdrawal of
 European Funds in Andalusia in the period 2014-2020. With this aim, we
 develop a Dynamic Applied General Equilibrium Model that will assess the
 effects of the loss of this funding on the main regional economic
 indicators and under different simulation scenarios. The model will
 analyse the effect of economic policy actions on the economy, satisfying
 the requirements of welfare and technological feasibility when given some
 restrictions on available resources.
Journal: Applied Economics Letters 
Pages: 451-454 
Issue: 6 
Volume: 22 
Year: 2015 
Month: 4 
X-DOI: 10.1080/13504851.2014.948670 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.948670 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:6:p:451-454




Template-Type: ReDIF-Article 1.0
Author-Name: Diego V�ctor de Mingo-L�pez 
Author-X-Name-First: Diego V�ctor 
Author-X-Name-Last: de Mingo-L�pez 
Author-Name: Juan Carlos Matall�n-S�ez 
Author-X-Name-First: Juan Carlos 
Author-X-Name-Last: Matall�n-S�ez 
Title: Mutual fund performance: dividends do matter 
Abstract:
 This article studies the bias in mutual fund performance when a
 nondividend-reinvesting benchmark is used. Our empirical findings show how
 performance worsens when using a benchmark that includes reinvestment
 dividends. We also find that inferences about managers' ability related to
 economic states are biased by the effect of omitting dividends when
 selecting a benchmark.
Journal: Applied Economics Letters 
Pages: 455-460 
Issue: 6 
Volume: 22 
Year: 2015 
Month: 4 
X-DOI: 10.1080/13504851.2014.948671 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.948671 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:6:p:455-460




Template-Type: ReDIF-Article 1.0
Author-Name: Samer Adra 
Author-X-Name-First: Samer 
Author-X-Name-Last: Adra 
Title: On mergers, monetary policy and output durability 
Abstract:
 This article examines the causal relation between monetary policy
 decisions and the variation in the US mergers and acquisitions (M&A)
 activity in the durable and nondurable goods sectors between 1990 and
 2013. The deviation of the monetary policy-set federal funds rate from the
 natural interest rate estimated by Laubach and Williams (2003) is shown to
 have significant causal effects on the M&A activity. In the nondurable
 goods sector, the funds rate's deviation from the natural rate, rather
 than the funds rate itself, is the main macroeconomic factor influencing
 the M&A activity. In the durable goods sector, the variation in the funds
 rate, only when this rate is significantly below the natural one, is the
 main macroeconomic factor influencing the M&A activity. Setting the funds
 rate below the natural rate reflecting long-term fundamentals (a) leads to
 relatively lower financing costs which, in turn, lead companies to favour
 M&A relative to internal growth and (b) makes the M&A activity in the
 durable goods sector, which is sensitive to the variation in the cost of
 capital, highly dependent on the monetary policy-set rate.
Journal: Applied Economics Letters 
Pages: 461-465 
Issue: 6 
Volume: 22 
Year: 2015 
Month: 4 
X-DOI: 10.1080/13504851.2014.950787 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.950787 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:6:p:461-465




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan A. Batten 
Author-X-Name-First: Jonathan A. 
Author-X-Name-Last: Batten 
Author-Name: Cetin Ciner 
Author-X-Name-First: Cetin 
Author-X-Name-Last: Ciner 
Author-Name: Brian M. Lucey 
Author-X-Name-First: Brian M. 
Author-X-Name-Last: Lucey 
Title: Which precious metals spill over on which, when and why? Some evidence 
Abstract:
 Much academic and investor analysis and commentary see the four main
 precious metals as a single market, integrated and to some degree with
 each metal a substitute for the other. This proposition, which can be
 explicit or implicit, can be challenged on economic and statistical
 grounds. Using the Diebold and Yilmaz (2009) methodology, we show that the
 market is only weakly integrated, that this degree of integration is time
 varying and that it differs as between returns and volatility.
Journal: Applied Economics Letters 
Pages: 466-473 
Issue: 6 
Volume: 22 
Year: 2015 
Month: 4 
X-DOI: 10.1080/13504851.2014.950789 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.950789 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:6:p:466-473




Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev K. Goel 
Author-X-Name-First: Rajeev K. 
Author-X-Name-Last: Goel 
Author-Name: James W. Saunoris 
Author-X-Name-First: James W. 
Author-X-Name-Last: Saunoris 
Title: Spillovers from health insurance to the US underground economy 
Abstract:
 Employing recent data on the prevalence of the underground economy across
 states in the United States, this article uniquely studies the nexus
 between health insurance coverage and the underground economy. We find a
 positive effect of health insurance coverage on the spread of the
 underground sector. Upon disaggregation, while private health coverage
 promotes the underground sector, government health insurance has the
 opposite effect.
Journal: Applied Economics Letters 
Pages: 474-482 
Issue: 6 
Volume: 22 
Year: 2015 
Month: 4 
X-DOI: 10.1080/13504851.2014.950790 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.950790 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:6:p:474-482




Template-Type: ReDIF-Article 1.0
Author-Name: Richhild Moessner 
Author-X-Name-First: Richhild 
Author-X-Name-Last: Moessner 
Title: Effects of ECB balance sheet policy announcements on inflation expectations 
Abstract:
 We investigate whether ECB balance sheet policy announcements in the wake
 of the global financial crisis have affected the ECB's monetary policy
 credibility as measured by long-term inflation expectations, by looking at
 their effects on euro area inflation swap rates of maturities up to
 10&nbsp;years. We consider asset purchase programmes and long-term
 refinancing operations with maturities above 6&nbsp;months. We find that
 these announcements only led to a slight increase in long-term inflation
 expectations. We therefore find no strong evidence to suggest that ECB
 balance sheet policy announcements have led to much higher long-term
 inflation expectations, suggesting that the monetary policy credibility of
 the ECB has not been harmed by these policies.
Journal: Applied Economics Letters 
Pages: 483-487 
Issue: 6 
Volume: 22 
Year: 2015 
Month: 4 
X-DOI: 10.1080/13504851.2014.950791 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.950791 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:6:p:483-487




Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Amin 
Author-X-Name-First: Mohammad 
Author-X-Name-Last: Amin 
Author-Name: Asif Islam 
Author-X-Name-First: Asif 
Author-X-Name-Last: Islam 
Title: Use of imported inputs and the cost of importing: evidence from developing countries 
Abstract:
 For a representative sample of manufacturing firms in 26 countries, the
 article shows that changes in the cost of importing over time is
 significantly and negatively correlated with changes in the percentage of
 firm's material inputs that are of foreign origin. Furthermore, we show
 that there may be a non-linear relationship between import costs and
 imports. These findings are important as recent studies point towards a
 significant positive effect of imported inputs on productivity and growth.
 We hope that the present article inspires more work on the determinants of
 imported input usage especially in developing countries.
Journal: Applied Economics Letters 
Pages: 488-492 
Issue: 6 
Volume: 22 
Year: 2015 
Month: 4 
X-DOI: 10.1080/13504851.2014.952883 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.952883 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:6:p:488-492




Template-Type: ReDIF-Article 1.0
Author-Name: Daniel L. Hicks 
Author-X-Name-First: Daniel L. 
Author-X-Name-Last: Hicks 
Author-Name: Joan Hamory Hicks 
Author-X-Name-First: Joan Hamory 
Author-X-Name-Last: Hicks 
Author-Name: Beatriz Maldonado 
Author-X-Name-First: Beatriz 
Author-X-Name-Last: Maldonado 
Title: Are female politicians more responsive to international crises? 
Abstract:
 This article analyses bilateral foreign aid flows over the period 1973 to
 2010 to investigate whether the gender composition of legislatures in
 donor nations affects the aid response to recipient country crises. Our
 findings suggest that donors with higher shares of women in office provide
 larger amounts of foreign aid in the wake of a disaster or war in a
 recipient nation. This response increases in size with the magnitude of
 the crisis and is especially pronounced for aid flows designated as
 disaster relief.
Journal: Applied Economics Letters 
Pages: 493-498 
Issue: 6 
Volume: 22 
Year: 2015 
Month: 4 
X-DOI: 10.1080/13504851.2014.952884 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.952884 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:6:p:493-498




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas M. Fullerton 
Author-X-Name-First: Thomas M. 
Author-X-Name-Last: Fullerton 
Author-Name: Alan Jimenez 
Author-X-Name-First: Alan 
Author-X-Name-Last: Jimenez 
Author-Name: Yu Liu 
Author-X-Name-First: Yu 
Author-X-Name-Last: Liu 
Author-Name: Adam G. Walke 
Author-X-Name-First: Adam G. 
Author-X-Name-Last: Walke 
Title: Gasoline price predictability in a border metropolitan economy 
Abstract:
 This study examines the predictability of local retail gasoline prices in
 the El Paso metropolitan economy. Given its location on the border with
 Mexico, the potential influence of cross-border economic variables on
 gasoline prices in El Paso is taken into account. The study uses monthly
 frequency time series data from 2001 to 2013. Because historical
 consumption data are not available, the error correction econometric model
 employs a reduced form equation in which gasoline prices are functionally
 dependent on several explanatory variables. Out-of-sample price
 simulations are compared against random walk and random walk with drift
 benchmarks. Results obtained indicate that the econometric approach
 performs fairly well relative to both benchmarks.
Journal: Applied Economics Letters 
Pages: 499-502 
Issue: 6 
Volume: 22 
Year: 2015 
Month: 4 
X-DOI: 10.1080/13504851.2014.952886 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.952886 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:6:p:499-502




Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Taylor 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Taylor 
Title: Realized volatility forecasting in an international context 
Abstract:
 The value of overseas information within a volatility forecasting setting
 is examined. The article innovates by considering the forecasting
 performance of an augmented version of a popular realized volatility model
 in which this information is incorporated. An application based on
 realized volatility data from 13 international stock markets demonstrates
 that this volatility model delivers improved out-of-sample forecasts.
Journal: Applied Economics Letters 
Pages: 503-509 
Issue: 6 
Volume: 22 
Year: 2015 
Month: 4 
X-DOI: 10.1080/13504851.2014.952887 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.952887 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:22:y:2015:i:6:p:503-509




Template-Type: ReDIF-Article 1.0
Author-Name: In�s Moussa 
Author-X-Name-First: In�s 
Author-X-Name-Last: Moussa 
Author-Name: Thibault Laurent 
Author-X-Name-First: Thibault 
Author-X-Name-Last: Laurent 
Title: Indirect and feedback effects as measure of knowledge spillovers in French regions 
Abstract:
 The aim of this article is to provide a precise measure of the role of
 geographical proximity in the innovation process on the French
 metropolitan NUTS (Nomenclature of Territorial Units for Statistics) 3
 regions over the period 1995 to 2008. We study the relationship between
 patents applications and internal R&D, and we propose a spatial
 decomposition coefficient of the independent variables to measure more
 explicitly the spatial extent of knowledge spillovers (LeSage and Pace,
 2009). Our estimation result shows that the internal R&D expenditures have
 a positive direct and indirect effect on the patents applications, but
 only for the regions with a strong innovation activity. For these regions,
 the spillover effect is observed in the first-order neighbourhood, but the
 spatial lag coefficient is not significant enough to get a positive
 feedback effect.
Journal: Applied Economics Letters 
Pages: 511-514 
Issue: 7 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.950788 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.950788 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:7:p:511-514




Template-Type: ReDIF-Article 1.0
Author-Name: Sebasti&atilde;o Messias Marques 
Author-X-Name-First: Sebasti&atilde;o 
Author-X-Name-Last: Messias Marques 
Author-Name: Margarida Catal&atilde;o-Lopes 
Author-X-Name-First: Margarida 
Author-X-Name-Last: Catal&atilde;o-Lopes 
Title: Portuguese stock market returns and oil price variations 
Abstract:
 This article investigates the existence of a dynamic link between oil
 prices and stock market returns. A vector autoregressive model is
 estimated for Portugal, a small open non-producer economy. Results show
 that none of the three types of oil price shocks addressed - global supply
 shocks, global demand shocks for all industrial commodities and
 precautionary demand shocks - affect Portuguese stock market returns.
Journal: Applied Economics Letters 
Pages: 515-520 
Issue: 7 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.952888 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.952888 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:7:p:515-520




Template-Type: ReDIF-Article 1.0
Author-Name: Luis A. Gil-Alana 
Author-X-Name-First: Luis A. 
Author-X-Name-Last: Gil-Alana 
Author-Name: James E. Payne 
Author-X-Name-First: James E. 
Author-X-Name-Last: Payne 
Title: A time-series analysis of US entrepreneurship: evidence from fractional integration 
Abstract:
 This empirical note employs fractional integration techniques with
 allowance for seasonality to infer the degree of persistence in US
 self-employment rate using monthly data from 2000:01 to 2014:05. The
 results indicate orders of integration in the range of [0.5,1] implying
 nonstationary, but mean-reverting behaviour.
Journal: Applied Economics Letters 
Pages: 521-524 
Issue: 7 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.955165 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.955165 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:22:y:2015:i:7:p:521-524




Template-Type: ReDIF-Article 1.0
Author-Name: Peter N. Posch 
Author-X-Name-First: Peter N. 
Author-X-Name-Last: Posch 
Author-Name: Joachim Erhardt 
Author-X-Name-First: Joachim 
Author-X-Name-Last: Erhardt 
Author-Name: Tarek Hard 
Author-X-Name-First: Tarek 
Author-X-Name-Last: Hard 
Title: The impact of commodity finance on resource availability 
Abstract:
 Most industrial nations are reliant on a secure supply of raw materials
 but typically do not possess access to primary resources; a situation
 widely accepted by their respective governments which have instigated a
 variety of programs to secure availability. In this article, we explore
 the effect of financing conditions on the availability of base metals.
 Using fixed effects regression on international trade and banking data we
 find a consistent negative relationship between the financing costs and
 imports of base metals after allowing for prices and country risk. These
 results indicate that resource availability with respect to base metals is
 increased with a reduction in financing costs to market participants. The
 amount differs across the base metals where copper sees the highest
 reduction of 3.3 tons for an increase of short-term financing costs by one
 basis point. Furthermore, the effect differs across countries with the
 European Union's states being highly dependent of imports in these
 materials. We interpret this at a firm level by considering the funding
 requirement during the import process and the relative sensitivity of
 market participants to financing costs.
Journal: Applied Economics Letters 
Pages: 525-528 
Issue: 7 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.955166 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.955166 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:7:p:525-528




Template-Type: ReDIF-Article 1.0
Author-Name: Steven D. Silver 
Author-X-Name-First: Steven D. 
Author-X-Name-Last: Silver 
Title: Human capital in personal consumption and labour force productivity: evidence from an OECD panel 
Abstract:
 The relationship of household stocks of information cumulated from
 personal consumption to a labour productivity index (LPI) is investigated.
 The regression model in an OECD panel controls for effects of domestic and
 foreign R&D, educational level and institutional factors on LPI. Human
 capital is proxied by mean years of education, and stocks of household
 information are constructed from deflated expenditure on a set of
 information goods in personal consumption. After unit root and
 cointegration testing, models were estimated with dynamic ordinary least
 squares (DOLS). Results show that the stocks of information constructed
 from consumer expenditure flows are related to LPI after control variables
 are accounted for. Effects of LPI on the stock of information are also
 investigated. In these results, the stock of information had a larger
 effect on LPI than LPI had on the stock. Policy implications for
 productivity objectives that include differential tax rates on consumption
 of information and conventional goods are noted.
Journal: Applied Economics Letters 
Pages: 529-538 
Issue: 7 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.955250 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.955250 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:7:p:529-538




Template-Type: ReDIF-Article 1.0
Author-Name: Anca M. Grecu 
Author-X-Name-First: Anca M. 
Author-X-Name-Last: Grecu 
Author-Name: Kurt W. Rotthoff 
Author-X-Name-First: Kurt W. 
Author-X-Name-Last: Rotthoff 
Title: Economic growth and obesity: findings of an Obesity Kuznets curve 
Abstract:
 Simon Kuznets' (1955) hypothesis that as a country develops, a natural
 cycle develops where inequality first increases, then decreases, has
 become known as the Kuznets curve. This pattern has also been applied to
 the environment, an 'Environmental Kuznets curve', showing that as
 development occurs, pollution first increases; then decreases because
 people value clean air. We expand the Kuznets curve to an 'Obesity Kuznets
 curve'; as incomes rise, resources become available to buy more food. As
 such, people consume more calories and obesity rates increase. However, as
 incomes continue to rise, personal health becomes a more valued asset and
 people decrease their obesity levels (increasing their health levels). We
 find evidence of an Obesity Kuznets curve for white females. In addition,
 we find that as income inequality increases, obesity rates fall.
Journal: Applied Economics Letters 
Pages: 539-543 
Issue: 7 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.955251 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.955251 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:22:y:2015:i:7:p:539-543




Template-Type: ReDIF-Article 1.0
Author-Name: David C. Kingsley 
Author-X-Name-First: David C. 
Author-X-Name-Last: Kingsley 
Author-Name: Thomas C. Brown 
Author-X-Name-First: Thomas C. 
Author-X-Name-Last: Brown 
Title: Endogenous and costly institutional deterrence 
Abstract:
 Modern economies rely on central-authority institutions to regulate
 individual behaviour. Despite the importance of such institutions little
 is known about their formation within groups. In a public good experiment,
 groups selected the level of deterrence implemented by the institution,
 knowing that the administrative costs of the institution rose with the
 level of deterrence. Results suggest that groups readily self-impose
 costly deterrent formal institutions. The strictly deterrent institutions
 implemented here increased contributions sufficiently to completely offset
 the administrative cost and significantly increase earnings.
Journal: Applied Economics Letters 
Pages: 544-548 
Issue: 7 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.955252 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.955252 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:22:y:2015:i:7:p:544-548




Template-Type: ReDIF-Article 1.0
Author-Name: Roberto A. De Santis 
Author-X-Name-First: Roberto A. 
Author-X-Name-Last: De Santis 
Title: Heterogeneity, monetary policy and banks' balance sheets: evidence from Euro area countries 
Abstract:
 We find that during the sample period 1999-2011 monetary policy easing in
 the Euro area has favoured loan provision relative to other banks'
 activities in Germany, Italy and France, but not in Spain with a largest
 extent of unobserved heterogeneity in France and Italy. The impact on the
 balance sheets of banks also operates through size in Germany, Italy and
 France; liquidity in Germany; and capital in Spain. During the financial
 crisis, the direct impact of monetary easing on loan provisions relative
 to other assets has decreased in Germany and France, while its indirect
 impact has increased for smaller banks in France and less liquid banks in
 Germany. These results suggest that monetary policy easing has supported
 relatively more French small banks and German banks with liquidity
 constraints.
Journal: Applied Economics Letters 
Pages: 549-557 
Issue: 7 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.957435 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.957435 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:7:p:549-557




Template-Type: ReDIF-Article 1.0
Author-Name: Jaideep Chowdhury 
Author-X-Name-First: Jaideep 
Author-X-Name-Last: Chowdhury 
Author-Name: Gokhan Sonaer 
Author-X-Name-First: Gokhan 
Author-X-Name-Last: Sonaer 
Title: Executive compensation and product market behaviour 
Abstract:
 There is little empirical evidence on the effect of a CEO's incentive
 compensation on the firm's product market behaviour. This article reports
 that performance (risk)-based incentive compensation <italic>delta
 (vega)</italic> of a firm's CEO positively affects its
 <italic>industry-adjusted sales growth</italic> (proxy for product market
 behaviour).
Journal: Applied Economics Letters 
Pages: 558-562 
Issue: 7 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.957436 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.957436 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:7:p:558-562




Template-Type: ReDIF-Article 1.0
Author-Name: Brian M. Mills 
Author-X-Name-First: Brian M. 
Author-X-Name-Last: Mills 
Author-Name: Jason A. Winfree 
Author-X-Name-First: Jason A. 
Author-X-Name-Last: Winfree 
Author-Name: Mark S. Rosentraub 
Author-X-Name-First: Mark S. 
Author-X-Name-Last: Rosentraub 
Author-Name: Ekaterina Sorokina 
Author-X-Name-First: Ekaterina 
Author-X-Name-Last: Sorokina 
Title: Fan substitution between North American professional sports leagues 
Abstract:
 We use Canada-to-US border crossing data to estimate market penetration
 and fan substitution across sports leagues. We find that passenger car
 crossings into the US increase by more than 2000 when the National
 Football League's Buffalo Bills are playing a home game just across the
 border. This accounts for as much as 5% to 8% of Bills home attendance.
 Additionally, we find evidence of price competition, but not quality
 competition, between the Bills and Toronto-based teams in the three other
 major North American pro sports leagues. Given the exclusive market rights
 and antitrust privilege extended to professional sport in North America,
 these findings have important implications with respect to competition
 policies as they apply to major sports leagues.
Journal: Applied Economics Letters 
Pages: 563-566 
Issue: 7 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.957437 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.957437 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:7:p:563-566




Template-Type: ReDIF-Article 1.0
Author-Name: Graham Bird 
Author-X-Name-First: Graham 
Author-X-Name-Last: Bird 
Author-Name: Alex Mandilaras 
Author-X-Name-First: Alex 
Author-X-Name-Last: Mandilaras 
Title: Transitions in exchange rate regimes in the aftermath of the global economic crisis 
Abstract:
 Has the global economic crisis resulted in countries shifting their
 exchange rate regimes and, if so, in what way? Focusing on the relevant
 period of 2008-2012, and using the IMF's Annual Report on Exchange
 Arrangements and Exchange Restrictions classification of exchange rate
 regimes and database, we calculate exchange rate regime transition
 probabilities and test their statistical significance. Even though there
 is some evidence of state dependence, in the sense that transitions are
 relatively infrequent, we do find that these are significant, especially
 in the direction of fixity. Our testing procedure employs the Wilson
 (1927) statistic, which is appropriate for drawing inference based on
 relatively rare events. By examining all transitions in detail, we also
 find further evidence that countries that shift often flip back to their
 previous regime.
Journal: Applied Economics Letters 
Pages: 567-571 
Issue: 7 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.957438 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.957438 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:7:p:567-571




Template-Type: ReDIF-Article 1.0
Author-Name: Tony Cavoli 
Author-X-Name-First: Tony 
Author-X-Name-Last: Cavoli 
Title: FDI inflows; how do they interact with non-FDI inflows during crises? Some evidence from Asia 
Abstract:
 This article examines the interactions of FDI <italic>in</italic>flows
 with the other components of capital inflows - namely debt, equity and
 bank - by analysing both the causes and effects of FDI flows, emphasizing
 those effects that might occur during crisis periods for a small sample of
 Asian countries: Korea, Indonesia and Thailand. It is found that crisis
 periods magnify the relationships between FDI and non-FDI inflows and that
 crises tend to make inflow substitutes, regardless of what the
 relationship might have been in noncrisis periods.
Journal: Applied Economics Letters 
Pages: 572-575 
Issue: 7 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.957439 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.957439 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:7:p:572-575




Template-Type: ReDIF-Article 1.0
Author-Name: Eva Hagsten 
Author-X-Name-First: Eva 
Author-X-Name-Last: Hagsten 
Title: Distributed access to linked microdata: the example of ICT and exports 
Abstract:
 This article describes the novelty of how the relationship between
 Information and Communication Technology (ICT) usage in firms and exports
 behaviour has been analysed across countries by the use of the distributed
 microdata approach (DMD). This approach opens a window for research access
 to multiple sets of official firm-level data over national borders and in
 dimensions not earlier available. The process starts by an extensive
 metadata analysis, where microdata from different sources (in this case,
 business registers, production, trade, education and ICT statistics) are
 harmonized to ensure comparability over time and across countries. An
 identical code is then run on each national data set, linking and
 aggregating information and analytical results to a level where disclosure
 issues disappear. Subsequently, the aggregated data are pooled into a
 cross-country data set. This data set is called the Micro Moments Database
 and is available for research purposes at the Eurostat safe centre.
 Initial results show that there is a relationship between the decision to
 export and the ICT usage of firms. However, what kind of ICT is most
 beneficial for the firms seems to vary across countries, possibly
 connected to the general level of ICT intensity.
Journal: Applied Economics Letters 
Pages: 576-580 
Issue: 7 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.959648 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.959648 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:7:p:576-580




Template-Type: ReDIF-Article 1.0
Author-Name: Dennis L. Weisman 
Author-X-Name-First: Dennis L. 
Author-X-Name-Last: Weisman 
Title: 'Bribing' regulators 
Abstract:
 The regulator's welfare function is a convex combination of consumer
 surplus, profits shared with the regulator and profits retained by the
 regulated firm. This analysis seeks to determine the conditions under
 which the regulated firm is able to 'bribe' the regulator with profit
 sharing to raise prices and realize positive profits in equilibrium.
Journal: Applied Economics Letters 
Pages: 581-586 
Issue: 7 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.959649 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.959649 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:7:p:581-586




Template-Type: ReDIF-Article 1.0
Author-Name: David Buehler 
Author-X-Name-First: David 
Author-X-Name-Last: Buehler 
Author-Name: Roger White 
Author-X-Name-First: Roger 
Author-X-Name-Last: White 
Title: A simple solution to the distance puzzle: balanced data and Poisson estimation 
Abstract:
 We propose the use of a balanced panel data set and Poisson regression as
 a solution to the distance puzzle. Employing annual data for the period
 1972-2010, we confirm the existence of the puzzle by applying OLS
 regression to both an unbalanced panel data set and a narrowly defined
 balanced panel. We find that Poisson regression remedies the distance
 puzzle, producing a constant trend for the distance coefficient when the
 unbalanced panel is examined and a positive trend for the balanced data.
 The findings confirm the common intuition that the influence of transport
 costs on trade flows has decreased over time.
Journal: Applied Economics Letters 
Pages: 587-592 
Issue: 7 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.959650 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.959650 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:7:p:587-592




Template-Type: ReDIF-Article 1.0
Author-Name: Charles Braymen 
Author-X-Name-First: Charles 
Author-X-Name-Last: Braymen 
Author-Name: Kristie Briggs 
Author-X-Name-First: Kristie 
Author-X-Name-Last: Briggs 
Title: Income differences in services trade partners 
Abstract:
 This article examines how differences in the income levels of trading
 partners influence the bilateral trade of services from 2000 to 2010.
 Overall, the results show that dissimilar per capita income levels across
 trade partners positively and significantly influence services trade.
 These findings hold not only when utilizing bilateral data on aggregate
 services trade, but also when considering bilateral services trade at the
 industry level. Our findings suggest that policy-makers looking to expand
 trade in services should foster trading relationships with partners that
 have dissimilar income profiles.
Journal: Applied Economics Letters 
Pages: 593-596 
Issue: 8 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.959651 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.959651 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:8:p:593-596




Template-Type: ReDIF-Article 1.0
Author-Name: J. Lee 
Author-X-Name-First: J. 
Author-X-Name-Last: Lee 
Author-Name: J. Park 
Author-X-Name-First: J. 
Author-X-Name-Last: Park 
Author-Name: S. Park 
Author-X-Name-First: S. 
Author-X-Name-Last: Park 
Title: Revisiting CEO power and firm value 
Abstract:
 Prior literature associates CEO power with agency problems and documents
 the negative relationship between CEO power and firm value (e.g., Bebchuk
 <italic>et al.</italic>, 2011). However, the 'optimal' level of CEO power
 may differ for every firm and for individual CEO depending on firm and CEO
 characteristics. In this study, we estimate the normal ('optimal') level
 of CEO power and show that the association between CEO power and firm
 value is nonmonotonic. Our results reveal that the normal level of CEO
 power is positively associated with firm value while excess and deficient
 CEO power is negatively associated with firm value. Using the residuals
 from our estimation model of CEO power, we illustrate that our measure of
 residual CEO power has an inverse U-shaped relationship with firm value.
Journal: Applied Economics Letters 
Pages: 597-602 
Issue: 8 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.962216 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.962216 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:8:p:597-602




Template-Type: ReDIF-Article 1.0
Author-Name: Patrick A. Puhani 
Author-X-Name-First: Patrick A. 
Author-X-Name-Last: Puhani 
Title: Employment industry and occupational continuity in Germany: from the Nazi regime to the post-war economic miracle 
Abstract:
 Using retrospective survey data that cover 1939, 1950, 1960 and 1971, I
 compare individual-level changes in employment industry and occupational
 status in Germany from the beginning of World War II to the post-war
 reconstruction era dubbed the Economic Miracle
 (<italic>Wirtschaftswunder</italic>). This comparison reveals that, with
 only a few exceptions, labour allocation developments remained relatively
 stable even in the face of huge political and macroeconomic change.
Journal: Applied Economics Letters 
Pages: 603-612 
Issue: 8 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.962217 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.962217 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:8:p:603-612




Template-Type: ReDIF-Article 1.0
Author-Name: Ross J. Hallren 
Author-X-Name-First: Ross J. 
Author-X-Name-Last: Hallren 
Title: Quasi-experimental analysis of the impact of exchange rate regime selection on crisis recovery: evidence from the Asian Financial Crisis 
Abstract:
 Research typically treats exchange rate regime selection as exogenous.
 Using the Asian Financial Crisis as a case study, we show that countries
 that peg in 1996 and countries that float in 1996 are, on average,
 different from each other on variables that affect the outcomes of
 interest. After accounting for endogenous exchange rate regime selection
 using propensity score matching, we find that a country's exchange rate
 regime choice in 1996 had no significant impact on the size of the shock
 to real income levels, but reduced subsequent income growth and weakly
 increased inflation.
Journal: Applied Economics Letters 
Pages: 613-618 
Issue: 8 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.962218 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.962218 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:8:p:613-618




Template-Type: ReDIF-Article 1.0
Author-Name: Martin Binder 
Author-X-Name-First: Martin 
Author-X-Name-Last: Binder 
Author-Name: Alex Coad 
Author-X-Name-First: Alex 
Author-X-Name-Last: Coad 
Title: Unemployment impacts differently on the extremes of the distribution of a comprehensive well-being measure 
Abstract:
 Unemployment has a heterogeneous effect on well-being. We combine a
 quantile analysis with matching techniques to analyse the negative impact
 of unemployment along the well-being distribution of a comprehensive
 well-being variable. In our analysis of British Household Panel Survey
 data (1996-2008) we focus on transitions into unemployment and find that
 average effects of unemployment on a comprehensive well-being variable are
 less strong than on typical life satisfaction measures. The effect of
 unemployment on a broad mental well-being variable (GHQ-12) is reversed
 and mentally less well-off individuals suffer from unemployment more
 strongly than those scoring high in mental well-being.
Journal: Applied Economics Letters 
Pages: 619-627 
Issue: 8 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.962219 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.962219 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:8:p:619-627




Template-Type: ReDIF-Article 1.0
Author-Name: Marko Korhonen 
Author-X-Name-First: Marko 
Author-X-Name-Last: Korhonen 
Author-Name: Mikko Puhakka 
Author-X-Name-First: Mikko 
Author-X-Name-Last: Puhakka 
Title: Revisiting unit roots in divorce rates 
Abstract:
 We explore the persistence of the divorce rates in OECD countries. We
 provide evidence to reject the null hypothesis of a unit root and propose
 that changes in divorce rates are nonlinear time series processes that
 could be modelled by stationary threshold autoregressive (TAR) or smooth
 transition autoregressive (STAR) models.
Journal: Applied Economics Letters 
Pages: 628-631 
Issue: 8 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.962220 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.962220 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:8:p:628-631




Template-Type: ReDIF-Article 1.0
Author-Name: Richard J. Cebula 
Author-X-Name-First: Richard J. 
Author-X-Name-Last: Cebula 
Author-Name: Gigi Alexander 
Author-X-Name-First: Gigi 
Author-X-Name-Last: Alexander 
Title: An exploratory empirical note on the impact of labour market freedom on the female labour force participation rate in the US 
Abstract:
 The purpose of this exploratory empirical note is to provide at least
 preliminary insight into whether a greater degree of labour market freedom
 (LABMKTFREE) elicits an increase in the female labour force participation
 rate (FLFPR) in the US. Initial empirical support for this hypothesis is
 provided in this study since the estimated coefficient on the LABMKTFREE
 index is positive and statistically significant at the 5% level. This
 result implies that, other things held the same, the higher the LABMKTFREE
 index, the greater the FLFPR. Indeed, the findings imply that a 1%
 increase in the LABMKTFREE index would lead to a 0.294% increase in the
 FLFPR.
Journal: Applied Economics Letters 
Pages: 632-636 
Issue: 8 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.962221 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.962221 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:8:p:632-636




Template-Type: ReDIF-Article 1.0
Author-Name: Danko Tarabar 
Author-X-Name-First: Danko 
Author-X-Name-Last: Tarabar 
Author-Name: Joshua C. Hall 
Author-X-Name-First: Joshua C. 
Author-X-Name-Last: Hall 
Title: The Seventeenth Amendment, Senate ideology and the growth of government 
Abstract:
 The Seventeenth Amendment disturbed the existing electoral system in the
 United States by requiring direct elections for state Senators. Scholars
 have argued this made the Senate more populist and contributed to the
 growth of government in the US post-1913. We employ econometric tools to
 investigate whether the mean ideology of the Senate and its winning
 policies experienced a structural change around the time of the enactment.
 We find no compelling evidence of a structural break at that time but do
 find some evidence for a change in the mid-to-late 1890s.
Journal: Applied Economics Letters 
Pages: 637-640 
Issue: 8 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.964824 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.964824 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:22:y:2015:i:8:p:637-640




Template-Type: ReDIF-Article 1.0
Author-Name: Yujun Lian 
Author-X-Name-First: Yujun 
Author-X-Name-Last: Lian 
Author-Name: Terence Tai-Leung Chong 
Author-X-Name-First: Terence Tai-Leung 
Author-X-Name-Last: Chong 
Author-Name: Fangping Peng 
Author-X-Name-First: Fangping 
Author-X-Name-Last: Peng 
Author-Name: Richard J. Cebula 
Author-X-Name-First: Richard J. 
Author-X-Name-Last: Cebula 
Title: Economies of scale in the demand for money by firms in China 
Abstract:
 This empirical study investigates the magnitude of economies of scale in
 the demand for money by firms in China. A panel threshold model is
 estimated. It is found that the estimated elasticity of scale in small
 firms is lower than that in large firms, indicating that small firms have
 larger economies of scale in demand for money in China.
Journal: Applied Economics Letters 
Pages: 641-645 
Issue: 8 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.964825 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.964825 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:22:y:2015:i:8:p:641-645




Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Conesa 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Conesa 
Author-Name: Leonardo Gambacorta 
Author-X-Name-First: Leonardo 
Author-X-Name-Last: Gambacorta 
Author-Name: Sergio Gorjon 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Gorjon 
Author-Name: Marco J. Lombardi 
Author-X-Name-First: Marco J. 
Author-X-Name-Last: Lombardi 
Title: The use of payment systems data as early indicators of economic activity 
Abstract:
 Payment system data are available with virtually no time lag and could
 therefore help in tracking the evolution of GDP in real time. Using data
 from the Spanish national system for retail payments, we compare the
 performance of GDP nowcasts against that of alternative indicators. The
 main result is that payment system data can make a significant
 contribution to nowcasting GDP and they can also improve the performance
 of simple models that are currently based only on purchasing managers
 indices (PMIs).
Journal: Applied Economics Letters 
Pages: 646-650 
Issue: 8 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.964826 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.964826 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:8:p:646-650




Template-Type: ReDIF-Article 1.0
Author-Name: Gary Madden 
Author-X-Name-First: Gary 
Author-X-Name-Last: Madden 
Author-Name: Paitoon Kraipornsak 
Author-X-Name-First: Paitoon 
Author-X-Name-Last: Kraipornsak 
Author-Name: Inayat Hussain 
Author-X-Name-First: Inayat 
Author-X-Name-Last: Hussain 
Title: The determinants of digital terrestrial radio aftermarket coverage 
Abstract:
 This article examines 29 national digital terrestrial radio (DTR) markets
 to identify sources of aftermarket service deployment. Unlike mobile
 phones, potential revenues from DTR are small. Censored model estimation
 is intended to inform what is important to regulators in driving
 deployment when maximum revenue is not the primary goal. Results indicate
 markets with only public broadcasters have better coverage. Also, public
 broadcaster trials provide guidance in the regular service delivery.
 Further, public broadcasters network coverage usually exceeds that for
 commercial providers. Other significant factors are: technology (regional
 multiplex numbers), geography (size of covered area) and service type
 (data, simulcast, exclusivity).
Journal: Applied Economics Letters 
Pages: 651-653 
Issue: 8 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.964827 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.964827 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:8:p:651-653




Template-Type: ReDIF-Article 1.0
Author-Name: Maria Semenova 
Author-X-Name-First: Maria 
Author-X-Name-Last: Semenova 
Author-Name: Polina Savchenko 
Author-X-Name-First: Polina 
Author-X-Name-Last: Savchenko 
Title: Sitting on the fence: does having a 'dual-director' add to bank profitability? 
Abstract:
 This article investigates how the combination of positions between the
 Board of Directors and the management affects bank's profitability. We use
 the 2010 bank-level data from 112 countries (<italic>Bankscope</italic>).
 Our results suggest that the positions combination reduce both banks' ROA
 and ROE. We also show that the higher is the proportion of the Board
 members, who also hold a managerial position, the lower is the
 profitability of a bank. Thus, the corporate governance regulation should
 go beyond a simple restriction on holding simultaneously the CEO and the
 head of Board of Directors positions.
Journal: Applied Economics Letters 
Pages: 654-657 
Issue: 8 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.964828 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.964828 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:8:p:654-657




Template-Type: ReDIF-Article 1.0
Author-Name: Juan Gabriel Rodr�guez 
Author-X-Name-First: Juan Gabriel 
Author-X-Name-Last: Rodr�guez 
Author-Name: Rafael Salas 
Author-X-Name-First: Rafael 
Author-X-Name-Last: Salas 
Title: Majority voting and Gini-based social welfare: testing the hypothesis of symmetry 
Abstract:
 Majority voting accords with the class of social evaluation functions
 consistent with the Gini coefficient when income distributions are
 symmetric under a rank-dependent transformation (Rodr�guez and Salas,
 2014). Under this assumption, median income and the equally distributed
 equivalent income are the same, and the Gini coefficient is an affine
 function of the median-mean ratio. Despite the importance of these
 findings, the empirical plausibility of the symmetry hypothesis has not
 been tested yet. In this article, we contrast the symmetry assumption with
 an empirical exercise based on the Survey on Income and Living Conditions
 data set for the European Union in the period 2005-2007. We find that the
 symmetric condition is generally fulfilled.
Journal: Applied Economics Letters 
Pages: 658-663 
Issue: 8 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.967374 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.967374 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:8:p:658-663




Template-Type: ReDIF-Article 1.0
Author-Name: Akihiko Kawaura 
Author-X-Name-First: Akihiko 
Author-X-Name-Last: Kawaura 
Title: A tale of two duopolies: collusion and exit in a local airline industry 
Abstract:
 This article investigates two episodes of market adjustments in Hawaii's
 interisland civil aviation market. One is collusion in which duopolists of
 similar size agreed to reduce their supply to the market. The other is
 unilateral exit by an individual company, which resulted in the asymmetric
 duopoly with respect to firm size. The analysis demonstrates that even a
 dominant duopolist cannot maintain sufficient market power to manipulate
 prices as long as competitive forces are present, while cooperative
 adjustment in the capacity dimension is likely to lead to higher prices on
 a sustainable basis. The results confirm the importance of competitive
 forces for mitigating price hikes in the process of adjustment.
Journal: Applied Economics Letters 
Pages: 664-667 
Issue: 8 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.967375 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.967375 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:8:p:664-667




Template-Type: ReDIF-Article 1.0
Author-Name: Wongi Kim 
Author-X-Name-First: Wongi 
Author-X-Name-Last: Kim 
Title: Do government spending multipliers depend on the level of government debt? US historical data evidence 
Abstract:
 This article examines state-dependent effects of government debt on
 government spending multipliers. For the estimation, a new quarterly US
 historical debt series is constructed. The empirical findings reveal that
 effects of government spending on the economy as well as the estimated
 multipliers significantly differ by the level of debt.
Journal: Applied Economics Letters 
Pages: 668-672 
Issue: 8 
Volume: 22 
Year: 2015 
Month: 5 
X-DOI: 10.1080/13504851.2014.967376 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.967376 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:8:p:668-672




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Hopp 
Author-X-Name-First: Christian 
Author-X-Name-Last: Hopp 
Title: Does the presence of a formal business plan increase formal financial support? Empirical evidence from the PSED II on the signalling and mimetic nature of formal business planning 
Abstract:
 In this article, we examine longitudinal data from the Panel Study of
 Entrepreneurial Dynamics II to infer whether formal business planning
 affects the amount of formal financing raised by nascent entrepreneurs.
 Our findings suggest that by and large the use of business plans is
 mimetic and reveals only limited information about the underlying
 entrepreneur. Yet, entrepreneurs that write formal business plan receive
 more formal financial support than had they not planned formally.
Journal: Applied Economics Letters 
Pages: 673-678 
Issue: 9 
Volume: 22 
Year: 2015 
Month: 6 
X-DOI: 10.1080/13504851.2014.967377 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.967377 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:9:p:673-678




Template-Type: ReDIF-Article 1.0
Author-Name: Joachim Wagner 
Author-X-Name-First: Joachim 
Author-X-Name-Last: Wagner 
Title: A note on firm age and the margins of imports: first evidence from Germany 
Abstract:
 This article uses a new tailor-made data set to investigate the link
 between firm age and the extensive margins of imports empirically for the
 first time for Germany. Results turn out to be fully in line with the
 theoretical considerations. Older firms are more often importers, import
 more different goods, and import from more different countries of origin.
Journal: Applied Economics Letters 
Pages: 679-682 
Issue: 9 
Volume: 22 
Year: 2015 
Month: 6 
X-DOI: 10.1080/13504851.2014.967378 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.967378 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:22:y:2015:i:9:p:679-682




Template-Type: ReDIF-Article 1.0
Author-Name: Ayse Y. Evrensel 
Author-X-Name-First: Ayse Y. 
Author-X-Name-Last: Evrensel 
Title: Happiness, economic freedom and culture 
Abstract:
 The cultural dimension of the subjective well-being (SWB)-economic freedom
 relationship has been largely absent from the current literature. This
 article's argument for the inclusion of culture is twofold. First,
 culturally distinct groups may view the desirability of freedom in general
 and economic freedom in particular differently. Second, the inclusion of
 culture may explain some of the results presented in the existing
 research, such as positive contributions of freedom to SWB being confined
 to mostly developed countries. In this article, the respondent-based
 results use the World Values Survey (WVS) data with over 180&nbsp;000
 subjects in 86 countries and indicate that freedom of choice felt by
 individuals is an important determinant of SWB along with health and
 satisfaction with finances. While the respondent-based estimations do not
 show any variation in the effect of freedom of choice on SWB among
 different religious affiliations, the cross-section data-set that contains
 the same countries as in the WVS data yields different results. When the
 latter data-set is used, the interaction terms between economic freedom
 and religious affiliations indicate that higher economic freedom increases
 SWB in mainly Christian countries, while this effect is negative for
 mainly Muslim and Buddhist/Hindu countries.
Journal: Applied Economics Letters 
Pages: 683-687 
Issue: 9 
Volume: 22 
Year: 2015 
Month: 6 
X-DOI: 10.1080/13504851.2014.969819 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.969819 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:9:p:683-687




Template-Type: ReDIF-Article 1.0
Author-Name: Blaise Gadanecz 
Author-X-Name-First: Blaise 
Author-X-Name-Last: Gadanecz 
Author-Name: Ken Miyajima 
Author-X-Name-First: Ken 
Author-X-Name-Last: Miyajima 
Author-Name: J�rg Urban 
Author-X-Name-First: J�rg 
Author-X-Name-Last: Urban 
Title: Optimized Taylor rules with domestic bond yields in emerging market economies 
Abstract:
 We study optimized Taylor rules with the appropriate lag structure, which
 has been little done for emerging market economies. Setting the policy
 interest rate in response to movements in domestic long-term bond yields,
 in addition to the output gap, the inflation gap and the exchange rate,
 can make monetary policy more effective. But a more complex rule can
 reduce monetary policy effectiveness, notably in the presence of
 uncertainty about the effects of capital flows on domestic monetary
 conditions.
Journal: Applied Economics Letters 
Pages: 688-692 
Issue: 9 
Volume: 22 
Year: 2015 
Month: 6 
X-DOI: 10.1080/13504851.2014.969820 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.969820 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:9:p:688-692




Template-Type: ReDIF-Article 1.0
Author-Name: M. Ali Sotoudeh 
Author-X-Name-First: M. Ali 
Author-X-Name-Last: Sotoudeh 
Author-Name: Andrew C. Worthington 
Author-X-Name-First: Andrew C. 
Author-X-Name-Last: Worthington 
Title: Nonlinear interest rate effects of global oil price changes: the comparison of net oil-consuming and net oil-producing countries 
Abstract:
 In this article, we test nonlinear causality between global oil price (OP)
 changes and short-term real interest rate (IR) in large net oil-consuming
 and net oil-producing countries. Applying nonlinear nonparametric
 Hiemstra-Jones model and nonlinear parametric Mackey-Glass model, we find
 no evidence to suggest that potential direct effects of global OP changes
 on short-term IR are nonlinear in net oil-consuming countries. In
 contrast, we find such effects to be nonlinear and asymmetric in net
 oil-producing countries.
Journal: Applied Economics Letters 
Pages: 693-699 
Issue: 9 
Volume: 22 
Year: 2015 
Month: 6 
X-DOI: 10.1080/13504851.2014.969821 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.969821 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:9:p:693-699




Template-Type: ReDIF-Article 1.0
Author-Name: Kenneth Button 
Author-X-Name-First: Kenneth 
Author-X-Name-Last: Button 
Author-Name: Toma&zcaron; Kramberger 
Author-X-Name-First: Toma&zcaron; 
Author-X-Name-Last: Kramberger 
Title: European Union expansion and seaport efficiency in the North Adriatic 
Abstract:
 This article looks at the relative economic efficiency of seaports in the
 North Adriatic, and the effects of expansions of the European Union (EU)
 on this. Taking the main container ports in the region between 2004 and
 2012, variations in efficiency are found over time dependent on whether
 constant or variable returns to scale are assumed. The consistently high
 number of ports on the efficiency frontier, however, suggests relatively
 high degrees of competition between them. The Slovenian port of Kope that
 came under the EU umbrella in 2014 is consistently efficient, as is the
 main Croatian seaport that remained outside of the Union over the period
 considered indicating that membership did not impact on economic
 efficiency.
Journal: Applied Economics Letters 
Pages: 700-703 
Issue: 9 
Volume: 22 
Year: 2015 
Month: 6 
X-DOI: 10.1080/13504851.2014.969822 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.969822 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:9:p:700-703




Template-Type: ReDIF-Article 1.0
Author-Name: Janet Rubin 
Author-X-Name-First: Janet 
Author-X-Name-Last: Rubin 
Author-Name: Rodrigo Wagner 
Author-X-Name-First: Rodrigo 
Author-X-Name-Last: Wagner 
Title: Destroying collateral: asset security and the financing of firms 
Abstract:
 Posting collateral encourages credit provision under the assumption that
 lenders can appropriate the pledged assets in case of default. When
 institutions work imperfectly, though, banks discount the value of
 effective collateral, thereby reducing lending volume. This process has
 been described in US states with difficult foreclosure procedures, but
 here we show that it also matters for poor countries after a violent
 conflict, when collateralizable assets have a heightened probability of
 being destroyed. We use firm-level data on loans in Sub-Saharan Africa to
 show that to get a loan, firms in countries with recent conflict need to
 pledge additional collateral. While some OLS offer supporting evidence,
 the effect is larger and more precisely estimated when we use quantile
 regressions to focus on the subgroup of firms that face tougher collateral
 requirements, which suggests that this effect is heterogeneous within
 countries. This mechanism is a novel channel that relates peace to
 economic growth and convergence through financial markets.
Journal: Applied Economics Letters 
Pages: 704-709 
Issue: 9 
Volume: 22 
Year: 2015 
Month: 6 
X-DOI: 10.1080/13504851.2014.969823 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.969823 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:9:p:704-709




Template-Type: ReDIF-Article 1.0
Author-Name: Lee A. Smales 
Author-X-Name-First: Lee A. 
Author-X-Name-Last: Smales 
Author-Name: Barry O'Grady 
Author-X-Name-First: Barry 
Author-X-Name-Last: O'Grady 
Author-Name: Yi Yang 
Author-X-Name-First: Yi 
Author-X-Name-Last: Yang 
Title: Examining the impact of macroeconomic announcements on gold futures in a VAR-GARCH framework 
Abstract:
 This article considers the impact of major scheduled US macroeconomic
 announcements on the COMEX gold futures market in a high-frequency
 setting. A VAR-GARCH framework identifies the significant relationship
 between the release of macroeconomic news and measures of market activity.
 There is a well-defined link between (higher) volatility, (higher) trading
 costs and (lower) transaction volume.
Journal: Applied Economics Letters 
Pages: 710-716 
Issue: 9 
Volume: 22 
Year: 2015 
Month: 6 
X-DOI: 10.1080/13504851.2014.972538 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.972538 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:9:p:710-716




Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Jungho Baek 
Author-X-Name-First: Jungho 
Author-X-Name-Last: Baek 
Title: Further evidence on Orcutt's hypothesis using Korean-US commodity data 
Abstract:
 Orcutt's hypothesis in international economics asserts that trade flows
 respond to exchange rate changes faster than to changes in relative
 prices. Previous research has provided mixed support by using trade flows
 of one country with the rest of the world, an aggregate concept. A second
 group of studies is now emerging which use prices and trade flows at
 commodity level. We add to this second group by using data from 10
 Standard International Trade Classification single-digit industries that
 trade between Korea and the United States. The hypothesis was supported in
 small fraction of industries.
Journal: Applied Economics Letters 
Pages: 717-724 
Issue: 9 
Volume: 22 
Year: 2015 
Month: 6 
X-DOI: 10.1080/13504851.2014.972539 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.972539 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:9:p:717-724




Template-Type: ReDIF-Article 1.0
Author-Name: Tomoko Tamakoshi 
Author-X-Name-First: Tomoko 
Author-X-Name-Last: Tamakoshi 
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Title: Health-care expenditure, GDP and share of the elderly in Japan: a panel cointegration analysis 
Abstract:
 By employing a panel data set of 47 prefectures in Japan, this article
 investigates the cointegrating relationship between health-care
 expenditure, GDP and population share of the elderly by using panel
 cointegration tests developed by Pedroni (1999). Our empirical result
 shows that there is a cointegrating relationship between the three
 variables. We also estimate the effects of GDP and share of the elderly on
 health-care expenditure by employing the group-mean fully modified
 ordinary least-squares (FMOLS) method of Pedroni (2001) and find that the
 coefficient on the share of the elderly is positively significant. These
 findings highlight the importance of addressing the issue of an ageing
 society to curb rising health-care expenditures in Japan.
Journal: Applied Economics Letters 
Pages: 725-729 
Issue: 9 
Volume: 22 
Year: 2015 
Month: 6 
X-DOI: 10.1080/13504851.2014.972540 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.972540 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:9:p:725-729




Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Atkinson 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Atkinson 
Author-Name: John C. Whitehead 
Author-X-Name-First: John C. 
Author-X-Name-Last: Whitehead 
Title: Predictive validity of stated preference data: evidence from mountain bike park visits before and after trail system expansion 
Abstract:
 This article investigates the validity of stated preference data for use
 in recreation demand estimation. We use stated preference and revealed
 preference data from users of a mountain bike park collected before and
 after an expansion of the trail system. The ex-ante stated preference data
 elicited before the change exhibits hypothetical bias, but it would
 provide useful information for demand prediction.
Journal: Applied Economics Letters 
Pages: 730-733 
Issue: 9 
Volume: 22 
Year: 2015 
Month: 6 
X-DOI: 10.1080/13504851.2014.972541 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.972541 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:9:p:730-733




Template-Type: ReDIF-Article 1.0
Author-Name: Patrick Kampk�tter 
Author-X-Name-First: Patrick 
Author-X-Name-Last: Kampk�tter 
Title: Pay-performance sensitivity of compensation contracts for nonexecutive employees: the case of the financial crisis 
Abstract:
 In the aftermath of the recent financial crisis, the appropriateness of
 bonus payments for employees in the banking and financial services sector
 has been discussed controversially. While past research has predominantly
 focused on the pay-performance sensitivity for CEOs or top executive
 employees, little is known about this relationship for employees below the
 top executive level. We contribute to the literature by investigating a
 large sample of German and Swiss banks and find that nonexecutive bonus
 payments significantly followed firm performance prior to the financial
 crisis, but this effect vanished in the crisis period. Furthermore, in
 both periods, the estimated performance sensitivity is higher when
 negative returns are capped at zero.
Journal: Applied Economics Letters 
Pages: 734-738 
Issue: 9 
Volume: 22 
Year: 2015 
Month: 6 
X-DOI: 10.1080/13504851.2014.972542 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.972542 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:9:p:734-738




Template-Type: ReDIF-Article 1.0
Author-Name: M. Angeles Carnero 
Author-X-Name-First: M. Angeles 
Author-X-Name-Last: Carnero 
Author-Name: Blanca Martinez 
Author-X-Name-First: Blanca 
Author-X-Name-Last: Martinez 
Author-Name: Roc�o S�nchez-Mangas 
Author-X-Name-First: Roc�o 
Author-X-Name-Last: S�nchez-Mangas 
Title: Explaining transactions in time banks in economic crisis 
Abstract:
 This article studies the services exchanged in a particular Spanish time
 bank. Using data from users and transactions, we analyse the users'
 profile as well as the determinants of providing and receiving different
 services. Our results show that the representative user is a Spanish
 female, not married, middle aged, highly educated and unemployed. We also
 find differences in the personal characteristics driving the supply and
 demand of services.
Journal: Applied Economics Letters 
Pages: 739-744 
Issue: 9 
Volume: 22 
Year: 2015 
Month: 6 
X-DOI: 10.1080/13504851.2014.975323 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.975323 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:9:p:739-744




Template-Type: ReDIF-Article 1.0
Author-Name: Giacomo Livan 
Author-X-Name-First: Giacomo 
Author-X-Name-Last: Livan 
Author-Name: Simone Alfarano 
Author-X-Name-First: Simone 
Author-X-Name-Last: Alfarano 
Author-Name: Mishael Milakovi&cacute; 
Author-X-Name-First: Mishael 
Author-X-Name-Last: Milakovi&cacute; 
Author-Name: Enrico Scalas 
Author-X-Name-First: Enrico 
Author-X-Name-Last: Scalas 
Title: A spectral perspective on excess volatility 
Abstract:
 We perform a careful spectral analysis of the correlation structures
 observed in real and financial returns for a large pool of long-lived US
 corporations and find that financial returns are characterized by strong
 collective fluctuations that are absent from real returns. Once the
 excessive comovement is subtracted from individual financial time series,
 the behaviour of real and financial returns is virtually identical in both
 the cross-sectional and time series domains, thereby demonstrating the
 inherently collective nature of excessive fluctuations. Put differently,
 if excess volatility is to be reduced, then one would do well to inhibit
 excess comovement first. At any rate, the excessive behaviour in
 volatility and comovement should no longer be studied in isolation of each
 other.
Journal: Applied Economics Letters 
Pages: 745-750 
Issue: 9 
Volume: 22 
Year: 2015 
Month: 6 
X-DOI: 10.1080/13504851.2014.975324 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.975324 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:9:p:745-750




Template-Type: ReDIF-Article 1.0
Author-Name: G. C. Montes 
Author-X-Name-First: G. C. 
Author-X-Name-Last: Montes 
Author-Name: A. Scarpari 
Author-X-Name-First: A. 
Author-X-Name-Last: Scarpari 
Title: Does central bank communication affect bank risk-taking? 
Abstract:
 This article examines whether bank risk-taking is influenced by monetary
 policies as well as by communication policies of a central bank. In
 particular, we analyse whether the signal emitted by the central bank
 about a likely rise (fall) in the basic interest rate for the next policy
 meeting and its pessimistic (optimistic) perception regarding the
 macroeconomic environment are responsible for inducing banks to take less
 (more) risks. We provide evidence for the link between monetary policies,
 central bank communication and bank risk-taking. The findings reveal
 central bank communication influences the behaviour of banks once their
 risk perceptions are affected.
Journal: Applied Economics Letters 
Pages: 751-758 
Issue: 9 
Volume: 22 
Year: 2015 
Month: 6 
X-DOI: 10.1080/13504851.2014.975325 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.975325 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:9:p:751-758




Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev K. Goel 
Author-X-Name-First: Rajeev K. 
Author-X-Name-Last: Goel 
Author-Name: Jelena Budak 
Author-X-Name-First: Jelena 
Author-X-Name-Last: Budak 
Author-Name: Edo Rajh 
Author-X-Name-First: Edo 
Author-X-Name-Last: Rajh 
Title: Private sector bribery and effectiveness of anti-corruption policies 
Abstract:
 This article examines the determinants of private-sector bribes, focusing
 on the relative effectiveness of anti-corruption policies. Using survey
 data on Croatian firms, results show that, of the different
 anti-corruption policies (including internal and external policies),
 firms' internal code of ethics proved to be an effective deterrent. Firms
 might also be engaging in corruption among themselves to strategically
 counter perceived bureaucratic power. In other findings, male employees
 were more likely to engage in private-sector bribery, while firms located
 in the capital were less likely to do so. Policy implications are
 discussed.
Journal: Applied Economics Letters 
Pages: 759-766 
Issue: 10 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.975326 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.975326 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:10:p:759-766




Template-Type: ReDIF-Article 1.0
Author-Name: Amalia Morales-Zumaquero 
Author-X-Name-First: Amalia 
Author-X-Name-Last: Morales-Zumaquero 
Author-Name: Sim�n Sosvilla-Rivero 
Author-X-Name-First: Sim�n 
Author-X-Name-Last: Sosvilla-Rivero 
Title: Growth dynamics, financial crises and exchange rate regimes 
Abstract:
 We empirically investigate the impact of financial crises and nominal
 exchange rate regime changes on growth dynamics. To that end, we estimate
 autoregressive models using panel data for 163 countries classified into
 four income groups during the period 1970-2011. Results suggest that
 financial crises significantly reduce short-run and long-run growth for
 high-income and lower-middle-income countries. In the case of the
 upper-middle-income countries, financial crises inflict a negative and
 statistically significant impact on short-run growth but only a marginally
 significant effect on long-run growth, while for lower-income countries
 they only have a short-run influence. As for the exchange rate regimes, we
 find that they only positively affect the short-run growth rate for
 lower-middle-income and low-income countries, not showing any significant
 impact on long-run growth rates.
Journal: Applied Economics Letters 
Pages: 767-771 
Issue: 10 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.975327 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.975327 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:10:p:767-771




Template-Type: ReDIF-Article 1.0
Author-Name: Anton Bekkerman 
Author-X-Name-First: Anton 
Author-X-Name-Last: Bekkerman 
Author-Name: Gregory Gilpin 
Author-X-Name-First: Gregory 
Author-X-Name-Last: Gilpin 
Title: On understanding inconsistent disciplinary behaviour in schools 
Abstract:
 Inconsistent disciplinary administration across schools can inequitably
 impact students' education access opportunities by separating certain
 students from familiar learning environments, especially in misconduct
 cases that result in longer-term removal. We empirically estimate whether
 such inconsistencies are attributable to heterogeneity in student body
 demographic characteristics. The results indicate that a greater number of
 disciplines that remove students from school for an extended period of
 time are observed in schools with a higher proportion of black students,
 but no significant differential punishment effects are observed in schools
 with a higher Hispanic student population. Furthermore, results of
 decomposing the marginal effects into conditional and unconditional
 elasticities indicate that it is not the case that schools with
 predominantly white student bodies have the least severe punishments and
 schools with more minority students have the most severe punishments.
 Rather, schools with inconsistent disciplinary behaviour have a proportion
 of the inconsistency attributable to the race of the student body.
Journal: Applied Economics Letters 
Pages: 772-776 
Issue: 10 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.978065 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.978065 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:10:p:772-776




Template-Type: ReDIF-Article 1.0
Author-Name: Phillip A. Cartwright 
Author-X-Name-First: Phillip A. 
Author-X-Name-Last: Cartwright 
Author-Name: Natalija Riabko 
Author-X-Name-First: Natalija 
Author-X-Name-Last: Riabko 
Title: Preliminary evidence on relationships between agricultural commodities futures prices, spot prices and oil prices using reverse regressions 
Abstract:
 The focus of this research was on hypothesized relationships between
 agricultural commodities futures prices, respective spot prices and oil
 prices. The research uses reverse regressions to test for empirical
 relationships between variables. This article analyses the possible
 relationships taking into account intertemporal effects, temporal
 aggregation (daily and weekly), alternative time series model
 specifications (GARCH, E-GARCH) and assumptions on the distribution of
 residuals. Preliminary evidence indicates the significance of the
 hypothesized relationships for some cases. As evidence is by no means
 conclusive, directions for ongoing research are indicated.
Journal: Applied Economics Letters 
Pages: 777-782 
Issue: 10 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.978066 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.978066 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:10:p:777-782




Template-Type: ReDIF-Article 1.0
Author-Name: Jyh-Dean Hwang 
Author-X-Name-First: Jyh-Dean 
Author-X-Name-Last: Hwang 
Title: On the correct model specification for estimating the structure of a currency basket 
Abstract:
 A strand of literature has focused on inferring the weights of the anchor
 currencies in a country's currency basket. With the growing importance of
 China's economy, there has been a surging research interest in the role of
 the renminbi as an international anchor currency and in China's <italic>de
 facto</italic> exchange rate regime. In this article, we show by a simple
 model and demonstrate using the observed data on the Special Drawing
 Rights basket that the correct specification to estimate the weights of
 anchor currencies in a currency basket is to use the rates of change in
 exchange rates and to write exchange rates in quantity term. When one is
 to estimate the structure of a currency basket, close attention should be
 paid to using the rates of change or the levels of exchange rates as well
 as writing exchange rates in quantity or price term.
Journal: Applied Economics Letters 
Pages: 783-787 
Issue: 10 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.978067 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.978067 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:10:p:783-787




Template-Type: ReDIF-Article 1.0
Author-Name: Myeong Jun Kim 
Author-X-Name-First: Myeong Jun 
Author-X-Name-Last: Kim 
Author-Name: Sung Y. Park 
Author-X-Name-First: Sung Y. 
Author-X-Name-Last: Park 
Author-Name: Sang Young Jei 
Author-X-Name-First: Sang Young 
Author-X-Name-Last: Jei 
Title: An empirical test for Okun's law using a smooth time-varying parameter approach: evidence from East Asian countries 
Abstract:
 This article investigates Okun's law for Japan, Korea, Hong Kong and
 Singapore over the period 1986-2011. Two time-varying parameter models,
 first-order difference and gap models, are considered to find a negative
 time-varying relationship between the real output and the unemployment
 rate. The empirical findings show that there exist time-varying negative
 relationships between the real output and the unemployment rate for all
 economies. We also find that the estimated time-varying Okun's
 coefficients are dominated by changes in the real GDP for Korea. However,
 the Okun's coefficients are dominated by changes in the unemployment rate
 for Japan, Hong Kong and Singapore.
Journal: Applied Economics Letters 
Pages: 788-795 
Issue: 10 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.978068 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.978068 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:10:p:788-795




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Hans Franses 
Author-X-Name-First: Philip Hans 
Author-X-Name-Last: Franses 
Title: The life cycle of social media 
Abstract:
 Using weekly data on the interest for 17 social media via Google trends
 and using quarterly data on actual users for 3 social media, it is
 reported in this letter that the life cycles of social media mimic those
 of durable consumer goods. On average, the popularity of social media
 peaks after 4 years since entry.
Journal: Applied Economics Letters 
Pages: 796-800 
Issue: 10 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.978069 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.978069 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Donadelli 
Author-X-Name-First: Michael 
Author-X-Name-Last: Donadelli 
Title: Google search-based metrics, policy-related uncertainty and macroeconomic conditions 
Abstract:
 We propose three novel measures of policy-related uncertainty based on the
 volume of Google searches for (<italic>i</italic>) 'US stock market';
 (<italic>ii</italic>) 'US politics'; (<italic>iii</italic>) 'US Fed'. In a
 VAR context, we find that a Google-search-based uncertainty shock has
 sizable adverse effects on US macroeconomic conditions. In particular, it
 produces (<italic>i</italic>) a drop in industrial production, consumer
 sentiment, equity prices, long-term rates and consumer credit;
 (<italic>ii</italic>) a rise in the unemployment rate. These effects are
 nearly identical to those generated by a shock to a standard
 policy-related uncertainty indicator. Our empirical findings suggest that
 a rise in the volume of internet searches for economic policy-related
 topics is a symptom of increasing uncertainty. It turns out that the
 proposed Google-search-based metrics meet standard policy-related
 uncertainty indicators.
Journal: Applied Economics Letters 
Pages: 801-807 
Issue: 10 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.978070 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.978070 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yoichi Otsubo 
Author-X-Name-First: Yoichi 
Author-X-Name-Last: Otsubo 
Title: Measuring the bid-ask spreads: a note on the potential downward bias of the Thompson-Waller estimator 
Abstract:
 The upward bias of the widely used Thompson-Waller estimator has been
 pointed out in the literature. In contrast, the current article provides a
 case the estimator would have downward bias: frequent continuous arrivals
 of orders in the same side associated with a small price change. The
 upward bias might be cancelled out by downward bias, and the estimator
 might perform better than the other methods such as Wang-Yau-Baptiste used
 by the U.S. Commodity Futures Trading Commission. The high-frequency data
 of the emissions market allows us to provide an empirical evidence.
Journal: Applied Economics Letters 
Pages: 808-814 
Issue: 10 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.978071 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.978071 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:10:p:808-814




Template-Type: ReDIF-Article 1.0
Author-Name: M. Bann&ograve; 
Author-X-Name-First: M. 
Author-X-Name-Last: Bann&ograve; 
Author-Name: D. Giuliani 
Author-X-Name-First: D. 
Author-X-Name-Last: Giuliani 
Author-Name: E. Zaninotto 
Author-X-Name-First: E. 
Author-X-Name-Last: Zaninotto 
Title: The nature of export spillovers on trade: an analysis at NUTS 3 level in Italy 
Abstract:
 Using the region as unit of analysis, this article examines the existence
 of destination, industry and region-specific export spillovers on both the
 decision of export and subsequent flow of trade between 2004 and 2008,
 according to data on Italian nomenclature of units for territorial
 statistics 3 regions. We identify the source and quantify the effect of
 spillovers generated by other firms with a selection-bias corrected panel
 data model. Results show evidence of spillovers on both extensive (i.e.
 decision to start exporting) and intensive (i.e., export flow) margins of
 trade.
Journal: Applied Economics Letters 
Pages: 815-819 
Issue: 10 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.980393 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.980393 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiaojun Chu 
Author-X-Name-First: Xiaojun 
Author-X-Name-Last: Chu 
Title: Modelling impact of monetary policy on stock market liquidity: a dynamic copula approach 
Abstract:
 This article investigates the dependence structure between monetary policy
 and stock market liquidity in China. The dynamic 'symmetrized JC' copula
 copula is applied to capture evolving asymmetric behaviours and tail
 dependence. The empirical evidence shows that less liquid stock markets
 are influenced by contractionary monetary policy, and highly liquid stock
 markets are dependent on expansionary monetary policy. The asymmetric
 effect of monetary shocks on stock market liquidity is also found. The
 empirical results also indicate that the strength of lower-tail dependence
 between monetary liquidity and stock liquidity rises significantly for the
 post-crisis period.
Journal: Applied Economics Letters 
Pages: 820-824 
Issue: 10 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.980566 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.980566 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:10:p:820-824




Template-Type: ReDIF-Article 1.0
Author-Name: Ismail M. Cole 
Author-X-Name-First: Ismail M. 
Author-X-Name-Last: Cole 
Title: Interest group activity and economic growth: some new evidence from the US states 
Abstract:
 Empirical studies of the claim that special interest group activity has
 harmful effects on growth have produced mixed results with limited
 supportive evidence. This article provides new evidence on the issue in
 the context of the US states (1975-2004), using the pooled mean group
 estimator which allows for more flexible assumptions in a dynamic panel
 data framework. The results reveal an inverted U-shaped relationship in
 which the activity is, in fact, harmful for long-term state growth but
 only after a certain threshold level of activity is reached. Also, the
 short-run growth effects, not considered by previous studies, were found
 to be significant.
Journal: Applied Economics Letters 
Pages: 825-829 
Issue: 10 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.980567 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.980567 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:10:p:825-829




Template-Type: ReDIF-Article 1.0
Author-Name: Shouwei Li 
Author-X-Name-First: Shouwei 
Author-X-Name-Last: Li 
Author-Name: Xin Sui 
Author-X-Name-First: Xin 
Author-X-Name-Last: Sui 
Author-Name: Tao Xu 
Author-X-Name-First: Tao 
Author-X-Name-Last: Xu 
Title: Loss distribution of interbank contagion risk 
Abstract:
 In this article, we propose a method to measure the loss distribution of
 interbank contagion risk by using market-based and balance sheet
 information and conduct an empirical analysis for Chinese banking
 industry. This would be useful to derive standard risk measures for the
 interbank market as a whole.
Journal: Applied Economics Letters 
Pages: 830-834 
Issue: 10 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.980568 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.980568 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:10:p:830-834




Template-Type: ReDIF-Article 1.0
Author-Name: Juan Blyde 
Author-X-Name-First: Juan 
Author-X-Name-Last: Blyde 
Author-Name: Alejandro Graziano 
Author-X-Name-First: Alejandro 
Author-X-Name-Last: Graziano 
Author-Name: Christian Volpe Martincus 
Author-X-Name-First: Christian 
Author-X-Name-Last: Volpe Martincus 
Title: Economic integration agreements and production fragmentation: evidence on the extensive margin 
Abstract:
 In this article we present evidence on the impact of economic integration
 agreements (EIAs) on production fragmentation based on a direct measure of
 offshoring: the number of vertically integrated foreign subsidiaries
 located in partner countries. We find that EIAs favour the formation of
 cross-border production networks. Further, this effect is stronger when
 agreements are deeper.
Journal: Applied Economics Letters 
Pages: 835-842 
Issue: 10 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.980569 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.980569 
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Template-Type: ReDIF-Article 1.0
Author-Name: Katrin Hussinger 
Author-X-Name-First: Katrin 
Author-X-Name-Last: Hussinger 
Author-Name: Sebastian Pacher 
Author-X-Name-First: Sebastian 
Author-X-Name-Last: Pacher 
Title: Information ambiguity and firm value 
Abstract:
 A recent theoretical model by Epstein and Schneider (2008) predicts that a
 firm's assets will be undervalued by the market if the information
 surrounding these assets is ambiguous. The model further predicts that
 this effect is amplified if the underlying fundamentals are volatile. This
 article provides an empirical test.
Journal: Applied Economics Letters 
Pages: 843-847 
Issue: 10 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.982848 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.982848 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:10:p:843-847




Template-Type: ReDIF-Article 1.0
Author-Name: Alina Synyavska 
Author-X-Name-First: Alina 
Author-X-Name-Last: Synyavska 
Author-Name: Numan &#xdc;lk&#xfc; 
Author-X-Name-First: Numan 
Author-X-Name-Last: &#xdc;lk&#xfc;
Title: 'Leverage Effect' in country betas and volatilities? 
Abstract:
 Leverage effect hypothesis predicts past returns to have a negative effect
 on equity riskiness. We document a surprising pattern: the effect of past
 returns on country index betas and volatilities turns into positive as
 past-return horizon is extended. Past 60-month returns have a significant
 positive effect, which provides a direct means of ruling out leverage
 hypothesis as an explanation of asymmetric volatility. The positive effect
 of distant-past returns is puzzling. It appears to be due to mean
 reversion in stock indexes and international investors' trading patterns
 consistent with mean reversion.
Journal: Applied Economics Letters 
Pages: 848-853 
Issue: 11 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.982849 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.982849 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Amalia Morales-Zumaquero 
Author-X-Name-First: Amalia 
Author-X-Name-Last: Morales-Zumaquero 
Author-Name: Sim�n Sosvilla-Rivero 
Author-X-Name-First: Sim�n 
Author-X-Name-Last: Sosvilla-Rivero 
Title: Temporary ban on short positions and financial market volatility: evidence from the Madrid Stock Market 
Abstract:
 This article analyses the effect of the introduction of temporary ban on
 short positions in the Spanish market on the volatility of both the
 closing price and the trading volume of the underlying index as well as on
 the price of the main financial institutions. Using an econometric
 procedure for detecting structural breaks in the series, we study the
 period January 2000-December 2013. Our results do not suggest any
 significant impact on variance, neither on price nor on trade volume.
Journal: Applied Economics Letters 
Pages: 854-859 
Issue: 11 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.982850 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.982850 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:11:p:854-859




Template-Type: ReDIF-Article 1.0
Author-Name: C. Bl�zquez-Fern�ndez 
Author-X-Name-First: C. 
Author-X-Name-Last: Bl�zquez-Fern�ndez 
Author-Name: D. Cantarero-Prieto 
Author-X-Name-First: D. 
Author-X-Name-Last: Cantarero-Prieto 
Author-Name: P. Perez-Gonzalez 
Author-X-Name-First: P. 
Author-X-Name-Last: Perez-Gonzalez 
Author-Name: J. Llorca-D�az 
Author-X-Name-First: J. 
Author-X-Name-Last: Llorca-D�az 
Title: Does early-life health enhance growth? Evidence from Spain 
Abstract:
 This article focuses on the causal effect of early-life health on economic
 growth for the Spanish regions over the period 1980-2007. The hypothesis
 follows from recent literature, in which mortality affects growth by
 diminishing incentives for behaviour with short-run costs and long-run
 pay-offs. We provide empirical evidence that higher infant mortality has a
 direct negative impact on per capita income growth. Also, that a greater
 risk of early-life death is associated with losses on accumulation of both
 physical and human capital, and fertility gains, which in turn more even
 reduces growth.
Journal: Applied Economics Letters 
Pages: 860-864 
Issue: 11 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.982851 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.982851 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Apergis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Apergis 
Title: Does renewables production affect income inequality? Evidence from an international panel of countries 
Abstract:
 This article empirically investigates the impact of renewable energy
 production on income inequality across a panel of OECD countries, by
 applying a panel methodological framework, spanning the period 1998-2013.
 The effect on income inequality turns out to be positive and consistently
 robust across alternative types of renewables.
Journal: Applied Economics Letters 
Pages: 865-868 
Issue: 11 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.982852 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.982852 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ziyao Luo 
Author-X-Name-First: Ziyao 
Author-X-Name-Last: Luo 
Author-Name: Christophe Schinckus 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Schinckus 
Title: Herding behaviour in asymmetric and extreme situations: the case of China 
Abstract:
 This paper will investigate herding behaviour in asymmetric (bearish
 versus bullish context) and extreme market conditions (characterized by
 significant changes in stock prices) through daily data from the Shanghai
 and Shenzhen stock exchange markets. Results show that a bullish context
 generates a herding behaviour for B-shares while a bearish situation
 rather favours a crowd movement for A-shares. Given that sophisticated
 investors are known to trade on B-shares, these results suggest that this
 category of actors is more likely to follow the trend when they face with
 a bullish context while they can reduce their herding behaviour in a
 bearish context by using technical/analytical tools allowing them not to
 follow the crowd behaviour.
Journal: Applied Economics Letters 
Pages: 869-873 
Issue: 11 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.985363 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.985363 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:11:p:869-873




Template-Type: ReDIF-Article 1.0
Author-Name: Martin Binder 
Author-X-Name-First: Martin 
Author-X-Name-Last: Binder 
Title: Volunteering and life satisfaction: a closer look at the hypothesis that volunteering more strongly benefits the unhappy 
Abstract:
 Volunteering positively impacts on life satisfaction and mental well-being
 over the deciles of the distribution for a sample of the British populace
 from 1996 to 2008 (BHPS data set); however, this effect is decreasing for
 those in the upper parts of the well-being distribution. This can be seen
 as support for the contention that volunteering can play a protective role
 for individuals and increase their well-being in the face of otherwise
 unsatisfactory life conditions. Looking at the effect on satisfaction with
 life domains, there is evidence for a positive impact of volunteering on
 satisfaction with health, one's social life and amount and use of leisure
 time.
Journal: Applied Economics Letters 
Pages: 874-885 
Issue: 11 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.985364 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.985364 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:11:p:874-885




Template-Type: ReDIF-Article 1.0
Author-Name: Mika Nieminen 
Author-X-Name-First: Mika 
Author-X-Name-Last: Nieminen 
Author-Name: Kari Heimonen 
Author-X-Name-First: Kari 
Author-X-Name-Last: Heimonen 
Author-Name: Esa Mangeloja 
Author-X-Name-First: Esa 
Author-X-Name-Last: Mangeloja 
Title: Culture and current account balances 
Abstract:
 This article contributes to the literature of current account balances by
 introducing cultural variables that until now have been omitted. The World
 Values Survey indicates that the Roman Catholics do not consider thrift as
 important as others. We propose that Catholic countries tend to run
 current account deficits. This result remains robust even if we control
 for close to all of the determinants that have been included in previous
 studies. We find evidence that the inclination of Catholic countries to
 have high levels of uncertainty avoidance goes to a great length in
 explaining the result.
Journal: Applied Economics Letters 
Pages: 886-890 
Issue: 11 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.985365 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.985365 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:11:p:886-890




Template-Type: ReDIF-Article 1.0
Author-Name: Jason A. Winfree 
Author-X-Name-First: Jason A. 
Author-X-Name-Last: Winfree 
Author-Name: Philip Watson 
Author-X-Name-First: Philip 
Author-X-Name-Last: Watson 
Title: Substitution of liquor sales across states 
Abstract:
 This study estimates revenue changes in Idaho state liquor sales from a
 change in Washington state's policy. On 1 June 2012, the state of
 Washington passed a ballot initiative to change existing liquor law. The
 net effect of the change resulted in increased liquor prices in
 Washington. This increase in price is hypothesized to raise demand for
 liquor in bordering counties in Idaho. We estimate that sales increased
 10% in Idaho counties that border Washington. This represents $4.86
 million dollars in increased sales, which translates into 42 new jobs for
 the state of Idaho. We find that a change in liquor laws in one state that
 result in higher prices to consumers has a statistically significant and
 measurable effect on liquor sales in a bordering state.
Journal: Applied Economics Letters 
Pages: 891-894 
Issue: 11 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.985366 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.985366 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:11:p:891-894




Template-Type: ReDIF-Article 1.0
Author-Name: Douglas Campbell 
Author-X-Name-First: Douglas 
Author-X-Name-Last: Campbell 
Author-Name: Andrew Hussey 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Hussey 
Title: Experimental evidence of the effects of an early intervention programme on economics student achievement 
Abstract:
 Early Intervention programmes are used in various ways in higher education
 in an attempt to identify struggling students at an early point in their
 coursework and to enable improvement in student outcomes. Despite being an
 increasingly common policy measure that is relatively easy to implement,
 little empirical evidence exists regarding the effectiveness of such
 programmes. Based on a study design that randomly assigns treatment
 eligibility across economics classes, we find that those who were reported
 for Early Intervention received final grades that were on average almost
 4.3% higher than those who were not. The estimated effect of the programme
 on grade improvement, however, is smaller and not statistically
 significant. Some evidence exists for heterogeneous treatment effects,
 most notably the higher estimated effect for students in introductory
 classes.
Journal: Applied Economics Letters 
Pages: 895-899 
Issue: 11 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.985367 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.985367 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:11:p:895-899




Template-Type: ReDIF-Article 1.0
Author-Name: Alessandro Mechelli 
Author-X-Name-First: Alessandro 
Author-X-Name-Last: Mechelli 
Author-Name: Riccardo Cimini 
Author-X-Name-First: Riccardo 
Author-X-Name-Last: Cimini 
Author-Name: Francesca Mazzocchetti 
Author-X-Name-First: Francesca 
Author-X-Name-Last: Mazzocchetti 
Title: Is regulatory capital more value relevant than book value of equity? A cross-country analysis 
Abstract:
 This research aims to enter in the debate about the pros and the cons of
 regulatory capital (RC) disclosure providing empirical evidences that this
 measure of capital is more value relevant than book value of equity (BV).
 To verify our hypothesis, we collected data from the consolidated annual
 reports issued over the period 2009-2012 by 170 entities listed in 22 of
 the 27 countries that belong to the Basel Committee and that issue their
 annual reports complying with the IASB standards. Methodologically, by
 using a modified version of the Ohlson (1995) model, we use five different
 techniques that confirm that the RC is more value relevant than BV. So,
 our findings show that not only RC is issued to strengthen the soundness
 and the stability of the international banking system and to diminish an
 existing source of competitive inequality among international banks, but
 also to provide useful information to investors for their economic
 decisions.
Journal: Applied Economics Letters 
Pages: 900-903 
Issue: 11 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.985368 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.985368 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:11:p:900-903




Template-Type: ReDIF-Article 1.0
Author-Name: Helder Ferreira de Mendon �a 
Author-X-Name-First: Helder Ferreira 
Author-X-Name-Last: de Mendon �a 
Author-Name: Thiago Cacicedo 
Author-X-Name-First: Thiago 
Author-X-Name-Last: Cacicedo 
Title: Size of government and economic growth in the largest Latin American country 
Abstract:
 This article provides empirical evidence regarding the effect of the size
 of government on economic growth in the Brazilian economy for the period
 from January 2000 to March 2013. In particular, an analysis is conducted
 to see whether the Armey curve fits well for the Brazilian case and the
 optimal government size is also estimated. The findings indicate that an
 increase in the size of government contributes to economic growth and that
 the optimal size for the Brazilian government would be approximately 22%
 of GDP. Brazil crossed over this limit in 2005.
Journal: Applied Economics Letters 
Pages: 904-910 
Issue: 11 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.987909 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.987909 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:11:p:904-910




Template-Type: ReDIF-Article 1.0
Author-Name: Sven Anders 
Author-X-Name-First: Sven 
Author-X-Name-Last: Anders 
Author-Name: Milena Beye 
Author-X-Name-First: Milena 
Author-X-Name-Last: Beye 
Title: Social consumption and price rigidity of quality-tier differentiated private labels 
Abstract:
 We are interested in the extent to which quality-tier differentiation of
 private label (PL) contributes to explaining their greater price rigidity
 during holiday periods, when social consumption motives may influence
 retailer category management. After controlling for wholesale cost
 pass-through, product and store effects, we find social consumption theory
 to provide the best explanation for greater PL price rigidity during the
 Christmas period. Although this effect does not extend to other periods of
 peak demand or across product categories, our results underscore the
 importance of consumer considerations in firm-level price setting
 discussed by Blinder <italic>et al</italic>. (1998). More generally, this
 article emphasizes the growing importance of quality-tier differentiated
 PLs in retailer's pricing and promotional strategies.
Journal: Applied Economics Letters 
Pages: 911-915 
Issue: 11 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.987910 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.987910 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. Gajewski 
Author-X-Name-First: P. 
Author-X-Name-Last: Gajewski 
Title: Is ageing deflationary? Some evidence from OECD countries 
Abstract:
 We present a theoretical and empirical discussion related to
 interconnections between inflation and ageing, providing some empirical
 results regarding the impact of ageing-related variables on inflation in a
 sample of OECD countries. According to the macroeconomics textbook ageing
 is generally inflationary, but a growing body of arguments can be
 identified to support the opposite impact. The simple empirical model is
 estimated via Fixed Effects (FE) and panel-corrected SE (PCSE), robust to
 groupwise heteroscedasticity and serial correlation. Generally, our
 results suggest that ageing exerts downward pressure on prices. The
 findings contradict the common view, but also do not fully conform with
 some of the recent hypotheses.
Journal: Applied Economics Letters 
Pages: 916-919 
Issue: 11 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.987911 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.987911 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ant�nio Afonso 
Author-X-Name-First: Ant�nio 
Author-X-Name-Last: Afonso 
Author-Name: Ana Sofia Guimar&atilde;es 
Author-X-Name-First: Ana Sofia 
Author-X-Name-Last: Guimar&atilde;es 
Title: The relevance of fiscal rules for fiscal and sovereign yield developments 
Abstract:
 We assess whether numerical fiscal rules impact budget balances and
 sovereign yields. For a panel of 27 EU countries between 1990 and 2011, we
 find that fiscal rules reduce budget deficits, specifically expenditure
 rules, while countries with better fiscal rules experienced lower
 sovereign bond yields.
Journal: Applied Economics Letters 
Pages: 920-924 
Issue: 11 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.987912 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.987912 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ant�nio Afonso 
Author-X-Name-First: Ant�nio 
Author-X-Name-Last: Afonso 
Author-Name: Jo&atilde;o Tovar Jalles 
Author-X-Name-First: Jo&atilde;o Tovar 
Author-X-Name-Last: Jalles 
Title: Fiscal sustainability: a panel assessment for advanced economies 
Abstract:
 We assess the sustainability of public finances in OECD countries using
 panel unit root and cointegration analyses. Results show no cointegration
 (no sustainability) between revenues and expenditures, improvement of the
 primary balances after worsening debt ratios and causality from government
 debt to primary balances.
Journal: Applied Economics Letters 
Pages: 925-929 
Issue: 11 
Volume: 22 
Year: 2015 
Month: 7 
X-DOI: 10.1080/13504851.2014.987913 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.987913 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Falk 
Author-X-Name-First: Martin 
Author-X-Name-Last: Falk 
Author-Name: Eva Hagsten 
Author-X-Name-First: Eva 
Author-X-Name-Last: Hagsten 
Title: Exporter productivity premium for European SMEs 
Abstract:
 Estimates based on robust regression methods show that the level of labour
 productivity of exporting small- and medium-sized entreprises (SMEs) is 13
 percentage points higher than that of nonexporting ones in a given
 industry and country. The data are based on the Community Innovation
 Survey (CIS) for 19 European countries with about 110&nbsp;000 firms for
 the year 2010. The exporter productivity premium is highest in
 manufacturing, and professional and business services. Furthermore, SMEs
 that export to both the European and non-European markets exhibit a 19%
 higher level of labour productivity than nonexporting firms.
Journal: Applied Economics Letters 
Pages: 930-933 
Issue: 12 
Volume: 22 
Year: 2015 
Month: 8 
X-DOI: 10.1080/13504851.2014.987914 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.987914 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jen-Sin Lee 
Author-X-Name-First: Jen-Sin 
Author-X-Name-Last: Lee 
Author-Name: Kuan-Ling Lai 
Author-X-Name-First: Kuan-Ling 
Author-X-Name-Last: Lai 
Author-Name: Yu-Ko Huang 
Author-X-Name-First: Yu-Ko 
Author-X-Name-Last: Huang 
Title: Information transparency and idiosyncratic risk 
Abstract:
 This study investigates the relation between information transparency and
 idiosyncratic risk with the unique and nonpublic data of listed companies
 violating the material information disclosure rules in Taiwan. This study
 employs the violated companies that do not report or delay the disclosure
 of material information as sample of worse information transparency. The
 results show that the companies with worse information transparency have
 higher idiosyncratic risk and total risk than other companies. The
 negative connection between information transparency and idiosyncratic
 risk implies that the current regulations of material information
 disclosure in Taiwan work efficiently.
Journal: Applied Economics Letters 
Pages: 934-937 
Issue: 12 
Volume: 22 
Year: 2015 
Month: 8 
X-DOI: 10.1080/13504851.2014.990611 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.990611 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael L. Marlow 
Author-X-Name-First: Michael L. 
Author-X-Name-Last: Marlow 
Title: 'Big box stores and obesity' 
Abstract:
 This article examines whether obesity prevalence is influenced by the
 market structure of retail food outlets. A few studies have examined the
 effects of 'big box' stores on prices, food choices and obesity, but the
 present study extends empirical examination to all types of stores to
 determine if there are significant differences in their effects on obesity
 prevalence. Four types of retail food outlets are examined: supermarkets,
 supercentres and warehouse club stores (i.e. 'big box' stores),
 convenience stores and specialty stores. Counties with more retail food
 stores experience lower prevalence of adult obesity, but this inverse
 relationship appears to stem from greater numbers of supermarkets and
 specialty food stores. Obesity prevalence is positively associated with
 market shares of 'big box' and convenience stores.
Journal: Applied Economics Letters 
Pages: 938-944 
Issue: 12 
Volume: 22 
Year: 2015 
Month: 8 
X-DOI: 10.1080/13504851.2014.990612 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.990612 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mehmet Balcilar 
Author-X-Name-First: Mehmet 
Author-X-Name-Last: Balcilar 
Author-Name: Charl Jooste 
Author-X-Name-First: Charl 
Author-X-Name-Last: Jooste 
Author-Name: Shawkat Hammoudeh 
Author-X-Name-First: Shawkat 
Author-X-Name-Last: Hammoudeh 
Author-Name: Rangan Gupta 
Author-X-Name-First: Rangan 
Author-X-Name-Last: Gupta 
Author-Name: Vassilios Babalos 
Author-X-Name-First: Vassilios 
Author-X-Name-Last: Babalos 
Title: Are there long-run diversification gains from the Dow Jones Islamic finance index? 
Abstract:
 We compare a nonlinear (time-varying) cointegration test with the standard
 cointegration test in studying the long-run relationship of the Dow Jones
 Islamic finance index with three other conventional global equity market
 indices. Our results show that there is a long-run nonlinear cointegrating
 relationship between the Dow Jones Islamic stock market index and other
 conventional stock market indices, which is not picked up by the linear
 cointegration test. Thus, Islamic markets seem to offer little, if any,
 long-run diversification to international investors.
Journal: Applied Economics Letters 
Pages: 945-950 
Issue: 12 
Volume: 22 
Year: 2015 
Month: 8 
X-DOI: 10.1080/13504851.2014.990613 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.990613 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Apergis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Apergis 
Title: Asymmetric real exchange rate pass-through and poverty in China: evidence from a nonlinear model 
Abstract:
 This article provides evidence on asymmetric real exchange rate
 pass-through to poverty for the Chinese economy by using the nonlinear
 auto-regressive distributed lag model spanning the period 1981-2012. The
 results corroborate the asymmetric pass-through predictions, with
 depreciations having a stronger impact on poverty. They also survive an
 alternative measure of poverty.
Journal: Applied Economics Letters 
Pages: 951-954 
Issue: 12 
Volume: 22 
Year: 2015 
Month: 8 
X-DOI: 10.1080/13504851.2014.990615 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.990615 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chandler Lutz 
Author-X-Name-First: Chandler 
Author-X-Name-Last: Lutz 
Title: The international impact of US unconventional monetary policy 
Abstract:
 Using a structural factor-augmented vector autoregression model and a
 large data set of daily time series, we study the impact of US
 unconventional monetary policy on British and German financial markets.
 Our findings indicate that a surprise US unconventional monetary policy
 easing leads to increased equity returns and lower government bond yields
 for both Germany and the United Kingdom. These effects then nearly
 completely dissipate after approximately 750&nbsp;days.
Journal: Applied Economics Letters 
Pages: 955-959 
Issue: 12 
Volume: 22 
Year: 2015 
Month: 8 
X-DOI: 10.1080/13504851.2014.990616 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.990616 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Ali Sotoudeh 
Author-X-Name-First: M. Ali 
Author-X-Name-Last: Sotoudeh 
Author-Name: Andrew C. Worthington 
Author-X-Name-First: Andrew C. 
Author-X-Name-Last: Worthington 
Title: Long-term effects of global oil price changes on the macroeconomy and financial markets: a comparative panel co-integration approach 
Abstract:
 In this article, we evaluate the long-term co-integrating relationships
 between global oil prices (OP) and selected macroeconomic and financial
 market variables between large net oil-consuming (NOC) and net
 oil-producing (NOP) countries. Our findings indicate that as opposed to
 NOP countries, the macroeconomies of NOC countries have long-term
 co-integrating relationships with OP. However, the financial markets of
 both country panels exhibit long-term co-integrating relationships with
 OP. Finally, excluding the case of the consumer price index, the sample
 economies, whether NOC or NOP, respond to global OP shocks very similarly.
Journal: Applied Economics Letters 
Pages: 960-966 
Issue: 12 
Volume: 22 
Year: 2015 
Month: 8 
X-DOI: 10.1080/13504851.2014.990617 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.990617 
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Template-Type: ReDIF-Article 1.0
Author-Name: Meifen Qian 
Author-X-Name-First: Meifen 
Author-X-Name-Last: Qian 
Author-Name: Bin Yu 
Author-X-Name-First: Bin 
Author-X-Name-Last: Yu 
Title: Do mutual fund managers manipulate? 
Abstract:
 This is the first study to document the evidence for performance
 manipulation in the US equity mutual fund industry based on the
 performance manipulation-proof measure. Characteristics of the funds
 likely to be manipulated are identified.
Journal: Applied Economics Letters 
Pages: 967-971 
Issue: 12 
Volume: 22 
Year: 2015 
Month: 8 
X-DOI: 10.1080/13504851.2014.993124 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.993124 
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Template-Type: ReDIF-Article 1.0
Author-Name: G�lcan &Ouml;nel 
Author-X-Name-First: G�lcan 
Author-X-Name-Last: &Ouml;nel 
Title: Do producers respond to every input price change? A note on nonlinearities in factor demand systems 
Abstract:
 Factor demand relationships, as they are represented by parameters of the
 cost function, are generally assumed to be linear (in the parameters) in
 the existing empirical literature. In this note, we argue that this might
 not always be true, because firms may incur adjustment costs that are
 inherent in the act of adjusting the mix of inputs applied in the
 underlying production technologies. We estimate a two-regime threshold
 system of factor demand equations for several manufacturing industries in
 the United States. Our results suggest significant nonlinear effects in
 the factor demand relationships in most nondurable goods sectors. Failure
 to account for this threshold sensitivity to input price change may cause
 the estimates of price elasticities to be biased.
Journal: Applied Economics Letters 
Pages: 972-977 
Issue: 12 
Volume: 22 
Year: 2015 
Month: 8 
X-DOI: 10.1080/13504851.2014.993126 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.993126 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. R. Vicente 
Author-X-Name-First: M. R. 
Author-X-Name-Last: Vicente 
Title: Determinants of C2C e-commerce: an empirical analysis of the use of online auction websites among Europeans 
Abstract:
 E-commerce has opened up new commercial opportunities for businesses and
 consumers. In consumer-to-consumer (C2C) online markets, not only can
 individuals buy from other individuals but also sell. This article
 investigates the socio-economic factors shaping individuals' decisions to
 undertake C2C e-commerce. By means of a multinomial logit model and a
 unique data set of individuals across the full European Union, C2C
 purchasing and selling online patterns are analysed. This is an area where
 empirical evidence has usually focused on consumers' purchasing behaviour
 and less is known about sellers. Interestingly enough, results point out
 that the profile of sellers and buyers differs greatly, except for gender.
 Hence, certain socio-economic features, social online networks and the
 breath of internet use show different effects over e-selling and e-buying.
 Moreover, cross-region differences in incomes appear to be correlated with
 consumers' e-commerce use.
Journal: Applied Economics Letters 
Pages: 978-981 
Issue: 12 
Volume: 22 
Year: 2015 
Month: 8 
X-DOI: 10.1080/13504851.2014.993127 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.993127 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Pfeifer 
Author-X-Name-First: Christian 
Author-X-Name-Last: Pfeifer 
Title: The nexus between top managers' human capital and firm productivity 
Abstract:
 The author uses panel data from the World Bank enterprise survey for the
 Egyptian manufacturing sector in order to analyse the nexus between top
 managers' human capital and productivity of firms. Pooled as well as firm
 fixed effects linear regressions indicate that firms are indeed on average
 more productive if the top manager has some kind of university degree,
 more experience in management activities and foreign experience in
 management jobs. Therefore, the overall results emphasize the importance
 of top managers and more generally of human capital in the determination
 of firm productivity.
Journal: Applied Economics Letters 
Pages: 982-986 
Issue: 12 
Volume: 22 
Year: 2015 
Month: 8 
X-DOI: 10.1080/13504851.2014.993128 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.993128 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyein Shim 
Author-X-Name-First: Hyein 
Author-X-Name-Last: Shim 
Author-Name: Hyeyoen Kim 
Author-X-Name-First: Hyeyoen 
Author-X-Name-Last: Kim 
Author-Name: Junyeup Kim 
Author-X-Name-First: Junyeup 
Author-X-Name-Last: Kim 
Author-Name: Doojin Ryu 
Author-X-Name-First: Doojin 
Author-X-Name-Last: Ryu 
Title: Weather and stock market volatility: the case of a leading emerging market 
Abstract:
 This study examines how weather affects the stock market volatilities of a
 leading emerging market. By analysing both historical and model-free
 implied volatilities, we find that the historical volatility better
 captures the weather effect than the implied volatility. We also find that
 volatilities tend to increase in cloudy, wet and windless weather, and
 that investors asymmetrically react to extremely high weather conditions
 in comparison with extremely low weather conditions.
Journal: Applied Economics Letters 
Pages: 987-992 
Issue: 12 
Volume: 22 
Year: 2015 
Month: 8 
X-DOI: 10.1080/13504851.2014.993129 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.993129 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiao Wang 
Author-X-Name-First: Xiao 
Author-X-Name-Last: Wang 
Title: Trade credit, international trade costs and exports: cross-country firm-level evidence 
Abstract:
 This article finds that firms' trade credit, the financing provided by
 upstream input suppliers along the supply chain, plays an important role
 in determining firms' exportation. In a panel data set of manufacturing
 firms in 25 Eastern European and Central Asian countries between 2001 and
 2007, we employ international trade cost shocks to identify the causal
 impacts of trade credit on firms' exportation. We find that when trade
 costs decline, firms with less trade credit increase their exports
 disproportionately more because of the alleviation of their financing
 burdens. Results are robust after controlling for bank and other financing
 channels, country financial development, and the endogeneity of trade
 credit. Our findings contribute to the empirical identification of
 financial frictions on firms' exports and to the role of trade credit on
 firms' performance.
Journal: Applied Economics Letters 
Pages: 993-998 
Issue: 12 
Volume: 22 
Year: 2015 
Month: 8 
X-DOI: 10.1080/13504851.2014.995353 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.995353 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lieven De Moor 
Author-X-Name-First: Lieven 
Author-X-Name-Last: De Moor 
Author-Name: Piet Sercu 
Author-X-Name-First: Piet 
Author-X-Name-Last: Sercu 
Title: Characteristics of pricing errors in stocks implied by autocovariance and 'drag' 
Abstract:
 In this article, we estimate the lower bounds on the volatility and
 autocorrelation of pricing errors in stocks and infer the market-wide
 component in the pricing errors, by combining information from the
 autocovariance and 'drag' in stock returns. For the smaller US stocks, we
 estimate lower bounds of 8 - 10% for the volatility and 0.3 - 0.5 for the
 autocorrelation of the pricing errors, at monthly horizon. We infer that
 approximately 50% of the pricing errors of the smaller stocks originate
 from the market-wide component, whereas for larger stocks, virtually all
 of the pricing errors are market-wide. In practice, this evidence means
 that market-wide bubbles and busts are far more important than
 idiosyncratic sources of pricing errors, like thin trading, low liquidity
 or little analyst following.
Journal: Applied Economics Letters 
Pages: 999-1004 
Issue: 12 
Volume: 22 
Year: 2015 
Month: 8 
X-DOI: 10.1080/13504851.2014.995354 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.995354 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mar�a L. Gall�n 
Author-X-Name-First: Mar�a L. 
Author-X-Name-Last: Gall�n 
Author-Name: Carlos Peraita 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Peraita 
Title: A comparison of corporate social responsibility engagement in the OECD countries with categorical data 
Abstract:
 This note presents a new method to compare the engagement level of the
 OECD countries with the corporate social responsibility (CSR) activities
 when achievements of their companies are described by CSR standards. We
 introduce the eigenvector procedure developed by Herrero and Villar
 (2013), applying the analysis of group performance with categorical data.
 We find that differences in CSR engagement across OECD countries are quite
 low in the top and the bottom of the eigenvector classification compared
 with those of the GRI index. However, there are important differences
 across countries placed in the middle rank of these two classifications.
Journal: Applied Economics Letters 
Pages: 1005-1009 
Issue: 12 
Volume: 22 
Year: 2015 
Month: 8 
X-DOI: 10.1080/13504851.2014.995355 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.995355 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julien Chevallier 
Author-X-Name-First: Julien 
Author-X-Name-Last: Chevallier 
Author-Name: St�phane Goutte 
Author-X-Name-First: St�phane 
Author-X-Name-Last: Goutte 
Title: Detecting jumps and regime switches in international stock markets returns 
Abstract:
 This article explores seven international stock markets (DJIA, Euro STOXX
 600, Russell 2000, Nikkei, NASDAQ, FTSE and Global Dow) in the quest for
 jumps and regime switches. The methodological framework borrows from the
 Markov-switching approach and the stochastic modelling literature based on
 L�vy processes. The econometric procedure is detailed in a two-step
 fashion. The data set covers the period from June 2004 to July 2014. The
 main results uncover changing market dynamics according to economic and/or
 financial phenomena (e.g., economic crises/growth, news events) with the
 occurrence of several episodes characterized by a high jump intensity. We
 advocate the use of such a jump-robust model modulated by a Markov chain
 to further study the dependence structure of financial time series.
Journal: Applied Economics Letters 
Pages: 1011-1019 
Issue: 13 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2014.995356 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.995356 
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Template-Type: ReDIF-Article 1.0
Author-Name: Margarita Barrera-Lozano 
Author-X-Name-First: Margarita 
Author-X-Name-Last: Barrera-Lozano 
Author-Name: Alfredo J. Mainar 
Author-X-Name-First: Alfredo J. 
Author-X-Name-Last: Mainar 
Author-Name: Jos� Vall�s 
Author-X-Name-First: Jos� 
Author-X-Name-Last: Vall�s 
Title: Disaggregation of sectors in social accounting matrices using a customized Wolsky method 
Abstract:
 The aim of this work is to enable the implementation of disaggregation
 processes for specific and homogeneous sectors in Social Accounting
 Matrices (SAMs), while taking into account the difficulties in data
 collection from these types of sectors. The method proposed is based on
 the Wolsky technique, customized for the disaggregation of SAMs, within
 the current-facilities framework. The Spanish SAM for 2008 is used as a
 benchmark for the analysis, and the specific sector chosen for
 disaggregation is that of the Spanish Optical Sector.
Journal: Applied Economics Letters 
Pages: 1020-1024 
Issue: 13 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2014.995357 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.995357 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cristina Ortiz 
Author-X-Name-First: Cristina 
Author-X-Name-Last: Ortiz 
Author-Name: Jos� Mar�a Ortiz de Z�rate 
Author-X-Name-First: Jos� Mar�a 
Author-X-Name-Last: Ortiz de Z�rate 
Author-Name: Luis Vicente 
Author-X-Name-First: Luis 
Author-X-Name-Last: Vicente 
Title: New evidence of quarterly return patterns in the Spanish stock market 
Abstract:
 This article updates the evidence found by Ortiz <italic>et al.</italic>
 (2010) in the Spanish stock market. Our results provide a lack of
 significant return anomalies around the first three quarter ends of the
 year, which questions the role of window dressing in these return
 patterns. Nevertheless, the results confirm a significant turn-of-the-year
 effect for small-cap stocks with poor return records, which may be
 consistent with the tax-loss selling hypothesis despite the wash sales
 regulation. Using a new approach, we find that this January effect is a
 widespread sector anomaly. Finally, the turn-of-the-year anomaly
 definitively exceeds the first trading days for the small-cap stocks.
Journal: Applied Economics Letters 
Pages: 1025-1029 
Issue: 13 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2014.995358 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.995358 
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Template-Type: ReDIF-Article 1.0
Author-Name: Aaron Yelowitz 
Author-X-Name-First: Aaron 
Author-X-Name-Last: Yelowitz 
Author-Name: Matthew Wilson 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Wilson 
Title: Characteristics of Bitcoin users: an analysis of Google search data 
Abstract:
 The anonymity of Bitcoin prevents analysis of its users. We collect Google
 Trends data to examine determinants of interest in Bitcoin. Based on
 anecdotal evidence regarding Bitcoin users, we construct proxies for four
 possible clientele: computer programming enthusiasts, speculative
 investors, Libertarians and criminals. Computer programming and illegal
 activity search terms are positively correlated with Bitcoin interest,
 while Libertarian and investment terms are not.
Journal: Applied Economics Letters 
Pages: 1030-1036 
Issue: 13 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2014.995359 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.995359 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tal Shavit 
Author-X-Name-First: Tal 
Author-X-Name-Last: Shavit 
Author-Name: Mosi Rosenboim 
Author-X-Name-First: Mosi 
Author-X-Name-Last: Rosenboim 
Title: Does ownership duration really matter? - Experimental study 
Abstract:
 This study tests experimentally how ownership duration affects the value
 attributed to different items, like a USB memory stick or a lottery
 ticket. Holding the item for 2 weeks increased the value of a lottery
 ticket but not the value of a USB memory stick. We argue that in the case
 of utilitarian items (such as USB memory stick), the holding time has no
 effect on the value since the owner can benefit from them while they are
 in his possession.
Journal: Applied Economics Letters 
Pages: 1037-1040 
Issue: 13 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2014.997916 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.997916 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eike Emrich 
Author-X-Name-First: Eike 
Author-X-Name-Last: Emrich 
Author-Name: Christian Pierdzioch 
Author-X-Name-First: Christian 
Author-X-Name-Last: Pierdzioch 
Title: Gender and generosity in charitable giving: empirical evidence for the German Red Cross 
Abstract:
 Results of earlier empirical research on gender differences in generosity
 regarding donations to charitable and other organizations are mixed. Our
 empirical study contributes to this research in that we analyse a new data
 set on the donations made by volunteers working for the German Red Cross.
 We report that women are more likely to spread their donations to more
 organizations than men, but among donors, the likelihood of making a large
 donation is larger for men than for women.
Journal: Applied Economics Letters 
Pages: 1041-1045 
Issue: 13 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2014.997917 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.997917 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yannick Lucotte 
Author-X-Name-First: Yannick 
Author-X-Name-Last: Lucotte 
Title: Euro area banking fragmentation in the aftermath of the crisis: a cluster analysis 
Abstract:
 Using a hierarchical cluster analysis and considering a large range of
 harmonized banking indicators, this article assesses the impact of the
 recent crisis on the fragmentation of the euro area banking system.
 Results show that the crisis has led to a growing heterogeneity of banking
 structures across euro area countries. There is a lack of banking
 integration for Greece and Italy since the creation of the euro zone. Our
 findings confirm, therefore, the need to construct a banking union that
 will mitigate cross-country differences in terms of banking structure and
 promote a fully integrated banking system.
Journal: Applied Economics Letters 
Pages: 1046-1050 
Issue: 13 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2014.997918 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.997918 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ra&uacute;l Serrano 
Author-X-Name-First: Ra&uacute;l 
Author-X-Name-Last: Serrano 
Author-Name: Javier Garc�a-Bernal 
Author-X-Name-First: Javier 
Author-X-Name-Last: Garc�a-Bernal 
Author-Name: Marta Fern�ndez-Olmos 
Author-X-Name-First: Marta 
Author-X-Name-Last: Fern�ndez-Olmos 
Author-Name: Manuel A. Espitia-Escuer 
Author-X-Name-First: Manuel A. 
Author-X-Name-Last: Espitia-Escuer 
Title: Expected quality in European football attendance: market value and uncertainty reconsidered 
Abstract:
 The aim of this article was to deepen the study of the determinants of the
 sporting event's demand. Specifically, this study is focused on the
 relationship between the expected quality of the event and attendance at
 the European football stadiums. The study explores the Rottemberg
 Hypothesis (1956), which states the existence of a positive effect of the
 outcome uncertainty on attendance demand and approximates with dynamic
 indexes the outcome uncertainty and the quality of the contestant teams.
 From the estimation of the attendance equation using quantile regression
 (which takes into account the heterogeneity of the demand) highlights the
 fact that the attractive aspect of the event, approximated by the market
 value of the players taking the field, has a positive and significant
 impact whatever typology of venue. In addition, this study provides
 empirical support to the assumption that game day demand is more related
 to the quality of contestant teams than to outcome uncertainty level.
Journal: Applied Economics Letters 
Pages: 1051-1054 
Issue: 13 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2014.997919 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.997919 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ziyao Luo 
Author-X-Name-First: Ziyao 
Author-X-Name-Last: Luo 
Author-Name: Christophe Schinckus 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Schinckus 
Title: The influence of the US market on herding behaviour in China 
Abstract:
 This article investigates the influence of the US market on the herding
 behaviour on Chinese financial market through an analysis of daily data
 from the Shanghai and Shenzhen stock exchange markets for the period
 2006-2012. This period is very informative because the financial crisis
 that emerged on the US market quickly widespread at a global level and
 that specific situation can generate herding behaviour. Results confirm
 the influence of the US market on the Chinese stock markets, but they show
 there is no contagion effect between these two countries. These results
 can be partly explained by the difference in terms of market structure:
 China stock markets have a unique micro- and macro-structure within which
 the government can easily intervene in case of destabilizing situation
 while the US markets are mainly independent of government.
Journal: Applied Economics Letters 
Pages: 1055-1058 
Issue: 13 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2014.997920 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.997920 
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Edwards 
Author-X-Name-First: Craig 
Author-X-Name-Last: Edwards 
Title: The instantaneous return and volatility of a covered call position 
Abstract:
 This article derives and examines the instantaneous return and volatility
 of a covered call position under standard Black-Scholes dynamics and
 compares it with that of a long position in the underlying asset. It is
 demonstrated that the instantaneous volatility and instantaneous expected
 return of the covered call position are always less than or equal those of
 being long the underlying asset, while the instantaneous Sharpe Ratios of
 these two positions are equal.
Journal: Applied Economics Letters 
Pages: 1059-1063 
Issue: 13 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2014.1000514 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.1000514 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Angeles 
Author-X-Name-First: Luis 
Author-X-Name-Last: Angeles 
Title: Credit expansion and the economy 
Abstract:
 Credit expansion has been associated with faster economic growth and with
 a higher occurrence of financial crises - a pair of results which seem to
 contradict each other. This paper advances an explanation for these
 results by separating credit to the private sector into credit to firms
 and credit to households. The empirical analysis shows that credit to
 firms is responsible for the positive growth effect, while the higher
 occurrence of crises is mainly due to credit to households. The events of
 the last decade, where fast credit expansion led to crises and very little
 growth, can be understood as a shift in the composition of credit towards
 its household component.
Journal: Applied Economics Letters 
Pages: 1064-1072 
Issue: 13 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2014.1000515 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.1000515 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Pierdzioch 
Author-X-Name-First: Christian 
Author-X-Name-Last: Pierdzioch 
Title: A note on the directional accuracy of interest-rate forecasts 
Abstract:
 I use data from the Livingston survey to study the informational content
 of forecasts with respect to the direction of subsequent changes in
 short-term and long-term interest rates. Using techniques developed to
 analyse relative operating characteristic (ROC) curves, I find that
 interest-rate forecasts often contain useful information with respect to
 the direction of future changes in interest rates.
Journal: Applied Economics Letters 
Pages: 1073-1077 
Issue: 13 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2014.1000516 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.1000516 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pu Chen 
Author-X-Name-First: Pu 
Author-X-Name-Last: Chen 
Author-Name: Nan Xu 
Author-X-Name-First: Nan 
Author-X-Name-Last: Xu 
Author-Name: Chunyang Wang 
Author-X-Name-First: Chunyang 
Author-X-Name-Last: Wang 
Title: An empirical analysis of interest rates and exports under imperfect credit markets 
Abstract:
 This article studies the empirical relationship between interest rates and
 exports under imperfect credit markets. Our findings show that a
 well-developed credit market with ample credits has a positive effect on
 exports and interest rates exert a negative effect on exports. In
 particular, we find that in a well-developed credit market with ample
 credits, interest rates have a stronger negative effect on the exports.
Journal: Applied Economics Letters 
Pages: 1078-1082 
Issue: 13 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2014.1002882 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.1002882 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. H. Ko 
Author-X-Name-First: J. H. 
Author-X-Name-Last: Ko 
Title: Does an active fiscal policy work under a high level of government debt? 
Abstract:
 This article theoretically investigates the effect of expansionary fiscal
 shocks when the government faces a high debt-to-GDP ratio, under the
 regime of an active fiscal policy with a passive monetary policy in the
 terminology of Leeper (1991). We find that expansionary fiscal shocks
 become less effective when the government faces a high level of debt
 because the wealth effect on households decreases.
Journal: Applied Economics Letters 
Pages: 1083-1088 
Issue: 13 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2014.1002883 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.1002883 
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Template-Type: ReDIF-Article 1.0
Author-Name: Olugbenga Ajilore 
Author-X-Name-First: Olugbenga 
Author-X-Name-Last: Ajilore 
Title: The militarization of local law enforcement: is race a factor? 
Abstract:
 Recent events have placed a spotlight on the increasing militarization of
 local law enforcement. While ample anecdotal evidence suggests a link
 between race and the militarization of police, empirical analysis has yet
 to be performed. In this study, I find that, conditional on crime rate,
 the presence of a large African-American population is negatively
 correlated to police acquisition of mine-resistant ambush protected (MRAP)
 vehicles. Conversely, greater residential segregation is positively
 correlated to MRAP procurement. This result highlights the problem with
 growing segregation, in suburbs as well as urban centres, in the United
 States.
Journal: Applied Economics Letters 
Pages: 1089-1093 
Issue: 13 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2014.1002884 
File-URL: http://hdl.handle.net/10.1080/13504851.2014.1002884 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mari�n V�vra 
Author-X-Name-First: Mari�n 
Author-X-Name-Last: V�vra 
Title: Empirical evidence of joint nonlinearity in economic area and US economic variables using two modified multivariate nonlinearity tests 
Abstract:
 This article examines the joint nonlinearity of 15 subsets of US and
 economic area (EA) economic variables using two modified multivariate
 nonlinearity tests recently developed in the literature. Clear evidence of
 joint nonlinearity in both US and EA economic variables is found. Our
 results thus cast doubts on the adequacy of using linear multivariate
 (VAR-type) models, structural or not, in applied economics.
Journal: Applied Economics Letters 
Pages: 1094-1099 
Issue: 14 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2015.1005808 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1005808 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin R. Auer 
Author-X-Name-First: Benjamin R. 
Author-X-Name-Last: Auer 
Author-Name: Tobias Hiller 
Author-X-Name-First: Tobias 
Author-X-Name-Last: Hiller 
Title: On the evaluation of soccer players: a comparison of a new game-theoretical approach to classic performance measures 
Abstract:
 In this article, we analyse the relation of a new measure for evaluating
 the importance of soccer players, recently proposed by Hiller (2015), to
 classic metrics of player performance. Using state-of-the-art bootstrap
 correlation testing and a data set of teams for the German soccer league
 (Bundesliga), we find evidence that even though this new game-theoretical
 approach has no significant correlation to a large number of performance
 measures, it is significantly related to some of the most important
 measures typically used in academic research (e.g. the player scores
 published by sports magazines and the number of played matches). These
 results indicate that the theoretically appealing new measure can be
 considered an interesting variable in pay-performance regressions and
 should be used accordingly in future research.
Journal: Applied Economics Letters 
Pages: 1100-1107 
Issue: 14 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2015.1005809 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1005809 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marianna Marino 
Author-X-Name-First: Marianna 
Author-X-Name-Last: Marino 
Author-Name: Pierpaolo Parrotta 
Author-X-Name-First: Pierpaolo 
Author-X-Name-Last: Parrotta 
Title: Self-employment: does parental cultural diversity matter? 
Abstract:
 We find evidence that parents with different cultural background favour
 self-employment experiences of their children. The effect of parental
 cultural diversity turns out to be stronger for children with no siblings
 or having at least a parent with universitary degree.
Journal: Applied Economics Letters 
Pages: 1108-1115 
Issue: 14 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2015.1005810 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1005810 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yoshiho Matsunaga 
Author-X-Name-First: Yoshiho 
Author-X-Name-Last: Matsunaga 
Title: Salary commensurate with social capital 
Abstract:
 People who possess richer social capital can earn more than others can. An
 econometric analysis reveals that social capital increases a person's wage
 income even as human capital does. Previous empirical studies have
 clarified that gender, academic history, work history and similar social
 attributes are determinant factors of earnings. They also hint at other
 social attributes, apart from those mentioned above, that determine
 earnings. This article suggests that the positive effect of social capital
 on annual salary is the same for both men and women. This social capital
 feature differs from the gender inequality effect of human capital on
 annual salary in Japan.
Journal: Applied Economics Letters 
Pages: 1116-1121 
Issue: 14 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2015.1008622 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1008622 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Parsons 
Author-X-Name-First: Richard 
Author-X-Name-Last: Parsons 
Author-Name: David Reavis 
Author-X-Name-First: David 
Author-X-Name-Last: Reavis 
Title: GDP estimation errors: bias or white noise 
Abstract:
 Questions have been raised about the accuracy and bias in the widely used
 advanced estimates of gross domestic product published by the US Bureau of
 Economic Analysis. This article will examine the data for any outward sign
 of prejudice or systematic bias. This pragmatic look at the numbers should
 help policy and business users of this information build confidence in the
 early GDP estimates.
Journal: Applied Economics Letters 
Pages: 1122-1126 
Issue: 14 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2015.1008755 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1008755 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Tadesse 
Author-X-Name-First: B. 
Author-X-Name-Last: Tadesse 
Author-Name: R. White 
Author-X-Name-First: R. 
Author-X-Name-Last: White 
Title: Do immigrants reduce bilateral trade costs? An empirical test 
Abstract:
 We use the first comprehensive estimates of bilateral trade costs to test
 the extensively stated, but rarely evaluated, hypothesis that immigrants
 reduce trade-related transaction costs. Our results provide robust and
 direct evidence supporting this often-posited hypothesis. We examine the
 period from 1995 through 2010 using data that represent 174 im-migrant
 home countries and 19 OECD member host countries. We find that a 10%
 increase in the stock of immigrants from a given home country that reside
 in a given host country corresponds with a 1.04% decrease in the overall
 bilateral trade costs between the home and host countries. While different
 in magnitudes, we also find that the effect of immigrants, in reducing
 trade costs, persists across both manufactured and agricultural products.
Journal: Applied Economics Letters 
Pages: 1127-1132 
Issue: 14 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2015.1008756 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1008756 
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Template-Type: ReDIF-Article 1.0
Author-Name: Issam Laguir 
Author-X-Name-First: Issam 
Author-X-Name-Last: Laguir 
Author-Name: Jamal Elbaz 
Author-X-Name-First: Jamal 
Author-X-Name-Last: Elbaz 
Author-Name: Lamia Laguir 
Author-X-Name-First: Lamia 
Author-X-Name-Last: Laguir 
Title: Empirical evidence on SMEs' tax management 
Abstract:
 The aim of this study is to analyse the approaches that Moroccan SMEs
 adopt with respect to taxation using survey data. After the major
 approaches were identified from the tax management literature and were
 extracted by applying the principal component analysis to the survey data,
 we conducted a confirmatory factor analysis to determine the tax
 management approach of Moroccan SMEs. Our study suggests that Moroccan
 SMEs adopt a proactive approach to taxation and consider it as a
 decisional component of their overall strategy.
Journal: Applied Economics Letters 
Pages: 1133-1137 
Issue: 14 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2015.1008757 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1008757 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Giusto 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Giusto 
Title: Approximate aggregation revisited: higher moments do matter 
Abstract:
 This article addresses the 'approximate aggregation' result by Krusell and
 Smith (1998) who show that in a heterogeneous-agent model it is possible
 to obtain near-perfect forecasts disregarding distributional information.
 While this fact is generally interpreted causally, the forecasting model
 is misspecified and thus unfit for inference. Approximate aggregation does
 not hold in the baseline economy of Krusell and Smith (1998) when
 inferences are drawn from an econometric model showing no evidence of
 misspecification: the higher moments of the wealth distribution are
 important for the aggregate dynamics.
Journal: Applied Economics Letters 
Pages: 1138-1143 
Issue: 14 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2015.1011302 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1011302 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:14:p:1138-1143




Template-Type: ReDIF-Article 1.0
Author-Name: Danlin Pu 
Author-X-Name-First: Danlin 
Author-X-Name-Last: Pu 
Author-Name: Shanping Wang 
Author-X-Name-First: Shanping 
Author-X-Name-Last: Wang 
Title: The impact of pricing mechanism reform on underpricing of initial public offerings in China 
Abstract:
 Using a sample of initial public offerings (IPOs) (A-shares) at the
 Shanghai Securities Exchange from 2003 to 2007, we examine the effect of
 introducing the bookbuilding method upon IPO underpricing in China. The
 results show that after the pricing mechanism reform, the underpricing of
 IPOs was significantly higher than that of fixed price offerings. The
 possible reason is that underwriters have no discretionary allocation in
 the hybrid bookbuilding/open offer method.
Journal: Applied Economics Letters 
Pages: 1144-1149 
Issue: 14 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2015.1011303 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1011303 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:14:p:1144-1149




Template-Type: ReDIF-Article 1.0
Author-Name: Ralf Dewenter 
Author-X-Name-First: Ralf 
Author-X-Name-Last: Dewenter 
Author-Name: Ulrich Heimeshoff 
Author-X-Name-First: Ulrich 
Author-X-Name-Last: Heimeshoff 
Title: Do expert reviews really drive demand? Evidence from a German car magazine 
Abstract:
 A wide range of media provide information on many products based on
 reviews or expert opinions. A natural question is, whether these reviews
 and expert opinions have any effect on sales. A small but growing
 literature in economics and marketing science deals with this issue, by
 testing the relevance of such product information for goods such as
 financial instruments, wine, books and movies. However, most of these
 products have in common that quality is very difficult to measure. It is
 always also a matter of taste whether these products can be seen as high-
 or low-quality goods. Based on a unique data set, we test whether test
 scores published in a major German car magazine have significant impact on
 registrations of new cars in Germany. We find that test scores for certain
 cars have statistically significant impact on the number of new cars sold
 by several leading manufacturers on the German car market.
Journal: Applied Economics Letters 
Pages: 1150-1153 
Issue: 14 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2015.1011304 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1011304 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:14:p:1150-1153




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Crawford 
Author-X-Name-First: Steven 
Author-X-Name-Last: Crawford 
Author-Name: Bryan Johnson 
Author-X-Name-First: Bryan 
Author-X-Name-Last: Johnson 
Author-Name: John R. Wingender 
Author-X-Name-First: John R. 
Author-X-Name-Last: Wingender 
Title: The impact of Americans with Disabilities Act (ADA) events on firm value 
Abstract:
 To date, no research has examined the impact of events related to the
 Americans with Disabilities Act (ADA) on the value of firms with publicly
 traded equity, despite the importance of this legislation to the economic
 and legal environments of business. To examine the impact of the ADA on
 firm valuation, we analyse ADA-related media events associated with
 publicly traded firms. We find that the effects of ADA-related events are
 concentrated in the retail industry, where firms interact more frequently
 with the public. We find some evidence that positive events result in
 positive cumulative abnormal returns, but we do not find corresponding
 returns for negative events. Furthermore, we show that returns accrue to
 firms with positive ADA events, irrespective of firm size.
Journal: Applied Economics Letters 
Pages: 1154-1157 
Issue: 14 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2015.1011305 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1011305 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:14:p:1154-1157




Template-Type: ReDIF-Article 1.0
Author-Name: Yihua Yu 
Author-X-Name-First: Yihua 
Author-X-Name-Last: Yu 
Author-Name: Yonghui Zhang 
Author-X-Name-First: Yonghui 
Author-X-Name-Last: Zhang 
Author-Name: Feng Song 
Author-X-Name-First: Feng 
Author-X-Name-Last: Song 
Title: World energy intensity revisited: a cluster analysis 
Abstract:
 The aim of this article is to empirically identify convergence clubs in
 energy intensity among 109 countries from 1971 to 2010 by using a recently
 developed methodology, i.e., a new regression-based convergence test,
 introduced by Phillips and Sul (2007). This log <italic>t</italic> test
 allows us to endogenously identify the groups of countries that converge
 to different equilibriums and those that do not converge to any
 convergence clubs. We mainly find that, first, world countries do not seem
 to converge at the same steady-state level; instead, they form four
 separate clubs converging to their own steady-state paths and few
 countries are found to converge to no group at all. In addition, although
 the world as a whole shows the evidence of convergence, economic and
 geographic groups seem to converge at different speeds. Last, estimates
 from an ordered-logit model reveal that initial energy intensity level and
 openness are mainly responsible for the formation of the world convergence
 clubs, whereas industry share and R&D share are not.
Journal: Applied Economics Letters 
Pages: 1158-1169 
Issue: 14 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2015.1013603 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1013603 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:14:p:1158-1169




Template-Type: ReDIF-Article 1.0
Author-Name: Binyam Afewerk Demena 
Author-X-Name-First: Binyam Afewerk 
Author-X-Name-Last: Demena 
Title: Publication bias in FDI spillovers in developing countries: a meta-regression analysis 
Abstract:
 We used a recent meta-regression-analysis (MRA) method to investigate the
 publication bias of the intra-sectoral foreign direct investment (FDI)
 spillovers in a large sample of developing countries. Recent meta-analyses
 on this topic suggest that publication bias is not a problem for this
 field. Using a much larger sample of studies this article, however, finds
 substantial evidence of publication bias. Evidence suggests a preferential
 tendency to publish the article if studies reject the null hypothesis,
 that is, when the investigations produce positive and statistically
 significant findings. We collected 1450 spillover estimates conducted by
 93 researchers from 69 primary empirical studies dealing with 31
 developing countries for the period 1986-2013. We found that the FDI
 spillover effects are suffering from significant and meaningful
 publication bias. The bias ranges from 0.51 to 1.34, implying that the
 empirical effect size appears substantially much larger than the actual
 spillovers. Our results also indicate that for this field of research,
 publication bias is largely due to self-censorship rather than the
 censorship by reviewers and editors of journals.
Journal: Applied Economics Letters 
Pages: 1170-1174 
Issue: 14 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2015.1013604 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1013604 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:14:p:1170-1174




Template-Type: ReDIF-Article 1.0
Author-Name: H. Khan 
Author-X-Name-First: H. 
Author-X-Name-Last: Khan 
Title: Gift exchange anomaly: evidence from incentives vis-�-vis performance of Islamic insurance operators 
Abstract:
 This article provides evidence on the <italic>gift exchange</italic>
 anomaly using standard field data on the performance of Islamic insurance
 (<italic>takaful</italic>) operators (TOs). <italic>Takaful</italic> is a
 type of mutual insurance where policyholders insure each other and hire an
 operator to manage operations against a hybrid of financial incentives.
 These incentives include an upfront agency fee, which is found to have an
 inverted U-shaped relationship with performance of TOs. We use our results
 to identify an optimal hybrid contract for TO and find optimal agency fee
 as a percentage of net earned premium.
Journal: Applied Economics Letters 
Pages: 1175-1178 
Issue: 14 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2015.1016202 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1016202 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:14:p:1175-1178




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Docherty 
Author-X-Name-First: Paul 
Author-X-Name-Last: Docherty 
Author-Name: Adrian Melia 
Author-X-Name-First: Adrian 
Author-X-Name-Last: Melia 
Title: The race that stops the equity market 
Abstract:
 The Melbourne Cup is a major horse racing event that is colloquially known
 as the 'race that stops the nation' in Australia. We use constituent stock
 intraday volume data on the Australian Securities Exchange S&P/ASX 200
 equity index from 2003 to 2013 within a regression framework to examine
 whether this major horse race reduces investor attention. Results show
 that trading volume on the Australian equity market is significantly
 reduced during and immediately surrounding the running of the Melbourne
 Cup, supporting the claim that this is the 'race that stops the equity
 market'.
Journal: Applied Economics Letters 
Pages: 1179-1183 
Issue: 14 
Volume: 22 
Year: 2015 
Month: 9 
X-DOI: 10.1080/13504851.2015.1023935 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1023935 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:14:p:1179-1183




Template-Type: ReDIF-Article 1.0
Author-Name:  Sarma 
Author-X-Name-First:  
Author-X-Name-Last: Sarma 
Author-Name:  Parinduri 
Author-X-Name-First:  
Author-X-Name-Last: Parinduri 
Title: Children and maternal migration: evidence from exogenous variations in family size 
Abstract:
 Both theoretically and empirically, childbearing decreases female labour
 supply, but few papers examine the effects of children on whether women
 emigrate to work. Using exogenous variations in family size induced by
 parents' preferences for mixed sibling-sex composition in instrumental
 variable estimations, we find that in Sri Lanka where most migrants are
 women and mothers, children decrease maternal labour supply in the
 domestic market but they increase maternal labour supply abroad.
Journal: Applied Economics Letters 
Pages: 1184-1187 
Issue: 15 
Volume: 22 
Year: 2015 
Month: 10 
X-DOI: 10.1080/13504851.2015.1016203 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1016203 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:15:p:1184-1187




Template-Type: ReDIF-Article 1.0
Author-Name:  McMullen 
Author-X-Name-First:  
Author-X-Name-Last: McMullen 
Author-Name:  Rouse 
Author-X-Name-First:  
Author-X-Name-Last: Rouse 
Author-Name: Justin Haan 
Author-X-Name-First: Justin 
Author-X-Name-Last: Haan 
Title: The distributional effects of the multi-track year-round calendar: a quantile regression approach 
Abstract:
 Year-round school (YRS) calendars that redistribute the 180 school days
 more evenly across the calendar year are growing in popularity. Learning
 loss theory predicts student response to year-round calendars could vary
 substantially across achievement levels. Existing research on the
 heterogeneous effects of YRS focuses on estimating mean treatment effects
 by subgroup. We instead use a quantile regression approach with school and
 grade-by-year fixed effects to estimate the distributional impact of
 year-round calendars using a natural experiment setting in Wake County,
 NC. Contrary to the prior literature, we find evidence of a positive
 impact of year-round calendars for the lowest-performing students.
 However, even for these students, the estimated academic impact is small.
Journal: Applied Economics Letters 
Pages: 1188-1192 
Issue: 15 
Volume: 22 
Year: 2015 
Month: 10 
X-DOI: 10.1080/13504851.2015.1016204 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1016204 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:15:p:1188-1192




Template-Type: ReDIF-Article 1.0
Author-Name: B. Parenti 
Author-X-Name-First: B. 
Author-X-Name-Last: Parenti 
Author-Name: E. De Simone 
Author-X-Name-First: E. 
Author-X-Name-Last: De Simone 
Title: Explaining determinants of national UNESCO Tentative Lists: an empirical study 
Abstract:
 The analysis empirically tests the determinants of the demand for
 acknowledgement in the Tentative List, an inventory of properties that
 States Parties intend to consider for the nomination in the World Heritage
 List (WHL). We find evidence that there are some sociopolitical and
 institutional variables that influence in a significant way the choice of
 states in requiring the admission of their properties in Tentative List.
 Namely, these variables represent the cultural relevance of a country and
 its role inside UNESCO, this last result being consistent with the
 findings of other previous analyses (Bertacchini and Saccone, 2012; Frey
 <italic>et al</italic>., 2013). Our conclusions unveil the possible
 reasons behind WHL imbalance, which date back to the submissions of
 Tentative Lists, the first act of national initiative.
Journal: Applied Economics Letters 
Pages: 1193-1198 
Issue: 15 
Volume: 22 
Year: 2015 
Month: 10 
X-DOI: 10.1080/13504851.2015.1019029 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1019029 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:15:p:1193-1198




Template-Type: ReDIF-Article 1.0
Author-Name: Abbas Mohammadzadeh 
Author-X-Name-First: Abbas 
Author-X-Name-Last: Mohammadzadeh 
Title: Regulations on direct investment in ASEAN: do they reduce currency instability? 
Abstract:
 Many authors have studied the impact of capital controls on currency
 crises. However, few attempts have been made to explore the impact of
 separate controls on each type of capital flow on currency instability. To
 date, no study has examined the impact of regulation and control of direct
 investment on the probability of currency instability. The hypothesis of
 this study is that direct investment control decreases currency
 instability, especially when there is no control over the liquidation of
 direct investment. Regression analysis of probit panel data from eight
 ASEAN members over 1998-2011 supported this hypothesis. Another
 interesting outcome, which confirms the results of previous studies, is
 that overall capital control insufficiently protects countries against
 currency attacks. This study underlines the importance of considering
 various types of capital flows separately during external reform policy in
 emerging economies.
Journal: Applied Economics Letters 
Pages: 1199-1203 
Issue: 15 
Volume: 22 
Year: 2015 
Month: 10 
X-DOI: 10.1080/13504851.2015.1019030 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1019030 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:15:p:1199-1203




Template-Type: ReDIF-Article 1.0
Author-Name: Ivo Ph. Jansen 
Author-X-Name-First: Ivo Ph. 
Author-X-Name-Last: Jansen 
Title: Trading volume around announcements of mergers and acquisitions 
Abstract:
 This study investigates the volume reaction to merger and acquisition
 (M&A) announcements for acquiring firms. It identifies the method of
 payment, target ownership, firm size and the relative size of acquisitions
 as important cross-sectional determinants of the volume reaction. This
 research is important because volume is a fundamental attribute of
 securities markets. Moreover, the analysis of trading volume and its
 determinants provides insights about which M&A attributes cause investor
 disagreement about the value of M&A activities.
Journal: Applied Economics Letters 
Pages: 1204-1208 
Issue: 15 
Volume: 22 
Year: 2015 
Month: 10 
X-DOI: 10.1080/13504851.2015.1019031 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1019031 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:15:p:1204-1208




Template-Type: ReDIF-Article 1.0
Author-Name: Adam J. Hoffer 
Author-X-Name-First: Adam J. 
Author-X-Name-Last: Hoffer 
Author-Name: Jared A. Pincin 
Author-X-Name-First: Jared A. 
Author-X-Name-Last: Pincin 
Title: The effects of conference realignment on NCAA athletic departments 
Abstract:
 This study uses a panel of National Collegiate Athletic Association (NCAA)
 Division I athletic department revenue and expenditure data from 227
 public colleges and universities to empirically investigate the effects of
 conference realignment over the period 2006-2011. The results show that
 schools moving into automatic-qualifying conferences experienced nearly
 $12.15&nbsp;million in increased revenue, nearly matched by $10.12 million
 in added expenditures. Schools moving into any FBS conference saw revenues
 increase by $6.43 million, with expenses growing $5.03 million. Schools
 switching conferences to a non-FBS conference did not see a statistically
 significant change in revenues or expenses. Schools with football programs
 saw revenues increase by $2.94&nbsp;million and profits increase by close
 to $1 million. Despite the increase in revenues, no change to
 institutional subsidies was observed.
Journal: Applied Economics Letters 
Pages: 1209-1223 
Issue: 15 
Volume: 22 
Year: 2015 
Month: 10 
X-DOI: 10.1080/13504851.2015.1021448 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1021448 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:15:p:1209-1223




Template-Type: ReDIF-Article 1.0
Author-Name: Feler Bose 
Author-X-Name-First: Feler 
Author-X-Name-Last: Bose 
Title: The determinants of sexual freedom from 1990 to 2010 
Abstract:
 With sexual freedom represented by the changing definition of marriage in
 the news lately, the question this article seeks to answer is what drives
 the issue of sexual freedom. This article focuses on the hypothesized link
 between sexual freedom and possible explanatory factors. Data are obtained
 from 1990 to 2010. The examination of data shows that median income,
 ideology, median age, population density and religion variables are
 significant in understanding sexual freedom in the United States.
Journal: Applied Economics Letters 
Pages: 1224-1229 
Issue: 15 
Volume: 22 
Year: 2015 
Month: 10 
X-DOI: 10.1080/13504851.2015.1021449 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1021449 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:15:p:1224-1229




Template-Type: ReDIF-Article 1.0
Author-Name: Bego�a Cueto 
Author-X-Name-First: Bego�a 
Author-X-Name-Last: Cueto 
Author-Name: Mat�as Mayor 
Author-X-Name-First: Mat�as 
Author-X-Name-Last: Mayor 
Author-Name: Patricia Su�rez 
Author-X-Name-First: Patricia 
Author-X-Name-Last: Su�rez 
Title: Entrepreneurship and unemployment in Spain: a regional analysis 
Abstract:
 Self-employment is usually associated with entrepreneurship and it is
 often promoted as a way of reducing unemployment. Our aim in this article
 is to analyse the relationship between self-employment and unemployment
 taking into account its spatial dimension. The entrepreneur activity in
 each region depends not only on its own endowment but the entrepreneurship
 environment may be exerted some influence. Regional Spanish data are used
 to obtain evidence about this relationship using a Spatial Durbin model to
 embed the spatial dimension. The results reveal that both the direct and
 indirect effects are relatively small. Further, if unemployment increases
 in a region, self-employment decreases. However, if unemployment grows in
 neighbouring regions, incentives for entering self-employment increase,
 implying that there is a 'refugee' effect (self-employment as an answer to
 the lack of wage employment).
Journal: Applied Economics Letters 
Pages: 1230-1235 
Issue: 15 
Volume: 22 
Year: 2015 
Month: 10 
X-DOI: 10.1080/13504851.2015.1021450 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1021450 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:15:p:1230-1235




Template-Type: ReDIF-Article 1.0
Author-Name: Souleymane Soumahoro 
Author-X-Name-First: Souleymane 
Author-X-Name-Last: Soumahoro 
Title: Leadership favouritism in Africa 
Abstract:
 In this note, I document a strong and positive relationship between the
 ethnic affiliation of African leaders and satellite night-time luminosity
 in the historical homelands of ethnic groups. Using a unique data-set on
 630 ethnicities and 86 leaders from 48 African countries, I show that
 luminosity is on average 75% relatively higher in leaders' ethnic
 homelands.
Journal: Applied Economics Letters 
Pages: 1236-1239 
Issue: 15 
Volume: 22 
Year: 2015 
Month: 10 
X-DOI: 10.1080/13504851.2015.1021451 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1021451 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:15:p:1236-1239




Template-Type: ReDIF-Article 1.0
Author-Name: Po-Hsin Ho 
Author-X-Name-First: Po-Hsin 
Author-X-Name-Last: Ho 
Author-Name: Yu-Chun Wang 
Author-X-Name-First: Yu-Chun 
Author-X-Name-Last: Wang 
Author-Name: Chih-Yung Lin 
Author-X-Name-First: Chih-Yung 
Author-X-Name-Last: Lin 
Title: Do political connections matter to bondholders? Evidence from China 
Abstract:
 This article examines the association between political connections and
 the pricing of bonds in China. Political connections are associated with
 higher at-issue spreads on corporate bonds, implying that political
 connections do not ensure the alignment of interests between managers and
 bondholders. The adverse effects of political connections on borrowing
 costs are eliminated when the chairman and the CEO are politically
 connected. Evidence suggests that bondholders price new debt issuances by
 using the information about the political backgrounds of top managers.
 Moreover, the costs and benefits of political connections for bondholders
 vary with the extent of the connectedness of a firm.
Journal: Applied Economics Letters 
Pages: 1240-1245 
Issue: 15 
Volume: 22 
Year: 2015 
Month: 10 
X-DOI: 10.1080/13504851.2015.1021452 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1021452 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:15:p:1240-1245




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Chan 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Chan 
Author-Name: Saralees Nadarajah 
Author-X-Name-First: Saralees 
Author-X-Name-Last: Nadarajah 
Title: Extreme value analysis of electricity demand in the UK 
Abstract:
 For the first time, an extreme value analysis of electricity demand in the
 UK is provided. The analysis is based on the generalized Pareto
 distribution. Its parameters are allowed to vary linearly and sinusoidally
 with respect to time to capture patterns in the electricity demand data.
 The models are shown to give reasonable fits. Some useful predictions are
 given for the value at risk of the returns of electricity demand.
Journal: Applied Economics Letters 
Pages: 1246-1251 
Issue: 15 
Volume: 22 
Year: 2015 
Month: 10 
X-DOI: 10.1080/13504851.2015.1021453 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1021453 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:22:y:2015:i:15:p:1246-1251




Template-Type: ReDIF-Article 1.0
Author-Name: Weixing Cai 
Author-X-Name-First: Weixing 
Author-X-Name-Last: Cai 
Author-Name: Fangming Xu 
Author-X-Name-First: Fangming 
Author-X-Name-Last: Xu 
Author-Name: Cheng (Colin) Zeng 
Author-X-Name-First: Cheng (Colin) 
Author-X-Name-Last: Zeng 
Title: Why do Chinese local governments transfer their rights of control over SOEs to the central government? 
Abstract:
 This article investigates local authorities' motives for transferring
 their rights of control over state-owned enterprises (SOEs) to the central
 government. Using a difference-in-difference approach, we find that both
 employment and investment improves significantly following such transfers,
 and these findings are more pronounced among firms located in regions
 where the political pressure on local officials is higher. However, we
 fail to find any significant improvement in profitability. Our findings
 suggest that local governments tend to alleviate the political pressure
 they face by giving up their control rights and even sacrifice long-term
 economic benefits to do so.
Journal: Applied Economics Letters 
Pages: 1252-1256 
Issue: 15 
Volume: 22 
Year: 2015 
Month: 10 
X-DOI: 10.1080/13504851.2015.1023931 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1023931 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:15:p:1252-1256




Template-Type: ReDIF-Article 1.0
Author-Name: Alberto Posso 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Posso 
Author-Name: Simon Feeny 
Author-X-Name-First: Simon 
Author-X-Name-Last: Feeny 
Title: Income, democracy and European colonization 
Abstract:
 The Modernization Hypothesis states that economic development drives
 democracy within countries. Until recently, this view was widely accepted
 by scholars, with cross-country regressions indicating that higher per
 capita incomes are indeed associated with higher levels of democracy.
 However, recent empirical work has shown that the positive effect of per
 capita income on democracy disappears with the inclusion of country fixed
 effects. Moreover, a heterogeneous effect of income on democracy has been
 found for countries that were colonized relative to those that were not.
 This article revisits the issue by examining whether the identity of the
 colonizer matters. Results reveal a negative association between income
 and democracy for former British colonies. The formation of the
 Commonwealth of Nations together with Dependency Theory is used to explain
 this finding.
Journal: Applied Economics Letters 
Pages: 1257-1261 
Issue: 15 
Volume: 22 
Year: 2015 
Month: 10 
X-DOI: 10.1080/13504851.2015.1023932 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1023932 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:15:p:1257-1261




Template-Type: ReDIF-Article 1.0
Author-Name: J. F. Li 
Author-X-Name-First: J. F. 
Author-X-Name-Last: Li 
Author-Name: Z. X. Lin 
Author-X-Name-First: Z. X. 
Author-X-Name-Last: Lin 
Title: The impact of sales tax on economic growth in the United States: an ARDL bounds testing approach 
Abstract:
 This article investigates the impact of sales tax on economic growth in
 the United States during the 1960-2013 period using the autoregressive
 distributed lag bounds testing approach of cointegration. We estimate the
 long- and short-run elastic coefficients of sales tax on growth and find
 that economic growth in the United States responds negatively to sales tax
 in the long run, although it produces positive effects in the short run.
Journal: Applied Economics Letters 
Pages: 1262-1266 
Issue: 15 
Volume: 22 
Year: 2015 
Month: 10 
X-DOI: 10.1080/13504851.2015.1023933 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1023933 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Ahn 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Ahn 
Author-Name: Aaron Yelowitz 
Author-X-Name-First: Aaron 
Author-X-Name-Last: Yelowitz 
Title: The short-run impacts of Connecticut's paid sick leave legislation 
Abstract:
 In 2012, Connecticut became the first state to enact paid sick leave
 legislation. Using a difference-in-differences framework, we find the law
 had modest but negative effects on the labour market, particularly on the
 likelihood of working in the past week.
Journal: Applied Economics Letters 
Pages: 1267-1272 
Issue: 15 
Volume: 22 
Year: 2015 
Month: 10 
X-DOI: 10.1080/13504851.2015.1023934 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1023934 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyejin Song 
Author-X-Name-First: Hyejin 
Author-X-Name-Last: Song 
Author-Name:  Shin 
Author-X-Name-First:  
Author-X-Name-Last: Shin 
Title: Long-memories and mean breaks in realized volatilities 
Abstract:
 An extended sequential test of Bai and Perron (1998) to a long-memory
 process is applied to four sets of realized volatilities (RVs) of the US
 dollar-EU euro, the Japan yen-US dollar, the Korea won-US dollar exchange
 rates and the S&P 500 index to find significant structural breaks in the
 means. Even after the mean breaks are adjusted out, the RVs still have
 persistent memories, which will be shown to produce better out-of-sample
 forecasts of RVs if properly addressed than ignored. Contrary to the
 recent report of Choi <italic>et al</italic>. (2010) that 'short-memory +
 break' models have better forecast power than 'long-memory only' models in
 forecasting some foreign exchange rate RVs, models with 'long-memory +
 mean breaks' turn out to produce better out-of-sample forecasts than
 models with 'short-memory + mean breaks' and models with 'long-memory
 only'.
Journal: Applied Economics Letters 
Pages: 1273-1280 
Issue: 16 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1013605 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1013605 
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Template-Type: ReDIF-Article 1.0
Author-Name:  Lai 
Author-X-Name-First:  
Author-X-Name-Last: Lai 
Title: Structural change and long-run reversion in the <italic>ex ante</italic> real interest rate 
Abstract:
 This study examines recent US data on Treasury inflation-protected
 securities and presents new evidence supporting the Fisher hypothesis. The
 real interest rate may appear to display no mean reversion when in fact it
 is mean-reverting and a structural shift is responsible. According to
 break date estimates, the structural change occurred shortly after the
 collapse of Lehman Brothers at the height of the US financial crisis. The
 timing also coincided with the launch of quantitative easing by the
 Federal Reserve.
Journal: Applied Economics Letters 
Pages: 1281-1286 
Issue: 16 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1023936 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1023936 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bebonchu Atems 
Author-X-Name-First: Bebonchu 
Author-X-Name-Last: Atems 
Title: A note on the determinants of long-run aggregate state productivity growth 
Abstract:
 We use data envelopment analysis to estimate state-level productivity and
 then use the pooled mean group approach to investigate its long-run
 determinants. Results indicate that human capital, infrastructure, energy
 shocks, a diverse mix of industries and states with large urban
 populations are associated with higher long-run aggregate state
 productivity growth, while unionisation has no long-run effects.
Journal: Applied Economics Letters 
Pages: 1287-1292 
Issue: 16 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1026573 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1026573 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name:  Arin 
Author-X-Name-First:  
Author-X-Name-Last: Arin 
Author-Name: Torben Kuhlenkasper 
Author-X-Name-First: Torben 
Author-X-Name-Last: Kuhlenkasper 
Author-Name:  Nandialath 
Author-X-Name-First:  
Author-X-Name-Last: Nandialath 
Title: Critical thresholds for budget consolidations: a semi-parametric approach 
Abstract:
 While a lot is known regarding the determinants of successful fiscal
 consolidations, previous studies do not allow for the possibility of
 nonlinearities in factors impacting budget consolidations. By using a
 semi-parametric modelling approach employing penalized spline regression
 on a data-set for 28 OECD countries for the period 1978-2007, we
 demonstrate the existence of critical thresholds not only for the initial
 debt level but also for the accompanying monetary policy. The latter
 result shows when monetary policy matters most and suggests, counter to
 previous studies, that too lax a monetary policy decreases the success
 probability of a fiscal adjustment episode.
Journal: Applied Economics Letters 
Pages: 1293-1297 
Issue: 16 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1026574 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1026574 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alexander Klemm 
Author-X-Name-First: Alexander 
Author-X-Name-Last: Klemm 
Title: Fiscal policy over the cycle: the role of automatic stabilizers 
Abstract:
 This article suggests a new adjusted fiscal balance to be used in studies
 of the cyclicality of fiscal policy. The suggested approach takes into
 account both discretionary policy action and those automatic stabilizers
 that are a systematic component of the tax and benefit system, but
 excludes additional revenues that are due to applying an unchanged average
 tax rate to nominal GDP in excess of potential. This article argues that
 this has advantages over the previous approaches relying either on the
 overall or the cyclically adjusted (or structural) primary balance.
Journal: Applied Economics Letters 
Pages: 1298-1302 
Issue: 16 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1026575 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1026575 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Bentzen 
Author-X-Name-First: Jan 
Author-X-Name-Last: Bentzen 
Title: Comparing data sources of real GDP in purchasing power parities 
Abstract:
 When comparing the development in international incomes, e.g. GDP per
 capita, the data used refer most often to incomes in real purchasing power
 parity (PPP) terms. The present analysis compares the most used data
 sources - Maddison's Historical Statistics, Penn World Table (PWT) and
 OECD - and includes four countries, the USA, Japan, the UK and France.
 These time-series data from the respective sources might be expected to be
 rather identical for a specific country, but the analysis reveals that
 there will be some differences, probably created by methodological
 procedures, which can influence, e.g. the very often applied unit root and
 cointegration tests of income convergence.
Journal: Applied Economics Letters 
Pages: 1303-1308 
Issue: 16 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1026576 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1026576 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mogens Dilling-Hansen 
Author-X-Name-First: Mogens 
Author-X-Name-Last: Dilling-Hansen 
Author-Name: Valdemar Smith 
Author-X-Name-First: Valdemar 
Author-X-Name-Last: Smith 
Title: R&D, export and productivity in business services firms: testing the Bustos model 
Abstract:
 This article uses data for Danish business services firms to analyse the
 nexus between the decision to export, invest in R&D and firm productivity.
 Testing the hypothesis derived by Bustos (2011) by the use of a
 nonparametric test for differences in stochastic productivity
 distributions, see Delgado <italic>et al</italic>. (2002); it is found
 that the productivity distribution of exporting business services firms
 dominates the productivity distribution of nonexporting firms who do not
 invest in R&D. Except for 2007, this result holds for all the years
 included in the sample, i.e. 2007-2010. Exporting firms that are R&D
 active are more productive than nonexporting firms without R&D in all
 years between 2007 and 2010. This result is in accordance with Vogel and
 Wagner (2013) who test the Bustos model with German data for business
 services firms. The results are mixed when testing productivity
 differences for non-R&D active exporting firms with exporting firms that
 are R&D active. In this case the Bustos hypothesis holds only for 2009.
 Export of services has become increasingly important in foreign trade for
 developed countries. And the results add to the sparse empirical evidence
 on the interplay between R&D, export and productivity for firms in the
 business services industry.
Journal: Applied Economics Letters 
Pages: 1309-1314 
Issue: 16 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1026577 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1026577 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luc Arrondel 
Author-X-Name-First: Luc 
Author-X-Name-Last: Arrondel 
Author-Name: Majdi Debbich 
Author-X-Name-First: Majdi 
Author-X-Name-Last: Debbich 
Author-Name: Fr�d�rique Savignac 
Author-X-Name-First: Fr�d�rique 
Author-X-Name-Last: Savignac 
Title: Stockholding in France: the role of financial literacy and information 
Abstract:
 We use an original household survey to study the links between
 stockholding, financial literacy and acquisition of financial information
 within the French population. Controlling for subjective expectations on
 stock market returns and for risk aversion, we find that stock market
 participation is positively related to basic financial literacy and
 financial information acquisition through the press reading and the family
 financial context during childhood. We also find that basic financial
 literacy is not correlated with the share of stocks in financial assets
 conditionally on stockownership, while the correlation with information
 acquisition is significant.
Journal: Applied Economics Letters 
Pages: 1315-1319 
Issue: 16 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1026578 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1026578 
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Template-Type: ReDIF-Article 1.0
Author-Name: Blaise Gadanecz 
Author-X-Name-First: Blaise 
Author-X-Name-Last: Gadanecz 
Author-Name: Ken Miyajima 
Author-X-Name-First: Ken 
Author-X-Name-Last: Miyajima 
Author-Name: J�rg Urban 
Author-X-Name-First: J�rg 
Author-X-Name-Last: Urban 
Title: Introducing financial stability considerations into Taylor rules in emerging market economies 
Abstract:
 We study optimized Taylor rules that incorporate financial stability
 considerations, which have been little analysed for emerging market
 economies. Setting the policy interest rate with a greater financial
 stability consideration reduces monetary policy effectiveness: a greater
 effort to reduce output volatility in the nontradables sector, where asset
 bubbles are prone to build, leads to greater inflation volatility.
Journal: Applied Economics Letters 
Pages: 1320-1324 
Issue: 16 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1026579 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1026579 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mosi Rosenboim 
Author-X-Name-First: Mosi 
Author-X-Name-Last: Rosenboim 
Author-Name: Tal Shavit 
Author-X-Name-First: Tal 
Author-X-Name-Last: Shavit 
Title: Is there ownership for money? 
Abstract:
 The experimental results from this study show that at least 50% of the
 subjects ask for more than a bill's face value when selling it (they ask
 for a premium), which indicates that there is an ownership effect for
 money. We also found that subjects who were asked to record the serial
 number of the bill requested a higher premium, indicating that this act
 strengthened the ownership effect.
Journal: Applied Economics Letters 
Pages: 1325-1328 
Issue: 16 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1029110 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1029110 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chaoyou Wang 
Author-X-Name-First: Chaoyou 
Author-X-Name-Last: Wang 
Author-Name: Yuanyuan Guo 
Author-X-Name-First: Yuanyuan 
Author-X-Name-Last: Guo 
Author-Name: Qiang Ye 
Author-X-Name-First: Qiang 
Author-X-Name-Last: Ye 
Title: An anatomy of Chinese stock and futures markets' dynamic features 
Abstract:
 This letter uses a fusion model to investigate the coexistence of three
 distinctive dynamic features of Chinese stock and stock index futures
 markets: permanent volatility, transitory volatility and jumps. These
 three features are included in the component-GARCH-jump model proposed in
 the research. The empirical results show that permanent volatility has
 smooth movement and that the transitory volatilities strongly resemble
 each other. Jumps and volatility do not coincide significantly, indicating
 that the model divides them efficiently. In addition, the stock market is
 often restrained by daily price limits and processes abrupt information
 more slowly. Therefore, the stock market has more transitory part and the
 futures market has more jumps.
Journal: Applied Economics Letters 
Pages: 1329-1334 
Issue: 16 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1029111 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1029111 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:16:p:1329-1334




Template-Type: ReDIF-Article 1.0
Author-Name: Rishav Bista 
Author-X-Name-First: Rishav 
Author-X-Name-Last: Bista 
Author-Name: Rebecca Tomasik 
Author-X-Name-First: Rebecca 
Author-X-Name-Last: Tomasik 
Title: The not so distant effect of distance within a time zone 
Abstract:
 This article extends the distance and time zone trade literature by
 examining the impact on trade of larger distance within a time zone
 between a country pair. Although countries cannot control the physical
 distance between them and other countries, they do have some control over
 the time zone difference. We find the quartile for distance within each
 time zone difference and use these to create conditional distance
 quartiles which measure the overall impact of falling in the 25th-90th
 quartile for distance, given the time zone difference. We find that a
 larger distance within a time zone comes at an additional cost. For trade
 purposes, countries that could move from the 90th to the 25th conditional
 quartile for distance by increasing their time zone difference by two
 hours are better off doing so.
Journal: Applied Economics Letters 
Pages: 1335-1339 
Issue: 16 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1029234 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1029234 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:16:p:1335-1339




Template-Type: ReDIF-Article 1.0
Author-Name: Omer Gokcekus 
Author-X-Name-First: Omer 
Author-X-Name-Last: Gokcekus 
Author-Name: Eva Muchova 
Author-X-Name-First: Eva 
Author-X-Name-Last: Muchova 
Author-Name: Zuzana Brincikova 
Author-X-Name-First: Zuzana 
Author-X-Name-Last: Brincikova 
Title: Level and quality of openness and corruption in the ECA countries 
Abstract:
 Despite recent progress, corruption is frequently cited as an obstacle
 inhibiting business in the Europe and Central Asia (ECA) region, and there
 are considerable differences in corruption across the ECA countries.
 Regression analyses show that both the level and quality of openness
 significantly affected corruption in the ECA countries between 1996 and
 2009. These findings are robust; they do not depend on the addition of a
 number of other relevant variables or the choice of estimator - OLS,
 robust or random-effects generalized least squares.
Journal: Applied Economics Letters 
Pages: 1340-1344 
Issue: 16 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1031863 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1031863 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:16:p:1340-1344




Template-Type: ReDIF-Article 1.0
Author-Name: J. Pehkonen 
Author-X-Name-First: J. 
Author-X-Name-Last: Pehkonen 
Author-Name: J. Viinikainen 
Author-X-Name-First: J. 
Author-X-Name-Last: Viinikainen 
Author-Name: P. B�ckerman 
Author-X-Name-First: P. 
Author-X-Name-Last: B�ckerman 
Author-Name: L. Pulkki-R�back 
Author-X-Name-First: L. 
Author-X-Name-Last: Pulkki-R�back 
Author-Name: L. Keltikangas-J�rvinen 
Author-X-Name-First: L. 
Author-X-Name-Last: Keltikangas-J�rvinen 
Author-Name: O. Raitakari 
Author-X-Name-First: O. 
Author-X-Name-Last: Raitakari 
Title: Relative age at school entry, school performance and long-term labour market outcomes 
Abstract:
 This article examines the impact of relative age at school entry on school
 performance, educational attainment and labour market outcomes later in
 life. We find that the advantages of maturity at school entry are
 short-lived with relative age having no impact on the years of formal
 education, adulthood earnings or employment. Our findings are consistent
 with the view that assumes modest maturity effects in countries where
 formal education begins late and there are no ability-differentiated
 learning groups at initial grades.
Journal: Applied Economics Letters 
Pages: 1345-1348 
Issue: 16 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1031864 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1031864 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:16:p:1345-1348




Template-Type: ReDIF-Article 1.0
Author-Name:  Kemper 
Author-X-Name-First:  
Author-X-Name-Last: Kemper 
Title: Do ratings matter? An examination of nonrated firms 
Abstract:
 I attempt to add to the credit rating literature by empirically testing a
 hitherto untapped sample. While increased attention is being paid to
 credit rating agencies through academic studies, the examination of
 nonrated firms has yet to be investigated. An analysis of this subset of
 firms can begin to answer the question of whether firms are responding to
 some omitted variable, rather than an adherence or preference for a credit
 rating. After creating hypothetical ratings for a nonrated sample, I
 examine if these firms react in a similar fashion to credit rating threats
 as do rated firms since a response to a rating stimulus by a nonrated firm
 that is qualitatively similar to a rated firm would open up a new argument
 against firms' regard for ratings. My results alleviate the concern of
 firm response to an omitted variable.
Journal: Applied Economics Letters 
Pages: 1349-1354 
Issue: 16 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1031865 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1031865 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:16:p:1349-1354




Template-Type: ReDIF-Article 1.0
Author-Name: Durmus &Ouml;zdemir 
Author-X-Name-First: Durmus 
Author-X-Name-Last: &Ouml;zdemir 
Title: The demand for Turkish wine: estimates of the wine price elasticities 
Abstract:
 This article examines the impacts of the recent high taxation policy on
 Anatolian wine demand and wine price elasticities. This article uses
 quarterly data between 1997 and 2013 to estimate key elasticities of the
 Turkish demand for wine. No prior study has estimated specific
 elasticities for wine consumption and the results also indicate that the
 high taxation policy is significantly reducing the wine demand and
 production in Turkey.
Journal: Applied Economics Letters 
Pages: 1355-1360 
Issue: 17 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1031866 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1031866 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:17:p:1355-1360




Template-Type: ReDIF-Article 1.0
Author-Name: Feng Ma 
Author-X-Name-First: Feng 
Author-X-Name-Last: Ma 
Author-Name: Li Liu 
Author-X-Name-First: Li 
Author-X-Name-Last: Liu 
Author-Name: Zhichao Liu 
Author-X-Name-First: Zhichao 
Author-X-Name-Last: Liu 
Author-Name: Yu Wei 
Author-X-Name-First: Yu 
Author-X-Name-Last: Wei 
Title: Forecasting realized range volatility: a regime-switching approach 
Abstract:
 In this study, we introduce the regime changes to the heterogeneous
 autoregressive realized range-based volatility model (HAR-RRV). The
 different regimes are specified depending on the expectations of
 volatility of RRV volatility. Our out-of-sample findings indicate that
 considering regime switching can significantly improve the forecasting
 accuracy of volatility models.
Journal: Applied Economics Letters 
Pages: 1361-1365 
Issue: 17 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1031867 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1031867 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:17:p:1361-1365




Template-Type: ReDIF-Article 1.0
Author-Name:  Fleissig 
Author-X-Name-First:  
Author-X-Name-Last: Fleissig 
Title: Changes in aggregate food demand over the business cycle 
Abstract:
 The globally flexible Fourier functional form is used to provide estimates
 of how substitution between types of food varies over time. Estimates of
 Morishima elasticities of substitution between food and nonfood aggregates
 often show considerable variability over time, typically during
 recessions. In contrast, estimates from locally flexible functional forms
 only provide estimates at a single data point and fail to provide insight
 into changes in substitution over the sample. Evidence of changes in
 substitution over time has important policy implications, especially
 attempts to encourage increased consumption of fruits and vegetables.
Journal: Applied Economics Letters 
Pages: 1366-1371 
Issue: 17 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1031868 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1031868 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:17:p:1366-1371




Template-Type: ReDIF-Article 1.0
Author-Name: Christos Agiakloglou 
Author-X-Name-First: Christos 
Author-X-Name-Last: Agiakloglou 
Author-Name: Cleon Tsimbos 
Author-X-Name-First: Cleon 
Author-X-Name-Last: Tsimbos 
Author-Name: Apostolos Tsimpanos 
Author-X-Name-First: Apostolos 
Author-X-Name-Last: Tsimpanos 
Title: Is spurious behaviour an issue for two independent stationary spatial autoregressive SAR(1) processes? 
Abstract:
 Spurious regression occurs when two independent stationary or
 nonstationary time series are found to be correlated. Spurious behaviour
 is also detected in spatial data. Using a Monte Carlo analysis, this study
 examines the spurious phenomenon for two independent stationary spatial
 autoregressive processes of order one, that is, SAR(1), and it finds that
 when spatial econometric models are estimated, as suggested by the LM
 specification tests, the spurious behaviour is not detected nor the
 presence of spatially autocorrelated errors.
Journal: Applied Economics Letters 
Pages: 1372-1377 
Issue: 17 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1031869 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1031869 
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Template-Type: ReDIF-Article 1.0
Author-Name: Laura L�pez-Torres 
Author-X-Name-First: Laura 
Author-X-Name-Last: L�pez-Torres 
Author-Name: Diego Prior 
Author-X-Name-First: Diego 
Author-X-Name-Last: Prior 
Title: Should we charge environmental factors for poor students' achievement? 
Abstract:
 The literature states that an unfavourable environment negatively affects
 students' performance. However, there is evidence showing that low
 socio-economic status does not always have a negative influence on
 students' outcomes. To shed some light on this issue, we develop a
 conditional order-<italic>m</italic> efficiency estimation. The results
 confirm that the environment impacts differently among schools and
 unfavourable socio-economic background does not always imply a negative
 influence.
Journal: Applied Economics Letters 
Pages: 1378-1381 
Issue: 17 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1034830 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1034830 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jian Chen 
Author-X-Name-First: Jian 
Author-X-Name-Last: Chen 
Author-Name: Liya Shen 
Author-X-Name-First: Liya 
Author-X-Name-Last: Shen 
Author-Name: Xiaoke Wang 
Author-X-Name-First: Xiaoke 
Author-X-Name-Last: Wang 
Author-Name: Haomiao Zuo 
Author-X-Name-First: Haomiao 
Author-X-Name-Last: Zuo 
Title: The role of variance risk premium in predicting excess stock market return: out-of-sample evidences 
Abstract:
 This paper examines the out-of-sample performance of variance risk premium
 in predicting excess stock market returns across nine international
 markets. We assess the out-of-sample predictability through statistical
 and economic significance tests and find that the variance risk premium
 has strong forecasting power at the 4-month horizon for most of the
 international markets considered in this study. In addition, we find the
 predictability is even stronger during the recent financial crisis period.
Journal: Applied Economics Letters 
Pages: 1382-1388 
Issue: 17 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1034831 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1034831 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sajid Anwar 
Author-X-Name-First: Sajid 
Author-X-Name-Last: Anwar 
Author-Name:  Ali 
Author-X-Name-First:  
Author-X-Name-Last: Ali 
Title: Productivity bias hypothesis: evidence from South Asia 
Abstract:
 Most existing studies have attempted to test the productivity bias
 hypothesis by making use of the cross-section data. This article utilizes
 country-level time series data from Penn World Tables to examine the
 productivity bias hypothesis for five South Asian economies (namely,
 Bangladesh, India, Nepal, Pakistan and Sri Lanka). We make use of
 Johansen's cointegration approach and vector error correction modelling.
 The empirical analysis presented in this article shows that purchasing
 power parity theory holds for all countries considered. However, the
 productivity bias hypothesis appears to hold only in the case of
 Bangladesh and Nepal.
Journal: Applied Economics Letters 
Pages: 1389-1394 
Issue: 17 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1034832 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1034832 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cetin Ciner 
Author-X-Name-First: Cetin 
Author-X-Name-Last: Ciner 
Title: Equities as long-term inflation hedges: small versus large company stocks 
Abstract:
 The central argument of this article is that small company stocks are
 better inflation hedges than large company stocks. That is because smaller
 companies tend to be more flexible to adjust their prices when
 inflationary shocks exist. Our econometric analysis provides supportive
 evidence for this hypothesis in the US context.
Journal: Applied Economics Letters 
Pages: 1395-1398 
Issue: 17 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1034833 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1034833 
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Handle: RePEc:taf:apeclt:v:22:y:2015:i:17:p:1395-1398




Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Past�n 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Past�n 
Author-Name: Rodrigo Saens 
Author-X-Name-First: Rodrigo 
Author-X-Name-Last: Saens 
Author-Name: Roberto Contreras Mar�n 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Contreras Mar�n 
Title: Does energy use cause economic growth in Latin America? 
Abstract:
 This study analyses the relationship between energy consumption and
 economic growth, using annual panel data from 16 Latin American countries
 over the period 1971-2001. We use a random coefficient (RC) method to
 control for both finite sample and sample-heterogeneity biases. Our
 results show (1) a long-run relationship between real GDP, energy
 consumption, labour force and real capital stock and (2) a long-run
 unidirectional causality running from energy to economic growth. These
 results support the energy-driven growth hypothesis.
Journal: Applied Economics Letters 
Pages: 1399-1403 
Issue: 17 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1034834 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1034834 
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Template-Type: ReDIF-Article 1.0
Author-Name: Qiuling Hua 
Author-X-Name-First: Qiuling 
Author-X-Name-Last: Hua 
Author-Name: Tingfeng Jiang 
Author-X-Name-First: Tingfeng 
Author-X-Name-Last: Jiang 
Title: The prediction for London gold price: improved empirical mode decomposition 
Abstract:
 Gold has a strong anti-risk ability, and the price trend attracts much
 attention for most investors all over the world. This letter investigates
 and predicts the price of London gold by using the improved empirical mode
 decomposition (EMD) method. The prediction results after decomposition
 approximate well to the real ones and suggest more accurate gold price
 trend that can help investors in choosing better strategies in the big
 data era. Moreover, the forecasting methods and techniques used in the
 study provide inspiring new thoughts for high-frequency data analysis in
 theory.
Journal: Applied Economics Letters 
Pages: 1404-1408 
Issue: 17 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1034835 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1034835 
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Template-Type: ReDIF-Article 1.0
Author-Name:  Jones 
Author-X-Name-First:  
Author-X-Name-Last: Jones 
Author-Name:  McDermott 
Author-X-Name-First:  
Author-X-Name-Last: McDermott 
Title: Linking environmental management to health outcomes: a case study of the emerald ash borer 
Abstract:
 Research has linked the environment to improved health outcomes; however,
 environmental policy continues to ignore this connection. This is
 particularly important with invasive species, such as the emerald ash
 borer (EAB), that are destroying ash trees throughout North America. This
 oversight has potential impacts in terms of increased mortality rates due
 to a loss of ash trees. To address this issue, we use a health production
 function to map heterogeneous environmental amenities to changes in
 health. We find that inclusive of health impacts, management of the EAB is
 qualitatively different than current practices and varies according to
 spatial distributions of wealth. This model has policy implications for
 the optimal management of environmental amenities where a link between
 nature and health exists.
Journal: Applied Economics Letters 
Pages: 1409-1414 
Issue: 17 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1034836 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1034836 
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Template-Type: ReDIF-Article 1.0
Author-Name:  Peters 
Author-X-Name-First:  
Author-X-Name-Last: Peters 
Author-Name: Asha Sundaram 
Author-X-Name-First: Asha 
Author-X-Name-Last: Sundaram 
Title: Country of origin and employment prospects among immigrants: an analysis of south-south and north-south migrants to South Africa 
Abstract:
 We study the relationship between country of origin and employment
 prospects for immigrants to South Africa, an emerging host country
 characterized by high levels of unemployment, labour market imperfections
 and a scarcity of skills. Using the 2001 South African census, we estimate
 the probability of being employed for working-age immigrant men and South
 African internal migrants. We find that, conditional on individual
 characteristics and education levels, the probability of being employed
 varies by country of origin, and that it is different for immigrants
 relative to native internal migrants. Immigrants from advanced countries
 outperform natives, while those from certain central, west-African and
 Asian countries underperform them. Additionally, results indicate that
 education increases the probability of employment for immigrants from all
 countries. These probabilities converge at high levels of education,
 resulting in greater dispersion of employment probabilities across
 countries at lower levels of education.
Journal: Applied Economics Letters 
Pages: 1415-1418 
Issue: 17 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1037428 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1037428 
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Template-Type: ReDIF-Article 1.0
Author-Name: Miki Malul 
Author-X-Name-First: Miki 
Author-X-Name-Last: Malul 
Title: The process of brain drain in peripheral regions 
Abstract:
 The aim of this research is to explore the effect of a lower return on
 human capital in peripheral regions of a country compared to core regions
 on the decision of individuals in each region to acquire human capital by
 advancing their education. In addition, the study examines how these
 decisions may endogenously increase the income gap between the core region
 and the peripheral region.
Journal: Applied Economics Letters 
Pages: 1419-1423 
Issue: 17 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1037429 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1037429 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthias Neuenkirch 
Author-X-Name-First: Matthias 
Author-X-Name-Last: Neuenkirch 
Author-Name: Florian Neumeier 
Author-X-Name-First: Florian 
Author-X-Name-Last: Neumeier 
Title: Party affiliation rather than former occupation: the background of central bank governors and its effect on monetary policy 
Abstract:
 We find that tenures of central bank governors who are affiliated with a
 political party are characterized by a relatively dovish monetary policy
 stance. In general, party affiliation is more important than occupational
 background for the degree of hawkishness.
Journal: Applied Economics Letters 
Pages: 1424-1429 
Issue: 17 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1037430 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1037430 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dierk Herzer 
Author-X-Name-First: Dierk 
Author-X-Name-Last: Herzer 
Author-Name: Korbinian Nagel 
Author-X-Name-First: Korbinian 
Author-X-Name-Last: Nagel 
Title: The long-run and short-run effects of health aid on life expectancy 
Abstract:
 This article examines the long-run and short-run effects of health aid on
 health, as measured by life expectancy at birth. Using panel cointegration
 techniques, it is found that while in the short run health aid has
 significant positive effects on life expectancy, in the long run, an
 increase in health aid leads to a small but significant reduction in life
 expectancy.
Journal: Applied Economics Letters 
Pages: 1430-1434 
Issue: 17 
Volume: 22 
Year: 2015 
Month: 11 
X-DOI: 10.1080/13504851.2015.1037431 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1037431 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Abel Fran �ois 
Author-X-Name-First: Abel 
Author-X-Name-Last: Fran �ois 
Author-Name: Raul Magni-Berton 
Author-X-Name-First: Raul 
Author-X-Name-Last: Magni-Berton 
Title: Partisan and bureaucratic changes in public education spending. French empirical evidence 
Abstract:
 Political economy provides four explanations of the changes of public
 education spending per pupil: that education expenditure is electoral,
 partisan, pro-cyclical or bureaucratic. The econometrical analysis of
 annual changes of French public education spending confirms the partisan
 and bureaucratic factors.
Journal: Applied Economics Letters 
Pages: 1435-1438 
Issue: 18 
Volume: 22 
Year: 2015 
Month: 12 
X-DOI: 10.1080/13504851.2015.1037432 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1037432 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariam Camarero 
Author-X-Name-First: Mariam 
Author-X-Name-Last: Camarero 
Author-Name: Yurena Mendoza 
Author-X-Name-First: Yurena 
Author-X-Name-Last: Mendoza 
Author-Name: Javier Ordo�ez 
Author-X-Name-First: Javier 
Author-X-Name-Last: Ordo�ez 
Title: Energy use-GDP deterministic cointegration: progress towards EU-15 Kyoto targets 
Abstract:
 This article examines whether the energy consumption-GDP relationship is
 in long-term equilibrium for EU-15 countries. Unlike many previous works,
 we apply a nonlinear unit root test introduced by Kapetanios <italic>et
 al.</italic> (2003a) and extended by Chong <italic>et al.</italic> (2008)
 that identifies not only deterministic cointegration, but also the
 stronger concept of stochastic cointegration. The results yield a clear
 pattern: Austria, Denmark, Italy, the Netherlands, Portugal and Spain must
 achieve greater emissions reductions between 2009 and 2012 to reach their
 respective Kyoto targets.
Journal: Applied Economics Letters 
Pages: 1439-1442 
Issue: 18 
Volume: 22 
Year: 2015 
Month: 12 
X-DOI: 10.1080/13504851.2015.1037433 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1037433 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mei-Yin Lin 
Author-X-Name-First: Mei-Yin 
Author-X-Name-Last: Lin 
Title: Deposit insurance and effectiveness of monetary policy 
Abstract:
 This article discusses the impact of deposit insurance on the
 effectiveness of monetary policy. We apply the technique suggested by
 Zeileis <italic>et al.</italic> (2010) and use the data of Taiwan to
 investigate whether there are structural changes in the effectiveness of
 monetary policy. The empirical results show there are several break points
 in the interbank interest rate regression and the bank loan regression.
 The insignificance of estimated coefficients on open market operations in
 some segmented regressions implies the ineffectiveness of monetary policy
 during the period of full deposit guarantees.
Journal: Applied Economics Letters 
Pages: 1443-1449 
Issue: 18 
Volume: 22 
Year: 2015 
Month: 12 
X-DOI: 10.1080/13504851.2015.1039694 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1039694 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ying Zhang 
Author-X-Name-First: Ying 
Author-X-Name-Last: Zhang 
Author-Name: Xiaoxing Liu 
Author-X-Name-First: Xiaoxing 
Author-X-Name-Last: Liu 
Author-Name: Yan Ding 
Author-X-Name-First: Yan 
Author-X-Name-Last: Ding 
Author-Name: Anni Su 
Author-X-Name-First: Anni 
Author-X-Name-Last: Su 
Title: Assessing the impact of the demographic dividend on real estate prices: empirical evidence from China 
Abstract:
 To elucidate the impact of the demographic dividend on real estate prices,
 this article uses the latest Chinese provincial data over the 2002-2013
 period. The panel vector autoregression (PVAR) model combined with the
 impulse response function (IRF) is used to investigate the direct and
 indirect mechanisms of the demographic dividend that cause real estate
 price escalation in both the short and long term. The empirical results
 indicate that the demographic dividend, particularly city residents'
 disposable income, can not only directly increase real estate prices but
 also indirectly increase prices through intervening channels, such as real
 estate loans.
Journal: Applied Economics Letters 
Pages: 1450-1456 
Issue: 18 
Volume: 22 
Year: 2015 
Month: 12 
X-DOI: 10.1080/13504851.2015.1039695 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1039695 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xundi Diao 
Author-X-Name-First: Xundi 
Author-X-Name-Last: Diao 
Author-Name: Bin Tong 
Author-X-Name-First: Bin 
Author-X-Name-Last: Tong 
Title: Forecasting intraday volatility and VaR using multiplicative component GARCH model 
Abstract:
 We use the multiplicative component GARCH model (mcsGARCH) to decompose
 the volatility of high-frequency returns of CSI 300 index into three
 components, namely the daily, the diurnal and the stochastic intraday
 volatilities. As expected, the diurnal volatility features an important
 intraday seasonality. Surprisingly due to the unique 'T&nbsp;+&nbsp;1
 trading rule' in Chinese stock market, the diurnal volatility of the
 5-minute returns of CSI 300 index does not show a U-shaped pattern as in
 European and American stock markets. Moreover, we investigate the
 out-of-sample performance of the mcsGARCH model in forecasting the
 intraday volatility of the CSI 300 index. The results show that the
 mcsGARCH model performs well in Chinese stock market.
Journal: Applied Economics Letters 
Pages: 1457-1464 
Issue: 18 
Volume: 22 
Year: 2015 
Month: 12 
X-DOI: 10.1080/13504851.2015.1039696 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1039696 
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Template-Type: ReDIF-Article 1.0
Author-Name:  Parai 
Author-X-Name-First:  
Author-X-Name-Last: Parai 
Title: Does a cutback in external funding reduce incidence of foreign sponsored terrorism? 
Abstract:
 It is shown that a cutback in external funding would reduce the incidence
 of foreign sponsored terrorism in the home country, but the magnitude of
 the reduction will be somewhat smaller than normally expected because of
 the precipitous fall in the price of terror caused by home currency
 depreciation.
Journal: Applied Economics Letters 
Pages: 1465-1468 
Issue: 18 
Volume: 22 
Year: 2015 
Month: 12 
X-DOI: 10.1080/13504851.2015.1039697 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1039697 
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Template-Type: ReDIF-Article 1.0
Author-Name: Edmond Berisha 
Author-X-Name-First: Edmond 
Author-X-Name-Last: Berisha 
Author-Name: John Meszaros 
Author-X-Name-First: John 
Author-X-Name-Last: Meszaros 
Author-Name: Eric Olson 
Author-X-Name-First: Eric 
Author-X-Name-Last: Olson 
Title: Income inequality and household debt: a cointegration test 
Abstract:
 This article employs the Johansen and Engle-Granger methodology to
 determine if there is a cointegrating relationship between household debt
 and income inequality as measured by Atkinson, Piketty and Saez (2011).
 The results suggest a cointegrating relationship between the two series. A
 vector error correction model is estimated showing that a shock to
 household debt has statistically significant effects on income inequality
 in the United States over the time period 1919-2009.
Journal: Applied Economics Letters 
Pages: 1469-1473 
Issue: 18 
Volume: 22 
Year: 2015 
Month: 12 
X-DOI: 10.1080/13504851.2015.1039698 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1039698 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Aristizabal-Ramirez 
Author-X-Name-First: M. 
Author-X-Name-Last: Aristizabal-Ramirez 
Author-Name: G. Canavire-Bacarreza 
Author-X-Name-First: G. 
Author-X-Name-Last: Canavire-Bacarreza 
Author-Name: F. Rios-Avila 
Author-X-Name-First: F. 
Author-X-Name-Last: Rios-Avila 
Title: Revisiting the effects of innovation on growth: a threshold analysis 
Abstract:
 Since Schumpeter's (1934) seminal work, the existing literature has
 examined the relationship between innovation and economic growth, arguing
 for a strictly positive relationship. The recent literature suggests that
 this relationship might be non-linear. Low levels of innovation will not
 affect economic growth; yet, when a certain threshold is reached,
 innovation significantly promotes economic growth. Using panel data
 information for 147 countries from 2006 to 2012, we employ threshold
 regressions � la Hansen (1999) to test the hypothesis of a non-linear
 relationship between innovation and growth. We find evidence that the
 relationship between innovation and growth is not linear and that only
 high levels of innovation increase economic growth. The results tend to be
 stronger when investment and public expenditure are present, suggesting
 that the quality of institutions is important.
Journal: Applied Economics Letters 
Pages: 1474-1479 
Issue: 18 
Volume: 22 
Year: 2015 
Month: 12 
X-DOI: 10.1080/13504851.2015.1039699 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1039699 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sheilla Nyasha 
Author-X-Name-First: Sheilla 
Author-X-Name-Last: Nyasha 
Author-Name:  Odhiambo 
Author-X-Name-First:  
Author-X-Name-Last: Odhiambo 
Title: Banks, stock market development and economic growth in South Africa: a multivariate causal linkage 
Abstract:
 This article investigates the dynamic causal relationship between
 bank-based financial development, stock market development and economic
 growth in South Africa - during the period 1980-2012. The study includes
 savings and investment as intermittent variables - thereby creating a
 multivariate Granger-causality model. Using the newly developed
 autoregressive distributed lag (ARDL)-bounds testing approach, the
 empirical results of this study reveal that there is a distinct short- and
 long-run unidirectional causal flow from stock market development to
 economic growth in South Africa. The results also indicate that there is a
 unidirectional causal flow from bank-based financial development to stock
 market development in the short run. The study, however, fails to find any
 causality between bank-based financial development and economic growth.
 The study, therefore, concludes that the development of the real sector in
 South Africa is largely driven by stock market development.
Journal: Applied Economics Letters 
Pages: 1480-1485 
Issue: 18 
Volume: 22 
Year: 2015 
Month: 12 
X-DOI: 10.1080/13504851.2015.1042132 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1042132 
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Template-Type: ReDIF-Article 1.0
Author-Name:  Outreville 
Author-X-Name-First:  
Author-X-Name-Last: Outreville 
Title: The market structure-performance relationship applied to the Canadian wine industry 
Abstract:
 The purpose of this research is to examine the relationship between market
 structure and performance in the wine sector using data from two Canadian
 provinces. Investigation is conducted on alternative hypothesis defined as
 the Structure-Conduct-Performance hypothesis, the Relative-Market-Power
 hypothesis and the Efficiency Structure (ES) hypothesis. The measure of
 performance is related to the reputation of wineries and expert ratings.
 Using regression analysis, we find support to the ES hypothesis. The
 empirical findings suggest that more research should be done on the ES of
 wineries in their respective markets.
Journal: Applied Economics Letters 
Pages: 1486-1492 
Issue: 18 
Volume: 22 
Year: 2015 
Month: 12 
X-DOI: 10.1080/13504851.2015.1042133 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1042133 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shi-jie Jiang 
Author-X-Name-First: Shi-jie 
Author-X-Name-Last: Jiang 
Author-Name: Guochen Pan 
Author-X-Name-First: Guochen 
Author-X-Name-Last: Pan 
Title: Long-run and short-run dynamics of nonlife insurance consumption in China 
Abstract:
 Insurance consumption has been growing rapidly around the world, but there
 are few theories of insurance consumption in the literature. With data
 from China, we investigate the dynamics of nonlife insurance consumption
 for both the long run and short run in an integrated framework by
 employing the autoregressive distributed lag (ARDL) model developed by
 Pesaran <italic>et al.</italic> (2001). Our study focuses on two specific
 lines of nonlife insurance: personal accident insurance and automobile
 insurance, from which we discovered that the relationship between nonlife
 insurance consumption and its determinants is different across insurance
 lines and periods. The empirical findings of this article extend the
 results of previous works.
Journal: Applied Economics Letters 
Pages: 1493-1498 
Issue: 18 
Volume: 22 
Year: 2015 
Month: 12 
X-DOI: 10.1080/13504851.2015.1042134 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1042134 
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Template-Type: ReDIF-Article 1.0
Author-Name:  Simkin 
Author-X-Name-First:  
Author-X-Name-Last: Simkin 
Author-Name:  Roychowdhury 
Author-X-Name-First:  
Author-X-Name-Last: Roychowdhury 
Title: Chess players' fame versus their merit 
Abstract:
 We investigate a pool of international chess title holders born between
 1901 and 1943. Using Elo ratings, we compute for every player his expected
 score in a game with a randomly selected player from the pool. We use this
 figure as the player's merit. We measure players' fame as the number of
 Google hits. The correlation between fame and merit is 0.38. At the same
 time, the correlation between the logarithm of fame and merit is 0.61.
 This suggests that fame grows exponentially with merit.
Journal: Applied Economics Letters 
Pages: 1499-1504 
Issue: 18 
Volume: 22 
Year: 2015 
Month: 12 
X-DOI: 10.1080/13504851.2015.1042135 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1042135 
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Template-Type: ReDIF-Article 1.0
Author-Name:  Cunha 
Author-X-Name-First:  
Author-X-Name-Last: Cunha 
Author-Name: Jeremy Arkes 
Author-X-Name-First: Jeremy 
Author-X-Name-Last: Arkes 
Author-Name:  Lester 
Author-X-Name-First:  
Author-X-Name-Last: Lester 
Author-Name: Yu-Chu Shen 
Author-X-Name-First: Yu-Chu 
Author-X-Name-Last: Shen 
Title: Employee retention and psychological health: evidence from military recruits 
Abstract:
 We estimate the relationship between psychological attributes of US Army
 recruits soon after enlistment and their propensity to leave service. We
 find that those with the worst psychological health are more likely to
 terminate employment, and we show how identifying psychologically unfit
 candidates prior to their employment can reduce the likelihood of future
 turnover and associated personnel costs. These findings have broad
 application to other stressful occupations such as firefighters, policemen
 and first-responders.
Journal: Applied Economics Letters 
Pages: 1505-1510 
Issue: 18 
Volume: 22 
Year: 2015 
Month: 12 
X-DOI: 10.1080/13504851.2015.1042136 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1042136 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Ferruz 
Author-X-Name-First: Luis 
Author-X-Name-Last: Ferruz 
Author-Name: Guillermo Bad�a 
Author-X-Name-First: Guillermo 
Author-X-Name-Last: Bad�a 
Title: A sector strategy from the Fama and French model 
Abstract:
 In this article, we test the degree of possible interest there may be in
 developing an investment strategy based on the three-factor Fama and
 French model (1992). To this end, we construct a sectorial strategy,
 taking as a market risk factor the sectorial index to which the securities
 belong. From our results, we conclude that the aforementioned strategy is
 of limited use, given that no extraordinary consistent yields are
 obtained. From this, we conclude that the hypothesis of the efficient
 market can be accepted.
Journal: Applied Economics Letters 
Pages: 1511-1514 
Issue: 18 
Volume: 22 
Year: 2015 
Month: 12 
X-DOI: 10.1080/13504851.2015.1042137 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1042137 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Guillemette 
Author-X-Name-First: Michael 
Author-X-Name-Last: Guillemette 
Author-Name: Chris Browning 
Author-X-Name-First: Chris 
Author-X-Name-Last: Browning 
Author-Name: Patrick Payne 
Author-X-Name-First: Patrick 
Author-X-Name-Last: Payne 
Title: Don't like the picture? Change the frame: the impact of cognitive ability and framing on risky choice 
Abstract:
 This article identifies the effect a perceived upfront cost (UFC) has on
 the subsequent risky choice of older Americans with varying levels of
 cognitive ability. When respondents are faced with outcome alternatives
 framed with and without a UFC, we observe variation in respondents'
 required outcomes based on the order in which the two frames are
 presented. We provide evidence that among respondents with lower cognitive
 ability, losses need not be realized to affect subsequent risky choice,
 and that a UFC lowers the willingness to take risk in a future period.
Journal: Applied Economics Letters 
Pages: 1515-1518 
Issue: 18 
Volume: 22 
Year: 2015 
Month: 12 
X-DOI: 10.1080/13504851.2015.1044643 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1044643 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ant�nio Afonso 
Author-X-Name-First: Ant�nio 
Author-X-Name-Last: Afonso 
Author-Name:  Jalles 
Author-X-Name-First:  
Author-X-Name-Last: Jalles 
Title: Markups' cyclical behaviour: the role of demand and supply shocks 
Abstract:
 We assess how demand and supply shocks (identified via the Blanchard and
 Quah (1989) structural vector autoregression approach) in 14 OECD
 countries affect markups. We find that individual responses of markups to
 demand shocks push down the markup for most countries (confirmed in the
 panel analysis). On the other hand, a supply shock has a more mixed
 effect.
Journal: Applied Economics Letters 
Pages: 1-5 
Issue: 1 
Volume: 23 
Year: 2016 
Month: 1 
X-DOI: 10.1080/13504851.2015.1044640 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1044640 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sebastian Gechert 
Author-X-Name-First: Sebastian 
Author-X-Name-Last: Gechert 
Author-Name: Katja Rietzler 
Author-X-Name-First: Katja 
Author-X-Name-Last: Rietzler 
Author-Name: Silke Tober 
Author-X-Name-First: Silke 
Author-X-Name-Last: Tober 
Title: The European Commission's new NAIRU: Does it deliver? 
Abstract:
 The non-accelerating inflation rate of unemployment (NAIRU) is a key
 component of potential output and as such critically affects output gap
 estimates. In May 2014, the European Commission changed its specification
 of the NAIRU for several countries and lowered its NAIRU estimates - in
 the case of Spain from 26.6% to 20.7% for 2015. To test the dependence of
 the new NAIRU on unemployment versus structural factors, we run
 counterfactual simulations applying 1SD shocks to actual unemployment and
 to the structural variable - real unit labour costs. We find that the
 NAIRU in its new specification is still largely determined by actual
 unemployment. This calls in question both the interpretation of potential
 output estimates as barriers to more vigorous inflation-stable economic
 activity and the accuracy of structural deficit figures.
Journal: Applied Economics Letters 
Pages: 6-10 
Issue: 1 
Volume: 23 
Year: 2016 
Month: 1 
X-DOI: 10.1080/13504851.2015.1044641 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1044641 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tarcisio da Gra �a 
Author-X-Name-First: Tarcisio 
Author-X-Name-Last: da Gra �a 
Author-Name: Robert Masson 
Author-X-Name-First: Robert 
Author-X-Name-Last: Masson 
Title: Market demand of smart but uninformed consumers rotates counterclockwise with better information: surprising welfare effects 
Abstract:
 Providing truthful and unbiased information about the true value of a good
 to <italic>a priori</italic> heterogeneous consumers generates a
 mean-preserving counterclockwise rotation of demand. The welfare analysis
 of such rotation in monopoly and perfectly competitive models indicates
 that consumers can lose surplus if they become better informed.
Journal: Applied Economics Letters 
Pages: 11-14 
Issue: 1 
Volume: 23 
Year: 2016 
Month: 1 
X-DOI: 10.1080/13504851.2015.1044642 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1044642 
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Template-Type: ReDIF-Article 1.0
Author-Name:  Thornton 
Author-X-Name-First:  
Author-X-Name-Last: Thornton 
Author-Name:  Beilfuss 
Author-X-Name-First:  
Author-X-Name-Last: Beilfuss 
Title: New evidence on factors affecting the level and growth of US health care spending 
Abstract:
 The dual problems of high and rising medical care expenditures and
 substantial differences in spending across geographic regions have long
 plagued the US health care system. We provide new evidence to explain why
 some states and regions of the country spend much more on medical care
 than others, and why health care spending for the nation as a whole has
 been growing rapidly over the last several decades. To do this, we
 estimate a health care spending panel data model using annual data on all
 50 states for the period 1993-2009. Our model includes a number of
 socio-economic, health care provider, lifestyle and environmental
 variables that past studies indicate may affect the level or growth of
 aggregate health care spending. We exploit the time effect component of
 our model to obtain an upper-bound estimate of the effect of advances in
 medical technology. Our findings indicate that the most important factors
 influencing the level of spending are availability of providers, income,
 excessive alcohol consumption, Medicaid coverage, HMO health plans and the
 proportion of the population elderly and African-American. The principal
 drivers of growth have been the continual introduction of new medical
 technologies, and the growth of providers and income.
Journal: Applied Economics Letters 
Pages: 15-18 
Issue: 1 
Volume: 23 
Year: 2016 
Month: 1 
X-DOI: 10.1080/13504851.2015.1044644 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1044644 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Karagoz 
Author-X-Name-First: M. 
Author-X-Name-Last: Karagoz 
Title: Comparative performances of EU-15 and Turkey: a PIN analysis 
Abstract:
 Turkey started the accession process with European Union (EU) in 2005. One
 of the main topics of EU Turkey negotiations was the economic convergence
 of Turkey to EU norms. This study devises and uses Panel Index Numbers
 (PIN) analysis to evaluate the performance and convergence prospects of
 Turkish economy in the face of EU-15 economies. As evaluation areas, we
 have selected two main macroeconomic indicators as GDP and Export. Our
 results have shown that, for both indicators, Turkish economy outperforms
 rest of the EU-15 economies, a point that should be valuable in the
 process of accession.
Journal: Applied Economics Letters 
Pages: 19-22 
Issue: 1 
Volume: 23 
Year: 2016 
Month: 1 
X-DOI: 10.1080/13504851.2015.1047081 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1047081 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Borghesi 
Author-X-Name-First: Richard 
Author-X-Name-Last: Borghesi 
Author-Name: Kiyoung Chang 
Author-X-Name-First: Kiyoung 
Author-X-Name-Last: Chang 
Author-Name: Jamshid Mehran 
Author-X-Name-First: Jamshid 
Author-X-Name-Last: Mehran 
Title: Simultaneous board and CEO diversity: does it increase firm value? 
Abstract:
 There remain open questions regarding whether board of director ethnic and
 gender diversity increases or decreases firm value. Additionally, prior
 research has yet to examine the value effects of a diverse board in the
 presence of a gender/ethnic minority CEO. Using the KLD social ratings
 database, we examine 13 000 firm-years and provide robust evidence that
 board diversity increases firm value. However, we also show that any value
 added via board diversity is nullified when a diverse board operates in
 the presence of a female and/or minority CEO. Results suggest that a
 significant portion of the value in board diversity may come from
 gender/ethnic differences <italic>between</italic> the board members and
 the CEO. One implication of our study is that when hiring a CEO or
 electing directors relative gender/ethnic make-up is important.
Journal: Applied Economics Letters 
Pages: 23-26 
Issue: 1 
Volume: 23 
Year: 2016 
Month: 1 
X-DOI: 10.1080/13504851.2015.1047082 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1047082 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ross Guest 
Author-X-Name-First: Ross 
Author-X-Name-Last: Guest 
Author-Name:  Jensen 
Author-X-Name-First:  
Author-X-Name-Last: Jensen 
Title: Applying a CRESH aggregate labour index to generate age-wage profiles 
Abstract:
 This article shows how a CRESH (Constant Ratios of Elasticity of
 Substitution, Homothetic) labour index can generate more realistic optimal
 wage profiles than traditional (restrictive) functional forms. The CRESH
 index function allows for age-specific elasticities of substitution that
 are implied by a proper choice of CRESH parameters. The ability to
 generate plausible optimal age-wage profiles can be useful in, for
 example, calibrating demographic macroeconomic models. The CRESH analysis
 also provides one explanation for the well-established divergence of
 actual relative wages by age from the relative age-specific intensity
 parameters of a simple additive labour index. Moreover, CRESH labour index
 may explain the increasing relative wages for middle-aged workers as a
 result of employing larger numbers of older workers (population aging).
Journal: Applied Economics Letters 
Pages: 27-33 
Issue: 1 
Volume: 23 
Year: 2016 
Month: 1 
X-DOI: 10.1080/13504851.2015.1047083 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1047083 
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Template-Type: ReDIF-Article 1.0
Author-Name: V�tor Castro 
Author-X-Name-First: V�tor 
Author-X-Name-Last: Castro 
Author-Name: Rodrigo Martins 
Author-X-Name-First: Rodrigo 
Author-X-Name-Last: Martins 
Title: Are there political cycles hidden inside government expenditures? 
Abstract:
 This article examines the presence of political cycles inside the
 Portuguese governments' aggregate expenditures by using annual data for 10
 expenditure components. The results indicate that the choice of the
 expenditure components to be increased during election periods by
 Portuguese governments generally relates to more visible items such as
 general public services, social protection and health care.
Journal: Applied Economics Letters 
Pages: 34-37 
Issue: 1 
Volume: 23 
Year: 2016 
Month: 1 
X-DOI: 10.1080/13504851.2015.1047084 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1047084 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Rangan Gupta 
Author-X-Name-First: Rangan 
Author-X-Name-Last: Gupta 
Author-Name: Roula Inglesi-Lotz 
Author-X-Name-First: Roula 
Author-X-Name-Last: Inglesi-Lotz 
Author-Name:  Masabala 
Author-X-Name-First:  
Author-X-Name-Last: Masabala 
Author-Name:  Simo-Kengne 
Author-X-Name-First:  
Author-X-Name-Last: Simo-Kengne 
Author-Name:  Weideman 
Author-X-Name-First:  
Author-X-Name-Last: Weideman 
Title: The causal relationship between natural gas consumption and economic growth: evidence from the G7 countries 
Abstract:
 This article re-examines the nature of the causality between natural gas
 consumption and economic growth in G7 countries over the period from 1965
 to 2011. We employ the Granger causality procedure proposed by
 Emirmahmutoglu and Kose (2011) which takes into account cross-sectional
 dependency and heterogeneity across countries. Our overall empirical
 results support the neutrality hypothesis for the panel while the
 individual country results confirm the same result with the exception of
 the case of UK, where the conservation hypothesis is confirmed, showing
 that GDP causes natural gas consumption in the country. These results make
 policies that promote the consumption of natural gas risk-free with regard
 to their effects to the economic growth and development levels.
Journal: Applied Economics Letters 
Pages: 38-46 
Issue: 1 
Volume: 23 
Year: 2016 
Month: 1 
X-DOI: 10.1080/13504851.2015.1047085 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1047085 
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Template-Type: ReDIF-Article 1.0
Author-Name:  Hartwell 
Author-X-Name-First:  
Author-X-Name-Last: Hartwell 
Title: Quantifying nontariff barriers in Ukraine: a comprehensive trade cost approach 
Abstract:
 Great strides have been made recently in the theoretical approach to
 quantifying nontariff barriers. Modifying an approach proposed by Novy
 (2013), this article attempts to understand the extent of nontariff
 barriers between Ukraine and its major trading partners in goods by
 fashioning a new approach to trade in services as well. I provide the
 first comprehensive estimates of ad valorem equivalents of the nontariff
 measures that exist in Ukraine.
Journal: Applied Economics Letters 
Pages: 47-55 
Issue: 1 
Volume: 23 
Year: 2016 
Month: 1 
X-DOI: 10.1080/13504851.2015.1049331 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1049331 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Annie Tubadji 
Author-X-Name-First: Annie 
Author-X-Name-Last: Tubadji 
Author-Name: Vassilis Angelis 
Author-X-Name-First: Vassilis 
Author-X-Name-Last: Angelis 
Author-Name: Peter Nijkamp 
Author-X-Name-First: Peter 
Author-X-Name-Last: Nijkamp 
Title: Kuznets' swings and intangible investments in forecast: the case of Greece 
Abstract:
 This article offers an analysis of the relationship between intangible
 investments and the pattern of local economic productivity in Greece.
 There are two main objectives in the article: (i) to explore the pattern
 of economic development in the country; (ii) to find evidence whether this
 pattern - and its trend - can be better predicted through a forecasting
 model including intangible investments (next to other relevant factors).
 To operationalize our study, we use the World Bank Development Indicators
 database which offers a time-series for Greece for the period from 1981
 till date. This data set has two alternative relevant measures for
 intangible investments: knowledge- and health-related investments. In our
 analysis we employ first, a centred moving average with a stochastic
 estimation of the trend, and second a double exponential smoothing, as two
 alternative ('deductive' and next 'inductive') approaches to identifying a
 trend in our data for Greece. We find evidence for a Kuznets swing type of
 cyclical pattern for Greece - confirmed by triangulation. Most
 significantly, we also find a relationship between local economic
 development and intangible investments. These results prompt an
 evidence-based query about underlying Myrdalian and Tieboutian foundations
 of wave theory for understanding local economic crises.
Journal: Applied Economics Letters 
Pages: 56-62 
Issue: 1 
Volume: 23 
Year: 2016 
Month: 1 
X-DOI: 10.1080/13504851.2015.1049332 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1049332 
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Template-Type: ReDIF-Article 1.0
Author-Name: Brad Graham 
Author-X-Name-First: Brad 
Author-X-Name-Last: Graham 
Author-Name: Caleb Stroup 
Author-X-Name-First: Caleb 
Author-X-Name-Last: Stroup 
Title: Does anti-bribery enforcement deter foreign investment? 
Abstract:
 This article presents the first empirical evidence that bilateral fixed
 capital flows fall in response to anti-bribery enforcement actions. We
 hand-collect data on individual enforcement actions initiated by the US
 Department of Justice (DOJ) and show that anti-bribery enforcement in a
 country is followed by a 40% reduction in foreign fixed capital
 investments made by US companies in that country.
Journal: Applied Economics Letters 
Pages: 63-67 
Issue: 1 
Volume: 23 
Year: 2016 
Month: 1 
X-DOI: 10.1080/13504851.2015.1049333 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1049333 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rodrigo Caputo 
Author-X-Name-First: Rodrigo 
Author-X-Name-Last: Caputo 
Author-Name: Rodrigo Vald�s 
Author-X-Name-First: Rodrigo 
Author-X-Name-Last: Vald�s 
Title: A fiscal vaccine against the Dutch disease 
Abstract:
 The Dutch disease is a concern when a country is blessed with positive
 terms of trade (ToT) shocks. This article assesses the effects of a
 structural balance fiscal rule - which saves part of the revenues from
 better ToT - in limiting the real exchange rate (RER) appreciation. We
 find that the elasticity of the RER to ToT has declined (or is zero) in
 Chile and Norway, during the years in which the fiscal rule has been in
 place, although only for the part of ToT that accrue to government
 revenues.
Journal: Applied Economics Letters 
Pages: 68-73 
Issue: 1 
Volume: 23 
Year: 2016 
Month: 1 
X-DOI: 10.1080/13504851.2015.1049334 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1049334 
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Template-Type: ReDIF-Article 1.0
Author-Name:  Mjelde 
Author-X-Name-First:  
Author-X-Name-Last: Mjelde 
Author-Name: Tae-Kyun Kim 
Author-X-Name-First: Tae-Kyun 
Author-X-Name-Last: Kim 
Author-Name: Choong-Ki Lee 
Author-X-Name-First: Choong-Ki 
Author-X-Name-Last: Lee 
Title: Comparison of Internet and interview survey modes when estimating willingness to pay using choice experiments 
Abstract:
 With the increasing use of the Internet as a survey mode, questions of
 mode effects and how potential effects influence inferences arise. Using a
 choice experiment combined with mixed logit estimation,
 willingness-to-pays (WTPs) for attributes are compared between the
 Internet mode and the more traditional interview survey mode. The results
 suggest that there are differences in WTP between the two survey models
 for three of four attributes. Furthermore, WTPs obtained from the
 interview survey are larger than the WTPs obtained from the Internet
 survey, suggesting potential social desirability behaviour by the
 interview respondents. Internet surveys involving sensitive issues may be
 desirable because of potential social desirability behaviour.
Journal: Applied Economics Letters 
Pages: 74-77 
Issue: 1 
Volume: 23 
Year: 2016 
Month: 1 
X-DOI: 10.1080/13504851.2015.1051648 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1051648 
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Template-Type: ReDIF-Article 1.0
Author-Name:  Dove 
Author-X-Name-First:  
Author-X-Name-Last: Dove 
Title: Judicial independence and economic freedom in the US states 
Abstract:
 This article addresses the extent to which differences in judicial
 independence across US states influence economic freedom by using the
 Fraser Institute's Economic Freedom of North America Index. Overall, the
 results suggest that, as judicial independence increases within a state's
 court of last resort, so does a state's overall economic freedom score,
 along with each of the subcomponent index scores. These findings add
 important nuances to the literature and provide opportunities for future
 research.
Journal: Applied Economics Letters 
Pages: 78-83 
Issue: 1 
Volume: 23 
Year: 2016 
Month: 1 
X-DOI: 10.1080/13504851.2015.1051649 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1051649 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:1:p:78-83




Template-Type: ReDIF-Article 1.0
Author-Name: Matthias Opfinger 
Author-X-Name-First: Matthias 
Author-X-Name-Last: Opfinger 
Title: The Easterlin paradox worldwide 
Abstract:
 The Easterlin paradox states that, although richer people report higher
 levels of well-being within one country, no such relationship exists
 across countries or over time. Several authors disagree and claim a robust
 positive relationship. A percentage increase of income always leads to
 higher well-being. This article reassesses the relationship, but analyses
 regional differences. I find that the positive relationship is strong in
 Eastern Europe, the Middle East and North African countries and Latin
 America. The relationship is not significant in Western Europe and Asia.
 In North America/Oceania and Sub-Saharan Africa, the marginal effect even
 becomes negative. Materialistic attitudes or the degree of collectivism
 may serve as explanations for the findings.
Journal: Applied Economics Letters 
Pages: 85-88 
Issue: 2 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1051650 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1051650 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:2:p:85-88




Template-Type: ReDIF-Article 1.0
Author-Name: Pawe&#x142; Baranowski 
Author-X-Name-First: Pawe&#x142; 
Author-X-Name-Last: Baranowski 
Author-Name: Pawe&#x142; Gajewski 
Author-X-Name-First: Pawe&#x142; 
Author-X-Name-Last: Gajewski 
Title: Credible enough? Forward guidance and perceived National Bank of Poland's policy rule 
Abstract:
 Forward guidance effectiveness is conditional upon its credibility. This
 policy, when taken as credible, should reduce the perceived impact of
 macroeconomic variables on the interest rate. Using the Taylor rule
 framework and employing micro-level data set, we test the perception of
 monetary policy in Poland among professional forecasters. Our results show
 that the Taylor principle is violated in the forward guidance period,
 which provides evidence for forward guidance credibility.
Journal: Applied Economics Letters 
Pages: 89-92 
Issue: 2 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1051651 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1051651 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:2:p:89-92




Template-Type: ReDIF-Article 1.0
Author-Name: Paul E. Gabriel 
Author-X-Name-First: Paul E. 
Author-X-Name-Last: Gabriel 
Title: The doughboy premium: an empirical assessment of the relative wages of American veterans of World War I 
Abstract:
 This article examines 1940&nbsp;US census data to assess the relative
 wages of World War I (WWI) veteran and nonveteran men. Our empirical
 analysis indicates a 3.6% wage premium for veterans, after controlling
 earnings-related characteristics. Although lower than comparable estimates
 for WWII veterans, our results suggest that American veterans of the Great
 War earned a higher wage premium than those of the Vietnam or Korean
 conflicts.
Journal: Applied Economics Letters 
Pages: 93-96 
Issue: 2 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1051652 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1051652 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:2:p:93-96




Template-Type: ReDIF-Article 1.0
Author-Name: Athanasios Koulakiotis 
Author-X-Name-First: Athanasios 
Author-X-Name-Last: Koulakiotis 
Author-Name: Apostolos Kiohos 
Author-X-Name-First: Apostolos 
Author-X-Name-Last: Kiohos 
Title: Positive feedback trading and long-term volatility links: evidence from real estate markets of USA, Be/Lux and Switzerland 
Abstract:
 This article investigates the positive feedback trading strategies in the
 real estate markets of USA, Belgium/Luxembourg (Be/Lux) and Switzerland,
 linking these strategies with long-term volatility. The results are in
 favour of a positive feedback trading strategy which negatively influences
 investors' risk-return position on real estate markets.
Journal: Applied Economics Letters 
Pages: 97-100 
Issue: 2 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1054061 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1054061 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:2:p:97-100




Template-Type: ReDIF-Article 1.0
Author-Name: Soheil R. Nadimi 
Author-X-Name-First: Soheil R. 
Author-X-Name-Last: Nadimi 
Author-Name: Dennis L. Weisman 
Author-X-Name-First: Dennis L. 
Author-X-Name-Last: Weisman 
Title: Nonexclusionary input prices under quantity competition: vertical integration, foreclosure and sabotage 
Abstract:
 A vertically integrated provider is a monopoly supplier of an input
 essential for its rival to produce downstream output. Market exclusion in
 the form of inefficient foreclosure or sabotage can arise when input
 prices are, respectively, 'too high' or 'too low' relative to the
 downstream price. The range of nonexclusionary input prices within which
 neither form of market exclusion arises is determined by displacement
 ratios. The safe harbour range of downstream-to-upstream 'price-cost'
 margin ratios is decreasing in the degree of product homogeneity and
 approaches a single ratio in the limit as the products become perfectly
 homogeneous. The bounds of nonexclusionary input prices are markedly wider
 under Bertrand-Nash competition than they are under Stackelberg
 competition.
Journal: Applied Economics Letters 
Pages: 101-106 
Issue: 2 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1054062 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1054062 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:2:p:101-106




Template-Type: ReDIF-Article 1.0
Author-Name: Tim de Vries 
Author-X-Name-First: Tim 
Author-X-Name-Last: de Vries 
Author-Name: Jakob de Haan 
Author-X-Name-First: Jakob 
Author-X-Name-Last: de Haan 
Title: Credit ratings and bond spreads of the GIIPS 
Abstract:
 We examine the relationship between credit ratings and bond yield spreads
 of peripheral countries in the euro area (Greece, Ireland, Italy, Portugal
 and Spain) for the period 1995-2014. Since 2012, bond spreads of those
 countries have come down very fast, whereas credit ratings have hardly
 changed. Our results suggest that credit rating agencies have become more
 cautious and have changed their approach to assess credit risk of
 sovereigns, and that the impact of sovereign credit risk ratings on
 sovereign bond spreads has changed.
Journal: Applied Economics Letters 
Pages: 107-111 
Issue: 2 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1054063 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1054063 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jari H�nnik�inen 
Author-X-Name-First: Jari 
Author-X-Name-Last: H�nnik�inen 
Title: The mortgage spread as a predictor of real-time economic activity 
Abstract:
 We analyse the predictive content of the mortgage spread for US economic
 activity. We find that the spread contains predictive power for real GDP
 and industrial production. Furthermore, it outperforms the term spread and
 Gilchrist-Zakraj&scaron;ek credit spread in a real-time forecasting
 exercise. However, the predictive ability of the mortgage spread varies
 over time.
Journal: Applied Economics Letters 
Pages: 112-116 
Issue: 2 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1054064 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1054064 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:2:p:112-116




Template-Type: ReDIF-Article 1.0
Author-Name: Alexander Glas 
Author-X-Name-First: Alexander 
Author-X-Name-Last: Glas 
Author-Name: Michael H�bler 
Author-X-Name-First: Michael 
Author-X-Name-Last: H�bler 
Author-Name: Peter Nunnenkamp 
Author-X-Name-First: Peter 
Author-X-Name-Last: Nunnenkamp 
Title: Catching up of emerging economies: the role of capital goods imports, FDI inflows, domestic investment and absorptive capacity 
Abstract:
 We show that the impact of capital goods imports and FDI inflows on
 economic convergence depends on the local capacity of emerging economies
 to absorb superior technologies.
Journal: Applied Economics Letters 
Pages: 117-120 
Issue: 2 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1054065 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1054065 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:2:p:117-120




Template-Type: ReDIF-Article 1.0
Author-Name: Sergio Galletta 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Galletta 
Title: On the determinants of happiness: a classification and regression tree (CART) approach 
Abstract:
 This article studies the determinants of the individual's subjective
 well-being by applying a classification and regression tree (CART)
 analysis to data from the Survey on Household Income and Wealth (SHIW)
 provided by the Bank of Italy. The results support the primary importance
 of economic conditions but show that their effect is heterogeneously
 dependent on other individual characteristics.
Journal: Applied Economics Letters 
Pages: 121-125 
Issue: 2 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1054066 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1054066 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:2:p:121-125




Template-Type: ReDIF-Article 1.0
Author-Name: Carlos A. Medel 
Author-X-Name-First: Carlos A. 
Author-X-Name-Last: Medel 
Author-Name: Pablo M. Pincheira 
Author-X-Name-First: Pablo M. 
Author-X-Name-Last: Pincheira 
Title: The out-of-sample performance of an exact median-unbiased estimator for the near-unity AR(1) model 
Abstract:
 We analyse the forecasting performance of several strategies when
 estimating the near-unity AR(1) model. We focus on the Andrews' (1993)
 exact median-unbiased estimator (BC), the OLS estimator and the driftless
 random walk (RW). We also explore two pairwise combinations between these
 strategies. We do this to investigate whether BC helps in reducing
 forecast errors. Via simulations, we find that BC forecasts typically
 outperform OLS forecasts. When BC is compared to the RW we obtain mixed
 results, favouring the latter while the persistence of the true process
 increases. Interestingly, we find that the combination of BC-RW performs
 well in a near-unity scheme.
Journal: Applied Economics Letters 
Pages: 126-131 
Issue: 2 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1057890 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1057890 
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:2:p:126-131




Template-Type: ReDIF-Article 1.0
Author-Name: Erick Kitenge 
Author-X-Name-First: Erick 
Author-X-Name-Last: Kitenge 
Title: Effects of food and agricultural imports on domestic factors in the U.S. agricultural sector: a translog cost function framework 
Abstract:
 The translog cost function of the U.S. agricultural sector unveils dynamic
 relationships between foreign and domestic inputs. On average, capital and
 labour are weak substitutes, but they are strong substitutes to food and
 agricultural imports. Therefore, enhancing trade policies on food and
 agricultural products should be supplemented by strategic policies aiming
 at protecting domestic factors' income.
Journal: Applied Economics Letters 
Pages: 132-137 
Issue: 2 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1058897 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1058897 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:2:p:132-137




Template-Type: ReDIF-Article 1.0
Author-Name: James T. Peach 
Author-X-Name-First: James T. 
Author-X-Name-Last: Peach 
Author-Name: Steven L. Fullerton 
Author-X-Name-First: Steven L. 
Author-X-Name-Last: Fullerton 
Author-Name: Thomas M. Fullerton 
Author-X-Name-First: Thomas M. 
Author-X-Name-Last: Fullerton 
Title: An empirical analysis of the 2014 Major League Baseball season 
Abstract:
 An econometric analysis of the 2014 Major League Baseball season is
 conducted with respect to regular season victories. Results obtained
 confirm many, but not all, results reported in prior research. The
 importance of solid team pitching and offence is underscored. Team defence
 did not vary sufficiently to play a statistically significant role in team
 victory differences. Outcomes for total payrolls and salary disparities
 differ substantially from prior seasons. History may serve as a guide to
 what occurs on the field, but it does not always replicate the patterns of
 bygone years. Ultimately, 2014 represents another departure from the
 standard baseball norm.
Journal: Applied Economics Letters 
Pages: 138-141 
Issue: 2 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1058898 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1058898 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:2:p:138-141




Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Apergis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Apergis 
Author-Name: Christina Christou 
Author-X-Name-First: Christina 
Author-X-Name-Last: Christou 
Title: Energy productivity convergence: new evidence from club converging 
Abstract:
 The goal of this study is to explore the convergence of energy
 productivity across 31 countries from 1972 to 2012 by using the
 convergence club algorithm developed by Phillips and Sul (2007). The
 empirical results lead to the rejection of full convergence and to the
 presence of a certain number of clubs. The transitional curves, however,
 indicate that over the long run energy productivity tends to converge,
 indicating the strong attempts of the countries under investigation to
 adopt energy policies that eventually contribute to a convergence pattern.
Journal: Applied Economics Letters 
Pages: 142-145 
Issue: 2 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1058899 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1058899 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:2:p:142-145




Template-Type: ReDIF-Article 1.0
Author-Name: G. C. Montes 
Author-X-Name-First: G. C. 
Author-X-Name-Last: Montes 
Author-Name: P. C. Paschoal 
Author-X-Name-First: P. C. 
Author-X-Name-Last: Paschoal 
Title: Corruption: what are the effects on government effectiveness? Empirical evidence considering developed and developing countries 
Abstract:
 This study analyses the impact of corruption on government effectiveness
 for a sample of 130 countries. The findings suggest that less-corrupt
 countries have better quality of public service, better quality in the
 formulation and adoption of policies and greater credibility and
 government's commitment to such policies. The findings also suggest that
 the effect of corruption on government effectiveness is higher in
 developed countries. Moreover, the estimates also reveal that countries
 with the most indebted governments and with higher inflation rates have
 less-efficient governments, and an increase in rule of law represents a
 good strategy to improve government effectiveness. In turn, regarding
 developing countries, the findings show that countries with more
 democratic regimes have a higher degree of government effectiveness.
Journal: Applied Economics Letters 
Pages: 146-150 
Issue: 2 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1058900 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1058900 
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:2:p:146-150




Template-Type: ReDIF-Article 1.0
Author-Name: T. Tamakoshi 
Author-X-Name-First: T. 
Author-X-Name-Last: Tamakoshi 
Author-Name: S. Hamori 
Author-X-Name-First: S. 
Author-X-Name-Last: Hamori 
Title: Testing cointegration between health care expenditure and GDP in Japan with the presence of a regime shift 
Abstract:
 Using quarterly data from 1994 through 2013, this article is the first to
 use the Hansen and Seo (2002) tests to examine the long-term relationship
 between real per-capita GDP (PGDP) and real per-capita health care
 expenditure (PHCE) in Japan with threshold effects. We detect the presence
 of a threshold cointegrating relationship between the two variables. In
 addition, we find that error correction adjustments are significantly
 conducted only through PGDP in a typical regime, whereas both PGDP and
 PHCE drive the adjustments in the extreme regime. We find that the extreme
 regime occurred mainly after Q4 2008, implying that the policy introducing
 the late-stage medical care system for the elderly in April 2008, which
 expanded the ratio of personal expenses for the elderly, may be effective
 for attaining a long-run equilibrium between PGDP and PHCE.
Journal: Applied Economics Letters 
Pages: 151-155 
Issue: 2 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1058901 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1058901 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:2:p:151-155




Template-Type: ReDIF-Article 1.0
Author-Name: P. Beneito 
Author-X-Name-First: P. 
Author-X-Name-Last: Beneito 
Author-Name: M. E. Rochina-Barrachina 
Author-X-Name-First: M. E. 
Author-X-Name-Last: Rochina-Barrachina 
Author-Name: A. Sanchis 
Author-X-Name-First: A. 
Author-X-Name-Last: Sanchis 
Title: Foreign capital, credit constraints and continuity of firms' R&D 
Abstract:
 In this article, we investigate the role of foreign capital participation
 as a means for firms to overcome the obstacle posed by credit constraints
 to sustain R&D investments. Using data for Spanish manufacturing firms in
 the period 1990-2006, we show that firms with foreign capital are
 significantly less likely to stop already initiated R&D projects and also
 more likely to sustain R&D investment when facing credit constraints. Our
 results are robust to positive selection into foreign capital
 participation, which we control through a set of variables chosen from a
 propensity score estimation, and to firms' fixed-effects.
Journal: Applied Economics Letters 
Pages: 157-161 
Issue: 3 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1061635 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1061635 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:3:p:157-161




Template-Type: ReDIF-Article 1.0
Author-Name: Sebastian Giesen 
Author-X-Name-First: Sebastian 
Author-X-Name-Last: Giesen 
Author-Name: Rolf Scheufele 
Author-X-Name-First: Rolf 
Author-X-Name-Last: Scheufele 
Title: Impulse response analysis in a misspecified DSGE model: a comparison of full and limited information techniques 
Abstract:
 In this article, we examine the effect of estimation biases - introduced
 by model misspecification - on the impulse responses analysis for dynamic
 stochastic general equilibrium (DSGE) models. Thereby, we use full and
 limited information estimators to estimate a misspecified DSGE model and
 calculate impulse response functions (IRFs) based on the estimated
 structural parameters. It turns out that IRFs based on full information
 techniques can be unreliable under misspecification.
Journal: Applied Economics Letters 
Pages: 162-166 
Issue: 3 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1061636 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1061636 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:3:p:162-166




Template-Type: ReDIF-Article 1.0
Author-Name: Richard J. Cebula 
Author-X-Name-First: Richard J. 
Author-X-Name-Last: Cebula 
Author-Name: Vikas Agrawal 
Author-X-Name-First: Vikas 
Author-X-Name-Last: Agrawal 
Author-Name: Robert Boylan 
Author-X-Name-First: Robert 
Author-X-Name-Last: Boylan 
Author-Name: Donald Horner 
Author-X-Name-First: Donald 
Author-X-Name-Last: Horner 
Title: The impact of the net percentage growth rate in the number of small firms on differential state-level employment growth rates in the US: an exploratory empirical note 
Abstract:
 This brief exploratory empirical note seeks to identify key determinants
 of geographic differentials in the percentage growth rate of state-level
 employment in the US, with the primary focus being on the percentage net
 growth rate in the number of small firms (i.e., those with fewer than 20
 employees) in each state, where this variable serves as a <italic>de
 facto</italic> reflection of 'entrepreneurship'. In the interest of
 identifying other key factors that influence state-level employment growth
 rates, the effective income tax rate in each state, quality of life
 elements and labour market considerations are also included in the
 analysis. The study period runs from the year 2000 to the year 2007,
 ending just prior to the 'Great Recession'. The estimation results imply
 that the state-level employment growth rate in the US was an increasing
 function of the percentage net growth rate in the number of small firms in
 each state. Thus, it appears that the small firms growth rate may in fact
 be a significant source.
Journal: Applied Economics Letters 
Pages: 167-170 
Issue: 3 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1061637 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1061637 
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:3:p:167-170




Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Apergis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Apergis 
Author-Name: Arusha Cooray 
Author-X-Name-First: Arusha 
Author-X-Name-Last: Cooray 
Title: Debt uncertainty and economic growth: evidence from five highly indebted Eurozone countries 
Abstract:
 The goal of this study is to examine the relationships between economic
 growth and debt uncertainty by applying the threshold generalized
 autoregressive conditional heteroscedasticity modelling methodology in
 five Eurozone countries spanning the period 2001-2013. The results
 document that during the European fiscal crisis period, debt uncertainty
 exerts a significant negative effect on economic growth across all five
 Eurozone countries that experienced the deterioration of their fiscal
 positions.
Journal: Applied Economics Letters 
Pages: 171-174 
Issue: 3 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1061638 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1061638 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:3:p:171-174




Template-Type: ReDIF-Article 1.0
Author-Name: D. E. Allen 
Author-X-Name-First: D. E. 
Author-X-Name-Last: Allen 
Author-Name: M. McAleer 
Author-X-Name-First: M. 
Author-X-Name-Last: McAleer 
Author-Name: R. J. Powell 
Author-X-Name-First: R. J. 
Author-X-Name-Last: Powell 
Author-Name: A. K. Singh 
Author-X-Name-First: A. K. 
Author-X-Name-Last: Singh 
Title: A capital adequacy buffer model 
Abstract:
 We develop a new capital adequacy buffer model (CABM) that is sensitive to
 dynamic economic circumstances. The model, which measures additional bank
 capital required to compensate for fluctuating credit risk, is a novel
 combination of the Merton structural model, which measures distance to
 default and the timeless capital asset pricing model (CAPM), which
 measures additional returns to compensate for additional share price risk.
 We apply the model to a portfolio of mid-cap loan assets over a 10-year
 period that includes pre-GFC (global financial crisis), GFC and post-GFC.
 An analysis of actual defaults over this period shows the model to be far
 more accurate in determining the capital adequacy levels needed to counter
 credit risk than an unresponsive ratings model such as the Basel
 standardized approach.
Journal: Applied Economics Letters 
Pages: 175-179 
Issue: 3 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1061639 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1061639 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:3:p:175-179




Template-Type: ReDIF-Article 1.0
Author-Name: Agustin Casas 
Author-X-Name-First: Agustin 
Author-X-Name-Last: Casas 
Author-Name: Yarine Fawaz 
Author-X-Name-First: Yarine 
Author-X-Name-Last: Fawaz 
Title: Altitude as handicap in rank-order football tournaments 
Abstract:
 The structure of professional sports allows us to document predictions
 from the theory of rank-order tournaments (Lazear and Rosen 1981). In the
 context of South American FIFA World Cup Qualifiers, under the presence of
 heterogeneous agents, handicapping the best quality players may increase
 the tournaments' efficiency by making the contest more competitive. In
 particular, we show that playing in high-altitude stadiums (above
 2500&nbsp;m) constitutes a handicap as the otherwise least competitive
 teams benefit from the existence of an altitude advantage.
Journal: Applied Economics Letters 
Pages: 180-183 
Issue: 3 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1061640 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1061640 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:23:y:2016:i:3:p:180-183




Template-Type: ReDIF-Article 1.0
Author-Name: Aysit Tansel 
Author-X-Name-First: Aysit 
Author-X-Name-Last: Tansel 
Author-Name: Zeynel Abidin Ozdemir 
Author-X-Name-First: Zeynel Abidin 
Author-X-Name-Last: Ozdemir 
Author-Name: Emre Aksoy 
Author-X-Name-First: Emre 
Author-X-Name-Last: Aksoy 
Title: Unemployment and labour force participation in Turkey 
Abstract:
 This article investigates the relationship between labour force
 participation rate and unemployment rate in Turkey a developing country.
 Cointegration analysis is carried out for the aggregate and
 gender-specific series. The findings indicate that there is no long-run
 relationship between labour force participation and unemployment rates in
 Turkey. Thus, unlike in the case of the developed countries, the
 unemployment invariance hypothesis is supported in Turkey.
Journal: Applied Economics Letters 
Pages: 184-187 
Issue: 3 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1064071 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1064071 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:23:y:2016:i:3:p:184-187




Template-Type: ReDIF-Article 1.0
Author-Name: Giorgio Fagiolo 
Author-X-Name-First: Giorgio 
Author-X-Name-Last: Fagiolo 
Author-Name: Gianluca Santoni 
Author-X-Name-First: Gianluca 
Author-X-Name-Last: Santoni 
Title: Revisiting the role of migrant social networks as determinants of international migration flows 
Abstract:
 This note revisits the role of migrant social networks (MSNs) as
 determinants of bilateral migration flows. We do so using two alternative
 databases, covering about 190 world countries for the period 1960-2000. In
 line with previous estimates, we consistently find a significant,
 positive, impact of MSNs at destination. We also find that such an impact
 decreases very slowly as the year when MSNs are observed is farther back
 in the past. We also find that geographical distance is becoming less and
 less important over time but significantly explains the absence of a
 migration corridor only when MSNs at destination have very small sizes.
Journal: Applied Economics Letters 
Pages: 188-193 
Issue: 3 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1064072 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1064072 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:3:p:188-193




Template-Type: ReDIF-Article 1.0
Author-Name: Masafumi Kozuka 
Author-X-Name-First: Masafumi 
Author-X-Name-Last: Kozuka 
Title: Exchange rate, marginal q and investment behaviour of small and medium-sized enterprises in Japan: time series evidence of manufacturing industries 
Abstract:
 In this article, we investigate Granger's causality among the exchange
 rate, Tobin's marginal q and investment-capital ratio with quarterly data
 on firms categorized as small and medium-sized enterprises (SMEs) in
 Japan. We utilize the data of the following industries: chemical, iron and
 steel, production machinery, electric machinery and equipment, automobile
 and accessories and all manufacturing. The empirical results we obtain
 show that the null hypotheses of no Granger's causality from the exchange
 rate to other variables, investment and marginal q, are accepted in all
 industries. The reason is the lower percentage of export by SMEs. Thus, it
 is considered that the effects of Abenomics on SMEs are limited, and that
 other kinds of reflation measures for SMEs are needed.
Journal: Applied Economics Letters 
Pages: 194-198 
Issue: 3 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1064073 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1064073 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:3:p:194-198




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Gius 
Author-X-Name-First: Mark 
Author-X-Name-Last: Gius 
Title: The impact of the death penalty and executions on state-level murder rates: 1980-2011 
Abstract:
 The purpose of the present study is to determine the effect of capital
 punishment on state-level murder rates. Using a large current data-set and
 a two-stage fixed effects model, results of the present study suggest that
 states with death penalties and at least one execution in a given year had
 28% lower murder rates than other states. These results hold regardless of
 the functional form used.
Journal: Applied Economics Letters 
Pages: 199-201 
Issue: 3 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1064074 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1064074 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:23:y:2016:i:3:p:199-201




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Berlemann 
Author-X-Name-First: Michael 
Author-X-Name-Last: Berlemann 
Author-Name: Robin Christmann 
Author-X-Name-First: Robin 
Author-X-Name-Last: Christmann 
Title: Do judges react to the probability of appellate review? Empirical evidence from trial court procedures 
Abstract:
 The appellate review system is intended to serve as an efficient remedy
 for imperfect judicial decision making. However, it can fulfil this task
 only when appeals are <italic>ex ante</italic> unpredictable to the judge,
 and thus can be expected to occur primarily in case of a bad verdict.
 Using data from case records of a German trial court, we show that the
 probability of appeal can be predicted based on easily observable
 exogenous factors. Controlling for the complexity of a legal case, we find
 that judges also tend to decrease their effort when the <italic>ex
 ante</italic> probability of appeal is low. Thus, our empirical evidence
 indicates an inefficiency in the appellate review system because trial
 judges allocate their effort to cases not exclusively according to case
 complexity, but particularly according to the <italic>ex ante</italic>
 probability of being reviewed.
Journal: Applied Economics Letters 
Pages: 202-205 
Issue: 3 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1064075 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1064075 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:3:p:202-205




Template-Type: ReDIF-Article 1.0
Author-Name: Julian Conrads 
Author-X-Name-First: Julian 
Author-X-Name-Last: Conrads 
Author-Name: Tommaso Reggiani 
Author-X-Name-First: Tommaso 
Author-X-Name-Last: Reggiani 
Author-Name: Rainer Michael Rilke 
Author-X-Name-First: Rainer Michael 
Author-X-Name-Last: Rilke 
Title: Reducing ambiguity in lotteries: evidence from a field experiment 
Abstract:
 Ambiguity about the chances of winning represents a key aspect in
 lotteries. By means of a controlled field experiment, we exogenously vary
 the degree of ambiguity about the winning chances of lotteries organized
 to incentivize the contribution for a public good. In one treatment,
 people have been simply informed about the maximum number of potential
 participants (i.e. the number of lottery tickets released). In a second
 treatment, this information has been omitted as in all traditional
 lotteries. Our general finding shows that simply reducing the degree of
 ambiguity of the lottery leads to a sizable and significant increase (67%)
 in the participation rate. This result is robust to alternative prize
 configurations.
Journal: Applied Economics Letters 
Pages: 206-211 
Issue: 3 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1066480 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1066480 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:3:p:206-211




Template-Type: ReDIF-Article 1.0
Author-Name: Bing Anderson 
Author-X-Name-First: Bing 
Author-X-Name-Last: Anderson 
Title: Stock price leads and lags before the golden age of high-frequency trading 
Abstract:
 In this article, I take advantage of the revision of the Dow Jones
 Industrial Average (DJIA) index membership in 1999, to study the
 environment for high-frequency trading back then. Between stocks leaving
 or joining the DJIA, and similar stocks remaining in the DJIA, consistent
 price lead and lag relationships can be established. This provides
 evidence that statistical arbitrage is entirely feasible at the time, and
 it is plausible that a significant portion of the trading volume in 1999
 is due to high-frequency trading.
Journal: Applied Economics Letters 
Pages: 212-216 
Issue: 3 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1066481 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1066481 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:3:p:212-216




Template-Type: ReDIF-Article 1.0
Author-Name: C. Katrakilidis 
Author-X-Name-First: C. 
Author-X-Name-Last: Katrakilidis 
Author-Name: I. Kyritsis 
Author-X-Name-First: I. 
Author-X-Name-Last: Kyritsis 
Author-Name: V. Patsika 
Author-X-Name-First: V. 
Author-X-Name-Last: Patsika 
Title: The dynamic linkages between economic growth, environmental quality and health in Greece 
Abstract:
 Increasing economic activity ignoring environmental quality may distort
 economic growth, leading to a negative rate. The expected deterioration of
 health in the near future may lead to further environmental degradation,
 with a continuation of a spiral-type path towards worsening growth and
 efforts to catch up with the developed economies. &#x3a4;his article
 examines the dynamic interdependence between economic activity, health
 quality and environmental degradation for Greece over the period
 1960-2012. We employ Kuznets-type models and apply several co-integration
 techniques along with Granger causality tests. The results reveal strong
 causal effects, running from income towards CO<sub>2</sub> and infant
 mortality. In the multivariate context, a significant long-run impact is
 directed towards infant mortality, with economic growth performing rather
 exogenously.
Journal: Applied Economics Letters 
Pages: 217-221 
Issue: 3 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1066482 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1066482 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:3:p:217-221




Template-Type: ReDIF-Article 1.0
Author-Name: Aparna Mathur 
Author-X-Name-First: Aparna 
Author-X-Name-Last: Mathur 
Author-Name: Sita Nataraj Slavov 
Author-X-Name-First: Sita Nataraj 
Author-X-Name-Last: Slavov 
Author-Name: Michael R. Strain 
Author-X-Name-First: Michael R. 
Author-X-Name-Last: Strain 
Title: Has the Affordable Care Act increased part-time employment? 
Abstract:
 We examine the impact of the Affordable Care Act (ACA) on part-time
 employment. Because the ACA's employer health insurance mandate applies to
 individuals who work 30 or more hours per week, employers may try to avoid
 the mandate by cutting workers' hours below the 30-hour threshold in order
 to avoid having to provide them with health insurance. Although the
 employer mandate only went into effect in 2015, many observers have argued
 that forward-looking employers began to shift towards a part-time
 workforce well in advance of the mandate. To test this hypothesis, we
 examine relative shifts across two categories of part-time workers
 (25-29&nbsp;hours and 31-35&nbsp;hours). We find some evidence of a shift
 from the 31-35-hour category into the 25-29-hour category after the
 passage of ACA in March 2010. However, that shift is not more pronounced
 among low-wage workers or among workers in industries and occupations most
 likely to be affected by the mandate. Thus, there is little evidence that
 the ACA has <italic>caused</italic> the shift across hours categories, or
 led to an increase in part-time employment. However, the ACA could cause a
 shift towards part-time work in the future as the mandate takes effect.
Journal: Applied Economics Letters 
Pages: 222-225 
Issue: 3 
Volume: 23 
Year: 2016 
Month: 2 
X-DOI: 10.1080/13504851.2015.1066483 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1066483 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:3:p:222-225




Template-Type: ReDIF-Article 1.0
Author-Name: Timothy Perri 
Author-X-Name-First: Timothy 
Author-X-Name-Last: Perri 
Title: Does signalling solve the lemons problem? 
Abstract:
 Maybe. Lemons and signalling models generally deal with different welfare
 problems, the former with withdrawal of high quality sellers, and the
 latter with socially wasteful signals. Absent signalling, with asymmetric
 information, high productivity workers may not be employed where they are
 valued the most. If one's productivity is known in alternative employment,
 signalling that overcomes the lemons problem will only occur if it
 increases welfare.
Journal: Applied Economics Letters 
Pages: 227-229 
Issue: 4 
Volume: 23 
Year: 2016 
Month: 3 
X-DOI: 10.1080/13504851.2015.1066484 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1066484 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:23:y:2016:i:4:p:227-229




Template-Type: ReDIF-Article 1.0
Author-Name: Christos Agiakloglou 
Author-X-Name-First: Christos 
Author-X-Name-Last: Agiakloglou 
Author-Name: Charalampos Agiropoulos 
Author-X-Name-First: Charalampos 
Author-X-Name-Last: Agiropoulos 
Title: The balance between size and power in testing for linear association for two stationary AR(1) processes 
Abstract:
 The classical statistical procedure in testing the null hypothesis of zero
 correlation for two independent stationary AR(1) processes produces
 spurious correlations, contrast to the alternative testing approach that
 has been proposed by Agiakloglou and Tsimpanos (2012). This study examines
 the trade-offs between size distortions and power using both testing
 techniques, including the case where the true values of the autoregressive
 parameters are replaced by their estimates.
Journal: Applied Economics Letters 
Pages: 230-234 
Issue: 4 
Volume: 23 
Year: 2016 
Month: 3 
X-DOI: 10.1080/13504851.2015.1066486 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1066486 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:4:p:230-234




Template-Type: ReDIF-Article 1.0
Author-Name: Mahmud Yesuf 
Author-X-Name-First: Mahmud 
Author-X-Name-Last: Yesuf 
Author-Name: Robert M. Feinberg 
Author-X-Name-First: Robert M. 
Author-X-Name-Last: Feinberg 
Title: Ambiguity aversion among student subjects: the role of probability interval and emotional parameters 
Abstract:
 In the literature on decision-making under uncertainty, it has been shown
 that decision-makers tend to prefer taking gambles with known-risk
 probabilities (pure risk) over equivalent gambles with ambiguous
 probabilities. This article contributes to the ongoing discussion in the
 literature on cognitive and non-cognitive covariates of ambiguity
 aversion. Through a series of experiments, it finds that subjects are more
 ambiguity-averse to prospects with wide probability intervals than to an
 equivalent prospect with narrow intervals, and that subjects' inherent
 trust, happiness and level of optimism affect the level of ambiguity
 aversion.
Journal: Applied Economics Letters 
Pages: 235-238 
Issue: 4 
Volume: 23 
Year: 2016 
Month: 3 
X-DOI: 10.1080/13504851.2015.1066487 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1066487 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:4:p:235-238




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Berck 
Author-X-Name-First: Peter 
Author-X-Name-Last: Berck 
Author-Name: Sofia B. Villas-Boas 
Author-X-Name-First: Sofia B. 
Author-X-Name-Last: Villas-Boas 
Title: A note on the triple difference in economic models 
Abstract:
 This article shows when a triple difference strategy using an imperfect
 control category improves on the double difference strategy for estimating
 an average treatment effect. For example, a product is treated in one
 place and not another leading to a double difference strategy. When does
 comparison with an untreated product in triple difference strategy improve
 accuracy?
Journal: Applied Economics Letters 
Pages: 239-242 
Issue: 4 
Volume: 23 
Year: 2016 
Month: 3 
X-DOI: 10.1080/13504851.2015.1068912 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1068912 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:4:p:239-242




Template-Type: ReDIF-Article 1.0
Author-Name: Brian P. Cozzarin 
Author-X-Name-First: Brian P. 
Author-X-Name-Last: Cozzarin 
Title: Advanced technology, innovation, wages and productivity in the Canadian manufacturing sector 
Abstract:
 In this article, we used a two-step estimation procedure, where in the
 first stage, the number of advanced manufacturing technologies used in the
 firm was estimated using a negative binomial regression, and the
 expenditure on process and product innovation was estimated using a type
 II Tobit procedure. In the second stage, we used the predicted values from
 the first stage in wage and labour productivity equations. The data were
 from the 2009 Survey of Innovation and Business Strategy which was linked
 to the General Index of Financial Information (2004-2009) and the
 Longitudinal Employment Analysis Program (2004-2009). The implications for
 policy are that we should not expect large aggregate effects of innovation
 on productivity and employment. We should expect wage increases and
 productivity increases, with process innovation. We should also expect
 moderate wage increases with product innovation, and contrary to process
 innovation, the effect on productivity of product innovation was negative.
Journal: Applied Economics Letters 
Pages: 243-249 
Issue: 4 
Volume: 23 
Year: 2016 
Month: 3 
X-DOI: 10.1080/13504851.2015.1068913 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1068913 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:4:p:243-249




Template-Type: ReDIF-Article 1.0
Author-Name: Stefano Horst Baruffaldi 
Author-X-Name-First: Stefano Horst 
Author-X-Name-Last: Baruffaldi 
Author-Name: Marianna Marino 
Author-X-Name-First: Marianna 
Author-X-Name-Last: Marino 
Author-Name: Pierpaolo Parrotta 
Author-X-Name-First: Pierpaolo 
Author-X-Name-Last: Parrotta 
Title: Self-employment, start-up incentives and political ideology 
Abstract:
 We find evidence that public start-up incentives promote self-employment.
 This public policy seems to affect more women than men.
Journal: Applied Economics Letters 
Pages: 250-254 
Issue: 4 
Volume: 23 
Year: 2016 
Month: 3 
X-DOI: 10.1080/13504851.2015.1068914 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1068914 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:4:p:250-254




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Christensen 
Author-X-Name-First: Michael 
Author-X-Name-Last: Christensen 
Author-Name: Michael Vangsgaard Christensen 
Author-X-Name-First: Michael Vangsgaard 
Author-X-Name-Last: Christensen 
Author-Name: Ken Gamskjaer 
Author-X-Name-First: Ken 
Author-X-Name-Last: Gamskjaer 
Title: Delegated portfolio management and diversification 
Abstract:
 This article analyses the potential diversification benefits available to
 high-net-worth investors utilizing multiple portfolio managers. We show
 that enlisting seven actively managed portfolios from multiple portfolio
 managers generate significant benefits in terms of risk reduction, and,
 interestingly, diversification benefits are shown to be larger for
 low-risk portfolios compared to high-risk portfolios.
Journal: Applied Economics Letters 
Pages: 255-258 
Issue: 4 
Volume: 23 
Year: 2016 
Month: 3 
X-DOI: 10.1080/13504851.2015.1068915 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1068915 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:4:p:255-258




Template-Type: ReDIF-Article 1.0
Author-Name: B. Frick 
Author-X-Name-First: B. 
Author-X-Name-Last: Frick 
Author-Name: P. Wicker 
Author-X-Name-First: P. 
Author-X-Name-Last: Wicker 
Title: The trickle-down effect: how elite sporting success affects amateur participation in German football 
Abstract:
 The trickle-down effect assumes that sporting success at the elite sport
 level descends down to the amateur sport level in the sense that people
 are inspired by sporting success to participate themselves. Previous
 research failed to find convincing evidence for this relationship, mostly
 because the data used and the methods applied (e.g. cross-sectional data,
 primary data, correlations) were not adequate. This study addresses these
 shortcomings and examines the effect of national sporting success on
 amateur sport participation in German football using longitudinal data
 from 1950 to 2014. Since an individual's decision to participate in sport
 also depends on other factors, the regression models also control for
 working hours, real wages etc. The results show that only World Cup title
 wins of the men's national team have a positive and statistically
 significant impact on the number of and percentage changes in individual
 club memberships, clubs and teams. The coefficients of European
 Championship titles and title wins of the women's national team turn out
 to be mostly insignificant. Future research should examine the reasons as
 to why only title wins by the men's team have a measurable inspirational
 effect on amateur sport participation in football.
Journal: Applied Economics Letters 
Pages: 259-263 
Issue: 4 
Volume: 23 
Year: 2016 
Month: 3 
X-DOI: 10.1080/13504851.2015.1068916 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1068916 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:4:p:259-263




Template-Type: ReDIF-Article 1.0
Author-Name: Christos Agiakloglou 
Author-X-Name-First: Christos 
Author-X-Name-Last: Agiakloglou 
Author-Name: Michalis Gkouvakis 
Author-X-Name-First: Michalis 
Author-X-Name-Last: Gkouvakis 
Author-Name: Aggelos Kanas 
Author-X-Name-First: Aggelos 
Author-X-Name-Last: Kanas 
Title: Causality in EU macroeconomic variables 
Abstract:
 This article investigates the interdependence of macroeconomics, financial
 and other variables for European Union countries using a multivariate
 vector autoregressive (VAR) approach for quarterly data. The VAR analysis
 is applied to all bivariate cases, and the best fitted models are selected
 in order to conduct Granger causality testing and impulse response
 functions. Contrary to the existing literature, this study reveals
 evidence of a unilateral direction between several cases and ambiguous
 results regarding Impulse response functions analysis.
Journal: Applied Economics Letters 
Pages: 264-277 
Issue: 4 
Volume: 23 
Year: 2016 
Month: 3 
X-DOI: 10.1080/13504851.2015.1068919 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1068919 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Martina Feyzrakhmanova 
Author-X-Name-First: Martina 
Author-X-Name-Last: Feyzrakhmanova 
Author-Name: Constantin Gurdgiev 
Author-X-Name-First: Constantin 
Author-X-Name-Last: Gurdgiev 
Title: Patents and R&D expenditure effects on equity returns in pharmaceutical industry 
Abstract:
 As costs of pharmaceutical R&D soar and productivity falls, the role of
 research pipelines in firm valuations is changing. To date, surprisingly
 little work has been published on the effects of R&D pipeline performance
 on equity returns, while controlling for coincident factors, such as
 legacy patents and presence of blockbuster drugs in production. Using
 1996-2013 data for nine largest pharmaceutical companies in the world,
 this article assesses the role of the above factors on returns to
 pharmaceutical companies equity. We show significant positive link between
 changes in the number of blockbusters on patent six months prior and
 returns in excess of pharmaceutical equity index. The number of patents
 granted by United States Patent and Trademark Office in a quarter is also
 a significant factor. On the other hand, we find that increases in R&D
 expenditure in large-cap pharmaceutical companies are viewed negatively by
 investors in the short term.
Journal: Applied Economics Letters 
Pages: 278-283 
Issue: 4 
Volume: 23 
Year: 2016 
Month: 3 
X-DOI: 10.1080/13504851.2015.1071460 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1071460 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Alagidede 
Author-X-Name-First: Paul 
Author-X-Name-Last: Alagidede 
Title: On the temporary and permanent components of global construction 
Abstract:
 This letter applies unobserved components models to decompose global
 construction series. By examining the temporary and permanent trends in a
 structural time-series framework, the uninterpretable difficulties
 inherent in bandpass filters are overcome and the trend-cycle
 decomposition of the construction series is treated as a special case.
 Overall global construction mimic patterns in the global economy: falling
 with recessions and rising with upturns. Understanding the cyclical
 behaviour of global construction output and its long run trend holds
 important lessons for smoothing the construction cycle.
Journal: Applied Economics Letters 
Pages: 284-289 
Issue: 4 
Volume: 23 
Year: 2016 
Month: 3 
X-DOI: 10.1080/13504851.2015.1071461 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1071461 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luciana De Andrade Costa 
Author-X-Name-First: Luciana De Andrade 
Author-X-Name-Last: Costa 
Author-Name: Emerson Wagner Mainardes 
Author-X-Name-First: Emerson Wagner 
Author-X-Name-Last: Mainardes 
Title: The role of corruption and risk aversion in entrepreneurial intentions 
Abstract:
 The literature on entrepreneurship has suggested that an individual's
 entrepreneurial intention depends on three types of factor: personal
 characteristics, the individual's expertise and professional background,
 and external factors. Our study investigates how corruption, an external
 factor, and risk aversion, a personal characteristic, may simultaneously
 affect individuals' entrepreneurial intentions. With data on 76&nbsp;203
 individuals in 53 countries, our estimation results indicate that risk
 aversion decreases the individual's probability of having an
 entrepreneurial intention by 6.67 percentage points. In addition, an
 increase in 1 SD in the perceived level of corruption in a country
 decreases the individual's probability of having an entrepreneurial
 intention by 0.96 percentage points.
Journal: Applied Economics Letters 
Pages: 290-293 
Issue: 4 
Volume: 23 
Year: 2016 
Month: 3 
X-DOI: 10.1080/13504851.2015.1071462 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1071462 
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Template-Type: ReDIF-Article 1.0
Author-Name: Weigang Hu 
Author-X-Name-First: Weigang 
Author-X-Name-Last: Hu 
Author-Name: Yun Feng 
Author-X-Name-First: Yun 
Author-X-Name-Last: Feng 
Title: Does speculation Granger cause return in Chinese commodity markets? 
Abstract:
 We test the Granger causal relations between speculation and returns in
 Chinese commodity markets using quantile regression method. We find that
 speculation Granger causes returns in rebar, bean pulp and rapeseed oil
 markets. At lower quantiles, estimates are negative; but estimates are
 positive at upper quantiles. This indicates that larger speculation
 results in larger return volatility.
Journal: Applied Economics Letters 
Pages: 294-297 
Issue: 4 
Volume: 23 
Year: 2016 
Month: 3 
X-DOI: 10.1080/13504851.2015.1071463 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1071463 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pradit Withisuphakorn 
Author-X-Name-First: Pradit 
Author-X-Name-Last: Withisuphakorn 
Author-Name: Pornsit Jiraporn 
Author-X-Name-First: Pornsit 
Author-X-Name-Last: Jiraporn 
Title: The effect of firm maturity on corporate social responsibility (CSR): do older firms invest more in CSR? 
Abstract:
 Motivated by the literature on corporate life cycles, we explore the
 effect of firm maturity on corporate social responsibility (CSR). Our
 results based on over 26&nbsp;000 observations across 21&nbsp;years reveal
 that more mature firms invest significantly more in CSR. Furthermore, we
 find that the effect of firm maturity is not uniform across different
 categories of CSR. As firms get older, they become much more responsible
 in terms of diversity and environmental awareness, whereas the effect of
 firm ageing is much weaker in terms of human rights and product safety.
 Our study is the first to link corporate life cycles to CSR.
Journal: Applied Economics Letters 
Pages: 298-301 
Issue: 4 
Volume: 23 
Year: 2016 
Month: 3 
X-DOI: 10.1080/13504851.2015.1071464 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1071464 
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Template-Type: ReDIF-Article 1.0
Author-Name: Raul Caruso 
Author-X-Name-First: Raul 
Author-X-Name-Last: Caruso 
Author-Name: Marco Di Domizio 
Author-X-Name-First: Marco 
Author-X-Name-Last: Di Domizio 
Title: Interdependence between US and European military spending: a panel cointegration analysis (1988-2013) 
Abstract:
 The aim of this article is to study the interdependence of military
 spending between US and a panel of European countries in the period
 1988-2013. The empirical estimation is based on a: (1) unit root tests and
 a cointegration analysis and (2) fully modified ordinary least squares and
 dynamic ordinary least squares estimations. General results highlight that
 military spending of European countries is: (1) positively associated with
 US military spending and (2) negatively associated with average military
 spending of other European countries.
Journal: Applied Economics Letters 
Pages: 302-305 
Issue: 4 
Volume: 23 
Year: 2016 
Month: 3 
X-DOI: 10.1080/13504851.2015.1071466 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1071466 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fathali Firoozi 
Author-X-Name-First: Fathali 
Author-X-Name-Last: Firoozi 
Author-Name: Donald Lien 
Author-X-Name-First: Donald 
Author-X-Name-Last: Lien 
Title: On the joint Fourier--ESTAR testing of PPP 
Abstract:
 The purchasing power parity (PPP) is the hypothesis that the real exchange
 rate series are stationary. This study briefly reviews and applies six
 competing unit root test procedures to test PPP. Reflecting the existing
 literature, the results are mixed. The Kili&#xe7; test is the most
 favourable while the Kapetanios, Shin, and Snell (KSS) test is the least
 favourable to PPP and the standard ADF test lies in between. The same
 conclusion applies to the Fourier extensions of those three tests. The
 results support a recently suggested <italic>F</italic>-test for the
 significance of Fourier terms in unit root test equations.
Journal: Applied Economics Letters 
Pages: 979-983 
Issue: 14 
Volume: 23 
Year: 2016 
Month: 9 
X-DOI: 10.1080/13504851.2015.1125424 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1125424 
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Camilo Galvis Ciro 
Author-X-Name-First: Juan Camilo 
Author-X-Name-Last: Galvis Ciro 
Author-Name: Helder Ferreira de Mendon&#xe7;a 
Author-X-Name-First: Helder Ferreira 
Author-X-Name-Last: de Mendon&#xe7;a 
Title: Inflation targeting credibility and sovereign risk: evidence from Colombia 
Abstract:
 This article relates to the literature on sovereign risk in developing
 countries. In particular, we present empirical evidence to address the
 effect of inflation targeting credibility on sovereign risk based on the
 Colombian experience. The findings denote that credibility is an important
 improvement in the institutional framework to reduce the sovereign risk
 premium.
Journal: Applied Economics Letters 
Pages: 984-990 
Issue: 14 
Volume: 23 
Year: 2016 
Month: 9 
X-DOI: 10.1080/13504851.2015.1125425 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1125425 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fredj Jawadi 
Author-X-Name-First: Fredj 
Author-X-Name-Last: Jawadi 
Author-Name: Abdoulkarim Idi Cheffou 
Author-X-Name-First: Abdoulkarim 
Author-X-Name-Last: Idi Cheffou 
Author-Name: Nabila Jawadi 
Author-X-Name-First: Nabila 
Author-X-Name-Last: Jawadi 
Title: Can the Islamic bank be an emerging leader? A panel data causality analysis 
Abstract:
 This short note investigates the ability of Islamic banks (IBs) to play a
 leading role in revamping and driving conventional banking. To this end,
 we used a panel of 10 major conventional banks (CBs) and 10 IBs over the
 period 2006--2013. We applied panel regression tests and carried out a
 panel causality analysis. Our findings identified no significant causality
 effect from IBs to CBs and indicated that IBs are not able to play a role
 of leader.
Journal: Applied Economics Letters 
Pages: 991-994 
Issue: 14 
Volume: 23 
Year: 2016 
Month: 9 
X-DOI: 10.1080/13504851.2015.1125426 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1125426 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdulnasser Hatemi-J 
Author-X-Name-First: Abdulnasser 
Author-X-Name-Last: Hatemi-J 
Author-Name: Mrittika Shamsuddin 
Author-X-Name-First: Mrittika 
Author-X-Name-Last: Shamsuddin 
Title: The causal interaction between financial development and human development in Bangladesh 
Abstract:
 This note investigates the causal relationship between financial
 development measured as the domestic credit to private sector (% of GDP)
 and human development measured by the Barro--Lee index in Bangladesh. The
 bootstrap causality tests with leverage adjustments are implemented in
 order to avoid any distributional assumption. It is found that human
 development is causing financial development. However, there is no
 significant causality running from financial development on human
 development. The policy implication of these empirical findings is also
 elaborated.
Journal: Applied Economics Letters 
Pages: 995-998 
Issue: 14 
Volume: 23 
Year: 2016 
Month: 9 
X-DOI: 10.1080/13504851.2015.1128066 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1128066 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rui Yao 
Author-X-Name-First: Rui 
Author-X-Name-Last: Yao 
Author-Name: Shan Lei 
Author-X-Name-First: Shan 
Author-X-Name-Last: Lei 
Title: Prior investment outcomes and stock investment in defined contribution plans 
Abstract:
 In this study, we employ the 2001--2013 Survey of Consumer Finances to
 examine how prior investment outcomes affect portfolio allocation in
 defined contribution (DC) plans. Results show that investors with prior
 gains are more likely to invest all DC plan assets in stocks. Factors such
 as risk tolerance and investment horizon positively affect
 investors&#x2019; tendency to allocate all DC assets to stocks. These
 findings have important implications for investors, researchers and
 financial professionals.
Journal: Applied Economics Letters 
Pages: 999-1002 
Issue: 14 
Volume: 23 
Year: 2016 
Month: 9 
X-DOI: 10.1080/13504851.2015.1128067 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1128067 
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Template-Type: ReDIF-Article 1.0
Author-Name: Terrance K. Martin 
Author-X-Name-First: Terrance K. 
Author-X-Name-Last: Martin 
Author-Name: Michael A. Guillemette 
Author-X-Name-First: Michael A. 
Author-X-Name-Last: Guillemette 
Author-Name: Christopher M. Browning 
Author-X-Name-First: Christopher M. 
Author-X-Name-Last: Browning 
Title: Do retirement planning strategies alter the effect of time preference on retirement wealth? 
Abstract:
 An individual&#x2019;s willingness to accumulate retirement wealth is
 influenced by their preference for intertemporal consumption. People with
 a strong preference for current consumption (high personal discount rate)
 may choose to save less and face the risk of decreased retirement
 preparedness. A negative relation between a high personal discount rate
 and retirement wealth may be reduced when individuals engage in some form
 of retirement planning. Using the National Longitudinal Survey of Youth,
 we provide evidence that respondents with a high personal discount rate
 accumulated 37% less retirement wealth, on average, between 2004 and 2008,
 when compared with respondents with a low personal discount rate. However,
 when retirement planning strategies were included in the model, there was
 no statistical difference in retirement wealth between people with high
 and low personal discount rates. The retirement planning strategies
 included calculating a retirement income need, hiring a financial planner
 for retirement or engaging in both of these activities.
Journal: Applied Economics Letters 
Pages: 1003-1005 
Issue: 14 
Volume: 23 
Year: 2016 
Month: 9 
X-DOI: 10.1080/13504851.2015.1128068 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1128068 
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Template-Type: ReDIF-Article 1.0
Author-Name: Oscar Afonso 
Author-X-Name-First: Oscar 
Author-X-Name-Last: Afonso 
Author-Name: Ana Sarabanda 
Author-X-Name-First: Ana 
Author-X-Name-Last: Sarabanda 
Title: The impact of health sector on R&D, economic growth and wages 
Abstract:
 We extend the existing R&D growth literature by focusing on the short-,
 medium-, long-run effects of the health sector on R&D intensity, economic
 growth and wages, and by considering 21 OECD countries between 1991 and
 2008. We show that: (i) there is a unique and stable steady state; (ii) an
 increase in health-labour share in skilled population has no effect on
 growth, but affects negatively (positively) the R&D intensity (the skill
 premium); (iii) Anglo--Saxons countries have the lowest health-labour
 share in skilled-labour population, and Nordic countries have the lowest
 skill premium and the highest consumption/production of healthcare
 <italic>per capita</italic>.
Journal: Applied Economics Letters 
Pages: 1006-1011 
Issue: 14 
Volume: 23 
Year: 2016 
Month: 9 
X-DOI: 10.1080/13504851.2015.1128069 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1128069 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jos&#xe9; Mar&#xed;a Serrano 
Author-X-Name-First: Jos&#xe9; Mar&#xed;a 
Author-X-Name-Last: Serrano 
Author-Name: Mar&#xed;a Dolores Gadea 
Author-X-Name-First: Mar&#xed;a Dolores 
Author-X-Name-Last: Gadea 
Author-Name: Marcela Sabat&#xe9; 
Author-X-Name-First: Marcela 
Author-X-Name-Last: Sabat&#xe9; 
Title: <italic>Lost in intervention.</italic> The Harrod--Balassa--Samuelson effect on the peseta/dollar real exchange rate (1870--1998) 
Abstract:
 We have decomposed the peseta/dollar real exchange rate (1870--1998) into
 its trend and cyclical components and used the former to proxy its
 time-varying equilibrium. Then, we have compared changes in the
 equilibrium with changes in the Spanish and the USA productivity
 differentials to identify years that do not fit with the
 Harrod--Balassa--Samuelson (HBS) hypothesis. The greatest maladjustment is
 found in the 1940s and 1950s, decades of strong exchange rate intervention
 in Spain. Conversely, the link between equilibrium and differentials
 adjusts to the hypothesis when using the non-intervened peseta/dollar
 exchange rate on the Tangier black market. These contrasting results back
 up the idea that exchange rate intervention, so common in developing
 countries, might explain their scanter evidence in favour of the HBS
 effect.
Journal: Applied Economics Letters 
Pages: 1012-1017 
Issue: 14 
Volume: 23 
Year: 2016 
Month: 9 
X-DOI: 10.1080/13504851.2015.1128070 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1128070 
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Template-Type: ReDIF-Article 1.0
Author-Name: James W. Mjelde 
Author-X-Name-First: James W. 
Author-X-Name-Last: Mjelde 
Author-Name: Alicia A. Israel Schwarzlose 
Author-X-Name-First: Alicia A. 
Author-X-Name-Last: Israel Schwarzlose 
Author-Name: Rebekka M. Dudensing 
Author-X-Name-First: Rebekka M. 
Author-X-Name-Last: Dudensing 
Author-Name: Yanhong Jin 
Author-X-Name-First: Yanhong 
Author-X-Name-Last: Jin 
Author-Name: Linda K. Cherrington 
Author-X-Name-First: Linda K. 
Author-X-Name-Last: Cherrington 
Author-Name: Junyi Chen 
Author-X-Name-First: Junyi 
Author-X-Name-Last: Chen 
Title: Subject pool effects among the general population and students: a choice experiment example 
Abstract:
 Rising costs of conducting research coupled with limited budgets are
 forcing researchers to use samples of convenience. Students represent one
 such sample, but are students an appropriate population? The objective is
 to ascertain how students&#x2019; willingness to pay (WTP) differs from
 the general public&#x2019;s WTP. Students and county residents are
 surveyed. Results suggest the study&#x2019;s goal may determine if student
 responses are generalizable to the general population. The samples are
 similar in many characteristics, but WTP amounts vary. The student samples
 show some inconsistencies. If the goal is general behavioural inferences,
 the results provide support for the use of students. If the goal is to
 estimate specific WTPs for use in policy analysis, the use of students may
 not be advisable.
Journal: Applied Economics Letters 
Pages: 1018-1021 
Issue: 14 
Volume: 23 
Year: 2016 
Month: 9 
X-DOI: 10.1080/13504851.2015.1128071 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1128071 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Hermann 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Hermann 
Author-Name: Oliver Musshoff 
Author-X-Name-First: Oliver 
Author-X-Name-Last: Musshoff 
Title: Anchoring effects in experimental discount rate elicitation 
Abstract:
 Discount rates are often elicited using incentivized or hypothetical
 multiple price lists. We conduct two multiple price lists according to
 Coller and Williams (<italic>Experimental Economics</italic> 2: 107--127,
 1999) with varying ranges of larger--later payments. Participants carry
 out both tasks and are randomly assigned to a task order as well as to a
 payment or no-payment treatment. Our results indicate that the range of
 the first completed task anchors discount rate decisions. Participants who
 begin the task with the lower range of the larger--later payments stated
 lower discount rates than participants who start with the task containing
 a wider range. Paying monetary incentives does not influence the detected
 anchor effect.
Journal: Applied Economics Letters 
Pages: 1022-1025 
Issue: 14 
Volume: 23 
Year: 2016 
Month: 9 
X-DOI: 10.1080/13504851.2015.1128072 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1128072 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wei Yang 
Author-X-Name-First: Wei 
Author-X-Name-Last: Yang 
Author-Name: Fei Chen 
Author-X-Name-First: Fei 
Author-X-Name-Last: Chen 
Title: A simple IID test for autoregressive conditional duration models 
Abstract:
 We propose using the rank-based variance ratio test as an
 easy-to-implement test for testing the independent and identically
 distributed assumption of autoregressive conditional duration (ACD)
 models. We apply the proposed test to duration data of five stocks and get
 the same conclusions as previous studies.
Journal: Applied Economics Letters 
Pages: 1026-1028 
Issue: 14 
Volume: 23 
Year: 2016 
Month: 9 
X-DOI: 10.1080/13504851.2015.1130212 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1130212 
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Template-Type: ReDIF-Article 1.0
Author-Name: Micha&#x142; Brzoza-Brzezina 
Author-X-Name-First: Micha&#x142; 
Author-X-Name-Last: Brzoza-Brzezina 
Title: Amplification of shocks at the zero lower bound in a small open and large closed economy 
Abstract:
 This letter compares the consequences of hitting the zero lower bound in
 small open and large closed economies. I show that in a large economy
 shocks are modified by the zero lower bound on interest rate much more
 than in a small one -- as a result, the large economy may suffer more.
Journal: Applied Economics Letters 
Pages: 1029-1033 
Issue: 14 
Volume: 23 
Year: 2016 
Month: 9 
X-DOI: 10.1080/13504851.2015.1130213 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1130213 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Lawson 
Author-X-Name-First: Robert 
Author-X-Name-Last: Lawson 
Author-Name: Ryan Murphy 
Author-X-Name-First: Ryan 
Author-X-Name-Last: Murphy 
Title: Does antitrust policy promote competition? 
Abstract:
 Using new measures of the scope and strength of antitrust policies, we
 find no evidence that more robust antitrust regimes correlate with more
 intense local competition or less corporate dominance. The results cast
 doubt on the common textbook assumption that antitrust policies improve
 levels of competition.
Journal: Applied Economics Letters 
Pages: 1034-1036 
Issue: 14 
Volume: 23 
Year: 2016 
Month: 9 
X-DOI: 10.1080/13504851.2015.1130784 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1130784 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:14:p:1034-1036




Template-Type: ReDIF-Article 1.0
Author-Name: Bala Ramasamy 
Author-X-Name-First: Bala 
Author-X-Name-Last: Ramasamy 
Author-Name: Matthew C. H. Yeung 
Author-X-Name-First: Matthew C. H. 
Author-X-Name-Last: Yeung 
Title: Diversity and innovation 
Abstract:
 Although the effect of culture on national innovation levels is
 well-established, previous literature assumes cultural homogeneity within
 a nation. In this article we analyse two aspects of diversity -- ethnic
 and values -- and their impact on national innovation output. We show that
 ethnic diversity or fractionalization and values diversity are distinct
 and while the former has a negative effect on innovation, the latter
 contributes positively. However, countries are bound to have both types of
 diversity. We find that countries that are ethnically homogenous but
 diverse in values orientation are the best innovators.
Journal: Applied Economics Letters 
Pages: 1037-1041 
Issue: 14 
Volume: 23 
Year: 2016 
Month: 9 
X-DOI: 10.1080/13504851.2015.1130785 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1130785 
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:14:p:1037-1041




Template-Type: ReDIF-Article 1.0
Author-Name: James Bailey 
Author-X-Name-First: James 
Author-X-Name-Last: Bailey 
Author-Name: Nathan Blascak 
Author-X-Name-First: Nathan 
Author-X-Name-Last: Blascak 
Title: The effect of state health insurance benefit mandates on premiums and employee contributions 
Abstract:
 The average US state has 40 benefit mandates, laws requiring health
 insurance to cover particular conditions, treatments, providers or people.
 We investigate the extent to which these mandates increase the health
 insurance premiums paid by employers, and the extent to which these higher
 premiums are passed on to employees in the form of higher employee
 contributions. We use state-level data on premiums and employee
 contributions to health insurance from the insurance component of the
 1996--2011 Medical Expenditure Panel Survey. Our main analysis is a fixed
 effects regression that controls for age, race, income, union membership
 and the presence of state mandate waivers. We find robust evidence that
 the average mandate increases premiums by approximately 0.6%, and that
 mandates lead to similar increases in employee contributions for
 single-coverage health insurance plans. Alternative specifications using
 an AR(1) error structure estimate a larger effect of mandates, while those
 using generalized estimating equations estimate smaller effects. We find
 that mandates requiring insurers to cover a specific benefit, as opposed
 to a specific type of provider or person, lead to the largest increases in
 employee contributions.
Journal: Applied Economics Letters 
Pages: 1042-1046 
Issue: 14 
Volume: 23 
Year: 2016 
Month: 9 
X-DOI: 10.1080/13504851.2015.1130786 
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1130786 
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:14:p:1042-1046




Template-Type: ReDIF-Article 1.0
Author-Name: Terrance K. Martin
Author-X-Name-First: Terrance K.
Author-X-Name-Last: Martin
Author-Name: Michael A. Guillemette
Author-X-Name-First: Michael A.
Author-X-Name-Last: Guillemette
Author-Name: Fabiola E. Urgel
Author-X-Name-First: Fabiola E.
Author-X-Name-Last: Urgel
Title: The effect of disability income on retirement decisions and wealth
Abstract: 
 Using the 2008 National Longitudinal Survey of Youth, this study examines the impact of receiving disability income on a respondent’s decision to calculate a retirement income need, use tax-advantaged accounts and accumulate retirement wealth. Respondents who received disability income were 4.4% less likely to report calculating a retirement income need and 4.5% less likely to report using a tax-advantaged account, compared to a reference group of respondents who did not receive disability income. Respondents who received disability income also accumulated 41% less retirement wealth compared to the same reference group.
Journal: Applied Economics Letters
Pages: 1333-1335
Issue: 19
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2017.1420874
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1420874
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:19:p:1333-1335




Template-Type: ReDIF-Article 1.0
Author-Name: Chia- Nan Wang
Author-X-Name-First: Chia- Nan
Author-X-Name-Last: Wang
Author-Name: Hong-Xuyen Thi Ho
Author-X-Name-First: Hong-Xuyen Thi
Author-X-Name-Last: Ho
Author-Name: Shih-Hsiung Luo
Author-X-Name-First: Shih-Hsiung
Author-X-Name-Last: Luo
Author-Name: Yu-Shiuan Yang
Author-X-Name-First: Yu-Shiuan
Author-X-Name-Last: Yang
Title: Using Malmquist index to select the strategic partners in vertical integration: the case of Taiwan LED supply chain
Abstract: 
 In recent years, green technology efficiency has been one of the most interesting issues when referring to energy saving. The light-emitting diode (LED) is one of the competitive industries on green technology in Taiwan. The objective of this article is to select the vertical strategic partners of the 22 LED companies through investigating performance of integration. The Malmquist productivity index (MPI) is used to evaluate the average efficiency change from 2011 to 2015. The empirical results show that the productivity change was influenced by both catch-up effects and frontier effects. For upstream companies, the MPI of Tekcore is superior to others because it maintained technical efficiency and technological change. For downstream companies, most of them are performed well in technical efficiency than technological change. This article helps LED manufacturers select the appropriate strategic partners to achieve competitive advantage.
Journal: Applied Economics Letters
Pages: 1336-1341
Issue: 19
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2017.1420875
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1420875
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:19:p:1336-1341




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Jones
Author-X-Name-First: Michael
Author-X-Name-Last: Jones
Author-Name: Lu Yang
Author-X-Name-First: Lu
Author-X-Name-Last: Yang
Title: Regional job multipliers
Abstract: 
 Job multipliers are often cited as justification for economic development incentives in particular industries. In this article, we use Quarterly Census of Employment and Wages data for counties in the State of Ohio to estimate the tradable sector’s job multiplier. We find that for each additional job in the tradable sector over a 10-year period, there are 1.6 jobs created in the nontradable sector. This multiplier estimate is lower for shorter periods of 1 year and 3 years. For the manufacturing sector specifically, we find the multiplier effect to be 1.2 jobs in the nontradable sector over a 10-year period. We also provide evidence that the multiplier varies over time. During the recessionary period of 2008 and 2009, the multiplier appears lower compared to the time period preceding and proceeding the recession.
Journal: Applied Economics Letters
Pages: 1342-1345
Issue: 19
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2017.1420876
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1420876
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:19:p:1342-1345




Template-Type: ReDIF-Article 1.0
Author-Name: Ahmed Al-Hadi
Author-X-Name-First: Ahmed
Author-X-Name-Last: Al-Hadi
Author-Name: Khamis Hamed Al-Yahyaee
Author-X-Name-First: Khamis Hamed
Author-X-Name-Last: Al-Yahyaee
Author-Name: Syed Mujahid Hussain
Author-X-Name-First: Syed Mujahid
Author-X-Name-Last: Hussain
Author-Name: Grantley Taylor
Author-X-Name-First: Grantley
Author-X-Name-Last: Taylor
Title: Market risk disclosures, corporate governance structure and political connections: evidence from GCC firms
Abstract: 
 This paper investigates the joint effect of political connections, in the form of the royal family member on board, and corporate governance on the market risk disclosures of the Gulf Cooperation Council (GCC) financial firms from 2007 to 2011. Previous research suggest that politically connected firms reduce the level of transparency in the GCC. However, we find that better corporate governance improves transparency and can be used as an effective tool in curbing the potentially adverse impact of politically connected board members on firms’ transparency. Our results have important implications for policy makers and can be generalized to other emerging markets.
Journal: Applied Economics Letters
Pages: 1346-1350
Issue: 19
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2017.1420877
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1420877
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:19:p:1346-1350




Template-Type: ReDIF-Article 1.0
Author-Name: Jieun Chang
Author-X-Name-First: Jieun
Author-X-Name-Last: Chang
Title: Privacy and security concerns in online health services
Abstract: 
 There is a growing interest in Internet privacy and security concerns. This article investigates Internet privacy and security concerns to determine whether such concerns hinder online health service use under different policies that enhance privacy and security protection. Empirical findings show a negative association between online privacy and security concerns and the use of online health services. Regulations enhancing customers’ privacy and security moderate the negative relation.
Journal: Applied Economics Letters
Pages: 1351-1354
Issue: 19
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2017.1420878
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1420878
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:19:p:1351-1354




Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Chavez
Author-X-Name-First: Daniel
Author-X-Name-Last: Chavez
Author-Name: Marco Palma
Author-X-Name-First: Marco
Author-X-Name-Last: Palma
Author-Name: Alba Collart
Author-X-Name-First: Alba
Author-X-Name-Last: Collart
Title: Using eye-tracking to model attribute non-attendance in choice experiments
Abstract: 
 We investigate revealed attribute attendance in discrete choice experiments using eye-tracking. A simple theoretical framework is proposed in which choices are a function of visual attention. Consistent with the existing literature, the assumption that participants use all the available information to make their decisions does not hold. The results also illustrate that model fit and predictive power are greatly increased by using visual attendance measures as regressors. The use of eye-tracking technology has value for measuring revealed attention and to benchmark with existing choice models.
Journal: Applied Economics Letters
Pages: 1355-1359
Issue: 19
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2017.1420879
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1420879
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:19:p:1355-1359




Template-Type: ReDIF-Article 1.0
Author-Name: Ivana Lolić
Author-X-Name-First: Ivana
Author-X-Name-Last: Lolić
Author-Name: Petar Sorić
Author-X-Name-First: Petar
Author-X-Name-Last: Sorić
Title: A critical re-examination of the Carlson–Parkin method
Abstract: 
 The euro area has been experiencing a long period of inflation well below the targeted 2%. This has once again brought the problem of quantifying inflation expectations into the scientific focus. Within the framework of the Carlson–Parkin (CP) method, previous research has mostly focused on altering the probability distributions. Analysing as much as 2688 versions of the CP method, we prove that the distribution choice provides only minor improvements in the forecasting accuracy. On the other hand, the method assumptions (unbiased expectations and the number of survey response categories) play the pivotal role. We make an attempt to provide an assumptions-free quantification method by recognizing the fact that agents perceive ‘moderate’ inflation through the inflation targeting policy.
Journal: Applied Economics Letters
Pages: 1360-1363
Issue: 19
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2017.1420880
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1420880
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:19:p:1360-1363




Template-Type: ReDIF-Article 1.0
Author-Name: Benoit Dostie
Author-X-Name-First: Benoit
Author-X-Name-Last: Dostie
Title: Complementarities between firm-sponsored training and information technology use
Abstract: 
 In this article, we investigate the presence of possible complementarities between investments in information technology (IT) and firm-sponsored training using economy-wide longitudinal representative workplace-level data. Since information on the firm’s capital stock is often missing in such representative data, we match our workplace records to tax data to construct measures of the firm’s capital stock. We find some evidence of positive complementarities between investments in human capital and IT, suggesting that on-the-job training can also have a positive impact on productivity when complemented with investments in CAD or other technologies.
Journal: Applied Economics Letters
Pages: 1364-1367
Issue: 19
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2017.1420881
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1420881
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:19:p:1364-1367




Template-Type: ReDIF-Article 1.0
Author-Name: Jesper Stage
Author-X-Name-First: Jesper
Author-X-Name-Last: Stage
Title: Living in a bubble: potential gains from flexible water management policies
Abstract: 
 We study Swedish implementation of the European Union’s Water Framework Directive, and compare the current implementation strategy with more flexible ‘bubble’ schemes, where measures can be traded among various locations within the same river system to reach the overall environmental target. Two different Swedish river systems, the Mörrum system with small-scale hydropower plants, and the Ångerman system with larger plants, are studied. We find that the environmental benefits that current policies are likely to accomplish could be achieved at well under half the cost in the Mörrum system, and at less than a tenth of the cost in the Ångerman system.
Journal: Applied Economics Letters
Pages: 1368-1372
Issue: 19
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2017.1420882
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1420882
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:19:p:1368-1372




Template-Type: ReDIF-Article 1.0
Author-Name: Amith Vikram Megaravalli
Author-X-Name-First: Amith Vikram
Author-X-Name-Last: Megaravalli
Author-Name: Gabriele Sampagnaro
Author-X-Name-First: Gabriele
Author-X-Name-Last: Sampagnaro
Title: Firm age and liquidity ratio as predictors of firm growth: evidence from Indian firms
Abstract: 
 The result of the study shows that liquidity ratio and firm age increases the probability of firm becoming high growth or low growth. However, the result indicates that the chances of being high-growth firm are higher for young firms. Quantile results show that the coefficient of liquidity ratio switches from negative in lower quantiles to become positive in upper quantile with the strong positive effect and firm age coefficients are largest in the lower quantiles. These results also confirm the probit result as per which firm age is negatively significant with the growth of the firm. The present study considers an innovative approach that considers balance sheet issued the year prior to the observation of rapid growth as predictors of firm growth (similar to the credit scoring models, i.e. the Z-score model, to measure the probability of default).
Journal: Applied Economics Letters
Pages: 1373-1375
Issue: 19
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2017.1420883
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1420883
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:19:p:1373-1375




Template-Type: ReDIF-Article 1.0
Author-Name: José Manuel Cordero
Author-X-Name-First: José Manuel
Author-X-Name-Last: Cordero
Author-Name: Nickolaos G. Tzeremes
Author-X-Name-First: Nickolaos G.
Author-X-Name-Last: Tzeremes
Title: Financial crisis and hotels’ labour productivity growth: evidence from Spanish islands
Abstract: 
 The article examines hotels’ labour productivity growth over the period of financial crisis. We decompose hotels’ labour productivity into three components: technological change, technological catch-up (efficiency improvement/convergence) and capital deepening. Specifically, we apply our analysis over a sample of 820 Spanish hotels from Balearic and Canary Islands distinguishing three different stages during the crisis period. The results suggest that average terms hotels’ labour productivity was resistant to the financial crisis.
Journal: Applied Economics Letters
Pages: 1376-1382
Issue: 19
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2017.1420884
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1420884
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:19:p:1376-1382




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Salaga
Author-X-Name-First: Steven
Author-X-Name-Last: Salaga
Author-Name: Katie M Brown
Author-X-Name-First: Katie M
Author-X-Name-Last: Brown
Title: Momentum and betting market perceptions of momentum in college football
Abstract: 
 Past research has demonstrated that bettors believe positive momentum carries over from contest to contest. This article examines whether there is any empirical support for this belief by testing for the presence of across-contest momentum effects in college football. We characterize momentum in multiple fashions and after controlling for between-team heterogeneity find no evidence that systematic relationships exist between the degree of momentum a team enters a contest with and the outcome of that contest. From a wagering market perspective, this indicates that there is no statistically significant advantage to betting on teams perceived to possess positive momentum. Our results also suggest that the combination of the opening betting line set by odds makers and the subsequent market movement of that line does not systematically overreact to teams on streaks.
Journal: Applied Economics Letters
Pages: 1383-1388
Issue: 19
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2017.1420885
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1420885
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:19:p:1383-1388




Template-Type: ReDIF-Article 1.0
Author-Name: Melanie Borah
Author-X-Name-First: Melanie
Author-X-Name-Last: Borah
Author-Name: Andreas Knabe
Author-X-Name-First: Andreas
Author-X-Name-Last: Knabe
Title: There and back again – estimating equivalence scales with measurement error
Abstract: 
 Using income satisfaction data from the German Socio-Economic Panel, we find large differences in the equivalence weight of a partner when it is being estimated by direct and reverse regressions. We argue that neither of the two models will produce consistent estimates when there is stochastic error in satisfaction and measurement error in incomes. We propose a correction of mismeasured incomes using a constructed alternative income measure. The corrected results are relatively close to those obtained from direct regression. We do not find evidence that previous studies, using the direct regression method, severely suffer from measurement error in incomes.
Journal: Applied Economics Letters
Pages: 1389-1392
Issue: 19
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2017.1420886
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1420886
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:19:p:1389-1392




Template-Type: ReDIF-Article 1.0
Author-Name: K. P. Prabheesh
Author-X-Name-First: K. P.
Author-X-Name-Last: Prabheesh
Author-Name: Bhavesh Garg
Author-X-Name-First: Bhavesh
Author-X-Name-Last: Garg
Title: Capital-enhanced equilibrium exchange rate: evidence from India
Abstract: 
 This article examines the validity of the capital-enhanced equilibrium exchange rate (CHEER) approach using quarterly data ranging from 1993Q1 to 2016Q2. Using unit root break test and structural break cointegration technique,  our overall results indicated that the CHEER is invalidated once a structural break is accounted for in the cointegration relationship. The rejection of the validity could be attributed to the asymmetry in the capital flows and exchange rates being not fully flexible.
Journal: Applied Economics Letters
Pages: 1393-1397
Issue: 19
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2017.1422592
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1422592
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:19:p:1393-1397




Template-Type: ReDIF-Article 1.0
Author-Name: Anna Kukla-Gryz
Author-X-Name-First: Anna
Author-X-Name-Last: Kukla-Gryz
Author-Name: Katarzyna Zagórska
Author-X-Name-First: Katarzyna
Author-X-Name-Last: Zagórska
Title: ‘If I can set my own price for tonight’s show I will pay more after watching it!’ – evidence from Pay What You Want experiment
Abstract: 
 In a field experiment conducted in cooperation with city theatres in Warsaw, we allowed some of the visitors to pay whatever they wanted for the tickets. Half of these visitors were asked randomly to make a voluntary payment after (instead of before) the performance. We found a significant positive difference between payments made after and before the show. In a specially designed survey we capture factors that may potentially explain this difference: the visitors’ general expectations towards the performance and different aspects of the audience experience.
Journal: Applied Economics Letters
Pages: 1398-1401
Issue: 19
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2017.1422593
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1422593
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:19:p:1398-1401




Template-Type: ReDIF-Article 1.0
Author-Name: Danny Nam Chien Khiew
Author-X-Name-First: Danny Nam Chien
Author-X-Name-Last: Khiew
Author-Name: Chew Ging Lee
Author-X-Name-First: Chew Ging
Author-X-Name-Last: Lee
Title: Floor-level premiums in private housing: the case of condominiums in Singapore
Abstract: 
 Using a sample consists of 3367 actual condominium sales transacted in resale market from May 2012 to April 2015 from the Singapore Urban and Redevelopment Authority, a hedonic pricing model is used to investigate for the presence of floor-level premiums in the private housing market, condominium, in District 23 of Singapore. Unit size, types of land tenure and the distance to the nearest mass rapid transit (MRT) station are also used as other independent variables. The estimated coefficient of each of these independent variables is statistically significant. Each of these independent variables also has positive estimated coefficient, suggesting that they have positive effects on condominium resale prices. Main findings are (a) there is a presence of floor-level premium; (b) the condominiums with a distance more than 400&#xA0;m to the MRT station get higher resale prices; and (c) there is an increasing effect of floor level on condominium price.
Journal: Applied Economics Letters
Pages: 436-439
Issue: 6
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486971
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486971
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:6:p:436-439




Template-Type: ReDIF-Article 1.0
Author-Name: Renzo Alvarez
Author-X-Name-First: Renzo
Author-X-Name-Last: Alvarez
Author-Name: Amin Shoja
Author-X-Name-First: Amin
Author-X-Name-Last: Shoja
Author-Name: Syed Uddin
Author-X-Name-First: Syed
Author-X-Name-Last: Uddin
Author-Name: Hakan Yilmazkuday
Author-X-Name-First: Hakan
Author-X-Name-Last: Yilmazkuday
Title: Daily exchange rate pass-through into micro prices
Abstract: 
 This article estimates the exchange rate pass-through (ERPT) by using good-level daily data on wholesale prices of imported agricultural products, where the identification is achieved by using daily data on the domestic inflation rate. The results of standard empirical analyses are in line with existing studies that employ lower frequencies of data by showing evidence for incomplete daily ERPT of about $$5$$5%. The key innovation is achieved when nonlinearities in ERPT are considered, where ERPT is doubled to about $$10$$10% when daily nominal exchange rate changes are above $$0.55$$0.55%, daily frequencies of price change are above $$3.12$$3.12% and storage life of a product is above $$10$$10 weeks. Important policy implications follow.
Journal: Applied Economics Letters
Pages: 440-445
Issue: 6
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486972
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486972
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:6:p:440-445




Template-Type: ReDIF-Article 1.0
Author-Name: Shahriar Kibriya
Author-X-Name-First: Shahriar
Author-X-Name-Last: Kibriya
Author-Name: David Bessler
Author-X-Name-First: David
Author-X-Name-Last: Bessler
Author-Name: Edwin Price
Author-X-Name-First: Edwin
Author-X-Name-Last: Price
Title: Linkages between poverty and income inequality of urban&#x2013;rural sector: a time series analysis of India&#x2019;s urban-based aspirations from 1951 to 1994
Abstract: 
 This study examines the impact of urban and rural development on poverty and inequality in India before economic reform. The methodology comprises two dimensions. Modern time series methods are used to uncover the dynamic patterns of urban&#x2013;rural poverty and income inequality. A machine-learning algorithm is used to determine the causal structure among the development indicators. Our results show that reductions in rural poverty appear to be a more effective in reducing both urban and rural poverty, although the costs of achieving these reductions have not been considered.
Journal: Applied Economics Letters
Pages: 446-453
Issue: 6
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486973
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486973
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:6:p:446-453




Template-Type: ReDIF-Article 1.0
Author-Name: Bruno Albuquerque
Author-X-Name-First: Bruno
Author-X-Name-Last: Albuquerque
Title: Household heterogeneity and consumption dynamics in the presence of borrowing and liquidity constraints
Abstract: 
 I study the effects of borrowing and liquidity constraints on the response of consumption to anticipated income changes. Using the PSID over 1999&#x2013;2013, I find that the well-documented strong excess sensitivity of consumption to income of highly constrained households can be explained by episodes of income increases. In addition, I look into the heterogeneity of households without debt, a group that has been largely disregarded by the literature. My fixed-effects estimates show that only those without debt tend to increase their saving in response to anticipated income declines, irrespective of the amount of liquid assets held.
Journal: Applied Economics Letters
Pages: 454-459
Issue: 6
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486974
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486974
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:6:p:454-459




Template-Type: ReDIF-Article 1.0
Author-Name: Armando R. Lopez-Velasco
Author-X-Name-First: Armando R.
Author-X-Name-Last: Lopez-Velasco
Title: Tax smoothing with immigration in an overlapping generations economy
Abstract: 
 Immigration policy in an overlapping generations economy is politically determined in response to government spending shocks, where the government finances its spending with proportional income taxes and is subject to a balanced budget. The young cohort is always the majority and dictates policy. The equilibrium Markovian strategy allows immigrants when the spending shock is above some threshold and this implies a particular form of tax smoothing.
Journal: Applied Economics Letters
Pages: 460-464
Issue: 6
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486975
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486975
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:6:p:460-464




Template-Type: ReDIF-Article 1.0
Author-Name: Lei. Xu
Author-X-Name-First: Lei.
Author-X-Name-Last: Xu
Author-Name: Takuji. Kinkyo
Author-X-Name-First: Takuji.
Author-X-Name-Last: Kinkyo
Title: Changing patterns of Asian currencies&#x2019; co-movement with the US dollar and the Chinese renminbi: Evidence from a wavelet multiresolution analysis
Abstract: 
 We extend the Frankel&#x2013;Wei approach by using wavelet analysis to evaluate the relative importance of the dollar and the renminbi as anchor currencies at different time scales. We find that Asian currencies&#x2019; co-movement with the dollar weakened after the global financial crisis, while that with the renminbi strengthened particularly after China introduced a new exchange rate management system in 2015. The evidence suggests that emerging Asian economies have recently attached more importance to the renminbi as an anchor in exchange rate management.
Journal: Applied Economics Letters
Pages: 465-472
Issue: 6
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486976
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486976
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:6:p:465-472




Template-Type: ReDIF-Article 1.0
Author-Name: &#x160;tefan Ly&#xF3;csa
Author-X-Name-First: &#x160;tefan
Author-X-Name-Last: Ly&#xF3;csa
Author-Name: Tom&#xE1;&#x161; V&#xFD;rost
Author-X-Name-First: Tom&#xE1;&#x161;
Author-X-Name-Last: V&#xFD;rost
Author-Name: Eduard Baumohl
Author-X-Name-First: Eduard
Author-X-Name-Last: Baumohl
Title: Social aspirations in European banks: peer-influenced risk behaviour
Abstract: 
 We test a sample of 3,586 banks from 33 European countries to determine whether performances above or below a social aspiration level (median performance of peer banks) influence banks&#x2019; aggregate risk levels. Our results are consistent with the behavioural theory of the firm and prospect theory in that we find that bank performance below a bank&#x2019;s social aspiration level is followed by increased aggregate risk, i.e. risk-taking behaviour in the subsequent year. Although under-performing banks tend to be risk-takers, large banks and banks with high aggregate risk levels tend to limit the increase in their aggregate risk levels.
Journal: Applied Economics Letters
Pages: 473-479
Issue: 6
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486977
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486977
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:6:p:473-479




Template-Type: ReDIF-Article 1.0
Author-Name: Tracy Collins
Author-X-Name-First: Tracy
Author-X-Name-Last: Collins
Title: Pursuing efficiency: a data envelopment analysis of MFIs in Latin America
Abstract: 
 This article analyses the overall profitability efficiency (PE) of Microfinance Institutions (MFIs) in Latin America. The PE of each MFI in the study is broken down into two components: pure technical efficiency and scale efficiency. One data envelopment model is used to analyse each component. Each MFI was labelled as either a bank, cooperative and credit union, nonbanking financial institution or non-governmental organization, and then the analysis was performed on each separate group. The results suggest that, on average, banks are the most efficient MFIs; while NGOs are, on average, the least efficient MFIs. On average, all 4 groups are more pure technically efficient than scale efficient. Banks, nongovernmental organizations, nonbanking financial institutions, cooperatives and credit unions all seem to have problems with scale efficiency. Many MFIs seem to be operating on the increasing returns to scale frontier and are in a more favourable position for expansion.
Journal: Applied Economics Letters
Pages: 480-484
Issue: 6
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486978
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486978
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:6:p:480-484




Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee
Author-X-Name-First: Mohsen
Author-X-Name-Last: Bahmani-Oskooee
Author-Name: Dan Xi
Author-X-Name-First: Dan
Author-X-Name-Last: Xi
Author-Name: Sahar Bahmani
Author-X-Name-First: Sahar
Author-X-Name-Last: Bahmani
Title: More evidence on the asymmetric effects of exchange rate changes on the demand for money: evidence from Asian
Abstract: 
 We try to assess the impact of exchange rate changes on the demand for money in eight Asian countries. When we followed the previous literature and the standard linear Autoregressive Distributed Lag (ARDL) approach, we found exchange rate changes had no long-run significant effects in five out of the eight countries in our sample. However, when we applied the nonlinear ARDL approach and separated appreciations from depreciations, at least one of them or both had significant effects on the demand for money in India, Indonesia, Korea, the Philippines, and Singapore, supporting asymmetric effects of exchange rate changes. There was also evidence of short-run asymmetric effects.
Journal: Applied Economics Letters
Pages: 485-495
Issue: 6
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486979
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486979
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:6:p:485-495




Template-Type: ReDIF-Article 1.0
Author-Name: Rishav Bista
Author-X-Name-First: Rishav
Author-X-Name-Last: Bista
Author-Name: Rebecca Tomasik
Author-X-Name-First: Rebecca
Author-X-Name-Last: Tomasik
Title: Time zones, GDP &amp; exports
Abstract: 
 Recent studies have established a negative effect of time zone differences on trade flows. We extend this literature by examining whether a country&#x2019;s economic size is relevant in its&#x2019; response to an increase in time zone differences. We argue that the negative impact of time zone differences should be more important for low-income countries as these countries often face higher trade costs and have firms with lower productivity compared to its high-income counterparts. To examine this heterogeneous impact, we interact the time zone measure with various quartiles of GDP. We find that these low-income countries face a much higher negative impact of time zone differences on exports compared to high-income countries. Our results help explain why the small countries of Samoa and Tokelau changed time zones to closely align with their main trading partners, while high-income countries have not taken such steps.
Journal: Applied Economics Letters
Pages: 496-500
Issue: 6
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486980
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486980
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:6:p:496-500




Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Reza Farzanegan
Author-X-Name-First: Mohammad Reza
Author-X-Name-Last: Farzanegan
Author-Name: Bernd Hayo
Author-X-Name-First: Bernd
Author-X-Name-Last: Hayo
Title: Sanctions and the shadow economy: empirical evidence from Iranian provinces
Abstract: 
 Using Iranian province level data from 2001 to 2013, this study finds that the international sanctions of 2012/2013 had a significantly stronger negative impact on the growth rate of the shadow economy than they did on the official GDP growth rate. Thus, the international sanctions on Iran have damaged the informal economy even more than the formal economy.
Journal: Applied Economics Letters
Pages: 501-505
Issue: 6
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486981
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486981
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:6:p:501-505




Template-Type: ReDIF-Article 1.0
Author-Name: Jorge D&#xE1;valos
Author-X-Name-First: Jorge
Author-X-Name-Last: D&#xE1;valos
Title: Trade openness effects on informality and the real exchange rate channel
Abstract: 
 The theoretical frameworks that explain the impact of trade openness on informal employment suggest an ambiguous effect. This has been verified in a few countries, based solely on microeconometric evidence. This study contributes to the literature by specifying a macroeconometric relationship for a panel of 17 Latin American countries.
Journal: Applied Economics Letters
Pages: 506-510
Issue: 6
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486982
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486982
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:6:p:506-510




Template-Type: ReDIF-Article 1.0
Author-Name: Sunil Paul
Author-X-Name-First: Sunil
Author-X-Name-Last: Paul
Author-Name: S. Raja Sethu Durai
Author-X-Name-First: S.
Author-X-Name-Last: Raja Sethu Durai
Title: Monetary aggregates and core inflation: evidence from India
Abstract: 
 This study constructs a model-based core inflation for India using Divisia monetary aggregates instead of traditional money measures with the methodology proposed by Bagliano and Morana (2003) and evaluates its forecasting abilities. The core inflation derived from Divisia monetary aggregates is found to be a better leading indicator of measured inflation than the core inflation derived from traditional money measures. These results argue for a case in favour of using monetary aggregates in the construction of core inflation for policy purposes.
Journal: Applied Economics Letters
Pages: 511-515
Issue: 6
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486983
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486983
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:6:p:511-515




Template-Type: ReDIF-Article 1.0
Author-Name: Emmanouil Platanakis
Author-X-Name-First: Emmanouil
Author-X-Name-Last: Platanakis
Author-Name: Athanasios Sakkas
Author-X-Name-First: Athanasios
Author-X-Name-Last: Sakkas
Author-Name: Charles Sutcliffe
Author-X-Name-First: Charles
Author-X-Name-Last: Sutcliffe
Title: The role of transaction costs and risk aversion when selecting between one and two regimes for portfolio models
Abstract: 
 Estimation of the inputs is the main problem when applying portfolio analysis, and Markov regime-switching models have been shown to improve these estimates. We investigate whether the use of two-regime models remains superior across a range of values of risk aversion and transaction costs, in the presence of skewness and kurtosis and no short sales. Our results for US data suggest that, due to differences in their risk preferences and transactions costs, most retail investors may prefer to use one-regime models, while investment banks may prefer to use two-regime models.
Journal: Applied Economics Letters
Pages: 516-521
Issue: 6
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486984
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486984
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:6:p:516-521




Template-Type: ReDIF-Article 1.0
Author-Name: Volkan &#xDC;lke
Author-X-Name-First: Volkan
Author-X-Name-Last: &#xDC;lke
Author-Name: Serdar Varlik
Author-X-Name-First: Serdar
Author-X-Name-Last: Varlik
Author-Name: M. Hakan Berument
Author-X-Name-First: M. Hakan
Author-X-Name-Last: Berument
Title: The effect of output growth volatility on output growth: empirical evidence from Turkey
Abstract: 
 This article assesses the effect of output growth volatility on output growth within a stochastic-volatility-in-mean model with a time-varying framework for an open small economy: Turkey. Until now, the empirical evidence on industrial production mainly reveals that this relationship is negative. However, in further examining different sectors and sub-sectors of industrial production, we find the sign of the relationship changes depending on the sector. Moreover, there is limited evidence that the sign of the relationship changes over time. Thus, the evidence reveals that the nature of the output growth volatility&#x2013;output growth relationship is not uniform across sectors.
Journal: Applied Economics Letters
Pages: 522-531
Issue: 6
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1488035
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1488035
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:6:p:522-531




Template-Type: ReDIF-Article 1.0
Author-Name: Sudharshan Reddy Paramati
Author-X-Name-First: Sudharshan Reddy
Author-X-Name-Last: Paramati
Author-Name: Abdulrasheed Zakari
Author-X-Name-First: Abdulrasheed
Author-X-Name-Last: Zakari
Author-Name: Mallaiah Jalle
Author-X-Name-First: Mallaiah
Author-X-Name-Last: Jalle
Author-Name: Seenaiah Kale
Author-X-Name-First: Seenaiah
Author-X-Name-Last: Kale
Author-Name: Prasad Begari
Author-X-Name-First: Prasad
Author-X-Name-Last: Begari
Title: The dynamic impact of bilateral trade linkages on stock market correlations of Australia and China
Abstract: 
 This article aims to examine the long-run equilibrium relationship between bilateral trade linkages and stock market correlations of Australia and China using quarterly data from 1993 to 2015. Further, this study explores the impact of trade intensity on stock market correlations using OLS, Dynamic OLS (DOLS) and Fully Modified OLS (FMOLS) models. The empirical results confirm that there is a significant long-run relationship among the variables. In addition, our results, based on OLS, DOLS and FMOLS, show that increasing trade intensity between Australia and China has a significant and positive impact on their stock market correlations. The Global Financial Crisis also contributed for their stock market interdependence. Our results therefore suggest that the bilateral trade relations between Australia and China have brought their stock markets together over time. The findings of this study offer significant policy and practical implications. The policymakers need to be aware of the economic changes in those countries as they will immediately reflect on their stock market performance and relationship. Similarly, the global investors need to be aware of the fact that the diversification opportunities between Australia and China have considerably declined over time as their markets became more interdependent in the recent past.
Journal: Applied Economics Letters
Pages: 141-145
Issue: 3
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1305067
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1305067
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:3:p:141-145




Template-Type: ReDIF-Article 1.0
Author-Name: Hahn Shik Lee
Author-X-Name-First: Hahn Shik
Author-X-Name-Last: Lee
Author-Name: Woo Suk Lee
Author-X-Name-First: Woo Suk
Author-X-Name-Last: Lee
Title: Housing market volatility connectedness among G7 countries
Abstract: 
 This study investigates international linkages among housing markets in the G7 countries, using the connectedness methodology developed in Diebold and Yilmaz (2012, 2015). We find that volatility connectedness varies over the business cycle, with a surge during the global financial crisis. We also show that the United States and Italy were major net transmitters of housing market volatility shocks to other countries during the global financial crisis and the European debt crisis, respectively.
Journal: Applied Economics Letters
Pages: 146-151
Issue: 3
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1305069
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1305069
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:3:p:146-151




Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hao
Author-X-Name-First: Yu
Author-X-Name-Last: Hao
Author-Name: Wei Wei
Author-X-Name-First: Wei
Author-X-Name-Last: Wei
Author-Name: Chun-Ping Chang
Author-X-Name-First: Chun-Ping
Author-X-Name-Last: Chang
Title: Are women more likely than men to oppose corruption in China? Not yet
Abstract: 
 We examine the relationship between the ratio of females in the population and the level of corruption in China using annual panel data from 29 provinces during the period 1995–2012. We find that the influences of women on corruption are ambiguous and vary across regions.
Journal: Applied Economics Letters
Pages: 152-157
Issue: 3
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1305072
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1305072
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:3:p:152-157




Template-Type: ReDIF-Article 1.0
Author-Name: Tao Qian
Author-X-Name-First: Tao
Author-X-Name-Last: Qian
Title: A note on the effect of patents in endogenous growth models
Abstract: 
 This note examines the effect of patent protection in an endogenous growth model with a generic innovation process. It indicates that increasing patent breadth stimulates innovation when R&amp;D is less intermediates-intensive than production, whereas it has a non-monotonic effect on innovation when the former is more intermediates-intensive than the latter.
Journal: Applied Economics Letters
Pages: 158-161
Issue: 3
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1305081
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1305081
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:3:p:158-161




Template-Type: ReDIF-Article 1.0
Author-Name: Ryusuke Shinohara
Author-X-Name-First: Ryusuke
Author-X-Name-Last: Shinohara
Title: One-sided provision of a public good through bargaining under representative democracy
Abstract: 
 We examine a trade-off between strategic delegation and the internalization of interregional externalities through bargaining in the context of political economy. We show that in the case of one-sided provision of a public good, if the public good produced by one region generates a sufficiently significant spillover to another region, then interregional negotiation increases the total surplus of the entire economy.
Journal: Applied Economics Letters
Pages: 162-166
Issue: 3
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1305084
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1305084
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:3:p:162-166




Template-Type: ReDIF-Article 1.0
Author-Name: Michele Cincera
Author-X-Name-First: Michele
Author-X-Name-Last: Cincera
Author-Name: Antonio Estache
Author-X-Name-First: Antonio
Author-X-Name-Last: Estache
Author-Name: Alexander Wolf
Author-X-Name-First: Alexander
Author-X-Name-Last: Wolf
Title: Decentralization and sectoral expenditures in Europe
Abstract: 
 This article presents an empirical analysis of the recent impact of fiscal decentralization in Europe on total expenditure for specific government functions as well as on total government size. A panel data set for the years 2000–2009 for European countries has been constructed from EUROSTAT data. The effects of decentralization interact with the degree of vertical imbalances and tend to be negative as predicted by the Leviathan view of government. Effects vary strongly across government functions and are strongest in relative terms for social spending and infrastructure. Moderate restraining effects are found for education, while health spending is not significantly affected. This is consistent with competition between subnational entities, which try to attract taxpayers and shift expenses away from policies that benefit neighbouring jurisdictions.
Journal: Applied Economics Letters
Pages: 167-171
Issue: 3
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1307926
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1307926
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:3:p:167-171




Template-Type: ReDIF-Article 1.0
Author-Name: Richard V. Adkisson
Author-X-Name-First: Richard V.
Author-X-Name-Last: Adkisson
Author-Name: Jim Peach
Author-X-Name-First: Jim
Author-X-Name-Last: Peach
Title: The determinants of the vote for Trump: an analysis of Texas 2016 primary results
Abstract: 
 This article analyses the 2016 primary vote for Donald Trump in Texas. Much of Trump’s campaign rhetoric has been anti-immigrant. A major Trump campaign theme was his proposal to build a wall along the Mexico-U.S. border and make Mexico pay for it (Trump 2016). The econometric model estimated below uses county-level data for Texas. The dependent variable is the percent of the 2016 republican primary vote for Mr Trump. The model examines the electoral effects of Trump’s anti-immigrant rhetoric in a heavily Hispanic border state.
Journal: Applied Economics Letters
Pages: 172-175
Issue: 3
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1307927
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1307927
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:3:p:172-175




Template-Type: ReDIF-Article 1.0
Author-Name: Fahad Almudhaf
Author-X-Name-First: Fahad
Author-X-Name-Last: Almudhaf
Title: Backtesting expected shortfall: evidence from European securitized real estate
Abstract: 
 Events such as the European sovereign debt crisis, terrorism and Brexit cause more uncertainty and volatility in capital markets. This encourages us to use both conditional and unconditional forecasts (backtests) for expected shortfall (ES) in 8 indices of listed European real estate securities and Real estate investment trusts (REITs). Using the method proposed by Du and Escanciano, we find that ES is generally superior to Value-at-Risk in describing and capturing risk during extreme events such as the financial crisis. Our results are important to regulators, risk managers and investors.
Journal: Applied Economics Letters
Pages: 176-182
Issue: 3
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1307928
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1307928
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:3:p:176-182




Template-Type: ReDIF-Article 1.0
Author-Name: Shaoping Wang
Author-X-Name-First: Shaoping
Author-X-Name-Last: Wang
Author-Name: Fan Xu
Author-X-Name-First: Fan
Author-X-Name-Last: Xu
Author-Name: Sanpan Chen
Author-X-Name-First: Sanpan
Author-X-Name-Last: Chen
Title: Constructing a dynamic financial conditions indexes by TVP-FAVAR model
Abstract: 
 A factor augmented vector autoregressive models with time-varying coefficients and stochastic volatility is used to constructing financial conditions index to explore the link between composite index of financial indicators and future inflation. Time variation in the models’ parameters allows for the weights attached to each financial variable in the index to evolve over time. A monthly data of Chinese CPI and a wide range of macroeconomic variables are adopted to construct FCI and the experiment result shows its good forecasting performance to inflation.
Journal: Applied Economics Letters
Pages: 183-186
Issue: 3
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1307929
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1307929
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:3:p:183-186




Template-Type: ReDIF-Article 1.0
Author-Name: Zhao Chen
Author-X-Name-First: Zhao
Author-X-Name-Last: Chen
Author-Name: Jingbing Feng
Author-X-Name-First: Jingbing
Author-X-Name-Last: Feng
Title: Newspaper reports of food safety scandals: evidence from an online take-out application in China
Abstract: 
 This article provides empirical evidence that marketization or deregulation of newspapers might help improve timely media supervision. Newspaper reports of the food safety scandal of an online take-out application ‘Eleme’ were here used to analyse heterogeneity between the attitudes of politically controlled party newspapers and marketized independent newspapers. OLS regression results indicate that, before official exposure of Eleme’s food safety scandal on World Consumer Rights Day, local independent newspapers showed more supervision and concern about the local potential food safety scandal. However, the government newspapers only followed up after official exposure, and presented attitudes similar to those expressed in marketized newspapers.
Journal: Applied Economics Letters
Pages: 187-191
Issue: 3
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1307930
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1307930
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:3:p:187-191




Template-Type: ReDIF-Article 1.0
Author-Name: Heejin Yang
Author-X-Name-First: Heejin
Author-X-Name-Last: Yang
Author-Name: Ali M. Kutan
Author-X-Name-First: Ali M.
Author-X-Name-Last: Kutan
Author-Name: Doojin Ryu
Author-X-Name-First: Doojin
Author-X-Name-Last: Ryu
Title: Option moneyness and price disagreements
Abstract: 
 This article investigates price disagreements between actual and options-implied futures prices by considering option moneyness. Out-of-the-money (OTM) options trading induces price disagreements more frequently than at-the-money (ATM) options trading. Examining price adjustments to eliminate disagreements, we find that the futures (options) market tends to move less (more) for OTM option disagreements than ATM option disagreements, suggesting that the price dynamics of OTM options are less informative and noisier than that of ATM options.
Journal: Applied Economics Letters
Pages: 192-196
Issue: 3
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1307931
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1307931
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:3:p:192-196




Template-Type: ReDIF-Article 1.0
Author-Name: Majlinda Joxhe
Author-X-Name-First: Majlinda
Author-X-Name-Last: Joxhe
Title: Do ethnic networks influence circular migration? Evidence from the UK
Abstract: 
 This article identifies ethnic network effects among temporary migrants in the UK. Using microdata from Understanding Society and the UK Census, the empirical results show that ethnic networks change the individual probability for circular migration. These effects are strong and significant only for some ethnicities, when controlling for a set of socio-economic characteristics and when adding spatial variability
Journal: Applied Economics Letters
Pages: 197-200
Issue: 3
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1310988
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1310988
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:3:p:197-200




Template-Type: ReDIF-Article 1.0
Author-Name: Meagan McCollum
Author-X-Name-First: Meagan
Author-X-Name-Last: McCollum
Author-Name: Gregory B. Upton
Author-X-Name-First: Gregory B.
Author-X-Name-Last: Upton
Title: Asymmetric effects of housing wealth on college enrolment
Abstract: 
 We investigate the impact of housing wealth, credit availability and financial distress on college enrolment decisions. We find that housing wealth is negatively related to enrolment in public schools and positively related to enrolment in private schools. This evidence suggests that, on average, students substituted away from private schools towards public institutions during the recent financial crisis.
Journal: Applied Economics Letters
Pages: 201-205
Issue: 3
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1310989
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1310989
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:3:p:201-205




Template-Type: ReDIF-Article 1.0
Author-Name: Marcelo Arbex
Author-X-Name-First: Marcelo
Author-X-Name-Last: Arbex
Author-Name: Sidney Caetano
Author-X-Name-First: Sidney
Author-X-Name-Last: Caetano
Author-Name: Michel Souza
Author-X-Name-First: Michel
Author-X-Name-Last: Souza
Title: Asymmetric effects of shocks on TFP
Abstract: 
 We study the TFP distribution and examine the non-stationarity of productivity series at various quantiles. Using the quantile autoregression unit root test, we find that the US TFP exhibits an asymmetric adjustment dynamics, that is, positive and negative shocks might have different (permanent or temporary) effects on the TFP. Shocks dissemination depends on the local behaviour of the TFP. We find that positive shocks have permanent effects on the TFP, while negative shocks can potentially have only transitory effects.
Journal: Applied Economics Letters
Pages: 206-210
Issue: 3
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1310990
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1310990
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:3:p:206-210




Template-Type: ReDIF-Article 1.0
Author-Name: Seok-Kyun Hur
Author-X-Name-First: Seok-Kyun
Author-X-Name-Last: Hur
Author-Name: Chune Young Chung
Author-X-Name-First: Chune Young
Author-X-Name-Last: Chung
Title: A novel measure of liquidity premium: application to the Korean stock market
Abstract: 
 This study proposes a novel measure for an asset’s liquidity premium. Applying Brownian first-passage time distribution properties, we derive an explicit form of liquidity premium embedded in the asset price. Our liquidity premium measure is intuitive because it assesses the extent to which the value of the asset should be increased from the current market price if investors were allowed to retain the asset until they achieve an investment goal. This measure is readily available for assessing an asset’s liquidity because it does not require information on the asset’s transactional characteristics. Our empirical experiment using Korean stock market data suggests that the liquidity premium in this study is inversely related to Amihud’s (2002) illiquidity ratio, which is commonly used to measure stocks’ illiquidity.
Journal: Applied Economics Letters
Pages: 211-215
Issue: 3
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1324608
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1324608
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:3:p:211-215




Template-Type: ReDIF-Article 1.0
Author-Name: Zuobao Wang
Author-X-Name-First: Zuobao
Author-X-Name-Last: Wang
Title: Is income growth among children pro-poor? The case of rural China
Abstract: 
 This paper estimates child income poverty in rural China and evaluates the pro-poor nature of income growth during the period 2005–2015. The results show that the growth is absolutely pro-poor but not relatively pro-poor. Although the child poverty level in rural China has decreased, the relative income level of children at the bottom levels of income decreased and the inequality level among rural children increased, which slowed the process of poverty reduction.
Journal: Applied Economics Letters
Pages: 1553-1557
Issue: 19
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1584365
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1584365
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:19:p:1553-1557




Template-Type: ReDIF-Article 1.0
Author-Name: Gunes Gokmen
Author-X-Name-First: Gunes
Author-X-Name-Last: Gokmen
Author-Name: Annaig Morin
Author-X-Name-First: Annaig
Author-X-Name-Last: Morin
Title: Inequality in the aftermath of financial crises: some empirical evidence
Abstract: 
 Analyzing 70 countries over the period 1973–2006, we empirically show that, in the aftermath of financial crises, income inequality exhibits no general pattern of change. This holds for both advanced and emerging economies. However, when we break down the analysis by crisis types, we find that, after stock market crises, inequality goes down in advanced countries, while there is no statistically significant association in emerging ones.
Journal: Applied Economics Letters
Pages: 1558-1562
Issue: 19
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1584366
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1584366
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:19:p:1558-1562




Template-Type: ReDIF-Article 1.0
Author-Name: Jaakko Pehkonen
Author-X-Name-First: Jaakko
Author-X-Name-Last: Pehkonen
Author-Name: Tapani Neuvonen
Author-X-Name-First: Tapani
Author-X-Name-Last: Neuvonen
Author-Name: Jari Ojala
Author-X-Name-First: Jari
Author-X-Name-Last: Ojala
Title: Technological change and wage premiums amongst high-skilled labour
Abstract: 
 This study examines the impact of the steam engine, which produced wide and long-lasting economic growth from the 19th century to the early 20th century, on the wages of high-skilled seamen in the Swedish merchant maritime shipping industry. The analysis focuses on the years 1869–1914, which was a transition period during which traditional sailing ships were replaced by steam-powered vessels. The study shows that all high-skilled occupations received wage gains under steam technology. The evidence on wage polarization amongst the high-skill occupations remains subtle, although there is certain evidence that wage premiums vary by occupation.
Journal: Applied Economics Letters
Pages: 1563-1566
Issue: 19
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1584367
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1584367
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:19:p:1563-1566




Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Hannum
Author-X-Name-First: Christopher
Author-X-Name-Last: Hannum
Title: Market concentration in real estate brokerage in economic downturns: evidence from spatial agent-based models
Abstract: 
 Anecdotal evidence suggests that firms and individuals participating in property markets, such as real estate brokers, consider that competition among them intensifies during property market downturns. This is at odds with conventional microeconomic theory, which suggests that in a downturn competition will decrease as some firms faced with losses leave the market. We argue that this disconnect may be caused by an unnoticed spatial dimension to competition in these markets, where firms choose the area in which they will operate. We demonstrate using spatial agent-based models (ABM) that a model of firm location in which brokers accept all customers, while customers prefer brokers who are both cheap and nearby, is inconsistent with this phenomenon, and will result in lower market concentration with good market conditions than with bad. Further, we demonstrate that a model of spatial location in which the desire by a broker to restrict market area to appeal to clients within that local area is consistent with expanded market areas by brokers and hence intensified competition during downturns.
Journal: Applied Economics Letters
Pages: 1567-1571
Issue: 19
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1588936
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1588936
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:19:p:1567-1571




Template-Type: ReDIF-Article 1.0
Author-Name: Midori Matsushima
Author-X-Name-First: Midori
Author-X-Name-Last: Matsushima
Author-Name: Satoshi Shimizutani
Author-X-Name-First: Satoshi
Author-X-Name-Last: Shimizutani
Author-Name: Hiroyuki Yamada
Author-X-Name-First: Hiroyuki
Author-X-Name-Last: Yamada
Title: New evidence on predictable validity of grip strength on later life outcomes in Japan
Abstract: 
 This study provides new evidence on the predictable validity of grip strength on later life outcomes using a population-based longitudinal survey of middle and older generations in Japan. We show that the level of grip strength contains significant information on health outcome and mortality in the later years although the loss of grip strength does not. Moreover, we confirm that grip strength is associated with socio-economic status, particularly with educational attainment.
Journal: Applied Economics Letters
Pages: 1572-1578
Issue: 19
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1588937
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1588937
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:19:p:1572-1578




Template-Type: ReDIF-Article 1.0
Author-Name: Mahmoud Arayssi
Author-X-Name-First: Mahmoud
Author-X-Name-Last: Arayssi
Author-Name: Ali Fakih
Author-X-Name-First: Ali
Author-X-Name-Last: Fakih
Author-Name: Nathir Haimoun
Author-X-Name-First: Nathir
Author-X-Name-Last: Haimoun
Title: Did the Arab Spring reduce MENA countries’ growth?
Abstract: 
 This paper examines the economic ramifications of the recent political reconfigurations that the MENA region witnessed, commonly known as the Arab Spring, utilizing MENA countries’ data for the period 2005–2016. Using the Arellano-Bond dynamic panel estimation, the paper estimates a growth model using the difference in the log of GDPC between periods t and t + 1. Buttressed by sufficient empirical evidence, the paper’s findings corroborate that the Arab Spring had been negatively associated with growth.
Journal: Applied Economics Letters
Pages: 1579-1585
Issue: 19
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1588938
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1588938
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:19:p:1579-1585




Template-Type: ReDIF-Article 1.0
Author-Name: Yujiao Li
Author-X-Name-First: Yujiao
Author-X-Name-Last: Li
Author-Name: Johan Håkansson
Author-X-Name-First: Johan
Author-X-Name-Last: Håkansson
Author-Name: Oana Mihaescu
Author-X-Name-First: Oana
Author-X-Name-Last: Mihaescu
Author-Name: Niklas Rudholm
Author-X-Name-First: Niklas
Author-X-Name-Last: Rudholm
Title: Agglomeration economies in urban retailing: are there productivity spillovers when big-box retailers enter urban markets?
Abstract: 
 Previous studies have found that big-box retail entry does not affect the productivity of incumbent retailers when entry occurs in urban areas. In this paper, we show that there are positive spillover effects of big-box retail entry for incumbent retailers in urban areas, but these effects are limited to relatively small retailers; thus, it is difficult to detect these effects in a full sample of firms by using traditional econometric methods, such as difference-in-difference estimation. In a two-step procedure, we first use panel smooth transition regression to determine size thresholds that delimit incumbent retail firms by their possible reactions to the new big-box entry. We then use difference-in-difference estimations to determine the direction and magnitude of the effects of big-box entry on the productivity of firms in each subgroup. For the group of small incumbent retailers, we find positive spillover effects on productivity of approximately 9%.
Journal: Applied Economics Letters
Pages: 1586-1589
Issue: 19
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1588939
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1588939
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:19:p:1586-1589




Template-Type: ReDIF-Article 1.0
Author-Name: Yiuman Tse
Author-X-Name-First: Yiuman
Author-X-Name-Last: Tse
Title: The impact of FOMC announcements on currency futures markets
Abstract: 
 We examine the impact on developed and emerging markets of the FOMC announcements on currency futures during the period 1994–2017. The effects are significant for high-yielding major currencies and emerging market currencies. Expansionary monetary policy shocks give positive returns, and contractionary shocks give negative returns, not only on the day of announcements but also three weeks before and after the announcements.
Journal: Applied Economics Letters
Pages: 1590-1596
Issue: 19
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1588940
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1588940
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:19:p:1590-1596




Template-Type: ReDIF-Article 1.0
Author-Name: Imad Rherrad
Author-X-Name-First: Imad
Author-X-Name-Last: Rherrad
Author-Name: Mardochée Mokengoy
Author-X-Name-First: Mardochée
Author-X-Name-Last: Mokengoy
Author-Name: Landry Kuate Fotue
Author-X-Name-First: Landry
Author-X-Name-Last: Kuate Fotue
Title: Is the Canadian housing market ‘really’ exuberant? Evidence from Vancouver, Toronto and Montreal
Abstract: 
 Since the 2008 financial crisis, federal and provincial governments in Canada has consistently monitored its housing market. However, real estate markets in Canada seem to have significant regional imbalances with moderate evidence of overheating and price exuberance and strong evidence of over-evaluation for several quarters. In this perspective, this paper seeks to test the existence of real estate bubbles in Canada and their contagion. Our methodology, based on monthly data, relies on two steps: First, we build on a GSADF test developed by Phillips, Shi, and Yu (2015) to detect bubbles. Second, using a method developed by Greenaway-McGrevy and Phillips (2016), a non-parametric regression with time-varying coefficient, we verify if, in case of bubbles, there is a contagion among Canadian cities. Our results suggest that there are bubbles in the real estate markets of Toronto and Vancouver, while this is not the case for Montreal.
Journal: Applied Economics Letters
Pages: 1597-1602
Issue: 19
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1588941
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1588941
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:19:p:1597-1602




Template-Type: ReDIF-Article 1.0
Author-Name: Nedal Al-Fayoumi
Author-X-Name-First: Nedal
Author-X-Name-Last: Al-Fayoumi
Author-Name: Bana Abuzayed
Author-X-Name-First: Bana
Author-X-Name-Last: Abuzayed
Author-Name: Talah S. Arabiyat
Author-X-Name-First: Talah S.
Author-X-Name-Last: Arabiyat
Title: The banking sector, stress and financial crisis: symmetric and asymmetric analysis
Abstract: 
 This study investigates the impact of economic and financial stress on US banking sector returns during periods of crisis and tranquility. It further examines symmetric and asymmetric effects. The study applies GARCH (1, 1) methodology and describes stock returns based on the Fama–French–Carhart extended capital asset-pricing four systematic factors model. The results indicate that during the entire study period (from 10 January 2003 to 29 September 2017), US banking sector returns responded negatively to stress-induced changes, and investors were more sensitive to stress increases (negative news) than stress declines (positive news), especially during the financial crisis. These results support the view that stress shocks constitute a systematic asset price risk to the US banking sector. Investors and policymakers should both consider these shocks when modelling asset prices and evaluating banks’ stability.
Journal: Applied Economics Letters
Pages: 1603-1611
Issue: 19
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1591581
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1591581
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:19:p:1603-1611




Template-Type: ReDIF-Article 1.0
Author-Name: Simona-Gabriela Masca
Author-X-Name-First: Simona-Gabriela
Author-X-Name-Last: Masca
Author-Name: Simona Nistor
Author-X-Name-First: Simona
Author-X-Name-Last: Nistor
Author-Name: Viorela Ligia Vaidean
Author-X-Name-First: Viorela Ligia
Author-X-Name-Last: Vaidean
Title: Do government arrangements matter for CEE countries’ growth? A two-piece puzzle perspective
Abstract: 
 Confronted with an economic decline or slower growth rates in crisis and post-crisis periods, CEE governments have searched for new means to re-launch growth. The aim of this work is to evaluate the extent to which government arrangements sustain economic growth in CEECs. The centralized economy legacy and crisis related pressures on public budgets make this objective to be challenging. Results indicate an idiosyncratic relationship between government arrangements and economic growth in CEE countries, compared to other countries. We found that government size is the key piece of government settings in CEE. It exerts a strong negative influence upon growth by reducing total factor productivity. On the other hand, government effectiveness, in spite of its positive evolution, does not represent a relevant CEE growth determinant when considered alone. Public sector quality induces growth only when it is accompanied by a small government size. The paper presents the implications of our research and provides some policy suggestions.
Journal: Applied Economics Letters
Pages: 1612-1626
Issue: 19
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1591582
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1591582
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:19:p:1612-1626




Template-Type: ReDIF-Article 1.0
Author-Name: David Vidal-Tomás
Author-X-Name-First: David
Author-X-Name-Last: Vidal-Tomás
Author-Name: Ana M. Ibáñez
Author-X-Name-First: Ana M.
Author-X-Name-Last: Ibáñez
Author-Name: José E. Farinós
Author-X-Name-First: José E.
Author-X-Name-Last: Farinós
Title: Weak efficiency of the cryptocurrency market: a market portfolio approach
Abstract: 
 Cryptocurrencies have attracted the attention of many investors and policymakers given the increase in popularity of Bitcoin. In this context, we analyse the cryptocurrency market by means of cap-weighted and equally weighted market portfolios that include all the altcoins available for three different periods (2015–2017, 2016–2017 and 2017). By using the most traditional tests of efficiency, we observe three main features of the cryptocurrency market: it is weak-form inefficient due to the behaviour of all the altcoins, it is more inefficient over time, especially in 2017, and the creation of new cryptocurrencies has not significantly changed the efficiency of the market.
Journal: Applied Economics Letters
Pages: 1627-1633
Issue: 19
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1591583
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1591583
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:19:p:1627-1633




Template-Type: ReDIF-Article 1.0
Author-Name: Soonho Kim
Author-X-Name-First: Soonho
Author-X-Name-Last: Kim
Author-Name: Hosung Jung
Author-X-Name-First: Hosung
Author-X-Name-Last: Jung
Author-Name: Haejung Na
Author-X-Name-First: Haejung
Author-X-Name-Last: Na
Title: Tax haven investors, firm value and investor protection
Abstract: 
 Tax haven investors’ large shareholding may lead to more lenient surveillance of the target company, which is expected to have a negative effect on firm value by deteriorating agency problems for companies with relatively poorer investor protection. By crawling data from online filings and constructing a unique dataset of tax haven investors’ shareholding, we find that disclosures of large shareholding by tax haven investors lead to a significantly larger decreases in firm value than those by non-tax haven investors. Moreover, the decrease in value is related to market participants’ concerns about agency problems when tax haven investors increase their shareholding. We suggest that financial supervisory authorities recognize and reflect these findings in their foreign investment promotion and monitoring policies.
Journal: Applied Economics Letters
Pages: 1634-1640
Issue: 19
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1591584
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1591584
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:19:p:1634-1640




Template-Type: ReDIF-Article 1.0
Author-Name: Calvin Blackwell
Author-X-Name-First: Calvin
Author-X-Name-Last: Blackwell
Author-Name: Peter T. Calcagno
Author-X-Name-First: Peter T.
Author-X-Name-Last: Calcagno
Title: Party-crashers or wallflowers? The lack of strategic voting in experimental primaries
Abstract: 
 Open and semi-open primaries allow members of opposing political parties to participate in the selection of candidates for the general election. This feature has led to the claim that partisans will ‘cross-over’ and vote in the rival party’s primary, thereby sabotaging that party’s selection process. Using an experimental election, in which it is costly to vote, we find that most voters vote sincerely or not at all, and find little evidence of strategic voting.
Journal: Applied Economics Letters
Pages: 1641-1648
Issue: 19
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1591585
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1591585
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:19:p:1641-1648




Template-Type: ReDIF-Article 1.0
Author-Name: Itai Agur
Author-X-Name-First: Itai
Author-X-Name-Last: Agur
Title: Revisiting the institutional determinants of central bank independence
Abstract: 
 Reform towards greater central bank independence is generally seen as intertwined with institutional development more broadly. However, the largest empirical study to date on the determinants of central bank independence found a negative relationship to institutional quality variables. This paper argues that this is related to sample length: using a different dataset for central bank independence with a considerably longer sample, institutional variables are found to be positive and highly significant determinants of central bank independence.
Journal: Applied Economics Letters
Pages: 1649-1654
Issue: 19
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1591586
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1591586
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:19:p:1649-1654




Template-Type: ReDIF-Article 1.0
Author-Name: Christoph Winter
Author-X-Name-First: Christoph
Author-X-Name-Last: Winter
Title: The impact of government debt on the long-run natural real interest rate – a quantitative evaluation
Abstract: 
 Persistently low natural real interest rates are a problem for monetary policy and financial stability. I analyse to what extent a permanent increase in government debt that is financed by higher taxes could raise the long-run natural real interest rate. As a measurement tool, I use an incomplete markets model with capital and government bonds. Increasing the public debt/GDP ratio by one percentage point raises the real interest rate by between 0.4 and 1.5 basis points, depending on the degree of inequality generated by the model and the tax instrument used to balance the government’s budget constraint. I also show that the interest rate effect of a change in public debt/GDP predicted by the model is significantly smaller than its empirical counterpart for the US, due to the fact that the model understates the empirical fraction of households that are constrained in their consumption decision.
Journal: Applied Economics Letters
Pages: 1429-1434
Issue: 20
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1282137
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1282137
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:20:p:1429-1434




Template-Type: ReDIF-Article 1.0
Author-Name: Nicole M. Coomer
Author-X-Name-First: Nicole M.
Author-X-Name-Last: Coomer
Author-Name: Melissa Morley
Author-X-Name-First: Melissa
Author-X-Name-Last: Morley
Author-Name: Melvin J. Ingber
Author-X-Name-First: Melvin J.
Author-X-Name-Last: Ingber
Author-Name: Allison Briggs
Author-X-Name-First: Allison
Author-X-Name-Last: Briggs
Author-Name: Barbara Gage
Author-X-Name-First: Barbara
Author-X-Name-Last: Gage
Title: A preliminary look at readmission and mortality among chronically critically ill and other medically complex Medicare patients
Abstract: 
 Chronically critically ill and other medically complex patients (CCI/MC-Ps) are those who are hospitalized with long-term intensive care needs and require extended periods of hospital-level care. CCI/MC-Ps may be at higher risk for readmission and mortality than other populations due to the severe nature their illnesses. This article examines factors that lead to increased probability of hospital readmission or mortality among CCI/MC Medicare patients. Logistic regression analyses are used to examine mortality and readmissions among the CCI/MC population. Numerous factors including length of stay in the acute hospital, age and gender affect whether a patient is readmitted to the acute care hospital within 90 days of discharge or dies within 60 days following a hospital stay.
Journal: Applied Economics Letters
Pages: 1435-1438
Issue: 20
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1282138
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1282138
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Template-Type: ReDIF-Article 1.0
Author-Name: Yoo-Mi Chin
Author-X-Name-First: Yoo-Mi
Author-X-Name-Last: Chin
Author-Name: Joon Jin Song
Author-X-Name-First: Joon Jin
Author-X-Name-Last: Song
Author-Name: James D. Stamey
Author-X-Name-First: James D.
Author-X-Name-Last: Stamey
Title: A Bayesian approach to misclassified binary response: female employment and intimate partner violence in urban India
Abstract: 
 We examine the effect of female employment on the odds of physical spousal violence using a Bayesian misclassification model combined with propensity score regression estimation. While a classical propensity score model finds a significant violence-provoking effect of female employment, our model finds no evidence of a significant effect. This suggests that misleading inferences are caused by falsely small standard errors in a model that does not account for uncertainties around propensity scores. Further, we confirm our misclassification model as a preferred specification using Deviance Information Criterion (DIC).
Journal: Applied Economics Letters
Pages: 1439-1442
Issue: 20
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1282139
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1282139
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Tillmann
Author-X-Name-First: Peter
Author-X-Name-Last: Tillmann
Title: ‘Talking down monetary policy’ – a note
Abstract: 
 There is a recent debate about whether ultra-expansionary monetary policy is no longer effective in stimulating demand, a concern often voiced in the euro area in light of persistently low and even negative inflation. As a response, the European Central Bank (ECB) warns against ‘talking down monetary policy’ (ECB Vice-President Vítor Constâncio, 2016). This note uses a textbook model of optimal monetary policy to study a situation in which the public misperceives the interest rate elasticity of aggregate demand, which reflects policy effectiveness. We show that as a result of underestimating policy effectiveness demand shocks can no longer be stabilized perfectly, thus resulting in inefficient inflation and output dynamics. In the presence of misperceptions, a negative demand shock leads to a prolonged period of negative inflation rates.
Journal: Applied Economics Letters
Pages: 1443-1447
Issue: 20
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1282140
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1282140
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Template-Type: ReDIF-Article 1.0
Author-Name: Raphaël Homayoun Boroumand
Author-X-Name-First: Raphaël Homayoun
Author-X-Name-Last: Boroumand
Author-Name: Stéphane Goutte
Author-X-Name-First: Stéphane
Author-X-Name-Last: Goutte
Title: Intraday hedging with financial options: the case of electricity
Abstract: 
 As market intermediaries, electricity suppliers purchase electricity from the wholesale market or self-generate to deliver their customers. However, electricity suppliers are uncertain about how much electricity their residential customers will use at any hour of the day until they actually turn switches on. While demand uncertainty is a common feature of all commodity markets, suppliers generally rely on storage to manage it. Singularly, electricity suppliers are exposed to joint volumetric and price risk on an hourly basis given the physical attributes of electricity. In the literature on electricity markets, few articles compare the efficiency of forward contracts, options and physical assets (i.e. power plants) within intraday hourly hedging portfolios, whereas electricity markets are precisely hourly markets. We analyse portfolios made of forwards, options and/or power plants for specific hourly clusters (9 am, 12 pm, 18 pm, 9 pm) based on electricity market data from 2013 to 2015 from the integrated German–Austrian spot market. Through a VaR model, we prove that intraday hedging with forwards is structurally inefficient compared to financial options and physical assets, no matter the cluster hour. Moreover, our results demonstrate the contribution of ‘out of the money’ options for all hours within volatile spot markets.
Journal: Applied Economics Letters
Pages: 1448-1454
Issue: 20
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1284977
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1284977
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Template-Type: ReDIF-Article 1.0
Author-Name: Jing-Ping Li
Author-X-Name-First: Jing-Ping
Author-X-Name-Last: Li
Author-Name: Jiao-Jiao Fan
Author-X-Name-First: Jiao-Jiao
Author-X-Name-Last: Fan
Author-Name: Chi-Wei Su
Author-X-Name-First: Chi-Wei
Author-X-Name-Last: Su
Author-Name: Oana-Ramona Lobonţ
Author-X-Name-First: Oana-Ramona
Author-X-Name-Last: Lobonţ
Title: Investment coordinates in the context of housing and stock markets nexus
Abstract: 
 This study examines the causal relationship between Chinese housing market (HM) and stock market (SM), using the bootstrap Granger full-sample causality test and subsample rolling-window estimation test. The results show that stock price (SP) has both positive and negative impacts on housing price (HP) in several sub-periods, and HP has the same effects on SP. The substitution effect drives their adverse consequences. Meanwhile, the positive effect indicates that SP has a wealth effect on HP, and HP has a credit-price effect on SP. Results provide information to Chinese financial institutions and individual investors for constructing investment portfolios within these asset markets.
Journal: Applied Economics Letters
Pages: 1455-1463
Issue: 20
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1284978
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1284978
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Template-Type: ReDIF-Article 1.0
Author-Name: Soo Khoon Goh
Author-X-Name-First: Soo Khoon
Author-X-Name-Last: Goh
Author-Name: Joe Yee Yong
Author-X-Name-First: Joe Yee
Author-X-Name-Last: Yong
Author-Name: Cheng Chan Lau
Author-X-Name-First: Cheng Chan
Author-X-Name-Last: Lau
Author-Name: Tuck Cheong Tang
Author-X-Name-First: Tuck Cheong
Author-X-Name-Last: Tang
Title: Bootstrap ARDL on energy-growth relationship for 22 OECD countries
Abstract: 
 Applying a recent bootstrap autoregressive distributed lag method, this article re-examines the energy-growth relationship for 22 OECD countries over the period 1966–2013. The empirical results suggest degenerate cases for eight countries. Only Japan is truly cointegrated. Some causality patterns are identified.
Journal: Applied Economics Letters
Pages: 1464-1467
Issue: 20
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1284980
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1284980
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Template-Type: ReDIF-Article 1.0
Author-Name: Kaitlyn Harger
Author-X-Name-First: Kaitlyn
Author-X-Name-Last: Harger
Author-Name: Mitchell Page
Author-X-Name-First: Mitchell
Author-X-Name-Last: Page
Title: Do non-citizens affect U.S. Congressional elections?
Abstract: 
 U.S. citizens against immigration argue that immigrants commit voter fraud and skew election outcomes towards progressive candidates. These arguments have increased in number and severity since the Supreme Court ruled in 2013 that states cannot require photo identification from voters. We examine whether the size of the non-citizen population is related to election outcomes. Previous research indicates that non-citizens sway elections in favour of progressive candidates but only in elections where the victory margin is small. We find no evidence of a relationship between non-citizens and vote outcomes. We find evidence that the percent of the population that is non-white is positively related to percent of votes cast for democratic candidates.
Journal: Applied Economics Letters
Pages: 1468-1471
Issue: 20
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1284982
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1284982
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Template-Type: ReDIF-Article 1.0
Author-Name: Fredj Jawadi
Author-X-Name-First: Fredj
Author-X-Name-Last: Jawadi
Author-Name: Zied Ftiti
Author-X-Name-First: Zied
Author-X-Name-Last: Ftiti
Title: Uncertainty and the United States’ election effect on the economy: some thoughts and empirical illustrations
Abstract: 
 This study discusses the general impact of Donald Trump’s election on the US and European economies as well as the effect of this political news on financial markets. To this end, we discuss different hypotheses from a theoretical view and empirically illustrate these thoughts when possible. Our analysis suggests that while the expected Trump measures might boost the US economy in the short term, these actions would have negative long-term consequences in the United States. Further, this new US policy will affect European economies and destabilize financial markets while increasing uncertainty, which could constrain growth and increase the downside risk.
Journal: Applied Economics Letters
Pages: 1472-1475
Issue: 20
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1284983
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1284983
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Template-Type: ReDIF-Article 1.0
Author-Name: Bernd Frick
Author-X-Name-First: Bernd
Author-X-Name-Last: Frick
Author-Name: Rob Simmons
Author-X-Name-First: Rob
Author-X-Name-Last: Simmons
Title: The impact of exogenous shocks on exits from the Catholic and Protestant churches in Germany, 1953–2015
Abstract: 
 In Germany, exits from the Catholic and Protestant churches have fluctuated considerably over the last 60 years. Much of the observable variation in these exits can be explained by exogenous shocks such as unpopular encyclicals by the Pope, German reunification, sexual abuse cases and financial scandals.
Journal: Applied Economics Letters
Pages: 1476-1480
Issue: 20
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1284985
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1284985
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Fracasso
Author-X-Name-First: Andrea
Author-X-Name-Last: Fracasso
Author-Name: Rocco Probo
Author-X-Name-First: Rocco
Author-X-Name-Last: Probo
Title: When did inflation expectations in the Euro area de-anchor?
Abstract: 
 Long-term inflation expectations in the Euro area (EA) remained well anchored during the global financial crisis. Less is known about the following period. By investigating whether inflation expectations have become sensitive to the arrival of economic news, this article empirically analyzes the behavior of inflation expectations in the EA during the most recent period. It finds evidence that the de-anchoring of expectations started in December 2011 and never reversed. This is in line with the more aggressive stance held by the European Central Bank (ECB) in the following months as well as with the pattern of ECB Professional Forecasters’ expectations.
Journal: Applied Economics Letters
Pages: 1481-1485
Issue: 20
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1287846
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1287846
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Template-Type: ReDIF-Article 1.0
Author-Name: Shinn-Shyr Wang
Author-X-Name-First: Shinn-Shyr
Author-X-Name-Last: Wang
Author-Name: Li-Chen Chou
Author-X-Name-First: Li-Chen
Author-X-Name-Last: Chou
Title: The determinants of pornography actress production
Abstract: 
 This study investigates empirically the influences of physical appearances and risky sex in the production of adult video (AV) actresses. By analysing data concerning the Japanese AV actresses whose careers commenced between 2002 and 2013, we found that significant increases in the number of video shots of actresses are brought by cup sizes, working experiences, experiences as models or entertainers, and acting in videos of risky sex, but acting in risky sex videos has no significant influence on the production of those with greater cup sizes or serving as models or entertainers. We interpret that these actresses attract the market attention by their favoured appearances, and thus have no incentives to raise their production by acting in risky sex videos.
Journal: Applied Economics Letters
Pages: 1486-1489
Issue: 20
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1287848
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1287848
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Template-Type: ReDIF-Article 1.0
Author-Name: Keisuke Okada
Author-X-Name-First: Keisuke
Author-X-Name-Last: Okada
Author-Name: Sovannroeun Samreth
Author-X-Name-First: Sovannroeun
Author-X-Name-Last: Samreth
Title: Corruption and natural resource rents: evidence from quantile regression
Abstract: 
 This study examines the impacts of oil rents on corruption for 157 countries. While existing studies have primarily focused on average effects, we employ quantile regression to estimate the effects of natural resource abundance for different corruption levels. We consider the effects of natural resource rents, mainly oil rents and then compare them with those of total and non-oil natural resources rents. The estimation results show that, generally, more oil rents increase corruption. Specifically, impacts are larger in countries with an intermediate level of corruption and smaller in highly corrupt countries. While total resource rents increase corruption significantly, non-oil resource rents do not. This may be due to non-oil resource rent management (mainly inland) being more subject to public scrutiny. Non-oil natural resources are concentrated in the less-developed sub-Saharan African countries, where corruption is prevalent; therefore, the impacts of natural resource rents are unremarkable.
Journal: Applied Economics Letters
Pages: 1490-1493
Issue: 20
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1287849
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1287849
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Template-Type: ReDIF-Article 1.0
Author-Name: Quanda Zhang
Author-X-Name-First: Quanda
Author-X-Name-Last: Zhang
Author-Name: Alberto Posso
Author-X-Name-First: Alberto
Author-X-Name-Last: Posso
Title: Microfinance and gender inequality: cross-country evidence
Abstract: 
 Microfinance enables poor women to engage in income-generating activities, which helps them become financially independent, strengthening their decision-making power within the household and society. Consequently, microfinance has the potential to reduce gender inequality (GI). Case-study evidence from across the developing world both supports and contradicts this hypothesis. We therefore revisit this issue using macroeconomic cross-country panel data for 64 developing economies over the period 2003–2014. We find that women’s participation in microfinance is associated with a reduction in GI. However, regional interactions reveal that cultural factors are likely to influence the GI–microfinance nexus.
Journal: Applied Economics Letters
Pages: 1494-1498
Issue: 20
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1287851
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1287851
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Template-Type: ReDIF-Article 1.0
Author-Name: Klaus Grobys
Author-X-Name-First: Klaus
Author-X-Name-Last: Grobys
Author-Name: Jesper Haga
Author-X-Name-First: Jesper
Author-X-Name-Last: Haga
Title: Are momentum crashes pervasive regardless of strategy? Evidence from the foreign exchange market
Abstract: 
 This article studies the option-like behaviour of popular momentum strategies implemented in foreign exchange markets. The results confirm recent research findings of strong option-like behaviour for momenutm measures, based on the cumulative return from 12 and 6 months prior to the formation date Surprisingly, there is no such evidence for the popular momentum strategy accounting for a 1-month formation period.
Journal: Applied Economics Letters
Pages: 1499-1503
Issue: 20
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1287852
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1287852
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Template-Type: ReDIF-Article 1.0
Author-Name: Sanna Nivakoski
Author-X-Name-First: Sanna
Author-X-Name-Last: Nivakoski
Author-Name: Anne Nolan
Author-X-Name-First: Anne
Author-X-Name-Last: Nolan
Title: Expected widowhood duration varies with socio-economic status
Abstract: 
 This article examines the expected duration of widowhood and its variation by socio-economic status (SES). The relationship between widowhood duration (WD) and SES and how they relate to annuitization and longevity risk is relevant in the light of ongoing changes in many pension systems. Using data from Ireland, WD is estimated for older married individuals, as a function of spousal age gap and spousal longevity gap. Both of the gaps are negatively correlated with SES. Thus, WD is negatively correlated with SES. Wives in the bottom of the SES distribution have the highest degree of annuitization, protecting them against longevity risk brought about by a higher WD. The movement towards less automatic annuitization may impact future widows differently, depending on their SES.
Journal: Applied Economics Letters
Pages: 1218-1223
Issue: 15
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1543934
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1543934
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Template-Type: ReDIF-Article 1.0
Author-Name: Wei Yin
Author-X-Name-First: Wei
Author-X-Name-Last: Yin
Author-Name: Xiaoxing Liu
Author-X-Name-First: Xiaoxing
Author-X-Name-Last: Liu
Title: The choice between bank loans, affiliated loans, and non-affiliated loans: evidence from Chinese listed firms
Abstract: 
 Using 1944 matched transaction level data over the period 2003 to 2015, we examined the determinants of choice between bank loans, affiliated loans and non-affiliated loans by listed firms in China. Our results show that firms engaged with affiliated loans or non-affiliated loans, which belong to the shadow-banking system, are more likely to pay a higher interest rate and have a shorter loan maturity when compared with a bank loan. In addition, large firms and firms with low liquidity have a higher likelihood of establishing an affiliated loan and non-affiliated loan relationship. Moreover, compared with bank loans, affiliated loans and non-affiliated loans tend to flow to the electricity, gas and water supply industries, which are very limited entry industries that are dominated by state-owned firms.
Journal: Applied Economics Letters
Pages: 1224-1227
Issue: 15
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1543935
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1543935
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Template-Type: ReDIF-Article 1.0
Author-Name: Chenxi Wu
Author-X-Name-First: Chenxi
Author-X-Name-Last: Wu
Author-Name: Kangni Dang
Author-X-Name-First: Kangni
Author-X-Name-Last: Dang
Author-Name: Chen Zhao
Author-X-Name-First: Chen
Author-X-Name-Last: Zhao
Author-Name: Hao Zhang
Author-X-Name-First: Hao
Author-X-Name-Last: Zhang
Title: A driving force for sustainable economic growth in China from the wave-like effects of technological diffusion
Abstract: 
 This paper analyses the influence of the spatial association of different provinces on technological diffusion and economic growth, using panel data from 30 Chinese provinces from 2005 to 2016. The results show that firstly, there is a strong spatial correlation in economic growth between the provinces from Moran’s I index and Geary’s C index. Secondly, the decomposition of the direct and indirect effects in the spatial Durbin model reveals that foreign direct investment is a crucial factor for sustained economic growth. Last but not least, technological diffusion, exhibited in wave-like characteristics in China.
Journal: Applied Economics Letters
Pages: 1228-1233
Issue: 15
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1543936
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1543936
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Template-Type: ReDIF-Article 1.0
Author-Name: Haowen Luo
Author-X-Name-First: Haowen
Author-X-Name-Last: Luo
Author-Name: Zafar Nazarov
Author-X-Name-First: Zafar
Author-X-Name-Last: Nazarov
Title: Can the affordable care act provisions explain the recent wave of acquisitions in the health insurance industry?
Abstract: 
 This research shows that the ACA health insurance exchanges have generated more merger activity in the health insurance market. The impact is robust to control for an extensive set of factors suggested by both neoclassical and behavioural frameworks. The economic impact of this ACA provision is substantial with 3.8 more months of unusually high merger activity or 52 more merger bids per year.
Journal: Applied Economics Letters
Pages: 1234-1237
Issue: 15
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1543938
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1543938
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Template-Type: ReDIF-Article 1.0
Author-Name: Yang Yu
Author-X-Name-First: Yang
Author-X-Name-Last: Yu
Author-Name: Wang Erda
Author-X-Name-First: Wang
Author-X-Name-Last: Erda
Author-Name: Liu Guangdong
Author-X-Name-First: Liu
Author-X-Name-Last: Guangdong
Title: Empirical study on the fish farmers’ willingness to participate in the Chinese rural cooperative financing organizations
Abstract: 
 This article attempts to identify the key factors which potentially contribute to the fish farmers’ willingness to participate in the new-form of the rural cooperative finance organization (NFRCFO) sponsored by the Chinese governments. A total of 116 fish farmer households as well as small-micro agricultural enterprises are sampled from the villages of Liaoning province in China. A discrete LOGIT model is used for parameter estimations. The results show that most of the factors being considered exhibit statistically significant effects on the fish farmers’ willingness to take part in the NFRCFO following by addressing the associated policy implications.
Journal: Applied Economics Letters
Pages: 1238-1242
Issue: 15
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1545069
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1545069
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Template-Type: ReDIF-Article 1.0
Author-Name: Gioacchino Pappalardo
Author-X-Name-First: Gioacchino
Author-X-Name-Last: Pappalardo
Author-Name: Roberta Selvaggi
Author-X-Name-First: Roberta
Author-X-Name-Last: Selvaggi
Author-Name: Jayson L. Lusk
Author-X-Name-First: Jayson L.
Author-X-Name-Last: Lusk
Title: Procedural invariance as a result of commitment costs: evidence from an economic experiment on farmers’ willingness to pay for digestate
Abstract: 
 We offer a conceptual explanation for some of the procedural invariance witnessed in experimental studies related to the concept of commitment costs, which is confirmed in a field experiment with Sicilian farmers valuing a renewable soil conditioner.
Journal: Applied Economics Letters
Pages: 1243-1246
Issue: 15
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1545070
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1545070
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Template-Type: ReDIF-Article 1.0
Author-Name: Murad A. Bein
Author-X-Name-First: Murad A.
Author-X-Name-Last: Bein
Title: Interrelationship between crude oil and the stock markets of major demanders and suppliers in emerging and developed markets
Abstract: 
 This paper investigates the time-varying relationship between the stock markets of advanced and emerging oil-exporting and oil-importing countries and the international crude oil price indices. The results reveal that the time-varying among the oil-exporting and oil-importing countries responds similarly to aggregate supply- and demand-side effects. Oil-exporting countries have a slightly higher integration with the oil markets, while oil supply shocks have a slightly higher impact on emerging oil-exporting countries. The oil markets exhibit a lower time-varying relationship with the Asia-Pacific oil-importing markets, which indicates those markets may be attractive to investors during periods of turbulence in the oil market.
Journal: Applied Economics Letters
Pages: 1247-1252
Issue: 15
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1545071
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1545071
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Template-Type: ReDIF-Article 1.0
Author-Name: Semih Emre Cekin
Author-X-Name-First: Semih Emre
Author-X-Name-Last: Cekin
Author-Name: Menelik S. Geremew
Author-X-Name-First: Menelik S.
Author-X-Name-Last: Geremew
Author-Name: Hardik Marfatia
Author-X-Name-First: Hardik
Author-X-Name-Last: Marfatia
Title: Monetary policy co-movement and spillover of shocks among BRICS economies
Abstract: 
 The 2008 global financial crisis has revealed the possibility of cross-border spillover effects of domestic Monetary Policy (MP) on financial stability and capital flows around the world. Recognizing these facts, Central Banks in Advanced Economies (AE) have undertaken simultaneous Monetary Policy actions to minimize collateral damage and contain financial risks. In this paper, we investigate whether a similar spillover and co-movement of Monetary Policy exist among BRICS countries. Specifically, we study the transmission of monetary policy shocks among the member countries using monthly data. We use the method of Principal Component Analysis (PCA) and Vector Autoregression Model to identify possible dynamic relationships. Our results indicate possible co-movement in interest rates and significant cross-border transmission of monetary policy shocks among the BRICS countries.
Journal: Applied Economics Letters
Pages: 1253-1263
Issue: 15
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1545072
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1545072
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Template-Type: ReDIF-Article 1.0
Author-Name: Bing Zhang
Author-X-Name-First: Bing
Author-X-Name-Last: Zhang
Title: Economic Policy Uncertainty and Investor Sentiment: linear and nonlinear causality analysis
Abstract: 
 In this paper, we study the relationship between economic policy uncertainty and investor sentiment. US data were analysed based on linear and non-linear Granger causality analysis. We reveal the obvious impact that economic policy uncertainty has on the investor sentiment, which can be explained by the real option and financial constraint theory.
Journal: Applied Economics Letters
Pages: 1264-1268
Issue: 15
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1545073
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1545073
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Template-Type: ReDIF-Article 1.0
Author-Name: Stavros Degiannakis
Author-X-Name-First: Stavros
Author-X-Name-Last: Degiannakis
Author-Name: George Filis
Author-X-Name-First: George
Author-X-Name-Last: Filis
Author-Name: Stefanos Tsemperlidis
Author-X-Name-First: Stefanos
Author-X-Name-Last: Tsemperlidis
Title: Economic announcements and the 10-year U.S. Treasury: Surprising findings without the surprise component
Abstract: 
 In the current study, we identify the announcements that trigger substantial changes in the behaviour of the 10-year US Treasury market, without using the surprise component and, therefore, expectational data. We use a novel model-free approach based on extreme market movements related to price returns, volatility and traded volumes. Our findings corroborate those of previous studies, which were based on expectational data. More importantly, though, we identify two additional announcements (Oil Inventories and the Mortgage Applications), which have not been previously reported. These findings are primarily important to financial analysts and investors.
Journal: Applied Economics Letters
Pages: 1269-1273
Issue: 15
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1545074
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1545074
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Template-Type: ReDIF-Article 1.0
Author-Name: Volker Nitsch
Author-X-Name-First: Volker
Author-X-Name-Last: Nitsch
Title: Passport, please! Travels, travails and trade
Abstract: 
 A country’s visa policies are widely assumed to have economic consequences. In this short paper, I examine the effect of the ease with which a country’s citizens can enter foreign countries on international trade. Using a specification of the gravity model that avoids the endogeneity problems that typically arise when analyzing the association between ease of travel and the extent of bilateral interactions, I find that countries which issue powerful passports experience more international trade.
Journal: Applied Economics Letters
Pages: 1274-1278
Issue: 15
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1545075
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1545075
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesús Peiró-Palomino
Author-X-Name-First: Jesús
Author-X-Name-Last: Peiró-Palomino
Author-Name: Francesco Perugini
Author-X-Name-First: Francesco
Author-X-Name-Last: Perugini
Author-Name: Andrés J Picazo-Tadeo
Author-X-Name-First: Andrés J
Author-X-Name-Last: Picazo-Tadeo
Title: Well-being and the Great Recession in Spain
Abstract: 
 This letter assesses the impact of the Great Recession on well-being in Spanish provinces using two alternative composite indicators of objective well-being that include somewhat different dimensions. Whereas the crisis notably eroded economic well-being, its impact on overall well-being – which in addition to economic dimensions also includes non-economic ones – was imperceptible. This result points to the need to carefully define and assess well-being in empirical analyses.
Journal: Applied Economics Letters
Pages: 1279-1284
Issue: 15
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1545076
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1545076
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Template-Type: ReDIF-Article 1.0
Author-Name: Youngwon Nam
Author-X-Name-First: Youngwon
Author-X-Name-Last: Nam
Author-Name: Sherman D. Hanna
Author-X-Name-First: Sherman D.
Author-X-Name-Last: Hanna
Title: The effects of risk aversion on life insurance ownership of single-parent households
Abstract: 
 This study investigates the effect of risk aversion of single-parent households with at least one child under 18 on life insurance ownership. Analysing the 1992–2013 Survey of Consumer Finances datasets, we found that the likelihood of owning term life insurance decreases as risk aversion increases, but the likelihood of owning cash-value life insurance increases as risk aversion increases. Smokers were less likely to own term life insurance but more likely to own cash-value life insurance than comparable non-smokers.
Journal: Applied Economics Letters
Pages: 1285-1288
Issue: 15
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1546044
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1546044
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Template-Type: ReDIF-Article 1.0
Author-Name: Akira Kamiguchi
Author-X-Name-First: Akira
Author-X-Name-Last: Kamiguchi
Author-Name: Kazuki Hiraga
Author-X-Name-First: Kazuki
Author-X-Name-Last: Hiraga
Title: Endogenous longevity, public debt and endogenous growth
Abstract: 
 This study explores the mechanism that causes an inverted U-shaped relationship between the public debt to GDP ratio and the economic growth rate which is observed in empirical studies. We show that this relationship is caused even when the government does not introduce the golden rule of public finance, and government health care expenditure has important role in generating this relationship.
Journal: Applied Economics Letters
Pages: 1289-1293
Issue: 15
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1557318
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1557318
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Template-Type: ReDIF-Article 1.0
Author-Name: Qianhua Lei
Author-X-Name-First: Qianhua
Author-X-Name-Last: Lei
Author-Name: Huili Chen
Author-X-Name-First: Huili
Author-X-Name-Last: Chen
Author-Name: Zhentao Liang
Author-X-Name-First: Zhentao
Author-X-Name-Last: Liang
Title: Large shareholders’ shareholding and earnings’ longitudinal persistence
Abstract: 
 This paper is the first to adopt longitudinal data analysis methods, such as the Kaplan-Meier survival analysis model, hierarchical linear model and Cox proportional hazards regression model, to investigate the relationship between large shareholders’ shareholding and earnings persistence. We find that large shareholders’ shareholding has a negative effect on corporate longitudinal persistence. The large shareholders’ shareholding will increase the risk of earnings decline and strengthen the declining trend of earnings. The effects of large shareholders’ shareholding on earnings’ longitudinal persistence for SOEs are different from those for non-SOEs, the effects in the pre-crisis period are also different from those in the post-crisis period. These findings contribute to the literature by adopting longitudinal data analysis methods and present new empirical evidence on the economic consequences of large shareholders’ shareholding.
Journal: Applied Economics Letters
Pages: 1294-1300
Issue: 15
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1558328
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1558328
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Lawson
Author-X-Name-First: Robert
Author-X-Name-Last: Lawson
Author-Name: Ryan Murphy
Author-X-Name-First: Ryan
Author-X-Name-Last: Murphy
Title: Economic freedom and growth specification debate: a retrospective
Abstract: 
 This article revisits a 2006 theoretical debate on the appropriate specifications for testing the relationship between economic outcomes and economic freedom. It provides out-of-sample empirical tests corresponding to each of the theoretical positions of the two sides of the debate. The two methods of testing the relationship essentially tie in their ability to predict out-of-sample, although neither model predicts very well for the decade following the debate.
Journal: Applied Economics Letters
Pages: 1038-1040
Issue: 15
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1391997
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1391997
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:15:p:1038-1040




Template-Type: ReDIF-Article 1.0
Author-Name: Kristin J Kleinjans
Author-X-Name-First: Kristin J
Author-X-Name-Last: Kleinjans
Author-Name: Andrew Gill
Author-X-Name-First: Andrew
Author-X-Name-Last: Gill
Title: Institutions, parental selection, and locus of control
Abstract: 
 Locus of control, that is, people’s perception of how much influence they have over their lives, is an important predictor for economic outcomes – earnings, health and education, to name a few. This article uses difference-in-differences analysis to investigate the importance of the institutional environment for the development of locus of control, using the fall of the Berlin Wall as exogenous shock to the educational system in East Germany. Using data from the German Socioeconomic Panel (SOEP), we find that women showed less external locus of control following the fall of the Berlin Wall but less clear results for men.
Journal: Applied Economics Letters
Pages: 1041-1044
Issue: 15
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1391998
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1391998
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Template-Type: ReDIF-Article 1.0
Author-Name: Klaus Gründler
Author-X-Name-First: Klaus
Author-X-Name-Last: Gründler
Author-Name: Sarah Sauerhammer
Author-X-Name-First: Sarah
Author-X-Name-Last: Sauerhammer
Title: Do expectations matter? Reassessing the effects of government spending on key macroeconomic variables in Germany
Abstract: 
 This article contributes to the debate on how to properly identify exogenous fiscal shocks in the data. We include expectations held by consumers and firms into the standard vector autoregression (VAR) framework based on information from historical issues of the German political magazine Der Spiegel. The findings underscore the need to account for expectations, as failing to do so leads to significant misinterpretation of the effects of government spending. When neglecting anticipation effects, our results support the recent findings for Germany by pointing to a rather positive effect of government spending on GDP. However, inclusion of expectations yields a change in this effect, suggesting that government spending is much less beneficial for GDP, as it crowds out private consumption and investment.
Journal: Applied Economics Letters
Pages: 1045-1050
Issue: 15
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1394967
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1394967
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Template-Type: ReDIF-Article 1.0
Author-Name: Yan Yan
Author-X-Name-First: Yan
Author-X-Name-Last: Yan
Author-Name: Ouyang Hongbing
Author-X-Name-First: Ouyang
Author-X-Name-Last: Hongbing
Title: Effects of house-sale restrictions in China: a difference-in-difference approach
Abstract: 
 Chinese housing prices have increased rapidly in recent years. Concerned about the potential for a burst bubble, the Chinese government has been intervening in the market to rein in the rising price trend since 2010. In March 2017, a new housing policy, called house-sale restriction, was developed to curtail speculation in the Chinese housing market. This study uses a difference-in-difference model to examine the policy effect of this new restriction. By using house-sale and price data of 43 cities across 30 provinces in China, we find that house-sale restrictions could effectively reduce speculation in the market as well as decrease housing prices in the short term. This study analyses only the short-term effect of this new housing policy; the long-term effect requires further examination.
Journal: Applied Economics Letters
Pages: 1051-1057
Issue: 15
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1394968
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1394968
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Template-Type: ReDIF-Article 1.0
Author-Name: Kaoru Nabeshima
Author-X-Name-First: Kaoru
Author-X-Name-Last: Nabeshima
Author-Name: Mila Kashcheeva
Author-X-Name-First: Mila
Author-X-Name-Last: Kashcheeva
Author-Name: Byeongwoo Kang
Author-X-Name-First: Byeongwoo
Author-X-Name-Last: Kang
Title: The impacts of export competition on international technology flows
Abstract: 
 Knowledge flow is a key to building technological capabilities. This article investigates how competition in international trade affects knowledge flow between countries using patent data and trade data for analysis. The main finding is that export competition in the third market (in our study, the US market) seems to have a positive impact on the flow of knowledge. The findings from this study contribute to the debate on ‘learning-by-exporting’.
Journal: Applied Economics Letters
Pages: 1058-1061
Issue: 15
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1394969
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1394969
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Template-Type: ReDIF-Article 1.0
Author-Name: Sverre J. Herstad
Author-X-Name-First: Sverre J.
Author-X-Name-Last: Herstad
Title: Product innovation and employment growth at the firm level: a quantile regression approach to inter-industry differences
Abstract: 
 This article demonstrates that the relationship between product innovativeness and employment growth at the firm level depends on (i) market responses to innovations with different degrees of novelty, (ii) the location of firms on the growth distribution and (iii) industry conditions. As a result, research that uses standard regression techniques such as OLS and does not account for innovation characteristics and industry differences fail to properly describe this relationship
Journal: Applied Economics Letters
Pages: 1062-1065
Issue: 15
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1394970
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1394970
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Template-Type: ReDIF-Article 1.0
Author-Name: Yongseung Han
Author-X-Name-First: Yongseung
Author-X-Name-Last: Han
Author-Name: Myeong Hwan Kim
Author-X-Name-First: Myeong Hwan
Author-X-Name-Last: Kim
Title: The estimation of profit efficiency
Abstract: 
 This article discusses a way of solving the ‘Greene Problem’ that has been termed for a technical difficulty in estimating a profit system with technical and allocative inefficiencies. As the ‘Greene Problem’ is due to the existence of unobserved technical inefficiency interactive in a nonlinear form, the article proposes a use of homogeneity in technology to untangle the nonlinear form, enabling the estimation of a profit system as well as the identification of the source of inefficiencies.
Journal: Applied Economics Letters
Pages: 1066-1070
Issue: 15
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1397841
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1397841
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Template-Type: ReDIF-Article 1.0
Author-Name: Peixin Li
Author-X-Name-First: Peixin
Author-X-Name-Last: Li
Author-Name: Baolian Wang
Author-X-Name-First: Baolian
Author-X-Name-Last: Wang
Title: The costs of foreign single listing
Abstract: 
 A significant number of firms conduct their initial public offerings in a foreign market without a domestic listing; this is known as a foreign single listing. The existing literature has mainly focused on examining cross-listings – where firms are listed in both the domestic market and one or more foreign markets – with little attention to foreign single listings. This study examines the costs of foreign single listings. Using a sample of Chinese firms, we show that – on average – the stocks of foreign single-listed firms are undervalued by around 20–30% relative to cross-listed firms. The results are robust in both panel regressions and in a natural experiment analysis. Our findings have strong implications for firms which may consider listing overseas.
Journal: Applied Economics Letters
Pages: 1071-1077
Issue: 15
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1397842
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1397842
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Template-Type: ReDIF-Article 1.0
Author-Name: Yaojie Zhang
Author-X-Name-First: Yaojie
Author-X-Name-Last: Zhang
Author-Name: Benshan Shi
Author-X-Name-First: Benshan
Author-X-Name-Last: Shi
Title: Does default point vary with firm size?
Abstract: 
 This article aims to improve the predictive ability of KMV model by distinguishing firm size. The evidence suggests that default point would vary with firm size. Using the method of particle swarm optimization, we obtain the optimal default point separately for large firms and small firms. Several statistical tests such as the model confidence set methodology show that our relatively tractable model is more likely to have the strongest predictive ability.
Journal: Applied Economics Letters
Pages: 1078-1082
Issue: 15
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1397843
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1397843
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Template-Type: ReDIF-Article 1.0
Author-Name: Ryan Garvey
Author-X-Name-First: Ryan
Author-X-Name-Last: Garvey
Author-Name: Tao Huang
Author-X-Name-First: Tao
Author-X-Name-Last: Huang
Author-Name: Fei Wu
Author-X-Name-First: Fei
Author-X-Name-Last: Wu
Title: Size and information revelation in securities trading
Abstract: 
 We examine differences in information content between order submission sizes and trade sizes by U.S. equity traders. Increasing (decreasing) order submission (trade) size is reflective of information. The result suggests that better-informed traders want to trade in a large size, but that they engage in stealth trading practices or break larger orders into smaller sizes in order to conceal information. While prior studies tend to narrowly focus on trade executions at the market-centre level, our findings indicate that order submission size varies significantly from trade size and that both sizes are informative about future prices, albeit in an inverse manner.
Journal: Applied Economics Letters
Pages: 1083-1086
Issue: 15
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1397844
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1397844
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Template-Type: ReDIF-Article 1.0
Author-Name: Hiroshi Gunji
Author-X-Name-First: Hiroshi
Author-X-Name-Last: Gunji
Author-Name: Yuan Yuan
Author-X-Name-First: Yuan
Author-X-Name-Last: Yuan
Title: Bank diversification and monetary policy
Abstract: 
 Using bank-level data in Asia, we examine the relationship between the effectiveness of monetary policy and the business diversification of banks. We find that bank diversification enhances the effect of monetary policy.
Journal: Applied Economics Letters
Pages: 1087-1090
Issue: 15
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1397845
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1397845
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Template-Type: ReDIF-Article 1.0
Author-Name: Benedikt Rotermann
Author-X-Name-First: Benedikt
Author-X-Name-Last: Rotermann
Author-Name: Bernd Wilfling
Author-X-Name-First: Bernd
Author-X-Name-Last: Wilfling
Title: A new stock-price bubble with stochastically deflating trajectories
Abstract: 
 We propose a new, rational stock-price bubble that is able to generate recurringly explosive and stochastically deflating trajectories. Our flexible bubble process entails stock-price volatility dynamics that are consistent with real-world data. To demonstrate this, we fit our bubble specification to NASDAQ data and analyse the volatility dynamics.
Journal: Applied Economics Letters
Pages: 1091-1096
Issue: 15
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1397846
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1397846
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:15:p:1091-1096




Template-Type: ReDIF-Article 1.0
Author-Name: Eric Blankmeyer
Author-X-Name-First: Eric
Author-X-Name-Last: Blankmeyer
Title: Simultaneous-equation estimation with no instrumental variables
Abstract: 
 For a single equation in a system of linear equations, estimation by instrumental variables is the standard approach. In practice, however, it is often difficult to find valid instruments. This letter outlines a maximum-likelihood method that does not require instrumental variables; it is applied to the estimation of a demand function and an Engel curve.
Journal: Applied Economics Letters
Pages: 1097-1100
Issue: 15
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1397847
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1397847
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Template-Type: ReDIF-Article 1.0
Author-Name: Vandana Arya
Author-X-Name-First: Vandana
Author-X-Name-Last: Arya
Author-Name: Rajabrata Banerjee
Author-X-Name-First: Rajabrata
Author-X-Name-Last: Banerjee
Author-Name: Tony Cavoli
Author-X-Name-First: Tony
Author-X-Name-Last: Cavoli
Title: The relative importance of capital inflows: some evidence from emerging market economies
Abstract: 
 This article examines the relative importance of the main components of capital inflows for a sample of emerging market economies. Does composition matter? Is there a nexus between capital inflow components? We assess, firstly, how each capital inflow component reacts to important macro and policy variables, and secondly, how the components themselves interact. We find that bank inflows appear the most sensitive to macro factors, institutions matter more for Latin America and external financial factors matter more for Asia. Further, for Latin America, capital inflows interact largely as complements, while for Asia, any expansion of bank inflows might crowd out FDI and portfolio flows.
Journal: Applied Economics Letters
Pages: 1101-1106
Issue: 15
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1397848
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1397848
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Template-Type: ReDIF-Article 1.0
Author-Name: Lili Wu
Author-X-Name-First: Lili
Author-X-Name-Last: Wu
Author-Name: Yang Bian
Author-X-Name-First: Yang
Author-X-Name-Last: Bian
Title: Housing, consumption and monetary policy: how different are the first-, second- and third-tier cities in China?
Abstract: 
 This article presents an empirical analysis of the relationship between house prices and the real economy in China’s first-, second- and third-tier cities. A Structural Vector Autoregression model is applied to study the impacts of monetary policy shocks and housing demand shocks on various housing markets across China. We also investigate the role of house prices in the transmission mechanism of monetary policy. The results reveal that in first-tier cities, raising interest rates has a stronger negative effect on house prices. Also, as house prices decrease in first-tier cities, private consumption declines sharply. There is a stronger role of housing markets in the transmission of monetary policy shocks in these cities. Our findings indicate that interest rate adjustment could effectively curb spikes in housing prices in the first-tier cities, but the impact of such adjustments on household consumption must also be considered.
Journal: Applied Economics Letters
Pages: 1107-1111
Issue: 15
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1412069
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1412069
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:15:p:1107-1111




Template-Type: ReDIF-Article 1.0
Author-Name: Xunxiao Wang
Author-X-Name-First: Xunxiao
Author-X-Name-Last: Wang
Author-Name: Xundi Diao
Author-X-Name-First: Xundi
Author-X-Name-Last: Diao
Author-Name: Yixiang Chen
Author-X-Name-First: Yixiang
Author-X-Name-Last: Chen
Title: What are returns outside trading hours capturing for volatility of individual stocks?
Abstract: 
 This study is the first to harness the negative returns and squared returns outside trading hours, trading volume and leverage effects in an augmented heterogeneous autoregressive model for forecasting volatility of individual stocks. Besides significant leverage effects and trading volume impact, we find that an increase in the negative returns is associated with a decline in volatility, but an increase in the squared returns is associated with a rise in volatility. This new finding suggests that the negative returns and squared returns outside trading hours are capturing additional leverage effects and additional volatilities, respectively. Moreover, the relations display differences amongst various firm categories which arise from firm heterogeneity.
Journal: Applied Economics Letters
Pages: 1121-1124
Issue: 16
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2015.1042138
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1042138
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:16:p:1121-1124




Template-Type: ReDIF-Article 1.0
Author-Name: Ewelina Sokołowska
Author-X-Name-First: Ewelina
Author-X-Name-Last: Sokołowska
Title: Is the growing wealth the driving force for venture capital fundraising in Europe? An empirical analysis
Abstract: 
 There has been no study aimed to determine to what extent the growth of wealth, on a global scale, contributes to stimulating investments in high-risk ventures. This article intents to answer the question: Does the growing wealth drive venture capital fundraising in Europe? Additionally, we will calculate short-term forecasts of the increased-risk capital market for the years 2015–2017. Recognition of the factors impacting the vc/pe market allows stimulation of development of the increased-risk capital. Venture capital serves as a source of financing of prospective projects, stimulates innovation and promotes small and medium enterprises. Owing to counteracting unemployment, this capital economically supports development of countries.
Journal: Applied Economics Letters
Pages: 1125-1129
Issue: 16
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2015.1137542
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1137542
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Template-Type: ReDIF-Article 1.0
Author-Name: Petr Janský
Author-X-Name-First: Petr
Author-X-Name-Last: Janský
Author-Name: Ondřej Kokeš
Author-X-Name-First: Ondřej
Author-X-Name-Last: Kokeš
Title: Profit-shifting from Czech multinational companies to European tax havens
Abstract: 
 Although tax havens have been affecting other countries for decades, only in recent years have the associated challenges been subject to intensive scrutiny in both research and policy areas. We contribute to the growing evidence of corporate tax base erosion and profit-shifting by testing multinational companies’ ownership links to individual tax havens rather than to groups of them, as is the case with most previous research. Our company-level analysis suggests that profit shifts through debt financing from the Czech Republic to Luxembourg, Switzerland and, to a lesser extent, the Netherlands. We have ascertained that tax havens are not limited to tiny islands and may actually be found among European countries. We also provide rough estimates of the impact of this profit-shifting on tax revenues as well as a policy recommendation.
Journal: Applied Economics Letters
Pages: 1130-1133
Issue: 16
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2015.1137543
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1137543
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:16:p:1130-1133




Template-Type: ReDIF-Article 1.0
Author-Name: Fangping Peng
Author-X-Name-First: Fangping
Author-X-Name-Last: Peng
Author-Name: R. J. Cebula
Author-X-Name-First: R. J.
Author-X-Name-Last: Cebula
Author-Name: M. Foley
Author-X-Name-First: M.
Author-X-Name-Last: Foley
Author-Name: Kai Zhan
Author-X-Name-First: Kai
Author-X-Name-Last: Zhan
Title: Estimation of the liquidity trap using a panel threshold model
Abstract: 
 This empirical study investigates, unlike previous studies, the presence of a liquidity trap using firm-level data. The study focuses on the case of China. A panel threshold model is employed. The empirical estimation reveals that the interest elasticity of money demand declines as the interest rate falls, a finding indicating that China has not been in a liquidity trap.
Journal: Applied Economics Letters
Pages: 1134-1137
Issue: 16
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2015.1137544
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1137544
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:16:p:1134-1137




Template-Type: ReDIF-Article 1.0
Author-Name: Sebastian Gechert
Author-X-Name-First: Sebastian
Author-X-Name-Last: Gechert
Author-Name: Andrew Hughes Hallett
Author-X-Name-First: Andrew Hughes
Author-X-Name-Last: Hallett
Author-Name: Ansgar Rannenberg
Author-X-Name-First: Ansgar
Author-X-Name-Last: Rannenberg
Title: Fiscal multipliers in downturns and the effects of Euro Area consolidation
Abstract: 
 We estimate the impact of the fiscal consolidation actions in the Euro Area between 2011 and 2013 on output and public finances. We identify the discretionary fiscal consolidation effort based on new data by the European Commission. We combine these data with robust estimates from a rich meta-regression analysis on multipliers for various fiscal measures under different business cycle regimes. The frontloaded consolidation came at a considerable cost with an output loss of 7.7% and only a small gain to the primary balance of 0.2% of GDP. Backloading would have been much less costly due to lower multipliers.
Journal: Applied Economics Letters
Pages: 1138-1140
Issue: 16
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2015.1137545
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1137545
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:16:p:1138-1140




Template-Type: ReDIF-Article 1.0
Author-Name: Rudra P. Pradhan
Author-X-Name-First: Rudra P.
Author-X-Name-Last: Pradhan
Author-Name: Mak B. Arvin
Author-X-Name-First: Mak B.
Author-X-Name-Last: Arvin
Author-Name: John H. Hall
Author-X-Name-First: John H.
Author-X-Name-Last: Hall
Author-Name: Mahendhiran Nair
Author-X-Name-First: Mahendhiran
Author-X-Name-Last: Nair
Title: Innovation, financial development and economic growth in Eurozone countries
Abstract: 
 Using a panel vector auto-regressive model, we study interactions between innovation, financial development and economic growth in 18 Eurozone countries between 1961 and 2013. We focus on whether causality runs between these variables both ways, one way, the other way or not at all. Our empirical results show that development of the financial sector and enhanced innovative capacity in the Eurozone contributes to long-term economic growth in the countries in the region.
Journal: Applied Economics Letters
Pages: 1141-1144
Issue: 16
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1139668
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1139668
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:16:p:1141-1144




Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Amin
Author-X-Name-First: Mohammad
Author-X-Name-Last: Amin
Author-Name: Asif Islam
Author-X-Name-First: Asif
Author-X-Name-Last: Islam
Author-Name: Alena Sakhonchik
Author-X-Name-First: Alena
Author-X-Name-Last: Sakhonchik
Title: Does paternity leave matter for female employment in developing economies? Evidence from firm-level data
Abstract: 
 Analysis using firm-level data for a sample of 33,302 firms in 53 developing countries shows that women’s employment among private firms is significantly higher in countries that mandate paternity leave versus those that do not. A conservative estimate suggests an increase of 6.8 percentage points in the proportion of women workers associated with mandating paternity leave. The empirical specification is immune to spurious correlations that affect the level of women and men employment equally and also robust to a large number of controls for country and firm characteristics.
Journal: Applied Economics Letters
Pages: 1145-1148
Issue: 16
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1139669
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1139669
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:16:p:1145-1148




Template-Type: ReDIF-Article 1.0
Author-Name: Rémi Bazillier
Author-X-Name-First: Rémi
Author-X-Name-Last: Bazillier
Author-Name: Cristina Boboc
Author-X-Name-First: Cristina
Author-X-Name-Last: Boboc
Title: Labour migration as a way to escape from employment vulnerability? Evidence from the European Union
Abstract: 
 Free Movement of people is a fundamental principle of the European Union (EU). In a context of strong divergence in employment and working conditions among EU member states, migration can be seen as a way to increase employment opportunities but also to escape from poor working conditions at home. In this article, we focus on the possible influence of employment vulnerability by comparing its individual level among migrants and native workers in EU countries. We implement propensity score matching methods using data from the European Social Survey (2008) and indexes of employment vulnerability proposed by Bazillier et al. (2014). Overall, we show that migrants face the same level of employment vulnerability than natives, all other things being equal. But there are strong differences by skill-level. Low-skilled migrants have a lower level of vulnerability mainly because of a lower level of employer vulnerability while high-skilled migrants face a higher level of vulnerability, because of a higher level of job vulnerability.
Journal: Applied Economics Letters
Pages: 1149-1152
Issue: 16
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1139670
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1139670
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:16:p:1149-1152




Template-Type: ReDIF-Article 1.0
Author-Name: Weiwei Liu
Author-X-Name-First: Weiwei
Author-X-Name-Last: Liu
Title: Estimating the elasticities of gasoline demand: an instrumental variable approach
Abstract: 
 This article uses a new identification strategy to estimate the demand for gasoline. I show that the monthly gasoline price is endogenous to gasoline demand at the state level, and that gasoline tax and domestic oil first purchasing price together are strong and valid instruments to correct for the endogeneity bias. In addition to estimating the price elasticity, this article also provides an estimate of the income elasticity. These updated estimates are critical factors in evaluating the environmental effect of gasoline tax and forecasting gasoline consumption.
Journal: Applied Economics Letters
Pages: 1153-1156
Issue: 16
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1139671
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1139671
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:16:p:1153-1156




Template-Type: ReDIF-Article 1.0
Author-Name: Christoph Engel
Author-X-Name-First: Christoph
Author-X-Name-Last: Engel
Author-Name: Lilia Zhurakhovska
Author-X-Name-First: Lilia
Author-X-Name-Last: Zhurakhovska
Title: When is the risk of cooperation worth taking? The prisoner’s dilemma as a game of multiple motives
Abstract: 
 This experimental article helps to understand the motives behind cooperation in the prisoner’s dilemma. It manipulates the pay-off in case both players defect in a two-player, one-shot prisoner’s dilemma and explains the degree of cooperation by a combination of four motives: efficiency, conditional cooperation, fear and greed. All motives are significant but some become only significant if one controls for all remaining ones. This seems to be the reason why earlier attempts at explaining choices in the prisoner’s dilemma with personality have not been successful.
Journal: Applied Economics Letters
Pages: 1157-1161
Issue: 16
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1139672
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1139672
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:16:p:1157-1161




Template-Type: ReDIF-Article 1.0
Author-Name: Lukas Meub
Author-X-Name-First: Lukas
Author-X-Name-Last: Meub
Author-Name: Till Proeger
Author-X-Name-First: Till
Author-X-Name-Last: Proeger
Author-Name: Tim Schneider
Author-X-Name-First: Tim
Author-X-Name-Last: Schneider
Author-Name: Kilian Bizer
Author-X-Name-First: Kilian
Author-X-Name-Last: Bizer
Title: The victim matters – experimental evidence on lying, moral costs and moral cleansing
Abstract: 
 In an experiment on moral cleansing with an endogenously manipulated moral self-image, we examine the role of the addressee of an immoral action. We find that cheating is highest and moral cleansing lowest when subjects cheat at the expense of the experimenter, while cheating is lowest and moral cleansing highest once cheating harms another participant. A subsequent measurement of subjects’ moral self-image supports our interpretation that the occurrence of moral cleansing crucially depends on the moral costs resulting from immoral actions directed at individuals in different roles. Our results can help to explain the different propensity to cheat and conduct moral cleansing when immoral actions harm either another person or representatives of organizations.
Journal: Applied Economics Letters
Pages: 1162-1167
Issue: 16
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1139674
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1139674
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:16:p:1162-1167




Template-Type: ReDIF-Article 1.0
Author-Name: Donald J. Lacombe
Author-X-Name-First: Donald J.
Author-X-Name-Last: Lacombe
Author-Name: Stuart G. McIntyre
Author-X-Name-First: Stuart G.
Author-X-Name-Last: McIntyre
Title: Local and global spatial effects in hierarchical models
Abstract: 
 Hierarchical models have a long history in empirical applications; recognition of the fact that many datasets of interest to applied econometricians are nested; counties within states, pupils within school, regions within countries, etc. Just as many datasets are characterized by nesting, many are also characterized by the presence of spatial dependence or spatial heterogeneity. Significant advances have been made in developing econometric techniques and models to allow applied econometricians to address this spatial dimension to their data. This article fuses these two literatures together and combines a hierarchical model with the two general spatial econometric models.
Journal: Applied Economics Letters
Pages: 1168-1172
Issue: 16
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1142645
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1142645
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:16:p:1168-1172




Template-Type: ReDIF-Article 1.0
Author-Name: Qingxin He
Author-X-Name-First: Qingxin
Author-X-Name-Last: He
Author-Name: Jonathan M. Lee
Author-X-Name-First: Jonathan M.
Author-X-Name-Last: Lee
Author-Name: Zagros Madjd-Sadjadi
Author-X-Name-First: Zagros
Author-X-Name-Last: Madjd-Sadjadi
Title: Cost savings and deregulation: an analysis of fuel cost savings in deregulated electricity markets
Abstract: 
 Unregulated utilities face competitive pressures that lead to cost-minimizing activities, but regulated monopolies in the US electricity generation sector face pressures only from regulators who must balance a desire for lower prices against the need for the utility to generate a sufficient return to encourage investment. This paper analyses the cost-minimizing behaviours of regulated utilities by comparing their average input coal costs with those of deregulated utilities purchasing coal from the same mine during the same month of the same year. Results indicate that coal-fired electric plants operating in deregulated electricity markets negotiate prices that are 6.1 ¢/MMBtu (3.5%) less than their regulated counterparts. In percentage terms, this is a fairly small discount for deregulated plants, but it happens to be on par with the restructuring gains that others have estimated for labour and nonfuel costs.
Journal: Applied Economics Letters
Pages: 1173-1176
Issue: 16
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1142646
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1142646
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:16:p:1173-1176




Template-Type: ReDIF-Article 1.0
Author-Name: L. Correia
Author-X-Name-First: L.
Author-X-Name-Last: Correia
Author-Name: P. Martins
Author-X-Name-First: P.
Author-X-Name-Last: Martins
Title: Are remittances an instrument of stabilization and funding in the euro area?
Abstract: 
 In this study, we explore the specific question of the counter cyclicality of remittances in the euro area, namely, if they could be used to stabilize the business cycle and as an additional source of external financing. This research uses data for 13 euro area countries in the period 2004–2013. For whole of the sample, our two hypotheses concerning stabilization and external financing are rejected, but Lithuania and Greece are outliers. Remittances seem to have had a macroeconomic stabilizing effect on Lithuania and to have mitigated in part the liquidity problems that Greece has faced since the sovereign debt crisis.
Journal: Applied Economics Letters
Pages: 1177-1181
Issue: 16
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1142647
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1142647
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:16:p:1177-1181




Template-Type: ReDIF-Article 1.0
Author-Name: Luis Ferruz
Author-X-Name-First: Luis
Author-X-Name-Last: Ferruz
Author-Name: Luis Lample
Author-X-Name-First: Luis
Author-X-Name-Last: Lample
Title: Analysis of the impact of excess mortgages on housing prices using the cointegration test
Abstract: 
 This article attempts to explain and predict housing prices by constructing a model based on the variables that most influence demand: the theoretical purchase effort index without tax deductions as well as a new and innovative indicator that includes the excess of mortgages granted. The Johansen methodology for cointegration analysis reveals the existence of long-run equilibrium and the model’s subsequent ECM, to verify the statistical significance of the variables, confirms the validity of the model concerning this Spanish case study.
Journal: Applied Economics Letters
Pages: 1182-1186
Issue: 16
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1142648
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1142648
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:16:p:1182-1186




Template-Type: ReDIF-Article 1.0
Author-Name: Ufuk Selen
Author-X-Name-First: Ufuk
Author-X-Name-Last: Selen
Title: Why do countries use temporary trade barriers?
Abstract: 
 In this study, the factors affecting the use of temporary trade barriers in international trade are analysed based on country groups through negative binomial-regression analysis. The empirical results showed that the country groups use TTB by the aim of the macroeconomic necessities and protective policies.
Journal: Applied Economics Letters
Pages: 437-440
Issue: 6
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1630703
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1630703
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:6:p:437-440




Template-Type: ReDIF-Article 1.0
Author-Name: Chulho Jung
Author-X-Name-First: Chulho
Author-X-Name-Last: Jung
Author-Name: Jay E. Ryu
Author-X-Name-First: Jay E.
Author-X-Name-Last: Ryu
Title: The price puzzle revisited
Abstract: 
 This paper addresses the price puzzle that contractionary monetary policy increased inflation rates between 2000 and 2014 in the U.S. Previous studies tried to explain the puzzle, but we analyze it from a unique angle by tracing the credit generated by the Fed. Our findings show that the increased federal credit did not flow into business investment. Instead, U.S. financial institutions invested it in risky but profitable financial derivatives. The missing link between federal credit and business investment explains the price puzzle.
Journal: Applied Economics Letters
Pages: 441-446
Issue: 6
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1630705
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1630705
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:6:p:441-446




Template-Type: ReDIF-Article 1.0
Author-Name: Ju-Hee Kim
Author-X-Name-First: Ju-Hee
Author-X-Name-Last: Kim
Author-Name: Hyo-Jin Kim
Author-X-Name-First: Hyo-Jin
Author-X-Name-Last: Kim
Author-Name: Seung-Hoon Yoo
Author-X-Name-First: Seung-Hoon
Author-X-Name-Last: Yoo
Title: External benefits of increasing bioethanol consumption: a choice experiment study
Abstract: 
 This article aims to evaluate the external benefits of increasing bioethanol consumption by applying a choice experiment (CE) approach. The attributes considered are improvement in energy security, reduction of air pollutants emissions, mitigation of carbon dioxide emissions, and new job creation. In order to reflect the preference heterogeneity in investigating the CE data gathered from a survey of 600 South Korean people, Bayesian estimation of a mixed logit model is applied.
Journal: Applied Economics Letters
Pages: 447-450
Issue: 6
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1631433
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1631433
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:6:p:447-450




Template-Type: ReDIF-Article 1.0
Author-Name: Mehdi Barati
Author-X-Name-First: Mehdi
Author-X-Name-Last: Barati
Author-Name: Hadiseh Fariditavana
Author-X-Name-First: Hadiseh
Author-X-Name-Last: Fariditavana
Title: Technology progress and rising healthcare expenditure in the U.S.
Abstract: 
 Technology is widely recognized as a core driver of healthcare expenditure (HCE) in the literature. Since technology is not an easily measurable variable, past studies have incorporated measures to proxy technological changes. However, there is no comprehensive study that has compared the technological effects on U.S. HCE, using alternative input and output technology proxies. Our estimates suggest that, depending on the technology proxy, the effect of technology on HCE, ranging from 0.25 to 0.87, is smaller when output proxies are used relative to input proxies.
Journal: Applied Economics Letters
Pages: 451-454
Issue: 6
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1631434
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1631434
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:6:p:451-454




Template-Type: ReDIF-Article 1.0
Author-Name: Kanish Debnath
Author-X-Name-First: Kanish
Author-X-Name-Last: Debnath
Title: To lend or not to lend: identifying habitual multiple-borrowers
Abstract: 
 Since multiple-borrowing often leads to over-indebtedness, the Reserve Bank of India (RBI) issued new directives to Micro Finance Institutions (MFIs) including restrictions against lending to borrowers having two or more outstanding loans. We argue that such conditions will push productive borrowers to exit the market. We examine whether potential errants can be flagged from available borrower information collected by a Credit Information Company (CIC). We find that borrowers with higher counts of active loans are more likely to furnish different ID cards for taking loans and also take multiple loans on the same ID card. We, therefore, recommend the gradual softening of RBI’s curbs and suggest incentivizing MFIs to train errant borrowers to better manage their finances before loan disbursal.
Journal: Applied Economics Letters
Pages: 455-458
Issue: 6
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1631435
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1631435
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:6:p:455-458




Template-Type: ReDIF-Article 1.0
Author-Name: Ghassem A. Homaifar
Author-X-Name-First: Ghassem A.
Author-X-Name-Last: Homaifar
Author-Name: Frank A. Michello
Author-X-Name-First: Frank A.
Author-X-Name-Last: Michello
Title: A generalized algorithm for duration and convexity of option-embedded bonds: a correction
Abstract: 
 This note is intended to clarify an error in our first definition involving the valuation of the convertible callable as a portfolio of a long pure convertible bond and a short call in Homaifar and Michello (2018).
Journal: Applied Economics Letters
Pages: 459-460
Issue: 6
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1631436
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1631436
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:6:p:459-460




Template-Type: ReDIF-Article 1.0
Author-Name: Marlon R. Tracey
Author-X-Name-First: Marlon R.
Author-X-Name-Last: Tracey
Author-Name: Ariel R. Belasen
Author-X-Name-First: Ariel R.
Author-X-Name-Last: Belasen
Title: Heterogeneous parental impacts on infant health outcome
Abstract: 
 Policymakers have long sought to mitigate the losses associated with single-mother child rearing relative to dual-parenting. Using the Fragile Families and Child Wellbeing (FFCW) data, we apply a flexible IV-ordered probit (IV-OP) model to show that the infant health impact of nonresident paternal time diminishes as single-mothers’ earnings increase.
Journal: Applied Economics Letters
Pages: 461-465
Issue: 6
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1631437
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1631437
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Template-Type: ReDIF-Article 1.0
Author-Name: Fredj Jawadi
Author-X-Name-First: Fredj
Author-X-Name-Last: Jawadi
Author-Name: Nabila Jawadi
Author-X-Name-First: Nabila
Author-X-Name-Last: Jawadi
Author-Name: Abdoulkarim Idi Cheffou
Author-X-Name-First: Abdoulkarim
Author-X-Name-Last: Idi Cheffou
Title: Wavelet analysis of the conventional and Islamic stock market relationship ten years after the global financial crisis
Abstract: 
 This paper studies the relationship between conventional and Islamic stock markets in the US and worldwide ten years after the recent global financial crisis (GFC). Specifically, it empirically verifies whether the Islamic stock market would be a reliable alternative to the conventional one. Using wavelet analysis, we show a positive and significant correlation between the two stock markets, which has increased significantly in the aftermath of the GFC. This finding qualifies the Islamic stock market as a rather different market that could become a real alternative only if it proposes a less risky investment framework.
Journal: Applied Economics Letters
Pages: 466-472
Issue: 6
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1631438
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1631438
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:6:p:466-472




Template-Type: ReDIF-Article 1.0
Author-Name: Deniz ikizlerli
Author-X-Name-First: Deniz
Author-X-Name-Last: ikizlerli
Title: Institutional investors and stock market volatility. Evidence from Korea
Abstract: 
 This article examines the impact of institutional investors on return volatility in Korea stock market from 4 January 2000 to 15 September 2017 using actual trading data. We find that net purchases of institutions increase the market level of volatility but find no evidence that trades by institutional investors had a destabilizing impact on Korea’s equity market over our sample period.
Journal: Applied Economics Letters
Pages: 473-476
Issue: 6
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1632413
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1632413
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:6:p:473-476




Template-Type: ReDIF-Article 1.0
Author-Name: Nidhaleddine Ben Cheikh
Author-X-Name-First: Nidhaleddine
Author-X-Name-Last: Ben Cheikh
Author-Name: Younes Ben Zaied
Author-X-Name-First: Younes
Author-X-Name-Last: Ben Zaied
Title: Nonlinear analysis of employment in waste management
Abstract: 
 This paper contributes to the ongoing debate on the employment effects of waste management policy. We examine the dynamic linkage between waste tonnage and employment in the region of Paris (France), at the point when the waste management policy by delegation of service is adopted. To account for the presence of possible policy shifts, we propose the implementation of nonlinear causality tests based on the smooth transition autoregressive regression (STAR) framework. Using weekly data for four waste streams over the period January 2015–June 2017, the linearity tests reveal the presence of nonlinearity in most of the data series. When applying nonlinear Granger tests, our results provide strong support for nonlinear dependencies between waste tonnage and employment across different waste streams. For instance, we find strong statistical evidence that the causal relationship is consistently bidirectional in the miscellaneous and outdoor garbage waste streams. From a policy point of view, our findings suggest that waste management practices should factor the presence of these strong linkages and how they would affect environmental jobs creation.
Journal: Applied Economics Letters
Pages: 477-483
Issue: 6
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1635676
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1635676
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Template-Type: ReDIF-Article 1.0
Author-Name: Atsushi Sekine
Author-X-Name-First: Atsushi
Author-X-Name-Last: Sekine
Title: Oil price pass-through to consumer prices and the inflationary environment: a STAR approach
Abstract: 
 Previous studies on the effects of oil price changes indicate that oil price pass-through to inflation has decreased in the United States since the Great Moderation. This paper investigates why oil price pass-through has decreased from the viewpoint of an inflationary environment. By estimating a smooth transition autoregressive model that considers past US inflation rates, I show that oil price pass-through is low in a low-inflation environment. This result suggests that the inflationary environment is important in explaining the declining oil price pass-through in the United States.
Journal: Applied Economics Letters
Pages: 484-488
Issue: 6
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1636931
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1636931
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:6:p:484-488




Template-Type: ReDIF-Article 1.0
Author-Name: Lihua Zhang
Author-X-Name-First: Lihua
Author-X-Name-Last: Zhang
Author-Name: Wei Ye
Author-X-Name-First: Wei
Author-X-Name-Last: Ye
Title: Will urbanization reduce residential traffic energy consumption? Evidence from China urban household survey
Abstract: 
 This article empirically tests the effects of urban scale and density on residential traffic expense by utilizing micro-level data from ‘China Urban Household Survey’. Results show high level of urban scale and density both will increase household’s total traffic expense at the city level. Urban density influences residential traffic energy consumption only by changing the structure of household’s traffic mode. Currently, eastern areas should pay attention to the phenomenon of the geographical separation of residential and working sites so as to alleviate the problem of increasing commuting distance. Mid and western areas should instead focus on providing more public transport facilities and networks.
Journal: Applied Economics Letters
Pages: 489-493
Issue: 6
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1637507
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1637507
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:6:p:489-493




Template-Type: ReDIF-Article 1.0
Author-Name: Ghanshyam Sharma
Author-X-Name-First: Ghanshyam
Author-X-Name-Last: Sharma
Author-Name: Kurt W. Rotthoff
Author-X-Name-First: Kurt W.
Author-X-Name-Last: Rotthoff
Title: The impact of unexpected natural disasters on insurance markets
Abstract: 
 In this paper, we examine the impact of unexpected natural disasters on the insurance industry. The industry is exposed to greater risks in states with large populations. Hence, we normalize the unexpected disasters with the population of the state. We find evidence that the total sales of the insurance industry goes up in response to an unexpected disaster. However, we also find evidence that unexpected disasters lead to higher market concentration. This could either be because some insurance firms becoming insolvent or people preferring to purchase insurance from larger firms.
Journal: Applied Economics Letters
Pages: 494-497
Issue: 6
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1637508
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1637508
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcos Poplawski-Ribeiro
Author-X-Name-First: Marcos
Author-X-Name-Last: Poplawski-Ribeiro
Title: Labour force ageing and productivity growth
Abstract: 
 This paper reassesses the empirical relationship between ageing and total factor productivity (TFP) growth at the country level. We contribute to the literature by (i) extending the sample coverage to 2014; (ii) adding a new identification strategy to instrument labour force ageing both in advanced (AEs) and emerging market economies (EMEs); and (iii) refining the empirical test with a focus on the age structure of employed workers. Our econometric evidence indicates that ageing has played a significant role in slowing down TFP growth both for AEs and EMEs over the recent decades, and may remain a drag on productivity growth in the years to come.
Journal: Applied Economics Letters
Pages: 498-502
Issue: 6
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1637509
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1637509
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaewon Jung
Author-X-Name-First: Jaewon
Author-X-Name-Last: Jung
Title: Introducing Roy-like worker assignment into computable general equilibrium models
Abstract: 
 This article develops a new computable general equilibrium model incorporating a Roy-like worker assignment in which heterogeneous workers endogenously sort into different technologies based on their comparative advantage. The model predicts significantly higher welfare-improving effects of trade liberalization due to the technology-upgrading mechanism.
Journal: Applied Economics Letters
Pages: 503-510
Issue: 6
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1637510
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1637510
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Template-Type: ReDIF-Article 1.0
Author-Name: Sudeshna Maitra
Author-X-Name-First: Sudeshna
Author-X-Name-Last: Maitra
Title: Class matters: tracking urban inequality in post-liberalization India using a durables-based mixture model
Abstract: 
 We identify the (urban) lower, middle and upper classes in India in 1993–1994, 1999–2000 and 2004–05, using a durables-based mixture model after Maitra (2016). This approach allows a comparison of Indian consumption inequality in the 1990s, despite the well-documented non-comparability of expenditure data from this period. Shorrock’s (1980) inequality index is then used to break up inequality into between-class and within-class components. We find evidence that the interim year 1999–2000 was a year of transition (following economic liberalization in 1991), and that between-class inequality became more pronounced in the later years, relative to within-class inequality.
Journal: Applied Economics Letters
Pages: 1203-1207
Issue: 17
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1265071
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1265071
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Template-Type: ReDIF-Article 1.0
Author-Name: Alex Young
Author-X-Name-First: Alex
Author-X-Name-Last: Young
Title: How does governance affect tax avoidance? Evidence from shareholder proposals
Abstract: 
 I examine the effect of corporate governance on tax avoidance. Specifically, I use a regression discontinuity design to analyse the effect of governance-related shareholder proposals that pass or fail by a small percentage of votes. The passage of such proposals around the 50% threshold can be viewed as random assignment of improved governance and thus cleanly identifies a causal estimate. I find that the adoption of governance proposals decreases cash effective tax rates (ETR), which suggests that improved governance increases tax avoidance. The result contributes to our understanding of the determinants of firms’ ETR.
Journal: Applied Economics Letters
Pages: 1208-1213
Issue: 17
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1267837
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1267837
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Template-Type: ReDIF-Article 1.0
Author-Name: Ellen Sewell
Author-X-Name-First: Ellen
Author-X-Name-Last: Sewell
Title: Should I guess?
Abstract: 
 Formula scoring, or the use of a correction (or penalty) for guessing, has been commonly practiced on standardized tests for almost 100 years. The correction deducts a portion of the question’s point value for an incorrect response, with no points awarded or deducted for an omitted response. The optimal response strategy is dependent on the student’s risk attitude and is thus difficult to identify and convey, as discussed. This study uses survey data to examine the advice that has been provided (often at some cost) to students facing a test with a correction. The impact of some of this advice as well as explanations for its persistence is discussed. In so doing, the study does provide support for the apparent ongoing abandonment of this scoring practice.
Journal: Applied Economics Letters
Pages: 1214-1217
Issue: 17
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1267838
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1267838
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Template-Type: ReDIF-Article 1.0
Author-Name: SeyedSoroosh Azizi
Author-X-Name-First: SeyedSoroosh
Author-X-Name-Last: Azizi
Title: Altruism: primary motivation of remittances
Abstract: 
 This article examines primary incentives of remittances. After controlling for host country’s GNI per capita, real exchange rates and real interest rates, a rise in home country’s GNI per capita leads to fewer remittances. A rise in host country’s GNI per capita motivates migrants to remit more. Real interest rates have no effect on remittances. These results indicate primary incentive of remittances is altruism.
Journal: Applied Economics Letters
Pages: 1218-1221
Issue: 17
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1267840
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1267840
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:17:p:1218-1221




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Kassis
Author-X-Name-First: Mark
Author-X-Name-Last: Kassis
Author-Name: Sascha L. Schmidt
Author-X-Name-First: Sascha L.
Author-X-Name-Last: Schmidt
Author-Name: Dominik Schreyer
Author-X-Name-First: Dominik
Author-X-Name-Last: Schreyer
Author-Name: Benno Torgler
Author-X-Name-First: Benno
Author-X-Name-Last: Torgler
Title: Who gets promoted? Personality factors leading to promotion in highly structured work environments: evidence from a German professional football club
Abstract: 
 Much of the research on how human capabilities contribute to labour market success focuses on traditional human capital predictors. However, researchers are becoming increasingly aware of the important role of personality traits in determining individual labour market outcomes, both positive and negative. Using data from young professional football players in Germany, this study investigates the relationship between individual personality traits and cognitive abilities on career success. Our results suggest that individuals who score low on the tendency to be principled but high on cognitive processing speed are significantly more likely to enjoy career success through job promotion.
Journal: Applied Economics Letters
Pages: 1222-1227
Issue: 17
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1267841
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1267841
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Template-Type: ReDIF-Article 1.0
Author-Name: V. Kerry Smith
Author-X-Name-First: V. Kerry
Author-X-Name-Last: Smith
Author-Name: Sharon L. Harlan
Author-X-Name-First: Sharon L.
Author-X-Name-Last: Harlan
Author-Name: Michael McLaen
Author-X-Name-First: Michael
Author-X-Name-Last: McLaen
Author-Name: Jacob Fishman
Author-X-Name-First: Jacob
Author-X-Name-Last: Fishman
Author-Name: Carlos Valcarcel
Author-X-Name-First: Carlos
Author-X-Name-Last: Valcarcel
Author-Name: Marcia Nation
Author-X-Name-First: Marcia
Author-X-Name-Last: Nation
Title: Does reputation enhance response rates?
Abstract: 
 Declining response rates and the potential for deterioration in the quality of survey data require reconsideration of the role of incentives to participate in interviews. This article argues that the strategies associated with linking public goods to private goods to establish reputation effects for the private goods involved can also be used to enhance confidence in the objectives of the request for an interview. In this literature, an assured reputation is established for those selling products by offering to contribute some of the proceeds of a sale to charity. The results of our field experiment indicate that combining charity with financial incentives appears to increase confidence in survey objectives for those familiar with the interview process.
Journal: Applied Economics Letters
Pages: 1228-1231
Issue: 17
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1267842
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1267842
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Schaub
Author-X-Name-First: Mark
Author-X-Name-Last: Schaub
Title: Initial wealth effects of the Brexit vote on UK ADRs
Abstract: 
 On 23 June 2016, the United Kingdom voted to exit the European Union. The outcome of this vote, called Brexit, impacted financial markets in the days following the vote results. This article investigates the impact of Brexit upon UK equities trading as American Depository Receipts (ADRs) on the New York Stock Exchange. On the day after the vote results were in, UK ADRs lost over 10% of their value with an additional loss of over 5% the following day. These losses were significantly greater than those of the S&amp;P 500 and the FTSE 100 indexes.
Journal: Applied Economics Letters
Pages: 1232-1236
Issue: 17
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1270398
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1270398
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Template-Type: ReDIF-Article 1.0
Author-Name: Bernd Frick
Author-X-Name-First: Bernd
Author-X-Name-Last: Frick
Author-Name: Daniel Kaimann
Author-X-Name-First: Daniel
Author-X-Name-Last: Kaimann
Title: The impact of customer reviews and advertisement efforts on the performance of experience goods in electronic markets
Abstract: 
 When searching products online, costumers are facing a multitude of information signals of product quality they need to process – both separately and jointly – for relevance and reliability. A potentially reliable informations source is past experience of customers expressed in online reviews. In this article, we analyse the impact of customer reviews and additional signals of quality on buying behaviour in electronic markets. To empirically estimate and separate the effects, we use data from the Apple App Store covering 5792 daily observations from 2015. We find clear evidence to suggest that reviews and ads have a significantly positive influence on download rates. We also find empirical evidence to suggest that a considerable degree of interaction is important in explaining variations in market performance, especially between customer average ratings and unanimity of customer reviews.
Journal: Applied Economics Letters
Pages: 1237-1240
Issue: 17
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1270399
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1270399
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:17:p:1237-1240




Template-Type: ReDIF-Article 1.0
Author-Name: Fumitaka Furuoka
Author-X-Name-First: Fumitaka
Author-X-Name-Last: Furuoka
Title: An econometric analysis of global warming hiatus
Abstract: 
 There is an avid debate concerning the presence of a hiatus in global warming. Recognizing that this phenomenon has considerable economic implications, this study aims to make a threefold contribution to the climate econometrics literature. Firstly, it formulates a testable hypothesis; secondly, it proposes a systematic empirical procedure; thirdly, it performs the Bai–Perron test to detect the starting point of the global warming hiatus. The findings supported the existence of the global warming hiatus.
Journal: Applied Economics Letters
Pages: 1241-1246
Issue: 17
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1270400
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1270400
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:17:p:1241-1246




Template-Type: ReDIF-Article 1.0
Author-Name: Dierk Herzer
Author-X-Name-First: Dierk
Author-X-Name-Last: Herzer
Title: Life expectancy and human capital: long-run evidence from a panel of countries
Abstract: 
 This article examines the long-run impact of life expectancy on human capital investment for a panel of 14 countries over the period 1870–2010. Using recently developed panel time series techniques, we find (i) that life expectancy at birth has a statistically significant long-run effect on schooling and (ii) that long-run causality is unidirectional from life expectancy to schooling.
Journal: Applied Economics Letters
Pages: 1247-1250
Issue: 17
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1270405
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1270405
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:17:p:1247-1250




Template-Type: ReDIF-Article 1.0
Author-Name: Philip C. Hanke
Author-X-Name-First: Philip C.
Author-X-Name-Last: Hanke
Title: Do stock prices react to immigration restrictions? Evidence from an event study in Switzerland
Abstract: 
 This article tests the effects of sudden immigration restrictions on stock prices of firms in industries with high shares of immigrants. It estimates the abnormal returns as a function of the share of migrants by industry. To do so, one specific event – a referendum on migration policy with an unexpected outcome – that will potentially cut off Swiss listed companies from the supply of foreign labour is studied. Although operating in an industry with a high share of immigrants is associated with lower returns, the effect is not very strong, which indicates that investors seem to trust the government to leave some leeway in the implementation of the constitutional amendment that was voted on.
Journal: Applied Economics Letters
Pages: 1251-1254
Issue: 17
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1270406
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1270406
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:17:p:1251-1254




Template-Type: ReDIF-Article 1.0
Author-Name: Yacob A. Zereyesus
Author-X-Name-First: Yacob A.
Author-X-Name-Last: Zereyesus
Author-Name: Allen M. Featherstone
Author-X-Name-First: Allen M.
Author-X-Name-Last: Featherstone
Title: Empirical analysis of profit maximization and cost minimization behaviour of Kansas farms
Abstract: 
 A farm-level deterministic and stochastic nonparametric tests of profit maximization and cost minimization behaviour for a sample of 112 Kansas farms was completed from 1996 to 2013. Allowing for monotonic non-regressive technological change and using a 10% significance level, 73 farms violated the profit-maximization hypothesis and 58 farms violated the cost minimization hypothesis. More profit maximization violations existed relative to cost minimization violations. However, comparing these results with results for 289 Kansas farms using data from 1973 to 1990, farms have significantly reduced profit maximizing violations. Cost minimizing behaviour has not changed substantially.
Journal: Applied Economics Letters
Pages: 1255-1258
Issue: 17
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1270407
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1270407
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:17:p:1255-1258




Template-Type: ReDIF-Article 1.0
Author-Name: Fabíola Zambom-Ferraresi
Author-X-Name-First: Fabíola
Author-X-Name-Last: Zambom-Ferraresi
Author-Name: Fernando Lera-López
Author-X-Name-First: Fernando
Author-X-Name-Last: Lera-López
Author-Name: Belén Iráizoz
Author-X-Name-First: Belén
Author-X-Name-Last: Iráizoz
Title: And if the ball does not cross the line? A comprehensive analysis of football clubs’ performance
Abstract: 
 The football club market is changing fast in the social media era. In this global market, clubs must maintain or improve fans’ attendance at the stadium; simultaneously, they need, more than ever, to take care of social media. The aim of this article is to test and discuss a comprehensive approach to analysing the performance of football clubs regarding their multiplicity of objectives. We analyse the efficiency of English Premier League (EPL) clubs during three seasons (2012/13–2014/15). The methodologies employed are data envelopment analysis (DEA) and a bootstrapped DEA model. The input is the market value of the squad, and the outputs are sports results, total revenue, the ratio of stadium utilization during the season and an index of social media impact. The results are robust to alternative estimation methods and indicate that EPL clubs still have a margin for improving their overall efficiency, mainly the medium clubs. The analysis of football clubs’ performance with the proposed comprehensive approach provides a useful tool to help managers with evaluation and feedback considering the actual context of the market. The approach brings closer the opportunity to design appropriate strategies to improve clubs’ efficiency as well as competition policies.
Journal: Applied Economics Letters
Pages: 1259-1262
Issue: 17
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1270408
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1270408
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:17:p:1259-1262




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Pfeifer
Author-X-Name-First: Christian
Author-X-Name-Last: Pfeifer
Author-Name: Stefan Schneck
Author-X-Name-First: Stefan
Author-X-Name-Last: Schneck
Title: Do unfair perceived own pay and top managers’ pay erode satisfaction with democracy?
Abstract: 
 Many people are relatively unsatisfied with the democratic system as it currently exists. In this empirical research note, the authors present evidence that German workers, who perceive their own pay or top managers’ pay as unfair, are on average significantly less happy with the democracy in Germany. Thus, fairness perceptions in the labour market and of income inequality seem to have spillover effects on the overall satisfaction with the democratic system.
Journal: Applied Economics Letters
Pages: 1263-1266
Issue: 17
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1270409
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1270409
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Template-Type: ReDIF-Article 1.0
Author-Name: Moira Daly
Author-X-Name-First: Moira
Author-X-Name-Last: Daly
Author-Name: Fane Groes
Author-X-Name-First: Fane
Author-X-Name-Last: Groes
Title: Who takes the child to the doctor? Mom, pretty much all of the time
Abstract: 
 We document the degree to which Danish mothers are responsible for handling their children’s medical services. Using unique administration data on detailed medical services that were performed on all Danish children from 1992 to 1995, we find that, on average, more than 90% of all children’s medical services were handled by their mothers rather than their fathers. To our knowledge, this is the first study to use medical register data to quantify domestic time use. As these services are mainly performed during work hours, this finding provides one mechanism by which absenteeism increases as a consequence of motherhood. Furthermore, the economic variables that should affect a household’s assignment of a task like taking the child to the doctor are shown to explain very little, suggesting that other factors, such as societal norms, are at play.
Journal: Applied Economics Letters
Pages: 1267-1276
Issue: 17
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1270410
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1270410
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:17:p:1267-1276




Template-Type: ReDIF-Article 1.0
Author-Name: Ihtisham ul Haq
Author-X-Name-First: Ihtisham ul
Author-X-Name-Last: Haq
Author-Name: Shujin Zhu
Author-X-Name-First: Shujin
Author-X-Name-Last: Zhu
Title: Does export variety determine economic growth in Pakistan?
Abstract: 
 This study explores the impact of export variety on economic growth in Pakistan. Export variety is decomposed into export related (within sector) and unrelated variety (between sectors) to examine the long run effect of export related variety and unrelated variety on economic growth. For this purpose, we incorporated export related variety and unrelated variety into the production function. The result of cointegration test shows that variables of the study are cointegrated in the long run. The result of fully modified ordinary least squares confirms the positive and significant effect of export related variety and unrelated variety on economic growth. Furthermore, the long run estimates show that the magnitude of export related variety is more than export unrelated variety. This study also finds the positive and significant effect of human capital on economic growth in the long run. It can be deduced from the results of the study that a specific sector shock will not disturb the economic pace of Pakistan.
Journal: Applied Economics Letters
Pages: 533-536
Issue: 7
Volume: 26
Year: 2019
Month: 4
X-DOI: 10.1080/13504851.2018.1488036
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1488036
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:7:p:533-536




Template-Type: ReDIF-Article 1.0
Author-Name: Paul M. Jones
Author-X-Name-First: Paul M.
Author-X-Name-Last: Jones
Author-Name: Luke Collins
Author-X-Name-First: Luke
Author-X-Name-Last: Collins
Title: A change in the time-varying correlation between oil prices and the stock market
Abstract: 
 We investigate the time-varying correlation between oil prices and stock prices. Estimation results from a multivariate DCC-GARCH model reveal that the correlation has changed since the financial crisis. Historically, the correlation has been close to zero or slightly negative. However, the correlation changed to positive during the Great Recession and continued to be positive through the first half of 2017. We investigate the role quantitative easing played in this change in correlation using a threshold model.
Journal: Applied Economics Letters
Pages: 537-542
Issue: 7
Volume: 26
Year: 2019
Month: 4
X-DOI: 10.1080/13504851.2018.1488037
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1488037
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:7:p:537-542




Template-Type: ReDIF-Article 1.0
Author-Name: Xiaoyong Dai
Author-X-Name-First: Xiaoyong
Author-X-Name-Last: Dai
Author-Name: Zao Sun
Author-X-Name-First: Zao
Author-X-Name-Last: Sun
Author-Name: Hang Liu
Author-X-Name-First: Hang
Author-X-Name-Last: Liu
Title: Decomposing the contribution of firm innovation to aggregate productivity growth: the case of Chinese manufacturing industry
Abstract: 
 This article proposes a generalized productivity decomposition approach to evaluate the contribution of firm innovation to aggregate productivity growth (APG) of China&#x2019;s manufacturing industry. Results indicate that APG is mainly driven by firm-level productivity improvements, while across-firm resource misallocations lead to sizable productivity losses. The weak contribution of firm innovation to APG is found to be mainly caused by resource misallocations within innovating firms. The results suggest that firm innovation has not yet taken a dominant driving force for APG.
Journal: Applied Economics Letters
Pages: 543-548
Issue: 7
Volume: 26
Year: 2019
Month: 4
X-DOI: 10.1080/13504851.2018.1488038
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1488038
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:7:p:543-548




Template-Type: ReDIF-Article 1.0
Author-Name: Cheng Cheng
Author-X-Name-First: Cheng
Author-X-Name-Last: Cheng
Author-Name: Yangbin Sun
Author-X-Name-First: Yangbin
Author-X-Name-Last: Sun
Author-Name: Yaqin Su
Author-X-Name-First: Yaqin
Author-X-Name-Last: Su
Author-Name: Shenggang Yang
Author-X-Name-First: Shenggang
Author-X-Name-Last: Yang
Title: Venture capital, innovation, and growth: evidence from Chinese metropolitan data
Abstract: 
 Using panel data from 282 Chinese cities from 2003 to 2015, we estimate the impact of venture capital (VC) on innovation, employment, and payroll in metropolitan areas. Controlling for endogeneity, VC investments are significantly positively related to metropolitan innovation, employment, and payroll in a fixed effects panel regression and dynamic GMM estimation. Using the number of IPOs (Initial public offerings) in the city as an instrumental variable to again control for endogeneity, VC remains significant. Our results show that VC is significantly contributing to the metropolitan economy as a whole by supporting innovation, creating jobs, and generating wealth in the local cities.
Journal: Applied Economics Letters
Pages: 549-553
Issue: 7
Volume: 26
Year: 2019
Month: 4
X-DOI: 10.1080/13504851.2018.1488039
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1488039
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:7:p:549-553




Template-Type: ReDIF-Article 1.0
Author-Name: Adam S. Hayes
Author-X-Name-First: Adam S.
Author-X-Name-Last: Hayes
Title: Bitcoin price and its marginal cost of production: support for a fundamental value
Abstract: 
 This study back-tests a marginal cost of production model proposed to value the digital currency Bitcoin. Results from both conventional regression and vector autoregression (VAR) models show that the marginal cost of production plays an important role in explaining Bitcoin prices, challenging recent allegations that Bitcoins are essentially worthless. Even with markets pricing Bitcoin in the thousands of dollars each, the valuation model seems robust. The data show that a price bubble that began in the Fall of 2017 resolved itself in early 2018, converging with the marginal cost model. This suggests that while bubbles may appear in the Bitcoin market, prices will tend to this bound and not collapse to zero.
Journal: Applied Economics Letters
Pages: 554-560
Issue: 7
Volume: 26
Year: 2019
Month: 4
X-DOI: 10.1080/13504851.2018.1488040
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1488040
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:7:p:554-560




Template-Type: ReDIF-Article 1.0
Author-Name: Agostino Consolo
Author-X-Name-First: Agostino
Author-X-Name-Last: Consolo
Author-Name: Marco Langiulli
Author-X-Name-First: Marco
Author-X-Name-Last: Langiulli
Author-Name: David Sondermann
Author-X-Name-First: David
Author-X-Name-Last: Sondermann
Title: Business investment in euro area countries: the role of institutions and debt overhang
Abstract: 
 The recovery of business investment in the euro area has been sluggish, thereby hampering aggregate demand in the short term and potential growth in the long run. While we show that business investment can be associated to cost and supply of credit, cyclical demand conditions and economic uncertainty. But we also find evidence of additional factors. We suggest that there exists a link between excess leverage and weak economic institutions on the one hand and subdued investment growth on the other hand. Moreover, in euro area countries with both larger excess leverage and weaker economic institutions, the link with business investment is found to be stronger. The link between investment and weak institutions or excess leverage highlights the importance of structural reforms aimed at easing business regulations, reducing administrative burdens and increasing the efficiency of insolvency frameworks. These reforms are thus expected to reduce distortions in the allocation of resources and be supportive of a smoother deleveraging process, hence fostering business investment.
Journal: Applied Economics Letters
Pages: 561-575
Issue: 7
Volume: 26
Year: 2019
Month: 4
X-DOI: 10.1080/13504851.2018.1488041
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1488041
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:7:p:561-575




Template-Type: ReDIF-Article 1.0
Author-Name: Sangyeon Hwang
Author-X-Name-First: Sangyeon
Author-X-Name-Last: Hwang
Author-Name: Hyejoon Im
Author-X-Name-First: Hyejoon
Author-X-Name-Last: Im
Title: Why did the terms of payment in international trade change so much?
Abstract: 
 This article examines factors contributing to the substantial change in the terms of payment, such as letter of credit (LC) and cash terms, in Korean export transactions during the period 1997&#x2013;2015, using the Autoregressive Distributed Lag bounds test approach. We find that high competition in the world market, the expansion of exports of information technology products and intra-firm trade, and the improvement of information and communication technology (ICT) decrease the share of exports on LC terms in total exports in the long run. However, the increase in exports to developing countries raises the use of LC terms. On the other hand, the increase in intra-firm trade and ICT improvement raise the share of exports settled in cash, and higher trust between trading partners increases the use of cash terms.
Journal: Applied Economics Letters
Pages: 576-581
Issue: 7
Volume: 26
Year: 2019
Month: 4
X-DOI: 10.1080/13504851.2018.1488042
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1488042
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:7:p:576-581




Template-Type: ReDIF-Article 1.0
Author-Name: Wonse Kim
Author-X-Name-First: Wonse
Author-X-Name-Last: Kim
Author-Name: Sungjae Jun
Author-X-Name-First: Sungjae
Author-X-Name-Last: Jun
Title: Effects of a price limit change on market stability at the intraday horizon in the Korean stock market
Abstract: 
 This article investigates the effects of a price limit change on the volatility of the Korean stock market&#x2019;s (KRX) intraday stock price process. Based on the most recent transaction data from the KRX, which experienced a change in the price limit on 15 June 2015, we examine the change in realized variance after the price limit change to investigate the overall effects of the change on the intraday market volatility. We then analyse the effects in more detail by applying the discrete Fourier transform to the data set. We find evidence that the market becomes more volatile in the intraday horizon because of the increase in the amplitudes of the low-frequency components of the price processes after the price limit change. Therefore, liquidity providers are in a worse situation than they were prior to the change.
Journal: Applied Economics Letters
Pages: 582-586
Issue: 7
Volume: 26
Year: 2019
Month: 4
X-DOI: 10.1080/13504851.2018.1488043
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1488043
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:7:p:582-586




Template-Type: ReDIF-Article 1.0
Author-Name: Yuxin Cai
Author-X-Name-First: Yuxin
Author-X-Name-Last: Cai
Author-Name: Yongping Ren
Author-X-Name-First: Yongping
Author-X-Name-Last: Ren
Title: Multifractal detrended cross-correlations between WTI crude oil price fluctuations and investor fear gauges
Abstract: 
 This article investigates the cross-correlations between WTI crude oil prices and fear gauges using cross-correlation statistic test and multifractal detrended cross-correlation analysis. The results show that the cross-correlations between crude oil prices and three different kinds of fear gauges are multifractal. By finding the &#x2018;crossover&#x2019;, we separate the three pairs of time series into the short term and long term, and find that cross-correlations of small fluctuations are persistent in the short and long terms, cross-correlations of large fluctuations are strongly anti-persistent in the short and long terms. The relationship is useful to profit in future markets.
Journal: Applied Economics Letters
Pages: 587-593
Issue: 7
Volume: 26
Year: 2019
Month: 4
X-DOI: 10.1080/13504851.2018.1488044
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1488044
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:7:p:587-593




Template-Type: ReDIF-Article 1.0
Author-Name: Yi-jun Ding
Author-X-Name-First: Yi-jun
Author-X-Name-Last: Ding
Author-Name: Yun Feng
Author-X-Name-First: Yun
Author-X-Name-Last: Feng
Title: The impact of market trading mechanism on A-H share price premium
Abstract: 
 After the Shanghai-Hong Kong Stock Connect policy was launched, markets become integrated, while A-H premium rises. This phenomenon is contrary to the existing market segmentation hypotheses. We provide a supplementary explanation for the A-H share price premium based on stock market trading mechanism. As margin trading and securities lending mechanism in Chinese mainland stock market is still immature and incomplete, limited arbitrage and asymmetric margin buying power amplifies the A-H premium even after markets are integrated. Our findings complement the financial microstructure researches on how trading mechanism may influence the dynamic price discovery process, especially those related to issues of short constraints and levered investing.
Journal: Applied Economics Letters
Pages: 594-600
Issue: 7
Volume: 26
Year: 2019
Month: 4
X-DOI: 10.1080/13504851.2018.1488045
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1488045
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:7:p:594-600




Template-Type: ReDIF-Article 1.0
Author-Name: Li-Hsueh Chen
Author-X-Name-First: Li-Hsueh
Author-X-Name-Last: Chen
Title: Do colleges around low income areas accept more low income students? Evidence from California State Universities
Abstract: 
 Using the data of California State Universities from 2000 to 2011, this article examines whether colleges around low income areas accept more low income students. The results show that campuses around low income areas have higher access rates of students who come from families in the bottom quintile of the income distribution. No relationship is shown for other quintiles. This indicates that public universities located in low income areas have played an important role in providing access to low income students.
Journal: Applied Economics Letters
Pages: 601-603
Issue: 7
Volume: 26
Year: 2019
Month: 4
X-DOI: 10.1080/13504851.2018.1488046
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1488046
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:7:p:601-603




Template-Type: ReDIF-Article 1.0
Author-Name: Mark DeSantis
Author-X-Name-First: Mark
Author-X-Name-Last: DeSantis
Author-Name: Matthew W. McCarter
Author-X-Name-First: Matthew W.
Author-X-Name-Last: McCarter
Author-Name: Abel M. Winn
Author-X-Name-First: Abel M.
Author-X-Name-Last: Winn
Title: Land assembly with taxes, not takings
Abstract: 
 We use a novel tax mechanism &#x2013; &#x2018;rejected offer reassessment&#x2019; (ROR) &#x2013; in laboratory experiments to discourage seller holdout and facilitate land assembly. Under this mechanism, if a landowner rejects a developer&#x2019;s offer, his taxable property value is reassessed to be equal to the rejected offer, increasing his taxes. We find that, relative to a control treatment, ROR discourages the magnitude of seller holdout (but not its frequency) and increases the rate of successful land assembly by almost 60%. It also increases the gains from trade by 22.1% relative to the control treatment, but the difference is not statistically significant.
Journal: Applied Economics Letters
Pages: 604-607
Issue: 7
Volume: 26
Year: 2019
Month: 4
X-DOI: 10.1080/13504851.2018.1488047
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1488047
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:7:p:604-607




Template-Type: ReDIF-Article 1.0
Author-Name: Michael J. Lopez
Author-X-Name-First: Michael J.
Author-X-Name-Last: Lopez
Author-Name: Brian M. Mills
Author-X-Name-First: Brian M.
Author-X-Name-Last: Mills
Title: Opportunistic shirking behaviour during unpaid overtime
Abstract: 
 We identify the presence of shirking by Major League Baseball umpires during indefinite unpaid overtime, as defined by extra innings. In the presence of new information about expected game length, umpires exert biases in ball and strike calls consistent with opportunistically reducing the likelihood of working additional time. General implications with respect to the effectiveness of salaried workers during unpaid overtime hours are discussed.
Journal: Applied Economics Letters
Pages: 608-612
Issue: 7
Volume: 26
Year: 2019
Month: 4
X-DOI: 10.1080/13504851.2018.1488048
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1488048
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:7:p:608-612




Template-Type: ReDIF-Article 1.0
Author-Name: Yang Wang
Author-X-Name-First: Yang
Author-X-Name-Last: Wang
Title: Education expansion and decline in cohort quality in Brazil: 1995&#x2013;2013
Abstract: 
 This letter explores whether the expansion of tertiary education in Brazil has caused any significant decline in the average quality of the recent cohorts with higher share of tertiary education. Using Brazil National Household Survey 1995&#x2013;2013 data, we find evidence shows that the recent cohorts earn a relatively smaller tertiary premium after controlling everything else that also affect the tertiary premium, which indicates the decline in average quality of the recent college graduates.
Journal: Applied Economics Letters
Pages: 613-617
Issue: 7
Volume: 26
Year: 2019
Month: 4
X-DOI: 10.1080/13504851.2018.1488049
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1488049
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:7:p:613-617




Template-Type: ReDIF-Article 1.0
Author-Name: Wisal Ahmad
Author-X-Name-First: Wisal
Author-X-Name-Last: Ahmad
Author-Name: Cahit Adaoglu
Author-X-Name-First: Cahit
Author-X-Name-Last: Adaoglu
Title: Cash management in the travel and leisure sector: evidence from the United Kingdom
Abstract: 
 This study investigates the determinants of cash holdings for companies operating in the travel and leisure (TL) sector of the United Kingdom (UK) between 2005 and 2016. The study finds that growth opportunities, cash flow, and cash flow volatility affect cash holdings positively, while size, leverage, liquidity, asset intangibility and dividend payments affect negatively. Companies operating in the airlines sub-sector hold more cash, while companies in the hotels and restaurants and bars sub-sectors hold less cash than the reference sub-sector of travel and tourism. Except for the free cash flow model, the trade-off and pecking order models of cash holdings are empirically supported for the TL sector.
Journal: Applied Economics Letters
Pages: 618-621
Issue: 7
Volume: 26
Year: 2019
Month: 4
X-DOI: 10.1080/13504851.2018.1488050
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1488050
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:7:p:618-621




Template-Type: ReDIF-Article 1.0
Author-Name: Paolo Bianchi
Author-X-Name-First: Paolo
Author-X-Name-Last: Bianchi
Author-Name: Bruno Deschamps
Author-X-Name-First: Bruno
Author-X-Name-Last: Deschamps
Title: The effectiveness of exchange-rate-based monetary policy: evidence from survey data
Abstract: 
 Singapore’s monetary policy is centred on the management of the exchange rate. We examine how macroeconomic forecasters perceive the effectiveness of this unconventional policy. We provide empirical evidence that forecasters’ expectations are consistent with a forward-looking exchange-rate-based Taylor-type policy rule. They expect monetary authorities to actively manage the currency against expected future changes in inflation and output.
Journal: Applied Economics Letters
Pages: 1261-1265
Issue: 18
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1414930
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1414930
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:18:p:1261-1265




Template-Type: ReDIF-Article 1.0
Author-Name: Gayane Barseghyan
Author-X-Name-First: Gayane
Author-X-Name-Last: Barseghyan
Author-Name: Hayk Hambardzumyan
Author-X-Name-First: Hayk
Author-X-Name-Last: Hambardzumyan
Title: The effects of exchange rate volatility on exports: evidence from Armenia
Abstract: 
 The article examines how the volatility of exchange rate affected Armenia’s export to its main trading partner, Russia, in the period from January 2007 to February 2016. Along with real foreign income and competitiveness, the exchange rate volatility is considered as a determinant of real export. The estimation results indicate that the exchange rate volatility has negative significant effects on real export both in the long run and in the short run.
Journal: Applied Economics Letters
Pages: 1266-1268
Issue: 18
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1418064
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1418064
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:18:p:1266-1268




Template-Type: ReDIF-Article 1.0
Author-Name: Xiaojia Li
Author-X-Name-First: Xiaojia
Author-X-Name-Last: Li
Author-Name: Haitao Yin
Author-X-Name-First: Haitao
Author-X-Name-Last: Yin
Author-Name: Jiaxin Liu
Author-X-Name-First: Jiaxin
Author-X-Name-Last: Liu
Title: Is China’s banking industry embracing sustainable investment?
Abstract: 
 Built upon an analysis of 2858 publicly listed companies in China, we found that although polluting companies historically received more loans from banks than nonpolluting companies, this trend has recently changed in China. Polluting companies receive fewer loans from banks and the borrowing cost increases over time. This suggests that the Chinese banking industry is becoming more environmentally responsible in its loan decision-making.
Journal: Applied Economics Letters
Pages: 1269-1272
Issue: 18
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1418065
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1418065
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:18:p:1269-1272




Template-Type: ReDIF-Article 1.0
Author-Name: Veli Yılancı
Author-X-Name-First: Veli
Author-X-Name-Last: Yılancı
Author-Name: Murat Aslan
Author-X-Name-First: Murat
Author-X-Name-Last: Aslan
Author-Name: Önder Özgür
Author-X-Name-First: Önder
Author-X-Name-Last: Özgür
Title: Testing the validity of PPP theory for African countries
Abstract: 
 This study examines the purchasing power parity theory for 14 African countries by applying a recent composite time series method that incorporates the Fourier approximation. The structural breaks are modelled as a gradual smooth process by means of a Fourier component. The Fourier unit root test failed to find any evidence showing that real exchange rates for these 14 countries have mean-reverting tendencies. However, both cointegration and Fourier cointegration tests detect a stable long-term relation between the nominal exchange rate and relative price levels for 8 out of 14 countries; moreover, for five countries Fourier component in cointegration analysis is found to suit quite well.
Journal: Applied Economics Letters
Pages: 1273-1277
Issue: 18
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1418066
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1418066
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:18:p:1273-1277




Template-Type: ReDIF-Article 1.0
Author-Name: Marigee Bacolod
Author-X-Name-First: Marigee
Author-X-Name-Last: Bacolod
Author-Name: Michael Griner
Author-X-Name-First: Michael
Author-X-Name-Last: Griner
Author-Name: Chad W. Seagren
Author-X-Name-First: Chad W.
Author-X-Name-Last: Seagren
Title: War versus peace: does military officer quality adjust?
Abstract: 
 In this study, we demonstrate the quantity–quality trade-off between the size of the U.S. military force and the quality of its junior military leaders. We employ a difference-in-differences methodology and compare measures of job performance before and after to show that in periods of military force expansion, the average quality of U.S. Marine officers decline; the converse holds in times of relative peace. This has implications for both military effectiveness and understanding labour market dynamics.
Journal: Applied Economics Letters
Pages: 1278-1282
Issue: 18
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1418067
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1418067
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:18:p:1278-1282




Template-Type: ReDIF-Article 1.0
Author-Name: Martin Junge
Author-X-Name-First: Martin
Author-X-Name-Last: Junge
Author-Name: Anders Sørensen
Author-X-Name-First: Anders
Author-X-Name-Last: Sørensen
Title: Domestic R&amp;D and offshoring: does offshoring reduce knowledge production?
Abstract: 
 An important question in industrialized countries is whether offshoring activities reduce the probability of performing own research and development (R&amp;D) or whether the R&amp;D intensity falls in firms that already have R&amp;D activities. This question is addressed using a unique data set that combines survey and register data. No evidence is found for a lower probability of own R&amp;D after offshoring takes place compared to before. Moreover, offshoring does not lead to lower R&amp;D intensity in general. However, firms that offshore R&amp;D activity have larger R&amp;D intensity after offshoring has taken place, which suggests that R&amp;D performed at home is complementary to foreign R&amp;D.
Journal: Applied Economics Letters
Pages: 1283-1287
Issue: 18
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1418068
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1418068
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Template-Type: ReDIF-Article 1.0
Author-Name: Tutsirai Sakutukwa
Author-X-Name-First: Tutsirai
Author-X-Name-Last: Sakutukwa
Author-Name: Hee-Seung Yang
Author-X-Name-First: Hee-Seung
Author-X-Name-Last: Yang
Title: The role of uncertainty in forecasting employment by skill and industry
Abstract: 
 We show that the macroeconomic uncertainty series from Jurado, Ludvigson, and Ng (2015) contains information to forecast employment. The results indicate that the uncertainty measure is weak at forecasting the skilled labour but significantly carries forecasting information on the unskilled labour. The forecasting information increases if the sample is restricted to construction and manufacturing industries. Using rolling regressions to conduct a simulated out-of-sample forecasting exercise, we find that the uncertainty measure contains forecasting information for the unskilled labour in those industries for two quarters ahead. By providing detailed information about the forecasting power of uncertainty by skill and industry, this study will be helpful in designing more efficient labour market policies.
Journal: Applied Economics Letters
Pages: 1288-1291
Issue: 18
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1418069
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1418069
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:18:p:1288-1291




Template-Type: ReDIF-Article 1.0
Author-Name: Karam Shaar
Author-X-Name-First: Karam
Author-X-Name-Last: Shaar
Author-Name: Mohammed Khaled
Author-X-Name-First: Mohammed
Author-X-Name-Last: Khaled
Title: Why you should use high frequency data to test the impact of exchange rate on trade
Abstract: 
 This study suggests that testing the impact of exchange rate on trade should be done using high-frequency data. Using different data frequencies for identical periods and specifications between the US and Canada, we show that low-frequency data might suppress and distort the evidence of the impact of exchange rate on trade in the short run and the long run.
Journal: Applied Economics Letters
Pages: 1292-1295
Issue: 18
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1418070
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1418070
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:18:p:1292-1295




Template-Type: ReDIF-Article 1.0
Author-Name: Julio Abad-González
Author-X-Name-First: Julio
Author-X-Name-Last: Abad-González
Author-Name: Cristina Gutiérrez-López
Author-X-Name-First: Cristina
Author-X-Name-Last: Gutiérrez-López
Author-Name: Ana Salvador
Author-X-Name-First: Ana
Author-X-Name-Last: Salvador
Title: Banking solvency determinants in the EU: a model based on stress tests
Abstract: 
 Using a multilevel regression model, this article aims to find determinants of banking solvency in the European Union. The endogenous variable is defined as the capital ratio determined by stress tests. Both internal (financial ratios and sovereign debt exposures) and external (macroeconomic indicators) variables are proposed as covariates. The results reveal that capitalization, earnings, assets structure and exposure to PIIGS (Portugal, Italy, Ireland, Greece and Spain) sovereign debt are significant among the former, and economic growth, interest and exchange rates, and real estate prices among the latter.
Journal: Applied Economics Letters
Pages: 1296-1300
Issue: 18
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1418071
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1418071
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiaolin Tang
Author-X-Name-First: Xiaolin
Author-X-Name-Last: Tang
Author-Name: Zhaojun Yang
Author-X-Name-First: Zhaojun
Author-X-Name-Last: Yang
Title: Irreversible investment, ambiguity and equity default swaps
Abstract: 
 We study the impact of ambiguity on the pricing and timing of the option to invest. There is a funding gap to undertake the investment, which is covered by entering into an equity-for-guarantee swap. Our model predicts that the more ambiguity-averse the agents, the less the option value, the later the investment and the higher the guarantee cost and the leverage. If the entrepreneur is more ambiguity-averse than the insurer, the investment threshold slightly rises as the perceived ambiguity increases, and on the contrary, if the entrepreneur is less ambiguity-averse than the insurer, the investment threshold increases sharply as the perceived ambiguity rises.
Journal: Applied Economics Letters
Pages: 1301-1305
Issue: 18
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1420866
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1420866
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Template-Type: ReDIF-Article 1.0
Author-Name: Insu Kim
Author-X-Name-First: Insu
Author-X-Name-Last: Kim
Title: Evaluation of the New Keynesian Phillips Curve: evidence from the Euro Area and United States
Abstract: 
 Empirical relevance of inflation expectations in the New Keynesian Phillips Curve (NKPC) is highly controversial in the macroeconomics literature. With this in mind, this article evaluates the purely forward-looking NKPC useful for policy analysis with respect to their abilities to account for the dynamic relationship between output and inflation. Our findings show that the NKPC heavily relying on firms’ forward-looking behaviour is hardly supported by the Euro Area and the US data. The failure of the NKPC in matching the data is consistently observed across the sub-samples divided before and after the early 1980s. For comparison, we also investigate the performance of the hybrid NKPC and the traditional backward-looking Phillips curve associated with ad hoc price indexation assumptions.
Journal: Applied Economics Letters
Pages: 1306-1315
Issue: 18
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1420867
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1420867
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Template-Type: ReDIF-Article 1.0
Author-Name: Hoe Sang Chung
Author-X-Name-First: Hoe Sang
Author-X-Name-Last: Chung
Author-Name: Min Kim
Author-X-Name-First: Min
Author-X-Name-Last: Kim
Title: The price effect of allowing non-pharmacy outlets to sell OTC drugs in Korea
Abstract: 
 By the amendment of the Pharmaceutical Affairs Act in 2012, non-pharmacy outlets (confined to 24-hour convenience stores) in Korea were permitted to sell 13 over-the-counter (OTC) drugs. This article empirically examines the effect of the regulatory reform on OTC drug prices. To do so, we use county-level price data of 7 OTC drugs for the years of 2012 and 2013. Among them, 2 OTC drugs are available at non-pharmacy outlets due to the deregulation, and the remaining 5 are still only available at pharmacies. Employing a difference-in-differences estimation strategy, we find that after the regulatory reform, prices of the 2 OTC drugs increased by only 1.1% while those of the rest 5 increased by 6.5%. This result has implications for the government’s policy of designating non-pharmacy outlets that can sell OTC drugs from the viewpoint of consumer welfare.
Journal: Applied Economics Letters
Pages: 1316-1318
Issue: 18
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1420868
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1420868
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Template-Type: ReDIF-Article 1.0
Author-Name: Julia Koralun-Bereźnicka
Author-X-Name-First: Julia
Author-X-Name-Last: Koralun-Bereźnicka
Title: Firm size and debt maturity as indirect determinants of capital structure: evidence form European panel data
Abstract: 
 The study aims at verifying whether the firm size and debt maturity affect the relationship between capital structure and its main determinants. Using panel data models, the impact of the primary factors on leverage is compared across three size groups of firms and for different measures of debt in order to identify the size effect and the debt maturity effect in these relationships. The study covers 11 EU countries during the period 2000–2013. Findings provide evidence that financing choices of small firms provide more support for the pecking-order theory, whereas medium and large-sized firms tend to follow the trade-off predictions on leverage. It also appears that the trade-off theory is more applicable for short-term debt, while pecking order – for long-term debt.
Journal: Applied Economics Letters
Pages: 1319-1322
Issue: 18
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1420869
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1420869
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Template-Type: ReDIF-Article 1.0
Author-Name: Hien Thu Phan
Author-X-Name-First: Hien Thu
Author-X-Name-Last: Phan
Author-Name: Sajid Anwar
Author-X-Name-First: Sajid
Author-X-Name-Last: Anwar
Author-Name: W. Robert J. Alexander
Author-X-Name-First: W. Robert J.
Author-X-Name-Last: Alexander
Title: The determinants of banking efficiency in Hong Kong 2004-2014
Abstract: 
 The cost efficiency of the Hong Kong Banking sector over the period 2004–2014 is estimated by data envelopment window analysis. A second stage regression analysis finds that bank size and GDP growth are positively associated with efficiency, whereas revenue diversification and inflation are associated with lower efficiency. Stock exchange listing status is associated with lower efficiency but no clear relationship between measures of market structure and efficiency is found.
Journal: Applied Economics Letters
Pages: 1323-1326
Issue: 18
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1420870
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1420870
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:18:p:1323-1326




Template-Type: ReDIF-Article 1.0
Author-Name: Qi Dong
Author-X-Name-First: Qi
Author-X-Name-Last: Dong
Author-Name: Xiangbo Liu
Author-X-Name-First: Xiangbo
Author-X-Name-Last: Liu
Title: Multivariate filter estimation and ARDL model analysis of China’s potential output
Abstract: 
 In this article, we apply a new multivariate filter approach to estimate China’s potential output. Furthermore, we build an ARDL model to analyse the influence on potential growth caused by important factors that contribute to estimation and China’s development. Our results show that the current economic slowdown is not a cyclical phenomenon and China’s potential growth has declined since 2010. We also show that fixed asset investment and trade, which have a long-run relationship with potential output, exert negative long-run effect on potential growth justifying the implementation of China’s recent supply-side reforms.
Journal: Applied Economics Letters
Pages: 1327-1332
Issue: 18
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1420873
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1420873
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Template-Type: ReDIF-Article 1.0
Author-Name: Boriss Siliverstovs
Author-X-Name-First: Boriss
Author-X-Name-Last: Siliverstovs
Title: Re-assessing international stock return predictability: evidence from directional accuracy and excess profitability tests
Abstract: 
 In this article, we assess the informational content of monthly lagged US excess stock returns for sign and mean predictability of stock market returns in 10 industrialized countries using the directional accuracy and excess profitability tests of Pesaran and Timmermann (1992) and Anatolyev and Gerko (2005), respectively. We find only a limited evidence supporting the earlier findings of Rapach et al. (2013) based on the test of Clark and West (2007).
Journal: Applied Economics Letters
Pages: 1-3
Issue: 1
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1156226
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1156226
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Template-Type: ReDIF-Article 1.0
Author-Name: Olaf Hübler
Author-X-Name-First: Olaf
Author-X-Name-Last: Hübler
Title: Men earn less under working time accounts: a puzzle?
Abstract: 
 In recent years more and more working time accounts (WTA) have been introduced. From a theoretical perspective both employers and employees benefit from such an instrument. Indeed, empirical studies show that life satisfaction of workers is larger under a WTA regime than under a non-WTA regime. However, more detailed investigations in this article reveal wages to be lower for men under WTA regimes. Why should men accept WTA when they earn less? Subgroup analyses show that these results are only valid for some groups of individuals. Our analysis allows us to deliver some explanations and to exclude other possible reasons. The major results are: (1) High-income workers suffer higher losses; (2) the shorter the compensation period of WTA systems the lower the wage reduction imposed by WTA; (3) the length of total working time does not seem to affect the link between WTA and wages but the length of overtime; (4) men accept wage losses from WTA if they can adjust actual to desired working hours.
Journal: Applied Economics Letters
Pages: 4-7
Issue: 1
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1156228
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1156228
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Template-Type: ReDIF-Article 1.0
Author-Name: Heeho Kim
Author-X-Name-First: Heeho
Author-X-Name-Last: Kim
Author-Name: Hyunchul Lee
Author-X-Name-First: Hyunchul
Author-X-Name-Last: Lee
Title: Does the traditional exchange rate fully explain firms’ exposure?
Abstract: 
 This study aims to explore the role of the cross exchange rate as a form of market competition, which has previously been omitted as an explanatory variable in estimating the risk exposure of the standard exchange. To the end, we develop a model of exporting firms that reflects exposure to market interaction and mark-up in a duopolistic export market. Using monthly data of stock returns and cross exchange rates of two oligopoly industries (i.e. semiconductor and steel &amp; iron), our empirical evidence supports our hypothesis that cross exchange rates significantly explain firm value.
Journal: Applied Economics Letters
Pages: 8-13
Issue: 1
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1156229
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1156229
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Template-Type: ReDIF-Article 1.0
Author-Name: Oscar Afonso
Author-X-Name-First: Oscar
Author-X-Name-Last: Afonso
Author-Name: Francisco Almeida
Author-X-Name-First: Francisco
Author-X-Name-Last: Almeida
Title: The nonobserved economy in the European Union
Abstract: 
 To better understand the share of the nonobserved economy (NOE) in the European Union, especially on the PIIGS, we estimate, through the multiple indicators multiple causes model, the path between 1980 and 2013. The model includes (i) the tax burden (disaggregated into direct and indirect taxes), a proxy of regulation burden, the unemployment rate and self-employment as causes of the NOE economy; (ii) the GDP and the labour force participation ratio as indicators of the NOE economy. In particular, the estimated weight of NOE as a percentage of official GDP was always higher in the PIIGS group.
Journal: Applied Economics Letters
Pages: 14-18
Issue: 1
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1158908
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1158908
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Template-Type: ReDIF-Article 1.0
Author-Name: Miriam Krieger
Author-X-Name-First: Miriam
Author-X-Name-Last: Krieger
Author-Name: Thomas Mayrhofer
Author-X-Name-First: Thomas
Author-X-Name-Last: Mayrhofer
Title: Prudence and prevention: an economic laboratory experiment
Abstract: 
 In an economic laboratory experiment, we study the relationship between prudence and prevention in general decision situations. Previous theoretical research on this relationship posits a negative impact of prudence on the optimal level of prevention. Overall, we find both risk-averse and prudent behaviour among our subjects. Moreover, prudent subjects chose significantly less prevention than nonprudent subjects, confirming the theoretical results of one-period models in the literature. Our findings might have implications for health policy if prudence – rather than irrational decision behaviour, as previously assumed – is responsible for low levels of preventive effort.
Journal: Applied Economics Letters
Pages: 19-24
Issue: 1
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1158909
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1158909
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Template-Type: ReDIF-Article 1.0
Author-Name: Monica Petrescu
Author-X-Name-First: Monica
Author-X-Name-Last: Petrescu
Author-Name: Michael Wedow
Author-X-Name-First: Michael
Author-X-Name-Last: Wedow
Author-Name: Natalia Lari
Author-X-Name-First: Natalia
Author-X-Name-Last: Lari
Title: Do dark pools amplify volatility in times of stress?
Abstract: 
 In this article, we explore the relationship between trading on dark pools and equity volatility in the context of the recent concerns about increase in frequency of market shocks combined with changes in market microstructure. In order to understand the potential role of dark pools in times of stress and implications for financial stability, it is essential to investigate the relationship between investor trading preferences and market volatility. For our analysis, we use data on daily trading volumes of FTSE100 stocks on dark and lit order books. We find evidence that dark pool trading has explanatory power in predicting volatility, implying that dark pools may affect the dynamics of price formation through liquidity. Our findings suggest that increased use of dark pools does not increase volatility, but may in fact lower it. Thus, dark pools may not be significantly detrimental to market stability in times of stress. This highlights the need for further analysis of the effects that shifting financial market structure might have on financial stability.
Journal: Applied Economics Letters
Pages: 25-29
Issue: 1
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1158910
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1158910
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Template-Type: ReDIF-Article 1.0
Author-Name: Pattanaporn Chatjuthamard
Author-X-Name-First: Pattanaporn
Author-X-Name-Last: Chatjuthamard
Author-Name: Pornsit Jiraporn
Author-X-Name-First: Pornsit
Author-X-Name-Last: Jiraporn
Author-Name: Napatsorn Jiraporn
Author-X-Name-First: Napatsorn
Author-X-Name-Last: Jiraporn
Author-Name: Shenghui Tong
Author-X-Name-First: Shenghui
Author-X-Name-Last: Tong
Title: Estimating the market value of Steve Jobs using an event study
Abstract: 
 Using an event study approach, we seek to estimate the value investors placed on Steve Jobs by investigating the stock market reactions to his death. In the three-day window surrounding his death, the estimated cumulative abnormal returns are −5.76%. Given the market capitalization of Apple at the time, it can be inferred that investors valued Steve Jobs at 20 billion dollars. While tragic, the news about Jobs’ death is greeted favourably by Apple’s competitors. The competitors appear to be convinced that, without Steve Jobs, they can compete with Apple better.
Journal: Applied Economics Letters
Pages: 30-34
Issue: 1
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1158911
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1158911
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Template-Type: ReDIF-Article 1.0
Author-Name: Joshua C. Hall
Author-X-Name-First: Joshua C.
Author-X-Name-Last: Hall
Author-Name: Donald J. Lacombe
Author-X-Name-First: Donald J.
Author-X-Name-Last: Lacombe
Author-Name: Joylynn Pruitt
Author-X-Name-First: Joylynn
Author-X-Name-Last: Pruitt
Title: Collective bargaining and school district test scores: evidence from Ohio bargaining agreements
Abstract: 
 We revisit the relationship between collective bargaining by teachers unions and school performance. The empirical literature in this area has found mixed results at both the state and district levels. We contribute to this literature in two ways. First, rather than simply dummy union status, we proxy for the restrictiveness of collective bargaining agreements with the number of pages per agreement. Second, we employ Bayesian spatial methods to deal with spatial dependence in school district activities. Our reduced-form results indicate that collective bargaining directly lowers scores on high school math scores, but that the total effect is zero.
Journal: Applied Economics Letters
Pages: 35-38
Issue: 1
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1158912
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1158912
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Template-Type: ReDIF-Article 1.0
Author-Name: Óscar Afonso
Author-X-Name-First: Óscar
Author-X-Name-Last: Afonso
Author-Name: Rui Sarabanda
Author-X-Name-First: Rui
Author-X-Name-Last: Sarabanda
Title: The impact of the informal economy on R&amp;D, wage inequality and economic growth
Abstract: 
 We extend the existing research and development (R&amp;D) growth literature by focusing on the short–medium–long run effects of the informal sector on R&amp;D intensity, wage inequality and economic growth, and by considering 18 OECD countries between 1990 and 2008. We show that: the steady state is unique and stable; the share of informal economy (IE) in production affects negatively R&amp;D intensity and wage equality; Nordic countries have the lowest share of IE in production, while Mediterranean countries have the highest share of IE, wage inequality and R&amp;D intensity but R&amp;D spillovers are lower.
Journal: Applied Economics Letters
Pages: 39-44
Issue: 1
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1158913
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1158913
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Template-Type: ReDIF-Article 1.0
Author-Name: Emmanuel Apergis
Author-X-Name-First: Emmanuel
Author-X-Name-Last: Apergis
Author-Name: Nicholas Apergis
Author-X-Name-First: Nicholas
Author-X-Name-Last: Apergis
Title: The impact of 11/13 Paris terrorist attacks on stock prices: evidence from the international defence industry
Abstract: 
 This study explores the effect of the Paris terrorist attacks on the stock returns and the volatility for the most important companies in the global defence industry. To this end, it employs the General Autoregressive Conditional Heteroscedasticity methodology. The findings clearly indicate that this terrorist event has a positive impact on both the returns and the volatility of these stocks.
Journal: Applied Economics Letters
Pages: 45-48
Issue: 1
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1158914
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1158914
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Template-Type: ReDIF-Article 1.0
Author-Name: Jooryang Lee
Author-X-Name-First: Jooryang
Author-X-Name-Last: Lee
Author-Name: Myoungju Koh
Author-X-Name-First: Myoungju
Author-X-Name-Last: Koh
Author-Name: Gicheol Jeong
Author-X-Name-First: Gicheol
Author-X-Name-Last: Jeong
Title: Analysis of the impact of agricultural R&amp;D investment on food security
Abstract: 
 This article investigates how agricultural R&amp;D investment affects the food self-sufficiency ratio (SSR). Several studies have argued a causal relationship between agricultural R&amp;D investment and food security. However, most of these studies are based on conceptual logic and few studies have conducted an empirical analysis. This study verifies whether agricultural R&amp;D investment affects the food SSR as a representative indicator of food security. A total of 822 data sets of 41 countries have been used in the analysis in this study and include developed and developing country data over the period 1981–2009. Food self-efficiency is used as a dependent variable, and agricultural R&amp;D investment and other variables are used as explanatory variables. The estimation results show that, first, the cereal SSR and income are in an inverted U-shaped relationship. Second, increases in land productivity increase the cereal SSR and, lastly, the cereal SSR ratio and agricultural R&amp;D investment are in a U-shaped relationship.
Journal: Applied Economics Letters
Pages: 49-53
Issue: 1
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1161708
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1161708
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Template-Type: ReDIF-Article 1.0
Author-Name: Yan Zhou
Author-X-Name-First: Yan
Author-X-Name-Last: Zhou
Author-Name: Peiran Jiao
Author-X-Name-First: Peiran
Author-X-Name-Last: Jiao
Author-Name: Qilin Zhang
Author-X-Name-First: Qilin
Author-X-Name-Last: Zhang
Title: Second-party and third-party punishment in a public goods experiment
Abstract: 
 We experimentally investigate whether third-party punishment is more effective than second-party punishment to increase public goods contribution. In our experiment, third parties first played the standard public goods game and then made punishment decisions as independent bystanders. We find that third parties punished more frequently, severely and less antisocially, resulting in a higher contribution level than that driven by second-party punishment. The third party’s exaggerated emotion towards free riders is proposed to explain their superior punishment effectiveness.
Journal: Applied Economics Letters
Pages: 54-57
Issue: 1
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1161709
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1161709
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Template-Type: ReDIF-Article 1.0
Author-Name: Bill Russell
Author-X-Name-First: Bill
Author-X-Name-Last: Russell
Title: ‘Modern’ Phillips curves and the implications for the statistical process of inflation
Abstract: 
 ‘Modern’ theories of the Phillips curve imply that inflation is an integrated, or near integrated’ process. This article explains this implication and why these ‘modern’ theories are logically inconsistent with what is commonly known about the statistical process of inflation.
Journal: Applied Economics Letters
Pages: 58-60
Issue: 1
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1161710
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1161710
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:1:p:58-60




Template-Type: ReDIF-Article 1.0
Author-Name: Gideon Boako
Author-X-Name-First: Gideon
Author-X-Name-Last: Boako
Author-Name: Paul Alagidede
Author-X-Name-First: Paul
Author-X-Name-Last: Alagidede
Title: Should Africa’s emerging markets still be considered as a separate asset class?
Abstract: 
 This article examines the correlation of Africa’s emerging markets regionally and globally using the Continuous Morlet Wavelet (CMW) transform. The superiority of this technique is that it is able to estimate correlation in a time-varying manner and derive all information about structural changes in the data through a phase difference technique. We find that Africa’s emerging equity markets are partially segmented regionally and globally. Although correlations may have increased over time, we suggest that emerging markets in Africa should still be considered as a separate asset class.
Journal: Applied Economics Letters
Pages: 61-66
Issue: 1
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1161711
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1161711
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:1:p:61-66




Template-Type: ReDIF-Article 1.0
Author-Name: Claudiu Tiberiu Albulescu
Author-X-Name-First: Claudiu Tiberiu
Author-X-Name-Last: Albulescu
Title: UK business cycle synchronization with Germany and the US: New evidence from time–frequency domain and structure of economic growth
Abstract: 
 This article uses a time–space approach to check the UK business cycle synchronization with Germany and the US. As a novelty, we consider the co-movements in terms of economic growth rate structure. In line with the existing studies, we discover that the UK business cycle is more synchronized with the US then with Germany, and that the co-movements have intensified lately. We also show that co-movements are reduced in terms of business cycle structure and are time–frequency-dependent. Finally, we point out that the UK business cycle became more synchronized with the US cycle given the contribution of investments and external balance to the real growth rate.
Journal: Applied Economics Letters
Pages: 67-71
Issue: 1
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1161712
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1161712
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editorial Board
Journal: Applied Economics Letters
Pages: ebi-ebi
Issue: 1
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2017.1248138
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1248138
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Template-Type: ReDIF-Article 1.0
Author-Name: Harold Glenn A. Valera
Author-X-Name-First: Harold Glenn A.
Author-X-Name-Last: Valera
Author-Name: Mark J. Holmes
Author-X-Name-First: Mark J.
Author-X-Name-Last: Holmes
Author-Name: Gazi Hassan
Author-X-Name-First: Gazi
Author-X-Name-Last: Hassan
Title: Stock market uncertainty and interest rate behaviour: a panel GARCH approach
Abstract: 
 Using a dynamic panel GARCH model for Asian countries, we find that interest rates are significantly lower when stock market uncertainty is high. Evidence of a positive relationship between stock market uncertainty and interest rate volatility is also provided.
Journal: Applied Economics Letters
Pages: 732-735
Issue: 11
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1223817
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1223817
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:11:p:732-735




Template-Type: ReDIF-Article 1.0
Author-Name: Tienwei Lou
Author-X-Name-First: Tienwei
Author-X-Name-Last: Lou
Title: Nonlinear causality relationship between stock and real-estate returns in PIGS countries: wealth effect or credit-price effect
Abstract: 
 It is the first research to investigate for nonlinear interdependence of these two markets in the PIGS (Portugal, Italy, Greece and Spain) countries based on the quantile causality test. The results reveal the existence of the nonlinear causality relationship between the stock returns and real-estate returns in the PIGS countries.The empirical results of the quantile causality test suggest a significant causal relationship between these two markets in the PIGS countries, especially in the tail quantile. The existence of a significant tail interdependence implies that investors are unable to hedge the risk across the real-estate and stock markets when they are extremely volatile. Therefore, when there exist extreme returns between the two markets in the PIGS countries, both continuous negative impacts imply that instability in the real-estate market drives instability in the stock market and vice versa. It could be one of the major reasons why it deepened the systemic risk of the European sovereign debt crisis.
Journal: Applied Economics Letters
Pages: 736-741
Issue: 11
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1226480
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1226480
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Template-Type: ReDIF-Article 1.0
Author-Name: Jinhyung Lee
Author-X-Name-First: Jinhyung
Author-X-Name-Last: Lee
Title: Impact of hospitalist care on hospital malpractice premiums using California hospital data
Abstract: 
 This study assessed the impact of hospitalist care on hospital malpractice premiums. The retrospective cohort study used hospital financial data from the California Office of Statewide Health Planning and Development and the annual hospital survey conducted by the American Hospital Association. The sample included 1000 California hospitals from 2006 to 2010. The effect of hospitalist care on hospital malpractice premiums was evaluated using generalized estimation equation models with log link normal distribution after controlling for hospital and market characteristics, patient utilization and staffing patterns. In multivariable analyses, hospitals with more full-time hospitalists per average daily census were associated with lower malpractice insurance premiums. For example, a one-hospitalist increase per 100 daily censuses resulted in a 5.1% reduction in malpractice insurance premiums. Hospitalist care was associated with a reduction in malpractice insurance expenses. The data reveal that hospitalist care is more efficient and effective in patient treatment and preventing complications. The improved efficiency may reduce malpractice insurance expenses.
Journal: Applied Economics Letters
Pages: 742-752
Issue: 11
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1226481
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1226481
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Template-Type: ReDIF-Article 1.0
Author-Name: Weixian Wei
Author-X-Name-First: Weixian
Author-X-Name-Last: Wei
Author-Name: Yan Wu
Author-X-Name-First: Yan
Author-X-Name-Last: Wu
Title: Willingness to pay to control PM2.5 pollution in Jing-Jin-Ji Region, China
Abstract: 
 This letter aims to study individual willingness to pay (WTP) to mitigate PM2.5 pollution in the Jing-Jin-Ji region by using contingent valuation method. Our survey indicated that residents in this region were highly concerned about PM2.5 pollution control and supported PM2.5 pollution control policies. In this study, a payment card (PC) format is used to elicit residents’ perceived WTP. With a two-part model, we estimate the mean WTP for an 80% reduction of severe PM2.5 polluting days in this region is 602 CNY a year, approximately accounts for 1% of the GDP per capita. This result indicates an important funding source for the government to control PM2.5 pollution in the region. In the econometric analysis, the mean WTP is found to significantly relate with income, expense, age and education level. It decreases with income, age and educational level, but increases with expense, and it is higher for females, people who have children, own cars and apartments but lower for those having larger families. By comparing with relevant researches, this letter indicates a strong and ever-increasing WTP for air pollution control among residents in the Jing-Jin-Ji region, China.
Journal: Applied Economics Letters
Pages: 753-761
Issue: 11
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1226482
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1226482
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Template-Type: ReDIF-Article 1.0
Author-Name: Nick Huntington-Klein
Author-X-Name-First: Nick
Author-X-Name-Last: Huntington-Klein
Title: Estimating local average treatment effects in aggregate data
Abstract: 
 In some contexts, the effect of a treatment can be estimated with easily accessible aggregate rather than individual data, using difference-in-difference estimation. However, under imperfect assignment within groups, this produces intent-to-treat estimates, which may not be the treatment effect of interest. This article provides a method for estimating local average treatment effects using aggregate data. I also suggest a data source that allows the method to be applied when treatment rates are not recorded.
Journal: Applied Economics Letters
Pages: 762-765
Issue: 11
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1226483
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1226483
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:11:p:762-765




Template-Type: ReDIF-Article 1.0
Author-Name: Pandej Chintrakarn
Author-X-Name-First: Pandej
Author-X-Name-Last: Chintrakarn
Author-Name: Pornsit Jiraporn
Author-X-Name-First: Pornsit
Author-X-Name-Last: Jiraporn
Author-Name: Shenghui Tong
Author-X-Name-First: Shenghui
Author-X-Name-Last: Tong
Author-Name: Richard M. Proctor
Author-X-Name-First: Richard M.
Author-X-Name-Last: Proctor
Title: Using demographic identification to estimate the effects of board size on corporate performance
Abstract: 
 Motivated by agency theory, we investigate the effect of board size on corporate outcomes. To address endogeneity, we exploit the variations in the director-age populations across the states in the US. We argue that firms with access to a larger pool of potential directors tend to have larger boards. Consistent with this notion, our empirical results show that firms located where the size of the director-age population is larger have significantly larger board size. Because the director-age population represents broad demographic trends outside of any firm’s control, it is unlikely related to firm outcomes or policies and should be exogenous. Using the director-age population as our instrument, we estimate the effects of board size on firm value and profitability. Our approach is less vulnerable to endogeneity and is more likely to show a causal effect.
Journal: Applied Economics Letters
Pages: 766-770
Issue: 11
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1226484
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1226484
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Template-Type: ReDIF-Article 1.0
Author-Name: Boriss Siliverstovs
Author-X-Name-First: Boriss
Author-X-Name-Last: Siliverstovs
Title: International stock return predictability: on the role of the United States in bad and good times
Abstract: 
 In this article, we document the asymmetric role that the US stock market plays in the international predictability of excess stock returns during recession and expansion periods. Most of the positive evidence accrues during the periods of recessions in the United States. During the expansions, there is only a limited evidence supporting the importance of lagged US returns in predictability of stock returns in 10 industrialized countries.
Journal: Applied Economics Letters
Pages: 771-773
Issue: 11
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1226485
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1226485
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:11:p:771-773




Template-Type: ReDIF-Article 1.0
Author-Name: Thorsten Chmura
Author-X-Name-First: Thorsten
Author-X-Name-Last: Chmura
Author-Name: Christoph Engel
Author-X-Name-First: Christoph
Author-X-Name-Last: Engel
Author-Name: Markus Englerth
Author-X-Name-First: Markus
Author-X-Name-Last: Englerth
Title: At the mercy of a prisoner three dictator experiments
Abstract: 
 We test male juvenile prisoners on a dictator game with another anonymous co-prisoner as recipient. Prisoners give more than students, but less than nonstudents of their age. They give more to a charity than to another prisoner. In one of two experiments, those convicted for violent crime give more than those convicted for property crime.
Journal: Applied Economics Letters
Pages: 774-778
Issue: 11
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1226486
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1226486
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:11:p:774-778




Template-Type: ReDIF-Article 1.0
Author-Name: Hamid Baghestani
Author-X-Name-First: Hamid
Author-X-Name-Last: Baghestani
Title: Do consumers’ home buying attitudes explain the behaviour of US home sales?
Abstract: 
 This article asks whether consumers’ home buying attitudes explain the behaviour of home sales by focusing on two tranquil and two uncertain periods within 1978–2015. We utilize monthly data to formulate and estimate four augmented autoregressive models with the results indicating that improvements (deteriorations) in consumers’ home buying attitudes lead to higher (lower) home sales. This conclusion remains unchanged when controlling for economic and financial indicators often cited as determinants of home sales. Overall, our article has key implications for future studies aiming to forecast home sales using attitudinal measures.
Journal: Applied Economics Letters
Pages: 779-783
Issue: 11
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1229401
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1229401
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:11:p:779-783




Template-Type: ReDIF-Article 1.0
Author-Name: Jarkko Peltomäki
Author-X-Name-First: Jarkko
Author-X-Name-Last: Peltomäki
Author-Name: Michael Graham
Author-X-Name-First: Michael
Author-X-Name-Last: Graham
Author-Name: Paul Alagidede
Author-X-Name-First: Paul
Author-X-Name-Last: Alagidede
Title: Commodity-driven integration of stock markets in Africa
Abstract: 
 This article examines stock market integration for commodity-dependent African countries. The analysis is carried out in two phases – first we adjust the respective national equity returns for changes in commodity prices and examine integration in the context of commodity-adjusted stock returns, and second we focus on integration associated with changes in commodity prices in a novel modelling framework. The results for this unexamined area of research are interesting: (a) African stock markets are not driven by more than one common component and (b) commodity-adjusted integration is significantly lower than nonadjusted integration. We discuss the implications of the results for index construction, modelling and diversification in the conclusions.
Journal: Applied Economics Letters
Pages: 784-789
Issue: 11
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1229402
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1229402
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:11:p:784-789




Template-Type: ReDIF-Article 1.0
Author-Name: Xu Zhang
Author-X-Name-First: Xu
Author-X-Name-Last: Zhang
Author-Name: Jianqin Hang
Author-X-Name-First: Jianqin
Author-X-Name-Last: Hang
Author-Name: Xiaoxing Liu
Author-X-Name-First: Xiaoxing
Author-X-Name-Last: Liu
Title: Multi-scale causality between saving and growth: evidence from China
Abstract: 
 In this article, we use a wavelet-based Granger causality approach to examine the multi-scale causality between saving and growth for China. We show that significant causality runs from saving to growth for most timescales, whereas multi-scale causality from growth to saving is not statistically significant. Our subsample results suggest that economic systems have remarkable effects on the multi-scale causality. Overall, our study provides a novel perspective to deeply explore the relationships between macroeconomic variables.
Journal: Applied Economics Letters
Pages: 790-794
Issue: 11
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1229403
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1229403
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:11:p:790-794




Template-Type: ReDIF-Article 1.0
Author-Name: Tomomi Miyazaki
Author-X-Name-First: Tomomi
Author-X-Name-Last: Miyazaki
Title: Public investment and regional business cycle fluctuations in Japan
Abstract: 
 This article examines the relationship between public investment and regional business cycle fluctuations in Japan. In particular, we focus on the effects of ‘discretionary’ changes in public investment, a portion of investment unrelated to the current state of macroeconomic circumstances. The empirical results show that such portions of public investment amplify regional business cycle fluctuations.
Journal: Applied Economics Letters
Pages: 795-799
Issue: 11
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1229405
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1229405
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:11:p:795-799




Template-Type: ReDIF-Article 1.0
Author-Name: Donatella Saccone
Author-X-Name-First: Donatella
Author-X-Name-Last: Saccone
Title: Economic growth in emerging economies: what, who and why
Abstract: 
 This article proposes a general definition of emerging economies (EEs) and investigates the main determinants of their high rates of economic growth by extending the basic framework of neoclassical growth models to include various dimensions of economic development. According to the proposed definition, we find a list of 38 EEs for the period 2000–2014, whose emergence is proved to be strictly associated with the decline of the age dependency ratio, the increasing rates of investment growth and the improvements in human capital.
Journal: Applied Economics Letters
Pages: 800-803
Issue: 11
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1229407
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1229407
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:11:p:800-803




Template-Type: ReDIF-Article 1.0
Author-Name: Edinaldo Tebaldi
Author-X-Name-First: Edinaldo
Author-X-Name-Last: Tebaldi
Author-Name: Laura Beaudin
Author-X-Name-First: Laura
Author-X-Name-Last: Beaudin
Author-Name: Jodie-gaye Hunter
Author-X-Name-First: Jodie-gaye
Author-X-Name-Last: Hunter
Title: Re-assessing the impact of academic performance on salary level and growth: a case study
Abstract: 
 This study examines the relationship between GPA and salary level and growth using a unique data set of Bryant University graduates in different stages of their careers. This study adds to a divided literature plagued with issues of heterogeneity and omitted variable biases. Results of the empirical analysis suggest that male graduates with higher GPA at graduation have experienced higher salary level and faster salary growth, while GPA has had no significant impact on women’s salary or salary growth.
Journal: Applied Economics Letters
Pages: 804-808
Issue: 11
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1229409
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1229409
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:11:p:804-808




Template-Type: ReDIF-Article 1.0
Author-Name: Vera Sommer
Author-X-Name-First: Vera
Author-X-Name-Last: Sommer
Author-Name: Klaus Wohlrabe
Author-X-Name-First: Klaus
Author-X-Name-Last: Wohlrabe
Title: Citations, journal ranking and multiple authorships reconsidered: evidence from almost one million articles
Abstract: 
 In this article, we reconsider the investigation by Moosa (2016) using a much larger data set of almost one million articles listed in Research Papers in Economics. This article provides new insights into the effects of co-authorship on citation counts and the correlation between quality of papers and quality of the publishing journal. Our evidence is partially in contrast to the results reported in Moosa (2016). We find a positive correlation between the h-index of a journal and the quality of papers measured in terms of citations. This correlation becomes almost perfect using a nonlinear model. Results from a regression of citation counts on the number of authors show evidence of a positive and significant effect of co-authorship on the quality of a paper when time effects and large sets of top-cited articles are taken into account. The inclusion of time effects and the large data set, that allows to differentiate between top-cited cohorts, adds further insights to the existing literature.
Journal: Applied Economics Letters
Pages: 809-814
Issue: 11
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1229410
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1229410
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:11:p:809-814




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Pfaffermayr
Author-X-Name-First: Michael
Author-X-Name-Last: Pfaffermayr
Title: Gravity models, PPML estimation and the bias of the robust standard errors
Abstract: 
 In gravity models with exporter and importer dummies, the robust standard errors of the slope parameters tend to be severely downward biased when estimated by PPML. The coverage rate of confidence intervals of the estimated slope parameters may thus be much too small in cross-sections of the size typically used in empirical research.
Journal: Applied Economics Letters
Pages: 1467-1471
Issue: 18
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2019.1581902
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1581902
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:18:p:1467-1471




Template-Type: ReDIF-Article 1.0
Author-Name: Dohyoung Kwon
Author-X-Name-First: Dohyoung
Author-X-Name-Last: Kwon
Title: Oil shocks, US economic uncertainty, and emerging stock markets
Abstract: 
 This paper investigates the impacts of oil price shocks and US economic uncertainty on emerging equity markets within a structural VAR model. I find that both precautionary oil demand and US economic uncertainty shocks have significant negative effects on emerging stock returns, whereas aggregate demand shocks cause a sustained rise of the returns. In particular, the direct effects of oil shocks on emerging stock returns are amplified by the endogenous response of US economic uncertainty. Variance decomposition analysis shows that oil market fundamentals and US economic uncertainty are an important determinant of emerging equity returns, accounting for 35% and 24% of their long-term variations, respectively. The heterogeneous impacts of structural shocks on individual emerging markets, however, suggest that a well-diversified portfolio can be obtainable.
Journal: Applied Economics Letters
Pages: 1472-1479
Issue: 18
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2019.1581903
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1581903
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:18:p:1472-1479




Template-Type: ReDIF-Article 1.0
Author-Name: Karen Maguire
Author-X-Name-First: Karen
Author-X-Name-Last: Maguire
Author-Name: Arthur Santos Miranda
Author-X-Name-First: Arthur
Author-X-Name-Last: Santos Miranda
Author-Name: John V. Winters
Author-X-Name-First: John V.
Author-X-Name-Last: Winters
Title: The opioid crisis in Appalachia: the effect of blue-collar employment
Abstract: 
 The effects of the American opioid crisis have been widespread, leading to increases in addictions, poor health outcomes, and death. We expect that these effects may vary across the workforce, in particular, that blue-collar employment, which generally requires more physically demanding labour, may be associated with a higher use of pain medication including opioids. This paper analyses the relationship between the share of blue-collar employment and the number of opioid prescriptions from 2014 to 2016 for the Appalachian region as compared to the contiguous US We find that there is a positive and statistically significant relationship in the Appalachian region.
Journal: Applied Economics Letters
Pages: 1480-1484
Issue: 18
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2019.1581904
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1581904
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Template-Type: ReDIF-Article 1.0
Author-Name: Hideo Noda
Author-X-Name-First: Hideo
Author-X-Name-Last: Noda
Title: Disability insurance and environmental tax policy in a zero net emissions society
Abstract: 
 This study aims to show the importance of disability insurance from an environmental policy perspective. Within the framework of an overlapping generations model, we derive the emissions tax rate required to achieve zero net pollution. Our model implies that the emissions tax rate is always lower in the presence of disability insurance than it is in the absence of disability insurance. The results suggest that disability insurance can be used as an instrument for increasing gross domestic product performance when the government implements a zero net emissions policy.
Journal: Applied Economics Letters
Pages: 1485-1493
Issue: 18
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2019.1582845
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1582845
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Template-Type: ReDIF-Article 1.0
Author-Name: Hideki Sato
Author-X-Name-First: Hideki
Author-X-Name-Last: Sato
Title: Cross-border pollution abatement and its synergy
Abstract: 
 The present study shows that in the case of cross-border pollution between two neighbouring jurisdictions, residents in each jurisdiction should undertake a competitive pollution abatement program. The present study considers an economy comprising two homogeneous regions, with each regional government competing to provide some local public good that can benefit not only the regions supplying them but also the other neighbouring regions. This study investigated the circumstances under which such regional spillovers mutually arise by comparing cases without spillover effects with those featuring varying levels of spillovers. The study result indicates that regions exhibiting a different levels of spillover provide higher welfare measures than those without spillover and that the higher the level of spillover the greater the social welfare measures yielded. The study also compares cases without synergy effects with those featuring varying levels of spillover.
Journal: Applied Economics Letters
Pages: 1494-1496
Issue: 18
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2019.1582846
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1582846
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Template-Type: ReDIF-Article 1.0
Author-Name: Lucas W. Davis
Author-X-Name-First: Lucas W.
Author-X-Name-Last: Davis
Title: How much are electric vehicles driven?
Abstract: 
 The prospect for electric vehicles as a climate change solution hinges on their ability to reduce gasoline consumption. But this depends on how many miles electric vehicles are driven and on how many miles would have otherwise been driven in gasoline-powered vehicles. Using newly-available U.S. nationally representative data, this paper finds that electric vehicles are driven considerably fewer miles per year on average than gasoline-powered vehicles. The difference is highly statistically significant and holds for both all-electric and plug-in hybrid vehicles, for both single- and multiple-vehicle households, and both inside and outside California. The paper discusses potential explanations and policy implications. Overall, the evidence suggests that today’s electric vehicles imply smaller environmental benefits than previously believed.
Journal: Applied Economics Letters
Pages: 1497-1502
Issue: 18
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2019.1582847
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1582847
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Template-Type: ReDIF-Article 1.0
Author-Name: Yong-Gook Jung
Author-X-Name-First: Yong-Gook
Author-X-Name-Last: Jung
Title: Evaluating inflation persistence considering model uncertainty and structural break
Abstract: 
 There is little consensus about the historical change in inflation persistence. One of the reasons is that researchers cannot choose a uniform model structure due to model uncertainty. In this study, a model to investigate inflation persistence is proposed. Unlike previous studies, I try to overcome model uncertainty by being agnostic about the structure of the model. Estimation results indicate that inflation has become less persistent over time, implying that inflation persistence is related to the way how monetary policy is conducted.
Journal: Applied Economics Letters
Pages: 1503-1510
Issue: 18
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2019.1584356
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1584356
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuchen Shao
Author-X-Name-First: Yuchen
Author-X-Name-Last: Shao
Author-Name: Chengrui Xiao
Author-X-Name-First: Chengrui
Author-X-Name-Last: Xiao
Title: Bank system reform and outward foreign direct investment of Chinese enterprises
Abstract: 
 Using a panel of Chinese domestic enterprises over the 2002–2008 period, we assess the effect of the state-owned commercial bank shareholding reform on the domestic enterprises' outward foreign direct investment (OFDI) decisions. We find that a modern market-oriented bank system significantly increases the likelihood of OFDI, especially for the purpose of facilitating trade and services.
Journal: Applied Economics Letters
Pages: 1511-1515
Issue: 18
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2019.1584357
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1584357
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Gunadi
Author-X-Name-First: Christian
Author-X-Name-Last: Gunadi
Title: Interior immigration enforcement policy and the subjective well-being of US residents: evidence from secure communities
Abstract: 
 There were increased efforts to enhance interior enforcement of immigration laws in the United States in recent years. Considering that more interior immigration enforcement measures are going to be proposed in the near future, there is a need to evaluate whether such policy can achieve its objective and imparts some benefits to the population it is supposed to help. In this article, I examine the impact of one of the largest interior immigration enforcement effort – Secure Communities – on the subjective well-being of US residents. The analyses show that there is no evidence that Secure Communities statistically significantly increased the proportion of white or black non-Hispanics reporting that they were satisfied with their life. Evaluated at the mean, at 10% significance level, the results suggest that I can rule out an effect size larger than 0.5% and 1% for white and black non-Hispanics, respectively. Since only a small share of white or black non-Hispanics are foreign-born, this finding suggests that the benefit of Secure Communities to US-born individuals that are coming through an increase in their life satisfaction is not economically large.
Journal: Applied Economics Letters
Pages: 1516-1523
Issue: 18
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2019.1584358
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1584358
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Template-Type: ReDIF-Article 1.0
Author-Name: Shuhei Nishitateno
Author-X-Name-First: Shuhei
Author-X-Name-Last: Nishitateno
Title: Does privatization of daycare affect maternal employment?
Abstract: 
 This article is the first attempt to examine the privatization effects of daycare centres on the employment of mothers with preschool children. Analysing newly constructed municipality-level data for 2000, 2005 and 2010 in Japan, the results suggest that an increased proportion of private daycare centres has positive effects on mothers’ labour force participation, and the effects are large for municipalities in Tokyo metropolitan area.
Journal: Applied Economics Letters
Pages: 1524-1527
Issue: 18
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2019.1584359
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1584359
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Template-Type: ReDIF-Article 1.0
Author-Name: Chandra K. Dhakal
Author-X-Name-First: Chandra K.
Author-X-Name-Last: Dhakal
Author-Name: Cesar L. Escalante
Author-X-Name-First: Cesar L.
Author-X-Name-Last: Escalante
Author-Name: Charles Dodson
Author-X-Name-First: Charles
Author-X-Name-Last: Dodson
Title: Heterogeneity of farm loan packaging term decisions: a finite mixture approach
Abstract: 
 This article revisits the minority borrowers’ discrimination issue in farm lending by departing from traditional loan approval-rejection or default rate-based analytical models to focus on loan packaging decisions. This study analyses such decisions using a Finite Mixture Model that optimally separates the borrowers into two sub-classes allowing for a priori unspecified heterogeneity in borrowers’ data, which has not been accounted for in previous loan discrimination analyses. Results show that non-white farm borrowers tend to receive larger loans among those in the lower loan latent class, but receive relatively lower loans in the larger loans borrower category. These farmers are also charged higher interest rates vis-à-vis their peers in both the low and high interest rate latent classes. This study’s results also indicate that male borrowers are accommodated with larger loans and longer maturities in all loan amount and maturity latent classes. This study validates the interplay among significant trends in loan packaging terms for racial and gender minority borrowers that seems logical from the lenders’ credit risk management perspective.
Journal: Applied Economics Letters
Pages: 1528-1532
Issue: 18
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2019.1584360
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1584360
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Template-Type: ReDIF-Article 1.0
Author-Name: Murugappa (Murgie) Krishnan
Author-X-Name-First: Murugappa (Murgie)
Author-X-Name-Last: Krishnan
Title: Stock price impact of diversity in investor beliefs
Abstract: 
 I re-examine the association between diverse investor beliefs and stock prices within the context of an imperfect competition model. The relationship is ambiguous because of several different effects of a change in diversity in investor beliefs. This has implications for empirical design and explains why 40 years of evidence on this association is inconclusive.
Journal: Applied Economics Letters
Pages: 1533-1536
Issue: 18
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2019.1584361
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1584361
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:18:p:1533-1536




Template-Type: ReDIF-Article 1.0
Author-Name: Yuandong Mu
Author-X-Name-First: Yuandong
Author-X-Name-Last: Mu
Author-Name: Chaohua He
Author-X-Name-First: Chaohua
Author-X-Name-Last: He
Title: Re-examining differences between momentum and time series momentum among individual stocks
Abstract: 
 In this paper, we provide a comprehensive comparison of momentum (CSMOM) and time series momentum (TSMOM) among individual stocks in the US stock market from January 1964 to December 2015 and find that the two are distinct among individual stocks. With zero-cost strategies on both of them, we find that the explanations in Goyal and Jegadeesh (2018) cannot fully explain the differences between the performances of CSMOM strategies and TSMOM strategies.
Journal: Applied Economics Letters
Pages: 1537-1543
Issue: 18
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2019.1584362
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1584362
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Template-Type: ReDIF-Article 1.0
Author-Name: Vaseem Akram
Author-X-Name-First: Vaseem
Author-X-Name-Last: Akram
Author-Name: Badri Narayan Rath
Author-X-Name-First: Badri Narayan
Author-X-Name-Last: Rath
Title: Is there any evidence of tax-and-spend, spend-and-tax or fiscal synchronization from panel of Indian state?
Abstract: 
 We examine the government revenue and government expenditure nexus using a panel of 26 Indian states from 1980–1981 to 2014–2015. While most of the previous literature claims that revenue and expenditure series are non-stationary at level, we employ both Narayan and Popp two structural break and cross-sectional augmented Im-Pesaran-Shin (CIPS) panel unit root tests, and found two series are stationary. Further, our results derived from Dumitrescu–Hurlin panel causality test support the ‘fiscal synchronization’ hypothesis for Indian states. Finally, the revenue and expenditure of Indian state governments are segregated into revenue account and capital account, and again our results support the existence of ‘fiscal synchronization’ hypothesis.
Journal: Applied Economics Letters
Pages: 1544-1547
Issue: 18
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2019.1584363
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1584363
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Template-Type: ReDIF-Article 1.0
Author-Name: Katsuyuki Tanaka
Author-X-Name-First: Katsuyuki
Author-X-Name-Last: Tanaka
Author-Name: Takuji Kinkyo
Author-X-Name-First: Takuji
Author-X-Name-Last: Kinkyo
Author-Name: Shigeyuki Hamori
Author-X-Name-First: Shigeyuki
Author-X-Name-Last: Hamori
Title: Asymmetric technological distance measure based on language model
Abstract: 
 This article introduces a novel technological distance measure between companies based on their patent portfolios. We describe the technological position or characteristics of companies by applying the framework of language modelling technique in information retrieval on their patent portfolios. The proposed novel approach is an asymmetric measure and better captures the technological characteristic of a company and hence is a more accurate distance measure.
Journal: Applied Economics Letters
Pages: 1548-1551
Issue: 18
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2019.1584364
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1584364
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Template-Type: ReDIF-Article 1.0
Author-Name: Xi Fang
Author-X-Name-First: Xi
Author-X-Name-Last: Fang
Author-Name: Haiming Liu
Author-X-Name-First: Haiming
Author-X-Name-Last: Liu
Author-Name: Xianhang Qian
Author-X-Name-First: Xianhang
Author-X-Name-Last: Qian
Title: Political incentives and the effectiveness of monetary policy: evidence from China’s city commercial banks
Abstract: 
 From the perspective of official-and-director (OAD), this article takes studies of the effect of monetary policy on bank loans to the heterogeneity of bank. We explore how political incentives affect the lending channel of monetary policy transmission, using a sample of China’s city commercial banks during 2006–2014. And we further analyse the role of OAD’s characteristics, including administrative rank and age. The results indicate that although tight monetary policy can reduce bank loans, the OAD can weaken this relationship, and the higher is the administrative rank of OAD, the larger is the effect. And the older is OAD, the larger is the effect. More importantly, the relationship between monetary policy and bank loan is insignificant in banks with OAD, implying that the lending channel of monetary policy is absent when considering the role of OAD.
Journal: Applied Economics Letters
Pages: 70-73
Issue: 2
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1296538
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1296538
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Template-Type: ReDIF-Article 1.0
Author-Name: Shahar Sansani
Author-X-Name-First: Shahar
Author-X-Name-Last: Sansani
Title: Ethnicity and risk: a field test of the white-male effect
Abstract: 
 In this article, I analyse the different risk-taking tendencies of students comprising the two major ethnic groups in Israel, Ashkenazi and Mizrahi Jews, in a field setting. I determine ethnicity by students’ last names, and I measure risk by students’ propensity to give up a passing grade on a final exam in order to be able to retake the exam in pursuit of a higher grade, but with the risk of earning a lower grade and possibly not passing the course. Differences in preferences for risk may be part of the explanation for differential labour market outcomes between gender and ethnic groups. I find evidence that Ashkenazi men take more exam risk than both Ashkenazi and Mizrahi women, and Mizrahi men. This finding is consistent with the ‘White-Male Effect’, the notion that white males, or males from the dominant socio-economic group, perceive lower risks than females and non-whites.
Journal: Applied Economics Letters
Pages: 74-77
Issue: 2
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1296540
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1296540
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:2:p:74-77




Template-Type: ReDIF-Article 1.0
Author-Name: Kuang-Liang Chang
Author-X-Name-First: Kuang-Liang
Author-X-Name-Last: Chang
Title: Asymmetric downside and upside co-movements between stock and REIT markets
Abstract: 
 This article aims to investigate whether stock and real estate investment trust (REIT) returns have asymmetric downside and upside co-movements. The investigation is carried out by employing a mixture copula with Markov-switching coefficients for weight, upper tail dependence and lower tail dependence. Empirical result demonstrates that an asymptotic independence and a positive relationship, which has greater dependence in the left tail than in the right tail, coexist. The empirical result provides useful information for making portfolio decisions. In the independent state, the inclusion of stock and REIT indices in a portfolio builds a diversified portfolio. However, a portfolio with stock and REIT assets cannot get the benefit of risk reduction in the positive dependence state.
Journal: Applied Economics Letters
Pages: 78-82
Issue: 2
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1296541
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1296541
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:2:p:78-82




Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Han Lin
Author-X-Name-First: Hung-Han
Author-X-Name-Last: Lin
Title: Number of siblings and educational attainment: application of son preference
Abstract: 
 This article examines the relation between the number of children in Taiwanese families and the educational attainment of those children. To identify the causal relation, our analysis operationalizes the traditional Taiwanese parental preference for male children as an instrumental variable to generate exogenous variations in the number of siblings. Ordinary least square estimates reveal that a larger number of siblings results in lower educational attainment. However, after addressing for the endogeneity of the number of siblings, our two-stage least square estimates result in doubt of the existence of a trade-off between child quantity and quality within a family.
Journal: Applied Economics Letters
Pages: 83-86
Issue: 2
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1296543
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1296543
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:2:p:83-86




Template-Type: ReDIF-Article 1.0
Author-Name: Baoxia Li
Author-X-Name-First: Baoxia
Author-X-Name-Last: Li
Author-Name: Zhi Zeng
Author-X-Name-First: Zhi
Author-X-Name-Last: Zeng
Title: Time-varying dependence structures of equity markets of China, ASEAN and the USA
Abstract: 
 Popular time-varying Copulas are used to analyse the dependence structure between the CSI 300 index return, the S&amp;P 300 index return and the Association of South East Asian Nations (ASEAN) 80 index return. Results show that these three types of stock index returns have obvious time-varying characteristics. The US sub-prime mortgage crisis has strengthened the correlation among the three-stock index returns, whereas the dependence between China and the ASEAN stock markets is more sensitive to the financial crisis. The time-varying features of the extreme dependence risk between China-ASEAN and China-US are very different.
Journal: Applied Economics Letters
Pages: 87-91
Issue: 2
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1296545
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1296545
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:2:p:87-91




Template-Type: ReDIF-Article 1.0
Author-Name: Kichun Kang
Author-X-Name-First: Kichun
Author-X-Name-Last: Kang
Title: The effect of immigrants on the extensive and intensive margins of trade
Abstract: 
 This study examines the impact of immigrants on the extensive and intensive margins of South Korean exports. Since trade data contain excessive zero trade flows, we adopt recently suggested Poisson and Gamma pseudo maximum likelihoods. ​​​Our finding shows that immigrant stock in South Korea has significant effect on both the extensive and intensive margins of South Korean exports. Immigrants’ network seems to decrease variable as well as fixed costs of trade.
Journal: Applied Economics Letters
Pages: 92-95
Issue: 2
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1299092
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1299092
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:2:p:92-95




Template-Type: ReDIF-Article 1.0
Author-Name: Nathan Kettlewell
Author-X-Name-First: Nathan
Author-X-Name-Last: Kettlewell
Author-Name: Olena Stavrunova
Author-X-Name-First: Olena
Author-X-Name-Last: Stavrunova
Author-Name: Oleg Yerokhin
Author-X-Name-First: Oleg
Author-X-Name-Last: Yerokhin
Title: Premium subsidies and demand for private health insurance: results from a regression discontinuity design
Abstract: 
 This article investigates the impact of a private health insurance (PHI) subsidy on the demand for PHI in the context of the Australian health care system. In particular, we focus on the subpopulation of elderly Australians and exploit discontinuous increases to the universal ‘PHI rebate’ that occur when people turn 65 and 70 years. Using a regression discontinuity design, we find the policy has little effect on take-up of PHI and is best interpreted as a wealth transfer to elderly Australians who already have insurance.
Journal: Applied Economics Letters
Pages: 96-101
Issue: 2
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1299094
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1299094
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:2:p:96-101




Template-Type: ReDIF-Article 1.0
Author-Name: Hiroshi Yamada
Author-X-Name-First: Hiroshi
Author-X-Name-Last: Yamada
Title: Why does the trend extracted by the Hodrick–Prescott filtering seem to be more plausible than the linear trend?
Abstract: 
 Why does the trend extracted by the Hodrick–Prescott (HP) filtering (HP trend) seem to be more plausible than the linear trend estimated by OLS? This article provides an answer for it. Because the HP filtering is a basic econometric tool, it is necessary to have a precise understanding of the nature of it. This article concludes that the HP trend is calculated by adding the low-frequency component (the long-term periodic fluctuation) of the linearly detrended series to the linear trend, which leads to that the HP trend seems to be more plausible than the linear trend. Other than this key result, this article shows that the HP cycle, which is defined as the residuals of the HP filtering, can be interpreted as the high-frequency component (the short-term periodic fluctuation) of the linearly detrended series. An empirical illustration is also provided.
Journal: Applied Economics Letters
Pages: 102-105
Issue: 2
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1299095
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1299095
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:2:p:102-105




Template-Type: ReDIF-Article 1.0
Author-Name: Gabriel-Eduard Vîlcu
Author-X-Name-First: Gabriel-Eduard
Author-X-Name-Last: Vîlcu
Title: On a generalization of a class of production functions
Abstract: 
 In Appl. Econ. Lett. 18 (2011), 1777–1784, as a natural generalization of some famous production models with two inputs, C.A. Ioan and G. Ioan introduced a new class of production functions with constant return to scale, called sum production function, and proved three theorems of characterization for such production models. In this article, we give new and more simple proofs of these theorems, extending also the results to the case of increased/decreased return to scale. The generalization to the case of an arbitrary number of inputs is also discussed.
Journal: Applied Economics Letters
Pages: 106-110
Issue: 2
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1299097
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1299097
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:2:p:106-110




Template-Type: ReDIF-Article 1.0
Author-Name: Ayato Ashihara
Author-X-Name-First: Ayato
Author-X-Name-Last: Ashihara
Author-Name: Keigo Kameda
Author-X-Name-First: Keigo
Author-X-Name-Last: Kameda
Title: Is fiscal expansion more effective in a financial crisis?
Abstract: 
 After the Great Recession, the Keynesian expansionary policy has been regarded as an effective measure, especially under imperfect financial market conditions. Among literature related to fiscal policy in financial crises, Fernández-Villaverde (2010) suggests that the fiscal policy multiplier increases in a financial crisis through the Fisher effect. However, we should note that the author simply compared the multiplier computed in the standard new Keynesian dynamic stochastic general equilibrium (DSGE) with that in the DSGE with financial accelerator settings. As the financial accelerator is considered effective during both financial crises and normal financial conditions, the author’s comparison should be considered insignificant for showing a greater multiplier in the financial crisis. In this study, to make the exact comparison, we first estimate parameters regarding the Fisher effect under each regime separately and then compute and compare the estimated fiscal multipliers using these 2 estimates in the same DSGE model. Using Japanese financial data that provide enough observations under the good and bad regimes of financial conditions, we find that fiscal multipliers are smaller in the bad regime than in the good regime.
Journal: Applied Economics Letters
Pages: 111-114
Issue: 2
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1299098
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1299098
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:2:p:111-114




Template-Type: ReDIF-Article 1.0
Author-Name: Pedro Piccoli
Author-X-Name-First: Pedro
Author-X-Name-Last: Piccoli
Author-Name: Mo Chaudhury
Author-X-Name-First: Mo
Author-X-Name-Last: Chaudhury
Title: Overreaction to extreme market events and investor sentiment
Abstract: 
 This article investigates the role of investor psychology, captured here by investor sentiment index, in driving individual stock price reactions to extreme movements in the broader market. In addition to confirming prior evidence of overreaction, we find much stronger overreaction when investor sentiment is low rather than high. This is consistent with the role of the contrast dimension of an uncommon event, suggested in the psychology literature, over and above the emotion of surprise it brings about. In a low sentiment environment, the contrast is sharper and hence leads to stronger overreaction.
Journal: Applied Economics Letters
Pages: 115-118
Issue: 2
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1302052
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1302052
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:2:p:115-118




Template-Type: ReDIF-Article 1.0
Author-Name: Kent Jason G. Cheng
Author-X-Name-First: Kent Jason G.
Author-X-Name-Last: Cheng
Author-Name: Sarah Lynne S. Daway
Author-X-Name-First: Sarah Lynne S.
Author-X-Name-Last: Daway
Title: The role of domestic financial and economic development in financial integration
Abstract: 
 Using two-step system generalized method-of-moments on an unbalanced panel of 75 countries from 1996 to 2010, this study shows that financial development’s effect on the pace of a country’s financial integration is conditional on economic development. Indeed, the results validate the observation that greater financial development conditioned on similar levels of economic development should precede closer financial integration.
Journal: Applied Economics Letters
Pages: 119-124
Issue: 2
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1302054
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1302054
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:2:p:119-124




Template-Type: ReDIF-Article 1.0
Author-Name: Thanarerk Thanakijsombat
Author-X-Name-First: Thanarerk
Author-X-Name-Last: Thanakijsombat
Author-Name: Treerapot Kongtoranin
Author-X-Name-First: Treerapot
Author-X-Name-Last: Kongtoranin
Title: Performance and diversification benefits of foreign-equity ETFs in emerging markets
Abstract: 
 This study provides a comprehensive review of the risk-return characteristics, performance and international diversification benefits of an uncharted fast-growing segment of the global exchange-traded fund (ETF) market by examining 17 foreign-equity ETFs traded in 6 emerging markets. The results indicate that the sample ETFs domiciled in these economies perform poorly providing relatively low returns while exposing emerging market investors to substantial total and systematic risks. In addition, these ETFs are found to be more sensitive to downside risk, making them relatively more vulnerable to market downturns. Although the foreign-equity ETFs are designed to provide investors with full international diversification benefits, we find that they are significantly affected by their local market conditions and sentiments, making them ineffective international diversification tools.
Journal: Applied Economics Letters
Pages: 125-129
Issue: 2
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1302055
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1302055
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:2:p:125-129




Template-Type: ReDIF-Article 1.0
Author-Name: J. Sebastian Leguizamon
Author-X-Name-First: J. Sebastian
Author-X-Name-Last: Leguizamon
Author-Name: Susane Leguizamon
Author-X-Name-First: Susane
Author-X-Name-Last: Leguizamon
Title: Health insurance subsidies and the expansion of an implicit marriage penalty: a regional comparison of various means-tested programmes
Abstract: 
 Any subsidy provision for healthcare premiums, including those embedded in Affordable Care Act (ACA), has the potential to result in some couples facing an implicit penalty when married relative to unmarried. To illustrate such consequences of means-tested subsidies of health insurance premiums, we construct hypothetical households earning different levels of income who are eligible for current subsidies in the USA. and compare the estimated implicit marriage penalty faced by these households to the one faced by low-income households who are eligible for various means-tested programmes (e.g. TANF, WIC, SNAP) for each of the 48 contiguous states. We find that, like very low-income households, marriage can potentially penalize couples who receive health insurance premium subsidies by decreasing their overall disposable income by as much as 14%. We find that the ACA increases the number of households subject to marriage penalties embedded in means-tested programmes for low-income couples. This distortion will exist for any future health insurance premium subsidies that are means tested at the household income level.
Journal: Applied Economics Letters
Pages: 130-135
Issue: 2
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1302056
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1302056
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:2:p:130-135




Template-Type: ReDIF-Article 1.0
Author-Name: Richard C. K. Burdekin
Author-X-Name-First: Richard C. K.
Author-X-Name-Last: Burdekin
Author-Name: Eric Hughson
Author-X-Name-First: Eric
Author-X-Name-Last: Hughson
Author-Name: Jinlin Gu
Author-X-Name-First: Jinlin
Author-X-Name-Last: Gu
Title: A first look at Brexit and global equity markets
Abstract: 
 Global equity markets fell by nearly 5% overall on 24 June 2016 following news of the Brexit referendum result. Although nearly all EU stock market indices experienced additional significantly negative abnormal returns, especially poor performance was registered by the debt-ridden PIIGS group (Portugal, Ireland, Italy, Greece and Spain). In this article, we identify a systematic tendency for more severe stock market responses to be concentrated amongst countries with higher debt to GDP ratios. This effect endures even after controlling for the degree of openness, EU membership and for being part of the PIIGS group.
Journal: Applied Economics Letters
Pages: 136-140
Issue: 2
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1302057
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1302057
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:2:p:136-140




Template-Type: ReDIF-Article 1.0
Author-Name: Yun-Chi Lee
Author-X-Name-First: Yun-Chi
Author-X-Name-Last: Lee
Author-Name: Yang-Cheng Lu
Author-X-Name-First: Yang-Cheng
Author-X-Name-Last: Lu
Author-Name: Yu-Chun Wang
Author-X-Name-First: Yu-Chun
Author-X-Name-Last: Wang
Title: Corporate social irresponsibility, CEO overconfidence, and stock price crash risk
Abstract: 
 This study examines whether and how corporate social irresponsibility (CSI) influences stock price crash risk for firms with overconfident CEOs. We find that the positive association between CEO overconfidence and stock price crash risk as shown in prior studies is significantly weakened when firms have higher CSI concerns. As a result, our intriguing findings demonstrate that investors are less surprised at the negative news hoarded by overconfident CEOs of CSI firms, possibly because they are already aware of and have previously reacted to the socially irresponsible behavior in their daily operations.
Journal: Applied Economics Letters
Pages: 1143-1147
Issue: 14
Volume: 26
Year: 2019
Month: 8
X-DOI: 10.1080/13504851.2018.1540835
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1540835
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:14:p:1143-1147




Template-Type: ReDIF-Article 1.0
Author-Name: Mario Bossler
Author-X-Name-First: Mario
Author-X-Name-Last: Bossler
Author-Name: Philipp Grunau
Author-X-Name-First: Philipp
Author-X-Name-Last: Grunau
Title: Chasing the carrot – actual working hours of fixed-term employees
Abstract: 
 Fixed-term contracts can serve as a screening device to reveal the true ability of workers. To achieve promotion to a permanent position, fixed-term employees have an incentive to prove themselves by providing higher effort than competing co-workers by means of longer working hours. Applying fixed effects estimation to the German register data, we find that employees work longer hours on fixed-term contracts. This effect is stronger for labour market entrants and employees that are newly hired. We further show that actual hours of work are particularly large when there is competition among co-workers to receive promotion to a permanent position.
Journal: Applied Economics Letters
Pages: 1148-1152
Issue: 14
Volume: 26
Year: 2019
Month: 8
X-DOI: 10.1080/13504851.2018.1540836
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1540836
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:14:p:1148-1152




Template-Type: ReDIF-Article 1.0
Author-Name: Ji Yong Lee
Author-X-Name-First: Ji Yong
Author-X-Name-Last: Lee
Author-Name: John A. Fox
Author-X-Name-First: John A.
Author-X-Name-Last: Fox
Author-Name: Rodolfo M. Nayga
Author-X-Name-First: Rodolfo M.
Author-X-Name-Last: Nayga
Title: Effect of substitutes in contingent valuation for a private market good
Abstract: 
 Economic theory predicts a decrease in valuation as the availability of substitutes increases. This paper describes a contingent valuation (CV) survey that investigates the effect of substitutes on valuation of private market goods. Using an approach that compares willingness to pay (WTP) values elicited from a CV question that accounts for substitutes with WTP values elicited from a similar question without substitutes, we find that allowing for substitutes can moderate WTP values. For the item valued in this study, a hamburger sandwich, allowing for substitutes was associated with a reduction of from 10% to 16% in stated values.
Journal: Applied Economics Letters
Pages: 1153-1156
Issue: 14
Volume: 26
Year: 2019
Month: 8
X-DOI: 10.1080/13504851.2018.1540837
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1540837
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:14:p:1153-1156




Template-Type: ReDIF-Article 1.0
Author-Name: Maria Denisa Vasilescu
Author-X-Name-First: Maria Denisa
Author-X-Name-Last: Vasilescu
Author-Name: Liviu Stelian Begu
Author-X-Name-First: Liviu Stelian
Author-X-Name-Last: Begu
Title: Youth reservation wages in Romania: are wage expectations realistic?
Abstract: 
 Romania has been experiencing difficulties in integrating young people into the labour market in recent years. Moreover, the problem of migration is extremely acute, young people being the most eager to leave the country. Considering also the demographics – declining birth-rates and an aging population, the risk of imbalance is extremely high. Thus, it is important to design strategies targeting young people, helping them find quality jobs so they contribute to the sustainable growth and development of the Romanian economy. In this context, the paper aims to identify the determinants of youth reservation wages and to analyse whether youth wage expectations are too high and prevent the acceptance of available jobs. The article contributes to the explanation of youth unemployment by analysing their behaviour, complementing the existing studies that focus mainly on macroeconomic and institutional factors. The results indicated that young unemployed people really have high reservation wages, expecting more than we estimated to earn on the market, considering their personal characteristics. The main factors influencing their reservation wage are: age, gender, education, intention to emigrate, duration of unemployment, and friends’ wages.
Journal: Applied Economics Letters
Pages: 1157-1161
Issue: 14
Volume: 26
Year: 2019
Month: 8
X-DOI: 10.1080/13504851.2018.1540838
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1540838
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:14:p:1157-1161




Template-Type: ReDIF-Article 1.0
Author-Name: Jun Wu
Author-X-Name-First: Jun
Author-X-Name-Last: Wu
Title: Financing constraints for R&D in China: the role of state ownership
Abstract: 
 We investigate financing constraints for R&D in China. We find that Chinese private firms are financially constrained for R&D, while state-owned enterprises are not. Mature private firms encounter more severe financing constraints for R&D than young private firms. Moreover, the expansion of external financing supply does not relax the financing constraints for R&D faced by private firms.
Journal: Applied Economics Letters
Pages: 1162-1166
Issue: 14
Volume: 26
Year: 2019
Month: 8
X-DOI: 10.1080/13504851.2018.1540839
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1540839
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:14:p:1162-1166




Template-Type: ReDIF-Article 1.0
Author-Name: Tolga Yuret
Author-X-Name-First: Tolga
Author-X-Name-Last: Yuret
Title: Citation performance of thirty keywords in economics
Abstract: 
 Keywords of a publication may be indicative of its subfield. In this paper, we analyse citation performance of thirty keywords to understand differences in intra-field citation performance in economics. First, citation performance of publications that contain a certain keyword is computed. Then, adjustments are made for the publication year and the publishing journal. Keywords such as ‘growth’, ‘inference’ and ‘institutions’ have above average citation performance in all adjustments. Lastly, the trend in the frequency of publications that contain a certain keyword is explored.
Journal: Applied Economics Letters
Pages: 1167-1170
Issue: 14
Volume: 26
Year: 2019
Month: 8
X-DOI: 10.1080/13504851.2018.1540840
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1540840
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:14:p:1167-1170




Template-Type: ReDIF-Article 1.0
Author-Name: Yuen C Lo
Author-X-Name-First: Yuen C
Author-X-Name-Last: Lo
Author-Name: Francesca Medda
Author-X-Name-First: Francesca
Author-X-Name-Last: Medda
Title: Bitcoin mining: converting computing power into cash flow
Abstract: 
 Bitcoin is the world’s leading cryptocurrency, with a market capitalization briefly exceeding $300 billion. This hints at Bitcoin’s amorphous nature: Is this a monetary or a corporate measure? Hard values become explicit in the processing of transactions and the digital mining of Bitcoins. Electricity is a primary input cost. Bitcoins earned are often used to circumvent local currency controls and acquire US dollars. For the period August 2010 to February 2018, we examine the financial components of Bitcoin mining revenues, their statistical contribution to daily changes, and to its variance. We provide empirical evidence that Bitcoin transaction processing is capacity constrained.
Journal: Applied Economics Letters
Pages: 1171-1176
Issue: 14
Volume: 26
Year: 2019
Month: 8
X-DOI: 10.1080/13504851.2018.1540841
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1540841
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:14:p:1171-1176




Template-Type: ReDIF-Article 1.0
Author-Name: Lutz Bellmann
Author-X-Name-First: Lutz
Author-X-Name-Last: Bellmann
Author-Name: Olaf Hübler
Author-X-Name-First: Olaf
Author-X-Name-Last: Hübler
Author-Name: Ute Leber
Author-X-Name-First: Ute
Author-X-Name-Last: Leber
Title: Works council and training effects on satisfaction
Abstract: 
 This paper investigates the direct and indirect impact of works councils via further training on job satisfaction. Basic estimates on an individual level do not reveal clearly direct effects, but on an establishment level, the existence of a works council increases the average job satisfaction. We also find a positive, weakly significant effect on an individual level accompanied by training under instrumental variables estimation and if we control for personal characteristics.
Journal: Applied Economics Letters
Pages: 1177-1181
Issue: 14
Volume: 26
Year: 2019
Month: 8
X-DOI: 10.1080/13504851.2018.1540842
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1540842
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:14:p:1177-1181




Template-Type: ReDIF-Article 1.0
Author-Name: Christopher J. Skousen
Author-X-Name-First: Christopher J.
Author-X-Name-Last: Skousen
Author-Name: Li Sun
Author-X-Name-First: Li
Author-X-Name-Last: Sun
Title: Do employee dimension ratings reflect employee performance? Evidence from MSCI’s ESG database
Abstract: 
 We investigate whether the ratings of employee dimension in MSCI’s ESG database reflect employee performance of a firm. Using a large panel sample with 23,739 observations from 1991 to 2015, we find a significant positive relation between employee performance and employee dimension ratings. To mitigate concerns about endogeneity issues and robustness of our study, we perform various additional tests and still obtain consistent results. Overall, our findings suggest that the employee dimension ratings in MSCI’s ESG database accurately reflect employee performance.
Journal: Applied Economics Letters
Pages: 1182-1185
Issue: 14
Volume: 26
Year: 2019
Month: 8
X-DOI: 10.1080/13504851.2018.1540843
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1540843
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:14:p:1182-1185




Template-Type: ReDIF-Article 1.0
Author-Name: Leo Kaas
Author-X-Name-First: Leo
Author-X-Name-Last: Kaas
Author-Name: Georgi Kocharkov
Author-X-Name-First: Georgi
Author-X-Name-Last: Kocharkov
Author-Name: Edgar Preugschat
Author-X-Name-First: Edgar
Author-X-Name-Last: Preugschat
Title: Does homeownership promote wealth accumulation?
Abstract: 
 It is well known that homeowners are richer than renters, even after controlling for observable household characteristics. This is often used as an argument for policies that foster homeownership. However, the causal link between homeownership and wealth is difficult to establish due to many potential sources of endogeneity. Utilizing the Household Finance and Consumption Survey for the Euro area, we correct for endogeneity by using inheriting the household’ s main residence as an instrument. The exclusion restriction is that conditional on the total amount of inheritance, inheriting a home affects the wealth position of the household only through homeownership. For the sample of inheritors we find that the local average treatment effect for households that inherit a home and stay homeowners is negative. Owning a home reduces riches due to sizable reductions in the net holdings of financial and other real wealth of the treated households.
Journal: Applied Economics Letters
Pages: 1186-1191
Issue: 14
Volume: 26
Year: 2019
Month: 8
X-DOI: 10.1080/13504851.2018.1542117
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1542117
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:14:p:1186-1191




Template-Type: ReDIF-Article 1.0
Author-Name: Wuhua Yao
Author-X-Name-First: Wuhua
Author-X-Name-Last: Yao
Author-Name: Debu Gao
Author-X-Name-First: Debu
Author-X-Name-Last: Gao
Author-Name: Pengfei Sheng
Author-X-Name-First: Pengfei
Author-X-Name-Last: Sheng
Title: The impact of education on healthcare expenditure in China: quantity or quality
Abstract: 
 With respects to the low level of the healthcare expenditure, China has been experiencing a rapid growth of the education. This article is designed to test the education quantity and the education quality on the healthcare expenditure and conducts China’s provincial data set over the period 2001–2016. The results suggest that the education quantity has no significant effect on the healthcare expenditure, while the education quality has a positive and significant effect. Thus, it is suggested that China’s expansion on education cannot maintain the quality, and is not conducive to the improvement of human capital in education and health.
Journal: Applied Economics Letters
Pages: 1192-1195
Issue: 14
Volume: 26
Year: 2019
Month: 8
X-DOI: 10.1080/13504851.2018.1542118
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1542118
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:14:p:1192-1195




Template-Type: ReDIF-Article 1.0
Author-Name: Brian Adams
Author-X-Name-First: Brian
Author-X-Name-Last: Adams
Author-Name: Hyunchul Kim
Author-X-Name-First: Hyunchul
Author-X-Name-Last: Kim
Title: Early adopters of new supermarket products
Abstract: 
 New goods and expanding product variety are thought to provide enormous welfare gains. New products can influence the pricing of competing products, but often the most important way that new products improve the welfare is through their direct consumption value. The demographic profile of the buyers of new goods suggests those welfare gains are unequally distributed. For supermarket products in the US, expenditures on new goods are disproportionately concentrated among high earners and younger consumers.
Journal: Applied Economics Letters
Pages: 1196-1201
Issue: 14
Volume: 26
Year: 2019
Month: 8
X-DOI: 10.1080/13504851.2018.1542482
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1542482
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:14:p:1196-1201




Template-Type: ReDIF-Article 1.0
Author-Name: Adriaan Van Velthoven
Author-X-Name-First: Adriaan
Author-X-Name-Last: Van Velthoven
Author-Name: Jakob De Haan
Author-X-Name-First: Jakob
Author-X-Name-Last: De Haan
Author-Name: Jan-Egbert Sturm
Author-X-Name-First: Jan-Egbert
Author-X-Name-Last: Sturm
Title: Finance, income inequality and income redistribution
Abstract: 
 Using a panel fixed effects model for a large sample of countries covering 1975–2005, we test the hypothesis that income inequality caused by finance (financial development, financial liberalization and banking crises) is related to more income redistribution than inequality caused by other factors. Our results provide evidence in support of this hypothesis. We also find that the impact of inequality on redistribution is conditioned by ethno-linguistic fractionalization. Our findings are robust to the inclusion of several control variables suggested by previous studies.
Journal: Applied Economics Letters
Pages: 1202-1209
Issue: 14
Volume: 26
Year: 2019
Month: 8
X-DOI: 10.1080/13504851.2018.1542483
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1542483
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:14:p:1202-1209




Template-Type: ReDIF-Article 1.0
Author-Name: Lei He
Author-X-Name-First: Lei
Author-X-Name-Last: He
Author-Name: Na Li
Author-X-Name-First: Na
Author-X-Name-Last: Li
Title: The threshold effect of longevity: life expectancy and economic growth
Abstract: 
 Differing from the nonlinear effect of life expectancy (LE) estimated by previous empirical studies based on a quadratic equation which may be inapplicable for asymmetric nonlinear relationships, this note uses dynamic threshold model to investigate the asymmetric threshold effect of LE. The results show that the significant positive effect of LE on income per capita can only be realized above the threshold, whereas there is an insignificant linkage between LE and economic growth below the threshold level when inflation is eliminated.
Journal: Applied Economics Letters
Pages: 1210-1213
Issue: 14
Volume: 26
Year: 2019
Month: 8
X-DOI: 10.1080/13504851.2018.1543932
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1543932
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:14:p:1210-1213




Template-Type: ReDIF-Article 1.0
Author-Name: Bong Hwan Kim
Author-X-Name-First: Bong Hwan
Author-X-Name-Last: Kim
Title: The president and asymmetric use of information
Abstract: 
 While presidents try to allocate resources to their interests in budgeting process, they have limited power to influence because the government budget is approved by the legislative body. This study investigates whether presidents asymmetrically use information on the efficiency of programs to allocate more resources to their interests. Specifically, I focus on leftover funds in the government reporting. Growing leftover funds indicate inefficiency of the programs as they are the results of lack of demand or operational problems in implementation. Using data from the Korean government, I find that the change of leftover funds of programs and the following year’s budget has a negative relation only when the change of leftover funds is negative, which suggests that the efficiency of the program improves. This phenomenon becomes more salient when the programs are related to the president’s political interests. This suggests that presidents allocate resources to the programs of their interests by asymmetrically using the information on efficiency. This study contributes to the extant literature by identifying one of the presidents’ tools to affect the budgeting process.
Journal: Applied Economics Letters
Pages: 1214-1217
Issue: 14
Volume: 26
Year: 2019
Month: 8
X-DOI: 10.1080/13504851.2018.1543933
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1543933
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:14:p:1214-1217




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Corrigendum
Journal: Applied Economics Letters
Pages: i-i
Issue: 21
Volume: 24
Year: 2017
Month: 12
X-DOI: 10.1080/13504851.2017.1289880
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1289880
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:21:p:i-i




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Corrigendum
Journal: Applied Economics Letters
Pages: ii-ii
Issue: 21
Volume: 24
Year: 2017
Month: 12
X-DOI: 10.1080/13504851.2017.1289881
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1289881
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:21:p:ii-ii




Template-Type: ReDIF-Article 1.0
Author-Name: Bruno Wichmann
Author-X-Name-First: Bruno
Author-X-Name-Last: Wichmann
Author-Name: Meng Yang
Author-X-Name-First: Meng
Author-X-Name-Last: Yang
Title: Blue Beijing: estimating the effects of temporary emissions restrictions on air quality
Abstract: 
 The article uses a quasi-experimental regression discontinuity approach to estimate the effect of temporary emissions restrictions on air quality in China. While temporary emissions control is an effective strategy in response to high-pollution events, China has been using this temporary policy instrument to improve air quality during events of international exposure. We find that post-restrictions peak levels of fine particulate matter are extremely high. This finding uncovers unintended consequences of temporary polluting restrictions.
Journal: Applied Economics Letters
Pages: 1504-1510
Issue: 21
Volume: 24
Year: 2017
Month: 12
X-DOI: 10.1080/13504851.2017.1299093
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1299093
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Template-Type: ReDIF-Article 1.0
Author-Name: Yoshihiro Sato
Author-X-Name-First: Yoshihiro
Author-X-Name-Last: Sato
Author-Name: Måns Söderbom
Author-X-Name-First: Måns
Author-X-Name-Last: Söderbom
Title: GMM estimation of panel data models with time-varying slope coefficients
Abstract: 
 A difference/system generalized method of moments (GMM) model that imposes time-constant coefficients is common in empirical studies using panel data. However, a rejection by the Sargan–Hansen test is sometimes a serious concern for researchers. We highlight the fact that the Sargan–Hansen test for GMM estimators applied to panel data is a joint test of valid orthogonality conditions and coefficient stability over time. A possible reason for a rejection is therefore that the slope coefficients vary over time. One solution is to estimate an empirical model in which the coefficients are time specific. We apply this solution to the system GMM estimator of simple nondynamic Cobb–Douglas production functions for a selection of Swedish industries and find that relaxing the assumption of constant slope coefficients results in more satisfactory outcomes of the Sargan–Hansen test.
Journal: Applied Economics Letters
Pages: 1511-1518
Issue: 21
Volume: 24
Year: 2017
Month: 12
X-DOI: 10.1080/13504851.2017.1302053
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1302053
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Template-Type: ReDIF-Article 1.0
Author-Name: Usman Bashir
Author-X-Name-First: Usman
Author-X-Name-Last: Bashir
Author-Name: Yugang Yu
Author-X-Name-First: Yugang
Author-X-Name-Last: Yu
Author-Name: Muntazir Hussain
Author-X-Name-First: Muntazir
Author-X-Name-Last: Hussain
Author-Name: Xiao Wang
Author-X-Name-First: Xiao
Author-X-Name-Last: Wang
Author-Name: Ahmed Ali
Author-X-Name-First: Ahmed
Author-X-Name-Last: Ali
Title: Do banking system transparency and competition affect nonperforming loans in the Chinese banking sector?
Abstract: 
 The increasing importance of transparency practices and the improving status of bank competition in China are rarely explored in nonperforming loans (NPLs) literature. Thus, the purpose of this study is to examine banking system transparency and competition along with macroeconomic and bank-specific variables as determinants of NPL. We use the two-step system GMM dynamic panel model for Chinese banks based on annual data from 2000 to 2014. Our results indicate that high transparency in the Chinese banking system decreases poor-quality assets but not in the case of government-owned banks, whereas increase in competition increases NPL. Moreover, we find mixed results in the context of macroeconomics and bank-specific variables. Our study has practical implications in risk management practices and macro prudential policies.
Journal: Applied Economics Letters
Pages: 1519-1525
Issue: 21
Volume: 24
Year: 2017
Month: 12
X-DOI: 10.1080/13504851.2017.1305082
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1305082
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Whyte
Author-X-Name-First: Stephen
Author-X-Name-Last: Whyte
Author-Name: Esther T.L. Lau
Author-X-Name-First: Esther T.L.
Author-X-Name-Last: Lau
Author-Name: Lisa M. Nissen
Author-X-Name-First: Lisa M.
Author-X-Name-Last: Nissen
Author-Name: Benno Torgler
Author-X-Name-First: Benno
Author-X-Name-Last: Torgler
Title: You should know better! Do health students have different risk attitudes to unplanned pregnancy and sexually transmitted diseases?
Abstract: 
 Because healthcare professionals are in the best position to assess, assist and educate those participating in risky sexual behaviour, understanding if (and how) their risk attitudes differ from the wider population is of vital importance. In this study, we explore university health students’ risk attitudes towards unplanned pregnancy and sexually transmitted diseases (STDs). We examine whether university students pursuing health-related degrees, who hypothetically should have more exposure to and understanding of the risks associated with unplanned pregnancy and STD, have more risk averse attitudes to sexual behaviour. We find that health students’ sexual attitudes are significantly more risk averse than those of their nonhealth peers in relation to STDs but not unplanned pregnancy. In line with previous research, age and no previous sexual history (virginity) appear to increase risk-averse attitudes to both unplanned pregnancy and STDs. Moreover, males and singles are more risk seeking in their sexual attitudes. These findings suggest that, because unplanned pregnancy and STDs are ongoing global issues, further research is warranted into the risk attitudes of those healthcare professionals most able to provide education and support for individuals participating in risky sexual behaviour.
Journal: Applied Economics Letters
Pages: 1526-1532
Issue: 21
Volume: 24
Year: 2017
Month: 12
X-DOI: 10.1080/13504851.2017.1305085
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1305085
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Corrigendum
Journal: Applied Economics Letters
Pages: iii-iii
Issue: 21
Volume: 24
Year: 2017
Month: 12
X-DOI: 10.1080/13504851.2017.1310484
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1310484
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiuhua Wang
Author-X-Name-First: Xiuhua
Author-X-Name-Last: Wang
Author-Name: Ho-Chuan Huang
Author-X-Name-First: Ho-Chuan
Author-X-Name-Last: Huang
Title: Okun’s law revisited: a threshold in regression quantiles approach
Abstract: 
 This article proposes, for the first time, a threshold in regression quantiles approach to the analysis of Okun’s law. By applying to US data over the 1948Q1–2016Q4 period, we have three major findings. First, a single threshold is detected for both multiple and individual quantiles cases. However, the effect of threshold nonlinearity is only present in the middle to upper quantiles of the conditional unemployment distribution in the individual quantiles case. Second, the first-order autoregressive coefficients of unemployment are significantly larger in the lower-growth regime, indicating that shocks to unemployment appear to be more persistent during recessions. Finally, the Okun’s coefficients are all negative across the recessionary and expansionary regimes, confirming the validity of Okun’s law. Moreover, the Okun’s coefficients are smaller (more negative) in the lower-growth regime, suggesting that the effect of differenced output on differenced unemployment is asymmetric, and is more pronounced in recessions.
Journal: Applied Economics Letters
Pages: 1533-1541
Issue: 21
Volume: 24
Year: 2017
Month: 12
X-DOI: 10.1080/13504851.2017.1316475
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1316475
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Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Meer
Author-X-Name-First: Jonathan
Author-X-Name-Last: Meer
Author-Name: David Miller
Author-X-Name-First: David
Author-X-Name-Last: Miller
Author-Name: Elisa Wulfsberg
Author-X-Name-First: Elisa
Author-X-Name-Last: Wulfsberg
Title: The Great Recession and charitable giving
Abstract: 
 We examine the impact of the Great Recession on charitable giving. Using the Panel Study of Income Dynamics, we estimate a variety of specifications and find sharp declines in overall donative behaviour that is not accounted for by shocks to income or wealth. These results suggest that overall attitudes towards giving changed over this time period.
Journal: Applied Economics Letters
Pages: 1542-1549
Issue: 21
Volume: 24
Year: 2017
Month: 12
X-DOI: 10.1080/13504851.2017.1319556
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1319556
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Template-Type: ReDIF-Article 1.0
Author-Name: Till Proeger
Author-X-Name-First: Till
Author-X-Name-Last: Proeger
Author-Name: Ann-Kathrin Blankenberg
Author-X-Name-First: Ann-Kathrin
Author-X-Name-Last: Blankenberg
Title: Pay-what-you-want in groups – evidence from a field experiment
Abstract: 
 Pay-what-you-want (PWYW) mechanisms are a specific form of voluntary market payment. While a large number of recent studies have considered their design options, the aspect of group behaviour in PWYW situations has not been investigated, although a substantial part of payment decisions occur in group constellations. We provide initial evidence by running a field experiment implementing a PWYW mechanism in a cinema characterized by group attendance, finding that groups chose to pay similar amounts as individuals. Group payments can be increased by a prosocial framing of the decision, while an increase in group size and repeated participation reduce voluntary payments. We thus show that group payment decisions in PWYW situations are characterized by altruism concerns rather than in-group egoism.
Journal: Applied Economics Letters
Pages: 1550-1557
Issue: 21
Volume: 24
Year: 2017
Month: 12
X-DOI: 10.1080/13504851.2017.1324603
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1324603
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Template-Type: ReDIF-Article 1.0
Author-Name: Caroline Schimanski
Author-X-Name-First: Caroline
Author-X-Name-Last: Schimanski
Title: ‘Earnings shocks and tax-motivated income-shifting: evidence from European multinationals’ – revisited
Abstract: 
 This article revisits the study by Dhammika Dharmapala and Nadine Riedel on income shifting between European multinationals published in the Journal of Public Economics in 2013. It used a promising alternative causal identification strategy for profit-shifting based on earnings shocks, which has over a short time period been frequently cited in the literature. Using data from the same database, albeit for a period 10 years later, for 2006–2015, the significant causal evidence for profit-shifting from European parent firms to their lower taxed European subsidiaries cannot be reproduced. Neither can similar results be obtained by considering profit-shifting to subsidiaries located anywhere in the world. Results in line with those of the original study can however be found when using effective rather than statutory corporate tax rates. While these findings raise concerns about the external validity of earlier studies’ result, it should not put the existence and extent of profit-shifting into question. It rather raises concerns about the focus on statutory tax rates in measuring profit-shifting. Moreover, rather than a decrease in profit-shifting, it may illustrate the database’s and the methodology’s limitations and ability to capture all shifts and channels.
Journal: Applied Economics Letters
Pages: 1558-1566
Issue: 21
Volume: 24
Year: 2017
Month: 12
X-DOI: 10.1080/13504851.2017.1327117
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1327117
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Template-Type: ReDIF-Article 1.0
Author-Name: Nana Kwame Akosah
Author-X-Name-First: Nana Kwame
Author-X-Name-Last: Akosah
Author-Name: Ivy Acquaye
Author-X-Name-First: Ivy
Author-X-Name-Last: Acquaye
Author-Name: Francis White Loloh
Author-X-Name-First: Francis White
Author-X-Name-Last: Loloh
Title: Monetary policy credibility and macrodynamics: evidence from Ghana
Abstract: 
 We compute a time-varying metric of monetary policy credibility based on Ghana’s experience, using both symmetric and asymmetric approaches. We then follow-up with some empirical evidence to address the linkages between macroeconomic developments and central bank credibility. The empirical results reveal high and low credibility cycles with an average duration of 2 years over the study period. Particularly, higher levels of credibility were associated with stable domestic currency and lower nominal interest rates. This reinforces the notion that efficient monetary policy delivers higher central bank credibility with better outcomes for macroeconomic variables. In contrast, the level of credibility tends to worsen in the wake of weakening macro fundamentals which are not adequately countered by monetary policy decisions. There is therefore the need for efficient monetary policy formulation to achieve a stable macroeconomic environment in Ghana. This will in the long-run build policy credibility towards attaining the central bank’s medium-term inflation target.
Journal: Applied Economics Letters
Pages: 1567-1574
Issue: 21
Volume: 24
Year: 2017
Month: 12
X-DOI: 10.1080/13504851.2017.1332739
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1332739
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthias Rodemeier
Author-X-Name-First: Matthias
Author-X-Name-Last: Rodemeier
Author-Name: Andreas Löschel
Author-X-Name-First: Andreas
Author-X-Name-Last: Löschel
Author-Name: Roland Kube
Author-X-Name-First: Roland
Author-X-Name-Last: Kube
Title: Casting light on energy efficiency: evidence on consumer inattention and imperfect information
Abstract: 
 We investigate consumer inattention and imperfect information regarding the financial benefits of energy-efficient lighting using a randomized controlled trial with 1084 observations. Results suggest that subjects generally know about cost savings of light-emitting diode (LED) bulbs – the central lighting technology of the future – but largely underestimate the magnitude of these savings. As a result, stated willingness-to-pay for an LED bulb increases on average by 2.53€ through the provision of information on expected lifetime costs. Additional evidence hints at further consumer confusion about attribute differences between lighting technologies.
Journal: Applied Economics Letters
Pages: 1575-1587
Issue: 21
Volume: 24
Year: 2017
Month: 12
X-DOI: 10.1080/13504851.2017.1332742
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1332742
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:21:p:1575-1587




Template-Type: ReDIF-Article 1.0
Author-Name: Aida Isabel Tavares
Author-X-Name-First: Aida Isabel
Author-X-Name-Last: Tavares
Title: Infant mortality in Europe, socio-economic determinants based on aggregate data
Abstract: 
 A great deal of research has been conducted on the determinant factors of infant mortality. In this work, the focus is placed on the aggregate determinants of infant mortality in the EU. Data is collected from Eurostat and World Health Organization – Health for All databases for the period 2005-12. Robust regressions and panel data regressions are estimated in order to test the main determinants of infant mortality in the EU. Both the GDP and birth before the age of 20 influence infant mortality rate. It is likely that as mothers mean age at the first child increases, the rate of infant mortality decreases. The results found here contribute to the discussion on the factors explaining infant mortality in Europe and to future health policy. In particular, controlling teen motherhood may help to reduce infant mortality rate in the EU.
Journal: Applied Economics Letters
Pages: 1588-1596
Issue: 21
Volume: 24
Year: 2017
Month: 12
X-DOI: 10.1080/13504851.2017.1340565
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1340565
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Template-Type: ReDIF-Article 1.0
Author-Name: Sukanya Basu
Author-X-Name-First: Sukanya
Author-X-Name-Last: Basu
Title: Intermarriage and the labour-force participation of immigrants: differences by gender
Abstract: 
 Studies of the impact of intermarriage on labour market outcomes of immigrants focus on labour-force participants. However, intermarriage itself can change participation options and heterogeneously so for men and women. Using data from the 2010 American Community Survey, we find that the raw impact of intermarriage is to reduce labour-force participation for men and increase it for women. However, upon controlling for observable and unobservable selection into intermarriage, the gains from intermarriage for women are reversed. The importance of human capital controls of education and experience in determining the labour-force participation of married immigrants is underscored. Birthplace fixed effects play an important role in explaining the gender differences in labour-force participation among intermarried immigrants.
Journal: Applied Economics Letters
Pages: 1597-1604
Issue: 21
Volume: 24
Year: 2017
Month: 12
X-DOI: 10.1080/13504851.2017.1355530
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1355530
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Template-Type: ReDIF-Article 1.0
Author-Name: Margarita Rubio
Author-X-Name-First: Margarita
Author-X-Name-Last: Rubio
Author-Name: Scott Schuh
Author-X-Name-First: Scott
Author-X-Name-Last: Schuh
Title: Monetary policy and the role of inventory investment
Abstract: 
 In this article, we develop a dynamic stochastic general equilibrium (DSGE) model with sticky prices and inventory investment to explore the relationship between inventories and monetary policy. We use the traditional inventory literature as a basis to motivate this extension of the benchmark model and propose inventories as a factor of production. Within this setting, we test the empirical findings in the literature that, since the mid-1980s, monetary policy changed its target towards the inventory component of GDP. We explore this idea in our theoretical model and conclude through simulations that this is a plausible complementary explanation for the reduction in output volatility that was observed during the Great Moderation period.
Journal: Applied Economics Letters
Pages: 1605-1612
Issue: 21
Volume: 24
Year: 2017
Month: 12
X-DOI: 10.1080/13504851.2017.1363855
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1363855
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Corrigendum
Journal: Applied Economics Letters
Pages: iv-iv
Issue: 21
Volume: 24
Year: 2017
Month: 12
X-DOI: 10.1080/13504851.2017.1364526
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1364526
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Template-Type: ReDIF-Article 1.0
Author-Name: Seul-Ki Park
Author-X-Name-First: Seul-Ki
Author-X-Name-Last: Park
Author-Name: Ji-Eun Choi
Author-X-Name-First: Ji-Eun
Author-X-Name-Last: Choi
Author-Name: Dong Wan Shin
Author-X-Name-First: Dong Wan
Author-X-Name-Last: Shin
Title: Value at risk forecasting for volatility index
Abstract: 
 Forecasts of values at risk (VaRs) are made for volatility indices such as the VIX for the US S&amp;P 500 index, the VKOSPI for the KOSPI (Korea Stock Price Index) and the OVX (oil volatility index) for crude oil funds, which is the first in the literature. In the forecasts, dominant features of the volatility indices are addressed: long memory, conditional heteroscedasticity, asymmetry and fat-tails. An out-of-sample comparison of the VaR forecasts is made in terms of violation probabilities, showing better performance of the proposed method than several competing methods which consider the features differently from ours. The proposed method is composed of heterogeneous autoregressive model for the mean, GARCH model for the volatility and skew-t distribution for the error.
Journal: Applied Economics Letters
Pages: 1613-1620
Issue: 21
Volume: 24
Year: 2017
Month: 12
X-DOI: 10.1080/13504851.2017.1366631
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1366631
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Template-Type: ReDIF-Article 1.0
Author-Name: Haiyang Hou
Author-X-Name-First: Haiyang
Author-X-Name-Last: Hou
Author-Name: Shihuang Hong
Author-X-Name-First: Shihuang
Author-X-Name-Last: Hong
Author-Name: Chunyu Zhao
Author-X-Name-First: Chunyu
Author-X-Name-Last: Zhao
Title: On the role of network externalities in strategic delegation contracts with an industry-wide union
Abstract: 
 This article analyses the role of network externalities in managerial delegation contracts for differentiated products when the marginal product costs (the wage) are set by an industry-wide union. The results show that, in both Bertrand and Cournot equilibria, each owner offers a profit-oriented incentive scheme to his or her managers by penalizing sales maximization, irrespective of the strength of the network externalities. In the presence of weak network externalities and low product differentiation, firms can obtain higher profits in the equilibrium under Cournot-type quantity competition compared with that under Bertrand-type price competition. Furthermore, the wage chosen by the union is higher in the Cournot than in the Bertrand equilibrium. In the Cournot equilibrium, the wage increases with the strength of the network externalities. However, in the Bertrand equilibrium, there exists a threshold level of the degree of product differentiation.
Journal: Applied Economics Letters
Pages: 1621-1628
Issue: 21
Volume: 24
Year: 2017
Month: 12
X-DOI: 10.1080/13504851.2017.1368980
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1368980
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Corrigendum
Journal: Applied Economics Letters
Pages: v-v
Issue: 21
Volume: 24
Year: 2017
Month: 12
X-DOI: 10.1080/13504851.2017.1379745
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1379745
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Template-Type: ReDIF-Article 1.0
Author-Name: Weixian Wei
Author-X-Name-First: Weixian
Author-X-Name-Last: Wei
Author-Name: Junling Zhang
Author-X-Name-First: Junling
Author-X-Name-Last: Zhang
Author-Name: Baomin Dong
Author-X-Name-First: Baomin
Author-X-Name-Last: Dong
Author-Name: Huiqing Wang
Author-X-Name-First: Huiqing
Author-X-Name-Last: Wang
Title: Quantifying the impacts of China’s currency depreciation and capital control: a CGE analysis
Abstract: 
 A dynamic global multi-regional computable general equilibrium (CGE) model is built to study the effects of Renminbi (RMB) depreciation and capital account liberalization. The simulation results suggest that although the depreciation of RMB can promote China’s trade surplus, it will nevertheless discourage domestic investment, consumption and lead to a decrease of real GDP.
Journal: Applied Economics Letters
Pages: 964-967
Issue: 14
Volume: 25
Year: 2018
Month: 8
X-DOI: 10.1080/13504851.2017.1388905
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1388905
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Template-Type: ReDIF-Article 1.0
Author-Name: Julia Bronnmann
Author-X-Name-First: Julia
Author-X-Name-Last: Bronnmann
Author-Name: Julia Hoffmann
Author-X-Name-First: Julia
Author-X-Name-Last: Hoffmann
Title: Product differentiation in the German soft drink market: which attributes matter?
Abstract: 
 In this study, we apply a hedonic pricing model to a unique data set of the German carbonated soft drink market. We distinguish between traditional brands and private label brands and include a variety of product attributes such as flavour, sugar content and bottle size in our analysis. Our results show that most traditional brands yield highest price premiums. However, organic niche products seem to be even more profitable. Also, unconventional flavours, small bottle sizes and retailing in supermarkets lead to higher price premiums. Private label brands are associated with highest negative price premiums.
Journal: Applied Economics Letters
Pages: 968-971
Issue: 14
Volume: 25
Year: 2018
Month: 8
X-DOI: 10.1080/13504851.2017.1388906
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1388906
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev K. Goel
Author-X-Name-First: Rajeev K.
Author-X-Name-Last: Goel
Author-Name: James W. Saunoris
Author-X-Name-First: James W.
Author-X-Name-Last: Saunoris
Title: Seasonal U.S. beer demand: socio-economic determinants and relation with other products
Abstract: 
 This article employs quarterly U.S. state-level data from 2009 to 2015 to estimate the demand for beer. Other contributions of this work involve the incorporation of demographic factors and wine prices. Results show beer demand to be inelastic, and beer and wine to be substitutes. Further, males, whites, and blacks were, ceteris paribus, likely to have greater beer demand. The income effects, however, were mixed, showing some support for beer being a normal good.
Journal: Applied Economics Letters
Pages: 972-979
Issue: 14
Volume: 25
Year: 2018
Month: 8
X-DOI: 10.1080/13504851.2017.1388907
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1388907
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:14:p:972-979




Template-Type: ReDIF-Article 1.0
Author-Name: R. Dang A
Author-X-Name-First: R.
Author-X-Name-Last: Dang A
Author-Name: L. Houanti
Author-X-Name-First: L.
Author-X-Name-Last: Houanti
Author-Name: A. Ammari
Author-X-Name-First: A.
Author-X-Name-Last: Ammari
Author-Name: N. T. Lê
Author-X-Name-First: N. T.
Author-X-Name-Last: Lê
Title: Is there a ‘business case’ for board gender diversity within French listed SMEs
Abstract: 
 Many studies have investigated the relationship between women on corporate boards (WOCB) and firm performance in accordance with the ‘business case’ for board gender diversity. However, these have been conducted on large firms. This study re-examines this relationship for a sample of French listed SMEs over the period 2010–2014 using a dynamic panel GMM estimator to mitigate endogeneity issues. We find that the percentage of WOCB is positively and significantly related to firm performance. However, the other proxies for board gender diversity are not statistically different from zero. We argue that the relationship is not straightforward. This finding is interesting as it sheds light on the ‘business case’.
Journal: Applied Economics Letters
Pages: 980-983
Issue: 14
Volume: 25
Year: 2018
Month: 8
X-DOI: 10.1080/13504851.2017.1390308
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1390308
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Dang A.
Author-X-Name-First: R.
Author-X-Name-Last: Dang A.
Author-Name: L. Houanti
Author-X-Name-First: L.
Author-X-Name-Last: Houanti
Author-Name: N. T. Le
Author-X-Name-First: N. T.
Author-X-Name-Last: Le
Author-Name: M.-C. Vu
Author-X-Name-First: M.-C.
Author-X-Name-Last: Vu
Title: Does corporate governance influence firm performance? Quantile regression evidence from a transactional economy
Abstract: 
 This study examines the impact of corporate governance structures on firm performance using a unique sample of 478 non-financial companies listed on the two main Vietnamese stock exchanges. Given the contrasting existing empirical results, we adopt the method of quantile regression (QR) and report some robust and significant negative relationship between board independence/Chief Executive Officer duality and firm performance. These findings seem rather corroborate the agency theory. Furthermore, the use of QR may be more insightful than estimating the mean effect of the response variable.
Journal: Applied Economics Letters
Pages: 984-988
Issue: 14
Volume: 25
Year: 2018
Month: 8
X-DOI: 10.1080/13504851.2017.1390309
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1390309
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:14:p:984-988




Template-Type: ReDIF-Article 1.0
Author-Name: Néstor Duch-Brown
Author-X-Name-First: Néstor
Author-X-Name-Last: Duch-Brown
Author-Name: Bertin Martens
Author-X-Name-First: Bertin
Author-X-Name-Last: Martens
Title: A new perspective on the exporter productivity premium: online trade
Abstract: 
 We use a unique firm-level data set including 9000 companies from 26 European Union countries covering four different sectors to take a close look at the relationship between online exports and productivity. The online exporter productivity premium is estimated using different techniques (ordinary least squares, quantile regressions and robust estimation). Results consistently indicate that the estimated online exporter productivity premium is statistically different from zero, positive and significant from an economic point of view. European online exporters, according to these results, are approximately 2% more productive than non-online exporters. Productivity differences between firms could be related to variables that are not included in the empirical model. More research would be needed to address this issue in the future.
Journal: Applied Economics Letters
Pages: 989-993
Issue: 14
Volume: 25
Year: 2018
Month: 8
X-DOI: 10.1080/13504851.2017.1391988
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1391988
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:14:p:989-993




Template-Type: ReDIF-Article 1.0
Author-Name: Yoonseok Choi
Author-X-Name-First: Yoonseok
Author-X-Name-Last: Choi
Author-Name: Jong-soo Han
Author-X-Name-First: Jong-soo
Author-X-Name-Last: Han
Title: Time preference and savings behaviour
Abstract: 
 A number of studies have examined various determinants of savings rate. This article contributes to this literature by empirically testing whether the time preference (discounting behaviour) is another important determinant of savings rate. To this end, we estimate the hyperbolic Euler equation using the generalized method of moments (GMM) to examine whether the short-run discount factor can account for savings behaviour. The empirical results show that people exhibit short-run patience (impatience) when savings rate increases (decreases), which is in line with the theoretical prediction. This result implies that the time preference also plays an important role in determining savings behaviour. Various sets of instruments and different sample periods do not reverse the main finding.
Journal: Applied Economics Letters
Pages: 994-997
Issue: 14
Volume: 25
Year: 2018
Month: 8
X-DOI: 10.1080/13504851.2017.1391989
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1391989
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:14:p:994-997




Template-Type: ReDIF-Article 1.0
Author-Name: Yan Yan
Author-X-Name-First: Yan
Author-X-Name-Last: Yan
Author-Name: Ouyang Hongbing
Author-X-Name-First: Ouyang
Author-X-Name-Last: Hongbing
Title: Dynamic probability of informed trading and price movements: evidence from the CSI300 index futures market
Abstract: 
 This article first uses dynamic probability of informed trading (DPIN) for measuring the probability of informed trading in the CSI300 index futures market and proves its validity for predicting future price movements. Instead of using the original Lee–Ready algorithm, this study uses bulk volume classification (BVC) for classifying volume. BVC could effectively improve the predictive power of DPIN for future price movements. The relationship between DPIN and returns indicates that informed buying raises the futures price while informed selling moves the futures price downward. DPIN could effectively capture price information in the index future markets in China.
Journal: Applied Economics Letters
Pages: 998-1003
Issue: 14
Volume: 25
Year: 2018
Month: 8
X-DOI: 10.1080/13504851.2017.1391990
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1391990
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:14:p:998-1003




Template-Type: ReDIF-Article 1.0
Author-Name: Clément Malgouyres
Author-X-Name-First: Clément
Author-X-Name-Last: Malgouyres
Author-Name: Clément Mazet-Sonilhac
Author-X-Name-First: Clément
Author-X-Name-Last: Mazet-Sonilhac
Title: Political uncertainty, risk of Frexit and European sovereign spreads
Abstract: 
 Using data from a prediction market (crowd-based forecasts), we build a daily measure capturing the risk of Frexit related to the 2017 French presidential elections. We study how unexpected changes in this new measure of political uncertainty in France affect European sovereign spreads vis-à-vis Germany. We show that our uncertainty proxy drives not only the French sovereign spread but also the spreads of those EU countries deemed the most vulnerable to the risk of desegregation of the Euro Zone. These results suggest that specific political uncertainty affects short-term investor’s expectations and may outweigh other economic determinants of sovereign spreads shortly prior to high stake elections
Journal: Applied Economics Letters
Pages: 1004-1009
Issue: 14
Volume: 25
Year: 2018
Month: 8
X-DOI: 10.1080/13504851.2017.1391991
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1391991
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:14:p:1004-1009




Template-Type: ReDIF-Article 1.0
Author-Name: Rati Ram
Author-X-Name-First: Rati
Author-X-Name-Last: Ram
Title: Comparison of cross-country measures of sigma-convergence in per-capita income, 1960–2010
Abstract: 
 The evidence on sigma-convergence in income indicated by (a) coefficient of variation (CV) and (b) SD of logarithms (SDLOG) is considered for a large cross-country sample covering the period 1960–2010. Three main points are noted. First, the two measures yield qualitatively similar scenarios, and both indicate sigma-divergence in income over the period. Second, however, they do show large differences in the rate of change in income inequality, and SDLOG indicates divergence at a much higher rate than CV. It seems likely that SDLOG would indicate greater divergence, or weaker convergence, than CV in many cases. Third, therefore, researchers are urged not to rely too heavily on one or the other measure for an inference on sigma-convergence, and it seems appropriate to consider both for drawing reasonable conclusions on convergence in income and many other variables studied by scholars.
Journal: Applied Economics Letters
Pages: 1010-1014
Issue: 14
Volume: 25
Year: 2018
Month: 8
X-DOI: 10.1080/13504851.2017.1391992
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1391992
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Template-Type: ReDIF-Article 1.0
Author-Name: Manuel Carlos Nogueira
Author-X-Name-First: Manuel Carlos
Author-X-Name-Last: Nogueira
Author-Name: Óscar Afonso
Author-X-Name-First: Óscar
Author-X-Name-Last: Afonso
Author-Name: Elias Soukiazis
Author-X-Name-First: Elias
Author-X-Name-Last: Soukiazis
Title: Skill premium in Portuguese manufacturing industries
Abstract: 
 The debate between the skill-biased technological change (SBTC) approach and the international trade (IT) explanation to obtain the best explanation for the wage gap between skilled and unskilled workers continues. In this article, we divide the Portuguese manufacturing industries into high-tech and low-tech and study the approach that best justifies the wage gap, for the period between 2007 and 2014. The results point out that the SBTC approach is the main explanation to the formation the wage gap between the labour force with tertiary education (skilled) and with secondary and primary education (unskilled).
Journal: Applied Economics Letters
Pages: 1015-1018
Issue: 14
Volume: 25
Year: 2018
Month: 8
X-DOI: 10.1080/13504851.2017.1391993
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1391993
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:14:p:1015-1018




Template-Type: ReDIF-Article 1.0
Author-Name: Patrick Gourley
Author-X-Name-First: Patrick
Author-X-Name-Last: Gourley
Title: The Obama effect? Inspiration and ACT scores
Abstract: 
 After Barack Obama’s 2008 election to the presidency of the United States, many predicted that the first Black president would inspire a generation of Black Americans, especially students. While stories of Obama inspiring individuals to overachieve are common, it remains to be seen if there was a systemic shift in Black student achievement after Obama’s election. Given the persistent racial score gap between Blacks and Whites on standardized tests, it is important to know if an inspirational figure could have a significant impact. Using ACT data from Chicago Public Schools, I find there is no evidence that Obama’s election had an impact on Black test scores. The racial ACT gap has been increasing since the beginning of the 21st century, and that trend continued after Obama was elected.
Journal: Applied Economics Letters
Pages: 1019-1023
Issue: 14
Volume: 25
Year: 2018
Month: 8
X-DOI: 10.1080/13504851.2017.1391994
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1391994
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:14:p:1019-1023




Template-Type: ReDIF-Article 1.0
Author-Name: Tim Friehe
Author-X-Name-First: Tim
Author-X-Name-Last: Friehe
Author-Name: Mario Mechtel
Author-X-Name-First: Mario
Author-X-Name-Last: Mechtel
Author-Name: Markus Pannenberg
Author-X-Name-First: Markus
Author-X-Name-Last: Pannenberg
Title: Positional income concerns and personality: evidence from Germany
Abstract: 
 Positional income concerns (PIC) strongly influence economic behaviour and life outcomes. However, very little is known about the underlying heterogeneity regarding their importance across individuals on the one hand and across different reference groups on the other. Our analysis builds on representative survey data reporting PIC vis-à-vis seven reference groups, allowing us to identify marked heterogeneity both between and within subjects. We present evidence about who (in terms of personality) compares to whom (in terms of reference group).
Journal: Applied Economics Letters
Pages: 1024-1028
Issue: 14
Volume: 25
Year: 2018
Month: 8
X-DOI: 10.1080/13504851.2017.1391995
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1391995
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Template-Type: ReDIF-Article 1.0
Author-Name: Vasilios Plakandaras
Author-X-Name-First: Vasilios
Author-X-Name-Last: Plakandaras
Author-Name: Rangan Gupta
Author-X-Name-First: Rangan
Author-X-Name-Last: Gupta
Author-Name: Periklis Gogas
Author-X-Name-First: Periklis
Author-X-Name-Last: Gogas
Author-Name: Theophilos Papadimitriou
Author-X-Name-First: Theophilos
Author-X-Name-Last: Papadimitriou
Title: Macroeconomic uncertainty, growth and inflation in the Eurozone: a causal approach
Abstract: 
 In this article, we evaluate the causal relationship between macroeconomic uncertainty indices, inflation and growth rate for 17 Eurozone countries on a county-level examination. In performing a series of linear and nonlinear causality tests, we find little evidence of a causal relationship between uncertainty and macroeconomic variables. Thus, macroeconomic analysis based on uncertainty indices should be treated with caution.
Journal: Applied Economics Letters
Pages: 1029-1033
Issue: 14
Volume: 25
Year: 2018
Month: 8
X-DOI: 10.1080/13504851.2017.1391996
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1391996
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:14:p:1029-1033




Template-Type: ReDIF-Article 1.0
Author-Name: Peng-hua Qiao
Author-X-Name-First: Peng-hua
Author-X-Name-Last: Qiao
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Author-Name: Wei Wang
Author-X-Name-First: Wei
Author-X-Name-Last: Wang
Title: Chinese firms’ crash risk and CEO media exposure
Abstract: 
 This study uses panel data from China over the period 2008–2015 to examine the effect of CEO media exposure on crash risk. We show that CEO media coverage in Chinese firms has a wide dispersion and mitigates crash risk at firms. Our study confirms the important role of media to monitor effectively firm behaviours in China.
Journal: Applied Economics Letters
Pages: 1034-1037
Issue: 14
Volume: 25
Year: 2018
Month: 8
X-DOI: 10.1080/13504851.2017.1420871
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1420871
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Template-Type: ReDIF-Article 1.0
Author-Name: C.F. Chen
Author-X-Name-First: C.F.
Author-X-Name-Last: Chen
Author-Name: J. Han
Author-X-Name-First: J.
Author-X-Name-Last: Han
Title: Energy conservation, emission reduction and winwin development of China’s industry: 20132050 – MDI analysis framework based on directional distance function
Abstract: 
 As the biggest developing country, China faces the heavy pressure of energy conservation and emission reduction (ECER). China’s industry takes first place in energy consumption and pollution emission among the industrial entities. How to get rid of China’s industrial stagnant growth under the restriction of resources and environment, and find out the optimal path between ECER and industrial development is the main task of this study. The article adopts the historical data of China’s industry from 2003 to 2012, establishes a managerial disposability intensity analysis framework based on the directional distance function, and designs four energy conservation scenarios and nine CO2 emission paths for a total of 36 kinds of alternative policy combinations to predict the win–win development and find the optimal path of industrial ECER from 2013 to 2050. Research shows that on the whole, industry will fail to achieve a win–win development in the future, while 6% growth rate of industrial output, 2.8% growth rate of energy consumption, and the peak of CO2 in 2040 is the most optimum path. At the same time, the feedbacks of ECER constraints on specific industrial sectors are different, there are 16 industrial sectors that can achieve win–win development in the future.
Journal: Applied Economics Letters
Pages: 1187-1191
Issue: 17
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1142649
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1142649
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:17:p:1187-1191




Template-Type: ReDIF-Article 1.0
Author-Name: Bader S. Alhashel
Author-X-Name-First: Bader S.
Author-X-Name-Last: Alhashel
Title: Rights offering announcements and the efficiency of the Kuwaiti market
Abstract: 
 This study tested the semi-strong form of the EMH in the Kuwait Stock Exchange. This test is conducted by examining the behaviour of stock prices around the date of rights offering announcements. Based on a sample of 69 rights offerings over the period 2004–2013, we find that prices incorporate new information within an average of 4 days. We take this observation as evidence that the Kuwaiti market is semi-strong efficient.
Journal: Applied Economics Letters
Pages: 1192-1196
Issue: 17
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1142650
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1142650
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:17:p:1192-1196




Template-Type: ReDIF-Article 1.0
Author-Name: Patrick Payne
Author-X-Name-First: Patrick
Author-X-Name-Last: Payne
Author-Name: Christopher Browning
Author-X-Name-First: Christopher
Author-X-Name-Last: Browning
Author-Name: Charlene M. Kalenkoski
Author-X-Name-First: Charlene M.
Author-X-Name-Last: Kalenkoski
Title: Public reaction to stock market volatility: evidence from the ATUS
Abstract: 
 How does the public react to changes in the stock market? We know from the existing body of research that sentiment can predict future stock-market movements. However, do market movements affect sentiment? This article addresses these questions by testing whether market movements precede changes in the emotional well-being of the general public. Using Granger causality analysis, we compare how market movements affect public well-being during periods of increased (2010) and decreased (2012) volatility. The results show that 30-day-lagged returns are associated positively and significantly with the public’s emotional well-being, and that this effect is stronger during periods of increased volatility. The results also show that this effect may persist for up to 120 days.
Journal: Applied Economics Letters
Pages: 1197-1200
Issue: 17
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1142651
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1142651
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:17:p:1197-1200




Template-Type: ReDIF-Article 1.0
Author-Name: Andrei Shynkevich
Author-X-Name-First: Andrei
Author-X-Name-Last: Shynkevich
Title: Predictability of equity returns during a financial crisis
Abstract: 
 An occurrence of a market crash or a financial crisis has long been considered a cause of market inefficiency. An inefficient market commonly implies return predictability and the existence of profitable opportunities for traders and speculators. Technical analysis has been a popular tool to identify predictable patterns in asset prices. The usefulness of a large universe of technical trading rules popularized in the existing literature on technical analysis is tested when they are applied to a set of equity markets that are generally considered developed and efficient during the two most recent periods of major financial turmoil: the 1997 Asian financial crisis and the 2008 global financial crisis. Three major statistical deficiencies that existing studies on return predictability are commonly criticized for – data snooping bias, nonsynchronicity bias and transaction costs – have been incorporated in the analysis. Technical trading rules are largely unable to yield abnormal excess returns over the passive benchmark after data snooping bias, nonsynchronous pricing and transaction costs are accounted for. Chaotic price movements typical for a volatile market during a financial crisis are likely to have an adverse effect on the performance of active trend chasing trading strategies.
Journal: Applied Economics Letters
Pages: 1201-1205
Issue: 17
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1145339
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1145339
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:17:p:1201-1205




Template-Type: ReDIF-Article 1.0
Author-Name: Matti Hovi
Author-X-Name-First: Matti
Author-X-Name-Last: Hovi
Author-Name: Jani-Petri Laamanen
Author-X-Name-First: Jani-Petri
Author-X-Name-Last: Laamanen
Title: Mind the gap? Business cycles and subjective well-being
Abstract: 
 We examine the relationship between output fluctuations and within-country variation in subjective well-being using country panels. We show that the deviation of output from trend, unlike trend growth, is positively associated with well-being. The explanatory power of the business cycle is found to be better than that of the level of output.
Journal: Applied Economics Letters
Pages: 1206-1209
Issue: 17
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1145340
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1145340
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:17:p:1206-1209




Template-Type: ReDIF-Article 1.0
Author-Name: A. C. Walters
Author-X-Name-First: A. C.
Author-X-Name-Last: Walters
Author-Name: V. Ramiah
Author-X-Name-First: V.
Author-X-Name-Last: Ramiah
Title: Is it possible to be too risk averse? Considerations for financial management in the public sector
Abstract: 
 Within the financial management discipline, risk aversion is viewed as ‘secure’ and ‘responsible’. Yet, frequently risk aversion is associated with delays, failure to take action, decreased employee morale and stakeholder frustration. This article considers the role of risk aversion within the public sector and questions whether the risk-averse nature of the organization, coupled with risk-averse leaders can result in negative outcomes for the agency. The article concludes that while risk aversion is important, there are actions that a risk-averse leader can take to minimize the implications of risk-averse behaviour on the organization as a whole.
Journal: Applied Economics Letters
Pages: 1210-1214
Issue: 17
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1145341
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1145341
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:17:p:1210-1214




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Donadelli
Author-X-Name-First: Michael
Author-X-Name-Last: Donadelli
Author-Name: Adriana Grasso
Author-X-Name-First: Adriana
Author-X-Name-Last: Grasso
Author-Name: Jean-Paul L’Huillier
Author-X-Name-First: Jean-Paul
Author-X-Name-Last: L’Huillier
Author-Name: Valentina Milano
Author-X-Name-First: Valentina
Author-X-Name-Last: Milano
Title: Differences in measures of the fiscal multiplier and the reduced-form vector autoregression
Abstract: 
 The literature has recently asked whether the effects of fiscal policy vary with the state of the economy (Christiano, Eichenbaum, and Rebelo 2011; Rendahl 2014; Auerbach and Gorodnichenko 2012). We study this question in the context of vector autoregression (VAR) estimation. We show formally that, if (asymptotically) the parameters of the reduced-form VAR differ, then the dynamic effects of fiscal policy differ as well, generically and for any set of identification assumptions. Thus, in theory, the econometrician can detect these differences (either across time or space) generically just by relying on reduced-form VAR estimation.
Journal: Applied Economics Letters
Pages: 1215-1218
Issue: 17
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1145342
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1145342
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Template-Type: ReDIF-Article 1.0
Author-Name: Szabolcs Blazsek
Author-X-Name-First: Szabolcs
Author-X-Name-Last: Blazsek
Author-Name: Helmuth Chavez
Author-X-Name-First: Helmuth
Author-X-Name-Last: Chavez
Author-Name: Carlos Mendez
Author-X-Name-First: Carlos
Author-X-Name-Last: Mendez
Title: Model stability and forecast performance of Beta--EGARCH
Abstract: 
 We show that the model stability of the recent QAR(1) plus Beta-t-EGARCH(1,1) is superior to that of the well-known ARMA(1,1) plus t-GARCH(1,1) because QAR plus Beta-t-EGARCH discounts extreme observations, while ARMA plus t-GARCH accentuates them. Model stability of QAR plus Beta-t-EGARCH is an elegant property; however, we show that the out-of-sample density forecast performance of ARMA plus t-GARCH is superior to that of QAR plus Beta-t-EGARCH. We study model stability and density forecast performance for a set of rolling data windows. We use data on the S&amp;P 500 index for the period 1990–2015. For robustness analysis, we also study Monte Carlo simulations of asset returns for the stochastic volatility model.
Journal: Applied Economics Letters
Pages: 1219-1223
Issue: 17
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1145343
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1145343
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:17:p:1219-1223




Template-Type: ReDIF-Article 1.0
Author-Name: Franklin G. Mixon
Author-X-Name-First: Franklin G.
Author-X-Name-Last: Mixon
Author-Name: Kamal P. Upadhyaya
Author-X-Name-First: Kamal P.
Author-X-Name-Last: Upadhyaya
Title: Ranking economics departments in the US South: an update
Abstract: 
 This study provides an update to Mixon and Upadhyaya’s (2001) ranking of Southern economics departments using research output indexed in EconLit. Ranking results from a ‘core’ (i.e. the top five faculty researchers) of each institution’s economics department reveal that Vanderbilt University, George Mason University, Johns Hopkins University, the University of Maryland and Georgia State University currently maintain the top five economics departments, respectively, in the US South. Relatedly, the five institutions rising the most from Mixon and Upadhyaya (2001) are Tulane University, Georgia State University, University of Texas–Dallas, Rice University and Florida International University, respectively.
Journal: Applied Economics Letters
Pages: 1224-1228
Issue: 17
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1145344
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1145344
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Lehmann
Author-X-Name-First: R.
Author-X-Name-Last: Lehmann
Author-Name: K. Wohlrabe
Author-X-Name-First: K.
Author-X-Name-Last: Wohlrabe
Title: Looking into the black box of boosting: the case of Germany
Abstract: 
 This article looks into the ‘fine print’ of boosting for economic forecasting. By using German industrial production for the period from 1996 to 2014 and a data set consisting of 175 monthly indicators, we evaluate which indicators get selected by the boosting algorithm over time and four different forecasting horizons. It turns out that a number of hard indicators like turnovers, as well as a small number of survey results, get selected frequently by the algorithm and are therefore important to forecasting the performance of the German economy. However, there are indicators such as money supply that never get chosen by the boosting approach at all.
Journal: Applied Economics Letters
Pages: 1229-1233
Issue: 17
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1148246
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1148246
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Template-Type: ReDIF-Article 1.0
Author-Name: Sung C. Bae
Author-X-Name-First: Sung C.
Author-X-Name-Last: Bae
Author-Name: Kiyoung Chang
Author-X-Name-First: Kiyoung
Author-X-Name-Last: Chang
Author-Name: Ha-Chin Yi
Author-X-Name-First: Ha-Chin
Author-X-Name-Last: Yi
Title: The impact of corporate social responsibility activities on corporate financing: a case of bank loan covenants
Abstract: 
 We examine the impact of corporate social responsibility (CSR) activities on the intensity of loan covenants, one of the most important nonpricing terms of syndicated loan contracts. Undocumented in the existing literature, we offer new evidence that while CSR strengths have little impact on loan covenants, CSR concerns lead to stricter loan covenants. These asymmetric results suggest that while lenders view CSR strengths as discretionary, they are more concerned about value-destroying CSR concerns, which induces the lenders to screen out firms engaging in nonsocially responsible activities and penalize these firms with stricter loan covenants. Combined with the evidence on the CSR-loan spread association in the existing literature, our results provide strong evidence that CSR matters to both pricing and nonpricing terms of loan contracts.
Journal: Applied Economics Letters
Pages: 1234-1237
Issue: 17
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1148247
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1148247
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Template-Type: ReDIF-Article 1.0
Author-Name: Ute Filipiak
Author-X-Name-First: Ute
Author-X-Name-Last: Filipiak
Title: Gender differences in financial performance: new empirical evidence
Abstract: 
 This article provides new empirical evidence on gender differences in self-reported and observed financial performance. Using a quasi-experimental framework, comparing people who live in a matrilineal and a patrilineal environment in India, the results show that no significant gender differences in observed and self-reported performance exist among respondents who belong to the matrilineal culture. In contrast, women who live in a patrilineal environment self-report more often than men that they are not dealing well with economic and financial problems. However, no significant gender differences in observed financial performance are found.
Journal: Applied Economics Letters
Pages: 1238-1243
Issue: 17
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1148248
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1148248
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Template-Type: ReDIF-Article 1.0
Author-Name: Carolina Laureti
Author-X-Name-First: Carolina
Author-X-Name-Last: Laureti
Author-Name: Ariane Szafarz
Author-X-Name-First: Ariane
Author-X-Name-Last: Szafarz
Title: The price of deposit liquidity: banks versus microfinance institutions
Abstract: 
 Using data from Bangladesh, this article finds that the liquidity premium – the difference between the interest paid on illiquid and liquid savings accounts – is higher in commercial banks than in microfinance institutions. One possible interpretation lies in the higher prevalence of time-inconsistency among the poor. The observed difference in liquidity premia could be due to poor time-inconsistent agents willing to forgo interest on illiquid savings accounts in order to discipline their future selves.
Journal: Applied Economics Letters
Pages: 1244-1249
Issue: 17
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1148249
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1148249
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Template-Type: ReDIF-Article 1.0
Author-Name: Sherrill Shaffer
Author-X-Name-First: Sherrill
Author-X-Name-Last: Shaffer
Author-Name: Bianca Zuniga
Author-X-Name-First: Bianca
Author-X-Name-Last: Zuniga
Title: Consumer debt and unemployment
Abstract: 
 We present evidence that US consumer debt has varied inversely with unemployment rates since 1990, potentially reflecting responses by households and/or lenders to adverse labour market conditions, and helping explain why consumer debt recently fell despite low interest rates. For several measures of debt, unemployment exhibits greater explanatory power and economic significance than interest rates.
Journal: Applied Economics Letters
Pages: 1250-1252
Issue: 17
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1148250
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1148250
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:17:p:1250-1252




Template-Type: ReDIF-Article 1.0
Author-Name: David Gomtsyan
Author-X-Name-First: David
Author-X-Name-Last: Gomtsyan
Title: Exploring the boundaries of services trade
Abstract: 
 The level of international trade in services is relatively low. This can be the consequence of policy barriers and regulations or it may be due to the nature of products produced in the services sector. To understand the relative importance of both factors, this article uses data for Scottish bilateral services exports and imports to the UK to estimate theory-based trade costs for a wide range of sectors for two economic regions that are almost perfectly integrated. The results of this analysis provide important insights for future trade policy by identifying those narrowly defined industries which are more tradable by nature and have the potential to expand internationally.
Journal: Applied Economics Letters
Pages: 1253-1256
Issue: 17
Volume: 23
Year: 2016
Month: 11
X-DOI: 10.1080/13504851.2016.1148251
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1148251
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:17:p:1253-1256




Template-Type: ReDIF-Article 1.0
Author-Name: Susan L. Averett
Author-X-Name-First: Susan L.
Author-X-Name-Last: Averett
Author-Name: Julie K. Smith
Author-X-Name-First: Julie K.
Author-X-Name-Last: Smith
Author-Name: Yang Wang
Author-X-Name-First: Yang
Author-X-Name-Last: Wang
Title: The effects of minimum wages on the health of working teenagers
Abstract: 
 This article examines the effect of minimum wage increases on the self-reported health of teenage workers. We use a difference-in-differences estimation strategy and data from the Current Population Survey, and disaggregate the sample by race/ethnicity and gender to uncover the differential effects of changes in the minimum wage on health. We find that white women are more likely to report better health with a minimum wage increase while Hispanic men report worse health.
Journal: Applied Economics Letters
Pages: 1127-1130
Issue: 16
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1259737
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1259737
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Template-Type: ReDIF-Article 1.0
Author-Name: Joshua Matti
Author-X-Name-First: Joshua
Author-X-Name-Last: Matti
Author-Name: Yang Zhou
Author-X-Name-First: Yang
Author-X-Name-Last: Zhou
Title: The political economy of Brexit: explaining the vote
Abstract: 
 The UK’s closely contested Brexit vote to leave the EU is expected to have a significant impact on the UK and EU. While calculating the impact of Brexit is difficult since the UK is still formally a member of the EU, understanding the vote is possible. Leading up to the referendum, public opinion was divided along demographic and economic lines. This article uses referendum results at the local government level to test whether national, racial, religious and economic factors actually influenced the vote. Results indicate that demographic variables played a role while economic variables did not.
Journal: Applied Economics Letters
Pages: 1131-1134
Issue: 16
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1259738
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1259738
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Template-Type: ReDIF-Article 1.0
Author-Name: Mikael Arvidsson
Author-X-Name-First: Mikael
Author-X-Name-Last: Arvidsson
Author-Name: James Sjöstrand
Author-X-Name-First: James
Author-X-Name-Last: Sjöstrand
Author-Name: Jesper Stage
Author-X-Name-First: Jesper
Author-X-Name-Last: Stage
Title: The economics of the Swedish online gambling market
Abstract: 
 In this article, we study how the Swedish online gambling market has developed and how the availability of foreign-based online gambling has affected the domestic state-owned gambling monopoly, AB Svenska Spel. We find that online gambling and the traditional state-managed gambling are relatively weak substitutes. Thus, concerns about the availability of online gambling being able to undercut domestic gambling policies may be overstated.
Journal: Applied Economics Letters
Pages: 1135-1137
Issue: 16
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1259739
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1259739
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:16:p:1135-1137




Template-Type: ReDIF-Article 1.0
Author-Name: Katja Heinisch
Author-X-Name-First: Katja
Author-X-Name-Last: Heinisch
Author-Name: Klaus Wohlrabe
Author-X-Name-First: Klaus
Author-X-Name-Last: Wohlrabe
Title: The European refugee crisis and the natural rate of output
Abstract: 
 The European Commission follows a harmonized approach for calculating structural (potential) output for EU member states that takes into account labour as an important ingredient. This article shows how the recent huge migrants’ inflow to Europe affects trend output. Due to the fact that the immigrants immediately increase the working population but effectively do not enter the labour market, we illustrate that the potential output is potentially upward biased without any corrections. Taking Germany as an example, we find that the average medium-term potential growth rate is lower if the migration flow is modelled adequately compared to results based on the unadjusted European Commission procedure.
Journal: Applied Economics Letters
Pages: 1138-1142
Issue: 16
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1259741
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1259741
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Template-Type: ReDIF-Article 1.0
Author-Name: Travis Roach
Author-X-Name-First: Travis
Author-X-Name-Last: Roach
Title: Renewable energy and low-carbon policy spillover effects on natural gas demand
Abstract: 
 Recent legislation intended to increase the use of renewable energy sources and lower the amount of carbon dioxide emissions from energy has changed the structure of energy markets. The effect of these policies on carbon-intensive fuel sources is rather obvious. For natural gas, though, the effect is not immediately clear. This letter uses a structural model of natural gas demand to uncover whether these policies have led to increased demand because natural gas is a relatively clean source of energy that couples well with renewables or if these policies have crowded out natural gas on net.
Journal: Applied Economics Letters
Pages: 1143-1147
Issue: 16
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1259742
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1259742
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Template-Type: ReDIF-Article 1.0
Author-Name: Lee A. Smales
Author-X-Name-First: Lee A.
Author-X-Name-Last: Smales
Title: Effect of investor fear on Australian financial markets
Abstract: 
 We examine the relationship between changes in the level of investor fear (proxied by the ASX 200 implied volatility index) and Australian financial market returns. We document a statistically significant relationship, across asset classes, where returns decline as investor fear increases. Returns are more sensitive to changes in the level of investor fear during the financial crisis of 2008–2009, when investor fear spikes sharply. Taken together, the results confirm that Australian financial market returns are closely related to prevailing levels of investor fear.
Journal: Applied Economics Letters
Pages: 1148-1153
Issue: 16
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1259744
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1259744
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:16:p:1148-1153




Template-Type: ReDIF-Article 1.0
Author-Name: Jun Liang
Author-X-Name-First: Jun
Author-X-Name-Last: Liang
Author-Name: Shaobo Long
Author-X-Name-First: Shaobo
Author-X-Name-Last: Long
Title: Unified efficiency evaluation of regional industries in China: a nonradial directional distance function approach
Abstract: 
 This article extends a nonradial directional distance function (DDF) to allow decision-making units to adjust inputs in two directions. Based on this nonradial DDF, we evaluate the regional industrial unified efficiency (operational efficiency and environmental efficiency) in China between 2005 and 2014. We find that East China has the highest industrial unified efficiency score, followed by the West and Central China. To avoid methodological biases, three other models are also applied to assess the unified efficiency. The results indicate that a nonradial DDF under natural and managerial disposability (our model) has a greater discriminating power than a nonradial DDF under either of the disposabilities and the radial DDF.
Journal: Applied Economics Letters
Pages: 1154-1160
Issue: 16
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1262506
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1262506
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:16:p:1154-1160




Template-Type: ReDIF-Article 1.0
Author-Name: Xiaoli L. Etienne
Author-X-Name-First: Xiaoli L.
Author-X-Name-Last: Etienne
Title: Irrational exuberance in the Chinese iron ore market?
Abstract: 
 The rapid run-ups in the Chinese iron ore market in the first half of 2016 have sparked much concern about the appearance of speculative bubbles in this market among many market analysts. Using a recently developed bubble testing procedure, we confirm that there indeed existed periods of irrational exuberance in the Chinese iron ore market. However, most of the bubble periods are short-lived, reflecting the market’s ability to quickly respond to price deviations unjustified by fundamentals. The longest bubble period occurred in mid-2014, corresponding to a period of relatively low trading volume. Using a fractional probit model, we find evidence consistent with the hypothesis that market liquidity may play a role in bubble occurrences.
Journal: Applied Economics Letters
Pages: 1161-1166
Issue: 16
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1262507
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1262507
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:16:p:1161-1166




Template-Type: ReDIF-Article 1.0
Author-Name: Silvia De Poli
Author-X-Name-First: Silvia
Author-X-Name-Last: De Poli
Author-Name: Niklas Jakobsson
Author-X-Name-First: Niklas
Author-X-Name-Last: Jakobsson
Author-Name: Simone Schüller
Author-X-Name-First: Simone
Author-X-Name-Last: Schüller
Title: The drowning-refugee effect: media salience and xenophobic attitudes
Abstract: 
 We study whether salient media coverage of refugees drowning in the Mediterranean affects individual xenophobic attitudes. We combine a randomized survey experiment – a variant of the classic ‘trolley dilemma’ – that implicitly elicits individual attitudes towards foreigners, with variation in interview timing, and find that such issue salience significantly decreases xenophobic attitudes by 2.2 percentage points. Our results thus support the idea that exposure to news describing immigrants as victims (instead of a threat) can significantly affect public opinion and mitigate bias against immigrants.
Journal: Applied Economics Letters
Pages: 1167-1172
Issue: 16
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1262513
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1262513
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:16:p:1167-1172




Template-Type: ReDIF-Article 1.0
Author-Name: Paulo R. Scalco
Author-X-Name-First: Paulo R.
Author-X-Name-Last: Scalco
Author-Name: Rigoberto A. Lopez
Author-X-Name-First: Rigoberto A.
Author-X-Name-Last: Lopez
Author-Name: Xi He
Author-X-Name-First: Xi
Author-X-Name-Last: He
Title: Buyer and/or seller power? An application to the Brazilian milk market
Abstract: 
 Despite its importance, the co-existence of buyer and seller power has been largely neglected in the empirical literature. In this article, we develop a stochastic frontier model to measure channel market power as deviations from a perfectly competitive frontier and decompose it into buyer and seller power. We provide an empirical illustration using milk data from five Brazilian states and find that channel market power ranges between 4% and 12% of the wholesale price, but that 75% of the market power is accounted for by retail buyer power. The methodology proposed can provide a rapid assessment of the degree of market power in other markets and a method for separating out buyer and seller power in the market channel.
Journal: Applied Economics Letters
Pages: 1173-1176
Issue: 16
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1262515
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1262515
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:16:p:1173-1176




Template-Type: ReDIF-Article 1.0
Author-Name: Jason Stevens
Author-X-Name-First: Jason
Author-X-Name-Last: Stevens
Author-Name: Jason Childs
Author-X-Name-First: Jason
Author-X-Name-Last: Childs
Title: Re-examining the economic determinants of alcohol consumption in Canada: controlling for the presence of common correlated effects
Abstract: 
 Alcoholic beverages represent both an important source of revenue and a driver of expenditure for provincial governments in Canada. As a result, the pricing of alcoholic beverages has substantial public policy implications. In this context, we re-examine existing work estimating the demand for three classes of alcoholic beverage (beer, wine, and spirits) by controlling for common correlated effects. The results reveal that any conclusions regarding the government’s ability to influence alcohol consumption is sensitive to the assumption that the relationship between the demand for alcoholic beverages and economic variables is identical across provinces.
Journal: Applied Economics Letters
Pages: 1177-1180
Issue: 16
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1265065
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1265065
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Template-Type: ReDIF-Article 1.0
Author-Name: Jun Liang
Author-X-Name-First: Jun
Author-X-Name-Last: Liang
Author-Name: Shaobo Long
Author-X-Name-First: Shaobo
Author-X-Name-Last: Long
Title: Government intervention, sectoral productivity growth and structural transformation
Abstract: 
 This article examines the long-term impact of government intervention and sectoral productivity on structural transformation. We construct a multi-sector Dynamic General Equilibrium model that explicitly incorporates government intervention as a force of structural transformation. The government affects the economy through taxation and lump sum transfers. We show that in the steady state, a reduction in the tax rate and an increase in sectoral productivity will decrease the agricultural employment share, and when nonhomotheticity of preference is strong enough, these changes can also increase the share of services employment.
Journal: Applied Economics Letters
Pages: 1181-1188
Issue: 16
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1265066
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1265066
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:16:p:1181-1188




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Killins
Author-X-Name-First: Robert
Author-X-Name-Last: Killins
Title: The impact of payroll allocation has on winning in major league baseball
Abstract: 
 This article presents evidence that allocating additional payroll to specific positions is positively related to the overall success of a sample of Major League Baseball from 2011 through 2015. When examining the two subsamples of the group, American League versus National League, the results show that the management staff of teams from respective leagues would be well served to increase payroll to certain positions such as catching and pitching. Additionally, this article investigates the impact payroll allocation has on runs scored, runs against and attendance and finds some significant relationships.
Journal: Applied Economics Letters
Pages: 1189-1193
Issue: 16
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1265067
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1265067
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:16:p:1189-1193




Template-Type: ReDIF-Article 1.0
Author-Name: Hernan Winkler
Author-X-Name-First: Hernan
Author-X-Name-Last: Winkler
Title: How does the internet affect migration decisions?
Abstract: 
 This article provides new evidence on the impact of the internet on migration decisions. I find that an increase in internet adoption among migrant-sending countries reduces the stock of migrants from these locations. The results are robust to a number of specifications, including an instrumental variable approach that addresses the endogeneity of internet adoption. The findings suggest that the internet may weaken the importance of push factors in the decision to migrate, and that these effects outweigh declines in mobility costs.
Journal: Applied Economics Letters
Pages: 1194-1198
Issue: 16
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1265069
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1265069
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:16:p:1194-1198




Template-Type: ReDIF-Article 1.0
Author-Name: Jayson L. Lusk
Author-X-Name-First: Jayson L.
Author-X-Name-Last: Lusk
Author-Name: Brenna Ellison
Author-X-Name-First: Brenna
Author-X-Name-Last: Ellison
Title: A note on modelling household food waste behaviour
Abstract: 
 Food waste is increasingly recognized as a global challenge, with both public and private efforts aimed at reducing food waste from farm to fork. However, analyses of food waste often fail to treat the problem as an economic phenomenon, where consumers’ utility maximizing decisions result in discarded food. In an effort to guide future research, this article presents a conceptual model of household food waste, showing that decisions to discard food depend on food prices and wage and nonwage income.
Journal: Applied Economics Letters
Pages: 1199-1202
Issue: 16
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1265070
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1265070
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Template-Type: ReDIF-Article 1.0
Author-Name: Nick Drydakis
Author-X-Name-First: Nick
Author-X-Name-Last: Drydakis
Author-Name: Peter MacDonald
Author-X-Name-First: Peter
Author-X-Name-Last: MacDonald
Author-Name: Vangelis Chiotis
Author-X-Name-First: Vangelis
Author-X-Name-Last: Chiotis
Author-Name: Laurence Somers
Author-X-Name-First: Laurence
Author-X-Name-Last: Somers
Title: Age discrimination in the UK labour market. Does race moderate ageism? An experimental investigation
Abstract: 
 Governments encourage people to work longer in order that pension promises are sustainable as populations age. This approach presupposes that older workers are welcome in the market. This study undertakes a correspondence test to investigate whether ageism is prevalent in the UK at the initial stage of the hiring process. This study adds to the literature by investigating whether race can moderate the relationship between age and labour market outcomes. The results suggest that older people are penalized in the labour market. They have lower access to vacancies and sorting in lower-paid jobs. A minority racial background exacerbates both penalties. These new results call for anti-ageism and anti-racial policy actions in the workplace.
Journal: Applied Economics Letters
Pages: 1-4
Issue: 1
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1290763
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1290763
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Template-Type: ReDIF-Article 1.0
Author-Name: Yiuman Tse
Author-X-Name-First: Yiuman
Author-X-Name-Last: Tse
Title: Return seasonality in the foreign exchange market
Abstract: 
 I examine return seasonality in the foreign exchange market using currency futures during the period 1973−2015. All the G10 currency futures yield negative returns in January and this effect happens more often in the countries that have a tax year ending in December. In contrast, returns offered in April are positive. To exploit these anomalies, I use a seasonality strategy that selects portfolios based on their historical same-calendar-month returns. I find that this strategy does not work in the currency market, although I find consistent results with Keloharju et al. in the stock portfolios.
Journal: Applied Economics Letters
Pages: 5-8
Issue: 1
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1290766
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1290766
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Template-Type: ReDIF-Article 1.0
Author-Name: Seon-Woong Kim
Author-X-Name-First: Seon-Woong
Author-X-Name-Last: Kim
Author-Name: B. Wade Brorsen
Author-X-Name-First: B. Wade
Author-X-Name-Last: Brorsen
Author-Name: Jayson Lusk
Author-X-Name-First: Jayson
Author-X-Name-Last: Lusk
Title: Not everybody prefers organic food: unobserved heterogeneity in U.S. consumers’ preference for organic apple and milk
Abstract: 
 Despite organic food’s growing market share and the often-found premiums for organic foods in willingness-to-pay studies, the ultimate size of the organic food market remains unclear. Due to perceived taste, safety or appearance, some people may, in fact, not prefer organic. This study uses data from choice experiments to determine preference for organic versus conventional milk and apples. Using latent class and random parameter models, nontrivial shares (at least 33%) of consumers in both markets are not willing to pay a premium for organic. These results have implications for food marketers but also for economists modelling the organic food sector, which typically assume vertical differentiation.
Journal: Applied Economics Letters
Pages: 9-14
Issue: 1
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1290767
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1290767
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Template-Type: ReDIF-Article 1.0
Author-Name: Kon S. Lai
Author-X-Name-First: Kon S.
Author-X-Name-Last: Lai
Author-Name: Mann Yoon
Author-X-Name-First: Mann
Author-X-Name-Last: Yoon
Title: Nonlinear trend stationarity in global and hemispheric temperatures
Abstract: 
 This study investigates the issue of whether our Earth’s surface temperature exhibits a stochastic trend. Using state-of-the-art econometrics, we analyse the latest available temperature anomaly data. Our results indicate that both global and hemispheric temperatures may appear to have a stochastic trend when in fact they are stationary around a nonlinear deterministic trend and structural breaks are responsible. Furthermore, the nonlinearity found in the temperature trend is more complex than what has been reported in previous studies.
Journal: Applied Economics Letters
Pages: 15-18
Issue: 1
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1290768
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1290768
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Template-Type: ReDIF-Article 1.0
Author-Name: Yang Li
Author-X-Name-First: Yang
Author-X-Name-Last: Li
Author-Name: Zhao Zhao
Author-X-Name-First: Zhao
Author-X-Name-Last: Zhao
Title: The dynamic impact of intellectual capital on firm value: evidence from China
Abstract: 
 We examine the dynamic relationship between intellectual capital (measured by human capital and organizational capital) and firm value of Chinese listed firms. We do causality identification using system GMM and IV estimation, and find no significant relation between human capital and firm value, but organizational capital positively affects firm value with a lag. Our findings are robust to firms with different property rights, of different sizes, or in different industries, with the only exception of capital-intensive firms, in which human capital has a significant influence on firm value. The results imply that the improvement of organizational system plays a more important role in raising the value of a firm in a typical developing country, like China.
Journal: Applied Economics Letters
Pages: 19-23
Issue: 1
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1290769
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1290769
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Template-Type: ReDIF-Article 1.0
Author-Name: Parvinder Kler
Author-X-Name-First: Parvinder
Author-X-Name-Last: Kler
Author-Name: Azhar Hussain Potia
Author-X-Name-First: Azhar Hussain
Author-X-Name-Last: Potia
Author-Name: Sriram Shankar
Author-X-Name-First: Sriram
Author-X-Name-Last: Shankar
Title: Underemployment in Australia: a panel investigation
Abstract: 
 This 2001–2013 panel study finds 33% of part-time employees to be underemployed, disproportionately affecting males, immigrants, youth, the blue-collared and new to our study, those on casual contracts. Within the underemployed sample, we report that the gap between preferred and actual hours (working hour tension) also varies by personal and labour characteristics, largely consistent with that found for the determinants of underemployment. The continued growth of part-time employment and casualization in recent years has been more pronounced among males, raising their rates of underemployment as they disproportionately prefer to work more hours vis-à-vis their part-time female peers.
Journal: Applied Economics Letters
Pages: 24-28
Issue: 1
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1290770
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1290770
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Template-Type: ReDIF-Article 1.0
Author-Name: Dorine Boumans
Author-X-Name-First: Dorine
Author-X-Name-Last: Boumans
Author-Name: Johanna Garnitz
Author-X-Name-First: Johanna
Author-X-Name-Last: Garnitz
Author-Name: Günther G. Schulze
Author-X-Name-First: Günther G.
Author-X-Name-Last: Schulze
Title: Who has terror angst? Perceptions of the effects of terror on the world economy
Abstract: 
 We examine sources of biased terror perceptions. In particular, we investigate how international experts of the IFO World Economic Survey assess the effect of terror on the world economy and the economy of their own country. The results show that respondents from terror-stricken countries have more favourable views on the effect of terror on the word economy (but not on their own countries). Male respondents and those from democratic and richer countries are likewise more optimistic.
Journal: Applied Economics Letters
Pages: 29-33
Issue: 1
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1290771
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1290771
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Garrett Roth
Author-X-Name-First: M. Garrett
Author-X-Name-Last: Roth
Author-Name: William P. McAndrew
Author-X-Name-First: William P.
Author-X-Name-Last: McAndrew
Title: To each according to their ability? Academic ranking and salary inequality across public colleges and universities
Abstract: 
 This article compares the salary structure of tenured and tenure-track faculty across schools within the university systems of North Carolina and New York. Specifically, we establish a positive relationship between school prestige and salary inequality, both overall and within specific academic ranks. This result suggests that the value to teaching is less discipline-specific than the value to research output. Marked differences in the aforementioned statistical linkage across academic ranks also confirm prior speculation that junior faculty salaries are more closely tied to academic value than senior faculty salaries.
Journal: Applied Economics Letters
Pages: 34-37
Issue: 1
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1290783
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1290783
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Template-Type: ReDIF-Article 1.0
Author-Name: Jorge Díaz-Lanchas
Author-X-Name-First: Jorge
Author-X-Name-Last: Díaz-Lanchas
Author-Name: Carlos Llano
Author-X-Name-First: Carlos
Author-X-Name-Last: Llano
Author-Name: Asier Minondo
Author-X-Name-First: Asier
Author-X-Name-Last: Minondo
Author-Name: Francisco Requena
Author-X-Name-First: Francisco
Author-X-Name-Last: Requena
Title: Cities export specialization
Abstract: 
 We analyse whether more populated cities have an export specialization different from the one of less populated cities. Using very detailed product-level export data for Brazilian urban areas over the period 2000–2013, we show that more populated cities export proportionately more skill-intensive and complex goods than less populated cities. This result is consistent with the larger diversity of skills and the higher share of skilled workers in more populated cities.
Journal: Applied Economics Letters
Pages: 38-42
Issue: 1
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1290784
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1290784
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Template-Type: ReDIF-Article 1.0
Author-Name: Insook Lee
Author-X-Name-First: Insook
Author-X-Name-Last: Lee
Title: Is social expenditure responsible for recent rise in public debt in OECD countries?
Abstract: 
 In developed economies, social expenditure is alleged to cause the rise in public debt over the last three decades. With dynamic panel data of 34 OECD countries from 1980 to 2014, we find robust evidence that the rise in public debt is not attributable to social expenditure.
Journal: Applied Economics Letters
Pages: 43-46
Issue: 1
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1293778
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1293778
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Template-Type: ReDIF-Article 1.0
Author-Name: Lijie Zhang
Author-X-Name-First: Lijie
Author-X-Name-Last: Zhang
Author-Name: Yong Li
Author-X-Name-First: Yong
Author-X-Name-Last: Li
Author-Name: Zhuo Huang
Author-X-Name-First: Zhuo
Author-X-Name-Last: Huang
Author-Name: Xinhan Chen
Author-X-Name-First: Xinhan
Author-X-Name-Last: Chen
Title: Stock liquidity and firm value: evidence from China
Abstract: 
 Empirical evidence for the effect of stock liquidity on firm value is limited and mixed due to a severe endogeneity problem. This article adds to the literature on this topic by providing new empirical evidence using the nontradable share reform in China as a quasi-natural experiment. Our results show that higher stock liquidity can lead to significant firm value improvement.
Journal: Applied Economics Letters
Pages: 47-50
Issue: 1
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1293779
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1293779
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Template-Type: ReDIF-Article 1.0
Author-Name: Hua Wang
Author-X-Name-First: Hua
Author-X-Name-Last: Wang
Author-Name: J. Ignacio Gimenez-Nadal
Author-X-Name-First: J. Ignacio
Author-X-Name-Last: Gimenez-Nadal
Title: Teens and twenties: cultural and preferences differences in the uses of time in Spain
Abstract: 
 In this article, we analyse differences in the use of time between teenagers and young adults in Spain, with a focus on differences according to the nationality of individuals. Using the Spanish Time Use Survey for the years 2002/2003 and 2009/2010, we analyse the time devoted to the different time use categories by both teenagers and young adults. We find differences in time allocation decisions between the two groups, which also depend on the nationality of the respondents, pointing to cultural differences as a factor affecting time allocation decisions.
Journal: Applied Economics Letters
Pages: 51-55
Issue: 1
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1293780
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1293780
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Williams
Author-X-Name-First: Kevin
Author-X-Name-Last: Williams
Title: Are remittances good for economic growth? The role of political institutions
Abstract: 
 Within a sample of 109 developing countries for the period 1975–2014 and controlling for country and time-fixed effects, this article presents evidence that workers’ remittances are more effective in promoting growth in developing countries with strong democratic institutions. The evidence is robust to alternative samples and different measures of democratic institutions.
Journal: Applied Economics Letters
Pages: 56-60
Issue: 1
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1293781
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1293781
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Template-Type: ReDIF-Article 1.0
Author-Name: Barry Reilly
Author-X-Name-First: Barry
Author-X-Name-Last: Reilly
Author-Name: Tsegay Gebrekidan Tekleselassie
Author-X-Name-First: Tsegay Gebrekidan
Author-X-Name-Last: Tekleselassie
Title: The role of United States Visa Waiver Program on cross-border travel
Abstract: 
 This study investigates the role of the United States Visa Waiver Program on inbound travel. We employ Difference-in-Difference estimation using panel data on US inbound travel. We conclude, ceteris paribus, that admitting a country to the programme increases inbound travel from the origin country to the US by between 29% and 44% depending on the specification.
Journal: Applied Economics Letters
Pages: 61-65
Issue: 1
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1293782
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1293782
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Template-Type: ReDIF-Article 1.0
Author-Name: David Gomtsyan
Author-X-Name-First: David
Author-X-Name-Last: Gomtsyan
Title: Getting income shares right in agriculture
Abstract: 
 Most economic studies assume that factor shares are constant across countries and sectors. This article calculates factor shares in the agricultural sector across all US states and shows that there are huge differences, which can be explained by crop composition. In states that focus on more labour-intensive crops, such as fruits, the share of income going to labour is larger than in grain-growing states.
Journal: Applied Economics Letters
Pages: 66-69
Issue: 1
Volume: 25
Year: 2018
Month: 1
X-DOI: 10.1080/13504851.2017.1293783
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1293783
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:1:p:66-69




Template-Type: ReDIF-Article 1.0
Author-Name: Elisabetta de Cao
Author-X-Name-First: Elisabetta de
Author-X-Name-Last: Cao
Author-Name: Marloes Huis
Author-X-Name-First: Marloes
Author-X-Name-Last: Huis
Author-Name: Samson Jemaneh
Author-X-Name-First: Samson
Author-X-Name-Last: Jemaneh
Author-Name: Robert Lensink
Author-X-Name-First: Robert
Author-X-Name-Last: Lensink
Title: Community conversations as a strategy to change harmful traditional practices against women
Abstract: 
 This article conducts a series of list experiments to detect whether community conversations contribute to a change in thinking about harmful traditional practices in Ethiopia. While our findings are mixed, we provide evidence that community conversations are indeed a valuable instrument to induce a change in social values in order to empower women.
Journal: Applied Economics Letters
Pages: 72-74
Issue: 2
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1161713
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1161713
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Template-Type: ReDIF-Article 1.0
Author-Name: Yingying Shi
Author-X-Name-First: Yingying
Author-X-Name-Last: Shi
Author-Name: Min Pan
Author-X-Name-First: Min
Author-X-Name-Last: Pan
Title: Evolutionary dynamics of social tolerance in the economic interaction model with local social cost functions
Abstract: 
 The evolutionary dynamics of social tolerance in a society with local social cost functions have been discussed. We show that, very different from the global function case studied previously, dynamics of social tolerance in a society with local social cost functions is integrable in phase space. The exact solution of the evolutionary dynamics in phase space is obtained, and the evolutionary trajectories are discussed by using the Kolmogorov–Arnold–Moser theorem. We show that the property of steady states is closely related to the group populations. We also discuss the necessary condition of the full tolerance steady state, and it is demonstrated that both global and local social cost functions have the same necessary condition of achieving full tolerance.
Journal: Applied Economics Letters
Pages: 75-79
Issue: 2
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1164809
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1164809
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Template-Type: ReDIF-Article 1.0
Author-Name: Quinn Steigleder
Author-X-Name-First: Quinn
Author-X-Name-Last: Steigleder
Author-Name: Chad Sparber
Author-X-Name-First: Chad
Author-X-Name-Last: Sparber
Title: The effect of legal status on immigrant wages and occupational skills
Abstract: 
 Native and foreign-born workers with a high school degree or less education work in different types of occupations. This article exploits the 1986 Immigration Reform and Control Act to examine whether legal status causes immigrants to work in occupations that use skills similar to those of natives. Legal status decreases the manual skill intensity of immigrants’ occupations by about two percentiles. It increases communication skill intensity by a similar amount. This reduces the skill gap between Mexican-born and native-born American workers by 11–15%.
Journal: Applied Economics Letters
Pages: 80-84
Issue: 2
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1164811
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1164811
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Ryan Haley
Author-X-Name-First: M. Ryan
Author-X-Name-Last: Haley
Title: On the inauspicious incentives of the scholar-level h-index: an economist’s take on collusive and coercive citation
Abstract: 
 Faculty renewal, promotion, tenure, merit and awards are typically tied to scholarship performance, which is often measured in several ways, among them citation-based metrics like the scholar-level h-index. With the relatively recent developments of ‘one-touch’ Google Scholar citation tracking and Harzing’s Publish or Perish Software, it is simple to monitor and potentially game one’s personal h-index. This article explores this possibility by assessing the incentives embedded in the scholar-level h-index through the lens of cartels, uncertainty, insurance and game-theoretic best response.
Journal: Applied Economics Letters
Pages: 85-89
Issue: 2
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1164812
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1164812
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:2:p:85-89




Template-Type: ReDIF-Article 1.0
Author-Name: Brian Lucey
Author-X-Name-First: Brian
Author-X-Name-Last: Lucey
Author-Name: Fergal O’connor
Author-X-Name-First: Fergal
Author-X-Name-Last: O’connor
Title: Are gold bugs coherent?
Abstract: 
 We use wavelet models to surface the relationship between gold miners stock prices and the price of gold. We find that there is little relationship in the short run but some significant and long-standing long-run relationships. Gold prices appear to lead gold miner stock prices.
Journal: Applied Economics Letters
Pages: 90-94
Issue: 2
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1164813
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1164813
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:2:p:90-94




Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Ford
Author-X-Name-First: Nicholas
Author-X-Name-Last: Ford
Author-Name: Charles Yuji Horioka
Author-X-Name-First: Charles Yuji
Author-X-Name-Last: Horioka
Title: The ‘real’ explanation of the Feldstein–Horioka puzzle
Abstract: 
 This article shows that global capital markets cannot, by themselves, achieve net transfers of financial capital between countries and that both the integration of global financial markets and the integration of global goods markets are needed to achieve net transfers of capital between countries. Frictions (barriers to mobility) in one or both of these markets can impede net transfers of capital between countries, produce the Feldstein and Horioka (1980) results and prevent real interest rates from being equalized across countries. Moreover, there is empirical evidence that barriers to the mobility of goods and services are an important obstacle to international capital mobility.
Journal: Applied Economics Letters
Pages: 95-97
Issue: 2
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1164814
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1164814
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:2:p:95-97




Template-Type: ReDIF-Article 1.0
Author-Name: Richard Parsons
Author-X-Name-First: Richard
Author-X-Name-Last: Parsons
Author-Name: James Nguyen
Author-X-Name-First: James
Author-X-Name-Last: Nguyen
Title: Bank consolidation before and after the 2008 crisis
Abstract: 
 This article statistically tests the impact of the financial crisis and of Dodd-Frank on the decade-long trends in banking consolidation in developed countries. The results show that though the trends have been consistent, widespread and powerful, the financial crisis was significant enough to increase the rate of decrease in commercial banks. However, the crisis seems to have moderated the trend towards greater concentration as measured by the Herfindahl Index. The identification of the global nature of these trends and their recent changes is critical in directing future research targeted to resolving the debate over the social good of bank concentration.
Journal: Applied Economics Letters
Pages: 98-101
Issue: 2
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1164815
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1164815
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Template-Type: ReDIF-Article 1.0
Author-Name: Adebayo Abass
Author-X-Name-First: Adebayo
Author-X-Name-Last: Abass
Author-Name: Paul Amaza
Author-X-Name-First: Paul
Author-X-Name-Last: Amaza
Author-Name: Beatrice Bachwenkizi
Author-X-Name-First: Beatrice
Author-X-Name-Last: Bachwenkizi
Author-Name: Kelly Wanda
Author-X-Name-First: Kelly
Author-X-Name-Last: Wanda
Author-Name: Ambrose Agona
Author-X-Name-First: Ambrose
Author-X-Name-Last: Agona
Author-Name: Nicolaus Cromme
Author-X-Name-First: Nicolaus
Author-X-Name-Last: Cromme
Title: The impact of mechanized processing of cassava on farmers’ production efficiency in Uganda
Abstract: 
 The study investigates the impact of adopting mechanized processing of cassava on farmers’ production efficiency in Uganda. A stochastic production function, using translog functional form, was used to compare efficiency measures of farmers in mechanized cassava-processing villages compared with the farmers in nonmechanized cassava-processing villages in 2014. Given the specification of the translog production function, the mean technical efficiencies of the farmers were 0.69 and 0.52 in mechanized and nonmechanized villages, respectively. The significant determinants of technical inefficiency among the respondents are farming experience, education, membership of farmer association, access to markets, sale of cassava to processors and farmers who planted cassava as sole crop are all negative, which confirm to a priori expectations and significant at different levels. The policy implication of the study is that mechanization of cassava processing, particularly if done at the right scale, could create demand that can transform primary production for increased yields, higher incomes and production efficiency of smallholder farmers who constitute a significant proportion of Uganda’s agricultural sector.
Journal: Applied Economics Letters
Pages: 102-106
Issue: 2
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1167817
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1167817
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:2:p:102-106




Template-Type: ReDIF-Article 1.0
Author-Name: António Afonso
Author-X-Name-First: António
Author-X-Name-Last: Afonso
Author-Name: Jorge Silva
Author-X-Name-First: Jorge
Author-X-Name-Last: Silva
Title: Determinants of nonresident government debt ownership
Abstract: 
 We examine the determinants of nonresident government debt ownership, accounting for domestic and external factors and financial variables during the period 2000Q2–2014Q4, focussing on a small euro area open economy: Portugal. Our results show that better fiscal positions, higher systematic stress in Europe and higher shares of monetary and financial institutions (MFI) cross-border holdings of public debt, increase the share of nonresident held debt, and rising sovereign yields decrease that ratio.
Journal: Applied Economics Letters
Pages: 107-112
Issue: 2
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1167818
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1167818
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:2:p:107-112




Template-Type: ReDIF-Article 1.0
Author-Name: Donald H. Dutkowsky
Author-X-Name-First: Donald H.
Author-X-Name-Last: Dutkowsky
Author-Name: Ryan S. Sullivan
Author-X-Name-First: Ryan S.
Author-X-Name-Last: Sullivan
Title: Excise taxes, over-shifting, cross-elasticity, and tax revenue
Abstract: 
 This article examines cross-elasticity effects in excise taxation for markets characterized by monopolistic competition and over-shifting. Extending the constant elasticity demand model to consider cross-elasticity leads to notably different results regarding tax revenue maximization. With nonzero but weak cross-elasticity effects relative to the price elasticity, we derive a higher optimal tax-price ratio compared to prior research. With strong cross-elasticity, revenue can continually be increased by raising the excise tax. Overall, the study offers government greater incentive to use excise taxes to obtain revenue.
Journal: Applied Economics Letters
Pages: 113-116
Issue: 2
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1167821
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1167821
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:2:p:113-116




Template-Type: ReDIF-Article 1.0
Author-Name: H. Young Baek
Author-X-Name-First: H. Young
Author-X-Name-Last: Baek
Author-Name: David Cho
Author-X-Name-First: David
Author-X-Name-Last: Cho
Title: Family firm succession and performance
Abstract: 
 We analyse more than half a million businesses from the Census Bureau’s 2007 Survey of Business Owners with less survivorship and size biases. After controlling for firm- and owner-specific characteristics, we find family businesses generate fewer receipts and less employment and payroll. Family businesses involving a second-generation owner-manager show better performance. On the other hand, those managed by founder-owners show worse performance. These results of all firms, mostly small businesses, are contrary to the previous studies of large public firms. However, for a subsample of 2064 businesses large enough to be listed on a US stock exchange, the results become consistent with the previous large-firm studies.
Journal: Applied Economics Letters
Pages: 117-121
Issue: 2
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1167822
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1167822
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:2:p:117-121




Template-Type: ReDIF-Article 1.0
Author-Name: Saurabh Ghosh
Author-X-Name-First: Saurabh
Author-X-Name-Last: Ghosh
Author-Name: Mridul Saggar
Author-X-Name-First: Mridul
Author-X-Name-Last: Saggar
Title: Volatility spillovers to the emerging financial markets during taper talk and actual tapering
Abstract: 
 On 22 May 2013, Fed chairman, Ben Bernanke surprised markets by indicating to the media that the US Fed may taper its quantitative easing programme. This set out financial volatility across the globe over the next several months that spilled over to the financial markets of emerging market economies (EMEs). It prompted many EME central banks to take varied policy actions. Looking into this widely known event, this article presents formal empirical evidence establishing that (i) conditional volatility during taper talk exceeded that during actual tapering and (ii) volatility spillovers took place ‘contemporaneously’ from the US markets to the key EMEs during this period. The results suggest importance of careful communications by advanced economy central banks and the possibility of establishing ‘rules of the monetary game’. They also suggest that in the absence of international policy coordination to contain spillovers, EME central banks should build adequate buffers and reinforce financial stability ahead of the reversal of the global interest rate cycle.
Journal: Applied Economics Letters
Pages: 122-127
Issue: 2
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1170923
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1170923
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:2:p:122-127




Template-Type: ReDIF-Article 1.0
Author-Name: Ventura Charlin
Author-X-Name-First: Ventura
Author-X-Name-Last: Charlin
Author-Name: Arturo Cifuentes
Author-X-Name-First: Arturo
Author-X-Name-Last: Cifuentes
Title: On the correlation between stocks and art market returns
Abstract: 
 We estimate the correlation between the returns of an S&amp;P 500-based portfolio and Renoir paintings. Unlike previous studies that relied on single-point estimates of the correlation to explore the merits of adding art assets to a portfolio of stocks, we rely on a wild bootstrap algorithm to determine confidence intervals for the correlation estimates. We find that these confidence intervals are so wide (a situation not peculiar to our example) that it seems impossible to make absolute remarks about the merits of adding art-related assets to stocks portfolios. Moreover, our results suggest that previous conclusions regarding the correlation between art and stocks should be taken with some scepticism.
Journal: Applied Economics Letters
Pages: 128-131
Issue: 2
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1170924
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1170924
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:2:p:128-131




Template-Type: ReDIF-Article 1.0
Author-Name: Xu Zhang
Author-X-Name-First: Xu
Author-X-Name-Last: Zhang
Author-Name: Xiaoxing Liu
Author-X-Name-First: Xiaoxing
Author-X-Name-Last: Liu
Author-Name: Jianqin Hang
Author-X-Name-First: Jianqin
Author-X-Name-Last: Hang
Author-Name: Dengbao Yao
Author-X-Name-First: Dengbao
Author-X-Name-Last: Yao
Title: A regime-switching approach to estimating the nonlinear quantity-based monetary policy rule in China
Abstract: 
 This article focuses on the quantity-based monetary policy rule in China. The article applies a Markov regime-switching approach to estimate the nonlinear policy rule using quarterly data from 1997Q1 to 2015Q2. Overall, the performance of the estimated two-state rule is significantly better than the performance of the linear rule. The regime-switching estimation suggests that the quantity-based policy tool displays a countercyclical response to the inflation gap but a pro-cyclical response to the output gap during recessions. In addition, this article provides notable evidence of the fact that China’s central bank has been targeting inflation over the gradual course of financial liberalization.
Journal: Applied Economics Letters
Pages: 132-135
Issue: 2
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1170925
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1170925
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:2:p:132-135




Template-Type: ReDIF-Article 1.0
Author-Name: Juan Carlos Cuestas
Author-X-Name-First: Juan Carlos
Author-X-Name-Last: Cuestas
Author-Name: Luis Alberiko Gil-Alana
Author-X-Name-First: Luis Alberiko
Author-X-Name-Last: Gil-Alana
Title: Unemployment rate cycles in Europe
Abstract: 
 This article analyses the duration of cycles in the unemployment rate series in a group of EU countries. It extends the model by Bierens (2001) and follows Gil-Alana (2001) by allowing for fractional cyclical integration. Once cycles are introduced in the model, we have more evidence of mean reversion than in previous studies.
Journal: Applied Economics Letters
Pages: 136-139
Issue: 2
Volume: 24
Year: 2017
Month: 1
X-DOI: 10.1080/13504851.2016.1170926
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1170926
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:2:p:136-139




Template-Type: ReDIF-Article 1.0
Author-Name: Yasir Shahab
Author-X-Name-First: Yasir
Author-X-Name-Last: Shahab
Author-Name: Zhiwei Ye
Author-X-Name-First: Zhiwei
Author-X-Name-Last: Ye
Author-Name: Yasir Riaz
Author-X-Name-First: Yasir
Author-X-Name-Last: Riaz
Author-Name: Collins G. Ntim
Author-X-Name-First: Collins G.
Author-X-Name-Last: Ntim
Title: Individual&#x2019;s financial investment decision-making in reward-based crowdfunding: evidence from China
Abstract: 
 This article extends the work of Cecere et al. (Appl. Econ., 49(57): 5802&#x2013;5813, 2017) and explores the antecedents of backers&#x2019; decision to invest in projects from eight categories on a reward-based crowdfunding platform in China. We extract data from 2011 to 2016 from the pioneer Chinese reward-based crowdfunding site &#x2018;Demohour&#x2019;. Our empirical investigation using OLS reveals that feedback score, social capital (followers on Weibo, project sharing on social media) and project quality (number of updates) are key motivating factors in investment decision and subsequently, project success or failure. Robustness tests also confirm the findings.
Journal: Applied Economics Letters
Pages: 261-266
Issue: 4
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1464643
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1464643
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:4:p:261-266




Template-Type: ReDIF-Article 1.0
Author-Name: Ashish Kumar
Author-X-Name-First: Ashish
Author-X-Name-Last: Kumar
Title: Investigating household choice for health and life insurance
Abstract: 
 The objective of this article is to investigate the joint determination of household choice for health and life insurance. Using the 2008&#x2013;2009 Consumer Expenditure Survey data, we model household choice for health and life insurance assuming households consider purchasing them to manage financial risks in their life, after accounting for household characteristics, insurance characteristics, health status, and disability status. The model allows assessing the impact of health insurance choice on the choice of life insurance and the correlation between these two choices. The result suggests that health insurance choice positively affects the choice of life insurance and these two choices are positively correlated indicating complementary nature of these insurances in the basket of households&#x2019; risk minimising goods.
Journal: Applied Economics Letters
Pages: 267-273
Issue: 4
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1467543
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1467543
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:4:p:267-273




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Beyer
Author-X-Name-First: Christian
Author-X-Name-Last: Beyer
Author-Name: Eva Tebbe
Author-X-Name-First: Eva
Author-X-Name-Last: Tebbe
Author-Name: Korbinian von Blanckenburg
Author-X-Name-First: Korbinian
Author-X-Name-Last: von Blanckenburg
Author-Name: Elke Kottmann
Author-X-Name-First: Elke
Author-X-Name-Last: Kottmann
Title: Subject pool effects in price competition games: students versus professionals
Abstract: 
 Questioning the external validity of experiments that rely on student participants is an evergreen theme in experimental economics. Yet, there is ambiguous evidence of potential subject-pool bias. We add to the subject-pool debate by enlarging the set of experiments for which subject-pool differences have been studied. In a duopolistic Bertrand market setup designed to test for collusive behaviour, we test two treatments. The first is a baseline treatment, where participants cannot communicate with each other, while the second is a communication treatment in which participants are allowed to communicate. Each treatment is first conducted with students and then replicated with professionals. Our results show that student subjects and professionals differ significantly. However, these differences manifest themselves in quantitative rather than qualitative terms. Professionals do collude more, but their behavioural difference between treatments is similar. Students are thus a valid surrogate, if the research question is qualitative, but results generated by student samples should be handled with caution, if quantitative differences matter.
Journal: Applied Economics Letters
Pages: 274-280
Issue: 4
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1467544
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1467544
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:4:p:274-280




Template-Type: ReDIF-Article 1.0
Author-Name: Barnab&#xE9; Walheer
Author-X-Name-First: Barnab&#xE9;
Author-X-Name-Last: Walheer
Title: How foreign investments contribute to economic growth of industrial parks in China: a production-frontier decomposition approach
Abstract: 
 We study the importance of foreign direct investment for economic growth of 52 Chinese industrial parks from 2007 to 2015. For this task, we extend a production-frontier methodology, specially designed to decompose economic growth into different sources, to take two types of capital into account. Our results reveal that foreign capital is necessary for boosting economic growth of the parks, but domestic capital played the main role.
Journal: Applied Economics Letters
Pages: 281-285
Issue: 4
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1467545
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1467545
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:4:p:281-285




Template-Type: ReDIF-Article 1.0
Author-Name: Laura Beaudin
Author-X-Name-First: Laura
Author-X-Name-Last: Beaudin
Title: Examining the relationship between academic performance and workplace position: does the glass ceiling exist among graduates from the same university?
Abstract: 
 This study examines the relationship between academic performance and workplace position. Academic performance is measured by undergraduate grade point average (GPA). A series of ordered probit regression models are estimated to isolate the impact of undergraduate GPA on the probability that female and male graduates from the same university hold middle or upper management jobs within their companies. After all potential heterogeneity and explanatory variables are controlled for, results of the pooled regression models suggest that women are less likely to hold both middle and upper management positions. Further analysis also suggests that lower GPA significantly decreases the probability that women hold these positions, while GPA seems to have no significant impact on workplace position for men. Moreover, most factors which positively impact the probability that women attain these positions also benefit men more at the highest level.
Journal: Applied Economics Letters
Pages: 286-289
Issue: 4
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1467546
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1467546
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:4:p:286-289




Template-Type: ReDIF-Article 1.0
Author-Name: Rosaria Distefano
Author-X-Name-First: Rosaria
Author-X-Name-Last: Distefano
Author-Name: Livio Ferrante
Author-X-Name-First: Livio
Author-X-Name-Last: Ferrante
Author-Name: Francesco Reito
Author-X-Name-First: Francesco
Author-X-Name-Last: Reito
Title: Keeping up by robbing the Joneses
Abstract: 
 In this article, we find evidence of a &#x2018;keeping up with the Joneses&#x2019; effect in the relationship between inequality and crime in Italy. We use data on minor and major crimes in the 20 Italian regions in the years 2004&#x2013;2015 and show that for higher (lower) income levels, inequality leads individuals to commit major (minor) crimes to try to keep up with richer people.
Journal: Applied Economics Letters
Pages: 290-294
Issue: 4
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1467547
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1467547
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:4:p:290-294




Template-Type: ReDIF-Article 1.0
Author-Name: Tatsuyoshi Miyakoshi
Author-X-Name-First: Tatsuyoshi
Author-X-Name-Last: Miyakoshi
Author-Name: Akira Shimada
Author-X-Name-First: Akira
Author-X-Name-Last: Shimada
Title: Which countries show favour towards negative, zero or positive population growth?
Abstract: 
 This article develops an overlapping generations model with eldercare by migrants and children in the context of the ageing problem and examines what conditions cause people to prefer a negative, zero or positive population growth rate. We find that a wage ratio of around 0.7 for eldercare by migrants can explain well the coexistence of negative, zero and positive population growth rates in the European Union. A country that does not need eldercare and has an optimistic view of the future will have a positive population growth rate. Other countries will have zero or negative population growth rates.
Journal: Applied Economics Letters
Pages: 295-301
Issue: 4
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1467548
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1467548
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:4:p:295-301




Template-Type: ReDIF-Article 1.0
Author-Name: Igor Fedotenkov
Author-X-Name-First: Igor
Author-X-Name-Last: Fedotenkov
Title: Corporate labour share of income and the shadow economy: a cross-country analysis
Abstract: 
 This article addresses a link between the size of the shadow economy and the corporate labour share of income in the European Union. Fixed individual and time effects models suggest that there is a negative link between these two indicators. The coefficients are statistically significant if we control for other variables related to labour markets, such as unemployment rates or strictness of employment protection (regular contracts). Depending on the exact model specification, our estimates suggest that an increase in the shadow economy by 1% of GDP results in a 0.5&#x2013;1% decline in the labour share of income in the corporate sector.
Journal: Applied Economics Letters
Pages: 302-305
Issue: 4
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1467549
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1467549
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:4:p:302-305




Template-Type: ReDIF-Article 1.0
Author-Name: Pandej Chintrakarn
Author-X-Name-First: Pandej
Author-X-Name-Last: Chintrakarn
Author-Name: Pattanaporn Chatjuthamard
Author-X-Name-First: Pattanaporn
Author-X-Name-Last: Chatjuthamard
Author-Name: Pornsit Jiraporn
Author-X-Name-First: Pornsit
Author-X-Name-Last: Jiraporn
Author-Name: Young S. Kim
Author-X-Name-First: Young S.
Author-X-Name-Last: Kim
Title: Exploring the causal effect of religious piety on dividend policy: evidence from historical religious identification
Abstract: 
 Theory suggests that religious piety is associated with greater risk aversion and more conservative financial policies. Returns to shareholders through dividends are much more certain than returns through capital gains expected to be realized far into the future. We hypothesize that religious piety leads to a higher likelihood of dividend payments. We exploit the variation in religious piety across the US counties and estimate the effect of religion on dividend policy. To draw a causal inference, we use historical religious piety in 1971 as the instrument. Our two-stage least squares results confirm that religious piety induces firms to pay larger dividends.
Journal: Applied Economics Letters
Pages: 306-310
Issue: 4
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1467550
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1467550
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:4:p:306-310




Template-Type: ReDIF-Article 1.0
Author-Name: Adrian Zoicas-Ienciu
Author-X-Name-First: Adrian
Author-X-Name-Last: Zoicas-Ienciu
Title: Trading timing and the returns to trend-following
Abstract: 
 We document a negative impact of realistic trading timing on trend-following profits, across an international sample of equity indexes and stocks. The discount effect is substantial but reduces as trend signals become less accurate. The size of this trading timing bias is largely driven by the volatility of buy-and-hold returns and that of trend signals.
Journal: Applied Economics Letters
Pages: 311-315
Issue: 4
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1468547
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1468547
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:4:p:311-315




Template-Type: ReDIF-Article 1.0
Author-Name: Li Yan
Author-X-Name-First: Li
Author-X-Name-Last: Yan
Author-Name: Xiaoer Qin
Author-X-Name-First: Xiaoer
Author-X-Name-Last: Qin
Author-Name: Haoqi Li
Author-X-Name-First: Haoqi
Author-X-Name-Last: Li
Title: Finite-maturity stock loans under the constant elasticity of variance model
Abstract: 
 This article expresses the constant elasticity of variance stock loans pricing formula in terms of the noncentral chi-square distribution. By using the numerical solutions of the integral equation for the early exit boundary, we calculated the valuation of the stock loans. Numerical analysis is carried out to establish explicitly the value of such a loan, as well as the loan amount and the fee for providing such a service.
Journal: Applied Economics Letters
Pages: 316-320
Issue: 4
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1468548
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1468548
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:4:p:316-320




Template-Type: ReDIF-Article 1.0
Author-Name: Mushfiq Swaleheen
Author-X-Name-First: Mushfiq
Author-X-Name-Last: Swaleheen
Author-Name: Mohamed Sami Ben Ali
Author-X-Name-First: Mohamed Sami
Author-X-Name-Last: Ben Ali
Author-Name: Akram Temimi
Author-X-Name-First: Akram
Author-X-Name-Last: Temimi
Title: Corruption and public spending on education and health
Abstract: 
 Existing country and regional studies show that the effect of corruption on public spending on health and education is mixed. This letter reveals that the effect of corruption on health and education spending is significant and non-linear in a panel of 134 countries observed over two decades: For an overwhelming majority of countries, corruption has a positive effect on the share of public resources spent on public health and a negative effect in the case of education. The results presented are robust to several econometric challenges ignored in the literature.
Journal: Applied Economics Letters
Pages: 321-325
Issue: 4
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1468549
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1468549
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:4:p:321-325




Template-Type: ReDIF-Article 1.0
Author-Name: Antoni Cunyat
Author-X-Name-First: Antoni
Author-X-Name-Last: Cunyat
Title: Crowding-out effect and sorting in competitive labour markets with motivated workers
Abstract: 
 This article makes a contribution to the economics literature by inducing proper self-selection into contracts based on workers&#x2019; motivation. The novelty of our results is that it points out the alternative potential role of the crowding-out effect to separate workers based on their motivation.
Journal: Applied Economics Letters
Pages: 326-330
Issue: 4
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1468550
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1468550
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:4:p:326-330




Template-Type: ReDIF-Article 1.0
Author-Name: Dongxing Ji
Author-X-Name-First: Dongxing
Author-X-Name-Last: Ji
Title: Unusual patterns in China&#x2019;s prefectural GDP growth rates
Abstract: 
 This article examines the last (rightmost) digit of China&#x2019;s prefectural GDP growth rates, and find that they are unevenly distributedamong 0 to 9. There are too many 0s, 1s, 2s, 5s and too few 4s, 7s, 9s. Moreover, the distribution of the last digit is less skewed when the macro economy grows quickly and when the prefecture&#x2019;s growth rate ranks high within the province. These patterns reveal that local officials artificially influence the data in order to exceed some thresholds. However, they do not necessarily imply that China's GDP data are falsified.
Journal: Applied Economics Letters
Pages: 331-334
Issue: 4
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1468551
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1468551
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:4:p:331-334




Template-Type: ReDIF-Article 1.0
Author-Name: Boren Sargon
Author-X-Name-First: Boren
Author-X-Name-Last: Sargon
Author-Name: Salih Katircio&#x11F;lu
Author-X-Name-First: Salih
Author-X-Name-Last: Katircio&#x11F;lu
Title: The role of innovation in venture capital: empirical evidence from European Union and EFTA countries
Abstract: 
 This article investigates the effects of innovation attempts on the venture capital and investment activity in the cases of the selected European Union plus European Free Trade Agreement countries using annual panel data and by controlling for real income growth and business sophistication. Our findings suggest that innovation has positively significant effects on venture capital in the cases without opt-out countries (United Kingdom and Denmark); however, these effects become negative in the cases with opt-out countries. Policy implications are provided in the conclusion section of this study.
Journal: Applied Economics Letters
Pages: 335-340
Issue: 4
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1470310
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1470310
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:4:p:335-340




Template-Type: ReDIF-Article 1.0
Author-Name: Nima Nonejad
Author-X-Name-First: Nima
Author-X-Name-Last: Nonejad
Title: Crude oil price volatility dynamics and the great recession
Abstract: 
 Using a very simple econometric framework, we identify two major changes in the dynamics of crude oil price volatility based on data from 1997 to 2017. More precisely, we model weekly West Texas Intermediate (WTI) crude oil price realized volatility in a two-regime setting, one where realized volatility evolves as a plain autoregressive (AR) process (static), and the other where the level, persistence and innovation volatility of the AR process are subject to changes (dynamic). We use a Markov chain to model the probability that the process is in the static regime. The post Great Recession period sees a longer duration of the dynamic regime as well as smaller changes in the level and conditional volatility of realized volatility when switching actually occurs. Crude oil volatility also responds more aggressively to changes in economic variables, such as the t-bill rate and equity market volatility in the dynamic regime.
Journal: Applied Economics Letters
Pages: 622-627
Issue: 8
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1488051
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1488051
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:8:p:622-627




Template-Type: ReDIF-Article 1.0
Author-Name: Kazumine Kondo
Author-X-Name-First: Kazumine
Author-X-Name-Last: Kondo
Title: The governance structures of Japanese credit associations and their objective functions
Abstract: 
 Although Japanese credit associations are non-profit cooperative financial institutions, they assume the same financial functions as regional banks that are stock companies and they could compete with each other in a regional market. On the other hand, the governance structures of credit associations tend to exhibit weaker discipline than those of regional banks, and, for this reason, the financial performances of credit associations and regional banks might differ. In this article, we empirically investigated whether the objective functions of credit associations are different from those of regional banks considering their different governance structures. As a result, although significant differences of profitability of these two types of institutions were not detected, it was demonstrated that credit associations can capture a greater share of deposits than regional banks and the former are more conservative in risk taking than the latter. From these, there is a possibility that Japanese credit associations have different objective functions from regional banks.
Journal: Applied Economics Letters
Pages: 628-632
Issue: 8
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1488052
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1488052
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:8:p:628-632




Template-Type: ReDIF-Article 1.0
Author-Name: Jo&#xE3;o F. Caldeira
Author-X-Name-First: Jo&#xE3;o F.
Author-X-Name-Last: Caldeira
Author-Name: Emanuelle N. Smaniotto
Author-X-Name-First: Emanuelle N.
Author-X-Name-Last: Smaniotto
Title: The expectations hypothesis of the term structure of interest rates: The Brazilian case revisited
Abstract: 
 This article tests the Expectations Hypothesis (EH) using Brazilian monthly data for bond yields spanning the 2000&#x2013;2017 sample period and ranging in maturity from 3&#xA0;months to 5&#xA0;years. Three tests are examined: the first is based on interest rates spread and the other two are based on the forward rates. On balance our results suggest rejection of the EH throughout the maturity spectrum examined, and are broadly consistent with previous findings that a linear combination of forward rates provides a statistically significant prediction of bond excess returns.
Journal: Applied Economics Letters
Pages: 633-637
Issue: 8
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1488053
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1488053
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:8:p:633-637




Template-Type: ReDIF-Article 1.0
Author-Name: Ke Huang
Author-X-Name-First: Ke
Author-X-Name-Last: Huang
Author-Name: Sheng Fang
Author-X-Name-First: Sheng
Author-X-Name-Last: Fang
Author-Name: Changsheng Xu
Author-X-Name-First: Changsheng
Author-X-Name-Last: Xu
Author-Name: Xuesong Qian
Author-X-Name-First: Xuesong
Author-X-Name-Last: Qian
Title: Effect of political connections on corporate financial constraints: new evidence from privatization in China
Abstract: 
 Taking advantage of the SOEs privatization events in China, our research looks to identify the causal effect of political connections on corporate financial constraints. In a difference-in-differences framework, we demonstrate that after the transfer of control from state to private owners, privatized SOEs hoard more cash, save more cash from incremental cash flow, and exhibit higher cash flow sensitivity of investment.
Journal: Applied Economics Letters
Pages: 638-644
Issue: 8
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1489104
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1489104
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:8:p:638-644




Template-Type: ReDIF-Article 1.0
Author-Name: Yu You
Author-X-Name-First: Yu
Author-X-Name-Last: You
Author-Name: Xiaochun Liu
Author-X-Name-First: Xiaochun
Author-X-Name-Last: Liu
Title: Cyclicality of stock market volatility
Abstract: 
 By utilizing the significance and stochastic dominance tests, this paper formally tests the relationship between stock market volatility and the business cycle. Results show that, for most matured markets, stock market volatility is countercyclical, while for emerging markets, the volatility can be procyclical.
Journal: Applied Economics Letters
Pages: 645-649
Issue: 8
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1489105
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1489105
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:8:p:645-649




Template-Type: ReDIF-Article 1.0
Author-Name: Zhifang Guo
Author-X-Name-First: Zhifang
Author-X-Name-Last: Guo
Author-Name: Chunding Li
Author-X-Name-First: Chunding
Author-X-Name-Last: Li
Title: China&#x2019;s welfare gain from involved mega-regional trade agreements
Abstract: 
 This article draw upon a 29-country numerical general equilibrium model with trade cost and endogenous trade imbalance to simulate China&#x2019;s welfare gain from negotiating mega-regional trade agreements (mega-RTAs). We introduce elasticity of substitution distributions instead of normally definite values in the model and generate a distribution of impact results ranging among some specific intervals, which injects a new kind of effect presentation style to existing literature. The results of our article reveal that China will gain from all undergoing negotiation mega-RTAs we mentioned in this article, comparatively Regional Comprehensive Economic Partnership will benefit China the most.
Journal: Applied Economics Letters
Pages: 650-656
Issue: 8
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1489106
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1489106
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:8:p:650-656




Template-Type: ReDIF-Article 1.0
Author-Name: Peter A. Groothuis
Author-X-Name-First: Peter A.
Author-X-Name-Last: Groothuis
Author-Name: Austin F. Eggers
Author-X-Name-First: Austin F.
Author-X-Name-Last: Eggers
Author-Name: Parker T. Redding
Author-X-Name-First: Parker T.
Author-X-Name-Last: Redding
Title: The impact of NCAA men&#x2019;s basketball probations on the quantity and quality of student applications and enrollment
Abstract: 
 Collegiate sports programmes have been characterized as the front porch of a university, serving to publicize the institution and draw students to the door. Previous research in this area has indicated a positive correlation between athletic success and the quantity and quality of students attending the university. Conversely, we seek to analyse if athletic malfeasance, as measured by NCAA probations of men&#x2019;s basketball programmes, negatively affects either the quantity or quality of students at a university. Our findings suggest that while basketball probations do not change the overall quantity of applications nor enrolment at a university, there is a significant adverse impact on the quality of freshman enrolling at the university as measured by Scholastic Aptitude Test scores. Our finding suggests that athletics do indeed serve as a front porch to a university and that athletic sanctions in men&#x2019;s basketball have a detrimental effect on the average quality of students attending a university.
Journal: Applied Economics Letters
Pages: 657-660
Issue: 8
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1489107
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1489107
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:8:p:657-660




Template-Type: ReDIF-Article 1.0
Author-Name: Hee-Soo Kim
Author-X-Name-First: Hee-Soo
Author-X-Name-Last: Kim
Author-Name: Dong Wan Shin
Author-X-Name-First: Dong Wan
Author-X-Name-Last: Shin
Title: Forecast of realized covariance matrix based on asymptotic distribution of the LU decomposition with an application for balancing minimum variance portfolio
Abstract: 
 We derive the asymptotic distribution for the LU decomposition, that is, the Cholesky decomposition, of realized covariance matrix. Distributional properties are combined with an existing generalized heterogeneous autoregressive (GHAR) method for forecasting realized covariance matrix, which will be referred to as a generalized HARQ (GHARQ) method. An out-of-sample forecast comparison of a real data set shows that the proposed GHARQ method outperforms other existing methods in terms of optimizing the variances of portfolios.
Journal: Applied Economics Letters
Pages: 661-668
Issue: 8
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1489108
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1489108
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:8:p:661-668




Template-Type: ReDIF-Article 1.0
Author-Name: A. J. Nagengast
Author-X-Name-First: A. J.
Author-X-Name-Last: Nagengast
Title: An N-dimensional generalization of the Amiti&#x2013;Weinstein estimator
Abstract: 
 Amiti and Weinstein proposed an estimation framework to disentangle credit demand and supply shocks using matched bank-firm loan data. Here, we show that their estimator can be generalized to capture shocks arising in an arbitrary number of dimensions. Our algorithm permits empirical researchers to analyse multi-dimensional data sets using the Amiti&#x2013;Weinstein framework. This may be beneficial both for studies on micro-level outcomes as well as for the literature on assessing the macroeconomic impact of idiosyncratic shocks. In an empirical application to a firm-product-country export data set, we highlight the usefulness of the generalized Amiti&#x2013;Weinstein estimator, and we demonstrate the importance of considering additional dimensions when gauging the effect of granular shocks on aggregate fluctuations.
Journal: Applied Economics Letters
Pages: 669-676
Issue: 8
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1489491
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1489491
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:8:p:669-676




Template-Type: ReDIF-Article 1.0
Author-Name: Ho-Jung Yoon
Author-X-Name-First: Ho-Jung
Author-X-Name-Last: Yoon
Author-Name: Kyuseok Lee
Author-X-Name-First: Kyuseok
Author-X-Name-Last: Lee
Title: A weighted Fama-MacBeth two-step panel regression procedure
Abstract: 
 We propose a weighted Fama-MacBeth (FMB) two-step panel regression procedure and compare the properties of the usual unweighted versus our proposed weighted FMB procedures through a Monte Carlo simulation study. We find evidence that when the cross-sectional regression explanatory power changes over time as well as the standard errors of the coefficient estimates, the proposed weighted FMB procedure produces more efficient coefficient estimators and more powerful tests compared to the usual unweighted FMB procedure across various model specifications in terms of the sampling distribution, sample size, and time-series $${R^2}$$R2 distribution.
Journal: Applied Economics Letters
Pages: 677-683
Issue: 8
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1489492
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1489492
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:8:p:677-683




Template-Type: ReDIF-Article 1.0
Author-Name: Hyunjoon Lim
Author-X-Name-First: Hyunjoon
Author-X-Name-Last: Lim
Title: The response of household debt to income inequality shocks: a heterogeneous approach
Abstract: 
 This article explores the impact of changes in income inequality on household indebtedness using Pedroni's heterogeneous panel VAR. As a result, we find evidence in support of large cross-country heterogeneity in the responses of household leverage to income inequality shocks. We also find that such heterogeneity stems from differences in the strength of financial regulations and supervision.
Journal: Applied Economics Letters
Pages: 684-689
Issue: 8
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1489493
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1489493
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:8:p:684-689




Template-Type: ReDIF-Article 1.0
Author-Name: Fumitaka Furuoka
Author-X-Name-First: Fumitaka
Author-X-Name-Last: Furuoka
Title: Do CLMV countries catch up with the older ASEAN members in terms of income level?
Abstract: 
 This article examined whether Cambodia, Laos, Myanmar and Vietnam were catching up in terms of real per capita Gross Domestic Product with the older six Association of Southeast Asian Nations (ASEAN) members, namely Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand. The findings indicated that Cambodia succeeded in reaching Indonesia&#x2019;s income level and Vietnam was catching up with Indonesia and the Philippines. However, the income gap between Laos and Myanmar and the older ASEAN members was not reduced. These findings have some policy implications.
Journal: Applied Economics Letters
Pages: 690-697
Issue: 8
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1489494
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1489494
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:8:p:690-697




Template-Type: ReDIF-Article 1.0
Author-Name: Levi A. Russell
Author-X-Name-First: Levi A.
Author-X-Name-Last: Russell
Author-Name: Dallas W. Wood
Author-X-Name-First: Dallas W.
Author-X-Name-Last: Wood
Author-Name: Gregory A. Ibendahl
Author-X-Name-First: Gregory A.
Author-X-Name-Last: Ibendahl
Author-Name: Michael R. Langemeier
Author-X-Name-First: Michael R.
Author-X-Name-Last: Langemeier
Title: The effect of the 2007 ethanol mandate on downside risk in agriculture: evidence from Kansas farmers
Abstract: 
 The Energy Independence and Security Act of 2007 increased the amount of corn ethanol that must be blended into motor vehicle and other fuels as part of the renewable fuel standard. The purpose of this article is to look at how the increase in demand for corn influenced the profitability and downside risk of farms. We conducted this investigation using annual data for more than 300 farms in Kansas from 1997 through 2014. We find that the probability of a farmer&#x2019;s experiencing a negative return on equity (i.e. the &#x2018;downside risk&#x2019; of farming) decreased by 25 percentage points after 2007.
Journal: Applied Economics Letters
Pages: 698-702
Issue: 8
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1489495
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1489495
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:8:p:698-702




Template-Type: ReDIF-Article 1.0
Author-Name: Solomon Zena Walelign
Author-X-Name-First: Solomon Zena
Author-X-Name-Last: Walelign
Author-Name: Martin Reinhardt Nielsen
Author-X-Name-First: Martin Reinhardt
Author-X-Name-Last: Nielsen
Author-Name: Xi Jiao
Author-X-Name-First: Xi
Author-X-Name-Last: Jiao
Author-Name: Jette Bredahl Jacobsen
Author-X-Name-First: Jette Bredahl
Author-X-Name-Last: Jacobsen
Title: Is households&#x2019; risk attitude robust to different experimental payoffs?
Abstract: 
 We compared risk attitudes among rural people in Tanzania and Kenya using an experimental design where payoffs were defined and quantified in maize and milk production. About 42% of the sample revealed different risk attitude between the two payoff types. The difference was mainly explained by household livelihood strategy, geographical location and ethnicity. Hence, appropriate pay-off metrics differ across contexts and different metrics may provide noncomparable results that does not reflect intrinsic risk attitude.
Journal: Applied Economics Letters
Pages: 703-706
Issue: 8
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1489496
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1489496
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:8:p:703-706




Template-Type: ReDIF-Article 1.0
Author-Name: Ningyu Qian
Author-X-Name-First: Ningyu
Author-X-Name-Last: Qian
Title: How does anti-corruption affect firm labour inputs? Evidence from a quasi-natural experiment in China
Abstract: 
 This study investigates the impact of anti-corruption on firm labour inputs. Using the province-by-province rollout of the central inspection team campaign in China, we find that the labour intensity rises by 9% in the firms located in the provinces inspected by the central inspection teams. Moreover, firms with low corruption are more susceptible to the policy shock.
Journal: Applied Economics Letters
Pages: 707-711
Issue: 8
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1489497
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1489497
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:8:p:707-711




Template-Type: ReDIF-Article 1.0
Author-Name: Qianwei Ying
Author-X-Name-First: Qianwei
Author-X-Name-Last: Ying
Author-Name: Jinsong Liu
Author-X-Name-First: Jinsong
Author-X-Name-Last: Liu
Title: Anti-corruption campaign in China: good news or bad news for firm value?
Abstract: 
 This article investigates the effects of an anti-corruption campaign on firm value by testing market reactions to the investigation of top local officials during the recent anti-corruption campaign in China. We find that the anti-corruption events are more likely to be bad news for the market values of local state-owned enterprises (SOEs) but good news for the market values of non-SOEs less dependent on political connections. Besides, anti-corruption events are also more likely to be bad news for firms in regulated industries or low-marketization regions but good news for firms in nonregulated industries or high-marketization regions.
Journal: Applied Economics Letters
Pages: 1183-1188
Issue: 17
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1406651
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1406651
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:17:p:1183-1188




Template-Type: ReDIF-Article 1.0
Author-Name: Devin Brady
Author-X-Name-First: Devin
Author-X-Name-Last: Brady
Author-Name: Adam T. Jones
Author-X-Name-First: Adam T.
Author-X-Name-Last: Jones
Author-Name: Ethan Watson
Author-X-Name-First: Ethan
Author-X-Name-Last: Watson
Title: Producing drama: a comparison of film tax incentives to alternative uses
Abstract: 
 Incentive packages are popular tools for economic development. However, development projects are often considered in isolation without an analysis of opportunity costs. In this study, we use an intuitive framework for comparing projects and weigh alternate projects against North Carolina’s film incentive programme. The results indicate that there are substantial differences in the economic impact of the projects we consider in this study. Our results suggest that policy decisions by governments and economic development officials should weigh a potential project against alternative uses in order to optimize the use of incentives.
Journal: Applied Economics Letters
Pages: 1189-1192
Issue: 17
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1406652
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1406652
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:17:p:1189-1192




Template-Type: ReDIF-Article 1.0
Author-Name: Danlin Pu
Author-X-Name-First: Danlin
Author-X-Name-Last: Pu
Title: Politically connected managers, government ownership and corporate socially responsible investments: evidence from China
Abstract: 
 We investigated the effects of politically connected managers on the corporate socially responsible investments of firms with different types of ownership. The results show that SOEs with politically connected managers are more likely to invest in corporate socially responsible investments compared to SOEs without such managers. However, private firms with politically connected managers are less likely to invest in corporate socially responsible investments than private firms without such managers.
Journal: Applied Economics Letters
Pages: 1193-1197
Issue: 17
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1409413
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1409413
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:17:p:1193-1197




Template-Type: ReDIF-Article 1.0
Author-Name: Juan Blyde
Author-X-Name-First: Juan
Author-X-Name-Last: Blyde
Author-Name: Valeria Faggioni
Author-X-Name-First: Valeria
Author-X-Name-Last: Faggioni
Title: International supply chains and trade agreements
Abstract: 
 There is a growing literature that examines the role of trade agreements on the formation of international supply chains. The evidence indicates that in general countries that share trade agreements are more likely to develope cross-border supply chains. In this analysis, we argue that in order to examine the effects of trade agreements on the formation of supply chains between two countries, it is not enough to analyse the impact of the trade agreements that the two countries share but it is also important to assess the impact of the trade agreements that they share with third countries. Using data on trade in value added for 129 countries, we show empirically that about 40% of the potential increase in trade in value added induced by a trade agreement between an importing country and a sourcing partner is wiped out by each additional trade agreement signed by the importing country with third nations in which the sourcing partner is not a member. The result has important implications for regions seeking to develop international supply chains but in which the process of integration is highly fragmented.
Journal: Applied Economics Letters
Pages: 1198-1203
Issue: 17
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1409414
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1409414
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:17:p:1198-1203




Template-Type: ReDIF-Article 1.0
Author-Name: Zhi Zeng
Author-X-Name-First: Zhi
Author-X-Name-Last: Zeng
Author-Name: Yu Qi
Author-X-Name-First: Yu
Author-X-Name-Last: Qi
Author-Name: Ming Ge
Author-X-Name-First: Ming
Author-X-Name-Last: Ge
Title: Is health care a necessity or a luxury? Evidence from urban China
Abstract: 
 This article uses a smooth transition regression (STR) model to research the income elasticity of the health care expenditure of China’s urban residents in the 1990–2013 period. The results demonstrate that if the real income of China’s urban residents that lags a period is taken as a transition variable, urban residents’ health expenditure follows an LSTR1 nonlinear two-regime model. Here, the income elasticity of health care expenditure of China’s urban residents is 1.4919 in 1990–2002 and 1.2216 in 2003–2013. Overall, the income elasticity of health care of China’s urban residents is greater than 1, indicating that health care is a luxury.
Journal: Applied Economics Letters
Pages: 1204-1207
Issue: 17
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1409415
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1409415
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:17:p:1204-1207




Template-Type: ReDIF-Article 1.0
Author-Name: Hanhyung Pyo
Author-X-Name-First: Hanhyung
Author-X-Name-Last: Pyo
Author-Name: Sangheon Lee
Author-X-Name-First: Sangheon
Author-X-Name-Last: Lee
Title: Are there spillover effects of large firms’ growth in supply chain networks? Evidence from the Korean economy
Abstract: 
 Previous literature has found that inter-firm cooperation leads to higher growth rates for small and medium enterprises (SMEs). However, these studies have focused only on direct effects, such as subcontracting, rather than on spillover effects in supply chain networks (SCNs). Regarding the spillover effects, this article investigates whether a large firm’s growth leads to the growth of the directly and indirectly related SMEs in its SCN, using Korean firm-level data with the system  Generalized Method of Moments (GMM) approach. The estimation results show that increases in the sales of large firms significantly affect the growth rates of the related SMEs. These effects, however, diminish as the relationship with the large firm goes down from the first vendor to the second vendor and from the second vendor to the third vendor. In the case of Korea, when a large firm grows by 1%, the first vendor grows by 0.38–0.44%, but the growth rates of the second and third vendors are only 0.036–0.047% and 0.003–0.005%, respectively. Thus, while there are spillover effects, the effects are weak. We discuss what these findings mean for national economic growth.
Journal: Applied Economics Letters
Pages: 1208-1211
Issue: 17
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1412065
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1412065
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:17:p:1208-1211




Template-Type: ReDIF-Article 1.0
Author-Name: Bertil Holmlund
Author-X-Name-First: Bertil
Author-X-Name-Last: Holmlund
Title: Estimating matching functions when recruiting intensity matters
Abstract: 
 The article estimates matching functions – the relationships between new hires, job vacancies and unemployment – using monthly time series data for Sweden. The data contain rich information on types of job vacancies which provides information on firms’ recruiting efforts. The analysis shows that the aggregate flow of new hires is well explained by an augmented version of a standard matching function that incorporates data on firms’ recruiting intensity.
Journal: Applied Economics Letters
Pages: 1212-1217
Issue: 17
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1412066
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1412066
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Template-Type: ReDIF-Article 1.0
Author-Name: Dong-Eun Rhee
Author-X-Name-First: Dong-Eun
Author-X-Name-Last: Rhee
Author-Name: Hyoungjong Kim
Author-X-Name-First: Hyoungjong
Author-X-Name-Last: Kim
Title: Does income inequality increase marginal propensity to consume?
Abstract: 
 This article empirically investigates the effects of income inequality on the marginal propensity to consume (MPC), using panel data of 22 OECD countries over the period 1994–2015. We find that MPC increases dramatically as income inequality increases. In subsample analyses, the MPC of a high inequality group is more than twice that of a low inequality group.
Journal: Applied Economics Letters
Pages: 1218-1221
Issue: 17
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1412067
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1412067
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Template-Type: ReDIF-Article 1.0
Author-Name: Zouheir El-Sahli
Author-X-Name-First: Zouheir
Author-X-Name-Last: El-Sahli
Author-Name: Joakim Gullstrand
Author-X-Name-First: Joakim
Author-X-Name-Last: Gullstrand
Author-Name: Karin Olofsdotter
Author-X-Name-First: Karin
Author-X-Name-Last: Olofsdotter
Title: Exploring outward FDI and the choice of destination: evidence from Swedish firm-level data
Abstract: 
 Using Swedish firm-level data on all firms and their affiliates abroad, we investigate what observable firm and country characteristics affect the size of an affiliate in a particular destination. We employ the richness of the data to investigate the importance of destination country factors in explaining firm outward FDI activities and distinguish between the factors that affect such activities in manufacturing versus services firms as well as vertical versus horizontal investments. Our results lend support to existing theories of multinational activity of manufacturing but not services firms. We also find observable differences between vertical and horizontal manufacturing firms that are not always explained by theory.
Journal: Applied Economics Letters
Pages: 1222-1225
Issue: 17
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1412068
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1412068
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Template-Type: ReDIF-Article 1.0
Author-Name: Paweł Baranowski
Author-X-Name-First: Paweł
Author-X-Name-Last: Baranowski
Author-Name: Marcin Komor
Author-X-Name-First: Marcin
Author-X-Name-Last: Komor
Author-Name: Szymon Wójcik
Author-X-Name-First: Szymon
Author-X-Name-Last: Wójcik
Title: Whose feedback matters? Empirical evidence from online auctions
Abstract: 
 The seller rating systems based on feedback are routinely used to minimize risks in online auctions. We explore the effects of the feedback from buyers and sellers separately. The results reveal that feedback from auction issuer’s selling activity increase both sales and new visits of auction. The effects of feedback from buying activity are significant only for visits.
Journal: Applied Economics Letters
Pages: 1226-1229
Issue: 17
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1412070
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1412070
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Template-Type: ReDIF-Article 1.0
Author-Name: Jooyong Jun
Author-X-Name-First: Jooyong
Author-X-Name-Last: Jun
Author-Name: Jeong Wook Byun
Author-X-Name-First: Jeong Wook
Author-X-Name-Last: Byun
Author-Name: Eunjung Yeo
Author-X-Name-First: Eunjung
Author-X-Name-Last: Yeo
Title: Upstream regulation in mature network industry: evidence from Nordic mobile telecommunications markets
Abstract: 
 This article investigates the effects of upstream regulation that aims to create niches and attract new type of entrants on the competitive environment of downstream markets. Using unique cross-country data of Nordic mobile telecommunications markets, we show that upstream regulation leads to (i) increases in both number and aggregate market share of service-based providers in the downstream market, (ii) an increase in the number of service-based providers, thus increasing their aggregate market share, but no opposite direction of results and (iii) a lower retail price level, proxied by average revenue per user. Our findings imply that upstream regulation may be able to achieve better outcomes when the policy objectives are to revitalize mature network industries and to enhance consumer welfare.
Journal: Applied Economics Letters
Pages: 1230-1236
Issue: 17
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1412071
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1412071
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Template-Type: ReDIF-Article 1.0
Author-Name: Pornsit Jiraporn
Author-X-Name-First: Pornsit
Author-X-Name-Last: Jiraporn
Author-Name: Kridsda Nimmanunta
Author-X-Name-First: Kridsda
Author-X-Name-Last: Nimmanunta
Title: Estimating the effect of board independence on managerial ownership using a quasi-natural experiment
Abstract: 
 Grounded in agency theory, this article investigates the effect of board independence on managerial ownership. We exploit the passage of the Sarbanes–Oxley Act and the associated exchange listing requirements as an exogenous regulatory shock that raises board independence. Our difference-in-difference estimates show that board independence leads to significantly higher managerial ownership. In particular, firms forced to raise board independence exhibit managerial ownership that is 26.35% higher, relative to firms not required to raise board independence. Thus, board independence and managerial equity ownership constitute governance mechanisms that act as complements, rather than substitutes. Our empirical strategy relies on a quasi-natural experiment and is far more likely to show a causal effect than what has been documented in the literature. Finally, an instrumental-variable analysis reinforces our conclusion.
Journal: Applied Economics Letters
Pages: 1237-1243
Issue: 17
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1412072
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1412072
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Template-Type: ReDIF-Article 1.0
Author-Name: B. V. M. Mendes
Author-X-Name-First: B. V. M.
Author-X-Name-Last: Mendes
Author-Name: R. A. C. Martins
Author-X-Name-First: R. A. C.
Author-X-Name-Last: Martins
Title: Determinants of stock market classifications
Abstract: 
 We use discriminant analysis to describe and predict market classifications. Potential discriminators are derived from relevant characteristics of market indices, in particular from the returns’ volatility. Using a training data set, an initial screening on the predictors is carried out and a model-based simple rule is constructed with 96.6% of correct classifications. 10 new markets are allocated to one of the previously defined groups: Developed, Emerging, or Frontier, with only one misclassification. The quantitative approach was able to anticipate classification reviews.
Journal: Applied Economics Letters
Pages: 1244-1249
Issue: 17
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1414927
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1414927
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Template-Type: ReDIF-Article 1.0
Author-Name: Meijie Yao
Author-X-Name-First: Meijie
Author-X-Name-Last: Yao
Author-Name: Ciheng Song
Author-X-Name-First: Ciheng
Author-X-Name-Last: Song
Author-Name: Zengji Song
Author-X-Name-First: Zengji
Author-X-Name-Last: Song
Title: State ownership, political connections and entry barriers: evidence from China
Abstract: 
 Private enterprises may encounter high industrial barriers in China because of government administrative restrictions. We analyse the effect of partial state ownership on a privately controlled company’s participation in industries with state-imposed barriers. The results indicate that state ownership in privately controlled enterprises has a significantly positive effect on participation in high barrier industries. After controlling for partial state ownership, we find that personal political identity of entrepreneurs, a previously investigated dimension of political connections, becomes less important in explaining private enterprises’ participation in barrier industries. We also find the effect of state ownership on access to barrier industries will become weaker when local economy is more developed.
Journal: Applied Economics Letters
Pages: 1250-1254
Issue: 17
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1414928
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1414928
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Template-Type: ReDIF-Article 1.0
Author-Name: Danvee Floro
Author-X-Name-First: Danvee
Author-X-Name-Last: Floro
Title: Monetary policy surprises and firm-level stock return predictability: evidence from a new panel-based approach
Abstract: 
 We employ a new panel-based testing procedure that is robust to the uncertain persistence of regressors, time-varying volatility and cross-sectional error dependence in studying the predictive dynamics between conventional US monetary policy surprises and firm-level stock returns. We find that accounting for cross-sectional dependence by means of (estimated) factors considerably alters the predictive significance of monetary policy surprises depending on the sample period being studied. Concretely, during the period 1990–2000, monetary policy has no influence on future stock returns when cross-sectional dependence is accounted for by means of common factor augmentation. By contrast, the predictive power of monetary policy is even boosted when introducing common factors into the model when the period of analysis covers 2002–2007.
Journal: Applied Economics Letters
Pages: 1255-1260
Issue: 17
Volume: 25
Year: 2018
Month: 10
X-DOI: 10.1080/13504851.2017.1414929
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1414929
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Template-Type: ReDIF-Article 1.0
Author-Name: Jia Ji
Author-X-Name-First: Jia
Author-X-Name-Last: Ji
Title: The time-varying effect of monetary policy in China
Abstract: 
 A sound understanding of monetary transmission mechanism is valuable because it helps the central bank to determine the proper course of monetary policy to balance growth and inflation. As China’s domestic financial markets deepen and develop further towards a market-based system, the country’s monetary policy instrument and transmission should continue to improve for managing economic conditions. Using a short-term key interest rate as standard monetary policy tool and time-varying parameter techniques, this study empirically demonstrates that China’s monetary policy framework is in the midst of transitioning to a market-based approach.
Journal: Applied Economics Letters
Pages: 1378-1383
Issue: 17
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2018.1558344
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1558344
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Template-Type: ReDIF-Article 1.0
Author-Name: Arie Sherman
Author-X-Name-First: Arie
Author-X-Name-Last: Sherman
Author-Name: Guy Barokas
Author-X-Name-First: Guy
Author-X-Name-Last: Barokas
Title: Are happy people more employable? Evidence from field experiments
Abstract: 
 This novel study investigated the response of the labour market to employee happiness. Two field experiments examined the role of happiness in the hiring process. We found that including a personal happiness statement in the curricula vitae significantly increases employer callbacks for men. Strikingly, women do not enjoy the same happiness premium.
Journal: Applied Economics Letters
Pages: 1384-1387
Issue: 17
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2018.1558345
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1558345
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:17:p:1384-1387




Template-Type: ReDIF-Article 1.0
Author-Name: Cong Minh Huynh
Author-X-Name-First: Cong Minh
Author-X-Name-Last: Huynh
Author-Name: Hong Hiep Hoang
Author-X-Name-First: Hong Hiep
Author-X-Name-Last: Hoang
Title: Foreign direct investment and air pollution in Asian countries: does institutional quality matter?
Abstract: 
 This paper empirically studies how foreign direct investment (FDI) affects air pollution, and how this effect depends on institutional quality. By using a panel data for 19 developing Asian countries over the period of 2002–2015, we find that FDI inflows initially increase air pollution in Asia, and the institutional quality improvement helps reduce this effect until the institutional quality achieves a threshold, then beyond this threshold, FDI reduces air pollution. The findings indicate that the pollution haven hypothesis and the pollution halo hypothesis are not contradictory when the institutional quality is taken into consideration.
Journal: Applied Economics Letters
Pages: 1388-1392
Issue: 17
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2018.1563668
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1563668
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:17:p:1388-1392




Template-Type: ReDIF-Article 1.0
Author-Name: Jinghua Wang
Author-X-Name-First: Jinghua
Author-X-Name-Last: Wang
Author-Name: Ning Mao
Author-X-Name-First: Ning
Author-X-Name-Last: Mao
Title: Mercantile culture and corporate innovation: evidence from China
Abstract: 
 We investigate the role of mercantile culture in corporation innovation from the perspective of Chinese historical culture. Using a sample of listed firms located in areas with cultural origin in China, we show that mercantile culture has a significantly positive effect on firm innovation. Higher level of marketization with better legal environment and less market distortion strengthen the association of culture and corporate innovation. Furthermore, much more internal resource slack also helps to realize the positive role of mercantile culture on firm R&D activities. We conclude that regional culture, as an informal institution, makes a difference in corporate innovation decisions.
Journal: Applied Economics Letters
Pages: 1393-1401
Issue: 17
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2018.1564012
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1564012
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:17:p:1393-1401




Template-Type: ReDIF-Article 1.0
Author-Name: Chengcheng Liu
Author-X-Name-First: Chengcheng
Author-X-Name-Last: Liu
Author-Name: Peng Song
Author-X-Name-First: Peng
Author-X-Name-Last: Song
Author-Name: Bai Huang
Author-X-Name-First: Bai
Author-X-Name-Last: Huang
Title: The dynamic effectiveness of monetary policy in China: evidence from a TVP-SV-FAVAR model
Abstract: 
 We use a broad set of China’s macroeconomic indicators and a dynamic factor model to estimate latent factors of economic output and inflation, which are used to measure the ultimate objectives of monetary policy. The above factors and policy variables are incorporated into a TVP-SV-FAVAR model to investigate the dynamic effectiveness of Chinese monetary policy. Our results confirm that the effects of Chinese monetary policy are time-varying. By comparing the quantity rule with the price rule, we find that the price rule is more effective in managing China’s macro-economy, especially after the financial crisis. Moreover, the results can be regarded as a division of policy rules in a way that different rules are directed at different objectives.
Journal: Applied Economics Letters
Pages: 1402-1410
Issue: 17
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2018.1564110
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1564110
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:17:p:1402-1410




Template-Type: ReDIF-Article 1.0
Author-Name: Faruk Mike
Author-X-Name-First: Faruk
Author-X-Name-Last: Mike
Author-Name: Oktay Kızılkaya
Author-X-Name-First: Oktay
Author-X-Name-Last: Kızılkaya
Title: Testing the theory of PPP for emerging market economies that practice flexible exchange rate regimes
Abstract: 
 This study aims to test the long-run validity of purchasing power parity by using Fourier quantile unit root and Fourier cointegration analyses for 12 emerging market economies that practice a flexible exchange rate regime. With the Fourier approach, structural breaks are modelled as a gradual and smooth process. Fourier quantile unit root test results show that real exchange rate series are stationary for Colombia, India, Philippines, Poland, South Africa, and Turkey. On the other hand, Fourier cointegration test results reveal that purchasing power parity is valid for Brazil, Colombia, India, Mexico, South Africa, Thailand, and Turkey.
Journal: Applied Economics Letters
Pages: 1411-1417
Issue: 17
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2018.1564111
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1564111
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Template-Type: ReDIF-Article 1.0
Author-Name: Toshiki Kodera
Author-X-Name-First: Toshiki
Author-X-Name-Last: Kodera
Author-Name: Koji Yoneda
Author-X-Name-First: Koji
Author-X-Name-Last: Yoneda
Title: Efficiency and the quality of management and care: evidence from Japanese public hospitals
Abstract: 
 We study how the quality of hospital management and medical care both affect efficiency in Japanese local public hospitals. The efficiency is estimated by a stochastic frontier analysis (SFA) and is regressed against the quality scores in hospital accreditation by the Japan Council for Quality Health Care (JCQHC). We find that rule-based hospital management relates to high efficiency, while the suitable management of beds and supplies relates to low efficiency.
Journal: Applied Economics Letters
Pages: 1418-1423
Issue: 17
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2018.1564112
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1564112
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Template-Type: ReDIF-Article 1.0
Author-Name: German Blanco
Author-X-Name-First: German
Author-X-Name-Last: Blanco
Author-Name: Michela Bia
Author-X-Name-First: Michela
Author-X-Name-Last: Bia
Title: Inference for treatment effects of job training on wages: using bounds to compute Fisher’s exact p-value
Abstract: 
 In the context of a training program’s randomized evaluation, where estimating wage effects is of interest, we propose employing bounds that control for sample selection as a model-based statistic to conduct randomization-based inference à la Fisher. Inference is based on a sharp null hypothesis of no treatment effect for anyone. In contrast to conventional inference, Fisher p-values are nonparametric and do not employ large sample approximations.
Journal: Applied Economics Letters
Pages: 1424-1428
Issue: 17
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2018.1564113
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1564113
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Template-Type: ReDIF-Article 1.0
Author-Name: Ayhab F. Saad
Author-X-Name-First: Ayhab F.
Author-X-Name-Last: Saad
Title: Measuring intraregional trade
Abstract: 
 This article develops a novel measure of intraregional trade. The new measure is easy to implement and robust to different gravity models. I use the new measure to study the economic integration of the major trade blocs and discuss how the measure can be extended to analyse the roles of trade policies and institutions in regional integration.
Journal: Applied Economics Letters
Pages: 1429-1433
Issue: 17
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2018.1564114
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1564114
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Template-Type: ReDIF-Article 1.0
Author-Name: Erdem Seçilmiş
Author-X-Name-First: Erdem
Author-X-Name-Last: Seçilmiş
Title: The role of risk aversion in public goods dilemmas with environmental uncertainty: an experimental analysis
Abstract: 
 The purpose of this study is to extend earlier research on environmental uncertainty in public goods dilemmas. The present paper reports the results of an experiment designed to examine the effect of risk aversion on public goods provision. A von Neumann–Morgenstern utility function with constant coefficient of relative risk aversion is used to investigate the impact of risk attitudes within a threshold public goods environment. The outcome of the threshold public goods experiment shows that subjects are indifferent to the changes in environmental conditions. Additionally, the analysis indicates that risk aversion is a significant determinant of voluntary public goods contribution level.
Journal: Applied Economics Letters
Pages: 1434-1438
Issue: 17
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2019.1576852
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1576852
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:17:p:1434-1438




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Ziesemer
Author-X-Name-First: Thomas
Author-X-Name-Last: Ziesemer
Title: Renewable electricity supply, infrastructure, and gains from international trade in electric current
Abstract: 
 113 countries report producing electricity from renewable sources and participate in the global energy transition. On the one hand more cables have been built recently; but on the other hand some countries are blocking electricity shocks technologically as supply shocks undermine the insurance function of their markets. This paper shows through a dynamic panel data analysis that the higher share of renewables in electricity production has increased imports and decreased exports of electric currents. This shows that trade currently helps dealing with fluctuations of supply, but temporary losses for recipients of shocks may require payments to keep the borders open. Keywords: Gains from trade, electric current, gravity, infrastructure.
Journal: Applied Economics Letters
Pages: 1439-1443
Issue: 17
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2019.1578849
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1578849
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Template-Type: ReDIF-Article 1.0
Author-Name: Wojciech Grabowski
Author-X-Name-First: Wojciech
Author-X-Name-Last: Grabowski
Title: Does the use of professional legal assistance bring measurable benefits?
Abstract: 
 In this paper, the first attempt to quantify measurable effects of using legal advisory services is made with the use of a random sample and advanced econometric methods (robust MM-estimator). The estimates of parameters of an extended Mincer equation indicate that the appearance of legal problems results in lower earnings per person in a household and the choice of an active reaction to this legal problem results in a substantial reduction of losses.
Journal: Applied Economics Letters
Pages: 1444-1447
Issue: 17
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2019.1578850
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1578850
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:17:p:1444-1447




Template-Type: ReDIF-Article 1.0
Author-Name: Bhagyashree Katare
Author-X-Name-First: Bhagyashree
Author-X-Name-Last: Katare
Author-Name: Michael Wetzstein
Author-X-Name-First: Michael
Author-X-Name-Last: Wetzstein
Author-Name: Nina Jovanovic
Author-X-Name-First: Nina
Author-X-Name-Last: Jovanovic
Title: Can economic incentive help in reducing food waste: experimental evidence from a university dining hall
Abstract: 
 We show that a fixed financial incentive reduces the amount of food waste in an all-you-can-eat university-dining hall. Results indicate that the incentive increased the likelihood of students cleaning their plates, but did not affect the amount of food taken. These results raise important questions about implementing well-studied policies in modifying food consumption. An unintended consequence of the monetary incentive might have led students to consume relatively more food, thus encouraging unwanted eating habits.
Journal: Applied Economics Letters
Pages: 1448-1451
Issue: 17
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2019.1578856
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1578856
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuantao Xie
Author-X-Name-First: Yuantao
Author-X-Name-Last: Xie
Author-Name: Juan Yang
Author-X-Name-First: Juan
Author-X-Name-Last: Yang
Author-Name: Fahad Munir
Author-X-Name-First: Fahad
Author-X-Name-Last: Munir
Title: Overflow effect of credit rating announcements on stock exchange based on event study
Abstract: 
 This study is aimed to identify the impact of credit rating announcements on the stock returns in stock markets and for this purpose, four different sectors of Pakistan stock exchange were selected and from each of these four sectors, different business organizations were selected, i.e. total 32 business organizations were selected. The credit rating announcement data were collected for these 32 business organizations belonging to four different sectors. Totally 101 credit rating announcements were selected and the time period for which the credit rating warnings were selected include last three years period, i.e. from 2014 to 2016. The collected data were analysed by calculating abnormal returns for each of the selected security and average abnormal returns, and cumulative average abnormal returns were calculated for four different sectors. Event study methodology was applied, and t-test and t-stats value were calculated and results were analysed on the basis of t-statistics. The results of analysis identified that credit rating announcements have a significant impact on stock prices and investors and other market participants are earning abnormal returns during two-day period after the announcements are made. In addition, these abnormal returns were either negative or positive, depending upon the nature of credit ratings announced. If the credit rating announced was upgraded, investors enjoyed positive abnormal returns while in case when credit rating announcements were downgraded, then investors bear negative abnormal returns. Finally, the findings of the study identified the applicability of random walk hypothesis on the Pakistan Stock Exchange and Pakistan Stock Exchange confirms the efficient market hypothesis with its semi-strong form of efficiency.
Journal: Applied Economics Letters
Pages: 1452-1462
Issue: 17
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2019.1581900
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1581900
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Template-Type: ReDIF-Article 1.0
Author-Name: David Cantarero-Prieto
Author-X-Name-First: David
Author-X-Name-Last: Cantarero-Prieto
Author-Name: Marta Pascual-Saez
Author-X-Name-First: Marta
Author-X-Name-Last: Pascual-Saez
Author-Name: Maria Gonzalez Diego
Author-X-Name-First: Maria
Author-X-Name-Last: Gonzalez Diego
Title: Examining an Alcohol consumption Kuznets Curve for developed countries
Abstract: 
 In this paper we expand the Simon Kuznets´ (1955) hypothesis to an ‘Alcohol consumption Kuznets curve’, showing that as income rise, further resources become available to buy more alcohol. Hence, people consume more alcohol and alcohol consumption rates increase. Nevertheless, as income rises, individual health becomes a more recognized point of interest and people decrease their alcohol consumption levels in order to increase their health status. For a selection of OECD countries, we find empirical evidence that alcohol consumption is influenced by income, inequality, unemployment rates, life expectancy and therefore the business cycle. Moreover, the demographic structure (ageing and youth ratio) does not affect the alcohol consumption level.
Journal: Applied Economics Letters
Pages: 1463-1466
Issue: 17
Volume: 26
Year: 2019
Month: 10
X-DOI: 10.1080/13504851.2019.1581901
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1581901
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:17:p:1463-1466




Template-Type: ReDIF-Article 1.0
Author-Name: Takuji Kinkyo
Author-X-Name-First: Takuji
Author-X-Name-Last: Kinkyo
Title: A bi-annual forecasting model of currency crises
Abstract: 
 This study proposes a novel approach that combines random forests and discrete wavelet transform (DWT) to construct a bi-annual forecasting model of currency crises. The proposed model can achieve a reasonably high level of accuracy in predicting crises and demonstrates that the DWT of monthly real exchange rates and foreign reserves can serve as reliable predictors. The predicted probability of crises in individual countries is visualized through a map, which indicates that the risk of crises has increased substantially across regions in the second half of 2018.
Journal: Applied Economics Letters
Pages: 255-261
Issue: 4
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1613492
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1613492
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:4:p:255-261




Template-Type: ReDIF-Article 1.0
Author-Name: Michal Brzezinski
Author-X-Name-First: Michal
Author-X-Name-Last: Brzezinski
Title: The evolution of inequality of opportunity in Europe
Abstract: 
 The paper tests whether inequality of opportunity (IO) in Europe has increased between 2004 and 2010. IO is understood as unfair inequality due to circumstances beyond individual control (such as family background, race or sex). We show that over 2004–2010 IO increased significantly in Austria, Greece and Spain, while it decreased in Poland and Portugal. Relative IO (ratio of IO to overall income inequality) has grown in Austria, Belgium, Greece and Norway. In Greece, several social groups with an immigrant background have experienced sizable declines an opportunity for income acquisition.
Journal: Applied Economics Letters
Pages: 262-266
Issue: 4
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1613493
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1613493
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:4:p:262-266




Template-Type: ReDIF-Article 1.0
Author-Name: Chen Zhu
Author-X-Name-First: Chen
Author-X-Name-Last: Zhu
Author-Name: Guihong Hua
Author-X-Name-First: Guihong
Author-X-Name-Last: Hua
Title: The impact of China’s Internet Finance on the banking systemic risk – an empirical study based on the SCCA model and stepwise regression
Abstract: 
 The disorderly development of Internet Finance impacts both the banking industry and the macroeconomy and opens a risk contagion channel, which easily generates the banking systemic risk. Based on current banking systemic risk measured by Systemic Contingent Claims Analysis (SCCA) model and a stepwise regression, we verify the impacts of China’s Internet Finance on the banking industry and predict that the risk will rise in the future.
Journal: Applied Economics Letters
Pages: 267-274
Issue: 4
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1613494
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1613494
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:4:p:267-274




Template-Type: ReDIF-Article 1.0
Author-Name: Helga Kristjánsdóttir
Author-X-Name-First: Helga
Author-X-Name-Last: Kristjánsdóttir
Author-Name: Þórhallur Örn Guðlaugsson
Author-X-Name-First: Þórhallur Örn
Author-X-Name-Last: Guðlaugsson
Author-Name: Svala Guðmundsdóttir
Author-X-Name-First: Svala
Author-X-Name-Last: Guðmundsdóttir
Author-Name: Gylfi Dalmann Aðalsteinsson
Author-X-Name-First: Gylfi Dalmann
Author-X-Name-Last: Aðalsteinsson
Title: Cultural and geographical distance: effects on UK exports
Abstract: 
 This research focuses on how cultural and geographical distance affect trade. The question is whether UK exports are similarly affected by Hofstede national culture distance and geographical distance. OECD data is applied to the United Kingdom’s exports as well as Hofstede cultural distance. The research also accounts for the trading countries’ economic size, as well as their market size, in order to account for economies of scale. Results indicate that exports are more impacted by geographical distance than the cultural distance between the UK and its main trading partners.
Journal: Applied Economics Letters
Pages: 275-279
Issue: 4
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1613495
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1613495
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:4:p:275-279




Template-Type: ReDIF-Article 1.0
Author-Name: Vincent Fromentin
Author-X-Name-First: Vincent
Author-X-Name-Last: Fromentin
Author-Name: Yamina Tadjeddine
Author-X-Name-First: Yamina
Author-X-Name-Last: Tadjeddine
Title: Cross-border workers and financial instability: a frequency domain causality analysis applied to the Luxembourg financial centre
Abstract: 
 This paper aims to examine the causal relationship between workers (cross-border and resident workers) and financial instability in the Luxembourg financial centre, using a Granger causality test in the frequency domain. The evidence shows that cross-border workers are more sensitive to financial shocks than resident workers. In addition to the causal relationship there is a ‘nonlinear’ reaction: one smooth in the short term and a second more structural one in the long term.
Journal: Applied Economics Letters
Pages: 280-285
Issue: 4
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1613496
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1613496
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:4:p:280-285




Template-Type: ReDIF-Article 1.0
Author-Name: Aziz N. Berdiev
Author-X-Name-First: Aziz N.
Author-X-Name-Last: Berdiev
Author-Name: James W. Saunoris
Author-X-Name-First: James W.
Author-X-Name-Last: Saunoris
Title: Driven underground by (mis)trust?
Abstract: 
 Studies have shown that economic and institutional variables are among the causes of underground activities. However, the effect of cultural variables such as trust on informality and, in particular, informal entrepreneurship, have been less explored. Using unique cross-national data, we study the influence of generalized trust on underground entrepreneurship. We find that nations with higher trust are associated with less informal entrepreneurship.
Journal: Applied Economics Letters
Pages: 286-290
Issue: 4
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1613497
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1613497
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:4:p:286-290




Template-Type: ReDIF-Article 1.0
Author-Name: B.P. Yemba
Author-X-Name-First: B.P.
Author-X-Name-Last: Yemba
Author-Name: B. Tang
Author-X-Name-First: B.
Author-X-Name-Last: Tang
Author-Name: E Kitenge
Author-X-Name-First: E
Author-X-Name-Last: Kitenge
Author-Name: J. Nsumbu
Author-X-Name-First: J.
Author-X-Name-Last: Nsumbu
Title: Divisia monetary aggregate and monetary transmission mechanism in the Democratic Republic of Congo (DRC)
Abstract: 
 While the majority on the effectiveness of monetary policies focus on either interest or money channels, we analyze the effectiveness of a composite monetary instrument: The Divisia Aggregate Index (DMAI). Dynamic effects of the DMAI on other economic factors is analyzed through the Factor Augmented Vector Autoregressive model (FAVAR). The latter address the potential arbitrary selection of variables to incorporate in a standard VAR model, and is built from the ability of factor analysis to summarize a very high number of variables into few factors. The FAVAR is applied to monthly data  over the period 01:1996-12:2017 from the Democratic Republic of the Congo. Our empirical results reveal that the DMAI outperforms other monetary policy instruments that use separately interest or money channels, in boosting output and triggering price stability.
Journal: Applied Economics Letters
Pages: 291-297
Issue: 4
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1613498
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1613498
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:4:p:291-297




Template-Type: ReDIF-Article 1.0
Author-Name: Timothy M. Komarek
Author-X-Name-First: Timothy M.
Author-X-Name-Last: Komarek
Author-Name: Larry Filer
Author-X-Name-First: Larry
Author-X-Name-Last: Filer
Title: Waiting after the storm: the effect of flooding on time on the housing market in coastal Virginia
Abstract: 
 Flooding is the most common natural disaster experienced by many households and rising sea levels have made recurrent flooding events common in many coastal cities. This study uses a difference-in-differences model to estimate how the residential real estate market responds to significant flooding events. The analysis examines time-on-market for 137,348 residential property sales between 2007 and 2016 in southeast Virginia. This timeframe includes a Nor’easter, referred to as Nor’Ida, and Hurricane Irene. Results differentiate between high-risk (100-year flood plain) and low-risk (500-year flood plain) areas, and show that homes in the high-risk flood zones remain on the market 5–7 days longer. Our results suggest that the housing market cools down at a localized level after a severe weather event.
Journal: Applied Economics Letters
Pages: 298-301
Issue: 4
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1616047
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1616047
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:4:p:298-301




Template-Type: ReDIF-Article 1.0
Author-Name: Sung-Joo Yoon
Author-X-Name-First: Sung-Joo
Author-X-Name-Last: Yoon
Title: Dynamic panel of count data with initial event and correlated heterogeneity
Abstract: 
 Existing literature on the specification of a dynamic panel model for counts raises several potential challenges. These include (a) the issue of a potentially explosive model when the lagged-dependent variable appears in the conventional exponential conditional mean function and (b) appropriate handling of the problem of the initial conditions that drive a dynamic process. This study addresses both issues within the context of a panel count model with Mundlak–Chamberlain type conditionally correlated heterogeneity. This correlated random-effects model is a useful compromise between the standard fixed- and random-effects models; it is then combined with two alternative specifications of the conditional mean function; one allows exponential feedback (EFB), whereas the other allows linear feedback (LFB). Monte Carlo experiments are conducted to check the robustness of these specifications by using the traditional maximum likelihood estimator for the EFB model and a nonlinear least squares estimator for the LFB model.
Journal: Applied Economics Letters
Pages: 302-306
Issue: 4
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1616048
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1616048
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Template-Type: ReDIF-Article 1.0
Author-Name: I-Cheng Yeh
Author-X-Name-First: I-Cheng
Author-X-Name-Last: Yeh
Author-Name: Che-Hui Lien
Author-X-Name-First: Che-Hui
Author-X-Name-Last: Lien
Title: Evaluating real estate development project with Monte Carlo based binomial options pricing model
Abstract: 
 This paper proposes three evaluation models for evaluating the value of strategic waiting of real estate development project. In Model 1, the ratio of land cost to total real estate sales in period (t) and period (t + 1) is uncorrelated (random). In Model 2, the ratio is unchanged (constant). Model 3 integrates Models 1 and 2 with the ‘land value persistence factor’. The larger the factor, the more the land cost tends to consider only the previous land price. This study uses the Binomial Option Pricing Model and Monte Carlo Simulation hybrid method to solve these three models. In addition, this research also proposes a method for estimating the net present value of project expansion on the time axis. The results show that five main factors influencing the expected value of the option value are the real estate price rate of change, present value of total real estate sales, duration, land value persistence factor, and present value of land. Regardless of the land value persistence factor, the longer the time, the expected value of the option value tends to increase. However, when the land value persistence factor is larger, the expected value of the option value increases more.
Journal: Applied Economics Letters
Pages: 307-324
Issue: 4
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1616049
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1616049
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Template-Type: ReDIF-Article 1.0
Author-Name: Małgorzata Iwanicz-Drozdowska
Author-X-Name-First: Małgorzata
Author-X-Name-Last: Iwanicz-Drozdowska
Author-Name: Paola Bongini
Author-X-Name-First: Paola
Author-X-Name-Last: Bongini
Author-Name: Paweł Smaga
Author-X-Name-First: Paweł
Author-X-Name-Last: Smaga
Author-Name: Bartosz Witkowski
Author-X-Name-First: Bartosz
Author-X-Name-Last: Witkowski
Title: Foreign-owned banks and foreign trade in CESEE countries – a growth-enhancing duo?
Abstract: 
 Based on a sample of 14 Central, Eastern and Southeastern European (CESEE) countries during the period between 1995 and 2015, we analyse how foreign-owned banks and foreign trade impact economic growth. To date, studies have concentrated on the interlinkages between different forms of foreign bank presence (cross-border flows, branches, subsidiaries and syndicated loans) and the scale of foreign trade (imports and exports). Our approach is novel because we analyse the impact of the similarity between the geographical structures of foreign-owned banks and foreign trade on economic growth. We find that this similarity is not conducive to economic growth and reduces the benefits of a country’s openness to trade.
Journal: Applied Economics Letters
Pages: 325-328
Issue: 4
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1616050
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1616050
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:4:p:325-328




Template-Type: ReDIF-Article 1.0
Author-Name: Thyago Celso Cavalcante Nepomuceno
Author-X-Name-First: Thyago Celso Cavalcante
Author-X-Name-Last: Nepomuceno
Author-Name: Cinzia Daraio
Author-X-Name-First: Cinzia
Author-X-Name-Last: Daraio
Author-Name: Ana Paula Cabral Seixas Costa
Author-X-Name-First: Ana Paula Cabral Seixas
Author-X-Name-Last: Costa
Title: Combining multi-criteria and directional distances to decompose non-compensatory measures of sustainable banking efficiency
Abstract: 
 Non compensatory choices are widespread in the economics, strategic management and decision making. Nevertheless, many assessments of productivity still fail to consider non-compensatory preference structures in the measure of the technical inefficiency. This paper proposes a preference elicitation schema, typical of Multi-criteria decision analysis, for the selection of the directional vector in the assessment of a sustainable productivity. The direction choice is based on the weighted aggregation of concordance indexes for each decision criteria on each individual input, such that it represents an index of relative importance according to the decision maker’s perspective. The methodology can be used to aid resource allocation and saving, identify benchmarks for efficient practices and more generally for planning environmental policies in many services and industrial organizations. We illustrate the method with an environmental efficiency evaluation of Brazilian Federal Saving Bank branches.
Journal: Applied Economics Letters
Pages: 329-334
Issue: 4
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1616051
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1616051
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:4:p:329-334




Template-Type: ReDIF-Article 1.0
Author-Name: Yi Hu
Author-X-Name-First: Yi
Author-X-Name-Last: Hu
Author-Name: Weiwei Huang
Author-X-Name-First: Weiwei
Author-X-Name-Last: Huang
Author-Name: Zihao Chen
Author-X-Name-First: Zihao
Author-X-Name-Last: Chen
Title: Stock liquidity, agency cost, and dividend payouts
Abstract: 
 From an agency theory perspective, we find the increase of stock liquidity will lead to more dividend payouts. There are two potential channels, the ‘outcome hypothesis’ (La Porta et al. 2000) and the ‘creditors substitute hypothesis’ (Brockman and Unlu 2009), through which stock liquidity could increase dividend payouts. We confirm that stock liquidity influences dividend payouts mainly through the latter.
Journal: Applied Economics Letters
Pages: 335-339
Issue: 4
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1616052
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1616052
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:4:p:335-339




Template-Type: ReDIF-Article 1.0
Author-Name: Ichiro Iwasaki
Author-X-Name-First: Ichiro
Author-X-Name-Last: Iwasaki
Author-Name: Evžen Kočenda
Author-X-Name-First: Evžen
Author-X-Name-Last: Kočenda
Title: Survival of service firms in European emerging economies
Abstract: 
 Using a dataset of 126,591 service firms in 17 European emerging economies, this paper aims to estimate firm survivability in the years 2007–2015 and examine its determinants. We found that 31.3%, or 39,557 firms, failed during the observation period. At the same time, however, the failure risk greatly differed among regions, perhaps due to the remarkable gap in the progress of economic and political reforms. Moreover, the results of survival analysis revealed that large shareholding, labor productivity, and firm age played strong roles in preventing business failure beyond differences in regions and sectors.
Journal: Applied Economics Letters
Pages: 340-348
Issue: 4
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1616053
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1616053
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:4:p:340-348




Template-Type: ReDIF-Article 1.0
Author-Name: Yakun Chen
Author-X-Name-First: Yakun
Author-X-Name-Last: Chen
Author-Name: Kebin Deng
Author-X-Name-First: Kebin
Author-X-Name-Last: Deng
Author-Name: Zhenguo Xu
Author-X-Name-First: Zhenguo
Author-X-Name-Last: Xu
Title: The social capital in microfinance issued by commercial banks: evidence from China
Abstract: 
 The article explores a confidential group-lending dataset from a Chinese commercial bank based on a policy shock of China’s government; and evidences that social capital determinants, proxied by consanguinity, geographical and business relationship, play significant roles in improving the repayment performance of small group-loan, meanwhile commercial bank can earn favourable benefits. Our results enlighten that commercial financial institutions can alleviate poverty by combining small group-loan with the guarantees of social capital together.
Journal: Applied Economics Letters
Pages: 349-352
Issue: 4
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1616054
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1616054
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:4:p:349-352




Template-Type: ReDIF-Article 1.0
Author-Name: Xu Zhang
Author-X-Name-First: Xu
Author-X-Name-Last: Zhang
Author-Name: Guangming Hou
Author-X-Name-First: Guangming
Author-X-Name-Last: Hou
Author-Name: Weijia Dong
Author-X-Name-First: Weijia
Author-X-Name-Last: Dong
Title: Modelling movie attendance with seasonality: evidence from China
Abstract: 
 High-frequency data improves the timeliness of movie attendance forecasts, but also results in the issue of seasonality. The main objective of this article is to build and test a novel movie attendance model that considers seasonality. Based on the Bass model, we combine an intertemporal demand shift pattern and the binary elements of seasonality – weekends and holidays – and propose a model called DISBM. We chose a sample of 58 movies released in China in 2013 to evaluate our proposal. The empirical results suggest that DISBM has better performance than other seasonal models. We demonstrate that the intertemporal demand shift results in weekend fluctuations, while the extra demand causes the seasonal holiday effect. The intent of this study is to better understand various movie attendance diffusions given different seasonal effects, in order to develop corresponding marketing strategies.
Journal: Applied Economics Letters
Pages: 1351-1357
Issue: 19
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1279260
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1279260
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:19:p:1351-1357




Template-Type: ReDIF-Article 1.0
Author-Name: Zan Zhang
Author-X-Name-First: Zan
Author-X-Name-Last: Zhang
Author-Name: Ken Hung
Author-X-Name-First: Ken
Author-X-Name-Last: Hung
Author-Name: Tsangyao Chang
Author-X-Name-First: Tsangyao
Author-X-Name-Last: Chang
Title: P2P Loans and bank loans, the chicken and the egg, what causes what?: further evidence from a bootstrap panel granger causality test
Abstract: 
 This study attempts to re-investigate the causal link between bank loans and Peer-to-Peer (P2P) loans from China using data sets from eight areas (i.e., Beijing, Shanghai, Jiangsu, Zhejiang, Shandong, Hubei, Guangdong and Sichuan) over 2014M1-2016M4. We apply a bootstrap panel causality analysis that considers both cross-dependency and heterogeneity across cities. The empirical results indicate a unidirectional Granger causality running from P2P loans to bank loans for Beijing, Shanghai, Zhejiang and Shandong; feedback between P2P loans and bank loads for Jiangsu only and independence for the other three areas (i.e. Hubei, Guangdong and Sichuan).
Journal: Applied Economics Letters
Pages: 1358-1362
Issue: 19
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1279261
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1279261
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:19:p:1358-1362




Template-Type: ReDIF-Article 1.0
Author-Name: T. Randolph Beard
Author-X-Name-First: T. Randolph
Author-X-Name-Last: Beard
Author-Name: Hyeongwoo Kim
Author-X-Name-First: Hyeongwoo
Author-X-Name-Last: Kim
Author-Name: Michael L. Stern
Author-X-Name-First: Michael L.
Author-X-Name-Last: Stern
Title: Is good news for Donald Trump bad news for the Peso?
Abstract: 
 We study the relationship between Mr. Trump’s election prospects and the US dollar-peso exchange rate, controlling for other factors that determine overall exchange rates. Increases in Mr. Trump’s probability of winning generate short-run, but statistically significant economically meaningful, disturbances in the US dollar-peso exchange rate. We also provide evidence on Mr. Trump’s effects on Mexican equity markets, premia for Mexican sovereign default risks, exchange rate volatility.
Journal: Applied Economics Letters
Pages: 1363-1368
Issue: 19
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1279262
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1279262
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:19:p:1363-1368




Template-Type: ReDIF-Article 1.0
Author-Name: Laura Cyron
Author-X-Name-First: Laura
Author-X-Name-Last: Cyron
Author-Name: Guido Schwerdt
Author-X-Name-First: Guido
Author-X-Name-Last: Schwerdt
Author-Name: Martina Viarengo
Author-X-Name-First: Martina
Author-X-Name-Last: Viarengo
Title: The effect of opposite sex siblings on cognitive and noncognitive skills in early childhood
Abstract: 
 We investigate the effect of having opposite sex siblings on cognitive and noncognitive skills of children in the United States at the onset of formal education. Our identification strategy rests on the assumption that, conditional on covariates, the sibling sex composition of the two firstborn children in a family is arguably exogenous. With regard to cognitive skills, learning skills and self-control measured in kindergarten, we find that boys benefit from having a sister, while there is no effect for girls. We also find evidence for the effect fading out as early as first grade.
Journal: Applied Economics Letters
Pages: 1369-1373
Issue: 19
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1279263
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1279263
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:19:p:1369-1373




Template-Type: ReDIF-Article 1.0
Author-Name: Jerg Gutmann
Author-X-Name-First: Jerg
Author-X-Name-Last: Gutmann
Author-Name: Katharina Pfaff
Author-X-Name-First: Katharina
Author-X-Name-Last: Pfaff
Author-Name: Stefan Voigt
Author-X-Name-First: Stefan
Author-X-Name-Last: Voigt
Title: Banking crises and human rights
Abstract: 
 We examine the effect of banking crises on a country’s protection of basic human rights. Our results indicate that banking crises have a causal, substantive and robust negative effect on human rights, particularly in nondemocracies. This adds to our understanding of how economic shocks can politically destabilize countries.
Journal: Applied Economics Letters
Pages: 1374-1377
Issue: 19
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1279264
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1279264
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:19:p:1374-1377




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Erratum
Journal: Applied Economics Letters
Pages: 1428-1428
Issue: 19
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1281471
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1281471
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:19:p:1428-1428




Template-Type: ReDIF-Article 1.0
Author-Name: Felipa de Mello-Sampayo
Author-X-Name-First: Felipa
Author-X-Name-Last: de Mello-Sampayo
Title: Competing-destinations gravity model applied to trade in intermediate goods
Abstract: 
 The competing-destinations formulation of the gravity model ensues from the fact that unlike the classic version, this approach explicitly acknowledges the interdependence of the flows between a set of alternative countries. This article applies the competing-destinations gravity model to the analysis of trade in intermediate goods. The results of the model were then tested empirically with an international input–output data set and using the Poisson pseudo-maximum-likelihood estimator. The empirical results suggest that the analytical model can explain trade in intermediate goods. Indeed, as predicted, import of intermediate goods is increasing in the importing country’s demand for inputs, in the competitiveness of the exporting country, and decreasing in distance and competition posed by alternative countries.
Journal: Applied Economics Letters
Pages: 1378-1384
Issue: 19
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1282109
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1282109
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:19:p:1378-1384




Template-Type: ReDIF-Article 1.0
Author-Name: Babak Jahanshahi
Author-X-Name-First: Babak
Author-X-Name-Last: Jahanshahi
Author-Name: Arash Naghavi
Author-X-Name-First: Arash
Author-X-Name-Last: Naghavi
Title: Education reform and education gaps
Abstract: 
 We estimate the causal effect of the Italian 2009 “Gelmini” education reform on four academic performance gaps relating to immigration status, gender, parental social status, and parental education. The reform led to a reduction in the number of teachers and an increase in class size. Lags in implementing the reform for different grades is used to specify a difference-in-difference identification strategy. We find that the reform had a statistically and economically significant effect on the immigrant-native gap and on the gender gap, but not on the gap between students with more and less favourable family background. Particularly, our findings show that students with an immigration background were the main losers from the Gelmini reform.
Journal: Applied Economics Letters
Pages: 1385-1388
Issue: 19
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1282110
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1282110
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Template-Type: ReDIF-Article 1.0
Author-Name: Michal Skorepa
Author-X-Name-First: Michal
Author-X-Name-Last: Skorepa
Author-Name: Lubos Komarek
Author-X-Name-First: Lubos
Author-X-Name-Last: Komarek
Title: Real exchange rates: are they dominated by fundamental factors?
Abstract: 
 Using Bayesian model averaging, we determine which fundamental pair-wise differences suggested by the literature on optimum currency areas give the best explanation of medium-term variability of bilateral real exchange rates. The intercept in the best specification is statistically insignificant, implying that for a hypothetical pair of economies for which the differences were zero, the bilateral real exchange rate would not move. Thus, the ‘non-fundamental’ element of the medium-term real exchange rate variability is, in our sample at least, negligible on average. In other words, floating exchange rate does not in itself imply, on average, more real exchange rate variability in the medium term than an exchange rate peg.
Journal: Applied Economics Letters
Pages: 1389-1392
Issue: 19
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1282111
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1282111
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:19:p:1389-1392




Template-Type: ReDIF-Article 1.0
Author-Name: Dina Frutos-Bencze
Author-X-Name-First: Dina
Author-X-Name-Last: Frutos-Bencze
Author-Name: Kanix Bukkavesa
Author-X-Name-First: Kanix
Author-X-Name-Last: Bukkavesa
Author-Name: Nat Kulvanich
Author-X-Name-First: Nat
Author-X-Name-Last: Kulvanich
Title: Impact of FDI and trade on environmental quality in the CAFTA-DR region
Abstract: 
 This study investigates the relationship between foreign direct investment (FDI), trade and industrial emissions in member countries of the Central American Free Trade Agreement–Dominican Republic (CAFTA-DR) between 1979 and 2010. Our model is based on extant literature about the Environmental Kuznets’ Curve framework. In this study, we consider sulphur dioxide (SO2), nitrogen oxides (NOx) and carbon dioxide (CO2) as our dependent variables. Our key independent variables are FDI and trade. Our study finds evidence that foreign investment and trade have had a negative impact on our selected emissions. However, our models also estimate turning points which are below the current GDP per capita values for all CAFTA-DR member countries. This is an encouraging trend in terms of the potential reduction in emissions in the region.
Journal: Applied Economics Letters
Pages: 1393-1398
Issue: 19
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1282112
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1282112
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:19:p:1393-1398




Template-Type: ReDIF-Article 1.0
Author-Name: N. Scelles
Author-X-Name-First: N.
Author-X-Name-Last: Scelles
Title: Star quality and competitive balance? Television audience demand for English Premier League football reconsidered
Abstract: 
 The aim of this article is to investigate the determinants of television audience for English Premier League (EPL) football matches during the 2013–2014 season (n = 154). The model is adapted from Buraimo and Simmons (2015) who concluded that star quality was an important determinant of television audiences for the EPL over the 2000–2008 period, whereas uncertainty of outcome and championship, Europe and relegation contention were not. Their measures for contention are replaced by indicators based on Scelles et al.’s (2013b, 2016) competitive intensity. Results show a significant positive impact of star quality but also championship and Champions League intensity and no significant impact of Europa League, potential Europa League and relegation intensity. Based on these results, the article suggests that the EPL should encourage both star quality and competitive balance so that all teams can be competitive in terms of the title or qualification for the UEFA Champions League. Given the differences in revenue generation between English teams, the best way to achieve both star quality and competitive balance would be through the introduction of a European Super League. However, this conclusion based on television audience contradicts that of Scelles et al. (2016) based on stadium attendance.
Journal: Applied Economics Letters
Pages: 1399-1402
Issue: 19
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1282125
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1282125
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:19:p:1399-1402




Template-Type: ReDIF-Article 1.0
Author-Name: Yuanyuan Dang
Author-X-Name-First: Yuanyuan
Author-X-Name-Last: Dang
Author-Name: Tao Hong
Author-X-Name-First: Tao
Author-X-Name-Last: Hong
Author-Name: Zhonggen Mao
Author-X-Name-First: Zhonggen
Author-X-Name-Last: Mao
Title: Duplication or experimentation: how local governors make policies under new administrative circumstances
Abstract: 
 This article shows that turnover of local governors increases the similarity of fiscal policies using the data of 320 prefectural-level cities from 2005 to 2012 in China. More generally, local governors duplicate successful experience rather than explore policies accommodating the specificity of their ruling areas when they are faced with new administrative circumstances. The structure and effects of the network resulting from the imitation of policies could be an important research topic in the future.
Journal: Applied Economics Letters
Pages: 1403-1407
Issue: 19
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1282133
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1282133
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:19:p:1403-1407




Template-Type: ReDIF-Article 1.0
Author-Name: Jorge Fleta-Asín
Author-X-Name-First: Jorge
Author-X-Name-Last: Fleta-Asín
Author-Name: Fernando Muñoz
Author-X-Name-First: Fernando
Author-X-Name-Last: Muñoz
Title: Determinants of contract duration in outsourced services in the defense sector
Abstract: 
 In this article we analyze the contract duration using Transaction Cost Theory with a sample of 283 outsourced services in the Spanish Army during the period 2009–2014.The analysis results show that the greater the specificity of the service, the greater the duration of the contract. In addition, it is obtained that the greater the uncertainty about the behaviour of the provider, the lower the duration of the agreement. These results are consistent with existing literature and empirical works.However, in the case of external uncertainty and incompleteness of the contract, they do not affect the contract duration. This may be because less complex services for shorter terms can be specified better and are less affected by external circumstances. Therefore, the uncertainty should be decomposed and analyzed according to their sources.
Journal: Applied Economics Letters
Pages: 1408-1411
Issue: 19
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1282134
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1282134
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:19:p:1408-1411




Template-Type: ReDIF-Article 1.0
Author-Name: Shaoping Wang
Author-X-Name-First: Shaoping
Author-X-Name-Last: Wang
Author-Name: Jiyu Yu
Author-X-Name-First: Jiyu
Author-X-Name-Last: Yu
Title: A new unit root test based on -statistic in ESTAR framework
Abstract: 
 This article proposes a new F-type unit test in the exponential smooth transition autoregressive framework. We derive the asymptotic nonstandard distribution of the proposed test and explore its finite sample properties; simulation results show our test has greater power than the tkss test proposed by Kapetanios et al.(2003). Finally, an application on the real exchange rates further underpins its superiority.
Journal: Applied Economics Letters
Pages: 1412-1416
Issue: 19
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1282135
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1282135
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:19:p:1412-1416




Template-Type: ReDIF-Article 1.0
Author-Name: Pandej Chintrakarn
Author-X-Name-First: Pandej
Author-X-Name-Last: Chintrakarn
Author-Name: Shenghui Tong
Author-X-Name-First: Shenghui
Author-X-Name-Last: Tong
Author-Name: Pornsit Jiraporn
Author-X-Name-First: Pornsit
Author-X-Name-Last: Jiraporn
Title: The effect of religious piety on managerial entrenchment: evidence from entrenched boards of directors
Abstract: 
 Prior research shows that religious piety is linked to honesty and risk-aversion. Religious piety alleviates the agency conflict by lessening the motivation for managers to exploit shareholders. Because of its role in mitigating the agency conflict, we argue that religious piety influences corporate governance arrangements. We exploit the variation in religious piety across U.S. counties and show that religious piety significantly influences the probability that a firm has an entrenched (staggered) board of directors. In particular, firms located in an area with stronger religious piety are significantly less likely to have a staggered board. This negative effect, however, is significant only when the degree of religiosity is higher than a certain threshold. Further analysis reveals that our results are unlikely confounded by endogeneity. Our results are especially interesting as they demonstrate that non-financial attributes, such as religious piety, has a significant influence on one of the most crucial governance mechanisms, i.e. the board of directors.
Journal: Applied Economics Letters
Pages: 1417-1422
Issue: 19
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1282136
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1282136
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Template-Type: ReDIF-Article 1.0
Author-Name: Rosella Nicolini
Author-X-Name-First: Rosella
Author-X-Name-Last: Nicolini
Author-Name: José Luis Roig
Author-X-Name-First: José Luis
Author-X-Name-Last: Roig
Title: Gender and culture: do they matter for norms?
Abstract: 
 In a natural experiment, we observed that the influence of a norm depended upon the gender and cultural background of participants. Both gender and cultural background contributed to the effect of peer pressure that partly controlled against the act of cheating among participants as they completed a group task. Furthermore, both factors served to describe the characteristics of hardworking individuals in the group. We therefore conclude that the effectiveness of a norm in a group is expected to depend upon the presence of hardworking individuals therein.
Journal: Applied Economics Letters
Pages: 1423-1427
Issue: 19
Volume: 24
Year: 2017
Month: 11
X-DOI: 10.1080/13504851.2017.1343436
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1343436
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Template-Type: ReDIF-Article 1.0
Author-Name: Farai Jena
Author-X-Name-First: Farai
Author-X-Name-Last: Jena
Author-Name: Barry Reilly
Author-X-Name-First: Barry
Author-X-Name-Last: Reilly
Title: Testing the uncertainty outcome hypothesis using data from second tier soccer in Ireland
Abstract: 
 This study estimates a demand relationship for second tier soccer in Ireland to test the uncertainty outcome hypothesis (UOH). Using data from three recent playing seasons, the UOH is found to be upheld. In addition, well-determined effects for fixture quality, recent team performance and travel distance between the competing teams’ stadia are also obtained.
Journal: Applied Economics Letters
Pages: 1257-1260
Issue: 18
Volume: 23
Year: 2016
Month: 12
X-DOI: 10.1080/13504851.2016.1148252
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1148252
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:18:p:1257-1260




Template-Type: ReDIF-Article 1.0
Author-Name: Jae-Kwang Hwang
Author-X-Name-First: Jae-Kwang
Author-X-Name-Last: Hwang
Author-Name: Alex Ogwu
Author-X-Name-First: Alex
Author-X-Name-Last: Ogwu
Title: Spillover effects of the 2008 financial crisis on NIE stock markets
Abstract: 
 This article estimates dynamic conditional correlations of stock returns across countries by using DCC–GARCH model and analyse spillover effects of the 2008 financial crisis on the NIE’s stock markets. The results show that there is no regime shift in mean equation of the correlation coefficient during the financial crisis. It may imply there are no mean spillover effects of the US financial crisis on the NIE’s stock markets. However, there are volatility spillover effects of the financial crisis sparked in 2008 from the US to the NIE’s markets.
Journal: Applied Economics Letters
Pages: 1261-1264
Issue: 18
Volume: 23
Year: 2016
Month: 12
X-DOI: 10.1080/13504851.2016.1150939
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1150939
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Template-Type: ReDIF-Article 1.0
Author-Name: Vicente Calabuig
Author-X-Name-First: Vicente
Author-X-Name-Last: Calabuig
Author-Name: Gonzalo Olcina
Author-X-Name-First: Gonzalo
Author-X-Name-Last: Olcina
Author-Name: Fabrizio Panebianco
Author-X-Name-First: Fabrizio
Author-X-Name-Last: Panebianco
Title: The erosion of personal norms and cognitive dissonance
Abstract: 
 In this article, we study how personal norms and behaviour interact and evolve when agents try to reduce cognitive dissonance, and how this dynamic relates to Nash equilibrium. We find that in long run, agents play, and norms prescribe, Nash equilibrium in material payoffs (in the absence of norms). Our model captures two main facts: (i) norms erode along the play of the game; (ii) the erosion of norms depends on the set of possible economic choices, so that the policy maker can potentially influence them.
Journal: Applied Economics Letters
Pages: 1265-1268
Issue: 18
Volume: 23
Year: 2016
Month: 12
X-DOI: 10.1080/13504851.2016.1150940
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1150940
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:18:p:1265-1268




Template-Type: ReDIF-Article 1.0
Author-Name: Marco A. Palma
Author-X-Name-First: Marco A.
Author-X-Name-Last: Palma
Author-Name: Bridget K. Behe
Author-X-Name-First: Bridget K.
Author-X-Name-Last: Behe
Author-Name: Charles R. Hall
Author-X-Name-First: Charles R.
Author-X-Name-Last: Hall
Author-Name: Patricia T. Huddleston
Author-X-Name-First: Patricia T.
Author-X-Name-Last: Huddleston
Author-Name: Tom Fernandez
Author-X-Name-First: Tom
Author-X-Name-Last: Fernandez
Title: Tracking position premiums in discrete choice experiments
Abstract: 
 Eye-tracking was used to identify potential location ‘premiums’ in discrete choice experiments for certain positions in the computer screen in terms of increasing the visibility, general interest and attention of respondents. The search dynamics to choose the optimal alternative closely resembled the natural process of reading in a ‘Z’ motion going from left to right and top to bottom. An empirical application of water conservation showed that conservation practices in the production process were not statistically different than zero. On the other hand, respondents are interested in water conservation practices in their landscapes where they benefit directly from the sustainable practice.
Journal: Applied Economics Letters
Pages: 1269-1273
Issue: 18
Volume: 23
Year: 2016
Month: 12
X-DOI: 10.1080/13504851.2016.1150941
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1150941
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Meierrieks
Author-X-Name-First: Daniel
Author-X-Name-Last: Meierrieks
Author-Name: Friedrich Schneider
Author-X-Name-First: Friedrich
Author-X-Name-Last: Schneider
Title: The short- and long-run relationship between the illicit drug business and terrorism
Abstract: 
 We study the effect of the illicit drug business on terrorism for a sample of 58 countries for the 1984–2007 period. Consistent with the notion of a crime-terror nexus, we find that in the long run, higher drug prices are associated with more terrorism. In the short run, however, increases in drug prices lead to less terrorism, potentially because terrorist groups respond to higher drug business attractiveness by prioritizing criminal over terrorist activity.
Journal: Applied Economics Letters
Pages: 1274-1277
Issue: 18
Volume: 23
Year: 2016
Month: 12
X-DOI: 10.1080/13504851.2016.1150942
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1150942
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Template-Type: ReDIF-Article 1.0
Author-Name: José Alberto Molina
Author-X-Name-First: José Alberto
Author-X-Name-Last: Molina
Author-Name: Juan Carlos Campaña
Author-X-Name-First: Juan Carlos
Author-X-Name-Last: Campaña
Author-Name: Raquel Ortega
Author-X-Name-First: Raquel
Author-X-Name-Last: Ortega
Title: What do you prefer for a relaxing time at home: reading, watching TV or listening to the radio?
Abstract: 
 This article studies the determinants of time spent by Spanish consumers on reading, watching TV and listening to the radio. To that end, we estimate a SUR (seemingly unrelated regressions) model with data from the Spanish Time Use Survey for 2009–2010. Our results show that being self-employed has a negative and significant effect on the time dedicated to reading and to watching TV; older individuals spend more time reading, and being male influences the time spent watching TV and listening to the radio, all in a statistically significant and positive way. Additionally, those with a higher level of education spend more time reading, while those with lower levels of education prefer to watch TV. Adults with better health spend less time on both reading and watching TV, and families with larger numbers of children up to age 5 tend to spend less time on all three of our at-home leisure activities. Finally, living in a larger city has a positive effect on the time dedicated to all three options.
Journal: Applied Economics Letters
Pages: 1278-1284
Issue: 18
Volume: 23
Year: 2016
Month: 12
X-DOI: 10.1080/13504851.2016.1150943
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1150943
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Template-Type: ReDIF-Article 1.0
Author-Name: Kyoung Tae Kim
Author-X-Name-First: Kyoung Tae
Author-X-Name-Last: Kim
Author-Name: Martin C. Seay
Author-X-Name-First: Martin C.
Author-X-Name-Last: Seay
Author-Name: Hyrum L. Smith
Author-X-Name-First: Hyrum L.
Author-X-Name-Last: Smith
Title: After the great recession : financial sophistication and housing leverage
Abstract: 
 US households face various choices in saving for retirement, with one of the most common decisions related to maintaining or paying off a mortgage. Using the 2010 and 2013 Survey of Consumer Finances, this study investigates the relationship between financial sophistication and mortgage decisions among middle-age households. A Heckman two-stage selection model is employed to investigate two separate decisions: mortgage holding and loan-to-value (LTV) ratios among mortgage holders. Results indicate that financial sophistication is positively associated with carrying a mortgage and higher LTV ratios. These results imply that financially sophisticated households may be using leverage to increase asset returns.
Journal: Applied Economics Letters
Pages: 1285-1288
Issue: 18
Volume: 23
Year: 2016
Month: 12
X-DOI: 10.1080/13504851.2016.1150944
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1150944
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:18:p:1285-1288




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas M. Fullerton
Author-X-Name-First: Thomas M.
Author-X-Name-Last: Fullerton
Author-Name: James T. Peach
Author-X-Name-First: James T.
Author-X-Name-Last: Peach
Title: Major League Baseball 2015, What a Difference a Year Makes
Abstract: 
 An econometric analysis of the 2015 Major League Baseball season is conducted with respect to regular season victories. Results obtained confirm some, but not all, results reported in prior research. The importance of solid team pitching and offense is underscored. Similar to 2014, team defence did not vary sufficiently to play a statistically significant role in team victory differences. Outcomes for total payrolls and salary disparities differ substantially from prior seasons. History may serve as a guide to what occurs on the field, but it does not always replicate the patterns of bygone years. Parameter heterogeneity is substantial and argues against pooling sample data from season to season. From a strict econometric perspective, the results obtained indicate that panel methods should not be utilized to analyse wins data for Major League Baseball. Ultimately, 2015 represents another departure from the standard baseball norm.
Journal: Applied Economics Letters
Pages: 1289-1293
Issue: 18
Volume: 23
Year: 2016
Month: 12
X-DOI: 10.1080/13504851.2016.1150945
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1150945
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:18:p:1289-1293




Template-Type: ReDIF-Article 1.0
Author-Name: Ryan S. Mattson
Author-X-Name-First: Ryan S.
Author-X-Name-Last: Mattson
Author-Name: Victor J. Valcarcel
Author-X-Name-First: Victor J.
Author-X-Name-Last: Valcarcel
Title: Compression in monetary user costs in the aftermath of the financial crisis: implications for the Divisia M4 monetary aggregate
Abstract: 
 Differences in Divisia and simple-sum money arise from appropriate weighing mechanisms in Divisia, which rely on information on the user cost of monetary assets. We show convergence in the growth rate of Divisia M4 and its simple-sum counterpart beginning in early 2009, shortly after the collapse in the Federal Funds rate. This phenomenon results from compression in user costs.
Journal: Applied Economics Letters
Pages: 1294-1300
Issue: 18
Volume: 23
Year: 2016
Month: 12
X-DOI: 10.1080/13504851.2016.1153780
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1153780
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Template-Type: ReDIF-Article 1.0
Author-Name: Scott Loveridge
Author-X-Name-First: Scott
Author-X-Name-Last: Loveridge
Author-Name: Timothy Komarek
Author-X-Name-First: Timothy
Author-X-Name-Last: Komarek
Title: Individual discount rates forecast county-level unemployment change
Abstract: 
 We use a national survey to estimate individuals’ discount rates for job creation in the community and test whether impatience for jobs is associated county-level unemployment change outcomes in subsequent years. Our results suggest that impatience for jobs is a possible forecast variable for future modelling efforts. To explore whether the impatience effect is general or simply limited to attitudes about local job creation, the same survey asked about discount rates for local amenity development and personal financial windfall. We find that job growth discount rates perform best for forecasting.
Journal: Applied Economics Letters
Pages: 1301-1304
Issue: 18
Volume: 23
Year: 2016
Month: 12
X-DOI: 10.1080/13504851.2016.1153781
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1153781
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:18:p:1301-1304




Template-Type: ReDIF-Article 1.0
Author-Name: Martyna Marczak
Author-X-Name-First: Martyna
Author-X-Name-Last: Marczak
Author-Name: Thomas Beissinger
Author-X-Name-First: Thomas
Author-X-Name-Last: Beissinger
Title: Bidirectional relationship between investor sentiment and excess returns: new evidence from the wavelet perspective
Abstract: 
 We propose to use the wavelet concept of the phase angle to determine the lead–lag relationship between investor sentiment and excess returns that are related to the bubble component of stock prices. The wavelet phase angle allows for decoupling short- and long-run relations and is additionally capable of identifying time-varying comovement patterns. Based on the monthly S&amp;P500 index and two alternative monthly US sentiment indicators, we find that in the short run (until 3 months), sentiment is leading returns whereas for periods above 3 months the opposite can be observed. Moreover, the initially strong positive relationship becomes less pronounced with increasing time horizon, thereby indicating that the over- or undervaluation in the short run is gradually corrected in the long run.
Journal: Applied Economics Letters
Pages: 1305-1311
Issue: 18
Volume: 23
Year: 2016
Month: 12
X-DOI: 10.1080/13504851.2016.1153782
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1153782
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:18:p:1305-1311




Template-Type: ReDIF-Article 1.0
Author-Name: M. J. Burger
Author-X-Name-First: M. J.
Author-X-Name-Last: Burger
Author-Name: M. Hendriks
Author-X-Name-First: M.
Author-X-Name-Last: Hendriks
Author-Name: E. Pleeging
Author-X-Name-First: E.
Author-X-Name-Last: Pleeging
Author-Name: P. W. van der Zwan
Author-X-Name-First: P. W.
Author-X-Name-Last: van der Zwan
Title: The silver linings of lottery play: motivation and subjective well-being of British lottery participants
Abstract: 
 Although certain researchers have attributed widespread lottery play to irrational beliefs that people hold regarding the chances of winning the lottery, another explanation for the popularity of lottery gambling is that lottery players may experience positive emotions before the draw. Therefore, in this study, we examine the relationship between lottery participation and happiness. Using data from the British Gambling Prevalence Survey 2010 and utilizing propensity score matching methods, we find a small positive effect of lottery participation on happiness for individuals who engage in lottery play for recreational purposes.
Journal: Applied Economics Letters
Pages: 1312-1316
Issue: 18
Volume: 23
Year: 2016
Month: 12
X-DOI: 10.1080/13504851.2016.1153783
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1153783
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Dang
Author-X-Name-First: R.
Author-X-Name-Last: Dang
Author-Name: L. Houanti
Author-X-Name-First: L.
Author-X-Name-Last: Houanti
Author-Name: A. Bonnand
Author-X-Name-First: A.
Author-X-Name-Last: Bonnand
Title: Exploring the effect of diversification strategy on R&amp;D intensity using quantile regression: evidence from France
Abstract: 
 This study examines the relationship between firm diversification strategy and R&amp;D intensity for a sample of large French companies between 2008 and 2012. Applying quantile regression, we provide evidence that the choice of diversification affects R&amp;D intensity in a differentiated way. The results indicate that a low level of diversification (below the twentieth quantile) has no significant impact on R&amp;D intensity. Conversely, a moderate or high level of diversification has a negative and significant impact on R&amp;D intensity. These findings suggest that R&amp;D intensity seems to be significantly higher in related-business firms than in unrelated-business firms.
Journal: Applied Economics Letters
Pages: 1317-1320
Issue: 18
Volume: 23
Year: 2016
Month: 12
X-DOI: 10.1080/13504851.2016.1153784
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1153784
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:18:p:1317-1320




Template-Type: ReDIF-Article 1.0
Author-Name: Sander van Veldhuizen
Author-X-Name-First: Sander van
Author-X-Name-Last: Veldhuizen
Author-Name: Benedikt Vogt
Author-X-Name-First: Benedikt
Author-X-Name-Last: Vogt
Author-Name: Bart Voogt
Author-X-Name-First: Bart
Author-X-Name-Last: Voogt
Title: Internet searches and transactions on the Dutch housing market
Abstract: 
 We use Google searches of the word ‘mortgage’ to explain monthly housing transactions in the Netherlands in the period from 2004 until 2015. Our estimates indicate that Google searches of the previous months are significantly positively associated with housing transactions in the current month. This shows evidence that Internet search data can provide information about real market behaviour.
Journal: Applied Economics Letters
Pages: 1321-1324
Issue: 18
Volume: 23
Year: 2016
Month: 12
X-DOI: 10.1080/13504851.2016.1153785
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1153785
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:18:p:1321-1324




Template-Type: ReDIF-Article 1.0
Author-Name: Santosh Kumar
Author-X-Name-First: Santosh
Author-X-Name-Last: Kumar
Title: The effect of birth order on schooling in India
Abstract: 
 Using large nationally representative data, I estimate the effect of birth order on educational outcomes of children in India. To establish causality, endogeneity of family size is addressed by approaching an instrumental variable method. Employing a district fixed effects model and proportion of boys in the family as the instrument for number of children, I show that later-born children attain higher education compared to earlier-born children. Results are robust to inclusion of child, parents and household characteristics.
Journal: Applied Economics Letters
Pages: 1325-1328
Issue: 18
Volume: 23
Year: 2016
Month: 12
X-DOI: 10.1080/13504851.2016.1156225
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1156225
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:18:p:1325-1328




Template-Type: ReDIF-Article 1.0
Author-Name: Magnus Lodefalk
Author-X-Name-First: Magnus
Author-X-Name-Last: Lodefalk
Author-Name: Aili Tang
Author-X-Name-First: Aili
Author-X-Name-Last: Tang
Title: The impact of hiring top workers on productivity: what is the role of absorptive capacity?
Abstract: 
 We examine the heterogeneous productivity impacts of hiring top workers on small and medium-sized enterprises, exploiting matched employer–employee panel data and employing within-firm as well as matching and difference-in-difference estimators. The results provide robust evidence that the productivity impact is stronger for firms with higher absorptive capacity. Technological laggards within an industry benefit more strongly from hiring top workers if their workforce is more well-educated.
Journal: Applied Economics Letters
Pages: 1402-1406
Issue: 20
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2017.1422594
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1422594
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:20:p:1402-1406




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Crawford
Author-X-Name-First: Andrew
Author-X-Name-Last: Crawford
Author-Name: Paul Lajbcygier
Author-X-Name-First: Paul
Author-X-Name-Last: Lajbcygier
Author-Name: Pushkar Maitra
Author-X-Name-First: Pushkar
Author-X-Name-Last: Maitra
Title: Financial education via television comedy
Abstract: 
 We show that television may be able to deliver rudimentary financial literacy in a cost-effective manner. In a controlled experiment, Cambodian garment factory workers were randomly assigned to one of three treatments: no video (baseline), slideshow and comedy TV show. After the intervention, to examine whether individuals were able to internalize the information that was provided, participants were asked to answer a set of questions on financial knowledge and attitudes. Our results show that participants randomly assigned to the comedy show are significantly more likely to report that they are interested in obtaining more information on savings accounts and are also significantly more likely to open a savings account in the next 6 months. This method of delivery may prove effective particularly for the disadvantaged sections of the population in remote regions of Cambodia.
Journal: Applied Economics Letters
Pages: 1407-1410
Issue: 20
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2017.1422595
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1422595
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:20:p:1407-1410




Template-Type: ReDIF-Article 1.0
Author-Name: Simone Angioloni
Author-X-Name-First: Simone
Author-X-Name-Last: Angioloni
Author-Name: Ziping Wu
Author-X-Name-First: Ziping
Author-X-Name-Last: Wu
Author-Name: Erin Sherry
Author-X-Name-First: Erin
Author-X-Name-Last: Sherry
Title: Welfare distribution of collective in-kind transfers in education: an application to the extended schools programme
Abstract: 
 In this study, we employ the distributional characteristics approach to analyse the welfare distribution of the Extended Schools Programme, a social programme that fights inequality in Northern Ireland’s public schools. Our main result is that increasing funding to schools as their size increases penalizes the most deprived students. This is because the school size, although related to the educational supply, does not reflect the distribution of deprivation within schools. Thus, although in the Northern Irish context the largest welfare gains are possible if funds are redistributed among middle-size schools, our general result indicates an excessive support of small-size schools at the expenses of large-size schools.
Journal: Applied Economics Letters
Pages: 1411-1415
Issue: 20
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2017.1422596
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1422596
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:20:p:1411-1415




Template-Type: ReDIF-Article 1.0
Author-Name: Yingying Shi
Author-X-Name-First: Yingying
Author-X-Name-Last: Shi
Author-Name: Min Pan
Author-X-Name-First: Min
Author-X-Name-Last: Pan
Title: Neutral agents and social tolerance: a dynamic perspective based on economic interaction model with local social cost functions
Abstract: 
 The influence of neutral agents on the evolutionary dynamics of social tolerance is discussed based on a recently proposed economic interaction model with local social cost functions. We show that the dynamical structure of social tolerance is completely changed even if a few neutral agents are introduced into the society. Especially, the full intolerance steady state, which is stable in previous works, becomes unstable and avoidable due to the economic incentive introduced by the neutral agents. The necessary condition of achieving full tolerance is also reduced compared to previous works without neutral agents.
Journal: Applied Economics Letters
Pages: 1416-1420
Issue: 20
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2017.1422597
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1422597
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:20:p:1416-1420




Template-Type: ReDIF-Article 1.0
Author-Name: Magnus Blomkvist
Author-X-Name-First: Magnus
Author-X-Name-Last: Blomkvist
Author-Name: Karl Felixson
Author-X-Name-First: Karl
Author-X-Name-Last: Felixson
Title: Credit supply, post-acquisition performance and financial constraints
Abstract: 
 We study the effect of credit supply on the acquisition behaviour of financially constrained (FC) and financially unconstrained (UC) firms. FC firms are likely to conduct acquisitions when credit supply is greater while UC firms can conduct acquisitions whenever a good opportunity arises. We argue that the flexibility unconstrained firms have is valuable. Our empirical results indicate that UC firms outperform FC firms up to 36 months after the acquisition. We also find that increased credit supply increases the probability of conducting mergers and acquisitions (M&amp;As) for FC firms while it has less impact on M&amp;A behaviour of UC firms.
Journal: Applied Economics Letters
Pages: 1421-1425
Issue: 20
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2017.1422598
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1422598
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:20:p:1421-1425




Template-Type: ReDIF-Article 1.0
Author-Name: Kamila Cygan-Rehm
Author-X-Name-First: Kamila
Author-X-Name-Last: Cygan-Rehm
Title: Estimating the effect of early-childhood citizenship on education using policy changes as instruments
Abstract: 
 This article investigates the effect of early-childhood citizenship status on secondary school education of immigrant offspring. Given the potential endogeneity of naturalization decision, I instrument for citizenship by using a German reform that introduced exogenous variation in the age of naturalization. The reform provides powerful instruments, significantly raising the likelihood of possessing a German passport in childhood. I find that citizenship status increases the probability of attending the highest school track, which gives access to academic education. The effects are of a similar magnitude for boys and girls.
Journal: Applied Economics Letters
Pages: 1426-1431
Issue: 20
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2018.1430303
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430303
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:20:p:1426-1431




Template-Type: ReDIF-Article 1.0
Author-Name: Štěpán Jurajda
Author-X-Name-First: Štěpán
Author-X-Name-Last: Jurajda
Author-Name: Radek Janhuba
Author-X-Name-First: Radek
Author-X-Name-Last: Janhuba
Title: Gender in banking and mortgage behavior
Abstract: 
 Compared to men, women, even financial professionals, exhibit higher risk aversion. We exploit random assignment of clients to banking advisors (‘private bankers’) in a large Czech bank to study the effects of advisor gender on the probability of mortgage issuance and on the probability that a newly issued mortgage is insured, which we interpret as corresponding to risk averse mortgage behaviour. Male advisors do not substantially affect the chances that their clients will take a new mortgage. However, the mortgages that they issue are dramatically less likely to be insured, particularly so for female clients who never had an insured loan with the bank.
Journal: Applied Economics Letters
Pages: 1432-1435
Issue: 20
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2018.1430304
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430304
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:20:p:1432-1435




Template-Type: ReDIF-Article 1.0
Author-Name: Jan Salland
Author-X-Name-First: Jan
Author-X-Name-Last: Salland
Title: Income comparison, gender roles and life satisfaction
Abstract: 
 This article uses data from the German Socio-Economic Panel to analyse the effect of within household income comparison on individual life satisfaction. Our within couple and individual fixed-effects panel estimates suggest that gender roles influence subjective well-being (SWB). A primary breadwinner wife decreases a couple’s individual happiness by eight per cent. The article adds to the findings on interdependence of SWB and hints at negative consequences of traditional gender identity norms for individual happiness.
Journal: Applied Economics Letters
Pages: 1436-1439
Issue: 20
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2018.1430305
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430305
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:20:p:1436-1439




Template-Type: ReDIF-Article 1.0
Author-Name: Bing Li
Author-X-Name-First: Bing
Author-X-Name-Last: Li
Author-Name: Zefang Liao
Author-X-Name-First: Zefang
Author-X-Name-Last: Liao
Author-Name: Lijian Sun
Author-X-Name-First: Lijian
Author-X-Name-Last: Sun
Title: Evolution of FDI flows in the global network: 2003–2012
Abstract: 
 As one type of international capital flow, FDI maintains its important role in globalization. This article attempts to investigate the evolution of the FDI flows from a network perspective. Based on the bilateral FDI flows data between countries from 2003 to 2012, we construct the global FDI flows network for each year and thus quantify network measures (such as flow volumes and connections); further by analysing the tendency and changes of these network measures during the past 10 years, we delineate the features and dynamics of the FDI flows in the global network. We have the following findings: (a) the flows network changes during and after the crisis, i.e. flow volume fallen down and recovered, and flow connection restructured with more diversity; (b) the global FDI flows network is getting more loosely connected; (c) individual countries vary in different patterns.
Journal: Applied Economics Letters
Pages: 1440-1446
Issue: 20
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2018.1430306
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430306
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:20:p:1440-1446




Template-Type: ReDIF-Article 1.0
Author-Name: Debojyoti Das
Author-X-Name-First: Debojyoti
Author-X-Name-Last: Das
Author-Name: M. Kannadhasan
Author-X-Name-First: M.
Author-X-Name-Last: Kannadhasan
Author-Name: Aviral Kumar Tiwari
Author-X-Name-First: Aviral Kumar
Author-X-Name-Last: Tiwari
Author-Name: Khamis Hamed Al-Yahyaee
Author-X-Name-First: Khamis Hamed
Author-X-Name-Last: Al-Yahyaee
Title: Has co-movement dynamics in emerging stock markets changed after global financial crisis? New evidence from wavelet analysis
Abstract: 
 In this article, we revisit the issue of contagion, interdependence and changes in correlation structure after the Global Financial Crisis (GFC) of 2008 between developed and emerging markets in a time-frequency domain using a wavelet-based approach for the period spanning over 1 January 1999 to 8 November 2016. We report evidences of: (a) weaker contagion for Latin American emerging markets during GFC, (b) a strong contagion effect for emerging markets in Europe and the Middle East and (c) a fall in long-run co-movements after GFC, which means by investing in emerging markets, the diversification benefits can be derived in the long run. We report evidence of coexistence of contagion and permanent change in correlation structure.
Journal: Applied Economics Letters
Pages: 1447-1453
Issue: 20
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2018.1430307
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430307
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Template-Type: ReDIF-Article 1.0
Author-Name: Kristopher J. Kemper
Author-X-Name-First: Kristopher J.
Author-X-Name-Last: Kemper
Author-Name: Erik Nesson
Author-X-Name-First: Erik
Author-X-Name-Last: Nesson
Author-Name: Kevin Gatzlaff
Author-X-Name-First: Kevin
Author-X-Name-Last: Gatzlaff
Title: Stock prices and inflation hedged firms
Abstract: 
 As the Federal Reserve continues its near-zero rate policy, the threat of inflation remains a concern among both policymakers and businesses. This article uses over 30 years of accounting data and stock returns to examine how publicly traded firms respond to increasing inflation expectations. We first examine whether firms make balance sheet adjustments in response to expected inflation. We then examine whether these activities have a positive effect on stock prices. We find that firms increase inventory, increase capital expenditures and reduce long-term debt when there is an increased expectation of inflation. We then find that firms that increase inventory in this economic regime are rewarded in the market. Markets also reward firms that increase their cash positions and reduce long-term debt possibly suggesting investor flight to safety.
Journal: Applied Economics Letters
Pages: 1454-1457
Issue: 20
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2018.1430308
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430308
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Template-Type: ReDIF-Article 1.0
Author-Name: Ting Zhang
Author-X-Name-First: Ting
Author-X-Name-Last: Zhang
Author-Name: Dan Gerlowski
Author-X-Name-First: Dan
Author-X-Name-Last: Gerlowski
Title: Welfare to work propensities: administrative record evidence
Abstract: 
 The study examines the role of home-to-new-job-hub distance on employment propensity using a unique data set compiled from integrated micro-level administrative records of work-eligible welfare recipients and earnings. Our empirical findings confirm the spatial mismatch hypothesis. Our home-to-new-job-hub distance measure is an innovative weighted measure incorporating both abundance of actual employment opportunities and geographic distance. Other unique contributions of this study include using point-to-point residence and job hub locational information, modelling with community controls and industry-specific analysis. This study also identifies policy implications in advancing employment prospects of inner-city residents receiving government assistance.
Journal: Applied Economics Letters
Pages: 1458-1462
Issue: 20
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2018.1430309
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430309
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Template-Type: ReDIF-Article 1.0
Author-Name: Chiu-Hui Wu
Author-X-Name-First: Chiu-Hui
Author-X-Name-Last: Wu
Author-Name: Cherng G. Ding
Author-X-Name-First: Cherng G.
Author-X-Name-Last: Ding
Author-Name: Cheng-Ying Wu
Author-X-Name-First: Cheng-Ying
Author-X-Name-Last: Wu
Title: On the assessment of the performance in earnings management for the banking industry: the case of China’s banks
Abstract: 
 Earnings management is popular in the banking industry. Earnings can be manipulated by discretionary loan loss provisions (DLLP). Analysing the trajectories of banks’ DLLP (i.e. their change in DLLP over time) is an effective way to assess the performance in earnings management for the banking industry, but seems not to have been addressed in the earnings management literature. In this study, we analyse the trajectories of DLLP with the yearly data from 2007 through 2012 for four types of banks in China. The results have indicated that state-owned banks, policy banks and city commercial banks seem to manage earnings well. Cautionary notes about bank risks are provided.
Journal: Applied Economics Letters
Pages: 1463-1465
Issue: 20
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2018.1430310
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430310
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Template-Type: ReDIF-Article 1.0
Author-Name: Özlem Sayılır
Author-X-Name-First: Özlem
Author-X-Name-Last: Sayılır
Author-Name: Murat Doğan
Author-X-Name-First: Murat
Author-X-Name-Last: Doğan
Author-Name: Nahifa Said Soud
Author-X-Name-First: Nahifa Said
Author-X-Name-Last: Soud
Title: Financial development and governance relationships
Abstract: 
 In any country, financial development has a huge influence on country’s economic developments. Financial development strengthens financial stability of countries and enhances deep and broad access to capital and financial services by improving efficiency of financial markets and effectiveness of financial intermediation. The purpose of this study is to identify the relationships between various aspects (pillars) of financial development and dimensions of governance for countries listed in the Financial Development Index of the World Economic Forum. The Index provides a score for the breadth, depth and efficiency of 62 of the world’s leading financial markets. The study utilized the data from the World Economic Forum presented in the financial development report (2012) and attempted to model the relationships between various pillars of financial development and dimensions of governance by structural equation modelling (SEM) methodology. The study used the Worldwide Governance Indicators for year 2012 of the World Bank as the measure of governance. According to the SEM results, there seems to be a significant positive relationship between governance and financial development. Thus, as governance is enhanced, we may expect financial development to strengthen as well.
Journal: Applied Economics Letters
Pages: 1466-1470
Issue: 20
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2018.1430311
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430311
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Template-Type: ReDIF-Article 1.0
Author-Name: Adrian R. Fleissig
Author-X-Name-First: Adrian R.
Author-X-Name-Last: Fleissig
Title: Who benefits most from property assessment taxes? Evidence from Los Angeles County
Abstract: 
 Assessment caps on property taxes are often assumed to benefit affluent homeowners the most with little gains for low-income households. Quantile regression results for Los Angeles County show that on average effective property tax rates decrease by $1994 per year due to length of ownership in the 50th percentile because of California’s Proposition 13 assessment cap. There is evidence of both horizontal and vertical inequity across the entire sample. Low-income households do benefit from California’s assessment cap as they are typically infrequent movers but their effective tax rates decrease over time. However, the most affluent households by market value do not gain the most and there is no evidence of horizontal inequity for these homeowners. There is also no evidence of horizontal inequity for middle-income households. Property tax savings vary between $18,000 and $40,000, depending on the assessed value decile and percentage quantile.
Journal: Applied Economics Letters
Pages: 1471-1474
Issue: 20
Volume: 25
Year: 2018
Month: 11
X-DOI: 10.1080/13504851.2018.1430312
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430312
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Template-Type: ReDIF-Article 1.0
Author-Name: Esfandiar Jahangard
Author-X-Name-First: Esfandiar
Author-X-Name-Last: Jahangard
Author-Name: Arian Daneshmand
Author-X-Name-First: Arian
Author-X-Name-Last: Daneshmand
Author-Name: Mehdi Tekieh
Author-X-Name-First: Mehdi
Author-X-Name-Last: Tekieh
Title: Oil prices and the real exchange rate in Iran: an ARDL bounds testing approach
Abstract: 
 This article examines the impact of oil prices on the real exchange rate in Iran during the 1961–2014 period using the autoregressive distributed lag approach to cointegration as the estimation method. We find that higher oil prices lead to appreciation of the real exchange rate. The results reveal that oil prices have both short-run and long-run effects on the real exchange rate.
Journal: Applied Economics Letters
Pages: 1051-1056
Issue: 15
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1251545
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1251545
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Template-Type: ReDIF-Article 1.0
Author-Name: Jorge M. Agüero
Author-X-Name-First: Jorge M.
Author-X-Name-Last: Agüero
Title: Using partial identification methods to estimate the effect of violence against women on their children’s health outcomes
Abstract: 
 A growing literature in economics seeks to estimate the costs of violence against women by examining, for example, its impact on the health outcomes of their children. However, it is difficult to assign a causal interpretation to these nonexperimental studies due to the presence of unobservable characteristics affecting violence and health outcomes simultaneously. The lack of credible instrumental variables applicable in several countries further limits our knowledge. I address this gap by using new partial identification methods to estimate the relative size of the unobservables needed to eliminate the estimated effects in nonexperimental studies. I also expand the external validity of the analysis by using data from five standardized nationally representative household surveys in Latin America. Consistent with previous studies, cross-sectional estimates show large negative associations between violence against women and an array of child health outcomes. However, when accounting for omitted variable bias, at best, two-thirds of the estimates remain robust and they are concentrated on the outcomes with the largest cross-sectional estimated impacts.
Journal: Applied Economics Letters
Pages: 1057-1060
Issue: 15
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1251546
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1251546
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Template-Type: ReDIF-Article 1.0
Author-Name: Changkyu Choi
Author-X-Name-First: Changkyu
Author-X-Name-Last: Choi
Author-Name: Hojin Jung
Author-X-Name-First: Hojin
Author-X-Name-Last: Jung
Title: Does an economically active population matter in housing prices?
Abstract: 
 This article examines the link between the population structure and housing prices. We use a panel of 23 countries from 1976 to 2013 in our empirical analysis. We find statistically significant impacts of the proportion of the economically active population aged 15–64 to the total population on housing-price growth. Our study supports a policy for stable population growth to moderate housing-price growth and economic cycles.
Journal: Applied Economics Letters
Pages: 1061-1064
Issue: 15
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1251547
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1251547
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Template-Type: ReDIF-Article 1.0
Author-Name: Bradley T. Ewing
Author-X-Name-First: Bradley T.
Author-X-Name-Last: Ewing
Author-Name: Simon Medcalfe
Author-X-Name-First: Simon
Author-X-Name-Last: Medcalfe
Author-Name: Wennie Squires
Author-X-Name-First: Wennie
Author-X-Name-Last: Squires
Author-Name: Mark A. Thompson
Author-X-Name-First: Mark A.
Author-X-Name-Last: Thompson
Title: Cyclical comovements in energy-related venture capital investments
Abstract: 
 This article examines the cyclical comovements of venture capital investments in the energy sector and key macroeconomic variables. In particular, we decompose the cyclical component of two venture capital investment series (clean technology and industrial/energy) and several macroeconomic factors including oil prices. A number of important cyclical relationships are documented such as increases in crude oil prices tend to signal future venture capital investment in both energy-related sectors and these investments tend to move concurrently with movements in the overall economy
Journal: Applied Economics Letters
Pages: 1065-1069
Issue: 15
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1251548
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1251548
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Template-Type: ReDIF-Article 1.0
Author-Name: Mahdi Majbouri
Author-X-Name-First: Mahdi
Author-X-Name-Last: Majbouri
Title: Income mobility and the Arab spring: the case of Egypt and Jordan
Abstract: 
 Arab Spring has swept Middle East and North Africa. Although the reasons behind this revolutionary albeit mostly unfruitful social phenomenon is unknown, economic reasons such as income inequality and lack of income mobility have been mentioned. Using an approach that is free of measurement error and attrition biases, this study estimates income mobility in a country that went through Arab Spring, Egypt, and compares that with a similar country that did not experience it, Jordan. The results show that unconditional and conditional income mobility were substantially smaller in Egypt than Jordan. This has implications for the policy-makers not just in the Middle East but the world.
Journal: Applied Economics Letters
Pages: 1070-1074
Issue: 15
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1254332
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1254332
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Template-Type: ReDIF-Article 1.0
Author-Name: Laura Spierdijk
Author-X-Name-First: Laura
Author-X-Name-Last: Spierdijk
Author-Name: Michalis Zaouras
Author-X-Name-First: Michalis
Author-X-Name-Last: Zaouras
Title: The Lerner index and revenue maximization
Abstract: 
 Based on profit-maximizing behaviour, the usual interpretation of the Lerner index is that a zero value reflects competitive behaviour, while a positive value is associated with market power. We investigate to what extent the usual interpretation of the Lerner index remains valid in a setting where firms do not pursue profit maximization, but instead maximize revenues subject to a minimum-profit constraint. We show that a positive Lerner index still indicates market power, but that the magnitude of a positive Lerner index can no longer be used to determine how much market power there is. Furthermore, extra information would be required to draw conclusions about the presence or absence of market power when the Lerner index is zero or negative. We discuss the empirical implications of our results.
Journal: Applied Economics Letters
Pages: 1075-1079
Issue: 15
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1254333
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1254333
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Template-Type: ReDIF-Article 1.0
Author-Name: Per G. Fredriksson
Author-X-Name-First: Per G.
Author-X-Name-Last: Fredriksson
Author-Name: Alexandre Sauquet
Author-X-Name-First: Alexandre
Author-X-Name-Last: Sauquet
Title: Does legal system matter for directed technical change? Evidence from the auto industry
Abstract: 
 Does the effect of fuel taxes on clean innovations (e.g. hybrid technology) depend on the legal system’s rigidity? Using 1986–2005 data from more than 1900 firms, evidence suggests that auto-industry firms located in civil law (with more rigid laws) countries increase clean technology patenting more than common law (with more flexible laws) firms when the tax-inclusive fuel price rises. A rigid legal system appears to raise clean technology innovation.
Journal: Applied Economics Letters
Pages: 1080-1083
Issue: 15
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1254334
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1254334
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Template-Type: ReDIF-Article 1.0
Author-Name: Tom Coupe
Author-X-Name-First: Tom
Author-X-Name-Last: Coupe
Title: The impact of terrorism on expectations, trust and happiness – the case of the November 13 attacks in Paris, France
Abstract: 
 I use quasi-experimental evidence to measure the impact of the 13 November 2015 attacks in Paris, France, on various channels through which terrorism can affect the economy. The evidence suggests the attacks reduced optimism and increased trust in the national government but did not affect current life satisfaction nor political orientation.
Journal: Applied Economics Letters
Pages: 1084-1087
Issue: 15
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1254335
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1254335
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Template-Type: ReDIF-Article 1.0
Author-Name: Piotr Białowolski
Author-X-Name-First: Piotr
Author-X-Name-Last: Białowolski
Title: Forecasting household debt with latent transition modelling
Abstract: 
 Latent transition modelling (LTM) was used to forecast household debt patterns. A model based on three waves (2011, 2013 and 2015) and over 36,000 responses from the biennial panel study of Polish households – Social Diagnosis – provided data for these forecasts. Based on the fact that transitions between latent states are shaped by previous latent states and socio-economic covariates – age of household head, income and number of household members – we were able to demonstrate LTM as a tool to generate aggregate predictions for both medium- and long-term evolution of the household credit market. The declining tendency for household credit participation rates in Poland is expected in the longer term. In particular, the trend should be supported by decline in the proportion of mortgage debtors. The groups of households indebted for the consumption of durables and those seeking credit outside the banking sector are the groups predicted to remain stable or increase in size.
Journal: Applied Economics Letters
Pages: 1088-1092
Issue: 15
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1257099
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1257099
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Pfeifer
Author-X-Name-First: Christian
Author-X-Name-Last: Pfeifer
Author-Name: Gesine Stephan
Author-X-Name-First: Gesine
Author-X-Name-Last: Stephan
Author-Name: Matthias Dütsch
Author-X-Name-First: Matthias
Author-X-Name-Last: Dütsch
Author-Name: Olaf Struck
Author-X-Name-First: Olaf
Author-X-Name-Last: Struck
Title: Do workers perceive high wage settlements of craft unions as fair?
Abstract: 
 In recent years, Germany has experienced an increasing impact of craft unions that negotiate high wage increases for the occupations they represent. This article analyses under which conditions workers perceive such over-proportional wage increases for occupational groups represented by craft unions as (rather) fair. We use a vignette approach, asking respondents for their fairness perceptions of several hypothetical scenarios. The results show that perceptions depend on the burdens of the occupational group, the size of the wage increase, information policies and potential consequences for other groups. These findings are in line with social and organizational justice theories about equity and informational justice.
Journal: Applied Economics Letters
Pages: 1093-1096
Issue: 15
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1257207
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1257207
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Template-Type: ReDIF-Article 1.0
Author-Name: Zameelah Rifkha Khan Jaffur
Author-X-Name-First: Zameelah Rifkha
Author-X-Name-Last: Khan Jaffur
Author-Name: Noor-Ul-Hacq Sookia
Author-X-Name-First: Noor-Ul-Hacq
Author-X-Name-Last: Sookia
Author-Name: Preethee Nunkoo Gonpot
Author-X-Name-First: Preethee
Author-X-Name-Last: Nunkoo Gonpot
Author-Name: Boopendra Seetanah
Author-X-Name-First: Boopendra
Author-X-Name-Last: Seetanah
Title: Out-of-sample forecasting of the Canadian unemployment rates using univariate models
Abstract: 
 This article investigates the out-of-sample forecasting performance of some linear and nonlinear univariate time series models on the monthly seasonally adjusted Canadian unemployment rates during the 1980–2013 period. The findings reveal that nonlinear time series models better capture the asymmetry present in the unemployment rate series at short and long forecast horizons.
Journal: Applied Economics Letters
Pages: 1097-1101
Issue: 15
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1257208
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1257208
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Template-Type: ReDIF-Article 1.0
Author-Name: Fumitaka Furuoka
Author-X-Name-First: Fumitaka
Author-X-Name-Last: Furuoka
Title: A new test for analysing hysteresis in European unemployment
Abstract: 
 This article proposes a new unit root test to analyse unemployment hysteresis. The test is able to incorporate cross-sectional dependence, unattended nonlinearity and unknown structural breaks in the time-series data. This study used data on unemployment in five European countries. The findings indicated that conventional unit root tests failed to reject the null hypothesis of hysteresis for all countries. However, the newly proposed unit root test was able to reject the null hypothesis for the Spanish unemployment rate.
Journal: Applied Economics Letters
Pages: 1102-1106
Issue: 15
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1257209
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1257209
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Template-Type: ReDIF-Article 1.0
Author-Name: Václav Korbel
Author-X-Name-First: Václav
Author-X-Name-Last: Korbel
Title: Do we lie in groups? An experimental evidence
Abstract: 
 We study whether there is a difference between individual and group unethical behaviour in an experimental study among adolescents. We find that on average, groups cheat more than individuals, but there are important differences across age. Younger groups cheat more than younger individuals but there is no difference between older individuals and groups. The way in which groups are formed and friendship ties among group members do not seem to matter.
Journal: Applied Economics Letters
Pages: 1107-1111
Issue: 15
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1259734
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1259734
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Template-Type: ReDIF-Article 1.0
Author-Name: Yapo Genevier N’guessan
Author-X-Name-First: Yapo Genevier
Author-X-Name-Last: N’guessan
Author-Name: Allen Featherstone
Author-X-Name-First: Allen
Author-X-Name-Last: Featherstone
Author-Name: Oluwarotimi Odeh
Author-X-Name-First: Oluwarotimi
Author-X-Name-Last: Odeh
Author-Name: Sreedhar Upendram
Author-X-Name-First: Sreedhar
Author-X-Name-Last: Upendram
Title: Choice of the empirical definition of zero in the translog multiproduct cost functional form
Abstract: 
 The translog cost function is valuable to researchers for empirical analysis in themodelling of indirect cost and profit functions. A flaw of the functional form is in themodelling of zero output values. This study examined the impacts of empirical definition of zero output values on price elasticities, economies of scope and scale, using the translog cost function. Estimation of a system of cost and factor share equations with regularity condition imposed was conducted. Results show that the choice of default values affects policy recommendations.
Journal: Applied Economics Letters
Pages: 1112-1120
Issue: 15
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1259735
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1259735
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Template-Type: ReDIF-Article 1.0
Author-Name: Dirk Bursian
Author-X-Name-First: Dirk
Author-X-Name-Last: Bursian
Title: Solving RE models with discontinuous policy rules – an application to minimum wage setting in Germany
Abstract: 
 The legal regulations require the minimum wage in Germany to be adjusted biennially which gives rise to a policy discontinuity. From the perspective of rational expectations models, such policy features render standard local approximation techniques infeasible. The article presents a stylized model in which negotiated wages and corporate profits are the outcome of an optimization problem, while changes to the minimum wage are modelled by a discontinuous policy rule. Using the simple example of minimum wage setting in Germany, the article illustrates how such models can be solved using the method of undetermined coefficients and presents selected simulation results.
Journal: Applied Economics Letters
Pages: 1121-1126
Issue: 15
Volume: 24
Year: 2017
Month: 9
X-DOI: 10.1080/13504851.2016.1259736
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1259736
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Template-Type: ReDIF-Article 1.0
Author-Name: Brahim Gaies
Author-X-Name-First: Brahim
Author-X-Name-Last: Gaies
Author-Name: Stéphane Goutte
Author-X-Name-First: Stéphane
Author-X-Name-Last: Goutte
Author-Name: Khaled Guesmi
Author-X-Name-First: Khaled
Author-X-Name-Last: Guesmi
Title: FDI, banking crises and growth: direct and spill over effects
Abstract: 
 This study suggests a new decomposition of the effect of foreign direct investment (FDI) on the long-term growth of developing countries. It reveals that FDI not only has a direct positive effect on growth, but also increases it by reducing the recessionary effect resulting from a banking crisis. However, these advantages are conditioned by the FDI threshold, which in turn depends on the ‘absorption capacity’ of the host country.
Journal: Applied Economics Letters
Pages: 1655-1658
Issue: 20
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1591587
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1591587
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Template-Type: ReDIF-Article 1.0
Author-Name: Zafar Nazarov
Author-X-Name-First: Zafar
Author-X-Name-Last: Nazarov
Title: Maternal input choices and child cognitive development: testing for reverse causality
Abstract: 
 I assess whether the results of child achievement tests affect maternal employment and the child-care choices of mothers with prekindergarten children. To test this hypothesis, I use a quasi-structural approach to form approximations to the mother’s employment and child-care decision rules and jointly estimate them with the child cognitive development production function and wage equation. Using a sample of single mothers from the NLSY79, I find evidence that maternal employment and child-care decisions are sensitive to past achievement scores. In particular, a mother whose child has taken the Peabody Picture Vocabulary Test before entering kindergarten and whose child’s standardized test score is above a certain threshold intends to use childcare more and work more part-time hours immediately after observing the child’s performance on the achievement test.
Journal: Applied Economics Letters
Pages: 1659-1663
Issue: 20
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1591588
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1591588
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Template-Type: ReDIF-Article 1.0
Author-Name: Aviral Kumar Tiwari
Author-X-Name-First: Aviral Kumar
Author-X-Name-Last: Tiwari
Author-Name: Yifei Cai
Author-X-Name-First: Yifei
Author-X-Name-Last: Cai
Author-Name: Tsangyao Chang
Author-X-Name-First: Tsangyao
Author-X-Name-Last: Chang
Title: Monetary shocks to macroeconomic variables in China using time-vary VAR model
Abstract: 
 This study is the first attempt to apply TVP-VAR model to analyse the effects of China’s monetary shocks on macroeconomic variables. 3D impulsive response functions indicate that monetary shocks did affect GDP, CPI and exchange rate over 1996Q1-2016Q4 either in short-run or long-run in China. Our study has important policy implications for the Chinese government conducting monetary policy to sustain its economic growth and maintain economic stability.
Journal: Applied Economics Letters
Pages: 1664-1669
Issue: 20
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1591589
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1591589
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Template-Type: ReDIF-Article 1.0
Author-Name: Oguzhan Cepni
Author-X-Name-First: Oguzhan
Author-X-Name-Last: Cepni
Author-Name: I. Ethem Guney
Author-X-Name-First: I. Ethem
Author-X-Name-Last: Guney
Title: Nowcasting emerging market’s GDP: the importance of dimension reduction techniques
Abstract: 
 A number of recent studies in the macro-finance literature that addresses the link between asset prices and economic fluctuations have focused on the usefulness of various factor models in the context of now-casting using very big dataset. The issue of factor extraction is usually swept under the carpet in the factor model literature, where it seems that all that is needed is a large number of economic and financial variables. We contribute to this literature by analysing whether factor estimation methods matters for the performance of factor-based now-casting models based on selected emerging markets GDP. Ancillary findings based on our GDP now-casting experiments on major emerging market countries underscore the advantage of sparse principal component analysis-based factor estimation approach. These results show that imposing a sparse structure on the whole dataset is generally a useful step towards reducing the forecast errors in the context of GDP now-casting model specification.
Journal: Applied Economics Letters
Pages: 1670-1674
Issue: 20
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1591590
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1591590
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Template-Type: ReDIF-Article 1.0
Author-Name: Hongzhong Fan
Author-X-Name-First: Hongzhong
Author-X-Name-Last: Fan
Author-Name: Shi He
Author-X-Name-First: Shi
Author-X-Name-Last: He
Author-Name: Yum K. Kwan
Author-X-Name-First: Yum K.
Author-X-Name-Last: Kwan
Title: Foreign direct investment and productivity spillovers: is China different?
Abstract: 
 Drawing on a unique dataset from 41 studies on foreign direct investment productivity spillovers in China, our prime objective is to estimate spillover effects accounting for publication bias using meta-regression analysis. Robust to different specifications, we find that the publication bias-corrected horizontal/backward/forward spillover effects are consistently positive and economically significant. Interestingly, our findings show that China gains more horizontal and backward spillover effects than the average world.
Journal: Applied Economics Letters
Pages: 1675-1682
Issue: 20
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1591591
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1591591
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:20:p:1675-1682




Template-Type: ReDIF-Article 1.0
Author-Name: Bokyung Park
Author-X-Name-First: Bokyung
Author-X-Name-Last: Park
Author-Name: Jungsoo Park
Author-X-Name-First: Jungsoo
Author-X-Name-Last: Park
Author-Name: Joon Chae
Author-X-Name-First: Joon
Author-X-Name-Last: Chae
Title: Non-interest income and bank performance during the financial crisis
Abstract: 
 This article investigates how the non-interest income influences risk and return of U.S. bank holding companies during the financial crisis of 2007–2009, based on the bank-level panel data. Our analysis shows that the non-interest incomes have a positive impact on bank risk and return during the crisis period. Furthermore, non-interest incomes related to nontraditional activities such as trading and investment banking activities have an insignificant impact on bank risk and returns. This study suggests that non-interest income is not the source of bank instability and low returns during the financial crisis.
Journal: Applied Economics Letters
Pages: 1683-1688
Issue: 20
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1591592
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1591592
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Schaub
Author-X-Name-First: Mark
Author-X-Name-Last: Schaub
Title: Holding period returns from NASDAQ traded ADRs
Abstract: 
 This study examines the initial three-year holding period returns of the 202 ADRs listed from 1990 through 2015 and traded on the NASDAQ relative to the corresponding holding period returns(HPRs) of the NASDAQ Index. The average ADR holding period returns and excess returns exhibit skewed results. The average ADR 3-year holding period return was 47.7 percent while the average excess holding-period return was 13.2 percent. The median ADR lost 34.1 percent and the median ADR excess HPR was −31.2 percent relative to the NASDAQ. European listings outperformed those from other regions. In particular, ADRs from firms headquartered in the UK and Ireland were the best performers.
Journal: Applied Economics Letters
Pages: 1689-1693
Issue: 20
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1591593
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1591593
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:20:p:1689-1693




Template-Type: ReDIF-Article 1.0
Author-Name: Taniya Ghosh
Author-X-Name-First: Taniya
Author-X-Name-Last: Ghosh
Author-Name: Prashant Mehul Parab
Author-X-Name-First: Prashant Mehul
Author-X-Name-Last: Parab
Title: Testing the Friedman–Schwartz hypothesis using time-varying correlation analysis
Abstract: 
 This study analyses the time-varying correlation of money and output using the DCC GARCH model for the Euro, India, Poland, the UK and the US. Apart from simple sum money, this model uses Divisia monetary aggregate, which is theoretically shown as the actual measure of monetary services. The inclusion of Divisia money affirms the Friedman–Schwartz hypothesis that money is procyclical. The procyclical nature of association was not robustly observed in recent data when a simple sum money was used.
Journal: Applied Economics Letters
Pages: 1694-1699
Issue: 20
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1591594
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1591594
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan de Lucio
Author-X-Name-First: Juan
Author-X-Name-Last: de Lucio
Author-Name: Raúl Mínguez
Author-X-Name-First: Raúl
Author-X-Name-Last: Mínguez
Author-Name: Asier Minondo
Author-X-Name-First: Asier
Author-X-Name-Last: Minondo
Author-Name: Francisco Requena
Author-X-Name-First: Francisco
Author-X-Name-Last: Requena
Title: Does a crisis increase the number of regular exporters?
Abstract: 
 The severe reduction in domestic demand between 2008 and 2013 in Spain led many firms to start exporting. We explore whether the increase in the new crisis-induced exporters led to a larger number of regular exporters once domestic demand returned to pre-crisis levels. Using an instrumental variable approach, we find that a 10% increase in new exporters led to a 9% increase in the number of new regular exporters. Since the economic crisis was not anticipated in Spain, our results establish a causal link between a fall in domestic demand and the emergence of new regular exporters.
Journal: Applied Economics Letters
Pages: 1700-1704
Issue: 20
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1591595
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1591595
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:20:p:1700-1704




Template-Type: ReDIF-Article 1.0
Author-Name: Jianfeng Huang
Author-X-Name-First: Jianfeng
Author-X-Name-Last: Huang
Author-Name: Wencong Lu
Author-X-Name-First: Wencong
Author-X-Name-Last: Lu
Title: Forex swap premiums, shock response and covered profits: an ARDL–EGARCH model analysis
Abstract: 
 This article develops an autoregressive distributed lag-exponential GARCH (ARDL–EGARCH) model to explore the formation mechanism of covered profits from the perspectives of forex swap premiums and shock response, considering eight arbitrage strategies on four currency pairs as a case study. Two important conclusions emerge: first, the stronger the currency, the more the opportunity for lucrative unidirectional arbitrage; second, covered profits result from profit memory, the dynamic adjustment of market expectation from forex swap premiums and the asymmetric volatility clustering of shock response.
Journal: Applied Economics Letters
Pages: 1705-1708
Issue: 20
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1592102
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1592102
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Schaub
Author-X-Name-First: Mark
Author-X-Name-Last: Schaub
Title: US Presidential election effects on Mexican ADRs: a two-year analysis
Abstract: 
 Examinations of the impact of Brexit on UK ADRs show the ADR and Great British Pound (GBP) values decreased immediately after the vote results were known. Within a year, the ADRs recovered but the GBP did not. This study examines the one- and two-year changes in Mexican ADR and Peso values following the 2016 US Presidential election vote to determine whether a similar reaction and overreaction resulted. Because of the President’s campaign platform, including the renegotiation of trade agreements like NAFTA, uncertainty about profitability of firms headquartered in Mexico increased. Within two months of the vote, Mexican ADRs lost about 7 percent of their value (mostly due to the depreciation of the Peso). The ADRs underperformed the Peso by 3 percent after 1 year and 10 percent after 2 years. However, the ADRs underperformed the S&P 500 by 19 percent after 1 year and 41 percent after 2 years indicating the initial reaction was not overreaction based on the sustained losses years later (unlike the Brexit results on UK ADRs).
Journal: Applied Economics Letters
Pages: 1709-1712
Issue: 20
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1593313
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1593313
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:20:p:1709-1712




Template-Type: ReDIF-Article 1.0
Author-Name: Yaqin Su
Author-X-Name-First: Yaqin
Author-X-Name-Last: Su
Author-Name: Cynthia Bansak
Author-X-Name-First: Cynthia
Author-X-Name-Last: Bansak
Author-Name: Cheng Cheng
Author-X-Name-First: Cheng
Author-X-Name-Last: Cheng
Title: The inter-generational value of a green card: evidence from the CSPA of 1992
Abstract: 
 We examine the impact of the Chinese Student Protection Act (CSPA) of 1992 on the children of those who likely received Green Cards under the US legislation. Using a differences-in-differences methodology with the American Community Survey from 2001–2017, we find that having immediate access to a Green Card for mainland Chinese mothers had a positive impact on their children, while mainland Chinese fathers’ Green Card eligibility does not affect children’s outcomes. Our findings highlight the importance of mother’s employment and earnings on children’s human capital development. It appears that the CSPA has served to enhance the human capital outcomes of second-generation Chinese immigrants.
Journal: Applied Economics Letters
Pages: 1713-1717
Issue: 20
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1593926
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1593926
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Template-Type: ReDIF-Article 1.0
Author-Name: Gustavo Gonzaga
Author-X-Name-First: Gustavo
Author-X-Name-Last: Gonzaga
Author-Name: Tomás Guanziroli
Author-X-Name-First: Tomás
Author-X-Name-Last: Guanziroli
Title: Returns to experience across tasks: evidence from Brazil
Abstract: 
 Using a rich Brazilian panel dataset and an occupation-task mapping, we investigate whether returns to experience depend on the types of jobs performed by workers. We find that returns to experience in non-routine tasks, especially returns to analytical tasks, are much larger than returns to routine tasks. This gap increases with schooling, suggesting that schooling and non-routine tasks are complementary in the human capital production function. These are important findings for developing countries similar to Brazil, where approximately 70% of workers’ tasks are routine.
Journal: Applied Economics Letters
Pages: 1718-1723
Issue: 20
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1593927
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1593927
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:20:p:1718-1723




Template-Type: ReDIF-Article 1.0
Author-Name: Seongeun Kim
Author-X-Name-First: Seongeun
Author-X-Name-Last: Kim
Title: Price dispersion with multi-product firms and vertical differentiation
Abstract: 
 Empirical evidence from the gasoline market suggests that prices and markups for regular gasoline are higher in stations offering both premium and regular compared to stations without premium. Also, the difference is larger in affluent areas. This implies that consumers pay higher prices for the same low-quality product when they visit stores offering both high- and low-quality products in areas that are populated with more high-income consumers.
Journal: Applied Economics Letters
Pages: 1724-1728
Issue: 20
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1593928
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1593928
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:20:p:1724-1728




Template-Type: ReDIF-Article 1.0
Author-Name: Meishan Jiang
Author-X-Name-First: Meishan
Author-X-Name-Last: Jiang
Author-Name: Jingrong Li
Author-X-Name-First: Jingrong
Author-X-Name-Last: Li
Author-Name: Krishna P. Paudel
Author-X-Name-First: Krishna P.
Author-X-Name-Last: Paudel
Author-Name: Yunsheng Mi
Author-X-Name-First: Yunsheng
Author-X-Name-Last: Mi
Title: Factors affecting agricultural land transfer-out in China: a semiparametric instrumental variable model
Abstract: 
 This paper uses a semiparametric instrumental variable model to study the determinants of agricultural land transfer-out, using face-to-face survey data collected in 2014 from 2,677 farmers in nine provinces of China. Results show that variables, such as the number of parcels of land, the collective’s total land transfer-out, and the availability of a transportation network, have significant linear positive effects on households’ farmland transfer-out. Having family members with a lower educational level affect land transfer-out negatively. Landholding size and land idling have an inverted-U and L shaped impact, respectively, on land transfer-out. Results also indicate that agricultural income ratio has an overall negative influence on land transfer out. Land transfer-out has the potential to provide opportunities to earn additional income from the land, increase land productivity, and reduce poverty in rural China.
Journal: Applied Economics Letters
Pages: 1729-1733
Issue: 20
Volume: 26
Year: 2019
Month: 11
X-DOI: 10.1080/13504851.2019.1593929
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1593929
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Template-Type: ReDIF-Article 1.0
Author-Name: Joachim Wagner
Author-X-Name-First: Joachim
Author-X-Name-Last: Wagner
Title: Distance-sensitivity of German exports: first evidence from firm-product level data
Abstract: 
 This article uses a tailor-made new data set of 7 580 251 observations for German exports at the firm-product-destination level to estimate a gravity equation and to investigate the link between the amount of firms’ exports and the distance to destination countries. It is shown that, in line with stylized facts based on aggregate data, the quantity of exports declines significantly with distance within a firm for a given product.
Journal: Applied Economics Letters
Pages: 140-142
Issue: 3
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1170927
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1170927
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:3:p:140-142




Template-Type: ReDIF-Article 1.0
Author-Name: Mariana Spatareanu
Author-X-Name-First: Mariana
Author-X-Name-Last: Spatareanu
Author-Name: Vlad Manole
Author-X-Name-First: Vlad
Author-X-Name-Last: Manole
Author-Name: Ali Kabiri
Author-X-Name-First: Ali
Author-X-Name-Last: Kabiri
Title: Bank distress and firms’ investment during the Great Recession - evidence from Ireland
Abstract: 
 This article investigates the impact of bank distress on firms’ performance using unique data during the Great Recession for Ireland. The results show that bank distress, measured as banks’ credit default swap spreads (CDS), has negatively and statistically significantly affected firms’ investment expenditures. Interestingly, firms with access to alternative sources of external finance are not impacted by bank distress. The results are robust to accounting for external finance dependence, demand and trade sensitivities, which affect firm performance and the demand for credit.
Journal: Applied Economics Letters
Pages: 143-147
Issue: 3
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1170928
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1170928
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:3:p:143-147




Template-Type: ReDIF-Article 1.0
Author-Name: Se-Youn Jung
Author-X-Name-First: Se-Youn
Author-X-Name-Last: Jung
Author-Name: Kun Soo Park
Author-X-Name-First: Kun Soo
Author-X-Name-Last: Park
Title: Vertically integrated producer when a rival is also a customer: impact of demand uncertainty
Abstract: 
 When a vertically integrated producer (VIP) is also a supplier of a component for its rival firm, it was found that the profit in a decentralized structure is higher for the VIP than the profit in a centralized structure under deterministic demand. In contrast, we found that firms’ ordering decisions under uncertain demand can reverse this findings and it is more likely to happen as demand variability increases.
Journal: Applied Economics Letters
Pages: 148-153
Issue: 3
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1173170
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1173170
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:3:p:148-153




Template-Type: ReDIF-Article 1.0
Author-Name: Harald Badinger
Author-X-Name-First: Harald
Author-X-Name-Last: Badinger
Author-Name: Wolf Heinrich Reuter
Author-X-Name-First: Wolf Heinrich
Author-X-Name-Last: Reuter
Title: Determinants of fiscal rules
Abstract: 
 This article empirically assesses determinants of countries’ fiscal rules suggested by the political science, sociology and economics literature. We find several of these variables to be related to the stringency of fiscal rules, providing indirect evidence for the relevance of governments’ deficit bias. These determinants may also serve as instruments in models with (endogenous) fiscal rules as explanatory variable.
Journal: Applied Economics Letters
Pages: 154-158
Issue: 3
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1173171
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1173171
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:3:p:154-158




Template-Type: ReDIF-Article 1.0
Author-Name: Phuong Thanh Le
Author-X-Name-First: Phuong Thanh
Author-X-Name-Last: Le
Author-Name: Charles Harvie
Author-X-Name-First: Charles
Author-X-Name-Last: Harvie
Author-Name: Amir Arjomandi
Author-X-Name-First: Amir
Author-X-Name-Last: Arjomandi
Title: Testing for differences in technical efficiency among groups within an industry
Abstract: 
 This study generalizes the test performed by Simar and Zelenyuk (2007) to examine differences in the technical efficiency among $$L$$L
 groups within an industry (where $$L \ge 2$$L≥2
). For this purpose, the $$L$$L
 groups are divided into pairs and each group is compared with all other $$L - 1$$L−1
 groups. The $$L - 1$$L−1
 groups can then be classified into three cohorts: those performing better, equally and worse, relative to the benchmark group. For illustration purposes, annual data for Vietnamese banks covering the period 2005‒2012 is used.
Journal: Applied Economics Letters
Pages: 159-162
Issue: 3
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1173172
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1173172
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:3:p:159-162




Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Artz
Author-X-Name-First: Benjamin
Author-X-Name-Last: Artz
Title: Gender and entrepreneurial success: evidence from survey data
Abstract: 
 A wealth of studies have contributed to the literature on gender differences in entrepreneurial success, but most lack key controls that aid in determining that success. Scale of the entrepreneur’s business is often not accounted for, and no studies to the author’s knowledge approach the gender comparison by specifically utilizing a sample of entrepreneur-only managed businesses. This allows for a direct comparison between individual entrepreneurs’ performance by gender, without the confounding heterogeneity that workforces may introduce. Data are taken from a national US survey of individuals, and model specifications include a number of important but oftentimes unavailable controls that have never before been used in conjunction. Female and male entrepreneurial success are statistically equal after controlling for risk preferences, intelligence, start-up capital, prior industry experience and hours worked at the business. Alternative specifications and sensitivity checks confirm and expand on these results.
Journal: Applied Economics Letters
Pages: 163-166
Issue: 3
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1173173
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1173173
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:3:p:163-166




Template-Type: ReDIF-Article 1.0
Author-Name: Carla Blazquez-Fernández
Author-X-Name-First: Carla
Author-X-Name-Last: Blazquez-Fernández
Author-Name: David Cantarero-Prieto
Author-X-Name-First: David
Author-X-Name-Last: Cantarero-Prieto
Author-Name: Marta Pascual-Saez
Author-X-Name-First: Marta
Author-X-Name-Last: Pascual-Saez
Title: Health expenditure and socio-economic determinants of life expectancy in the OECD Asia/Pacific area countries
Abstract: 
 Recent economic research is focused on the study of the relationship between socio-economic factors and health outcomes. In this study, the relationship in the OECD Asia/Pacific area countries regarding life expectancy is explored. Data from the World Bank and OECD Health Statistics (2015) have been used to build a panel data during the period 1995–2013. On the one hand, it was found that per capita income, unemployment and exchange rates improve health outcomes. On the other hand, poor performance, in terms of government expenditures for the countries-sample, comes across. Empirical results highlight the importance of cost-effectiveness analysis.
Journal: Applied Economics Letters
Pages: 167-169
Issue: 3
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1173174
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1173174
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:3:p:167-169




Template-Type: ReDIF-Article 1.0
Author-Name: Tobias Streicher
Author-X-Name-First: Tobias
Author-X-Name-Last: Streicher
Author-Name: Sascha L. Schmidt
Author-X-Name-First: Sascha L.
Author-X-Name-Last: Schmidt
Author-Name: Dominik Schreyer
Author-X-Name-First: Dominik
Author-X-Name-Last: Schreyer
Author-Name: Benno Torgler
Author-X-Name-First: Benno
Author-X-Name-Last: Torgler
Title: Is it the economy, stupid? The role of social versus economic factors in people’s support for hosting the Olympic Games: evidence from 12 democratic countries
Abstract: 
 Public referenda have gained momentum as a democratic tool to legitimize public mega projects such as hosting the Olympic Games. Interest groups in favour of hosting the Olympics therefore try to influence voters through public campaigns that primarily focus on economic benefits. However, recent studies find no or hardly any economic impact of hosting the Olympics, instead providing evidence for a positive social impact. This raises the question whether citizens consider economic or social factors when deciding on hosting the Olympics. Based on representative survey data from 12 countries, our results suggest that economic factors can influence voting behaviour, although the influence of social factors is stronger.
Journal: Applied Economics Letters
Pages: 170-174
Issue: 3
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1173175
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1173175
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:3:p:170-174




Template-Type: ReDIF-Article 1.0
Author-Name: Imad A. Moosa
Author-X-Name-First: Imad A.
Author-X-Name-Last: Moosa
Title: Citations, journal ranking and multiple authorships: evidence based on the top 300 papers in economics
Abstract: 
 Two propositions are examined with reference to the top 300 papers in economics journals in terms of citations as reported by RePec. The results show that while there is significant correlation between the quality of a journal and the number of top papers published in that journal, the correlation is far away from being perfect. Furthermore, citations are not related to the number of authors, which provides evidence against the proposition that multi-authored papers are typically of higher quality than single-authored papers. The results also cast a shadow of doubt on the soundness of the bucket classification of journals.
Journal: Applied Economics Letters
Pages: 175-181
Issue: 3
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1176104
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1176104
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:3:p:175-181




Template-Type: ReDIF-Article 1.0
Author-Name: Qingran Wang
Author-X-Name-First: Qingran
Author-X-Name-Last: Wang
Author-Name: Haibin Wu
Author-X-Name-First: Haibin
Author-X-Name-Last: Wu
Author-Name: Jun Xu
Author-X-Name-First: Jun
Author-X-Name-Last: Xu
Author-Name: Jiaren Pang
Author-X-Name-First: Jiaren
Author-X-Name-Last: Pang
Title: Entry regulation and international trade
Abstract: 
 We use cross-country, cross-industry data to analyse the relationship between entry regulation and international trade. We find robust evidence that entry regulation discourages exports of industries with low natural barriers to entry. This implies that, in international markets, countries with heavy entry regulation have a comparative disadvantage in industries that are technologically easy to enter. Further analysis shows that the result is partly due to the negative impact of entry regulation on productivity.
Journal: Applied Economics Letters
Pages: 182-185
Issue: 3
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1176105
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1176105
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:3:p:182-185




Template-Type: ReDIF-Article 1.0
Author-Name: Vuslat Us
Author-X-Name-First: Vuslat
Author-X-Name-Last: Us
Title: A dynamic approach to analysing the effect of the global crisis on nonperforming loans: evidence from the Turkish banking sector
Abstract: 
 This article analyses the effect of the global crisis on the determinants of nonperforming loans (NPLs) in the Turkish banking sector by using dynamic panel estimation techniques. Empirical findings suggest that NPLs present persistence, which is more evident after the crisis, while other regressors have also persistent effects in the post-crisis period. Moreover, NPLs are mostly shaped by bank-specific variables before the crisis, whereas, after the crisis, NPLs are also driven by macroeconomic and policy-related variables. In particular, the post-crisis significance of GDP, policy rate and sovereign debt shows that robust economic activity, tight monetary policy and strong fiscal balances restrict NPLs, thereby enhancing financial stability. The significance of inflation in both sub-periods shows that commitment to price stability objective is indispensable for limiting NPLs and promoting financial stability. In the period ahead, the speed and the direction of normalization in global monetary policies may determine the course of financial conditions, which, therefore, have implications regarding NPL dynamics and financial stability.
Journal: Applied Economics Letters
Pages: 186-192
Issue: 3
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1176106
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1176106
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:3:p:186-192




Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Duquette
Author-X-Name-First: Christopher
Author-X-Name-Last: Duquette
Author-Name: Franklin G. Mixon
Author-X-Name-First: Franklin G.
Author-X-Name-Last: Mixon
Author-Name: Richard J. Cebula
Author-X-Name-First: Richard J.
Author-X-Name-Last: Cebula
Title: Candidate quality and US Senate elections
Abstract: 
 We find that candidate quality is a key determinant of US Senate election outcomes. We model the results for the last 10 US Senate election cycles, from 2012 back to 1994, for a total of 345 election contests. For the contests where an incumbent seeks re-election, a quality challenger can significantly diminish the advantage that usually attaches to incumbency. For the open-seat contests, which tend to be more competitive, candidate quality can swing a close election. Governors who seek election to the US Senate receive the largest boost, as indicated by our candidate-quality variables vector. Wave effects and presidential coattail effects are also shown to be contributing factors in certain cases.
Journal: Applied Economics Letters
Pages: 193-197
Issue: 3
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1176107
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1176107
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:3:p:193-197




Template-Type: ReDIF-Article 1.0
Author-Name: Chad D. Cotti
Author-X-Name-First: Chad D.
Author-X-Name-Last: Cotti
Author-Name: M. Ryan Haley
Author-X-Name-First: M. Ryan
Author-X-Name-Last: Haley
Author-Name: Laurie A. Miller
Author-X-Name-First: Laurie A.
Author-X-Name-Last: Miller
Title: Assessing the impact of different workplace flexibilities on workplace stress in the presence of varying degrees of job control
Abstract: 
 We apply probit and propensity score matching to 1667 respondents from the 2008 National Survey of the Changing Workforce to quantify how workers’ self-reported stress levels vary under two different workplace flexibilities and varying degrees of job control. The first workplace flexibility considered is the ability to easily take time off for personal and family matters; the second is the option of a compressed work week. Our findings suggest that the first flexibility correlates with lower stress reports regardless of job control level. The second flexibility, however, correlates with lower stress levels only for workers with low levels of job control. This suggests that a compressed work week does not reduce stress for workers that already have high levels of job control. The more general conclusion is that some flexibilities are substitutes for job control whereas other are not, assuming the larger goal is the reduction of workplace stress and the various maladies exacerbated by stress.
Journal: Applied Economics Letters
Pages: 198-201
Issue: 3
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1176108
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1176108
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:3:p:198-201




Template-Type: ReDIF-Article 1.0
Author-Name: Gabriel Ahlfeldt
Author-X-Name-First: Gabriel
Author-X-Name-Last: Ahlfeldt
Author-Name: Wolfgang Maennig
Author-X-Name-First: Wolfgang
Author-X-Name-Last: Maennig
Author-Name: Tobias Osterheider
Author-X-Name-First: Tobias
Author-X-Name-Last: Osterheider
Title: Industrial structure and preferences for a common currency – the case of the EURO referendum in Sweden
Abstract: 
 Attitudes for a common currency differ from nation to nation, or from region to region. We analyse regionally differing voting results of a referendum held in Sweden in lieu of joining the European Monetary Union. We put a special focus on the role of the industrial mix – being a potential factor influencing heterogeneous transmission – and find a significant, but subordinated, impact on voting behaviour.
Journal: Applied Economics Letters
Pages: 202-206
Issue: 3
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1176109
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1176109
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:3:p:202-206




Template-Type: ReDIF-Article 1.0
Author-Name: Barrett E. Kirwan
Author-X-Name-First: Barrett E.
Author-X-Name-Last: Kirwan
Title: U.S. farm dynamics and the distribution of U.S. agricultural subsidies
Abstract: 
 The persistent instability of the agricultural sector is the fundamental premise of most agricultural policy. Yet no research has ever quantified the aggregate dynamics of individual farms in the US. This article is the first to combine the US Census of Agriculture with the Agricultural Resource Management Survey to observe the dynamics of nearly 1.5 million farms. The data reveal substantial variation in farm size expansion and contraction. Most of this variation is unobservable in the sector totals reported by the US Department of Agriculture each year. The distribution of agricultural subsidies suggests that subsidies become more important as farms get smaller and may play a role in slowing farm size contraction.
Journal: Applied Economics Letters
Pages: 207-209
Issue: 3
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1178837
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1178837
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:3:p:207-209




Template-Type: ReDIF-Article 1.0
Author-Name: Monica Roman
Author-X-Name-First: Monica
Author-X-Name-Last: Roman
Title: Work and welfare take-up of enlargement migrants in the United Kingdom
Abstract: 
 The Brexit decision was affected by the false perception that European Union (EU) enlargement migration, in particular from Romania and Bulgaria (EU2), has been a burden to the UK. The article analyses the debated but largely underresearched EU2 migration to the UK after accession to the EU in 2007 using data of the British Labour Force Survey. The novel findings are that EU2 migrants are found to exhibit quite different characteristics and behaviour than the other European migrants while doing better concerning work, self-employment and welfare take-up.
Journal: Applied Economics Letters
Pages: 341-344
Issue: 5
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1470311
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1470311
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:5:p:341-344




Template-Type: ReDIF-Article 1.0
Author-Name: Amaia Altuzarra
Author-X-Name-First: Amaia
Author-X-Name-Last: Altuzarra
Author-Name: Catalina Gálvez Gálvez
Author-X-Name-First: Catalina
Author-X-Name-Last: Gálvez Gálvez
Author-Name: Ana González Flores
Author-X-Name-First: Ana
Author-X-Name-Last: González Flores
Title: Unemployment and labour force participation in Spain
Abstract: 
 This article examines the relationship between the unemployment rate and the labour force participation rate in Spain. Cointegration analysis is performed for aggregate, male and female time-series. Results suggest that there is no a long-run relationship between the two variables for the aggregate and male cases. However, the findings support a long-run relationship between the two variables for the female time-series. Thus, the unemployment invariance hypothesis is supported in the two former cases but not in the latter.
Journal: Applied Economics Letters
Pages: 345-350
Issue: 5
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1470312
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1470312
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:5:p:345-350




Template-Type: ReDIF-Article 1.0
Author-Name: Kyoungsu Kim
Author-X-Name-First: Kyoungsu
Author-X-Name-Last: Kim
Author-Name: Seok Lim
Author-X-Name-First: Seok
Author-X-Name-Last: Lim
Title: Price discovery and volatility spillover in spot and futures markets: evidences from steel-related commodities in China
Abstract: 
 The price discovery and spillover effect are significant indicators in futures markets. This study examines the price discovery and spillover effects using vector error correction model and generalized autoregressive conditional heteroskedastic for seven types of steel products in Chinese spot and futures markets. The results show that the price discovery exists in all of steel futures market. It is also confirmed that futures prices in all items are mainly leading spot prices via permanent-transitory and information share. In the results of spillover effects, it is found that wire rod, coking coal, coke and silico-manganese have the effects between spot and futures market. In rebar market, there is the spillover effect from spot to futures. This information about futures prices can help the market participants to make decisions when they predict the spot prices.
Journal: Applied Economics Letters
Pages: 351-357
Issue: 5
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1478385
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1478385
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:5:p:351-357




Template-Type: ReDIF-Article 1.0
Author-Name: Vincent Vandenberghe
Author-X-Name-First: Vincent
Author-X-Name-Last: Vandenberghe
Title: Alternatives to polynomial trend-corrected differences-in-differences models
Abstract: 
 A common problem with differences-in-differences (DD) estimates is the failure of the parallel-trend assumption. To cope with this, most authors include polynomial (linear, quadratic…) trends among the regressors, and estimate the treatment effect as a once-in-a-time trend shift. In practice, that strategy does not work very well, because inter alia the estimation of the trend uses post-treatment data. An extreme case is when sample covers only one period before treatment and many after. Then the trend’s estimate relies almost completely on post-treatment developments, and absorbs most of the treatment effect. What is needed is a method that i) uses pretreatment observations to capture linear or nonlinear trend differences, and ii) extrapolates these to compute the treatment effect. This article shows how this can be achieved using a fully flexible version of the canonical DD equation. It also contains an illustration using data on a 1994–2000 EU programme that was implemented in the Belgian province of Hainaut.
Journal: Applied Economics Letters
Pages: 358-361
Issue: 5
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1478386
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1478386
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:5:p:358-361




Template-Type: ReDIF-Article 1.0
Author-Name: Taisei Kaizoji
Author-X-Name-First: Taisei
Author-X-Name-Last: Kaizoji
Author-Name: Michiko Miyano
Author-X-Name-First: Michiko
Author-X-Name-Last: Miyano
Title: Stock market crash of 2008: an empirical study of the deviation of share prices from company fundamentals
Abstract: 
 The aim of this study is to investigate quantitatively whether share prices deviated from company fundamentals in the stock market crash of 2008. For this purpose, we use a large database containing the balance sheets and share prices of 7796 worldwide companies for the period 2004–2013. We develop a panel regression model using three financial indicators – dividends per share, cash flow per share and book value per share – as explanatory variables for share price. We then estimate individual company fundamentals for each year by removing the time fixed effects from the two-way fixed effects model, which we identified as the best of the panel regression models.Based on these results, we analyse the market anomaly quantitatively using the divergence rate – the rate of the deviation of share price from a company’s fundamentals. We find that share prices on average were overvalued in the period from 2005 to 2007 and were undervalued significantly in 2008, when the global financial crisis occurred. Share prices were equivalent to the fundamentals on average in the subsequent period. Our empirical results clearly demonstrate that the worldwide stock market fluctuated excessively in the time period before and just after the global financial crisis of 2008.
Journal: Applied Economics Letters
Pages: 362-369
Issue: 5
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486004
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486004
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:5:p:362-369




Template-Type: ReDIF-Article 1.0
Author-Name: Derick Kong
Author-X-Name-First: Derick
Author-X-Name-Last: Kong
Author-Name: Cheng-Ping Lin
Author-X-Name-First: Cheng-Ping
Author-X-Name-Last: Lin
Author-Name: I-Cheng Yeh
Author-X-Name-First: I-Cheng
Author-X-Name-Last: Yeh
Author-Name: Wei Chang
Author-X-Name-First: Wei
Author-X-Name-Last: Chang
Title: Building growth and value hybrid valuation model with errors-in-variables regression
Abstract: 
 Growth value model (GVM) considers stock intrinsic value as the synergy of book value and return on equity (ROE), which contains two parameters, value factor and growth factor. This study addresses the problem of independent variables having measurement errors by utilizing errors-in-variables regression to estimate accurate model parameters. Research findings show the following: (1) The regression curve derived by traditional regression analysis exhibits severe bias. Errors-in-variables regression is capable of correcting the bias. (2) Large-scale firms exhibit lower value factor and higher growth factor, which indicates that large-scale firms possess better profit persistence.
Journal: Applied Economics Letters
Pages: 370-386
Issue: 5
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486005
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486005
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:5:p:370-386




Template-Type: ReDIF-Article 1.0
Author-Name: Nicoleta Iliescu
Author-X-Name-First: Nicoleta
Author-X-Name-Last: Iliescu
Title: Are imports and remittances cointegrated for the Central and Eastern European countries?
Abstract: 
 In this article, we investigate the existence of long-run common trends between imports and remittances in 11 Central and Eastern European countries which are part of the European Union. Using the Engle–Granger two-step procedure, we determine that for all countries in our sample there are no long-run common trends (no cointegration) between imports and remittances. However, the results are mixed when running a Granger causality test. For nine countries, we can establish either a bidirectional or unidirectional Granger causality, indicating that past values of one variable have predictive content on the other variable. In two countries, there is no Granger causality between imports and remittances.
Journal: Applied Economics Letters
Pages: 387-395
Issue: 5
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486006
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486006
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:5:p:387-395




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Hopp
Author-X-Name-First: Christian
Author-X-Name-Last: Hopp
Author-Name: Alexander Speil
Author-X-Name-First: Alexander
Author-X-Name-Last: Speil
Title: Estimating the extent of deceitful behaviour using crosswise elicitation models
Abstract: 
 Eliciting deceitful behaviour is a daunting task. Respondents oftentimes conceal wrongdoings and refrain from truthfully responding to sensitive questions. In this work, we employ advancements in randomized response techniques to overcome the neglect of respondents to truthfully reveal deceitful behaviour. Our results report that the studied crosswise elicitation model reveals high levels of deceitful behaviour (around 60% admitted deceit by respondents). If respondents can be convincingly assured of their anonymity, the crosswise models (CMs) outperform several variants of elicitation techniques such as direct questioning and item-sum. We also emphasize the use of CMs to generalize findings from laborious experiments to larger populations.
Journal: Applied Economics Letters
Pages: 396-400
Issue: 5
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486007
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486007
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:5:p:396-400




Template-Type: ReDIF-Article 1.0
Author-Name: Yin-Siang Huang
Author-X-Name-First: Yin-Siang
Author-X-Name-Last: Huang
Author-Name: Chih-Yung Lin
Author-X-Name-First: Chih-Yung
Author-X-Name-Last: Lin
Title: Labour unions and global bank loan market
Abstract: 
 This article attempts to collect a data set of labour unions in global 500 biggest banks and investigate whether labour unions of banks influence the designing of bank loan contracts. We use global syndicate loan market to examine this issue. For simplicity, banks with and without labour unions are referred to as ‘unionized banks’ and ‘nonunionized banks’, respectively. We find that unionized banks tend to loosen their lending standard in the bank loan contract: unionized banks are more likely to charge lower loan spread and favourable nonprice terms compared with nonunionized banks. Hence, our results support that unionized banks tend to lend more loans to reduce the negative effect of labour unions.
Journal: Applied Economics Letters
Pages: 401-408
Issue: 5
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486008
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486008
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:5:p:401-408




Template-Type: ReDIF-Article 1.0
Author-Name: Jason M. Fletcher
Author-X-Name-First: Jason M.
Author-X-Name-Last: Fletcher
Author-Name: Jinho Kim
Author-X-Name-First: Jinho
Author-X-Name-Last: Kim
Title: Learning hope and optimism: classmate experiences and adolescent development
Abstract: 
 This article explores individual and contextual factors related to the development of hopeful attitudes during adolescence using a nationally representative study. A key focus is on the experiences of mistreatment by adults, both for the adolescent and his/her classmates. While all types of individual experiences with mistreatment reduce adolescent hopefulness, mistreatment domains most likely to be visible (i.e. physical abuse) by classmates also reduce adolescent hopefulness. This relationship is robust to the inclusion of more general environmental factors through school-level fixed effects, suggesting both a causal explanation and a typically unmeasured spillover effect of violence against children. Other types of mistreatment, such as neglect and material hardship, do not show spillover effects.
Journal: Applied Economics Letters
Pages: 409-412
Issue: 5
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486009
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486009
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:5:p:409-412




Template-Type: ReDIF-Article 1.0
Author-Name: Zhen Cui
Author-X-Name-First: Zhen
Author-X-Name-Last: Cui
Author-Name: Yalan Feng
Author-X-Name-First: Yalan
Author-X-Name-Last: Feng
Title: Can social sentiment affect spouse-based immigration?
Abstract: 
 This article studies the effect of social sentiment on spouse-based immigration in the US using data on 27 origin countries from 1996 to 2013. We find that the number of immigrant spouses from a foreign country to the US is directly correlated with this country’s popularity among Americans.
Journal: Applied Economics Letters
Pages: 413-417
Issue: 5
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486966
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486966
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:5:p:413-417




Template-Type: ReDIF-Article 1.0
Author-Name: Andrés Barge-Gil
Author-X-Name-First: Andrés
Author-X-Name-Last: Barge-Gil
Author-Name: Alberto López
Author-X-Name-First: Alberto
Author-X-Name-Last: López
Author-Name: Ramón Núñez-Sánchez
Author-X-Name-First: Ramón
Author-X-Name-Last: Núñez-Sánchez
Title: Estimation of foreign MNEs spillovers in Spain
Abstract: 
 Using Spanish firm-level data, we estimate productivity effects of spillovers from foreign multinationals to domestic firms in both manufacturing and service sectors. We find evidence of a positive productivity effect from multinationals on domestic firms operating in the same industry. Analyzing inter-industry linkages, we find evidence consistent with positive productivity spillovers from forward linkages (i.e. from suppliers to buyers) and negative productivity spillovers from backward linkages (i.e. from buyers to suppliers). Our main results hold when analyzing differences between multinational and domestic firms, and for periods of economic growth and recession, although some differences arise. Interestingly, we find evidence supporting a positive role of spillovers during the last recession period.
Journal: Applied Economics Letters
Pages: 418-423
Issue: 5
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486967
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486967
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:5:p:418-423




Template-Type: ReDIF-Article 1.0
Author-Name: Neil A. Wilmot
Author-X-Name-First: Neil A.
Author-X-Name-Last: Wilmot
Author-Name: Kim Nichols Dauner
Author-X-Name-First: Kim Nichols
Author-X-Name-Last: Dauner
Title: A longitudinal examination of social capital as a predictor of depression
Abstract: 
 Depression is the world’s most common mental health disorder and its prevalence is higher among women and the poor. This article seeks to examine the effect that social capital has on mental health, in a longitudinal study. We used data from the Fragile Families and Child Wellbeing Study, which has followed a cohort of families born in large US cities to mostly minority, unmarried parents for over 15 years. Two measures of social capital are constructed, an index of social support and trust, and a measure of social participation. Data from four waves (totalling 8 years) of the study are analyzed in a panel logit model. After controlling for socioeconomic and demographic factors, the measure of social support and trust is found to be a significant predictor of depression, and remains so even after controlling for the effect of social participation. Our measure of social participation, based on attendance at religious services, does not appear to be a significant predictor of depression. Intervention and policy initiatives that increase social capital, particularly social support and trust, may be viable for improving depression among low-income urban, minority women.
Journal: Applied Economics Letters
Pages: 424-428
Issue: 5
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486968
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486968
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:5:p:424-428




Template-Type: ReDIF-Article 1.0
Author-Name: Richard J. Cebula
Author-X-Name-First: Richard J.
Author-X-Name-Last: Cebula
Title: Does a lower (higher) labour force participation rate imply greater (lower) income tax evasion? An exploratory empirical inquiry for the U.S.
Abstract: 
 This exploratory study seeks to add to the income tax evasion literature by investigating a heretofore ignored potential determinant of aggregate federal personal income tax evasion in the U.S., namely, the labour force participation rate. It is hypothesized that the higher (lower) the labour force participation rate, the lower (greater) the degree of tax evasion. The empirical estimation supports this hypothesis, finding that a one unit (one percentage point) increase (decrease) in the labour force participation rate leads to a 9.1% decrease (increase) in income tax evasion. Thus, the declining labour force participation in recent years implies increased tax evasion problems for the U.S.
Journal: Applied Economics Letters
Pages: 429-432
Issue: 5
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486969
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486969
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:5:p:429-432




Template-Type: ReDIF-Article 1.0
Author-Name: Yasuo Nishiyama
Author-X-Name-First: Yasuo
Author-X-Name-Last: Nishiyama
Title: Causality between government spending and income: the case of Saudi Arabia
Abstract: 
 The paper investigates the Granger-causal relationship between government spending (G) and income (Y) for Saudi Arabia for which G is the main driver of economic growth. Previous studies investigated two-way causality, from G to Y (Keynesian) and from Y to G (Wagnerian). This paper investigates a new explanation (post-Keynesian) that links Y to G through banks’ loan-making and deposit-creation. The latter is accompanied by an increase in statutory reserves (R). The findings are consistent with the post-Keynesian theory (from Y to R, and to G).
Journal: Applied Economics Letters
Pages: 433-435
Issue: 5
Volume: 26
Year: 2019
Month: 3
X-DOI: 10.1080/13504851.2018.1486970
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1486970
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:5:p:433-435




Template-Type: ReDIF-Article 1.0
Author-Name: Alex Kaechele
Author-X-Name-First: Alex
Author-X-Name-Last: Kaechele
Author-Name: David J. G. Slusky
Author-X-Name-First: David J. G.
Author-X-Name-Last: Slusky
Title: With and without the tracks: how railroad access impacts gas price elasticity
Abstract: 
 Since 2011, gas prices have fallen 43%, raising the question of how different communities adjust their vehicle miles travelled. Data from the National Household Travel Survey’s EPA fuel economy database and the Energy Information Administration database are used to measure consumers’ elasticity to changes in gas prices. We find no significant difference between the price elasticity of individuals in cities with rail access and those without. Furthermore, we are able to rule out an elasticity in those with rail that is greater than 0.61, suggesting that rail access does not make consumer demand elastic.
Journal: Applied Economics Letters
Pages: 1113-1116
Issue: 16
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1397849
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1397849
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:16:p:1113-1116




Template-Type: ReDIF-Article 1.0
Author-Name: Xiao Yu
Author-X-Name-First: Xiao
Author-X-Name-Last: Yu
Author-Name: Xuelong Wang
Author-X-Name-First: Xuelong
Author-X-Name-Last: Wang
Title: Will social networks become less important
Abstract: 
 This letter finds that the social networks are more important for the high-income class, and less important for the low-income class on income increases. Thus, research on the economic influence of social networks should notice the endogeneity of the social network functions of different classes.
Journal: Applied Economics Letters
Pages: 1117-1120
Issue: 16
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1400643
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1400643
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:16:p:1117-1120




Template-Type: ReDIF-Article 1.0
Author-Name: Chien-Yuan Sher
Author-X-Name-First: Chien-Yuan
Author-X-Name-Last: Sher
Author-Name: Yi-Hung Kuo
Author-X-Name-First: Yi-Hung
Author-X-Name-Last: Kuo
Title: Can Facebook popularity help albums to remain in the sales charts?
Abstract: 
 We empirically investigate the impact of Facebook popularity on the survival of mainstream albums in the sales charts, with our results indicating that running an official Facebook page can improve such survival. Nevertheless, for artists running pages, even in Taiwan, where more than 75% people use Facebook, a blind pursuit of the popularity of all posts will not ensure better survival in the charts.
Journal: Applied Economics Letters
Pages: 1121-1124
Issue: 16
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1400644
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1400644
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Template-Type: ReDIF-Article 1.0
Author-Name: Srikant Devaraj
Author-X-Name-First: Srikant
Author-X-Name-Last: Devaraj
Author-Name: Pankaj C. Patel
Author-X-Name-First: Pankaj C.
Author-X-Name-Last: Patel
Title: An examination of the effects of 2014 concealed weapons law in Illinois on property crimes in Chicago
Abstract: 
 The purpose of the present study is to determine the effects of ‘may issue’ Concealed Carry Weapons (CCW) law implemented in early 2014 in Chicago. Based on the daily community-level crime data from January 2006 to December 2015, using zero-inflated negative binomial difference-in-difference specification with Philadelphia as the control group, the property crimes in Chicago declined after the implementation of ‘may issue’ CCW law. The findings are robust to alternate treatment windows and to a placebo test using time windows before implementation of the law.
Journal: Applied Economics Letters
Pages: 1125-1129
Issue: 16
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1400645
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1400645
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:16:p:1125-1129




Template-Type: ReDIF-Article 1.0
Author-Name: Chao Zhou
Author-X-Name-First: Chao
Author-X-Name-Last: Zhou
Title: Internationalization and performance: the role of state ownership
Abstract: 
 This article tests the influence of state ownership on internationalization–performance relationship based on Chinese listed manufacturing firms during 2001–2014. The empirical results show that, on average, the internationalization of Chinese firms is negative with performance and state ownership enhances the negative effects of internationalization on performance. The findings highlight the importance of firm-specific characteristics in the examination of the internationalization–performance relationship.
Journal: Applied Economics Letters
Pages: 1130-1134
Issue: 16
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1400646
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1400646
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:16:p:1130-1134




Template-Type: ReDIF-Article 1.0
Author-Name: José Américo Pereira Antunes
Author-X-Name-First: José Américo Pereira
Author-X-Name-Last: Antunes
Author-Name: Claudio Oliveira De Moraes
Author-X-Name-First: Claudio Oliveira
Author-X-Name-Last: De Moraes
Author-Name: Adriano Rodrigues
Author-X-Name-First: Adriano
Author-X-Name-Last: Rodrigues
Title: How financial intermediation impacts on financial stability?
Abstract: 
 The great financial crisis widened the role of financial intermediation in financial stability. This study develops a new financial intermediation variable, credit cash flow (CCF), which enables measurement of the net financial flow resulting from loan activity. An analysis provides evidence that CCF affects the capital buffer via credit gap behaviour, thus indicating the existence of a channel between the CCF and the capital buffer. Such a link offers the policy-maker the possibility to monitor the behaviour of financial intermediation carried out by banks, in order to avoid the outbreak of financial instability events.
Journal: Applied Economics Letters
Pages: 1135-1139
Issue: 16
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1400647
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1400647
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:16:p:1135-1139




Template-Type: ReDIF-Article 1.0
Author-Name: Dan Anderberg
Author-X-Name-First: Dan
Author-X-Name-Last: Anderberg
Author-Name: Claudia Cerrone
Author-X-Name-First: Claudia
Author-X-Name-Last: Cerrone
Author-Name: Arnaud Chevalier
Author-X-Name-First: Arnaud
Author-X-Name-Last: Chevalier
Title: Soft commitment: a study on demand and compliance
Abstract: 
 This article explores the demand for soft, self-imposed commitment, and subsequent compliance behaviour, using a framed field study in a higher education setting. We find a substantial soft commitment demand and a remarkably high failure to comply with the chosen commitment. Students are more likely to demand soft commitment if they expect the task to be more time-consuming and their relative performance to be lower. Failure to comply is associated with previous grade and personality traits. We find no evidence that soft commitment affects grades.
Journal: Applied Economics Letters
Pages: 1140-1146
Issue: 16
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1400648
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1400648
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:16:p:1140-1146




Template-Type: ReDIF-Article 1.0
Author-Name: Omar Farooq
Author-X-Name-First: Omar
Author-X-Name-Last: Farooq
Author-Name: Nermeen F Shehata
Author-X-Name-First: Nermeen F
Author-X-Name-Last: Shehata
Author-Name: Siva Nathan
Author-X-Name-First: Siva
Author-X-Name-Last: Nathan
Title: Earnings response coefficient in the MENA region
Abstract: 
 This article documents the earnings response coefficient (ERC) for nonfinancial firms listed in the Middle East and North Africa region during the period between 2003 and 2013. Our results show significantly positive ERC for our sample firms. The results are robust across different countries and different industries. Our results also show that ERC increases with increasing the measurement interval. It indicates that more information is incorporated in prices as the measurement interval increase. Consequently, we argue that significance of reported earnings is higher for long-term investors in the MENA region.
Journal: Applied Economics Letters
Pages: 1147-1152
Issue: 16
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1403550
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1403550
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:16:p:1147-1152




Template-Type: ReDIF-Article 1.0
Author-Name: Raymundo M. Campos-Vazquez
Author-X-Name-First: Raymundo M.
Author-X-Name-Last: Campos-Vazquez
Title: Returns to cognitive and non-cognitive skills: evidence for Mexico
Abstract: 
 This study examines how cognitive and non-cognitive skills are valued in the labour market in Mexico. It uses a novel dataset which includes a wide array of cognitive and non-cognitive skill measures. Non-cognitive skills are rewarded in the market even after controlling for family background and educational attainment. Returns to non-cognitive skills are similar between men and women. However, controlling for educational attainment and family background, only men are rewarded for their cognitive skills.
Journal: Applied Economics Letters
Pages: 1153-1156
Issue: 16
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1403551
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1403551
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:16:p:1153-1156




Template-Type: ReDIF-Article 1.0
Author-Name: Michael O’Donnell
Author-X-Name-First: Michael
Author-X-Name-Last: O’Donnell
Author-Name: Robert P. Berrens
Author-X-Name-First: Robert P.
Author-X-Name-Last: Berrens
Title: Spatial analysis of municipal water demand: a panel data approach
Abstract: 
 While the municipal water demand literature is well developed, one area that is understudied is the impact of spatial effects. After controlling for factors shown to impact demand, this study applies spatial econometric methods via a spatial weights matrix to a panel municipal water consumption data set. While diagnostics suggest the presence of spatial lag and spatial error, thus indicating the potential usefulness of spatial empirical methods, several important pitfalls must be acknowledged. First, the application of spatial weights in a panel setting is computationally intensive, especially when the number of time periods or observations is large, and perhaps necessitates aggregation. Second, because most users in a municipality are likely to be subject to similar utility action, climate, etc., a spatial lag signal may be spurious. Third, because premises served by the utility may enter or exit the data set through time, the requirement of balanced panels requires careful consideration. Fourth, if the option to use premises-level (or similar) data or aggregated data is available, it is typically advisable to use premises-level data despite the possible presence of spatial effects.
Journal: Applied Economics Letters
Pages: 1157-1160
Issue: 16
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1403552
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1403552
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:16:p:1157-1160




Template-Type: ReDIF-Article 1.0
Author-Name: James Bailey
Author-X-Name-First: James
Author-X-Name-Last: Bailey
Author-Name: Coleman Drake
Author-X-Name-First: Coleman
Author-X-Name-Last: Drake
Author-Name: John Wingender
Author-X-Name-First: John
Author-X-Name-Last: Wingender
Title: The value of waivers from the affordable care act
Abstract: 
 The Affordable Care Act requires health insurance plans to offer coverage without annual limits. This requirement began to be enforced in September of 2010, but some employers received special waivers that delayed the start of enforcement for them. Using data from the Center for Research in Security Prices (CRSP), we conduct an event study of the stock prices of these companies as their waivers were announced. We find that waivers do not lead to a statistically significant increase in the stock prices of waiver recipients.
Journal: Applied Economics Letters
Pages: 1161-1165
Issue: 16
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1403553
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1403553
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:16:p:1161-1165




Template-Type: ReDIF-Article 1.0
Author-Name: Minke Van Der Heijden
Author-X-Name-First: Minke
Author-X-Name-Last: Van Der Heijden
Author-Name: Roel Beetsma
Author-X-Name-First: Roel
Author-X-Name-Last: Beetsma
Author-Name: Ward Romp
Author-X-Name-First: Ward
Author-X-Name-Last: Romp
Title: ‘Whatever it takes’ and the role of Eurozone news
Abstract: 
 This letter shows that the ‘Whatever it takes’ speech by ECB President Draghi on 26 July 2012 and the ensuing installation of the Outright Monetary Transactions’ framework are associated with a reduction in the domestic and cross-border effect of Eurozone news on absolute yield changes in Eurozone sovereign debt. These results are consistent with the popular view that these actions helped to avoid a collapse of the Eurozone.
Journal: Applied Economics Letters
Pages: 1166-1169
Issue: 16
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1403555
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1403555
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:16:p:1166-1169




Template-Type: ReDIF-Article 1.0
Author-Name: Shik Heo
Author-X-Name-First: Shik
Author-X-Name-Last: Heo
Author-Name: Suyoung Yoon
Author-X-Name-First: Suyoung
Author-X-Name-Last: Yoon
Title: Evidence of a glass ceiling for arts and culture professionals in Korea
Abstract: 
 Using the five available waves of the Wage Structure Survey data, this study employs quantile decomposition to investigate the existence of a glass ceiling among Korean professionals. The decomposition results for all professional workers show an inverse U-shape, which implies no evidence of a glass ceiling. However, we find a monotonically increasing pattern for arts and culture professionals, indicating strong evidence of a glass ceiling on their labour market. This result implies that, as the wage quantile moves from lower to higher levels, female professionals in arts and culture jobs face significant barriers to career advancement. This analysis supports the recent assertion of UNESCO that gender equality in culture is not immune to inequalities and discrimination.
Journal: Applied Economics Letters
Pages: 1170-1174
Issue: 16
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1406648
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1406648
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:16:p:1170-1174




Template-Type: ReDIF-Article 1.0
Author-Name: H. Young Baek
Author-X-Name-First: H. Young
Author-X-Name-Last: Baek
Author-Name: Florence Neymotin
Author-X-Name-First: Florence
Author-X-Name-Last: Neymotin
Title: Entrepreneurial overconfidence and firm survival: an analysis using the Kauffman firm survey
Abstract: 
 We used the Kauffman Firm Survey of ventures founded in the year 2004 to identify overconfident (OC) entrepreneurs and found, contrary to the existing literature, that the hazard ratio for these entrepreneurs was lower than the corresponding value for their non-OC peers. We categorized an entrepreneur as OC if he or she believed that his or her firm enjoys a competitive advantage over its industry peers, while simultaneously underperforming relative to the industry in terms of average initial ROA. Specifically, we looked at the average ROA during the years 2004–2007 and compared it to the industry median. In addition to our hazard findings, we discovered that these OC entrepreneurs, while starting with lower initial ROA levels relative to their industry peers, may have enjoyed slightly better movement in ROA over the intervening years. Our results are explained in the context of the psychological literature on optimism.
Journal: Applied Economics Letters
Pages: 1175-1178
Issue: 16
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1406649
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1406649
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:16:p:1175-1178




Template-Type: ReDIF-Article 1.0
Author-Name: Juan Carlos Cuestas
Author-X-Name-First: Juan Carlos
Author-X-Name-Last: Cuestas
Author-Name: Javier Ordóñez
Author-X-Name-First: Javier
Author-X-Name-Last: Ordóñez
Title: Fiscal consolidation in Europe: has it worked?
Abstract: 
 The aim of this article is to shed some light on the issue of fiscal austerity within Europe. We focus specifically on the 2008Q1–2014Q4 period, and on the effect of shocks to government expenditure and taxes on unemployment, controlling for other macro factors. We find that expenditure contractions may be detrimental for employment.
Journal: Applied Economics Letters
Pages: 1179-1182
Issue: 16
Volume: 25
Year: 2018
Month: 9
X-DOI: 10.1080/13504851.2017.1406650
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1406650
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:16:p:1179-1182




Template-Type: ReDIF-Article 1.0
Author-Name: Fernando Barros
Author-X-Name-First: Fernando
Author-X-Name-Last: Barros
Author-Name: Alex Luiz Ferreira
Author-X-Name-First: Alex Luiz
Author-X-Name-Last: Ferreira
Author-Name: Renato Leite Marcondes
Author-X-Name-First: Renato Leite
Author-X-Name-Last: Marcondes
Author-Name: Ricardo Raoni Werlang Prioste
Author-X-Name-First: Ricardo Raoni Werlang
Author-X-Name-Last: Prioste
Title: Coffee exports and industrialization in Brazil
Abstract: 
 We investigate the dynamic relationship between coffee exports and machinery imports in Brazil from 1869 to 1939. Our tests reveal cointegration and bidirectional causality in the temporal sense. This evidence suggests that foreign exchange real revenues from coffee exports were important for the onset of industrialization, as machinery imports proxy for real investment demand. Capital growth, in turn, also helped to boost the country&#x2019;s exports.
Journal: Applied Economics Letters
Pages: 712-716
Issue: 9
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1489498
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1489498
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:9:p:712-716




Template-Type: ReDIF-Article 1.0
Author-Name: Adam Cook
Author-X-Name-First: Adam
Author-X-Name-Last: Cook
Title: The education&#x2013;suicide mortality gradient
Abstract: 
 Using the fifth release of the National Longitudinal Mortality Survey, I examine the role of educational attainment and self-reported health on 6- and 11-year suicide mortality risk in the United States. I first replicate the original results reported by Hamermesh and Soss. . Then, augmenting the Hamermesh model with initial educational attainment and self-reported health status, I find that years of education significantly raises suicide mortality risk in the US after controlling for initial self-reported health. This result is robust to regression specification, replication and the inclusion of covariates.
Journal: Applied Economics Letters
Pages: 717-721
Issue: 9
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1489499
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1489499
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:9:p:717-721




Template-Type: ReDIF-Article 1.0
Author-Name: Katsufumi Fukuda
Author-X-Name-First: Katsufumi
Author-X-Name-Last: Fukuda
Title: Trade integration and regional income disparities in a growth model with the service sector and footloose capital
Abstract: 
 This paper proposes a North&#x2013;South growth model of endogenous industry location which is consistent with recent empirical work showing that regional income disparities have increased in many countries with the process of trade integration. The model incorporates a service sector that benefits from intersectoral knowledge spillovers from the manufacturing sector. We find that, when these spillovers are local, trade integration leads to an increase in interregional real income inequality.
Journal: Applied Economics Letters
Pages: 722-725
Issue: 9
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1489500
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1489500
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:9:p:722-725




Template-Type: ReDIF-Article 1.0
Author-Name: Joakim Gullstrand
Author-X-Name-First: Joakim
Author-X-Name-Last: Gullstrand
Author-Name: Karin Olofsdotter
Author-X-Name-First: Karin
Author-X-Name-Last: Olofsdotter
Title: Trade and the Euro: effects on bystanders
Abstract: 
 This article investigates trade effects of the euro focusing on the impact on bystanders. We use data for Swedish firms and examine the impact on exporting firms&#x2019; intensive and extensive margins of trade. Our result shows an overall increase in Swedish firms&#x2019; exports to the euro area after the introduction of the single currency, indicating that the euro has decreased trade costs also for outsiders. In addition, we find important heterogeneity in the sample, suggesting that it is the large majority of small firms that has increased trade flows with the Eurozone the most.
Journal: Applied Economics Letters
Pages: 726-730
Issue: 9
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1489999
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1489999
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:9:p:726-730




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Frenkel
Author-X-Name-First: Michael
Author-X-Name-Last: Frenkel
Author-Name: Jan-Christoph R&#xFC;lke
Author-X-Name-First: Jan-Christoph
Author-X-Name-Last: R&#xFC;lke
Author-Name: Matthias Mauch
Author-X-Name-First: Matthias
Author-X-Name-Last: Mauch
Title: Do foreign exchange forecasters apply asymmetric loss functions? Evidence from three major exchange rates
Abstract: 
 This article investigates which type of loss function is consistent with the hypothesis that major exchange rate forecasts, i.e. the euro, the British pound, and the Japanese yen vis-&#xE0;-vis the US dollar, are rational. We apply a comprehensive data set, which also allows us to examine different forecast horizons and heterogeneity of forecasters.
Journal: Applied Economics Letters
Pages: 731-735
Issue: 9
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1490692
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1490692
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Template-Type: ReDIF-Article 1.0
Author-Name: Sang Baum Kang
Author-X-Name-First: Sang Baum
Author-X-Name-Last: Kang
Author-Name: Pascal L&#xE9;tourneau
Author-X-Name-First: Pascal
Author-X-Name-Last: L&#xE9;tourneau
Author-Name: Steven X. Sala
Author-X-Name-First: Steven X.
Author-X-Name-Last: Sala
Title: Is it still economic to build a new coal-fired power plant in the U.S.? A real option analysis
Abstract: 
 In the U.S., virtually no new coal-fired power plants have been built in recent years. Both industry experts and academics seem to believe that no rational firm will build a new coal-fired plant. Will such a trend continue in the future? To provide insights into this question, we investigate the optimal decision of an electricity company with an irreversible and deferrable opportunity to build either a new coal-fired or natural gas-fired power plant as its new base-load resource. According to our real option analysis, the optimal decision depends on the location. In the case of the eastern U.S., it is optimal to choose a natural gas plant if a firm is given a choice among a new natural gas plant, a new coal plant and deferring the investment. However, contrary to the common sentiment in the industry and academia, building a new coal plant in the western U.S. is still more economical than building a new natural gas plant in the absence of emission pricing. Furthermore, introducing carbon pricing to western U.S. states, as California did, can substantially increase the probability that a firm will optimally choose a natural gas plant over a coal plant.
Journal: Applied Economics Letters
Pages: 736-740
Issue: 9
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1494374
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1494374
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:9:p:736-740




Template-Type: ReDIF-Article 1.0
Author-Name: James T. Bang
Author-X-Name-First: James T.
Author-X-Name-Last: Bang
Author-Name: Arindam Mandal
Author-X-Name-First: Arindam
Author-X-Name-Last: Mandal
Author-Name: Aniruddha Mitra
Author-X-Name-First: Aniruddha
Author-X-Name-Last: Mitra
Title: Does a free media protect labour rights?
Abstract: 
 Based on a sample of 47 developing economies considered over the period 1992&#x2013;2012, we find that a free media reduces the legal protection of labour, taken as a whole. However, the impact differs over various aspects of labour regulation: while media freedom correlates with less stringent regulation of work time, less constraints to dismissal, and lower protection of employee representation rights, it also correlates with greater legal parity of part-time and fixed-term labour with full-time and permanent workers.
Journal: Applied Economics Letters
Pages: 741-744
Issue: 9
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1494797
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1494797
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:9:p:741-744




Template-Type: ReDIF-Article 1.0
Author-Name: Yongtao Li
Author-X-Name-First: Yongtao
Author-X-Name-Last: Li
Author-Name: Bo Yang
Author-X-Name-First: Bo
Author-X-Name-Last: Yang
Author-Name: Qi Cui
Author-X-Name-First: Qi
Author-X-Name-Last: Cui
Title: The effects of high-speed rail on air passenger transport in China
Abstract: 
 This study investigates the effects of high-speed rail (HSR) on China&#x2019;s air passenger transport from the perspective of airports. The difference-in-differences approach is used with unbalanced panel data of 206 airports over the period from 2006 to 2015. Our estimation results found that the negative effects of HSR on the growth rate of China&#x2019;s air passengers is both statistically and economically significant. However, these adverse effects are not catastrophic.
Journal: Applied Economics Letters
Pages: 745-749
Issue: 9
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1494798
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1494798
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:9:p:745-749




Template-Type: ReDIF-Article 1.0
Author-Name: Minjung Kim
Author-X-Name-First: Minjung
Author-X-Name-Last: Kim
Title: Financial constraints on export market exit of domestic firms versus foreign multinational corporation subsidiaries in South Korea
Abstract: 
 Using a Korean manufacturing firm-level data set covering a range of years from 2006 to 2013, this study investigates how the financial condition of firms, such as liquidity, leverage, and cash flow ratio, affects exit from export markets. It also analyses whether the financial status of foreign multinational corporation (MNC) subsidiaries differs from that of domestic firms with respect to the hazard of export market exit, especially during a global financial crisis. The empirical results confirm that, for domestic firms, the hazard of export market exit is affected by the firms&#x2019; financial condition only during a financial crisis. In other words, the financial vulnerability of domestic firms increases during the crisis, resulting in the hazard of export market exit. However, financial situations for foreign MNC subsidiaries do not affect exits from export markets, indicating a &#x2018;finance-factor comparative advantage&#x2019;.
Journal: Applied Economics Letters
Pages: 750-754
Issue: 9
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1494799
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1494799
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:9:p:750-754




Template-Type: ReDIF-Article 1.0
Author-Name: Sartaj Rasool Rather
Author-X-Name-First: Sartaj Rasool
Author-X-Name-Last: Rather
Title: Asymmetric impact of relative price shocks in presence of trend inflation
Abstract: 
 This study examines whether skewness of cross-sectional distribution of relative price shocks has asymmetric impact on aggregate inflation. The empirical evidence from major economies suggests that the positively skewed shocks have different impact from that of negatively skewed shocks on aggregate inflation. In particular, the empirical results indicate that this asymmetry in the impact of relative price shocks mainly depends on the nature of trend that inflation exhibits for a given period. The crucial inference that emerges from the empirical findings is that the traditional approach of using a simple linear regression model, to examine the relationship between inflation and skewness in presence of trend inflation, is not appropriate as it may lead to misleading conclusions.
Journal: Applied Economics Letters
Pages: 755-758
Issue: 9
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1494800
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1494800
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:9:p:755-758




Template-Type: ReDIF-Article 1.0
Author-Name: Akinori Tomohara
Author-X-Name-First: Akinori
Author-X-Name-Last: Tomohara
Title: Do migrant and business networks promote international royalty receipts? Evidence from the U.S.
Abstract: 
 This study examines how migration and business networks affect the trade in intellectual property using bilateral data on the U.S. and OECD member countries. The analyses are distinct in that they comprehensively examine network effects by combining previous works on tangible trade&#x2013;migration relationships together with the literature on trade&#x2013;FDI relationships. We show that intellectual property exports are positively related to the number of immigrants residing in the U.S. and the U.S. direct investment stocks in trading partners. However, they do not have any relationships with U.S. emigrants and FDI inflows to the U.S. The result suggests that network effects vary depending on the direction of cross-border factor movements.
Journal: Applied Economics Letters
Pages: 759-764
Issue: 9
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1494801
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1494801
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:9:p:759-764




Template-Type: ReDIF-Article 1.0
Author-Name: Hany Abdel-Latif
Author-X-Name-First: Hany
Author-X-Name-Last: Abdel-Latif
Author-Name: Mahmoud El-Gamal
Author-X-Name-First: Mahmoud
Author-X-Name-Last: El-Gamal
Title: Antecedents of war: the geopolitics of low oil prices and decelerating financial liquidity
Abstract: 
 We investigate the joint dynamics of oil prices, financial liquidity and geopolitical risk, within a multi-country global vector autoregressive model. We find that low oil prices are expected to trigger higher levels of geopolitical risk and that decelerating financial liquidity serves as an accelerator.
Journal: Applied Economics Letters
Pages: 765-769
Issue: 9
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1494802
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1494802
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:9:p:765-769




Template-Type: ReDIF-Article 1.0
Author-Name: Miao Wang
Author-X-Name-First: Miao
Author-X-Name-Last: Wang
Author-Name: M. C. Sunny Wong
Author-X-Name-First: M. C. Sunny
Author-X-Name-Last: Wong
Author-Name: Hong Zhuang
Author-X-Name-First: Hong
Author-X-Name-Last: Zhuang
Title: State-level FDI and within-occupation wage inequality in the United States
Abstract: 
 Our paper explores the relationship between inward foreign direct investment (FDI) and within-occupation wage inequality at the state level in the U.S. We argue that sectoral FDI may affect different occupations differently, and our study looks at possible heterogeneous effects of sectoral FDI on wage inequality for 22 occupations. Using data over 1999&#x2013;2007, our results show that state-level manufacturing FDI tends to reduce wage inequality, measured by the ratio of the 90th percentile wage and the 10th percentile wage in an occupation. Manufacturing FDI is significantly associated with less wage inequality in the production occupations and the construction and extraction occupations. In contrast, non-manufacturing FDI is associated with increased within-occupation wage inequality in the arts, design, entertainment, sports, and media occupations, as well as the transportation and material moving occupations. Non-manufacturing FDI is associated with decreased wage inequality in the sales and related occupations.
Journal: Applied Economics Letters
Pages: 770-776
Issue: 9
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1494958
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1494958
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:9:p:770-776




Template-Type: ReDIF-Article 1.0
Author-Name: Minchung Hsu
Author-X-Name-First: Minchung
Author-X-Name-Last: Hsu
Author-Name: Junsang Lee
Author-X-Name-First: Junsang
Author-X-Name-Last: Lee
Author-Name: Roberto Leon-Gonzalez
Author-X-Name-First: Roberto
Author-X-Name-Last: Leon-Gonzalez
Author-Name: and Yanqing Zhao
Author-X-Name-First: and Yanqing
Author-X-Name-Last: Zhao
Title: Tax incentives and foreign direct investment in China
Abstract: 
 The preferential tax policies for foreign direct investment (FDI) in China were terminated by a tax reform in 2008. This article uses the provincial-level panel data for 1998&#x2012;2008 before the reform in order to study whether the tax incentive had been a significant determinant of foreign investment decisions. We find that market size and geographic location had significant impacts on the FDI inflow into China but the tax incentive policies were not a sufficient determinant of FDI inflow into China over the periods studied, which provides a rationale for the termination of the tax incentives in FDI at 2008 reform in China.
Journal: Applied Economics Letters
Pages: 777-780
Issue: 9
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1495817
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1495817
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:9:p:777-780




Template-Type: ReDIF-Article 1.0
Author-Name: Julianne Treme
Author-X-Name-First: Julianne
Author-X-Name-Last: Treme
Author-Name: Lee A. Craig
Author-X-Name-First: Lee A.
Author-X-Name-Last: Craig
Author-Name: Andrew Copland
Author-X-Name-First: Andrew
Author-X-Name-Last: Copland
Title: Gender and box office performance
Abstract: 
 We analyse the box office&#x2013;movie star relationship since the 1990s. We find that, on average, the contribution of at least one star was large, equalling roughly 10% of a film&#x2019;s revenues. Also, consistent with the substantial difference in the average compensation between male and female stars, having a male star in a film generated a premium in the neighbourhood of 12%, while female star had no statistical impact on a movie&#x2019;s performance.
Journal: Applied Economics Letters
Pages: 781-785
Issue: 9
Volume: 26
Year: 2019
Month: 5
X-DOI: 10.1080/13504851.2018.1495818
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1495818
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:9:p:781-785




Template-Type: ReDIF-Article 1.0
Author-Name: Kerstin Bruckmeier
Author-X-Name-First: Kerstin
Author-X-Name-Last: Bruckmeier
Author-Name: Thomas Rhein
Author-X-Name-First: Thomas
Author-X-Name-Last: Rhein
Title: Poverty risk of the unemployed in six European countries: why is it higher in some countries than in others?
Abstract: 
 In all European countries unemployed persons face a high risk of relative poverty, but poverty rates vary greatly among EU countries. We analyse to what extent these differences could be explained by a different composition of the unemployed or by differences in the national income distribution functions. Our results indicate that the effects of individual characteristics on the poverty risk are roughly comparable between countries, but the composition of the unemployed is very different, which explains on average half of the cross-country differences in poverty rates.
Journal: Applied Economics Letters
Pages: 1301-1305
Issue: 16
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1558329
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1558329
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:16:p:1301-1305




Template-Type: ReDIF-Article 1.0
Author-Name: Jing Fang
Author-X-Name-First: Jing
Author-X-Name-Last: Fang
Author-Name: Dingming Liu
Author-X-Name-First: Dingming
Author-X-Name-Last: Liu
Title: Foreign official purchases of U.S. treasuries and mortgage rates
Abstract: 
 This paper investigates the effects of foreign official purchases of U.S. treasuries on mortgage rates from January 1985 to June 2007 using a proxy structural vector autoregression (SVAR) model, where shocks to foreign official inflows to treasuries are identified by their correlation with foreign exchange interventions. Although mortgage rates significantly decrease in response to positive shocks to foreign official purchases of U.S. treasuries, these shocks only explain a small fraction of the variation in the U.S. mortgage rate.
Journal: Applied Economics Letters
Pages: 1306-1312
Issue: 16
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1558330
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1558330
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:16:p:1306-1312




Template-Type: ReDIF-Article 1.0
Author-Name: Junying Ma
Author-X-Name-First: Junying
Author-X-Name-Last: Ma
Author-Name: Jinchuan Shi
Author-X-Name-First: Jinchuan
Author-X-Name-Last: Shi
Author-Name: Deming Luo
Author-X-Name-First: Deming
Author-X-Name-Last: Luo
Author-Name: Yi Che
Author-X-Name-First: Yi
Author-X-Name-Last: Che
Title: Effect of trade openness on regional economic growth in China: revisiting the discussion
Abstract: 
 Increasing openness contributes to economic growth in developing countries, but the endogeneity problem impedes drawing this conclusion. This paper uses the constructed trade share to circumvent the effects of endogeneity according to a method proposed by Frankel and Romer. The results demonstrate that increasing openness has a positive impact on provinces’ GDP and GDP per capita. In addition, an increase in lagged openness is beneficial for present economic growth, and even openness gained many years ago, which is measured by the number of treaty ports, makes a difference in present economic growth.
Journal: Applied Economics Letters
Pages: 1313-1316
Issue: 16
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1558331
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1558331
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:16:p:1313-1316




Template-Type: ReDIF-Article 1.0
Author-Name: Matthew W. Clance
Author-X-Name-First: Matthew W.
Author-X-Name-Last: Clance
Author-Name: Rangan Gupta
Author-X-Name-First: Rangan
Author-X-Name-Last: Gupta
Author-Name: Mark E. Wohar
Author-X-Name-First: Mark E.
Author-X-Name-Last: Wohar
Title: Geopolitical risks and recessions in a panel of advanced economies: evidence from over a century of data
Abstract: 
 This paper uses a panel of 17 advanced countries over the annual period of 1899–2013, to analyze for the first time, the role played by geopolitical risks in predicting recessions. After controlling for other standard predictors based on a logit model, we find that while aggregate geopolitical risks do not have any predictive ability, geopolitical acts enhance the probability of future recessions, with geopolitical threats reducing the same.
Journal: Applied Economics Letters
Pages: 1317-1321
Issue: 16
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1558332
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1558332
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Template-Type: ReDIF-Article 1.0
Author-Name: Xin Liu
Author-X-Name-First: Xin
Author-X-Name-Last: Liu
Author-Name: Wenzhao Da
Author-X-Name-First: Wenzhao
Author-X-Name-Last: Da
Author-Name: Gregory Francis Martin
Author-X-Name-First: Gregory Francis
Author-X-Name-Last: Martin
Author-Name: Keyan Liu
Author-X-Name-First: Keyan
Author-X-Name-Last: Liu
Title: Regional income mobility in large cities throughout China
Abstract: 
 We investigated the regional income mobility in China for the year 1994–2016. Using the data collected from 185 prefecture-level cities, we find evidence that the regional income mobility was increasing over past two decades. By connecting income mobility with inequality index, we could draw a graph indicating an inverse U-shape relation between the two variables. We also provide the regional income mobility of the world for comparison.
Journal: Applied Economics Letters
Pages: 1322-1327
Issue: 16
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1558333
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1558333
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:16:p:1322-1327




Template-Type: ReDIF-Article 1.0
Author-Name: Robert C. M. Beyer
Author-X-Name-First: Robert C. M.
Author-X-Name-Last: Beyer
Title: Job autonomy and education-skill matches of immigrant workers in Germany
Abstract: 
 This letter examines the determinants of occupational autonomy and education-skill matches of immigrant workers in Germany. Their jobs are characterized by much lower autonomy than those of comparable natives and the immigrant penalty decreases only minimally over time. In contrast to wages, the difference between immigrants from advanced and non-advanced countries is small. But immigrants from advanced countries are much more likely to have a job matching their qualification. The probability of a match does not increase over time for highly educated immigrants, but does for others. Highly educated immigrant women have an additional disadvantage. In some industries low autonomy and skill downgrading of immigrant workers are particularly common.
Journal: Applied Economics Letters
Pages: 1328-1332
Issue: 16
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1558334
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1558334
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:16:p:1328-1332




Template-Type: ReDIF-Article 1.0
Author-Name: Gabriella Chiesa
Author-X-Name-First: Gabriella
Author-X-Name-Last: Chiesa
Author-Name: José Manuel Mansilla-Fernández
Author-X-Name-First: José Manuel
Author-X-Name-Last: Mansilla-Fernández
Title: Disentangling the transmission channel NPLs-cost of capital-lending supply
Abstract: 
 This paper analyses the effects of non-performing loans (NPLs) on the cost of capital, and on lending and liquidity supply, for a sample of 225 Eurozone banks over the period 2002Q1-2016Q4. Our results demonstrate that NPLs increase the cost of capital, which reduces both lending supply and liquidity creation. This phenomenon is comparatively more significant for periphery county banks than for core country banks.
Journal: Applied Economics Letters
Pages: 1333-1338
Issue: 16
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1558335
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1558335
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:16:p:1333-1338




Template-Type: ReDIF-Article 1.0
Author-Name: Shanshan Wu
Author-X-Name-First: Shanshan
Author-X-Name-Last: Wu
Author-Name: C. James Hueng
Author-X-Name-First: C. James
Author-X-Name-Last: Hueng
Title: Concentration of industrial pollution in China
Abstract: 
 We pioneer the application of the Theil index, a statistic primarily used to measure economic inequality or racial segregation, to studying the concentration of local pollutants. While most discussions are on reducing the level of pollution, our goal is to investigate the effect of China’s development strategies on the distribution of pollution. Decomposition of the index into the between-region and within-region concentrations provides a unique policy evaluation for China. We find that while the within-region and between-region imbalances of industrial output have both been reduced, the speed of diversion of pollution does not follow. There is not much between-region movement of pollution over time. Most changes are within-region.
Journal: Applied Economics Letters
Pages: 1339-1344
Issue: 16
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1558336
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1558336
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:16:p:1339-1344




Template-Type: ReDIF-Article 1.0
Author-Name: Zhen He
Author-X-Name-First: Zhen
Author-X-Name-Last: He
Author-Name: Xiaolong Wang
Author-X-Name-First: Xiaolong
Author-X-Name-Last: Wang
Author-Name: Liu Yang
Author-X-Name-First: Liu
Author-X-Name-Last: Yang
Title: How does anti-corruption campaign affect the labour income share in China?
Abstract: 
 Based on the difference-in-difference (DID) methodology, this paper empirically investigates the impact of the current anti-corruption campaign on the share of labour income in China. Using a firm-level data on Chinese corporations listed on Shanghai and Shenzhen Stock Exchanges from 2009 to 2015, we find that the campaign contributes to the rise in the labour income share, while there is considerable heterogeneity. The magnitude of the effect depends on firm’s ownership and market power. This paper advances the existing studies examining the nexus between corruption and income distribution from a novel perspective.
Journal: Applied Economics Letters
Pages: 1345-1348
Issue: 16
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1558337
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1558337
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:16:p:1345-1348




Template-Type: ReDIF-Article 1.0
Author-Name: Kyungmin Kim
Author-X-Name-First: Kyungmin
Author-X-Name-Last: Kim
Title: Strategic R&D policy under multiproduct duopoly and quality-price competition
Abstract: 
 This paper analyses strategic R&D policy in a third-country trade model where multiproduct firms with different production technologies compete in a vertically differentiated market. I show that the optimal R&D policies for both countries are subsidies when the product market is under price competition.
Journal: Applied Economics Letters
Pages: 1349-1353
Issue: 16
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1558338
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1558338
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:16:p:1349-1353




Template-Type: ReDIF-Article 1.0
Author-Name: Paul A. Natke
Author-X-Name-First: Paul A.
Author-X-Name-Last: Natke
Author-Name: Elizabeth A. Thomas
Author-X-Name-First: Elizabeth A.
Author-X-Name-Last: Thomas
Title: Does a marching band impact college Football game attendance? A panel study of Division II
Abstract: 
 Marching bands are an integral part of the college football game-day experience by increasing both the quantity and quality of entertainment. Academic music programs could enhance a band’s entertainment value via better-trained members and recruitment of more highly skilled musicians. The impact of these influences on game-day attendance is explored using data from nine years of regular season games in Division II. The regression model controls for economic factors, home-team performance, demographic influences and game characteristics and employs boot-strap clustering methods for calculating standard errors of coefficients. Results suggest that a marching band, the existence of an academic music program and being a historically black college each exerts an independent positive impact on attendance after controlling for all other factors.
Journal: Applied Economics Letters
Pages: 1354-1357
Issue: 16
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1558339
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1558339
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:16:p:1354-1357




Template-Type: ReDIF-Article 1.0
Author-Name: Craig Kerr
Author-X-Name-First: Craig
Author-X-Name-Last: Kerr
Title: An industry test for ethnic discrimination in major league soccer
Abstract: 
 This paper tests for salary discrimination based on player ethnicity in Major League Soccer (MLS) by making innovative use of player movements in a unique setting. The discriminating team investigated is Club Deportivo Chivas USA, which had a preference for employing Hispanic players. Evidence of discrimination is found by analyzing how other teams valued the former players of Chivas USA differently across ethnicity after the team was disbanded by the league. The nature of MLS player contracts and drafting rules allow for a simple and unique test for salary discrimination that has not previously been possible to implement.
Journal: Applied Economics Letters
Pages: 1358-1363
Issue: 16
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1558340
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1558340
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:16:p:1358-1363




Template-Type: ReDIF-Article 1.0
Author-Name: John Maisch
Author-X-Name-First: John
Author-X-Name-Last: Maisch
Author-Name: Travis Roach
Author-X-Name-First: Travis
Author-X-Name-Last: Roach
Title: Twenty-first century bootlegging: unlawful wine shipments and direct-to-consumer laws
Abstract: 
 Direct to consumer (DTC) shipping has been a burgeoning segment of the wine industry for some time. However, regulatory policy has not kept pace with the growing reach and availability of these wines which has left this sector of economic activity prohibited in states that historically disallowed DTC wine shipping. Using detailed shipping records of wine shipments into the state of Oklahoma, a state that explicitly disallows direct shipping, we describe the nature of illegal wine purchasing in the face of prohibition by linking economic data from the American Community Survey at the zip code level for each purchase. We find that zip codes with 10% higher incomes purchase 7.4–9.3% more DTC wine, and that race is not a useful predictor in DTC demand. Our results have forward-looking relevance as well as more states amend their laws to allow DTC wine shipping. In just a  6-month period, an estimated $186,629 may not have been collected in excise and sales taxes in Oklahoma. This figure is plausibly a lower bound of future tax collections due to DTC prohibition.
Journal: Applied Economics Letters
Pages: 1364-1368
Issue: 16
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1558341
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1558341
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Template-Type: ReDIF-Article 1.0
Author-Name: Laura Raisa Miloş
Author-X-Name-First: Laura Raisa
Author-X-Name-Last: Miloş
Author-Name: Benaissa Chidmi
Author-X-Name-First: Benaissa
Author-X-Name-Last: Chidmi
Author-Name: Marius Cristian Miloş
Author-X-Name-First: Marius Cristian
Author-X-Name-Last: Miloş
Title: Does data matter? Statewide longitudinal data systems and student performance in the U.S.
Abstract: 
 Although many industries have benefited from advances in data-driven technology, education is making small steps in capitalizing on the huge potential of data systems. Since 2005, the U.S. Federal Government has been making large grants to help states build statewide longitudinal data systems (SLDS) with the goal of improving programme and teacher evaluation and engage in data-driven decision-making. We analyse whether the introduction of SLDSs improved student performance, measured using test scores for math and reading tests for 4th and 8th graders, as well as high school graduation rates. We find no effects of SLDSs on student performance up to 10 years from implementation. However, we find suggestive evidence that these systems may have long-run effects, emphasizing the long-run nature of educational data collection and policy analysis.
Journal: Applied Economics Letters
Pages: 1369-1372
Issue: 16
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1558342
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1558342
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:16:p:1369-1372




Template-Type: ReDIF-Article 1.0
Author-Name: Manuel Alejandro Cardenete
Author-X-Name-First: Manuel Alejandro
Author-X-Name-Last: Cardenete
Author-Name: Joaquin Garcia-Tapial
Author-X-Name-First: Joaquin
Author-X-Name-Last: Garcia-Tapial
Title: Assessing the economic impact of entrepreneurship on a regional economy using social accounting matrices: the case of Andalusia
Abstract: 
 This article analyses the impact that entrepreneurial activity has, from the economic point of view, on a regional economy (Andalusia), based on a Social Accounting Matrix linear model. Moreover, to measure entrepreneurship at regional level, it is defined what can be considered an entrepreneurial initiative company from a quantitative point of view. The results obtained, in terms of Production, GDP and job creation, show how entrepreneurship, in the case of Andalusia, contributes to the sustainability of the economy, its growth and, above all, the reduction of unemployment in the short term.
Journal: Applied Economics Letters
Pages: 1373-1377
Issue: 16
Volume: 26
Year: 2019
Month: 9
X-DOI: 10.1080/13504851.2018.1558343
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1558343
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Template-Type: ReDIF-Article 1.0
Author-Name: Taurean Hutchinson
Author-X-Name-First: Taurean
Author-X-Name-Last: Hutchinson
Author-Name: Ishraq Ahmed
Author-X-Name-First: Ishraq
Author-X-Name-Last: Ahmed
Author-Name: Pavlo Buryi
Author-X-Name-First: Pavlo
Author-X-Name-Last: Buryi
Title: Impact of income tax on happiness: evidence from the United States
Abstract: 
 The present work considers the level of demonstrated happiness and unhappiness within groups, the latter measured by the conditional probability of suicide within groups facing an income tax rate and those without. Using US data for the year 2004, our results show that individuals have lower rates of suicide or are ‘happy’ when they do not pay income taxes than those who pay.
Journal: Applied Economics Letters
Pages: 1277-1279
Issue: 18
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1270411
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1270411
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Template-Type: ReDIF-Article 1.0
Author-Name: Akinori Tomohara
Author-X-Name-First: Akinori
Author-X-Name-Last: Tomohara
Title: How does immigration affect modes of foreign market access: trade and FDI?
Abstract: 
 This article presents a study of the effects of immigration on trade and FDI. Our analysis is distinct from previous work because it systematically examines the interactions between immigration, trade and FDI. Previous studies treated FDI–immigration relationships as being independent of the modes of foreign market access. Using bilateral data of Japan and 28 other economies for the period 1996–2011, our analysis shows that FDI inflows become more dominant compared to imports when skilled immigration flows increase and less dominant when unskilled immigration flows increase. The results suggest that the relevant policy instruments as regards the promotion of trade, FDI and immigration should vary depending on economic goals, such as current account balances and labour shortages.
Journal: Applied Economics Letters
Pages: 1280-1284
Issue: 18
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1270412
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1270412
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Corrigendum
Journal: Applied Economics Letters
Pages: i-i
Issue: 18
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1270585
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1270585
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Template-Type: ReDIF-Article 1.0
Author-Name: Wei Yin
Author-X-Name-First: Wei
Author-X-Name-Last: Yin
Author-Name: Xiaoxing Liu
Author-X-Name-First: Xiaoxing
Author-X-Name-Last: Liu
Title: Bank versus nonbank financial institution lending behaviour: indictors of firm size, risk or ownership?
Abstract: 
 Using 1251 matched commercial loan deal terms of listed companies over the period 2003–2014, we examine the heterogeneity of lending behaviours of bank and nonbank financial institutions. The results show that large firms have a higher likelihood of getting loans from nonbank financial institutions. Compared to banks, nonbank financial institutions are more likely to provide credit help to high operation risk firms. State-owned listed firms have a higher probability to get finance from nonbank financial institutions than private firms, which highlights the situation that private firms are in a weak position to get credit help from China’s financial system. Moreover, the process of increasing the banks’ noninterest income ratio tends to drives firms to borrow from nonbank financial institutions.
Journal: Applied Economics Letters
Pages: 1285-1288
Issue: 18
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1273473
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1273473
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Template-Type: ReDIF-Article 1.0
Author-Name: Alexander Plum
Author-X-Name-First: Alexander
Author-X-Name-Last: Plum
Title: Becoming unemployed and poor in Great Britain
Abstract: 
 In this study on Great Britain, we estimate the labour market and income process of prime-aged men simultaneously and control for spillover effects. Evidence is presented that the risk of becoming unemployed and poor increases with the duration of unemployment and decreases with the duration of employment. Moreover, the experience of poverty influences the labour market and income prospects negatively, though on a much smaller scale than does the labour market position.
Journal: Applied Economics Letters
Pages: 1289-1293
Issue: 18
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1273476
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1273476
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:18:p:1289-1293




Template-Type: ReDIF-Article 1.0
Author-Name: Kiyoung Chang
Author-X-Name-First: Kiyoung
Author-X-Name-Last: Chang
Author-Name: Hyeongsop Shim
Author-X-Name-First: Hyeongsop
Author-X-Name-Last: Shim
Title: Employee treatment and the choice of liquidity: lines of credit versus cash holdings
Abstract: 
 By examining the relation between the employee welfare index and the choice between lines of credit (LC) and cash holdings, we provide empirical findings consistent with monitored liquidity insurance, agency, and tax theories. There is a negative relation between the LC-to-cash ratio and the employee treatment index, which is more pronounced for firms with large intangible assets. Additionally, this negative relation is observed only in low agency firms, which is consistent with the prediction of agency theory of cash holdings. Firms increase LC to meet future investment opportunities rather than increasing cash holdings when their marginal tax rates are high.
Journal: Applied Economics Letters
Pages: 1294-1297
Issue: 18
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1273478
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1273478
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:18:p:1294-1297




Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev K. Goel
Author-X-Name-First: Rajeev K.
Author-X-Name-Last: Goel
Author-Name: James W. Saunoris
Author-X-Name-First: James W.
Author-X-Name-Last: Saunoris
Title: Political uncertainty and international corruption
Abstract: 
 This article uniquely considers influences of political uncertainty on corruption. Political uncertainty disturbs existing corrupt (and legal) contractual relations inducing greater corrupt activity to strengthen existing alliances and foster new ones. Results across two measures of cross-national corruption show that political assassinations increase corruption in different variations and time periods, and a general index of political instability mostly has the same effect. The influences of other factors on corruption are in general accord with the literature. These findings are generally robust to consideration of alternate dimensions of political uncertainty.
Journal: Applied Economics Letters
Pages: 1298-1306
Issue: 18
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1273480
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1273480
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Template-Type: ReDIF-Article 1.0
Author-Name: John A. Dove
Author-X-Name-First: John A.
Author-X-Name-Last: Dove
Title: Some additional evidence on the interplay between corruption, tax policy and firm entry using US states
Abstract: 
 The effects that corruption and tax policy have on entrepreneurship and firm growth have been often studied in the literature. This current article adds to that literature by evaluating how the interaction effect between corruption and tax policy influences firm entry at the US state level, using a panel data set of all 50 US states between 2001 and 2014. Overall, the findings are consistent with the literature and suggest that while high levels of corruption and relatively burdensome tax policy have a negative effect on firm entry, high levels of corruption tend to dampen the negative effects associated with relatively high tax rates. Potential policy implications are discussed within this article.
Journal: Applied Economics Letters
Pages: 1307-1310
Issue: 18
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1273483
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1273483
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:18:p:1307-1310




Template-Type: ReDIF-Article 1.0
Author-Name: Eduard Baumöhl
Author-X-Name-First: Eduard
Author-X-Name-Last: Baumöhl
Author-Name: Eva Výrostová
Author-X-Name-First: Eva
Author-X-Name-Last: Výrostová
Title: Do people gamble more in good times? Evidence from 27 European countries
Abstract: 
 We provide evidence of a positive relationship between the intensity of gambling and economic growth in 27 European countries for 2005–2013. Our proxy for gambling is represented by government revenues from taxes on lotteries, betting and gambling. This variable is linked to GDP growth in a panel regression framework and pooled OLS. However, when we split our sample to account for the heterogeneity among European countries, we found that the positive ‘gambling – GDP growth’ relationship is driven extensively by the Central and Eastern European countries. It appears that people in these countries tend to gamble more when the economy is expanding.
Journal: Applied Economics Letters
Pages: 1311-1314
Issue: 18
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1273484
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1273484
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:18:p:1311-1314




Template-Type: ReDIF-Article 1.0
Author-Name: Wen Fan
Author-X-Name-First: Wen
Author-X-Name-Last: Fan
Author-Name: Xiaobo He
Author-X-Name-First: Xiaobo
Author-X-Name-Last: He
Title: Differences in the response heterogeneity of educational attainment and achievement to the same instrumental variable
Abstract: 
 The typical econometric application of instrumental variable (IV) estimates imposes a constant-treatment-effect model for all individuals. Using regression discontinuity design, we find while older school starters tend to have lower educational attainment, they are more likely to achieve qualifications at different educational levels for the UK. This finding joins the discussion on instruments for educational outcomes by offering some evidence that school starting age can affect treated individuals diversely. We highlight that identifying the treatment effect with methods similar to IV estimates should be concerned in the context of heterogeneous treatments; that is, the instrument in question has an effect on treatment for particular subpopulations only, and those subpopulations may not be the same for different treatments.
Journal: Applied Economics Letters
Pages: 1315-1319
Issue: 18
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1276260
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1276260
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Template-Type: ReDIF-Article 1.0
Author-Name: Jorge Velilla
Author-X-Name-First: Jorge
Author-X-Name-Last: Velilla
Author-Name: Raquel Ortega
Author-X-Name-First: Raquel
Author-X-Name-Last: Ortega
Title: Determinants of entrepreneurship using fuzzy set methods: Europe vs. non-Europe
Abstract: 
 This article uses fuzzy set qualitative methods, with Global Entrepreneurship Monitor 2014 data, to show differences in the entrepreneurial determinants between European developed countries and non-European developing countries. We first estimate baseline regression models and then develop fuzzy set qualitative comparative analysis to study the necessary and sufficient conditions of entrepreneurial activity. Results indicate that, while in Europe, the key determinants are education and technological equity; individuals in developing and nondeveloped countries tend to be, or become, entrepreneurs independently of the macroeconomic background.
Journal: Applied Economics Letters
Pages: 1320-1326
Issue: 18
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1276262
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1276262
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:18:p:1320-1326




Template-Type: ReDIF-Article 1.0
Author-Name: Ali Ahmed
Author-X-Name-First: Ali
Author-X-Name-Last: Ahmed
Author-Name: Mark Granberg
Author-X-Name-First: Mark
Author-X-Name-Last: Granberg
Author-Name: Elisabeth Lång
Author-X-Name-First: Elisabeth
Author-X-Name-Last: Lång
Title: Does having one’s own place to live make someone more employable?
Abstract: 
 This article encapsulates the findings of a randomized correspondence test field experiment investigating whether job candidates’ home status influences their employability. More than 2000 employers with vacancies in the Swedish labour market received a job application from a fictitious candidate. A job candidate’s home status (his or her own place to live or temporary housing with a friend) was randomized across employers. Results show that home status indeed affected the number of positive employer responses received by job candidates, mainly in low-skilled occupations. Not having a place to live at the time of the application proved a disadvantage when applying for positions within but an advantage when applying for positions outside the city of residence at the time of the application.
Journal: Applied Economics Letters
Pages: 1327-1330
Issue: 18
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1276263
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1276263
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:18:p:1327-1330




Template-Type: ReDIF-Article 1.0
Author-Name: Carl M. Campbell
Author-X-Name-First: Carl M.
Author-X-Name-Last: Campbell
Title: Pre-recession wage inflation and the strength of the subsequent recovery
Abstract: 
 This study shows that the rate of wage inflation in the year before a recession is positively related to the rate of employment growth in the subsequent recovery. A possible explanation for this relationship is downward nominal wage rigidity. It is also found that the prior rate of wage inflation is not significantly related to the employment decline during the ensuing recession, suggesting that prior wage inflation has a greater impact on the strength of the recovery from a recession than on the severity of the recession.
Journal: Applied Economics Letters
Pages: 1331-1334
Issue: 18
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1276264
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1276264
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:18:p:1331-1334




Template-Type: ReDIF-Article 1.0
Author-Name: Paul M. Holmes
Author-X-Name-First: Paul M.
Author-X-Name-Last: Holmes
Author-Name: Robert F. Kane
Author-X-Name-First: Robert F.
Author-X-Name-Last: Kane
Title: Per-unit versus ad-valorem discrimination with an application to MLB
Abstract: 
 We contrast two structural forms of discrimination: per-unit and ad-valorem. We provide a simple modification to Becker’s canonical discrimination model allowing for heterogeneous worker quality and both per-unit and ad-valorem discrimination. Per-unit discrimination costs reduce the relative cost of minorities with higher marginal products. This simple insight, which builds upon the Alchian–Allen hypothesis, yields sharp testable implications. We argue that several features of the MLB labour market are consistent with per-unit discrimination.
Journal: Applied Economics Letters
Pages: 1335-1339
Issue: 18
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1276265
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1276265
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:18:p:1335-1339




Template-Type: ReDIF-Article 1.0
Author-Name: Edward M. Feasel
Author-X-Name-First: Edward M.
Author-X-Name-Last: Feasel
Author-Name: Padmapriya Gollapudi
Author-X-Name-First: Padmapriya
Author-X-Name-Last: Gollapudi
Author-Name: Daiki Kumazawa
Author-X-Name-First: Daiki
Author-X-Name-Last: Kumazawa
Title: On the relative importance of demand and supply shocks: a panel VAR study for US states
Abstract: 
 This article is a panel VAR study of demand and supply shocks in the USA using state-level data where structural shocks are decomposed into state idiosyncratic and common components. Decomposition suggests that in all instances, idiosyncratic state shocks rather than common shocks have larger impact and explain most variation in both the state-level unemployment rate and real gross state product. Further, demand shocks are the primary driving force in unemployment rate fluctuations, while both demand and supply are important in output movements to varying degree of impact and importance depending on the use of quarterly or annual data.
Journal: Applied Economics Letters
Pages: 1340-1345
Issue: 18
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2016.1276266
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1276266
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:18:p:1340-1345




Template-Type: ReDIF-Article 1.0
Author-Name: Philipp Hühne
Author-X-Name-First: Philipp
Author-X-Name-Last: Hühne
Author-Name: Dierk Herzer
Author-X-Name-First: Dierk
Author-X-Name-Last: Herzer
Title: Is inequality an inevitable by-product of skill-biased technical change?
Abstract: 
 This article examines trends in relative wages between high- and medium-skilled workers and between medium- and low-skilled workers in Finland, Germany, Italy, South Korea and the US over the period 1970–2005. It is found that there are large differences in the evolution wage inequality across the countries in our sample, with some countries showing a long-run upward trend in relative wages (such as the US, Germany and Italy) and others showing a long-run downward trend (such as Finland and Korea). The main conclusion from our results is that inequality is not an inevitable by-product of technological change.
Journal: Applied Economics Letters
Pages: 1346-1350
Issue: 18
Volume: 24
Year: 2017
Month: 10
X-DOI: 10.1080/13504851.2017.1279259
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1279259
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:18:p:1346-1350




Template-Type: ReDIF-Article 1.0
Author-Name: Orhan Karaca
Author-X-Name-First: Orhan
Author-X-Name-Last: Karaca
Title: Why are some regions rich and others poor? The impact of climate on regional income disparities
Abstract: 
 In this study, the impact of climate on regional income disparities is investigated on a sample of 10 countries. The sample includes three northern European countries (Finland, Sweden and Norway), two equatorial countries (Colombia and Brazil) and five temperate countries (Poland, Germany, France, Italy and Spain). Regression analyses have shown that population and economic activity are concentrated in relatively hot regions in cold countries, and relatively cold regions in hot countries. Climate also has a statistically significant effect on regional per capita income.
Journal: Applied Economics Letters
Pages: 353-356
Issue: 5
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1616055
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1616055
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:5:p:353-356




Template-Type: ReDIF-Article 1.0
Author-Name: Faheem Ur Rehman
Author-X-Name-First: Faheem Ur
Author-X-Name-Last: Rehman
Author-Name: Yibing Ding
Author-X-Name-First: Yibing
Author-X-Name-Last: Ding
Title: The nexus between outward foreign direct investment and export sophistication: new evidence from China
Abstract: 
 This article investigates the bidirectional causal relationship between outbound foreign direct investment (ODI) and export sophistication in China by using autoregressive distributed lag (ARDL) techniques. The findings detect cointegration and bidirectional causal relationship between export sophistication and ODI. The empirical evidence supports that ODI strongly promotes export sophistication and export sophistication weakly encourages Chinese ODI to go out global. The nexus between ODI and export sophistication is good news for China to enhance the quality of exports and catch-up on developed economies. The control variables of trade openness, human capital and quality of institutions improve the strength of cointegration between ODI and export sophistication and play a significant role in promoting the two variables of our interest.
Journal: Applied Economics Letters
Pages: 357-365
Issue: 5
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1616056
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1616056
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Template-Type: ReDIF-Article 1.0
Author-Name: Luisito Bertinelli
Author-X-Name-First: Luisito
Author-X-Name-Last: Bertinelli
Author-Name: Arnaud Bourgain
Author-X-Name-First: Arnaud
Author-X-Name-Last: Bourgain
Author-Name: Florian Léon
Author-X-Name-First: Florian
Author-X-Name-Last: Léon
Title: Corruption and tax compliance: evidence from small retailers in Bamako, Mali
Abstract: 
 We investigate the impact of corruption on tax compliance using a sample of 700 small business in Bamako, Mali. The main contribution of this paper is to focus on micro-enterprises (including semi-formal and informal ones), while existing works concentrate on large and formal firms. Our results show that (i) even very small firms pay taxes (two-thirds of firms pay taxes in our sample); and, (ii) paying bribes reduces significantly tax compliance. This latter finding is robust (i) to the addition of a set of control variables accounting for other determinants, (ii) to treatment for endogeneity, and (iii) the use of a different proxy for tax compliance.
Journal: Applied Economics Letters
Pages: 366-370
Issue: 5
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1616057
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1616057
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:5:p:366-370




Template-Type: ReDIF-Article 1.0
Author-Name: Salih Katircioğlu
Author-X-Name-First: Salih
Author-X-Name-Last: Katircioğlu
Author-Name: Aleksandr Zabolotnov
Author-X-Name-First: Aleksandr
Author-X-Name-Last: Zabolotnov
Title: Role of financial development in economic globalization: evidence from global panel
Abstract: 
 The present study examines the role of financial development in globalization using the global panel data set. Annual data that ranges from 1980 to 2014 has been selected for 181 countries. Panel econometric procedures reveal that financial markets positively in general impacts on economic globalization. However, when macroeconomic fundamentals such as national income, inflation, capital, and population growth are taken into consideration this effect sometimes becomes negative depending on the type of macroeconomic factor and methodology used. This study concludes at the end that financial development is significant driver for economic globalization all around the world.
Journal: Applied Economics Letters
Pages: 371-377
Issue: 5
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1616058
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1616058
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:5:p:371-377




Template-Type: ReDIF-Article 1.0
Author-Name: Dan Yang
Author-X-Name-First: Dan
Author-X-Name-Last: Yang
Author-Name: Guojun Wang
Author-X-Name-First: Guojun
Author-X-Name-Last: Wang
Author-Name: Mokai Lu
Author-X-Name-First: Mokai
Author-X-Name-Last: Lu
Title: Marketization level, government intervention and firm M&As: evidence from the local SOEs in China
Abstract: 
 The state-owned enterprises (SOEs) in China are commonly criticized due to their decision-making being intervened by the government. In this article, we present that the marketization level restrains the local government’s intervention in the local SOEs’ mergers and acquisitions (M&As); and the restraining impact is enhanced in the local SOEs, especially on their diversified M&As, when the government possesses stronger power in the firms. The article sheds lights on theories of market segmentation and government intervention in an emerging economy where interventionist governments commonly exist.
Journal: Applied Economics Letters
Pages: 378-382
Issue: 5
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1616059
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1616059
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:5:p:378-382




Template-Type: ReDIF-Article 1.0
Author-Name: Hamid Baghestani
Author-X-Name-First: Hamid
Author-X-Name-Last: Baghestani
Title: Is there a gender difference in accurately predicting the sign of growth in durables spending?
Abstract: 
 The answer is yes, according to the Michigan Surveys of Consumers (MSC) data. A survey question under the ‘Household durables buying conditions’ category asks: ‘About the big things people buy for their homes – such as furniture, a refrigerator, stove, television, and things like that. Generally speaking, do you think now is a good time or a bad time for people to buy major household items?’ Using the individual responses, the MSC calculates a balanced index representing consumer durable buying attitudes separately for all, female, and male participants in addition to those in the lower 33%, middle 33%, and upper 33% income categories. We show that only the change in female durable buying attitudes accurately predicts the sign of growth in durables spending.
Journal: Applied Economics Letters
Pages: 383-386
Issue: 5
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1616060
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1616060
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeremy Jackson
Author-X-Name-First: Jeremy
Author-X-Name-Last: Jackson
Title: Presidential congruence and happiness: the role of extreme political views
Abstract: 
 Previous literature has demonstrated that individuals in the US report greater happiness when the president is of the same party that the individual identifies with. It has likewise been demonstrated that individuals with more extreme political views, be they liberal or conservative, report higher happiness than those with moderate political views. This article demonstrates that the relationship between these two dimensions and happiness is not separable. In fact, congruence with the president, in terms of party and ideology, matters the most for those with extreme political views. This is demonstrated by estimation of the interaction effect between political extremism and measures of presidential congruence.
Journal: Applied Economics Letters
Pages: 387-391
Issue: 5
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1616061
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1616061
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Template-Type: ReDIF-Article 1.0
Author-Name: Shou Chen
Author-X-Name-First: Shou
Author-X-Name-Last: Chen
Author-Name: Guangbing Li
Author-X-Name-First: Guangbing
Author-X-Name-Last: Li
Title: Time-inconsistent preferences, consumption, investment and life insurance decisions
Abstract: 
 In this paper, we study a consumption, investment and life insurance strategy model in which agent has time-inconsistent preferences. We numerically find that time-inconsistent preferences lead agent to more consumption–wealth ratio and less insurance–wealth ratio, and that time-inconsistent agent purchases life insurance in advance. Moreover, both the consumption–wealth ratio and amount of life insurance purchased for naive agent are less than for sophisticated one, while total available wealth for naive agent is more than for sophisticated one. In particular, total amount of life insurance purchased increases when agent is young, but the situation reverses when she is older.
Journal: Applied Economics Letters
Pages: 392-399
Issue: 5
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1617395
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1617395
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Template-Type: ReDIF-Article 1.0
Author-Name: Wang Chen
Author-X-Name-First: Wang
Author-X-Name-Last: Chen
Author-Name: Shigeyuki Hamori
Author-X-Name-First: Shigeyuki
Author-X-Name-Last: Hamori
Author-Name: Takuji Kinkyo
Author-X-Name-First: Takuji
Author-X-Name-Last: Kinkyo
Title: Dynamic effects of financial spillovers on bank lending: evidence from local projection-based impulse response analysis
Abstract: 
 Using local projections, we find that a positive (detrimental) financial stress (FS) shock affects bank lending more quickly and is more persistent than a negative (benign) FS shock. The study confirms that there is timing asymmetry, but we do not find magnitude asymmetry between positive and negative shocks. Furthermore, we find that a bank balance sheet characterized by a higher level of liquidity and efficiency and a lower level of leverage tends to better insulate lending from the impact of FS spillovers. Our findings have important implications for policymakers who seek to develop more efficient and resilient banking sectors.
Journal: Applied Economics Letters
Pages: 400-405
Issue: 5
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1619011
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1619011
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Template-Type: ReDIF-Article 1.0
Author-Name: Ying Qiu
Author-X-Name-First: Ying
Author-X-Name-Last: Qiu
Title: Promotion or hindrance? The threshold effect of services on global value chains
Abstract: 
 Using the World Input-Output Table (WIOD; Timmer et al. 2016), I introduce the proximity burden of service input to establish a threshold model, and examine the ‘double-edged sword’ effect of service input on the Global Value Chains, namely, it promotes the development of manufacturing in proximate districts but hinder those in faraway districts. I find that the service input has an inverted U-shaped effect on value chain development, and that local service input is restricted by proximity burden, which hinders the development of value chain. The findings are robust to heterogeneity analysis and endogeneity treatment.
Journal: Applied Economics Letters
Pages: 406-411
Issue: 5
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1619012
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1619012
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Template-Type: ReDIF-Article 1.0
Author-Name: Yongkil Ahn
Author-X-Name-First: Yongkil
Author-X-Name-Last: Ahn
Author-Name: Dongyeon Kim
Author-X-Name-First: Dongyeon
Author-X-Name-Last: Kim
Title: Sentiment disagreement and bitcoin price fluctuations: a psycholinguistic approach
Abstract: 
 We investigate the extent to which Bitcoin price fluctuations are associated with investors’ sentiment disagreement. We employ three textual sentiment analysis techniques: 1) a Python library offered by the Computational Linguistics and Psycholinguistics Research Center; 2) Loughran and McDonald’s (2011) dictionary; and 3) semantic orientation by the point-wise mutual information method. The results show that investors’ attention and sentiment disagreement induce extremely high volatility and jumps in Bitcoin prices. These findings complement existing studies on how investors’ sentiment manifests in asset prices.
Journal: Applied Economics Letters
Pages: 412-416
Issue: 5
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1619013
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1619013
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Template-Type: ReDIF-Article 1.0
Author-Name: Casto Martin Montero Kuscevic
Author-X-Name-First: Casto Martin
Author-X-Name-Last: Montero Kuscevic
Author-Name: Hossein Radmard
Author-X-Name-First: Hossein
Author-X-Name-Last: Radmard
Title: Syrian refugees in Lebanon: a spatial study
Abstract: 
 Almost seven years of catastrophic conflict and unrest in Syria have resulted in a colossal flow of the displaced population. According to The United Nation Refugee Agency (UNHCR), by the end of 2016, there were over one million registered Syrian refugees in Lebanon. This means compared to any other host country, Lebanon has the highest rate of refugee per local population. In this paper, we focus on refugees’ placement and residence, which have shown an uneven distribution among different regions of Lebanon. Maps generated by the available data show that districts with high refugee population rates are surrounded by districts with low population rates. Our results indicate that among other variables, access to credit is the most critical variable for explaining this spatial pattern.
Journal: Applied Economics Letters
Pages: 417-421
Issue: 5
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1623862
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1623862
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Template-Type: ReDIF-Article 1.0
Author-Name: Hartmut Egger
Author-X-Name-First: Hartmut
Author-X-Name-Last: Egger
Author-Name: Elke Jahn
Author-X-Name-First: Elke
Author-X-Name-Last: Jahn
Title: Ownership and the multinational wage premium
Abstract: 
 Combining administrative data on German workers at the plant level with detailed global ownership information, we provide evidence that the multinational and hierarchical structure of networks matters for wages paid by plants. We find that both network characteristics are equally important for the wage premium paid by multinationals. Moreover, the hierarchical distance is also important for wages paid by plants in national networks.
Journal: Applied Economics Letters
Pages: 422-425
Issue: 5
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1624911
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1624911
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Template-Type: ReDIF-Article 1.0
Author-Name: Farah Said
Author-X-Name-First: Farah
Author-X-Name-Last: Said
Author-Name: Mahreen Mahmud
Author-X-Name-First: Mahreen
Author-X-Name-Last: Mahmud
Author-Name: Giovanna D’Adda
Author-X-Name-First: Giovanna
Author-X-Name-Last: D’Adda
Author-Name: Azam Chaudhry
Author-X-Name-First: Azam
Author-X-Name-Last: Chaudhry
Title: It is not power, but how you use it: Experimental evidence on altruism from households in Pakistan
Abstract: 
 We investigate altruism among household members in the presence of information asymmetry using artefactual experiments in Pakistan. Having a family member who does not respect one’s control over earned property makes generosity less likely within the experiment. Women, who display greater entitlement over own earnings, are less generous when they can conceal their allocation decisions, showing that self-regarding behaviors are driven by pent-up demand for household members to respect their control over resources. Our findings reveal that understanding household dynamics can be critical for policy makers wanting to maximize welfare outcomes in social protection programs.
Journal: Applied Economics Letters
Pages: 426-431
Issue: 5
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1624912
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1624912
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Template-Type: ReDIF-Article 1.0
Author-Name: Hanbyul Ryu
Author-X-Name-First: Hanbyul
Author-X-Name-Last: Ryu
Title: The effect of the Zika virus outbreak on fertility and female labour market outcomes
Abstract: 
 Since the outbreak of the Zika virus in Brazil, the number of microcephaly cases significantly increased among newborn children. Detrimental effects on the health outcomes of newborn children provided incentives to delay pregnancy, thereby potentially affecting women’s labour market outcomes. Using the variation of suspected microcephaly cases across states, we found that for every suspected microcephaly case per 10,000 residents, the probability of having a newborn child decreased by approximately 8%. This trend was more pronounced among younger and more educated women. Despite fertility decline, our findings provide little evidence that female labour market outcomes were altered by the outbreak of Zika virus.
Journal: Applied Economics Letters
Pages: 432-435
Issue: 5
Volume: 27
Year: 2020
Month: 3
X-DOI: 10.1080/13504851.2019.1624913
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1624913
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Template-Type: ReDIF-Article 1.0
Author-Name: Eunice O. Hong
Author-X-Name-First: Eunice O.
Author-X-Name-Last: Hong
Author-Name: Sherman D. Hanna
Author-X-Name-First: Sherman D.
Author-X-Name-Last: Hanna
Title: Did households’ time preference change due to the Great Recession?
Abstract: 
 Household time preference for US households, as measured by the planning horizon, was fairly stable for many years, but sharply changed with the onset of the Great Recession. Based on an analysis of a combination of the 1992–2013 Survey of Consumer Finances (SCF) datasets, time preference increased in 2010 and remained high in 2013, indicating households were less patient after the onset of the recession. This pattern held up even after controlling for household characteristics.
Journal: Applied Economics Letters
Pages: 1047-1050
Issue: 15
Volume: 23
Year: 2016
Month: 10
X-DOI: 10.1080/13504851.2015.1133887
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1133887
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Template-Type: ReDIF-Article 1.0
Author-Name: Agnes Kügler
Author-X-Name-First: Agnes
Author-X-Name-Last: Kügler
Author-Name: Christoph Weiss
Author-X-Name-First: Christoph
Author-X-Name-Last: Weiss
Title: Time as a strategic variable: business hours in the gasoline market
Abstract: 
 A popular argument in policy discussions on the liberalization of business hours proceeds on the assumption that business hours are strategic complements: if some firms open longer hours, competitors will be forced to extend their opening hours too. We provide first empirical evidence on the impact of competition and the form of strategic interaction in business hours between firms by using detailed information on business hours as well as the location of retail gasoline stations in Austria. Our findings reject the presumption of business hours being strategic complements. Firms tend to have longer opening hours in a more competitive environment.
Journal: Applied Economics Letters
Pages: 1051-1056
Issue: 15
Volume: 23
Year: 2016
Month: 10
X-DOI: 10.1080/13504851.2015.1133888
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1133888
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Template-Type: ReDIF-Article 1.0
Author-Name: Arnab Biswas
Author-X-Name-First: Arnab
Author-X-Name-Last: Biswas
Author-Name: Colin O’Reilly
Author-X-Name-First: Colin
Author-X-Name-Last: O’Reilly
Author-Name: James T. Bang
Author-X-Name-First: James T.
Author-X-Name-Last: Bang
Author-Name: Aniruddha Mitra
Author-X-Name-First: Aniruddha
Author-X-Name-Last: Mitra
Title: Civil war and economic growth: the case for a closer look at forms of mobilization
Abstract: 
 This paper explores the idea that the lack of robust evidence on the growth impact of civil war could partially be a consequence of considering civil war as a unified conceptual category, regardless of the ordinate of group identity invoked in mobilizing for war. To do so, we distinguish explicitly between episodes of internal conflict where contestants mobilized along the lines of ethnicity and ones where mobilization occurred along other markers of group identity. Using alternative definitions of civil war and System GMM estimation to address the endogeneity of conflict and per capita income, we obtain a negative contemporaneous impact of non-ethnic civil war on economic growth over the period 1975–2005. By contrast, the impact of ethnic war is statistically insignificant.
Journal: Applied Economics Letters
Pages: 1057-1061
Issue: 15
Volume: 23
Year: 2016
Month: 10
X-DOI: 10.1080/13504851.2015.1133889
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1133889
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Template-Type: ReDIF-Article 1.0
Author-Name: Pascal Bührig
Author-X-Name-First: Pascal
Author-X-Name-Last: Bührig
Author-Name: Klaus Wohlrabe
Author-X-Name-First: Klaus
Author-X-Name-Last: Wohlrabe
Title: Forecasting revisions of German industrial production
Abstract: 
 Macroeconomic variables, such as industrial production or GDP, are regularly and sometimes substantially revised by the official statistical offices. Nevertheless, there are only few attempts in the previous literature to investigate whether it is possible to forecast these revisions systematically. In this article, it is illustrated how revisions of German industrial production can be forecasted with respect to both the direction and the level of the revision. We are the first to use a large data set for this purpose.
Journal: Applied Economics Letters
Pages: 1062-1064
Issue: 15
Volume: 23
Year: 2016
Month: 10
X-DOI: 10.1080/13504851.2015.1133890
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1133890
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Bittmann
Author-X-Name-First: Thomas
Author-X-Name-Last: Bittmann
Author-Name: Sven Anders
Author-X-Name-First: Sven
Author-X-Name-Last: Anders
Title: Seasonal asymmetries in wholesale–retail cost pass-through
Abstract: 
 This article investigates the extent of seasonal asymmetries in wholesale to retail cost pass-through in the Canadian apple market. We model nonlinearity in cost pass-through in a panel two-regime error correction model. The model employs weekly store-level retail matching wholesale price data for a major US retail chain. Our results reveal distinct seasonal asymmetries in cost pass-through. Retail prices adjust faster during the fall indicating significantly higher pass-through in response to a change in input composition and seasonal expansion of alternative marketing channels. This input composition effect on cost pass-through highlights the general importance of time-variant market conditions and their respective determinants in explaining cost pass-through dynamics in commodity markets.
Journal: Applied Economics Letters
Pages: 1065-1068
Issue: 15
Volume: 23
Year: 2016
Month: 10
X-DOI: 10.1080/13504851.2015.1133891
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1133891
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Template-Type: ReDIF-Article 1.0
Author-Name: Tal Shavit
Author-X-Name-First: Tal
Author-X-Name-Last: Shavit
Author-Name: Eyal Lahav
Author-X-Name-First: Eyal
Author-X-Name-Last: Lahav
Author-Name: Mosi Rosenboim
Author-X-Name-First: Mosi
Author-X-Name-Last: Rosenboim
Title: Don’t fear risk, learn about it: how familiarity reduces perceived risk
Abstract: 
 This article suggests that learning about basic concepts concerning the risk and return of assets will reduce perceived risk. We show experimentally that people who learn about these basic concepts are willing to allocate more money to risky assets and consider the asset’s return relative to its risk.
Journal: Applied Economics Letters
Pages: 1069-1072
Issue: 15
Volume: 23
Year: 2016
Month: 10
X-DOI: 10.1080/13504851.2015.1133892
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1133892
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:15:p:1069-1072




Template-Type: ReDIF-Article 1.0
Author-Name: Michele Raitano
Author-X-Name-First: Michele
Author-X-Name-Last: Raitano
Author-Name: Claudia Vittori
Author-X-Name-First: Claudia
Author-X-Name-Last: Vittori
Author-Name: Francesco Vona
Author-X-Name-First: Francesco
Author-X-Name-Last: Vona
Title: The effect of parental background along the sons’ earnings distribution: does one pattern fit for all?
Abstract: 
 This article sheds light on the differences in the mechanisms generating intergenerational inequality in the four largest Euro Area economies (Spain, Italy, Germany and France) looking at the association between parental background and sons’ earnings along the sons’ distribution. We find that in all countries returns to parental background increase along the sons’ earnings distribution and the probability of ending up in high deciles is significantly correlated with parental background. However, although these findings lend support to the existence of a common mechanism, substantial differences in returns’ steepness question the one-pattern-fits-all story.
Journal: Applied Economics Letters
Pages: 1073-1078
Issue: 15
Volume: 23
Year: 2016
Month: 10
X-DOI: 10.1080/13504851.2015.1136386
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1136386
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Template-Type: ReDIF-Article 1.0
Author-Name: José Gabriel Romero
Author-X-Name-First: José Gabriel
Author-X-Name-Last: Romero
Title: Natural resources and international labour mobility
Abstract: 
 We study the relationship between natural resource wealth and (skilled and unskilled) emigration. The source data for international migration rates come from Brücker, Capuano, and Marfouk (2013) and measures of resource wealth from the World Bank database. We find that natural resource abundance reduces skilled emigration regardless of countries’ natural wealth, but that natural resources reduce unskilled emigration only in resource-rich countries.
Journal: Applied Economics Letters
Pages: 1079-1083
Issue: 15
Volume: 23
Year: 2016
Month: 10
X-DOI: 10.1080/13504851.2015.1136387
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1136387
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:15:p:1079-1083




Template-Type: ReDIF-Article 1.0
Author-Name: Junfei Bai
Author-X-Name-First: Junfei
Author-X-Name-Last: Bai
Author-Name: Caiping Zhang
Author-X-Name-First: Caiping
Author-X-Name-Last: Zhang
Author-Name: Thomas Wahl
Author-X-Name-First: Thomas
Author-X-Name-Last: Wahl
Author-Name: James Seale Jr.
Author-X-Name-First: James
Author-X-Name-Last: Seale Jr.
Title: Dining out, the missing food consumption in China
Abstract: 
 Food security concern in China is also the world’s concern. Studies on food consumption in the past, however, often neglected the increasing food consumed away from home (FAFH). Drawn on a survey data recently conducted in nine cities by a week-long diary method, we found that FAFH in urban China accounts for a significant proportion of total food consumption, although its share varies by food category. With substantial expected income growth, overall FAFH consumption will likely continue to rise, but would be negatively affected by the rapid societal aging process, both in dining out probability and per capita consumption level. The main findings of this study have implications for food processing and service industries as well as for studies in food-related environmental issues.
Journal: Applied Economics Letters
Pages: 1084-1087
Issue: 15
Volume: 23
Year: 2016
Month: 10
X-DOI: 10.1080/13504851.2015.1136388
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1136388
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Young Baek
Author-X-Name-First: H. Young
Author-X-Name-Last: Baek
Author-Name: Florence Neymotin
Author-X-Name-First: Florence
Author-X-Name-Last: Neymotin
Title: Young startup firm exports and productive efficiency
Abstract: 
 We employ the United States Census Bureau’s 2007 Survey of Business Owners to examine the relationship between the productive efficiency of startup firms and their level of exports. We find, consistent with previous work in the literature, that a small firm’s exports are positively related to their level of productive efficiency. This result holds after controlling for various individual owner, as well as firm, characteristics. Our results are also robust to the inclusion of a two-stage estimation strategy to control for the effects of endogeneity in the efficiency–exports relationship.
Journal: Applied Economics Letters
Pages: 1088-1092
Issue: 15
Volume: 23
Year: 2016
Month: 10
X-DOI: 10.1080/13504851.2015.1136389
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1136389
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:15:p:1088-1092




Template-Type: ReDIF-Article 1.0
Author-Name: António Afonso
Author-X-Name-First: António
Author-X-Name-Last: Afonso
Author-Name: João Tovar Jalles
Author-X-Name-First: João Tovar
Author-X-Name-Last: Jalles
Title: Budgetary decomposition and yield spreads
Abstract: 
 With a panel VAR of 10 Euro area countries, we studied the budgetary determinants of government bond yield spreads vis-à-vis Germany between 1999Q1 and 2012Q4. We find that rising bid ask, VIX and debt differentials increase yield spreads; and improvements in the budget balance, higher growth prospects and depreciation lower the spreads. Moreover, rises in public wages or in social expenditure increase spreads, while increases in direct and indirect taxes lower the yield spreads. In the post-2007Q3 crisis period, rising expenditure components (except subsidies) increased spreads.
Journal: Applied Economics Letters
Pages: 1093-1098
Issue: 15
Volume: 23
Year: 2016
Month: 10
X-DOI: 10.1080/13504851.2015.1136390
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1136390
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Template-Type: ReDIF-Article 1.0
Author-Name: James R. Barth
Author-X-Name-First: James R.
Author-X-Name-Last: Barth
Author-Name: Richard J. Cebula
Author-X-Name-First: Richard J.
Author-X-Name-Last: Cebula
Author-Name: I-Ling Shen
Author-X-Name-First: I-Ling
Author-X-Name-Last: Shen
Title: Is the high school dropout rate an increasing function of the proportion of the population in the US cities that is Hispanic? Exploratory evidence
Abstract: 
 This empirical note seeks to provide preliminary insights into factors that may have influenced the high school dropout rate in the US cities. For some 300-plus cities for the year 2011, OLS estimates reveal that the dropout rate is a decreasing function of both the per cent of the population that is Hispanic and per pupil public education spending at the elementary and secondary levels. In addition, the estimates find that the dropout rate is an increasing function of the per cent of the population that consisted of families with children and that was classified as being at or below the poverty level and the per cent of the population aged 25 years and older that did not have a high school diploma.
Journal: Applied Economics Letters
Pages: 1099-1103
Issue: 15
Volume: 23
Year: 2016
Month: 10
X-DOI: 10.1080/13504851.2015.1136391
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1136391
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:15:p:1099-1103




Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee
Author-X-Name-First: Mohsen
Author-X-Name-Last: Bahmani-Oskooee
Author-Name: Dan Xi
Author-X-Name-First: Dan
Author-X-Name-Last: Xi
Author-Name: Sahar Bahmani
Author-X-Name-First: Sahar
Author-X-Name-Last: Bahmani
Title: Asymmetric effects of exchange rate changes on the demand for money in China
Abstract: 
 In order to account for currency substitution, the majority of recent studies relating to the specification of the demand for money include the exchange rate as another determinant of the demand for money. However, those who have estimated the demand for money in China have been unable to find any significant effects of exchange rate changes on the demand for money by the Chinese. We show that this is due to the assumption that exchange rate changes have symmetric effects. Once depreciations are separated from appreciations of the yuan, those exchange rate changes are shown to have significant effects on the demand for money in China, but in an asymmetric manner.
Journal: Applied Economics Letters
Pages: 1104-1109
Issue: 15
Volume: 23
Year: 2016
Month: 10
X-DOI: 10.1080/13504851.2015.1137540
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1137540
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Template-Type: ReDIF-Article 1.0
Author-Name: Pandej Chintrakarn
Author-X-Name-First: Pandej
Author-X-Name-Last: Chintrakarn
Author-Name: Pornsit Jiraporn
Author-X-Name-First: Pornsit
Author-X-Name-Last: Jiraporn
Author-Name: Young S. Kim
Author-X-Name-First: Young S.
Author-X-Name-Last: Kim
Author-Name: Shenghui Tong
Author-X-Name-First: Shenghui
Author-X-Name-Last: Tong
Title: The causal effect of religious piety on shareholder wealth: evidence from acquirer returns and historical religious identification
Abstract: 
 Prior research shows that religion promotes honesty. Honesty in turn motivates managers to view an expropriation from shareholders as self-serving, opportunistic and unethical, thereby alleviating the agency conflict. Religious piety is thus expected to discourage agency-driven acquisitions that reduce shareholder wealth. We exploit the variation in religious piety across US counties (and states) and show that firms located in a more religious environment are indeed less likely to make poor acquisitions, measured by the stock market reactions to the acquisition announcement. To draw a causal inference, we use historical religious piety as far back as 1952 as our instrument. The two-stage least squares (2SLS) analysis confirms that religious piety induces firms to make better acquisitions. Our analysis based on propensity score matching also corroborates the conclusion.
Journal: Applied Economics Letters
Pages: 1110-1116
Issue: 15
Volume: 23
Year: 2016
Month: 10
X-DOI: 10.1080/13504851.2015.1137541
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1137541
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Template-Type: ReDIF-Article 1.0
Author-Name: Hong Zuo
Author-X-Name-First: Hong
Author-X-Name-Last: Zuo
Title: How does informal employment impact income inequality?
Abstract: 
 This study investigates how informal employment impacts total income inequality in urban China. Finite mixture methodology is employed to examine the segments that exist in the informal labour market, and the Theil index (T0) is used to break down total income inequality according to different subsamples. We found that the two-segment model (upper-tier and lower-tier) best describes the structure of the informal labour market in urban China and that the upper-tier segment contributes most to the total income inequality.
Journal: Applied Economics Letters
Pages: 1117-1120
Issue: 15
Volume: 23
Year: 2016
Month: 10
X-DOI: 10.1080/13504851.2016.1142644
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1142644
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Erratum
Journal: Applied Economics Letters
Pages: i-i
Issue: 21
Volume: 25
Year: 2018
Month: 12
X-DOI: 10.1080/13504851.2018.1430227
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430227
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Template-Type: ReDIF-Article 1.0
Author-Name: Dominik Schreyer
Author-X-Name-First: Dominik
Author-X-Name-Last: Schreyer
Author-Name: Daniel Däuper
Author-X-Name-First: Daniel
Author-X-Name-Last: Däuper
Title: Determinants of spectator no-show behaviour: first empirical evidence from the German Bundesliga
Abstract: 
 The analysis of stadium attendance demand has a long tradition in the economic literature. However, despite its evident merits, this previous research has been critiqued at several levels, in particular for relying on a suboptimal demand proxy, i.e. published attendance data. In this short note, we address these shortcomings by exploring a highly unique data set containing official information on spectators’ decisions of whether or not to physically attend 704 German football Bundesliga games played between August 2014 and January 2017.
Journal: Applied Economics Letters
Pages: 1475-1480
Issue: 21
Volume: 25
Year: 2018
Month: 12
X-DOI: 10.1080/13504851.2018.1430314
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430314
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhen Sun
Author-X-Name-First: Zhen
Author-X-Name-Last: Sun
Author-Name: Zhen Lei
Author-X-Name-First: Zhen
Author-X-Name-Last: Lei
Author-Name: Zhifeng Yin
Author-X-Name-First: Zhifeng
Author-X-Name-Last: Yin
Title: Innovation policy in China: nationally promulgated but locally implemented
Abstract: 
 In China, policies are often announced at the national level but implemented locally. Innovation policies are no exceptions. This article studies China’s 50% R&amp;D tax deduction policy, a key innovation policy promulgated by the central government in 2006. We find that the degree to which the policy was implemented during the period of 2006–2009 varied across the provinces and industries, which in turn had significant impacts on local firms’ innovation output. The findings of the heterogeneity in local implementation of national innovation policies are of important implications for both policy makers and innovation scholars.
Journal: Applied Economics Letters
Pages: 1481-1486
Issue: 21
Volume: 25
Year: 2018
Month: 12
X-DOI: 10.1080/13504851.2018.1430315
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430315
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Template-Type: ReDIF-Article 1.0
Author-Name: Laura Dell’Agostino
Author-X-Name-First: Laura
Author-X-Name-Last: Dell’Agostino
Author-Name: Silvia Nenci
Author-X-Name-First: Silvia
Author-X-Name-Last: Nenci
Title: Measuring patterns of specialization using trade in value added: the case of manufacturing in Italy
Abstract: 
 This article aims to contribute to the long-standing debate on the ‘anomaly’ of Italy’s specialization in manufacturing by providing fresh analysis based on new data. It offers: 1) a comprehensive survey of Italian comparative advantages measured in value-added terms and their evolution over time; 2) an international comparison of these advantages with Italy’s main competitors. Results show that the country’s traditional comparative advantages are substantially confirmed, a genuine capacity of the Italian domestic production factors to maintain added value in production with comparative advantage can be observed and new trends in terms of specialization and competitors are also highlighted, showing the influence of the international fragmentation of production on trade and specialization.
Journal: Applied Economics Letters
Pages: 1487-1492
Issue: 21
Volume: 25
Year: 2018
Month: 12
X-DOI: 10.1080/13504851.2018.1430316
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430316
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Template-Type: ReDIF-Article 1.0
Author-Name: Silvio Städter
Author-X-Name-First: Silvio
Author-X-Name-Last: Städter
Title: The effects of pay regulation when agents are loss averse
Abstract: 
 This article analyses the effects of a regulatory cap on executive pay when the agent is loss averse. I use a principal–agent model with moral hazard in which a principal and an agent bargain over an incentive contract. I show that even a non-binding cap on the agent’s payments can have consequences for the bargained outcome and consequently for the effort the agent exerts.
Journal: Applied Economics Letters
Pages: 1493-1498
Issue: 21
Volume: 25
Year: 2018
Month: 12
X-DOI: 10.1080/13504851.2018.1430317
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430317
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeremy A. Cook
Author-X-Name-First: Jeremy A.
Author-X-Name-Last: Cook
Title: Student demographics, school working conditions, and teacher mobility
Abstract: 
 I analyse how the inclusion of working condition data influences the estimated marginal effects of student demographics on teacher mobility. Using detailed administrative data on public schools, combined with unique data describing teachers’ perceptions of working conditions, I estimate a model characterizing the multinomial outcomes of teachers choosing to work at different schools. By comparing the estimated marginal effects of student characteristics with and without incorporating detailed working conditions, I find that excluding these additional data results in overestimating the effect of student characteristics on the probability a teacher moves to a different school, but has no influence on estimated effects for the probability of leaving teaching altogether.
Journal: Applied Economics Letters
Pages: 1499-1506
Issue: 21
Volume: 25
Year: 2018
Month: 12
X-DOI: 10.1080/13504851.2018.1430318
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430318
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Template-Type: ReDIF-Article 1.0
Author-Name: Matija Lozej
Author-X-Name-First: Matija
Author-X-Name-Last: Lozej
Author-Name: Ansgar Rannenberg
Author-X-Name-First: Ansgar
Author-X-Name-Last: Rannenberg
Title: The macroeconomic effects of the LTV and LTI ratios in Ireland
Abstract: 
 We use the Central Bank of Ireland’s Dynamic Stochastic General Equilibrium model to investigate the introduction of regulatory loan-to-value and loan-to-income ratios in 2015, which form part of the Central Bank’s macroprudential measures. The main finding is that while the measures dampen economic activity in the short run, they bring benefits in the medium and long run. Household leverage declines, which lowers the default rate on bank loans. Households deleverage and foreign debt decreases significantly.
Journal: Applied Economics Letters
Pages: 1507-1511
Issue: 21
Volume: 25
Year: 2018
Month: 12
X-DOI: 10.1080/13504851.2018.1430319
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430319
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:21:p:1507-1511




Template-Type: ReDIF-Article 1.0
Author-Name: Yong Hu
Author-X-Name-First: Yong
Author-X-Name-Last: Hu
Author-Name: Jiaochen Liang
Author-X-Name-First: Jiaochen
Author-X-Name-Last: Liang
Title: Related variety and industrial growth: evidence from U.S. commuting zones
Abstract: 
 This article uses industrial employment data at U.S. commuting zone level to test two widely debated propositions about related variety and industrial growth. Our empirical investigations confirm that related variety and specialization have positive interaction effects on industrial employment growth and that the impacts of related variety on industrial growth are much stronger in manufacturing sectors than in nonmanufacturing sectors.
Journal: Applied Economics Letters
Pages: 1512-1516
Issue: 21
Volume: 25
Year: 2018
Month: 12
X-DOI: 10.1080/13504851.2018.1430320
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430320
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Template-Type: ReDIF-Article 1.0
Author-Name: Saygin Sahinoz
Author-X-Name-First: Saygin
Author-X-Name-Last: Sahinoz
Author-Name: Evren Erdogan Cosar
Author-X-Name-First: Evren
Author-X-Name-Last: Erdogan Cosar
Title: Economic policy uncertainty and economic activity in Turkey
Abstract: 
 We construct economic policy uncertainty (EPU) index for Turkey based on newspaper coverage frequency. The EPU index reflects the frequency counts of articles in major Turkish newspapers that contain specific terms related to economy, policy and uncertainty. The EPU index rises around national elections (2002, 2007 and 2015), domestic uncertainty periods (2008 and 2013), domestic and global financial crisis periods (2001 and 2009) and the Euro area debt crisis in 2011. The investigation of the impact of EPU on economic activity reveals that policy uncertainty has adverse impacts on economic growth, consumption and investment in Turkey. Remarkable is that high uncertainty leads to a greater investment decline than output and consumption.
Journal: Applied Economics Letters
Pages: 1517-1520
Issue: 21
Volume: 25
Year: 2018
Month: 12
X-DOI: 10.1080/13504851.2018.1430321
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430321
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Template-Type: ReDIF-Article 1.0
Author-Name: Theodoros Chatzivasileiadis
Author-X-Name-First: Theodoros
Author-X-Name-Last: Chatzivasileiadis
Title: Quasi-Monte Carlo application in CGE systematic sensitivity analysis
Abstract: 
 The uncertainty and robustness of Computable General Equilibrium (CGE) models can be assessed by conducting a Systematic Sensitivity Analysis (SSA). Different methods have been used in the literature for SSA of CGE models such as Gaussian Quadrature and Monte Carlo methods. This article explores the use of Quasi-random Monte Carlo methods based on the Halton and Sobol’ sequences as means to improve the efficiency over regular Monte Carlo SSA, thus reducing the computational requirements of the SSA. The findings suggest that by using low-discrepancy sequences, the number of simulations required by the regular MC SSA methods can be notably reduced, hence lowering the computational time required for SSA of CGE models.
Journal: Applied Economics Letters
Pages: 1521-1526
Issue: 21
Volume: 25
Year: 2018
Month: 12
X-DOI: 10.1080/13504851.2018.1430322
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430322
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Template-Type: ReDIF-Article 1.0
Author-Name: Gweneth Leigh
Author-X-Name-First: Gweneth
Author-X-Name-Last: Leigh
Author-Name: Andrew Leigh
Author-X-Name-First: Andrew
Author-X-Name-Last: Leigh
Title: The Misaddressed Letter Experiment
Abstract: 
 We design a new field experiment to test pro-social behaviour: will a household return a letter that has been incorrectly addressed? On average, we find that half of all letters were returned. Return rates do not vary significantly according to the gender, race or ethnicity of the fictitious addressee. However, return rates are higher in more affluent neighbourhoods.
Journal: Applied Economics Letters
Pages: 1527-1530
Issue: 21
Volume: 25
Year: 2018
Month: 12
X-DOI: 10.1080/13504851.2018.1430323
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430323
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:21:p:1527-1530




Template-Type: ReDIF-Article 1.0
Author-Name: Gerardo Angeles-Castro
Author-X-Name-First: Gerardo
Author-X-Name-Last: Angeles-Castro
Author-Name: Laura Josselin Arriola-Barcenas
Author-X-Name-First: Laura Josselin
Author-X-Name-Last: Arriola-Barcenas
Author-Name: Carlos Bonifacio Baeza-Almaraz
Author-X-Name-First: Carlos Bonifacio
Author-X-Name-Last: Baeza-Almaraz
Title: Determinants of total efficiency in water utilities in Mexico
Abstract: 
 By using panel data analysis across 368 water utilities in Mexico over the period 2010–2014, we find that small firms are more efficient than medium and large providers and that increasing production is associated with less efficiency. Billing, income collection and profitability are relevant factors to improve efficiency. Medium and large firms require to measure consumption by service with meters in order to increase efficiency, while small firms do not require it.
Journal: Applied Economics Letters
Pages: 1531-1534
Issue: 21
Volume: 25
Year: 2018
Month: 12
X-DOI: 10.1080/13504851.2018.1430324
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430324
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Template-Type: ReDIF-Article 1.0
Author-Name: Hongwei Chuang
Author-X-Name-First: Hongwei
Author-X-Name-Last: Chuang
Author-Name: Navruzbek Karamatov
Author-X-Name-First: Navruzbek
Author-X-Name-Last: Karamatov
Title: How international financial flows affect stock markets?
Abstract: 
 Relying on the IMF Coordinated Portfolio Investment Survey, which reports countries’ bilateral investments in financial assets at end-2001 to end-2015, this article shows that a country’s stock market growth is not only spatially correlated with those of nearby countries, but also positively associated with the magnitude of connectedness of the country’s international investments in debt within a dynamic financial investment flow network. The positive relation arises because debts have become an increasingly important source of capital for developing countries.
Journal: Applied Economics Letters
Pages: 1535-1546
Issue: 21
Volume: 25
Year: 2018
Month: 12
X-DOI: 10.1080/13504851.2018.1430325
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430325
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:21:p:1535-1546




Template-Type: ReDIF-Article 1.0
Author-Name: Meishan Jiang
Author-X-Name-First: Meishan
Author-X-Name-Last: Jiang
Author-Name: Krishna P. Paudel
Author-X-Name-First: Krishna P.
Author-X-Name-Last: Paudel
Author-Name: Yunsheng Mi
Author-X-Name-First: Yunsheng
Author-X-Name-Last: Mi
Title: Factors affecting agricultural land transfer-in in China: a semiparametric analysis
Abstract: 
 We use interview survey data collected randomly from 2677 farm households in nine provinces of China to understand the role of demographic, economic, land, and village characteristics on agricultural land transfer-in by farmers. Results show that variables such as borrowing from informal sources, household labour availability, percentage of total income from agricultural sources, and the household with village cadre have significant positive effects on land transfer-in. Low economic development and low transportation network availability in a county reduces land transfer-in. We also find that two variables (land holding and land idling) should be entered into the model nonparametrically. Land holding and land idling have U- and L-shaped impacts on land transfer-in, respectively. Land transfer-in has endowment equilibrium and provides Chinese households more opportunities to earn agricultural income, thereby reducing rural poverty.
Journal: Applied Economics Letters
Pages: 1547-1551
Issue: 21
Volume: 25
Year: 2018
Month: 12
X-DOI: 10.1080/13504851.2018.1430326
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430326
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniele Curzi
Author-X-Name-First: Daniele
Author-X-Name-Last: Curzi
Author-Name: Marsela Luarasi
Author-X-Name-First: Marsela
Author-X-Name-Last: Luarasi
Author-Name: Valentina Raimondi
Author-X-Name-First: Valentina
Author-X-Name-Last: Raimondi
Author-Name: Alessandro Olper
Author-X-Name-First: Alessandro
Author-X-Name-Last: Olper
Title: The (lack of) international harmonization of EU standards: import and export effects in developed versus developing countries
Abstract: 
 This article studies the effect of the lack of international harmonization in agri-food standards on international trade flows focusing on the European Union (EU). The EU is characterized by high level of protectionism, which makes it an ideal case study. We measure the differences in countries’ level of ‘protectionism’ by applying an index of aggregation of non-tariff measures to data on maximum residue levels on pesticides and veterinary drugs allowed by countries on agri-food products. The restrictiveness of countries standards’ is compared with the one imposed by the Codex Alimentarius, which is considered as non-protectionist. The EU emerges as the most rigorous standards setter. The higher standards imposed by the EU affect in particular imports from developing countries, while it facilitates its exports, irrespective of the level of development and standard restrictiveness set by the importing countries.
Journal: Applied Economics Letters
Pages: 1552-1556
Issue: 21
Volume: 25
Year: 2018
Month: 12
X-DOI: 10.1080/13504851.2018.1430327
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430327
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Turner
Author-X-Name-First: Paul
Author-X-Name-Last: Turner
Title: Price-cost markups in UK industry
Abstract: 
 This article tests for the presence of monopolistic price markups across UK industrial sectors by testing for a non-zero covariance between the Solow residual and various instruments. This restriction derives from profit maximising conditions for a representative imperfectly competitive firm under the assumption of constant returns to scale. We find evidence of significant markups in the Manufacturing and Services sectors which together account for more than 90% of total employment within the UK.
Journal: Applied Economics Letters
Pages: 1557-1561
Issue: 21
Volume: 25
Year: 2018
Month: 12
X-DOI: 10.1080/13504851.2018.1430328
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430328
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Daniels
Author-X-Name-First: Joseph
Author-X-Name-Last: Daniels
Author-Name: Miao Wang
Author-X-Name-First: Miao
Author-X-Name-Last: Wang
Title: What do you think? Success: is it luck or is it hard work?
Abstract: 
 This paper explores how individual characteristics and national-level variables affect perceptions toward whether individual success depends on luck and connections or hard work. Drawing on five waves of World Values Survey (WVS) data on more than 175,000 respondents in 85 countries, we find that demographic factors and socioeconomic variables such as age, gender, income, and employment status are strongly associated with an individual’s view on luck versus hard work. For example, women are more likely to view luck as the primary factor determining success in the long run. In addition, individuals in countries with better macroeconomic conditions measured by GDP per capita and its growth rate seem to associate success more with luck than with hard work compared to individuals in other countries. Our results from multilevel ordered logistic regressions also suggest that differences in personal traits account for approximately 90% of the variations in respondents’ perceptions observed in our sample. The remaining 10% is due to differences in various country-level traits other than our GDP controls.
Journal: Applied Economics Letters
Pages: 1734-1738
Issue: 21
Volume: 26
Year: 2019
Month: 12
X-DOI: 10.1080/13504851.2019.1593930
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1593930
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Template-Type: ReDIF-Article 1.0
Author-Name: Adam Honig
Author-X-Name-First: Adam
Author-X-Name-Last: Honig
Title: Foreign currency debt and the optimal monetary policy response to rising US interest rates
Abstract: 
 Rising US interest rates impact emerging economies through capital outflows and currency depreciations. For those with flexible exchange rates, the appropriate monetary policy response weighs the traditional competitiveness effect with a balance sheet effect created by the presence of foreign currency denominated debt (liability dollarization). This paper presents a basic Keynesian macro model that incorporates this balance sheet effect and demonstrates that it significantly complicates the monetary policy response to depreciations. Without full knowledge of the size of these competing effects, the central bank can make large mistakes in setting interest rates.
Journal: Applied Economics Letters
Pages: 1739-1743
Issue: 21
Volume: 26
Year: 2019
Month: 12
X-DOI: 10.1080/13504851.2019.1593931
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1593931
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Template-Type: ReDIF-Article 1.0
Author-Name: Syed Ghulam Meran Shah
Author-X-Name-First: Syed Ghulam Meran
Author-X-Name-Last: Shah
Author-Name: Mingfeng Tang
Author-X-Name-First: Mingfeng
Author-X-Name-Last: Tang
Author-Name: Muddassar Sarfraz
Author-X-Name-First: Muddassar
Author-X-Name-Last: Sarfraz
Author-Name: Zeeshan Fareed
Author-X-Name-First: Zeeshan
Author-X-Name-Last: Fareed
Title: The aftermath of CEO succession via hierarchical jumps on firm performance and agency cost: Evidence from Chinese firms
Abstract: 
 This paper analyzes the effect of CEO succession via overall hierarchical jumps on Chinese firm performance and agency cost. It categorizes hierarchical jumps into low, medium and high level. The study reveals through panel regression analysis that the CEOs appointed via medium hierarchical jumps substantially enhance firm performance. Conversely, the successors appointed through low and high hierarchical jumps have relatively no effect on firm profitability. Conclusively, this research evaluates that the aged CEOs should be preferred among the CEOs successors via high hierarchical jumps, which have mitigated the agency problem decisively.
Journal: Applied Economics Letters
Pages: 1744-1748
Issue: 21
Volume: 26
Year: 2019
Month: 12
X-DOI: 10.1080/13504851.2019.1593932
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1593932
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Template-Type: ReDIF-Article 1.0
Author-Name: Bisrat Kinfemichael
Author-X-Name-First: Bisrat
Author-X-Name-Last: Kinfemichael
Title: The rise of services and convergence in labor productivity among countries
Abstract: 
 Studies of economic convergence among countries usually focus on per capita GDP or on a particular sector, such as labor productivity in the manufacturing sector. Using value-added data from the United Nations Statistics Division’s National Accounts and employment data from the International Labour Organization (ILO), we compile labor productivity data for 160 countries for the period 1991–2016 in order to examine labor productivity convergence for broad sectors and for the aggregate economy. The results demonstrate the emergence of convergence in labor productivity among countries. The rate of convergence increases significantly when we consider only 141 countries, excluding the low-income countries. The sectoral convergence test reveals that the service sector is the leading force behind the recently observed catching-up in labor productivity among countries, followed by manufacturing. Reallocation of labor across sectors seems to have increased aggregate productivity in developing countries while reducing it in developed countries.
Journal: Applied Economics Letters
Pages: 1749-1755
Issue: 21
Volume: 26
Year: 2019
Month: 12
X-DOI: 10.1080/13504851.2019.1593933
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1593933
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Template-Type: ReDIF-Article 1.0
Author-Name: Linh Pham
Author-X-Name-First: Linh
Author-X-Name-Last: Pham
Title: Does financial development matter for innovation in renewable energy?
Abstract: 
 This letter investigates a missing link in the literature – whether financial development matters for renewable energy innovation. Our analysis of 22 OECD countries between 1990 and 2014 suggests the crucial role of financial development in the development of both biomass and non-biomass renewable technologies. Additionally, the impact of financial development varies with countries’ carbon intensity and innovation growth rate.
Journal: Applied Economics Letters
Pages: 1756-1761
Issue: 21
Volume: 26
Year: 2019
Month: 12
X-DOI: 10.1080/13504851.2019.1593934
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1593934
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Template-Type: ReDIF-Article 1.0
Author-Name: Uwe Hassler
Author-X-Name-First: Uwe
Author-X-Name-Last: Hassler
Author-Name: Mehdi Hosseinkouchack
Author-X-Name-First: Mehdi
Author-X-Name-Last: Hosseinkouchack
Title: Testing the Newcomb-Benford Law: experimental evidence
Abstract: 
 The (Newcomb-)Benford Law has been widely used to detect fraud in data from accounting and finance, or in economic, survey and scientific data. Many empirical studies rely on the outcomes of two particular statistical tests. Our power investigation shows that these tests are weak in terms of power under specific fraudulent pattern. Much more powerful criteria are identified, and in particular, a simple, one-sided mean test is recommended.
Journal: Applied Economics Letters
Pages: 1762-1769
Issue: 21
Volume: 26
Year: 2019
Month: 12
X-DOI: 10.1080/13504851.2019.1597248
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1597248
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Template-Type: ReDIF-Article 1.0
Author-Name: Pankaj Patel
Author-X-Name-First: Pankaj
Author-X-Name-Last: Patel
Author-Name: Srikant Devaraj
Author-X-Name-First: Srikant
Author-X-Name-Last: Devaraj
Title: American Recovery and Reinvestment Act and county-level health outcomes
Abstract: 
 A series of studies have supported the economic benefits from the 2009 American Recovery and Reinvestment Act (ARRA), however, there is little evidence to demonstrate its impact on local health. We test the direct and indirect (through county-level poverty and household income) effects of ARRA expenditures per-capita on five types of county-level health outcomes. Based on Two-Stage Least Squares (2SLS) regression models, a 10% increase in ARRA expenditures per-capita was negatively associated with fair to poor health (0.4 percentage point), number of physically (−0.08 days or 115 min during a 30-day period) or mentally (−0.05 days or 72 min during a 30-day period) unhealthy days in a month, premature death rate (158 deaths per 100,000 population) and adjusted mortality (7.6 deaths per 100,000 population decline). Overall, the direct and indirect association of economic stimulus with health outcomes through poverty and income are positive but effect sizes are small.
Journal: Applied Economics Letters
Pages: 1770-1773
Issue: 21
Volume: 26
Year: 2019
Month: 12
X-DOI: 10.1080/13504851.2019.1597249
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1597249
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Template-Type: ReDIF-Article 1.0
Author-Name: Hazwan Haini
Author-X-Name-First: Hazwan
Author-X-Name-Last: Haini
Title: Internet penetration, human capital and economic growth in the ASEAN economies: evidence from a translog production function
Abstract: 
 This study examines the effects of human capital formation and Internet penetration on economic growth. The Internet encourages economic growth by providing innovative applications and opportunities through a new medium of information exchange. The growth potential that the Internet provides, however, is dependent on the human capital formation of an economy to fully absorb the potential capabilities of the Internet. This study employs a panel dataset of 10 Association of South-East Asian Nations (ASEAN) economies from the period of 1999–2014 and examines the relationship using a translog production function model. The estimated results report that human capital formation and Internet penetration is positive and significant towards economic growth. Furthermore, human capital formation and the Internet interacts positively and is significant to economic growth, providing support for the absorptive ability of human capital. The ASEAN economies should continue to adopt policies that encourage human capital formation and support the development of the communication technology sector to promote affordability and accessibility of the Internet across the region.
Journal: Applied Economics Letters
Pages: 1774-1778
Issue: 21
Volume: 26
Year: 2019
Month: 12
X-DOI: 10.1080/13504851.2019.1597250
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1597250
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Template-Type: ReDIF-Article 1.0
Author-Name: Shou Chen
Author-X-Name-First: Shou
Author-X-Name-Last: Chen
Author-Name: Richard Fu
Author-X-Name-First: Richard
Author-X-Name-Last: Fu
Author-Name: Lei Wedge
Author-X-Name-First: Lei
Author-X-Name-Last: Wedge
Author-Name: Ziran Zou
Author-X-Name-First: Ziran
Author-X-Name-Last: Zou
Title: Uncertainty of capital productivity and declining discount rates
Abstract: 
 This paper considers the problem of instantaneous certainty-equivalent (ICE) discountrate when future return on capital is uncertain. We show that the ICE discount rate equals the expected return under atransformed risk-adjusted probability measure. Our approach allows us to analyze theICE discount rate regardless of the distribution of future return on capital. We provethat the ICE discount rate decreases as the delay time or the coefficient of relative riskaversion increases in a general setting. Our results lend further supports to adopting thedeclining discount rate (DDR) schedule for long-range projects with uncertain futurereturns on capital.
Journal: Applied Economics Letters
Pages: 1779-1784
Issue: 21
Volume: 26
Year: 2019
Month: 12
X-DOI: 10.1080/13504851.2019.1597251
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1597251
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Template-Type: ReDIF-Article 1.0
Author-Name: Guifeng Shi
Author-X-Name-First: Guifeng
Author-X-Name-Last: Shi
Author-Name: Li Zhang
Author-X-Name-First: Li
Author-X-Name-Last: Zhang
Title: Managerial ability, layoffs, and unemployment
Abstract: 
 In this paper, we examine the relationship between managerial ability and corporate layoffs as well as unemployment. We find managerial ability is negatively related to layoffs. Further, we find the average managerial ability of a county is negatively related to the county’s unemployment rate. The negative relationship is strengthened in counties with low education or income levels. The above findings are consistent with the notion that high-ability managers are less likely to use layoffs to enhance firm efficiency, and managerial ability is especially important for counties with low education or income levels.
Journal: Applied Economics Letters
Pages: 1785-1789
Issue: 21
Volume: 26
Year: 2019
Month: 12
X-DOI: 10.1080/13504851.2019.1602698
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1602698
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Template-Type: ReDIF-Article 1.0
Author-Name: Shih-Kung Lai
Author-X-Name-First: Shih-Kung
Author-X-Name-Last: Lai
Author-Name: Jhong-You Huang
Author-X-Name-First: Jhong-You
Author-X-Name-Last: Huang
Title: Differential effects of outcome and probability on risky decision
Abstract: 
 Decision-making under uncertainty involves two main factors: probability and pay-off (outcome). Subjective expected utility theory argues that when making choices, the decision-maker selects the alternative that maximizes expected utility. Prospect theory argues that the decision-maker chooses the alternative that maximizes weighted value. Both theories argue for a weighted measure based on which the decision-maker makes choices. Neither explains, however, how probability and pay-off affect the decision-maker in making those choices. In addition, evidence exists that shows that utility is variable in relation to lotteries or frames, but how utility changes remains unknown. In this paper, we report an experiment to address this question; that is, how does pay-off or probability affect the decision-maker in making choices under uncertainty? The results show that when faced with gains, the decision-maker pays more attention to probability, whereas when faced with losses, the decision-maker seems equally sensitive to probability and pay-off in making choices under uncertainty.
Journal: Applied Economics Letters
Pages: 1790-1797
Issue: 21
Volume: 26
Year: 2019
Month: 12
X-DOI: 10.1080/13504851.2019.1602699
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1602699
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Template-Type: ReDIF-Article 1.0
Author-Name: George Varghese
Author-X-Name-First: George
Author-X-Name-Last: Varghese
Author-Name: Vinodh Madhavan
Author-X-Name-First: Vinodh
Author-X-Name-Last: Madhavan
Title: Nonlinear dynamics in crude oil benchmarks: an AMH perspective
Abstract: 
 We investigate the nonlinear dynamics in global crude oil benchmarks at multiple frequencies from an Adaptive Market Hypothesis perspective. In doing so, we examine the role of time aggregation in the examination of nonlinearity. We find the evidence of neglected nonlinearity to be elusive at higher levels of time aggregation once the returns series is explicitly modeled for conditional heteroscedasticity. While bouts of transient inefficiencies are found to be more pronounced at lower levels of time aggregation, they are interspersed with protracted periods of efficiency. Further, our findings pinpoint the adequacy of appropriate AR-GARCH models in capturing most (if not all) of neglected nonlinearity in crude oil prices. Lastly, our study indicates the critical role played by AMH in elevating the level of scholarly discourse on the efficiency of crude oil benchmarks.
Journal: Applied Economics Letters
Pages: 1798-1801
Issue: 21
Volume: 26
Year: 2019
Month: 12
X-DOI: 10.1080/13504851.2019.1602700
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1602700
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Template-Type: ReDIF-Article 1.0
Author-Name: Khalid M. Kisswani
Author-X-Name-First: Khalid M.
Author-X-Name-Last: Kisswani
Title: Asymmetric gasoline-oil price nexus: recent evidence from non-linear cointegration investigation
Abstract: 
 In this paper, weekly data from June 1986 to October 2018 is used to investigate the asymmetric relationship between oil prices (WTI Spot Price) and gasoline prices (New York Harbor Conventional Gasoline Regular Spot Price). The novel non-linear Autoregressive Distributed Lags (NARDL) approach of cointegration was adopted to examine the asymmetric association. The empirical results support long- and short-run asymmetry. Furthermore, the direction of causality between oil and gasoline prices is examined using the Toda and Yamamoto non-causality test. The results show bidirectional causality between oil prices (positive and negative innovations) and gasoline prices.
Journal: Applied Economics Letters
Pages: 1802-1806
Issue: 21
Volume: 26
Year: 2019
Month: 12
X-DOI: 10.1080/13504851.2019.1602701
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1602701
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Apergis
Author-X-Name-First: Nicholas
Author-X-Name-Last: Apergis
Author-Name: Tasawar Hayat
Author-X-Name-First: Tasawar
Author-X-Name-Last: Hayat
Author-Name: Nasser A. Kadasah
Author-X-Name-First: Nasser A.
Author-X-Name-Last: Kadasah
Title: Monetary policy and the gender pay gap: evidence from UK households
Abstract: 
 This paper studies how monetary policy decisions affect the gender pay gap across UK households through a survey database. The results signify the impact of monetary policy shocks on the gap; monetary authorities’ decisions carry welfare effects for households through their pay income.
Journal: Applied Economics Letters
Pages: 1807-1810
Issue: 21
Volume: 26
Year: 2019
Month: 12
X-DOI: 10.1080/13504851.2019.1602702
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1602702
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Template-Type: ReDIF-Article 1.0
Author-Name: Weiping Zhang
Author-X-Name-First: Weiping
Author-X-Name-Last: Zhang
Author-Name: Xintian Zhuang
Author-X-Name-First: Xintian
Author-X-Name-Last: Zhuang
Author-Name: Yanshuang Li
Author-X-Name-First: Yanshuang
Author-X-Name-Last: Li
Title: Spatial spillover around G20 stock markets and impact on the return: a spatial econometrics approach
Abstract: 
 This paper investigates the spatial return spillover among G20 financial market and the factors of return. To achieve this object, we define the new gravitational space weight matrix, and construct the spatial autoregressive panel model (SAR). The results show that: (i) the new gravitational space weight matrix is more advantageous in capturing the multidimensional spatial spillover effects among stock markets; (ii) government debt, inflation and macroeconomic performance are significantly positively correlated with stock returns, while the real interest rate and stock market volatility have a negative effect on stock returns.
Journal: Applied Economics Letters
Pages: 1811-1817
Issue: 21
Volume: 26
Year: 2019
Month: 12
X-DOI: 10.1080/13504851.2019.1602703
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1602703
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Template-Type: ReDIF-Article 1.0
Author-Name: Merrill W. Liechty
Author-X-Name-First: Merrill W.
Author-X-Name-Last: Liechty
Author-Name: Ümit Sağlam
Author-X-Name-First: Ümit
Author-X-Name-Last: Sağlam
Title: Revealed preferences for portfolio selection – does skewness matter?
Abstract: 
 In this article, we consider the portfolio selection problem as a Bayesian decision problem. We compare the traditional mean–variance and mean–variance–skewness efficient portfolios. We develop bi-level programming problem to investigate the market’s preference for risk by using observed (market) weights. Numerical experiments are conducted on a portfolio formed by the 30 stocks in the Dow Jones Industrial Average. Numerical results show that the market’s preferences are better explained when skewness is included.
Journal: Applied Economics Letters
Pages: 968-971
Issue: 14
Volume: 24
Year: 2017
Month: 8
X-DOI: 10.1080/13504851.2016.1243207
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1243207
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Gerhardt
Author-X-Name-First: Maria
Author-X-Name-Last: Gerhardt
Author-Name: Rudi Vander Vennet
Author-X-Name-First: Rudi
Author-X-Name-Last: Vander Vennet
Title: European bank stress test and sovereign exposures
Abstract: 
 We use an event study methodology to revisit the bank stress test conducted by the European Banking Authority in 2011. Instead of only considering the final results disclosure, we consider six key official announcements during the stress test. Our results indicate that abnormal returns reversed over the course of the stress test and that the emerging sovereign crisis contributed to the stock market perception of bank health.
Journal: Applied Economics Letters
Pages: 972-976
Issue: 14
Volume: 24
Year: 2017
Month: 8
X-DOI: 10.1080/13504851.2016.1243208
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1243208
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Template-Type: ReDIF-Article 1.0
Author-Name: Ana Manero
Author-X-Name-First: Ana
Author-X-Name-Last: Manero
Title: The limitations of negative incomes in the Gini coefficient decomposition by source
Abstract: 
 Lerman and Yitzhaki (1985) developed a decomposition of the Gini coefficient by income source that has been extensively used in the literature. This method has strong limitations in the presence of negative incomes, which were not discussed by the original authors and have been widely overlooked in successive studies. Through theoretical argumentation and practical examples, this article shows that, when using negative incomes, (1) the original decomposition formulae become inappropriate, (2) the marginal effects analysis may yield erroneous results and (3) the Pigou–Dalton ‘principle of transfers’ is not always met. This has critical implications for policy development, given that strategies based upon incorrect analyses could actually result in undesired greater income inequalities. The Gini source decomposition should be carefully applied by researchers and policymakers, especially in rural developing areas, where negative incomes are common due to financial losses from agricultural activities.
Journal: Applied Economics Letters
Pages: 977-981
Issue: 14
Volume: 24
Year: 2017
Month: 8
X-DOI: 10.1080/13504851.2016.1245828
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1245828
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Template-Type: ReDIF-Article 1.0
Author-Name: Semei Coronado
Author-X-Name-First: Semei
Author-X-Name-Last: Coronado
Author-Name: Thomas M. Fullerton
Author-X-Name-First: Thomas M.
Author-X-Name-Last: Fullerton
Author-Name: Omar Rojas
Author-X-Name-First: Omar
Author-X-Name-Last: Rojas
Title: Causality patterns for Brent, WTI, and Argus oil prices
Abstract: 
 Causality patterns are analysed for daily Brent, West Texas Intermediate (WTI), and Argus Sour Crude Index (Argus) oil prices, Argus is the reference price for exports from Saudi Arabia, Kuwait and Iraq. Nonparametric Granger causality testing uncovers bi-directional causal links between Brent and WTI prices at multiple lags. Unidirectional causality from both Brent to Argus and WTI to Argus is also documented. If the current Saudi Arabia attempt to increase market share is successful, variations in Argus prices may start preceding movements in Brent and WTI, also.
Journal: Applied Economics Letters
Pages: 982-986
Issue: 14
Volume: 24
Year: 2017
Month: 8
X-DOI: 10.1080/13504851.2016.1245830
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1245830
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Template-Type: ReDIF-Article 1.0
Author-Name: Yoshihiro Kitamura
Author-X-Name-First: Yoshihiro
Author-X-Name-Last: Kitamura
Title: Predicting a flash crash in the yen/dollar foreign exchange market
Abstract: 
 I examine whether the volume-synchronized probability of informed trading (VPIN) can predict a flash crash in the yen/dollar foreign exchange market. The results show that VPIN using bulk volume classification predicted a recent event. However, VPIN using order flows, which are the amount of the ask-side transaction minus those of bid-side, does not.
Journal: Applied Economics Letters
Pages: 987-990
Issue: 14
Volume: 24
Year: 2017
Month: 8
X-DOI: 10.1080/13504851.2016.1245831
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1245831
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis A. Gil-Alana
Author-X-Name-First: Luis A.
Author-X-Name-Last: Gil-Alana
Author-Name: Hector Carcel
Author-X-Name-First: Hector
Author-X-Name-Last: Carcel
Title: Fractional integration and nonlinear deterministic trends in the analysis of time series data
Abstract: 
 This article examines the interaction between fractional integration and nonlinear structures by using for the latter the Chebyshev polynomials in time that can be taken as an alternative, less abrupt way of modelling breaks in time series data. A Lagrange multiplier test, developed for testing the order of integration in the context of nonlinear deterministic trends, is implemented in three well-known and previously studied time series data: the Nile river data, the temperatures in the Northern hemisphere and CO2 emissions in the US. The results suggest that the second and especially the third time series display nonlinear behaviour still with fractional degrees of differentiation.
Journal: Applied Economics Letters
Pages: 991-994
Issue: 14
Volume: 24
Year: 2017
Month: 8
X-DOI: 10.1080/13504851.2016.1245832
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1245832
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Template-Type: ReDIF-Article 1.0
Author-Name: Lijie Zhang
Author-X-Name-First: Lijie
Author-X-Name-Last: Zhang
Author-Name: Yong Li
Author-X-Name-First: Yong
Author-X-Name-Last: Li
Author-Name: Wenbo Wu
Author-X-Name-First: Wenbo
Author-X-Name-Last: Wu
Title: Predictor imperfection: international evidence
Abstract: 
 Pástor and Stambaugh (2009) demonstrate that the relationship between predictors and equity premium is imperfect in US market using a new model named predictive system. This article extends their study by providing international evidence of predictor imperfection using samples from G7 countries. Our results show that predictor imperfection is ubiquitous in all G7 countries and that investors’ prior beliefs about the relationship between predictors and equity premium play a significant role in predictor’s explanatory power.
Journal: Applied Economics Letters
Pages: 995-1000
Issue: 14
Volume: 24
Year: 2017
Month: 8
X-DOI: 10.1080/13504851.2016.1245834
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1245834
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:14:p:995-1000




Template-Type: ReDIF-Article 1.0
Author-Name: Jin-hui Luo
Author-X-Name-First: Jin-hui
Author-X-Name-Last: Luo
Author-Name: Zeyue Huang
Author-X-Name-First: Zeyue
Author-X-Name-Last: Huang
Author-Name: Zhiru Lin
Author-X-Name-First: Zhiru
Author-X-Name-Last: Lin
Title: The appointment of celebrities to corporate boards in China: sword or shield?
Abstract: 
 This study examines whether reputation mechanism works for celebrity independent directors in China. We find that firms with celebrity independent directors experience higher multiple agency costs and worse performance, indicating that managers and/or large shareholders take celebrity-independent directors as a shield for facilitating grabbing private benefits. In addition, this effect varies between state-owned enterprises and non-state-owned enterprises.
Journal: Applied Economics Letters
Pages: 1001-1004
Issue: 14
Volume: 24
Year: 2017
Month: 8
X-DOI: 10.1080/13504851.2016.1245835
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1245835
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Template-Type: ReDIF-Article 1.0
Author-Name: Fabio Pizzutilo
Author-X-Name-First: Fabio
Author-X-Name-Last: Pizzutilo
Title: Measuring the under-diversification of socially responsible investments
Abstract: 
 This article proposes a straightforward measure of the residual unsystematic risk that a selective portfolio investment strategy, such as socially responsible investment, eventually bears. The model is empirically employed in order to analyse whether the MSCI socially responsible indices bear significant levels of volatility that could be diversified by not imposing social screenings to the set of eligible investments. The study finds that a low but not negligible part of the volatility of the returns could be diversified by not restricting the investment to socially responsible companies. Implications for the socially responsible investing industry and socially responsible investors are discussed.
Journal: Applied Economics Letters
Pages: 1005-1018
Issue: 14
Volume: 24
Year: 2017
Month: 8
X-DOI: 10.1080/13504851.2016.1248279
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1248279
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Template-Type: ReDIF-Article 1.0
Author-Name: Fahad Almudhaf
Author-X-Name-First: Fahad
Author-X-Name-Last: Almudhaf
Author-Name: Yaser AlKulaib
Author-X-Name-First: Yaser
Author-X-Name-Last: AlKulaib
Title: Market timing in precious metals is detrimental to value creation
Abstract: 
 Few number of days accounts for most of the returns delivered by precious metals (gold, silver, platinum and palladium). A passive buy and hold investment strategy in precious metals outperforms market timers who miss the best 5, 10 and 50 days by 51%, 71% and 98%, respectively. Likewise, long-term performance of precious metals is largely determined by the return of few outliers (black swans). Thus, investors should reconsider trying to predict when to be in and out of the precious metals markets and support investing in precious metals ETFs.
Journal: Applied Economics Letters
Pages: 1019-1024
Issue: 14
Volume: 24
Year: 2017
Month: 8
X-DOI: 10.1080/13504851.2016.1248280
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1248280
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael A. Roach
Author-X-Name-First: Michael A.
Author-X-Name-Last: Roach
Title: Does raising indigent defender pay rates improve defendant outcomes? Evidence from New York
Abstract: 
 Beginning 1 January 2004, the rates paid to assigned counsel – private attorneys who defend the indigent in criminal cases when a public defender does not – were raised from a maximum of $40 per hour to $75 per hour in the state of New York. This article examines the extent to which this relatively large pay increase affects case outcomes. Efficiency wage theory would suggest paying workers higher rates can improve their productivity, and the results of this analysis are consistent with this. Using a difference-in-difference approach, I find that after the assigned counsel rate increase, case outcomes significantly improved in counties with higher poverty rates relative to those with lower poverty rates. The likelihood of conviction and the likelihood of pleading guilty both fell by more than two percentage points in high-poverty counties compared to low-poverty counties after the rate increase, and the differences in the likelihood of being convicted are especially pronounced for cases involving violent felonies. The results suggest raising assigned counsel rates can be an effective policy tool to improve indigent defence systems that are in need of reform.
Journal: Applied Economics Letters
Pages: 1025-1030
Issue: 14
Volume: 24
Year: 2017
Month: 8
X-DOI: 10.1080/13504851.2016.1248281
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1248281
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Template-Type: ReDIF-Article 1.0
Author-Name: Ivan T. Kandilov
Author-X-Name-First: Ivan T.
Author-X-Name-Last: Kandilov
Author-Name: Aslı Leblebicioğlu
Author-X-Name-First: Aslı
Author-X-Name-Last: Leblebicioğlu
Author-Name: Ruchita Manghnani
Author-X-Name-First: Ruchita
Author-X-Name-Last: Manghnani
Title: Deregulation and firm investment: evidence from the dismantling of the license system in India
Abstract: 
 We analyse the impact of deregulatory reforms in India during the 1990s, which eliminated compulsory industrial licensing, on manufacturing firms’ investment decisions. We find an economically and statistically significant positive effect of delicensing on investment. We also show that firms in states with better credit conditions benefitted more from the removal of licences. Moreover, our analysis demonstrates that the increase in investment was predominantly driven by smaller firms.
Journal: Applied Economics Letters
Pages: 1031-1034
Issue: 14
Volume: 24
Year: 2017
Month: 8
X-DOI: 10.1080/13504851.2016.1248282
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1248282
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Template-Type: ReDIF-Article 1.0
Author-Name: Yue Wang
Author-X-Name-First: Yue
Author-X-Name-Last: Wang
Author-Name: Zhijian Qiu
Author-X-Name-First: Zhijian
Author-X-Name-Last: Qiu
Author-Name: Xiaomei Qu
Author-X-Name-First: Xiaomei
Author-X-Name-Last: Qu
Title: Optimal portfolio selection with maximal risk adjusted return
Abstract: 
 We investigate the portfolio diversification problem by maximizing the risk adjusted return (RAR) of the underlying portfolio. The model in this article has two primary advantages over the original portfolio selection model with maximal RAR: (1) it considers the set of available assets containing any number of assets instead of only two assets, which is more reasonable in practical applications and (2) it incorporates the general linear constraint other than the simple budget constraint, which can deal with additional constraints for rational investors. An application including in-sample and out-of-sample tests is provided where the results illustrate that the portfolios selected by our method lead to considerable increases of RAR in comparison with those by the minimization of variance approach, and the outperformance persists using different sample frequencies.
Journal: Applied Economics Letters
Pages: 1035-1040
Issue: 14
Volume: 24
Year: 2017
Month: 8
X-DOI: 10.1080/13504851.2016.1248351
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1248351
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Template-Type: ReDIF-Article 1.0
Author-Name: Cheolmin Pak
Author-X-Name-First: Cheolmin
Author-X-Name-Last: Pak
Author-Name: Bonchul Ku
Author-X-Name-First: Bonchul
Author-X-Name-Last: Ku
Title: The impact of technology imports on technology balance of payments in Korea: an ARDL bounds testing approach
Abstract: 
 This study empirically analyses the impact of technology imports on the technology balance of payments in Korea during 1981–2013 using the autoregressive distributed lag bounds testing approach of co-integration. We estimate the long- and short-run coefficients of the technology balance of payments with respect to technology imports. The results show that technology imports produce positive effects on the technology balance of payments in the long run, although it has negative effects in the short run.
Journal: Applied Economics Letters
Pages: 1041-1045
Issue: 14
Volume: 24
Year: 2017
Month: 8
X-DOI: 10.1080/13504851.2016.1248352
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1248352
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Template-Type: ReDIF-Article 1.0
Author-Name: Shaoping Wang
Author-X-Name-First: Shaoping
Author-X-Name-Last: Wang
Author-Name: Yang Yang
Author-X-Name-First: Yang
Author-X-Name-Last: Yang
Title: PPP test for Asian countries and regions: new evidence from a wild bootstrap AESTAR test
Abstract: 
 This article investigates the effects of time-varying variance on the asymmetric exponential smooth transition autoregressive (AESTAR) unit root test. We propose a wild bootstrap-based implementation of the test, which is asymptotically valid under time-varying variance. We apply our proposed method to test the Purchasing Power Parity (PPP) hypothesis for Asian countries and regions, and find that our proposed test provides stronger evidence against the PPP hypothesis than the conventional AESTAR test.
Journal: Applied Economics Letters
Pages: 1046-1050
Issue: 14
Volume: 24
Year: 2017
Month: 8
X-DOI: 10.1080/13504851.2016.1248353
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1248353
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Template-Type: ReDIF-Article 1.0
Author-Name: Bhagyashree Katare
Author-X-Name-First: Bhagyashree
Author-X-Name-Last: Katare
Author-Name: Qihui Chen
Author-X-Name-First: Qihui
Author-X-Name-Last: Chen
Author-Name: Michael Wetzstein
Author-X-Name-First: Michael
Author-X-Name-Last: Wetzstein
Title: Exam credits and exam performance in university economics courses − evidence from a regression discontinuity experiment
Abstract: 
 We estimate effects of nonfinancial incentives, combined with the notion of ‘loss aversion,’ on students’ exam performance in two introductory economics courses. Our experiment awarded five points to students who scored below the median score on Midterm I as an incentive to improve their performance on Midterm II − these points would be lost if they failed to improve their performance. Regression discontinuity analysis indicates that this incentive improved male students’ performance by 0.38 standard deviations on Midterm II.
Journal: Applied Economics Letters
Pages: 685-689
Issue: 9
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2019.1644427
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1644427
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Hübler
Author-X-Name-First: Michael
Author-X-Name-Last: Hübler
Author-Name: Axel Herdecke
Author-X-Name-First: Axel
Author-X-Name-Last: Herdecke
Title: The US trade dispute: blunt offense or rational strategy?
Abstract: 
 This article evaluates the recent protectionist US trade policy and the retaliation of the EU and China. The article employs a New Quantitative Trade Theory model and an Armington model for comparison. The simulation results show that US car tariffs are a credible threat to the EU, but the steel and aluminum tariffs are not. China suffers considerably from the US tariffs, especially the latest extended, tightened tariffs. The retaliation measures of the EU and China, however, do not cause significant US welfare losses compared to the situation without mutual trade policy.
Journal: Applied Economics Letters
Pages: 690-696
Issue: 9
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2019.1644428
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1644428
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Template-Type: ReDIF-Article 1.0
Author-Name: Marko Korhonen
Author-X-Name-First: Marko
Author-X-Name-Last: Korhonen
Author-Name: Rauli Svento
Author-X-Name-First: Rauli
Author-X-Name-Last: Svento
Author-Name: Mikko Vaaramo
Author-X-Name-First: Mikko
Author-X-Name-Last: Vaaramo
Title: Self-employment and psychometric measure of risk aversion: a replication and extension
Abstract: 
 We examine whether the psychometric feature, called fear of uncertainty, predicts self-employment choice by individuals. Using the most recent Northern Finland birth cohort 1966 (NFBC1966) data from 2012, we find no clear evidence of such an effect. We also explore whether this effect might have changed due to increase of females in labour market, endogenous adaptation in risk preferences or because of the self-employment experience itself affects risk preferences. These effects are not significant, either.
Journal: Applied Economics Letters
Pages: 697-702
Issue: 9
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2019.1644429
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1644429
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Template-Type: ReDIF-Article 1.0
Author-Name: Alessandro Sarra
Author-X-Name-First: Alessandro
Author-X-Name-Last: Sarra
Author-Name: Marialisa Mazzocchitti
Author-X-Name-First: Marialisa
Author-X-Name-Last: Mazzocchitti
Author-Name: Donatella Furia
Author-X-Name-First: Donatella
Author-X-Name-Last: Furia
Title: The distinction of direct and indirect inputs in the Input-Output subsystem approach
Abstract: 
 Input-Output analysis, and the subsystem approach in particular, have been widely used in the literature to assess the nature and process of structural change of national economies, with particular reference to deindustrialization and tertiarization processes, as well as to the evolution of the level of centrality of manufacturing in GDP growth. Our paper suggests a methodology to separate, within the subsystems, direct inputs from indirect inputs, which depend on the Input-Output production function and the general organization of the economic system respectively. We provide an example of the application of such methodology to the manufacturing subsystems in Germany and Italy over the period 2000–2014.
Journal: Applied Economics Letters
Pages: 703-707
Issue: 9
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2019.1644430
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1644430
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:9:p:703-707




Template-Type: ReDIF-Article 1.0
Author-Name: Soheil R. Nadimi
Author-X-Name-First: Soheil R.
Author-X-Name-Last: Nadimi
Author-Name: Dennis L. Weisman
Author-X-Name-First: Dennis L.
Author-X-Name-Last: Weisman
Title: The welfare gains from a refusal to deal
Abstract: 
 A vertically integrated provider (VIP) initially has a duty to deal with a rival at unregulated upstream and downstream prices. The duty to deal is subsequently terminated which enables the VIP to acquire the rival and serve as a two-product, downstream monopolist. We find that the refusal to deal is welfare-enhancing given that consumer and producer surplus increase.
Journal: Applied Economics Letters
Pages: 708-713
Issue: 9
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2019.1644431
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1644431
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:9:p:708-713




Template-Type: ReDIF-Article 1.0
Author-Name: Jennifer T. Lai
Author-X-Name-First: Jennifer T.
Author-X-Name-Last: Lai
Author-Name: Jiaying Yao
Author-X-Name-First: Jiaying
Author-X-Name-Last: Yao
Author-Name: Hao Zhang
Author-X-Name-First: Hao
Author-X-Name-Last: Zhang
Title: Siblings effects and housing tenure decisions: evidence from China
Abstract: 
 This article investigates the effect of siblings that a household head and spouse have on households housing tenure decision. Based on a sample of the China Health and Nutrition survey data that spans from 2000 till 2015, we find that households whose head and spouse have more siblings tend to have a higher probability of owning houses they occupy. This effect remains robust under different model specifications and instrumental variable estimation. In addition, we find that only when siblings have better home ownership status, households may have a higher probability of owning house when siblings incomes increases.
Journal: Applied Economics Letters
Pages: 714-718
Issue: 9
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2019.1644432
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1644432
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyeyeong Kim
Author-X-Name-First: Hyeyeong
Author-X-Name-Last: Kim
Author-Name: Jinhyung Lee
Author-X-Name-First: Jinhyung
Author-X-Name-Last: Lee
Title: The impact of health IT on hospital productivity after the enactment of HITECH Act
Abstract: 
 We investigated the impact of health IT on hospital productivity after HITECH Act in USA.Retrospective cohort study used hospital financial data from the Office of Statewide Health Planning and Development (OSHPD). The hospital sample included 1,843 from 2010 to 2015. The effect of health IT on hospital productivity was evaluated using dynamic panel data analysis to control endogeneity problems in production function. We found a significant impact of IT on hospital productivity. Marginal productivity of IT capital and IT labor were 1.42 and 6.15, respectively. However, to have an optimal productivity given the current state of technology, IT capital and IT labor should be invested up to 8% and 10% of value-added, respectively. With the enactment of HITECH act, health IT investment has increased significantly. However, more IT should be invested to maximize hospital productivity. Based on this finding, managers or practitioners in hospitals can be more confident when investing in health IT.
Journal: Applied Economics Letters
Pages: 719-724
Issue: 9
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2019.1644433
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1644433
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Template-Type: ReDIF-Article 1.0
Author-Name: Mihye Lee
Author-X-Name-First: Mihye
Author-X-Name-Last: Lee
Title: Does a firm’s access to external finance matter for its performance?
Abstract: 
 This paper explores the role of a firms financial condition in determining a firms performance from 2008 to 2017 based on Korean firm-level data. We define the financial condition of a firm as measuring the firms need to access external financing and examine whether firms with a higher demand for external finance grow faster or slower than the other firms. We also examine to what extent the provision of loans to firms can promote the growth of those is in need of external financing. Our empirical analysis shows that the financial condition of a firm appears to be significant in deciding the firm's growth, by showing that firms that are short in internal cash flows tend to grow more slowly than those are not. However, provision of loans to those firms can mitigate the negative effects of financial condition on growth significantly. Those empirical results reaffirm the findings in the existing literature at the firm level and suggest that an appropriate supply of loans may be crucial for firms growth in an economy.
Journal: Applied Economics Letters
Pages: 725-728
Issue: 9
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2019.1644434
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1644434
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:9:p:725-728




Template-Type: ReDIF-Article 1.0
Author-Name: Murat Doğanlar
Author-X-Name-First: Murat
Author-X-Name-Last: Doğanlar
Author-Name: Oktay Kızılkaya
Author-X-Name-First: Oktay
Author-X-Name-Last: Kızılkaya
Author-Name: Faruk Mike
Author-X-Name-First: Faruk
Author-X-Name-Last: Mike
Title: Testing the long-run PPP for Turkey: new evidence from the Fourier quantile unit root test
Abstract: 
 This study analyses the long-run validity of the purchasing power parity (PPP) between Turkey and its major trading partners (China, Euro Area, Russia, United Kingdom, and United States) by using the Fourier quantile unit root test. Fourier quantile unit root test results show that PPP is valid for all countries. Additionally, the Fourier quantile unit root test presents more evidence in favour of the PPP hypothesis in comparison to conventional and other Fourier-type unit root tests.
Journal: Applied Economics Letters
Pages: 729-735
Issue: 9
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2019.1644435
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1644435
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:9:p:729-735




Template-Type: ReDIF-Article 1.0
Author-Name: Paul A. Johnson
Author-X-Name-First: Paul A.
Author-X-Name-Last: Johnson
Title: Parameter variation in the 'log t' convergence test
Abstract: 
 This article estimates a local linear version of the model used in the ‘log t’ convergence test. It documents the economically and statistically significant within-sample variation in the estimated value of the key parameter of that test when applied to data for 18 OECD countries during the twentieth century. This variation suggests the substantial waxing and waning of the forces driving convergence, possibly due to low-frequency shocks and changes in the level of economic integration.
Journal: Applied Economics Letters
Pages: 736-739
Issue: 9
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2019.1644436
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1644436
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:9:p:736-739




Template-Type: ReDIF-Article 1.0
Author-Name: Hao Wang
Author-X-Name-First: Hao
Author-X-Name-Last: Wang
Author-Name: Qi Luo
Author-X-Name-First: Qi
Author-X-Name-Last: Luo
Title: How colonial legacy shapes the impact of inward FDI on GDP? Evidence from China
Abstract: 
 Using panel data covering 30 provinces from 2000 to 2016, we study how colonization shapes the effect of inward FDI (foreign direct investment) on GDP in China. We find that western colonization influence strengthens the positive effect of inward FDI on GDP by approximately 4–5% whereas the Japanese colonization influence overturns such effect with a negative impact around minus 20%.
Journal: Applied Economics Letters
Pages: 740-743
Issue: 9
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2019.1644437
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1644437
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:9:p:740-743




Template-Type: ReDIF-Article 1.0
Author-Name: Sarah Pearlman
Author-X-Name-First: Sarah
Author-X-Name-Last: Pearlman
Author-Name: Stephen Rubb
Author-X-Name-First: Stephen
Author-X-Name-Last: Rubb
Title: The impact of education-occupation mismatches on wages in Mexico
Abstract: 
 Higher levels of educational have been shown to increases an individual’s earnings, but these impacts may be less apparent when an education-occupation match fails to occur. Previous studies show education-occupation mismatches to impact earnings, productivity and migration. We analyze the impact of education-occupation matching on earnings in Mexico from 2012 to 2017. The returns from an additional year of schooling are higher when one secures employment in an occupation that requires the additional education. We also extend our analysis to women whom earn less than their male counterparts, however observe higher returns from additional schooling.
Journal: Applied Economics Letters
Pages: 744-747
Issue: 9
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2019.1644438
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1644438
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:9:p:744-747




Template-Type: ReDIF-Article 1.0
Author-Name: Xuyun Zheng
Author-X-Name-First: Xuyun
Author-X-Name-Last: Zheng
Author-Name: Zheng Pan
Author-X-Name-First: Zheng
Author-X-Name-Last: Pan
Author-Name: Lijuan Zhuang
Author-X-Name-First: Lijuan
Author-X-Name-Last: Zhuang
Title: Price volatility and price transmission in perishable commodity markets: evidence from Chinese lychee markets
Abstract: 
 This paper examines price volatility and price transmission in lychee markets in China. The empirical results provide strong evidence of price volatility clustering in farm and retail markets, and the farm prices exhibit negative asymmetric volatility. We find a bi-directional Granger causal relationship between farm prices and retail prices. The impulse analysis shows that the retail price responses to farm price shocks reach the maximum value faster than the farm price responses to retail price shocks. Retail price shocks cause larger short-run positive effects on farm prices. The variance decomposition indicates that the long-run effects of retail price shocks on farm price changes are larger than the effects of farm price shocks on retail price changes.
Journal: Applied Economics Letters
Pages: 748-752
Issue: 9
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2019.1644444
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1644444
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:9:p:748-752




Template-Type: ReDIF-Article 1.0
Author-Name: Rashid Latief
Author-X-Name-First: Rashid
Author-X-Name-Last: Latief
Author-Name: Sohail Ahmad Javeed
Author-X-Name-First: Sohail Ahmad
Author-X-Name-Last: Javeed
Author-Name: Ahmed Shafique Joyo
Author-X-Name-First: Ahmed Shafique
Author-X-Name-Last: Joyo
Title: The economic effects of foreign direct investment at firm level: evidence from enterprises survey data
Abstract: 
 This article aims to analyse the effect of foreign direct investment (FDI), with a focus on foreign ownership of firms, on the growth of output in South Asian firms by using enterprises surveys data for different periods. Using the Cobb–Douglas production function, we employed the econometric model to analyse the relationship between the firm-level characteristics and the output of firms. Furthermore, we estimated the moving averages of FDI inflows and GDP and their trends over the periods. Empirical results demonstrated the significance of inputs, specifically the FDI, employment growth and labour productivity in the context of many selected countries. The moving average results showed that FDI and GDP in major South Asian countries have been reduced after global financial crises of 2008. It can be concluded that the FDI, employment growth and labour productivity are the major contributing factors to the growth of output in the South Asian countries. Thus, this study has insight for the foreign investors and policymakers for the South Asian region.
Journal: Applied Economics Letters
Pages: 753-758
Issue: 9
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2019.1645270
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1645270
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:9:p:753-758




Template-Type: ReDIF-Article 1.0
Author-Name: Gerson De Souza Raimundo Júnior
Author-X-Name-First: Gerson De Souza
Author-X-Name-Last: Raimundo Júnior
Author-Name: Marcelo Cabus Klotzle
Author-X-Name-First: Marcelo Cabus
Author-X-Name-Last: Klotzle
Author-Name: Antonio Carlos Figueiredo Pinto
Author-X-Name-First: Antonio Carlos Figueiredo
Author-X-Name-Last: Pinto
Author-Name: André Luis Leite
Author-X-Name-First: André
Author-X-Name-Last: Luis Leite
Title: Political risk, fear, and herding on the Brazilian stock exchange
Abstract: 
 This study analyses beta herding in the Brazilian stock market using a state–space model, controlled by two company groupings: those listed on the market index and those listed on the stock exchange as a whole. The findings revealed high herding in the Brazilian stock exchange, with only small differences between the groupings. Concerning the control variables, we verified that dividend yield, market volatility, SMB and WML factors were significant for both groups, indicating that herding is significant irrespective of those variables behavior
Journal: Applied Economics Letters
Pages: 759-763
Issue: 9
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2019.1645271
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1645271
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:9:p:759-763




Template-Type: ReDIF-Article 1.0
Author-Name: Bebonchu Atems
Author-X-Name-First: Bebonchu
Author-X-Name-Last: Atems
Author-Name: Lance Bachmeier
Author-X-Name-First: Lance
Author-X-Name-Last: Bachmeier
Author-Name: Corey Williams
Author-X-Name-First: Corey
Author-X-Name-Last: Williams
Title: Do jet fuel price movements help forecast airline fares and the demand for air travel?
Abstract: 
 The paper studies the predictive content of jet fuel prices for the U.S. aviation industry through in-sample and out-of-sample forecasting exercises. Our results suggest the possibility of limited improvements in the predictions of airline fares, and little evidence of predictability from jet fuel prices to measures of air travel demand.
Journal: Applied Economics Letters
Pages: 877-882
Issue: 11
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1510466
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1510466
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Template-Type: ReDIF-Article 1.0
Author-Name: Sean Joss Gossel
Author-X-Name-First: Sean Joss
Author-X-Name-Last: Gossel
Author-Name: Andrew Beard
Author-X-Name-First: Andrew
Author-X-Name-Last: Beard
Title: Governance and portfolio flows in Sub-Saharan Africa
Abstract: 
 This study investigates the relationship between the six World Governance Indicators and foreign portfolio investment in 33 Sub-Saharan African (SSA) countries over the years of 1998–2015. GMM analysis finds that portfolio inflows are most significantly attracted by the ability of SSA governments to implement policies effectively, strengthening the quality of institutions, and controlling corruption; but are deterred by the regions poor record of the rule of law and political stability.
Journal: Applied Economics Letters
Pages: 883-887
Issue: 11
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1510467
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1510467
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Template-Type: ReDIF-Article 1.0
Author-Name: Yang Wang
Author-X-Name-First: Yang
Author-X-Name-Last: Wang
Title: Education expansion and decline in tertiary premium in Brazil: 1995-2013
Abstract: 
 Using Brazil National Household Survey 1995–2013 data, this paper examines how the education expansion in Brazil impacted the tertiary premium through the interaction of relative supply and relative demand. The identification of the impact of relative demand on education premium provides an empirical testing of the Heckscher-Ohlin model in the context of Brazil. The results suggest that the change in relative supply had converged the education premium thus converged the wage income distribution. The results also show that there was no decrease in relative demand for skilled workers in Brazil in the past two decades, which is inconsistent with what the Heckscher-Ohlin model predicts.
Journal: Applied Economics Letters
Pages: 888-892
Issue: 11
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1510468
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1510468
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel L. Hicks
Author-X-Name-First: Daniel L.
Author-X-Name-Last: Hicks
Author-Name: Beatriz Maldonado
Author-X-Name-First: Beatriz
Author-X-Name-Last: Maldonado
Title: Is there adaptation to predictable climate change along the temperature-conflict nexus? Evidence from the El Niño Southern Oscillation
Abstract: 
 A growing body of research connects short-run deviations in weather with violence. Less well understood is the scope for agents to adapt to medium and longer-run climate fluctuations. We follow existing research and use the existing climactic forces of the El Niño Southern Oscillation (ENSO) to analyse climate change – exploiting the fact that in 1989 published forecasts of these fluctuations became available. In a generalized differences framework, we contrast the impact of ENSO in affected areas of the globe relative to unaffected areas before and after 1989, finding no robust evidence that adaptation efforts are successfully mitigating conflict or civil unrest occurring as a result of these fluctuations.
Journal: Applied Economics Letters
Pages: 893-897
Issue: 11
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1510469
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1510469
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Template-Type: ReDIF-Article 1.0
Author-Name: Heng Zhang
Author-X-Name-First: Heng
Author-X-Name-Last: Zhang
Author-Name: Nianling Wang
Author-X-Name-First: Nianling
Author-X-Name-Last: Wang
Author-Name: Yong Li
Author-X-Name-First: Yong
Author-X-Name-Last: Li
Author-Name: Yiwei Zhan
Author-X-Name-First: Yiwei
Author-X-Name-Last: Zhan
Title: Bayesian asset pricing testing under multivariate t-distribution
Abstract: 
 The distribution of asset returns has often been proved to be heavy-tailed. In this paper, based on the Fama-French five-factor model with multivariate t-distribution, we develop a convenient and explicit Bayesian approach to test asset pricing. The developed test statistic is only by-product of the Markov Chain Monte Carlo (MCMC) outputs, and hence it is very convenient in practice. Simulation studies demonstrate the effectiveness of the finite sample performance of the proposed approach. Finally, the Fama-French data are used for testing the efficiency of financial markets, and the result shows that the market efficiency is rejected.
Journal: Applied Economics Letters
Pages: 898-901
Issue: 11
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1512740
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1512740
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Template-Type: ReDIF-Article 1.0
Author-Name: Jason M. Fletcher
Author-X-Name-First: Jason M.
Author-X-Name-Last: Fletcher
Title: Examining the long-term mortality effects of early health shocks
Abstract: 
 A growing literature in economics and other disciplines has tied exposure to early health shocks, particularly in utero influenza, to reductions in a variety of socioeconomic and health outcomes over the life course. However, less evidence exists that examines this health shock on mortality because of lack of available data. This paper uses recently released restricted-access files from the large, representative National Longitudinal Mortality Study in the United States to explore the mortality effects of the 1918 influenza pandemic for those in utero. While the results on socioeconomic outcomes mimic those in the literature, showing reductions in completed schooling and income fifty years following influenza exposure, the findings also suggest no effect on overall mortality or by categories of cause-of-death. These results are unexpected in their contrast with the many reported effects of in utero insults on later cardiovascular health as well as the literature linking education with later mortality.
Journal: Applied Economics Letters
Pages: 902-908
Issue: 11
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1520960
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1520960
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Template-Type: ReDIF-Article 1.0
Author-Name: Luís Guimarães
Author-X-Name-First: Luís
Author-X-Name-Last: Guimarães
Title: Low skill wages and mismeasured inflation
Abstract: 
 The current literature presents evidence that the real wage of male workers at the 10th percentile of the wage distribution has fallen since 1970. Yet, contributions within this literature deflate nominal wages using a mismeasured deflator. Another strand of literature documents that the mismeasurement of the deflator is sizable, with recent estimates exceeding0.6 percentage points per year. In this paper, I adjust the deflator and reestimate the implied evolution of male low skill wages. This simple exercise implies that male low skill wages were about 15 log-points higher in 2013 than in 1970.
Journal: Applied Economics Letters
Pages: 909-913
Issue: 11
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1520961
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1520961
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Template-Type: ReDIF-Article 1.0
Author-Name: Omer Unsal
Author-X-Name-First: Omer
Author-X-Name-Last: Unsal
Title: Analyst coverage and lawsuit risk
Abstract: 
 In this study, we use a unique, hand-collected dataset of employee lawsuits and study the impact of analyst coverage on labour relations. We find that an increase in analyst coverage lowers the work-related litigations. In addition, we show that an increased number of analysts lowers the litigation cost, measured by settlement fees and attorney fees. Our results suggest analysts have an important impact on employee relations. Our research enriches the literature on employment practices and analyst coverage.
Journal: Applied Economics Letters
Pages: 914-918
Issue: 11
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1520962
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1520962
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Equiza-Goñi
Author-X-Name-First: Juan
Author-X-Name-Last: Equiza-Goñi
Author-Name: Fernando Perez de Gracia
Author-X-Name-First: Fernando
Author-X-Name-Last: Perez de Gracia
Title: Impact of state-dependent oil price on US stock returns using local projections
Abstract: 
 In this paper, we investigate the impact of oil prices on both aggregate and industry US real stock returns over the period 1973–2017. The empirical analysis contributes to the related literature introducing a state-dependent oil price (high and low) and the local projections approach. Our main finding is that, depending on the nature of the shock and industry, the negative effects of oil price shocks become exacerbated -and the positive effects get moderated- if oil prices are already high.
Journal: Applied Economics Letters
Pages: 919-926
Issue: 11
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1523610
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1523610
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Template-Type: ReDIF-Article 1.0
Author-Name: Lucas W. Davis
Author-X-Name-First: Lucas W.
Author-X-Name-Last: Davis
Title: Evidence of a homeowner-renter gap for electric vehicles
Abstract: 
 This paper provides the first empirical analysis of the homeowner-renter gap for electric vehicles. Using newly-available U.S. nationally representative data, the analysis shows that homeowners are three times more likely than renters to own an electric vehicle. The gap is highly statistically significant, and remains even after controlling for income. For example, among households with annual income between $75,000 and $100,000, 1 in 130 homeowners owns an electric vehicle, compared to 1 in 370 renters. Additional controls do little to narrow the gap. The paper argues that this is a version of what economists have called the “landlord-tenant’’ problem, and briefly discusses potential policy implications.
Journal: Applied Economics Letters
Pages: 927-932
Issue: 11
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1523611
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1523611
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Template-Type: ReDIF-Article 1.0
Author-Name: Sukwoong Choi
Author-X-Name-First: Sukwoong
Author-X-Name-Last: Choi
Author-Name: Namil Kim
Author-X-Name-First: Namil
Author-X-Name-Last: Kim
Author-Name: Wonjoon Kim
Author-X-Name-First: Wonjoon
Author-X-Name-Last: Kim
Title: Are social entrepreneurs more risk-averse?
Abstract: 
 We have a conventional wisdom that risk-seeking behaviours are related to commercially oriented entrepreneurs. For this reason, most studies have focused on the context of commercial entrepreneurship, and thus we do not know the risk propensity of social entrepreneurs. Using the PSM method, contrary to our wisdom, we find that social entrepreneurs tend to more have about 15% risk-seeking propensity than commercial entrepreneurs.
Journal: Applied Economics Letters
Pages: 933-937
Issue: 11
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1524122
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1524122
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Template-Type: ReDIF-Article 1.0
Author-Name: Umar Nawaz Kayani
Author-X-Name-First: Umar Nawaz
Author-X-Name-Last: Kayani
Author-Name: Tracy-Anne De Silva
Author-X-Name-First: Tracy-Anne
Author-X-Name-Last: De Silva
Author-Name: Christopher Gan
Author-X-Name-First: Christopher
Author-X-Name-Last: Gan
Title: Working capital management and corporate governance: a new pathway for assessing firm performance
Abstract: 
 This study reports the relationship of working capital management (WCM) and corporate governance (CG) on firm performance (FP) using system generalized method of moments (SGMM). SGMM controls potential sources of endogeneity. This study uses US listed firms and includes two stages. In the first stage, the individual impact of WCM and CG on FP is examined. In the second stage, the collective effect of WCM and CG on FP is examined. The study finds that efficient WCM and good CG practices do affect FP on both an individual basis and on a collective basis. Therefore, this study recommends that the impact of WCM, being a short-term performance indicator, and CG, being a long-term indicator should be considered collectively in the future while investigating financial FP.
Journal: Applied Economics Letters
Pages: 938-942
Issue: 11
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1524123
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1524123
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Template-Type: ReDIF-Article 1.0
Author-Name: Christophe Feder
Author-X-Name-First: Christophe
Author-X-Name-Last: Feder
Title: Biased and neutral technological change: empirical evidence from a sample of OECD countries
Abstract: 
 Using data from the KLEMS database for $$12$$12
 capitalist countries, pertaining to years 1973–2005, we show that the direction, the composition, and the effects on productivity of technological changes vary considerably across space and time.
Journal: Applied Economics Letters
Pages: 943-947
Issue: 11
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1524124
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1524124
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Template-Type: ReDIF-Article 1.0
Author-Name: Nuno Crespo
Author-X-Name-First: Nuno
Author-X-Name-Last: Crespo
Author-Name: Nadia Simoes
Author-X-Name-First: Nadia
Author-X-Name-Last: Simoes
Author-Name: Sandrina Moreira
Author-X-Name-First: Sandrina
Author-X-Name-Last: Moreira
Title: Bringing geography into the analysis of trade competition
Abstract: 
 Trade competition between two countries is usually measured through structural similarity indicators (e.g., Krugman Specialization Index). We contribute to the area of research that focuses on how to measure trade competition between two countries by proposing an indicator that simultaneously accounts for structural and geographical similarity (i.e., similarity in sectoral weights for each market and weights of destination markets). We perform an empirical analysis considering the exports from the 28 EU countries to more than 120 markets. The importance of the geographical dimension is confirmed, highlighting that applied studies may produce inaccurate conclusions when this dimension is excluded.
Journal: Applied Economics Letters
Pages: 948-953
Issue: 11
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1524566
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1524566
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Template-Type: ReDIF-Article 1.0
Author-Name: Huwei Wen
Author-X-Name-First: Huwei
Author-X-Name-Last: Wen
Author-Name: Zhao Zhao
Author-X-Name-First: Zhao
Author-X-Name-Last: Zhao
Title: Talent introduction and housing price: a tale of Xi’an
Abstract: 
 A comprehensive competition policy for talent introduction was first implemented in Xi’an in February 2017 and has been imitated by many cities in China ever since. Although turned out to be useful in alleviating the problem of talents loss in the lower-tier cities, the policy has been criticized for its potential effect of driving up housing prices. Using the synthetic control method proposed by Abadie and Gardeazabal (2003), we explore the influence of the competition policy for talent introduction on housing prices in Xi’an. Based on the monthly data of Xi’an and 62 control cities across 30 provinces in China from January 2015 to April 2018, we find strong evidence for the positive effect of the competition policy on housing prices. Specifically, the policy increased housing prices in Xi’an by approximately 43% until April 2018.
Journal: Applied Economics Letters
Pages: 954-962
Issue: 11
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1524567
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1524567
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:11:p:954-962




Template-Type: ReDIF-Article 1.0
Author-Name: Tolga Omay
Author-X-Name-First: Tolga
Author-X-Name-Last: Omay
Author-Name: Rangan Gupta
Author-X-Name-First: Rangan
Author-X-Name-Last: Gupta
Author-Name: Giovanni Bonaccolto
Author-X-Name-First: Giovanni
Author-X-Name-Last: Bonaccolto
Title: The US real GNP is trend-stationary after all
Abstract: 
 This article applies the Fractional Frequency Flexible Fourier Form (FFFFF) Dickey–Fuller (DF)-type unit root test on the natural logarithm of US real GNP over the quarterly period of 1875:1–2015:2, to determine whether the same is trend- or difference-stationary. While standard and Integer Frequency Flexible Fourier Form DF-type test fails to reject the null of unit root, the relatively more powerful FFFFF DF-type test provides strong evidence of the real GNP as being trend-stationary, i.e. US output returns to a deterministic log-nonlinear trend in the long run.
Journal: Applied Economics Letters
Pages: 510-514
Issue: 8
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1205719
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1205719
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Template-Type: ReDIF-Article 1.0
Author-Name: Samiul Haque
Author-X-Name-First: Samiul
Author-X-Name-Last: Haque
Author-Name: Michael S. Delgado
Author-X-Name-First: Michael S.
Author-X-Name-Last: Delgado
Title: Finite sample performance of specification tests for correlated random effects quantile panel regressions
Abstract: 
 We investigate the finite sample performance of the Abrevaya and Dahl (2008) test for coefficient heterogeneity for a correlated random effects ‘mean’ (CREM) panel quantile regression estimator. We assess size and power of the test over a range of sample sizes and panel dimensions. The test is undersized for small-to-moderate sample sizes and displays low power even with a high degree of heteroscedasticity. Size and power improve substantially in larger samples. Our results provide insight for applied researchers.
Journal: Applied Economics Letters
Pages: 515-519
Issue: 8
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1208344
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1208344
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Gius
Author-X-Name-First: Mark
Author-X-Name-Last: Gius
Title: Estimating the determinants of arrest-related deaths at the state level
Abstract: 
 The purpose of the present study is to ascertain the determinants of arrest-related deaths (ARDs) at the state level. ARDs are civilian deaths that occurred during or shortly after an arrest or detention by state or local law enforcement. These deaths may be attributed to a variety of factors, including use of force by police, injuries sustained when attempting to elude police, self-inflicted injuries and medical conditions. Using data compiled by the Bureau of Justice Statistics for the period 2003–2009 and employing a Poisson regression model, the results of the present study suggest that race is not statistically related to ARDs. Hence, the percentage of a state’s population that is African-American has no effect on ARDs. The factors found to be most significantly related to ARDs include the gun-related murder rate, the percentage of the state population that is under the age of 35, population density and police per capita. All were found to be positively related to ARDs. This study is one of the first studies that examines the determinants of state-level ARDs, and this study is one of the few studies on ARDs that finds that race is not a factor in ARDs
Journal: Applied Economics Letters
Pages: 520-522
Issue: 8
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1208345
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1208345
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Template-Type: ReDIF-Article 1.0
Author-Name: Kenneth Button
Author-X-Name-First: Kenneth
Author-X-Name-Last: Button
Author-Name: Gianmaria Martini
Author-X-Name-First: Gianmaria
Author-X-Name-Last: Martini
Author-Name: Davide Scotti
Author-X-Name-First: Davide
Author-X-Name-Last: Scotti
Author-Name: Nicola Volta
Author-X-Name-First: Nicola
Author-X-Name-Last: Volta
Title: Fare elasticities of demand for direct and indirect flights in sub-Saharan Africa
Abstract: 
 This article examines the different demands for direct and indirect flights within sub-Saharan Africa. It develops both a simple reduced form model and a more refined two equation simultaneously system to examine bookings and fares on the major air transportation corridors. Using panel data, this allows estimation of the different fare elasticities of demand for direct and indirect services between the continents’ major cities as well as assessing the respective merits of the two models used.
Journal: Applied Economics Letters
Pages: 523-526
Issue: 8
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1208346
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1208346
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:8:p:523-526




Template-Type: ReDIF-Article 1.0
Author-Name: Jari Hännikäinen
Author-X-Name-First: Jari
Author-X-Name-Last: Hännikäinen
Title: The shadow rate as a predictor of real activity and inflation: evidence from a data-rich environment
Abstract: 
 This article examines the predictive content of the shadow rates for US real activity and inflation in a data-rich environment. We find that the shadow rates contain substantial out-of-sample predictive power for inflation in nonzero lower bound and zero lower bound periods. In contrast, the shadow rates are uninformative about future real activity.
Journal: Applied Economics Letters
Pages: 527-535
Issue: 8
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1208347
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1208347
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:8:p:527-535




Template-Type: ReDIF-Article 1.0
Author-Name: Ioanna Konstantakopoulou
Author-X-Name-First: Ioanna
Author-X-Name-Last: Konstantakopoulou
Author-Name: Mike G. Tsionas
Author-X-Name-First: Mike G.
Author-X-Name-Last: Tsionas
Title: The long-run causal relationship between exports and economic growth in the euro area
Abstract: 
 This article employs panel methods that mitigate heterogeneity and cross-sectional dependence to determine the direction and sign of long run causality between exports and economic growth in the euro area economies from 2000 to 2014. The empirical evidence indicates that there is a unidirectional long-run Granger causality relationship from exports to economic growth in the euro area countries.
Journal: Applied Economics Letters
Pages: 536-539
Issue: 8
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1208348
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1208348
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:8:p:536-539




Template-Type: ReDIF-Article 1.0
Author-Name: Chune Young Chung
Author-X-Name-First: Chune Young
Author-X-Name-Last: Chung
Author-Name: Hyeyoen Kim
Author-X-Name-First: Hyeyoen
Author-X-Name-Last: Kim
Author-Name: Doojin Ryu
Author-X-Name-First: Doojin
Author-X-Name-Last: Ryu
Title: Foreign investor trading and information asymmetry: evidence from a leading emerging market
Abstract: 
 This article examines the influence of foreign investor trading on information asymmetry in the Korean stock market, a representative emerging market characterized by a high level of information asymmetry between corporate insiders and outsiders, and among investors. We find a significantly positive relationship between foreign investor trading and the consequent bid–ask spread – the latter of which is considered as a proxy for the degree of information asymmetry – on both daily and weekly bases. Our results indicate that active foreign investor trading tends to exacerbate informational variation.
Journal: Applied Economics Letters
Pages: 540-544
Issue: 8
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1208349
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1208349
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:8:p:540-544




Template-Type: ReDIF-Article 1.0
Author-Name: Nafis Alam
Author-X-Name-First: Nafis
Author-X-Name-Last: Alam
Author-Name: Rasyad A. Parinduri
Author-X-Name-First: Rasyad A.
Author-X-Name-Last: Parinduri
Title: Do Islamic banks shift from mark-up to equity financing when their contracting environments are improved?
Abstract: 
 Islamic banks should share their profits and losses with their customers through equity financing but most of their assets are mark-up financing, which resembles loans. Theoretically, one of the reasons is Islamic banks operate in poor contracting environments where equity financing is very risky. Using fixed-effects models, we examine whether better contracting environments induce Islamic banks to shift from mark-up to equity financing. We find no evidence that contracting environments do, which means debt-like instruments will continue dominating Islamic banks’ assets in the near future.
Journal: Applied Economics Letters
Pages: 545-548
Issue: 8
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1210759
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1210759
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:8:p:545-548




Template-Type: ReDIF-Article 1.0
Author-Name: Raúl Brey
Author-X-Name-First: Raúl
Author-X-Name-Last: Brey
Author-Name: José I. Castillo-Manzano
Author-X-Name-First: José I.
Author-X-Name-Last: Castillo-Manzano
Author-Name: Mercedes Castro-Nuño
Author-X-Name-First: Mercedes
Author-X-Name-Last: Castro-Nuño
Title: ‘I want to ride my bicycle’: delimiting cyclist typologies
Abstract: 
 Based around fieldwork in Seville (Spain), our article provides an empirical analysis with the aim of determining whether different typologies of cyclists exist depending on the type of bicycle for urban commuting (public bicycle/private bicycle). Our findings show that users of public bicycles are predominantly male, young, with a high level of education, and basically use the public bicycle for subsistence trips due to its easy intermodality; while private bicycle riders are mainly females who regularly make nonsubsistence trips and prefer a more flexible bicycle for their daily needs.
Journal: Applied Economics Letters
Pages: 549-552
Issue: 8
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1210760
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1210760
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:8:p:549-552




Template-Type: ReDIF-Article 1.0
Author-Name: Yujiang Bi
Author-X-Name-First: Yujiang
Author-X-Name-Last: Bi
Author-Name: Sajid Anwar
Author-X-Name-First: Sajid
Author-X-Name-Last: Anwar
Title: US monetary policy shocks and the Chinese economy: a GVAR approach
Abstract: 
 Using a global vector auto regressive (GVAR) methodology, this article examines the impact of US monetary policy shocks on China’s major macroeconomic indicators. Our analysis reveals that a positive shock to the US money supply growth rate initially increases China’s inflation rate but after some time this effect completely disappears. This shock also raises China’s short-term interest rate and the Chinese currency appreciates against the US dollar. A positive shock to the US short-term interest rate increases China’s short-term interest rate but the real output growth and inflation rates decline and the Chinese currency appreciates.
Journal: Applied Economics Letters
Pages: 553-558
Issue: 8
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1210761
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1210761
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:8:p:553-558




Template-Type: ReDIF-Article 1.0
Author-Name: Lu Deng
Author-X-Name-First: Lu
Author-X-Name-Last: Deng
Author-Name: Sifei Li
Author-X-Name-First: Sifei
Author-X-Name-Last: Li
Author-Name: Mingqing Liao
Author-X-Name-First: Mingqing
Author-X-Name-Last: Liao
Title: The effect of heterogeneous beliefs on mergers and acquisitions
Abstract: 
 This article investigates the effect of heterogeneous beliefs on firms’ mergers and acquisitions (M&amp;A) decisions. Using data of China’s financial market, which is featured with great heterogeneity of belief, we find that heterogeneous beliefs are positively associated with the occurrence of M&amp;A transactions, and firms with greater heterogeneous beliefs are more likely to pay the transactions with stock. Moreover, we show that government intervention, measured by state ownership, weakens the effect of heterogeneous beliefs on firms’ M&amp;A decisions.
Journal: Applied Economics Letters
Pages: 559-562
Issue: 8
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1210762
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1210762
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:8:p:559-562




Template-Type: ReDIF-Article 1.0
Author-Name: F. Frattini
Author-X-Name-First: F.
Author-X-Name-Last: Frattini
Author-Name: F. Nicolli
Author-X-Name-First: F.
Author-X-Name-Last: Nicolli
Author-Name: G. Prodi
Author-X-Name-First: G.
Author-X-Name-Last: Prodi
Title: Growth convergence and local steady states across Chinese prefectures
Abstract: 
 This article investigates how economic growth paths diverge across Chinese prefectural cities. Based on the conditional convergence hypothesis, the analysis includes inward foreign direct investments and patent applications to the European Patent Office as additional proxies of steady-state income levels and allows the convergence parameter to vary across groups. The results show that within-convergence rates are different across groups, but growth drivers positively affect both intraregional and interregional catching up.
Journal: Applied Economics Letters
Pages: 563-566
Issue: 8
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1210763
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1210763
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:8:p:563-566




Template-Type: ReDIF-Article 1.0
Author-Name: Fredj Jawadi
Author-X-Name-First: Fredj
Author-X-Name-Last: Jawadi
Author-Name: Nabila Jawadi
Author-X-Name-First: Nabila
Author-X-Name-Last: Jawadi
Author-Name: Hachmi Ben Ameur
Author-X-Name-First: Hachmi
Author-X-Name-Last: Ben Ameur
Author-Name: Abdoulkarim Idi Cheffou
Author-X-Name-First: Abdoulkarim
Author-X-Name-Last: Idi Cheffou
Title: Does Islamic banking performance vary across regions? A new puzzle
Abstract: 
 This article investigates the performance of Islamic banks (IBs) across four different regions (Egypt, the Gulf, the UK and the US) in the aftermath of the subprime crisis. Using daily data and two performance ratio proxies (ROA (Return on Asset) and Tobin Q), we show that the performance of IBs varies significantly from one region to another, with the highest level for regions in the West. This result suggests a new puzzle as application of the same Sharia Board rules and sales of similar products should normally provide comparable performance outcomes for IBs.
Journal: Applied Economics Letters
Pages: 567-570
Issue: 8
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1210764
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1210764
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:8:p:567-570




Template-Type: ReDIF-Article 1.0
Author-Name: Wook Sohn
Author-X-Name-First: Wook
Author-X-Name-Last: Sohn
Author-Name: Iegor Vyshnevskyi
Author-X-Name-First: Iegor
Author-X-Name-Last: Vyshnevskyi
Title: The ‘Twin Peaks’ model of post-crisis banking supervision
Abstract: 
 This article examines the effectiveness of the ‘Twin Peaks’ supervision model, in which consumer protection and prudential regulation are carried out by two separate regulatory agencies. We use a dataset from 143 countries for the period of 2004–2011 to find that the Twin Peaks model is associated with a higher quality of banking supervision in terms of the efficiency and stability of financial institutions.
Journal: Applied Economics Letters
Pages: 571-574
Issue: 8
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1213354
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1213354
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:8:p:571-574




Template-Type: ReDIF-Article 1.0
Author-Name: Daeho Lee
Author-X-Name-First: Daeho
Author-X-Name-Last: Lee
Author-Name: Kyunam Kim
Author-X-Name-First: Kyunam
Author-X-Name-Last: Kim
Author-Name: Chung Choe
Author-X-Name-First: Chung
Author-X-Name-Last: Choe
Title: An analysis of the impact of unionization on efficiency: evidence from a meta-frontier analysis
Abstract: 
 This article examines the impact of unions on the efficiency of establishments in the manufacturing industry by comparing the results from two different empirical strategies: stochastic frontier analysis (SFA) and meta-frontier analysis (MFA). While SFA concludes that union establishments show higher technological efficiency, the results are the opposite when estimating production functions with MFA. In SFA, unionized establishments appear to be more efficient because they remain closer to their own production frontier; however, in MFA – where groups with heterogeneous technology can be compared – we find that nonunionized establishments are more efficient because they are closer to the meta-frontier than their unionized counterparts.
Journal: Applied Economics Letters
Pages: 575-578
Issue: 8
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1213355
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1213355
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:8:p:575-578




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Erratum
Journal: Applied Economics Letters
Pages: i-i
Issue: 8
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1257155
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1257155
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:8:p:i-i




Template-Type: ReDIF-Article 1.0
Author-Name: Chia-Pin Chen
Author-X-Name-First: Chia-Pin
Author-X-Name-Last: Chen
Author-Name: Ying-Sing Liu
Author-X-Name-First: Ying-Sing
Author-X-Name-Last: Liu
Title: The impacts of investor sentiment and price uncertainty on the effects of open-market share repurchase announcements
Abstract: 
 This study probes into relationship between investor sentiment and cumulative abnormal returns (CAR) of share repurchase announcements, and it treats market return as threshold variable. By threshold regression model, it tries to find the effect of market situations on relation between investor sentiment and CAR. According to empirical result, in share market of Taiwan, investor sentiment can explain CAR. When share market is extremely pessimistic (market return lower than −16.0053%), relation between investor sentiment and CAR will change to some degree. In addition, relation between price risk of announcement company and CAR will disappear with the extremely pessimistic situation of market.
Journal: Applied Economics Letters
Pages: 730-733
Issue: 11
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1361002
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1361002
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:11:p:730-733




Template-Type: ReDIF-Article 1.0
Author-Name: Jolanda Hessels
Author-X-Name-First: Jolanda
Author-X-Name-Last: Hessels
Author-Name: Efstratia Arampatzi
Author-X-Name-First: Efstratia
Author-X-Name-Last: Arampatzi
Author-Name: Peter van der Zwan
Author-X-Name-First: Peter
Author-X-Name-Last: van der Zwan
Author-Name: Martijn Burger
Author-X-Name-First: Martijn
Author-X-Name-Last: Burger
Title: Life satisfaction and self-employment in different types of occupations
Abstract: 
 In this research, we investigate whether a positive relationship between life satisfaction and self-employment (versus paid employment) exists while simultaneously considering two occupational dimensions: white-collar versus blue-collar work and high-skilled versus low-skilled work. Using Eurobarometer data for a large number of European countries (2008–2012), our findings confirm that self-employed workers are more satisfied with their lives than paid employees are. A life satisfaction premium is also found when the self-employed and paid employees are compared within similar occupations in terms of collar type and skill level. Finally, self-employment can help to overcome low life satisfaction scores associated with blue-collar and low-skilled work.
Journal: Applied Economics Letters
Pages: 734-740
Issue: 11
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1361003
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1361003
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:11:p:734-740




Template-Type: ReDIF-Article 1.0
Author-Name: Setareh Katircioğlu
Author-X-Name-First: Setareh
Author-X-Name-Last: Katircioğlu
Author-Name: Salih Katircioğlu
Author-X-Name-First: Salih
Author-X-Name-Last: Katircioğlu
Title: Testing the role of urban development in the conventional Environmental Kuznets Curve: evidence from Turkey
Abstract: 
 We tested the role of urbanization in the conventional Environmental Kuznets Curve (EKC) of Turkey’s developing economy and rapid urbanization. The effects of an increase in carbon dioxide emissions were due to the usage of fuel oil and other traditional energy consumption patterns related to urban development. Based on our findings, we suggest that the EKC of Turkey is not an inverted U-shape. Thus, adapting of alternative and clean energy systems is necessary and unavoidable in Turkey, and Turkish authorities should consider renewable and alternative uses of energy to sustain a stable EKC.
Journal: Applied Economics Letters
Pages: 741-746
Issue: 11
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1361004
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1361004
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:11:p:741-746




Template-Type: ReDIF-Article 1.0
Author-Name: He Nie
Author-X-Name-First: He
Author-X-Name-Last: Nie
Author-Name: Yonghong Jiang
Author-X-Name-First: Yonghong
Author-X-Name-Last: Jiang
Author-Name: Baoqing Yang
Author-X-Name-First: Baoqing
Author-X-Name-Last: Yang
Title: Do different time horizons in the volatility of the US stock market significantly affect the China ETF market?
Abstract: 
 This article investigates the linear, nonlinear and time-varying Granger causality between different time horizons in the volatility of US stock market and the China Exchange-Traded Fund (ETF) market. We find evidence of linear causality from the US stock market to the China ETF market, with a bilateral nonlinear causal relationship in the longer term. Bootstrap rolling causality analysis indicates high rejection rates of a noncausal relationship running from the US stock market to the China EFT market. The causality linkage from the China ETF market to the US stock market was determined to be time-horizon-dependent, and the null hypothesis rejection rate of non-Granger causality increased in the longer term.
Journal: Applied Economics Letters
Pages: 747-751
Issue: 11
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1363853
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1363853
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:11:p:747-751




Template-Type: ReDIF-Article 1.0
Author-Name: Lu Fang
Author-X-Name-First: Lu
Author-X-Name-Last: Fang
Author-Name: David A. Bessler
Author-X-Name-First: David A.
Author-X-Name-Last: Bessler
Title: Is it China that leads the Asian stock market contagion in 2015?
Abstract: 
 This article examines the influence of China B-share aggregates on major Asian stock market aggregates during 2015 China crash. Results indicate the China market shows strong negative impact and is highly responsible for leading most markets down during the crash.
Journal: Applied Economics Letters
Pages: 752-757
Issue: 11
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1363854
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1363854
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:11:p:752-757




Template-Type: ReDIF-Article 1.0
Author-Name: Christopher J. Boudreaux
Author-X-Name-First: Christopher J.
Author-X-Name-Last: Boudreaux
Author-Name: Randall G. Holcombe
Author-X-Name-First: Randall G.
Author-X-Name-Last: Holcombe
Title: Is institutional improvement possible?
Abstract: 
 A substantial literature shows that economic prosperity is dependent on the quality of economic institutions. Countries with low-quality institutions remain poor while countries with high-quality institutions prosper. Improvement in institutional quality brings with it economic growth. Poor countries must improve their economic institutions to escape poverty; so, if a poor country’s institutional structure is unlikely to improve, that suggests dismal prospects for economic growth and an escape from poverty. An examination of institutional quality over 30 years indicates that countries with low-quality institutions have improved their institutional quality, which demonstrates that poor countries are not stuck with low-quality institutions. They can improve their institutions, and consequently, can generate economic growth and escape poverty.
Journal: Applied Economics Letters
Pages: 758-761
Issue: 11
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1363856
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1363856
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:11:p:758-761




Template-Type: ReDIF-Article 1.0
Author-Name: Anna Lou Abatayo
Author-X-Name-First: Anna Lou
Author-X-Name-Last: Abatayo
Author-Name: John Lynham
Author-X-Name-First: John
Author-X-Name-Last: Lynham
Author-Name: Katerina Sherstyuk
Author-X-Name-First: Katerina
Author-X-Name-Last: Sherstyuk
Title: Facebook-to-Facebook: online communication and economic cooperation
Abstract: 
 Direct face-to-face communication has traditionally been found to be more effective for fostering economic cooperation than any form of indirect, mediated communication. We inquire whether this is still the case since most young adults routinely use texting and online social media to communicate with each other. We find that young adults in our laboratory public goods experiment are just as adept at finding and sustaining cooperative agreements when communicating within a Facebook group and through online chat as they are in person.
Journal: Applied Economics Letters
Pages: 762-767
Issue: 11
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1363857
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1363857
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:11:p:762-767




Template-Type: ReDIF-Article 1.0
Author-Name: Don Mar
Author-X-Name-First: Don
Author-X-Name-Last: Mar
Title: Racial diversity and academic test scores in public elementary schools
Abstract: 
 This article examines the effect of racial diversity on academic achievement using panel data on San Francisco’s public elementary schools from 2003 to 2007. Theories argue that the relationship between racial diversity and academic achievement may be positive or negative. Few studies have examined the effect of racial diversity in US elementary schools. Fixed effects models are used to examine the relationship between racial diversity and academic performance in elementary schools. Controls for student differences and teaching staff differences are added as part of the education production function literature. Results show that racial diversity has little effect on academic achievement scores.
Journal: Applied Economics Letters
Pages: 768-771
Issue: 11
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1366632
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1366632
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:11:p:768-771




Template-Type: ReDIF-Article 1.0
Author-Name: Lei Wang
Author-X-Name-First: Lei
Author-X-Name-Last: Wang
Author-Name: Taihui Zhu
Author-X-Name-First: Taihui
Author-X-Name-Last: Zhu
Title: The myth of China’s monetization
Abstract: 
 This article develops a simple model of M2/GDP based on the money demand function of Milton Friedman. This model proves that M2/GDP is positively related to the expected wealth and negatively related to the opportunity costs of holding money. China’s extremely high monetization ratio as measured by M2/GDP is the result of a decades-long rapid economic growth and a depressed financial system. Fast economic growth leads to high expected wealth. A depressed financial system leads to low opportunity costs of holding money. The combination of those two factors increases money demand and leads to very high M2/GDP. The model is verified indirectly by testing two implied testable hypothesizes. The study of this article raises questions on the accuracy of M2/GDP as a measure of monetization.
Journal: Applied Economics Letters
Pages: 772-775
Issue: 11
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1366633
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1366633
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:11:p:772-775




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Schmeiser
Author-X-Name-First: Steven
Author-X-Name-Last: Schmeiser
Title: Online advertising networks and consumer perceptions of privacy
Abstract: 
 I use crowd-sourced ratings of website trustworthiness to investigate how consumers weigh the privacy impact of online advertising technologies. I find that using one additional advertising network is associated with a 0.7% increase in trust score and that using a behavioural network is associated with a 4.6% increase in trust score. These counter-intuitive results support the notion that consumers are unaware of the advertising technologies used by websites and their impact on privacy.
Journal: Applied Economics Letters
Pages: 776-780
Issue: 11
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1366634
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1366634
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:11:p:776-780




Template-Type: ReDIF-Article 1.0
Author-Name: Kyoung Tae Kim
Author-X-Name-First: Kyoung Tae
Author-X-Name-Last: Kim
Author-Name: Jonghee Lee
Author-X-Name-First: Jonghee
Author-X-Name-Last: Lee
Title: Financial literacy and use of payday loans in the United States
Abstract: 
 Using the 2012 National Financial Capability Study, this study investigated the relationship between financial literacy and payday loan use. An instrumental variable approach was employed to address a possible endogeneity issue using a newly developed instrument of financial literacy based on the community network effect. Results from linear regressions indicated that financial literacy was associated negatively with the use of payday loans, and its effect was greater with the use of the instrument.
Journal: Applied Economics Letters
Pages: 781-784
Issue: 11
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1366635
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1366635
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:11:p:781-784




Template-Type: ReDIF-Article 1.0
Author-Name: John Gardner
Author-X-Name-First: John
Author-X-Name-Last: Gardner
Title: A simple approximation to the average effect of the treatment on the treated in panel settings with selective enrolment
Abstract: 
 This article shows that, in panel settings when the probability of receiving a treatment is low, simple comparisons of outcomes between those who are treated in a given period and those who are untreated in that period, but receive the treatment in some other period, approximately identify the average effect of the treatment on the treated. Monte Carlo simulations reveal that this approximate selection-correction substantially reduces selection bias relative to naive comparisons of outcomes between treated and untreated units.
Journal: Applied Economics Letters
Pages: 785-790
Issue: 11
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1366636
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1366636
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:11:p:785-790




Template-Type: ReDIF-Article 1.0
Author-Name: P. Li Donni
Author-X-Name-First: P.
Author-X-Name-Last: Li Donni
Author-Name: M. Marino
Author-X-Name-First: M.
Author-X-Name-Last: Marino
Title: Patterns of poverty among elderly Americans: a latent class Markov model
Abstract: 
 This article studies poverty persistence and the role of social security programmes on poverty among elderly in the US. We use a Latent Markov model to disentangle unobserved heterogeneity and state dependence. Because of its dynamic nature, unobserved heterogeneity is modelled to vary over time. This allows to capture different latent states of poverty that change over time. Result indicates the existence of three unobserved types evolving over time according to their propensity to be poor. Moreover, a strong persistence in poverty especially for women, individuals living alone and ethnic minorities is found. Finally, the estimates indicate that giving social assistance tends to reduce poverty.
Journal: Applied Economics Letters
Pages: 791-795
Issue: 11
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1366637
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1366637
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:11:p:791-795




Template-Type: ReDIF-Article 1.0
Author-Name: Tannista Banerjee
Author-X-Name-First: Tannista
Author-X-Name-Last: Banerjee
Author-Name: Arnab Nayak
Author-X-Name-First: Arnab
Author-X-Name-Last: Nayak
Title: Is it the wage premium that targets worker turnovers?
Abstract: 
 The literature on FDI shows that there exists a wage premium that multinational enterprises (MNEs) pay to local workers and link this to a technology spillover argument. The MNEs pay higher wages to prevent worker turnovers and technology leakages. Literature relates the wage premium aspect of FDI using worker mobility data and uses worker turnovers and the technology spillover argument. We relate stock options in the FDI context of worker mobility and find in a simplified framework that the turnover of workers would depend on the relative payments of stock options.
Journal: Applied Economics Letters
Pages: 796-799
Issue: 11
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1366638
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1366638
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:11:p:796-799




Template-Type: ReDIF-Article 1.0
Author-Name: Maurice Omane-Adjepong
Author-X-Name-First: Maurice
Author-X-Name-Last: Omane-Adjepong
Author-Name: John Bosco Dramani
Author-X-Name-First: John Bosco
Author-X-Name-Last: Dramani
Title: On the dynamic effects of global commodities on stock market blocks in Africa
Abstract: 
 This article explores the commodity–equity links in the Africa markets by distinguishing between short- to long-run co-movements driven by market shocks. Using the value-weighted average method, available Africa’s stock markets are aggregated into four market blocks. Global oil and gold returns are used as proxies for commodities. Coherency between pairs of markets is examined with the use of continuous Morlet wavelet transform. Results reveal abstemiously high degree of co-movements between the commodity–equity markets in the short- to medium-term frequencies with nonhomogenous lead–lag nexuses, signifying greater benefits of diversification in the long-term. These findings provide investors with relevant strategies for hedging.
Journal: Applied Economics Letters
Pages: 800-805
Issue: 11
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1368978
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1368978
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:11:p:800-805




Template-Type: ReDIF-Article 1.0
Author-Name: Jeff Chan
Author-X-Name-First: Jeff
Author-X-Name-Last: Chan
Title: The effect of college education on intolerance: evidence from Google search data
Abstract: 
 This article explores the causal relationship between college education within a region and that region&#x2019;s interest in hate-related topics. I utilize Google Trends search data for intolerance-related terms to measure regional interest in intolerance, and an instrumental variable based on the historical assignment of land grant colleges to obtain exogenous variation in cross-regional college-educated population shares. I find that there is a negative correlation between a region&#x2019;s college-educated population share and that region&#x2019;s search activity for intolerance-related terms. This correlation does not translate to a causal relationship, however, as the instrumental variables estimates are found to be small and statistically insignificant. This finding suggests that improving access to college-level education may not be an effective policy tool to combat hateful attitudes and behaviour.
Journal: Applied Economics Letters
Pages: 83-86
Issue: 2
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1438582
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1438582
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:2:p:83-86




Template-Type: ReDIF-Article 1.0
Author-Name: G. Thomas Sav
Author-X-Name-First: G. Thomas
Author-X-Name-Last: Sav
Title: Catch 22 faculty tenure for public universities: new evidence employing F&#xE4;re&#x2013;Primont productivity indexes
Abstract: 
 With decreases in funding support, U.S. public universities have increasingly substituted less costly nontenure eligible faculty for tenured and tenure-track faculty while newly imposed funding mandates require evidence of productivity improvements tied to student graduation success. Universities have been forced into a Catch 22 dilemma as to what faculty mix produces optimal student/funding outcomes. To date, guidance provided by empirical evidence is mixed. This article offers new evidence employing F&#xE4;re&#x2013;Primont productivity indexes and parametric estimates to determine how faculty status affects graduation productivity. Results indicate that a reversal in the employment trend is in order so as to increase tenured relative to nontenure eligible faculty and improve student graduation success and, ultimately, university funding.
Journal: Applied Economics Letters
Pages: 87-90
Issue: 2
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1438583
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1438583
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:2:p:87-90




Template-Type: ReDIF-Article 1.0
Author-Name: Wojciech Hardy
Author-X-Name-First: Wojciech
Author-X-Name-Last: Hardy
Author-Name: Michal Krawczyk
Author-X-Name-First: Michal
Author-X-Name-Last: Krawczyk
Author-Name: Joanna Tyrowicz
Author-X-Name-First: Joanna
Author-X-Name-Last: Tyrowicz
Title: File sharing as conditional cooperation: evidence from a framed field experiment
Abstract: 
 In this project, we investigate downloading and sharing behaviour in a novel &#x2018;piracy game&#x2019; modelled after standard public good games. We find that willingness to share correlates positively with the sharing by others. By contrast, actual behaviour in the &#x2018;piracy game&#x2019; is not correlated with self-reported behaviour.
Journal: Applied Economics Letters
Pages: 91-96
Issue: 2
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1441494
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1441494
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:2:p:91-96




Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Balsmeier
Author-X-Name-First: Benjamin
Author-X-Name-Last: Balsmeier
Author-Name: Bernd Frick
Author-X-Name-First: Bernd
Author-X-Name-Last: Frick
Author-Name: Michael Hickfang
Author-X-Name-First: Michael
Author-X-Name-Last: Hickfang
Title: The impact of skilled immigrants on their local teammates&#x2019; performance
Abstract: 
 We use the Bosman ruling, which invalidated restrictions on the maximum number of foreign players allowed on professional football teams, to identify a causal positive impact of foreign players in German Bundesliga clubs on the individual performance of their domestic teammates.
Journal: Applied Economics Letters
Pages: 97-103
Issue: 2
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1441495
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1441495
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:2:p:97-103




Template-Type: ReDIF-Article 1.0
Author-Name: Hiona Balfoussia
Author-X-Name-First: Hiona
Author-X-Name-Last: Balfoussia
Author-Name: Heather D. Gibson
Author-X-Name-First: Heather D.
Author-X-Name-Last: Gibson
Title: Firm investment and financial conditions in the euro area: evidence from firm-level data
Abstract: 
 We explore whether the sensitivity of firm-level investment to cash flow, typically associated with an external financing premium, is time-varying and in particular whether it varies with overall financial conditions. We find that financial conditions have indeed played a significant role in corporate investment decisions over recent years, rendering financing constraints even more binding. This finding appears to be robust to a number of control variables and robustness tests. Moreover, the impact of credit conditions is not uniform across firms, but rather it varies depending on firm size and leverage, with constrained firms being substantially more likely to condition their investment decisions on overall credit conditions. Our results cast new light on the interplay between financial and real cycle downturns and underline the need for monetary, fiscal and macroprudential policy to be countercyclical with respect to financial conditions.
Journal: Applied Economics Letters
Pages: 104-110
Issue: 2
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1441496
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1441496
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:2:p:104-110




Template-Type: ReDIF-Article 1.0
Author-Name: Guangyi N. Wang
Author-X-Name-First: Guangyi N.
Author-X-Name-Last: Wang
Author-Name: Sherman D. Hanna
Author-X-Name-First: Sherman D.
Author-X-Name-Last: Hanna
Title: Racial/Ethnic disparities in high return investment ownership: a Heckman selection model
Abstract: 
 This study investigates racial/ethnic differences in high return investment ownership in the U.S. Households with low levels of financial assets might not be able to meaningfully make investment choices, so a Heckman two-stage selection model was used to separate the minimum asset level status from the allocation decision, specifically in whether households owned at least one high return investment. We found that households with White respondents were more likely than households with Black and Hispanic respondents to have adequate financial assets for investment. Conditional on having adequate financial assets, and controlling for household characteristics and financial literacy, White households were more likely to own high return investments than Black, Hispanic and Asian/other households. Policies to nudge households to invest some wealth in high return investment assets would benefit minority households.
Journal: Applied Economics Letters
Pages: 111-115
Issue: 2
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1441497
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1441497
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:2:p:111-115




Template-Type: ReDIF-Article 1.0
Author-Name: James R. Bland
Author-X-Name-First: James R.
Author-X-Name-Last: Bland
Author-Name: Amanda C. Cook
Author-X-Name-First: Amanda C.
Author-X-Name-Last: Cook
Title: Random effects probit and logit: understanding predictions and marginal effects
Abstract: 
 Random effects probit and logit are nonlinear models, so we need predicted probabilities and marginal effects to communicate the economic significance of results. In these calculations, how one treats the individual-specific error term matters. Should one (i) set them equal to zero or (ii) integrate them out? We argue that (ii) is the quantity that most readers would expect to see. We discuss these in the context of the statistical package Stata, which changed its default predictions from (i) to (ii) in version 14. In Appendix 5, we illustrate how to calculate predictions and marginal effects using method (ii) in Stata 13 and earlier.
Journal: Applied Economics Letters
Pages: 116-123
Issue: 2
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1441498
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1441498
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:2:p:116-123




Template-Type: ReDIF-Article 1.0
Author-Name: Yan Liu
Author-X-Name-First: Yan
Author-X-Name-Last: Liu
Author-Name: Tian Xie
Author-X-Name-First: Tian
Author-X-Name-Last: Xie
Title: Machine learning versus econometrics: prediction of box office
Abstract: 
 In this note, we contrast prediction performance of nine econometric and machine learning methods, including a new hybrid method combining model averaging and machine learning, using data from the film industry and social media. The results suggest that machine learning methods have an advantage in addressing short-run noise, whereas traditional econometric methods are better at capturing long-run trend. In addition, once sample heterogeneity is controlled, the new hybrid method tends to strike a right balance in dealing with both noise and trend, leading to superior prediction efficiency.
Journal: Applied Economics Letters
Pages: 124-130
Issue: 2
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1441499
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1441499
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:2:p:124-130




Template-Type: ReDIF-Article 1.0
Author-Name: Tamanna Adhikari
Author-X-Name-First: Tamanna
Author-X-Name-Last: Adhikari
Author-Name: Michael Breen
Author-X-Name-First: Michael
Author-X-Name-Last: Breen
Author-Name: Robert Gillanders
Author-X-Name-First: Robert
Author-X-Name-Last: Gillanders
Title: Are new states more corrupt? Expert opinions versus firms&#x2019; experiences
Abstract: 
 We find that new states are perceived to be more corrupt even though businesses do not report more bribery in newer states. This is suggestive of an unearned, and likely high, reputational cost to being a new state. These findings hold over a number of specifications that include additional economic, historical and geographic controls.
Journal: Applied Economics Letters
Pages: 131-134
Issue: 2
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1441500
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1441500
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:2:p:131-134




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Merkl
Author-X-Name-First: Christian
Author-X-Name-Last: Merkl
Author-Name: Heiko St&#xFC;ber
Author-X-Name-First: Heiko
Author-X-Name-Last: St&#xFC;ber
Title: Value added, wages and labour market flows at the establishment level
Abstract: 
 In this article, we analyse the connection between value added, wages and labour market flows at the establishment level. We develop a simple model to illustrate the expected comovement of these variables. For the empirical analysis, we link the new German Administrative Wage and Labor Market Flow Panel data set to the IAB Establishment Panel. We show that establishments&#x2019; hires rates have a positive and separations rates a negative comovement with establishment-specific value added, whereby hires react by more than separations. In addition, we provide evidence that establishments&#x2019; partial equilibrium reaction is an important driver for aggregate labour market dynamics.
Journal: Applied Economics Letters
Pages: 135-142
Issue: 2
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1441501
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1441501
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:2:p:135-142




Template-Type: ReDIF-Article 1.0
Author-Name: Marco Alderighi
Author-X-Name-First: Marco
Author-X-Name-Last: Alderighi
Author-Name: Marcella Nicolini
Author-X-Name-First: Marcella
Author-X-Name-Last: Nicolini
Title: Third decimal place odd prices trigger competition: evidence from the Italian retail gasoline market
Abstract: 
 Recent literature shows that in the US gasoline prices are higher in locations using more odd prices (particularly those ending in five and nine digits), since they coarse the pricing grid and act as a focal collusive point. We replicate this analysis for the Italian market, obtaining the opposite result. Since the rightmost digit of the retail gasoline prices in Italy is the third and not the second decimal place, coarsening the pricing grid is not sufficient to support a collusive behaviour.
Journal: Applied Economics Letters
Pages: 143-146
Issue: 2
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1441502
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1441502
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:2:p:143-146




Template-Type: ReDIF-Article 1.0
Author-Name: Jason Childs
Author-X-Name-First: Jason
Author-X-Name-Last: Childs
Author-Name: Alexander Siebert
Author-X-Name-First: Alexander
Author-X-Name-Last: Siebert
Title: The powerless yet relevant third: a three-player ultimatum/dictator game with earned funds and roles
Abstract: 
 We report the first experiment to pair a three-player ultimatum/dictator game with a real effort task. The inclusion of the real effort task shifts the standard for division from simple egalitarianism towards relative performance; even in treatments in which roles and funds are exogenous. Additionally, we find proposers overcompensate themselves relative to their effort, and this additional compensation comes at the expense of powerless (third) players. Individual characteristics predict the nature of a proposals. Lastly, we find that responders&#x2019; choice to accept is based on their own and the powerless third party&#x2019;s compensation.
Journal: Applied Economics Letters
Pages: 147-151
Issue: 2
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1441503
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1441503
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:2:p:147-151




Template-Type: ReDIF-Article 1.0
Author-Name: Izumi Yokoyama
Author-X-Name-First: Izumi
Author-X-Name-Last: Yokoyama
Author-Name: Naomi Kodama
Author-X-Name-First: Naomi
Author-X-Name-Last: Kodama
Title: Why the earnings of the middle class declined: evidence from Japan
Abstract: 
 Using rich governmental micro data, we explore the reasons for the decline in earnings of the middle class in Japan. Many developed countries have seen the decrease in middle-class earnings, and Japan, long known for its solid middle class, is no exception. Our analyses revealed that the main reasons for the decline differ between males and females. The decrease in the earnings of middle-class male workers is due to the decrease in general human capital captured by returns to potential experience years. In contrast, the decrease in the earnings of middle-class female workers is mainly due to the increase in the supply of part-time workers. Furthermore, the firm-specific human capital captured by the return to tenure has increased only among high-wage male workers. This implies that Japanese firms invest in a selected few able workers, regardless of age, because they have been changing human resource strategy in response to economic globalization and changes in technology and the management environment.
Journal: Applied Economics Letters
Pages: 152-156
Issue: 2
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1441505
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1441505
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:2:p:152-156




Template-Type: ReDIF-Article 1.0
Author-Name: Ching-Chi Hsu
Author-X-Name-First: Ching-Chi
Author-X-Name-Last: Hsu
Author-Name: Miao-Ling Chen
Author-X-Name-First: Miao-Ling
Author-X-Name-Last: Chen
Title: Asymmetric effect of advertising on the Chinese stock market
Abstract: 
 In this paper, we investigate whether investor attention to advertising has an asymmetric effect on Chinese stock returns by using a multivariate Markov switching model with time-varying regime transition probabilities. Using the Chinese stock market as a setting, we obtain lagged conditional volatility from generalized autoregressive conditional heteroskedasticity (GARCH) for modelling the time-varying transition probabilities of the regime-switching process to capture changes in the market regime. Our evidence documents that the high advertising portfolio does earn higher abnormal return than the low advertising portfolio in low-volatility periods. In high-volatility periods, however, the abnormal return is insignificant when the firm increases advertising spending. Our results support the behavioural model argument that in high-volatility period, advertising information diffuses slowly due to cognitive dissonance. Thus, the effect of advertising on stock returns is asymmetric, and it shows statistical significance in low-volatility periods.
Journal: Applied Economics Letters
Pages: 157-162
Issue: 2
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1441506
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1441506
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:2:p:157-162




Template-Type: ReDIF-Article 1.0
Author-Name: Andrzej Kacprzyk
Author-X-Name-First: Andrzej
Author-X-Name-Last: Kacprzyk
Author-Name: Iwona &#x15A;wieczewska
Author-X-Name-First: Iwona
Author-X-Name-Last: &#x15A;wieczewska
Title: Is R&amp;D always growth-enhancing? Empirical evidence from the EU countries
Abstract: 
 This study provides empirical evidence regarding the effects of R&amp;D on economic growth in a panel of 28 European Union (EU) countries over the period 1997&#x2013;2014. In particular, we investigate whether the impact of business and government R&amp;D stocks on economic growth depends on the country&#x2019;s distance to the world technology frontier. The main findings are that in the EU (i) there is positive, statistically significant business R&amp;D stock&#x2013;economic growth nexus in countries that are relatively close to the frontier and (ii) no statistically significant relationship was found to exist between government R&amp;D stock and economic growth. From the policy perspective, the results suggest that designing proper national policies that allow switching from investment-based to innovation-based strategies at appropriate moments may be far more important than a simple call for increase in R&amp;D expenditures and setting common numerical targets for all EU-member states.
Journal: Applied Economics Letters
Pages: 163-167
Issue: 2
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1444257
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1444257
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:2:p:163-167




Template-Type: ReDIF-Article 1.0
Author-Name: Wesley Austin
Author-X-Name-First: Wesley
Author-X-Name-Last: Austin
Author-Name: Rand W. Ressler
Author-X-Name-First: Rand W.
Author-X-Name-Last: Ressler
Title: Who gets arrested for marijuana use? The perils of being poor and black
Abstract: 
 We explore the relationship between income, race and the probability of being arrested. Our data set is comprised of individuals who have all violated federal marijuana laws, some of whom have been arrested. We reason that the cost of arresting a poor individual with diminished social status is lower. Our empiricism reveals that the probability of arrest is higher when the law breaker is poor and African American.
Journal: Applied Economics Letters
Pages: 211-213
Issue: 4
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1178838
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1178838
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:4:p:211-213




Template-Type: ReDIF-Article 1.0
Author-Name: Andrei Nikiforov
Author-X-Name-First: Andrei
Author-X-Name-Last: Nikiforov
Author-Name: Eugene Pilotte
Author-X-Name-First: Eugene
Author-X-Name-Last: Pilotte
Title: Quote activity and round quotes in a voice-brokered bond market
Abstract: 
 We investigate the relation between quote activity and the precision with which prices are quoted. Where prior literature finds that the tendency of price-endings to cluster on rounder fractions declines monotonically with quote activity, we show that the decline is limited to an initial range of quote activity. Once a very high level of quote activity is reached, the use of rounder quotes increases with quote activity. Also contrary to the conventional view is our finding that round quotes are used more frequently in the more active of two market segments where equivalent assets are traded. We attribute our results to two opposing influences of activity on price clustering, the price resolution and negotiation effects, that reflect the cognitive limitations of humans when dealing with uncertain values.
Journal: Applied Economics Letters
Pages: 214-218
Issue: 4
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1178839
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1178839
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:4:p:214-218




Template-Type: ReDIF-Article 1.0
Author-Name: Johanna Amberger
Author-X-Name-First: Johanna
Author-X-Name-Last: Amberger
Author-Name: Ralf Fendel
Author-X-Name-First: Ralf
Author-X-Name-Last: Fendel
Author-Name: Hanno Stremmel
Author-X-Name-First: Hanno
Author-X-Name-Last: Stremmel
Title: Improved output gaps with financial cycle information? An application to G7 countries’ new Keynesian Phillips curves
Abstract: 
 In search for more robust cyclical imbalance indicators, recent research has highlighted the interactions between business and financial cycles. Output gap formulations increasingly take imbalances of the financial cycle into account, postulating finance-neutral output gaps (FNGAPs). To test their increased explanatory power in econometric models, we compare FNGAPs to univariate output gaps in their ability to explain inflation dynamics in hybrid new Keynesian Phillips curves. Results indicate FNGAPs to exercise (dis)inflationary pressure, but not to outperform traditional output gaps. Nonetheless, they have become increasingly significant in the course of the 2007/08 Global Financial Crisis.
Journal: Applied Economics Letters
Pages: 219-228
Issue: 4
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1178840
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1178840
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:4:p:219-228




Template-Type: ReDIF-Article 1.0
Author-Name: S. Hegde
Author-X-Name-First: S.
Author-X-Name-Last: Hegde
Author-Name: H. Lin
Author-X-Name-First: H.
Author-X-Name-Last: Lin
Author-Name: S. Varshney
Author-X-Name-First: S.
Author-X-Name-Last: Varshney
Title: Investor recognition and liquidity: evidence from dual listing on the NYSE and NASDAQ
Abstract: 
 This article examines the impact of the NYSE firms’ decision to dual list on NASDAQ and the resultant trading liquidity, after controlling for the endogeneity of the decision. Using a simultaneous system of equations approach, we find evidence that dual listing lowers transaction costs, but does not lead to any significant improvement in investor recognition. Further, the improvement in market quality due to dual listing on NASDAQ does generate, albeit somewhat weak, positive cumulative abnormal returns surrounding the dual listing.
Journal: Applied Economics Letters
Pages: 229-232
Issue: 4
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1178841
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1178841
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:4:p:229-232




Template-Type: ReDIF-Article 1.0
Author-Name: Brian L. Goff
Author-X-Name-First: Brian L.
Author-X-Name-Last: Goff
Author-Name: H. Youn Kim
Author-X-Name-First: H. Youn
Author-X-Name-Last: Kim
Author-Name: Dennis P. Wilson
Author-X-Name-First: Dennis P.
Author-X-Name-Last: Wilson
Title: Estimating the market value of collegiate football players from professional factor shares
Abstract: 
 Although the level and growth of revenue in college football has drawn increasing public attention, reliable estimates of the value of college and associated rents remain elusive. Many players do not have easily observable performance statistics and there are significant complementarities. Using a simple estimation strategy based on professional factor shares and rooted in economic theory, we generate estimates of market value for college players across seven National Collegiate Athletic Association conferences using professional football and basketball salaries from 2011 to 2013 as shadow prices. With this method, market value of an average starting football player in a Bowl Championship Series (BCS) conference ranges from $120,000 to $1.7 million per year. The value of superstar players may exceed $4 million per year. We find that rents can flow from the institutions to players in some cases at relatively low-revenue institutions outside the BCS.
Journal: Applied Economics Letters
Pages: 233-237
Issue: 4
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1178842
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1178842
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:4:p:233-237




Template-Type: ReDIF-Article 1.0
Author-Name: Alejandro López-Feldman
Author-X-Name-First: Alejandro
Author-X-Name-Last: López-Feldman
Author-Name: Daniel Escalona
Author-X-Name-First: Daniel
Author-X-Name-Last: Escalona
Title: Remittances and labour allocation decisions at communities of origin: the case of rural Mexico
Abstract: 
 From a theoretical perspective, the effect that remittances have on the labour decisions of those that receive them is ambiguous; the empirical evidence reported in the literature is mixed and shows, unsurprisingly, that the net effect of remittances on labour supply is context-dependent. We contribute to this literature by using a detailed data set for rural Mexico that allows us to understand how remittances reshape rural livelihoods by modifying labour allocation decisions. Following previous evidence, we analyse female and male responses separately. Our results show that the income effect of remittances dominates male labour allocation decisions: the probability of participating in the labour market and the total number of hours worked decrease with remittances. We find no effect for female labour allocation decisions. The effects are not uniform across the different productive activities and remittances seem to be contributing to a trend in which Mexican rural inhabitants increasingly move away from agriculture- or nature-based activities. This reinforces the direct effect that emigration has in terms of a reduction in total supply of local labour.
Journal: Applied Economics Letters
Pages: 238-242
Issue: 4
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1181702
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1181702
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:4:p:238-242




Template-Type: ReDIF-Article 1.0
Author-Name: Julio Abad-González
Author-X-Name-First: Julio
Author-X-Name-Last: Abad-González
Author-Name: Ricardo Martínez
Author-X-Name-First: Ricardo
Author-X-Name-Last: Martínez
Title: Endogenous categorization of the human development
Abstract: 
 The human development index (HDI) is one of the most well-known measures of welfare. We apply clustering techniques to endogenously determine how similar countries are with respect to the HDI, and into how many categories they can be classified. We find that, in contrast to the usual assumption in the United Nations’ Human Development Reports, the number of categories is not fixed and has varied over time, from three in 1990 to four in 2014. We also find that the countries within each category differ from the United Nation’s proposal.
Journal: Applied Economics Letters
Pages: 243-246
Issue: 4
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1181703
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1181703
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:4:p:243-246




Template-Type: ReDIF-Article 1.0
Author-Name: Yizhaq Minchuk
Author-X-Name-First: Yizhaq
Author-X-Name-Last: Minchuk
Author-Name: Shlomo Mizrahi
Author-X-Name-First: Shlomo
Author-X-Name-Last: Mizrahi
Title: The (in) effectiveness of procurement auctions in the public sector
Abstract: 
 This article studies procurement auctions in the public sector using game theoretical tools. The article shows that when participants in an auction are agents with low abilities (low type), as is common in the public sector, they place the same contract request. As a result, the auction mechanism will rarely produce real competition, thus making this mechanism, which limits bidders to those already within the system, ineffective for use in the public sector job market.
Journal: Applied Economics Letters
Pages: 247-249
Issue: 4
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1181704
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1181704
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:4:p:247-249




Template-Type: ReDIF-Article 1.0
Author-Name: Alasdair Brown
Author-X-Name-First: Alasdair
Author-X-Name-Last: Brown
Author-Name: Fuyu Yang
Author-X-Name-First: Fuyu
Author-X-Name-Last: Yang
Title: Selection and incentives in contests: evidence from horse racing
Abstract: 
 The designer of internal labour market promotion contests must balance the need to select the best candidate with the need to provide incentives for all candidates. We use an extensive data set from horse racing – where there is abundant variation in contest design features – to analyse if there are particular features that help to achieve these two objectives. We find that contests with higher prize money and fewer participants are the most successful at achieving the dual remit of selection and incentives.
Journal: Applied Economics Letters
Pages: 250-253
Issue: 4
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1181705
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1181705
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:4:p:250-253




Template-Type: ReDIF-Article 1.0
Author-Name: Shan Xu
Author-X-Name-First: Shan
Author-X-Name-Last: Xu
Author-Name: Duchi Liu
Author-X-Name-First: Duchi
Author-X-Name-Last: Liu
Title: Corporate social responsibility (CSR) and corporate diversification: do diversified production firms invest more in CSR?
Abstract: 
 A diversification strategy increases the range of stakeholder demands and social issues related to a firm’s operation. Examining the consequence of production diversification strategy at a broader level, not only (short-term) financial performance but also long-term performance, as proxied by corporate social responsibility (CSR), is surprising. We show that a firm’s production diversification is associated with stronger engagement in CSR, particularly for unrelated diversification. And the higher level of diversification is, the more investment in CSR. Our findings lead to the interesting questions regarding diversification discount and the value of unrelated diversification, which has often been criticized because of its negative impact on short-term financial performance.
Journal: Applied Economics Letters
Pages: 254-257
Issue: 4
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1181706
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1181706
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:4:p:254-257




Template-Type: ReDIF-Article 1.0
Author-Name: Liming Zhou
Author-X-Name-First: Liming
Author-X-Name-Last: Zhou
Author-Name: Zhangfeng Jin
Author-X-Name-First: Zhangfeng
Author-X-Name-Last: Jin
Author-Name: Zheng Wang
Author-X-Name-First: Zheng
Author-X-Name-Last: Wang
Title: Who gets caught for corruption when corruption is pervasive? Evidence from China’s anti-bribery blacklist
Abstract: 
 This article empirically investigates why in a corruption-pervasive country only a minority of the firms get caught for bribery while the majority get away with it. By matching manufacturing firms to a blacklist of bribers in the healthcare sector of a province in China, we show that the government-led blacklisting is selective: while economically more visible firms are slightly more likely to be blacklisted, state-controlled firms are the most protected compared to their private and foreign competitors. Our finding points to the fact that a government can use regulations to impose its preferences when the rule of law is weak and the rule of government is strong.
Journal: Applied Economics Letters
Pages: 258-263
Issue: 4
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1181826
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1181826
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:4:p:258-263




Template-Type: ReDIF-Article 1.0
Author-Name: Helmut Farbmacher
Author-X-Name-First: Helmut
Author-X-Name-Last: Farbmacher
Author-Name: Heinrich Kögel
Author-X-Name-First: Heinrich
Author-X-Name-Last: Kögel
Title: Testing under a special form of heteroscedasticity
Abstract: 
 In the presence of heteroscedasticity, conventional standard errors (which assume homoscedasticity) can be biased up or down. The most common form of heteroscedasticity leads to conventional standard errors that are too small. In this study, we discuss the conditions under which conventional standard errors are too large. In such settings, standard tests of heteroscedasticity may fail and leave the heteroscedasticity undetected. This is particularly problematic as power gains can be achieved when testing for the causal effect in such settings.
Journal: Applied Economics Letters
Pages: 264-268
Issue: 4
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1181827
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1181827
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:4:p:264-268




Template-Type: ReDIF-Article 1.0
Author-Name: Domenico Lombardi
Author-X-Name-First: Domenico
Author-X-Name-Last: Lombardi
Author-Name: Pierre L. Siklos
Author-X-Name-First: Pierre L.
Author-X-Name-Last: Siklos
Author-Name: Samantha St. Amand
Author-X-Name-First: Samantha
Author-X-Name-Last: St. Amand
Title: Exchange rates, central bank news and the zero lower bound*
Abstract: 
 The zero lower bound (ZLB) may restrict the responsiveness of exchange rates to news. A proxy for central bank communication is added as a determinant in a model of exchange rate movements. Two reserve currencies, the British pound and euro, and two currencies of small open economies, the Canadian dollar and Swedish krona, are examined. Reserve currencies are more vulnerable to the ZLB constraint, while the currencies of small open economies become more responsive to foreign central bank announcements. Certain unconventional monetary policy announcements were found to significantly impact exchange rates at the ZLB.
Journal: Applied Economics Letters
Pages: 269-272
Issue: 4
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1184217
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1184217
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:4:p:269-272




Template-Type: ReDIF-Article 1.0
Author-Name: John E. Burnett
Author-X-Name-First: John E.
Author-X-Name-Last: Burnett
Title: Liquidity and investor confidence in the turn-of-the-month regularity
Abstract: 
 Ogden (1990) offers a compelling explanation for the ubiquitous turn-of-the-month (TOM) seasonality. He hypothesizes and shows that the clustering of payment dates at the end of the month results in a stock return regularity that is related to increased liquidity and monetary policy. This article introduces investor behaviour into Ogden’s TOM liquidity hypothesis where higher TOM returns depend not only on the availability of increased liquidity but also on investors’ willingness to invest new funds. The empirical evidence is consistent with the argument. When confidence is high, investors’ willingness to invest the increased liquidity results in a TOM regularity. But when confidence is low, a TOM regularity is absent as investors park the increased liquidity. This additional measure of investor confidence provides a more complete explanation of Ogden’s liquidity hypothesis.
Journal: Applied Economics Letters
Pages: 273-278
Issue: 4
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1184218
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1184218
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:4:p:273-278




Template-Type: ReDIF-Article 1.0
Author-Name: R. Lehmann
Author-X-Name-First: R.
Author-X-Name-Last: Lehmann
Author-Name: K. Wohlrabe
Author-X-Name-First: K.
Author-X-Name-Last: Wohlrabe
Title: Experts, firms, consumers or even hard data? Forecasting employment in Germany
Abstract: 
 In this article, we forecast employment growth for Germany with data for the period from November 2008 to November 2015. Hutter and Weber (2015) introduced an innovative unemployment indicator and evaluated the performance of several leading indicators, including the Ifo Employment Barometer (IEB), to predict unemployment changes. Since the IEB focuses on employment growth instead of unemployment developments, we mirror the study by Hutter and Weber (2015). It turns out that in our case, and in contrast to their article, the IEB outperforms their newly developed indicator. Additionally, consumers’ unemployment expectations and hard data such as new orders exhibit a high forecasting accuracy.
Journal: Applied Economics Letters
Pages: 279-283
Issue: 4
Volume: 24
Year: 2017
Month: 2
X-DOI: 10.1080/13504851.2016.1184219
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1184219
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:4:p:279-283




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Corrigendum
Journal: Applied Economics Letters
Pages: i-i
Issue: 7
Volume: 25
Year: 2018
Month: 4
X-DOI: 10.1080/13504851.2017.1324673
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1324673
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:7:p:i-i




Template-Type: ReDIF-Article 1.0
Author-Name: Pornsit Jiraporn
Author-X-Name-First: Pornsit
Author-X-Name-Last: Jiraporn
Author-Name: Sang Mook Lee
Author-X-Name-First: Sang Mook
Author-X-Name-Last: Lee
Author-Name: Kuen Jae Park
Author-X-Name-First: Kuen Jae
Author-X-Name-Last: Park
Author-Name: HakJoon Song
Author-X-Name-First: HakJoon
Author-X-Name-Last: Song
Title: How do independent directors influence innovation productivity? A quasi-natural experiment
Abstract: 
 Due to managerial myopia, managers may be reluctant to make long-term investment decisions that do not produce immediate results. Effective corporate governance can align managers’ short-term-oriented incentives with shareholders’ long-term interests. Because the board of directors is the paramount governance mechanism, we explore the role of board governance on managerial myopia. In particular, we investigate the effect of independent directors on corporate innovation. To minimize endogeneity, we exploit the passage of the Sarbanes–Oxley Act as an exogenous shock that raises board independence. Our difference-in-difference estimates show that board independence leads to significantly higher investments in innovation as well as higher innovation productivity. Our results are consequential as they show that board governance has a palpable effect on important corporate outcomes such as innovation productivity.
Journal: Applied Economics Letters
Pages: 435-441
Issue: 7
Volume: 25
Year: 2018
Month: 4
X-DOI: 10.1080/13504851.2017.1329927
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1329927
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:7:p:435-441




Template-Type: ReDIF-Article 1.0
Author-Name: Jadrian J. Wooten
Author-X-Name-First: Jadrian J.
Author-X-Name-Last: Wooten
Title: A case for complements? Location and attendance in Major League Soccer
Abstract: 
 As Major League Soccer (MLS) continues to award expansion franchises throughout North America, the league must be considerate of how new clubs may impact attendance levels at nearby clubs. Regardless of whether new MLS clubs are awarded to cities with strong North American Soccer League histories, league officials must be mindful of the effect that geographically close competitors can have on attendance. Perhaps stemming from the limited number of clubs in competition, MLS teams currently appear to operate as strategic complements to one another, increasing season-long attendance as teams locate closer to one another.
Journal: Applied Economics Letters
Pages: 442-446
Issue: 7
Volume: 25
Year: 2018
Month: 4
X-DOI: 10.1080/13504851.2017.1332737
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1332737
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:7:p:442-446




Template-Type: ReDIF-Article 1.0
Author-Name: Christos Pargianas
Author-X-Name-First: Christos
Author-X-Name-Last: Pargianas
Title: Education and the minimum wage in the United States
Abstract: 
 This article shows that, across the US states, the level of education has a causal effect on the minimum wage. More specifically, it argues that a one-percentage point increase in the proportion of college graduates implies a 0.4–0.5% decrease in the real value of the minimum wage. This is the first article that uses System GMM in order to examine the effect of education on the minimum wage. Given the structure of the available data, this is the most appropriate econometric technique. System GMM not only controls for endogeneity and for fixed effects but also maximizes the precision of the estimates by using all the available variation in the data.
Journal: Applied Economics Letters
Pages: 447-450
Issue: 7
Volume: 25
Year: 2018
Month: 4
X-DOI: 10.1080/13504851.2017.1332738
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1332738
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:7:p:447-450




Template-Type: ReDIF-Article 1.0
Author-Name: Virginie Mataigne
Author-X-Name-First: Virginie
Author-X-Name-Last: Mataigne
Author-Name: Wouter De Maeseneire
Author-X-Name-First: Wouter
Author-X-Name-Last: De Maeseneire
Author-Name: Mathieu Luypaert
Author-X-Name-First: Mathieu
Author-X-Name-Last: Luypaert
Title: The interplay between target firm R&amp;D, acquirer debt financing and takeover premia
Abstract: 
 The level of acquisition premia is of paramount importance in light of the vast sums paid to target shareholders and the often disappointing returns realized by corporate buyers. In this letter, we focus on the impact of R&amp;D investments by targets on the acquisition premium contingent upon the acquirer’s financing choices. Based on a unique hand-collected sample of 407 listed European transactions, we find a positive effect of target R&amp;D on premia paid. Yet, when acquirers finance the acquisition of an R&amp;D intensive target with debt, the positive relation disappears. Consequently, we establish that financing sources affect bidding strategies of acquiring companies in case of difficult-to-value targets.
Journal: Applied Economics Letters
Pages: 451-455
Issue: 7
Volume: 25
Year: 2018
Month: 4
X-DOI: 10.1080/13504851.2017.1332740
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1332740
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:7:p:451-455




Template-Type: ReDIF-Article 1.0
Author-Name: Yosuke Furukawa
Author-X-Name-First: Yosuke
Author-X-Name-Last: Furukawa
Author-Name: Hiroki Toyoda
Author-X-Name-First: Hiroki
Author-X-Name-Last: Toyoda
Title: The recent process of job polarization in Japan: evidence from 1980 to 2010
Abstract: 
 This study investigates the recent process of job polarization in Japan. We focus on three particular aspects: the relationship with business cycles, total hours rather than employment and age cohorts. We find that, regardless of whether the focus is employment or total hours, job polarization is concentrated in recessions and that job polarization has occurred mainly in younger-age cohorts.
Journal: Applied Economics Letters
Pages: 456-460
Issue: 7
Volume: 25
Year: 2018
Month: 4
X-DOI: 10.1080/13504851.2017.1332741
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1332741
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:7:p:456-460




Template-Type: ReDIF-Article 1.0
Author-Name: Kenneth J. Button
Author-X-Name-First: Kenneth J.
Author-X-Name-Last: Button
Author-Name: Johan E. Eklund
Author-X-Name-First: Johan E.
Author-X-Name-Last: Eklund
Title: Are there inherent biases in applying cost–benefit analysis?
Abstract: 
 This article extends discussions of potential biases that can exist in applying cost–benefit analysis. While there is extensive evidence that capture can result in stakeholder manipulation of inputs, there are also claims that the analysis is inherently theoretically bias in favour of over acceptance. The article shows that, contrary to these latter claims, treating projects in isolation is unlikely to produce such bias; indeed, it is as likely as not to lead to suboptimally low acceptance rates. The reason for excessive acceptance of projects therefore is largely due to institutional capture of the analysis for either self-interest or natural human over-optimism.
Journal: Applied Economics Letters
Pages: 461-464
Issue: 7
Volume: 25
Year: 2018
Month: 4
X-DOI: 10.1080/13504851.2017.1332743
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1332743
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:7:p:461-464




Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee
Author-X-Name-First: Mohsen
Author-X-Name-Last: Bahmani-Oskooee
Author-Name: Tsangyao Chang
Author-X-Name-First: Tsangyao
Author-X-Name-Last: Chang
Author-Name: Zahra (Mila) Elmi
Author-X-Name-First: Zahra (Mila)
Author-X-Name-Last: Elmi
Author-Name: Abera Gelan
Author-X-Name-First: Abera
Author-X-Name-Last: Gelan
Author-Name: Omid Ranjbar
Author-X-Name-First: Omid
Author-X-Name-Last: Ranjbar
Title: Non-linear quantile unit root test and PPP: more evidence from Africa
Abstract: 
 It is now a common practice to establish stationarity of the real exchange rate as a sign of purchasing power parity (PPP) hypothesis. In this article, we consider the real effective exchange rates of 29 African countries. When we apply conventional linear unit root tests, we find support for the PPP in eight countries. However, when we shift to the newly introduced non-linear quantile unit root test, support for the PPP increases to 15 countries.
Journal: Applied Economics Letters
Pages: 465-471
Issue: 7
Volume: 25
Year: 2018
Month: 4
X-DOI: 10.1080/13504851.2017.1335385
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1335385
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:7:p:465-471




Template-Type: ReDIF-Article 1.0
Author-Name: Yonghong Jiang
Author-X-Name-First: Yonghong
Author-X-Name-Last: Jiang
Author-Name: Bin Mo
Author-X-Name-First: Bin
Author-X-Name-Last: Mo
Author-Name: He Nie
Author-X-Name-First: He
Author-X-Name-Last: Nie
Title: Does investor sentiment dynamically impact stock returns from different investor horizons? Evidence from the US stock market using a multi-scale method
Abstract: 
 This article uses the investor sentiment index to investigate the Granger causality between investor sentiment and stock returns for the US economy using a multi-scale method. To focus on the local analysis of different investor horizons, bivariate empirical mode decomposition is used to decompose time series of investor sentiment and stock returns at different timescales. We employ the linear and nonlinear integrated Granger causality method to examine the causal relationship of decomposed series on similar timescales. The results indicate both strong bilateral linear and nonlinear causality between longer-term investor sentiment and stock returns. However, there is no strong evidence for correlation of stock returns and investor sentiment on shorter timescales.
Journal: Applied Economics Letters
Pages: 472-476
Issue: 7
Volume: 25
Year: 2018
Month: 4
X-DOI: 10.1080/13504851.2017.1340558
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1340558
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:7:p:472-476




Template-Type: ReDIF-Article 1.0
Author-Name: Wagdi Kalifa
Author-X-Name-First: Wagdi
Author-X-Name-Last: Kalifa
Author-Name: Eralp Bektaş
Author-X-Name-First: Eralp
Author-X-Name-Last: Bektaş
Title: The impacts of bank-specific and macroeconomic variables on the capital adequacy ratio: evidence from Islamic banks
Abstract: 
 The study investigates the relationship between the capital adequacy ratio (CAR) and different bank-specific and macroeconomic variables for 28 Islamic banks. We document that there is a statistically significant positive relationship between the CAR and the bank-specific and macroeconomic variables. In particular, bank-specific variables such as ROA, ROE, leverage, credit risk and size show a strong association with the CAR, while on the macroeconomic side, inflation, market capitalization and exchange rate have an impact on the average Islamic bank in our sample study. Furthermore, we run another model (equity to assets ratio) as dependent, with similar control variables, and the results reveal that, except for inflation, all the variables that have a significant effect on the CAR also influence the equity to assets ratio.
Journal: Applied Economics Letters
Pages: 477-481
Issue: 7
Volume: 25
Year: 2018
Month: 4
X-DOI: 10.1080/13504851.2017.1340559
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1340559
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:7:p:477-481




Template-Type: ReDIF-Article 1.0
Author-Name: Abraham Abebe Asfaw
Author-X-Name-First: Abraham Abebe
Author-X-Name-Last: Asfaw
Title: The effect of coffee price shock on school dropout: new evidence from the 2008 global financial crisis
Abstract: 
 This article examines the effect of coffee price shock on the school dropout status of children in rural Ethiopia. To identify the effect, I exploit the exogenous coffee price shock caused by the 2008 global financial crisis. Using a unique rural data set collected before and shortly after the crisis, I compare the school dropout status of children in coffee-producing and non–coffee-producing villages. The difference-in-difference estimate suggests that the decline in the global price of coffee during the financial crisis increased school dropout rates among children aged 15–18 in coffee-producing villages. The effect is more pronounced among female children in this age group.
Journal: Applied Economics Letters
Pages: 482-486
Issue: 7
Volume: 25
Year: 2018
Month: 4
X-DOI: 10.1080/13504851.2017.1340560
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1340560
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:7:p:482-486




Template-Type: ReDIF-Article 1.0
Author-Name: Florian Kajuth
Author-X-Name-First: Florian
Author-X-Name-Last: Kajuth
Title: A benchmark for wage growth through the lens of the Beveridge curve
Abstract: 
 Using an estimated Beveridge curve, we trace out the vacancy–unemployment ratio in the steady state. This steady-state measure for labour market tightness is embedded in a VAR framework to obtain a benchmark for wage growth reflecting a labour market equilibrium.
Journal: Applied Economics Letters
Pages: 487-492
Issue: 7
Volume: 25
Year: 2018
Month: 4
X-DOI: 10.1080/13504851.2017.1340561
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1340561
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:7:p:487-492




Template-Type: ReDIF-Article 1.0
Author-Name: Christopher S. Brunt
Author-X-Name-First: Christopher S.
Author-X-Name-Last: Brunt
Author-Name: Anthony G. Barilla
Author-X-Name-First: Anthony G.
Author-X-Name-Last: Barilla
Title: An evaluation of the relationship between minimum wage and unemployment: does the local cost-of-living matter?
Abstract: 
 This article examines the relationship between federal, state and municipal minimum wage laws, local cost-of-living (COL) and the unemployment rate. It finds a strong statistically significant positive relationship between minimum wages and unemployment once COL is taken into account. Our results suggest that federal minimum wage policy is likely to have more harmful effects in rural/low cost areas.
Journal: Applied Economics Letters
Pages: 493-498
Issue: 7
Volume: 25
Year: 2018
Month: 4
X-DOI: 10.1080/13504851.2017.1340562
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1340562
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Template-Type: ReDIF-Article 1.0
Author-Name: Dessie Tarko Ambaw
Author-X-Name-First: Dessie Tarko
Author-X-Name-Last: Ambaw
Author-Name: Nicholas Sim
Author-X-Name-First: Nicholas
Author-X-Name-Last: Sim
Title: Is inflation targeting or the fixed exchange rate more effective for attracting FDI into developing countries?
Abstract: 
 This article investigates which monetary policy regime – inflation targeting or the fixed exchange rate – is more effective for attracting FDI inflows into developing countries. Using propensity score matching and the difference-in-differences estimator, we find no evidence that adopting an inflation targeting regime would be more effective than adopting a fixed exchange rate, and vice versa, in encouraging FDI inflows.
Journal: Applied Economics Letters
Pages: 499-503
Issue: 7
Volume: 25
Year: 2018
Month: 4
X-DOI: 10.1080/13504851.2017.1340563
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1340563
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Template-Type: ReDIF-Article 1.0
Author-Name: Fahad Almudhaf
Author-X-Name-First: Fahad
Author-X-Name-Last: Almudhaf
Title: Pricing efficiency of Bitcoin Trusts
Abstract: 
 This article examines the pricing efficiency of Bitcoin Investment Trust. We investigate the deviation between prices and net asset values and find that there is a significant and persistent premium with an average of 44%. Such evidence points to pricing inefficiency of the currently available trust and encourages practitioners to introduce better instruments such as Exchange Traded Funds as alternatives to investors interested in having exposure to bitcoins and the digital currencies market.
Journal: Applied Economics Letters
Pages: 504-508
Issue: 7
Volume: 25
Year: 2018
Month: 4
X-DOI: 10.1080/13504851.2017.1340564
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1340564
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Template-Type: ReDIF-Article 1.0
Author-Name: Jieun Chang
Author-X-Name-First: Jieun
Author-X-Name-Last: Chang
Author-Name: Youngho Kang
Author-X-Name-First: Youngho
Author-X-Name-Last: Kang
Title: Differences in business R&amp;D intensity across OECD countries: the role of size-dependent regulation
Abstract: 
 We analyse the impact of size-dependent regulation in the labour market on business R&amp;D intensity for 20 OECD countries spanning the periods 2002–2011. Using a difference-in-differences approach, we find that stricter size-dependent regulation leads firms with more than 50 employees to significantly reduce their R&amp;D intensity. This finding implies that size-dependent regulation induces a distortion in the reallocation of R&amp;D-related resources.
Journal: Applied Economics Letters
Pages: 509-512
Issue: 7
Volume: 25
Year: 2018
Month: 4
X-DOI: 10.1080/13504851.2017.1340566
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1340566
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:7:p:509-512




Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Reza Farzanegan
Author-X-Name-First: Mohammad Reza
Author-X-Name-Last: Farzanegan
Author-Name: Tim Krieger
Author-X-Name-First: Tim
Author-X-Name-Last: Krieger
Author-Name: Daniel Meierrieks
Author-X-Name-First: Daniel
Author-X-Name-Last: Meierrieks
Title: Does terrorism reduce life satisfaction?
Abstract: 
 We study the effect of terrorism on life satisfaction for a sample of 81 countries over the 1994–2009 period. We find that terrorism is robustly associated with less life satisfaction. This effect, however, translates into only modest social costs.
Journal: Applied Economics Letters
Pages: 893-896
Issue: 13
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1240329
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1240329
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:13:p:893-896




Template-Type: ReDIF-Article 1.0
Author-Name: Lester M. K. Kwong
Author-X-Name-First: Lester M. K.
Author-X-Name-Last: Kwong
Author-Name: Tomson Ogwang
Author-X-Name-First: Tomson
Author-X-Name-Last: Ogwang
Author-Name: Ling Sun
Author-X-Name-First: Ling
Author-X-Name-Last: Sun
Title: Semiparametric versus parametric hedonic wine price models: an empirical investigation
Abstract: 
 In this article, we conduct formal statistical tests to compare a semiparametric hedonic wine price model with its parametric counterpart using a Canadian data set. The relevant test results turn out to be overwhelmingly in favour of the semiparametric specification. The estimated semiparametric model also provides clear evidence of nonlinearity between wine prices and quality when other wine attributes are controlled for.
Journal: Applied Economics Letters
Pages: 897-901
Issue: 13
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1240330
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1240330
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:13:p:897-901




Template-Type: ReDIF-Article 1.0
Author-Name: Florian Baumann
Author-X-Name-First: Florian
Author-X-Name-Last: Baumann
Author-Name: Achim Buchwald
Author-X-Name-First: Achim
Author-X-Name-Last: Buchwald
Author-Name: Tim Friehe
Author-X-Name-First: Tim
Author-X-Name-Last: Friehe
Author-Name: Hanna Hottenrott
Author-X-Name-First: Hanna
Author-X-Name-Last: Hottenrott
Author-Name: John Weche
Author-X-Name-First: John
Author-X-Name-Last: Weche
Title: Tax enforcement and corporate profit shifting
Abstract: 
 We present empirical evidence suggesting that weak tax enforcement proxied by the extent of tax evasion in a country acts like a lower corporate tax rate in attracting profits of multinational corporations.
Journal: Applied Economics Letters
Pages: 902-905
Issue: 13
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1240331
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1240331
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:13:p:902-905




Template-Type: ReDIF-Article 1.0
Author-Name: Oben K. Bayrak
Author-X-Name-First: Oben K.
Author-X-Name-Last: Bayrak
Author-Name: John D. Hey
Author-X-Name-First: John D.
Author-X-Name-Last: Hey
Title: Expected utility theory with imprecise probability perception: explaining preference reversals
Abstract: 
 This article presents a new model for decision-making under risk, which provides an explanation for empirically-observed preference reversals. Central to the theory is the incorporation of probability perception imprecision, which arises because of individuals’ vague understanding of numerical probabilities. We combine this concept with the use of the Alpha EU model and construct a simple model which helps us to understand anomalies, such as preference reversals and valuation gaps, discovered in the experimental economics literature, that standard models cannot explain.
Journal: Applied Economics Letters
Pages: 906-910
Issue: 13
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1240332
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1240332
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:13:p:906-910




Template-Type: ReDIF-Article 1.0
Author-Name: António Afonso
Author-X-Name-First: António
Author-X-Name-Last: Afonso
Author-Name: Jorge Silva
Author-X-Name-First: Jorge
Author-X-Name-Last: Silva
Title: Current account balance cyclicality
Abstract: 
 We assess the cyclicality of current account balances for the period 2001Q1–2014Q4, focusing on Portugal and using Germany as a benchmark. We find that the cyclical component of the current account was positively explained by 3-month Euribor, but negatively by the financial crisis, systemic stress in Europe, employment and compensation of employees. Moreover, the noncyclical current account was positively affected by the period of the economic and financial adjustment programme and the terms of trade, but negatively influenced by financial integration.
Journal: Applied Economics Letters
Pages: 911-917
Issue: 13
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1240333
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1240333
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:13:p:911-917




Template-Type: ReDIF-Article 1.0
Author-Name: Charles Yuji Horioka
Author-X-Name-First: Charles Yuji
Author-X-Name-Last: Horioka
Author-Name: Nicholas Ford
Author-X-Name-First: Nicholas
Author-X-Name-Last: Ford
Title: A possible explanation of the ‘Exchange Rate Disconnect Puzzle’: a common solution to three macroeconomic puzzles?
Abstract: 
 Meese and Rogoff (1983) and subsequent studies find that economic fundamentals are apparently not able to explain exchange rate movements, but we argue that this so-called ‘Exchange Rate Disconnect Puzzle’ arose because researchers such as Meese and Rogoff (1983) did not use the right fundamentals and because they did not allow for the forward-looking nature of exchange rate determination. Further, because they apparently were not aware that financial markets by themselves could not equalize interest rates across countries, they did not properly appreciate that the exchange rate is strongly influenced by agents’ expectations of aggregated differences in local returns. Thus, we believe that the same underlying explanation provided by Ford (2015) and Ford and Horioka (2016a, 2016b) for the Feldstein-Horioka (1980) Puzzle and the PPP Puzzle – namely that financial markets alone cannot achieve net transfers of financial capital and cannot equalize real interest rates across countries – also helps explain why previous attempts to connect changes in the exchange rate to economic fundamentals have not been successful and so can also be said to contribute to solving the Exchange Rate Disconnect Puzzle.
Journal: Applied Economics Letters
Pages: 918-922
Issue: 13
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1240334
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1240334
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Template-Type: ReDIF-Article 1.0
Author-Name: Yosef Bonaparte
Author-X-Name-First: Yosef
Author-X-Name-Last: Bonaparte
Author-Name: Frank J. Fabozzi
Author-X-Name-First: Frank J.
Author-X-Name-Last: Fabozzi
Title: Estimating the elasticity of intertemporal substitution accounting for stockholder-specific portfolios
Abstract: 
 This article estimates the elasticity of intertemporal substitution using stockholder actual return experience. The approach is motivated by numerous data sources indicating that the median US stockholder has a portfolio composed of only three or four individual stocks, rather than a well-diversified portfolio as suggested by portfolio theory. Therefore, representing an individual stockholder portfolio by a proxy financial index (the common approach taken in the literature) may be too rough an approximation of investor behaviour and lead to biased results about risk aversion and intertemporal substitution. Eschewing the financial index methodology, our results support the standard representative agent assumption that there is a high degree of homogeneity in the elasticity of intertemporal substitution across stockholders with different wealth levels. Our findings have implications for models that assess the comovement between consumption and return on stocks.
Journal: Applied Economics Letters
Pages: 923-927
Issue: 13
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1240335
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1240335
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:13:p:923-927




Template-Type: ReDIF-Article 1.0
Author-Name: Ji Gu
Author-X-Name-First: Ji
Author-X-Name-Last: Gu
Author-Name: Ryan A. Compton
Author-X-Name-First: Ryan A.
Author-X-Name-Last: Compton
Author-Name: Daniel C. Giedeman
Author-X-Name-First: Daniel C.
Author-X-Name-Last: Giedeman
Author-Name: Gary A. Hoover
Author-X-Name-First: Gary A.
Author-X-Name-Last: Hoover
Title: A note on economic freedom and political ideology
Abstract: 
 Within the field of public economics, there is the perception that Republicans are associated with ‘small government’ and Democrats with ‘big government’. We test this notion by examining whether economic freedom is affected when a single party is in control of the state legislature. We find no link between party control and our main economic freedom indicator, but we do find a positive link between Republican control and the taxation component of economic freedom, suggesting a Republican legislature leads to lower taxation.
Journal: Applied Economics Letters
Pages: 928-931
Issue: 13
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1240336
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1240336
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:13:p:928-931




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Duersch
Author-X-Name-First: Peter
Author-X-Name-Last: Duersch
Author-Name: Julia Müller
Author-X-Name-First: Julia
Author-X-Name-Last: Müller
Title: Bidding for nothing? The pitfalls of overly neutral framing
Abstract: 
 Neutral framing is a standard tool of experimental economics. However, overly neutral instructions, which lack any contextual clues, can lead to strange behaviour. In a contextless second-price auction for a meaningless good, a majority of subjects enter positive bids – likely a case of cognitive experimenter demand effect. Subjects may interpret the lack of context as being tasked with bidding in the experiment. Adding another auction that has a context drastically reduces the positive bids in the meaningless auction.
Journal: Applied Economics Letters
Pages: 932-935
Issue: 13
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1240337
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1240337
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Template-Type: ReDIF-Article 1.0
Author-Name: Vikash Ramiah
Author-X-Name-First: Vikash
Author-X-Name-Last: Ramiah
Author-Name: Huy Nguyen Anh Pham
Author-X-Name-First: Huy Nguyen Anh
Author-X-Name-Last: Pham
Author-Name: Ian Wang
Author-X-Name-First: Ian
Author-X-Name-Last: Wang
Author-Name: Van Ngoc Tuong Dang
Author-X-Name-First: Van Ngoc Tuong
Author-X-Name-Last: Dang
Author-Name: Jose Francisco Veron
Author-X-Name-First: Jose Francisco
Author-X-Name-Last: Veron
Author-Name: Hung Duong
Author-X-Name-First: Hung
Author-X-Name-Last: Duong
Title: The financial consequences of abolishing a carbon trading system
Abstract: 
 We investigate the impact of 61 announcements of environmental regulations on the equities listed on the Australian Stock Exchange over the period 2009–2015. In particular, our study focuses on how the stock market reacts to announcements of the abolishment of carbon trading/pricing system. Using event study methodology, we assess whether these announcements create or destroy wealth of equity investors. Furthermore, we estimate changes in systematic risk following the announcements. In general, we find that the abolishment of the carbon pricing system has a positive effect on 18 sectors and the process of removing the carbon pricing system appears to affect the systematic risk of businesses leading to diamond risk structures. We also document negative reactions of polluting sectors to the announcements of green policies.
Journal: Applied Economics Letters
Pages: 936-939
Issue: 13
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1243201
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1243201
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:13:p:936-939




Template-Type: ReDIF-Article 1.0
Author-Name: Mario Soliño
Author-X-Name-First: Mario
Author-X-Name-Last: Soliño
Author-Name: Begoña A. Farizo
Author-X-Name-First: Begoña A.
Author-X-Name-Last: Farizo
Author-Name: Pablo Campos
Author-X-Name-First: Pablo
Author-X-Name-Last: Campos
Title: Internal validity in discrete choice experiments: varying the position of the price attribute
Abstract: 
 This article presents an analysis of internal validity in discrete choice experiments. Prior studies have analysed the importance of the order of attributes within a multiple choice context, but few have specifically analysed the importance of the location of the price attribute. The internal validity was analysed while considering variations in the position of the price attribute in the choice cards. Results show differences in the estimates of willingness to pay according to the price-location version used: at the beginning, in the middle or at the end of the choice card.
Journal: Applied Economics Letters
Pages: 940-944
Issue: 13
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1243202
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1243202
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:13:p:940-944




Template-Type: ReDIF-Article 1.0
Author-Name: Amelie F. Constant
Author-X-Name-First: Amelie F.
Author-X-Name-Last: Constant
Author-Name: Annabelle Krause
Author-X-Name-First: Annabelle
Author-X-Name-Last: Krause
Author-Name: Ulf Rinne
Author-X-Name-First: Ulf
Author-X-Name-Last: Rinne
Author-Name: Klaus F. Zimmermann
Author-X-Name-First: Klaus F.
Author-X-Name-Last: Zimmermann
Title: Reservation wages of first- and second-generation migrants
Abstract: 
 We analyse the reservation wages of first- and second-generation migrants, based on rich survey data of the unemployed in Germany. Our results confirm the hypothesis that reservation wages increase over migrant generations and over time, suggesting that the mobility benefit of immigration may be limited in time.
Journal: Applied Economics Letters
Pages: 945-949
Issue: 13
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1243203
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1243203
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:13:p:945-949




Template-Type: ReDIF-Article 1.0
Author-Name: Niklas S. Dürr
Author-X-Name-First: Niklas S.
Author-X-Name-Last: Dürr
Author-Name: Kai Hüschelrath
Author-X-Name-First: Kai
Author-X-Name-Last: Hüschelrath
Title: Deregulation and the determinants of network access: evidence from the German interurban bus industry
Abstract: 
 We investigate the characteristics of cities gaining access to the German interurban bus network in the first two years following the deregulation of the industry in January 2013. Applying both parametric and semi-parametric survival models, we find strong evidence that the probability of a city to be added to a provider’s network increases not only with the mere size of its population but also with further demographic characteristics such as average income or the share of young and old inhabitants. Additionally, while an increasing importance of tourism has a further positive effect, a rising automobile density is imposing a significantly negative impact on the probability of a city to gain access to the network.
Journal: Applied Economics Letters
Pages: 950-955
Issue: 13
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1243204
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1243204
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:13:p:950-955




Template-Type: ReDIF-Article 1.0
Author-Name: Chulho Jung
Author-X-Name-First: Chulho
Author-X-Name-Last: Jung
Author-Name: Jay E. Ryu
Author-X-Name-First: Jay E.
Author-X-Name-Last: Ryu
Title: Why has US monetary policy become ineffective lately?
Abstract: 
 Some recent studies show that US monetary policy has lost its stimulative traction, especially since the early 1980s. They argue that the Fed’s forward guidance has enabled economic agents to anticipate the changes in interest rates more accurately. As a result, it is harder to find truly exogenous monetary policy shocks, which has made monetary policy ineffective. In this article, we find that anomalous economic behaviours of financial institutions might be the true reason for the ineffective monetary policy. Our structural vector autoregressive model shows that increases in the US money supply mostly flowed into the financial sector to increase its profits instead of stimulating the real sector of the economy through business investment.
Journal: Applied Economics Letters
Pages: 956-960
Issue: 13
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1243205
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1243205
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:13:p:956-960




Template-Type: ReDIF-Article 1.0
Author-Name: Serdar Varlik
Author-X-Name-First: Serdar
Author-X-Name-Last: Varlik
Author-Name: Volkan Ulke
Author-X-Name-First: Volkan
Author-X-Name-Last: Ulke
Author-Name: Hakan Berument
Author-X-Name-First: Hakan
Author-X-Name-Last: Berument
Title: The time-varying effect of inflation uncertainty on inflation for Turkey
Abstract: 
 We investigate the effect of inflation uncertainty on inflation from January 1982 through March 2016 for Turkey by using the Stochastic Volatility in Mean model with time-varying parameters. Our empirical evidence from consumer price index (CPI) inflation suggests that the observed positive relationship between inflation and inflation uncertainty is not robust. This positive relationship diminishes after 2002. This finding is valid for all five subcomponents of CPI inflation; however, for Health Services, Transportation Services, and Recreational and Cultural Services, an inflation-positive association is reported after 2010.
Journal: Applied Economics Letters
Pages: 961-967
Issue: 13
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1243206
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1243206
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:13:p:961-967




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Crawley
Author-X-Name-First: Andrew
Author-X-Name-Last: Crawley
Author-Name: Sarah Welch
Author-X-Name-First: Sarah
Author-X-Name-Last: Welch
Title: Do high levels of US employment reduce labour matching efficiency?
Abstract: 
 The US has witnessed an unprecedented period of employment expansion following the 2008/09 recession. This article uses a Beveridge curve approach to estimate US labour matching efficiency over the course of the last decade. It then analyses the effect of increasing employment on this efficiency. The results show that employment and labour market efficiency are co-integrated and as employment rises the efficiency of the matching process decreases.
Journal: Applied Economics Letters
Pages: 77-81
Issue: 2
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1608351
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1608351
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:2:p:77-81




Template-Type: ReDIF-Article 1.0
Author-Name: Lili Liu
Author-X-Name-First: Lili
Author-X-Name-Last: Liu
Author-Name: Richard J. Cebula
Author-X-Name-First: Richard J.
Author-X-Name-Last: Cebula
Author-Name: Maggie Foley
Author-X-Name-First: Maggie
Author-X-Name-Last: Foley
Author-Name: Fangping Peng
Author-X-Name-First: Fangping
Author-X-Name-Last: Peng
Title: Can debt overhang help explain the declining growth rate of investment in China?
Abstract: 
 In this study, we investigate whether debt overhang may contribute to explaining the declining growth rate of investment in China. By using firm-level data, we find a nonlinear firm debt–investment relationship and derive thresholds beyond which debt has a negative and significant impact on investment, which supports the theory of debt overhang.
Journal: Applied Economics Letters
Pages: 82-85
Issue: 2
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1608352
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1608352
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:2:p:82-85




Template-Type: ReDIF-Article 1.0
Author-Name: Dong Zhou
Author-X-Name-First: Dong
Author-X-Name-Last: Zhou
Author-Name: Langchuan Peng
Author-X-Name-First: Langchuan
Author-X-Name-Last: Peng
Author-Name: Ying Dong
Author-X-Name-First: Ying
Author-X-Name-Last: Dong
Title: The impact of Internet usage on gender role attitudes
Abstract: 
 This article uses the 2010, 2013 and 2015 waves of Chinese General Social Survey to investigate the effects of Internet usage on gender role attitudes. OLS and IV estimates show that Internet usage can effectively mitigate discriminatory attitudes against females; the effects are stronger among females and rural residents. The Internet can cultivate ideology and affect gender norms through its educational and informative functions.
Journal: Applied Economics Letters
Pages: 86-92
Issue: 2
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1610692
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1610692
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:2:p:86-92




Template-Type: ReDIF-Article 1.0
Author-Name: Marco Di Cintio
Author-X-Name-First: Marco
Author-X-Name-Last: Di Cintio
Author-Name: Sucharita Ghosh
Author-X-Name-First: Sucharita
Author-X-Name-Last: Ghosh
Author-Name: Emanuele Grassi
Author-X-Name-First: Emanuele
Author-X-Name-Last: Grassi
Title: Direct or indirect exports: what matters for firms’ innovation activities?
Abstract: 
 This article uses firm-level data from 27 transition economies to investigate whether the choice to directly export versus indirectly export plays a role in the innovation behaviour of exporting firms. We find that firms that directly export have a higher probability of introducing product innovation compared to non-exporters firms and indirect exporters.
Journal: Applied Economics Letters
Pages: 93-103
Issue: 2
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1610693
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1610693
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:2:p:93-103




Template-Type: ReDIF-Article 1.0
Author-Name: Changkeun Lee
Author-X-Name-First: Changkeun
Author-X-Name-Last: Lee
Author-Name: Euijune Kim
Author-X-Name-First: Euijune
Author-X-Name-Last: Kim
Title: Measuring neighbouring effects on poverty in regional economies
Abstract: 
 Using the concepts of poverty trap and neighbouring effect, this paper explores whether the economies of low-income regions and high-income regions respond differently to national economic fluctuations. It identifies an asymmetric pattern of regional income change in low-income regions of Korea due to a relatively small population size and weak urbanization economies. These low-income regions could increase their income levels by 3.75% if they succeeded in developing a symmetric relation to national economic fluctuations. Spatial proximity between high- and low-income regions can generate greater backwash (negative) effects on the economic growth of low-income regions than spread (positive) effects.
Journal: Applied Economics Letters
Pages: 104-112
Issue: 2
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1610694
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1610694
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:2:p:104-112




Template-Type: ReDIF-Article 1.0
Author-Name: Chenghan Hou
Author-X-Name-First: Chenghan
Author-X-Name-Last: Hou
Author-Name: Xinping Tian
Author-X-Name-First: Xinping
Author-X-Name-Last: Tian
Author-Name: Si Wang
Author-X-Name-First: Si
Author-X-Name-Last: Wang
Title: A Bayesian analysis of parental education as instruments in estimating the return to schooling
Abstract: 
 Questions such as whether the instrumental variable (IV) estimates of return to schooling are sensitive to the violation of the exclusion restriction often draw empirical concerns. We employ a Bayesian method to compare the IV estimate using either mother’s or father’s education as an instrumental variable under different degree of violation of the exclusion restriction. We find that a moderate violation of the exclusion restriction does not have a substantial influence on the estimation results. Particularly, the IV estimate using mother’s education as an IV is more robust than that based on father’s education.
Journal: Applied Economics Letters
Pages: 113-117
Issue: 2
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1610695
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1610695
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:2:p:113-117




Template-Type: ReDIF-Article 1.0
Author-Name: Sophia T. Anong
Author-X-Name-First: Sophia T.
Author-X-Name-Last: Anong
Author-Name: Velma Zahirovic-Herbert
Author-X-Name-First: Velma
Author-X-Name-Last: Zahirovic-Herbert
Title: Homeownership and high-cost alternative borrowing
Abstract: 
 Homeowners are generally less likely to use short-term alternative loans such as payday loans, car title loans, and tax refund anticipation loans but this association has not been fully explored across all income groups and in the context of other homeownership characteristics. Using the 2009 U.S. National Financial Capability Study, this study shows that homeownership generally reduces the propensity for high-cost alternative borrowing across all income quintiles. However, home purchases made within the 5 years prior to 2009 increased the probability of alternative borrowing in the bottom two quintiles. Also, apart from the bottom quintile, homeowners with adjustable-rate mortgages are more likely to resort to alternate loans compared to those without such mortgages. Surprisingly, those with home equity loans in the lower quintile are more likely to have used AFS loans as well.
Journal: Applied Economics Letters
Pages: 118-121
Issue: 2
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1610696
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1610696
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:2:p:118-121




Template-Type: ReDIF-Article 1.0
Author-Name: Kleber Morais De Sousa
Author-X-Name-First: Kleber Morais De
Author-X-Name-Last: Sousa
Author-Name: Monica De Maria Santos Fornitani Pinhanez
Author-X-Name-First: Monica De Maria Santos Fornitani
Author-X-Name-Last: Pinhanez
Author-Name: Paulo Aguiar Do Monte
Author-X-Name-First: Paulo Aguiar Do
Author-X-Name-Last: Monte
Author-Name: Josedilton Alves Diniz
Author-X-Name-First: Josedilton Alves
Author-X-Name-Last: Diniz
Title: Salary, financial autonomy and efficiency of healthcare systems in local governments
Abstract: 
 The expansion of financial autonomy increased the interest on the factors that influence the efficiency of local governments (LGs). Although fiscal autonomy and employee’s wages have implications for efficiency, research has ignored their combined effects. This work aims to investigate the relation between salary, financial autonomy and the efficiency of LGs' health systems in Brazil. The sample was composed of 188 LGs in the state of Paraíba from 2011 to 2015. The study consisted of a two-stage analysis: (i) efficiency was measured by means of Data Envelopment Analysis; (ii) and multiple regression on panel data. Results demonstrate that (i) the average salary of doctors affected efficiency negatively, while the salary of non-doctors had a positive impact on efficiency; (ii) salary differences between doctors and non-doctors, as well as differences between members within each group, did not impact efficiency; (iii) LG's financial autonomy presented positive effects on efficiency even if not confirmed by all models. Results show that when an increase in salary affected groups receiving smaller salaries, the effect was positive on efficiency, while for groups with higher salaries, such an increase caused a negative impact. Finally, this study suggests that LGs’ greater financial autonomy is positively correlated to greater efficiency in healthcare services.
Journal: Applied Economics Letters
Pages: 122-126
Issue: 2
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1610697
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1610697
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:2:p:122-126




Template-Type: ReDIF-Article 1.0
Author-Name: Dongwoo Kim
Author-X-Name-First: Dongwoo
Author-X-Name-Last: Kim
Title: The importance of detailed patterns of herding behaviour in a P2P lending market
Abstract: 
 Previous studies have provided contradictory evidence as to whether investors’ herding behaviour is rational or not in P2P lending markets. In this study, a path analysis model is adopted to identify a logical leap with regard to judgements of the rationality of investors’ herding behaviour per se. Empirical results show that the indicators of herding behaviour used in previous studies (i.e., number of lenders and relative time span for funding) are conflictingly affected by other attributes such as the borrower’s credit score and loan amount. This means that the rationality of investors’ herding behaviour is not deterministic but changes with the investors’ credit assessment style in each market. In addition, this study finds that investors’ accelerating bidding participation over time is positively related to loan repayment results through unidirectional pathways from the borrower’s credit score and loan duration, implying that investors’ bidding patterns can have predictive power concerning loan performance outcomes.
Journal: Applied Economics Letters
Pages: 127-130
Issue: 2
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1610698
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1610698
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:2:p:127-130




Template-Type: ReDIF-Article 1.0
Author-Name: Makoto Hirono
Author-X-Name-First: Makoto
Author-X-Name-Last: Hirono
Title: Impact of R&D growth model with public and private education on income and population growth
Abstract: 
 This paper analyses an R&D-based growth model that presents an empirically plausible relationship between population growth and income growth for in particular developed countries. The paper shows that in the presence of highly productive education, a decrease in population growth accelerates income growth even though public education sectors are not well developed.
Journal: Applied Economics Letters
Pages: 131-135
Issue: 2
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1610699
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1610699
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:2:p:131-135




Template-Type: ReDIF-Article 1.0
Author-Name: Weiwei Liu
Author-X-Name-First: Weiwei
Author-X-Name-Last: Liu
Title: Asymmetric price effects on gasoline consumption: evidence and Implications
Abstract: 
 The increased volatility of gasoline prices in the last 10 years has renewed the interest in how gasoline demand responds to new changes. Using recent urban household survey and Metropolitan Statistical Areas (MSA) level gasoline prices, this paper examines whether rising and falling fuel prices have symmetric effects on gasoline consumption. The findings indicate that an increase in gasoline prices induces larger behavioural responses than a decrease in gasoline prices would do. These results not only challenge the perfect price reversibility assumption used in many energy demand models, but also bear important implications for evaluating gasoline tax policies and demand projections.
Journal: Applied Economics Letters
Pages: 136-139
Issue: 2
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1610700
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1610700
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:2:p:136-139




Template-Type: ReDIF-Article 1.0
Author-Name: Lina Ma
Author-X-Name-First: Lina
Author-X-Name-Last: Ma
Title: The effect of institutional ownership on M&A performance: evidence from China
Abstract: 
 This paper examines the impact of institutional ownership on merger and acquisition (M&A) performance of Chinese listed firms from 2006 to 2017. The results indicate that institutional ownership positively affects M&A performance, and so does institutional ownership concentration. Moreover, the results suggest that pressure-sensitive, large, and domestic institutional ownership have a greater positive effect on M&A performance than pressure-insensitive, small, and foreign institutional ownership.
Journal: Applied Economics Letters
Pages: 140-144
Issue: 2
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1610701
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1610701
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:2:p:140-144




Template-Type: ReDIF-Article 1.0
Author-Name: Frank Asche
Author-X-Name-First: Frank
Author-X-Name-Last: Asche
Author-Name: Ivar Gaasland
Author-X-Name-First: Ivar
Author-X-Name-Last: Gaasland
Author-Name: Hans-Martin Straume
Author-X-Name-First: Hans-Martin
Author-X-Name-Last: Straume
Author-Name: Erling Vårdal
Author-X-Name-First: Erling
Author-X-Name-Last: Vårdal
Title: Norwegian export of farmed salmon − trade costs and market concentration
Abstract: 
 While variation in unit value most commonly has been associated with quality in the trade literature, observed differences in prices between markets might also be explained by variation in market concentration and the degree of competition. Using transaction data on Norwegian exports of salmon, we introduce a Herfindahl index as a measure of competition in a standard gravity model. We find that competition typically is weaker in small and distant markets that due to high trade costs are served by relatively few firms. We argue that the anti-competitive impact of trade costs may explain price differentiation between markets even for homogeneous products.
Journal: Applied Economics Letters
Pages: 145-149
Issue: 2
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1610702
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1610702
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:2:p:145-149




Template-Type: ReDIF-Article 1.0
Author-Name: Steffen Volkenand
Author-X-Name-First: Steffen
Author-X-Name-Last: Volkenand
Author-Name: Guenther Filler
Author-X-Name-First: Guenther
Author-X-Name-Last: Filler
Author-Name: Marlene Kionka
Author-X-Name-First: Marlene
Author-X-Name-Last: Kionka
Author-Name: Martin Odening
Author-X-Name-First: Martin
Author-X-Name-Last: Odening
Title: Duration dependence among agricultural futures with different maturities
Abstract: 
 The purpose of this paper is to analyse the interdependence of price durations among agricultural futures contracts with different maturities. We apply an extended autoregressive conditional duration (ACD) model to storable and non-storable agricultural commodities. Using Chicago Mercantile Exchange (CME) Best-Bid-Best-Offer (BBO) futures data, we find duration dependence for corn, wheat, live cattle, and lean hog. Somewhat surprisingly, we do not find differences between storable and non-storable commodities. The main contribution of our analysis is to provide empirical evidence that short-term effects motivated by market microstructure theory do not outweigh arbitrage relations along the forward curve as suggested by theories of storage and normal backwardation.
Journal: Applied Economics Letters
Pages: 150-155
Issue: 2
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1610703
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1610703
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:2:p:150-155




Template-Type: ReDIF-Article 1.0
Author-Name: Simon Amez
Author-X-Name-First: Simon
Author-X-Name-Last: Amez
Author-Name: Stijn Baert
Author-X-Name-First: Stijn
Author-X-Name-Last: Baert
Author-Name: Brecht Neyt
Author-X-Name-First: Brecht
Author-X-Name-Last: Neyt
Author-Name: Maarten Vandemaele
Author-X-Name-First: Maarten
Author-X-Name-Last: Vandemaele
Title: No evidence for second leg home advantage in recent seasons of European soccer cups
Abstract: 
 Previous research on the advantage experienced by soccer teams playing the second leg of a knock-out confrontation at home yielded ambiguous evidence. Some studies confirmed the well-established soccer myth that this advantage is substantial while others did not find any significant evidence. We contribute to this literature by analysing all ‘non-seeded’ two-leg confrontations in the UEFA Champions League and the UEFA Europa League between 2010 and 2017. We find that playing the second leg of a knock-out confrontation at home is not associated with a substantially higher chance of proceeding to the next stage of the tournament.
Journal: Applied Economics Letters
Pages: 156-160
Issue: 2
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1630704
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1630704
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:2:p:156-160




Template-Type: ReDIF-Article 1.0
Author-Name: Adebayo Abass
Author-X-Name-First: Adebayo
Author-X-Name-Last: Abass
Author-Name: Paul Amaza
Author-X-Name-First: Paul
Author-X-Name-Last: Amaza
Author-Name: Beatrice Bachwenkizi
Author-X-Name-First: Beatrice
Author-X-Name-Last: Bachwenkizi
Author-Name: Bamidele Alenkhe
Author-X-Name-First: Bamidele
Author-X-Name-Last: Alenkhe
Author-Name: Ivor Mukuka
Author-X-Name-First: Ivor
Author-X-Name-Last: Mukuka
Author-Name: Nicolaus Cromme
Author-X-Name-First: Nicolaus
Author-X-Name-Last: Cromme
Title: Adding value through the mechanization of post-harvest cassava processing, and its impact on household poverty in north-eastern Zambia
Abstract: 
 This article investigates the impact of adopting a mechanized cassava processing system on household poverty levels in Zambia. An Foster, Greer and Thorbecke (FGT) poverty measure was used to compare poverty levels among households using a mechanized cassava processing system against those households using a nonmechanized process. Based on the FGT poverty measure’s specifications, a significantly lower poverty status of 49% was found among households using the mechanized process when compared to the 58% found among households using the nonmechanized process. The significant factors contributing to these differences in poverty levels include whether households are using a mechanized process or not, the number of years’ schooling among household members, the number of years’ farming experience, household income and membership of associations. The study concludes that the mechanization of cassava processing, particularly if done on the right scale, can transform primary production activities, in turn leading to higher incomes and reduced poverty levels in rural villages. Thus, policies should be introduced aimed at encouraging the promotion of mechanized post-harvest cassava processing technologies among rural households, so as to enhance crop productivity and household income levels, as well as reduce poverty among rural households.
Journal: Applied Economics Letters
Pages: 579-583
Issue: 9
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1213356
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1213356
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:9:p:579-583




Template-Type: ReDIF-Article 1.0
Author-Name: Holger Fink
Author-X-Name-First: Holger
Author-X-Name-Last: Fink
Author-Name: Sabrina Geppert
Author-X-Name-First: Sabrina
Author-X-Name-Last: Geppert
Title: Implied correlation indices and volatility forecasting
Abstract: 
 Implied volatility indices are an important measure for ‘market fear’ and well-known in academia and practice. Correlation is still paid less attention even though the CBOE started to calculate implied correlation indices for the S&amp;P500 in 2009. However, the literature especially on cross-country dependencies and applications is still quite thin. We are closing this gap by constructing an implied correlation index for the DAX and taking a deeper look at the (intercontinental) relationship between equity, volatility and correlation indices. Additionally, we show that implied correlation could improve implied volatility forecasting.
Journal: Applied Economics Letters
Pages: 584-588
Issue: 9
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1213357
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1213357
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:9:p:584-588




Template-Type: ReDIF-Article 1.0
Author-Name: Kenneth Lykke Sørensen
Author-X-Name-First: Kenneth Lykke
Author-X-Name-Last: Sørensen
Title: Active labour market programmes and reservation wages: it is a hazard
Abstract: 
 This article uses a randomized controlled trial to show that positive earnings effects of a labour market programme can be caused by either a faster return to employment together with a lowering of reservation wages or a more moderate return to employment together with an increase in reservation wages. I model wages and unemployment duration simultaneously in a hazard framework allowing for unobserved heterogeneity.
Journal: Applied Economics Letters
Pages: 589-593
Issue: 9
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1213358
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1213358
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:9:p:589-593




Template-Type: ReDIF-Article 1.0
Author-Name: Peter M. Aronow
Author-X-Name-First: Peter M.
Author-X-Name-Last: Aronow
Author-Name: Molly Offer-Westort
Author-X-Name-First: Molly
Author-X-Name-Last: Offer-Westort
Author-Name: Lauren E. Pinson
Author-X-Name-First: Lauren E.
Author-X-Name-Last: Pinson
Author-Name: Ana C. Perez-Gea
Author-X-Name-First: Ana C.
Author-X-Name-Last: Perez-Gea
Title: Information and access to United Nations diplomatic missions
Abstract: 
 United Nations (UN) diplomats play an important role in international policy, yet there is a scarcity of evidence and theory on their preferences and behaviour. We report the results of an online field experiment designed to identify the revealed preferences of diplomats. In particular, we investigate whether and how diplomats will provide access to outside organizations based on offers of information. We contacted diplomats by email and randomized offers of information on either peer missions or world affairs. While offers of information on peers garnered nearly 45% more responses indicating interest than offers of information on world affairs, response rates across both treatments were low, and the difference is only 3.3 percentage points. Our estimated treatment effects of assignment to the peer as compared to world affairs treatment are not statistically significant. Our experiment failed to provide evidence that these types of informational offers facilitate differential access to UN diplomats.
Journal: Applied Economics Letters
Pages: 594-597
Issue: 9
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1213359
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1213359
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:9:p:594-597




Template-Type: ReDIF-Article 1.0
Author-Name: Marc Bourreau
Author-X-Name-First: Marc
Author-X-Name-Last: Bourreau
Author-Name: Romain Lestage
Author-X-Name-First: Romain
Author-X-Name-Last: Lestage
Author-Name: François Moreau
Author-X-Name-First: François
Author-X-Name-Last: Moreau
Title: E-commerce and the market structure of the recorded music industry
Abstract: 
 In this article, we study the impact of the development of e-commerce on the concentration of the recorded music industry in France, for the period 2003–2010. First, we find that over the whole period, CD sales, measured at the distributor level, are less concentrated online than offline. Second, we find that sales concentration online has increased between the early period of e-commerce (2003–2006) and the later period (2007–2010).
Journal: Applied Economics Letters
Pages: 598-601
Issue: 9
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1217298
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1217298
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:9:p:598-601




Template-Type: ReDIF-Article 1.0
Author-Name: Menelik Geremew
Author-X-Name-First: Menelik
Author-X-Name-Last: Geremew
Title: Evaluating monetary policy with financial stability objective: rules vs. discretion
Abstract: 
 This article explores whether adding the goal of financial stability to the more traditional goals of output and price stability could improve optimality of monetary policy. A Dynamic Stochastic General Equilibrium model that endogenously incorporates financial frictions is used to derive optimality conditions across rule-based and discretionary monetary policy environments. The results indicate that it is optimal for the Central Bank to keep output below the potential level in the short term so as to dampen the inflationary effects arising from supply and financial shocks. When the economy is exposed to a financial shock, both leverage and credit spread rise significantly, thereby tipping the economy into a financial crisis and raising the probability of macroeconomic risk.
Journal: Applied Economics Letters
Pages: 602-617
Issue: 9
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1217299
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1217299
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:9:p:602-617




Template-Type: ReDIF-Article 1.0
Author-Name: Sunku Hahn
Author-X-Name-First: Sunku
Author-X-Name-Last: Hahn
Author-Name: Yun Jeong Choi
Author-X-Name-First: Yun Jeong
Author-X-Name-Last: Choi
Author-Name: Won-Sin Kim
Author-X-Name-First: Won-Sin
Author-X-Name-Last: Kim
Title: The effect of the car-parazzi system on traffic accidents in Korea
Abstract: 
 In 2001 and 2002, the Korean government rewarded around $3 to civilians who photograph and report violations of traffic rules. This so-called ‘car-parazzi system’ was such a success with well over 4 million cases reported until its abolition. Our empirical results found that the car-parazzi system was much effective in significantly reducing the death tolls by traffic accidents.
Journal: Applied Economics Letters
Pages: 618-622
Issue: 9
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1217300
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1217300
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:9:p:618-622




Template-Type: ReDIF-Article 1.0
Author-Name: Amanda S. King
Author-X-Name-First: Amanda S.
Author-X-Name-Last: King
Author-Name: John T. King
Author-X-Name-First: John T.
Author-X-Name-Last: King
Title: Depth versus breadth in video rental kiosks
Abstract: 
 We examine data from video rental kiosks for clues about how changes in the video rental industry have altered competition. Traditional video stores competed in availability, with consumer search costs determining the optimal probability of stock-outs. We find evidence that Redbox, the only major renter of physical discs in today’s market, competes in either availability (depth) or variety (breadth) depending on the mix of moratorium versus day-and-date titles released each week. Moratorium titles are those for which Redbox has agreed to wait a month or more beyond the street release date before adding them to kiosks, whereas day-and-date titles can be added to kiosks as soon as they are released on DVD. When there are relatively more day-and-date titles, Redbox competes against on-demand services by focusing on providing depth of hit movies at a much lower cost. As the mix of releases turns towards more moratorium releases, Redbox can no longer win over customers willing to pay the higher cost of on-demand streaming to avoid the moratorium. In this situation, Redbox competes with subscription-based services like Netflix which are also subject to studio moratoriums by offering a greater breadth of titles.
Journal: Applied Economics Letters
Pages: 623-626
Issue: 9
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1217301
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1217301
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:9:p:623-626




Template-Type: ReDIF-Article 1.0
Author-Name: Jens Rommel
Author-X-Name-First: Jens
Author-X-Name-Last: Rommel
Author-Name: Daniel Hermann
Author-X-Name-First: Daniel
Author-X-Name-Last: Hermann
Author-Name: Malte Müller
Author-X-Name-First: Malte
Author-X-Name-Last: Müller
Author-Name: Oliver Mußhoff
Author-X-Name-First: Oliver
Author-X-Name-Last: Mußhoff
Title: Comprehension in risk elicitation experiments
Abstract: 
 Economic experiments are increasingly conducted with field populations for whom comprehension of instructions may be more difficult to achieve. We investigate how framing experimental instructions in a familiar context and incentivizing the experimental task may affect comprehension. Based on an experiment with 146 German farmers, we compare four different versions of a Holt-and-Laury multiple price list. We find that incentives have a small positive effect on comprehension, as measured by the probability of making inconsistent choices and subjects’ self-assessment. In the absence of incentives, framing negatively affects comprehension. Comprehension is enhanced for farmers who score high on a numeracy test. We conclude that contextual framing might confuse subjects, whereas incentives can help to facilitate comprehension of experimental instructions.
Journal: Applied Economics Letters
Pages: 627-634
Issue: 9
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1217302
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1217302
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:9:p:627-634




Template-Type: ReDIF-Article 1.0
Author-Name: Takashi Oshio
Author-X-Name-First: Takashi
Author-X-Name-Last: Oshio
Author-Name: Emiko Usui
Author-X-Name-First: Emiko
Author-X-Name-Last: Usui
Title: Informal parental care and female labour supply in Japan
Abstract: 
 Using the Japanese Study of Aging and Retirement, Japan’s first globally comparable panel survey of the elderly, we estimate the effect on female employment in Japan due to the provision of informal parental care. We observe that informal parental care has little impact on female employment, after controlling for endogeneity of informal care or individual unobserved time-invariant heterogeneity. This finding is consistent with those observed in Europe and the US, underscoring a limited association between care and work in Japan, which is facing ageing at the fastest pace among advanced economies.
Journal: Applied Economics Letters
Pages: 635-638
Issue: 9
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1217303
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1217303
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Template-Type: ReDIF-Article 1.0
Author-Name: Chandana Shahi
Author-X-Name-First: Chandana
Author-X-Name-Last: Shahi
Author-Name: Sherrill Shaffer
Author-X-Name-First: Sherrill
Author-X-Name-Last: Shaffer
Title: CAPM and the changing distribution of historical returns
Abstract: 
 Three statistical tests reject the capital asset pricing model (CAPM) assumption of a constant distribution of returns over time, for three different aggregate stock indices over various holding periods since 1950. These findings further undermine the reliability of CAPM applied to historical data for choosing optimal portfolio allocations.
Journal: Applied Economics Letters
Pages: 639-642
Issue: 9
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1217304
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1217304
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Template-Type: ReDIF-Article 1.0
Author-Name: Regina T. Riphahn
Author-X-Name-First: Regina T.
Author-X-Name-Last: Riphahn
Author-Name: Rebecca Schrader
Author-X-Name-First: Rebecca
Author-X-Name-Last: Schrader
Title: Measuring the cyclicality of labour market flows using individual transitions
Abstract: 
 We investigate whether the choice of a business cycle measure affects estimates of the cyclicality of labour market flows. We exploit precise administrative data on individual labour market transitions and study the association of alternative business cycle measures with individual transitions between employment and unemployment. We find indeed substantial heterogeneities across business cycle indicators that may have affected the results of prior studies on labour market transitions.
Journal: Applied Economics Letters
Pages: 643-647
Issue: 9
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1218418
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1218418
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:9:p:643-647




Template-Type: ReDIF-Article 1.0
Author-Name: Oscar Claveria
Author-X-Name-First: Oscar
Author-X-Name-Last: Claveria
Author-Name: Enric Monte
Author-X-Name-First: Enric
Author-X-Name-Last: Monte
Author-Name: Salvador Torra
Author-X-Name-First: Salvador
Author-X-Name-Last: Torra
Title: Assessment of the effect of the financial crisis on agents’ expectations through symbolic regression
Abstract: 
 Agents’ perceptions on the state of the economy can be affected during economic crises. Tendency surveys are the main source of agents’ expectations. The main objective of this study is to assess the impact of the 2008 financial crisis on agents’ expectations. With this aim, we evaluate the capacity of survey-based expectations to anticipate economic growth in the United States, Japan, Germany and the United Kingdom. We propose a symbolic regression (SR) via genetic programming approach to derive mathematical functional forms that link survey-based expectations to GDP growth. By combining the main SR-generated indicators, we generate estimates of the evolution of GDP. Finally, we analyse the effect of the crisis on the formation of expectations, and we find an improvement in the capacity of agents’ expectations to anticipate economic growth after the crisis in all countries except Germany.
Journal: Applied Economics Letters
Pages: 648-652
Issue: 9
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1218419
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1218419
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:9:p:648-652




Template-Type: ReDIF-Article 1.0
Author-Name: Ana Damas de Matos
Author-X-Name-First: Ana
Author-X-Name-Last: Damas de Matos
Title: Firm heterogeneity and immigrant wage assimilation
Abstract: 
 This article investigates the role of job mobility in immigrant wage assimilation. I use longitudinal linked employer–employee data for Portugal to estimate the immigrant wage catch-up in log wage regressions with both individual and firm fixed effects. I show that moving to firms with higher wage premiums accounts for approximately 30% of the immigrant wage catch-up in the first years.
Journal: Applied Economics Letters
Pages: 653-657
Issue: 9
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1218421
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1218421
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Template-Type: ReDIF-Article 1.0
Author-Name: José Solana-Ibáñez
Author-X-Name-First: José
Author-X-Name-Last: Solana-Ibáñez
Author-Name: Manuel Caravaca-Garratón
Author-X-Name-First: Manuel
Author-X-Name-Last: Caravaca-Garratón
Author-Name: Lorena Para-González
Author-X-Name-First: Lorena
Author-X-Name-Last: Para-González
Title: Stability analysis and efficiency determinants: empirical evidence
Abstract: 
 Efficiency determinants analysis is a main contemporary component in the productive efficiency literature. Two-stage data envelopment analysis (DEA) procedure supposed a turning point in the methodology as the significance of a certain exogenous factor can provide policymakers with accurate information for future strategic decisions, but a deeper scrutiny into the importance of each factor remains unsettled. This article provides a novelty theoretical extension and empirical application for the two-stage DEA bootstrap procedure. We define the stability coefficient (SC) whose magnitude reveals the effect of each exogenous factor in the efficiency estimates. We present empirical evidence to examine the hypothesis that the efficiency of the 17 Spanish tourism regions for the average period data 2005–2013 is determined by a group of contextual variables, illustrating how the SCs strengthen knowledge concerning the significance of each potential attractor. The results help us to classify the significant attractors into strong and weak, accordingly enhancing the public or private decision process, and henceforth avoiding the wastefulness of decision-making units spending.
Journal: Applied Economics Letters
Pages: 658-661
Issue: 9
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2016.1218422
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1218422
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:9:p:658-661




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Corrigendum
Journal: Applied Economics Letters
Pages: 662-662
Issue: 9
Volume: 24
Year: 2017
Month: 5
X-DOI: 10.1080/13504851.2017.1287404
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1287404
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Guillemette
Author-X-Name-First: Michael
Author-X-Name-Last: Guillemette
Author-Name: David Blanchett
Author-X-Name-First: David
Author-X-Name-Last: Blanchett
Author-Name: Michael Finke
Author-X-Name-First: Michael
Author-X-Name-Last: Finke
Title: The effect of investment and withdrawal horizons on myopic loss aversion
Abstract: 
 Using unique survey data, we find that a longer investment horizon (6–10 years and 11+ years) reduces the likelihood of exhibiting myopic loss aversion (MLA) compared to an investment horizon of less than 2 years. In addition, we find that investors with higher levels of assets under management (AUM) are less likely to exhibit MLA compared to the lowest AUM quartile.
Journal: Applied Economics Letters
Pages: 787-790
Issue: 10
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1497840
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1497840
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:10:p:787-790




Template-Type: ReDIF-Article 1.0
Author-Name: KwangJoo (KJ) Koo
Author-X-Name-First: KwangJoo (KJ)
Author-X-Name-Last: Koo
Author-Name: Jonghwan (Simon) Kim
Author-X-Name-First: Jonghwan (Simon)
Author-X-Name-Last: Kim
Title: CEO power and firm opacity
Abstract: 
 This paper examines the association between CEO power and firm opacity. We discuss the entrenchment and managerial power theories to develop a coherent hypothesis that captures a negative relationship. To investigate the relationship, we use CEO pay slice (CPS) and opacity index as proxies for CEO power and information environment, respectively. With alternate model specifications, we consistently find that firm opacity is positively associated with CPS. With the findings, we conclude that powerful CEOs pursue greater firm opacity–leading to poorer information environments–to hide, if any, agency issues or poor firm performance.
Journal: Applied Economics Letters
Pages: 791-794
Issue: 10
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1497841
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1497841
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:10:p:791-794




Template-Type: ReDIF-Article 1.0
Author-Name: KwangJoo Koo
Author-X-Name-First: KwangJoo
Author-X-Name-Last: Koo
Author-Name: Won Yong Kim
Author-X-Name-First: Won Yong
Author-X-Name-Last: Kim
Title: Do lucky CEOs avoid innovation?
Abstract: 
 Stock options are one of the most widely used equity-based compensation mechanisms to mitigate misalignment between managers’ and shareholders’ interests. And yet, it is sometimes suspiciously used as a method of extracting shareholders’ wealth to managers (Bebchuk et al., 2009). The typical ways to do so is using opportunistic timing such as backdating, spring-loading, etc. As shown in Bebchuk et al. (2010), opportunistic timing of option grants increases the incidence of lucky grants, or stock option grants that CEOs receive when the price is abnormally low. We investigate whether lucky grants to CEOs impact firm innovations and, by extension, long-term growth. Using patent citations as a proxy variable for innovation (Kogan et al., 2017), we find that innovation decreases if CEOs received lucky grant in the previous year. The results imply that lucky grants may reduce the incentive for CEOs to invest in risky, long-term projects and negatively affect fir innovation.
Journal: Applied Economics Letters
Pages: 795-798
Issue: 10
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1497842
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1497842
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:10:p:795-798




Template-Type: ReDIF-Article 1.0
Author-Name: Yasunori Ouchida
Author-X-Name-First: Yasunori
Author-X-Name-Last: Ouchida
Title: Cooperative choice of corporate social responsibility in a bilateral monopoly model
Abstract: 
 This article presents an examination of a linear bilateral monopoly model with endogenous and cooperative choice of corporate social responsibility (CSR) level. This article also describes an investigation of the effects of cooperative choice of CSR on the market and welfare. New findings are explicit derivation of the necessary and sufficient condition for solving a double marginalization problem in the bilateral monopoly model with CSR. In addition, this report is the first demonstrating that cooperative CSR with Nash bargaining improves consumer surplus, social welfare and each firm’s profit to a level higher than that achieved through noncooperative CSR. Furthermore, cooperative CSR with Nash bargaining is shown to be capable of completely solving the double marginalization problem generated by a bilateral monopoly, although the manufacturer and the retailer are not vertically integrated.
Journal: Applied Economics Letters
Pages: 799-806
Issue: 10
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1497843
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1497843
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:10:p:799-806




Template-Type: ReDIF-Article 1.0
Author-Name: Cedric L. Mbanga
Author-X-Name-First: Cedric L.
Author-X-Name-Last: Mbanga
Title: The day-of-the-week pattern of price clustering in Bitcoin
Abstract: 
 Following Urquhart (2017) who finds evidence of price clustering in Bitcoin, we answer the question of whether the documented price clustering in Bitcoin is driven by any given day-of-the-week. We find evidence that Bitcoin prices cluster around whole numbers more on Fridays and least on Mondays. We also show that Bitcoin price clustering around the top three most frequent two-digit decimals is primarily a Friday phenomenon.
Journal: Applied Economics Letters
Pages: 807-811
Issue: 10
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1497844
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1497844
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:10:p:807-811




Template-Type: ReDIF-Article 1.0
Author-Name: Oscar Claveria
Author-X-Name-First: Oscar
Author-X-Name-Last: Claveria
Title: A new consensus-based unemployment indicator
Abstract: 
 In this study we present a novel approach to measure the level of consensus among agents’ expectations. The proposed framework allows us to design a positional indicator that gives the percentage of agreement between survey expectations. While other aggregation methods such as the balance, which is constructed as the difference between the percentages of respondents giving positive and negative replies, explicitly omit the neutral information, the proposed metric allows synthesizing the information coming from all response categories, including the percentage of respondents who do not expect any change. In order to assess the performance of the proposed measure of consensus, we compare its ability to track the evolution of unemployment to that of the balance in eight European countries. With this aim, we scale both measures to generate one-period ahead forecasts of the unemployment rate. We find that the consensus-based unemployment indicator outperforms the balance in all countries except Denmark and Sweden, which suggests that the level of agreement among agents’ expectations is a good predictor of unemployment.
Journal: Applied Economics Letters
Pages: 812-817
Issue: 10
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1497846
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1497846
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:10:p:812-817




Template-Type: ReDIF-Article 1.0
Author-Name: Aziz N. Berdiev
Author-X-Name-First: Aziz N.
Author-X-Name-Last: Berdiev
Author-Name: James W. Saunoris
Author-X-Name-First: James W.
Author-X-Name-Last: Saunoris
Title: What drives entrepreneurs underground? The role of tax morale
Abstract: 
 Using novel cross-country data, we examine whether and to what extent tax morale impacts informal entrepreneurship. Employing instrumental variables strategy, we find that countries with higher tax morale enjoy lower informal entrepreneurship.
Journal: Applied Economics Letters
Pages: 818-822
Issue: 10
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1497847
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1497847
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:10:p:818-822




Template-Type: ReDIF-Article 1.0
Author-Name: Dimitar Eftimoski
Author-X-Name-First: Dimitar
Author-X-Name-Last: Eftimoski
Title: An assessment of the dynamic effects of monetary policy in Macedonia
Abstract: 
 Macedonia, as a small emerging economy, is exposed to foreign risks such as: exchange rate volatility, trade distortions, and highly volatile capital flows. To ‘protect’ its economy, since 1995, the Macedonian Central Bank has applied the monetary strategy of exchange rate targeting, where the interest rate on Central Bank bills auctions is a basic monetary-policy instrument. This paper re-examined the effectiveness of the current monetary policy in Macedonia using the policy-oriented vector error correction model (VECM). We found that the Macedonian Central Bank demonstrates a low level of monetary-policy effectiveness and the existing monetary-policy strategy does not necessarily promote its ability to react countercyclically.
Journal: Applied Economics Letters
Pages: 823-829
Issue: 10
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1501151
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1501151
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:10:p:823-829




Template-Type: ReDIF-Article 1.0
Author-Name: Makram El-Shagi
Author-X-Name-First: Makram
Author-X-Name-Last: El-Shagi
Title: A simple estimator for smooth local projections
Abstract: 
 In this paper, we propose a simple approach to estimate impulse response function through smoothed local projections, thereby utilizing the flexibility of local projections, while creating smooth and economically plausible impulse response functions as provided by VARs. The approach allows to determine the appropriate degree of smoothing endogenously through a standard information criterion. This also avoids oversmoothing and provides an estimator that is generally more efficient than standard local projections.
Journal: Applied Economics Letters
Pages: 830-834
Issue: 10
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1502861
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1502861
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:10:p:830-834




Template-Type: ReDIF-Article 1.0
Author-Name: Ghassem A. Homaifar
Author-X-Name-First: Ghassem A.
Author-X-Name-Last: Homaifar
Author-Name: Frank A. Michello
Author-X-Name-First: Frank A.
Author-X-Name-Last: Michello
Title: A generalized algorithm for duration and convexity of option embedded bonds
Abstract: 
 This article derives a generalized algorithm for duration and convexity of option embedded bonds that provides a convenient way of estimating the dollar value of 1 basis point change in yield known as DV01, an important metric in the bond market. As delta approaches 1, duration of callable bonds approaches zero once the bond is called. However, when the delta is zero, the short call is worthless and duration of callable will be equal to that of a straight bond. On the other hand, the convexity of a callable bond follows the same behaviour when the delta is 1 as shown in Dunetz and Mahoney (1988) as well as in Mehran and Homaifar’s (1993) derivations. However, in the case when delta is zero, the convexity of a callable bond approaches zero as well, which is in stark contrast to the non-zero convexity derived in Dunetz and Mahoney’s paper. Our generalized algorithm shows that duration and convexity nearly symmetrically underestimate (overestimate) the actual price change by 11/10 basis points for ± 100 basis points change in yield. Furthermore, our algorithm reduces to that of MH for convertible bonds assuming the convertible bond is not callable.
Journal: Applied Economics Letters
Pages: 835-842
Issue: 10
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1502862
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1502862
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:10:p:835-842




Template-Type: ReDIF-Article 1.0
Author-Name: Bruno Damásio
Author-X-Name-First: Bruno
Author-X-Name-Last: Damásio
Author-Name: Sandro Mendonça
Author-X-Name-First: Sandro
Author-X-Name-Last: Mendonça
Title: Modelling insurgent-incumbent dynamics: Vector autoregressions, multivariate Markov chains, and the nature of technological competition
Abstract: 
 The struggle between sail and steam is a long-standing theme in economic history. But this technological competition story has only partly tackled, since most studies have appreciated the rivalry between the two alternative modes of commercial sea carriage in the late 19th century while the early period has remained relatively under-analysed. This paper models the early dynamics between the two capital goods using a vector autoregression approach (VAR) and a Multivariate Markov Chain approach (MMC). We find evidence that the relationship was non-linear, with a strong indication of complementarities and cross-technology learning effects.
Journal: Applied Economics Letters
Pages: 843-849
Issue: 10
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1502863
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1502863
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:10:p:843-849




Template-Type: ReDIF-Article 1.0
Author-Name: Kisung Yang
Author-X-Name-First: Kisung
Author-X-Name-Last: Yang
Author-Name: Myeong Hyeon Kim
Author-X-Name-First: Myeong Hyeon
Author-X-Name-Last: Kim
Author-Name: Young Min Kim
Author-X-Name-First: Young Min
Author-X-Name-Last: Kim
Title: Financial connectedness revisited: the role of Fama-French risk factors
Abstract: 
 We study the contributions of Fama-French type risk factors to spillovers across global stock markets by combining the framework proposed by Diebold and Yilmaz(2009) with insights from asset pricing. We demonstrate that incorporating the risk factors absorbs approximately 40% of information from DY’s total spillover measure to blur the boundaries between ‘To’ and ‘From’ countries and alleviates its upward trend. We find that the DY’s spillover index after controlling for the risk factors yet fluctuates in accordance with historically important economic events over time. Last but not least, the stock market characteristics implied by risk factor exposures are revealed to play the crucial role in determining the Net spillover direction among global equity markets.
Journal: Applied Economics Letters
Pages: 850-856
Issue: 10
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1502864
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1502864
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:10:p:850-856




Template-Type: ReDIF-Article 1.0
Author-Name: Sunil Kumar
Author-X-Name-First: Sunil
Author-X-Name-Last: Kumar
Author-Name: Rachita Gulati
Author-X-Name-First: Rachita
Author-X-Name-Last: Gulati
Title: Did the global financial crisis alter the competitive conditions in the Indian banking industry?
Abstract: 
 This article addresses a pertinent research question: Did the global financial crisis alter the competitive conditions in the Indian banking industry? In order to find the answer of this research question, we applied a dynamic version of the non-structural Panzar-Rosse model on a unique unbalanced panel dataset of Indian banks spanning over the period from 1998/99 to 2015/16. The robust estimates of H-statistic computed on the basis of the generalized method of moments estimates of the elasticities of input prices show that (i) Indian banks earned their interest and total revenue under monopolistic competition throughout the whole of the sample period and (ii) the global financial crisis altered the competitive conditions in the banking industry, and market moved closer to perfect competition following the financial crisis, especially when interest-bearing activities were in focus.
Journal: Applied Economics Letters
Pages: 857-865
Issue: 10
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1502865
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1502865
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Template-Type: ReDIF-Article 1.0
Author-Name: Libena Tetrevova
Author-X-Name-First: Libena
Author-X-Name-Last: Tetrevova
Author-Name: Michal Patak
Author-X-Name-First: Michal
Author-X-Name-Last: Patak
Author-Name: Iryna Kyrylenko
Author-X-Name-First: Iryna
Author-X-Name-Last: Kyrylenko
Title: Web-based CSR communication in post-communist countries
Abstract: 
 In this survey, we investigate the level of web-based CSR communication in selected post-communist countries. Our objective was to identify, analyse and evaluate the scope of web-based CSR communication and the structure of CSR activities communicated by the TOP 100 companies based in the Czech Republic and Ukraine. On the basis of content analysis of the websites of the 100 most important companies (according to the level of revenue) based in each of these countries, we can state that the level of their web-based CSR communication is comparable. It does, however, correspond to the generally low level of CSR communication in post-communist countries. Apart from corporate websites, another popular channel of communication is social networks, in particular, Facebook. As far as the scope of CSR activities communicated is concerned, companies based in the Czech Republic communicate an average of 19 and companies based in Ukraine communicate an average of 18 of the 39 monitored activities. TOP 100 companies operating in these countries communicate economic and environmental responsibility activities in the greatest scope and on the contrary, ethical responsibility activities the least.
Journal: Applied Economics Letters
Pages: 866-871
Issue: 10
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1508866
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1508866
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:10:p:866-871




Template-Type: ReDIF-Article 1.0
Author-Name: M. Alejandro Cardenete
Author-X-Name-First: M. Alejandro
Author-X-Name-Last: Cardenete
Author-Name: M. Carmen Lima
Author-X-Name-First: M. Carmen
Author-X-Name-Last: Lima
Author-Name: Ferran Sancho
Author-X-Name-First: Ferran
Author-X-Name-Last: Sancho
Title: An assessment of the impact of EU funds through productivity boosts using CES functions
Abstract: 
 The economic effects of European Funds on recipient countries are not without controversy. We propose to study this issue focusing on the productivity coefficients of CES production functions in a multisectoral, interdependent general equilibrium model. We adopt the calibration techniques typically used in computational general equilibrium modelling to estimate a numerical improvement in the productivity coefficients of the CES functions. The array of different funds belongs to two broad categories associated with the two types of primary factors, labour and capital, that determine the output. Once we estimate the change in productivity coefficients in labour and in capital, we introduce them into a computable general equilibrium model and simulate their effects, all else being equal, in order to quantify their likely economy-wide effects.
Journal: Applied Economics Letters
Pages: 872-876
Issue: 10
Volume: 26
Year: 2019
Month: 6
X-DOI: 10.1080/13504851.2018.1508867
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1508867
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:10:p:872-876




Template-Type: ReDIF-Article 1.0
Author-Name: Quentin Wodon
Author-X-Name-First: Quentin
Author-X-Name-Last: Wodon
Title: Education budget savings from ending child marriage and early childbirths: the case of Niger
Abstract: 
 Ending child marriage and early childbirths would reduce total fertility rates and population growth especially in countries with a high incidence of child marriage, early childbirths, or both. Savings for public budgets could be large. This article relies on demographic projections and a UNESCO costing model for the provision of education by governments to estimate savings that could result from ending child marriage and early childbirths for public education budgets. The analysis is conducted for Niger, the country with the highest rate of child marriage in the world.
Journal: Applied Economics Letters
Pages: 649-652
Issue: 10
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2016.1259743
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1259743
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:10:p:649-652




Template-Type: ReDIF-Article 1.0
Author-Name: Taylor Jaworski
Author-X-Name-First: Taylor
Author-X-Name-Last: Jaworski
Author-Name: Maggie E.C. Jones
Author-X-Name-First: Maggie E.C.
Author-X-Name-Last: Jones
Author-Name: Mario Samano
Author-X-Name-First: Mario
Author-X-Name-Last: Samano
Title: Entry and pricing on Broadway
Abstract: 
 This article investigates the pricing decisions of Broadway shows. We find evidence that incumbent Broadway shows lower prices several weeks prior to the opening of a new show. In addition, prices are lower when the threat of competition, due to more entrants, is larger. A decomposition suggests that prices are more important than quantities for changes in revenue prior to entry and that this pattern reverses after entry occurs.
Journal: Applied Economics Letters
Pages: 653-658
Issue: 10
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1355531
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1355531
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:10:p:653-658




Template-Type: ReDIF-Article 1.0
Author-Name: Pu Gong
Author-X-Name-First: Pu
Author-X-Name-Last: Gong
Author-Name: Jun Dai
Author-X-Name-First: Jun
Author-X-Name-Last: Dai
Title: Herding on lottery-type stocks: evidence from the Chinese stock market
Abstract: 
 Previous studies have provided evidence that investors have gambling propensity in the stock market and exhibit a preference for lottery-type stocks. In this study, we use high total skewness and high maximum daily return (MAX) to measure lottery-type stocks and examine whether investors do exhibit distinct herding pattern in these stock types. Empirical results show that investors display stronger herding among lottery-type stocks, thereby indicating that such stocks induce correlated behaviour with the investors. In addition, we find that stocks with the highest skewness exhibit stronger herding under upmarkets, whereas stocks with the lowest skewness display stronger herding under downmarkets. Regarding the highest MAX portfolio, no significant herding asymmetry is seen between upmarket and downmarket. The results reported in this article demonstrate that comovement in stock returns may be partly attributed to the nonstandard preferences of investors in the stock market.
Journal: Applied Economics Letters
Pages: 659-662
Issue: 10
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1355532
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1355532
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:10:p:659-662




Template-Type: ReDIF-Article 1.0
Author-Name: Vikkram Singh
Author-X-Name-First: Vikkram
Author-X-Name-Last: Singh
Author-Name: Eduardo Roca
Author-X-Name-First: Eduardo
Author-X-Name-Last: Roca
Author-Name: Bin Li
Author-X-Name-First: Bin
Author-X-Name-Last: Li
Title: Cointegration networks in stock markets
Abstract: 
 We use a novel approach based on a combination of network and cointegration analysis to examine linkages between stock markets across market cycles. Our results show that long-run linkages are likely to be global rather than regional and that market turbulence increases linkages. However, we find no widespread common stochastic trends between markets and neither are we able to draw a conclusion that major financial markets display influences network linkages.
Journal: Applied Economics Letters
Pages: 663-667
Issue: 10
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1355534
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1355534
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:10:p:663-667




Template-Type: ReDIF-Article 1.0
Author-Name: Zheng Wang
Author-X-Name-First: Zheng
Author-X-Name-Last: Wang
Author-Name: Meina Xu
Author-X-Name-First: Meina
Author-X-Name-Last: Xu
Title: Aid for trade and the quality of exports
Abstract: 
 This article studies how aid for trade (AfT) affects the quality of recipient countries’ exports. It shows that the quality effect is most discernible for AfT for assistance in trade policy: a 50% increase in the value of AfT received in this category is associated with a 0.5–1% increase in the quality of exports to the donor and other OECD countries. On average, the actual AfT received for assistance in trade policy leads to a 2% upgrade of the recipient country in the quality ladder of all developing countries. Around half of this quality effect is driven by the quality improvement of continued products in continued markets (intensive margin), and the other half by the quality upgrading of new products in continued markets and existing products in new markets (extensive margin).
Journal: Applied Economics Letters
Pages: 668-673
Issue: 10
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1355535
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1355535
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:10:p:668-673




Template-Type: ReDIF-Article 1.0
Author-Name: Pratap Chandra Pati
Author-X-Name-First: Pratap Chandra
Author-X-Name-Last: Pati
Title: Volatility, maturity and volume in the Indian metals futures
Abstract: 
 This study examines the validity of Samuelson hypothesis and the mixture of distribution hypothesis to uncover time-to-maturity and trading volume as the sources of volatility in gold and copper futures. Exponential generalized autoregressive conditional heteroskedasticity model is used for empirical analysis. Leverage effect is found in copper futures but not in gold futures. We find evidence of the Samuelson maturity effect even after controlling for the trading volume. The mixture of distribution hypothesis is strongly supported. Hence trading volume, a proxy for information arrival, is one of the important determinants of volatility, and it dominates time-to-maturity. The results have implications for setting the desired level of margin requirements in futures contracts, designing effective hedging strategy and strengthening the risk management practices.
Journal: Applied Economics Letters
Pages: 674-680
Issue: 10
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1355536
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1355536
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:10:p:674-680




Template-Type: ReDIF-Article 1.0
Author-Name: Annarita Colasante
Author-X-Name-First: Annarita
Author-X-Name-Last: Colasante
Author-Name: Simone Alfarano
Author-X-Name-First: Simone
Author-X-Name-Last: Alfarano
Author-Name: Eva Camacho
Author-X-Name-First: Eva
Author-X-Name-Last: Camacho
Author-Name: Mauro Gallegati
Author-X-Name-First: Mauro
Author-X-Name-Last: Gallegati
Title: Long-run expectations in a learning-to-forecast experiment
Abstract: 
 We conduct a Learning to Forecast Experiment using a novel setting in which we elicit subjects’ short- and long-run expectations on the future price of an asset. We find that: (i) the rational expectations equilibrium is not a meaningful description for the whole time spectrum of subjects’ expectations; (ii) they are, instead, better described by an anchor-and-adjustment learning scheme; (iii) subjects exhibit a higher degree of heterogeneity in their long-run expectations vis-à-vis short-run expectations.
Journal: Applied Economics Letters
Pages: 681-687
Issue: 10
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1355537
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1355537
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:10:p:681-687




Template-Type: ReDIF-Article 1.0
Author-Name: Heejin Yang
Author-X-Name-First: Heejin
Author-X-Name-Last: Yang
Author-Name: Jaeram Lee
Author-X-Name-First: Jaeram
Author-X-Name-Last: Lee
Author-Name: Doojin Ryu
Author-X-Name-First: Doojin
Author-X-Name-Last: Ryu
Title: Market depth, domestic investors and price monotonicity violations
Abstract: 
 We re-examine the monotonicity violations of option price dynamics considering the roles of market depth and domestic investors. Violations caused by option price movements in conflict with underlying price movements tend to occur less frequently as the market depth increases, especially in the case of out-of-the-money options. In contrast, violations caused by option prices that remain sticky despite underlying price changes occur more frequently as the market depth increases. Both of these relationships are amplified by domestic investors.
Journal: Applied Economics Letters
Pages: 688-692
Issue: 10
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1355539
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1355539
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:10:p:688-692




Template-Type: ReDIF-Article 1.0
Author-Name: Ye Jiao
Author-X-Name-First: Ye
Author-X-Name-Last: Jiao
Author-Name: Zhao Yunpeng
Author-X-Name-First: Zhao
Author-X-Name-Last: Yunpeng
Author-Name: Cui Chuanjiang
Author-X-Name-First: Cui
Author-X-Name-Last: Chuanjiang
Author-Name: Zhao Lu
Author-X-Name-First: Zhao
Author-X-Name-Last: Lu
Title: Effect of cultural distance on reverse technology spillover from outward FDI: a bane or a boon?
Abstract: 
 This article aims to investigate the role of cultural distance in the relationship between outward foreign direct investment (OFDI) and reverse technology spillover. Chinese firm-level data have been used to examine whether the cultural distance between domestic and host countries is a bane or a boon to innovation when firms engage in OFDI for technology acquisition. Generally, businesses with similar cultural backgrounds have an easier time-making technological progress. However, this research revealed a deeper level of reverse technological spillover among firms that invest in Europe and the USA, which are considered to quite culturally distant from China. Reverse technological spillover through OFDI is positively affected by individualism and uncertainty avoidance, which are the two dimensions of cultural distance.
Journal: Applied Economics Letters
Pages: 693-697
Issue: 10
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1356074
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1356074
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:10:p:693-697




Template-Type: ReDIF-Article 1.0
Author-Name: Suzanna- Maria Paleologou
Author-X-Name-First: Suzanna- Maria
Author-X-Name-Last: Paleologou
Title: Income and democracy: dynamic misspecification due to the presence of serial correlation
Abstract: 
 We address the issue of dynamic misspecification arising from the possible existence of serial correlation when examining the relationship between income and democracy by employing a panel count data estimation method. We find evidence that income per capita systematically predicts democracy, but it does not so in relation to the colonization experience of each country. Our results are robust across model specification and samples.
Journal: Applied Economics Letters
Pages: 698-701
Issue: 10
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1358440
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1358440
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:10:p:698-701




Template-Type: ReDIF-Article 1.0
Author-Name: Lesley Chiou
Author-X-Name-First: Lesley
Author-X-Name-Last: Chiou
Author-Name: Jennifer Pate
Author-X-Name-First: Jennifer
Author-X-Name-Last: Pate
Title: Trust, reputation and bidding behaviour in online mystery auctions
Abstract: 
 We use transactions from a distinctive online environment of ‘mystery’ auctions to examine the role that trust plays and how it impacts bidding behaviour when the exact characteristics of a good being auctioned are purposefully concealed from buyers. We show that buyers are generally trusting seller claims in online transactions and that seller reputation becomes significantly more important to buyers (as demonstrated by their bids) when the quality (or value) of the good is unspecified. Our findings can be extrapolated to consider broader economic implications of bidding behaviour impacted by trust, such as in financial markets, where over-bidding may lead to price bubbles.
Journal: Applied Economics Letters
Pages: 702-706
Issue: 10
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1358441
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1358441
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:10:p:702-706




Template-Type: ReDIF-Article 1.0
Author-Name: Jiaolong Li
Author-X-Name-First: Jiaolong
Author-X-Name-Last: Li
Author-Name: Zhiqin Yang
Author-X-Name-First: Zhiqin
Author-X-Name-Last: Yang
Title: A panel data model with interactive effects characterized by multilevel non-parallel factors
Abstract: 
 Current research only considers parallel factors in factor models. In this article, we provide an algorithm based on cross principal component analysis that identifies and estimates a panel data model with interactive effects characterized by multilevel and non-parallel factors. The simulation results show that our estimator is consistent, converges quickly and outperforms other estimators that identify the factor structure incorrectly.
Journal: Applied Economics Letters
Pages: 707-712
Issue: 10
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1358442
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1358442
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:10:p:707-712




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Bednar
Author-X-Name-First: Steven
Author-X-Name-Last: Bednar
Title: Campaigning and election outcomes in a presidential primary election
Abstract: 
 This article presents new evidence from the US presidential primary setting on the role campaigning plays in determining election outcomes. Using candidate visits as a measure of campaign intensity, I estimate a discrete choice model of voting using a differentiated products framework where I allow for abstention and create instruments for campaigning based on Democratic Party rules for delegate allocation. On average, a visit by a candidate increases the vote share of this candidate by about 2.4 percentage points and decreases the abstaining share by 0.7 percentage points.
Journal: Applied Economics Letters
Pages: 713-717
Issue: 10
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1360999
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1360999
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:10:p:713-717




Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Dias
Author-X-Name-First: Francisco
Author-X-Name-Last: Dias
Author-Name: Maximiano Pinheiro
Author-X-Name-First: Maximiano
Author-X-Name-Last: Pinheiro
Author-Name: António Rua
Author-X-Name-First: António
Author-X-Name-Last: Rua
Title: A bottom-up approach for forecasting GDP in a data-rich environment
Abstract: 
 In an increasingly data-rich environment, the use of factor models for forecasting purposes has gained prominence in the literature and among practitioners. Herein, we assess the forecasting behaviour of factor models to predict several GDP components and investigate the performance of a bottom-up approach to forecast GDP growth in Portugal, which was one of the hardest hit economies during the latest economic and financial crisis. We find supporting evidence of the usefulness of factor models and noteworthy forecasting gains when conducting a bottom-approach drawing on the main aggregates of GDP.
Journal: Applied Economics Letters
Pages: 718-723
Issue: 10
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1361000
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1361000
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:10:p:718-723




Template-Type: ReDIF-Article 1.0
Author-Name: Luca Agnello
Author-X-Name-First: Luca
Author-X-Name-Last: Agnello
Author-Name: Vitor Castro
Author-X-Name-First: Vitor
Author-X-Name-Last: Castro
Author-Name: Ricardo M Sousa
Author-X-Name-First: Ricardo M
Author-X-Name-Last: Sousa
Title: Systemic financial crises and the housing market cycle
Abstract: 
 Using quarterly data for a group of 20 industrialized countries and both continuous- and discrete-time duration models, we show that financial crisis recessions are associated with a two- to three-fold increase in the likelihood of the end of a housing boom. Additionally, recessions preceded by booms in mortgage credit are especially damaging, as their occurrence coincides with an increase in the duration of housing market slumps of almost 90%.
Journal: Applied Economics Letters
Pages: 724-729
Issue: 10
Volume: 25
Year: 2018
Month: 6
X-DOI: 10.1080/13504851.2017.1361001
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1361001
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:10:p:724-729




Template-Type: ReDIF-Article 1.0
Author-Name: Le Thanh Tung
Author-X-Name-First: Le Thanh
Author-X-Name-Last: Tung
Author-Name: Jan Bentzen
Author-X-Name-First: Jan
Author-X-Name-Last: Bentzen
Title: Regional income convergence in Indochina 1970&#x2013;2015?
Abstract: 
 Real incomes have been increasing relatively fast in the Indochina region but there are still large differences in income levels between the six member countries. Based on the various sources of national accounts data, it seems that the low-income countries have experienced the highest growth rates. Time series tests of convergence, in this case catching-up to the relatively high-income level in Malaysia, confirm that Cambodia, Myanmar, Thailand and Vietnam have narrowed the income gap during the last two decades.
Journal: Applied Economics Letters
Pages: 168-173
Issue: 3
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1444258
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1444258
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:3:p:168-173




Template-Type: ReDIF-Article 1.0
Author-Name: Pankaj K. Maskara
Author-X-Name-First: Pankaj K.
Author-X-Name-Last: Maskara
Author-Name: Florence Neymotin
Author-X-Name-First: Florence
Author-X-Name-Last: Neymotin
Title: Credit unions during the crisis: did they provide liquidity?
Abstract: 
 We use the consumer finance monthly national survey to demonstrate that credit unions (CUs) in the United States did little to help consumers obtain a home equity line of credit (HELOC) during the recent financial crisis. Our results hold after including a two-stage regression structure using the availability of CUs as the identifying instrument, as well as employing a Heckman correction procedure to adjust for sample selection bias. We find that during the financial crisis, CUs were no more likely than other depositary institutions to extend HELOCs either in areas experiencing housing price declines or to lower income households. Our results provide an empirical counterpoint to those who have lauded CUs for providing liquidity during times of crisis or for serving consumers who would otherwise be challenged to obtain funds.
Journal: Applied Economics Letters
Pages: 174-179
Issue: 3
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1444259
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1444259
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:3:p:174-179




Template-Type: ReDIF-Article 1.0
Author-Name: Yasir Shahab
Author-X-Name-First: Yasir
Author-X-Name-Last: Shahab
Author-Name: Collins G Ntim
Author-X-Name-First: Collins G
Author-X-Name-Last: Ntim
Author-Name: Farid Ullah
Author-X-Name-First: Farid
Author-X-Name-Last: Ullah
Title: The brighter side of being socially responsible: CSR ratings and financial distress among Chinese state and non-state owned firms
Abstract: 
 We examine the effect of corporate social responsibility (CSR) quality ratings on the financial distress levels of Chinese enterprises by using the previously unexplored new China-specific Altman &#x2018;ZChina Score&#x2019; in the context of CSR and data from 749 firms over the 2009&#x2013;2014 period. First, we find that CSR quality ratings significantly reduce Chinese firms&#x2019; distress levels. Second, we find that the ability of CSR to reduce distress levels in non-state-owned Chinese firms is higher than state-owned ones. Finally, we find similar results when we divide the data into high-low CSR ratings and levels of distress. Our results are robust to potential endogeneities.
Journal: Applied Economics Letters
Pages: 180-186
Issue: 3
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1450480
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1450480
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:3:p:180-186




Template-Type: ReDIF-Article 1.0
Author-Name: Dany Bahar
Author-X-Name-First: Dany
Author-X-Name-Last: Bahar
Title: Measuring knowledge intensity in manufacturing industries: a new approach
Abstract: 
 This article presents the methodology and results for measuring the knowledge intensity of manufacturing industries based on the knowledge-related characteristics of their workforce. The measures link information from the Occupational Information Network project (from the US Department of Labor) and the Occupational Employment Statistics (from the Bureau of Labor Statistics) to produce industry-specific knowledge intensity measures. The new measures overcome the main issues posed by the industry-average R&amp;D share in total sales variable, often used as a proxy for knowledge intensity in the literature.
Journal: Applied Economics Letters
Pages: 187-190
Issue: 3
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1456643
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1456643
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:3:p:187-190




Template-Type: ReDIF-Article 1.0
Author-Name: Anja Bodenschatz
Author-X-Name-First: Anja
Author-X-Name-Last: Bodenschatz
Author-Name: Bernd Irlenbusch
Author-X-Name-First: Bernd
Author-X-Name-Last: Irlenbusch
Title: Do two bribe less than one? &#x2013; An experimental study on the four-eyes-principle
Abstract: 
 We incorporate a four-eyes-mechanism on the briber&#x2019;s side into a bribery game. Our results are mixed. We find no effect of the mechanism in a one-shot setting, but a reduction of bribes when the setting is repeated.
Journal: Applied Economics Letters
Pages: 191-195
Issue: 3
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1456644
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1456644
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:3:p:191-195




Template-Type: ReDIF-Article 1.0
Author-Name: C. T. Albulescu
Author-X-Name-First: C. T.
Author-X-Name-Last: Albulescu
Author-Name: D. P&#xE9;pin
Author-X-Name-First: D.
Author-X-Name-Last: P&#xE9;pin
Title: The money demand and the loss of interest for the euro in Romania
Abstract: 
 We generalize a money demand micro-founded model to explain Romanians&#x2019; recent loss of interest for the euro. We show that the reason behind this loss of interest is a severe decline in the relative degree of the euro liquidity against that of the Romanian leu. Our empirical findings also suggest that the two currencies are rather complements than substitutes, providing thus evidence for a reduced level of monetary integration of Romania with the Euro area. These results put into question the interest for the euro adoption in the next period.
Journal: Applied Economics Letters
Pages: 196-201
Issue: 3
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1456645
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1456645
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Template-Type: ReDIF-Article 1.0
Author-Name: Su Wah Hlaing
Author-X-Name-First: Su Wah
Author-X-Name-Last: Hlaing
Author-Name: Makoto Kakinaka
Author-X-Name-First: Makoto
Author-X-Name-Last: Kakinaka
Title: Global uncertainty and capital flows: any difference between foreign direct investment and portfolio investment?
Abstract: 
 This note investigates how global uncertainty relates to extreme waves of capital flows, including foreign direct investment, portfolio investment, and other investment. We find the clear differences in the role of global uncertainty between advanced and developing economies. Global uncertainty increases the likelihood of sudden contraction of portfolio investment in both advanced and developing economies, while it increases that of foreign direct investment in only advanced economies.
Journal: Applied Economics Letters
Pages: 202-209
Issue: 3
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1458182
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1458182
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:3:p:202-209




Template-Type: ReDIF-Article 1.0
Author-Name: Nguyen Ba Trung
Author-X-Name-First: Nguyen Ba
Author-X-Name-Last: Trung
Title: The spillover effect of the US uncertainty on emerging economies: a panel VAR approach
Abstract: 
 The article quantifies the spillover effects of the United States&#x2019; (US) uncertainty shocks on emerging economies, using a panel VAR model. We find that the US uncertainty shocks are the risks, and hence drop the capital inflow, investment, consumption, export and output of emerging economies. This also induces a depreciation of emerging market currencies. As a result, our model predicts a fall in short-term interest rate of emerging economies to react against the US uncertainty shocks. Our findings partly help explain the slow recovery of the world economy after the 2008&#x2013;2009 global financial crisis.
Journal: Applied Economics Letters
Pages: 210-216
Issue: 3
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1458183
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1458183
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:3:p:210-216




Template-Type: ReDIF-Article 1.0
Author-Name: Xu Li
Author-X-Name-First: Xu
Author-X-Name-Last: Li
Author-Name: Zhisheng Zhu
Author-X-Name-First: Zhisheng
Author-X-Name-Last: Zhu
Author-Name: Hong Zuo
Author-X-Name-First: Hong
Author-X-Name-Last: Zuo
Title: The impact of return migration on the mental health of children
Abstract: 
 Utilising the latest large-sample data from a survey conducted in 2015 in China, we empirically estimated the impact of return migration on the mental health of children. Our results show that the experience of return migration has a significant negative impact on children&#x2019;s mental health as measured by depression risk, self-esteem and resilience.
Journal: Applied Economics Letters
Pages: 217-221
Issue: 3
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1458184
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1458184
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:3:p:217-221




Template-Type: ReDIF-Article 1.0
Author-Name: Daekook Kang
Author-X-Name-First: Daekook
Author-X-Name-Last: Kang
Author-Name: Yongtae Park
Author-X-Name-First: Yongtae
Author-X-Name-Last: Park
Title: Analysing diffusion pattern of mobile application services in Korea using the competitive Bass model and Herfindahl index
Abstract: 
 Mobile service has been totally revolutionizing the service industry with the explosive growth in mobile application (&#x2018;app&#x2019;) services. With the rapid proliferation of mobile app service, there is still a constant need for the research focusing on the precise and scientific prediction of the diffusion of mobile app service with consideration of competitive relationships. However, most of the relevant research dealing with diffusion did not consider the competition effect among mobile app services. In addition, in mobile app services, big competitors, which have a larger marketing share in same category, can interrupt the diffusion of other mobile app services significantly. Thus, the level of competitiveness also should be considered for more precise prediction of mobile app service. Accordingly, the present study proposes a new approach to analyse the degree of competitiveness of mobile app service categories using Herfindahl&#x2013;Hirschman index and classify mobile app service categories. Then, this study systematically analyses their respective diffusion patterns based on the given empirical data using competitive Bass model. A case of Korean mobile service industry is presented to illustrate the proposed approach.
Journal: Applied Economics Letters
Pages: 222-230
Issue: 3
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1458185
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1458185
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:3:p:222-230




Template-Type: ReDIF-Article 1.0
Author-Name: Barnab&#xE9; Walheer
Author-X-Name-First: Barnab&#xE9;
Author-X-Name-Last: Walheer
Title: Is constant returns-to-scale a restrictive assumption for sector-level empirical macroeconomics? The case of Europe
Abstract: 
 Assuming constant returns-to-scale is commonly agreed for empirical macroeconomic studies when countries are of interest. Recently, an increasing number of works have started to look at sectors building on the same assumption. In this letter, we question the reliability of this assumption for 10 European sectors for the period 1995&#x2013;2014, for different production factor combinations. We make use of a simple sample-based nonparametric test that does not require any assumptions for any aspect of the production process. Our results suggest that, in general, this assumption is rather acceptable and that the specification with only capital and labour is the best in this case.
Journal: Applied Economics Letters
Pages: 231-236
Issue: 3
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1458186
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1458186
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:3:p:231-236




Template-Type: ReDIF-Article 1.0
Author-Name: Diego Calder&#xF3;n-Arrieta
Author-X-Name-First: Diego
Author-X-Name-Last: Calder&#xF3;n-Arrieta
Author-Name: Steven B. Caudill
Author-X-Name-First: Steven B.
Author-X-Name-Last: Caudill
Author-Name: Franklin G. Mixon
Author-X-Name-First: Franklin G.
Author-X-Name-Last: Mixon
Title: Valuing recreational water clarity and quality: evidence from hedonic pricing models of lakeshore properties
Abstract: 
 This study extends the economics literature on the relationship between recreational water quality and residential property pricing by separately testing the relationships between both water clarity and quality and the price of lakeshore residential properties in Ontario, Canada. Our econometric approach includes objective measures of both attributes: Secchi disk readings for water clarity and phosphorus concentrations for water quality. Econometric results presented in this study suggest that a one-metre improvement in water clarity results in an 8 per cent residential property price premium, while a one standard deviation improvement in water quality boosts lakeshore residence prices by 32 per cent.
Journal: Applied Economics Letters
Pages: 237-244
Issue: 3
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1458187
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1458187
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:3:p:237-244




Template-Type: ReDIF-Article 1.0
Author-Name: Gianko Michailidis
Author-X-Name-First: Gianko
Author-X-Name-Last: Michailidis
Author-Name: Concepci&#xF3; Patxot
Author-X-Name-First: Concepci&#xF3;
Author-X-Name-Last: Patxot
Title: Political viability of public pensions and education. An empirical application
Abstract: 
 Public intergenerational transfers (IGTs) may emerge from the failure of private arrangements to provide optimal economic resources for the young and old. We investigate the political sustainability of the public system of IGTs by seeking to determine the outcome if the decision to reallocate economic resources per se was put to the vote. Exploiting the particular nature of the data from the National Transfer Accounts data in a political economy application in which generations cooperate under certain conditions, we show that most of the developed countries would vote in favour of a joint public education and pension system.
Journal: Applied Economics Letters
Pages: 245-249
Issue: 3
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1458188
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1458188
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:3:p:245-249




Template-Type: ReDIF-Article 1.0
Author-Name: Juan de Lucio
Author-X-Name-First: Juan
Author-X-Name-Last: de Lucio
Author-Name: Raul M&#xED;nguez
Author-X-Name-First: Raul
Author-X-Name-Last: M&#xED;nguez
Author-Name: Asier Minondo
Author-X-Name-First: Asier
Author-X-Name-Last: Minondo
Author-Name: Francisco Requena
Author-X-Name-First: Francisco
Author-X-Name-Last: Requena
Title: Why firms set different export prices? Evidence from Spain
Abstract: 
 Using firm-level export data for the 2010&#x2013;2014 period, we investigate the variation of export prices across and within Spanish manufacturing firms. We find that more productive firms set higher export prices. However, this result is not robust to controlling for other firm-level characteristics and alternative productivity measures. We show that firms set higher export prices in more distant markets and in destinations with high GDP per capita, and lower export prices in large and low-competition markets. These latter results suggest that firms adjust the quality of their products to destination characteristics.
Journal: Applied Economics Letters
Pages: 250-254
Issue: 3
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1458189
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1458189
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:3:p:250-254




Template-Type: ReDIF-Article 1.0
Author-Name: Katja Heinisch
Author-X-Name-First: Katja
Author-X-Name-Last: Heinisch
Author-Name: Axel Lindner
Author-X-Name-First: Axel
Author-X-Name-Last: Lindner
Title: For how long do IMF forecasts of world economic growth stay up-to-date?
Abstract: 
 This study analyses the performance of the International Monetary Fund (IMF) World Economic Outlook output forecasts for the world and for both the advanced economies and the emerging and developing economies. With a focus on the forecast for the current year and the next year, we examine the durability of IMF forecasts, looking at how much time has to pass so that IMF forecasts can be improved by using leading indicators with monthly updates. Using a real-time data set for GDP and for indicators, we find that some simple single-indicator forecasts on the basis of data that are available at higher frequency can significantly outperform the IMF forecasts as soon as the publication of the IMF&#x2019;s Outlook is only a few months old. In particular, there is an obvious gain using leading indicators from January to March for the forecast of the current year.
Journal: Applied Economics Letters
Pages: 255-260
Issue: 3
Volume: 26
Year: 2019
Month: 2
X-DOI: 10.1080/13504851.2018.1459035
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1459035
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:3:p:255-260




Template-Type: ReDIF-Article 1.0
Author-Name: Stefan Csordás
Author-X-Name-First: Stefan
Author-X-Name-Last: Csordás
Title: Commodity exports and labour productivity in the long run
Abstract: 
 Empirical analysis of dynamic panel data models shows that dependence on exports of ores and metals is associated with lower labour productivity. For other commodity groups, there is no statistically significant effect.
Journal: Applied Economics Letters
Pages: 362-365
Issue: 6
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1324195
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1324195
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:6:p:362-365




Template-Type: ReDIF-Article 1.0
Author-Name: Konstantinos Drakos
Author-X-Name-First: Konstantinos
Author-X-Name-Last: Drakos
Author-Name: Christos Kallandranis
Author-X-Name-First: Christos
Author-X-Name-Last: Kallandranis
Author-Name: Socrates Karidis
Author-X-Name-First: Socrates
Author-X-Name-Last: Karidis
Title: A note on trust in the ECB in the era of sovereign debt crisis
Abstract: 
 We employ Eurobarometer data on trust in the ECB, exploring whether trust is affected by sovereign credit rating episodes and the participation in economic adjustment programmes (EAPs) (bailout schemes). Controlling for several sociodemographic factors and macroeconomic conditions, we document a substantial negative impact on trust in ECB for countries experiencing downgrade episodes and participating in EAPs.
Journal: Applied Economics Letters
Pages: 366-368
Issue: 6
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1324196
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1324196
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:6:p:366-368




Template-Type: ReDIF-Article 1.0
Author-Name: John H. Huston
Author-X-Name-First: John H.
Author-X-Name-Last: Huston
Author-Name: Roger W. Spencer
Author-X-Name-First: Roger W.
Author-X-Name-Last: Spencer
Title: Quantitative easing and asset bubbles
Abstract: 
 Expansionary monetary policy is necessary to respond to financial crises. However, if Central Bank asset purchase initiatives are too large or last too long, they can lead to explosive increases in asset prices which add to the risk of a future crisis. This article employs two models including the Campbell–Shiller and Generalized Supremum Augmented Dickey Fuller techniques to search for bubbles in the US equity, housing and bond markets over the past eight years. Although, we find that prices in equities and housing have risen following Federal Reserve intervention, there is little indication of asset price bubbles. There is evidence of explosive bond price increases from September of 2011 to February of 2013.
Journal: Applied Economics Letters
Pages: 369-374
Issue: 6
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1324604
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1324604
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:6:p:369-374




Template-Type: ReDIF-Article 1.0
Author-Name: Michael D. Makowsky
Author-X-Name-First: Michael D.
Author-X-Name-Last: Makowsky
Author-Name: Eili Y. Klein
Author-X-Name-First: Eili Y.
Author-X-Name-Last: Klein
Title: Identifying the relationship between length of hospital stay and the probability of readmission
Abstract: 
 We estimate the effect of hospital length of stay (LOS) on the probability of 30-day readmission for 516,768 patients hospitalized with heart failure in California from 2005 to 2011. We use hospital crowding as an instrumental variable to control for bias from omitted health characteristics. Our results suggest that the literature, which has for 30 years identified readmission rates increasing with LOS, has not controlled for omitted variable bias when estimating the benefits from a patient’s hospital stay.
Journal: Applied Economics Letters
Pages: 375-380
Issue: 6
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1324605
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1324605
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:6:p:375-380




Template-Type: ReDIF-Article 1.0
Author-Name: Hai Zhang
Author-X-Name-First: Hai
Author-X-Name-Last: Zhang
Author-Name: Hyejin Ku
Author-X-Name-First: Hyejin
Author-X-Name-Last: Ku
Title: Option valuation with liquidity risk and jumps
Abstract: 
 This article provides a simple model for pricing and hedging options in the presence of jumps and liquidity costs. In the article, liquidity risk is modelled via a stochastic supply curve function and a jump-diffusion process is approximated by a Markov chain. Local risk minimization incorporating liquidity risk is proposed to price and hedge European options in this discrete-time model. Moreover, an example is provided to implement the modified risk minimization method and to demonstrate the performance of hedging strategies.
Journal: Applied Economics Letters
Pages: 381-387
Issue: 6
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1324606
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1324606
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:6:p:381-387




Template-Type: ReDIF-Article 1.0
Author-Name: Illoong Kwon
Author-X-Name-First: Illoong
Author-X-Name-Last: Kwon
Title: Performance budgeting: effects on government debt and economic growth
Abstract: 
 This article examines the effects of performance budgeting on government debt and economic growth rates. The results show that countries with a higher share of ministries using performance targets in budget negotiation tend to have lower government debt and higher GDP growth rates. A simple fixed-effect model shows similar results. The evidence suggests that these results hold only in those countries with relatively lower corruption.
Journal: Applied Economics Letters
Pages: 388-392
Issue: 6
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1324607
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1324607
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:6:p:388-392




Template-Type: ReDIF-Article 1.0
Author-Name: Dolores Añón Higón
Author-X-Name-First: Dolores
Author-X-Name-Last: Añón Higón
Author-Name: Juan A. Máñez
Author-X-Name-First: Juan A.
Author-X-Name-Last: Máñez
Author-Name: María E. Rochina-Barrachina
Author-X-Name-First: María E.
Author-X-Name-Last: Rochina-Barrachina
Author-Name: Amparo Sanchis
Author-X-Name-First: Amparo
Author-X-Name-Last: Sanchis
Author-Name: Juan A. Sanchis
Author-X-Name-First: Juan A.
Author-X-Name-Last: Sanchis
Title: The impact of the Great Recession on TFP convergence among EU countries
Abstract: 
 This article provides evidence on the effect of the Great Recession on productivity convergence among European Union (EU) economies. We use firm data, aggregated at the country-year level, to analyse the evolution of beta-convergence on total factor productivity (TFP) for 2003–2014. We obtain a positive impact of the recession on TFP (unconditional and conditional) beta-convergence across EU economies. These results support the existence of a catching-up process within the EU during the recent financial crisis. Other macroeconomic and institutional characteristics are important in fostering TFP growth, namely R&amp;D intensity and quality of governance.
Journal: Applied Economics Letters
Pages: 393-396
Issue: 6
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1324609
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1324609
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:6:p:393-396




Template-Type: ReDIF-Article 1.0
Author-Name: Ermanno Affuso
Author-X-Name-First: Ermanno
Author-X-Name-Last: Affuso
Author-Name: J. Reid Cummings
Author-X-Name-First: J. Reid
Author-X-Name-Last: Cummings
Author-Name: Huubinh Le
Author-X-Name-First: Huubinh
Author-X-Name-Last: Le
Title: The external cost of asbestos in the housing market
Abstract: 
 This study uses a Generalized Method of Moments spatial error hedonic model to estimate the potential impact of asbestos on residential property prices. The analysis examines a large sample of 32,403 housing sales occurring between 2008 and 2015 in a fast-growing Coastal Alabama region. Results indicate the presence of asbestos depreciates house values by 13.44%, translating into an external cost of approximately $25,300 per property.
Journal: Applied Economics Letters
Pages: 397-400
Issue: 6
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1327114
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1327114
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:6:p:397-400




Template-Type: ReDIF-Article 1.0
Author-Name: Ashley Provencher
Author-X-Name-First: Ashley
Author-X-Name-Last: Provencher
Author-Name: Audrey Carlton
Author-X-Name-First: Audrey
Author-X-Name-Last: Carlton
Title: The poverty experience of lone mothers and their children
Abstract: 
 Lone mothers, as sole caregivers and women, face unique challenges to guaranteeing the economic well-being of their children compared to lone fathers. While all lone parents face a trade-off in time spent earning wages and time spent caring for children, mothers are likely to earn wages lower than fathers, thus increasing their chances of falling into poverty. Using data from the U.S. Census Bureau’s 2013 Current Population Survey, we estimate the size of the gender poverty gap among lone-parent families. We apply the Oaxaca–Blinder decomposition to assess whether this gap can be solely attributed to parent and family demographics. Much of the poverty gap, however, is attributed to unobservables, suggesting the increased likelihood of being in poverty for lone-mothered families may be, in part, due to gender-based discrimination in labour markets.
Journal: Applied Economics Letters
Pages: 401-404
Issue: 6
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1327115
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1327115
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:6:p:401-404




Template-Type: ReDIF-Article 1.0
Author-Name: Changmin Lee
Author-X-Name-First: Changmin
Author-X-Name-Last: Lee
Author-Name: Hyung-goo Kang
Author-X-Name-First: Hyung-goo
Author-X-Name-Last: Kang
Author-Name: Woonam Seok
Author-X-Name-First: Woonam
Author-X-Name-Last: Seok
Title: How does organizational structure affect executive compensation?
Abstract: 
 Does the rise of the CFO as the second-ranked executive increase the status of the CEO? We find that, as a CFO becomes #2, a CEO receives higher pay in relative terms compared with other top executives. This result corresponds to the literature on span-of-control of executives in top management team.
Journal: Applied Economics Letters
Pages: 405-408
Issue: 6
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1327116
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1327116
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:6:p:405-408




Template-Type: ReDIF-Article 1.0
Author-Name: Sunil Mitra Kumar
Author-X-Name-First: Sunil Mitra
Author-X-Name-Last: Kumar
Title: Comparing private and government schools in India: the devil is in the maths
Abstract: 
 Recent research shows that the gap in learning achievement between private and government schools in India can be explained away by self-selection. Analysing four rounds of panel data and distinguishing between ‘knowing’ and ‘applying’ dimensions of maths learning, I find that there is no private school advantage in the applying domain but that there is an advantage in the knowing domain.
Journal: Applied Economics Letters
Pages: 409-414
Issue: 6
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1327118
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1327118
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:6:p:409-414




Template-Type: ReDIF-Article 1.0
Author-Name: João Tovar Jalles
Author-X-Name-First: João Tovar
Author-X-Name-Last: Jalles
Author-Name: Carlos Mulas-Granados
Author-X-Name-First: Carlos
Author-X-Name-Last: Mulas-Granados
Author-Name: José Tavares
Author-X-Name-First: José
Author-X-Name-Last: Tavares
Author-Name: Carolina Correa Caro
Author-X-Name-First: Carolina
Author-X-Name-Last: Correa Caro
Title: Single currency and fiscal performance: the early Euro Area in perspective
Abstract: 
 We examine how exchange rate regimes affect fiscal discipline by investigating European countries as they transitioned from flexible to fully fixed exchange rates under the Euro. We apply the synthetic control method to estimate, for each Eurozone country, its counterfactual budget stance under flexible rates. Our evidence strongly suggests that fixing exchange rates negatively impacted negatively fiscal discipline. However, effects were not homogeneous, as they were mediated by political factors. For example, countries where policymakers faced a longer political horizon and operated within a more cohesive political environment, managed to perform better in terms of fiscal discipline.
Journal: Applied Economics Letters
Pages: 415-419
Issue: 6
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1327119
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1327119
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:6:p:415-419




Template-Type: ReDIF-Article 1.0
Author-Name: Laura K. Brown
Author-X-Name-First: Laura K.
Author-X-Name-Last: Brown
Author-Name: Elizabeth Troutt
Author-X-Name-First: Elizabeth
Author-X-Name-Last: Troutt
Title: A re-analysis of the trade and welfare effects of export subsidies
Abstract: 
 This article proposes a new analysis of the market and welfare effects of export subsidies. Current analysis uses a default assumption of imports being prohibited by the exporting country. We contend that this assumption fails on several fronts: it is not consistent with the ceteris paribus assumption used in economic analysis; it is unrealistic in a world of fast-dropping transportation costs and free trade; and it hides the true effect of an export subsidy which is to create inefficient intra-industry trade. Correcting the analysis is important as, even with a proliferation of treaties, governments continue to enact policies to promote trade that may have similar effects to an export subsidy. Proceeding at a basic level, this article presents graphical analysis of export subsidies to replace the content in current undergraduate textbooks, in order to train the next generation of economists to think clearly about the effects of this policy.
Journal: Applied Economics Letters
Pages: 420-424
Issue: 6
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1329925
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1329925
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:6:p:420-424




Template-Type: ReDIF-Article 1.0
Author-Name: Susana Silva
Author-X-Name-First: Susana
Author-X-Name-Last: Silva
Author-Name: Isabel Soares
Author-X-Name-First: Isabel
Author-X-Name-Last: Soares
Author-Name: Carlos Pinho
Author-X-Name-First: Carlos
Author-X-Name-Last: Pinho
Title: Support to renewable energy sources and carbon capture and sequestration: comparison of alternative green tax reforms
Abstract: 
 We compare the economic and environmental effects of several specifications of a green tax reform (GTR) where tax revenues are used to support renewable energy sources (RESs) and carbon capture and sequestration (CCS) activities. With this aim, we propose an equilibrium model where final-goods production uses labour and energy, and energy production uses nonpolluting RES and polluting fossil fuels. The comparison is based on three key indicators: output per worker, energy intensity and the ratio of renewables over nonrenewables. We test five variations of the GTR in addition to the no-policy case. Results show that a GTR as the one we propose here never provides a double dividend. There are environmental benefits but at the expense of the economy. Additionally, for lower tax levels, prioritizing RES support has lower economic costs and potential environmental benefits. For higher tax levels, CCS support becomes more competitive.
Journal: Applied Economics Letters
Pages: 425-428
Issue: 6
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1329926
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1329926
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:6:p:425-428




Template-Type: ReDIF-Article 1.0
Author-Name: Hoe Sang Chung
Author-X-Name-First: Hoe Sang
Author-X-Name-Last: Chung
Author-Name: Sanghyun Hwang
Author-X-Name-First: Sanghyun
Author-X-Name-Last: Hwang
Author-Name: Min Kim
Author-X-Name-First: Min
Author-X-Name-Last: Kim
Title: Price competition between big and small supermarkets: evidence from Seoul
Abstract: 
 This article empirically investigates the level of competition between superstores and smaller retailers in the Korean retail industry where market entry and operational hours of the former are restricted in order to protect the latter. Applying spatial econometric methods to store-level price data from Seoul, we find that while spatial price correlations among same-size stores exist, product prices across different-size stores are spatially uncorrelated. This result implies that consumers may not view superstores’ and smaller retailers’ products as close substitutes, and thus their markets are likely to be segmented from each other.
Journal: Applied Economics Letters
Pages: 429-433
Issue: 6
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1383591
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1383591
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:6:p:429-433




Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Góes
Author-X-Name-First: Carlos
Author-X-Name-Last: Góes
Author-Name: Troy Matheson
Author-X-Name-First: Troy
Author-X-Name-Last: Matheson
Title: Domestic market integration and the law of one price in Brazil
Abstract: 
 This article presents the first assessment of domestic market integration in Brazil using the law of one price. The law of one price is tested using two panel unit root methodologies and a unique data set comprising price indices for 51 products across 11 metro-areas. We find that the law holds for most tradable products and, not surprisingly, nontradable products are found to be less likely to satisfy the law of one price. While these findings are consistent with evidence found for other countries, price convergence occurs very slowly in Brazil, suggesting relatively limited domestic market integration.
Journal: Applied Economics Letters
Pages: 284-288
Issue: 5
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1184220
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1184220
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:5:p:284-288




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Brenner
Author-X-Name-First: Thomas
Author-X-Name-Last: Brenner
Author-Name: Matthias Dorner
Author-X-Name-First: Matthias
Author-X-Name-Last: Dorner
Title: Is there a life cycle in all industries? First evidence from industry size dynamics in West Germany
Abstract: 
 We propose a novel nonlinear regression approach to test whether the size of industries develops over time along the stylized pattern assumed by the industry life cycle theory. We apply our model on data covering the full spectrum of 205 NACE industries including services in West Germany between 1976 and 2009 and four indicators describing industry size (employment, establishments, entries and exits). The results of our large scale analysis show that in most industries indeed size develops along a cyclical path, albeit this development is not universal. Furthermore, we provide first empirical evidence on service industries where we show that the number of establishments and employees frequently develop in line with what is found for most (product) industries.
Journal: Applied Economics Letters
Pages: 289-297
Issue: 5
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1184369
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1184369
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:5:p:289-297




Template-Type: ReDIF-Article 1.0
Author-Name: Marco Ranzani
Author-X-Name-First: Marco
Author-X-Name-Last: Ranzani
Author-Name: Michele Tuccio
Author-X-Name-First: Michele
Author-X-Name-Last: Tuccio
Title: The impact of public employment on labour market performance: evidence from African countries
Abstract: 
 Using census data for Ghana, Mali and Mozambique, we study the long-term impact of public sector employment on local labour markets. We find that the public sector crowds out private employment and induces skilled workers to queue for a public job, thus increasing their unemployment rate. In addition, a growing public sector fosters employment in the tradable and nontradable sectors, remarkably for the unskilled, and the reallocation of unskilled workers away from agriculture.
Journal: Applied Economics Letters
Pages: 298-301
Issue: 5
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1184370
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1184370
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:5:p:298-301




Template-Type: ReDIF-Article 1.0
Author-Name: Ralf Dewenter
Author-X-Name-First: Ralf
Author-X-Name-Last: Dewenter
Author-Name: Ulrich Heimeshoff
Author-X-Name-First: Ulrich
Author-X-Name-Last: Heimeshoff
Author-Name: Hendrik Lüth
Author-X-Name-First: Hendrik
Author-X-Name-Last: Lüth
Title: The impact of the market transparency unit for fuels on gasoline prices in Germany
Abstract: 
 Increasing horizontal as well as vertical transparency in oligopolistic markets can be advantageous for consumers, due to reduced search costs. However, market transparency can also affect incentives to deviate from collusive agreements and the punishment by rival firms in the market. Using a panel of 27 European countries, we analyse the impact of increased market transparency via the introduction of a market transparency unit for fuels in Germany. Applying a difference-in-differences approach, we find evidence that both gasoline and diesel prices have increased. While consumers may be better off using a retail price app for fuels, gas stations are also able to compare prices at almost no cost.
Journal: Applied Economics Letters
Pages: 302-305
Issue: 5
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1184371
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1184371
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:5:p:302-305




Template-Type: ReDIF-Article 1.0
Author-Name: Harry Cunningham
Author-X-Name-First: Harry
Author-X-Name-Last: Cunningham
Author-Name: Stephen Knowles
Author-X-Name-First: Stephen
Author-X-Name-Last: Knowles
Author-Name: Paul Hansen
Author-X-Name-First: Paul
Author-X-Name-Last: Hansen
Title: Bilateral foreign aid: how important is aid effectiveness to people for choosing countries to support?
Abstract: 
 We conduct a discrete choice experiment to determine how important aid effectiveness is to people relative to other criteria for choosing countries to support with bilateral foreign aid. We find that aid effectiveness is important, on a par with recipient-country need as proxied by the level of hunger and malnutrition. Both criteria are more important than others.
Journal: Applied Economics Letters
Pages: 306-310
Issue: 5
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1184372
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1184372
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:5:p:306-310




Template-Type: ReDIF-Article 1.0
Author-Name: Eero Pätäri
Author-X-Name-First: Eero
Author-X-Name-Last: Pätäri
Author-Name: Pasi Luukka
Author-X-Name-First: Pasi
Author-X-Name-Last: Luukka
Author-Name: Elena Fedorova
Author-X-Name-First: Elena
Author-X-Name-Last: Fedorova
Author-Name: Tatiana Garanina
Author-X-Name-First: Tatiana
Author-X-Name-Last: Garanina
Title: The anatomy of returns from moving average trading rules in the Russian stock market
Abstract: 
 This paper examines the profitability of index trading strategies that are based on dual moving average crossover (DMAC) rules in the Russian stock market over the 2003–2012 period. It contributes to the existing technical analysis (TA) literature by comparing for the first time in emerging markets the relative performance of individual stocks’ trading portfolios with that of trading strategies for the index that consists of the same stocks (i.e., the most liquid stocks of the Moscow Exchange). The results show that the best trading strategies of the in-sample period can outperform buy-and-hold strategy during the subsequent out-of-sample period, although with low statistical significance. In addition, we document the benefits of using DMAC combinations that are much longer than those employed in previous TA literature. Moreover, the decomposition of the full-sample-period performance into separate bull- and bear-period performances shows that the outperformance of the best past index trading strategies over is mostly attributable to the fact that they managed to stay mostly out of the stock market during a dramatic crash caused by the global financial crisis.
Journal: Applied Economics Letters
Pages: 311-318
Issue: 5
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1186788
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1186788
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:5:p:311-318




Template-Type: ReDIF-Article 1.0
Author-Name: Wayne Apap
Author-X-Name-First: Wayne
Author-X-Name-Last: Apap
Author-Name: Daniel Gravino
Author-X-Name-First: Daniel
Author-X-Name-Last: Gravino
Title: A sectoral approach to Okun’s Law
Abstract: 
 The study adds to the existing literature on the relationship between output and unemployment by using a sectoral specification of Okun’s Law to capture the differential sensitivity of the unemployment rate to output developments in the services and manufacturing sectors. Using quarterly data for the period between 2000 and 2012, we show that Malta’s unemployment rate has been more sensitive to output developments in the services sector than to those in the manufacturing sector. We use different equation specifications and the youth unemployment rate to show that the impact resulting from developments in the manufacturing sector occurs mainly via lay-offs while developments in the services sector affect the unemployment rate via the hiring of new entrants into the labour market.
Journal: Applied Economics Letters
Pages: 319-324
Issue: 5
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1186789
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1186789
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:5:p:319-324




Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Ford
Author-X-Name-First: Nicholas
Author-X-Name-Last: Ford
Author-Name: Charles Yuji Horioka
Author-X-Name-First: Charles Yuji
Author-X-Name-Last: Horioka
Title: The ‘real’ explanation of the PPP puzzle
Abstract: 
 This article shows that global financial markets cannot, by themselves, achieve net transfers of financial capital and real interest rate equalization across countries and that the integration of both global financial markets and global goods markets is needed to achieve net transfers of capital and real interest rate equalization across countries. Thus, frictions (barriers to mobility) in one or both of these markets can impede the net transfer of capital between countries, produce the Feldstein and Horioka (1980) finding of high-saving-investment correlations and prevent real interest rates from being equalized across countries. Moreover, frictions in global goods markets can explain why real exchange rates deviate from purchasing power parity (PPP) for extended periods of time and can therefore also explain the PPP puzzle. Consequently, we are able to resolve two of Obstfeld and Rogoff’s (2000) ‘6 major puzzles in macroeconomics’ with essentially the same explanation.
Journal: Applied Economics Letters
Pages: 325-328
Issue: 5
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1186790
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1186790
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:5:p:325-328




Template-Type: ReDIF-Article 1.0
Author-Name: Stephan Huber
Author-X-Name-First: Stephan
Author-X-Name-Last: Huber
Author-Name: Binh Nguyen Thanh
Author-X-Name-First: Binh
Author-X-Name-Last: Nguyen Thanh
Title: Vertical specialization in the EU and the causality of trade
Abstract: 
 We use a novel classification scheme to identify three stages of production in the manufacturing sector: parts, components and final goods. In particular, we offer evidence on the revealed comparative advantage of the EU-27 countries concerning the three vertically separated stages of production. Moreover, we investigate whether, and if so how, imports of parts, and components can work as a predictor for the exports of final goods. We find that countries specialize at different stages of production, and that components are Granger causal for the export of final goods in many countries with a lag of 3 months.
Journal: Applied Economics Letters
Pages: 329-333
Issue: 5
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1186791
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1186791
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:5:p:329-333




Template-Type: ReDIF-Article 1.0
Author-Name: Roel Brouwers
Author-X-Name-First: Roel
Author-X-Name-Last: Brouwers
Author-Name: Frederiek Schoubben
Author-X-Name-First: Frederiek
Author-X-Name-Last: Schoubben
Author-Name: Cynthia Van Hulle
Author-X-Name-First: Cynthia
Author-X-Name-Last: Van Hulle
Title: The EU ETS and corporate environmental abatement
Abstract: 
 This article studies the relationship between firm-level emissions-to-cap ratio (ETC) and environmental abatement, by using a unique and extensive data set of 10 762 installations covered by the European Union Emission Trading Scheme (EU ETS) matched to 5931 firms. We find that a shortage of emissions allowances is related to more abatement in later years while a surplus of emissions allowances results in worse subsequent environmental performance. This finding underscores the importance of reducing the global amount of allowances in the ETS system. Our results also suggest that stakeholder pressure and the creation of transparency concerning corporate environmental performance are likely to support the effectiveness of the system.
Journal: Applied Economics Letters
Pages: 334-337
Issue: 5
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1189504
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1189504
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:5:p:334-337




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Mayrhofer
Author-X-Name-First: Thomas
Author-X-Name-Last: Mayrhofer
Title: Skewed background risks and higher-order risk preferences: prudent versus temperate behavior
Abstract: 
 In recent economic experiments, lotteries with left-skewed background risks elicit more prudent choices than lotteries with right-skewed background risks. In this letter, we use an expected utility framework to show that a skewed zero-mean background risk may induce not only prudent but also temperate behaviour. We suggest that the experimental findings could also be due to temperance, rather than merely to prudence.
Journal: Applied Economics Letters
Pages: 338-341
Issue: 5
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1192265
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1192265
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:5:p:338-341




Template-Type: ReDIF-Article 1.0
Author-Name: Luis Ferruz
Author-X-Name-First: Luis
Author-X-Name-Last: Ferruz
Author-Name: Guillermo Badía
Author-X-Name-First: Guillermo
Author-X-Name-Last: Badía
Title: Adapting and testing the Fama and French model, with some variations of company characteristics
Abstract: 
 We examine whether the Fama and French (1992) (F&amp;F) model can be adapted to become a more versatile and flexible tool, capable of incorporating variations of company characteristics in a more dynamic form. For this, the risk factors are reconstructed at the end of each reading of monthly data. We argue that, over time, the evaluation of a company may change as a result of variations in its market price, size or book price, and we are aware that the F&amp;F model does not accurately reflect these dynamics. Our results show that the adapted model is able to capture the behaviour of a greater number of stocks than the original F&amp;F model and risk factors are more significant when building them through our procedure. In addition, we carry out these adaptations during a period of instability in financial markets.
Journal: Applied Economics Letters
Pages: 342-345
Issue: 5
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1192266
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1192266
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:5:p:342-345




Template-Type: ReDIF-Article 1.0
Author-Name: António Afonso
Author-X-Name-First: António
Author-X-Name-Last: Afonso
Author-Name: José Alves
Author-X-Name-First: José
Author-X-Name-Last: Alves
Title: Reconsidering Wagner’s law: evidence from the functions of the government
Abstract: 
 We revisit Wagner’s law by function of government expenditure. Using data of 14 European countries between 1996 and 2013, we apply panel data and SUR methods to assess public expenditure–income elasticities. We find that some functions of government spending for a few countries (e.g. Austria, France, the Netherlands and Portugal) validate Wagner’s law. For the Netherlands, expenditures with environment protection increase more than proportionately to economic growth, and for France that is the case of spending in housing and community amenities. In addition, Greece is the only country where two public spending items react more than one to one to growth.
Journal: Applied Economics Letters
Pages: 346-350
Issue: 5
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1192267
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1192267
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:5:p:346-350




Template-Type: ReDIF-Article 1.0
Author-Name: Brent Evans
Author-X-Name-First: Brent
Author-X-Name-Last: Evans
Author-Name: Joshua D. Pitts
Author-X-Name-First: Joshua D.
Author-X-Name-Last: Pitts
Title: The determinants of NCAA basketball recruiting outcomes
Abstract: 
 Using recruiting rankings from Rivals.com, the authors examine the determinants of recruiting success among D1 NCAA men’s basketball programmes. After controlling for a host of potentially relevant variables, the authors find that recruiting outcomes are correlated with recent on-court success, historical on-court success, stadium size and playing in a ‘power’ conference. Additionally, teams with a history of sending players to the NBA receive heightened recruiting outcomes. A team with a new coach can expect difficulties with recruiting, while head coaches with national championships receive a recruiting boost. Finally, the authors show that recruiting strategies for guards may differ from recruiting strategies for other players.
Journal: Applied Economics Letters
Pages: 351-354
Issue: 5
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1192268
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1192268
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:5:p:351-354




Template-Type: ReDIF-Article 1.0
Author-Name: Nikolaus Bartzsch
Author-X-Name-First: Nikolaus
Author-X-Name-Last: Bartzsch
Author-Name: Franz Seitz
Author-X-Name-First: Franz
Author-X-Name-Last: Seitz
Title: What can biology tell us about transaction balances?
Abstract: 
 The total cash issuance of a central bank consists of domestic transaction and hoarding balances as well as foreign demand. The different shares are not known exactly. The introduction of the new Europa series of banknotes in the euro area offers the opportunity to calculate transaction balances with the help of a biometric method. Our results indicate that transaction balances are very low.
Journal: Applied Economics Letters
Pages: 355-358
Issue: 5
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1192269
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1192269
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:5:p:355-358




Template-Type: ReDIF-Article 1.0
Author-Name: Micha Kaiser
Author-X-Name-First: Micha
Author-X-Name-Last: Kaiser
Author-Name: Jan Michael Bauer
Author-X-Name-First: Jan Michael
Author-X-Name-Last: Bauer
Author-Name: Alfonso Sousa-Poza
Author-X-Name-First: Alfonso
Author-X-Name-Last: Sousa-Poza
Title: Does unemployment lead to a less healthy lifestyle?
Abstract: 
 In this article, we use 22 years of data from the German Socio-Economic Panel and information on plant closures to investigate the effects of unemployment on four indicators of unhealthy lifestyles: diet, alcohol consumption, smoking and (a lack of) physical activity. In contrast to much of the existing literature, which unlike our analysis is unable to assess causality, our results provide little evidence that unemployment gives rise to unhealthy lifestyles.
Journal: Applied Economics Letters
Pages: 815-819
Issue: 12
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1231888
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1231888
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:12:p:815-819




Template-Type: ReDIF-Article 1.0
Author-Name: Honglin Yang
Author-X-Name-First: Honglin
Author-X-Name-Last: Yang
Author-Name: Heping Dai
Author-X-Name-First: Heping
Author-X-Name-Last: Dai
Author-Name: Wenyan Zhuo
Author-X-Name-First: Wenyan
Author-X-Name-Last: Zhuo
Title: Permissible delay period and pricing decisions in a two-echelon supply chain
Abstract: 
 Suppliers often offer trade credits to their capital-constrained retailers to stimulate more sales. The permissible delay period, as a variable factor, influences almost all decisions in a trade credit contract. In this article, we consider a two-echelon supply chain involving a supplier and a capital-constrained retailer in which the demand is the retail price- and time-dependent. We propose a decision model to determine the optimal delay period and pricing decisions under a noncooperative Stackelberg game with the supplier as the leader. We obtain the analytical-form optimal solutions. Our analysis reveals the influence of the delay period on the wholesale and retail prices. Numerical examples further clarify our theoretical results.
Journal: Applied Economics Letters
Pages: 820-825
Issue: 12
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1231889
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1231889
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:12:p:820-825




Template-Type: ReDIF-Article 1.0
Author-Name: Doojin Ryu
Author-X-Name-First: Doojin
Author-X-Name-Last: Ryu
Author-Name: Hyeyoen Kim
Author-X-Name-First: Hyeyoen
Author-X-Name-Last: Kim
Author-Name: Heejin Yang
Author-X-Name-First: Heejin
Author-X-Name-Last: Yang
Title: Investor sentiment, trading behavior and stock returns
Abstract: 
 This article examines how investor sentiment and trading behaviour affect asset returns. By analysing the unique stock trading dataset of the Korean market, we find that high investor sentiment induces higher stock market returns. We also find that institutional (individual) trades are positively (negatively) associated with stock returns, suggesting the information superiority (inferiority) of institutional (individual) investors. Investor sentiment generally plays a more important role in explaining stock market returns than investor trading behaviour.
Journal: Applied Economics Letters
Pages: 826-830
Issue: 12
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1231890
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1231890
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:12:p:826-830




Template-Type: ReDIF-Article 1.0
Author-Name: Yves Balasko
Author-X-Name-First: Yves
Author-X-Name-Last: Balasko
Author-Name: Octavio Tourinho
Author-X-Name-First: Octavio
Author-X-Name-Last: Tourinho
Title: Further evidence on the law of factor proportionality in multiple households closed CGE models
Abstract: 
 This article provides additional evidence that factor contents of different consumers’ consumption bundles computed from multiple households closed Computable General Equilibrium (CGE) models are approximately proportional. This empirical regularity has been observed up to now for a total of 11 CGEs for very diverse countries, and we therefore state it as law. It implies that these models display price rigidity with respect to endowment re-allocations, an observation which has broad implications for their capacity to capture general equilibrium effects.
Journal: Applied Economics Letters
Pages: 831-836
Issue: 12
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1231891
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1231891
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:12:p:831-836




Template-Type: ReDIF-Article 1.0
Author-Name: Fabian Kreutzer
Author-X-Name-First: Fabian
Author-X-Name-Last: Kreutzer
Author-Name: Timo Mitze
Author-X-Name-First: Timo
Author-X-Name-Last: Mitze
Title: Going offshore or better staying in? Spatial relocation strategies and their impact on firm innovativeness
Abstract: 
 We analyse the short- to mid-run effects of spatial relocation strategies on firm innovativeness and productivity growth. Using conditional difference-in-difference estimation with multiple treatments, we find for a sample of German firms in 1999–2013 that offshoring has a statistically significant negative impact on the firms’ innovation activity and productivity growth vis-à-vis nonrelocating comparison firms. In contrast, we find a positive link between domestic relocation activities and the firms’ propensity to introduce a product innovation. Firms should thus carefully account for potentially distorting performance effects when deciding about the spatial scale of relocation strategies in the short to mid-run.
Journal: Applied Economics Letters
Pages: 837-840
Issue: 12
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1231892
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1231892
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:12:p:837-840




Template-Type: ReDIF-Article 1.0
Author-Name: Peng Chen
Author-X-Name-First: Peng
Author-X-Name-Last: Chen
Author-Name: Fu Wang
Author-X-Name-First: Fu
Author-X-Name-Last: Wang
Title: A national or local phenomenon? A comparison of the US and the Chinese housing markets
Abstract: 
 This article investigates the common movements of house prices across cities as well as the macroeconomic underpinnings of the comovements in the US and China. Our empirical results indicate more differences than similarities between the US and the Chinese housing markets. The results from a Bayesian dynamic latent factor model indicate that the fluctuations of house prices across cities in the US are more a national phenomenon, while the dynamics of house prices across cities in China are mainly driven by the city-specific component. We further use VAR models to compare the roles of the underlying determinants in these two housing markets. The results show that the roles of monetary policy shocks and aggregate fluctuations in driving the common movements of house prices across cities differ substantially between the US and China at both short and long horizons.
Journal: Applied Economics Letters
Pages: 841-845
Issue: 12
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1234691
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1234691
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:12:p:841-845




Template-Type: ReDIF-Article 1.0
Author-Name: Benedikt Vogt
Author-X-Name-First: Benedikt
Author-X-Name-Last: Vogt
Title: Patience and achievement test results
Abstract: 
 I investigate the relation between high-stakes achievement test scores and students’ patience. I use an experimentally validated measure of time preferences to assess patience in a large sample of Dutch students in secondary school. A one SD increase in the achievement test at the age of 12 predicts 26% of an SD greater level of patience at the age of 15. The results hint at the fact that education can shape preferences.
Journal: Applied Economics Letters
Pages: 846-849
Issue: 12
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1234692
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1234692
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:12:p:846-849




Template-Type: ReDIF-Article 1.0
Author-Name: Changjun Yue
Author-X-Name-First: Changjun
Author-X-Name-Last: Yue
Author-Name: Siyan Yue
Author-X-Name-First: Siyan
Author-X-Name-Last: Yue
Author-Name: Jing Zhang
Author-X-Name-First: Jing
Author-X-Name-Last: Zhang
Title: The allocation of China’s higher education talent (2003–2013)
Abstract: 
 Using the job placement data of college graduates, we document the allocation of college-educated skilled labour in China during 2003 and 2013. We find that public sectors (governments and state-owned enterprises) enjoy a privileged position in absorbing the most talented in the labour market in contrast to the difficulties that domestic private enterprises suffer. The appeal of the public sectors does not come from the monetary salaries offered at the entry level.
Journal: Applied Economics Letters
Pages: 850-853
Issue: 12
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1234693
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1234693
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:12:p:850-853




Template-Type: ReDIF-Article 1.0
Author-Name: Russ Kashian
Author-X-Name-First: Russ
Author-X-Name-Last: Kashian
Author-Name: Richard G. Cummings
Author-X-Name-First: Richard G.
Author-X-Name-Last: Cummings
Author-Name: Peter Westort
Author-X-Name-First: Peter
Author-X-Name-Last: Westort
Title: Equity and asset growth among Subchapter S banks
Abstract: 
 Since 2004, commercial banks in the United States have been allowed to elect Subchapter S (hence Sub-S) status with up to 100 shareholders. That limitation may promote more effective monitoring of bank managers by shareholders which can, in turn, explain previous findings of superior performance among Sub-S banks. The present research focuses on the possibility that the shareholder limitation also constrains opportunities for bank growth, or a slow growth hypothesis for Sub-S banks. Using a differences-in-differences regression approach for a sample of community banks (i.e., less than $1b in assets) from 2004 to 2014, and controlling for initial assets and urban location, it is found that annual growth in real assets and equity was significantly higher among banks that never held Sub-S status than for banks that always held Sub-S status, and that banks switching to Sub-S later grew significantly faster than those that always held Sub-S status. Fixed effects regressions show that switching to Sub-S status significantly reduced equity growth, with asset growth significantly reduced after 2008. In conjunction with earlier findings, the results suggest that the availability of Sub-S status helped to protect and strengthen community banks across a time period including substantial financial turmoil.
Journal: Applied Economics Letters
Pages: 854-857
Issue: 12
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1234694
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1234694
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:12:p:854-857




Template-Type: ReDIF-Article 1.0
Author-Name: Nikolaos Georgantzís
Author-X-Name-First: Nikolaos
Author-X-Name-Last: Georgantzís
Author-Name: Despoina Parasyri
Author-X-Name-First: Despoina
Author-X-Name-Last: Parasyri
Author-Name: Konstantinos Tsagarakis
Author-X-Name-First: Konstantinos
Author-X-Name-Last: Tsagarakis
Title: Inter-gender interaction and communication in ultimatum games
Abstract: 
 In this article, we focus on bargaining within male–female pairs, the most pervasive partnership in humankind. We analyse data from an ultimatum game played by Greek participants. Parallel to this, we introduce a one-way communication protocol according to which the responders can send short messages to the receivers, after making their decisions. The analysis shows that gender and message effects exist and males are more effective bargainers.
Journal: Applied Economics Letters
Pages: 858-862
Issue: 12
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1237725
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1237725
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:12:p:858-862




Template-Type: ReDIF-Article 1.0
Author-Name: Tracy Collins
Author-X-Name-First: Tracy
Author-X-Name-Last: Collins
Title: Innovation and imitation: substitutes or complements?
Abstract: 
 Most of the research on imitation and innovation has focused on developed countries and examined whether imitation promotes or hinders innovation at the macro, industry and intra firm level, and the effect that this has on economic growth. Less research has been conducted about the dynamics that exist between innovation and imitation at the plant-level in developing countries, and the effect that trade policy has on this relationship. This article uses plant-level data from Mexico to analyse the dynamic relationship that exists between innovation and imitation at the microeconomic level. The empirical results suggest that in the context of a developing country, innovation and imitation complement each other and trade policy has no effect on this relationship.
Journal: Applied Economics Letters
Pages: 863-867
Issue: 12
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1237728
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1237728
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:12:p:863-867




Template-Type: ReDIF-Article 1.0
Author-Name: Qianping Ren
Author-X-Name-First: Qianping
Author-X-Name-Last: Ren
Author-Name: Maoliang Ye
Author-X-Name-First: Maoliang
Author-X-Name-Last: Ye
Title: Losing children and mental well-being: evidence from China
Abstract: 
 This article explores the impact of losing a child, especially losing all children (including losing the only child), on the mental health, happiness and loneliness of parents. The Chinese government has implemented strict restrictions on the number of births for each family since the 1970s, resulting in the creation of millions of only-child families. Using the 2011 baseline data from the China Health and Retirement Longitudinal Study, we find that the bereavement of a child is associated with lower levels of mental health and happiness and higher levels of loneliness for the parents, even after we adjust for demographic and socioeconomic characteristics. The effects are significantly stronger for losing all the children. Results have strong implications for the population-control, elderly-care and mental-care policies especially in China and developing countries, where the social security system is not yet sound.
Journal: Applied Economics Letters
Pages: 868-877
Issue: 12
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1237732
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1237732
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:12:p:868-877




Template-Type: ReDIF-Article 1.0
Author-Name: Juan Aparicio
Author-X-Name-First: Juan
Author-X-Name-Last: Aparicio
Author-Name: Jose M. Cordero
Author-X-Name-First: Jose M.
Author-X-Name-Last: Cordero
Author-Name: Jesus T. Pastor
Author-X-Name-First: Jesus T.
Author-X-Name-Last: Pastor
Title: Productivity change of Portuguese municipalities after local reforms
Abstract: 
 This article examines the impact of the reforms introduced in the structure of the Portuguese local administration after the bailout agreement in 2011 on the efficiency and productivity of municipalities. In order to determine a measure of productivity change, we apply the global Malmquist productivity index to assess the performance of the 278 Portuguese mainland municipalities for the recent 6-year period 2009–2014. The overall results reveal that there was a decrease in the global productivity until 2013 followed by a notable increase in 2014 basically due to technological changes, thus it seems that the reforms have had a positive effect on the productivity of municipalities.
Journal: Applied Economics Letters
Pages: 878-881
Issue: 12
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1237738
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1237738
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:12:p:878-881




Template-Type: ReDIF-Article 1.0
Author-Name: Sachapon Tungsong
Author-X-Name-First: Sachapon
Author-X-Name-Last: Tungsong
Author-Name: Pornsit Jiraporn
Author-X-Name-First: Pornsit
Author-X-Name-Last: Jiraporn
Title: The effect of family ownership on corporate hedging: the case of Thailand
Abstract: 
 We explore how corporate hedging decisions are affected by family ownership and control in Thailand. One crucial advantage of investigating this issue in Thailand is that hedging instruments became available only recently, long after families established their presence in the firm. Thus, endogeneity is much less likely. The evidence shows that family ownership by itself does not have a significant impact on the firm’s propensity to hedge. However, when family members have a presence on the board of directors, the firm is significantly more likely to engage in hedging activities. Furthermore, we find that the presence of institutional blockholders also increases the likelihood of hedging significantly. Our study is the first to examine the impact of family ownership and control on corporate hedging behaviour in an emerging market.
Journal: Applied Economics Letters
Pages: 882-887
Issue: 12
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1237740
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1237740
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:12:p:882-887




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Dothan
Author-X-Name-First: Michael
Author-X-Name-Last: Dothan
Author-Name: Wei Wu
Author-X-Name-First: Wei
Author-X-Name-Last: Wu
Title: Value of tax benefits of a dynamic debt policy with regime switching
Abstract: 
 The article presents a method for valuation of stochastic future income with three barriers: a default barrier, a pre-default barrier and a refinancing barrier. Between the pre-default and default barriers, there is an ongoing cost of financial distress. In this framework, we derive state-dependent present value factors that can be applied to problems of valuation of firms, optimal financial structure and mitigation of agency conflicts between managers and investors. We illustrate our method with an analysis of the value of tax benefits of a dynamic debt policy.
Journal: Applied Economics Letters
Pages: 888-892
Issue: 12
Volume: 24
Year: 2017
Month: 7
X-DOI: 10.1080/13504851.2016.1240327
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1240327
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:12:p:888-892




Template-Type: ReDIF-Article 1.0
Author-Name: Sharif Mozumder
Author-X-Name-First: Sharif
Author-X-Name-Last: Mozumder
Author-Name: M. Humayun Kabir
Author-X-Name-First: M. Humayun
Author-X-Name-Last: Kabir
Author-Name: Michael Dempsey
Author-X-Name-First: Michael
Author-X-Name-Last: Dempsey
Author-Name: Taufiq Choudhry
Author-X-Name-First: Taufiq
Author-X-Name-Last: Choudhry
Title: Risk management under time varying volatility and Pareto-stable distributions
Abstract: 
 Risk measures based on Gaussian return distributions are simple but inaccurate while such measures based on alternative methodologies are known to be more precise but complex. In this context, practitioners seem biased towards simplicity and tend to choose the inaccurate Gaussian measures, leading to unsuspected losses in the event of a negative episode. This article proposes generalized autoregressive conditional heteroskedasticity (GARCH) family models with stable Paretian innovations in measuring the value-at-risk, expected shortfall and spectral risk measures that promise a markedly improved performance while maintaining simplicity.
Journal: Applied Economics Letters
Pages: 161-167
Issue: 3
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1612025
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1612025
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:3:p:161-167




Template-Type: ReDIF-Article 1.0
Author-Name: Melanie Khamis
Author-X-Name-First: Melanie
Author-X-Name-Last: Khamis
Author-Name: Xiyue Li
Author-X-Name-First: Xiyue
Author-X-Name-Last: Li
Title: Environment matters: new evidence from Mexican migration
Abstract: 
 This articleexamines the effects of climate-related environmental disasters on migration. Results from the gravity model estimations show that these disasters are a significant determinant of internal Mexican migration. The findings remain robust when controlling for geographic characteristics, the income levels and labour market conditions of the sending and receiving states. Environmental shocks relating to precipitation from a previous period seem to be one of the main drivers of this effect.
Journal: Applied Economics Letters
Pages: 168-173
Issue: 3
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1612026
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1612026
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:3:p:168-173




Template-Type: ReDIF-Article 1.0
Author-Name: Simon K Medcalfe
Author-X-Name-First: Simon K
Author-X-Name-Last: Medcalfe
Author-Name: Pardon Ndhlovu
Author-X-Name-First: Pardon
Author-X-Name-Last: Ndhlovu
Author-Name: Mark A Thompson
Author-X-Name-First: Mark A
Author-X-Name-Last: Thompson
Title: Competitive balance in women’s collegiate cross country running
Abstract: 
 Women started competing in National Collegiate Athletic Association (NCAA) cross country championships in 1981 and participation in Division 1 women’s cross country has increased by 174%. Using data covering 34 years of Division 1 championships we find some evidence that competitive balance in women’s races improved with increased participation although results are sensitive to how competitive balance is measured and how participation is counted. Violations of social choice preferences may explain the lack of robustness.
Journal: Applied Economics Letters
Pages: 174-177
Issue: 3
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1612027
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1612027
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:3:p:174-177




Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev K. Goel
Author-X-Name-First: Rajeev K.
Author-X-Name-Last: Goel
Author-Name: Fahd Rehman
Author-X-Name-First: Fahd
Author-X-Name-Last: Rehman
Title: What induces firms to subcontract to the informal sector? Evidence from a developing country
Abstract: 
 Adding specific firm-level insights into the factors driving firms to subcontract operations to the informal sector, this article uses data from garment exporters in Pakistan. Nesting the analysis in the larger literature on the drivers of the shadow economy, we find that sole proprietorship ownership structure was more likely to subcontract underground, as were older entrepreneurs. On the other hand, older firms were less likely to subcontract underground. The effects of the entrepreneur’s education, firm size, input costs and overall economic prosperity, economic freedom and government stability were largely insignificant.
Journal: Applied Economics Letters
Pages: 178-187
Issue: 3
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1612028
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1612028
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:3:p:178-187




Template-Type: ReDIF-Article 1.0
Author-Name: Xiuwen Chen
Author-X-Name-First: Xiuwen
Author-X-Name-Last: Chen
Author-Name: Xiaolei Sun
Author-X-Name-First: Xiaolei
Author-X-Name-Last: Sun
Author-Name: Jianping Li
Author-X-Name-First: Jianping
Author-X-Name-Last: Li
Title: How does economic policy uncertainty react to oil price shocks? A multi-scale perspective
Abstract: 
 This paper provides evidence for the impact of oil price shocks on economic policy uncertainty (EPU) from a multi-scale perspective using discrete wavelet transform and VAR model. Results indicate that oil price shocks impose a positive effect on EPU at an original level while effects of oil price shocks on EPU are time-varying over different time-scales. Particularly, oil price shocks lead to a positive change in the trend of EPU in the short- and long-term. Whereas, in the medium term, the negative effect of oil price shocks on EPU is identified.
Journal: Applied Economics Letters
Pages: 188-193
Issue: 3
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1610704
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1610704
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:3:p:188-193




Template-Type: ReDIF-Article 1.0
Author-Name: José Vieira
Author-X-Name-First: José
Author-X-Name-Last: Vieira
Author-Name: Carolina Constância
Author-X-Name-First: Carolina
Author-X-Name-Last: Constância
Author-Name: João Teixeira
Author-X-Name-First: João
Author-X-Name-Last: Teixeira
Title: Education and risk compensation in wages: a quantile regression approach
Abstract: 
 This paper examines the effect of wage variation on individual wages. The results reveal that wage variation by educational classifications positively affects wages, while the skewness has a negative effect. As has been referred in previous literature on the issue, both results are consistent with the notion of wage compensation for risk-averse workers. However, our results show that the impact of wage-variation on wages is not reasonably described by a single parameter for all individuals. Such an effect is heterogeneous and varies throughout the conditional wage distribution. Indeed, the positive effect of dispersion increases, and the negative effect of skewness decreases, as we move up on the conditional wage distribution. Apparently, those at the upper end of the conditional wage distribution have both higher risk-aversion and higher affection for skewness.
Journal: Applied Economics Letters
Pages: 194-198
Issue: 3
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1610705
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1610705
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:3:p:194-198




Template-Type: ReDIF-Article 1.0
Author-Name: Zhifeng Liu
Author-X-Name-First: Zhifeng
Author-X-Name-Last: Liu
Author-Name: Xueyi Zhong
Author-X-Name-First: Xueyi
Author-X-Name-Last: Zhong
Author-Name: Tingting Zhang
Author-X-Name-First: Tingting
Author-X-Name-Last: Zhang
Author-Name: Wenquan Li
Author-X-Name-First: Wenquan
Author-X-Name-Last: Li
Title: Household debt and happiness: evidence from the China Household Finance Survey
Abstract: 
 Using the China Household Finance Survey Data, this article studies the effect of household debt on happiness. The empirical results based on the ordered logit model show that (1) total household debt will significantly reduce family’s happiness; (2) the effect of different types of debt on happiness is heterogeneous, and housing debt and education debt are the main sources of this negative effect, while other types of debt have no significant effect; (3) the different sources of housing debt have different effects on happiness, and only nonbank housing debt significantly reduces people’s happiness; and (4) risk attitude plays an important role in the relationship between debt and happiness, where families with a high degree of risk aversion have lower happiness when borrowing money.
Journal: Applied Economics Letters
Pages: 199-205
Issue: 3
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1610706
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1610706
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:3:p:199-205




Template-Type: ReDIF-Article 1.0
Author-Name: Štefan Lyócsa
Author-X-Name-First: Štefan
Author-X-Name-Last: Lyócsa
Author-Name: Petra Vašaničová
Author-X-Name-First: Petra
Author-X-Name-Last: Vašaničová
Author-Name: Eva Litavcová
Author-X-Name-First: Eva
Author-X-Name-Last: Litavcová
Title: Quantile dependence of tourism activity between Southern European countries
Abstract: 
 Using monthly data on arrivals at tourist accommodation establishments, we estimate the quantile dependence of tourism activity between four Southern European countries: Greece, Italy, Spain and Portugal. We find evidence of strong positive dependence between tourism activities across a wide range of quantiles. Most of the dependence is driven by right-tail events; i.e. tourism sectors seem to grow together. Our results, therefore, suggest that the efforts of a joint European tourism policy appear to have some merit, as tourism activity already behaves similarly across countries, and therefore, pursuing joint policies should be less risky and less difficult to implement.
Journal: Applied Economics Letters
Pages: 206-212
Issue: 3
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1613484
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1613484
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:3:p:206-212




Template-Type: ReDIF-Article 1.0
Author-Name: Yiming He
Author-X-Name-First: Yiming
Author-X-Name-Last: He
Author-Name: Alan R. Collins
Author-X-Name-First: Alan R.
Author-X-Name-Last: Collins
Title: Does environmental pollution affect metropolitan housing prices? Evidence from Guangzhou, China (1987-2014)
Abstract: 
 This article sets up a new general equilibrium model cointegrating microeconomic and macroeconomic econometric models to inference the causal effect of environmental pollution on metropolitan housing prices in Guangzhou, China since the late 1980s. Empirical results show that air pollution decreased metropolitan housing prices, yet the impacts of noise and discharge of wastewater on Guangzhou housing prices are not significant. Moreover, our results show that increased expectation of variation of housing prices has a positive impact on prices.
Journal: Applied Economics Letters
Pages: 213-220
Issue: 3
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1613485
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1613485
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:3:p:213-220




Template-Type: ReDIF-Article 1.0
Author-Name: Yingying Ma
Author-X-Name-First: Yingying
Author-X-Name-Last: Ma
Author-Name: Zaixu Zhang
Author-X-Name-First: Zaixu
Author-X-Name-Last: Zhang
Author-Name: Jaejin Jang
Author-X-Name-First: Jaejin
Author-X-Name-Last: Jang
Author-Name: Jie Qu
Author-X-Name-First: Jie
Author-X-Name-Last: Qu
Title: Overcapacity investment and supervision ﬂuctuation: an evolutionary game approach
Abstract: 
 The production enterprise’s capacity overinvestment and governmental supervision failure often lead to overcapacity. The article builds an evolutionary game model between supervision agencies and production enterprises to explain the supervision ﬂuctuation of overcapacity problem. The analytical solutions are found. Numerical examples are provided to illustrate the evolutionary game process with Dynamo and Matlab. In the long-run, the initial condition and the payoffs are two main factors determine the probability of failed supervision. Apart from single punishment measure, more effective measures need to be taken to address overcapacity efficiently.
Journal: Applied Economics Letters
Pages: 221-227
Issue: 3
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1613486
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1613486
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:3:p:221-227




Template-Type: ReDIF-Article 1.0
Author-Name: G. Thomas Sav
Author-X-Name-First: G. Thomas
Author-X-Name-Last: Sav
Title: Productivity catches up game on: can public research universities catch private non-profit counterparts?
Abstract: 
 Public universities have increasingly lost their publicness and have been driven to manage more like their private non-profit university counterparts. The narrowing distinction is due to decades of public funding cuts and greater reliance on private financing sources. Matters worsened with the Great Recession and political demands to increase public university productivities. However, evidence related to inter-sector productivity differences is sparse, outdated, and somewhat mixed. This paper offers new evidence and methodological advances using 11 academic years through 2015 for US universities and captures pre and post-recession productivities and measures of productivity regress and catch up. Färe-Primont indexes and efficiency decompositions are employed as advances over previous studies. Results are not particularly encouraging in that managerial responses in the public sector have not successfully produced a productivity catch up and, on average, remain below 70% of private universities. In addition, while public universities have been generally more efficient than their private counterparts, the results indicate a deteriorating advantage. Efficiency issues in both sectors are attributed to economies of scope and suggest publics may need to increase levels of graduate education and research production relative to undergraduate education as a path to productivity catch-up and reversal of efficiency downturns.
Journal: Applied Economics Letters
Pages: 228-232
Issue: 3
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1613487
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1613487
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:3:p:228-232




Template-Type: ReDIF-Article 1.0
Author-Name: Mitchell R. Livy
Author-X-Name-First: Mitchell R.
Author-X-Name-Last: Livy
Title: Determining the effect of abnormal temperatures on the housing market
Abstract: 
 Extreme weather events have increased in frequency and are expected to grow in intensity over time. To examine perceptions of this abnormal weather, I model the relationship between degree days and the housing market. The results provide evidence that abnormal increases in cooling and heating degree days negatively affect housing prices, with cooling degree days having a larger impact. Adding to these estimates, the housing price capitalizations of heating and cooling related housing attributes are shown to vary with recent abnormal temperatures.
Journal: Applied Economics Letters
Pages: 233-236
Issue: 3
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1613488
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1613488
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:3:p:233-236




Template-Type: ReDIF-Article 1.0
Author-Name: Sturla Lyngnes Fjesme
Author-X-Name-First: Sturla Lyngnes
Author-X-Name-Last: Fjesme
Title: Informed trading by non-financial companies
Abstract: 
 It is well documented in the finance literature how share prices go up when companies increase dividend payouts. The long-term trend, however, is that more companies now retain excess cash rather than paying dividends. In this paper, I investigate if companies retain cash to invest on private information in domestic stock markets. I look at 20,620 domestic non-financial companies trading shares on the Oslo Stock Exchange (OSE) over the period 1993 to 2006. I find that companies earn excess risk-adjusted-returns from active trading. I conclude that companies retain at least some cash to take advantage of private information.
Journal: Applied Economics Letters
Pages: 237-243
Issue: 3
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1613489
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1613489
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:3:p:237-243




Template-Type: ReDIF-Article 1.0
Author-Name: Nicolas Frevel
Author-X-Name-First: Nicolas
Author-X-Name-Last: Frevel
Author-Name: Dominik Schreyer
Author-X-Name-First: Dominik
Author-X-Name-Last: Schreyer
Title: Behavioral responses to terrorist attacks: empirical evidence from professional football
Abstract: 
 Despite a rich literature on the psychological responses to terrorist attacks, surprisingly little is known about the subsequent changes in citizen behavior. In this research note, we exploit a unique sequence of two rare events, the Paris attacks of 13 November 2015 and the cancelation of the international friendly between Germany and the Netherlands over terrorist threats only four days later, to compare the number of German football spectator no-shows, i.e., the number of ticket holders that have decided not to attend a particular football game, before and after these attacks. Although we observe a significant increase in the number of no-shows during the first two weeks after the incidents, this effect was not permanent.
Journal: Applied Economics Letters
Pages: 244-247
Issue: 3
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1613490
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1613490
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:3:p:244-247




Template-Type: ReDIF-Article 1.0
Author-Name: Hajime Seya
Author-X-Name-First: Hajime
Author-X-Name-Last: Seya
Title: Parameter estimation of the spatial panel stochastic frontier model with random effects
Abstract: 
 This study has two objectives. First, it aims to construct a spatial panel stochastic frontier model with random effects based on the Cliff and Ord-type spatial panel model. Second, it proposes a parameter estimation method for this model. The method is based on a four-step procedure outlined by Kumbhakar and Heshmati (1995), which was modified by incorporating spatial autocorrelation.
Journal: Applied Economics Letters
Pages: 248-253
Issue: 3
Volume: 27
Year: 2020
Month: 2
X-DOI: 10.1080/13504851.2019.1613491
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1613491
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:3:p:248-253




Template-Type: ReDIF-Article 1.0
Author-Name: Rey Hernández-Julián
Author-X-Name-First: Rey
Author-X-Name-Last: Hernández-Julián
Author-Name: Christina Peters
Author-X-Name-First: Christina
Author-X-Name-Last: Peters
Title: Physical appearance and peer effects in academic performance
Abstract: 
 A large literature examines the role of peer effects in shaping student academic outcomes. This article adds to that literature by introducing a new kind of peer effect – the effect of classmate physical appearance. We document that college students are assigned higher grades when in a classroom with peers who are rated as very attractive. This effect is strongest for female students and appears to be concentrated among the courses of younger and male instructors.
Journal: Applied Economics Letters
Pages: 887-890
Issue: 13
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1380282
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1380282
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:13:p:887-890




Template-Type: ReDIF-Article 1.0
Author-Name: Ari Dasgupta
Author-X-Name-First: Ari
Author-X-Name-Last: Dasgupta
Author-Name: Lan Ha
Author-X-Name-First: Lan
Author-X-Name-Last: Ha
Author-Name: Spurthi Jonnalagadda
Author-X-Name-First: Spurthi
Author-X-Name-Last: Jonnalagadda
Author-Name: Steven Schmeiser
Author-X-Name-First: Steven
Author-X-Name-Last: Schmeiser
Author-Name: Hannah Youngerman
Author-X-Name-First: Hannah
Author-X-Name-Last: Youngerman
Title: The daughter effect: do CEOs with daughters hire more women to their board?
Abstract: 
 Using a sample of S&amp;P 100 firms, we find that CEOs with a daughter are more likely to hire new women to their board of directors than CEOs without a daughter. Our results provide additional evidence that parents’ attitudes and actions are affected by the gender of their children and that the effect is strong enough to influence important decisions at large corporations.
Journal: Applied Economics Letters
Pages: 891-894
Issue: 13
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1380283
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1380283
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:13:p:891-894




Template-Type: ReDIF-Article 1.0
Author-Name: Selçuk Akçay
Author-X-Name-First: Selçuk
Author-X-Name-Last: Akçay
Title: Remittances and misery index in Turkey: is there a link?
Abstract: 
 This study tests the long run relationship between remittances and misery index in Turkey over the 1975–2011 period, using bounds testing approach. The results indicate that remittances and misery index are co-integrated. The misery index appears to have positive impact on remittance inflows in both short and long run, supporting altruism theory in remittance sending behaviour in Turkey.
Journal: Applied Economics Letters
Pages: 895-899
Issue: 13
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1380284
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1380284
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:13:p:895-899




Template-Type: ReDIF-Article 1.0
Author-Name: Dayong Lv
Author-X-Name-First: Dayong
Author-X-Name-Last: Lv
Author-Name: Qingsong Ruan
Author-X-Name-First: Qingsong
Author-X-Name-Last: Ruan
Title: Asymmetric effect of margin-trading activities on price crashes: evidence from Chinese stock market
Abstract: 
 Prior literature on the impact of margin-trading activity on stock price crashes is mixed and does not reach consensus. Using data from a Chinese margin-trading pilot programme initiated in 2010, this article employs both margin-buying and margin-covering activities to investigate the asymmetric impact on stock price crashes. We find that margin-buying activities are beneficial reducing the price crash prone, especially in bad times. In contrast, margin-covering activities amplify price crashes in both good times and bad times.
Journal: Applied Economics Letters
Pages: 900-904
Issue: 13
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1380285
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1380285
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:13:p:900-904




Template-Type: ReDIF-Article 1.0
Author-Name: Kanis Saengchote
Author-X-Name-First: Kanis
Author-X-Name-Last: Saengchote
Author-Name: Voraprapa Nakavachara
Author-X-Name-First: Voraprapa
Author-X-Name-Last: Nakavachara
Title: Are consumers forward looking? Evidence from used iPhones
Abstract: 
 This study examines the impact of planned obsolescence – the introduction of new models to make existing models obsolete – on secondary markets for mobile phones. Using data of over 320,000 used iPhones listings on Thailand’s largest online marketplace, we document that iPhone prices decrease with age, around 2.8–3.2% for each passing month. We find no evidence that the price decline accelerates after launches of new models (i.e. obsolescence), lending support to the view that consumer in durable goods markets are rational and forward looking.
Journal: Applied Economics Letters
Pages: 905-909
Issue: 13
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1380286
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1380286
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:13:p:905-909




Template-Type: ReDIF-Article 1.0
Author-Name: Hui Zhou
Author-X-Name-First: Hui
Author-X-Name-Last: Zhou
Author-Name: Haitao Yin
Author-X-Name-First: Haitao
Author-X-Name-Last: Yin
Title: Stock market reactions to environmental disclosures: new evidence from China
Abstract: 
 We study how the stock market in China responds to announcements by an environmental risk index and find that China’s stock market penalizes firms associated with unfavourable environmental news if the information is provided directly to investors in a manner that is easily understood. We also find that the negative impact on stock prices fades after multiple disclosures of the same information.
Journal: Applied Economics Letters
Pages: 910-913
Issue: 13
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1383590
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1383590
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:13:p:910-913




Template-Type: ReDIF-Article 1.0
Author-Name: Tolga Yuret
Author-X-Name-First: Tolga
Author-X-Name-Last: Yuret
Title: Birthday effect
Abstract: 
 According to the Turkish legal code, a student born in December must enrol in primary school alongside students born 11 months earlier in January. In this study, Turkish college admissions data is used to measure the effect of younger enrolment in primary school. It was found that students who are born in the second half of the year are less likely to be from selective public high schools, and are less likely to be successful in college admissions test. These results are consistent with disadvantages associated with younger enrolment in primary school.
Journal: Applied Economics Letters
Pages: 914-917
Issue: 13
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1383592
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1383592
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:13:p:914-917




Template-Type: ReDIF-Article 1.0
Author-Name: Meifen Qian
Author-X-Name-First: Meifen
Author-X-Name-Last: Qian
Author-Name: Bin Yu
Author-X-Name-First: Bin
Author-X-Name-Last: Yu
Author-Name: Qianyu Zhu
Author-X-Name-First: Qianyu
Author-X-Name-Last: Zhu
Title: Noise traders, firm-specific uncertainty and technical trading effectiveness
Abstract: 
 This is the first study to document evidence of technical trading effectiveness at firm level in the Chinese A-share market by investigating the relationship between excess profits of technical trading rules and firm-specific characteristics. Our results reveal that firms with higher excess profits from technical trading have more noise traders and higher institutional ownership and that those firms tend to be growth firms with lower liquidity and higher firm-specific uncertainty. Further analysis shows that the profitability of technical trading rules is unsustainable and the excess profits of the highest technical trading profit quintile portfolio disappear in the following year.
Journal: Applied Economics Letters
Pages: 918-923
Issue: 13
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1383593
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1383593
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:13:p:918-923




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Corrigendum
Journal: Applied Economics Letters
Pages: 1-1
Issue: 13
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1384657
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1384657
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:13:p:1-1




Template-Type: ReDIF-Article 1.0
Author-Name: Joshua C. Hall
Author-X-Name-First: Joshua C.
Author-X-Name-Last: Hall
Author-Name: Serkan Karadas
Author-X-Name-First: Serkan
Author-X-Name-Last: Karadas
Title: Tuition increases Geaux away? Evidence from voting on Louisiana’s amendment 2
Abstract: 
 In many states, public institutions of higher education have the autonomy to raise tuition. This has not been the case in Louisiana since a 1995 constitutional amendment required a two-thirds majority of the state legislature for any tuition increase. In November of 2016, voters in Louisiana rejected Amendment 2, a constitutional amendment that would have given state institutions of higher education autonomy in setting tuition. We examine parish-level voting on Amendment 2 using an empirical political economy model and find that parishes with a greater percentage of African-Americans and university employees were more likely to vote yes. Student enrolment at public institutions seemingly did not play a role in Amendment 2 losing.
Journal: Applied Economics Letters
Pages: 924-927
Issue: 13
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1386273
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1386273
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:13:p:924-927




Template-Type: ReDIF-Article 1.0
Author-Name: Mariusz Jarmuzek
Author-X-Name-First: Mariusz
Author-X-Name-Last: Jarmuzek
Author-Name: Esteban R. Vesperoni
Author-X-Name-First: Esteban R.
Author-X-Name-Last: Vesperoni
Title: The role of debt profile vulnerabilities in sovereign distress
Abstract: 
 Sovereign debt distress has raised difficult issues in terms of debt sustainability in the past, but it has been associated not only with medium-term debt dynamics, but also with various dimensions of the debt profile that have typically built vulnerabilities over time. Vulnerabilities associated with the public debt structure and liquidity may play an important role in derailing a stable debt trajectory and thus contribute to debt distress. Financial developments may also contribute to the building in sovereign debt vulnerabilities, as deterioration in financial stability indicators can affect the balance sheet of the national treasury. Based on the experience during 37 debt distress events in countries with market access between 1993 and 2010, this article identifies early warning indicators of sovereign debt distress and defines thresholds – for the whole sample and for different regions – at which these latter have been associated with distress in the past. This approach allows us to assess indicators on an individual basis, and to develop a composite indicator of debt vulnerabilities as well.
Journal: Applied Economics Letters
Pages: 928-935
Issue: 13
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1386274
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1386274
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:13:p:928-935




Template-Type: ReDIF-Article 1.0
Author-Name: Tobias Hiller
Author-X-Name-First: Tobias
Author-X-Name-Last: Hiller
Title: Excluded coalitions and the 2013 German federal election
Abstract: 
 In a recent article, Hiller introduced a value for cooperative games considering that players exclude coalitions with other players – the $$\rm EC$$EC
 value (excluded coalitions value). One reason for developing the $$\rm EC$$EC
 value was to improve the analysis of parliaments, since prior to elections, parties issue coalition statements and exclude cooperation with parties. In this article, we use the $$\rm EC$$EC
 value to analyse the influence of coalition statements on the bargaining strength of the parties after the 2013 German federal election. More specifically, we calculate the distribution of power in German government coalitions that were possible with respect to the opinion polls in the time prior to the election.
Journal: Applied Economics Letters
Pages: 936-940
Issue: 13
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1386275
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1386275
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:13:p:936-940




Template-Type: ReDIF-Article 1.0
Author-Name: Hector Carcel
Author-X-Name-First: Hector
Author-X-Name-Last: Carcel
Author-Name: Luis A. Gil-Alana
Author-X-Name-First: Luis A.
Author-X-Name-Last: Gil-Alana
Author-Name: Peter Wanke
Author-X-Name-First: Peter
Author-X-Name-Last: Wanke
Title: Application of local projections in the monetary policy in Brazil
Abstract: 
 This article examines the relationship between selected monetary aggregates and inflation and output in Brazil. Impulse responses under VAR and local projections were used to discover the leading or lagging role of the monetary aggregates. In addition, the information provided by the monetary aggregates as predictors of output and inflation was examined. This was assessed by examining their predictive power for subsequent observations on an in-sample basis. Overall, the results indicate that in order to control inflation rates, Brazilian authorities should focus on restricting money supply rather than increasing interest rates.
Journal: Applied Economics Letters
Pages: 941-944
Issue: 13
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1386276
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1386276
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:13:p:941-944




Template-Type: ReDIF-Article 1.0
Author-Name: Ana Millán
Author-X-Name-First: Ana
Author-X-Name-Last: Millán
Author-Name: José María Millán
Author-X-Name-First: José María
Author-X-Name-Last: Millán
Author-Name: Concepción Román
Author-X-Name-First: Concepción
Author-X-Name-Last: Román
Title: Are false own-account workers less job satisfied than true ones?
Abstract: 
 This article compares job satisfaction of true and false own-account workers. The latter group refers to own-account workers who are employed with the same tasks by the same employer for whom they previously worked as employees. To create a valid comparable group, the former workers are defined as paid employees who independently started a new business as own-account workers. Using data drawn from the European Community Household Panel for the EU-15 and controlling for possible self-selection issues, we observe that false own-account workers, compared with true ones, have less job satisfaction in terms of type of work, number of working hours, working times, and working conditions and environment. Our results are consistent with existing policies aimed to combat false self-employment developed by many OECD countries.
Journal: Applied Economics Letters
Pages: 945-950
Issue: 13
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1388902
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1388902
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:13:p:945-950




Template-Type: ReDIF-Article 1.0
Author-Name: Peisen Liu
Author-X-Name-First: Peisen
Author-X-Name-Last: Liu
Author-Name: Houjian Li
Author-X-Name-First: Houjian
Author-X-Name-Last: Li
Author-Name: Shoujun Huang
Author-X-Name-First: Shoujun
Author-X-Name-Last: Huang
Title: Bank competition and the cost of debt: the role of state ownership and firm size
Abstract: 
 The argument on the puzzling relationship between bank competition and the cost of debt remains inconclusive as the effects of state ownership and firm size are intertwined. We find that bank competition is negatively associated with the cost of debt and observe that the negative effect of bank competition is stronger for state-owned enterprises (SOEs) and weaker for large-sized enterprises. Our findings accord with the market power hypothesis. State ownership strengthens the negative impact of bank competition on the cost of debt, but firm size tends to weaken it. SOEs and large-sized enterprises are associated with a lower cost of debt compared to non-SOEs and small- and medium-sized enterprises, respectively.
Journal: Applied Economics Letters
Pages: 951-957
Issue: 13
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1388903
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1388903
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:13:p:951-957




Template-Type: ReDIF-Article 1.0
Author-Name: Binay K. Adhikari
Author-X-Name-First: Binay K.
Author-X-Name-Last: Adhikari
Title: Female executives and corporate cash holdings
Abstract: 
 I find that firms led by female top executives hold more cash, partly due to precautionary motives. To overcome endogeneity concerns, I employ several econometric techniques, including an instrumental variable analysis based on a historical event that resulted in a plausibly exogenous variation in the female workforce participation. Overall, my results are consistent with the view that greater risk-aversion leads female executives to hold more cash.
Journal: Applied Economics Letters
Pages: 958-963
Issue: 13
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1388904
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1388904
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:13:p:958-963




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Corrigendum
Journal: Applied Economics Letters
Pages: iii-iii
Issue: 13
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1494410
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1494410
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Template-Type: ReDIF-Article 1.0
Author-Name: Yılmaz Kılıçaslan
Author-X-Name-First: Yılmaz
Author-X-Name-Last: Kılıçaslan
Author-Name: Ünal Töngür
Author-X-Name-First: Ünal
Author-X-Name-Last: Töngür
Title: ICT and employment generation: evidence from Turkish manufacturing
Abstract: 
 This study is said to be the first attempt in exploring the impact of information and communication technologies (ICT) capital on employment generation/destruction in Turkish manufacturing industry by using labour demand estimation framework. The analysis is based on firm-level data, which includes all firms employing 20 or more employees in Turkish manufacturing for the period 2003–2013. Our findings based on system GMM estimations show that ICT has employment-enhancing effects in Turkish manufacturing. Moreover, our results provide the evidence that tangible ICT capital has stronger employment generation impact than that of intangible ICT capital in medium- and low-tech industries.
Journal: Applied Economics Letters
Pages: 1053-1057
Issue: 13
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1529391
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1529391
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Template-Type: ReDIF-Article 1.0
Author-Name: Hideo Noda
Author-X-Name-First: Hideo
Author-X-Name-Last: Noda
Author-Name: Koki Kyo
Author-X-Name-First: Koki
Author-X-Name-Last: Kyo
Title: Do commercial sales move coincidentally with business cycles in Japan? a dynamic two-mode regression approach
Abstract: 
 This paper examines the validity of including wholesale and retail commercial sales in the coincident index of business conditions in Japan. Specifically, we consider the movement of gross domestic product (GDP) as a reference cycle, and investigate whether commercial sales move coincidentally with GDP by applying the dynamic two-mode regression approach. The results show that wholesale commercial sales are not justified as a component of the Japanese coincident index, but that retail commercial sales may be considered a legitimate component of the Japanese coincident index.
Journal: Applied Economics Letters
Pages: 1058-1066
Issue: 13
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1529858
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1529858
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Template-Type: ReDIF-Article 1.0
Author-Name: Sherry X. Yu
Author-X-Name-First: Sherry X.
Author-X-Name-Last: Yu
Title: Bank excess returns and unconventional monetary policy
Abstract: 
 During the Global Recession, the Federal Reserve Board (Fed) and the European Central Bank have implemented a series of unconventional monetary policy (UMP) measures. We argue that these programmes increased bank equity values in both the US and Europe via asset pricing channels. Using an event-study approach, we find that announcement of UMP actions amplified bank excess returns, especially during the first round of quantitative easing in the US and outright monetary transaction programmes in Europe. We also find evidence supporting market beta shifts subsequent of some major UMP announcements. Using the estimated shadow rates, we provide further empirical evidence on the continuous effect of monetary policy shocks on bank excess returns. Our results show that bank excess returns responded at least twice as stronger to monetary policy actions at the zero lower bound.
Journal: Applied Economics Letters
Pages: 1067-1071
Issue: 13
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1529859
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1529859
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdurrahman Nazif Çatik
Author-X-Name-First: Abdurrahman Nazif
Author-X-Name-Last: Çatik
Author-Name: Coşkun Akdeniz
Author-X-Name-First: Coşkun
Author-X-Name-Last: Akdeniz
Title: The evolution of the monetary transmission channels in Turkey: evidence from a TVP-VAR model
Abstract: 
 This article investigates the evolution of the monetary transmission mechanisms in Turkey for the period from January 1986 to December 2016. To this aim, the impacts of monetary variables on the prices and economic activity are investigated with a time-varying vector autoregressive model based on. The evidences from the time-varying responses indicate that the adoption of inflation targeting policy has markedly affected the functioning of transmission channels. The results also suggest that local and global financial crises may magnify the impact of monetary policy shocks on the overall economy.
Journal: Applied Economics Letters
Pages: 1072-1079
Issue: 13
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1537468
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1537468
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Template-Type: ReDIF-Article 1.0
Author-Name: Ke Chen
Author-X-Name-First: Ke
Author-X-Name-Last: Chen
Author-Name: Meng Wang
Author-X-Name-First: Meng
Author-X-Name-Last: Wang
Title: Is gold a hedge and safe haven for stock market?
Abstract: 
 The paper aims to examine the hedge and safe haven properties of gold relative to Dow Jones stock industry indices using quantile-GARCH approach. Splitting the sample period into two sub-periods, our results show that the hedge and safe haven properties of gold have a changing nature. In a whole period (1980–2017), gold is not a hedge for Oil&Gas, Basic materials and Utilities; gold is a safe haven for almost all sectors except Technology. While in sub-period I (1980–1995) gold is not a hedge for Oil&Gas but a strong safe haven for all sectors. In sub-period II (1996–2017) gold is not a hedge for Oil&Gas, Basic materials and Utilities, also not a safe haven for Oil&Gas, Basic materials, Utilities, Telecom and Technology.
Journal: Applied Economics Letters
Pages: 1080-1086
Issue: 13
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1537469
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1537469
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Template-Type: ReDIF-Article 1.0
Author-Name: David Finck
Author-X-Name-First: David
Author-X-Name-Last: Finck
Title: Has monetary policy really become less effective in the euro area? A note
Abstract: 
 This paper applies a time-varying VAR model with stochastic volatility to the euro area. In contrast to the literature, we find that (i) monetary policy has not become less effective and that (ii) the expansionary policy that is currently pursued would not have resulted in a less severe recession in 2009.
Journal: Applied Economics Letters
Pages: 1087-1091
Issue: 13
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1537470
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1537470
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuval Arbel
Author-X-Name-First: Yuval
Author-X-Name-Last: Arbel
Author-Name: Chaim Fialkoff
Author-X-Name-First: Chaim
Author-X-Name-Last: Fialkoff
Author-Name: Amichai Kerner
Author-X-Name-First: Amichai
Author-X-Name-Last: Kerner
Title: Public policy for reducing tax evasion: implications of the Yule–Simpson paradox
Abstract: 
 The current study exhibits a new implication of the Yule–Simpson paradox with public policy repercussions. We construct Laffer curves of local property tax collection based on aggregated data and group division to residential land uses in Jerusalem. Results indicate that based on aggregated (dis-aggregated) data, the location of owner-occupiers and renters who pay a relatively high rate tariff will be on the upward-sloping (downward-sloping) part of the Laffer curve. Consequently, statistical test outcomes support Laffer’s controversial claim that for the few upper-brackets taxpayers, an efficient collection is associated with tax reduction rather than tax increase.
Journal: Applied Economics Letters
Pages: 1092-1099
Issue: 13
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1537471
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1537471
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Template-Type: ReDIF-Article 1.0
Author-Name: Yunxian Yan
Author-X-Name-First: Yunxian
Author-X-Name-Last: Yan
Author-Name: Zhao Guiyu
Author-X-Name-First: Zhao
Author-X-Name-Last: Guiyu
Title: The empirical study on price discovery of cornstarch futures market in China
Abstract: 
 This article aims at exploring the performance of the price discovery function of cornstarch futures market in China. In order to test the stationarity of the cash and futures prices of cornstarch, the augmented Dickey–Fuller test is applied. Both prices are integrated of order one. Then, the Johansen cointegration test is conducted to test the cointegrating relationship between those two prices. Finally, the Granger causality test is performed to observe the direction of causality. The evidence shows that there is a long-run relationship between cash and futures prices and the futures price Granger causes cash price. As a whole, price discovery of cornstarch market in China is present although it is a newly emerged market.
Journal: Applied Economics Letters
Pages: 1100-1103
Issue: 13
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1537472
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1537472
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Template-Type: ReDIF-Article 1.0
Author-Name: Vasilios Plakandaras
Author-X-Name-First: Vasilios
Author-X-Name-Last: Plakandaras
Author-Name: Rangan Gupta
Author-X-Name-First: Rangan
Author-X-Name-Last: Gupta
Author-Name: Luis A. Gil-Alana
Author-X-Name-First: Luis A.
Author-X-Name-Last: Gil-Alana
Author-Name: Mark E. Wohar
Author-X-Name-First: Mark E.
Author-X-Name-Last: Wohar
Title: Are BRICS exchange rates chaotic?
Abstract: 
 In this paper, we focus on the stochastic (chaotic) attributes of the US dollar-based exchange rates for Brazil, Russia, India, China and South Africa (BRICS) using a long-run monthly dataset covering 1812M01-2017M12, 1814M01-2017M12, 1822M07-2017M12, 1948M08-2017M12, and 1844M01-2017M12, respectively. For our purpose, we consider the Lyapunov exponents, robust to nonlinear and stochastic systems, in both full – samples and in rolling windows. For comparative purposes, we also evaluate a long-run dataset of a developed currency market, namely British pound over the period of 1791M01-2017M12. Our empirical findings detect chaotic behavior only episodically for all countries before the dissolution of the Bretton Woods system, with the exception of the Russian ruble. Overall, our findings suggest that the establishment of the free floating exchange rate system have altered the path of exchange rates removing chaotic dynamics from the phenomenon, and hence, the need for policymakers to intervene in the currency markets for the most important emerging market bloc, should be carefully examined.
Journal: Applied Economics Letters
Pages: 1104-1110
Issue: 13
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1537473
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1537473
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Template-Type: ReDIF-Article 1.0
Author-Name: Tilak Abeysinghe
Author-X-Name-First: Tilak
Author-X-Name-Last: Abeysinghe
Title: Old-age dependency: is it really increasing in aging populations?
Abstract: 
 To account for economic dependency we propose an adjustment to the old-age dependency ratio based on savings of the elderly. Computations are simple and the adjusted ratio is aimed at retaining the exogenous character of the conventional demographic ratio. Data from an economy with stagnating incomes and a fast growing elderly population (Japan) and an economy with fast growing incomes (Singapore) highlight that the conventional dependency ratio substantially exaggerates the burden of the elderly.
Journal: Applied Economics Letters
Pages: 1111-1117
Issue: 13
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1537474
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1537474
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Template-Type: ReDIF-Article 1.0
Author-Name: Ryota Nakatani
Author-X-Name-First: Ryota
Author-X-Name-Last: Nakatani
Title: Firm performance and corporate finance in New Zealand
Abstract: 
 Low productivity growth in New Zealand has been a paradox. We study New Zealand firms’ profitability, in terms of profit margin and return on assets (ROA), from the viewpoints of productivity enablers using firm-level panel data. We find that tangible fixed investment and a research and development (R&D) tax incentive are associated with higher profitability performance. In addition, the firm size is found to be a key determinant of profit margin. By contrast, we do not find any evidence that intangible investment can improve the profitability. The global financial crisis has not changed the leverage effect on ROA in New Zealand, while the impact of R&D became more prominent after the crisis.
Journal: Applied Economics Letters
Pages: 1118-1124
Issue: 13
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1539805
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1539805
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhuo Qiao
Author-X-Name-First: Zhuo
Author-X-Name-Last: Qiao
Author-Name: Zhaohua Li
Author-X-Name-First: Zhaohua
Author-X-Name-Last: Li
Title: Do foreign institutional investors enhance firm innovation in China?
Abstract: 
 This paper investigates the impact of the Qualified Foreign Institutional Investor (QFII) scheme regulated by the Chinese government on firm innovation in China. By explicitly addressing the potential endogenous relationship between foreign institutional ownership and firm innovation, we find that foreign institutional investors enhance firm innovation in China, suggesting that the Chinese government should further relax its foreign capital investment control, for example, increase the quota of the QFII scheme.
Journal: Applied Economics Letters
Pages: 1125-1128
Issue: 13
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1540831
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1540831
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Template-Type: ReDIF-Article 1.0
Author-Name: Shan Lei
Author-X-Name-First: Shan
Author-X-Name-Last: Lei
Title: Financial advice and individual investors’ investment decisions
Abstract: 
 Findings from previous studies generally indicate that relying on advice from financial advisors is associated with investment decisions. This study uses data from the 2013 Survey of Consumer Finances (SCF) to mainly investigate three types of advisors: (a) financial planners, (b) accountants, and (c) lawyers. Getting investment advice from financial planners is found to be positively associated with stock ownership, while this relationship is negative for individual investors relying on advice from lawyers. Evidence from this study also suggests that some personal characteristics, such as age, education, risk tolerance may play a key role in shaping individual investors’ investment decisions.
Journal: Applied Economics Letters
Pages: 1129-1132
Issue: 13
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1540832
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1540832
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:13:p:1129-1132




Template-Type: ReDIF-Article 1.0
Author-Name: Thi Thu Tra Pham
Author-X-Name-First: Thi Thu Tra
Author-X-Name-Last: Pham
Author-Name: Thai Vu Hong Nguyen
Author-X-Name-First: Thai Vu Hong
Author-X-Name-Last: Nguyen
Author-Name: KienSon Nguyen
Author-X-Name-First: KienSon
Author-X-Name-Last: Nguyen
Title: Does bank competition promote financial inclusion? A cross-country evidence
Abstract: 
 The idea of financial inclusion has recently been discussed as one of the key strategies to enhance economic development (World Bank 2014). We move this discussion forward by examining if bank competition is a crucial component enforcing financial inclusion, which is arguably a finance supply-side driven process. In this study, we compute the financial inclusion index built on Sarma (2008) approach to better reflect banks’ willingness and capability to provide financial services. Applying System Generalized Method of Moments to the panel of 93 countries, we find that bank competition promotes financial inclusion.
Journal: Applied Economics Letters
Pages: 1133-1137
Issue: 13
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1540833
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1540833
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Template-Type: ReDIF-Article 1.0
Author-Name: Cetin Ciner
Author-X-Name-First: Cetin
Author-X-Name-Last: Ciner
Title: Does the stock market contain information about economic growth? Time-varying out of sample causality tests
Abstract: 
 We present a new approach to conduct time-varying out of sample causality tests and apply our method to examine the information content of the stock market for economic growth in the US context. We show that equity valuations convey little information in the period after the 1960s. Particularly, there is no evidence to suggest that the recent bull market in equities is indicative of higher future economic growth. Hence, our results are against the argument that the stock market should be included as a leading indicator in economic policymaking.
Journal: Applied Economics Letters
Pages: 1138-1142
Issue: 13
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1540834
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1540834
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:13:p:1138-1142




Template-Type: ReDIF-Article 1.0
Author-Name: Jürgen Jerger
Author-X-Name-First: Jürgen
Author-X-Name-Last: Jerger
Author-Name: Jenny Körner
Author-X-Name-First: Jenny
Author-X-Name-Last: Körner
Title: Assessing macroprudential regulation: the role of the zero lower bound
Abstract: 
 We look at the interaction between the zero lower bound (ZLB) and flexible macroprudential regulation (FMR). After an adverse demand shock, FMR contributes to financial stability irrespective of the ZLB and also to macroeconomic stabilization if the ZLB binds.
Journal: Applied Economics Letters
Pages: 580-583
Issue: 9
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1346359
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1346359
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:9:p:580-583




Template-Type: ReDIF-Article 1.0
Author-Name: Daniel L. Friesner
Author-X-Name-First: Daniel L.
Author-X-Name-Last: Friesner
Author-Name: Matthew McPherson
Author-X-Name-First: Matthew
Author-X-Name-Last: McPherson
Author-Name: Tim Schibik
Author-X-Name-First: Tim
Author-X-Name-Last: Schibik
Author-Name: Andrew Brajcich
Author-X-Name-First: Andrew
Author-X-Name-Last: Brajcich
Title: Identifying peers in international tax competition
Abstract: 
 Multinational companies (MNCs) have historically used corporate subsidiaries to isolate income earned in lower-taxed jurisdictions from tax in a higher-rate home country. This planning technique has been long accepted as a strategy to lower the MNC’s effective tax rate and maintain shareholder value. A recently study, however, demonstrates that this is an inefficient, and possibly inappropriate, strategy. This article conducts a comprehensive empirical benchmarking analysis by applying cluster analysis to empirically identify peer groups of MNCs operating in the pharmaceutical industry. We find that most firms consistently fall into the same cluster, providing evidence that income shifting can be benchmarked by industry sector. We also find special cases where firms should be excluded from the benchmark.
Journal: Applied Economics Letters
Pages: 584-587
Issue: 9
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1349280
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1349280
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:9:p:584-587




Template-Type: ReDIF-Article 1.0
Author-Name: Petyo Bonev
Author-X-Name-First: Petyo
Author-X-Name-Last: Bonev
Title: Does the constraint matter? A note on the asymptotic properties of nonparametric instrumental variable estimation under monotonicity shape constraint
Abstract: 
 I show that constrained monotone instrumental variable estimators are asymptotically equivalent to their unconstrained counterparts whenever the true regression function is in the interior of the constrained set. In a simulation study, a sieve-based constrained estimator is shown to outperform the unconstrained one even in cases where both are asymptotically equivalent.
Journal: Applied Economics Letters
Pages: 588-591
Issue: 9
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1349281
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1349281
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:9:p:588-591




Template-Type: ReDIF-Article 1.0
Author-Name: John J. Hisnanick
Author-X-Name-First: John J.
Author-X-Name-Last: Hisnanick
Author-Name: Andreas Kern
Author-X-Name-First: Andreas
Author-X-Name-Last: Kern
Title: The 2008 tax rebate and US household debt
Abstract: 
 Starting in May 2008, the US government disbursed over $100 billion to households in the form of tax rebates. Embedded in the Economic Stimulus Act of 2008, the rollout was aimed at limiting, or possibly reversing, the negative effects of the recession that was just starting. Substantial research concentrated on capturing the impact of the stimulus on consumption behaviour. Prior research suggests that the tax rebate had a small and/or no positive effect. This raises the question: How did individuals spent their tax rebate? Using data from the Survey of Income and Program Participation 2008 panel wave 1 topical module, the data suggest that more than half of the respondents, who received the rebate, used this one-time windfall to pay off debt. Our findings indicate that this effect is more pronounced among low-income individuals, who chose to service their debt burden instead of increasing immediate consumption. The findings point to a stabilizing effect of the tax rebate programme on the financial sector, suggesting that substantial distributional asymmetries exist concerning tax rebate programmes in an economy where a large share of households are indebted.
Journal: Applied Economics Letters
Pages: 592-596
Issue: 9
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1349283
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1349283
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:9:p:592-596




Template-Type: ReDIF-Article 1.0
Author-Name: Marta Gómez-Puig
Author-X-Name-First: Marta
Author-X-Name-Last: Gómez-Puig
Author-Name: Simón Sosvilla-Rivero
Author-X-Name-First: Simón
Author-X-Name-Last: Sosvilla-Rivero
Title: On the time-varying nature of the debt-growth nexus: evidence from the euro area
Abstract: 
 This article uses the DCC-generalized autoregressive conditional heteroskedasticity model to investigate the existence of time-varying correlations between public debt and economic growth. To that end, we use annual data from both central and peripheral countries of the euro area for the period 1961–2015. The results suggest that the relationships between these variables are time-varying and that in some countries and for some periods, there is a positive association between them.
Journal: Applied Economics Letters
Pages: 597-600
Issue: 9
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1349284
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1349284
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:9:p:597-600




Template-Type: ReDIF-Article 1.0
Author-Name: Prithviraj Lakkakula
Author-X-Name-First: Prithviraj
Author-X-Name-Last: Lakkakula
Title: Testing causality among five fertilizer prices
Abstract: 
 This article identifies the causal relationships among the prices of five fertilizers using both asymptotic Wald test and resampling (bootstrap) techniques. Monthly data for urea, muriate of potash, rock phosphate, diammonium phosphate and triple super phosphate between 2008 (March) and 2016 (March) are used for the analysis. Results show that the urea price Granger causes all other fertilizer prices. The results of the study are significant in understanding the price dynamics and identify the reference fertilizer price that is useful for the fertilizer industry, farmers and government.
Journal: Applied Economics Letters
Pages: 601-606
Issue: 9
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1352067
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1352067
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:9:p:601-606




Template-Type: ReDIF-Article 1.0
Author-Name: William Collier
Author-X-Name-First: William
Author-X-Name-Last: Collier
Author-Name: Javier Valbuena
Author-X-Name-First: Javier
Author-X-Name-Last: Valbuena
Author-Name: Yu Zhu
Author-X-Name-First: Yu
Author-X-Name-Last: Zhu
Title: What determines post-compulsory academic studies? Evidence from the longitudinal survey of young people in England
Abstract: 
 We show that educational attainments at the end of the compulsory schooling stage are powerful predictors for post-compulsory educational choices in England. In particular, the single academic success indicator of achieving the Government’s gold standard in GCSE is able to predict virtually all the observed incidences of post-compulsory studies for academic qualifications. Notwithstanding, Two-Stage Least Squares estimation which exploits variations in school starting age induced by school entry rules suggests that the least-squares effect of achieving the gold standard in GCSEs on studying for academic qualifications is due to ability bias or reverse causation.
Journal: Applied Economics Letters
Pages: 607-610
Issue: 9
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1352069
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1352069
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Template-Type: ReDIF-Article 1.0
Author-Name: Toyoki Matsue
Author-X-Name-First: Toyoki
Author-X-Name-Last: Matsue
Title: Fixed-term contracts as a source of labour demand fluctuations
Abstract: 
 Employment fluctuations are one of the central issues in the business cycle literature. The fluctuations depend crucially not only on the economic conditions but also on the labour market institutions. Since most previous studies have assumed indefinite-term contracts (ITC) implicitly, the implications of fixed-term contracts (FTC) on dynamic labour demand have been rather overlooked. This article investigates dynamic labour demand of a firm with FTC to show that the employment fluctuations under FTC can be totally different from those under ITC. In particular, a productivity shock that takes place at a future date generates the current fluctuations in employment under FTC, while it does not under ITC.
Journal: Applied Economics Letters
Pages: 611-614
Issue: 9
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1352070
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1352070
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:9:p:611-614




Template-Type: ReDIF-Article 1.0
Author-Name: Stefan Klößner
Author-X-Name-First: Stefan
Author-X-Name-Last: Klößner
Author-Name: Gregor Pfeifer
Author-X-Name-First: Gregor
Author-X-Name-Last: Pfeifer
Title: Outside the box: using synthetic control methods as a forecasting technique
Abstract: 
 We introduce synthetic control methods (SCM) as a forecasting technique. Using (i) as economic predictors solely the outcome itself, i.e. lagged values of the dependent variable, and (ii) lagged time series of the outcome to build the donor pool, we let SCM choose and weight appropriate values in order to come up with a sensible forecast of the US GDP growth. This procedure performs competitively viable compared with alternative forecasting methods.
Journal: Applied Economics Letters
Pages: 615-618
Issue: 9
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1352071
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1352071
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:9:p:615-618




Template-Type: ReDIF-Article 1.0
Author-Name: Geng Niu
Author-X-Name-First: Geng
Author-X-Name-Last: Niu
Author-Name: Yang Zhou
Author-X-Name-First: Yang
Author-X-Name-Last: Zhou
Title: Financial literacy and retirement planning: evidence from China
Abstract: 
 We study the relationship between financial literacy and retirement planning in China. We find that higher scores on the financial literacy questions are associated not only with a higher probability of retirement planning, but also a higher propensity to actively use financial markets for retirement preparation. These relationships are robust to taking into account the endogeneity of financial literacy.
Journal: Applied Economics Letters
Pages: 619-623
Issue: 9
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1352072
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1352072
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Template-Type: ReDIF-Article 1.0
Author-Name: Rosa Duarte
Author-X-Name-First: Rosa
Author-X-Name-Last: Duarte
Author-Name: Sandra Ferrando-Latorre
Author-X-Name-First: Sandra
Author-X-Name-Last: Ferrando-Latorre
Author-Name: José Alberto Molina
Author-X-Name-First: José Alberto
Author-X-Name-Last: Molina
Title: How to escape poverty through education?: intergenerational evidence in Spain
Abstract: 
 This article analyses the determinants of escaping poverty through education in Spain, with this being the country that, is among the top European countries regarding the percentage of the population affected by poverty. Specifically, the article studies the transmission of poverty over two generations by analysing the factors that affect the probability of having completed the secondary level of education. To that end, we use the conceptual Quantity–Quality model of Becker–Lewis, empirically estimated by using the Survey of Living Conditions (2011) provided by the Spanish Statistical Institute. Our results confirm the intergenerational transmission of poverty in Spain, in such a way that the probability that the respondent has completed secondary education is determined, although not exclusively, by the family conditions of the respondents during their teenage years.
Journal: Applied Economics Letters
Pages: 624-627
Issue: 9
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1352073
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1352073
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:9:p:624-627




Template-Type: ReDIF-Article 1.0
Author-Name: Marcelo Resende
Author-X-Name-First: Marcelo
Author-X-Name-Last: Resende
Title: Profit rate in the US, 1949–2007: a Markov switching assessment
Abstract: 
 The article investigates the growth in the general profit rate in the US during the 1949–2007 period with a Markov switching model. The evidence is consistent with a long swing with means displaying opposite signs under the two regimes (increasing or declining) and high degree of persistence within each regime. The results for this nonlinear approach reinforce previous empirical evidence that does not provide support for a systematic and declining tendency in profit rate as advanced in the Marxian literature.
Journal: Applied Economics Letters
Pages: 628-631
Issue: 9
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1352074
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1352074
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:9:p:628-631




Template-Type: ReDIF-Article 1.0
Author-Name: Giovanni Covi
Author-X-Name-First: Giovanni
Author-X-Name-Last: Covi
Title: Testing the demand regime hypothesis in the Euro Area. Evidence from a VAR approach
Abstract: 
 The article brings new evidence that intra Euro Area trade imbalances should be thought of as the outcome of the interaction of opposing growth strategies between northern/surplus countries (Austria, Belgium, Germany, Netherlands) and southern/deficit countries (France, Italy, Portugal, Spain). By using a vector autoregression model, econometric evidence clarifies that the demand regime in the southern region is wage-led, while profit-led in the northern region. Moreover, a downward-wage adjustment in the northern region (negative wage shock) contributed to increasing the intra-EA trade surplus vis-à-vis the southern region by far more than an upward-wage adjustment in the southern region (positive wage shock).
Journal: Applied Economics Letters
Pages: 632-637
Issue: 9
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1352075
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1352075
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:9:p:632-637




Template-Type: ReDIF-Article 1.0
Author-Name: Dong J. Cho
Author-X-Name-First: Dong J.
Author-X-Name-Last: Cho
Author-Name: Hyung T. Kim
Author-X-Name-First: Hyung T.
Author-X-Name-Last: Kim
Author-Name: Jaywon Lee
Author-X-Name-First: Jaywon
Author-X-Name-Last: Lee
Author-Name: Sang H. Park
Author-X-Name-First: Sang H.
Author-X-Name-Last: Park
Title: Economic cost–benefit analysis of the addictive digital game industry
Abstract: 
 This study attempts to estimate the economic costs and benefits of the addictive digital game industry. Addiction to digital games induces economic costs such as increase in crime, facilities investments for curbing addiction, increase in counselling costs and other welfare losses. As a case study, we investigate the digital game industry in South Korea which is known to have one of the highest rates of game addiction. According to our calculations, the annual cost of game addiction is estimated to be approximately $3.5B while the annual benefit is approximately $24.3B ($3.7B for addicted user market). The proportion of the total costs to total benefits from the game industry is an alarming 14% (95% for addicted user market). We offer some policy recommendations.
Journal: Applied Economics Letters
Pages: 638-642
Issue: 9
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1355528
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1355528
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:9:p:638-642




Template-Type: ReDIF-Article 1.0
Author-Name: Ozer Arabaci
Author-X-Name-First: Ozer
Author-X-Name-Last: Arabaci
Title: Testing for cointegration with threshold effect between unemployment and stock prices
Abstract: 
 Under the dominant role of a belief function, Farmer argues that the stock market is the Granger cause of the unemployment rate, which implies that the natural rate hypothesis is an outdated idea. This article provides some new empirical evidence supporting this view using threshold cointegration and asymmetric error correction models. The results show that these models can assess asymmetric dynamics between unemployment and the stock market. Moreover, regime switches of the momentum threshold autoregressive adjustment specification are highly consistent with recessions in the US economy during the last 60 years.
Journal: Applied Economics Letters
Pages: 643-647
Issue: 9
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1355529
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1355529
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:9:p:643-647




Template-Type: ReDIF-Article 1.0
Author-Name: José Alberto Molina
Author-X-Name-First: José Alberto
Author-X-Name-Last: Molina
Author-Name: Juan Carlos Campaña
Author-X-Name-First: Juan Carlos
Author-X-Name-Last: Campaña
Author-Name: Raquel Ortega
Author-X-Name-First: Raquel
Author-X-Name-Last: Ortega
Title: Children’s interaction with the Internet: time dedicated to communications and games
Abstract: 
 In the context of growing interest of individuals in the Internet, the literature has not paid attention to the uses of time for children, given the scarcity of appropriate data bases that provide accurate information. To partially cover this gap, we now provide here evidence of the time that children aged between 10 and 12 years dedicate to two online activities: computer communication and computer gaming. To that end, we estimate a simultaneous seemingly unrelated regressions (SUR) model with data from the Spanish Time Use Survey for 2009–2010. Results indicate that being female generates a positive influence on the time devoted to computer communication, and being male generates a positive influence on the time devoted to computer gaming. We also find that a greater number of family members with secondary studies generates a positive influence on the time spent on computer gaming. Children with better health spend more time on both of these activities and, finally, living in a larger city produces a positive effect on the time dedicated to computer gaming.
Journal: Applied Economics Letters
Pages: 359-364
Issue: 6
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1192270
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1192270
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:6:p:359-364




Template-Type: ReDIF-Article 1.0
Author-Name: Dayong Liu
Author-X-Name-First: Dayong
Author-X-Name-Last: Liu
Author-Name: Rong Chang
Author-X-Name-First: Rong
Author-X-Name-Last: Chang
Author-Name: Yi Liu
Author-X-Name-First: Yi
Author-X-Name-Last: Liu
Title: Technology elasticity and potential on energy saving and emission reduction: evidence from China
Abstract: 
 This article investigates the elasticity of different technology choices to energy efficiency and chemical oxygen demand/ammonia nitrogen emission reducing efficiency among 38 industries in China from 2008 to 2011. With data envelopment analysis, total-factor productivity growth, the common measure of technical progress, is divided into different parts: technical efficiency relative to the frontier, technology change and scale efficiency, which are regarded as three different choices of technological progress. For various industries, technology elasticity is quite different and the importance of different technical choices is diverse in the improvement of efficiency on energy saving and emission reduction. Policymakers could focus on the elasticity of different technical progress choices in various industries to improve energy and emission reduction efficiency.
Journal: Applied Economics Letters
Pages: 365-369
Issue: 6
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1194957
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1194957
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:6:p:365-369




Template-Type: ReDIF-Article 1.0
Author-Name: Jeremy J. Jackson
Author-X-Name-First: Jeremy J.
Author-X-Name-Last: Jackson
Title: Economic freedom and social capital: pooled mean group evidence
Abstract: 
 This article uses annual US-state-level data from 1986 to 2004 and pooled-mean group estimation based on Pesaran et al. (1999) to examine whether economic freedom influences social capital. We find economic freedom has a negative effect on our social capital measure. This result is driven by the labour market component of freedom which is indicative of the relationship between labour market freedom and Olson-type group social capital.
Journal: Applied Economics Letters
Pages: 370-373
Issue: 6
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1194958
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1194958
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:6:p:370-373




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Hübler
Author-X-Name-First: Michael
Author-X-Name-Last: Hübler
Title: How to curb poverty-related deforestation?
Abstract: 
 Drawing upon recent data from the Southeast Asian Mekong region, I study poverty-related drivers of deforestation (logging) activities by rural households. I do not find an environmental Kuznets curve-type relation between income and deforestation. Albeit I find a negative relation between income and the deforestation probability, this relation turns insignificant once I take into account specific socio-economic household characteristics: better education, higher relative affluence, younger age, self-employment, a higher value of nonproductive assets owned by the household as well as affiliation to an ethnic majority significantly reduce the deforestation probability. Received credits, remittances or (public) transfers do not significantly affect the deforestation probability. This implies for development policy that pure income-increasing financial support does not suffice for curbing poverty-related deforestation. Fostering education, social status, doing business and private ownership of assets are more promising options.
Journal: Applied Economics Letters
Pages: 374-380
Issue: 6
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1194959
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1194959
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:6:p:374-380




Template-Type: ReDIF-Article 1.0
Author-Name: Pradit Withisuphakorn
Author-X-Name-First: Pradit
Author-X-Name-Last: Withisuphakorn
Author-Name: Pornsit Jiraporn
Author-X-Name-First: Pornsit
Author-X-Name-Last: Jiraporn
Title: Co-opted directors and powerful CEOs: evidence from the CEO pay slice (CPS)
Abstract: 
 We explore the effect of co-opted directors on chief executive officer (CEO) power. Co-opted directors are those appointed after the incumbent CEO assumes office and are found by prior research to represent a weakened governance mechanism. Our evidence reveals that co-opted directors lead to less powerful CEOs, consistent with the substitution effect. Because co-opted directors impose less stringent oversight, the CEO is able to exercise a great deal of latitude in running the firm. Therefore, it is less necessary for the CEO to command so much power where more directors are co-opted, hence leading to less powerful CEOs. In other words, co-opted directors substitute for strong CEO power. Crucially, we find that board co-option exhibits much more explanatory power than does board independence, which has been the primary measure of board effectiveness in the literature.
Journal: Applied Economics Letters
Pages: 381-386
Issue: 6
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1194960
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1194960
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:6:p:381-386




Template-Type: ReDIF-Article 1.0
Author-Name: Klaus Grobys
Author-X-Name-First: Klaus
Author-X-Name-Last: Grobys
Title: Momentum crash, credit risk and optionality effects in bear markets and crisis periods: evidence from the US stock market
Abstract: 
 This study explores whether the credit risk anomaly exhibits option-like behaviour similar to the momentum anomaly. It finds that the inverted credit risk spread indeed displays option-like behaviour in bear market states. Unlike a momentum portfolio, which is effectively a short call option on the market, an inverted credit risk portfolio appears to be a long call option on the market.
Journal: Applied Economics Letters
Pages: 387-391
Issue: 6
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1194961
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1194961
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:6:p:387-391




Template-Type: ReDIF-Article 1.0
Author-Name: Garrett Glasgow
Author-X-Name-First: Garrett
Author-X-Name-Last: Glasgow
Author-Name: Sarah Butler
Author-X-Name-First: Sarah
Author-X-Name-Last: Butler
Title: The value of non-personally identifiable information to consumers of online services: evidence from a discrete choice experiment
Abstract: 
 We estimate the value of non-personally identifying information to consumers of online services through a discrete choice experiment based on hypothetical streaming video services. Non-personally identifying information for online services is typically information on the ways in and times at which customers use the service, and is distinct from personally identifying information such as email addresses or telephone numbers. For most of our survey respondents, we find no evidence that they were willing to pay to avoid sharing their non-personally identifying information with third parties. A smaller group of respondents never selected a service that shared information with third parties.
Journal: Applied Economics Letters
Pages: 392-395
Issue: 6
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1197357
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1197357
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:6:p:392-395




Template-Type: ReDIF-Article 1.0
Author-Name: Jinhong Jackson Mi
Author-X-Name-First: Jinhong Jackson
Author-X-Name-Last: Mi
Author-Name: Hongfei Zhu
Author-X-Name-First: Hongfei
Author-X-Name-Last: Zhu
Title: Can funding platforms’ self-initiated financial innovation improve credit availability? Evidence from China’s P2P market
Abstract: 
 In this article, we used loan transaction data from a Chinese Peer-to-Peer (P2P) platform and employed a Difference-In-Differences (DID) approach to detect the effect of a self-initiated financial innovation introduced via P2P borrowing and lending. We found that the self-initiated financial innovation improved the availability of credit.
Journal: Applied Economics Letters
Pages: 396-398
Issue: 6
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1197358
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1197358
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:6:p:396-398




Template-Type: ReDIF-Article 1.0
Author-Name: Dierk Herzer
Author-X-Name-First: Dierk
Author-X-Name-Last: Herzer
Title: Foreign direct investment and total factor productivity in Bolivia
Abstract: 
 This paper finds a positive long-run effect of FDI on total factor productivity through a cointegration analysis of Bolivian time series data over the period 1980–2011.
Journal: Applied Economics Letters
Pages: 399-403
Issue: 6
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1197359
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1197359
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:6:p:399-403




Template-Type: ReDIF-Article 1.0
Author-Name: Apostolos Fasianos
Author-X-Name-First: Apostolos
Author-X-Name-Last: Fasianos
Author-Name: Hamid Raza
Author-X-Name-First: Hamid
Author-X-Name-Last: Raza
Author-Name: Stephen Kinsella
Author-X-Name-First: Stephen
Author-X-Name-Last: Kinsella
Title: Exploring the link between household debt and income inequality: an asymmetric approach
Abstract: 
 We investigate the relationship between household debt and income inequality in the USA, allowing for asymmetry, using data over the period 1913–2008. We find evidence of an asymmetric cointegration between household debt and inequality for different regimes. Our results indicate household debt only responds to positive changes in income inequality, while there is no evidence of falling inequality significantly affecting household debt. The presence of this asymmetry provides further empirical insights into the emerging literature on household debt and inequality.
Journal: Applied Economics Letters
Pages: 404-409
Issue: 6
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1197360
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1197360
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:6:p:404-409




Template-Type: ReDIF-Article 1.0
Author-Name: François-Eric Racicot
Author-X-Name-First: François-Eric
Author-X-Name-Last: Racicot
Author-Name: William F. Rentz
Author-X-Name-First: William F.
Author-X-Name-Last: Rentz
Title: A panel data robust instrumental variable approach: a test of the new Fama-French five-factor model
Abstract: 
 Fama and French (FF, 2015) propose a new five-factor asset pricing model that adds profitability and investment patterns to the market, size and value variables used in FF (1992). Our purpose is to investigate this new model using an improved generalized method of moments (GMM)-based robust instrumental variables technique in a fixed-effects panel data framework. To test for measurement errors, we use a modified Hausman artificial regression. We also examine an augmented FF six-factor model that includes the Pástor–Stambaugh (PS, 2003) liquidity factor. Using the FF dataset, our GMM-based panel data approach leads us to conclude that the only consistently significant factor is the market factor.
Journal: Applied Economics Letters
Pages: 410-416
Issue: 6
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1197361
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1197361
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:6:p:410-416




Template-Type: ReDIF-Article 1.0
Author-Name: Dennis Y. Chung
Author-X-Name-First: Dennis Y.
Author-X-Name-Last: Chung
Author-Name: Karel Hrazdil
Author-X-Name-First: Karel
Author-X-Name-Last: Hrazdil
Author-Name: Xin Li
Author-X-Name-First: Xin
Author-X-Name-Last: Li
Title: The effect of industry classification on analyst following and the properties of their earnings forecasts
Abstract: 
 Using a comprehensive data set, we compare four broadly available industry classification schemes (Standard Industrial Classification (SIC), North American Industry Classification System (NAICS), Fama–French classification (FF) and Global Industry Classification Standard (GICS)) in their effectiveness to group analysts and their earnings forecast properties. We demonstrate the advantage of the GICS to be consistent across different forecasting properties and across different groups of firms. Our results suggest that GICS should be utilized in research designs, either in the primary analysis or as a necessary corroboration.
Journal: Applied Economics Letters
Pages: 417-421
Issue: 6
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1197362
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1197362
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:6:p:417-421




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Corrigendum
Journal: Applied Economics Letters
Pages: i-i
Issue: 6
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1199750
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1199750
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:6:p:i-i




Template-Type: ReDIF-Article 1.0
Author-Name: W. Chen
Author-X-Name-First: W.
Author-X-Name-Last: Chen
Author-Name: S. Hamori
Author-X-Name-First: S.
Author-X-Name-Last: Hamori
Author-Name: T. Kinkyo
Author-X-Name-First: T.
Author-X-Name-Last: Kinkyo
Title: Banking sector resilience to financial spillovers
Abstract: 
 By using a large sample of bank-level data, we analyse whether the spillover effects of US financial shocks differ with the fundamental characteristics of the banking sectors in the affected countries. We find that a banking sector characterized by a higher degree of competition and larger margin of safety is less affected by financial spillovers. The results are robust to the inclusion of bank-level control variables that capture individual banks’ lending capacity.
Journal: Applied Economics Letters
Pages: 422-426
Issue: 6
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1200173
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1200173
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:6:p:422-426




Template-Type: ReDIF-Article 1.0
Author-Name: Bing-Xuan Lin
Author-X-Name-First: Bing-Xuan
Author-X-Name-Last: Lin
Author-Name: Chen-Miao Lin
Author-X-Name-First: Chen-Miao
Author-X-Name-Last: Lin
Title: SEC FRR No. 48 and analyst forecast accuracy
Abstract: 
 SEC FRR No. 48 requires that all firms report their market risk exposures by choosing among three alternative formats: sensitivity analysis, tabular and value at risk (VaR). In this article, we examine how different methods affect analyst forecast accuracy. By regressing analyst forecast errors on a company’s choice of disclosure method, we find that analyst forecast errors are smaller for firms using VaR and tabular than for firms using sensitivity analysis. Our findings suggest that VaR and tabular approaches are more informative than sensitivity analysis.
Journal: Applied Economics Letters
Pages: 427-432
Issue: 6
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1200174
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1200174
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:6:p:427-432




Template-Type: ReDIF-Article 1.0
Author-Name: Aloys Prinz
Author-X-Name-First: Aloys
Author-X-Name-Last: Prinz
Title: Memorability of Nobel Prize laureates in economics
Abstract: 
 In this article, a measure for the Relative Memorability of Nobel Prize winners is proposed, based on an exponential forgetting curve. The intention is to provide a measure that captures the fading nature of memories with respect to individual Nobel Prize winners in the cultural collective memory. For fame and achievement of Nobel Prize laureates, measurement methods are already developed. However, from a cultural viewpoint, the question is how well these persons are remembered. Applying the concept of memorability, as defined in this article, to Nobel laureates in Economics, Milton Friedman, Paul Krugman and Joseph Stiglitz turn out to be the top-three economists in the collective memory. Moreover, the ranking of economists according the collective memory, their fame and their achievement produce quite different results.
Journal: Applied Economics Letters
Pages: 433-437
Issue: 6
Volume: 24
Year: 2017
Month: 3
X-DOI: 10.1080/13504851.2016.1200176
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1200176
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:6:p:433-437




Template-Type: ReDIF-Article 1.0
Author-Name: Bruno Ćorić
Author-X-Name-First: Bruno
Author-X-Name-Last: Ćorić
Title: The long-run effect of economic disasters
Abstract: 
 This article investigates the long-run consequences of economic disasters. The results suggest the negative long-run effect of economic disasters on output growth and the limited empirical importance of the investment channel.
Journal: Applied Economics Letters
Pages: 296-299
Issue: 5
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1319550
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1319550
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:5:p:296-299




Template-Type: ReDIF-Article 1.0
Author-Name: Brent A. Evans
Author-X-Name-First: Brent A.
Author-X-Name-Last: Evans
Title: From college to the NBA: what determines a player’s success and what characteristics are NBA franchises overlooking?
Abstract: 
 Considering NBA players who were drafted between 2006 and 2013, the author analyses the determinants of draft position, playing time and player productivity. By comparing these factors simultaneously, one is able to consider if there are some factors that correlate with players’ draft positions, but fail to correlate with on-court performance. For example, the results reveal that a player’s college turnover rate does not predict his draft position or his playing time in the NBA despite evidence that turnover-prone college players are less effective in the NBA. These results can be used to improve draft-day decisions for NBA executives.
Journal: Applied Economics Letters
Pages: 300-304
Issue: 5
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1319551
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1319551
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:5:p:300-304




Template-Type: ReDIF-Article 1.0
Author-Name: Dulce Redin
Author-X-Name-First: Dulce
Author-X-Name-Last: Redin
Author-Name: Ignacio Rodriguez
Author-X-Name-First: Ignacio
Author-X-Name-Last: Rodriguez
Author-Name: Juncal Cuñado
Author-X-Name-First: Juncal
Author-X-Name-Last: Cuñado
Author-Name: Fernando Perez de Gracia
Author-X-Name-First: Fernando
Author-X-Name-Last: Perez de Gracia
Title: Oil prices and economic activity: evidence for G-7 economies based on a wavelet approach
Abstract: 
 This study examines the relationship between oil prices and economic activity in the G-7 economies during the period 1960M1–2014M07 using a wavelet approach. The results show significant differences in the relationship between these two variables depending on the frequencies. Furthermore, we find that oil price shocks affect economic activity at low frequencies (long run) in all G-7 countries, while the effect at high frequencies (short run) is limited to a few countries.
Journal: Applied Economics Letters
Pages: 305-308
Issue: 5
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1319552
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1319552
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:5:p:305-308




Template-Type: ReDIF-Article 1.0
Author-Name: Siew-Voon Soon
Author-X-Name-First: Siew-Voon
Author-X-Name-Last: Soon
Author-Name: Ahmad Zubaidi Baharumshah
Author-X-Name-First: Ahmad Zubaidi
Author-X-Name-Last: Baharumshah
Author-Name: Mark E. Wohar
Author-X-Name-First: Mark E.
Author-X-Name-Last: Wohar
Title: Exchange rate pass-through in the Asian countries: does inflation volatility matter?
Abstract: 
 This paper presents a nonlinear relationship between exchange rate pass-through (ERPT) and inflation volatility. Through the lens of a threshold framework, we uncover a clear evidence of near to one ERPT to consumer prices once inflation volatility crosses a threshold level of 4.17. Clearly, there are significant differences in the degree of ERPT between the high and low inflation volatility in the inflation targeting (IT) and non-IT Asian countries.
Journal: Applied Economics Letters
Pages: 309-312
Issue: 5
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1319553
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1319553
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:5:p:309-312




Template-Type: ReDIF-Article 1.0
Author-Name: Jakob de Haan
Author-X-Name-First: Jakob
Author-X-Name-Last: de Haan
Author-Name: Regina Pleninger
Author-X-Name-First: Regina
Author-X-Name-Last: Pleninger
Author-Name: Jan-Egbert Sturm
Author-X-Name-First: Jan-Egbert
Author-X-Name-Last: Sturm
Title: Does the impact of financial liberalization on income inequality depend on financial development? Some new evidence
Abstract: 
 Instead of empirically finding that higher levels of financial development reduce the positive impact of financial liberalization on inequality, as others do, we come up with the opposite result: financial development strengthens the inequality-raising impact of financial liberalization. We suggest that by, e.g., allowing financial liberalization to lead to more volatility and uncertainty, the model of Bumann and Lensink (2016 “Capital Account Liberalization and Income Inequality.“ Journal of International Money and Finance 61: 143–162.) can be extended as such that also an amplifying instead of reducing effect of financial depth on the impact of financial liberalization on income inequality can be theoretically justified.
Journal: Applied Economics Letters
Pages: 313-316
Issue: 5
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1319554
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1319554
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:5:p:313-316




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Gius
Author-X-Name-First: Mark
Author-X-Name-Last: Gius
Title: The effects of state and Federal gun control laws on school shootings
Abstract: 
 School shootings are the highest profile type of murder in the United States. They are also the rarest type of murder. In 2014, there were only 17 firearm murders that were perpetrated in schools and colleges. The purpose of the present study is to determine the relationship between school shootings and state and Federal gun control laws. Using a Poisson, two-way fixed effects model, it was found that assault weapons bans reduced the number of school shooting victims by 54.4%. All other gun control laws (concealed carry laws, private sale background checks and Federal dealer background checks) had no statistically significant effects on school shootings. Although assault weapons bans may reduce the overall number of school shooting victims, the average reduction in murder victims may be less than 10 per year. Hence, it is unclear if gun control is the most appropriate policy to use to reduce the number school shooting victims.
Journal: Applied Economics Letters
Pages: 317-320
Issue: 5
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1319555
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1319555
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:5:p:317-320




Template-Type: ReDIF-Article 1.0
Author-Name: Julian Donaubauer
Author-X-Name-First: Julian
Author-X-Name-Last: Donaubauer
Author-Name: Peter Nunnenkamp
Author-X-Name-First: Peter
Author-X-Name-Last: Nunnenkamp
Title: International arbitration of investment disputes: are poor and badly governed respondent states more likely to lose?
Abstract: 
 Compelling empirical evidence on whether investor–state dispute settlement (ISDS) is systematically biased against poor respondent states hardly exists. We focus on disentangling the effects of the respondent state’s per-capita income and the strength of domestic rule of law on ISDS outcomes. We find that both higher income and stronger than ‘normal’ rule of law reduce the probability of investor wins in international arbitration of disputes.
Journal: Applied Economics Letters
Pages: 321-325
Issue: 5
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1319557
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1319557
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:5:p:321-325




Template-Type: ReDIF-Article 1.0
Author-Name: Fausto Hernández-Trillo
Author-X-Name-First: Fausto
Author-X-Name-Last: Hernández-Trillo
Title: When lack of accountability allows observing unobservables: moral hazard in sub-national government credit markets in Mexico
Abstract: 
 This article estimates the amount of moral hazard effect in sub-national credit markets. I employ the case of Mexico because of the country’s lack of political accountability; a fact that I argue allows for observation of this informational problem. In particular, out of every dollar borrowed, sub-national governments spend 45 cents in activities unrelated to the purpose of credit.
Journal: Applied Economics Letters
Pages: 326-330
Issue: 5
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1321828
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1321828
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:5:p:326-330




Template-Type: ReDIF-Article 1.0
Author-Name: Ernesto R. Gantman
Author-X-Name-First: Ernesto R.
Author-X-Name-Last: Gantman
Author-Name: Marcelo P. Dabós
Author-X-Name-First: Marcelo P.
Author-X-Name-Last: Dabós
Title: International trade and factor productivity as determinants of the real effective exchange rate
Abstract: 
 Using panel time-series models that deal with the problems of potential endogeneity and cross-sectional dependence, while also allowing for cross-country heterogeneity in the parameters of interest, we demonstrate that trade openness produces a depreciation of the real effective exchange rate.
Journal: Applied Economics Letters
Pages: 331-334
Issue: 5
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1321829
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1321829
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:5:p:331-334




Template-Type: ReDIF-Article 1.0
Author-Name: Hyunjoo Kim Karlsson
Author-X-Name-First: Hyunjoo Kim
Author-X-Name-Last: Karlsson
Author-Name: Kristofer Månsson
Author-X-Name-First: Kristofer
Author-X-Name-Last: Månsson
Author-Name: Pär Sjölander
Author-X-Name-First: Pär
Author-X-Name-Last: Sjölander
Title: Investigation of the nonlinear behaviour in real exchange rates in developing regions
Abstract: 
 This article examines whether the purchasing power parity (PPP) theory holds or not for the economies in different developing regions located in Africa, Asia and Latin America. In order to investigate this issue, a nonlinear panel unit root test is used to determine if some or all of the real exchange rates in a panel follow a stationary exponential smooth transition autoregressive process. By applying the nonlinear panel unit root test, our results demonstrate an empirical support for the theory of PPP for the economies in developing regions.
Journal: Applied Economics Letters
Pages: 335-339
Issue: 5
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1321830
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1321830
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:5:p:335-339




Template-Type: ReDIF-Article 1.0
Author-Name: Luigi Benfratello
Author-X-Name-First: Luigi
Author-X-Name-Last: Benfratello
Author-Name: Alfredo Del Monte
Author-X-Name-First: Alfredo
Author-X-Name-Last: Del Monte
Author-Name: Luca Pennacchio
Author-X-Name-First: Luca
Author-X-Name-Last: Pennacchio
Title: Corruption and public debt: a cross-country analysis
Abstract: 
 Using data from a large panel of countries over the period 1995–2015, this article empirically investigates the effect of corruption on public debt. Overall, the estimates reveal that corruption increases public debt. The effect, however, appears to be heterogeneous across income-related sample splits: it is stronger for advanced economies, but weaker and less statistically robust for less-developed countries, where external factors such as foreign aid may also affect public debt. The analysis suggests the inadequacy of conventional wisdom assuming that more detrimental fiscal effects of corruption arise in low-income countries.
Journal: Applied Economics Letters
Pages: 340-344
Issue: 5
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1321831
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1321831
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:5:p:340-344




Template-Type: ReDIF-Article 1.0
Author-Name: Zelong He
Author-X-Name-First: Zelong
Author-X-Name-Last: He
Author-Name: Jijun Niu
Author-X-Name-First: Jijun
Author-X-Name-Last: Niu
Title: The effect of economic policy uncertainty on bank valuations
Abstract: 
 This article examines how economic policy uncertainty (EPU) affects bank valuations. Using a large sample of banks over a long period, we find that EPU has a negative effect on bank valuations. One explanation for this result is that EPU reduces bank loan growth, and lower loan growth then leads to lower bank valuations. Consistent with this explanation, we find that the negative effect of EPU is more pronounced for banks with a higher ratio of loans to total assets.
Journal: Applied Economics Letters
Pages: 345-347
Issue: 5
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1321832
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1321832
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:5:p:345-347




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Maniloff
Author-X-Name-First: Peter
Author-X-Name-Last: Maniloff
Title: An estimate of the producer cost of liability for oil spills
Abstract: 
 Governments often impose liability for environmental harms on firms when direct monitoring of operations is difficulty or costly. In the case of oil production, little is known about the private cost of liability. This article takes advantage of a natural experiment to estimate the loss in projected future profits of oil and gas production after the Oil Pollution Act of 1990, which imposed liability on some producers and was exogenously timed in response to the Exxon Valdez spill. I find no evidence of economically substantial firm costs of the Oil Pollution Act’s liability rule.
Journal: Applied Economics Letters
Pages: 348-353
Issue: 5
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1321833
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1321833
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:5:p:348-353




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Baumann
Author-X-Name-First: Robert
Author-X-Name-Last: Baumann
Author-Name: Bryan Engelhardt
Author-X-Name-First: Bryan
Author-X-Name-Last: Engelhardt
Author-Name: David L. Fuller
Author-X-Name-First: David L.
Author-X-Name-Last: Fuller
Author-Name: M. Ryan Haley
Author-X-Name-First: M. Ryan
Author-X-Name-Last: Haley
Title: Estimating the relationship between labour market tightness, unemployment insurance benefits and union election activity
Abstract: 
 Using detailed data from the US National Labor Relations Board, we find labour market tightness, defined as the ratio of job vacancies to the number of unemployed, has a positive relationship with the likelihood of voting in favour of union representation. Specifically, a 1 SD increase in labour market tightness increases Vote Share in favour and the likelihood of union certification by roughly 1.5% and 3%, respectively. We also find that length of unemployment insurance benefits has a positive relationship with Vote Share in favour. Taken together, these results suggest that workers are more comfortable engaging in pro-union election behaviours when exogenous conditions, like labour market tightness and unemployment insurance benefit duration, shift in a way that more favourably insulates them from unemployment and income risk.
Journal: Applied Economics Letters
Pages: 354-358
Issue: 5
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1321834
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1321834
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:5:p:354-358




Template-Type: ReDIF-Article 1.0
Author-Name: Candon Johnson
Author-X-Name-First: Candon
Author-X-Name-Last: Johnson
Author-Name: Joshua Hall
Author-X-Name-First: Joshua
Author-X-Name-Last: Hall
Title: Do National Basketball Association players need higher salaries to play in high tax states? Evidence from free agents
Abstract: 
 This article investigates the impact of taxes on the salaries received by National Basketball Association free agents from 2010 to 2014. High state income tax rates affect the after-tax income received by players from their team as well as on any ancillary income. Using data on 576 free agents, we find statistically significant evidence that free agents signing in high tax states receive higher salaries, ceteris paribus. Our results suggest that a one-unit increase in the Average Tax Rate experienced by a free agent in a state leads to free agent salaries being over $60,000 higher.
Journal: Applied Economics Letters
Pages: 359-361
Issue: 5
Volume: 25
Year: 2018
Month: 3
X-DOI: 10.1080/13504851.2017.1324194
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1324194
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:5:p:359-361




Template-Type: ReDIF-Article 1.0
Author-Name: Claudiu Tiberiu Albulescu
Author-X-Name-First: Claudiu Tiberiu
Author-X-Name-Last: Albulescu
Author-Name: Aviral Kumar Tiwari
Author-X-Name-First: Aviral Kumar
Author-X-Name-Last: Tiwari
Title: Unemployment persistence in EU countries: new evidence using bounded unit root tests
Abstract: 
 We apply a series of bounded unit root tests to revisit the unemployment persistence in eight European Union (EU) countries. We find strong evidence in favour of the hysteresis hypothesis in all the cases. This result can be explained by a reduced labour mobility, a decreasing wage inflation and a high uncertainty regarding the future level of unemployment in the EU countries.
Journal: Applied Economics Letters
Pages: 807-810
Issue: 12
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1368979
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1368979
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:12:p:807-810




Template-Type: ReDIF-Article 1.0
Author-Name: Vadim S. Balashov
Author-X-Name-First: Vadim S.
Author-X-Name-Last: Balashov
Title: When do sell-side analysts switch industries they follow?
Abstract: 
 Between 1984 and 2014 over 3400 sell-side analysts changed the primary industry they followed. This article documents that analysts are more likely to change their industries when their absolute and relative forecasting accuracy in that industry is low and when the accuracy in the new industry is high. Analysts are more likely to switch industries at the beginning of their careers, after a recent change of an employing brokerage house, and if they have a history of switching industries before. Analysts are less likely to make a switch when their forecasting activity in the industry is high, when the industry is followed by many analysts and when they are employed by a top brokerage house.
Journal: Applied Economics Letters
Pages: 811-815
Issue: 12
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1368981
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1368981
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:12:p:811-815




Template-Type: ReDIF-Article 1.0
Author-Name: Hailong Liu
Author-X-Name-First: Hailong
Author-X-Name-Last: Liu
Author-Name: Yushan Shi
Author-X-Name-First: Yushan
Author-X-Name-Last: Shi
Title: How does leverage in stock market influence the margin of stock index futures?
Abstract: 
 In this article, we propose a margin-setting model under the assumption of extreme stock price changes. Specifically, extreme stock price changes are caused by the positive feedback effect of leverage and market impact. By introducing these factors into the futures price changes through a cost-of-carry model for setting the margin of stock index futures, we find that leverage and market impact in stock market are positively correlated with the margin.
Journal: Applied Economics Letters
Pages: 816-820
Issue: 12
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1368982
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1368982
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:12:p:816-820




Template-Type: ReDIF-Article 1.0
Author-Name: Manuel Barron
Author-X-Name-First: Manuel
Author-X-Name-Last: Barron
Author-Name: Pia Basurto
Author-X-Name-First: Pia
Author-X-Name-Last: Basurto
Author-Name: Gabriela Cuadra
Author-X-Name-First: Gabriela
Author-X-Name-Last: Cuadra
Title: On the peer effects of star students
Abstract: 
 We estimate the effect that star students have on their siblings’ learning outcomes, measured by their high school grade point average (GPA) and their math grades. To this end, we couple administrative school data on grades with an unusual natural experiment in Peru that generates exogenous variation in the presence of star students at home. We find that star students increase their siblings’ GPA by 0.33 SDs and their math grades by 0.22 SDs. The effect size is inversely related to number of siblings, suggesting that the remaining siblings act as substitutes for the star student.
Journal: Applied Economics Letters
Pages: 821-825
Issue: 12
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1368983
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1368983
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:12:p:821-825




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Chen
Author-X-Name-First: Paul
Author-X-Name-Last: Chen
Author-Name: Martin Richardson
Author-X-Name-First: Martin
Author-X-Name-Last: Richardson
Title: Conflicted financial advice: disclosure revisited
Abstract: 
 We examine the impact of disclosing an advisor’s conflict of interest in providing financial advice to a client in an experiment. We find that an advisor’s conflict of interest harms the client and that disclosing the conflict harms the advisor. Unlike earlier literature, we do not find that disclosure of the advisor’s conflict of interest results in moral licensing or strategic exaggeration behaviour by the advisor nor, relatedly, that disclosure disadvantages the client.
Journal: Applied Economics Letters
Pages: 826-829
Issue: 12
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1368984
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1368984
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:12:p:826-829




Template-Type: ReDIF-Article 1.0
Author-Name: David Ronayne
Author-X-Name-First: David
Author-X-Name-Last: Ronayne
Author-Name: Daniel Sgroi
Author-X-Name-First: Daniel
Author-X-Name-Last: Sgroi
Title: On the motivations for the dual-use of electronic and traditional cigarettes
Abstract: 
 We apply a classical economic categorization of preferences to identify the motivations of dual-users of electronic and traditional cigarettes. The responses of 2406 US adults (including 413 dual-users) in 2015 were collected using a novel online survey along with a follow-up in 2016 of 143 of these adults (68 dual-users). A sizeable minority of 37% of dual-users reported viewing electronic and conventional cigarettes primarily as complements. Of those who had never smoked or used electronic cigarettes, only 27% thought the complementarity motive would be primary. Dual-user motivations were associated with quit-attempt, cessation methods, gender and age. 1 year on, there was a positive relationship between the level of complementarity in the dual-user’s motives and their change in self-reported traditional cigarette consumption. It is concluded that the application of a canonical economic classification of preferences may reveal important heterogeneities among the dual-user population.
Journal: Applied Economics Letters
Pages: 830-834
Issue: 12
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1368985
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1368985
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:12:p:830-834




Template-Type: ReDIF-Article 1.0
Author-Name: Balagopal Gopalakrishnan
Author-X-Name-First: Balagopal
Author-X-Name-Last: Gopalakrishnan
Author-Name: Sanket Mohapatra
Author-X-Name-First: Sanket
Author-X-Name-Last: Mohapatra
Title: Global risk and demand for gold by central banks
Abstract: 
 This article examines the influence of global risk on the holding of gold by central banks based on annual data for 100 countries during 1990–2015. We use a dynamic panel generalized method of moments model to estimate this effect, controlling for a variety of domestic factors. Consistent with portfolio diversification and perception of gold as a safe asset, we find that the gold holdings of central banks increase in response to higher global risk. This effect varies based on the levels of capital account openness, reserve adequacy, income status and currency regimes. These findings suggest that central banks adjust their gold holdings in response to changes in global risk conditions, with the magnitude of response depending on country-specific vulnerabilities.
Journal: Applied Economics Letters
Pages: 835-839
Issue: 12
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1371837
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1371837
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:12:p:835-839




Template-Type: ReDIF-Article 1.0
Author-Name: Annari De Waal
Author-X-Name-First: Annari
Author-X-Name-Last: De Waal
Author-Name: Rangan Gupta
Author-X-Name-First: Rangan
Author-X-Name-Last: Gupta
Author-Name: Charl Jooste
Author-X-Name-First: Charl
Author-X-Name-Last: Jooste
Title: South Africa’s monetary policy independence: evidence from a Global New-Keynesian DSGE model
Abstract: 
 We study the response of South African monetary policy decisions to foreign monetary policy shocks. We estimate the extent of foreign monetary policy pass through by augmenting standard Taylor rules and comparing the results within the context of a Global New-Keynesian Dynamic Stochastic General Equilibrium (DSGE) model. The general equilibrium model captures important spill-over effects that would otherwise have been ignored in a single equation set-up. The results show that the relationship between foreign monetary policy shocks and South African interest rates is complicated – South Africa does not import foreign monetary policy directly, but is still affected. Except for the US, an increase in foreign interest rates leads to a decrease in South African interest rates – highlighting the complex channels that the monetary policy authority has to monitor outside of its economy.
Journal: Applied Economics Letters
Pages: 840-846
Issue: 12
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1371838
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1371838
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:12:p:840-846




Template-Type: ReDIF-Article 1.0
Author-Name: Mehdi Mohebi
Author-X-Name-First: Mehdi
Author-X-Name-Last: Mohebi
Author-Name: Akbar Komijani
Author-X-Name-First: Akbar
Author-X-Name-Last: Komijani
Title: NAIRU and productivity shocks: evidence from three gigantic economies
Abstract: 
 This article investigates NAIRU which stands for Non Accelerating Inflation Rate of Unemployment and its trend in three of the world gigantic economies to mention orderly USA, Japan and China. A Vector Autoregressive Regression model estimated to study the reaction of NAIRU to shocks imposed by labour productivity. Results indicate both productivity shocks and NAIRU fluctuations have counter effects.
Journal: Applied Economics Letters
Pages: 847-852
Issue: 12
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1371839
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1371839
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:12:p:847-852




Template-Type: ReDIF-Article 1.0
Author-Name: Youxing Huang
Author-X-Name-First: Youxing
Author-X-Name-Last: Huang
Author-Name: Yan Zhang
Author-X-Name-First: Yan
Author-X-Name-Last: Zhang
Title: Why zombies can go out: evidence from Chinese manufacturing
Abstract: 
 Using an original and unique Chinese manufacturing firm-level data over 2002–2005, this article investigates why firms without productivity advantages could invest abroad. Conducting propensity score matching method, we find strong evidence that government financial support is an important reason underlying this outward foreign direct investment phenomenon.
Journal: Applied Economics Letters
Pages: 853-856
Issue: 12
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1374529
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1374529
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:12:p:853-856




Template-Type: ReDIF-Article 1.0
Author-Name: Erdem Seçilmiş
Author-X-Name-First: Erdem
Author-X-Name-Last: Seçilmiş
Title: An experimental analysis of moral self-regulation
Abstract: 
 This article examines the validity of the moral self-regulation hypothesis in a laboratory setting. The experiment is comprised of a public good game preceded or followed by a matrix task. The data show that the recall of an immoral action (cheating in the matrix task) motivates the individual to do morally right thing (contributing to group account) and the recall of a moral action (contributing to group account) motivates the individual to act out self-interest (cheating in the matrix task). Both moral licensing and moral cleansing hypotheses are confirmed by the results of the experiment. Additionally, the findings indicate that the subjects who had been given a chance to cheat ‘at first’ allocated more funds to the group account; and the subjects who had been given a chance to voluntarily contribute ‘at first’ cheated more in the matrix task.
Journal: Applied Economics Letters
Pages: 857-861
Issue: 12
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1374530
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1374530
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:12:p:857-861




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Shum
Author-X-Name-First: Paul
Author-X-Name-Last: Shum
Author-Name: Kai-yin Woo
Author-X-Name-First: Kai-yin
Author-X-Name-Last: Woo
Author-Name: Shu-kam Lee
Author-X-Name-First: Shu-kam
Author-X-Name-Last: Lee
Title: Rank tests for price convergence in Australian beverage markets
Abstract: 
 This article examines the price convergence of beverage products within Australia in order to assess the efficacy of intranational cross-border movements of products under the Australia’s Mutual Recognition Agreement. Since the cointegrating relationship between product prices may not be exact or linear, we adopt the rank tests for analysis which do not require prior knowledge and specification of the linear or nonlinear functional form. Our results validate the price convergence of all beverage products within Australia, with the exception of a few regions in the milk market. Furthermore, a subset of the cointegration relationships exhibits nonlinear long-run price co-movements.
Journal: Applied Economics Letters
Pages: 862-866
Issue: 12
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1374531
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1374531
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:12:p:862-866




Template-Type: ReDIF-Article 1.0
Author-Name: Shubo Cao
Author-X-Name-First: Shubo
Author-X-Name-Last: Cao
Author-Name: Qifa Xu
Author-X-Name-First: Qifa
Author-X-Name-Last: Xu
Author-Name: Cuixia Jiang
Author-X-Name-First: Cuixia
Author-X-Name-Last: Jiang
Author-Name: Yaoyao He
Author-X-Name-First: Yaoyao
Author-X-Name-Last: He
Title: Conditional density forecast of China’s energy demand via QRNN model
Abstract: 
 We propose a new method for conditional density forecast of China’s energy demand through quantile regression neural network (QRNN). This method has at least two advantages. First, it is flexible to explore the true nonlinearity in the energy demand system via neural network structure. Second, it is able to describe the whole conditional distribution of energy demand via quantile regression. In the empirical study on China’s energy demand, QRNN outperforms several classical methods in terms of forecast accuracy both in-sample and out-of-sample. Considering China’s economic and social environment, we set a scenario for predictors and forecast the conditional density of China’s energy demand from 2015 to 2020. The empirical results show that the conditional density curve moves to right and its dispersion increases over time, which indicates that the energy demand in China will keep growing with an average annual rate of 9.672% and its uncertainty is enlarged with 42.210%.
Journal: Applied Economics Letters
Pages: 867-875
Issue: 12
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1374532
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1374532
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:12:p:867-875




Template-Type: ReDIF-Article 1.0
Author-Name: Helder Ferreira De Mendonça
Author-X-Name-First: Helder Ferreira
Author-X-Name-Last: De Mendonça
Author-Name: Adriana Cabrera Baca
Author-X-Name-First: Adriana Cabrera
Author-X-Name-Last: Baca
Title: Relevance of corruption on the effect of public health expenditure and taxation on economic growth
Abstract: 
 We investigate whether corruption distorts the positive effect of public health expenditure and taxation on growth through panel data analysis of 75 developing countries for the period from 1995 to 2014. The findings indicate that, although both public health expenditure and taxation can increase economic growth, in countries with more corrupt governments this effect is reduced.
Journal: Applied Economics Letters
Pages: 876-881
Issue: 12
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1374533
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1374533
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:12:p:876-881




Template-Type: ReDIF-Article 1.0
Author-Name: Ernesto Crivelli
Author-X-Name-First: Ernesto
Author-X-Name-Last: Crivelli
Author-Name: Sanjeev Gupta
Author-X-Name-First: Sanjeev
Author-X-Name-Last: Gupta
Title: IMF conditionality supports revenue collection: is it just tax rates?
Abstract: 
 This article examines if the observed favourable impact of conditionality in IMF programmes on revenue performance arises from changes in tax rates. It does so by studying the experience of 126 low- and middle-income countries during 1993–2013. When changes in tax rates are controlled for, the impact of revenue conditionality (and especially conditionality on revenue administration reform) not only remains strong on value-added tax collection but also, in contrast to earlier results, it contributes to significant improvements in income tax collection.
Journal: Applied Economics Letters
Pages: 882-885
Issue: 12
Volume: 25
Year: 2018
Month: 7
X-DOI: 10.1080/13504851.2017.1374534
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1374534
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:12:p:882-885




Template-Type: ReDIF-Article 1.0
Author-Name: Jaewon Yoo
Author-X-Name-First: Jaewon
Author-X-Name-Last: Yoo
Author-Name: Hyunsik Park
Author-X-Name-First: Hyunsik
Author-X-Name-Last: Park
Author-Name: Wonjoon Kim
Author-X-Name-First: Wonjoon
Author-X-Name-Last: Kim
Title: Compromise effect and consideration set size in consumer decision-making
Abstract: 
 The compromise effect dictates that a decision-maker chooses a middle option over an extreme one given a set of choice alternatives since choosing an intermediate option is easier to justify, less likely to be criticized, and is consistent with loss aversion. Our experiment is designed to identify whether the connection between the extremeness of the options and the size of the consideration sets is economically and statistically significant and thus would have important behavioural implications. Specifically, we compare decision-making under small and large consideration sets where the extremeness of the comprising choice options is high, as opposed to low. The results demonstrate that an increase in consideration set size leads to weaker compromise effect (i.e. boundary condition) but when composed of high extremeness, strengthens the compromise effect.
Journal: Applied Economics Letters
Pages: 513-517
Issue: 8
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1340567
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1340567
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:8:p:513-517




Template-Type: ReDIF-Article 1.0
Author-Name: Thai Vu Hong Nguyen
Author-X-Name-First: Thai Vu Hong
Author-X-Name-Last: Nguyen
Author-Name: Agyenim Boateng
Author-X-Name-First: Agyenim
Author-X-Name-Last: Boateng
Author-Name: Thanh Cong Nguyen
Author-X-Name-First: Thanh Cong
Author-X-Name-Last: Nguyen
Title: Involuntary excess reserve and bankers’ remuneration: evidence from Chinese banks
Abstract: 
 This article analyses the effects of involuntary excess reserves (IER) on bankers’ remuneration and the penalty associated with bank risk-taking if discovered. The study finds that IER help conceal tail risks, improves bankers’ performance and remuneration. However, the risks once discovered result in heavy penalties on bankers’ remuneration. The study extends the agency theory to the context where banks hold large IER.
Journal: Applied Economics Letters
Pages: 518-522
Issue: 8
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1340568
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1340568
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:8:p:518-522




Template-Type: ReDIF-Article 1.0
Author-Name: Dirk Dohse
Author-X-Name-First: Dirk
Author-X-Name-Last: Dohse
Author-Name: Andrea Vaona
Author-X-Name-First: Andrea
Author-X-Name-Last: Vaona
Title: Unemployment and new business formation – new insights into a complex relationship
Abstract: 
 The article analyses the interrelation between unemployment and new business formation using panel data for a large cross-section of countries. We find robust evidence for a positive influence of unemployment, domestic credit to the private sector and business-friendly regulation on new business formation. Our examination does, however, indicate no support for the view that new business formation significantly reduces national unemployment rates.
Journal: Applied Economics Letters
Pages: 523-526
Issue: 8
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1343437
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1343437
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:8:p:523-526




Template-Type: ReDIF-Article 1.0
Author-Name: Sarah Adelman
Author-X-Name-First: Sarah
Author-X-Name-Last: Adelman
Author-Name: Katherine Schmeiser
Author-X-Name-First: Katherine
Author-X-Name-Last: Schmeiser
Title: Infant formula trade and the family-friendly workplace
Abstract: 
 The World Health Organization recommends exclusive breastfeeding for the first 6 months of life, and breastfeeding with complimentary feeding for up to 2 years. We use a gravity model of trade to analyse the relationship between formula imports and parental leave policies around the world. Countries with longer maternity leave policies have lower formula imports; however, conditional on offering paid maternity leave, higher wage replacement is associated with more infant feeding options for parents.
Journal: Applied Economics Letters
Pages: 527-530
Issue: 8
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1343438
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1343438
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:8:p:527-530




Template-Type: ReDIF-Article 1.0
Author-Name: Kemal Turkcan
Author-X-Name-First: Kemal
Author-X-Name-Last: Turkcan
Author-Name: Veysel Avsar
Author-X-Name-First: Veysel
Author-X-Name-Last: Avsar
Title: Financial dependence and the terms of payments in international transactions
Abstract: 
 Using a novel data on payment choice in export transactions, this study shows that financing cost in a country is more important in terms of offering (undertaking) post-shipment (prepayment) terms in exports (imports) for the industries that rely more on external finance.
Journal: Applied Economics Letters
Pages: 531-534
Issue: 8
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1343439
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1343439
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:8:p:531-534




Template-Type: ReDIF-Article 1.0
Author-Name: Chee-Hong Law
Author-X-Name-First: Chee-Hong
Author-X-Name-Last: Law
Title: International reserves and trilemma policy convergence in Malaysia
Abstract: 
 Some observations have suggested that international reserves contribute to trilemma policy convergence in emerging countries. Nonetheless, this hypothesis needs more solid empirical evidence to determine its validity. This article tests this hypothesis by examining the relationships among the index of policy dispersion, international reserves and trade openness in a threshold model in Malaysia. As a small open economy, Malaysia has accumulated a relatively large amount of international reserves since the mid-1990s. The results indicate that the positive impact of international reserves on reducing policy dispersion or achieving policy convergence is found only if the international reserves are above a threshold. Hence, this conclusion supports the need to hold a relatively high level of international reserves in Malaysia.
Journal: Applied Economics Letters
Pages: 535-538
Issue: 8
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1343440
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1343440
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:8:p:535-538




Template-Type: ReDIF-Article 1.0
Author-Name: Werner Bönte
Author-X-Name-First: Werner
Author-X-Name-Last: Bönte
Author-Name: Vivien Procher
Author-X-Name-First: Vivien
Author-X-Name-Last: Procher
Author-Name: Diemo Urbig
Author-X-Name-First: Diemo
Author-X-Name-Last: Urbig
Title: Gender differences in selection into self-competition
Abstract: 
 While previous studies demonstrated that, in many settings, women tend to be less willing than men to engage in interpersonal competition, this study focuses on selection into self-competition. Competing against own past performances can be an integral part of life, including job and sports. Using data obtained from a lab-in-the-field experiment, we find empirical evidence that women are, on average, more reluctant than men to compete against their own past performance. Our results suggest that this difference can be mainly explained by gender differences in risk preferences.
Journal: Applied Economics Letters
Pages: 539-543
Issue: 8
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1343441
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1343441
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:8:p:539-543




Template-Type: ReDIF-Article 1.0
Author-Name: Alastair Ball
Author-X-Name-First: Alastair
Author-X-Name-Last: Ball
Title: University fees and the demand for STEM degrees
Abstract: 
 The 2006 increase in university tuition in the UK was followed by a 3–4% reduction in the proportion of students choosing STEM degrees, due either to a change in the composition of students, or to similar students selecting away from STEM subjects. This article tests the latter hypothesis, estimating the effect of the fees for comparable students using propensity score matching on a rich set of covariates. Results suggest that the change was entirely driven by compositional changes.
Journal: Applied Economics Letters
Pages: 544-546
Issue: 8
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1343442
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1343442
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:8:p:544-546




Template-Type: ReDIF-Article 1.0
Author-Name: Stijn Baert
Author-X-Name-First: Stijn
Author-X-Name-Last: Baert
Author-Name: Ive Marx
Author-X-Name-First: Ive
Author-X-Name-Last: Marx
Author-Name: Brecht Neyt
Author-X-Name-First: Brecht
Author-X-Name-Last: Neyt
Author-Name: Eva Van Belle
Author-X-Name-First: Eva
Author-X-Name-Last: Van Belle
Author-Name: Jasmien Van Casteren
Author-X-Name-First: Jasmien
Author-X-Name-Last: Van Casteren
Title: Student employment and academic performance: an empirical exploration of the primary orientation theory
Abstract: 
 This study empirically assesses the thesis that student employment only hurts academic performance for students with a primary orientation towards work (versus school). To this end, we analyse unique data on tertiary education students’ intensity of and motivation for student employment by means of a state-of-the art moderation model. We find, indeed, only a negative association between hours of student work and the percentage of courses passed for work-oriented students. This finding may explain the contradictory results in the literature neglecting this factor.
Journal: Applied Economics Letters
Pages: 547-552
Issue: 8
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1343443
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1343443
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:8:p:547-552




Template-Type: ReDIF-Article 1.0
Author-Name: John A Bishop
Author-X-Name-First: John A
Author-X-Name-Last: Bishop
Author-Name: Jonathan Lee
Author-X-Name-First: Jonathan
Author-X-Name-Last: Lee
Author-Name: Lester A Zeager
Author-X-Name-First: Lester A
Author-X-Name-Last: Zeager
Title: Adjusting for family size in the supplemental poverty measure
Abstract: 
 We point out an anomaly in the adjustment for family size in the US Supplemental Poverty Measure (SPM). The equivalence scale for the SPM implies an instance of increasing marginal costs for an additional adult. A similar criticism of the official US poverty measure was one of several concerns that led to the creation of the SPM. We propose two possible solutions for the problem and show that eliminating the anomaly from the SPM has the greatest effect on the poverty rate for the elderly, as that group is more concentrated near the poverty line.
Journal: Applied Economics Letters
Pages: 553-556
Issue: 8
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1343444
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1343444
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:8:p:553-556




Template-Type: ReDIF-Article 1.0
Author-Name: Daniele Moro
Author-X-Name-First: Daniele
Author-X-Name-Last: Moro
Author-Name: Elena Castellari
Author-X-Name-First: Elena
Author-X-Name-Last: Castellari
Author-Name: Paolo Sckokai
Author-X-Name-First: Paolo
Author-X-Name-Last: Sckokai
Title: Empirical issues in the computation of Stone–Lewbel price indexes in censored micro-level demand systems
Abstract: 
 In this article, we propose an empirical method for the computation of the Stone–Lewbel (SL) price index for product aggregates, when censored samples with zero expenditures are available from household budget surveys. The proposed technique is based on a regression imputation method that takes into account the price dynamics, therefore, allowing to disentangle the role of demographics from the role of prices in computing the SL index. Our simulations seem to indicate that our method is a valuable alternative.
Journal: Applied Economics Letters
Pages: 557-561
Issue: 8
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1346353
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1346353
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:8:p:557-561




Template-Type: ReDIF-Article 1.0
Author-Name: Silvia De Poli
Author-X-Name-First: Silvia
Author-X-Name-Last: De Poli
Author-Name: Loris Vergolini
Author-X-Name-First: Loris
Author-X-Name-Last: Vergolini
Author-Name: Nadir Zanini
Author-X-Name-First: Nadir
Author-X-Name-Last: Zanini
Title: The impact of a study abroad programme on learning abilities and personality traits: evidence from a randomization
Abstract: 
 Personality traits are increasingly considered as a powerful predictor of socio-economic success as academic achievement. In this article, we exploit the random assignment of applicants to a programme in order to retrieve unbiased estimates of the impact of studying abroad on both cognitive and noncognitive abilities. Our findings suggest that secondary school students, especially those considered ‘more able’, benefited from a 1-month experience abroad, as it enhanced both personality traits and language proficiency.
Journal: Applied Economics Letters
Pages: 562-566
Issue: 8
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1346354
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1346354
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:8:p:562-566




Template-Type: ReDIF-Article 1.0
Author-Name: Nilufer Ozdemir
Author-X-Name-First: Nilufer
Author-X-Name-Last: Ozdemir
Author-Name: Cuneyt Altinoz
Author-X-Name-First: Cuneyt
Author-X-Name-Last: Altinoz
Title: Do internal markets influence bank failures?
Abstract: 
 Empirical studies analysing the determinants of bank failures ignore the role of bank holding company affiliation in these failures. In this article, we propose a new approach of estimating affiliated banks’ failures that incorporates holding companies’ role in failures. Our logit regression results show that the holding company’s features, especially internal flows, mattered on failures more than those of the banks during the sub-prime mortgage crisis.
Journal: Applied Economics Letters
Pages: 567-570
Issue: 8
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1346355
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1346355
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:8:p:567-570




Template-Type: ReDIF-Article 1.0
Author-Name: Wolfram Berger
Author-X-Name-First: Wolfram
Author-X-Name-Last: Berger
Author-Name: Simone Salotti
Author-X-Name-First: Simone
Author-X-Name-Last: Salotti
Author-Name: Jordi Sardà
Author-X-Name-First: Jordi
Author-X-Name-Last: Sardà
Title: Do fiscal decentralization and income inequality affect the size of the shadow economy? A panel data analysis for OECD countries
Abstract: 
 In this article, we study fiscal decentralization and inequality as driving forces of the shadow economy in advanced economies. Our empirical analysis suggests that a reduction in income inequality will contain the shadow economy, whereas expenditure and tax decentralization do not significantly impact it. As decentralization is generally believed to increase government efficiency, this result is indicative of already highly efficient public administrations. Our results further indicate that redistributive policies positively affect the size of the shadow economy, whereas the tax burden does not have any discernible effect on the shadow economy in our sample.
Journal: Applied Economics Letters
Pages: 571-575
Issue: 8
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1346356
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1346356
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:8:p:571-575




Template-Type: ReDIF-Article 1.0
Author-Name: Malte Müller
Author-X-Name-First: Malte
Author-X-Name-Last: Müller
Author-Name: Markus Hanisch
Author-X-Name-First: Markus
Author-X-Name-Last: Hanisch
Author-Name: Agustina Malvido
Author-X-Name-First: Agustina
Author-X-Name-Last: Malvido
Author-Name: Jens Rommel
Author-X-Name-First: Jens
Author-X-Name-Last: Rommel
Author-Name: Julian Sagebiel
Author-X-Name-First: Julian
Author-X-Name-Last: Sagebiel
Title: The structural effect of cooperatives on price volatility in the European dairy sector
Abstract: 
 Theoretical models and empirical evidence suggest that high market shares of cooperatives can force investor-oriented firms to pay higher producer prices within a region. In the same vein, cooperatives may force investor-oriented firms to reduce price volatility. We use panel data from 27 European Union member states over the period 2001–2015 to investigate how the market share of cooperatives in a country affects milk price volatility. Our key finding is that a higher market share of cooperatives reduces price volatility at the national level. Volatility is influenced by a number of other variables, such as fluctuation in raw milk production, oil price volatility spillover and the number of dairy processors. Policymakers should consider that the promotion of cooperatives might positively affect price stability in the dairy sector.
Journal: Applied Economics Letters
Pages: 576-579
Issue: 8
Volume: 25
Year: 2018
Month: 5
X-DOI: 10.1080/13504851.2017.1346358
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1346358
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:8:p:576-579




Template-Type: ReDIF-Article 1.0
Author-Name: Pradit Withisuphakorn
Author-X-Name-First: Pradit
Author-X-Name-Last: Withisuphakorn
Author-Name: Pornsit Jiraporn
Author-X-Name-First: Pornsit
Author-X-Name-Last: Jiraporn
Title: Deciphering the motives behind corporate social responsibility (CSR) using managerial ownership: evidence from heteroskedastic identification
Abstract: 
 Motivated by agency theory, we investigate the effect of managerial ownership on CSR engagement. Exploiting a novel identification strategy and using a large U.S. sample of over 14,000 observations across 18 years, we find that higher managerial ownership diminishes CSR engagement significantly. As managers own a larger share of equity, they bear greater costs of CSR, leading to a reduction in CSR engagement. Further analysis, however, shows that not all CSR activities are motivated by agency problems. In particular, the CSR activities related to human rights and products appear to promote shareholders’ wealth. The results of this study are important as they show that there can be different motives behind different CSR activities. We contribute to the literature by shedding light on the motives behind CSR investments using a novel identification strategy.
Journal: Applied Economics Letters
Pages: 963-970
Issue: 12
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1524973
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1524973
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:12:p:963-970




Template-Type: ReDIF-Article 1.0
Author-Name: Andrei Nikiforov
Author-X-Name-First: Andrei
Author-X-Name-Last: Nikiforov
Author-Name: Eugene Pilotte
Author-X-Name-First: Eugene
Author-X-Name-Last: Pilotte
Title: Security design, market risk and round quotes in the treasury bond market
Abstract: 
 Prior literature finds that the tendency of price-endings to cluster on rounder fractions increases with price volatility. We estimate the separate influences and relative importance of the determinants of price volatility, security design and market risks. Our data is from a market setting that is ideal for isolating and studying the relations of interest. Results for both quote and trade prices indicate that the tendency to use round price-endings increases with both a security’s inherent risk, attributable to security design, and variation over time in market risks. Security design influences clustering more than market risks, but market risks are influential in determining clustering once security design is fixed. The estimated effects are strongest in the on-the-run market segment where liquidity facilitates the aggregation of information into price.
Journal: Applied Economics Letters
Pages: 971-977
Issue: 12
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1527435
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1527435
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:12:p:971-977




Template-Type: ReDIF-Article 1.0
Author-Name: Luc Christiaensen
Author-X-Name-First: Luc
Author-X-Name-Last: Christiaensen
Author-Name: Joachim De Weerdt
Author-X-Name-First: Joachim
Author-X-Name-Last: De Weerdt
Author-Name: Ravi Kanbur
Author-X-Name-First: Ravi
Author-X-Name-Last: Kanbur
Title: Decomposing the contribution of migration to poverty reduction: methodology and application to Tanzania
Abstract: 
 In an economy with migration, poverty changes are composed of a number of forces, including the income gains and losses realized by the various migration streams. We present a simple but powerful decomposition methodology that uses panel data to measure the contributions of different migration streams to overall poverty change. An application to Tanzania shows the new insights that are provided – in particular on the role of migration to secondary towns in poverty reduction.
Journal: Applied Economics Letters
Pages: 978-982
Issue: 12
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1527436
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1527436
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:12:p:978-982




Template-Type: ReDIF-Article 1.0
Author-Name: Rifqi Alfian Maulana
Author-X-Name-First: Rifqi Alfian
Author-X-Name-Last: Maulana
Author-Name: Muhammad Halley Yudhistira
Author-X-Name-First: Muhammad Halley
Author-X-Name-Last: Yudhistira
Title: Do schools compete with each other? Empirical evidence from Jakarta, Indonesia
Abstract: 
 This 2015 cross-sectional study tested whether the level of competition affected the national test scores of senior high schools in Jakarta. We measured the level of competition using the Herfindahl-Hirschman Index (HHI) and a gravity-based school competition index for the number of enrolled students. We found that schools’ national exam scores were positively associated with the level of competition. Furthermore, this competition was better explained by physical proximity than by administrative boundaries. However, public schools did not benefit from the competition.
Journal: Applied Economics Letters
Pages: 983-986
Issue: 12
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1527437
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1527437
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:12:p:983-986




Template-Type: ReDIF-Article 1.0
Author-Name: Sangyeon Hwang
Author-X-Name-First: Sangyeon
Author-X-Name-Last: Hwang
Title: Dynamic response of bank-intermediated trade finance to a global liquidity shock
Abstract: 
 This paper investigates the bank-level responses of a bank-intermediated instrument of trade finance to a negative global liquidity shock in Korea. Using a factor-augmented vector autoregression approach, the results show that there exists significant heterogeneity in bank-level trade-finance responses to a global liquidity shock. In addition, we find that the source of the heterogeneity is the bank-level foreign currency liquidity condition; banks with a better foreign currency liquidity condition may dampen the negative impact of a global liquidity shock on trade-finance.
Journal: Applied Economics Letters
Pages: 987-994
Issue: 12
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1527438
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1527438
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:12:p:987-994




Template-Type: ReDIF-Article 1.0
Author-Name: Andros Gregoriou
Author-X-Name-First: Andros
Author-X-Name-Last: Gregoriou
Title: Cryptocurrencies and asset pricing
Abstract: 
 We demonstrate that investors obtain abnormal returns by trading cryptocurrencies daily on the London Stock Exchange from 2014–2017. Excess returns persist once we account for systematic risk, size, value, momentum, profitability and investment. Investor abnormal returns in cryptocurrencies implies inefficiency.
Journal: Applied Economics Letters
Pages: 995-998
Issue: 12
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1527439
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1527439
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:12:p:995-998




Template-Type: ReDIF-Article 1.0
Author-Name: Faisal Nazir Zargar
Author-X-Name-First: Faisal Nazir
Author-X-Name-Last: Zargar
Author-Name: Aviral Kumar Tiwari
Author-X-Name-First: Aviral Kumar
Author-X-Name-Last: Tiwari
Author-Name: Olaolu Richard Olayeni
Author-X-Name-First: Olaolu Richard
Author-X-Name-Last: Olayeni
Title: Testing for the Feldstein-Horioka hypothesis in Asia using wavelet analysis
Abstract: 
 We investigate the Feldstein-Horioka (1980) puzzle using a novel time-frequency approach. The wavelet-based retention and correlation coefficients are estimated for a cross-section of 15 Asian countries over the period 1972–2016. The countries are grouped as OCED countries (Japan and South Korea), least developed countries (like Bangladesh and Nepal), the large countries (like India and China), and the small countries (like Sri Lanka and Pakistan). Our approach reveals some interesting insights on the relationship between investment and saving rates and investment and current account deficits.
Journal: Applied Economics Letters
Pages: 999-1006
Issue: 12
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1527440
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1527440
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:12:p:999-1006




Template-Type: ReDIF-Article 1.0
Author-Name: Shohei Nakamura
Author-X-Name-First: Shohei
Author-X-Name-Last: Nakamura
Author-Name: Rawaa Harati
Author-X-Name-First: Rawaa
Author-X-Name-Last: Harati
Author-Name: Somik V. Lall
Author-X-Name-First: Somik V.
Author-X-Name-Last: Lall
Author-Name: Yuri M. Dikhanov
Author-X-Name-First: Yuri M.
Author-X-Name-Last: Dikhanov
Author-Name: Nada Hamadeh
Author-X-Name-First: Nada
Author-X-Name-Last: Hamadeh
Author-Name: William Vigil Oliver
Author-X-Name-First: William Vigil
Author-X-Name-Last: Oliver
Author-Name: Marko Olavi Rissanen
Author-X-Name-First: Marko Olavi
Author-X-Name-Last: Rissanen
Author-Name: Mizuki Yamanaka
Author-X-Name-First: Mizuki
Author-X-Name-Last: Yamanaka
Title: Is living in African cities expensive?
Abstract: 
 Although several studies have examined why overall price levels are higher in richer countries, little is known about whether there is a similar relationship at the urban and city level across countries. This paper compares the price levels of cities in Sub-Saharan Africa with those of other regions by analyzing price information collected for the purpose of calculating official purchasing power parities. The approach of the paper is to readjust the calculated price levels from national to urban levels, using known price-level ratios between those areas. The results indicate that African cities are relatively more expensive, despite having lower income levels. The price levels of goods and services consumed by households are 25 to 28 percent higher in Sub-Saharan Africa than in other low- and middle-income countries, relative to their income levels. Such high costs of living could constrain livelihood of low-income urban residents, as well as the development of Africa’s urban economies.
Journal: Applied Economics Letters
Pages: 1007-1012
Issue: 12
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1527441
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1527441
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:12:p:1007-1012




Template-Type: ReDIF-Article 1.0
Author-Name: Michelle Zemel
Author-X-Name-First: Michelle
Author-X-Name-Last: Zemel
Author-Name: Tianrong Zhang
Author-X-Name-First: Tianrong
Author-X-Name-Last: Zhang
Title: The effect of the liberalization of the Chinese stock market on returns
Abstract: 
 We examine the short-term effects of the liberalization of the Chinese stock market on returns. We find a positive and significant abnormal return associated with the announcement of the liberalization of the Shanghai Stock Exchange. Exploiting  features of the reform, we are able to compare stocks directly and indirectly affected by the liberalization. We find that all stock prices reflect this announcement premium equally, suggesting that the premium does not reflect an increase in expected liquidity. We further find that observed liquidity, as measured by volume and price impact, did not increase following the liberalization. We conclude that the observed premium reflects a diversification benefit for Chinese investors.
Journal: Applied Economics Letters
Pages: 1013-1019
Issue: 12
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1528054
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1528054
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:12:p:1013-1019




Template-Type: ReDIF-Article 1.0
Author-Name: Hyun J. Jin
Author-X-Name-First: Hyun J.
Author-X-Name-Last: Jin
Author-Name: Hyunseokdara Oh
Author-X-Name-First: Hyunseokdara
Author-X-Name-Last: Oh
Title: Two empirical issues in the analysis for the effect of free streaming on music CD and concerts
Abstract: 
 We address the two measurement issues in the analysis for the effect of free streaming on the consumption of CD and live concerts. One is measurement type for usage of free files and the other is how to measure consumption of ancillary markets, live concerts. Our results indicate that CD purchase is not affected by free streaming use, not supporting the displacement or sampling effect. Meanwhile, results clearly show that streaming use increases the expenditure for music concerts, supporting positive externality of free files. Regarding the measurement issues, we find better goodness-of-fit when we use the continuous time variable rather than the dichotomous dummy for streaming use and find a clearer externality when we use the expenditure rather than frequency for the consumption of concerts.
Journal: Applied Economics Letters
Pages: 1020-1025
Issue: 12
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1528331
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1528331
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:12:p:1020-1025




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Berlemann
Author-X-Name-First: Michael
Author-X-Name-Last: Berlemann
Author-Name: Tobias Thomas
Author-X-Name-First: Tobias
Author-X-Name-Last: Thomas
Title: The distance bias in natural disaster reporting – empirical evidence for the United States
Abstract: 
 Whenever governments or international organizations provide aid in the aftermath of natural disasters, they typically justify this support by humanitarian motives. Previous empirical research found that media reports on natural disasters have a systematic impact on the amount of provided disaster aid. While this is unproblematic as long as media reports are unbiased and thus deliver an undistorted picture of the occurrence and severity of worldwide occurring disasters, systematic reporting biases would lead to distorted aid flows and perhaps other distortions like an insufficient perception of a region in international organizations. Based on data on three US news shows we show that disaster reporting is subject to a distance bias, e.g., the likelihood that a disaster is covered by the media depends on the distance between the country where the media are located and the country where the disasters occur. We also find evidence that besides the distance bias the state of economic development of a country and importance as export markets have a positive effect on the probability that US news shows are reporting on a natural disaster. As a result, international aid flows might be systematically biased and not distributed in line with the needs of the victims.
Journal: Applied Economics Letters
Pages: 1026-1032
Issue: 12
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1528332
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1528332
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:12:p:1026-1032




Template-Type: ReDIF-Article 1.0
Author-Name: Rostislav Staněk
Author-X-Name-First: Rostislav
Author-X-Name-Last: Staněk
Author-Name: Ondřej Krčál
Author-X-Name-First: Ondřej
Author-X-Name-Last: Krčál
Title: Time preferences, cognitive abilities and intrinsic motivation to exert effort
Abstract: 
 The experimental literature has found a positive relationship between patience and performance in cognitive tests that are not incentivized by money. It has also been shown that unincentivized cognitive tests capture not only cognitive ability (CA), but also intrinsic motivation related to the test takers’ personality traits. In order to determine whether the relationship between patience and test scores is driven by intrinsic motivation or CA, we run an experiment in which subjects take either incentivized or unincentivized cognitive tests. We find that while incentivized test scores positively correlate with patience, the unincentivized scores are not related to the time preferences of our subjects. The observed correlation between patience and cognitive test scores therefore seems to be driven by CA rather than by intrinsic motivation related to personality traits.
Journal: Applied Economics Letters
Pages: 1033-1037
Issue: 12
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1529387
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1529387
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:12:p:1033-1037




Template-Type: ReDIF-Article 1.0
Author-Name: Anna Dodonova
Author-X-Name-First: Anna
Author-X-Name-Last: Dodonova
Author-Name: Yuri Khoroshilov
Author-X-Name-First: Yuri
Author-X-Name-Last: Khoroshilov
Title: Potential heterogeneity in target’s value and jump bidding in takeover auctions
Abstract: 
 This ticle analyses the pre-emptive jump bidding equilibrium in takeover auctions when bidders’ valuations of the target firm follow truncated normal distribution. It shows that potential heterogeneity of the targets’ value, measured by the standard deviation of the bidders’ valuation function, is especially important when it is small and, for extremely small values, the second bidder is almost always pre-empted. It also shows that, contrary to regular clock-style auctions, the increase in standard deviation may negatively affect the expected profit of the first bidder.
Journal: Applied Economics Letters
Pages: 1038-1043
Issue: 12
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1529388
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1529388
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:12:p:1038-1043




Template-Type: ReDIF-Article 1.0
Author-Name: C. A. Nebot
Author-X-Name-First: C. A.
Author-X-Name-Last: Nebot
Author-Name: J. Garcia-Solanes
Author-X-Name-First: J.
Author-X-Name-Last: Garcia-Solanes
Author-Name: A. Beyaert
Author-X-Name-First: A.
Author-X-Name-Last: Beyaert
Title: New insights into the non-linearity of the ECB Taylor Rule
Abstract: 
 We apply a non-parametric procedure, Multiple Adaptive Regression Splines (MARS), to endogenously select the best multiple threshold model for the European Central Bank (ECB) Taylor Rule (TR). MARS offers the advantage of not excluding simpler models if they better fit the data. On monthly data from 1/2000 to 9/2016, the TR exhibits thresholds for both the output gap and inflation and uncover interesting information about the different sensitivities of the ECB to each variable. We conclude that the ECB cares more about the economic activity than officially declared and reacts to inflation deviations only if they sufficiently exceed the official 2% target. We also detect an overall shift in the monetary policy during the 2008 financial crisis that pushed the system towards the Zero Lower Bound (ZLB). We reach a more complete description of the ECB TR than published so far.Abbreviations: TR, ECB,MARS
Journal: Applied Economics Letters
Pages: 1044-1048
Issue: 12
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1529389
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1529389
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:12:p:1044-1048




Template-Type: ReDIF-Article 1.0
Author-Name: Sediq Sameem
Author-X-Name-First: Sediq
Author-X-Name-Last: Sameem
Author-Name: Pavlo Buryi
Author-X-Name-First: Pavlo
Author-X-Name-Last: Buryi
Title: Impact of unemployment on happiness in the United States
Abstract: 
 This study considers the level of demonstrated happiness and unhappiness, the latter measured by the conditional probability of committing suicide within groups that are facing a higher unemployment rate and those that are not. Using individual-level US data from 1989 to 2004, our findings indicate that individuals have lower rates of suicide or are ‘happy’ when they live in a state that has lower unemployment rate.
Journal: Applied Economics Letters
Pages: 1049-1052
Issue: 12
Volume: 26
Year: 2019
Month: 7
X-DOI: 10.1080/13504851.2018.1529390
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1529390
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:12:p:1049-1052




Template-Type: ReDIF-Article 1.0
Author-Name: António Afonso
Author-X-Name-First: António
Author-X-Name-Last: Afonso
Author-Name: Jorge Silva
Author-X-Name-First: Jorge
Author-X-Name-Last: Silva
Title: Debt crisis and 10-year sovereign yields in Ireland and in Portugal
Abstract: 
 We assess the determinants of the 10-year sovereign yield for the period 2000–2015, in Portugal and in Ireland. Results show that the long-term Portuguese sovereign yield increased with the rise of the 10-year Bund yield and during the Securities Markets Programme, but decreased due to financial integration. Additionally, during the period of the economic and financial adjustment programme, there was evidence of additional rises (decreases) due to increases (decreases) in the 3-month Euribor rate, and the level of public debt. EU/IMF funding reduced sovereign yield.
Journal: Applied Economics Letters
Pages: 217-222
Issue: 4
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1310991
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1310991
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:4:p:217-222




Template-Type: ReDIF-Article 1.0
Author-Name: Justus Meyer
Author-X-Name-First: Justus
Author-X-Name-Last: Meyer
Author-Name: Klaus Wohlrabe
Author-X-Name-First: Klaus
Author-X-Name-Last: Wohlrabe
Title: Standing on the shoulder of giants: the aspect of free-riding in RePEc rankings
Abstract: 
 Research papers in economics (RePEc) rankings have become a well-established source of information about actual and perceived academic performance of institutions, academic fields and their authors. One essential ingredient is the impact factors calculated in RePEc which differ from the standard ones. RePEc reports the ratio of the cumulative citations of all articles of a journal and the number of listed items. The continuously updated RePEc impact factors account for the whole journal and citation history. This approach gives rise to a potential free-riding of authors who profit from journal ranking established in the past. In this article, we demonstrate how the rankings of economists change if one calculates yearly impact factors. The distribution of gains and losses is most pronounced among middle-field ranked authors while the top group shows relative persistence.
Journal: Applied Economics Letters
Pages: 223-228
Issue: 4
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1310992
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1310992
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:4:p:223-228




Template-Type: ReDIF-Article 1.0
Author-Name: Seon-Woong Kim
Author-X-Name-First: Seon-Woong
Author-X-Name-Last: Kim
Author-Name: B. Wade Brorsen
Author-X-Name-First: B. Wade
Author-X-Name-Last: Brorsen
Title: Optimal forecast evaluation: fertilizer prices
Abstract: 
 High fertilizer price volatility makes production planning and inventory management difficult, so accurate fertilizer price forecasts would be beneficial. This article evaluates commercial forecasts for urea and diammonium phosphate (DAP) prices based on forecast accuracy and optimal forecast properties. Most forecasts pass the tests, but forecasts for the US New Orleans urea and the US Gulf DAP markets, in particular, do not and thus show potential to be improved.
Journal: Applied Economics Letters
Pages: 229-233
Issue: 4
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1310993
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1310993
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:4:p:229-233




Template-Type: ReDIF-Article 1.0
Author-Name: Martijn A. Boermans
Author-X-Name-First: Martijn A.
Author-X-Name-Last: Boermans
Author-Name: Sweder van Wijnbergen
Author-X-Name-First: Sweder
Author-X-Name-Last: van Wijnbergen
Title: Contingent convertible bonds: Who invests in European CoCos?
Abstract: 
 Using a comprehensive data set on issuances and holdings of contingent convertible debt instruments (CoCos) issued by European banks, we investigate who invests in European CoCos. The results indicate that most European CoCos are not directly held by euro area investors. Foreign investors outside the euro area and investment funds located in Ireland and Luxembourg hold the large majority. Euro area banks, insurers and pension funds only have very limited direct exposures. Households in the euro area hold almost no direct positions in European CoCos, although there could be indirect holdings through non-euro area entities and euro area investment funds. Concerns for contagion through cross-holdings of CoCos by banks seem to be unwarranted.
Journal: Applied Economics Letters
Pages: 234-238
Issue: 4
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1310995
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1310995
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:4:p:234-238




Template-Type: ReDIF-Article 1.0
Author-Name: Qingduo Zeng
Author-X-Name-First: Qingduo
Author-X-Name-Last: Zeng
Author-Name: Shancun Liu
Author-X-Name-First: Shancun
Author-X-Name-Last: Liu
Author-Name: Yi Qu
Author-X-Name-First: Yi
Author-X-Name-Last: Qu
Author-Name: Qiang Zhang
Author-X-Name-First: Qiang
Author-X-Name-Last: Zhang
Title: Market manipulation with sentiment traders
Abstract: 
 This article offers a new perspective for traders’ sentiment by bridging the relationship between feedback effect and market manipulation. Allowing access to information regarding manipulated orders confuses sentiment traders, leading to an overestimation of the true asset value which actually remains the same. We find that sentiment factor has a nonmonotonic impact on the responsiveness to order information and price informativeness. Furthermore, it is shown that informed traders behave like a contrarian, and can use order information to reassess the price, which results in the multiplicity of equilibria.
Journal: Applied Economics Letters
Pages: 239-243
Issue: 4
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1313947
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1313947
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:4:p:239-243




Template-Type: ReDIF-Article 1.0
Author-Name: Kitae Sohn
Author-X-Name-First: Kitae
Author-X-Name-Last: Sohn
Title: How does the ordering of questions affect elicited time preferences?
Abstract: 
 Since time preferences constitute a concept fundamental to economics, many economists have attempted to elicit time preferences by using multiple price lists. In such endeavours, however, little attention has been paid to the effect of the ordering of questions on elicited time preferences although the ordering effect is well known. We analysed a representative sample of the Indonesian population (13,870 men and 15,858 women) by applying censored maximum likelihood regressions. We exploited the randomized ordering of two series of delay questions (1- and 5-year delays) and estimated the causal effect of the ordering on elicited time preferences. Respondents who considered the longer-delay questions exhibited more patience, and the effects were larger for women. Economists need to take into account the ordering effect as they design experiments by which to elicit time and other preferences.
Journal: Applied Economics Letters
Pages: 244-248
Issue: 4
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1316476
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1316476
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:4:p:244-248




Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee
Author-X-Name-First: Mohsen
Author-X-Name-Last: Bahmani-Oskooee
Author-Name: Tsangyao Chang
Author-X-Name-First: Tsangyao
Author-X-Name-Last: Chang
Author-Name: Omid Ranjbar
Author-X-Name-First: Omid
Author-X-Name-Last: Ranjbar
Title: Testing hysteresis effect in U.S. state unemployment: new evidence using a nonlinear quantile unit root test
Abstract: 
 We revisit hysteresis effect in the unemployment rate of each of the 52 states of the United States using nonlinear quantile unit root test over the period 1976M1–2016M7. Our results indicate that unemployment rate of the U.S. economy as a whole displays hysteresis effect over recessionary periods. Nineteen out of 52 states display hysteresis behaviour over the period 1976–2016. For the remaining 33 states, we find four types of behaviours. Some states display stationarity behaviour almost in all quantiles. Some display hysteresis over recessionary periods and in contrast some display hysteresis over expansion period.
Journal: Applied Economics Letters
Pages: 249-253
Issue: 4
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1316477
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1316477
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:4:p:249-253




Template-Type: ReDIF-Article 1.0
Author-Name: James P. Dow
Author-X-Name-First: James P.
Author-X-Name-Last: Dow
Title: Attitudes towards credit after the Great Recession
Abstract: 
 The US Survey of Consumer Finances provides a rich but underutilized source of data measuring attitudes towards credit. Using this data, this article finds there a great degree of heterogeneity in attitudes; however, the distribution of these attitudes has shifted only moderately after the financial crisis, with households on average only becoming a bit more conservative. There is evidence that age, race and gender affect attitudes towards credit, most noticeably when attitudes are broken down by specific credit use rather than credit in general.
Journal: Applied Economics Letters
Pages: 254-257
Issue: 4
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1316817
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1316817
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:4:p:254-257




Template-Type: ReDIF-Article 1.0
Author-Name: Robert J. Powell
Author-X-Name-First: Robert J.
Author-X-Name-Last: Powell
Author-Name: Duc H. Vo
Author-X-Name-First: Duc H.
Author-X-Name-Last: Vo
Author-Name: Thach N. Pham
Author-X-Name-First: Thach N.
Author-X-Name-Last: Pham
Title: Economic cycles and downside commodities risk
Abstract: 
 We de-compose the S&amp;P Goldman Sachs Commodity Index into its underlying commodity sub-categories and develop a modified conditional value at risk (CVaR) metric to examine downside risk linked to economic periods which are classified by their GDP growth as green, yellow, orange and red. We term this new metric economic CVaR (ECVaR). We found significant differences in the relative ECVaR rankings of different commodities over our different economic cycles.
Journal: Applied Economics Letters
Pages: 258-263
Issue: 4
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1316818
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1316818
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:4:p:258-263




Template-Type: ReDIF-Article 1.0
Author-Name: Changkyu Choi
Author-X-Name-First: Changkyu
Author-X-Name-Last: Choi
Author-Name: Myung Hoon Yi
Author-X-Name-First: Myung Hoon
Author-X-Name-Last: Yi
Title: The Internet, R&amp;D expenditure and economic growth
Abstract: 
 We examine the effect of the Internet on the relationship between R&amp;D expenditure and economic growth. Data for 105 countries over the period 1994–2014 are used for panel data analysis. The effect of R&amp;D expenditure on economic growth proves to be affected positively by the Internet and the effect of the Internet on the economic growth is positively strengthened by an increase in R&amp;D expenditure.
Journal: Applied Economics Letters
Pages: 264-267
Issue: 4
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1316819
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1316819
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:4:p:264-267




Template-Type: ReDIF-Article 1.0
Author-Name: Xun Li
Author-X-Name-First: Xun
Author-X-Name-Last: Li
Author-Name: Rigoberto A. Lopez
Author-X-Name-First: Rigoberto A.
Author-X-Name-Last: Lopez
Author-Name: Rui Wang
Author-X-Name-First: Rui
Author-X-Name-Last: Wang
Title: Energy price shocks and milk price adjustments
Abstract: 
 Much previous research on energy price transmission sheds light on the relationship between oil prices and aggregate commodity prices, such as for agricultural products, or food price indexes. This letter uses data from 12 U.S. cities between 2001 and 2011 to examine how energy prices are transmitted to fluid milk products at the retail level. Results indicate the existence of an asymmetric energy pass-through (a rise is transmitted faster than a fall in prices) and that private label milk products are more insulated from energy price shocks and adjust at similar rate with national manufacturer brands.
Journal: Applied Economics Letters
Pages: 268-271
Issue: 4
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1316820
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1316820
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Template-Type: ReDIF-Article 1.0
Author-Name: Dominik Schreyer
Author-X-Name-First: Dominik
Author-X-Name-Last: Schreyer
Author-Name: Sascha L. Schmidt
Author-X-Name-First: Sascha L.
Author-X-Name-Last: Schmidt
Author-Name: Benno Torgler
Author-X-Name-First: Benno
Author-X-Name-Last: Torgler
Title: Predicting season ticket holder loyalty using geographical information
Abstract: 
 Season ticket holders (STHs) are an integral part of the sporting product. Interestingly, and contrary to the persistent interest in analysing the determinants of stadium attendances, sports economists have so far largely refrained from exploring the potential determinants of STH loyalty as expressed through regular stadium attendances. In this article, we address this notable shortcoming by exploring the potential determinants of STH stadium attendance demand. In particular, we examine the yet under-researched role of increasing opportunity costs resulting from larger home-stadium distances in STH stadium attendance demand. Our results suggest that STHs’ geographical location plays an important role in predicting STH stadium attendance demand. More specifically, we observe an unexpected, nonlinear distance–attendance relationship, indicating that behaviourally loyal STHs live either exceptionally close or far away from the stadium.
Journal: Applied Economics Letters
Pages: 272-277
Issue: 4
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1316822
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1316822
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:4:p:272-277




Template-Type: ReDIF-Article 1.0
Author-Name: Juan Camilo Galvis Ciro
Author-X-Name-First: Juan Camilo
Author-X-Name-Last: Galvis Ciro
Author-Name: Juan Camilo Anzoátegui Zapata
Author-X-Name-First: Juan Camilo
Author-X-Name-Last: Anzoátegui Zapata
Title: Announcements credibility and government securities: evidence from Colombia
Abstract: 
 This article evaluates the effect of central bank announcements on government securities yields in emerging economy. In particular, based on the Colombian experience, we present empirical evidence to address the effect of credibility scenario in which the central bank announcements are made. The findings denote that credibility performance must be taken into account to verify the impact of monetary policy announcements.
Journal: Applied Economics Letters
Pages: 278-282
Issue: 4
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1319547
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1319547
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:4:p:278-282




Template-Type: ReDIF-Article 1.0
Author-Name: Ilias S. Kevork
Author-X-Name-First: Ilias S.
Author-X-Name-Last: Kevork
Author-Name: Christos Kollias
Author-X-Name-First: Christos
Author-X-Name-Last: Kollias
Author-Name: Panayiotis Tzeremes
Author-X-Name-First: Panayiotis
Author-X-Name-Last: Tzeremes
Author-Name: Nickolaos G. Tzeremes
Author-X-Name-First: Nickolaos G.
Author-X-Name-Last: Tzeremes
Title: European financial crisis and bank productivity: evidence from Eastern European Countries
Abstract: 
 The paper examines the productivity levels of the largest banks operating in the Eastern European countries over the period of the ongoing European financial crisis. Specifically, the analysis covers the periods of U.S. subprime crisis, the global financial crisis and the sovereign debt crisis. By adopting a fully nonparametric framework, it provides a probabilistic version of a directional input-oriented Malmquist productivity index alongside with its main decomposition. The results from the analysis suggest that banks have faced a deterioration of their productivity levels between the examined periods. It is evident that during the initiation of European sovereign debt crisis, the banks have weakened their ability to utilize efficiently their inputs of production and their ability to realize scale economies.
Journal: Applied Economics Letters
Pages: 283-289
Issue: 4
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1319548
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1319548
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:4:p:283-289




Template-Type: ReDIF-Article 1.0
Author-Name: Paweł Marcin Pońsko
Author-X-Name-First: Paweł Marcin
Author-X-Name-Last: Pońsko
Title: The evolution of consumer preferences in Poland
Abstract: 
 This note investigates a change of consumer preferences in Poland in the period of 1996–2016. I use the Euler equation–generalized method of moments (GMM) to estimate the structural parameters of the aggregate consumption function to show that consumers in Poland significantly change their attitude to risk during the global financial crisis, when the estimate of the risk-aversion parameter becomes very high, while otherwise close to zero suggesting near risk neutrality. Also, the subjective trade-off between consumption today and tomorrow undergoes an evolution towards lower ‘impatience’. Over-identifying restrictions are tested and the null hypothesis of validity of instruments is not rejected. The stability over time of the estimated parameters is tested and rejected. The evolution of preferences is shown through recursive estimates of the deep parameters, too.
Journal: Applied Economics Letters
Pages: 290-295
Issue: 4
Volume: 25
Year: 2018
Month: 2
X-DOI: 10.1080/13504851.2017.1319549
File-URL: http://hdl.handle.net/10.1080/13504851.2017.1319549
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:4:p:290-295




Template-Type: ReDIF-Article 1.0
Author-Name: Akiyoshi Furukawa
Author-X-Name-First: Akiyoshi
Author-X-Name-Last: Furukawa
Title: Agglomeration, migration cost and intergovernmental transfers
Abstract: 
 The purpose of this article is to investigate the central government redistribution policies across local governments that affect regional agglomeration. Though full agglomeration is efficient, in many cases factor mobility is imperfect and the full agglomeration is not realized. This article analysed whether or not the central government should adjust the distribution of populations through local governments. The result is as follows: If individuals are relatively mobile, the central government can improve the aggregate income. In this case, when the private production and public sector are small, the central government should transfer from the productive regions local government to low-productive regions.
Journal: Applied Economics Letters
Pages: 439-442
Issue: 7
Volume: 24
Year: 2017
Month: 4
X-DOI: 10.1080/13504851.2016.1200177
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1200177
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:7:p:439-442




Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Asim Nomani
Author-X-Name-First: Mohammad Asim
Author-X-Name-Last: Nomani
Author-Name: Irfan Ali
Author-X-Name-First: Irfan
Author-X-Name-Last: Ali
Author-Name: Armin Fügenschuh
Author-X-Name-First: Armin
Author-X-Name-Last: Fügenschuh
Author-Name: Aquil Ahmed
Author-X-Name-First: Aquil
Author-X-Name-Last: Ahmed
Title: A fuzzy goal programming approach to analyse sustainable development goals of India
Abstract: 
 Energy policy, environmental planning and economic development play a key role in sustainable development. Sustainable development requires suitable and strategic policies satisfying multiple and conflicting objectives. Fuzzy goal programming (FGP) is a well-known approach in multi-criteria decision-making for its practical application. In this article, a FGP approach is proposed to analyse environmental, energy and sustainability goals of India by the year 2030 with reference to the key economic sectors of India. The presented model analyses the improvement opportunities, requirement of efforts and implementation of the sustainable development plans. Numerical illustration is also provided for validation and application of the proposed model.
Journal: Applied Economics Letters
Pages: 443-447
Issue: 7
Volume: 24
Year: 2017
Month: 4
X-DOI: 10.1080/13504851.2016.1200178
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1200178
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:7:p:443-447




Template-Type: ReDIF-Article 1.0
Author-Name: L.A. Smales
Author-X-Name-First: L.A.
Author-X-Name-Last: Smales
Author-Name: Matthius Thul
Author-X-Name-First: Matthius
Author-X-Name-Last: Thul
Title: A game theory model of regulatory response to insider trading
Abstract: 
 We develop a model which can help in explaining the evolving regulatory regime around insider trading. We form a simple sequential game-theoretical model of insider trading transactions and, utilizing Monte Carlo simulation to determine equilibrium, we show that costly investigations and low penalties incentivize traders to engage in illegal transactions. While the model helps to explain stiffer action by regulatory bodies, the question remains as to whether the elevated penalty levels are sufficient to prevent further insider trading.
Journal: Applied Economics Letters
Pages: 448-455
Issue: 7
Volume: 24
Year: 2017
Month: 4
X-DOI: 10.1080/13504851.2016.1200179
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1200179
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:7:p:448-455




Template-Type: ReDIF-Article 1.0
Author-Name: Lei Shi
Author-X-Name-First: Lei
Author-X-Name-Last: Shi
Author-Name: Pengfei Sheng
Author-X-Name-First: Pengfei
Author-X-Name-Last: Sheng
Author-Name: Marek Vochozka
Author-X-Name-First: Marek
Author-X-Name-Last: Vochozka
Title: The reduction cost of nonperforming loan: evidence from China’s commercial bank
Abstract: 
 The nonperforming loans (NPLs) are co-generated by creating the profit in a bank, and this article build a joint production model to measure the reduction cost of nonperforming cost. By using a data set of China’s 13 commercial banks, the conclusions show that the reduction cost of NPLs is lower, which suggests that it is not a good choice for China’s commercial bank to hold the NPLs.
Journal: Applied Economics Letters
Pages: 456-459
Issue: 7
Volume: 24
Year: 2017
Month: 4
X-DOI: 10.1080/13504851.2016.1203052
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1203052
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:7:p:456-459




Template-Type: ReDIF-Article 1.0
Author-Name: German Lopez Buenache
Author-X-Name-First: German
Author-X-Name-Last: Lopez Buenache
Title: Monetary policy evaluation. A counterfactual analysis based on dynamic factor models
Abstract: 
 This article complements the recent literature analysing the effects of the unconventional monetary stimuli applied after the Great Recession by proposing an intuitive and easy-to-implement method to evaluate different exit strategies towards a traditional monetary context. This approach, useful for central bankers or researchers interested in the effects of tapering, allows us to evaluate the consequences of a given monetary policy path on the future evolution of key macroeconomic indicators. The results based on this methodology provide a measurement of the differences in economic performance under contractionary and expansionary policies and support the recent success of monetary stimuli in boosting real indicators while having little effect on inflation.
Journal: Applied Economics Letters
Pages: 460-466
Issue: 7
Volume: 24
Year: 2017
Month: 4
X-DOI: 10.1080/13504851.2016.1203053
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1203053
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:7:p:460-466




Template-Type: ReDIF-Article 1.0
Author-Name: Rebecca Hartje
Author-X-Name-First: Rebecca
Author-X-Name-Last: Hartje
Author-Name: Michael Hübler
Author-X-Name-First: Michael
Author-X-Name-Last: Hübler
Title: Smartphones support smart labour
Abstract: 
 Besides enabling communication, smartphones support information flows and financial transactions, especially in developing countries, where the coverage of landline networks is limited. Drawing upon new data of rural households in the Mekong region, this article finds that smartphone ownership increases labour mobility measured as the number of commuters whereas it seems to discourage the emigration of workers.
Journal: Applied Economics Letters
Pages: 467-471
Issue: 7
Volume: 24
Year: 2017
Month: 4
X-DOI: 10.1080/13504851.2016.1203054
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1203054
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:7:p:467-471




Template-Type: ReDIF-Article 1.0
Author-Name: Hélène Syed Zwick
Author-X-Name-First: Hélène
Author-X-Name-Last: Syed Zwick
Author-Name: S. Ali Shah Syed
Author-X-Name-First: S. Ali Shah
Author-X-Name-Last: Syed
Title: The polarization impact of the crisis on the Eurozone labour markets: a hierarchical cluster analysis
Abstract: 
 This study assesses the impact of the Great Recession (2008–2014) on the process of integration of the Eurozone labour markets. Through an agglomerative hierarchical cluster analysis using several European labour market harmonized indicators, we find that the crisis led to a greater integration, and to a polarization within the area. In the aftermath of crisis, two groups of countries clearly emerged, consisting Austria, Belgium, Finland, France, Germany, Italy, Luxembourg and Netherlands in the core while Greece, Ireland, Portugal and Spain in the periphery.
Journal: Applied Economics Letters
Pages: 472-476
Issue: 7
Volume: 24
Year: 2017
Month: 4
X-DOI: 10.1080/13504851.2016.1203055
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1203055
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:7:p:472-476




Template-Type: ReDIF-Article 1.0
Author-Name: Matthias Brachert
Author-X-Name-First: Matthias
Author-X-Name-Last: Brachert
Author-Name: Walter Hyll
Author-X-Name-First: Walter
Author-X-Name-Last: Hyll
Author-Name: Mirko Titze
Author-X-Name-First: Mirko
Author-X-Name-Last: Titze
Title: On the simultaneity bias in the relationship between risk attitudes, entry into entrepreneurship and entrepreneurial survival
Abstract: 
 We consider the simultaneity bias when examining the effect of individual risk attitudes on entrepreneurship. We demonstrate that entry into self-employment is related to changes in risk attitudes. We further show that these changes are correlated with the probability to remain in entrepreneurship.
Journal: Applied Economics Letters
Pages: 477-480
Issue: 7
Volume: 24
Year: 2017
Month: 4
X-DOI: 10.1080/13504851.2016.1203056
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1203056
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:7:p:477-480




Template-Type: ReDIF-Article 1.0
Author-Name: Adem Y. Elveren
Author-X-Name-First: Adem Y.
Author-X-Name-Last: Elveren
Author-Name: Christa Marr
Author-X-Name-First: Christa
Author-X-Name-Last: Marr
Author-Name: Yvonne Renard
Author-X-Name-First: Yvonne
Author-X-Name-Last: Renard
Title: Feminization of labour and profit rates: evidence from OECD countries
Abstract: 
 The article examines the effect of the feminization of labour on profit rates and capacity utilization by employing an indirect and two-stage least squares models for 21 OECD countries during the 1970–2008 period. Findings show that higher women’s labour force participation rates and gender wage gap lead to higher profit rates.
Journal: Applied Economics Letters
Pages: 481-484
Issue: 7
Volume: 24
Year: 2017
Month: 4
X-DOI: 10.1080/13504851.2016.1203057
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1203057
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:7:p:481-484




Template-Type: ReDIF-Article 1.0
Author-Name: Miguel Á. Acedo-Ramírez
Author-X-Name-First: Miguel Á.
Author-X-Name-Last: Acedo-Ramírez
Author-Name: Francisco J. Ruiz-Cabestre
Author-X-Name-First: Francisco J.
Author-X-Name-Last: Ruiz-Cabestre
Title: IPO characteristics and underprincing in the Alternative Investment Market
Abstract: 
 This study contributes to broadening knowledge concerning the underpricing of initial public offerings (IPOs) in second markets. In particular, we analyse the price formation process of IPOs on the first trading day for a sample of 567 IPOs placed in the London’s Alternative Investment Market. Our findings, after stating that underpricing is significantly positive, show that price variation, observed through the underpricing variable, is related to several offer-specific characteristics, such as subscription proportion, offering price and share adjustment. Underpricing is also related to several control variables (offering size, previous IPO number and previous market return).
Journal: Applied Economics Letters
Pages: 485-489
Issue: 7
Volume: 24
Year: 2017
Month: 4
X-DOI: 10.1080/13504851.2016.1205713
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1205713
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Template-Type: ReDIF-Article 1.0
Author-Name: TsingZai C. Wu
Author-X-Name-First: TsingZai C.
Author-X-Name-Last: Wu
Author-Name: Wan Ting Hsieh
Author-X-Name-First: Wan Ting
Author-X-Name-Last: Hsieh
Author-Name: Chun Chan Yu
Author-X-Name-First: Chun Chan
Author-X-Name-Last: Yu
Author-Name: Hsin Ti Chu
Author-X-Name-First: Hsin Ti
Author-X-Name-Last: Chu
Title: Value relevance of financial statements in convergence with IFRS: analyses in the abnormal pricing error method
Abstract: 
 We use an econometrically distinct method to test whether the value relevance of financial statements, especially during convergence with International Financial Reporting Standards (IFRS), has improved in Taiwanese firms in 1990–2011. In contrast to a prior study, our results show that given transformation between two high-quality accounting standards, convergence with IFRS will not lead to further increases in value relevance of financial statements. Our findings may provide implications for international standard-setters and regulators, especially countries undecided about adopting or converging with IFRS.
Journal: Applied Economics Letters
Pages: 490-493
Issue: 7
Volume: 24
Year: 2017
Month: 4
X-DOI: 10.1080/13504851.2016.1205714
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1205714
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:7:p:490-493




Template-Type: ReDIF-Article 1.0
Author-Name: Li-Chen Chou
Author-X-Name-First: Li-Chen
Author-X-Name-Last: Chou
Author-Name: Chung-Yuan Fu
Author-X-Name-First: Chung-Yuan
Author-X-Name-Last: Fu
Title: The influence of Internet on politics: the impact of Facebook and the Internet penetration on elections in Taiwan
Abstract: 
 Previous research on elections indicates that the rise of social media has had a positive impact on political participation and political interest, resulting in more voters going to the polls. However, there has been no research on the impact that social media have on bringing about a change in government. This research investigates the impact that the Internet and the Chinese version of Facebook have had on election results in Taiwan from 2001 to 2016. The findings indicate that after the Chinese version of Facebook appeared in 2008, the higher the penetration rate of the Internet in the Taiwan region, the more likely that political power will change hands and the ruling party will lose an election.
Journal: Applied Economics Letters
Pages: 494-497
Issue: 7
Volume: 24
Year: 2017
Month: 4
X-DOI: 10.1080/13504851.2016.1205715
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1205715
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Template-Type: ReDIF-Article 1.0
Author-Name: Felix Noth
Author-X-Name-First: Felix
Author-X-Name-Last: Noth
Author-Name: Lena Tonzer
Author-X-Name-First: Lena
Author-X-Name-Last: Tonzer
Title: Bank risk proxies and the crisis of 2007/09: a comparison
Abstract: 
 The global financial crisis has again shown that it is important to understand the emergence and measurement of risks in the banking sector. However, there is no consensus in the literature which risk proxy works best at the level of the individual bank. A commonly used measure in applied work is the Z-score, which might suffer from calculation issues given poor data quality. Motivated by the variety of bank risk proxies, our analysis reveals that nonperforming assets are a well-suited complement to the Z-score in studies of bank risk.
Journal: Applied Economics Letters
Pages: 498-501
Issue: 7
Volume: 24
Year: 2017
Month: 4
X-DOI: 10.1080/13504851.2016.1205716
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1205716
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:7:p:498-501




Template-Type: ReDIF-Article 1.0
Author-Name: E. Kostenko
Author-X-Name-First: E.
Author-X-Name-Last: Kostenko
Author-Name: V. M. Kuznichenko
Author-X-Name-First: V. M.
Author-X-Name-Last: Kuznichenko
Author-Name: V. I. Lapshyn
Author-X-Name-First: V. I.
Author-X-Name-Last: Lapshyn
Title: Deficit model of exchange for continuous processes with external control
Abstract: 
 A method of constructing a deficit-having model of exchange based on the Markov chain theory for continuous processes with external control is developed, for which the results of the continuous and discrete models are identical. Continuous models allow us to study and predict exchange processes at any moment in time. The deficit model assumes that in the exchange process, when a stationary regime is achieved, those involved have a nonzero balance. The model allows us to determine the external force (control – the actions of the administration) for the realization processes of a specific exchange programme.
Journal: Applied Economics Letters
Pages: 502-505
Issue: 7
Volume: 24
Year: 2017
Month: 4
X-DOI: 10.1080/13504851.2016.1205717
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1205717
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcel Schröder
Author-X-Name-First: Marcel
Author-X-Name-Last: Schröder
Title: The equilibrium real exchange rate and macroeconomic performance in developing countries
Abstract: 
 This article presents first estimates of the growth impact of the equilibrium real exchange rate (ERER) for a sample of 63 developing countries over 1970–2007. The results suggest that real exchange rate misalignment, not the level of the ERER, matters for macroeconomic performance in these countries.
Journal: Applied Economics Letters
Pages: 506-509
Issue: 7
Volume: 24
Year: 2017
Month: 4
X-DOI: 10.1080/13504851.2016.1205718
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1205718
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:7:p:506-509




Template-Type: ReDIF-Article 1.0
Author-Name: Jin-Ying Wang
Author-X-Name-First: Jin-Ying
Author-X-Name-Last: Wang
Title: Overpayment to directors and future operating performance
Abstract: 
 This article derives the predicted excess compensation from corporate governance variables and explores the impact of director excessive compensation on future operating performance. By using the data in Taiwan as the research samples, this article finds that overpayment to directors will decrease the future operating performance of the firm. The results are consistent, regardless of analysing in the form of fixed compensation or performance-based compensation.
Journal: Applied Economics Letters
Pages: 1-4
Issue: 1
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1430329
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430329
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Schaub
Author-X-Name-First: Mark
Author-X-Name-Last: Schaub
Title: The Brexit effect: the case of UK ADR performance one year later
Abstract: 
 In an unexpected outcome, UK voters decided that it was time to exit the European Union based on the results of a vote held on 23 June 2016. Studies of the affects and implication of Brexit include a study showing that the vote was met with a negative short-term wealth effect for UK American depository receipts (ADRs). This study examines the one-year anniversary holding period returns of these ADRs along with the British Pound and the FTSE 100 to discover any lingering effects from the historical vote. Results indicate that the one-year holding period returns for the ADRs averaged 5.8% for the year while the FTSE gained 4.8%, the S&amp;P 500 gained 15.4% and the Pound lost 13.2% of its value.
Journal: Applied Economics Letters
Pages: 5-9
Issue: 1
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1430330
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430330
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Template-Type: ReDIF-Article 1.0
Author-Name: Minjung Kim
Author-X-Name-First: Minjung
Author-X-Name-Last: Kim
Title: Effects of financial constraints on export performance of firms during the global financial crisis: microeconomic evidence from Korea
Abstract: 
 This study uses a manufacturing firm-level panel data set of South Korea for 2006&#x2013;2013 to investigate the effect of financial constraints on the export performance of firms, with particular emphasis on the corporate ownership structure. The empirical results show that foreign multinational corporation (MNC) subsidiaries are not affected by financial constraint during both crisis and noncrisis periods, implying advantages of foreign ownership. However, domestic firms suffer more from financial constraints on exports during crisis years. In particular, domestic firms without parent firms are financially constrained during both crisis and noncrisis periods. However, those with parent firms do not experience financial constraints during noncrisis periods, although they too suffer from them during crisis periods. Thus, parent&#x2013;subsidiary linkage among domestic firms plays an important role in alleviating financial constraints on export activity in noncrisis years but not as much during crisis years. Therefore, domestic parent firms exhibit less resilience to the global financial crisis, in comparison to foreign MNC parent firms.
Journal: Applied Economics Letters
Pages: 10-15
Issue: 1
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1430346
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1430346
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Template-Type: ReDIF-Article 1.0
Author-Name: Candelaria Barrios
Author-X-Name-First: Candelaria
Author-X-Name-Last: Barrios
Author-Name: Esther Flores
Author-X-Name-First: Esther
Author-X-Name-Last: Flores
Author-Name: M. &#xC1;ngeles Mart&#xED;nez
Author-X-Name-First: M. &#xC1;ngeles
Author-X-Name-Last: Mart&#xED;nez
Title: Convergence clubs in Latin America
Abstract: 
 The aim of this work is to identify convergence clubs in 17 Latin American countries in terms of GDP per capita during the period 1990&#x2013;2014. To do this, we apply the methodology developed by Phillips-Sul in order to identify the different convergence clubs on the path of growth in the Latin American economy over this period. The empirical results strongly support the existence of convergence clubs, indicating that the Latin American economy consists of four groups, each converging towards its own steady-state path, with two countries being divergent.
Journal: Applied Economics Letters
Pages: 16-20
Issue: 1
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1433288
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1433288
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Template-Type: ReDIF-Article 1.0
Author-Name: Sandra Achten
Author-X-Name-First: Sandra
Author-X-Name-Last: Achten
Author-Name: Lars Beyer
Author-X-Name-First: Lars
Author-X-Name-Last: Beyer
Author-Name: Antje-Mareike Dietrich
Author-X-Name-First: Antje-Mareike
Author-X-Name-Last: Dietrich
Author-Name: Dennis Ebeling
Author-X-Name-First: Dennis
Author-X-Name-Last: Ebeling
Author-Name: Christian Lessmann
Author-X-Name-First: Christian
Author-X-Name-Last: Lessmann
Author-Name: Arne Steinkraus
Author-X-Name-First: Arne
Author-X-Name-Last: Steinkraus
Title: Large scale infrastructure investment and economic performance &#x2013; a case study of Oresund
Abstract: 
 We analyse the effect of a large scale infrastructure investment, namely the construction of the Oresund bridge, on the local and supra-regional economy. We employ the synthetic control method to construct counterfactual regions that mimic the trajectory of Malmo and Southern Sweden without treatment. Our results point to a positive effect. However, placebo tests in space and time only reveal statistical significance at a larger regional level. The results suggest that spillover effects are eminent.
Journal: Applied Economics Letters
Pages: 21-26
Issue: 1
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1433289
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1433289
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Template-Type: ReDIF-Article 1.0
Author-Name: Katherine A. Smith
Author-X-Name-First: Katherine A.
Author-X-Name-Last: Smith
Title: What can Islamic financing tell us about macro-prudential policies?
Abstract: 
 Macro-prudential policies are theoretically effective at mitigating a debt deflation crisis by forcing individuals to internalize their impact on aggregate prices reducing systemic risk caused by pecuniary externalities. To better understand the potential effectiveness of a macro-prudential time varying tax/subsidy on debt/dividends, we empirically estimate the impact of an Islamic financing presence on financial crises. Adherence to Islamic financing principles for a nontrivial portion of a country&#x2019;s population has similar impacts to a macro-prudential policy in that these limited asset holders are likely to hold less debt or use debt-like instruments rather than conventional debt, driving down their marginal rate of substitution and the price of equity in equilibrium. To empirically estimate the effects of this policy, we interact an Islamic financing variable with debt in an otherwise standard model of financial crises. The results show that this macro-prudential-like policy decreases the likelihood of a banking crisis by 50%. The contribution of the article is twofold. First, we show that an Islamic finance presence encourages precautionary savings like a macro-prudential policy. Second, using an Islamic finance presence to capture macro-prudential potential effects, we find empirically that the likelihood of banking crises are cut roughly by half when such policies are in effect.
Journal: Applied Economics Letters
Pages: 27-31
Issue: 1
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1433290
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1433290
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Template-Type: ReDIF-Article 1.0
Author-Name: Aliaa Bassiouny
Author-X-Name-First: Aliaa
Author-X-Name-Last: Bassiouny
Author-Name: Eskandar Tooma
Author-X-Name-First: Eskandar
Author-X-Name-Last: Tooma
Title: Extracting shadow exchange rates and foreign exchange premia during currency crises: an example from Egypt
Abstract: 
 We utilize high-frequency data and a novel synchronous trade-matching algorithm to show that shadow exchange rates could be estimated from price spreads between depositary receipts and their underlying local stocks using an example of the recent Egyptian currency crisis. These shadow rates reflect the local black market foreign exchange rates in addition to a foreign exchange premium, which we attribute to the cost of expatriating capital during currency and capital control periods.
Journal: Applied Economics Letters
Pages: 32-36
Issue: 1
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1433291
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1433291
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Template-Type: ReDIF-Article 1.0
Author-Name: Philip Hans Franses
Author-X-Name-First: Philip Hans
Author-X-Name-Last: Franses
Author-Name: Eva Janssens
Author-X-Name-First: Eva
Author-X-Name-Last: Janssens
Title: Spurious principal components
Abstract: 
 The principal component regression (PCR) is often used to forecast macroeconomic variables when there are many predictors. In this letter, we argue that it makes sense to pre-whiten the predictors before including these in a PCR. With simulation experiments, we show that without such pre-whitening, spurious principal components can appear and that these can become spuriously significant in a PCR. With an illustration to annual inflation rates for five African countries, we show that non-spurious principal components can be genuinely relevant in empirical forecasting models.
Journal: Applied Economics Letters
Pages: 37-39
Issue: 1
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1433292
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1433292
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Template-Type: ReDIF-Article 1.0
Author-Name: Suguru Tamura
Author-X-Name-First: Suguru
Author-X-Name-Last: Tamura
Title: Technological character, function type, and the longevity of standardized knowledge
Abstract: 
 This study seeks to determine the validity of the current de jure standards management system. The de jure standard is an important tool for innovation policy. However, its review interval has been fixed in the management system and maintained without the use of empirical analysis to guide its development. Therefore, this study (1) examines the factors that affect the longevity of the standards, and (2) outlines methods for improving how the de jure standards are managed. Results indicate that design and mark standards influence the longevity of standardized knowledge. This is notable, given that design for innovation is an emerging area of research that is commonly studied through the analysis of design patent data. Taken together, this study&#x2019;s major findings are twofold. First, different technological categories have significantly different effects on longevity. Because the longevity of some technological sectors is naturally longer than others, there exists a need for a more flexible interval system. Second, the longevity of the mark and design standard is longer than the longevity of other types of standards. Both developing and developed countries utilize the de jure standard, so the policy implications of these findings are widely applicable.
Journal: Applied Economics Letters
Pages: 40-53
Issue: 1
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1436140
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1436140
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Kaimann
Author-X-Name-First: Daniel
Author-X-Name-Last: Kaimann
Author-Name: Britta Hoyer
Author-X-Name-First: Britta
Author-X-Name-Last: Hoyer
Title: Price competition and the Bertrand model: the paradox of the German mobile discount market
Abstract: 
 We investigate the degree of price competition among telecommunication firms. Underlying a Bertrand model of price competition, we empirically model pricing behaviour in an oligopoly. We analyse panel data of individual pricing information of mobile phone contracts offered between 2011 and 2017. We provide empirical evidence that price differences as well as reputational effects serve as a signal to buyers and significantly affect market demand. Additionally, we find that brands lead to an increase in demand and thus are able to generate spillover effects even after price increase.
Journal: Applied Economics Letters
Pages: 54-57
Issue: 1
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1436141
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1436141
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:1:p:54-57




Template-Type: ReDIF-Article 1.0
Author-Name: Golo-Friedrich Bauermeister
Author-X-Name-First: Golo-Friedrich
Author-X-Name-Last: Bauermeister
Author-Name: Oliver Mu&#xDF;hoff
Author-X-Name-First: Oliver
Author-X-Name-Last: Mu&#xDF;hoff
Title: Multiple switching behaviour in different display formats of multiple price lists
Abstract: 
 A common approach to elicit risk attitude is the multiple price list with a series of binary choices. However, a frequently observed problem when using multiple price lists is that participants switch more than once from the safer to the riskier option, thus exhibiting multiple switching behaviour. The present study analyses whether the visualization of different multiple price lists reduce multiple switching behaviour. Therefore, we conduct two types of multiple price lists in two different display formats. Participants are randomly assigned into a textual or a visual group and carry out both multiple price lists in the corresponding display format. Our results reveal that different types of multiple price lists lead to differences in the extent of multiple switching behaviour. Moreover, we show that the visualization of a multiple price list can be an instrument to greatly reduce multiple switching behaviour.
Journal: Applied Economics Letters
Pages: 58-63
Issue: 1
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1438577
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1438577
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:1:p:58-63




Template-Type: ReDIF-Article 1.0
Author-Name: Jiyu Yu
Author-X-Name-First: Jiyu
Author-X-Name-Last: Yu
Author-Name: Zixiang Ma
Author-X-Name-First: Zixiang
Author-X-Name-Last: Ma
Title: Expanded BSADF test in the presence of breaks in time trend &#x2013; a further analysis on the recent bubble phenomenon in China&#x2019;s stock market
Abstract: 
 Under the framework of time trend breaks, the popular BSADF (backward Sup-ADF) test easily misidentifies the bubble processes. As an extending analysis, we construct a t-statistic to further identify the data feature of the detected bubble periods in BSADF test. For the sake of application, we examine the bubble phenomenon related to recent stock market activity in China. We find that a bubble period estimated by the BSADF test is spurious; the rapid rise of stock market on this period is driven by trend changes and has a solid foundation.
Journal: Applied Economics Letters
Pages: 64-68
Issue: 1
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1438578
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1438578
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:1:p:64-68




Template-Type: ReDIF-Article 1.0
Author-Name: Dongwon Lee
Author-X-Name-First: Dongwon
Author-X-Name-Last: Lee
Author-Name: Kyungkeun Kim
Author-X-Name-First: Kyungkeun
Author-X-Name-Last: Kim
Title: Asymmetric stabilizing impact of international reserves
Abstract: 
 This article studies international reserves&#x2019; nominal exchange rate stabilizing impact in emerging markets and developing countries, with a particular focus on its nonlinearity and asymmetry across different states of the economy. Using the fixed-effects and dynamic panel threshold models, we find the reserves to short-term debt threshold ratio after which the marginal stabilizing effect of reserves begins to fall during tranquil times. Such diminishing returns, however, do not appear to exist even at the excessive level of reserves during the global financial crisis, partly justifying precautionary demand for international reserves. These results call for extending reserve pooling or swap arrangements to enhance efficiency of reserve management by holding adequate, rather than excess, international reserves with an access to emergency lending during the crisis.
Journal: Applied Economics Letters
Pages: 69-73
Issue: 1
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1438579
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1438579
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:1:p:69-73




Template-Type: ReDIF-Article 1.0
Author-Name: Sang Hoon Kang
Author-X-Name-First: Sang Hoon
Author-X-Name-Last: Kang
Author-Name: Seong-Min Yoon
Author-X-Name-First: Seong-Min
Author-X-Name-Last: Yoon
Title: Dynamic connectedness network in economic policy uncertainties
Abstract: 
 This study investigates the dynamic connectedness across nine economic policy uncertainty indexes. Our results indicate that the total spillover index is on average 67.4%, indicating a high level of interconnectedness across the nine indexes. In particular, the EU is the largest transmitter of uncertainty connectedness. In addition, China becomes a net transmitter of connectedness during the global financial crisis and European debt crisis. This finding indicates that the uncertainty of Chinese economic policy is an important contributor to the connectedness of the uncertainty network.
Journal: Applied Economics Letters
Pages: 74-78
Issue: 1
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1438580
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1438580
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:1:p:74-78




Template-Type: ReDIF-Article 1.0
Author-Name: J. Paul Kelleher
Author-X-Name-First: J.
Author-X-Name-Last: Paul Kelleher
Author-Name: Gernot Wagner
Author-X-Name-First: Gernot
Author-X-Name-Last: Wagner
Title: Ramsey discounting calls for subtracting climate damages from economic growth rates
Abstract: 
 The Ramsey equation ties the utility discount rate and the elasticity of marginal utility of consumption together with per capita consumption growth rates to calculate consumption discount rates. For many applications, per capita consumption growth rates can be approximated with per capita output growth rates. That approximation does not work for climate change, which drives an ever-increasing and increasingly uncertain wedge between output and consumption growth. NAS (2017), in a central recommendation and illustrative example, conflates the two. The correct, consumption-based discounting method generally decreases consumption discount rates and, thus, increases the resulting Social Cost of Carbon Dioxide (SC-CO2).
Journal: Applied Economics Letters
Pages: 79-82
Issue: 1
Volume: 26
Year: 2019
Month: 1
X-DOI: 10.1080/13504851.2018.1438581
File-URL: http://hdl.handle.net/10.1080/13504851.2018.1438581
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Handle: RePEc:taf:apeclt:v:26:y:2019:i:1:p:79-82




Template-Type: ReDIF-Article 1.0
Author-Name: Umer Iqbal
Author-X-Name-First: Umer
Author-X-Name-Last: Iqbal
Author-Name: Christopher Gan
Author-X-Name-First: Christopher
Author-X-Name-Last: Gan
Author-Name: Muhammad Nadeem
Author-X-Name-First: Muhammad
Author-X-Name-Last: Nadeem
Title: Economic policy uncertainty and firm performance
Abstract: 
 This study examines the relationship between economic policy uncertainty (EPU) and firm performance of the US-listed non-financial firms. Using four proxies of firm performance such as Return on Assets, Return on Equity, Net Profit Margin and Tobin’s Q, we find that the effect of EPU on firm performance is significant and negative on all four proxies. System-GMM estimation is used to address the problem of endogeneity because unreported results show the presence of heteroscedasticity and autocorrelation in OLS and fixed effect estimations.
Journal: Applied Economics Letters
Pages: 765-770
Issue: 10
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1645272
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1645272
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Template-Type: ReDIF-Article 1.0
Author-Name: Riccardo Cappelli
Author-X-Name-First: Riccardo
Author-X-Name-Last: Cappelli
Author-Name: Fabio Montobbio
Author-X-Name-First: Fabio
Author-X-Name-Last: Montobbio
Title: Geographical distance puzzle in patent citations: intensive versus extensive margins
Abstract: 
 This paper explores the effects of geographical distance on knowledge spillovers through patent citations across 270 European regions. Despite decreasing transport and communication costs, geographical distance effects are strong and not decreasing. To address this distance puzzle, we distinguish between the extensive margin (the number of cited technologies) and the intensive margin (the average number of citations per technology) of patent citation flows. We confirm an increasing distance effect on knowledge flows at the extensive margin. We show it is compatible with decreasing transport and communication costs.
Journal: Applied Economics Letters
Pages: 771-777
Issue: 10
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1645273
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1645273
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:10:p:771-777




Template-Type: ReDIF-Article 1.0
Author-Name: Chaoyi Chen
Author-X-Name-First: Chaoyi
Author-X-Name-Last: Chen
Author-Name: Michael Polemis
Author-X-Name-First: Michael
Author-X-Name-Last: Polemis
Author-Name: Thanasis Stengos
Author-X-Name-First: Thanasis
Author-X-Name-Last: Stengos
Title: Re-examining the asymmetric gasoline pricing mechanism in EU: a note on a panel threshold analysis
Abstract: 
 We employ a pooled panel threshold model within an error correction framework to re-investigate the ‘rockets and feathers’ hypothesis. The empirical results confirm the superiority of the threshold model compared to the baseline linear specifications, while attributing the asymmetric gasoline adjustment mechanism to Exchange Rate Pass Through (ERPT).
Journal: Applied Economics Letters
Pages: 778-783
Issue: 10
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1645274
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1645274
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:10:p:778-783




Template-Type: ReDIF-Article 1.0
Author-Name: Theodoros Daglis
Author-X-Name-First: Theodoros
Author-X-Name-Last: Daglis
Author-Name: Konstantinos N. Konstantakis
Author-X-Name-First: Konstantinos N.
Author-X-Name-Last: Konstantakis
Author-Name: Panayotis G. Michaelides
Author-X-Name-First: Panayotis G.
Author-X-Name-Last: Michaelides
Title: Can solar and geomagnetic data help to predict French telecommunications’ output (2000–2014)?
Abstract: 
 We examine the impact of solar and geomagnetic events on Earth’s economic activity, and more precisely on the French telecommunications’ sector, in the 2000–2014 time span. We find that the sunspot number and the Dst index have predictive and forecasting ability on the evolution of the French telecommunications’ output. These results give credit to the impact of solar and geomagnetic events on the telecommunications’ industry.
Journal: Applied Economics Letters
Pages: 784-788
Issue: 10
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1645276
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1645276
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Template-Type: ReDIF-Article 1.0
Author-Name: Naijing Huang
Author-X-Name-First: Naijing
Author-X-Name-Last: Huang
Author-Name: Naixin Huang
Author-X-Name-First: Naixin
Author-X-Name-Last: Huang
Author-Name: Yicheng Wang
Author-X-Name-First: Yicheng
Author-X-Name-Last: Wang
Title: US economic policy uncertainty on Chinese economy: industry level analysis
Abstract: 
 This paper uses both Chinese aggregate and dis-aggregate level data to investigate the transmission mechanisms of spillover effects of US economic policy uncertainty on the Chinese macroeconomy activities. We find that different industries of China respond quite differently by using quasi-exogenous variation across industries. More specifically, increasing uncertainty reduces the Chinese stock market return, especially those industries closely connected to the US investors. FDI in China is positively associated with increased US policy uncertainties, and industries intensively depending on foreign investment would be affected more. Lastly, the export from China to US would decrease, and industries whose exports heavily relying on the US market would drop more in response to increases in the US policy uncertainties.
Journal: Applied Economics Letters
Pages: 789-802
Issue: 10
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1645942
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1645942
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Template-Type: ReDIF-Article 1.0
Author-Name: Heeick Choi
Author-X-Name-First: Heeick
Author-X-Name-Last: Choi
Author-Name: Hyung Tae (Ted) Kim
Author-X-Name-First: Hyung Tae (Ted)
Author-X-Name-Last: Kim
Author-Name: Seung Won Lee
Author-X-Name-First: Seung Won
Author-X-Name-Last: Lee
Author-Name: Songtao Mo
Author-X-Name-First: Songtao
Author-X-Name-Last: Mo
Title: The effects of SFAS-123R on corporate investment
Abstract: 
 This study examines the effects of mandatory expensing of stock options on corporate investment after the passage of SFAS-123R. First, we find an increase in corporate investment such as R&D investment and capital expenditure in the post-SFAS-123R period. Second, we find that stock-based compensation such as stock option compensation and restricted stock in the post-SFAS-123R period is positively related to investment. Our findings suggest that SFAS-123R discourages the opportunistic use of stock option compensation. The use of option compensation in the post-SFAS-123R era appears to encourage managers to pursue more long-term investment, which suggests that the SFAS-123R has had positive consequences.
Journal: Applied Economics Letters
Pages: 803-809
Issue: 10
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646394
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646394
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:10:p:803-809




Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Hwang
Author-X-Name-First: Daniel
Author-X-Name-Last: Hwang
Author-Name: Yongjun Kim
Author-X-Name-First: Yongjun
Author-X-Name-Last: Kim
Title: Revisiting the time-varying credit rating policy: a new test of procyclicality
Abstract: 
 This article investigates whether agencies’ rating policy varies over macroeconomic cycle. We develop a novel two-stage estimation procedure to find that the rating policy becomes more strict after economic downturn than expansion, consistent with theoretical predictions. Moreover, from the horse race between various macroeconomic indicators, we find that the default spread serves as the strongest indicator for the time variation of rating standard.
Journal: Applied Economics Letters
Pages: 810-815
Issue: 10
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646395
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646395
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:10:p:810-815




Template-Type: ReDIF-Article 1.0
Author-Name: Conner Falke
Author-X-Name-First: Conner
Author-X-Name-Last: Falke
Author-Name: David J.G. Slusky
Author-X-Name-First: David J.G.
Author-X-Name-Last: Slusky
Title: Children’s health and income: evolution of the gradient
Abstract: 
 This paper extends previous measurements of the children’s income-health gradient through 2015. We first replicate findings about the steepness of the gradient from 1986 to 2005. We then find that since 2005, the health gradient between children in low-income families and high-income families has flattened, but it still steepens with age. We also show that overall children’s health has improved since 2005.
Journal: Applied Economics Letters
Pages: 816-822
Issue: 10
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646396
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646396
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Template-Type: ReDIF-Article 1.0
Author-Name: Hangtian Xu
Author-X-Name-First: Hangtian
Author-X-Name-Last: Xu
Author-Name: Hidekazu Itoh
Author-X-Name-First: Hidekazu
Author-X-Name-Last: Itoh
Title: Path dependence in port choice: some quasi-experimental evidence
Abstract: 
 This study analyzes the port choice dynamics of Japanese container shippers before and after the 1995 Great Hanshin earthquake, which destroyed Japan’s largest port. We find that the earthquake disintegrated some transportation networks that had initially been maintained because of path dependence. At the same time, it led to establishing a new path dependence. They jointly explain why the negative impact of the earthquake on the damaged port is persistent rather than temporary.
Journal: Applied Economics Letters
Pages: 823-830
Issue: 10
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646397
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646397
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:10:p:823-830




Template-Type: ReDIF-Article 1.0
Author-Name: Luis A. Gil-Alana
Author-X-Name-First: Luis A.
Author-X-Name-Last: Gil-Alana
Author-Name: James E. Payne
Author-X-Name-First: James E.
Author-X-Name-Last: Payne
Title: Measuring the degree of persistence in the U.S. economic policy uncertainty index
Abstract: 
 Researchers utilizing the U.S economic policy uncertainty index and its sub-categories need to be cognizant of the unique persistence profile of each index. We use fractional integration techniques to estimate the degree of persistence in the U.S. economic policy uncertainty index and its 11 sub-categories. The results indicate the estimated values of the differencing parameter, d, are in the interval (0, 1) supporting fractional integration and rejecting the classical models based on stationarity (d = 0) or unit roots (d = 1). Though there is a fair amount of heterogeneity across indices, shocks will be persistent, but mean reverting.
Journal: Applied Economics Letters
Pages: 831-835
Issue: 10
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646398
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646398
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Template-Type: ReDIF-Article 1.0
Author-Name: Zuobao Wang
Author-X-Name-First: Zuobao
Author-X-Name-Last: Wang
Author-Name: Jing Sun
Author-X-Name-First: Jing
Author-X-Name-Last: Sun
Title: Do the poor elderly benefit more than the non-poor elderly from growth? evidence from urban China
Abstract: 
 This paper evaluates whether the poor elderly benefited more than the non-poor elderly from growth in urban China between 2005 and 2015. The results show that although elderly income in urban China has increased overall, the poor elderly benefited less than the non-poor elderly. Growth is absolutely pro-poor but not relatively pro-poor, which has slowed the process of poverty reduction.
Journal: Applied Economics Letters
Pages: 836-840
Issue: 10
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646399
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646399
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:10:p:836-840




Template-Type: ReDIF-Article 1.0
Author-Name: Haifei Liu
Author-X-Name-First: Haifei
Author-X-Name-Last: Liu
Author-Name: Kai Liu
Author-X-Name-First: Kai
Author-X-Name-Last: Liu
Author-Name: Dongxin Li
Author-X-Name-First: Dongxin
Author-X-Name-Last: Li
Author-Name: Yixuan Li
Author-X-Name-First: Yixuan
Author-X-Name-Last: Li
Title: Fund Managers’ Association Networks, Information Sharing and Fund Performance
Abstract: 
 This article studied the social network of fund managers based on their historical working relationships, and investigated how these relations influenced their information sharing as well as the fund performance. We found that (i) An investment portfolio with a high degree of information sharing had a high average return and Sharpe ratio. (ii) Fund managers’ degree of centrality in social networks had a significant positive effect on their information sharing and trading behaviours.
Journal: Applied Economics Letters
Pages: 841-847
Issue: 10
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646400
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646400
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:10:p:841-847




Template-Type: ReDIF-Article 1.0
Author-Name: Jorge Velilla
Author-X-Name-First: Jorge
Author-X-Name-Last: Velilla
Title: Testing the sharing rule in a collective model of discrete labor supply with Spanish data
Abstract: 
 This paper estimates a collective model of discrete labor supply, using data from the Spanish Survey of Household Finances. The model allows identifying a sharing rule of household income. Then, it is used unique information for unemployed wives about intrahousehold transfers to estimate its accuracy. Results show that husbands’ hours of work are conditional on wives’ decisions, which mainly depend on non-labour income. Despite data availability, predicted sharing rules fit the data qualitatively well, and are mainly driven by wives’ potential income. Husbands show low levels of altruism, and non-participation appears to be especially detrimental for wives with high potential income.
Journal: Applied Economics Letters
Pages: 848-853
Issue: 10
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646401
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646401
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:10:p:848-853




Template-Type: ReDIF-Article 1.0
Author-Name: Dierk Herzer
Author-X-Name-First: Dierk
Author-X-Name-Last: Herzer
Title: The effects of population size and age structure on innovative output: an empirical note
Abstract: 
 This note examines the effects of population size and age structure on innovative output. Employing panel data for 22 countries over the period from 1996 to 2015, it is found that population size has no statistically significant effect on innovative output. In contrast, changes in the age structure of the population are significantly associated with changes in innovative activity.
Journal: Applied Economics Letters
Pages: 854-858
Issue: 10
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646853
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646853
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:10:p:854-858




Template-Type: ReDIF-Article 1.0
Author-Name: Calvin Blackwell
Author-X-Name-First: Calvin
Author-X-Name-Last: Blackwell
Author-Name: Russell S. Sobel
Author-X-Name-First: Russell S.
Author-X-Name-Last: Sobel
Title: The efficiency impact of uncertain taxes: an experimental study
Abstract: 
 Uncertainty is generally assumed to have negative economic effects, but they are difficult to quantify due to measurement and definitional issues in the real world. We use a carefully controlled laboratory experiment to examine policy uncertainty and its impact on economic efficiency. We employ a double-auction design and compare the efficiency of a market with a known tax to that of a risky tax (of known probability) and an uncertain tax (of unknown probability). We find that the uncertain tax generates more deadweight loss than a risky tax of equal expected value.
Journal: Applied Economics Letters
Pages: 859-872
Issue: 10
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646854
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646854
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:10:p:859-872




Template-Type: ReDIF-Article 1.0
Author-Name: Hui Hong
Author-X-Name-First: Hui
Author-X-Name-Last: Hong
Author-Name: Naiwei Chen
Author-X-Name-First: Naiwei
Author-X-Name-Last: Chen
Title: New evidence on breaking trend functions in real GDPs from Great China Economic Area
Abstract: 
 This article explores the difference in the time series property of economic output for the Great China Economic Area (GCEA) (Mainland China, Hong Kong and Taiwan). Using the powerful Kim and Perron (2009) unit root test and real GDPs over the period 1992–2014 as the study sample, results indicate the presence of a break for all economies that corresponds to the Asian financial crisis. Additionally, allowing for a break leads to the rejection of the unit root hypothesis for Taiwan only. Important implications are provided. First, considering the presence of a break in testing for nonstationarity is important or false conclusions can be drawn. Second, given the stationarity of GDP found for Taiwan only, investors should look beyond any local economic shocks and focus more on world economy development when investing in Taiwan. By contrast, investors in Mainland China and Hong Kong should pay attention to any shock because it is likely to be persistent. Third, relevant authorities should recognize that any government policy intended to promote long-run economic growth may be ineffective in Taiwan whereas it can be more effective in Mainland China and Hong Kong.
Journal: Applied Economics Letters
Pages: 663-667
Issue: 10
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1218423
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1218423
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:10:p:663-667




Template-Type: ReDIF-Article 1.0
Author-Name: Subrata Kumar Mitra
Author-X-Name-First: Subrata Kumar
Author-X-Name-Last: Mitra
Author-Name: Manojit Chattopadhyay
Author-X-Name-First: Manojit
Author-X-Name-Last: Chattopadhyay
Author-Name: Parikshit Charan
Author-X-Name-First: Parikshit
Author-X-Name-Last: Charan
Author-Name: Jaslene Bawa
Author-X-Name-First: Jaslene
Author-X-Name-Last: Bawa
Title: Identifying periods of market inefficiency for return predictability
Abstract: 
 The article examines the efficiency of 31 stock index series spanning 26 countries across the world, using generalized spectral test (GST) and detects departure from the martingale difference hypothesis (MDH). A moving window of 24 months was used and p-values of GST were estimated. In order to explore whether the departure from market efficiency can be used for generating profitable trades, an exponentially weighted-moving-average-based trading rule was applied and was found that average profits per trade were significantly higher when p-value of the GST was less than 0.1. These observations are in consistent with the adapted market hypothesis.
Journal: Applied Economics Letters
Pages: 668-671
Issue: 10
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1218424
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1218424
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:10:p:668-671




Template-Type: ReDIF-Article 1.0
Author-Name: Markus P. A. Schneider
Author-X-Name-First: Markus P. A.
Author-X-Name-Last: Schneider
Author-Name: Stephen Kinsella
Author-X-Name-First: Stephen
Author-X-Name-Last: Kinsella
Author-Name: Antoine Godin
Author-X-Name-First: Antoine
Author-X-Name-Last: Godin
Title: Redistribution in the age of austerity: evidence from Europe 2006–2013
Abstract: 
 We examine the relationship between changes in a country’s public sector fiscal position on inequality at the top and bottom of the income distribution during the age of austerity from 2006 to 2013. We use a parametric Lorenz curve model and Gini-like indices of inequality as our measures to assess distributional changes. Based on Statistics of Income and Living Conditions (EU-SILC) and IMF data for 12 European countries, we find that more severe adjustments to the cyclically adjusted primary balance (i.e., more austerity) are associated with a more unequal distribution of income driven by rising inequality at the top. The data also weakly suggests a decrease in inequality at the bottom. The distributional impact of austerity measures reflects the reliance on regressive policies and likely produces increased incentives for rent-seeking while reducing incentives for workers to increase productivity.
Journal: Applied Economics Letters
Pages: 672-676
Issue: 10
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1221030
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1221030
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:10:p:672-676




Template-Type: ReDIF-Article 1.0
Author-Name: Taeyoung Kim
Author-X-Name-First: Taeyoung
Author-X-Name-Last: Kim
Author-Name: Hongkyun Kim
Author-X-Name-First: Hongkyun
Author-X-Name-Last: Kim
Title: Which country uses public social expenditure efficiently among OECD countries?
Abstract: 
 In this study, we estimate the efficiency of public social expenditure and examine what exogenous factors affect the efficiency for OECD countries. In doing so, we use the Stochastic Frontier Model. Our findings suggest the following. First, public social expenditure related to unemployment and family as well as tax burden ratio significantly reduce income inequality. Second, corruption affects the efficiency of public social expenditure. This implies that even though two countries incur the same public social expenditure, a country with a low corruption index has higher efficiency of public social expenditure than that with a high corruption index.
Journal: Applied Economics Letters
Pages: 677-680
Issue: 10
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1221031
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1221031
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:10:p:677-680




Template-Type: ReDIF-Article 1.0
Author-Name: Feng-Jui Hsu
Author-X-Name-First: Feng-Jui
Author-X-Name-Last: Hsu
Author-Name: I-Chien Liu
Author-X-Name-First: I-Chien
Author-X-Name-Last: Liu
Title: Quantitative easing and default probability of corporate social responsibility in US
Abstract: 
 The US Federal Reserve’s quantitative easing (QE) policies lowered the cost of servicing corporate debt and enhanced firms’ ability to borrow. This article seeks to improve the accuracy of default probability calculations as proposed by Merton (1974) under conditions of lower interest rates resulting from QE. By modifying the long-term debt ratio, we find distance to default is undervalued. Specifically, we find that the distance to default is more stably for firms with excellent corporate social responsibility (CSR) performance, but those with poor CSR performance are significantly undervalued. Our results show that improved CSR performance correctly estimates the firm’s default risk, even during QE when the Federal Reserve’s balance sheet expanded by nearly $4.5 trillion.
Journal: Applied Economics Letters
Pages: 681-685
Issue: 10
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1221032
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1221032
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:10:p:681-685




Template-Type: ReDIF-Article 1.0
Author-Name: Jun Huang
Author-X-Name-First: Jun
Author-X-Name-Last: Huang
Author-Name: Heng Li
Author-X-Name-First: Heng
Author-X-Name-Last: Li
Author-Name: Guowei Zhu
Author-X-Name-First: Guowei
Author-X-Name-Last: Zhu
Title: Environmental disclosure as a proactive tool to intra-industry market reaction in China
Abstract: 
 This article examines the intra-industry market reaction to successive environmental accidents associated with Sinopec and PetroChina in China. Evidence indicates that a significantly negative intra-industry reaction occurred after these accidents. Furthermore, intra-industry firms with ex-ante environmental disclosures experienced a less negative reaction after successive accidents. Specifically, the mitigating effect of ex-ante environmental disclosures has certain extent of time delay, which differs from the immediate impact of ex-ante environmental disclosure within the context of developed countries.
Journal: Applied Economics Letters
Pages: 686-689
Issue: 10
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1221035
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1221035
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:10:p:686-689




Template-Type: ReDIF-Article 1.0
Author-Name: Omar Farooq
Author-X-Name-First: Omar
Author-X-Name-Last: Farooq
Author-Name: Ziya Asgarov
Author-X-Name-First: Ziya
Author-X-Name-Last: Asgarov
Author-Name: Ayaz Guliyev
Author-X-Name-First: Ayaz
Author-X-Name-Last: Guliyev
Author-Name: Toghrul Islam
Author-X-Name-First: Toghrul
Author-X-Name-Last: Islam
Author-Name: Yuliya Kalinina
Author-X-Name-First: Yuliya
Author-X-Name-Last: Kalinina
Author-Name: Zakir Pashayev
Author-X-Name-First: Zakir
Author-X-Name-Last: Pashayev
Title: Capital structure and value of reported earnings: evidence from an emerging market
Abstract: 
 This article documents a nonlinear impact of capital structure on the value of reported earnings in India during the period between 2009 and 2015. Our results show that earnings reported by firms with moderate level of debt are more valuable than earnings reported by firms with low or high level of debt. Our results are robust across various proxies of capital structure and across various sub-samples. This article argues that moderate level of debt is associated with low-agency problems, while low and high level of debt is synonymous to high-agency problems. Differences in agency problems result in reported earnings that have very different levels of relevance.
Journal: Applied Economics Letters
Pages: 690-694
Issue: 10
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1221036
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1221036
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:10:p:690-694




Template-Type: ReDIF-Article 1.0
Author-Name: Suryadipta Roy
Author-X-Name-First: Suryadipta
Author-X-Name-Last: Roy
Title: Does time difference between countries reduce bilateral trade? An application of the correlated random effects method using panel data
Abstract: 
 This article implements the correlated random effects (CRE) panel data technique in a gravity framework to analyse the effect of time difference between countries on bilateral trade. One major advantage of the CRE approach over the fixed-effects approach is that it is able to estimate the effect of variables that remain unchanged within panel clusters (e.g. time difference between countries), while these variables get dropped from regressions that use fixed-effects methods. Regression results based on the CRE Poisson pseudo-maximum likelihood estimator indicate statistically significant negative effect of time difference between countries on bilateral trade. An additional hour of time difference between countries is found to reduce bilateral merchandise exports by approximately 8%, even after controlling for the effect of distance in the regressions.
Journal: Applied Economics Letters
Pages: 695-698
Issue: 10
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1221037
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1221037
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Template-Type: ReDIF-Article 1.0
Author-Name: Sang B. Hahn
Author-X-Name-First: Sang B.
Author-X-Name-Last: Hahn
Author-Name: Sehoon Kwon
Author-X-Name-First: Sehoon
Author-X-Name-Last: Kwon
Author-Name: Jeongsun Yun
Author-X-Name-First: Jeongsun
Author-X-Name-Last: Yun
Title: The effects of policy funds on the financing constraints of small- and medium-sized enterprises in South Korea
Abstract: 
 This study investigates whether small- and medium-sized enterprises (SMEs) policy funds in South Korea are effective in reducing financing constraints faced by the SMEs. We find that investment-cash flow sensitivity decreases after public loans are granted, and furthermore that this decrease in the sensitivity is greater for younger and smaller firms. These results are consistent with the certification effects hypothesis.
Journal: Applied Economics Letters
Pages: 699-702
Issue: 10
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1223804
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1223804
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Template-Type: ReDIF-Article 1.0
Author-Name: Alberto Behar
Author-X-Name-First: Alberto
Author-X-Name-Last: Behar
Title: Comparing the employment-output elasticities of migrants and nationals: the case of the Gulf Cooperation Council
Abstract: 
 Many countries have large or increasing migrant populations. We estimate the elasticity of private-sector employment to nonoil GDP for nationals and migrants using a Seemingly Unrelated Error Correction (SUREC) model. We use data from the Gulf Cooperation Council (GCC) countries, which have a particularly large share of foreign workers. Our results indicate that the employment response is statistically significantly lower for nationals, who have an estimated short-run elasticity of only 0.15 and a long-run response of 0.7, than for migrants, where the short- and long-run elasticities are 0.35 and almost unity. Lower elasticities could signal higher labour market adjustment costs. In the context of low oil prices, forecasts imply a significant jobs shortfall for nationals in the coming years.
Journal: Applied Economics Letters
Pages: 703-707
Issue: 10
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1223806
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1223806
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiaoqing Ye
Author-X-Name-First: Xiaoqing
Author-X-Name-Last: Ye
Author-Name: Xiangjun Wu
Author-X-Name-First: Xiangjun
Author-X-Name-Last: Wu
Title: Estimating three-dimensional nonlinear panel data models with interactive effects
Abstract: 
 This article considers two three-step estimation approaches to three-dimensional nonlinear panel data models with interactive effects correlated with the independent variables. We propose a Nonlinear Least Squares-Principal Component Analysis-Grid Search iterated approach to estimate the static model, and a GMM-PCA-GS iterated method to the dynamic model. Monte Carlo experiments examine the finite sample performance of the methods.
Journal: Applied Economics Letters
Pages: 708-712
Issue: 10
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1223807
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1223807
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Template-Type: ReDIF-Article 1.0
Author-Name: Hiroshi Yamada
Author-X-Name-First: Hiroshi
Author-X-Name-Last: Yamada
Title: Estimating the trend in US real GDP using the  trend filtering
Abstract: 
 Using non-Gaussian state-space models, Perron and Wada (2009, Journal of Monetary Economics, 56, 749–765) obtained a nearly piecewise linear trend estimate of US real gross domestic product such that its slope changed around 1973. Such a trend may be regarded as a result of occasional permanent shocks to the growth rate. This article shows that the $${\ell _1}$$ℓ1
 trend filtering, which is quite similar to the Hodrick–Prescott filtering and is a type of the recently popular lasso regression, yields almost the same trend estimate, and discusses the reason why this occurs.
Journal: Applied Economics Letters
Pages: 713-716
Issue: 10
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1223811
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1223811
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:10:p:713-716




Template-Type: ReDIF-Article 1.0
Author-Name: Makram El-Shagi
Author-X-Name-First: Makram
Author-X-Name-Last: El-Shagi
Author-Name: Logan J. Kelly
Author-X-Name-First: Logan J.
Author-X-Name-Last: Kelly
Title: For they know not what they do: an analysis of monetary policy during the Great Moderation
Abstract: 
 In this article, we develop an empirical framework to show the importance of money during the Great Moderation, while accounting for the fact that monetary policy was exclusively conducted through interest rates. We estimate the impulse response functions and forecast error variance decomposition derived from a structural VAR with a least absolute shrinkage and selection operator–based lag selection. The variance decomposition suggests that a substantial component of macroeconomic variation has been driven by shocks to the money market, which were not only unintended by the Federal Reserve, but worse passed unnoticed allowing those shocks to accumulate over time.
Journal: Applied Economics Letters
Pages: 717-721
Issue: 10
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1223812
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1223812
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Template-Type: ReDIF-Article 1.0
Author-Name: Leonardo Becchetti
Author-X-Name-First: Leonardo
Author-X-Name-Last: Becchetti
Author-Name: Vittorio Pelligra
Author-X-Name-First: Vittorio
Author-X-Name-Last: Pelligra
Author-Name: Francesco Salustri
Author-X-Name-First: Francesco
Author-X-Name-Last: Salustri
Title: Testing for heterogeneity of preferences in randomized experiments: a satisfaction-based approach applied to multiplayer prisoners’ dilemmas
Abstract: 
 We use experimental data from the ‘vote with the wallet’ multiplayer prisoner’s dilemma to investigate with a finite mixture approach the effect of a responsible purchase on players’ satisfaction. We find clear-cut evidence of heterogeneity of preferences with two groups of players that differ significantly in terms of effects of the responsible choice on satisfaction.
Journal: Applied Economics Letters
Pages: 722-726
Issue: 10
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1223813
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1223813
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:10:p:722-726




Template-Type: ReDIF-Article 1.0
Author-Name: Axel Jochem
Author-X-Name-First: Axel
Author-X-Name-Last: Jochem
Author-Name: Stefan Reitz
Author-X-Name-First: Stefan
Author-X-Name-Last: Reitz
Title: The role of global financial conditions for credit supply in EMU periphery countries
Abstract: 
 The article analyses the role of global financial conditions for credit supply and growth performance in individual member states of the European Monetary Union (EMU). In line with the risk-taking channel of monetary policy, we find that in the short run, the Fed and European Central Bank (ECB) interest rate policy compensate for changes in global risk assessment thereby supporting net private credit flows to the European periphery. However, in later periods, a worsened risk sentiment weighs on credit flows to these countries. In contrast, EMU core countries are generally less affected by global financial shocks. This asymmetric influence of global conditions on EMU member states are smoothed by the uniform access of commercial banks to the Eurosystem’s open market operations in conjunction with the redistribution of liquidity via the TARGET mechanism.
Journal: Applied Economics Letters
Pages: 727-731
Issue: 10
Volume: 24
Year: 2017
Month: 6
X-DOI: 10.1080/13504851.2016.1223815
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1223815
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Handle: RePEc:taf:apeclt:v:24:y:2017:i:10:p:727-731




Template-Type: ReDIF-Article 1.0
Author-Name: Saten Kumar
Author-X-Name-First: Saten
Author-X-Name-Last: Kumar
Title: Great recession and the informational shifts: new evidence from sticky information Phillips curve
Abstract: 
 We utilize the nonlinear least squares (NLLS) and seemingly unrelated regression (SUR) techniques to estimate information stickiness parameter λ for the USA. We find that λ values appeared in a somewhat humped shape or inverted U pattern during the financial crisis. Prior to the financial crisis (1978.Q1-2006.Q4), λ was around 0.3. However, when the sample is extended to include the financial crisis period (1978.Q1-2011.Q4), λ increased to around 0.6. Results imply that during the financial crisis many firms became flexible and efficient and used updated information to set optimal prices.
Journal: Applied Economics Letters
Pages: 1-4
Issue: 1
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1602704
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1602704
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Template-Type: ReDIF-Article 1.0
Author-Name: Walid Belazreg
Author-X-Name-First: Walid
Author-X-Name-Last: Belazreg
Author-Name: Kais Mtar
Author-X-Name-First: Kais
Author-X-Name-Last: Mtar
Title: Modelling the causal linkages between trade openness, innovation, financial development and economic growth in OECD Countries
Abstract: 
 Using a panel vector auto-regressive model, we study interactions between trade openness, innovation, financial development, and economic growth in 27 OECD countries between 2001–2016. We focus on four-way linkage between these variables. Our empirical results show that there is a neutral relationship between economic growth and innovation, between innovation and financial development and between innovation and trade. Similarly, we have found a unidirectional relationship between economic growth and financial development and between financial development and trade. Finally, our results show a bidirectional relationship between economic growth and trade. Our empirical results show that among all, policy-makers need to invest more in human capital both in terms of developing entrepreneurial skills and education as well as creating better conditions for the development of creativity in the economy in order to improve national absorptive capabilities and develop the innovation potential of their economies.
Journal: Applied Economics Letters
Pages: 5-8
Issue: 1
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1605581
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1605581
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Template-Type: ReDIF-Article 1.0
Author-Name: Dengjun Zhang
Author-X-Name-First: Dengjun
Author-X-Name-Last: Zhang
Author-Name: Yifan Xie
Author-X-Name-First: Yifan
Author-X-Name-Last: Xie
Title: Synergistic effects of in-house and contracted R&D on export performance: evidence from China
Abstract: 
 We explored the synergistic benefits between internal and external R&D investments and between R&D and new products to export performance. The empirical results confirm the synergistic effects of innovation activities on export propensity but not on export intensity.
Journal: Applied Economics Letters
Pages: 9-13
Issue: 1
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1605582
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1605582
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos F. Alves
Author-X-Name-First: Carlos F.
Author-X-Name-Last: Alves
Author-Name: Duarte A. Reis
Author-X-Name-First: Duarte A.
Author-X-Name-Last: Reis
Title: Exposition of evidence for idiosyncratic versus induced seasonality in ETF performance
Abstract: 
 An exchange-traded fund (ETF) is a marketable security that tracks a stock index, a commodity, bonds, or a basket of assets. Therefore, returns of ETFs that track a benchmark index portfolio should mimic the returns of their benchmark indexes. If a benchmark index’s performance exhibits a seasonal pattern, then the performance of its associated ETF should replicate that pattern. This type of ETF performance seasonality is induced by trends in the market of securities in the benchmark index portfolio. Any other seasonality can be considered to be idiosyncratic. Based on a sample of 148 ETFs listed in NYSE Arca, this article provides evidence of a half-year effect (higher performance in the first half-year), a quarter effect (outperformance of the second quarter and underperformance of the fourth quarter), and month within the quarter effect (higher and lower performance in the first and third months of each quarter, respectively). Additionally, superior and inferior performance were observed in April and December, respectively. These seasonal patterns are not visible on benchmark indexes, with the exception of the unusually positive performance in April, which can be considered induced seasonality. The other effects, which cannot be attributed to underlying markets, are evidence of idiosyncratic seasonality.
Journal: Applied Economics Letters
Pages: 14-18
Issue: 1
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1606397
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1606397
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Template-Type: ReDIF-Article 1.0
Author-Name: Doojin Ryu
Author-X-Name-First: Doojin
Author-X-Name-Last: Ryu
Author-Name: Doowon Ryu
Author-X-Name-First: Doowon
Author-X-Name-Last: Ryu
Author-Name: Heejin Yang
Author-X-Name-First: Heejin
Author-X-Name-Last: Yang
Title: Vega-informed trading and options market reform
Abstract: 
 This study examines the effect of reform to the KOSPI200 options market on volatility trading. We find that the information quality of net volatility demand significantly changes after the reform. The overall options demand for volatility does not predict spot market volatility before the market reform, but it does so after the reform. The significant information content of volatility trading can be attributed to the vega-weighted net demand of institutional investors.
Journal: Applied Economics Letters
Pages: 19-24
Issue: 1
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1606399
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1606399
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:1:p:19-24




Template-Type: ReDIF-Article 1.0
Author-Name: Nagaraju Thota
Author-X-Name-First: Nagaraju
Author-X-Name-Last: Thota
Title: Market reaction to banks revenue diversification strategy: evidence from India
Abstract: 
 This paper examines whether revenue diversification by banks is beneficial using data from India for the period 1995–2018. We use non-interest income to total income ratio as a measure of revenue diversification, and use market measures of returns and risk to evaluate the benefits. The results indicate that a higher share of non-interest income in total income leads to a higher market return and lowers the market risk. These results broadly remain the same even when we divide the sample into public (government owned) and private banks.
Journal: Applied Economics Letters
Pages: 25-29
Issue: 1
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1606400
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1606400
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:1:p:25-29




Template-Type: ReDIF-Article 1.0
Author-Name: Yan Shen
Author-X-Name-First: Yan
Author-X-Name-Last: Shen
Author-Name: C. James Hueng
Author-X-Name-First: C. James
Author-X-Name-Last: Hueng
Author-Name: Wenxiu Hu
Author-X-Name-First: Wenxiu
Author-X-Name-Last: Hu
Title: Using digital technology to improve financial inclusion in China
Abstract: 
 We investigate the channels through which financial inclusion can be achieved in China. The Partial Least Squares approach to Structural Equation Modelling is used to analyse the relationships among financial literacy, Internet usage, digital financial products usage, and financial inclusion. We show that Internet usage has no direct impact on financial inclusion. Rather, the direct impact comes from the level of financial literacy and the use of digital financial products, which are advanced by popularity of the Internet. Internet usage and digital financial products usage play a multiple mediation role between financial literacy and financial inclusion. We conclude that to achieve the goal of advancing financial inclusion, Chinese policymakers should improve the consumers’ financial literacy and promote the use of digital financial products.
Journal: Applied Economics Letters
Pages: 30-34
Issue: 1
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1606401
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1606401
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhongmin Liu
Author-X-Name-First: Zhongmin
Author-X-Name-Last: Liu
Author-Name: Jia Lyu
Author-X-Name-First: Jia
Author-X-Name-Last: Lyu
Title: Measuring the innovation efficiency of the Chinese pharmaceutical industry based on a dynamic network DEA model
Abstract: 
 A dynamic network data envelopment analysis (DEA) model is employed for measuring the innovation efficiency of the Chinese pharmaceutical industry. The results show that the reason for innovation inefficiency in the Chinese pharmaceutical manufacturing industry is the inefficiency of pure technology and scale, but pure technical inefficiency plays the main role. The contribution of knowledge innovation to innovation efficiency in the pharmaceutical industry is greater than that of commercialization.
Journal: Applied Economics Letters
Pages: 35-40
Issue: 1
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1606402
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1606402
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:1:p:35-40




Template-Type: ReDIF-Article 1.0
Author-Name: Gabriel De La Fuente
Author-X-Name-First: Gabriel
Author-X-Name-Last: De La Fuente
Author-Name: Luis P. De La Horra
Author-X-Name-First: Luis P.
Author-X-Name-Last: De La Horra
Author-Name: Javier Perote
Author-X-Name-First: Javier
Author-X-Name-Last: Perote
Title: The demand for Divisia money in the United States: evidence from the CFS Divisia M3 aggregate
Abstract: 
 In this paper, we analyse the demand for real money balances in the United States for the period 1990Q1–2017Q2 using a novel Divisia monetary aggregate developed by Barnett et al. (2013). Unlike simple-sum aggregates, Divisia aggregates take into account the different degrees of ‘moneyness’ of each monetary asset. In addition, Divisia aggregates have shown to be empirically superior to simple-sum aggregates, providing stable money demand functions for different periods and countries. In a first stage, we test for cointegration and estimate a long-run equilibrium model. In a second stage, we estimate an error correction model to study the short-run dynamics. Consistent with previous research, our findings show the existence of a stable money demand function, which suggests that monetary aggregates, when properly measured, can be useful tools in the conduct of monetary policy.
Journal: Applied Economics Letters
Pages: 41-45
Issue: 1
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1606403
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1606403
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel L. Hicks
Author-X-Name-First: Daniel L.
Author-X-Name-Last: Hicks
Author-Name: Beatriz Maldonado
Author-X-Name-First: Beatriz
Author-X-Name-Last: Maldonado
Title: Do foreign aid donors reward recipients for improving gender outcomes?
Abstract: 
 We investigate whether developing nations are rewarded by donor countries and multilateral aid organizations for improving women’s outcomes. If donors reallocate accordingly, their decisions could incentivize developing countries to improve gender outcomes on their own. Using dyadic aid flows over the period 1991–2010, we document that improvements in women’s political rights and participation, as well as economic participation, are associated with increases in bilateral aid receipts. Despite their stated emphasis on women, we do not observe similar reallocations in aid by many multilateral organizations in response to gender outcomes.
Journal: Applied Economics Letters
Pages: 46-51
Issue: 1
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1606405
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1606405
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Template-Type: ReDIF-Article 1.0
Author-Name: Ewa Cieślik
Author-X-Name-First: Ewa
Author-X-Name-Last: Cieślik
Title: Shifting from the EU’s production networks? Electronics industry exports of Central and Eastern Europe
Abstract: 
 This article presents the CEE countries’ connections to production networks in electronics industry. The goal of this paper is to analyse the changes in CEE states’ dependence on Chinese electronics industry exports. We verify a hypothesis: in electronics industry exports, the analysed countries have become more dependent on Chinese value added than on the EU’s value added recently.
Journal: Applied Economics Letters
Pages: 52-57
Issue: 1
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1606406
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1606406
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:1:p:52-57




Template-Type: ReDIF-Article 1.0
Author-Name: Jikyoung Kim
Author-X-Name-First: Jikyoung
Author-X-Name-Last: Kim
Author-Name: Wonjoon Kim
Author-X-Name-First: Wonjoon
Author-X-Name-Last: Kim
Title: Who are the most effective R&D partners for different types of product innovation? Evidence from South Korean manufacturing firms
Abstract: 
 R&D cooperation is a key to combining firms’ internal and external technological capabilities. This article empirically investigates the effect of R&D cooperation partners on different types of product innovation. This study considers four types of partners in R&D cooperation: suppliers, customers, competitors, and universities. Three purposes of product innovation are considered: diversification of products, pioneering a new market, and standardization of technology. The main findings are: (1) R&D cooperation with suppliers and competitors has a positive effect on standardization of technology, (2) R&D cooperation with customers has a positive effect on diversification of products and pioneering a new market, and (3) R&D cooperation with universities has a positive effect on pioneering a new market and standardization of technology.
Journal: Applied Economics Letters
Pages: 58-61
Issue: 1
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1607242
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1607242
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:1:p:58-61




Template-Type: ReDIF-Article 1.0
Author-Name: Barış Soybilgen
Author-X-Name-First: Barış
Author-X-Name-Last: Soybilgen
Title: Identifying Turkish business cycle regimes in real time
Abstract: 
 In this study, we analyse the real-time identification performance of the BBQ method and the Markov switching (MS) model in the case of Turkey by comparing their real-time and ex-post identification results between 1997M01-2017M12. We show that both the BBQ and the MS methodologies identify the nearly same turning point dates for the Turkish economy both ex-post and in real time by using a pseudo real-time data set. We also calculate the real-time identification lag of models and show that the MS model and the BBQ method identify a turning point with a 3–4 months lag and a 6 months lag, respectively. Finally, we show that data revisions do not have a significant impact on the real-time identification performance of the models between 2005M01-2017M12.
Journal: Applied Economics Letters
Pages: 62-66
Issue: 1
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1607243
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1607243
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Template-Type: ReDIF-Article 1.0
Author-Name: Kjell Hausken
Author-X-Name-First: Kjell
Author-X-Name-Last: Hausken
Title: Additive multi-effort contests with multiple investment opportunities
Abstract: 
 Two players simultaneously exert multiple additive efforts. Expected utility maximization follows from exerting one effort with the lowest ratio of unit cost divided by impact. This contrasts with the assumption for multiplicative efforts which all have to be exerted. Fifty percent of the rent is dissipated when the players have equal ratios of unit cost divided by impact. Rent dissipation decreases as the players’ ratios become more unequal. Adding efforts with large unit cost divided by impact influences neither strategies nor rent dissipation. In contrast, socially unproductive multiplicative efforts may unbalance contests and increase rent dissipation. Adding efforts with low unit cost divided by impact decreases (increases) rent dissipation if the advantaged player becomes more (less) advantaged.
Journal: Applied Economics Letters
Pages: 67-71
Issue: 1
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1679338
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1679338
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Template-Type: ReDIF-Article 1.0
Author-Name: Panayotis G. Michaelides
Author-X-Name-First: Panayotis G.
Author-X-Name-Last: Michaelides
Author-Name: Olga Theodoratou
Author-X-Name-First: Olga
Author-X-Name-Last: Theodoratou
Author-Name: Konstantinos N. Konstantakis
Author-X-Name-First: Konstantinos N.
Author-X-Name-Last: Konstantakis
Title: Inflammatory bowel disease and economic activity: panel data evidence for Europe
Abstract: 
 There is worldwide evidence that Inflammatory Bowel Disease (IBD) incidents increase over time in different regions around the world, signifying its emergence as a global disease. The available evidence implies that factors such as economic development positively affect IBD incidents, at a time when relevant surveys on other diseases support the existence of the same positive relationship between disease incidents and economic development. In this context, it is surprising that the actual empirical relationship between IBD incidents and economic development remains largely unexplored or even completely ignored by the literature. In the present work, we assess empirically the relationship between IBD incidents and economic development by analysing incidents registered in the European Crohn’s and Colitis Organization’s Epidemiological Committee (EpiCom) study for two consecutive years (2010–2011) based on data availability. We provide strong statistical evidence in favour of a positive relationship between IBD incidents and economic development.
Journal: Applied Economics Letters
Pages: 72-76
Issue: 1
Volume: 27
Year: 2020
Month: 1
X-DOI: 10.1080/13504851.2019.1680791
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1680791
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Template-Type: ReDIF-Article 1.0
Author-Name: Mário Augusto
Author-X-Name-First: Mário
Author-X-Name-Last: Augusto
Author-Name: Rui Pascoal
Author-X-Name-First: Rui
Author-X-Name-Last: Pascoal
Author-Name: Pedro Reis
Author-X-Name-First: Pedro
Author-X-Name-Last: Reis
Title: Firms’ performance and board size: A simultaneous approach in the European and American contexts
Abstract: 
 The relation between performance and board size (BS) is analysed in the American and European contexts. It is found that return on assets (ROA) depends on BS defined as an endogenous explanatory variable. This potentially non-monotonous effect is modelled by introducing firm size and number of segments by board member as explanatory variables for ROA. BS net effect after accounting for the indirect effect resulting from these variables is negative. Differences in the results obtained for Tobin’s Q, strategic investors’ weight and equity to total assets, between America and Europe, suggest a more preventive management control in Europe.
Journal: Applied Economics Letters
Pages: 1039-1043
Issue: 13
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1659487
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1659487
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu He
Author-X-Name-First: Yu
Author-X-Name-Last: He
Author-Name: Chuanhao Wen
Author-X-Name-First: Chuanhao
Author-X-Name-Last: Wen
Author-Name: Jia He
Author-X-Name-First: Jia
Author-X-Name-Last: He
Title: The influence of China Environmental Protection Tax Law on firm performance – evidence from stock markets
Abstract: 
 This study examines the influence of China Environmental Protection Tax (EPT) Law on firm performance, which is proxied by stock prices. Using the event study methodology, we find that most sectors experience negative market reactions, indicating that the EPT Law will increase environmental costs and hurt firm performance. Firms’ political connections and fundamentals are related to the market reactions. The different impacts of political connections on market reactions have been detected between the two events related to the EPT Law. Our results are robust to diverse fixed effects and potential endogeneity issues.
Journal: Applied Economics Letters
Pages: 1044-1047
Issue: 13
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1659488
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1659488
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Template-Type: ReDIF-Article 1.0
Author-Name: Yanlong Zhang
Author-X-Name-First: Yanlong
Author-X-Name-Last: Zhang
Author-Name: Taoxiong Liu
Author-X-Name-First: Taoxiong
Author-X-Name-Last: Liu
Title: The macroeconomic movements of real wage rates and employment: further evidence
Abstract: 
 Supported by the empirical results of the frequency table approach applied to a time series of data related to average weekly wages and employment in the United Kingdom, the United States, and Canada, this paper contends that across an entire economy, real wage rates behave countercyclically in the short term, as John Maynard Keynes predicted in his general theory.
Journal: Applied Economics Letters
Pages: 1048-1055
Issue: 13
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1659922
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1659922
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Template-Type: ReDIF-Article 1.0
Author-Name: Marji Lines
Author-X-Name-First: Marji
Author-X-Name-Last: Lines
Author-Name: Noemi Schmitt
Author-X-Name-First: Noemi
Author-X-Name-Last: Schmitt
Author-Name: Frank Westerhoff
Author-X-Name-First: Frank
Author-X-Name-Last: Westerhoff
Title: Stability conditions for three-dimensional maps and their associated bifurcation types
Abstract: 
 We present analytical tools that may be useful in studying the behaviour of dynamic economic models formulated in discrete time. In particular, we provide a simplified set of conditions for the stability of fixed points of three-dimensional maps, and the bifurcation types associated with them.
Journal: Applied Economics Letters
Pages: 1056-1060
Issue: 13
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1659923
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1659923
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Template-Type: ReDIF-Article 1.0
Author-Name: Hanming Jiang
Author-X-Name-First: Hanming
Author-X-Name-Last: Jiang
Author-Name: Yiming Zhou
Author-X-Name-First: Yiming
Author-X-Name-Last: Zhou
Author-Name: Hangtian Xu
Author-X-Name-First: Hangtian
Author-X-Name-Last: Xu
Title: Incomplete contracts and allocation of residual claim along the global value chains: evidence from Japan
Abstract: 
 The seminal work by Antràs and Chor in 2013 predicted that, under incomplete-contracting environments, the optimal allocation of residual claim for firms participating in global production depends on the relative position at which the supplier enters the sequential production and on the demand elasticity faced by the final-good producer. Using data of Japanese value-added exports, this study empirically verifies this theoretical prediction through supportive evidence.
Journal: Applied Economics Letters
Pages: 1061-1066
Issue: 13
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1659924
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1659924
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Template-Type: ReDIF-Article 1.0
Author-Name: Imre Fertő
Author-X-Name-First: Imre
Author-X-Name-Last: Fertő
Author-Name: Magdolna Sass
Author-X-Name-First: Magdolna
Author-X-Name-Last: Sass
Title: FDI according to ultimate versus immediate investor countries: which dataset performs better?
Abstract: 
 Foreign direct investment (FDI) plays an ever-increasing role in the world economy; however, empirical research on many aspects of FDI is hindered by data problems. New data on FDI stocks, broken down according to the nationality of the ultimate owner company, are available for a few countries. Based on the example of three Central and Eastern European countries, we show that these new data give better results when analysing the main drivers of bilateral FDI, than the up till now available FDI data, which were broken down according to the nationality of the immediate investor firm. Furthermore, we present evidence on the main drivers of FDI into three former transition economies: distance, relative country size and trade costs.
Journal: Applied Economics Letters
Pages: 1067-1070
Issue: 13
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1659925
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1659925
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Template-Type: ReDIF-Article 1.0
Author-Name: Fei Guo
Author-X-Name-First: Fei
Author-X-Name-Last: Guo
Author-Name: Shi He
Author-X-Name-First: Shi
Author-X-Name-Last: He
Title: The finance-growth nexus in China: a meta-analysis
Abstract: 
 Drawing on a unique dataset from 30 studies on the finance-growth nexus in China, our prime objective is to examine the link between financial development and economic growth. After accounting for publication bias and between-study heterogeneity using meta-regression analysis, we find that the publication bias-corrected finance-growth nexus is positive and statistically significant. Interestingly, our findings also show that, when publication bias is corrected, the banking sector development plays a more crucial role in economic growth in China than the stock market development.
Journal: Applied Economics Letters
Pages: 1071-1075
Issue: 13
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1659926
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1659926
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Template-Type: ReDIF-Article 1.0
Author-Name: Hiroki Aso
Author-X-Name-First: Hiroki
Author-X-Name-Last: Aso
Author-Name: Tamotsu Nakamura
Author-X-Name-First: Tamotsu
Author-X-Name-Last: Nakamura
Title: Population growth and intergenerational mobility
Abstract: 
 Incorporating population growth into a simplified version of Maoz and Moav (1999), this article analyzes the effect on the relationship between intergenerational mobility and economic development. If the fertility is the same across income groups, population growth does not influence the basic dynamics of the economy. With, however, the fertility difference, population growth plays a crucial role in characterizing the intergenerational mobility. Suppose, in particular, that the fertility of the educated is higher than that of the uneducated. Then the share of the educated increases sharply due to the fertility difference. This sharp increase largely raises the average wage in the economy, which in turn boosts the education cost. The large increase in the education cost facilitates downwards mobility, and hence decreases the population share of the educated. Thus, if the fertility difference is large enough, the mobility exhibits cyclical behaviour. In contrast, if the fertility of the uneducated is higher than or equal to that of the educated, the same dynamics as in Maoz and Moav (1999) appears.
Journal: Applied Economics Letters
Pages: 1076-1080
Issue: 13
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1660759
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1660759
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Template-Type: ReDIF-Article 1.0
Author-Name: José Félix Sanz-Sanz
Author-X-Name-First: José Félix
Author-X-Name-Last: Sanz-Sanz
Title: The relative revenue power of the marginal tax rates in personal income tax schedules: the Revenue Equivalent Marginal Rate Increase (REMI)
Abstract: 
 The aim of this paper is to explore how the revenue power of the marginal tax rates in personal income tax rate schedules can be computed. Analytical expressions to measure the relative revenue effectiveness of marginal tax rates are provided. These expressions distinguish between mechanical and behavioural components as well as differentiating genuine allowances from non-genuine allowances. Finally, an empirical application to Spanish tax return microdata is provided.
Journal: Applied Economics Letters
Pages: 1081-1086
Issue: 13
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1661348
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1661348
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Borghesi
Author-X-Name-First: Richard
Author-X-Name-Last: Borghesi
Author-Name: Kiyoung Chang
Author-X-Name-First: Kiyoung
Author-X-Name-Last: Chang
Title: Economic policy uncertainty and firm value: the mediating role of intangible assets and R&D
Abstract: 
 We explore the mechanisms by which intangible assets and R&D intensity mediate the relationship between global economic policy uncertainty and firm value. We find that firms in high intangible-intensity industries and those engaging in R&D suffer the most from restrictive governance policies when economic instability is high. However, when the economic environment is volatile, these same firms benefit the most from prior investments in corporate social responsibility. Results add nuance to prior literature exploring the CSR and corporate governance strictly during the Great Recession and also shed light on optimal governance and CSR policies in times of global economic policy uncertainty.
Journal: Applied Economics Letters
Pages: 1087-1090
Issue: 13
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1661951
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1661951
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Tait
Author-X-Name-First: Peter
Author-X-Name-Last: Tait
Author-Name: Caroline Saunders
Author-X-Name-First: Caroline
Author-X-Name-Last: Saunders
Author-Name: Paul Dalziel
Author-X-Name-First: Paul
Author-X-Name-Last: Dalziel
Author-Name: Paul Rutherford
Author-X-Name-First: Paul
Author-X-Name-Last: Rutherford
Author-Name: Timothy Driver
Author-X-Name-First: Timothy
Author-X-Name-Last: Driver
Author-Name: Meike Guenther
Author-X-Name-First: Meike
Author-X-Name-Last: Guenther
Title: Comparing generational preferences for individual components of sustainability schemes in the Californian wine market
Abstract: 
 Millennials are the largest demographic segment in the USA and have gained market share of high-frequency wine drinkers while Baby Boomers and Gen-X generations share has fallen. This demographic evolution focuses attention on understanding Millennial wine drinkers’ preferences. At the same time the wine industry has seen significant establishment of sustainable certification systems as preferences for sustainability have developed and been recognized as an avenue for product diversification. This paper reports on a discrete choice experiment with the objective of comparing generational preferences for individual components of sustainability schemes active in the Californian Sauvignon Blanc market. We find significant attribute preference differences over age cohorts. Millennial consumers are willing to pay significantly more for sustainability attributes than both Gen-X and Baby Boomers. While Baby Boomers place more emphasis on country-of-origin attributes than either Gen-X or Millennials.
Journal: Applied Economics Letters
Pages: 1091-1095
Issue: 13
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1661952
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1661952
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Template-Type: ReDIF-Article 1.0
Author-Name: Gihyun Kwak
Author-X-Name-First: Gihyun
Author-X-Name-Last: Kwak
Title: What drives venture capital fund performance?
Abstract: 
 This study analyses the determinants of the return on Korean venture capital (VC) funds in terms of fund management strategies. In particular, I adopt the quantile regression analysis to identify the heterogeneous effect of a strategy based on the performance level of a fund. As a result of the analysis, it has been shown that to achieve high performance, it is necessary to use instruments to deal with the uncertainty of investment targets and information asymmetry such as stepwise investment, use of conversion securities, syndication. In addition, for very high performance, it is necessary to focus on a certain industry and to include a few companies in the portfolio with large investment. As well, in order to achieve high returns, investing large amount in a small number of portfolios is confirmed to be valid strategy.
Journal: Applied Economics Letters
Pages: 1096-1101
Issue: 13
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1667475
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1667475
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Template-Type: ReDIF-Article 1.0
Author-Name: Wenlong Bian
Author-X-Name-First: Wenlong
Author-X-Name-Last: Bian
Author-Name: Tingting Ge
Author-X-Name-First: Tingting
Author-X-Name-Last: Ge
Author-Name: Yang Ji
Author-X-Name-First: Yang
Author-X-Name-Last: Ji
Title: Which factor matters for financial crises: leverage level or leverage growth?
Abstract: 
 Prior studies have shown a significant impact of the leverage level on economic outcomes. This study extends the literature by examining the role of leverage growth in predicting the occurrence of financial crises. Based on a dataset of 42 economies over the period 1980–2017, the results indicate a positive and significant association between leverage growth and the likelihood of financial crises. Moreover, leverage level plays no relevant role in predicting the financial crises after leverage growth has been controlled for. Further analysis also confirms the contribution of relative sectoral leverage growth to financial crises. Specifically, both the difference between the private and the government leverage growth, and the difference between the household and non-financial corporate leverage growth are positively associated with the likelihood of financial crises. These findings suggest that we should pay much more attention to leverage growth and its impacts on financial crises.
Journal: Applied Economics Letters
Pages: 1102-1106
Issue: 13
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1667948
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1667948
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Template-Type: ReDIF-Article 1.0
Author-Name: Manoranjan Sahoo
Author-X-Name-First: Manoranjan
Author-X-Name-Last: Sahoo
Author-Name: Hrushikesh Mallick
Author-X-Name-First: Hrushikesh
Author-X-Name-Last: Mallick
Author-Name: Mantu Kumar Mahalik
Author-X-Name-First: Mantu Kumar
Author-X-Name-Last: Mahalik
Title: What deteriorates India’s current account balance: crude oil imports or gold imports?
Abstract: 
 We examine the impact of crude oil imports and gold imports on India’s current account balance (CAB) using linear cointegration techniques for the period 1980–2017. We find strong evidence in support of a positive and significant impact of crude oil imports and a negative and significant impact of gold imports on India’s CAB. It also reveals that while rising crude oil price deteriorates India’s CAB, rising gold price improves it in the short run.
Journal: Applied Economics Letters
Pages: 1107-1111
Issue: 13
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1673294
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1673294
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Template-Type: ReDIF-Article 1.0
Author-Name: Ping Huang
Author-X-Name-First: Ping
Author-X-Name-Last: Huang
Author-Name: Zhong-Qiang Zhou
Author-X-Name-First: Zhong-Qiang
Author-X-Name-Last: Zhou
Author-Name: Wei Zhang
Author-X-Name-First: Wei
Author-X-Name-Last: Zhang
Title: The equity premium in China
Abstract: 
 The equity premium is a key indicator in capital investment decisions. However, few studies estimate the equity premium for the Chinese stock market. To shed more light on the subject, we use dividend and consumption growth models to estimate the expected equity premium in China from 2005 to 2017. Our evidence shows that the geometric mean of the expected yearly equity premium from the consumption growth model, 9.69 percent, is similar to that of the realized yearly equity premium from stock returns, 8.11 percent. The corresponding values are 0.74–0.68 percent for monthly data, and 2.49–2.28 percent for quarterly data. In contrast, the estimate of the expected equity premium from the dividend growth model is far higher than the realized equity premium. However, both the dividend and consumption growth models fail to explain the high fluctuations of the realized equity premium.
Journal: Applied Economics Letters
Pages: 1112-1118
Issue: 13
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1673295
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1673295
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Template-Type: ReDIF-Article 1.0
Author-Name: Ahmet Gedikkaya
Author-X-Name-First: Ahmet
Author-X-Name-Last: Gedikkaya
Author-Name: Serdar Varlik
Author-X-Name-First: Serdar
Author-X-Name-Last: Varlik
Author-Name: Berument M. Hakan
Author-X-Name-First: Berument
Author-X-Name-Last: M. Hakan
Title: The effects of electricity price changes on prices of other goods and services – evidence from Turkey
Abstract: 
 This article employs a Factor-Augmented Vector Autoregressive model to assess the effects of electricity price innovations on prices of other goods and services. Using monthly series from Turkish Domestic Producer Price Index (D-PPI) and Harmonized Index of Consumer Prices (HICP) components, the results from the analyses on D-PPI components suggest that (i) Machinery & Equipment (not elsewhere classified); Electrical Equipment; and Rubber & Plastic Products increase the most, while (ii) Tobacco Products; Crude Petroleum & Natural Gas; and Water Supply, Sewerage, Waste Management & Remediation Services increase the least. In addition, the results from the analyses on HICP components suggest that (iii) Housing, Water, Electricity, Gas & Other Fuels; Furnishings, Household Equipment & Maintenance; and Restaurants & Hotels increase the most, while (iv) Communications; Alcoholic Beverages, Tobacco & Narcotics; and Education increase the least.
Journal: Applied Economics Letters
Pages: 955-960
Issue: 12
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1648746
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1648746
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Template-Type: ReDIF-Article 1.0
Author-Name: Dongwoo Kim
Author-X-Name-First: Dongwoo
Author-X-Name-Last: Kim
Title: The relationship between violent crime and urban high school enrollment in the US
Abstract: 
 I use a city-level fixed effects model with city-specific linear trends that exploits different trends in violent crime rates among 229 major cities in the US from 1986 to 2010. Findings suggest that a 10 percent increase in the violent crime rate is associated with 0.2 and 0.4 percent decreases in enrollment in grades 11 and 12, respectively. However, the association of violent crime rate with grade 9 enrollment is not statistically significant. The results show that violent crime rate is negatively associated with high school enrollment levels, concentrated in grades 11 and 12.
Journal: Applied Economics Letters
Pages: 961-964
Issue: 12
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1649357
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1649357
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Template-Type: ReDIF-Article 1.0
Author-Name: Mascia Bedendo
Author-X-Name-First: Mascia
Author-X-Name-Last: Bedendo
Author-Name: Linus Siming
Author-X-Name-First: Linus
Author-X-Name-Last: Siming
Title: Bank financing and credit ratings
Abstract: 
 By looking at a sample of firms rated by S&P, we study the extent to which the mix between bank financing and other sources of debt affects corporate credit ratings. We find that S&P penalizes firms of high credit quality that use relatively more bank debt compared to market debt. Instead, debt composition does not seem to matter when rating risky firms. We conclude that managers of firms of high credit quality should have relatively low (high) recourse of bank financing (public debt) from a credit ratings perspective.
Journal: Applied Economics Letters
Pages: 965-970
Issue: 12
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1649358
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1649358
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Template-Type: ReDIF-Article 1.0
Author-Name: Yun Hong
Author-X-Name-First: Yun
Author-X-Name-Last: Hong
Author-Name: Yi Li
Author-X-Name-First: Yi
Author-X-Name-Last: Li
Title: House price and the stock market prices dynamics: evidence from China using a wavelet approach
Abstract: 
 This article utilizes the wavelet method to investigate the multiscale relationship between house price and stock price. We document short-term wealth effect, medium-term credit-price effect, and medium-/long-term spiral or ‘interdependence’ relationship between the house price and the stock price by using China’s data.
Journal: Applied Economics Letters
Pages: 971-976
Issue: 12
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1649359
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1649359
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Template-Type: ReDIF-Article 1.0
Author-Name: Bálint Zsolt Nagy
Author-X-Name-First: Bálint Zsolt
Author-X-Name-Last: Nagy
Author-Name: Mónika Anetta Alt
Author-X-Name-First: Mónika Anetta
Author-X-Name-Last: Alt
Author-Name: Botond Benedek
Author-X-Name-First: Botond
Author-X-Name-Last: Benedek
Author-Name: Zsuzsa Săplăcan
Author-X-Name-First: Zsuzsa
Author-X-Name-Last: Săplăcan
Title: How do loss aversion and technology acceptance affect life insurance demand?
Abstract: 
 The present questionnaire-based study combines and expands technology acceptance and behavioural (risk and loss aversion) variables in explaining the demand for life insurance products. Loss aversion is inversely related to the proxy for life insurance demand and two technology acceptance related factors (usefulness of online technology and acceptance of smart devices) have a significant positive influence.
Journal: Applied Economics Letters
Pages: 977-981
Issue: 12
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1650882
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1650882
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Template-Type: ReDIF-Article 1.0
Author-Name: Óscar Afonso
Author-X-Name-First: Óscar
Author-X-Name-Last: Afonso
Author-Name: Catarina Almeida
Author-X-Name-First: Catarina
Author-X-Name-Last: Almeida
Author-Name: Paulo B. Vasconcelos
Author-X-Name-First: Paulo B.
Author-X-Name-Last: Vasconcelos
Title: The labour-share decrease and the technological-knowledge increase
Abstract: 
 We extend the R&D-growth literature by considering an endogenous labour share of the aggregate income to analyse the effects on macroeconomic aggregates. Up to the stable and unique steady-state, the share of skilled workers in the R&D sector first has an instantaneous drop and then starts to increase, the economic-growth rate and the skill-premium increase, and the labour share of the aggregate income decreases due to automation.
Journal: Applied Economics Letters
Pages: 982-986
Issue: 12
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1650883
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1650883
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Template-Type: ReDIF-Article 1.0
Author-Name: John A. Dove
Author-X-Name-First: John A.
Author-X-Name-Last: Dove
Title: Opportunity entrepreneurship and regulation: a state-level analysis
Abstract: 
 The paper empirically tests the relationship between opportunity entrepreneurship – i.e. procyclical entrepreneurial activity associated with growth-oriented business startups – across states and the relative effect of federal regulation borne by private-sector industries within each state. With entrepreneurial data from the Kauffman Index and a new and plausibly exogenous index of the relative burden imposed by federal regulations on each state between 1998 and 2015, I find a negative and robust association between federal regulation and opportunity entrepreneurship.
Journal: Applied Economics Letters
Pages: 987-991
Issue: 12
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1654080
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1654080
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:12:p:987-991




Template-Type: ReDIF-Article 1.0
Author-Name: Aurora A. C. Teixeira
Author-X-Name-First: Aurora A. C.
Author-X-Name-Last: Teixeira
Author-Name: Diana Barros
Author-X-Name-First: Diana
Author-X-Name-Last: Barros
Title: Technology balance of payments and countries’ international competitiveness. A dynamic panel data analysis of OECD countries, 2000-2017
Abstract: 
 This study investigates the impact of Technology Balance of Payments (TBP) on countries’ international competitiveness. Using dynamic panel data estimations for 26 OECD countries over the period 2000–2017, the estimations unambiguously show that a TBP surpluses significantly foster countries’ international competitiveness, regardless of how this latter is measured.
Journal: Applied Economics Letters
Pages: 992-996
Issue: 12
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1654599
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1654599
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:12:p:992-996




Template-Type: ReDIF-Article 1.0
Author-Name: Cuicui Lu
Author-X-Name-First: Cuicui
Author-X-Name-Last: Lu
Author-Name: Jeffrey M. Wooldridge
Author-X-Name-First: Jeffrey M.
Author-X-Name-Last: Wooldridge
Title: A GMM estimator asymptotically more efficient than OLS and WLS in the presence of heteroskedasticity of unknown form
Abstract: 
 We propose a generalized method of moments (GMM) estimator, where our specific moment conditions, where our specific moment conditions ensure that the GMM estimator is asymptotically at least as efficient as ordinary least squares (OLS) and whatever competing weighted least squares (WLS) we wish to consider. With a popular exponential model of heteroskedasticity, our new GMM estimator performs significantly better than OLS or WLS. In an empirical application to a financial wealth equation, we show that the efficiency gains can be nontrivial with real data.
Journal: Applied Economics Letters
Pages: 997-1001
Issue: 12
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1657228
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1657228
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:12:p:997-1001




Template-Type: ReDIF-Article 1.0
Author-Name: Dongwoo Kim
Author-X-Name-First: Dongwoo
Author-X-Name-Last: Kim
Author-Name: Changryong Baek
Author-X-Name-First: Changryong
Author-X-Name-Last: Baek
Title: Factor-augmented HAR model improves realized volatility forecasting
Abstract: 
 This paper proposes a factor-augmented heterogeneous autoregressive (FAHAR) model for realized volatility. This model incorporates volatility information from other stock markets into several f actors, hence it is expected to improve forecasting. We also consider nonlinear modeling of the FAHAR based on the LSTM network in deep neural networks. Our empirical analysis shows that factor augmentation indeed improves forecasting for all the stock indices considered, implying the co-movement of world stock markets in the 2010s.
Journal: Applied Economics Letters
Pages: 1002-1009
Issue: 12
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1657554
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1657554
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter T. Calcagno
Author-X-Name-First: Peter T.
Author-X-Name-Last: Calcagno
Author-Name: Beatriz Maldonado
Author-X-Name-First: Beatriz
Author-X-Name-Last: Maldonado
Title: Divided government in Latin America
Abstract: 
 The literature on divided government focuses on the relationship between divided government and its size and has found that governments are limited when divided government exists. Fewer studies have examined the conditions that will generate a divided government. Theoretical research argues that voters want to moderate power. This study attempts to determine if the same factors that predict a divided government in the US explain divided government in Latin America. We use a continuous measure of divided government in 15 Latin American countries from 1981–2010. We find that countries in LA with midterm elections moderate power during concurrent elections when inflation is increasing. However, they are more likely to vote in a unified government during midterm elections when there are poor economic conditions. Countries with no midterm elections, moderate power when the economy is doing well but are more likely to choose a unified government when inflation and unemployment are increasing.
Journal: Applied Economics Letters
Pages: 1010-1015
Issue: 12
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1657555
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Template-Type: ReDIF-Article 1.0
Author-Name: Patrice Rélouendé Zidouemba
Author-X-Name-First: Patrice Rélouendé
Author-X-Name-Last: Zidouemba
Title: Macroeconomic impacts of female labour productivity shock in agriculture: evidence from a CGE model applied to a Sub-Saharan African country
Abstract: 
 The agricultural sector is generally recognized as the engine of economic growth, poverty reduction and food security in countries with a high share of poor people employed in that sector. However, in most of Sub-Saharan African countries, the sector underperforms partly because women, who represent a crucial resource in the rural economy as farmers, face more severe constraints than men in accessing productive resources. In this paper, we use a gendered CGE model for Burkina Faso to simulate a greater access of women to productive resources. The results show that real GDP increases by 2.31%, and household real income and consumption improve significantly. We also found that the same productivity shock applied to the male labour displays positive but lower impacts. These results underline the gains that can be achieved at the macroeconomic, sectoral and household levels through better access of women to productive resources in the agricultural sector.
Journal: Applied Economics Letters
Pages: 1016-1021
Issue: 12
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1659482
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1659482
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Template-Type: ReDIF-Article 1.0
Author-Name: Bin Li
Author-X-Name-First: Bin
Author-X-Name-Last: Li
Author-Name: Chun-Yu Ho
Author-X-Name-First: Chun-Yu
Author-X-Name-Last: Ho
Title: Heterogeneous effects of internet channel on firm innovation
Abstract: 
 This paper examines the effects of Internet channel on the commercialization of firm innovation, which is measured by new product sales (NPS). We estimate our empirical model with the GMM-threshold approach and find that there is a positive effect of internet channel on NPS if the adopting firm has an experienced CEO. Further, a more experienced CEO is required for producing such positive effect for firms with a larger sales volume.
Journal: Applied Economics Letters
Pages: 1022-1027
Issue: 12
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1659483
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1659483
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Template-Type: ReDIF-Article 1.0
Author-Name: José Aixalá
Author-X-Name-First: José
Author-X-Name-Last: Aixalá
Author-Name: Gema Fabro
Author-X-Name-First: Gema
Author-X-Name-Last: Fabro
Author-Name: M Dolores Gadea
Author-X-Name-First: M Dolores
Author-X-Name-Last: Gadea
Title: Exchange rates and prices in Spain during the gold standard (1868-1914). A test of purchasing power parity
Abstract: 
 The aim of this paper is to test the purchasing power parity theory for the exchange rates between the peseta and both the French franc and the pound sterling for the period 1868–1914. The stationarity of the real exchange rate is tested using linear and non-linear unit root tests and wholesale and consumer price series. The results show that possible short-term deviations in the real exchange rate series are corrected in the long term, so the purchasing power parity theory holds.
Journal: Applied Economics Letters
Pages: 1028-1032
Issue: 12
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1659484
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1659484
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdullah M. Al-Awadhi
Author-X-Name-First: Abdullah
Author-X-Name-Last: M. Al-Awadhi
Author-Name: Bader S. Alhashel
Author-X-Name-First: Bader S.
Author-X-Name-Last: Alhashel
Title: Liquidity and retail traders: the case of Saudi Stock Exchange
Abstract: 
 We investigate whether retail traders price liquidity. We use data from a market that has both domination of retail trading and an absence of market makers, specifically the stock market of Saudi Arabia. Using seven liquidity proxies, we find that retail traders do not price stock market liquidity.
Journal: Applied Economics Letters
Pages: 1033-1037
Issue: 12
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1659486
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1659486
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:12:p:1033-1037




Template-Type: ReDIF-Article 1.0
Author-Name: Nicole Guertzgen
Author-X-Name-First: Nicole
Author-X-Name-Last: Guertzgen
Author-Name: Andreas Moczall
Author-X-Name-First: Andreas
Author-X-Name-Last: Moczall
Title: Sequential versus non-sequential search among German employers – evidence from a job vacancy survey
Abstract: 
 In this note, we provide evidence on the extent and determinants of sequential versus non-sequential search among German employers. Using unique representative data on employers’ recruitment behaviour, we exploit direct information on whether employers first formed a pool of applicants from which they chose the most suitable candidate (Non-Sequential Search), or whether they hired the first suitable applicant (Sequential Search). We show that non-sequential search is the predominant search strategy, accounting for about 75 per cent of all successful hirings. Hirings by larger employers and those for high-skilled positions are disproportionately represented among the non-sequential search processes. We then proceed to decompose recruitment durations for non-sequential search into an application and a selection period and, for sequential search, into an information and combined application/selection period. With non-sequential search, the application period lasts, on average, about 18 days, whereas the selection period is 45 days long. Sequential search processes start with a very short period of about one day until the very first application arrives, followed by a rather long combined application/selection period of 57 days until a suitable applicant is found.
Journal: Applied Economics Letters
Pages: 873-879
Issue: 11
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646855
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646855
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Template-Type: ReDIF-Article 1.0
Author-Name: Binbin Chen
Author-X-Name-First: Binbin
Author-X-Name-Last: Chen
Author-Name: Shancun Liu
Author-X-Name-First: Shancun
Author-X-Name-Last: Liu
Author-Name: Qiang Zhang
Author-X-Name-First: Qiang
Author-X-Name-Last: Zhang
Title: Costly information acquisition and public disclosure: implications for investor welfare
Abstract: 
 We explore the combined impacts of costly information acquisition and public disclosure for investors. When there are only outsiders in the market, disclosure with low public information precision is beneficial to them because they can obtain more return by thoroughly utilizing the market-making capacity. When insiders and outsiders coexist in the market, the increase of information cost or disclosed-information precision can improve their welfare by reducing adverse selection risk. When all investors are insiders, reducing information acquisition cost is efficient for welfare improvement.
Journal: Applied Economics Letters
Pages: 880-885
Issue: 11
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646856
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646856
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:11:p:880-885




Template-Type: ReDIF-Article 1.0
Author-Name: Liang-Han Ma
Author-X-Name-First: Liang-Han
Author-X-Name-Last: Ma
Author-Name: Jin-Chi Hsieh
Author-X-Name-First: Jin-Chi
Author-X-Name-Last: Hsieh
Author-Name: Yung-Ho Chiu
Author-X-Name-First: Yung-Ho
Author-X-Name-Last: Chiu
Title: A study of business performance and risk in Taiwan’s financial institutions through resampling data envelopment analysis
Abstract: 
 This study uses resampling data envelopment analysis (DEA) to evaluate the performance of Taiwan’s financial institutions over the period 2012–2017. The results show that Tachin, Grand, CapitalFS, and Fubon are among the top 10 for good performance, but they present a larger confidence interval bias (I-bias), indicating their inputs and outputs are unstable, and thus these financial institutions must improve their overall business strategy. The insurance group (INSG) has higher efficiency than the financial holding group (FHG) and securities group (SECG) over the period 2012–2017, showing that its performance is relatively stable and that its future performance trends do not change much. The efficiencies of the groups exhibit very significant differences in higher and other of return on assets (ROA) and return on equity (ROE) via the Wilcoxon test. The business efficiency of INSG is the best and that of SECG is the worst. Overall, the government should provide a more prudent strategy to monitor the operations of SECG groups in order to reduce investors’ investment risk.
Journal: Applied Economics Letters
Pages: 886-891
Issue: 11
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646857
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646857
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:11:p:886-891




Template-Type: ReDIF-Article 1.0
Author-Name: Lorenzo Ductor
Author-X-Name-First: Lorenzo
Author-X-Name-Last: Ductor
Author-Name: Daryna Grechyna
Author-X-Name-First: Daryna
Author-X-Name-Last: Grechyna
Title: Determinants of ins and outs of unemployment
Abstract: 
 We estimate the robust determinants of the inflow rate into and outflow rate from unemployment in a sample of OECD countries, using Bayesian model averaging approach to overcome model uncertainty. We find that the main determinant of outflows from unemployment is expenditure on passive labour market policies, while the main determinant of inflows into the unemployment is the duration of benefit entitlement.
Journal: Applied Economics Letters
Pages: 892-898
Issue: 11
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646858
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646858
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:11:p:892-898




Template-Type: ReDIF-Article 1.0
Author-Name: Adriana Alventosa
Author-X-Name-First: Adriana
Author-X-Name-Last: Alventosa
Author-Name: Gonzalo Olcina
Author-X-Name-First: Gonzalo
Author-X-Name-Last: Olcina
Title: Tax compliance and wealth inequality
Abstract: 
 In this work, we theoretically approach optimal taxing in a public good provision context in a society where wealth is Pareto distributed. Our main result shows that high levels of wealth inequality yield lower levels of tax compliance and, consequently, lower provision of public goods.
Journal: Applied Economics Letters
Pages: 899-903
Issue: 11
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646859
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646859
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:11:p:899-903




Template-Type: ReDIF-Article 1.0
Author-Name: Anthony W. Chen
Author-X-Name-First: Anthony W.
Author-X-Name-Last: Chen
Author-Name: Jim Chen
Author-X-Name-First: Jim
Author-X-Name-Last: Chen
Author-Name: V. Reddy Dondeti
Author-X-Name-First: V. Reddy
Author-X-Name-Last: Dondeti
Title: The US-China trade war: dominance of trade or technology?
Abstract: 
 The primary goal of this paper is to provide insight into the causes that led to the current U.S. – China trade war. It discusses the importance of the ‘Belt and Road Initiative’ and the ‘Made in China 2025’ programs to Beijing’s realization of the ‘Chinese dream’, which refers to the avoidance of the middle-income trap and the accomplishment of the nation’s great rejuvenation. This paper points out the leading roles played by the state-owned enterprises in the above two programs and reviews their destabilizing effects on the Chinese society. This paper also describes the measures taken by the U.S. to counter China’s efforts to become the new superpower, thereby preserving its preeminent position in the world. In addition, the paper discusses the steps taken by Beijing to try to satisfy Washington’s demand. The authors posit that the trade war is not, in fact, about trade but about technological dominance, and that both sides might fall into ‘Thucydides’s Trap,’ the pattern of large-scale conflict when a rising power challenges a dominant one. According to the events that have transpired thus far, it appears our current trajectory is towards conflict and a cold war
Journal: Applied Economics Letters
Pages: 904-909
Issue: 11
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646860
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646860
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:11:p:904-909




Template-Type: ReDIF-Article 1.0
Author-Name: Gang Huang
Author-X-Name-First: Gang
Author-X-Name-Last: Huang
Author-Name: Ho-Chuan Huang
Author-X-Name-First: Ho-Chuan
Author-X-Name-Last: Huang
Author-Name: Xiaojian Liu
Author-X-Name-First: Xiaojian
Author-X-Name-Last: Liu
Author-Name: Jiangang Zhang
Author-X-Name-First: Jiangang
Author-X-Name-Last: Zhang
Title: Endogeneity in Okun’s law
Abstract: 
 This article contributes to the literature of Okun’s law by addressing an under-noticed but important problem, i.e. endogeneity. By using annual variation in the international oil price weighted with countries’ average oil net-export GDP ratios as a plausibly exogenous instrumental variable for economic growth, the two-stage least squares estimates indicate that faster real GDP growth is associated with lower overall, male and female unemployment rates, confirming the validity of Okun’s law. According to our benchmark estimate, 1 percentage point increase in economic growth leads to a 0.252 percentage point decrease in civil unemployment rate.
Journal: Applied Economics Letters
Pages: 910-914
Issue: 11
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646861
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646861
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:11:p:910-914




Template-Type: ReDIF-Article 1.0
Author-Name: Petter Berg
Author-X-Name-First: Petter
Author-X-Name-Last: Berg
Author-Name: Ola Palmgren
Author-X-Name-First: Ola
Author-X-Name-Last: Palmgren
Author-Name: Björn Tyrefors
Author-X-Name-First: Björn
Author-X-Name-Last: Tyrefors
Title: Gender grading bias in junior high school mathematics
Abstract: 
 Admission to high school in Sweden is based on the final grades from junior high. This article compares students’ final mathematics grade with new data from a high school introductory test score in mathematics. Both the grades and the test are based on the same syllabus, but teachers enjoy great discretion when deciding grades. The results show a substantial grading difference, consistent with grading bias against boys.
Journal: Applied Economics Letters
Pages: 915-919
Issue: 11
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646862
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646862
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:11:p:915-919




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Peneder
Author-X-Name-First: Michael
Author-X-Name-Last: Peneder
Author-Name: Mark Thompson
Author-X-Name-First: Mark
Author-X-Name-Last: Thompson
Author-Name: Martin Woerter
Author-X-Name-First: Martin
Author-X-Name-Last: Woerter
Title: The (anti-)competitive effect of IPRs
Abstract: 
 We test whether intellectual property rights (IPRs) foster or hinder innovation by estimating IV structural equations for a large sample of Swiss firms. We find that better appropriability conditions at the industry level raise the number of competitors. However, conditional on the given industry structure, individual firms face fewer competitors, if they actually use IPRs. The further impact of fewer competitors is to raise R&D, when initial competition is strong, but to reduce it, when initial competition is weak (‘inverted U’).
Journal: Applied Economics Letters
Pages: 920-924
Issue: 11
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646863
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646863
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:11:p:920-924




Template-Type: ReDIF-Article 1.0
Author-Name: Shan Wan
Author-X-Name-First: Shan
Author-X-Name-Last: Wan
Author-Name: Zeng Lian
Author-X-Name-First: Zeng
Author-X-Name-Last: Lian
Author-Name: Yue Chen
Author-X-Name-First: Yue
Author-X-Name-Last: Chen
Title: Trade effects of political conflicts
Abstract: 
 We review China–Korea conflict that broke out in July 2016 and examine the effects on China’s imports from Korea. We find that the trade deterioration effects vary over the stages of the conflicts China’s imports from Korea were not significantly affected in the first few months after July 2016. Trade deterioration effects manifested themselves after February 2017 and the estimates show that China’s imports from Korea reduced by 15%. Our results support the viewpoint that, in order to inﬂuence the political position of trading partners, the government may take advantage of trade ties.
Journal: Applied Economics Letters
Pages: 925-929
Issue: 11
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646864
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646864
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Template-Type: ReDIF-Article 1.0
Author-Name: Ezequiel Cabezon
Author-X-Name-First: Ezequiel
Author-X-Name-Last: Cabezon
Author-Name: Christian Henn
Author-X-Name-First: Christian
Author-X-Name-Last: Henn
Title: Norway’s public sector balance sheet
Abstract: 
 An intertemporal public sector balance sheet is the most comprehensive way to evaluate long-term fiscal sustainability. But data constraints imply that it is still seldomly used. In this article, we illustrate the considerable value added of such an analysis over standard debt sustainability analyses, using the example of Norway and find surprising results: The immense wealth in its oil fund is insufficient to address future aging pressures, including because nonoil fiscal deficits have already grown large.
Journal: Applied Economics Letters
Pages: 930-936
Issue: 11
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646865
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646865
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Gius
Author-X-Name-First: Mark
Author-X-Name-Last: Gius
Title: The relationship between concealed carry permits and state-level crime rates
Abstract: 
 The purpose of the present study is to determine the relationship between concealed carry permits and state-level crime rates. Using pooled data for the period 2003–2014 and a least squares model with state dummy variables and a time trend, results of the present study suggest that the lagged value of per capita concealed carry permits had a statistically-significant and negative effect on the following crime rates: violent crime, rape, aggravated assault, and auto theft. For all other crimes examined, the number of active concealed carry permits had no statistically significant effects. These results somewhat corroborate the findings of Lott (2000).
Journal: Applied Economics Letters
Pages: 937-939
Issue: 11
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646866
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646866
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Template-Type: ReDIF-Article 1.0
Author-Name: Rune V. Lesner
Author-X-Name-First: Rune V.
Author-X-Name-Last: Lesner
Title: Labor market sorting on personality traits and the gender wage gap
Abstract: 
 Gender sorting in the labor market can explain a major part of the gender wage gap. This paper documents the association between the gender wage gap and labor market sorting into jobs characterized by their requirements to personality traits. Two thirds of the Danish gender wage gap from 2008 to 2015 explained by occupational sorting can be explained by characterizing occupations by their requirements to personality traits. This amounts to around a quarter of the gender wage gap explained by these nonpecuniary occupational characteristics. In particular, men are awarded for working in jobs that require higher levels of disagreeableness
Journal: Applied Economics Letters
Pages: 940-944
Issue: 11
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646867
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646867
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:11:p:940-944




Template-Type: ReDIF-Article 1.0
Author-Name: Yuichi Furukawa
Author-X-Name-First: Yuichi
Author-X-Name-Last: Furukawa
Author-Name: Tat-Kei Lai
Author-X-Name-First: Tat-Kei
Author-X-Name-Last: Lai
Author-Name: Kenji Sato
Author-X-Name-First: Kenji
Author-X-Name-Last: Sato
Title: Novelty-seeking traits and applied research activities
Abstract: 
 We examine the country-level relationship between novelty-seeking traits and applied research activities. Using DRD4 exon III allele frequencies (DRD4) to proxy for the former and per capita patent applications and grants to proxy for the latter, we find a negative relationship between the two. Our results complement the findings of recent studies about the relationship between novelty-seeking traits, innovation and comparative economic development.
Journal: Applied Economics Letters
Pages: 945-950
Issue: 11
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646868
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646868
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Template-Type: ReDIF-Article 1.0
Author-Name: V. Kerry Smith
Author-X-Name-First: V. Kerry
Author-X-Name-Last: Smith
Author-Name: Kelli L. Larson
Author-X-Name-First: Kelli L.
Author-X-Name-Last: Larson
Author-Name: Abigail York
Author-X-Name-First: Abigail
Author-X-Name-Last: York
Title: Using quality signaling to enhance survey response rates
Abstract: 
 A growing body of research has found that linking products to charitable causes enhances sellers’ reputations. This paper tests with a field experiment whether the use of the option of giving to charity to signal genuine intentions in mail surveys can enhance the effectiveness of small financial incentives. We find that they do significantly increase individuals’ responsiveness to the differences in the amount of the incentives. Cash incentives lead to an approximated constant response rate. Adding the option to donate the incentive to a specific charity significantly increases the effect of the financial incentive on the likelihood of responding.
Journal: Applied Economics Letters
Pages: 951-954
Issue: 11
Volume: 27
Year: 2020
Month: 6
X-DOI: 10.1080/13504851.2019.1646869
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1646869
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:11:p:951-954




Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Kuehn
Author-X-Name-First: Daniel
Author-X-Name-Last: Kuehn
Title: An estimate of the error in self-reported college major
Abstract: 
 This letter provides an estimate of the extent of error in self-reports of college major. A student’s field of study is an important determinant of labour market outcomes and of increasing interest to labour economists, but little is known about the reliability of survey data on college major. A unique dataset from the United States with both transcript and survey data on major field of study suggests that the error rate of self-reported college major is almost 20%. Error rates are higher for relatively small or obscure majors, and are lower for larger majors or majors closely associated with licensed professions (e.g. health care). Although these error rates are not trivial, they are comparable to prior estimates of error in reporting educational attainment.
Journal: Applied Economics Letters
Pages: 757-760
Issue: 11
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1105915
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1105915
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:11:p:757-760




Template-Type: ReDIF-Article 1.0
Author-Name: S. Prehn
Author-X-Name-First: S.
Author-X-Name-Last: Prehn
Author-Name: B. Brümmer
Author-X-Name-First: B.
Author-X-Name-Last: Brümmer
Author-Name: T. Glauben
Author-X-Name-First: T.
Author-X-Name-Last: Glauben
Title: Gravity model estimation: fixed effects vs. random intercept Poisson pseudo-maximum likelihood
Abstract: 
 The standard Anderson and van Wincoop gravity model has typically been estimated using a fixed-effects approach. However, a fixed-effects approach has a major drawback: it does not allow for the estimation of exporter- and importer-invariant variables. Thus, at least in a cross-sectional context, economically relevant variables such as exporter and importer gross domestic product are disregarded. We propose a random intercept model to address this gap. For large datasets, this approach not only provides identical estimates like a fixed-effects approach, but also allows for the estimation of exporter- and importer-invariant variables.
Journal: Applied Economics Letters
Pages: 761-764
Issue: 11
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1105916
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1105916
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Template-Type: ReDIF-Article 1.0
Author-Name: Christos Pargianas
Author-X-Name-First: Christos
Author-X-Name-Last: Pargianas
Title: The effect of education on the minimum wage
Abstract: 
 This research shows for the first time that the level of education has a causal, negative effect on the minimum wage. I use 2SLS, with historical educational data as an instrument for the level of education in 2010, and I find that across the US states a one percentage point greater proportion of college graduates is associated with a real minimum wage that is lower by 1.5%–1.6%. Also, in order to control for state-level omitted variables, I regress the change in the minimum wage on the change in education and I find again a negative, and significantly at the 1% level, effect. Minimum wage is a policy that is chosen by governments according to voters’ preferences. The results of this research imply that when the level of education increases voters prefer a lower minimum wage.
Journal: Applied Economics Letters
Pages: 765-767
Issue: 11
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1105917
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1105917
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Template-Type: ReDIF-Article 1.0
Author-Name: Laura E. Armey
Author-X-Name-First: Laura E.
Author-X-Name-Last: Armey
Author-Name: Jonathan Lipow
Author-X-Name-First: Jonathan
Author-X-Name-Last: Lipow
Title: Hard lessons: combat deployment and veteran interest in higher education
Abstract: 
 Over 2.5 million Americans served in the wars in Afghanistan and Iraq. In this short article, we consider the impact of these experiences on their future welfare. Specifically, we ask if those who served in Afghanistan and Iraq are more or less likely to exploit their GI Bill benefits in order to pursue higher education than service members who did not directly participate in these conflicts. We exploit a comprehensive administrative dataset that the US Armed Forces’ Defense Manpower Data Center (DMDC) provided to us. We find across models that deployment to Afghanistan or Iraq significantly increases the likelihood that veterans will take advantage of their educational benefits, but that exposure to violent combat significantly decreases it.
Journal: Applied Economics Letters
Pages: 768-772
Issue: 11
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1105918
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1105918
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:11:p:768-772




Template-Type: ReDIF-Article 1.0
Author-Name: D. Balios
Author-X-Name-First: D.
Author-X-Name-Last: Balios
Author-Name: N. Eriotis
Author-X-Name-First: N.
Author-X-Name-Last: Eriotis
Author-Name: S. Missiakoulis
Author-X-Name-First: S.
Author-X-Name-Last: Missiakoulis
Author-Name: D. Vasiliou
Author-X-Name-First: D.
Author-X-Name-Last: Vasiliou
Title: Delisted versus voluntary delisted versus remain listed: financial disclosure timing
Abstract: 
 We focus in the period of announcement of accounting information for companies listed in an organized market and we re-examine their probability of delisting, voluntarily or not. Adopting the same framework, consideration is given to the assumption that investors utilize market information when accounting data are published. The analysis provided indicates that investors should pay attention to the financial disclosure timing. Our investigation demonstrated that even the short period of three months is quite important to making investment decisions.
Journal: Applied Economics Letters
Pages: 773-776
Issue: 11
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1105919
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1105919
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:11:p:773-776




Template-Type: ReDIF-Article 1.0
Author-Name: Ian M. Dobbs
Author-X-Name-First: Ian M.
Author-X-Name-Last: Dobbs
Title: When does tiered wholesale pricing create an incentive to reduce retail prices?
Abstract: 
 Wholesale ‘ladder pricing’ involves setting the wholesale price retailers face as a nonlinear (generally increasing) function of price chosen by retailers. This form of wholesale pricing occurred recently in UK Telecoms, and the issue became extensively debated in the law courts. A major concern in deciding the merits of the case lay with the question of whether or not the introduction of tiered wholesale pricing created incentives for retailers to actually reduce their prices. This paper examines the incentive for the case where the wholesale tariff is a non-linear continuous differentiable function. It is shown that so long as the tariff is strictly increasing, convex, and positive only for retail prices greater than the maximum retailer marginal cost, then there is indeed an incentive to reduce price, whatever the actual gradient of the tariff schedule.
Journal: Applied Economics Letters
Pages: 777-780
Issue: 11
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1105920
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1105920
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Template-Type: ReDIF-Article 1.0
Author-Name: Justin Doran
Author-X-Name-First: Justin
Author-X-Name-Last: Doran
Author-Name: Declan Jordan
Author-X-Name-First: Declan
Author-X-Name-Last: Jordan
Title: Decomposing US regional income inequality from 1969 to 2009
Abstract: 
 This article analyses changes in levels and composition of income inequality among US counties from 1969 to 2009. It also decomposes inequality using the Theil coefficient into between-State and within-State inequality. The article finds that income inequality has increased in the period studied with between-State inequality decreasing and within-State inequality increasing. We subsequently decompose income inequality into the proportion arising from differences in productivity and employment–population ratios across counties. The results suggest that inequality arising from differentials in labour productivity has fallen over the period studied while those arising from employment–population ratio differences have increased.
Journal: Applied Economics Letters
Pages: 781-784
Issue: 11
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1109030
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1109030
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Template-Type: ReDIF-Article 1.0
Author-Name: Nathaly M. Rivera
Author-X-Name-First: Nathaly M.
Author-X-Name-Last: Rivera
Title: Disaggregation of sectors in social accounting matrices using a customized Wolsky method: a comment on its estimation bias
Abstract: 
 Barrera–Lozano et al. (2015) suggest an approach to disaggregate SAM matrices using a customized method based on Wolsky (1984). Starting from an aggregated sector, they propose the extraction of a branch instead of its partition. This study compares these two methods based on the magnitude of their estimation bias of the disaggregated technical coefficient matrix. From simulations of the disaggregated Leontief matrix, this work calculates linkages and multipliers for common sectors derived from using either the Wolsky (1984) sectoral disaggregation or the Barrera–Lozano et al. (2015) sectoral extraction. Results show that both approaches provide biased estimators, with the last one showing a significantly higher bias, especially in cases of incomplete information. This comparison suggests the need of additional research to provide bias corrections for input–output disaggregation methodologies.
Journal: Applied Economics Letters
Pages: 785-789
Issue: 11
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1109031
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1109031
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:11:p:785-789




Template-Type: ReDIF-Article 1.0
Author-Name: Neil A Wilmot
Author-X-Name-First: Neil A
Author-X-Name-Last: Wilmot
Title: Discontinuities in the coal market
Abstract: 
 Coal has been an important source of energy in the USA for centuries. Coal prices can be quite uncertain and highly volatile, often experiencing large changes. Understanding the data-generating process of coal prices would seem critical, both from a market perspective and from a policy perspective. This study investigates the appropriate stochastic process underlying coal prices. Commonly assumed processes, such as geometric Brownian motion fail to properly account for the arrival of unanticipated information which inflicts rapid changes – or jumps – in energy markets. Such discontinuities can manifest ‘fat tails’ in the distribution of returns. To investigate the possibility of time-varying volatility, generalized autoregressive conditional heteroscedastic models are also incorporated into the analysis. We find compelling empirical evidence that discontinuities must not be ignored, with US coal prices experiencing jumps every few days. The result has implications for the potential closure of coal-fired plants in response to cheaper alternatives or climate-based regulations.
Journal: Applied Economics Letters
Pages: 790-794
Issue: 11
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1109032
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1109032
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:11:p:790-794




Template-Type: ReDIF-Article 1.0
Author-Name: Imad A. Moosa
Author-X-Name-First: Imad A.
Author-X-Name-Last: Moosa
Title: Identification of a basket peg: the model specification controversy
Abstract: 
 A controversy has been triggered by the Chinese exchange rate regime shift from a single currency peg to an alleged basket peg. The controversy is about the specification of the model used to represent the basket as three models have been used: levels, log levels and first log differences. It is suggested that one way to confirm the validity or otherwise of a model is to use data on the special drawing rights exchange rate since the currency weights are known. The results show that the estimated weights are almost identical no matter which model and which numeraire is used. However, nonnested model selection criteria show that the best model is that written in levels, simply because this is what is used in practice by central banks adopting basket pegs.
Journal: Applied Economics Letters
Pages: 795-800
Issue: 11
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1109033
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1109033
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:11:p:795-800




Template-Type: ReDIF-Article 1.0
Author-Name: Tolga Yuret
Author-X-Name-First: Tolga
Author-X-Name-Last: Yuret
Title: Is it easier to publish in journals that have low impact factors?
Abstract: 
 We use publication data from all journals in economics, mathematics, physics and chemistry. We compute the ratio of publications that come from the top 25 US departments for each journal and use it as a measure of difficulty to publish in a journal. We find that there is a rather weak but positive correlation (0.20) between the impact factor and the difficulty measure.
Journal: Applied Economics Letters
Pages: 801-803
Issue: 11
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1109034
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1109034
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:11:p:801-803




Template-Type: ReDIF-Article 1.0
Author-Name: Paul B. McGuinness
Author-X-Name-First: Paul B.
Author-X-Name-Last: McGuinness
Title: An empirical assessment of initial return volatility in newly listed stocks
Abstract: 
 A stock’s first month of listing or ‘seasoning’ is often characterized by sharp volatility in initial returns. Such volatility is likely to be even more pronounced in initial public offering (IPO) markets where retail investors exert significant influence. I consider initial return volatility for IPOs pitched in Hong Kong, where the market organizer requires a sizeable fraction of shares on offer to be assigned to a retail subscription tranche. Within this context, I examine the pattern and determinants of IPO stocks’ initial return volatility levels over their first 30 days of ‘seasoning’. I observe that IPO underpricing, market sentiment and float size figure as key explanatory factors. Results also reaffirm the importance of information asymmetry effects (Ritter, 1984; Beatty and Ritter, 1986; and Lowry et al., 2010). Larger IPO firms with tighter offer price spreads and more reputable underwriters exhibit noticeably greater price stability. I also assess Ljungqvist, Nanda and Singh’s (2006) proposition that underpricing in ‘hot’ IPOs protects issuers and subscribers against a subsequent fall-off in issuer sentiment. Via analysis of retail tranche share allotments, I meaningfully extend findings (Jiang and Li, 2013) in this area.
Journal: Applied Economics Letters
Pages: 804-811
Issue: 11
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1109035
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1109035
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:11:p:804-811




Template-Type: ReDIF-Article 1.0
Author-Name: Philipp Hühne
Author-X-Name-First: Philipp
Author-X-Name-Last: Hühne
Author-Name: Birgit Meyer
Author-X-Name-First: Birgit
Author-X-Name-Last: Meyer
Author-Name: Peter Nunnenkamp
Author-X-Name-First: Peter
Author-X-Name-Last: Nunnenkamp
Author-Name: Martin Roy
Author-X-Name-First: Martin
Author-X-Name-Last: Roy
Title: Democracies cooperate more: even where it threatens to bite?
Abstract: 
 Estimating two-step selection models, we find that more democratic governments are more likely to conclude preferential trade agreements (PTAs) and to agree to stricter investment provisions related to pre-establishment national treatment and investor–state dispute settlement in PTAs. This is surprising when considering the potentially high costs of litigation.
Journal: Applied Economics Letters
Pages: 812-815
Issue: 11
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1111979
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1111979
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:11:p:812-815




Template-Type: ReDIF-Article 1.0
Author-Name: Helder Ferreira de Mendonça
Author-X-Name-First: Helder Ferreira
Author-X-Name-Last: de Mendonça
Author-Name: Gabriela Elise Auel
Author-X-Name-First: Gabriela Elise
Author-X-Name-Last: Auel
Title: The effect of monetary and fiscal credibility on public debt: empirical evidence from the Brazilian economy
Abstract: 
 This study relates to the literature regarding credibility effect on public debt for developing economies under inflation targeting. The novelty is the investigation of effects of both monetary and fiscal credibility on public debt and its management. The main idea is that high credibility might improve public debt management. With this purpose, this paper addresses empirical evidence based on the Brazilian experience. The findings denote that credibility is an important instrument to improve the public debt management under inflation targeting.
Journal: Applied Economics Letters
Pages: 816-821
Issue: 11
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1111980
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1111980
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:11:p:816-821




Template-Type: ReDIF-Article 1.0
Author-Name: Perry Sadorsky
Author-X-Name-First: Perry
Author-X-Name-Last: Sadorsky
Title: Forecasting Canadian mortgage rates
Abstract: 
 Mortgage rates are one of the important drivers of the housing market. While there is a literature looking at the pass-through effect from Central Bank rates to mortgage rates, there is less known about how useful Central Bank rates are for forecasting mortgage rates. This article uses a selection of models (ARIMA, ARIMAX, BATS, state space error, trend seasonal (ETS), Holt Winter, random walk, simple exponential smoothing (SES), OLS and VAR) to forecast Canadian 5-year conventional mortgage rates. Based on RMSE, regression-based approaches like ARIMAX or OLS that use Central Bank rates to forecast mortgage rates are preferred when it comes to forecasting Canadian mortgage rates 6 or 12 months into the future, respectively.
Journal: Applied Economics Letters
Pages: 822-825
Issue: 11
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1111981
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1111981
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:11:p:822-825




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Pierdzioch
Author-X-Name-First: Christian
Author-X-Name-Last: Pierdzioch
Title: Using ROC techniques to measure the effectiveness of foreign exchange market interventions
Abstract: 
 Using as an example data on official Japanese interventions in the yen/dollar market, I show that techniques developed to analyse relative operating characteristic (ROC) curves can be useful to study the forecasting value and effectiveness of interventions.
Journal: Applied Economics Letters
Pages: 389-393
Issue: 6
Volume: 23
Year: 2016
Month: 4
X-DOI: 10.1080/13504851.2015.1076143
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1076143
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:6:p:389-393




Template-Type: ReDIF-Article 1.0
Author-Name: Tim Lohse
Author-X-Name-First: Tim
Author-X-Name-Last: Lohse
Author-Name: Salmai Qari
Author-X-Name-First: Salmai
Author-X-Name-Last: Qari
Title: Dubious versus trustworthy faces: what difference does it make for tax compliance?
Abstract: 
 We find experimental evidence that the decision problem of tax compliance changes if subjects’ declarations are not randomly assessed, but is based on their appearance as captured by pictures of their faces, even if the aggregate audit probability does not change. Some subjects may fear that their picture looks rather dubious, whereas others may believe that their picture looks more trustworthy than average. Depending on these beliefs, they may adjust their compliance decisions. Our experimental design allows us to disentangle these potentially countervailing effects.
Journal: Applied Economics Letters
Pages: 394-401
Issue: 6
Volume: 23
Year: 2016
Month: 4
X-DOI: 10.1080/13504851.2015.1076150
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1076150
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:6:p:394-401




Template-Type: ReDIF-Article 1.0
Author-Name: John Baffes
Author-X-Name-First: John
Author-X-Name-Last: Baffes
Author-Name: Varun Kshirsagar
Author-X-Name-First: Varun
Author-X-Name-Last: Kshirsagar
Title: Sources of volatility during four oil price crashes
Abstract: 
 Previous sharp oil price declines have been accompanied by elevated ex-post volatility. In contrast, volatility was much less elevated during the oil price crash in 2014/15. We provide evidence that oil prices declined in a relatively measured manner during 2014/15, with a dispersion of price changes that was considerably smaller than comparable oil price declines. This finding is robust to using both descriptive and GARCH measures of volatility. Further, the US dollar appreciation exerted a strong influence on volatility during the recent crash; in contrast, the impact of equity market shocks was muted.
Journal: Applied Economics Letters
Pages: 402-406
Issue: 6
Volume: 23
Year: 2016
Month: 4
X-DOI: 10.1080/13504851.2015.1078435
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1078435
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Template-Type: ReDIF-Article 1.0
Author-Name: Ripon Roy
Author-X-Name-First: Ripon
Author-X-Name-Last: Roy
Author-Name: Robert Dixon
Author-X-Name-First: Robert
Author-X-Name-Last: Dixon
Title: Workers’ remittances and the Dutch disease in South Asian countries
Abstract: 
 Workers’ remittances have become an important source of foreign exchange for some emerging economies even when compared to official development assistance, foreign direct investment or other types of capital flows. While some research suggests that a high inflow of remittances lowers poverty and stimulates economic growth and financial development, other studies suggest that remittances can appreciate the real exchange rate and thereby hurt the competitiveness of the tradeable sector. In this article, we examine the Dutch disease argument for Bangladesh, India, Pakistan and Sri Lanka using a fixed effects model. We are unable to reject the null that there is a statistically significant appreciating effect of remittances on real exchange rate. Since our estimation results show that trade openness causes a depreciation of the real exchange rate, the appreciation effect of the real exchange rate originating from remittance inflows can be made weaker by trade liberalization.
Journal: Applied Economics Letters
Pages: 407-410
Issue: 6
Volume: 23
Year: 2016
Month: 4
X-DOI: 10.1080/13504851.2015.1078436
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1078436
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:6:p:407-410




Template-Type: ReDIF-Article 1.0
Author-Name: Maurizio La Rocca
Author-X-Name-First: Maurizio
Author-X-Name-Last: La Rocca
Author-Name: Raffaele Staglianò
Author-X-Name-First: Raffaele
Author-X-Name-Last: Staglianò
Author-Name: Issam Laguir
Author-X-Name-First: Issam
Author-X-Name-Last: Laguir
Title: Long-term investment sensitivity to cash flow and financial crisis
Abstract: 
 This study examined investment–cash flow sensitivity in unconstrained and constrained firms from 1980 to 2010 in a sample of Italian manufacturing firms. Investment sensitivity to cash flow decreased over time, and financially constrained firms showed little difference in the decline compared with unconstrained firms. Last, investment sensitivity to cash flow increased during the financial crisis of 2008.
Journal: Applied Economics Letters
Pages: 411-414
Issue: 6
Volume: 23
Year: 2016
Month: 4
X-DOI: 10.1080/13504851.2015.1078437
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1078437
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:6:p:411-414




Template-Type: ReDIF-Article 1.0
Author-Name: Richard J. Cebula
Author-X-Name-First: Richard J.
Author-X-Name-Last: Cebula
Author-Name: Andre J. Van Rensburg
Author-X-Name-First: Andre J.
Author-X-Name-Last: Van Rensburg
Title: Does greater labour market freedom lead to lower new home prices in the US? An exploratory inquiry
Abstract: 
 In this study for the year 2014 for the United States, we find that the median price of new single-family homes was an increasing function of the state’s median family income, the number of miles of coastline in the state and the state’s population density. In addition, the evidence suggests that the median new home price may been a decreasing function of the crime rate. Finally, of particular interest to this study, is the finding that a higher degree of labour market freedom led to lower prices on newly constructed single-family homes.
Journal: Applied Economics Letters
Pages: 415-419
Issue: 6
Volume: 23
Year: 2016
Month: 4
X-DOI: 10.1080/13504851.2015.1078438
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1078438
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:6:p:415-419




Template-Type: ReDIF-Article 1.0
Author-Name: Defne Mutluer Kurul
Author-X-Name-First: Defne
Author-X-Name-Last: Mutluer Kurul
Author-Name: S. Tolga Tiryaki
Author-X-Name-First: S. Tolga
Author-X-Name-Last: Tiryaki
Title: How credit-constrained are firms in Turkey? A survey-based analysis
Abstract: 
 We study the factors related to the financing of firms in Turkey, using the Business Environment and Enterprise Performance Survey (BEEPS). Based on the survey responses of the firms, we calculate the ratio of credit-constrained firms in Turkey and run a logistic regression to investigate the factors explaining the firms’ access to credit. Estimation results show that the likelihood of having access to credit increases with the firm size. Firms are more likely to access credit if they are being independently audited or they are exporters, and they are less likely to access credit if they have overdue payments.
Journal: Applied Economics Letters
Pages: 420-423
Issue: 6
Volume: 23
Year: 2016
Month: 4
X-DOI: 10.1080/13504851.2015.1078439
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1078439
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:6:p:420-423




Template-Type: ReDIF-Article 1.0
Author-Name: Abdulnasser Hatemi-J
Author-X-Name-First: Abdulnasser
Author-X-Name-Last: Hatemi-J
Title: On the tourism-led growth hypothesis in the UAE: a bootstrap approach with leveraged adjustments
Abstract: 
 The emerging market of the UAE has chosen attracting international tourism as one of the main strategies during the recent decades in order to diversify its economy. The main goal has been to achieve sustainable growth without overreliance on the volatile oil sector. This article investigates the impact of tourism on economic performance in the UAE by using bootstrapped causality tests with leverage adjustments. The results show that the tourism-led growth hypothesis can be supported empirically. Thus, the conducted policy by the UAE government to promote international tourism for achieving economic growth might be considered as a sustainable strategy.
Journal: Applied Economics Letters
Pages: 424-427
Issue: 6
Volume: 23
Year: 2016
Month: 4
X-DOI: 10.1080/13504851.2015.1078440
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1078440
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:6:p:424-427




Template-Type: ReDIF-Article 1.0
Author-Name: Oscar Claveria
Author-X-Name-First: Oscar
Author-X-Name-Last: Claveria
Author-Name: Enric Monte
Author-X-Name-First: Enric
Author-X-Name-Last: Monte
Author-Name: Salvador Torra
Author-X-Name-First: Salvador
Author-X-Name-Last: Torra
Title: Combination forecasts of tourism demand with machine learning models
Abstract: 
 The main objective of this study is to analyse whether the combination of regional predictions generated with machine learning (ML) models leads to improved forecast accuracy. With this aim, we construct one set of forecasts by estimating models on the aggregate series, another set by using the same models to forecast the individual series prior to aggregation, and then we compare the accuracy of both approaches. We use three ML techniques: support vector regression, Gaussian process regression and neural network models. We use an autoregressive moving average model as a benchmark. We find that ML methods improve their forecasting performance with respect to the benchmark as forecast horizons increase, suggesting the suitability of these techniques for mid- and long-term forecasting. In spite of the fact that the disaggregated approach yields more accurate predictions, the improvement over the benchmark occurs for shorter forecast horizons with the direct approach.
Journal: Applied Economics Letters
Pages: 428-431
Issue: 6
Volume: 23
Year: 2016
Month: 4
X-DOI: 10.1080/13504851.2015.1078441
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1078441
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:6:p:428-431




Template-Type: ReDIF-Article 1.0
Author-Name: Andros Gregoriou
Author-X-Name-First: Andros
Author-X-Name-Last: Gregoriou
Title: A simple behavioural model of investor holding periods under the presence of trading costs
Abstract: 
 We develop a simple behavioural model where changes in investor holding periods of stocks are a function of variations in levels and shocks of trading costs. We construct a value weighted portfolio of all stocks listed on the London Stock Exchange, over the time period of 1990–2014 in order to empirical examine the model. We establish that levels have a greater impact then unanticipated trading costs on investor holding periods. Our article outlines the importance of trading costs in determining investor portfolio construction.
Journal: Applied Economics Letters
Pages: 432-435
Issue: 6
Volume: 23
Year: 2016
Month: 4
X-DOI: 10.1080/13504851.2015.1080795
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1080795
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:6:p:432-435




Template-Type: ReDIF-Article 1.0
Author-Name: Pär Österholm
Author-X-Name-First: Pär
Author-X-Name-Last: Österholm
Title: Time variation in Okun’s law in Sweden
Abstract: 
 In this article we estimate an Okun’s law relationship for Sweden using a model with time-varying parameters. Employing quarterly data from 1982 to 2014, results indicate that the GDP growth needed to keep the unemployment rate unchanged in the long rung has fallen considerably over the last 10 years.
Journal: Applied Economics Letters
Pages: 436-439
Issue: 6
Volume: 23
Year: 2016
Month: 4
X-DOI: 10.1080/13504851.2015.1080796
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1080796
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:6:p:436-439




Template-Type: ReDIF-Article 1.0
Author-Name: Bernd Kempa
Author-X-Name-First: Bernd
Author-X-Name-Last: Kempa
Author-Name: Nazmus Sadat Khan
Author-X-Name-First: Nazmus Sadat
Author-X-Name-Last: Khan
Title: Government debt and economic growth in the G7 countries: are there any causal linkages?
Abstract: 
 This article investigates the direction of Granger-causality between debt and growth in the G7 countries using quarterly data from 1980 to 2013. We analyse the causal structure both in level data using the Toda and Yamamoto causality test, and with differenced data by means of dynamic impulse response analysis. Results indicate that growth causes debt rather than the other way around. We find the effect of growth on debt to be unambiguously negative in all cases of significant causality, but to be a short- to medium-run phenomenon with no lasting impact. We also find that results are sensitive to the sample period, with causality from growth to debt much more prevalent when the sample period includes the recent financial crisis.
Journal: Applied Economics Letters
Pages: 440-443
Issue: 6
Volume: 23
Year: 2016
Month: 4
X-DOI: 10.1080/13504851.2015.1080797
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1080797
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:6:p:440-443




Template-Type: ReDIF-Article 1.0
Author-Name: François-Eric Racicot
Author-X-Name-First: François-Eric
Author-X-Name-Last: Racicot
Author-Name: William F. Rentz
Author-X-Name-First: William F.
Author-X-Name-Last: Rentz
Title: Testing Fama–French’s new five-factor asset pricing model: evidence from robust instruments
Abstract: 
 Fama and French (FF, 2015) propose a five-factor asset pricing model that captures size, value, profitability and investment patterns. The primary purpose here is to further investigate this new model using an improved GMM-based robust instrumental variables technique. A further purpose is to explore the relationship among the FF factors and the Pástor–Stambaugh (PS, 2003) liquidity factor. We conclude that except for the market factor, all of the factors including liquidity are not significant at even the 5% level using our GMM approach for almost all of the FF 12 sectors.
Journal: Applied Economics Letters
Pages: 444-448
Issue: 6
Volume: 23
Year: 2016
Month: 4
X-DOI: 10.1080/13504851.2015.1080798
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1080798
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:6:p:444-448




Template-Type: ReDIF-Article 1.0
Author-Name: Hiona Balfoussia
Author-X-Name-First: Hiona
Author-X-Name-Last: Balfoussia
Author-Name: Heather D. Gibson
Author-X-Name-First: Heather D.
Author-X-Name-Last: Gibson
Title: Financial conditions and economic activity: the potential impact of the targeted long-term refinancing operations (TLTROs)
Abstract: 
 This article explores the relationship between financial conditions and real economic activity in the euro area as a whole and for Greece in particular. We use a financial conditions index (see Angelopoulou et al. 2014) which is constructed using a wide range of prices, quantities, spreads and survey data in line with theory. We update the indices and use them within a VAR framework to estimate the potential impact of the targeted long-term refinancing operations (TLTROs) on aspects of economic activity. Our results suggest that financial conditions do have a significant effect on economic activity, and thus the TLTROs, to the extent that they are designed to improve financial conditions, will provide a boost to the real economy.
Journal: Applied Economics Letters
Pages: 449-456
Issue: 6
Volume: 23
Year: 2016
Month: 4
X-DOI: 10.1080/13504851.2015.1080799
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1080799
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:6:p:449-456




Template-Type: ReDIF-Article 1.0
Author-Name: Meihong Dai
Author-X-Name-First: Meihong
Author-X-Name-Last: Dai
Author-Name: Richard Harris
Author-X-Name-First: Richard
Author-X-Name-Last: Harris
Author-Name: Yuduo Lu
Author-X-Name-First: Yuduo
Author-X-Name-Last: Lu
Author-Name: Haiyang Liu
Author-X-Name-First: Haiyang
Author-X-Name-Last: Liu
Title: Exports and firm survival: do trade regime and productivity matter?
Abstract: 
 This article aims to investigate the role of trade regime and productivity in the link between exporting and firm survival. We use firm-level data from China to examine whether exporters engaged in different trade regimes and with different levels of productivity react differently with regard to survival probability. We find that exporters engaged in all types of trade regimes have higher survival probabilities in comparison with nonexporters; however, the survival probability of exporters engaged in processing trade is less positively affected by productivity.
Journal: Applied Economics Letters
Pages: 457-460
Issue: 6
Volume: 23
Year: 2016
Month: 4
X-DOI: 10.1080/13504851.2015.1080800
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1080800
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:6:p:457-460




Template-Type: ReDIF-Article 1.0
Author-Name: Robert-Paul Berben
Author-X-Name-First: Robert-Paul
Author-X-Name-Last: Berben
Author-Name: Ad Stokman
Author-X-Name-First: Ad
Author-X-Name-Last: Stokman
Title: Does deflation affect household spending? The case of the Netherlands
Abstract: 
 This article investigates the impact of deflation on real private consumption and residential investment by Dutch households during the 1980–2013 period. We estimate theoretically founded consumption and investment equations and show that a fall in the general price level significantly negatively affects both growth in real consumption and residential investment. The impact on residential investment is more delayed, but stronger.
Journal: Applied Economics Letters
Pages: 685-689
Issue: 10
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1100242
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1100242
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:10:p:685-689




Template-Type: ReDIF-Article 1.0
Author-Name: Susana Silva
Author-X-Name-First: Susana
Author-X-Name-Last: Silva
Author-Name: Isabel Soares
Author-X-Name-First: Isabel
Author-X-Name-Last: Soares
Author-Name: Oscar Afonso
Author-X-Name-First: Oscar
Author-X-Name-Last: Afonso
Title: Tax on emissions or subsidy to renewables? Evaluating the effects on the economy and on the environment
Abstract: 
 We examine the relationship between the economy and the environment in a model where production uses nonpolluting renewable and polluting nonrenewable resources. There is policy intervention through a tax on emissions and a subsidy to renewables extraction/production. Results show that both instruments are able to decrease emissions intensity of output. However, when used together, the desired effect is higher. Empirically it is shown that the subsidy achieves higher renewables intensity and although present emissions per output are similar for both instruments, the subsidy achieves lower future levels.
Journal: Applied Economics Letters
Pages: 690-694
Issue: 10
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1100243
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1100243
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:10:p:690-694




Template-Type: ReDIF-Article 1.0
Author-Name: Christiane Hellmanzik
Author-X-Name-First: Christiane
Author-X-Name-Last: Hellmanzik
Author-Name: Martin Schmitz
Author-X-Name-First: Martin
Author-X-Name-Last: Schmitz
Title: The impact of cultural exceptions: audiovisual services trade and trade policy
Abstract: 
 Audiovisual services such as music and movies in digital formats have gained substantial importance over the last decade, while remaining one of the sectors with the lowest number of commitments by WTO members. Based on a novel data set, this article analyses the role of trade restrictions on audiovisual services in a gravity model. We find that countries with WTO commitments trade more audiovisual services, while both exports and imports are lower for countries which impose policies to curb inflows of foreign cultural services.
Journal: Applied Economics Letters
Pages: 695-700
Issue: 10
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1100244
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1100244
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:10:p:695-700




Template-Type: ReDIF-Article 1.0
Author-Name: Manuel Monge
Author-X-Name-First: Manuel
Author-X-Name-Last: Monge
Author-Name: Luís Alberiko Gil-Alana
Author-X-Name-First: Luís Alberiko
Author-X-Name-Last: Gil-Alana
Title: Fractional integration and cointegration in merger and acquisitions in the US petroleum industry
Abstract: 
 This article employs methodologies based on fractional integration and cointegration to analyse the time-series properties of merger and acquisitions (M&A) activity and crude oil prices in the US from 1980 to 2012. Our results indicate that an increase in the crude oil price produces a significant increase in the M&A data between 2 and 3 months after the initial shock.
Journal: Applied Economics Letters
Pages: 701-704
Issue: 10
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1100245
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1100245
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:10:p:701-704




Template-Type: ReDIF-Article 1.0
Author-Name: Carla Blazquez-Fernández
Author-X-Name-First: Carla
Author-X-Name-Last: Blazquez-Fernández
Author-Name: David Cantarero-Prieto
Author-X-Name-First: David
Author-X-Name-Last: Cantarero-Prieto
Author-Name: Marta Pascual-Saez
Author-X-Name-First: Marta
Author-X-Name-Last: Pascual-Saez
Title: Is pharmaceutical expenditure related to the business cycles?
Abstract: 
 Recent research is focused on the study of health care expenditure and fiscal sustainability. In order to facilitate the understanding of this issue, we centre our interest on the Spanish pharmaceutical expenditure. Specifically, using data for the period 1995–2012, in the article we analyse if economic cycles affect pharmaceutical expenditures. Our results support that there is a positive relationship between pharmaceutical expenditure and economic development. Therefore, we conclude that pharmaceutical expenditures are pro cyclical over the last years.
Journal: Applied Economics Letters
Pages: 705-707
Issue: 10
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1102834
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1102834
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:10:p:705-707




Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Bergh
Author-X-Name-First: Andreas
Author-X-Name-Last: Bergh
Author-Name: Irina Mirkina
Author-X-Name-First: Irina
Author-X-Name-Last: Mirkina
Author-Name: Therese Nilsson
Author-X-Name-First: Therese
Author-X-Name-Last: Nilsson
Title: Do the poor benefit from globalization regardless of institutional quality?
Abstract: 
 Despite significant progress towards the Millennium goals, more than one billion people live on less than 1.25 US dollars per day. Previous research suggests that globalization stimulates poverty reduction, but does not investigate what role institutions play in this relationship. Theoretically, globalization could act as either a complement or a substitute to institutional quality in reducing poverty. We find that the poverty-reducing effect of globalization is stronger when institutions are weak. In particular, increasing social globalization reduces poverty more when corruption is high and democratic accountability is low. Thus, globalization has the power to reduce poverty even in countries with low institutional quality.
Journal: Applied Economics Letters
Pages: 708-712
Issue: 10
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1102835
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1102835
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:10:p:708-712




Template-Type: ReDIF-Article 1.0
Author-Name: Manuel Frondel
Author-X-Name-First: Manuel
Author-X-Name-Last: Frondel
Author-Name: Colin Vance
Author-X-Name-First: Colin
Author-X-Name-Last: Vance
Author-Name: Alex Kihm
Author-X-Name-First: Alex
Author-X-Name-Last: Kihm
Title: Time lags in the pass-through of crude oil prices: big data evidence from the German gasoline market
Abstract: 
 This article investigates the pass-through of global Brent oil notations to fuel prices across the oligopoly of retail majors in Germany. We assemble a high-frequency panel data set that encompasses millions of price observations and allows us to distinguish effects by brand. Upon establishing a cointegrating relationship between fuel and crude oil prices using daily data, we estimate an ECM and find that (1) the pass-through of oil prices critically depends on the number of time lags included in the ECM; (2) strict adherence to classical information criteria for determining lag length yields extremely long pass-through durations and (3) the estimated impulse response functions are virtually identical across brands, irrespective of the lag count, suggesting a high degree of competition among brands.
Journal: Applied Economics Letters
Pages: 713-717
Issue: 10
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1102836
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1102836
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:10:p:713-717




Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Bergmann
Author-X-Name-First: Andreas
Author-X-Name-Last: Bergmann
Author-Name: Sascha L. Schmidt
Author-X-Name-First: Sascha L.
Author-X-Name-Last: Schmidt
Author-Name: Dominik Schreyer
Author-X-Name-First: Dominik
Author-X-Name-Last: Schreyer
Author-Name: Benno Torgler
Author-X-Name-First: Benno
Author-X-Name-Last: Torgler
Title: Age and organizational identification: empirical findings from professional sports
Abstract: 
 Although identification is critical to organizational survival, knowledge on how identification changes and evolves over time is still limited. Not only can tastes and choices vary across both social context and time, but individuals can change or choose their identity, as well as their ideals, group loyalty and/or social category. Hence, in this letter, we examine the relation between organizational identification and age using five large sports consumer surveys as a snapshot of the age distribution of team identification. Our results provide evidence of robust U-shaped age profiles, with a probable turning point in the 40s.
Journal: Applied Economics Letters
Pages: 718-722
Issue: 10
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1102837
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1102837
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:10:p:718-722




Template-Type: ReDIF-Article 1.0
Author-Name: Christopher L. Ambrey
Author-X-Name-First: Christopher L.
Author-X-Name-Last: Ambrey
Author-Name: Christopher M. Fleming
Author-X-Name-First: Christopher M.
Author-X-Name-Last: Fleming
Author-Name: Matthew Manning
Author-X-Name-First: Matthew
Author-X-Name-Last: Manning
Title: The role of natural capital in supporting national income and social welfare
Abstract: 
 Using life satisfaction as a proxy for social welfare, this study contributes to the extant literature by empirically demonstrating that natural capital contributes to social welfare, functioning in part through increasing national income and in part through its direct effect on life satisfaction; the direct effect is approximately 40% greater than the indirect effect. This suggests that the true welfare benefits of natural capital may not be adequately reflected in conventional economic data and, therefore, studies seeking to evaluate the contribution of natural capital to human well-being should consider employing data sets that capture subjective elements of welfare. The magnitudes of the reported marginal effects of natural capital on social welfare, however, are small. This is perhaps due to the fact that (1) there are shortcomings in the measure of natural capital; (2) life satisfaction effects are unlikely to reflect the poorly understood benefits that natural capital provides; and (3) keystone species (such as mosquitoes) and integral ecosystems (such as wetlands) may be negatively associated with life satisfaction, even though such components of natural capital are vitally important to sustaining ecosystems and human life
Journal: Applied Economics Letters
Pages: 723-727
Issue: 10
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1102839
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1102839
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Template-Type: ReDIF-Article 1.0
Author-Name: Belayet Hossain
Author-X-Name-First: Belayet
Author-X-Name-Last: Hossain
Author-Name: Laura Lamb
Author-X-Name-First: Laura
Author-X-Name-Last: Lamb
Title: The Canadian tax-free savings account: a programme to help the rich get richer?
Abstract: 
 This article examines participation in the Canadian tax-free savings account (TFSA), implemented in 2009, and its potential impact on wealth inequality in Canada. Data from the 2012 Survey of Financial Security is used to estimate probit, tobit and Heckman probit selection models to test the hypothesis that high-income earners and wealth holders are the most likely recipients of the benefits associated with the TFSA. Empirical results highlight the significance of net worth as a key determinant of both participation in and contribution levels of the TFSA. The results are expected to be relevant to public policy-makers concerned with reducing inequality and those endeavouring to encourage savings for all socio-economic groups.
Journal: Applied Economics Letters
Pages: 728-731
Issue: 10
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1102840
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1102840
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:10:p:728-731




Template-Type: ReDIF-Article 1.0
Author-Name: Simón Sosvilla-Rivero
Author-X-Name-First: Simón
Author-X-Name-Last: Sosvilla-Rivero
Author-Name: Natalia Fernández-Fernández
Author-X-Name-First: Natalia
Author-X-Name-Last: Fernández-Fernández
Title: Unconventional monetary policy and the dollar–euro exchange rate: first results from time-series analysis
Abstract: 
 This article examines the impact on the US dollar–euro (USD–EUR) exchange rate of the unconventional monetary policy conducted by the US Federal Reserve (Fed) and the European Central Bank (ECB). To that end, we make use of time-series analysis to obtain a reasonable long-run and short run representation of the data generation process and use dummy variables to study how announcements about monetary policy changes can affect the USD–EUR exchange rate. Our results indicate that the announcement and subsequent implementation of such measures by the ECB would have caused an appreciation of the dollar, while those by the Fed would have caused a depreciation of the dollar.
Journal: Applied Economics Letters
Pages: 732-735
Issue: 10
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1102841
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1102841
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:10:p:732-735




Template-Type: ReDIF-Article 1.0
Author-Name: Zhichao Liu
Author-X-Name-First: Zhichao
Author-X-Name-Last: Liu
Author-Name: Feng Ma
Author-X-Name-First: Feng
Author-X-Name-Last: Ma
Author-Name: Xunxiao Wang
Author-X-Name-First: Xunxiao
Author-X-Name-Last: Wang
Author-Name: Zean Xia
Author-X-Name-First: Zean
Author-X-Name-Last: Xia
Title: Forecasting the realized volatility: the role of jumps
Abstract: 
 This article investigates the role of jump components dependent on the ABD-LM jump test in forecasting volatility. Our out-of-sample forecasting results show that compared with the ABD-LM jump component, its decomposition forms based on signed returns can significantly improve the models’ forecasting performance and our findings have important implications for investors and policymakers.
Journal: Applied Economics Letters
Pages: 736-739
Issue: 10
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1105911
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1105911
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Template-Type: ReDIF-Article 1.0
Author-Name: Paulo Ernesto M. Gomes
Author-X-Name-First: Paulo Ernesto M.
Author-X-Name-Last: Gomes
Author-Name: M. Christian Lehmann
Author-X-Name-First: M. Christian
Author-X-Name-Last: Lehmann
Title: Why are tax revenues of local governments so low?
Abstract: 
 Using a unique data set on federal grants and tax revenues of more than 5000 Brazilian cities, we find that the federal government imposes an implicit tax of almost 10% on city governments’ tax revenues: for every dollar that a city collects from its residents, the federal government withdraws grants worth 9 cents from the city. Our findings suggest that local government tax revenues are low not because federal grants crowd out tax revenues, but because tax revenues crowd out federal grants.
Journal: Applied Economics Letters
Pages: 740-742
Issue: 10
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1105912
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1105912
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:10:p:740-742




Template-Type: ReDIF-Article 1.0
Author-Name: Jan Willem van den End
Author-X-Name-First: Jan Willem
Author-X-Name-Last: van den End
Title: Quantitative easing tilts the balance between monetary and macroprudential policy
Abstract: 
 Quantitative easing by central banks has stimulated risk-taking in financial markets and contributed to a liquidity-driven boom in asset prices. It puts the relation between monetary policy and financial stability into a new perspective. We show by a regression analysis for a panel of 11 advanced economies that an asset price bust has adverse effects on inflation. The effect of stock prices and corporate bond rates on inflation is significant, also if we control for developments in credit. This insight implies that in conducting and implementing quantitative easing, central banks should closely monitor and take into account asset bubbles.
Journal: Applied Economics Letters
Pages: 743-746
Issue: 10
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1105913
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1105913
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:10:p:743-746




Template-Type: ReDIF-Article 1.0
Author-Name: Chen-Yin Kuo
Author-X-Name-First: Chen-Yin
Author-X-Name-Last: Kuo
Title: Sustainability of current accounts: evidence from the quantile unit-root test
Abstract: 
 Regarding the stationarity of current accounts, previous studies used panel unit-root tests to improve the power of augmented Dickey–Fuller (ADF) test. This paper applies a quantile autoregression (QAR) approach to improve ADF test in the presence of outliers, and found that first, the stationarity was present in a QAR framework, rather than ADF test. Second, current accounts exhibited symmetric (e.g. Taiwan) and asymmetric patterns, which showed that positive shocks in larger quantiles induce current accounts to adjust towards a long-term equilibrium for Korea, Thailand, the Philippines and Singapore. Japan exhibited an asymmetric pattern in response to negative shocks in smaller quantiles.
Journal: Applied Economics Letters
Pages: 747-755
Issue: 10
Volume: 23
Year: 2016
Month: 7
X-DOI: 10.1080/13504851.2015.1105914
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1105914
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Template-Type: ReDIF-Article 1.0
Author-Name: Dolores Jiménez-Rubio
Author-X-Name-First: Dolores
Author-X-Name-Last: Jiménez-Rubio
Author-Name: Nuno Garoupa
Author-X-Name-First: Nuno
Author-X-Name-Last: Garoupa
Author-Name: Virginia Rosales
Author-X-Name-First: Virginia
Author-X-Name-Last: Rosales
Title: Explaining divorce rate determinants: new evidence from Spain
Abstract: 
 This article examines the main determinants of divorce rates in Spain for the period 1995 to 2010. According to the results, the so-called Express Divorce Law (passed in 2005) seems to be positively associated with divorce rates in the short term. Income level and growth, female employment rate, and the proportion of foreign population are also positively related to divorce rates. However, as expected, the percentage of conservative vote seems to have a negative impact.
Journal: Applied Economics Letters
Pages: 461-464
Issue: 7
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1064070
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1064070
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:7:p:461-464




Template-Type: ReDIF-Article 1.0
Author-Name: E. Acosta-González
Author-X-Name-First: E.
Author-X-Name-Last: Acosta-González
Author-Name: J. Andrada-Félix
Author-X-Name-First: J.
Author-X-Name-Last: Andrada-Félix
Author-Name: F. Fernández-Rodríguez
Author-X-Name-First: F.
Author-X-Name-Last: Fernández-Rodríguez
Title: Stock-bond decoupling before and after the 2008 crisis
Abstract: 
 In this article, we analyse the co-movements of daily stock prices and government bond prices during the last 25 years, in major Western stock markets, extending previous results to take into account the impact of the current crisis. Our results confirm that bonds are viewed as instruments for improving portfolio diversification in periods of high volatility and falling stock market levels, which is when such diversification is most needed. The possibility of using government debt in portfolios as a means of hedging during times of financial crisis became especially apparent in the crises of 1997, 2001 and 2008. Nevertheless, during the current one, this diversification quality of bonds has disappeared in countries like Italy or Spain, which are also affected by sovereign debt issues.
Journal: Applied Economics Letters
Pages: 465-470
Issue: 7
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1083072
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1083072
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:7:p:465-470




Template-Type: ReDIF-Article 1.0
Author-Name: Karl Fritjof Krassel
Author-X-Name-First: Karl Fritjof
Author-X-Name-Last: Krassel
Author-Name: Jacob Ladenburg
Author-X-Name-First: Jacob
Author-X-Name-Last: Ladenburg
Author-Name: Camilla Dalsgaard
Author-X-Name-First: Camilla
Author-X-Name-Last: Dalsgaard
Title: Balancing the risk of ‘Lazearian’ interrupters and the benefits of educational and social peers: tracing parental preferences for class-size reduction
Abstract: 
 Using Danish survey data from a choice experiment, parental preferences for class-size reduction are estimated. While parents with children in large classes are willing to pay for class-size reduction, parents with children in small classes are reluctant and even express negative utility for further class-size reduction. We interpret this as parents balancing the risk of ‘Lazearian’ interrupters and the benefits of educational and social peers when forming their preferences for class size.
Journal: Applied Economics Letters
Pages: 471-481
Issue: 7
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1083073
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1083073
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:7:p:471-481




Template-Type: ReDIF-Article 1.0
Author-Name: H. Höglund
Author-X-Name-First: H.
Author-X-Name-Last: Höglund
Author-Name: D. Sundvik
Author-X-Name-First: D.
Author-X-Name-Last: Sundvik
Title: Outsourcing of accounting tasks and tax management: evidence from a corporate tax rate change
Abstract: 
 The aim of this article is to investigate if small firms react to a national corporate tax rate reduction by managing their taxable income. In contrast to previous studies, we also analyse whether outsourcing of accounting tasks affects the magnitude of the reaction. Based on a sample of Finnish firms and measures of earnings management, evidence is provided that firms with an internalized accounting function are more active tax planners in this context. This study suggests that outsourcing of accounting tasks increases the corporate tax reporting quality.
Journal: Applied Economics Letters
Pages: 482-485
Issue: 7
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1083074
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1083074
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:7:p:482-485




Template-Type: ReDIF-Article 1.0
Author-Name: Laurent Callot
Author-X-Name-First: Laurent
Author-X-Name-Last: Callot
Author-Name: Niels Haldrup
Author-X-Name-First: Niels
Author-X-Name-Last: Haldrup
Author-Name: Malene Kallestrup-Lamb
Author-X-Name-First: Malene
Author-X-Name-Last: Kallestrup-Lamb
Title: Deterministic and stochastic trends in the Lee–Carter mortality model
Abstract: 
 The Lee and Carter (1992) model assumes that the deterministic and stochastic time series dynamics load with identical weights when describing the development of age-specific mortality rates. Effectively this means that the main characteristics of the model simplify to a random walk model with age-specific drift components. But restricting the adjustment mechanism of the stochastic and linear trend components to be identical may be too strong a simplification. In fact, the presence of a stochastic trend component may itself result from a bias induced by properly fitting the linear trend that characterizes mortality data. We find empirical evidence that this feature of the Lee–Carter model overly restricts the system dynamics and we suggest to separate the deterministic and stochastic time series components at the benefit of improved fit and forecasting performance. In fact, we find that the classical Lee–Carter model will otherwise overestimate the reduction of mortality for the younger age groups and will underestimate the reduction of mortality for the older age groups. In practice, our recommendation means that the Lee–Carter model instead of a one-factor model should be formulated as a two- (or several) factor model where one factor is deterministic and the other factors are stochastic. This feature generalizes to the range of models that extend the Lee–Carter model in various directions.
Journal: Applied Economics Letters
Pages: 486-493
Issue: 7
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1083075
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1083075
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrzej Kacprzyk
Author-X-Name-First: Andrzej
Author-X-Name-Last: Kacprzyk
Title: Economic freedom–growth nexus in European Union countries
Abstract: 
 This study examines the economic freedom and economic growth nexus in a panel of 28 European Union countries. We investigate the relationship between growth and different components of economic freedom, measured in five major areas of the Economic Freedom of the World index. The aim of the article is to assess which aspects of economic freedom – and to what extent – contribute to economic growth in the EU. Our empirical analyses suggest that the results are sensitive to the method of estimation. Using the Generalized Method of Moments estimator which allows addressing endogeneity, we found a positive relationship between economic growth and four of the five aspects of economic freedom: security of property rights, quality of monetary policy, freedom to trade and regulatory policies.
Journal: Applied Economics Letters
Pages: 494-497
Issue: 7
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1083076
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1083076
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Template-Type: ReDIF-Article 1.0
Author-Name: Joshua C. Hall
Author-X-Name-First: Joshua C.
Author-X-Name-Last: Hall
Author-Name: Chris Shultz
Author-X-Name-First: Chris
Author-X-Name-Last: Shultz
Title: Determinants of voting behaviour on the Keystone XL Pipeline
Abstract: 
 After lengthy debate, the Keystone XL Pipeline bill passed in January 2015. We use this event to better understand the determinants of Senator voting behaviour. Specifically, this article attempts to examine the relative impacts of political and economic influences. This is accomplished through the use of a binary logit regression model with legislator vote as the dependent variable. Results indicate that while legislators do appear to be representing their political constituency, the role of campaign funding plays an important role as well. The economic effect of such funding, controlling for other factors, is quantitatively small.
Journal: Applied Economics Letters
Pages: 498-500
Issue: 7
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1083077
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1083077
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:7:p:498-500




Template-Type: ReDIF-Article 1.0
Author-Name: Chien-Chih Lin
Author-X-Name-First: Chien-Chih
Author-X-Name-Last: Lin
Title: Asymmetric structure of bid-ask spreads across the business cycle
Abstract: 
 This study argues that the structure of bid-ask spreads is asymmetric across the business cycle. During expansion, investors tend to be overconfident, leading to a higher spread component due to information asymmetry. On the other hand, during recession, the markets are more volatile, leading to a higher spread component due to order processing costs. With TAIEX futures contracts as a sample, it is found that the spread component due to information asymmetry is significantly higher in times of expansion than in times of recession, while the spread component due to order processing cost is significantly higher in times of recession than in times of expansion.
Journal: Applied Economics Letters
Pages: 501-505
Issue: 7
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1083078
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1083078
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:7:p:501-505




Template-Type: ReDIF-Article 1.0
Author-Name: Juan Carlos Campaña
Author-X-Name-First: Juan Carlos
Author-X-Name-Last: Campaña
Author-Name: J. Ignacio Gimenez-Nadal
Author-X-Name-First: J. Ignacio
Author-X-Name-Last: Gimenez-Nadal
Author-Name: Jose Alberto Molina
Author-X-Name-First: Jose Alberto
Author-X-Name-Last: Molina
Title: The satisfaction of university students in Spain: differences by field of study
Abstract: 
 This article analyses the factors associated with student satisfaction in a sample of undergraduate students from the University of Zaragoza (Spain). In addition to considering socio-demographic characteristics, we also examine factors related to expectations and motivations. Using data from a survey carried out during the academic year 2011/12, we show that the level of satisfaction of the students varies according to their field of study, finding that students in Engineering and Science are comparatively less satisfied than those in other disciplines. Also, expectations about whether having a university degree will be enough to obtain a job are associated with their level of satisfaction. Moreover, alcohol consumption is positively associated with their level of satisfaction. Analysing the correlates of student satisfaction is important to understand student retention and persistence.
Journal: Applied Economics Letters
Pages: 506-509
Issue: 7
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1083079
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1083079
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:7:p:506-509




Template-Type: ReDIF-Article 1.0
Author-Name: Eva Deuchert
Author-X-Name-First: Eva
Author-X-Name-Last: Deuchert
Author-Name: Helge Liebert
Author-X-Name-First: Helge
Author-X-Name-Last: Liebert
Title: Aging faster in office? the effect of extended service in political office on longevity
Abstract: 
 Politicians’ health problems are often publicly related to occupational stress. We investigate the effect of serving longer time in office on US governors’ life expectancy. Results indicate that health problems are relevant for the decision to continue a political career. We find no evidence that serving longer in political office is detrimental to health.
Journal: Applied Economics Letters
Pages: 510-515
Issue: 7
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1083936
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1083936
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:7:p:510-515




Template-Type: ReDIF-Article 1.0
Author-Name: Philip L. Hersch
Author-X-Name-First: Philip L.
Author-X-Name-Last: Hersch
Author-Name: Jodi E. Pelkowski
Author-X-Name-First: Jodi E.
Author-X-Name-Last: Pelkowski
Title: Are there too few trades during the NFL draft?
Abstract: 
 College football players are initially assigned to teams in the National Football League (NFL) through the league’s draft selection process. At each team’s turn to pick, the team has the option of exercising the pick itself or trading it to another team. If gains from trade are exhausted, draft picks should be exercised by the team with the highest expected value. That is, the expected player contribution garnered from a given pick should not be dependent on whether the pick was traded or retained. Regression results, however, indicate that controlling for a player’s draft position, when a team trades up to acquire a player, that player is more likely to have greater on-field success. This suggests that there are too few draft day trades. Plausible reasons are high transaction costs or the fear of media scrutiny that draft trades can engender.
Journal: Applied Economics Letters
Pages: 516-519
Issue: 7
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1085629
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1085629
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:7:p:516-519




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Deller
Author-X-Name-First: Steven
Author-X-Name-Last: Deller
Author-Name: Philip Watson
Author-X-Name-First: Philip
Author-X-Name-Last: Watson
Title: Spatial variations in the relationship between economic diversity and stability
Abstract: 
 Using US county-level data, we explore how economic diversity influenced economic stability over the period of the Great Recession. We find that higher diversity is associated with greater stability, but there are distinct spatial patterns and the relationship does not hold for much of the central part of the US.
Journal: Applied Economics Letters
Pages: 520-525
Issue: 7
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1085630
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1085630
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:7:p:520-525




Template-Type: ReDIF-Article 1.0
Author-Name: J. Daniels
Author-X-Name-First: J.
Author-X-Name-Last: Daniels
Author-Name: M. Wang
Author-X-Name-First: M.
Author-X-Name-Last: Wang
Author-Name: M. C. S. Wong
Author-X-Name-First: M. C. S.
Author-X-Name-Last: Wong
Title: Individual attitudes towards the impact of multinational corporations on local businesses: how important are individual characteristics and country-level traits?
Abstract: 
 We study the importance of individual characteristics and national factors influencing individual attitudes towards the impact of multinational corporations on local businesses. Our sample includes more than 40 000 respondents in 29 countries from the 2003 National Identity Survey conducted by the International Social Survey Programme. We find that individual demographic factors and socioeconomic status, such as gender, age, income and education, are strong predictors of their attitudes. For example, income and education are positively associated with favourable attitudes towards the impact of multinational corporations (MNCs) on local businesses while age is negatively associated with individual attitudes towards MNCs. In addition, hierarchical ordered logit model results show that approximately 8% of total variations in individual attitudes around our sample mean are not explained by differences in personal traits. Instead, they are due to country-level heterogeneity such as, but not limited to, different degrees of openness or different aggregate income.
Journal: Applied Economics Letters
Pages: 526-531
Issue: 7
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1085631
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1085631
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:7:p:526-531




Template-Type: ReDIF-Article 1.0
Author-Name: Kenneth Button
Author-X-Name-First: Kenneth
Author-X-Name-Last: Button
Author-Name: Gianmaria Martini
Author-X-Name-First: Gianmaria
Author-X-Name-Last: Martini
Author-Name: Davide Scotti
Author-X-Name-First: Davide
Author-X-Name-Last: Scotti
Title: Impacts of the Arab Spring on trade in airline services
Abstract: 
 This article examines the impacts of the ‘Arab Spring’ on trade in air services between the various North African and Levant countries involved. Studies of the implications of these socio-economic changes on trade in the region are made difficult because of a paucity of good economic data and the involvement of outside countries in the trade that now takes place. The number of international airline seats available provides a partial and fairly reliable variable to examine trade patterns. The analysis looks at changes in patterns of trade in these services between 1997 and 2013.
Journal: Applied Economics Letters
Pages: 532-535
Issue: 7
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1085632
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1085632
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:7:p:532-535




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Baumann
Author-X-Name-First: Robert
Author-X-Name-Last: Baumann
Author-Name: Bryan Engelhardt
Author-X-Name-First: Bryan
Author-X-Name-Last: Engelhardt
Title: Crime and labour market turnover
Abstract: 
 We go beyond unemployment to investigate how its determinants, specifically hires, lay-offs and quits, affect crime. As expected, we find less crime in localities with higher hiring and quit rates and lower lay-off rates. The size of relationships is on the order of studies analysing the link between unemployment and crime.
Journal: Applied Economics Letters
Pages: 536-538
Issue: 7
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1085633
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1085633
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Template-Type: ReDIF-Article 1.0
Author-Name: Theodore R. Breton
Author-X-Name-First: Theodore R.
Author-X-Name-Last: Breton
Title: Evidence that capital formation is overestimated in low- and middle-income countries in ICP 2011
Abstract: 
 Using the International Comparison Program (ICP) 2011’s cross-country data on input prices and project cost shares, I show that the ICP 2011 construction prices are substantially underestimated in the 143 low- and middle-income countries where these prices were estimated from input prices. As a consequence, the ICP 2011’s estimate of PPP-adjusted construction is overestimated on average by about 100% and gross fixed capital formation is overestimated by 25–30% in these countries. These nonrandom data errors are of sufficient magnitude to cause serious estimation bias in cross-country growth analyses.
Journal: Applied Economics Letters
Pages: 903-907
Issue: 13
Volume: 23
Year: 2016
Month: 9
X-DOI: 10.1080/13504851.2015.1119784
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1119784
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Template-Type: ReDIF-Article 1.0
Author-Name: Ivar Kolstad
Author-X-Name-First: Ivar
Author-X-Name-Last: Kolstad
Author-Name: Arne Wiig
Author-X-Name-First: Arne
Author-X-Name-Last: Wiig
Title: Education and electoral participation: reported versus actual voting behaviour
Abstract: 
 Using survey data of voters in Tanzania, this article shows that while education does not affect self-reported voting in general elections, it increases actual voting. The less educated are more likely to claim to have voted without having done so, which may explain why previous studies of voting in developing countries fail to find an effect of education. We demonstrate the importance of this finding by using our survey data to generate predicted voting probabilities for the respondents to the 2012 Afrobarometer survey in Tanzania and show that while mean self-reported voting does not differ much at different levels of education, the differences become significant when taking into account voting misrepresentation.
Journal: Applied Economics Letters
Pages: 908-911
Issue: 13
Volume: 23
Year: 2016
Month: 9
X-DOI: 10.1080/13504851.2015.1119785
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1119785
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Revollo-Fernández
Author-X-Name-First: Daniel
Author-X-Name-Last: Revollo-Fernández
Author-Name: Alonso Aguilar-Ibarra
Author-X-Name-First: Alonso
Author-X-Name-Last: Aguilar-Ibarra
Author-Name: Fiorenza Micheli
Author-X-Name-First: Fiorenza
Author-X-Name-Last: Micheli
Author-Name: Andrea Sáenz-Arroyo
Author-X-Name-First: Andrea
Author-X-Name-Last: Sáenz-Arroyo
Title: Exploring the role of gender in common-pool resource extraction: evidence from laboratory and field experiments in fisheries
Abstract: 
 There is active debate on gender issues in natural resource management. For example, it is proposed that women are more cooperative than men when dealing with natural resources decisions; however, few scientific studies have directly addressed this hypothesis. We provide evidence for a greater cooperative attitude in women compared to men in both college students and coastal fishing communities of Baja California, Mexico, by means of game theory experiments. In both laboratory and field experiments, women changed their behaviour towards lower extraction compared to men, when regulations, sanctions or social scolding were introduced in the games. These results suggest that raising the role of women in decision-making, along with an adequate institutional framework, may lead to a more sustainable use of natural resources.
Journal: Applied Economics Letters
Pages: 912-920
Issue: 13
Volume: 23
Year: 2016
Month: 9
X-DOI: 10.1080/13504851.2015.1119786
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1119786
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Template-Type: ReDIF-Article 1.0
Author-Name: Christophe Schalck
Author-X-Name-First: Christophe
Author-X-Name-Last: Schalck
Title: Rental housing for a French taxpayer: are there tax arbitrage opportunities in the USA?
Abstract: 
 The aim of this paper is to identify tax arbitrage opportunities in the field of rental housing in France and the USA. We conducted tax simulations for investments made in the USA or France. We compared total net rental incomes, capital gains and present investment values based on different tax regimes. Our results show that rental housing in the USA under the Effectively Connected Income classification serves as the best option, as it generates the highest present investment value. We performed several robustness exercises and we showed that our results are strengthened in cases of stronger price appreciation in the USA than in France and in cases of high landlord tax brackets.
Journal: Applied Economics Letters
Pages: 921-925
Issue: 13
Volume: 23
Year: 2016
Month: 9
X-DOI: 10.1080/13504851.2015.1119787
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1119787
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Ryan Haley
Author-X-Name-First: M. Ryan
Author-X-Name-Last: Haley
Title: Shortfall minimization and the Naive (1/N) portfolio: an out-of-sample comparison
Abstract: 
 Naive portfolio selection, wherein an investor allocates an equal portion of their wealth to the field of candidate assets, is a simple ad-hoc way to create a portfolio. Naive portfolio selection contrasts to the many sophisticated portfolio selection rules that are optimal with respect to a specific portfolio allocation objective and which often perform well in sample. However, some recent research finds that many of these ‘optimal’ portfolio allocation mechanisms perform no better than naive diversification in out-of-sample data. This paper extends this line of inquiry by comparing the out-of-sample performance of naive portfolio selection to several recently developed shortfall-minimizing portfolio selection methods. The results corroborate the prior findings that optimal portfolio methods struggle to beat the naive portfolio in out-of-sample environments.
Journal: Applied Economics Letters
Pages: 926-929
Issue: 13
Volume: 23
Year: 2016
Month: 9
X-DOI: 10.1080/13504851.2015.1119788
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1119788
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Template-Type: ReDIF-Article 1.0
Author-Name: Claudio Campanale
Author-X-Name-First: Claudio
Author-X-Name-Last: Campanale
Author-Name: Francesco Turino
Author-X-Name-First: Francesco
Author-X-Name-Last: Turino
Title: Two-tier labour market reform: a quantitative general equilibrium assessment
Abstract: 
 In the 1990s several European countries liberalized the use of fixed-term labour contracts in an effort to reduce persistently low employment growth. This article studies the effect of these reforms through the lens of a version of the Hopenhayn and Rogerson (1993) model calibrated on Italian data. We find no effect of the reform on total employment in steady state.
Journal: Applied Economics Letters
Pages: 930-935
Issue: 13
Volume: 23
Year: 2016
Month: 9
X-DOI: 10.1080/13504851.2015.1122724
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1122724
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Template-Type: ReDIF-Article 1.0
Author-Name: Adrian Austin
Author-X-Name-First: Adrian
Author-X-Name-Last: Austin
Author-Name: Swarna Dutt
Author-X-Name-First: Swarna
Author-X-Name-Last: Dutt
Title: Do stock returns hedge inflation at long horizons?
Abstract: 
 We investigate the long-horizon relationship between market returns and inflation in the United States. Conventional tests for long horizon predictability may reject the null too frequently when the predictor variable is highly persistent and endogenous and there are overlapping observations. We use a recently developed econometric technique designed to overcome these problems. We find little to no evidence that securities are able to hedge inflation.
Journal: Applied Economics Letters
Pages: 936-939
Issue: 13
Volume: 23
Year: 2016
Month: 9
X-DOI: 10.1080/13504851.2015.1122725
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1122725
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Template-Type: ReDIF-Article 1.0
Author-Name: José María Arranz
Author-X-Name-First: José María
Author-X-Name-Last: Arranz
Author-Name: Fernando Muñoz-Bullón
Author-X-Name-First: Fernando
Author-X-Name-Last: Muñoz-Bullón
Title: Unemployment benefits and recall jobs: a split population model
Abstract: 
 We study the transitions out of unemployment of the recipients of insurance benefits, focusing on whether or not they are recalled to their previous employment. Specifically, a split population duration model (SPDM) for the recall decision by employers is compared with a standard duration model (SDM). We find significant differences between the SPDM and the SDM estimates, both with regard to their magnitude and expected sign. Some of the variables record undervalued estimated hazard rates in the SDM with respect to the SPDM.
Journal: Applied Economics Letters
Pages: 940-944
Issue: 13
Volume: 23
Year: 2016
Month: 9
X-DOI: 10.1080/13504851.2015.1122726
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1122726
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco-Javier Canto-Cuevas
Author-X-Name-First: Francisco-Javier
Author-X-Name-Last: Canto-Cuevas
Author-Name: María-José Palacín-Sánchez
Author-X-Name-First: María-José
Author-X-Name-Last: Palacín-Sánchez
Author-Name: Filippo di Pietro
Author-X-Name-First: Filippo
Author-X-Name-Last: di Pietro
Title: Trade credit in SMEs: a quantile regression approach
Abstract: 
 This article analyses the determinants of the trade credit in Spanish manufacturing small and medium-sized enterprises (SMEs) from a new perspective. Specifically, we focus on the relationship between trade credit and other relevance financial resources: bank credit and self-financing. For the first time in the literature, a quantile regression approach is used, which takes into account the heterogeneity of firms in different quantiles of trade credit distribution. Our results show that the relationship between trade credit and other financial sources presents dissimilarities, including differences in sign, on SMEs with different degrees of trade credit. Our findings help to clarify the confusing results achieved in previous research on this topic.
Journal: Applied Economics Letters
Pages: 945-948
Issue: 13
Volume: 23
Year: 2016
Month: 9
X-DOI: 10.1080/13504851.2015.1122727
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1122727
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Template-Type: ReDIF-Article 1.0
Author-Name: Todd Gabe
Author-X-Name-First: Todd
Author-X-Name-Last: Gabe
Title: I would walk 500 miles: using travel costs to analyse the market for popular music concerts
Abstract: 
 This article examines the market for live performances of superstar musical artists. Using data on 56 concerts featuring acts such as Steely Dan, Willie Nelson and Def Leppard, we find that concertgoers have a higher willingness to pay for an increase in the artists’ top-10 albums than for an additional chart-topping single.
Journal: Applied Economics Letters
Pages: 949-952
Issue: 13
Volume: 23
Year: 2016
Month: 9
X-DOI: 10.1080/13504851.2015.1122728
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1122728
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Template-Type: ReDIF-Article 1.0
Author-Name: Ryan Garvey
Author-X-Name-First: Ryan
Author-X-Name-Last: Garvey
Author-Name: Tao Huang
Author-X-Name-First: Tao
Author-X-Name-Last: Huang
Author-Name: Fei Wu
Author-X-Name-First: Fei
Author-X-Name-Last: Wu
Title: Who trades quickly?
Abstract: 
 We examine differences among US equity market participants according to how quickly, on average, they execute their orders. When traders who execute faster buy (sell), market prices tend to rise (decline). Those who trade more quickly take liquidity more, use smaller trade sizes, transact more frequently, and spread their trading across more venues. Although faster traders are net liquidity demanders, they pay a lower cost to trade. Our results indicate that systematic differences exist across market participants according to how fast they transact, and those with a shorter time to execution exhibit traits that are consistent with information-based trading.
Journal: Applied Economics Letters
Pages: 953-957
Issue: 13
Volume: 23
Year: 2016
Month: 9
X-DOI: 10.1080/13504851.2015.1122729
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1122729
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Template-Type: ReDIF-Article 1.0
Author-Name: Woo-Yung Kim
Author-X-Name-First: Woo-Yung
Author-X-Name-Last: Kim
Title: Can the difference in ageing across cities explain the divergence of human capital across cities in Korea?
Abstract: 
 This article uses Korean census data to investigate the divergence of human capital levels across cities in Korea and the role of ageing in explaining the divergence. Our analysis shows that the proportion of adults with a college degree has increased more in cities with a higher initial schooling level in Korea. This finding is consistent with what Berry and Glaeser (2005) and others found for the USA. However, if we control for the difference in ageing across cities, the relationship between the initial schooling level and the proportion of adults with a college degree does not hold any longer. It is argued that the difference in ageing across cities can largely account for the divergence of human capital levels across cities in Korea.
Journal: Applied Economics Letters
Pages: 958-964
Issue: 13
Volume: 23
Year: 2016
Month: 9
X-DOI: 10.1080/13504851.2015.1125420
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1125420
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:13:p:958-964




Template-Type: ReDIF-Article 1.0
Author-Name: J. Voelzke
Author-X-Name-First: J.
Author-X-Name-Last: Voelzke
Title: Individual labour income, stock prices and whom it may concern
Abstract: 
 In this paper, a panel model which describes the relationship between individual labour income and stock prices in Germany is estimated. The specification allows the individuals to cluster concerning the model parameters that describe first the individual labour income dynamics and second the relationship between the individual labour income and financial markets. Methodically, a Bayesian model-based non-Gaussian panel data approach, proposed by Juarez and Steel (2010a), is used. A group of individuals with a high cluster assignment probability is found. The characteristics of this group, whose individuals share the same autoregressive dynamics and a common, relatively high dependence on financial markets, are investigated further. It can be shown that this group has a statistically significantly different partition of the major occupational groups. This leads to implications for various branches of the literature, such as the pricing of human capital contracts, the hedging of individual income risk, portfolio optimization or asset pricing.
Journal: Applied Economics Letters
Pages: 965-968
Issue: 13
Volume: 23
Year: 2016
Month: 9
X-DOI: 10.1080/13504851.2015.1125422
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1125422
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Template-Type: ReDIF-Article 1.0
Author-Name: V. Kerry Smith
Author-X-Name-First: V. Kerry
Author-X-Name-Last: Smith
Author-Name: Sharon L. Harlan
Author-X-Name-First: Sharon L.
Author-X-Name-Last: Harlan
Author-Name: Michael McLaen
Author-X-Name-First: Michael
Author-X-Name-Last: McLaen
Author-Name: Jacob Fishman
Author-X-Name-First: Jacob
Author-X-Name-Last: Fishman
Author-Name: Carlos Valcarcel
Author-X-Name-First: Carlos
Author-X-Name-Last: Valcarcel
Author-Name: Marcia L. Nation
Author-X-Name-First: Marcia L.
Author-X-Name-Last: Nation
Title: Using household surveys to implement field experiments: the willingness to donate to food banks
Abstract: 
 This paper demonstrates that it is possible to jointly produce household surveys and field experiments by incorporating field experiments into the structure of the financial incentives used to enhance response rates. We use the opportunity to donate the financial incentive to a food bank to illustrate how the strategy would work.
Journal: Applied Economics Letters
Pages: 969-972
Issue: 13
Volume: 23
Year: 2016
Month: 9
X-DOI: 10.1080/13504851.2015.1125423
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1125423
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:13:p:969-972




Template-Type: ReDIF-Article 1.0
Author-Name: Hyun Seok Kim
Author-X-Name-First: Hyun Seok
Author-X-Name-Last: Kim
Title: The effect of the Kyoto Protocol on international trade flows: evidence from G20 countries
Abstract: 
 This study examines the effect of the Kyoto Protocol on trade using gravity model with a Quandt–Andrews test for detection of structural break with G20 countries data. The structural break on international trade took place in 2003 that is around 1 year after the adoption of the Marrakesh Accords which includes the detailed implementation rules of the Kyoto Protocol. According to estimation results, this study can support the negative effect of environmental regulations on trade flows.
Journal: Applied Economics Letters
Pages: 973-977
Issue: 13
Volume: 23
Year: 2016
Month: 9
X-DOI: 10.1080/13504851.2016.1167820
File-URL: http://hdl.handle.net/10.1080/13504851.2016.1167820
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Template-Type: ReDIF-Article 1.0
Author-Name: Xun Li
Author-X-Name-First: Xun
Author-X-Name-Last: Li
Author-Name: Rui Wang
Author-X-Name-First: Rui
Author-X-Name-Last: Wang
Title: Are US obesity rates converging?
Abstract: 
 The purpose of the present study is to determine whether US obesity rates are converging. Using US overweight rates and obesity rates data in 50 states and District of Columbia during 1996–2013, the results of this article show that $$\beta $$β-convergence occurred for obesity rates, overweight rates, and overweight and obesity rates during time period 1996–2001. The existence of $$\beta $$β-convergence also varies in different regions. It was also found that $$\sigma $$σ-convergence occurred in the full period 1996–2013 and several sub-periods. These findings imply that more policies and regulations should be placed on specific regions, for example, the Northeast. Meanwhile, relevant policies could be ineffective in some sub-periods without the occurrence of $$\sigma $$σ-convergence.
Journal: Applied Economics Letters
Pages: 539-543
Issue: 8
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1085634
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1085634
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Binder
Author-X-Name-First: Martin
Author-X-Name-Last: Binder
Title: Revisiting Cheerful Jane and Miserable John: the impact of income, good health, social contacts and education declines with increasing subjective well-being
Abstract: 
 This short note seeks to replicate the quantile regression analysis in Binder and Coad (2011), but taking into account individual-specific fixed effects (FE; using the British Household Panel Survey data set). It finds declining effects of the four main variables of interest (health, social life, income, education) over the quantiles of the subjective well-being distribution, with attenuated effect sizes for the FE model. Equivalized log income has a negative impact on subjective well-being throughout the distribution. Apart from a number of robustness checks, existing research is extended by looking into the quantile effects of the above variables on a set of domain satisfactions.
Journal: Applied Economics Letters
Pages: 544-553
Issue: 8
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1085635
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1085635
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:8:p:544-553




Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee
Author-X-Name-First: Mohsen
Author-X-Name-Last: Bahmani-Oskooee
Author-Name: Tsangyao Chang
Author-X-Name-First: Tsangyao
Author-X-Name-Last: Chang
Author-Name: Kuei-Chiu Lee
Author-X-Name-First: Kuei-Chiu
Author-X-Name-Last: Lee
Title: Panel asymmetric nonlinear unit root test and PPP in Africa
Abstract: 
 This study revisits purchasing power parity (PPP) theory for 20 African countries using panel asymmetric nonlinear unit root test proposed by Emirmahmutoglu and Omay (2014), through the sequential panel selection method of Chortareas and Kapetanios (2009). While standard panel unit root tests fail to support the PPP, the empirical results from panel asymmetric nonlinear unit root test do support the PPP. However, additional tests reveal that support in all 20 African countries is mostly due to stationarity of the real effective exchange rates of Ghana and Rwanda where the adjustment process towards equilibrium is nonlinear and asymmetric.
Journal: Applied Economics Letters
Pages: 554-558
Issue: 8
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1088132
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1088132
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:8:p:554-558




Template-Type: ReDIF-Article 1.0
Author-Name: Simon Medcalfe
Author-X-Name-First: Simon
Author-X-Name-Last: Medcalfe
Title: Are bidders in auctions anchored by their bidder number?
Abstract: 
 This article examines whether bidders in a school fundraising auction were anchored by their bidder number. We find no evidence that they were.
Journal: Applied Economics Letters
Pages: 559-561
Issue: 8
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1088133
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1088133
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:8:p:559-561




Template-Type: ReDIF-Article 1.0
Author-Name: Zhicheng Phil Xu
Author-X-Name-First: Zhicheng Phil
Author-X-Name-Last: Xu
Author-Name: Marco A. Palma
Author-X-Name-First: Marco A.
Author-X-Name-Last: Palma
Title: Consequential egalitarianism vs. accountability principle: an experimental investigation
Abstract: 
 We conducted a laboratory experiment to investigate how people’s fairness views and redistribution depend on different rooted risks, specifically whether the risk is exogenously assigned in a ‘pure-luck’ control assignment or endogenously chosen by subjects in an ‘option-luck’ treatment. This experiment examines two contradictory views about distributive justice, namely consequential egalitarianism and the accountability principle (AP). The results show widespread support for the view of AP when participants have the opportunity to alleviate the risks.
Journal: Applied Economics Letters
Pages: 562-565
Issue: 8
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1088134
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1088134
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:8:p:562-565




Template-Type: ReDIF-Article 1.0
Author-Name: Samuel R. Raisanen
Author-X-Name-First: Samuel R.
Author-X-Name-Last: Raisanen
Author-Name: Kathryn F. Birkeland
Author-X-Name-First: Kathryn F.
Author-X-Name-Last: Birkeland
Title: State appropriations and undergraduate borrowing: more debt, less money
Abstract: 
 When state appropriations decrease, public universities respond by raising tuition. Students borrow more in response to both tuition increases and appropriation cuts. This article investigates the feedback of how borrowing and tuition influence state appropriations. Using a panel data set of 450 four-year public universities from 1999 to 2012, we employ three-stage least squares techniques to control for the endogeneity between state appropriations, tuition and student borrowing. There is evidence that state policy-makers respond to increases in university tuition and student borrowing by decreasing future appropriation levels. After controlling for the effect of appropriations on tuition and borrowing, a one-dollar increase in student borrowing reduces state appropriations per student by $0.06, and a one-dollar increase in tuition results in a decrease of $0.45 in state appropriations per student. When universities increase tuition for reasons other than a reduction in state appropriations, policy-makers respond with a significant cut in future appropriations which could signal an incentive strategy.
Journal: Applied Economics Letters
Pages: 566-570
Issue: 8
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1088135
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1088135
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:8:p:566-570




Template-Type: ReDIF-Article 1.0
Author-Name: José Félix Sanz-Sanz
Author-X-Name-First: José Félix
Author-X-Name-Last: Sanz-Sanz
Title: Revenue-maximizing tax rates in personal income taxation in the presence of consumption taxes: a note
Abstract: 
 This article computes revenue-maximizing tax rates in personal income taxes in the presence of consumption taxes. It finds that the traditional Laffer analysis, which neglects the effects of marginal tax rates on consumption, overestimates the magnitude of revenue-maximizing tax rates. The bias caused by this oversight is computed.
Journal: Applied Economics Letters
Pages: 571-575
Issue: 8
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1088136
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1088136
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:8:p:571-575




Template-Type: ReDIF-Article 1.0
Author-Name: Klaus Grobys
Author-X-Name-First: Klaus
Author-X-Name-Last: Grobys
Title: Is the asset growth anomaly driven by macroeconomic states?
Abstract: 
 This study examines the asset growth anomaly in the presence of different macroeconomic states. The results show that the asset growth effect is strongly associated with macroeconomic conditions. When the economy is quiet, the spread between low and high investment firms is small and insignificant. In times of economic stress, the spread is economically large and statistically significant. The results support risk-based explanations for the asset growth effect in line with q-theory.
Journal: Applied Economics Letters
Pages: 576-579
Issue: 8
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1088137
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1088137
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:8:p:576-579




Template-Type: ReDIF-Article 1.0
Author-Name: Gabriele Marconi
Author-X-Name-First: Gabriele
Author-X-Name-Last: Marconi
Author-Name: Miroslav Beblavý
Author-X-Name-First: Miroslav
Author-X-Name-Last: Beblavý
Author-Name: Ilaria Maselli
Author-X-Name-First: Ilaria
Author-X-Name-Last: Maselli
Title: Age effects in Okun’s law with different indicators of unemployment
Abstract: 
 We reassess the results from the literature on the relationship between the youth unemployment rate and GDP growth (Okun’s law), based on the concern that the unemployment rate is not an ideal indicator for teenagers and young adults. Using the unemployment ratio instead, we find that youth unemployment (15–24 years old) is not significantly more responsive to economic growth than prime-age (25–64) unemployment. However, compared to prime-age unemployment, teenagers’ unemployment (15–19) is relatively unresponsive, whereas young adult’s (20–24) unemployment is more strongly correlated with economic growth. These results are quite different than those obtained with the unemployment rate as the dependent variable.
Journal: Applied Economics Letters
Pages: 580-583
Issue: 8
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1090540
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1090540
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:8:p:580-583




Template-Type: ReDIF-Article 1.0
Author-Name: Paramita Dhar
Author-X-Name-First: Paramita
Author-X-Name-Last: Dhar
Author-Name: Christina Robinson
Author-X-Name-First: Christina
Author-X-Name-Last: Robinson
Title: Physical activity and childhood obesity
Abstract: 
 More than one-third of American children and teenagers are considered overweight or obese. Unfortunately, obesity is often a persistent and dangerous health condition that is costly to manage. It is one of the leading causes of preventable death and combating the condition has become a national priority. To this end the two most common recommendations are: eat a healthier diet and increase physical activity. Using data from both the National Longitudinal Survey of Youth 1979 (NLSY79) and the NLSY79 Children and Young Adult files, this study examines the relationship between physical activity and the persistence of childhood obesity. More specifically, Cox-proportional hazard techniques are used to quantify the impact a child’s physical activity has on the likelihood that they exit an overweight or obese state. Results indicate that being physically active reduces the probability that an overweight or obese child remains overweight or obese. Strikingly, there is not a significant difference between children who are active daily and those who are active a few times per week, suggesting that being active may be more important than the frequency of activity.
Journal: Applied Economics Letters
Pages: 584-587
Issue: 8
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1090541
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1090541
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:8:p:584-587




Template-Type: ReDIF-Article 1.0
Author-Name: Takeshi Miyazaki
Author-X-Name-First: Takeshi
Author-X-Name-Last: Miyazaki
Title: Measurement of redistributive effect of tax rates from a longitudinal perspective: an application of the fixed taxable income approach
Abstract: 
 The primary objective of this article is to explore how the redistributive effects of tax rate change when using the fixed taxable income approach – where tax rates for each year in a period are applied to taxable income for a base year to calculate rate effects – instead of using an existing procedure to compute the rate effects. Standard rate effects are found to differ considerably from those calculated using the fixed taxable income approach in terms of both level and longitudinal trend.
Journal: Applied Economics Letters
Pages: 588-591
Issue: 8
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1090542
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1090542
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:8:p:588-591




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Whyte
Author-X-Name-First: Stephen
Author-X-Name-Last: Whyte
Author-Name: Benno Torgler
Author-X-Name-First: Benno
Author-X-Name-Last: Torgler
Title: Determinants of online sperm donor success: how women choose
Abstract: 
 Because the worldwide demand for sperm donors is much higher than the actual supply available through fertility clinics, an informal online market has emerged for sperm donation. Very little empirical evidence exists, however, on this newly formed market and even less on the characteristics that lead to donor success. This article therefore explores the determinants of online sperm donors’ selection success, which leads to the production of offspring via informal donation. We find that donor age and income play a significant role in donor success as measured by the number of times selected, even though there is no requirement for ongoing paternal investment. Donors with less extroverted and lively personality traits who are more intellectual, shy and systematic are more successful in realizing offspring via informal donation. These results contribute to both the economic literature on human behaviour and on large-scale decision-making.
Journal: Applied Economics Letters
Pages: 592-596
Issue: 8
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1090543
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1090543
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:8:p:592-596




Template-Type: ReDIF-Article 1.0
Author-Name: Alejandro Ricci-Risquete
Author-X-Name-First: Alejandro
Author-X-Name-Last: Ricci-Risquete
Author-Name: Julián Ramajo
Author-X-Name-First: Julián
Author-X-Name-Last: Ramajo
Author-Name: Francisco De Castro
Author-X-Name-First: Francisco
Author-X-Name-Last: De Castro
Title: Time-varying effects of fiscal policy in Spain: a Markov-switching approach
Abstract: 
 How have the effects of Spanish fiscal policy varied over time? Given this starting point, in this article we analyse the regime dependence of fiscal policy in Spain by estimating a vector autoregressive model within a Markov-switching framework. Our results indicate that Spain’s membership of the Economic and Monetary Union (EMU) is the most likely source of time variation in the fiscal outcomes. Accordingly, increases in the primary deficit-to-GDP ratio do not succeed in stimulating economic activity in the first regime; rather, unexpected upsurges in the primary deficit harm economic activity (non-Keynesian effect) in the second regime, which prevails since the ratification of the Maastricht Treaty.
Journal: Applied Economics Letters
Pages: 597-600
Issue: 8
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1090544
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1090544
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:8:p:597-600




Template-Type: ReDIF-Article 1.0
Author-Name: Yoshitaka Okano
Author-X-Name-First: Yoshitaka
Author-X-Name-Last: Okano
Title: Re-examination of team’s play in a mixed-strategy game experiment
Abstract: 
 Palacios-Huerta and Volij (2008) found that the behaviour of professional soccer players in two-person zero-sum games is consistent with minimax play, while Wooders (2010) re-examined their data and found inconsistencies in several respects. This study applies a similar analysis of Wooders (2010) to the experimental data in Okano (2013), which found that the behaviour of teams of two-student subjects conforms closely to minimax play, and addresses whether teams exhibit the same inconsistencies as professionals. Teams were found to have consistency with minimax play, with no tendencies similar to those of professionals.
Journal: Applied Economics Letters
Pages: 601-604
Issue: 8
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1090545
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1090545
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:8:p:601-604




Template-Type: ReDIF-Article 1.0
Author-Name: Isabel Abinzano
Author-X-Name-First: Isabel
Author-X-Name-Last: Abinzano
Author-Name: Luis Muga
Author-X-Name-First: Luis
Author-X-Name-Last: Muga
Author-Name: Rafael Santamaria
Author-X-Name-First: Rafael
Author-X-Name-Last: Santamaria
Title: Game, set and match: the favourite-long shot bias in tennis betting exchanges
Abstract: 
 We test for the existence of Favourite-Longshot Bias (FLB) in tennis betting exchanges. Despite these being order-driven markets, with no direct participation from bookmakers, we have found very similar results to those obtained by Lahvička (2014) for bookmakers’ betting markets: the bias is stronger in matches between lower-ranked players, in later round matches and in high profile tournaments. This suggests that bookmakers’ adjustments to respond to informed betting are not the main driver of FLB. The varying magnitude of the bias across different types of event in the main market also weakens arguments linking FLB to gamblers’ risk preferences, and suggests the need to consider the microstructure features of the market together with the cognitive biases highlighted in the behavioural finance literature.
Journal: Applied Economics Letters
Pages: 605-608
Issue: 8
Volume: 23
Year: 2016
Month: 5
X-DOI: 10.1080/13504851.2015.1093074
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1093074
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:8:p:605-608




Template-Type: ReDIF-Article 1.0
Author-Name: Boris Nikolaev
Author-X-Name-First: Boris
Author-X-Name-Last: Nikolaev
Author-Name: Pavel Rusakov
Author-X-Name-First: Pavel
Author-X-Name-Last: Rusakov
Title: Education and happiness: an alternative hypothesis
Abstract: 
 Recent research has documented a negative relationship between education and happiness. We test the hypothesis that the extent to which education makes an individual happy depends on their current age in life. We find suggestive evidence that people with higher education are more likely to be happier, on average, than their less educated counterparts starting in their early to mid-30s.
Journal: Applied Economics Letters
Pages: 827-830
Issue: 12
Volume: 23
Year: 2016
Month: 8
X-DOI: 10.1080/13504851.2015.1111982
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1111982
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:12:p:827-830




Template-Type: ReDIF-Article 1.0
Author-Name: D. Puciato
Author-X-Name-First: D.
Author-X-Name-Last: Puciato
Title: Socio-economic conditions of physical activity of manual workers from Wrocław
Abstract: 
 The article is aimed at evaluating the relationships existing between physical activity of manual workers from Wrocław and their socio-economic status. The survey completed in 2013 comprised 844 persons (300 women and 544 men), aged from 21 to 60 years. A method of diagnostic poll was used to assess physical activity, and the International Physical Activity Questionnaire in a short version was used as the survey instrument, with the form expanded by characteristics of socio-economic status. Most of surveyed Wrocław residents were making physical effort sufficient to achieve health benefits. Moreover, the probability of meeting physical activity standards defined by the World Health Organization was highest for people between 21 and 30 years of age, with secondary education, whose monthly gross income per person in a household did not exceed PLN 1000. The survey has shown the existence of physical activity relationships with such characteristics of socio-economic status of surveyed persons as age, education and income.
Journal: Applied Economics Letters
Pages: 831-834
Issue: 12
Volume: 23
Year: 2016
Month: 8
X-DOI: 10.1080/13504851.2015.1111983
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1111983
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:12:p:831-834




Template-Type: ReDIF-Article 1.0
Author-Name: Simon Sosvilla-Rivero
Author-X-Name-First: Simon
Author-X-Name-Last: Sosvilla-Rivero
Author-Name: Natalia Fernández-Fernández
Author-X-Name-First: Natalia
Author-X-Name-Last: Fernández-Fernández
Title: Unconventional monetary policy and the dollar–euro exchange rate: further evidence from event studies
Abstract: 
 New evidence is presented on the impact on the US dollar–euro (USD–EUR) exchange rate of the unconventional monetary policy conducted by the US Federal Reserve (FED) and the European Central Bank (ECB). To that end, we employ an event study approach using daily the USD–EUR exchange rate for the period from 2 January 2007 to 31 January 2015. Our results indicate that the announcement and subsequent implementation of such measures by the ECB would have caused in general an appreciation of the dollar, while those by the FED would have caused a depreciation of the dollar.
Journal: Applied Economics Letters
Pages: 835-839
Issue: 12
Volume: 23
Year: 2016
Month: 8
X-DOI: 10.1080/13504851.2015.1111984
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1111984
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:12:p:835-839




Template-Type: ReDIF-Article 1.0
Author-Name: Juan Pineiro-Chousa
Author-X-Name-First: Juan
Author-X-Name-Last: Pineiro-Chousa
Author-Name: Marcos Vizcaíno-González
Author-X-Name-First: Marcos
Author-X-Name-Last: Vizcaíno-González
Author-Name: Jérôme Caby
Author-X-Name-First: Jérôme
Author-X-Name-Last: Caby
Title: Analysing voting behaviour in the United States banking sector through eigenvalue decomposition
Abstract: 
 Using data about votes emitted by funds in corporate meetings held by US banks from 2003 to 2013, we propose a novel approach based on eigenvalue decomposition to address the issue of communality in voting decisions. Our results indicate that there is a main underlying feature that contributes to explain this voting behaviour. Also, a dimensionality reduction could be accomplished so that a subset of the original data can replicate the sample. These findings confirm that there may be a sort of homogeneous or systematic component when it comes to explain the voting pattern into the banking industry.
Journal: Applied Economics Letters
Pages: 840-843
Issue: 12
Volume: 23
Year: 2016
Month: 8
X-DOI: 10.1080/13504851.2015.1114568
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1114568
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:12:p:840-843




Template-Type: ReDIF-Article 1.0
Author-Name: Yunjie Fu
Author-X-Name-First: Yunjie
Author-X-Name-Last: Fu
Author-Name: Haiqi Li
Author-X-Name-First: Haiqi
Author-X-Name-Last: Li
Author-Name: Wei Ma
Author-X-Name-First: Wei
Author-X-Name-Last: Ma
Title: Real interest rate parity in Asian countries: evidence from the quantile unit root test
Abstract: 
 This article studies the real interest rate parity (RIP) for several Asian countries. This is done by examining the stationarity in the real interest rate differentials (rids) with respect to the US using the quantile unit root test. Our results show that rids exhibits unit-root behaviours in the lower quantile levels, and mean reversion in the upper quantile levels. Furthermore, large positive shocks tend to induce strong mean reversion and the adjustment towards the long-run equilibrium level is faster as rids gets larger, with shorter half-lives in the extreme quantile levels.
Journal: Applied Economics Letters
Pages: 844-848
Issue: 12
Volume: 23
Year: 2016
Month: 8
X-DOI: 10.1080/13504851.2015.1114569
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1114569
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:12:p:844-848




Template-Type: ReDIF-Article 1.0
Author-Name: Simon Condliffe
Author-X-Name-First: Simon
Author-X-Name-Last: Condliffe
Author-Name: Charles R. Link
Author-X-Name-First: Charles R.
Author-X-Name-Last: Link
Title: Registered nurses: the impact of wages on labour force participation and hours worked – are wages an effective mechanism for addressing RN shortages with evidence from 1960 to 2008?
Abstract: 
 Registered nurses (RNs) are critical producers and coordinators of patient care in acute and non-acute settings (Needleman et al. 2011). The Affordable Care Act coupled with an ageing population, are increasing demand for health care and, in turn, RNs. Numbering 3 million, RNs comprise the largest professional occupation in health care. Therefore, the labour force participation and hours worked are of keen interest to stakeholders and policymakers. Rising demand may exacerbate nursing shortages and have important effects on costs. We estimate the impact of wages on participation and hours worked as a possible policy tool to increase nursing supply. In 2008, the RN wage had a positive and significant effect on participation and a small positive but only marginally significant effect on hours worked given participation. The latter elasticity for married females (single females) was 0.11 (0.33). Therefore, the elasticity of hours worked with respect to the nurse wage is and unlikely to have an important effect on the participation rates or hours worked of currently trained female RNs. Consequently, wage increases are unlikely to be an effective policy to increase the labour supply among the currently licensed RNs and will not relieve any short-term nursing shortage.
Journal: Applied Economics Letters
Pages: 849-852
Issue: 12
Volume: 23
Year: 2016
Month: 8
X-DOI: 10.1080/13504851.2015.1114570
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1114570
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:12:p:849-852




Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Darolia
Author-X-Name-First: Rajeev
Author-X-Name-Last: Darolia
Author-Name: Cory Koedel
Author-X-Name-First: Cory
Author-X-Name-Last: Koedel
Author-Name: Paco Martorell
Author-X-Name-First: Paco
Author-X-Name-Last: Martorell
Author-Name: Katie Wilson
Author-X-Name-First: Katie
Author-X-Name-Last: Wilson
Author-Name: Francisco Perez-Arce
Author-X-Name-First: Francisco
Author-X-Name-Last: Perez-Arce
Title: Race and gender effects on employer interest in job applicants: new evidence from a resume field experiment
Abstract: 
 We sent nearly 9000 fictitious resumes to advertisements for job openings in seven major cities in the United States across six occupational categories. We randomly assigned names to the resumes that convey race and gender but for which a strong socio-economic connotation is not implicated. We find little evidence of systematic employer preferences for applicants from particular race and gender groups.
Journal: Applied Economics Letters
Pages: 853-856
Issue: 12
Volume: 23
Year: 2016
Month: 8
X-DOI: 10.1080/13504851.2015.1114571
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1114571
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:12:p:853-856




Template-Type: ReDIF-Article 1.0
Author-Name: Pornsit Jiraporn
Author-X-Name-First: Pornsit
Author-X-Name-Last: Jiraporn
Author-Name: Veeranuch Leelalai
Author-X-Name-First: Veeranuch
Author-X-Name-Last: Leelalai
Author-Name: Shenghui Tong
Author-X-Name-First: Shenghui
Author-X-Name-Last: Tong
Title: The effect of managerial ability on dividend policy: how do talented managers view dividend payouts?
Abstract: 
 We contribute to the literature on dividend policy by relaxing Miller and Modigliani’s (1961) perfect capital market assumptions and incorporating a factor that has not been investigated before, that is, variation in managerial ability. Based on more than 24 000 observations across over 20 years (1989–2011), our results show that firms with more talented executives are more likely to pay dividends and, among firms that pay dividends, pay significantly larger dividends. A rise in managerial ability by one SD raises the propensity to pay dividends by 27% and, for firms that pay dividends, increases dividend payouts by 29%. Our results are consistent with the notion that talented managers, confident in their ability to keep the firm profitable, are more willing to pay larger dividends because they are less concerned about having to reduce dividends in the future. Further analysis shows that our results are not likely vulnerable to endogeneity.
Journal: Applied Economics Letters
Pages: 857-862
Issue: 12
Volume: 23
Year: 2016
Month: 8
X-DOI: 10.1080/13504851.2015.1114572
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1114572
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:12:p:857-862




Template-Type: ReDIF-Article 1.0
Author-Name: J. Parreño
Author-X-Name-First: J.
Author-X-Name-Last: Parreño
Author-Name: F. Ruiz
Author-X-Name-First: F.
Author-X-Name-Last: Ruiz
Author-Name: C. Casanueva
Author-X-Name-First: C.
Author-X-Name-Last: Casanueva
Title: Effectiveness of pre-commitments on reducing asymmetrical information in equity issues
Abstract: 
 The aim of this article is to find out whether or not consideration of significant shareholders announcement of intention to exercise subscription rights makes a difference in eliminating or reducing the effects of asymmetrical information in equity offerings with pre-emptive rights on the Spanish Stock Market. For the 17 years of equity issues covered, we find that the type of underwriting arrangements has not a statistically significant impact on the issues’ Excess Risk Adjusted Return. The main contribution of this study is the finding of a statistically significant negative impact on returns either when the significant shareholders indicate their intention not to subscribe or when not enough information is provided about their intention. We also find a statistically significant reinforcing negative effect on returns in the case of simultaneous lack of commitment on the part of significant shareholders, and non-underwritten equity issues.
Journal: Applied Economics Letters
Pages: 863-867
Issue: 12
Volume: 23
Year: 2016
Month: 8
X-DOI: 10.1080/13504851.2015.1114573
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1114573
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:12:p:863-867




Template-Type: ReDIF-Article 1.0
Author-Name: Ho-Chuan Huang
Author-X-Name-First: Ho-Chuan
Author-X-Name-Last: Huang
Author-Name: Chih-Chuan Yeh
Author-X-Name-First: Chih-Chuan
Author-X-Name-Last: Yeh
Author-Name: Kuang-Ping Ku
Author-X-Name-First: Kuang-Ping
Author-X-Name-Last: Ku
Author-Name: Shu-Chuan Lin
Author-X-Name-First: Shu-Chuan
Author-X-Name-Last: Lin
Title: The effects of inflation targeting on Okun’s law
Abstract: 
 This article provides the first empirical evidence that the adoption of inflation targeting (IT) matters for the extent of tradeoff between unemployment and output, that is Okun’s law. Our full sample results indicate that IT leads to a more negative Okun’s coefficient, suggesting that, for a given reduction of output, the introduction of IT is associated with a higher unemployment rate. Subsample analyses reveal that the whole sample results are mainly driven by the industrial subsample outcomes, not the developing counterparts. Our findings point out that IT not only influences macroeconomic variables per se but also affects the relationship between/among macroeconomic variables.
Journal: Applied Economics Letters
Pages: 868-874
Issue: 12
Volume: 23
Year: 2016
Month: 8
X-DOI: 10.1080/13504851.2015.1117037
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1117037
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:12:p:868-874




Template-Type: ReDIF-Article 1.0
Author-Name: R. S. Wall
Author-X-Name-First: R. S.
Author-X-Name-Last: Wall
Author-Name: S. Stavropoulos
Author-X-Name-First: S.
Author-X-Name-Last: Stavropoulos
Title: Smart cities within world city networks
Abstract: 
 A substantiated definition of smart cities is urgently required. In this note, we explore the crossover between smart city and world city network literature. We argue that this crossover can contribute to the theoretical and empirical development of smart city literature. The results show that indeed, besides territorial measures, network measures, e.g. indegree and inward distance, are important in explaining the smartness of cities. Based on this, we recommend that smart cities include city network characteristics in future planning.
Journal: Applied Economics Letters
Pages: 875-879
Issue: 12
Volume: 23
Year: 2016
Month: 8
X-DOI: 10.1080/13504851.2015.1117038
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1117038
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:12:p:875-879




Template-Type: ReDIF-Article 1.0
Author-Name: Corinne Sullivan
Author-X-Name-First: Corinne
Author-X-Name-Last: Sullivan
Author-Name: Michael A. Leeds
Author-X-Name-First: Michael A.
Author-X-Name-Last: Leeds
Title: Will the games pay? An event analysis of the 2020 summer Olympics announcement on stock markets in Japan, Spain, and Turkey
Abstract: 
 As a wealthy, highly developed city with many existing athletic facilities, Tokyo seems uniquely placed to profit from hosting the 2020 Olympics and boost the Japanese economy. We test this hypothesis using event analysis to determine whether the holding period return on Tokyo’s Nikkei 225 stock index showed abnormal returns following the IOC’s announcement that Tokyo would host the 2020 Summer Games. We use the same technique to investigate whether the stock markets in Madrid or Istanbul – the other finalist cities – showed abnormally low holding period returns in the wake of the announcement.
Journal: Applied Economics Letters
Pages: 880-883
Issue: 12
Volume: 23
Year: 2016
Month: 8
X-DOI: 10.1080/13504851.2015.1117039
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1117039
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:12:p:880-883




Template-Type: ReDIF-Article 1.0
Author-Name: Adrian Oţoiu
Author-X-Name-First: Adrian
Author-X-Name-Last: Oţoiu
Author-Name: Emilia Ţiţan
Author-X-Name-First: Emilia
Author-X-Name-Last: Ţiţan
Title: Does the unemployment invariance hypothesis hold for Romania?
Abstract: 
 This article questions whether the unemployment invariance hypothesis of Layard et al. (2005), which states that movements in labour force do not significantly affect unemployment rates, holds true for Romania. Using quarterly labour force data for the 1996–2012 period, we explore the time-series properties of the two variables. We find that unemployment rates and participation rates have unit roots, and that they are not cointegrated, meaning that no significant long-term relationship exists between them. The analysis carried out on the first differences of unemployment rates and participation rates shows discouraged and added worker effects for Romania’s female labour force. This conclusion diverges from findings that point out to a stable, long-term relationship between unemployment and participation in several developed countries (Japan, Sweden, USA) and shows that Romanian labour market is highly adaptive, where changes in labour force participation do not lead to increases in unemployment. This finding can help model the influence of adverse developments such as ageing and emigration, and show their true impact beyond demographic doom scenarios. It also points out the role played by labour demand in shaping the evolution of the Romanian labour market.
Journal: Applied Economics Letters
Pages: 884-887
Issue: 12
Volume: 23
Year: 2016
Month: 8
X-DOI: 10.1080/13504851.2015.1117040
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1117040
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:12:p:884-887




Template-Type: ReDIF-Article 1.0
Author-Name: S. Sajeesh
Author-X-Name-First: S.
Author-X-Name-Last: Sajeesh
Title: Influence of market-level and inter-firm differences in costs on product positioning and pricing
Abstract: 
 The objective of this article is to study the impact of differentiation and firm positioning on firm’s pricing decisions in a horizontally differentiated competitive market. We build a parsimonious game-theoretic model and analyse simultaneous entry of firms. The effect of differentiation is modelled as an additional cost incurred by both firms based on the degree of differentiation between the firms. The cost of positioning is modelled as a market level cost affecting both firms whereby firms incur a cost if they want to position themselves away from the centre of distribution of consumers. Our analysis provides some surprising results, explains some conflicting empirical observations documented in previous research and may also be useful for further empirical research in this area by providing sharper predictions about the impact of various types of costs on market outcomes. For example, we find that if the cost of positioning is sufficiently high, then a firm with lower cost of differentiation charges a higher price in equilibrium, even when no differences in exogenous costs exist. We also find that under some circumstances the cost disadvantaged firm can enjoy higher price-cost margins compared to the cost leader thereby suggesting that higher costs could be a blessing in disguise.
Journal: Applied Economics Letters
Pages: 888-896
Issue: 12
Volume: 23
Year: 2016
Month: 8
X-DOI: 10.1080/13504851.2015.1117041
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1117041
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:12:p:888-896




Template-Type: ReDIF-Article 1.0
Author-Name: Katharina Rath
Author-X-Name-First: Katharina
Author-X-Name-Last: Rath
Author-Name: Klaus Wohlrabe
Author-X-Name-First: Klaus
Author-X-Name-Last: Wohlrabe
Title: Recent trends in co-authorship in economics: evidence from RePEc
Abstract: 
 This article investigates the recent trends in co-authorship in economics. Using data from more than 700 000 journal articles we show that the average number of authors per article has increased over the last years. This process is likely to be continued in the future. In a regression analysis, we present evidence how the authorship of papers is related to the number of citations, the JEL classification, the number of journal pages and the length of the title.
Journal: Applied Economics Letters
Pages: 897-902
Issue: 12
Volume: 23
Year: 2016
Month: 8
X-DOI: 10.1080/13504851.2015.1119783
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1119783
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:12:p:897-902




Template-Type: ReDIF-Article 1.0
Author-Name: Susane Leguizamon
Author-X-Name-First: Susane
Author-X-Name-Last: Leguizamon
Title: Who cares about relative status? A quantile approach to consumption of relative house size
Abstract: 
 I estimate the willingness to pay (WTP) to live in a house near neighbours with relatively smaller (or larger) houses using housing transaction data. I find that consumers in the 50th and 75th percentile are willing to pay the most for an increase in relative housing consumption while consumers in the lower percentiles and the highest percentile yield a smaller, and statistically insignificant, WTP. This gives evidence to popular media reports that the middle class values relative status the most.
Journal: Applied Economics Letters
Pages: 307-312
Issue: 5
Volume: 23
Year: 2016
Month: 3
X-DOI: 10.1080/13504851.2015.1066485
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1066485
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:5:p:307-312




Template-Type: ReDIF-Article 1.0
Author-Name: Todd Gabe
Author-X-Name-First: Todd
Author-X-Name-Last: Gabe
Title: Effects of the October 2013 U.S. Federal government shutdown on National Park gateway communities: the case of Acadia National Park and Bar Harbor, Maine
Abstract: 
 The U.S. Federal Government experienced a shutdown that halted much of its spending and services over 16 days in October 2013. Federal government officials noted a wide variety of impacts that the shutdown had on economic activity, including a reduction in the admission fees collected by the National Park Service and losses of visitor spending in ‘gateway communities’ located near national parks and monuments. This article examines the effects of the October 2013 federal government shutdown on Acadia National Park’s gateway community of Bar Harbor, Maine. Regression results show that the 16-day shutdown is associated with a 76% reduction in Acadia visitation in October 2013 and a 13% reduction in tourism-related sales. This suggests that an estimated 17% of the potential visitors impacted by the Acadia closure cancelled their trips to Bar Harbor. This change in visitor behaviour is a reasonably large response to a short-term event such as the government shutdown.
Journal: Applied Economics Letters
Pages: 313-317
Issue: 5
Volume: 23
Year: 2016
Month: 3
X-DOI: 10.1080/13504851.2015.1071465
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1071465
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:5:p:313-317




Template-Type: ReDIF-Article 1.0
Author-Name: Steve Cook
Author-X-Name-First: Steve
Author-X-Name-Last: Cook
Title: Finite-sample size distortion of the AESTAR unit root test: GARCH, corrected variance–covariance matrix estimators and adjusted critical values
Abstract: 
 The behaviour of the asymmetric exponential smooth transition autoregressive (AESTAR) unit root test, which allows for asymmetric and nonlinear reversion to equilibrium, is examined in the presence of generalized autoregressive conditional heteroscedasticity (GARCH). It is found that while the test is relatively robust in the presence of ‘low volatility’ GARCH processes, it exhibits substantial size distortion when large values of the volatility parameter are considered. Attempted resolution via the routine application of heteroscedasticity consistent (or ‘corrected’) covariance matrix estimators (HCCMEs) is shown to result in overwhelming size distortion due to their impact upon the finite-sample distribution of the underlying test statistic. However, application of a corrected HCCME, in combination with critical values derived specifically under its use, results in the control of test size. Analogous results for the Dickey–Fuller (1979) test are presented to permit comparison with a test considering linear, symmetric adjustment. It is found that the AESTAR test is subject to far greater distortion than its linear, symmetric alternative. In summary, the results indicate that caution must be exercised when applying the AESTAR test to macroeconomic and financial time series, particularly if routine application of corrected covariance matrix estimators occurs.
Journal: Applied Economics Letters
Pages: 318-323
Issue: 5
Volume: 23
Year: 2016
Month: 3
X-DOI: 10.1080/13504851.2015.1071467
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1071467
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:5:p:318-323




Template-Type: ReDIF-Article 1.0
Author-Name: Yasunori Ouchida
Author-X-Name-First: Yasunori
Author-X-Name-Last: Ouchida
Author-Name: Daisaku Goto
Author-X-Name-First: Daisaku
Author-X-Name-Last: Goto
Title: Cournot duopoly and environmental R&D under regulator’s precommitment to an emissions tax
Abstract: 
 This study examines the environmental R&D (E-R&D) of Cournot duopolists with end-of-pipe technology under a regulator’s precommitment to an emissions tax. Under technological spillover effect, the government invariably prefers E-R&D cartelization to E-R&D competition. Highly contrary to earlier studies, consumer surplus is not necessarily maximized by environmental research joint venture cartelization, although this offers private and social incentives.
Journal: Applied Economics Letters
Pages: 324-331
Issue: 5
Volume: 23
Year: 2016
Month: 3
X-DOI: 10.1080/13504851.2015.1073831
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1073831
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:5:p:324-331




Template-Type: ReDIF-Article 1.0
Author-Name: Limin Du
Author-X-Name-First: Limin
Author-X-Name-Last: Du
Author-Name: Aoife Hanley
Author-X-Name-First: Aoife
Author-X-Name-Last: Hanley
Author-Name: Katrin Rehdanz
Author-X-Name-First: Katrin
Author-X-Name-Last: Rehdanz
Title: China’s CO2 emissions from power generating stations and the role of subsidies – a first exploration
Abstract: 
 Our analysis is the first of its kind to explore patterns of subsidization and CO2 emissions in China’s electricity-producing sector. Applying data for all power plants across China and controlling for the age, capacity and location of generating stations, we find that plants attracting a higher government subsidy are also the plants generating a disproportionate share of CO2 emissions. This distortion is incongruent with China’s aspiration for a greener economy but may be eliminated if China delivers on its November 2013 announcement to review many industry subsidies on its way to a fully fledged market economy.
Journal: Applied Economics Letters
Pages: 332-335
Issue: 5
Volume: 23
Year: 2016
Month: 3
X-DOI: 10.1080/13504851.2015.1073832
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1073832
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:5:p:332-335




Template-Type: ReDIF-Article 1.0
Author-Name: Yu You
Author-X-Name-First: Yu
Author-X-Name-Last: You
Author-Name: Yoonbai Kim
Author-X-Name-First: Yoonbai
Author-X-Name-Last: Kim
Author-Name: Lei Hou
Author-X-Name-First: Lei
Author-X-Name-Last: Hou
Title: Exchange rate regime classifications and exchange rate variability
Abstract: 
 It is well known that the exchange rate regime (ERR) declared to the IMF is often different from the actual regime. Several alternative schemes for de facto regime classification have been developed. In this article, we compare the ability of four popular schemes to track exchange rate variability (ERV). We find that the existing ERR classifications do not match well with the degree of ERV, especially for intermediate regimes. For instance, in the Levy-Yeyati and Sturzenegger (2003) coding, the intermediate regimes exhibit greater ERV than the floaters. On the other hand, for the Reinhart and Rogoff (2004) coding, the fixers show greater variability than some intermediates.
Journal: Applied Economics Letters
Pages: 336-340
Issue: 5
Volume: 23
Year: 2016
Month: 3
X-DOI: 10.1080/13504851.2015.1073833
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1073833
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:5:p:336-340




Template-Type: ReDIF-Article 1.0
Author-Name: Cesar L. Escalante
Author-X-Name-First: Cesar L.
Author-X-Name-Last: Escalante
Author-Name: Ya Wu
Author-X-Name-First: Ya
Author-X-Name-Last: Wu
Author-Name: Xiaofei Li
Author-X-Name-First: Xiaofei
Author-X-Name-Last: Li
Title: Organic farms' seasonal farm labour-sourcing strategies in the pre-‘Arizona’ mode of immigration control
Abstract: 
 This study analysed the strategies of the more labour-intensive organic farms in sourcing seasonal farmworkers for their operations. The study period (2002) captures the farm labour market conditions prior to enforcement of stricter ‘Arizona’ style of immigration controls. Farmers at that time usually would tend to exhaust the full potentials of family labour contributions before relying on off-farm labour sources. When off-farm workers were considered, the results establish the farms' dependence on foreign labourers for seasonal farm work, although farmers seemed to have already been more cautiously hiring these workers in areas with lower concentrations of undocumented workers. This study also confirmed that farmers generally used high wage offers (possibly directed to domestic workers with more employment options) to lure them into working in their farms. The results also emphasize the need for improvements in the H2A guest farmworker visa programme that did not offer significant remedy for seasonal farm labour hiring at that time.
Journal: Applied Economics Letters
Pages: 341-346
Issue: 5
Volume: 23
Year: 2016
Month: 3
X-DOI: 10.1080/13504851.2015.1073834
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1073834
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:5:p:341-346




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Pierdzioch
Author-X-Name-First: Christian
Author-X-Name-Last: Pierdzioch
Author-Name: Marian Risse
Author-X-Name-First: Marian
Author-X-Name-Last: Risse
Author-Name: Sebastian Rohloff
Author-X-Name-First: Sebastian
Author-X-Name-Last: Rohloff
Title: A boosting approach to forecasting gold and silver returns: economic and statistical forecast evaluation
Abstract: 
 We use a boosting algorithm to forecast the returns of gold and silver prices. We then study the implications of using different information criteria to terminate the boosting algorithm in terms of the statistical and economic performance of a forecasting model. Our findings demonstrate that information criteria that select parsimonious forecasting models perform better in statistical terms than information criteria that select relatively complex forecasting models, but this good performance does not necessarily survive an economic performance evaluation.
Journal: Applied Economics Letters
Pages: 347-352
Issue: 5
Volume: 23
Year: 2016
Month: 3
X-DOI: 10.1080/13504851.2015.1073835
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1073835
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:5:p:347-352




Template-Type: ReDIF-Article 1.0
Author-Name: Volkan Ülke
Author-X-Name-First: Volkan
Author-X-Name-Last: Ülke
Author-Name: M. Hakan Berument
Author-X-Name-First: M. Hakan
Author-X-Name-Last: Berument
Title: Asymmetric effects of monetary policy shocks on economic performance: empirical evidence from Turkey
Abstract: 
 This study investigates the asymmetric effects of monetary policy shocks on the macroeconomic variables of exchange rate, output and inflation for an emerging economy ‒ Turkey ‒ by using monthly data between 1990 and 2014. We employ the innovative nonlinear vector autoregressive model of Kilian and Vigfusson (2011), which allows us to observe the effect of different stances (tight or loose) and different sizes (small or large) of monetary policy actions. Our empirical evidence reveals that tight monetary policy, which, in this case, is captured with a positive shock to interest rate, decreases exchange rate, output and prices, as economic theory suggests. Loose monetary policy, which is captured with a negative shock to interest rate, has the opposite effect on these variables. However, the effects of loose monetary policy are weaker than the effects of tight monetary policy because loose monetary policy shocks are less effective than tight monetary policy shocks. Moreover, as the magnitude of a shock increases, the difference between the effects of tight and loose monetary policy policies also increases.
Journal: Applied Economics Letters
Pages: 353-360
Issue: 5
Volume: 23
Year: 2016
Month: 3
X-DOI: 10.1080/13504851.2015.1073836
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1073836
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:5:p:353-360




Template-Type: ReDIF-Article 1.0
Author-Name: Arlette Beltrán
Author-X-Name-First: Arlette
Author-X-Name-Last: Beltrán
Title: Does corruption increase or decrease employment in firms?
Abstract: 
 We use representative data for firms for Latin American firms and show that corruption decreases employment in firms. This result is robust to changes in specification and also consistent with the use of an instrumental variables approach. Corruption appears to negatively impact the growth and wealth in a country, not by introducing labour distortion in firms, but by keeping them small.
Journal: Applied Economics Letters
Pages: 361-364
Issue: 5
Volume: 23
Year: 2016
Month: 3
X-DOI: 10.1080/13504851.2015.1076137
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1076137
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:5:p:361-364




Template-Type: ReDIF-Article 1.0
Author-Name: Manish Kumar Singh
Author-X-Name-First: Manish Kumar
Author-X-Name-Last: Singh
Title: Determinants of bank risk behaviour in EMU countries
Abstract: 
 This article investigates the determinants of banking sector risk behaviour in EMU countries over the period 2004Q4–2013Q3. Average ‘Distance-to-default (DtD)’ based on all publicly listed banks headquartered in a particular country is used as an indicator of banking risk. Macroeconomic fundamentals, market sentiments and gross debt-to-GDP together with private debt are considered as factors explaining risk behaviour. Using a panel framework, I found that the market sentiments, debt-to-GDP ratio and nonfinancial institutions debt significantly affect banking sector fragility.
Journal: Applied Economics Letters
Pages: 365-368
Issue: 5
Volume: 23
Year: 2016
Month: 3
X-DOI: 10.1080/13504851.2015.1076138
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1076138
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:5:p:365-368




Template-Type: ReDIF-Article 1.0
Author-Name: Micheline Goedhuys
Author-X-Name-First: Micheline
Author-X-Name-Last: Goedhuys
Author-Name: Leo Sleuwaegen
Author-X-Name-First: Leo
Author-X-Name-Last: Sleuwaegen
Title: High-growth versus declining firms: the differential impact of human capital and R&D
Abstract: 
 We provide evidence that both human capital and R&D increase the likelihood that a firm will be a high-growth firm in the industry. However, different from human capital, being an R&D active firm also increases the probability of substantial decline or failure, underscoring the risky nature of innovation. Quantile regression results show that, different from R&D, human capital is growth-enhancing for all firms, hence also those located in the lower quantiles of the distribution of growth rates across firms.
Journal: Applied Economics Letters
Pages: 369-372
Issue: 5
Volume: 23
Year: 2016
Month: 3
X-DOI: 10.1080/13504851.2015.1076139
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1076139
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:5:p:369-372




Template-Type: ReDIF-Article 1.0
Author-Name: Kurt W. Rotthoff
Author-X-Name-First: Kurt W.
Author-X-Name-Last: Rotthoff
Author-Name: Kaylyn R. Sanbower
Author-X-Name-First: Kaylyn R.
Author-X-Name-Last: Sanbower
Title: Professional ‘amateurs’ in the NCAA: the impact of downstream demand
Abstract: 
 We argue that student-athletes are amateur in title only; they are actually professional athletes in all accounts of their actions. This occurs because of the downstream demand of their athletic success: coaches are paid professionals. As a paid professional, these coaches are held accountable for the performances of their team, i.e. they are hired and fired based on this performance. Within the constraints of the National Collegiate Athletic Association guidelines, coaches make the rules for their athletes, which the athletes are required to follow. As such, the athletes themselves are professionals acting under professional incentives and are amateurs in title only.
Journal: Applied Economics Letters
Pages: 373-376
Issue: 5
Volume: 23
Year: 2016
Month: 3
X-DOI: 10.1080/13504851.2015.1076140
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1076140
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:apeclt:v:23:y:2016:i:5:p:373-376




Template-Type: ReDIF-Article 1.0
Author-Name: Edinaldo Tebaldi
Author-X-Name-First: Edinaldo
Author-X-Name-Last: Tebaldi
Author-Name: Laura Beaudin
Author-X-Name-First: Laura
Author-X-Name-Last: Beaudin
Title: Climate change and economic growth in Brazil
Abstract: 
 Brazil has felt the effects of climate change through significant variability in precipitation resulting in droughts and floods (Grimm, Pal, and Giorgi 2007; Verner and Tebaldi, forthcoming). This article contributes to the literature by examining the impact of rainfall variations on GDP growth rates of Brazilian states. The estimates suggest that spring droughts as well as spring droughts combined with summer floods impact Northeastern Brazil most severely. Because the Northeast has historically been the most economically deprived region in the country, the results suggest that climate events could aggravate inequality throughout the nation.
Journal: Applied Economics Letters
Pages: 377-381
Issue: 5
Volume: 23
Year: 2016
Month: 3
X-DOI: 10.1080/13504851.2015.1076141
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1076141
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:5:p:377-381




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Schaub
Author-X-Name-First: Mark
Author-X-Name-Last: Schaub
Title: Early wealth effects of Asia Pacific and European NASDAQ-listed ADRs: a comparison of 1990s and 2000s issues
Abstract: 
 This study provides the one-month excess performance analysis of the 75 Asia Pacific and 77 European equities listed in the NASDAQ as American Depository Receipts (ADRs) from 1990 through 2009. The sample is broken down not only by region of issue, but also by timing of the issue (listed in the 1990s versus 2000s). ADRs from the Asia Pacific region outperformed the NASDAQ on average by 7.2% for the 1990s issues while those listed in the 2000s decade underperformed by 4.3% in the first month of trading. However, the monthly excess returns of European ADRs exceeded the NASDAQ by 6.2% and 6.1%, respectively, for each decade. Results suggest investing in newly listed ADRs from these regions may provide investors with early returns that exceed the market index.
Journal: Applied Economics Letters
Pages: 382-387
Issue: 5
Volume: 23
Year: 2016
Month: 3
X-DOI: 10.1080/13504851.2015.1076142
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1076142
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:5:p:382-387




Template-Type: ReDIF-Article 1.0
Author-Name: Caiyun Liu
Author-X-Name-First: Caiyun
Author-X-Name-Last: Liu
Author-Name: Hui Jiang
Author-X-Name-First: Hui
Author-X-Name-Last: Jiang
Title: Impact of CEO characteristics on firm performance: evidence from China listed firms
Abstract: 
 This paper investigates the influence of CEO characteristics on firm performance. Our sample data consists of 10,446 observations from Chinese listed companies taken during the period 2008–2016. After applying a Quantile Regression approach, we find that CEO age has no obvious impact on firm performance, a finding that clearly differs from previous research. CEO tenure only has a highly significant negative impact on high valuation firms (at the 75th and 90th). Furthermore, while CEO political ties are positively related to low valuation firms, the exact opposite effect is evidenced in relation to high-performance firms.
Journal: Applied Economics Letters
Pages: 1-5
Issue: 14
Volume: 27
Year: 2020
Month: 7
X-DOI: 10.1080/13504851.2019.1607965
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1607965
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:14:p:1-5




Template-Type: ReDIF-Article 1.0
Author-Name: Aviral Kumar Tiwari
Author-X-Name-First: Aviral Kumar
Author-X-Name-Last: Tiwari
Author-Name: Rangan Gupta
Author-X-Name-First: Rangan
Author-X-Name-Last: Gupta
Author-Name: Mark E. Wohar
Author-X-Name-First: Mark E.
Author-X-Name-Last: Wohar
Title: Is the Housing Market in the United States Really Weakly-Efficient?
Abstract: 
 We analyse the directional predictability of a daily dataset of aggregate and regional (10 major metropolitan cities) housing markets of the United States using the quantilogram – a model-free procedure. We overwhelmingly reject the weak-form of the efficient market hypothesis (EMH), which has been derived thus far by the extant literature based on unit root tests and long-memory models.
Journal: Applied Economics Letters
Pages: 1124-1134
Issue: 14
Volume: 27
Year: 2020
Month: 7
X-DOI: 10.1080/13504851.2019.1673296
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1673296
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:14:p:1124-1134




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Schaub
Author-X-Name-First: Mark
Author-X-Name-Last: Schaub
Author-Name: H. Banker Phares
Author-X-Name-First: H. Banker
Author-X-Name-Last: Phares
Title: Cryptocurrency value changes in response to national elections: do they behave like money or commodities?
Abstract: 
 This study examines changes in the value of Bitcoin after the BREXIT and US Presidential elections in 2016 to determine whether it and other cryptocurrencies experienced value changes associated with the vote outcomes. For comparative purposes, Bitcoin is also compared to currencies such as the Great Britain Pound, Mexican Peso and Special Drawing Rights to determine whether Bitcoin values change like currencies. Some evidence showed changes in the value of Bitcoin were weakly similar to store-of-wealth commodities like gold and silver. Overall, the election-window volatility of cryptocurrencies was much higher than the preceding one-year average for the BREXIT vote but less volatile than the one-year average for the US election vote.
Journal: Applied Economics Letters
Pages: 1135-1140
Issue: 14
Volume: 27
Year: 2020
Month: 7
X-DOI: 10.1080/13504851.2019.1673297
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1673297
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Template-Type: ReDIF-Article 1.0
Author-Name: Yi Li
Author-X-Name-First: Yi
Author-X-Name-Last: Li
Author-Name: Wei Zhang
Author-X-Name-First: Wei
Author-X-Name-Last: Zhang
Author-Name: Xiong Xiong
Author-X-Name-First: Xiong
Author-X-Name-Last: Xiong
Author-Name: Pengfei Wang
Author-X-Name-First: Pengfei
Author-X-Name-Last: Wang
Title: Does size matter in the cryptocurrency market?
Abstract: 
 This paper examines the size effect in the cryptocurrency market with a sample of more than 1800 cryptocurrencies over the period from January 2014 to May 2019. We find that cryptocurrencies with small market value tend to perform better in the future, which challenges the Efficient Market Hypothesis. The size effect is stable over the sample period and robust to the sample size. The prior returns and liquidity also have an impact on the size effect. In addition, our findings provide practical implications for cryptocurrency investors.
Journal: Applied Economics Letters
Pages: 1141-1149
Issue: 14
Volume: 27
Year: 2020
Month: 7
X-DOI: 10.1080/13504851.2019.1673298
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1673298
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:14:p:1141-1149




Template-Type: ReDIF-Article 1.0
Author-Name: Peng Li
Author-X-Name-First: Peng
Author-X-Name-Last: Li
Author-Name: Yaofu Ouyang
Author-X-Name-First: Yaofu
Author-X-Name-Last: Ouyang
Author-Name: Lina Zhang
Author-X-Name-First: Lina
Author-X-Name-Last: Zhang
Title: The nonlinear impact of renewable energy on CO2 emissions: empirical evidence across regions in China
Abstract: 
 This paper studies the nonlinear impact of renewable energy on CO2 emissions with a panel of 30 Chinese provinces over the period 1990–2016. The Pooled Mean Group (PMG) estimator is applied for estimation, allowing for both long-run effects and short-run heterogeneity across provinces. The results reveal an inverted U-shaped relationship between renewable energy and CO2 emissions.
Journal: Applied Economics Letters
Pages: 1150-1155
Issue: 14
Volume: 27
Year: 2020
Month: 7
X-DOI: 10.1080/13504851.2019.1673878
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1673878
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:14:p:1150-1155




Template-Type: ReDIF-Article 1.0
Author-Name: Kai Lisa Lo
Author-X-Name-First: Kai Lisa
Author-X-Name-Last: Lo
Author-Name: Jackson Jinhong Mi
Author-X-Name-First: Jackson Jinhong
Author-X-Name-Last: Mi
Author-Name: Minhua Yang
Author-X-Name-First: Minhua
Author-X-Name-Last: Yang
Author-Name: Shuyu Zhang
Author-X-Name-First: Shuyu
Author-X-Name-Last: Zhang
Title: Do financial regulations have impacts on ownership structure of P2P firms?
Abstract: 
 We assess the impacts of ownership structures on China’s P2P lending platforms. We classify data into private and non-private groups, and we use the information such as turnovers and net inflows to capture firm performance. The findings suggest that investors prefer non-private to private P2P platforms before and after related financial regulations. Private platforms thus increase their interest rates to attract borrowers, which surges systematic risks. Such results are especially dominant for P2P platforms in non-BSGS cities, indicating the difficultly private platforms compete against financial regulations.
Journal: Applied Economics Letters
Pages: 1156-1159
Issue: 14
Volume: 27
Year: 2020
Month: 7
X-DOI: 10.1080/13504851.2019.1675859
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1675859
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:14:p:1156-1159




Template-Type: ReDIF-Article 1.0
Author-Name: Clark Lundberg
Author-X-Name-First: Clark
Author-X-Name-Last: Lundberg
Author-Name: Babak Lotfaliei
Author-X-Name-First: Babak
Author-X-Name-Last: Lotfaliei
Title: Finite-horizon zero-leverage firms
Abstract: 
 We develop a binomial lattice model of zero-leverage behaviour using a real option on debt issuance. With the option, firms may delay issuance even when debt is feasible and adds value to the firm. We find that firms are more likely to delay debt issuance when facing shorter debt horizons and longer option horizons. Our results suggest that firms earlier in their life cycle are more likely to be debt-free. This finding is consistent with empirical evidence that young firms are more likely to forgo debt. Our results also suggest that firms unable to access long-term debt markets are more inclined to be free of debt, even if short-term debt issuance is feasible.
Journal: Applied Economics Letters
Pages: 1160-1169
Issue: 14
Volume: 27
Year: 2020
Month: 7
X-DOI: 10.1080/13504851.2019.1675860
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1675860
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Template-Type: ReDIF-Article 1.0
Author-Name: Guy Elaad
Author-X-Name-First: Guy
Author-X-Name-Last: Elaad
Title: Home-field advantage and biased prediction markets in English soccer
Abstract: 
 Results of the present study show a larger rate of home wins in the upper leagues of English professional soccer as compared to the lower leagues. By testing the Efficient Market Hypothesis on the online betting markets, home-field bias was found to be over-predicted in League One and League Two (the third and fourth divisions) relative to the premier league. The analysis is based on odds set by 51 different bookmakers for the outcomes of 16,407 soccer matches from the top four divisions in England between seasons 2010/11 and 2017/18.
Journal: Applied Economics Letters
Pages: 1170-1174
Issue: 14
Volume: 27
Year: 2020
Month: 7
X-DOI: 10.1080/13504851.2019.1675861
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1675861
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:14:p:1170-1174




Template-Type: ReDIF-Article 1.0
Author-Name: Shin-Rong Shiah-Hou
Author-X-Name-First: Shin-Rong
Author-X-Name-Last: Shiah-Hou
Title: The effect of CEO turnover on dropped coverage of analysts issuing biased earnings forecasts
Abstract: 
 This study offers evidence on the relationship between analysts’ dropped coverage and CEO turnover, based on analyst forecast bias. The results suggest that analysts with more frequent forecast biases are more likely to drop their covered firms which their CEOs are replaced. Especially as for cases of new CEOs hired from the outside, the effect of analyst biased forecast on analysts’ dropped coverage corresponding with CEOs turnover are stronger. However, this effect is weaker in the post-SOX period (after 2003) than in the pre-Reg FD period (before 2000).
Journal: Applied Economics Letters
Pages: 1175-1187
Issue: 14
Volume: 27
Year: 2020
Month: 7
X-DOI: 10.1080/13504851.2019.1676372
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1676372
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:14:p:1175-1187




Template-Type: ReDIF-Article 1.0
Author-Name: Wisdom Kwabla Dewortor
Author-X-Name-First: Wisdom Kwabla
Author-X-Name-Last: Dewortor
Author-Name: Chin Man Chui
Author-X-Name-First: Chin Man
Author-X-Name-Last: Chui
Title: Aid fungibility and government spending in Africa: evidence from instrumental variable panel quantile regression
Abstract: 
 This study investigates the impacts of foreign aid on government spending for 54 African aid-recipient countries with the distinction between on-budget and off-budget aid at the aggregate level. Applying instrumental variable panel quantile regression, the results indicate that, generally, the on-budget aid is partially fungible but the degree of fungibility decreases in the high-level government spending countries (higher quantile). On the other hand, off-budget aid is generally nonfungible though partial fungibility is significant in the low-level government spending countries (10th to 30th quantile). In addition, the impact of total aid is downward biased at various quantiles when the distinction between on-budget and off-budget aid is not made. Besides, the trade openness, the short-run shock on government spending and the quality of governance are also important determinants of government spending.
Journal: Applied Economics Letters
Pages: 1188-1193
Issue: 14
Volume: 27
Year: 2020
Month: 7
X-DOI: 10.1080/13504851.2019.1676373
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1676373
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:14:p:1188-1193




Template-Type: ReDIF-Article 1.0
Author-Name: Yunsung Eom
Author-X-Name-First: Yunsung
Author-X-Name-Last: Eom
Title: Intraday disposition effect of day traders and its relationship with investment performance: evidence from the KOSPI 200 futures market
Abstract: 
 This paper investigates the intraday disposition effect of day traders and its relationship with investment performance. Using a unique data set from the KOSPI 200 futures market, we find that day traders are reluctant to close losing day trades and that this behaviour has a negative relationship with investment performance. In most cases, the disposition effect is mitigated as the closing of the trading day approaches. However, successful day traders show that the disposition effect in the afternoon is slightly greater than that in the morning, which indicates a lower possibility of compulsory loss realization as the market closes. Our findings imply that the investment performance of day traders is positively related to minimizing the realization of compulsory loss near market closures.
Journal: Applied Economics Letters
Pages: 1194-1199
Issue: 14
Volume: 27
Year: 2020
Month: 7
X-DOI: 10.1080/13504851.2019.1676374
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1676374
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:14:p:1194-1199




Template-Type: ReDIF-Article 1.0
Author-Name: Bernardo P. Schettini
Author-X-Name-First: Bernardo P.
Author-X-Name-Last: Schettini
Author-Name: Rafael Terra
Author-X-Name-First: Rafael
Author-X-Name-Last: Terra
Title: Limits on government spending: evidence of manipulation from Brazilian municipalities
Abstract: 
 This paper adopts a data-driven approach to detect manipulation in the statements of personnel expenses of Brazilian municipalities used by the Courts of Accounts to verify compliance with the limits determined by the Fiscal Responsibility Law. First, it tests the null hypotheses that the empirical density is continuous at the three legal cut-offs, and shows a large discontinuity at the threshold that brings about the most severe penalties. Next, it investigates whether sorting is attained through fiscal adjustment programmes or by changing accounting practices. The histogram obtained from an alternative data source, which is not so prone to manipulation, is undoubtedly smoother. There is also evidence that public officials overstate deductions from gross spending to avoid the legal sanctions.
Journal: Applied Economics Letters
Pages: 1200-1205
Issue: 14
Volume: 27
Year: 2020
Month: 7
X-DOI: 10.1080/13504851.2019.1676375
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1676375
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Template-Type: ReDIF-Article 1.0
Author-Name: Selçuk AKÇAY
Author-X-Name-First: Selçuk
Author-X-Name-Last: AKÇAY
Title: Remittances and financial development in Bangladesh: substitutes or complements?
Abstract: 
 Using the ARDL model and recently developed financial development index, we test whether there is a non-linear relationship between financial development and remittances over the period 1980–2015 in Bangladesh. The results suggest that there is a non-linear U-shaped relationship between financial development and remittances, supporting the complementarity hypothesis both in the long and short run. The evidence provided is robust to alternative variables that potentially influence financial development. Given the complementarity relationship between the two variables, policymakers in Bangladesh should pursue policies and reforms aimed at promoting the inflow of remittances to Bangladesh.
Journal: Applied Economics Letters
Pages: 1206-1214
Issue: 14
Volume: 27
Year: 2020
Month: 7
X-DOI: 10.1080/13504851.2019.1676376
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1676376
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:14:p:1206-1214




Template-Type: ReDIF-Article 1.0
Author-Name: Paul E. Gabriel
Author-X-Name-First: Paul E.
Author-X-Name-Last: Gabriel
Author-Name: Susanne Schmitz
Author-X-Name-First: Susanne
Author-X-Name-Last: Schmitz
Title: Are estimates of racial wage discrimination influenced by Labor market conditions? Evidence from the national longitudinal survey
Abstract: 
 Wage decomposition analysis of recent earnings data for men from the National Longitudinal Survey of Youth reveals that estimates of racial wage discrimination, measured by the portion of the wage gap not resulting from human capital differences, are directly related to the black male unemployment rate. Our results indicate that deteriorating labour market conditions contribute to racial wage inequality.
Journal: Applied Economics Letters
Pages: 1215-1219
Issue: 14
Volume: 27
Year: 2020
Month: 7
X-DOI: 10.1080/13504851.2019.1676377
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1676377
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:14:p:1215-1219




Template-Type: ReDIF-Article 1.0
Author-Name: Erik Alda
Author-X-Name-First: Erik
Author-X-Name-Last: Alda
Author-Name: Victor Giménez
Author-X-Name-First: Victor
Author-X-Name-Last: Giménez
Author-Name: Diego Prior
Author-X-Name-First: Diego
Author-X-Name-Last: Prior
Title: Does a complex environment affect police efficiency: an examination on municipal police in Mexico
Abstract: 
 Research on police organizations argues that the external environment in which they operate have a negative effect on their performance. We tested these assumptions on a sample of 1,634 municipal police forces in Mexico, We used a conditional order-m model to examine how the environment in which police operate affects their performance. Our results indicate that not all socioeconomic, demographic and institutional factors have a negative influence on police performance.
Journal: Applied Economics Letters
Pages: 1220-1223
Issue: 14
Volume: 27
Year: 2020
Month: 7
X-DOI: 10.1080/13504851.2019.1676378
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1676378
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:14:p:1220-1223




Template-Type: ReDIF-Article 1.0
Author-Name: A. Olasolo
Author-X-Name-First: A.
Author-X-Name-Last: Olasolo
Author-Name: M. A. Pérez
Author-X-Name-First: M. A.
Author-X-Name-Last: Pérez
Author-Name: V. Ruiz
Author-X-Name-First: V.
Author-X-Name-Last: Ruiz
Title: Active investment strategies in the Spanish futures market: a solution to avoid data snooping bias
Abstract: 
 This article provides a solution to avoid the data snooping problem in the implementation of active investment strategies in the Spanish financial futures markets. The work sets out to evaluate the results obtained with optimum active investment strategies, grounded in the use of exponential moving averages, and to determine their consistency in periods subsequent to those for which they were obtained. To this end, prices were used with data of different time frequencies, different periods for calculating moving averages and different time ranges. In global terms, the differences between the yield of these active strategies and those of a passive nature are statistically significant. The weak efficient market hypothesis is, therefore, rejected for trading in futures on the IBEX-35 stock market index.
Journal: Applied Economics Letters
Pages: 609-613
Issue: 9
Volume: 23
Year: 2016
Month: 6
X-DOI: 10.1080/13504851.2015.1093075
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1093075
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:9:p:609-613




Template-Type: ReDIF-Article 1.0
Author-Name: Uwe Jirjahn
Author-X-Name-First: Uwe
Author-X-Name-Last: Jirjahn
Title: Which employers regard the threat of dismissal as a suitable incentive to motivate workers?
Abstract: 
 Using German establishment data, this study finds that the share of blue-collar workers, an outdated production technology and a high-wage policy increase the probability that employers regard the threat of dismissal as a suitable incentive. A participatory human resource management policy, the incidence of a works council and difficulties in filling vacancies decrease the probability.
Journal: Applied Economics Letters
Pages: 614-617
Issue: 9
Volume: 23
Year: 2016
Month: 6
X-DOI: 10.1080/13504851.2015.1093076
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1093076
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:9:p:614-617




Template-Type: ReDIF-Article 1.0
Author-Name: Shin-ichi Fukuda
Author-X-Name-First: Shin-ichi
Author-X-Name-Last: Fukuda
Title: On the predictability of daytime and night-time yen/dollar exchange rates
Abstract: 
 This article first shows that the yen/dollar rate tended to appreciate in Japan daytime but to depreciate in Japan night-time in the 2000s. The result is very paradoxical because the asymmetry implies that the intra-daily yen/dollar rate had predictable stochastic trends in the 2000s. The article then investigates whether lagged dependent variables and various external shocks were responsible to the asymmetric feature. We find that once we control the effects of lagged dependent variables and external shocks, the daytime yen/dollar rate tended to appreciate when it had appreciated on the day before, while the night-time yen/dollar rate tended to depreciate when it had depreciated on the day before.
Journal: Applied Economics Letters
Pages: 618-622
Issue: 9
Volume: 23
Year: 2016
Month: 6
X-DOI: 10.1080/13504851.2015.1093077
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1093077
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:9:p:618-622




Template-Type: ReDIF-Article 1.0
Author-Name: Wolfgang Eggert
Author-X-Name-First: Wolfgang
Author-X-Name-Last: Eggert
Author-Name: Maximilian Stephan
Author-X-Name-First: Maximilian
Author-X-Name-Last: Stephan
Author-Name: Janine Temme
Author-X-Name-First: Janine
Author-X-Name-Last: Temme
Author-Name: Handirk von Ungern-Sternberg
Author-X-Name-First: Handirk
Author-X-Name-Last: von Ungern-Sternberg
Title: Holdout behaviour: a question of diversification, risk aversion and expectation
Abstract: 
 We argue a holdout is not a destructive investor behaviour but an investment decision. The decision is characterized by the mean-variance approach. We investigate intercreditor conflict by diverse portfolio structure. We demonstrate that at some point during the Greek (2012) and Argentine (2005) debt restructuring programmes, it was reasonable for the investor to hold out. This model shows that the investment decision is based on the portfolio structure, risk aversion and expected possible payment of the debtor, so there is no free-rider behaviour. This is based on the fact that the investor harms herself due to destructive and uncooperative behaviour.
Journal: Applied Economics Letters
Pages: 623-626
Issue: 9
Volume: 23
Year: 2016
Month: 6
X-DOI: 10.1080/13504851.2015.1093078
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1093078
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:9:p:623-626




Template-Type: ReDIF-Article 1.0
Author-Name: Luis Angeles
Author-X-Name-First: Luis
Author-X-Name-Last: Angeles
Author-Name: Robin G. Milne
Author-X-Name-First: Robin G.
Author-X-Name-Last: Milne
Title: Competitive provision of public services: cost savings over successive rounds of tendering
Abstract: 
 We study the evolution of the cost of public service provision when subjected to a competitive tendering process. We add to the existing literature by analysing cost savings over successive rounds of tendering. Previous results in the literature show that initial cost savings tend to disappear over time with the age of the contract. Our findings suggest that each additional round of tendering will be followed by a renewal of cost savings. Thus, keeping competitive pressure via periodic tendering appears to address the problem.
Journal: Applied Economics Letters
Pages: 627-632
Issue: 9
Volume: 23
Year: 2016
Month: 6
X-DOI: 10.1080/13504851.2015.1093079
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1093079
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:9:p:627-632




Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Dell’Anno
Author-X-Name-First: Roberto
Author-X-Name-Last: Dell’Anno
Author-Name: Thierry Rayna
Author-X-Name-First: Thierry
Author-X-Name-Last: Rayna
Author-Name: Offiong Helen Solomon
Author-X-Name-First: Offiong Helen
Author-X-Name-Last: Solomon
Title: Impact of social media on economic growth – evidence from social media
Abstract: 
 This article attempts to investigate the impact of social media (SM) on economic growth. Using information obtained from memberships to social networks, we find that SM has a negative and significant impact on economic growth. This provides evidence in favour of our hypothesis that SM increases the search costs for information and also increases the substitution effect from labour to leisure thereby producing a negative impact on growth.
Journal: Applied Economics Letters
Pages: 633-636
Issue: 9
Volume: 23
Year: 2016
Month: 6
X-DOI: 10.1080/13504851.2015.1095992
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1095992
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:9:p:633-636




Template-Type: ReDIF-Article 1.0
Author-Name: Olcay Y. Çulha
Author-X-Name-First: Olcay Y.
Author-X-Name-Last: Çulha
Author-Name: M. Utku Özmen
Author-X-Name-First: M. Utku
Author-X-Name-Last: Özmen
Author-Name: Erdal Yılmaz
Author-X-Name-First: Erdal
Author-X-Name-Last: Yılmaz
Title: Impact of oil price changes on Turkey’s exports
Abstract: 
 Substantial decline in oil prices observed since the second half of 2014 has brought forward discussions on the impact of oil prices on the external balance. This decline is expected to shift real income from oil exporter countries to oil importer countries. In this context, we study the effect of change in oil prices on Turkey’s exports taking into account the fact that Turkey’s export to oil exporting countries has approximately one-third share in total exports, while export to oil importing countries has a share of two-thirds. At the first step, we analyse the effect of oil prices on economic growth of trade partners of Turkey, where countries are grouped according to their net oil export position. We find that the effect of oil prices on different country groups’ growth is asymmetric. In the second stage, for two groups of countries, we estimate growth-export elasticity through Turkey’s export demand function. Finally, we calculate the net effect of oil prices on exports considering different income effects caused by oil price change on each country groups. Results indicate that the net effect of oil prices on the exports is limited given the current export shares.
Journal: Applied Economics Letters
Pages: 637-641
Issue: 9
Volume: 23
Year: 2016
Month: 6
X-DOI: 10.1080/13504851.2015.1095993
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1095993
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:9:p:637-641




Template-Type: ReDIF-Article 1.0
Author-Name: Tarek M. Harchaoui
Author-X-Name-First: Tarek M.
Author-X-Name-Last: Harchaoui
Author-Name: Murat Üngör
Author-X-Name-First: Murat
Author-X-Name-Last: Üngör
Title: Sectoral sources of sub-Saharan Africa’s convergence
Abstract: 
 From 1970 to 2010, sub-Saharan African’s (SSA) labour productivity hovered at around 6% of the US level. This lacklustre performance, which remained stubbornly low despite the SSA’s growth spurt that started in the mid-1990s, masks a great deal of variations across sectors and countries. Using a structural decomposition, we examine, for a representative sample of SSA countries, the sectoral sources that hold back their convergence to the US frontier. Our results suggest the presence of strong – and possibly long-lasting – headwinds that have wiped out the favourable effects of substantial, yet circumstantial, tailwinds. Headwinds, quantified by the unfavourable within- and reallocation-effects, are indicative of significant capital-deepening and technology gaps, both of which are extremely hard to bridge. The tailwinds, represented by favourable between-effects, result from the convergence of the SSA labour force to sectors where some US sectors have seen a slowdown of their productivity relative to that of the whole economy – a development unrelated to the fundamentals underlying the SSA economy. Although few exceptions emerged out of this general pattern, these results are indicative of a bleak outlook for the SSA economic performance at least in the medium run.
Journal: Applied Economics Letters
Pages: 642-651
Issue: 9
Volume: 23
Year: 2016
Month: 6
X-DOI: 10.1080/13504851.2015.1095994
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1095994
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:9:p:642-651




Template-Type: ReDIF-Article 1.0
Author-Name: J. Romaní
Author-X-Name-First: J.
Author-X-Name-Last: Romaní
Author-Name: J.M. Casado-Díaz
Author-X-Name-First: J.M.
Author-X-Name-Last: Casado-Díaz
Author-Name: A. Lillo-Bañuls
Author-X-Name-First: A.
Author-X-Name-Last: Lillo-Bañuls
Title: On the links between spatial variables and overeducation
Abstract: 
 This article considers the role that diverse spatial variables play in explaining overeducation. Unlike previous analyses of the Spanish case, we have directly tested the links between current mobility (commuting and migration) and overeducation, and in contrast to previous literature, we have included a direct measure of potential spatial flexibility at an individual level (worker availability to migrate, in response to the needs of his/her firm). Regional labour market conditions are also considered in the analysis. Our results show that the links between overeducation and spatial variables vary depending on the specific sub-group of wage earners considered, based on gender and education.
Journal: Applied Economics Letters
Pages: 652-655
Issue: 9
Volume: 23
Year: 2016
Month: 6
X-DOI: 10.1080/13504851.2015.1095996
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1095996
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Template-Type: ReDIF-Article 1.0
Author-Name: Dario Fauceglia
Author-X-Name-First: Dario
Author-X-Name-Last: Fauceglia
Title: Financial development and the share of imported capital goods in developing countries: firm-level evidence
Abstract: 
 Firm-level estimations across a sample of seven developing countries suggest that a higher firm’s leverage – a proxy for credit constraints – reduces the share of imported capital goods in total capital expenditures. This result holds across different models such as a two-limit tobit and a fractional logit model. It is also confirmed after controlling for unobserved firm heterogeneity, state dependence or when using the share of property in total assets as an alternative credit constraint indicator. The results also indicate that the importance of credit constraints is significantly reduced in financially more developed countries.
Journal: Applied Economics Letters
Pages: 656-659
Issue: 9
Volume: 23
Year: 2016
Month: 6
X-DOI: 10.1080/13504851.2015.1095997
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1095997
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Template-Type: ReDIF-Article 1.0
Author-Name: Katharina Rath
Author-X-Name-First: Katharina
Author-X-Name-Last: Rath
Author-Name: Klaus Wohlrabe
Author-X-Name-First: Klaus
Author-X-Name-Last: Wohlrabe
Title: Trends in economics publications represented by JEL categories between 2007 and 2013
Abstract: 
 This article illustrates how publication trends in different subject categories in economics evolved from 2007 to 2013. Using data from RePEc we show that the largest increase in the relative share was for articles published in JEL category Q (‘Agricultural and Natural Resource Economics, Environmental and Ecological Economics’) over this period. Furthermore, we provide evidence that the number of JEL categories per article increased over the last 25 years.
Journal: Applied Economics Letters
Pages: 660-663
Issue: 9
Volume: 23
Year: 2016
Month: 6
X-DOI: 10.1080/13504851.2015.1095998
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1095998
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung Gyu Kim
Author-X-Name-First: Seung Gyu
Author-X-Name-Last: Kim
Author-Name: Roger Claassen
Author-X-Name-First: Roger
Author-X-Name-Last: Claassen
Title: Modelling land development processes using a sample selection regression
Abstract: 
 Land value tax has been thoroughly scrutinized as a potential tool in mitigating urban sprawl. However, most studies that have measured the impact of land value tax on land development have focused mainly either on purely new development on vacant land, or on land development on partially developed land such as subdivision development. This study tries to incorporate these two types of residential development conceptually and empirically to make an accurate assessment of the impact of land value tax on land development.
Journal: Applied Economics Letters
Pages: 664-668
Issue: 9
Volume: 23
Year: 2016
Month: 6
X-DOI: 10.1080/13504851.2015.1095999
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1095999
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Template-Type: ReDIF-Article 1.0
Author-Name: Stefan Eichler
Author-X-Name-First: Stefan
Author-X-Name-Last: Eichler
Author-Name: Tom Lähner
Author-X-Name-First: Tom
Author-X-Name-Last: Lähner
Title: Do Federal Reserve Bank presidents’ interest rate votes in the FOMC follow an electoral cycle?
Abstract: 
 We find that Federal Reserve Bank presidents’ regional bias in their dissenting interest rate votes in the Federal Open Market Committee follows an electoral cycle. Presidents put more weight on their district’s economic environment during the year prior to their (re-)election relative to nonelection years.
Journal: Applied Economics Letters
Pages: 669-673
Issue: 9
Volume: 23
Year: 2016
Month: 6
X-DOI: 10.1080/13504851.2015.1100239
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1100239
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Template-Type: ReDIF-Article 1.0
Author-Name: Anna Dodonova
Author-X-Name-First: Anna
Author-X-Name-Last: Dodonova
Title: Variability of realized stock returns and trading volume
Abstract: 
 Using monthly data for 2005–2014 time period, this article documents the relationship between lagged stock returns and trading volume. We show that the dispersion of stock returns in a market portfolio positively affects future trading volume. We also show that extreme negative returns lead to high future trading volume while extreme positive returns have little effect on future trading. Dividing our sample into several sub-samples based on the Standard Industrial Classification (SIC) divisions leads to similar results for most of the SIC divisions.
Journal: Applied Economics Letters
Pages: 674-677
Issue: 9
Volume: 23
Year: 2016
Month: 6
X-DOI: 10.1080/13504851.2015.1100240
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1100240
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:9:p:674-677




Template-Type: ReDIF-Article 1.0
Author-Name: Luca Agnello
Author-X-Name-First: Luca
Author-X-Name-Last: Agnello
Author-Name: Vitor Castro
Author-X-Name-First: Vitor
Author-X-Name-Last: Castro
Author-Name: João Tovar Jalles
Author-X-Name-First: João Tovar
Author-X-Name-Last: Jalles
Author-Name: Ricardo M. Sousa
Author-X-Name-First: Ricardo M.
Author-X-Name-Last: Sousa
Title: Financial stress and sovereign debt composition
Abstract: 
 Using a panel of 13 advanced economies for the period 1980–2012, we find that periods of impaired financial intermediation mainly accrue to maturity mismatches in sovereign debt. Thus, a higher (lower) share of short-term (medium and long-term) debt leads to an increase in the financial stress index. From a policy perspective, our work suggests that debt management policies translated into longer average maturities of sovereign debt not only reduce the expected debt servicing cost, but also mitigate strains in the financial sector.
Journal: Applied Economics Letters
Pages: 678-683
Issue: 9
Volume: 23
Year: 2016
Month: 6
X-DOI: 10.1080/13504851.2015.1100241
File-URL: http://hdl.handle.net/10.1080/13504851.2015.1100241
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Handle: RePEc:taf:apeclt:v:23:y:2016:i:9:p:678-683




Template-Type: ReDIF-Article 1.0
Author-Name: Marco A. De Benedetto
Author-X-Name-First: Marco A.
Author-X-Name-Last: De Benedetto
Author-Name: Antonio F. Forgione
Author-X-Name-First: Antonio F.
Author-X-Name-Last: Forgione
Title: Technical efficiency and corporate structure of Italian Private Hospitals. evidence from a one-step stochastic frontier analysis
Abstract: 
 This paper aims to identify the relationship between the output-oriented technical efficiency of Italian private hospitals and their ownership structure. Using the one-step Stochastic Frontier Analysis technique, we explain technical efficiency throughout a set of variables capturing the firm’s shareholder activity, ownership concentration, and managerial ownership. Results suggest that (1) technical efficiency is positively affected by managerial ownership, and (2) private hospitals are more efficient when ownership concentration is low.
Journal: Applied Economics Letters
Pages: 1225-1228
Issue: 15
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1676379
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1676379
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Template-Type: ReDIF-Article 1.0
Author-Name: Dan Yang
Author-X-Name-First: Dan
Author-X-Name-Last: Yang
Author-Name: Guojun Wang
Author-X-Name-First: Guojun
Author-X-Name-Last: Wang
Author-Name: Yuetang Wang
Author-X-Name-First: Yuetang
Author-X-Name-Last: Wang
Title: Does the new round of Company Law revision in China affect market reaction to share repurchase announcements?
Abstract: 
 Share repurchase becomes prevalent in the recent years in China, and China gradually changes its regulatory attitude from restriction to encouragement on it. In this paper, we present that the new round of Company Law revision in China reduces the signalling role of share repurchases; however, when the firms deliver good signals on dividends payout, the negative link between regulatory changes and market reaction to share repurchases becomes weaker. The paper sheds lights on the most up-to-date regulatory change in terms of share repurchases in China and its effect on market reaction to share repurchases.
Journal: Applied Economics Letters
Pages: 1229-1233
Issue: 15
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1676380
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1676380
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Template-Type: ReDIF-Article 1.0
Author-Name: Joel Harper
Author-X-Name-First: Joel
Author-X-Name-Last: Harper
Author-Name: Li Sun
Author-X-Name-First: Li
Author-X-Name-Last: Sun
Title: Environmental performance and corporate cash holdings
Abstract: 
 This study examines the impact of environmental performance on corporate cash holdings. Following Cho and Patten (2007), we use ratings of bad environmental activities (i.e. environmental concerns) as the proxy for environmental performance. We rely on the agency motive of corporate cash holdings to predict a negative relation between environmental concerns and the level of cash. Using a 24-year panel sample with 22,724 observations representing 2,787 unique firms, we find that firms with worse environmental performance hold less cash, supporting the agency motive. Our results still hold after a battery of additional tests.
Journal: Applied Economics Letters
Pages: 1234-1237
Issue: 15
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1676381
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1676381
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Template-Type: ReDIF-Article 1.0
Author-Name: Pinar Sener
Author-X-Name-First: Pinar
Author-X-Name-Last: Sener
Author-Name: Elif Akben-Selcuk
Author-X-Name-First: Elif
Author-X-Name-Last: Akben-Selcuk
Title: Does governance affect corporate diversification behaviour in emerging markets?
Abstract: 
 This paper investigates the role of firm-level and country-level governance on corporate diversification behaviour in emerging markets. The results show that firms with combined leadership structure are more diversified while firms with more independent directors are less diversified. There is a U-shaped relationship between ownership concentration and diversification. No significant association between country-level shareholder protection and diversification is demonstrated.
Journal: Applied Economics Letters
Pages: 1238-1242
Issue: 15
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1676382
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1676382
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Template-Type: ReDIF-Article 1.0
Author-Name: Arlette Beltrán
Author-X-Name-First: Arlette
Author-X-Name-Last: Beltrán
Title: Informal sector competition and firm productivity
Abstract: 
 We provide evidence on whether informal competition has a negative bearing on firm productivity in the formal sector. To do this we employ the World Bank’s Enterprise Survey (WBES) with detailed information for more than sixty thousand manufacturing and services formal firms from over 127 countries. We find a negative association between these two variables, which is further supported when using instrumental variables.
Journal: Applied Economics Letters
Pages: 1243-1246
Issue: 15
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1676383
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1676383
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:15:p:1243-1246




Template-Type: ReDIF-Article 1.0
Author-Name: Frederik Stender
Author-X-Name-First: Frederik
Author-X-Name-Last: Stender
Author-Name: Ulf Moslener
Author-X-Name-First: Ulf
Author-X-Name-Last: Moslener
Author-Name: Willem P. Pauw
Author-X-Name-First: Willem P.
Author-X-Name-Last: Pauw
Title: More than money: does climate finance support capacity building?
Abstract: 
 Effective capacity building is vital for developing countries to enable them to contribute to global efforts to mitigate climate change and adapt to its consequences. This letter provides first empirical evidence on the impact of climate finance on institutional capacity in recipient countries. Using data from the Global Environment Facility (GEF) and a World Bank index, we find a robust positive relation for sub-Saharan Africa from dynamic panel data estimation whereas no such effect is detected across remaining sample countries. While focusing on identification, however, our analysis should be seen as an initial piece of the puzzle. In light of the abundance of different capacity building concepts and definitions in the field of climate change future research is needed to understand the underlying mechanics.
Journal: Applied Economics Letters
Pages: 1247-1251
Issue: 15
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1676384
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1676384
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:15:p:1247-1251




Template-Type: ReDIF-Article 1.0
Author-Name: Diana Victoria Sanchez
Author-X-Name-First: Diana Victoria
Author-X-Name-Last: Sanchez
Author-Name: Elaine F. Frey
Author-X-Name-First: Elaine F.
Author-X-Name-Last: Frey
Title: Where do females rise to leadership positions? A cross-sector analysis
Abstract: 
 Gender equality in the workplace includes equal wages, opportunities, and treatment. Although there have been improvements in all of these areas in the last several decades, one area of continuing concern is the low proportion of women in business leadership positions, particularly as CEOs or business owners. We use a unique dataset from all California business establishments across all sectors and sizes to examine the factors that influence gender inequality in business leadership positions. We find that females are less likely to lead firms that are larger and higher performing across almost all industries. In addition, evidence shows that women lead firms that are less stable, supporting the existence of a glass cliff.
Journal: Applied Economics Letters
Pages: 1252-1255
Issue: 15
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1676385
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1676385
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:15:p:1252-1255




Template-Type: ReDIF-Article 1.0
Author-Name: Tianqi Jiang
Author-X-Name-First: Tianqi
Author-X-Name-Last: Jiang
Author-Name: Zhao Wang
Author-X-Name-First: Zhao
Author-X-Name-Last: Wang
Author-Name: Shingo Goto
Author-X-Name-First: Shingo
Author-X-Name-Last: Goto
Author-Name: Fan Zhang
Author-X-Name-First: Fan
Author-X-Name-Last: Zhang
Title: CEO and CFO risk-taking incentives and earnings guidance
Abstract: 
 Extending recent studies on chief executive officers (CEOs) and chief financial officers (CFOs), we investigate the impact of CEO and CFO risk-taking incentives on earnings guidance. We find that firms with high CEO risk-taking incentives are more likely to issue earnings guidance and issue more guidance. We also find that firms with high CFO risk-taking incentives are associated with less precise guidance, narrower forecast range, and earlier forecasts.
Journal: Applied Economics Letters
Pages: 1256-1259
Issue: 15
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1676865
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1676865
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:15:p:1256-1259




Template-Type: ReDIF-Article 1.0
Author-Name: Lan Khanh Chu
Author-X-Name-First: Lan Khanh
Author-X-Name-Last: Chu
Title: The effects of financial development on economic sophistication: evidence from panel data
Abstract: 
 This article empirically examines the effect of financial development on economic sophistication, measured by Economic Complexity Index. Using a panel dataset of 94 countries from 1968 to 2015 and system generalized method of moments estimation, we find that both banking sector and stock market development have positive effects on economic sophistication.
Journal: Applied Economics Letters
Pages: 1260-1263
Issue: 15
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1676866
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1676866
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:15:p:1260-1263




Template-Type: ReDIF-Article 1.0
Author-Name: So Eun Choi
Author-X-Name-First: So Eun
Author-X-Name-Last: Choi
Author-Name: Hyun Jin Jang
Author-X-Name-First: Hyun Jin
Author-X-Name-Last: Jang
Author-Name: Geon Ho Choe
Author-X-Name-First: Geon Ho
Author-X-Name-Last: Choe
Title: A copula-based systemic risk measure: application to investment-grade and high-yield CDS portfolios
Abstract: 
 This study investigates the evolution of systemic risk inherent in investment-grade (IG) and high-yield (HY) CDS portfolios and compares the portfolios before and after the global financial crisis. To quantify systemic risk, we propose a novel measure – the expected default rate (EDR), defined by the average default rate of all institutions conditional upon one institution being in default. We implement the EDR under the one-factor copula framework with various dependence structures. We observe that the HY portfolio contains a higher systemic risk than the IG’s, overall, and the gap between the two widens after Lehman Brothers’ default. However, the model discrepancy for IG EDR is higher than that for HY, and for both the IG and HY EDRs, the discrepancies decrease over time.
Journal: Applied Economics Letters
Pages: 1264-1271
Issue: 15
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1676867
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1676867
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Template-Type: ReDIF-Article 1.0
Author-Name: Louis R. Nemzer
Author-X-Name-First: Louis R.
Author-X-Name-Last: Nemzer
Author-Name: Florence Neymotin
Author-X-Name-First: Florence
Author-X-Name-Last: Neymotin
Title: How words matter: machine learning & movie success
Abstract: 
 We employed a machine learning structure to examine the relationships between word choice in Internet Movie Database (IMDB) comedy movie descriptions and overall performance. Our measures of success were ticket sales, user ratings, and Metacritic scores. We used linear regressions, along with recurrent neural networks implementing a Long Short-Term Memory framework, for textual sentiment analysis. Employing conservative p-values, our results revealed the possible influence of gender bias in movies that favoured male-centric themes, as well as negative effects for holiday comedies, paranormal movies, and crime films.
Journal: Applied Economics Letters
Pages: 1272-1276
Issue: 15
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1676868
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1676868
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Template-Type: ReDIF-Article 1.0
Author-Name: Patrick Blagrave
Author-X-Name-First: Patrick
Author-X-Name-Last: Blagrave
Title: Inflation co-movement in emerging and developing Asia: the monsoon effect
Abstract: 
 Co-movement (synchronicity) in food-inflation rates among emerging and developing countries in Asia is partly due to common rainfall shocks – a result which the paper terms the ‘monsoon effect’. Economies with higher trade integration and co-movement in nominal effective exchange rates also experience greater food-inflation co-movement. In the context of the growing literature on the globalization of inflation, these results suggest that common weather patterns are partly responsible for any role played by a so-called ‘global factor’ among inflation rates in emerging and developing economies, in Asia at least.
Journal: Applied Economics Letters
Pages: 1277-1283
Issue: 15
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1676869
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1676869
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Template-Type: ReDIF-Article 1.0
Author-Name: Abduallah Alfadli
Author-X-Name-First: Abduallah
Author-X-Name-Last: Alfadli
Author-Name: Husam Rjoub
Author-X-Name-First: Husam
Author-X-Name-Last: Rjoub
Title: The impacts of bank-specific, industry-specific and macroeconomic variables on commercial bank financial performance: evidence from the Gulf cooperation council countries
Abstract: 
 In this paper, we inspect the impact of bank-specific, industry-specific and macroeconomic variables on the financial performance of commercial banks operating in Gulf Cooperation Council (GCC) countries. We consider the stable panel statistics of 62 commercial banks from 2011Q1–2017Q4. The study applies a PCSE technique to a balanced panel data set. In light of the empirical results, the study shows that there is a significant negative impact of efficiency, credit risk, diversification and concentration ratio on all the performance measures. The coefficient of the capital adequacy ratio positively affects all the bank performance measures. The study also concluded that the macroeconomic indicators influence the bank’s financial performance measures.
Journal: Applied Economics Letters
Pages: 1284-1288
Issue: 15
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1676870
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1676870
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Template-Type: ReDIF-Article 1.0
Author-Name: Lorenzo Corsini
Author-X-Name-First: Lorenzo
Author-X-Name-Last: Corsini
Author-Name: Irene Martelli
Author-X-Name-First: Irene
Author-X-Name-Last: Martelli
Title: Measuring and detecting situations of need and deprivation using Graded Response models
Abstract: 
 We exploit information on living conditions of households to build an estimation of their degree of need and deprivation. The information we use is often subjective and we assume that deprivation is a latent variable that we estimate with item response theory models on Italian data. Then, we relate this estimated trait to more objective and observable variables that thus could be used within policy actions and welfare programmes to pinpoint situations where the estimated deprivation is high.
Journal: Applied Economics Letters
Pages: 1289-1294
Issue: 15
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1677843
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1677843
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Carlos Cuestas
Author-X-Name-First: Juan Carlos
Author-X-Name-Last: Cuestas
Author-Name: Merike Kukk
Author-X-Name-First: Merike
Author-X-Name-Last: Kukk
Title: The Spanish housing market: is it fundamentally broken?
Abstract: 
 This paper aims to investigate the relationship between housing prices and their main fundamental determinants using the example of Spain and considering the possibility of structural breaks in the relationship. We find that the cointegrating coefficient estimates are quite unstable over 2001Q1-2017Q4 and need to be estimated for different subperiods. Specifically we find that the main long-run fundamentals explain the behaviour of equilibrium house prices well during the boom-bust period. However, only corporate profit, or capital income, seems to explain the evolution after the recovery from the recession.
Journal: Applied Economics Letters
Pages: 1295-1299
Issue: 15
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1677844
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1677844
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:15:p:1295-1299




Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Hauptmann
Author-X-Name-First: Andreas
Author-X-Name-Last: Hauptmann
Title: Exporting and employment volatility for different worker groups
Abstract: 
 This paper investigates the volatility of employment growth for different types of workers in exporting establishments. I document a robust negative relationship for full-time workers and various skill, education and age groups. I find no differences for part-time or foreign workers, suggesting that existing differences in employment stability for those groups are amplified in exporting plants.
Journal: Applied Economics Letters
Pages: 1301-1304
Issue: 16
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1677845
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1677845
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Template-Type: ReDIF-Article 1.0
Author-Name: Rangan Gupta
Author-X-Name-First: Rangan
Author-X-Name-Last: Gupta
Author-Name: Hardik A. Marfatia
Author-X-Name-First: Hardik A.
Author-X-Name-Last: Marfatia
Author-Name: Eric Olson
Author-X-Name-First: Eric
Author-X-Name-Last: Olson
Title: Effect of uncertainty on U.S. stock returns and volatility: evidence from over eighty years of high-frequency data
Abstract: 
 We explore the asymmetric high-frequency daily response of U.S. equities to financial uncertainty over the 1936–2016 period. We find positive growth of uncertainty reduces stock returns and increases volatility, while, a negative growth of uncertainty primarily reduces variance. More importantly, the impact of uncertainty on volatility is found to be asymmetric. We also model rolling window estimation and find significant time variation in the impact of uncertainty, though the direction largely confirms with the static case. Our study provides new evidence that the response of U.S. equities to uncertainty is intuitively consistent even in the historical and high-frequency context.
Journal: Applied Economics Letters
Pages: 1305-1311
Issue: 16
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1677846
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1677846
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Template-Type: ReDIF-Article 1.0
Author-Name: Paulo Leite
Author-X-Name-First: Paulo
Author-X-Name-Last: Leite
Author-Name: Maria Céu Cortez
Author-X-Name-First: Maria Céu
Author-X-Name-Last: Cortez
Title: Investment and profitability factors in mutual fund performance evaluation: a conditional approach
Abstract: 
 This paper provides new evidence on the appropriateness of the Fama-French five-factor model to evaluate international equity funds’ performance. After extending this model to a conditional framework by allowing for time-varying risk and performance, the results show that funds underperformed during the 2000–2017 period. Funds investing globally and in Europe tend to invest in aggressive firms, but only the latter are exposed to firms with weak profitability. We thus conclude that although both investment and profitability factors are significant in explaining fund returns, the investment factor plays a more relevant role irrespective of the funds’ geographical area of investment.
Journal: Applied Economics Letters
Pages: 1312-1315
Issue: 16
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1678723
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1678723
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Template-Type: ReDIF-Article 1.0
Author-Name: Faruk Balli
Author-X-Name-First: Faruk
Author-X-Name-Last: Balli
Author-Name: Anne de Bruin
Author-X-Name-First: Anne
Author-X-Name-Last: de Bruin
Author-Name: Md Iftekhar Hasan Chowdhury
Author-X-Name-First: Md Iftekhar Hasan
Author-X-Name-Last: Chowdhury
Author-Name: Muhammad Abubakr Naeem
Author-X-Name-First: Muhammad Abubakr
Author-X-Name-Last: Naeem
Title: Connectedness of cryptocurrencies and prevailing uncertainties
Abstract: 
 We investigate dynamic connectedness of cryptocurrencies using Generalized Forecast Error Variance Decomposition into short, medium, and long-term phases. Though all phases resemble similar drifts, the magnitude of short-term connectedness is much higher than medium and long-term. Notably, the U-shaped trajectory explains the increasing connectedness of cryptocurrencies with their heightened popularity in recent times. We further utilize Continuous Wavelet Transform to rationalize such connectedness with common economic and financial market uncertainty. Importantly, we show that as economic uncertainty increases, the connectedness among cryptocurrencies decreases. This highlights the potential for cryptocurrencies to be an alternative instrument for hedging against underlying uncertainty.
Journal: Applied Economics Letters
Pages: 1316-1322
Issue: 16
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1678724
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1678724
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Template-Type: ReDIF-Article 1.0
Author-Name: Johnny K.H. Kwok
Author-X-Name-First: Johnny K.H.
Author-X-Name-Last: Kwok
Title: On prices and premiums of Bitcoin Investment Trust
Abstract: 
 We investigate the long run relationship and the short run dynamic between the price and the NAV of Bitcoin Investment Trust (BIT), the world’s first publicly traded bitcoin fund. We examine whether the price and the NAV are cointegrated. We also investigate how the price and the NAV adjust to short-term deviations from long run relationship. Our results find that both the price and the NAV are cointegrated despite significant price premium over the NAV. Further, we find that the BIT prices adjust partially to the short-term deviations while the NAV does not react. The results may provide valuable insight to regulatory bodies when they consider the approval of bitcoin or cryptocurrency ETFs.
Journal: Applied Economics Letters
Pages: 1323-1326
Issue: 16
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1678726
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1678726
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:16:p:1323-1326




Template-Type: ReDIF-Article 1.0
Author-Name: Anthony N. Rezitis
Author-X-Name-First: Anthony N.
Author-X-Name-Last: Rezitis
Title: Principal component volatility analysis in agricultural commodity futures
Abstract: 
 In this article, we apply Hu and Tsay’s (2014) principal component volatility (PVC) analysis to the weekly log returns of nine agricultural commodity futures from May 2005 to March 2019. The empirical results yield nine estimated PVC processes, one of which has no ARCH effects according to the statistical tests.
Journal: Applied Economics Letters
Pages: 1327-1333
Issue: 16
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1678727
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1678727
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Template-Type: ReDIF-Article 1.0
Author-Name: Yan Song
Author-X-Name-First: Yan
Author-X-Name-Last: Song
Author-Name: Xinyun Li
Author-X-Name-First: Xinyun
Author-X-Name-Last: Li
Author-Name: Yi Li
Author-X-Name-First: Yi
Author-X-Name-Last: Li
Author-Name: Xianpei Hong
Author-X-Name-First: Xianpei
Author-X-Name-Last: Hong
Title: Assessing the risk of an investment project using an improved TOPSIS method
Abstract: 
 In this paper, we propose an improved TOPSIS evaluation model based on coordinated development. We improve the TOPSIS evaluation model by taking two indicators as examples to deduce the coordination degree between the indicators, based on spatial analytic geometry. Finally, we use a case study to validate the improved model. The results show that the improved model considers not only the weighted distance from the decision-making scheme to the ideal scheme and the negative ideal scheme, but also the coordination information of the multiple indicators, which has a certain theoretical value for multi-attribute decision-making problems.
Journal: Applied Economics Letters
Pages: 1334-1339
Issue: 16
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1679339
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1679339
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:16:p:1334-1339




Template-Type: ReDIF-Article 1.0
Author-Name: Rui Li
Author-X-Name-First: Rui
Author-X-Name-Last: Li
Author-Name: Jinjian Yuan
Author-X-Name-First: Jinjian
Author-X-Name-Last: Yuan
Title: Do short selling and margin buying stabilize the market? Evidence from China
Abstract: 
 By directly checking the correlation between short-selling (margin-buying) activities, we find that short sellers and margin buyers are beneficial for market stabilization in China, and such effects do not attenuate during the crazy bull-market. Furthermore, by quantile regression analysis, we show that such stabilizing effects are more significant in higher quantiles.
Journal: Applied Economics Letters
Pages: 1340-1346
Issue: 16
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1679340
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1679340
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Template-Type: ReDIF-Article 1.0
Author-Name: Jessica Madariaga
Author-X-Name-First: Jessica
Author-X-Name-Last: Madariaga
Author-Name: Norman Maynard
Author-X-Name-First: Norman
Author-X-Name-Last: Maynard
Author-Name: Usha Nair-Reichert
Author-X-Name-First: Usha
Author-X-Name-Last: Nair-Reichert
Title: Investment-specific productivity and the role of imported equipment in Latin America
Abstract: 
 We measure the contribution of imported equipment to labour productivity growth in 12 Latin American countries between 1970 and 2016, accounting for investment-specific technological change embodied in equipment. We link investment-specific technological change with falling relative equipment prices and construct its empirical counterpart by combining observations from each country’s transport, machinery, computers and communication equipment with household consumption data. By excluding structures from our relative equipment price series, we produce more precise growth decompositions, separating investment-specific technological change in equipment from the traditional, Hicks-neutral form of technological progress. Our results show significant variation in the contribution of imported equipment to growth across Latin America. Within country, matched-pair tests indicate that all factors, including imported equipment, make positive and significant contributions to growth. However, cross-country heterogeneity makes identifying significant contributors difficult in a pooled sample.
Journal: Applied Economics Letters
Pages: 1347-1351
Issue: 16
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1679341
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1679341
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:16:p:1347-1351




Template-Type: ReDIF-Article 1.0
Author-Name: Orkideh Gharehgozli
Author-X-Name-First: Orkideh
Author-X-Name-Last: Gharehgozli
Author-Name: Vidya Atal
Author-X-Name-First: Vidya
Author-X-Name-Last: Atal
Title: ‘Big Mac Affordability’ and real-income inequality across countries
Abstract: 
 Using the Big Mac Index and focusing on the deciles of the income distribution, we produce a descriptive study of real-income inequality from households in 29 countries and for period 2000 to 2013. Using daily Big Mac Affordability (BMA), we rank and show differences in the living standards and the purchasing power of individuals belonging to different income deciles in these countries. We also provide a multidimensional Big Mac real-income inequality analysis by looking at Coefficient of Variation as well as the share of bottom to top decile BMA (as a measure of dispersion) across countries.
Journal: Applied Economics Letters
Pages: 1352-1356
Issue: 16
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1679342
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1679342
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:16:p:1352-1356




Template-Type: ReDIF-Article 1.0
Author-Name: Abdulkareem Alhassan
Author-X-Name-First: Abdulkareem
Author-X-Name-Last: Alhassan
Author-Name: Cem Payaslioglu
Author-X-Name-First: Cem
Author-X-Name-Last: Payaslioglu
Title: Institutions and bilateral trade in Africa: an application of Poisson’s estimation with high-dimensional fixed effects to structural gravity model
Abstract: 
 This study provides a comparative analysis of the effect of political and economic institutions on bilateral trade of emerging and low-income African countries. Using the structural gravity model estimated by the Poisson pseudo-maximum likelihood with high-dimensional fixed effects (PPMLHDFE) estimator, the study reveals that both political and economic institutions are fundamental determinants of bilateral trade in Africa. However, the effect differs by type and components of the institutions and levels of income of the countries. Generally, the findings show that institutions have greater impact on trade of the emerging African economies (EE) than the low-income countries (LICs). Relatively, economic institutions affect trade more than political institutions in the LICs, while the reverse is the case for EE. Hence, the design of an institutional framework that aimed at facilitating bilateral trade should consider the peculiarities of the countries in terms of their level of income and the various facets of institutions.
Journal: Applied Economics Letters
Pages: 1357-1361
Issue: 16
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1682112
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1682112
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:16:p:1357-1361




Template-Type: ReDIF-Article 1.0
Author-Name: Kurt W. Rotthoff
Author-X-Name-First: Kurt W.
Author-X-Name-Last: Rotthoff
Title: The efficiency of large(r) endowments: the optimal endowment is bigger than you might think
Abstract: 
 This study argues that endowments can be efficient, both for a finite-lived and infinitely-lived agent. When the lost utility from forgone consumption is less than the discounted utility brought by the cash flows paid throughout the endowment, endowments are utility-enhancing. Given that this can be utility enhancing for a finite-lived person, the direct connection can be made to an infinitely-lived agent who would receive utility enhancement through an endowment, such as a university. Given the recent political push to force well-endowed universities to spend down their endowments, displaying how an endowment’s existence can be efficient is important for policy-makers.
Journal: Applied Economics Letters
Pages: 1362-1365
Issue: 16
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1682507
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1682507
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:16:p:1362-1365




Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Kaimann
Author-X-Name-First: Daniel
Author-X-Name-Last: Kaimann
Title: Ancillary market signalling: A two-stage model of economic reputation on ancillary market success
Abstract: 
 Due to high market search costs, public information can have a stronger impact than private information on consumer choice behaviour. As a result, a priori economic success serves as a signal of high quality, reduces information asymmetries and can thus have an influence on the market performance in ancillary markets. Using weekly sales data from the ancillary DVD market, consisting of 8664 movies and their commercial performance between 2006 and 2018, we empirically test the influence of economic reputation on ancillary market success. We find clear evidence to suggest that former box office and DVD market success is positively associated with DVD sales. We additionally show that for distributors it is rational to follow a price skimming strategy of setting prices high when introducing new products to the market. These results provide practical insights into how businesses can maximize their profits by improving their decisions concerning product launch strategies.
Journal: Applied Economics Letters
Pages: 1366-1370
Issue: 16
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1683136
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1683136
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:16:p:1366-1370




Template-Type: ReDIF-Article 1.0
Author-Name: K. Ali Akkemik
Author-X-Name-First: K. Ali
Author-X-Name-Last: Akkemik
Author-Name: Gerçek Çiçek
Author-X-Name-First: Gerçek
Author-X-Name-Last: Çiçek
Author-Name: Charles Yuji Horioka
Author-X-Name-First: Charles Yuji
Author-X-Name-Last: Horioka
Author-Name: Yoko Niimi
Author-X-Name-First: Yoko
Author-X-Name-Last: Niimi
Title: The impact of a failed coup d’état on happiness, life satisfaction, and trust: the case of the plot in Turkey on July 15, 2016
Abstract: 
 This paper examines the impact of the failed coup d’état attempt in Turkey on 15 July 2016 on people’s happiness, life satisfaction, and trust and finds that the plot had a significant negative effect on all three variables. This paper is the first to show that coups d’état can have a significant adverse effect on people’s well-being, as in the case of terrorist attacks.
Journal: Applied Economics Letters
Pages: 1371-1375
Issue: 16
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1683137
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1683137
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:16:p:1371-1375




Template-Type: ReDIF-Article 1.0
Author-Name: Alper Duman
Author-X-Name-First: Alper
Author-X-Name-Last: Duman
Author-Name: Ayla Oğuş Binatlı
Author-X-Name-First: Ayla
Author-X-Name-Last: Oğuş Binatlı
Title: Legal environment and new firm formation: case of Turkey
Abstract: 
 The new Turkish Commercial Code decreased transaction costs for joint stock corporations relative to limited liability companies, and led to a marked increase in the number of new firms adopting the corporation organizational form. We examine whether there has been a structural change in relative frequencies of corporations versus limited liability companies due to the new commercial code of 2012. We employ Bai and Perron’s multiple structural breaks test for the period 1995:01 to 2019:01. We find two breaks when we consider only the mean process, and one break that corresponds exactly with the new Turkish Commercial Code when we consider the mean and autoregressive processes. We conclude that the new commercial code increased the number of new joint stock corporations relative to new limited liability companies.
Journal: Applied Economics Letters
Pages: 1376-1382
Issue: 16
Volume: 27
Year: 2020
Month: 09
X-DOI: 10.1080/13504851.2019.1683138
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1683138
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:16:p:1376-1382




Template-Type: ReDIF-Article 1.0
Author-Name: Matondang Elsa Siburian
Author-X-Name-First: Matondang Elsa
Author-X-Name-Last: Siburian
Title: Fiscal decentralization and regional income inequality: evidence from Indonesia
Abstract: 
 This paper investigates the effects of fiscal decentralization on regional income inequality in Indonesia. Using provincial-level data over the period 2001–2014, this paper concludes that fiscal decentralization reduces regional income inequality. A simultaneous equation model (SEM) is employed to circumvent possible endogeneity. It follows that the extent to which fiscal decentralization decreases reginal income gap was greater than that in the opposite direction. A possible explanation for this is that compared with a centralized system, it granted the local governments with autonomy in designing development programmes that match unique characteristics of a particular region and distributing more balanced resources within it. Further, decentralization enables a local government to efficiently provide public services in need. Finally, decentralization motivates local politicians to effectively allocate local public goods and services. This is because regional heads are selected through a direct election in Indonesia and that they are keen on being re-elected by better serving the voters.
Journal: Applied Economics Letters
Pages: 1383-1386
Issue: 17
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1683139
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1683139
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:17:p:1383-1386




Template-Type: ReDIF-Article 1.0
Author-Name: Kristin J. Kleinjans
Author-X-Name-First: Kristin J.
Author-X-Name-Last: Kleinjans
Title: The effect of unemployment on noncognitive skills
Abstract: 
 Unemployment results in lower levels of cognitive skills and has long-term effects on health and economic well-being. In this paper, I show that unemployment also has negative effects on noncognitive skills, at least in the short term. Using a sample of Germans born between 1945 and 1995, I account for potential endogeneity by using state-level unemployment rates as instruments and controlling for past levels of noncognitive skills. The effects of not working are strong, reducing conscientiousness by 0.15 of a standard deviation for women and by 0.25 for men.
Journal: Applied Economics Letters
Pages: 1387-1390
Issue: 17
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1683140
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1683140
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:17:p:1387-1390




Template-Type: ReDIF-Article 1.0
Author-Name: Ali Ahmed
Author-X-Name-First: Ali
Author-X-Name-Last: Ahmed
Author-Name: Mats Hammarstedt
Author-X-Name-First: Mats
Author-X-Name-Last: Hammarstedt
Title: Ethnic discrimination in contacts with public authorities: a correspondence test among Swedish municipalities
Abstract: 
 We present a field experiment conducted in order to explore the existence of ethnic discrimination in contact with public authorities. Two fictitious parents, one with a Swedish-sounding name and one with an Arabic-sounding name, sent email inquiries to all Swedish municipalities asking for information about preschool admission for their children. Results show that the parents were treated differently by the municipalities since the individual with the Swedish-sounding name received significantly more responses that answered the question in the inquiry than the individual with the Arabic-sounding name. Also, the individual with the Swedish-sounding name received more warm answers than the individual with the Arabic-sounding name in the sense that the answer from the municipality started with a personal salutation. We conclude that ethnic discrimination is prevalent in public sector contacts and that this discrimination has implications for the integration of immigrants and their children.
Journal: Applied Economics Letters
Pages: 1391-1394
Issue: 17
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1683141
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1683141
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:17:p:1391-1394




Template-Type: ReDIF-Article 1.0
Author-Name: Yanfeng Wei
Author-X-Name-First: Yanfeng
Author-X-Name-Last: Wei
Author-Name: Liguo Zhang
Author-X-Name-First: Liguo
Author-X-Name-Last: Zhang
Author-Name: Qirui Li
Author-X-Name-First: Qirui
Author-X-Name-Last: Li
Title: The source of real oil price fluctuations: a fresh view from the frequency domain
Abstract: 
 This paper analyzes the role of different types of oil price shocks for real oil price fluctuations and contributes by exploiting insights from the frequency domain perspective. We find aggregate demand shocks are the most important contributor to real oil price fluctuations in the entire spectrum. Besides, oil-specific demand shocks have a relatively important impact on real oil price changes at high frequencies and business cycle frequencies, while oil supply shocks have a relatively important impact on real oil price changes at low frequencies and frequency zero.
Journal: Applied Economics Letters
Pages: 1395-1399
Issue: 17
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1683142
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1683142
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:17:p:1395-1399




Template-Type: ReDIF-Article 1.0
Author-Name: Singgih Gunarsa
Author-X-Name-First: Singgih
Author-X-Name-Last: Gunarsa
Author-Name: Tony Makin
Author-X-Name-First: Tony
Author-X-Name-Last: Makin
Author-Name: Nicholas Rohde
Author-X-Name-First: Nicholas
Author-X-Name-Last: Rohde
Title: Public debt in developing Asia: a help or hindrance to growth?
Abstract: 
 We study the effects of public debt on economic growth using a panel of 25 Asian countries from 1970 to 2015. Using a collection of panel data models, we find weak evidence in favour of a negative relationship. Our estimates imply that a 10% increase in debt predicts declines in growth rates ranging from 0.2% to 0.4%.
Journal: Applied Economics Letters
Pages: 1400-1403
Issue: 17
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1683147
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1683147
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:17:p:1400-1403




Template-Type: ReDIF-Article 1.0
Author-Name: Pramod C. Mane
Author-X-Name-First: Pramod C.
Author-X-Name-Last: Mane
Author-Name: Kapil Ahuja
Author-X-Name-First: Kapil
Author-X-Name-Last: Ahuja
Author-Name: Nagarajan Krishnamurthy
Author-X-Name-First: Nagarajan
Author-X-Name-Last: Krishnamurthy
Title: Externalities in endogenous sharing economy networks
Abstract: 
 This paper investigates the impact of link formation between a pair of agents on the resource availability of other agents (that is, externalities) in a social cloud network, a special case of endogenous sharing economy networks. Specifically, we study how the closeness between agents and the network size affect externalities. We conjecture, and experimentally support, that for an agent to experience positive externalities, an increase in its closeness is necessary. The condition is not sufficient though. We, then, show that for populated ring networks, one or more agents experience positive externalities due to an increase in the closeness of agents. Further, the initial distance between agents forming a link has a direct bearing on the number of beneficiaries, and the number of beneficiaries is always less than that of non-beneficiaries.
Journal: Applied Economics Letters
Pages: 1404-1408
Issue: 17
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1683507
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1683507
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:17:p:1404-1408




Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Fritzsch
Author-X-Name-First: Benjamin
Author-X-Name-Last: Fritzsch
Author-Name: Kai Wenger
Author-X-Name-First: Kai
Author-X-Name-Last: Wenger
Author-Name: Philipp Sibbertsen
Author-X-Name-First: Philipp
Author-X-Name-Last: Sibbertsen
Author-Name: Georg Ullmann
Author-X-Name-First: Georg
Author-X-Name-Last: Ullmann
Title: Can google trends improve sales forecasts on a product level?
Abstract: 
 Combining standard time series models with search query data can be helpful in predicting sales. We include the search volume of company as well as product-related keywords provided by Google Trends as new predictors in models to forecast sales on a product level. Using weekly data from January 2015 to December 2016 of two products of the audio company Sennheiser we find evidence that using Google Trends data can enhance the prediction performance of conventional models.
Journal: Applied Economics Letters
Pages: 1409-1414
Issue: 17
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1686110
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1686110
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Redmond
Author-X-Name-First: Paul
Author-X-Name-Last: Redmond
Author-Name: Seamus McGuinness
Author-X-Name-First: Seamus
Author-X-Name-Last: McGuinness
Title: Explaining the gender gap in job satisfaction
Abstract: 
 In general, women report greater job satisfaction than men. The existing literature cannot fully explain the nature of this difference, as the gap tends to persist even when controlling for job characteristics. In this paper, we study job satisfaction using recent data for 28 EU countries. Women, on average, are more satisfied than men and the gap remains even when we account for a wide range of personal, job and family characteristics. However, the gap disappears when we include job preferences, as women place greater importance on work-life balance and the intrinsic desirability of the work.
Journal: Applied Economics Letters
Pages: 1415-1418
Issue: 17
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1686111
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1686111
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Template-Type: ReDIF-Article 1.0
Author-Name: Philip Hans Franses
Author-X-Name-First: Philip Hans
Author-X-Name-Last: Franses
Title: IMA(1,1) as a new benchmark for forecast evaluation
Abstract: 
 Many forecasting studies compare the forecast accuracy of new methods or models against a benchmark model. Often, this benchmark is the random walk model. In this note, I argue that for various reasons an IMA(1,1) model is a better benchmark in many cases.
Journal: Applied Economics Letters
Pages: 1419-1423
Issue: 17
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1686115
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1686115
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Template-Type: ReDIF-Article 1.0
Author-Name: Anne de Bruin
Author-X-Name-First: Anne
Author-X-Name-Last: de Bruin
Author-Name: Abraham Agyemang
Author-X-Name-First: Abraham
Author-X-Name-Last: Agyemang
Author-Name: Md Iftekhar Hasan Chowdhury
Author-X-Name-First: Md Iftekhar Hasan
Author-X-Name-Last: Chowdhury
Title: New insights on suicide: uncertainty and political conditions
Abstract: 
 We study suicide rates across 17 countries, focusing on the relationships between suicide, and economic policy uncertainty, voice and accountability, and political stability. Results show high economic policy uncertainty is associated with increased suicides, suicide rates tend to increase in countries with lower voice and accountability and high political instability.
Journal: Applied Economics Letters
Pages: 1424-1429
Issue: 17
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1686453
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1686453
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Template-Type: ReDIF-Article 1.0
Author-Name: Allyssa A. Wadsworth
Author-X-Name-First: Allyssa A.
Author-X-Name-Last: Wadsworth
Title: Moore religious icons on state property? Alabamians pass bill to allow overlap of church and state
Abstract: 
 After 18 years of debate, sparked by Former Chief Justice Roy Moore, a final decision has been made by the residents of Alabama allowing the Ten Commandments to be displayed on state and public property. I employ the median voter model with numerous datasets to analyse which special interest groups are the driving force for yes votes. I find both females and veterans support the passing, while those with higher education and Catholic-affiliated groups oppose. Black Protestant affiliation has an inconclusive-muted effect when considering robust controls.
Journal: Applied Economics Letters
Pages: 1430-1433
Issue: 17
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1687837
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1687837
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Template-Type: ReDIF-Article 1.0
Author-Name: Aaron Kreiner
Author-X-Name-First: Aaron
Author-X-Name-Last: Kreiner
Author-Name: John Duca
Author-X-Name-First: John
Author-X-Name-Last: Duca
Title: Can machine learning on economic data better forecast the unemployment rate?
Abstract: 
 Using FRED data, a machine-learning model outperforms the Survey of Professional Forecasters and other models since 2001 in forecasting the unemployment rate.
Journal: Applied Economics Letters
Pages: 1434-1437
Issue: 17
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1688237
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1688237
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Template-Type: ReDIF-Article 1.0
Author-Name: Zuobao Wang
Author-X-Name-First: Zuobao
Author-X-Name-Last: Wang
Author-Name: Jing Sun
Author-X-Name-First: Jing
Author-X-Name-Last: Sun
Title: Explaining the poverty difference between the US and the UK: a Shapley income-distribution decomposition approach
Abstract: 
 This paper estimates the poverty level in the US and the UK during the 2004–2016 period and analyses the cause of the poverty difference. The results show that poverty in the US is more serious than that in the UK. Although the overall income in the US is higher than that in the UK, the poor in the US, especially the ultra-poor, are poorer than those in the UK. The inequality in the US is higher than that in the UK, which offsets the contribution of the higher income and renders the higher poverty level in the US as the dominant factor.
Journal: Applied Economics Letters
Pages: 1438-1441
Issue: 17
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1688238
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1688238
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Template-Type: ReDIF-Article 1.0
Author-Name: Yiuman Tse
Author-X-Name-First: Yiuman
Author-X-Name-Last: Tse
Author-Name: John K. Wald
Author-X-Name-First: John K.
Author-X-Name-Last: Wald
Title: Research records for Chaired finance positions
Abstract: 
 We examine the research records for chaired finance professors at all the Carnegie Rank 1 and 2 Universities in the U.S. Chaired finance professors at Carnegie Rank 1 universities have a median of 11 top finance, economics, or accounting publications, whereas chaired finance professors at Carnegie Rank 2 Universities have a median of 3 top publications. Chaired finance professors at Rank 1 universities produce an additional top publication roughly every 5 years, whereas chaired finance professors at Rank 2 universities produce an additional top publication roughly every 16 years. The University of Chicago has produced more Chaired professors than any other school; however, endowed finance professors who graduated from different top-tier schools have similar research records.
Journal: Applied Economics Letters
Pages: 1442-1450
Issue: 17
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1688239
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1688239
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Template-Type: ReDIF-Article 1.0
Author-Name: K.A. Bannova
Author-X-Name-First: K.A.
Author-X-Name-Last: Bannova
Author-Name: N.E. Aktaev
Author-X-Name-First: N.E.
Author-X-Name-Last: Aktaev
Title: Mathematical modelling of optimal tax trajectory within the framework of Cobb-Douglas model
Abstract: 
 A mathematical model for calculating the optimal tax path for the effective functioning of companies is developed. The model is based on the principle of the distribution of fixed assets between consumption, investment and taxes. The governing principle of distribution is the maximization of output, which is a key criterion for the desired tax path. As a result of numerical modelling, an approach is proposed for formulating the optimal tax rate, which allows, on the one hand, to increase tax collection, and on the other, to ensure the continuous development of companies. Since the model is obtained on the basis of the fundamental principles of economics and the physics of evolutionary processes, it is expected to expand to foreign practices.
Journal: Applied Economics Letters
Pages: 1451-1457
Issue: 17
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1688240
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1688240
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Template-Type: ReDIF-Article 1.0
Author-Name: Vinodh Madhavan
Author-X-Name-First: Vinodh
Author-X-Name-Last: Madhavan
Author-Name: Ishita Mukhopadhyay
Author-X-Name-First: Ishita
Author-X-Name-Last: Mukhopadhyay
Author-Name: Partha Ray
Author-X-Name-First: Partha
Author-X-Name-Last: Ray
Title: Does electronic trading influence stock prices? The Indian experience
Abstract: 
 We study the impact of electronic trading in India via two distinct approaches. First, in a more traditional way, we model the data generating process (DGP) of share price index for different trading regimes using an AR-GARCH filter. Our results indicate regime-invariant nature of the DGP. Subsequently, we employ rolling Hinich Bicorrelation test to AR-GARCH-filtered standardized residuals to examine the degree of efficiency of Indian share price index across trading regimes. Our results indicate a distinct improvement in informational efficiency of Indian share price index pursuant to adoption of electronic trading systems.
Journal: Applied Economics Letters
Pages: 1459-1462
Issue: 18
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1690121
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1690121
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Template-Type: ReDIF-Article 1.0
Author-Name: Ziming Liu
Author-X-Name-First: Ziming
Author-X-Name-Last: Liu
Author-Name: Shuyi Feng
Author-X-Name-First: Shuyi
Author-X-Name-Last: Feng
Title: Linking political attitude and pro-environmental behaviors in China
Abstract: 
 Individual pro-environmental behaviours can have large environmental impacts. In this note, we investigate how political attitude relates to pro-environmental behaviours, using data from the Chinese General Social Survey 2013. Compared to individuals who embrace more government interventions, those who hold the opposite political attitude are less likely to engage in pro-environmental behaviours. The results are robust across different specifications. We contribute to the literature by providing the first micro-level evidence from China. Similar to other countries, in China, political attitude is an important driver of pro-environmental behaviours.
Journal: Applied Economics Letters
Pages: 1463-1468
Issue: 18
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1690122
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1690122
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Template-Type: ReDIF-Article 1.0
Author-Name: Eric Olson
Author-X-Name-First: Eric
Author-X-Name-Last: Olson
Author-Name: Adam Nowak
Author-X-Name-First: Adam
Author-X-Name-Last: Nowak
Title: Sentiment’s effect on the variance of stock returns
Abstract: 
 This study examines the effect that sentiment has on the conditional variance of stock returns. We find that the effect is asymmetric and differs depending upon the state of the economy. We also examine whether the effect is time-varying. To capture time-varying effects, we use rolling 10-year windows of daily data in a GARCH (1,1) model that allows positive and negative sentiment to have an asymmetric effect on the conditional variance of stock returns. We find that the negative sentiment has a positive effect on the conditional variance but dissipates after 1970.
Journal: Applied Economics Letters
Pages: 1469-1473
Issue: 18
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1690123
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1690123
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Polugodina
Author-X-Name-First: Maria
Author-X-Name-Last: Polugodina
Title: The Dutch disease paradox: endowment change and heterogeneous firms
Abstract: 
 This paper presents a model of international trade with heterogeneous firms and endowment differences across countries to explore the adjustment of production and trade patterns to exogenous shocks, such as massive endowment changes. I show that a windfall of resources which can be used for production has a controversial effect on the economy. On the one hand, it leads to a lower productivity level in the economy, which is a known characteristic of the Dutch disease. On the other hand, it increases the relative domestic productivity of the sectors using that resource more intensively, compared to the same industries in other countries, and also raises the exporters share in that sector. Thus, it enhances the Ricardian comparative advantage along the lines of the Heckscher–Ohlin comparative advantage.
Journal: Applied Economics Letters
Pages: 1474-1478
Issue: 18
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1690124
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1690124
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Template-Type: ReDIF-Article 1.0
Author-Name: Yun Hong
Author-X-Name-First: Yun
Author-X-Name-Last: Hong
Author-Name: Yi Li
Author-X-Name-First: Yi
Author-X-Name-Last: Li
Title: Could the introduction of high-speed railway inhibit the IPO underpricing in China?
Abstract: 
 This study examines the high-speed railway (hereinafter referred to as ‘HSR’)’s impact on initial public offering (hereinafter referred to as ‘IPO’) underpricing by using a large sample of IPO firms in China. By using the reduced-form difference-in-difference method, we find that the introduction of HSR significantly reduces the IPO underpricing, and the effect is more pronounced in the firms with auditors from different regions, and the firms in regions with better institutional environment.
Journal: Applied Economics Letters
Pages: 1479-1484
Issue: 18
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1690125
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1690125
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Template-Type: ReDIF-Article 1.0
Author-Name: Tobias Burggraf
Author-X-Name-First: Tobias
Author-X-Name-Last: Burggraf
Author-Name: Ralf Fendel
Author-X-Name-First: Ralf
Author-X-Name-Last: Fendel
Author-Name: Toan Luu Duc Huynh
Author-X-Name-First: Toan Luu Duc
Author-X-Name-Last: Huynh
Title: Political news and stock prices: evidence from Trump’s trade war
Abstract: 
 This study investigates the impact of political news on stock price movements. Analysing more than 3,200 tweets from US President Donald Trump’s Twitter account, we find that tweets related to the US-China trade war negatively predict S&P 500 returns and positively predict VIX. Granger causality estimates indicate that the causal relationship is one-directional – from Trump tweets to returns and VIX. Finally, the results vary across industries depending on their degree of trade intensity with China.
Journal: Applied Economics Letters
Pages: 1485-1488
Issue: 18
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1690626
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1690626
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Wingert
Author-X-Name-First: Simon
Author-X-Name-Last: Wingert
Author-Name: Christian Leschinski
Author-X-Name-First: Christian
Author-X-Name-Last: Leschinski
Author-Name: Philipp Sibbertsen
Author-X-Name-First: Philipp
Author-X-Name-Last: Sibbertsen
Title: Seasonality robust local whittle estimation
Abstract: 
 Time series that have seasonal effects with long periods relative to the observation frequency can exhibit spurious long memory. The effect of these seasonalities on the periodogram is similar to that of structural breaks and non-periodic trends, but it only influences the seasonal frequencies and their harmonics. Still, the effect causes a sizable bias of popular estimators such as the local Whittle estimator. To overcome this, we propose a robust local Whittle estimator based on the omission of the affected periodogram ordinates. In a Monte Carlo study, we compare this estimator with a robust log-periodogram regression-based estimator known in the literature. An application to electricity load series demonstrates the potential of robust estimators for empirical research.
Journal: Applied Economics Letters
Pages: 1489-1494
Issue: 18
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1691710
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1691710
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Turner
Author-X-Name-First: Paul
Author-X-Name-Last: Turner
Title: Critical values for the Durbin-Watson test in large samples
Abstract: 
 This paper estimates functional relationships between the Durbin-Watson critical bounds and the sample size. The functions estimated provide a quick and easy way to calculate critical values for sample sizes not reported as standard in books of statistical tables. They also allow estimation of the sample sizes necessary for the convergence of the Durbin-Watson lower and upper bounds to those derived from the normal distribution and each other. Our results indicate that what constitutes a ‘large’ sample is highly sensitive to the number of independent variables in the regression equation.
Journal: Applied Economics Letters
Pages: 1495-1499
Issue: 18
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1691711
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1691711
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Template-Type: ReDIF-Article 1.0
Author-Name: Hasim Akca
Author-X-Name-First: Hasim
Author-X-Name-Last: Akca
Author-Name: Oguzhan Bozatli
Author-X-Name-First: Oguzhan
Author-X-Name-Last: Bozatli
Title: Fiscal devaluation and net export: dynamic panel data analysis on the Euro Area
Abstract: 
 This study examined whether the fiscal devaluation affected the net export balance in the short and long term by using a dynamic panel data model in the period range between 1995 and 2018 for the Eurozone countries. According to the results of the study, fiscal devaluation improves the net export balance in the short and long term. However, it should be noted that the improvement in long-term net export balance is stronger than other empirical studies.
Journal: Applied Economics Letters
Pages: 1500-1504
Issue: 18
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1691712
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1691712
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin T. Bohl
Author-X-Name-First: Martin T.
Author-X-Name-Last: Bohl
Author-Name: Thomas Ehrmann
Author-X-Name-First: Thomas
Author-X-Name-Last: Ehrmann
Author-Name: Claudia Wellenreuther
Author-X-Name-First: Claudia
Author-X-Name-Last: Wellenreuther
Title: The far reaching implications of Fama’s efficient markets hypothesis: non-predictability of media investments
Abstract: 
 In this paper we show, that approaches used to forecast the success of media investments can be challenged on the basis of the efficient markets hypothesis. Moreover, we present new empirical evidence which supports our argumentation in favour of the non-predictability of the success of media investments.
Journal: Applied Economics Letters
Pages: 1505-1508
Issue: 18
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1693014
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1693014
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Template-Type: ReDIF-Article 1.0
Author-Name: Cuong Viet Nguyen
Author-X-Name-First: Cuong Viet
Author-X-Name-Last: Nguyen
Title: The effect of income shocks on migration: evidence from rural Vietnam
Abstract: 
 In this study, we aim to estimate the causal effect of income shocks on migration in rural Vietnam. We use rainfall extremes as an exogenous source for income shocks. We find that high rainfall extremes increase income growth of households, while low rainfall extremes reduce their income growth. Using these rainfall extremes as the instrumental variables for income shocks, we find that negative income shocks encourage the migration. Experiencing a decrease in per capita income increases the probability of migration of rural people by 0.06.
Journal: Applied Economics Letters
Pages: 1509-1514
Issue: 18
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1693015
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1693015
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:18:p:1509-1514




Template-Type: ReDIF-Article 1.0
Author-Name: Xixiong Xu
Author-X-Name-First: Xixiong
Author-X-Name-Last: Xu
Author-Name: Youliang Yan
Author-X-Name-First: Youliang
Author-X-Name-Last: Yan
Title: Effect of political connection on corporate environmental investment: evidence from Chinese private firms
Abstract: 
 This paper investigates the effect of political connections on corporate environmental investment. Using the survey data gathered from Chinese private firms, we find that political connection is significantly positively associated with environmental investment. The results are still valid after using Heckman two-stage approach and propensity score matching method to mitigate endogenous problems. Furthermore, we find the positive role of political connection in environmental investment is more pronounced for the firms joining the government-controlled business association, namely the All-China Federation of Industry and Commerce (ACFIC).
Journal: Applied Economics Letters
Pages: 1515-1521
Issue: 18
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1693692
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1693692
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Template-Type: ReDIF-Article 1.0
Author-Name: Pascal Nguyen
Author-X-Name-First: Pascal
Author-X-Name-Last: Nguyen
Title: Board gender diversity and cost of equity
Abstract: 
 Evidence that women directors provide more effective monitoring suggests that greater board gender diversity is associated with lower cost of equity because of greater confidence in the firm’s governance. We test this hypothesis using a sample of French firms over the period 2006–2017. The results show that cost of equity is significantly lower when firms have a higher proportion of women directors. It thus appears that mandatory quotas have allowed women directors to reach the critical mass needed to have significant impact.
Journal: Applied Economics Letters
Pages: 1522-1526
Issue: 18
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1693693
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1693693
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Template-Type: ReDIF-Article 1.0
Author-Name: Adrian Oţoiu
Author-X-Name-First: Adrian
Author-X-Name-Last: Oţoiu
Author-Name: Emilia Țițan
Author-X-Name-First: Emilia
Author-X-Name-Last: Țițan
Title: What does a non-shifting Beveridge curve tell about Romania’s labour market?
Abstract: 
 Unlike for many developed and developing countries, for Romania, the Beveridge curve has not shifted during the current economic cycle. Our analysis reveals a labour market in transition towards a service-based, knowledge-intensive economy, where inward shifts of occupational Beveridge curves observed for Professionals, and Service and Sales workers, reflecting an increased matching efficiency for these occupations, were offset by outward shifts experienced by Technicians and Elementary occupations workers, leading to an aggregate non-shifting Beveridge curve for Romania. The flat Beveridge curves for the total labour market, and for most occupations, observed since 2016, could precede a future inward shift of the former, indicating an increased matching efficiency similar to the ones observed for Hong Kong in the 80s, and for Germany after the Great Recession. Results could inform future developments of the Romanian labour market, against a background of existing and potential future labour shortages.
Journal: Applied Economics Letters
Pages: 1527-1532
Issue: 18
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1693694
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1693694
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Template-Type: ReDIF-Article 1.0
Author-Name: Toni Juuti
Author-X-Name-First: Toni
Author-X-Name-Last: Juuti
Title: Integrated capital shares
Abstract: 
 In empirical macroeconomics, inter-dependencies between countries are often analysed using cross-country correlations or graphical investigation of time series. This study shows that applying an alternative methodological approach – identification of common unobservable factors and using them as explanatory variables for country-specific time series – indicates a stronger cross-country integration of functional income distributions than the standard methods. The results vary only little between different samples, where both the country and year coverage change. Moreover, the main findings are not sensitive to the way capital depreciation is taken into account. The primary driving factor seems to be the same irrespective of the set of countries and time period. Furthermore, in the majority of the countries, this factor is strongly correlated with both trade openness and total factor productivity, which have been suggested to be key drivers behind the changes in the division of income between capital and labour.
Journal: Applied Economics Letters
Pages: 1533-1540
Issue: 18
Volume: 27
Year: 2020
Month: 10
X-DOI: 10.1080/13504851.2019.1693695
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1693695
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrei Shynkevich
Author-X-Name-First: Andrei
Author-X-Name-Last: Shynkevich
Title: Pricing efficiency and market efficiency of two bitcoin funds
Abstract: 
 This study explores whether pricing inefficiency, or imperfect tracking in the market value of shares of a bitcoin fund of the fund’s net asset value (NAV), makes a significant impact on the fund’s market efficiency relative to the retail bitcoin market. Two bitcoin funds whose shares are traded at the exchanges which impose more stringent criteria for transparency compared to cryptocurrency exchanges are considered. The fund whose shares have been trading without significant premium or a discount relative to its NAV is found as weak-form efficient. The fund, whose shares have been trading at a significant premium over its NAV is found inefficient due to the presence of persistent and strong positive autocorrelation in its returns. Trading of shares in the inefficiently priced fund appears to be even more emotion-driven than the already volatile and emotional trading of bitcoin and exhibits a strong herding behaviour.
Journal: Applied Economics Letters
Pages: 1623-1628
Issue: 20
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2019.1707760
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1707760
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Template-Type: ReDIF-Article 1.0
Author-Name: Weijie Luo
Author-X-Name-First: Weijie
Author-X-Name-Last: Luo
Title: Demography and economic growth: the effect of tax composition
Abstract: 
 Several theories document the negative effect of population ageing on economic growth, either due to the smaller size of the labour force and consequent reduced productivity, or due to an excess of savings over desired investment. However, the evidence shows no such negative relationship. This paper argues that population ageing increases the demand for expenditure taxes rather than income taxes, leading to higher growth since the extent of distortionary relative to non-distortionary taxes falls and investment is facilitated. International panel evidence supports this hypothesis, and this relationship holds more firmly in stronger democracies.
Journal: Applied Economics Letters
Pages: 1629-1634
Issue: 20
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2019.1707761
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1707761
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Template-Type: ReDIF-Article 1.0
Author-Name: Tim van Duuren
Author-X-Name-First: Tim
Author-X-Name-Last: van Duuren
Author-Name: Jakob de Haan
Author-X-Name-First: Jakob
Author-X-Name-Last: de Haan
Author-Name: Henk van Kerkhoff
Author-X-Name-First: Henk
Author-X-Name-Last: van Kerkhoff
Title: Does institutional quality condition the impact of financial stability transparency on financial stability?
Abstract: 
 Using a fixed effects panel model on data for 110 countries over the period 2000–2011, we confirm previous findings that financial stability transparency increases the degree of financial stability in a country. However, our results also suggest that financial stability transparency is significantly negatively related to banks’ non-performing loans only with low institutional quality.
Journal: Applied Economics Letters
Pages: 1635-1638
Issue: 20
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2019.1707762
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1707762
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiang Chen
Author-X-Name-First: Xiang
Author-X-Name-Last: Chen
Author-Name: Mengxiang Chen
Author-X-Name-First: Mengxiang
Author-X-Name-Last: Chen
Author-Name: Shian-Jang Tzeng
Author-X-Name-First: Shian-Jang
Author-X-Name-Last: Tzeng
Title: The risk-based profit efficiency analysis for Chinese city banks in short-run
Abstract: 
 This study is to pay attention to the profit performance analysis with the risk consideration. This study takes risk factor into the Nerlovian profit efficiency to develop a risk-based profit efficiency. By investigating Chinese city banks, this study finds that the profit loss of Chinese city banks is mainly attributed to allocative inefficiency, and they have a significant improvement in allocative efficiency.
Journal: Applied Economics Letters
Pages: 1639-1643
Issue: 20
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2019.1707763
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1707763
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Template-Type: ReDIF-Article 1.0
Author-Name: Daeha Cho
Author-X-Name-First: Daeha
Author-X-Name-Last: Cho
Author-Name: Kwang Hwan Kim
Author-X-Name-First: Kwang Hwan
Author-X-Name-Last: Kim
Author-Name: Hye Rim Yi
Author-X-Name-First: Hye Rim
Author-X-Name-Last: Yi
Title: Financial frictions and the welfare effect of business cycles
Abstract: 
 This paper studies the implications of financial frictions on the welfare effects of business cycles, using the agency cost model of Carlstrom and Fuerst (1997). We decompose the total welfare effects of business cycles into the fluctuation and mean effect. We find that whether financial frictions reduce the total welfare or not, for any given shock, depends on the size of the mean effect. The presence of financial frictions reduces the mean effect and thus the welfare in response to aggregate productivity shocks, whereas it increases the mean effect in response to net worth shocks.
Journal: Applied Economics Letters
Pages: 1644-1651
Issue: 20
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2019.1708857
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1708857
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Template-Type: ReDIF-Article 1.0
Author-Name: Gian Paulo Soave
Author-X-Name-First: Gian Paulo
Author-X-Name-Last: Soave
Title: Financial conditions and the business cycles in emerging markets
Abstract: 
 This article assesses the role of financial conditions in business cycles in emerging markets. Evidence from nonlinear vector autoregression (VAR) model relating macroeconomic variables to a proxy of financial conditions suggests that (a) stressful times occur with considerable frequency, about 28$$\% $$% of the time; (b) second moments of the main macroeconomic variables are regime-dependent, potentially more correlated with GDP and with larger volatility under financial distress conditions; (c) consumption is more volatile than GDP under both regular financial and financial distress condition; (d) duration of the financial instability period is estimated to be about 4.7 quarters; and (e) strong amplification effects exist, potentially related to the tightening of credit conditions.
Journal: Applied Economics Letters
Pages: 1652-1658
Issue: 20
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2019.1708858
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1708858
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Template-Type: ReDIF-Article 1.0
Author-Name: Subok Chae
Author-X-Name-First: Subok
Author-X-Name-Last: Chae
Title: Does housing price destroy marital stability? Evidence from South Korea
Abstract: 
 This study examines the impact of housing price on the divorce rate in South Korea using a fixed effects model and dynamic panel data. There is currently a lack of consensus in the literature regarding the effect of house price on divorce. We simultaneously consider both house price and rental cost to distinguish a positive and negative effect of housing price. Using a cross-regional dataset of 15 provinces in South Korea from 1990 to 2013, we show that the wealth effect of house price changes on divorce rates is different from the effect of rental cost. All regression results indicate positive and statistically significant wealth effects of house price, but negative effects of the rental price changes on divorce rates.
Journal: Applied Economics Letters
Pages: 1659-1662
Issue: 20
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2020.1711502
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1711502
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Template-Type: ReDIF-Article 1.0
Author-Name: Seamus McGuinness
Author-X-Name-First: Seamus
Author-X-Name-Last: McGuinness
Author-Name: Paul Redmond
Author-X-Name-First: Paul
Author-X-Name-Last: Redmond
Author-Name: Judith Delaney
Author-X-Name-First: Judith
Author-X-Name-Last: Delaney
Title: Minimum wage non-compliance
Abstract: 
 We use a unique question from the Irish Labour Force Survey that captures the reasons for workers being paid below the minimum wage. Compared to existing work, this allows us to more precisely identify sub-minimum wage workers. We find that 5.6 percent of minimum wage workers are paid below the minimum wage for reasons other than those permitted under legislation. This is considerably lower than estimates reported in the existing literature.
Journal: Applied Economics Letters
Pages: 1663-1666
Issue: 20
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2020.1711503
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1711503
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Template-Type: ReDIF-Article 1.0
Author-Name: René Böheim
Author-X-Name-First: René
Author-X-Name-Last: Böheim
Author-Name: Thomas Leoni
Author-X-Name-First: Thomas
Author-X-Name-Last: Leoni
Title: Absenteeism on bridging days
Abstract: 
 We examine sickness absences on ‘bridging days’, i.e. Mondays and Fridays which fall between a weekend and a public holiday. Bridging days allow for a longer absence from work and increased utility from leisure, which could lead to increased shirking and absenteeism. We test this hypothesis using longitudinal social security data that cover the universe of private sector employees in a large Austrian region for a period of eleven years. Many public holidays are on different days of the week in different years and this variation identifies our causal estimate. We do not find any evidence for inflated sickness absence rates on bridging days. Quite conversely, sickness rates are consistently lower on bridging days than on regular Mondays and Fridays. Analysing diagnoses with symptoms that are hard to verify, we do not find indications for changes in employees’ strategic behaviour. Our results are consistent with the explanation that more workers are on vacation on bridging days.
Journal: Applied Economics Letters
Pages: 1667-1671
Issue: 20
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2020.1711504
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1711504
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Template-Type: ReDIF-Article 1.0
Author-Name: Jing Tan
Author-X-Name-First: Jing
Author-X-Name-Last: Tan
Author-Name: Kui Liu
Author-X-Name-First: Kui
Author-X-Name-Last: Liu
Title: The impact of two-child policy on household savings in China and mechanisms
Abstract: 
 One-child policy has been accused of causing high saving rates in China, and this article provides direct evidences for the economic impact of the two-child policy on savings. Using China Migrants Dynamic Survey, we find the two-child policy significantly reduces the household saving rates by 1.96 percentage points in average and by 4.88 percentage points if the rural and ethnic minority groups excluded, and we also use IV and propensity score matching (PSM) estimation methods to test the robustness. Furthermore, the study shows that the two-child policy has a heterogeneous effect on the saving rates decreasing, which mainly occurs in the local hukou population group. From this perspective, the policy has a comprehensive and sustainable impact. Through mechanism analysis, we clarify that the two-child policy affects savings by increasing expenditure insignificantly; in addition to the direct effect, it mainly affects savings by transiently reducing family income.Abbreviations: IV: Instrumental variables; PSM: Propensity score matching; CPI: Consumer price index; OLS: Ordinary least squares
Journal: Applied Economics Letters
Pages: 1672-1676
Issue: 20
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2020.1711505
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1711505
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Template-Type: ReDIF-Article 1.0
Author-Name: Deniz Gevrek
Author-X-Name-First: Deniz
Author-X-Name-Last: Gevrek
Author-Name: David Hudgins
Author-X-Name-First: David
Author-X-Name-Last: Hudgins
Author-Name: Marilyn K. Spencer
Author-X-Name-First: Marilyn K.
Author-X-Name-Last: Spencer
Title: Detecting a shade of schadenfreude in employee satisfaction with salary raises
Abstract: 
 This is the first study that explores the schadenfreude effect in employee satisfaction with and reaction to five-different salary raises. Authors construct a unique data set that was created by annually surveying employees from a representative U.S. public university over 5 years. Individuals demonstrate the emotion of schadenfreude in terms of the interactive impact of the raises of other employees. The results also indicate that awarding a one-time, small increase in compensation is not to be recommended for employee satisfaction and retention.
Journal: Applied Economics Letters
Pages: 1677-1680
Issue: 20
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2020.1711506
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1711506
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Template-Type: ReDIF-Article 1.0
Author-Name: Albert A. Okunade
Author-X-Name-First: Albert A.
Author-X-Name-Last: Okunade
Author-Name: Ahmad R. Osmani
Author-X-Name-First: Ahmad R.
Author-X-Name-Last: Osmani
Title: Effects of life expectancy on economic growth: new results using the flexible Box–Cox power transformation model
Abstract: 
 This article revisits the effects of life expectancy (LE) on economic growth reported in previous research. Maximum likelihhod estimates are obtained based on the monotonic nonlinear flexible Box–Cox power transformation regression model. This variance stabilizing model, unlike the a priori restrictive nested log and linear forms, is a parametrically richer flexible functional form for transforming the dependent and independent variables separately with different power parameters. The conditional LE elasticity of income estimates are found to vary across fitted models and the more robust flexible Box–Cox power model outperforms the restrictive linear and log specifications fitted in past work. Contrary to past findings indicating large negative and highly elastic (statistically significant) LE elasticity of income, new results from the preferred fully flexible Box–Cox model incorporating the nonlinear effect yield a much smaller negative (statistically significant) and inelastic LE elasticity of income estimate. The study explores some policy options for enhancing economic growth during periods of high or rising LE.
Journal: Applied Economics Letters
Pages: 1681-1684
Issue: 20
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2020.1713976
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1713976
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhao Zhang
Author-X-Name-First: Zhao
Author-X-Name-Last: Zhang
Author-Name: Aiping Wang
Author-X-Name-First: Aiping
Author-X-Name-Last: Wang
Author-Name: Hao Li
Author-X-Name-First: Hao
Author-X-Name-Last: Li
Title: What matters for the overall reduction of multidimensional poverty? Evidence from rural China
Abstract: 
 This paper provides a monitoring on the reduction of multidimensional poverty in rural China from 2010 to 2016. The results indicate that significant overall alleviation is observed in the rural China. After decomposing poverty reduction through Shapley method, dimensional and regional breakdown, this paper captures the factors contributing to the overall alleviation of multidimensional poverty in rural China: the decrease of poverty incidence, rather than the reduction of poverty intensity; the improvement in the dimensions of education and living standards; and the obvious alleviation of poverty in Western China.
Journal: Applied Economics Letters
Pages: 1685-1690
Issue: 20
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2020.1713977
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1713977
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeffrey Clemens
Author-X-Name-First: Jeffrey
Author-X-Name-Last: Clemens
Author-Name: Michael R. Strain
Author-X-Name-First: Michael R.
Author-X-Name-Last: Strain
Title: Implications of schedule irregularity as a minimum wage response margin
Abstract: 
 Empirical research on minimum wages has historically focused on employment effects, with the implicit assumption that workers who remain employed under a minimum wage regime are better off. This paper develops a simple model and a stylized example to highlight the importance of an underappreciated margin: how a minimum wage might affect the regularity of workers’ schedules. Our analysis illustrates a novel line of intuition for how a minimum wage can reduce welfare even if, as in our example, it increases wages, productivity, and output, without decreasing employment.
Journal: Applied Economics Letters
Pages: 1691-1694
Issue: 20
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2020.1713978
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1713978
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Template-Type: ReDIF-Article 1.0
Author-Name: Sijia Zhang
Author-X-Name-First: Sijia
Author-X-Name-Last: Zhang
Author-Name: Andros Gregoriou
Author-X-Name-First: Andros
Author-X-Name-Last: Gregoriou
Title: The price and liquidity impact of China forbidding initial coin offerings on the cryptocurrency market
Abstract: 
 In this article, we empirically examine the cryptocurrency market reaction to china prohibiting initial coin offerings, on the 4 September 2007 for the 100 largest cryptocurrencies. The announcement has a significant negative but temporary impact on cryptocurrency returns and liquidity.
Journal: Applied Economics Letters
Pages: 1695-1698
Issue: 20
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2020.1713979
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1713979
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Template-Type: ReDIF-Article 1.0
Author-Name: Xingchun Wang
Author-X-Name-First: Xingchun
Author-X-Name-Last: Wang
Title: Valuing vulnerable options with two underlying assets
Abstract: 
 In this paper, we consider vulnerable options with two underlying assets, including options on the maximum of two underlying prices, options paying the best and cash, and options on the maximum of two geometric average prices. We derive the explicit pricing formulae of these options and perform numerical examples to illustrate prices of these options.
Journal: Applied Economics Letters
Pages: 1699-1706
Issue: 21
Volume: 27
Year: 2020
Month: 12
X-DOI: 10.1080/13504851.2020.1713980
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1713980
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Template-Type: ReDIF-Article 1.0
Author-Name: Jarle Aarstad
Author-X-Name-First: Jarle
Author-X-Name-Last: Aarstad
Author-Name: Olav Andreas Kvitastein
Author-X-Name-First: Olav Andreas
Author-X-Name-Last: Kvitastein
Title: Has the popularity of battery electric vehicles in Norway affected total new car sales? A synthetic control method study
Abstract: 
 Battery electric vehicles (BEVs) have gained popularity in Norway, chiefly due to generous tax incentives. Using the synthetic control method, we study if BEVs’ popularity has complemented or substituted for conventional new car sales. Comparing Norway with weighed control units from a donor pool of 16 other European countries between 1990 and 2018 as a counterfactual, we find that conventional new car sales since 2011 have fallen steeply in the country. Analyses also indicate that total new car sales have decreased since 2011. We conclude that BEVs substitute for conventional cars and probably even subtract total new car sales. An implication is that tax revenue loss from BEVs is probably higher than previously estimated, and the fleet of cars in Norway is probably older than in the absence of BEVs’ generous tax incentives.
Journal: Applied Economics Letters
Pages: 1707-1710
Issue: 21
Volume: 27
Year: 2020
Month: 12
X-DOI: 10.1080/13504851.2020.1713981
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1713981
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Template-Type: ReDIF-Article 1.0
Author-Name: Satoshi Urasawa
Author-X-Name-First: Satoshi
Author-X-Name-Last: Urasawa
Title: Business cycle asymmetry: evidence from Japan’s decade-long deflation
Abstract: 
 This paper empirically examines the asymmetric behaviour of macroeconomic time series under different economic regimes, focusing especially on whether the economy is in a deflationary or non-deflationary regime, using a threshold vector autoregression model (TVAR). The results provide evidence in favour of asymmetric spillover effects from demand shocks on economic variables such as wages and consumption. In contrast to the non-deflationary period, during the deflationary period demand shocks are not clearly transmitted to the economy overall due mainly to the rigidity of nominal wages. The findings highlight that the state of the economy also matters when we consider the nature of the business cycle.
Journal: Applied Economics Letters
Pages: 1711-1717
Issue: 21
Volume: 27
Year: 2020
Month: 12
X-DOI: 10.1080/13504851.2020.1715335
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1715335
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Template-Type: ReDIF-Article 1.0
Author-Name: Chengyuan Wang
Author-X-Name-First: Chengyuan
Author-X-Name-Last: Wang
Author-Name: Jie Shen
Author-X-Name-First: Jie
Author-X-Name-Last: Shen
Author-Name: Qiong Wang
Author-X-Name-First: Qiong
Author-X-Name-Last: Wang
Author-Name: Biao Luo
Author-X-Name-First: Biao
Author-X-Name-Last: Luo
Title: Impact of vertical pay dispersion on operational risk in banks
Abstract: 
 We explore the linkage between vertical pay dispersion, a critical aspect of bank compensation scheme, and the frequency and severity (total monetary loss) of operational risk. Using operational risk events panel data from Chinese domestic commercial banks, we find that vertical pay dispersion positively impacts both the frequency and total loss severity of operational risk events, and such impacts increase marginal effects via quantile regression.
Journal: Applied Economics Letters
Pages: 1718-1721
Issue: 21
Volume: 27
Year: 2020
Month: 12
X-DOI: 10.1080/13504851.2020.1716935
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1716935
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Template-Type: ReDIF-Article 1.0
Author-Name: Syungjin Han
Author-X-Name-First: Syungjin
Author-X-Name-Last: Han
Author-Name: Changhyun Kim
Author-X-Name-First: Changhyun
Author-X-Name-Last: Kim
Title: Employment stability and corporate innovation
Abstract: 
 We present a novel measure of firm-level employment stability, defined as one minus a firm’s employment elasticity with respect to its sales. We find that employment stability is positively associated with innovation output, measured by the number of patents and subsequent citations, and the originality and generality of the patents. Our findings suggest that employment stability enhances employees’ incentives for innovation by providing tolerance for failure.
Journal: Applied Economics Letters
Pages: 1722-1725
Issue: 21
Volume: 27
Year: 2020
Month: 12
X-DOI: 10.1080/13504851.2020.1716936
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Template-Type: ReDIF-Article 1.0
Author-Name: George Abuchi Agwu
Author-X-Name-First: George Abuchi
Author-X-Name-Last: Agwu
Title: When risk-aversion promotes enterprise formation
Abstract: 
 In this article, risk-aversion promotes rural enterprises formation contrasting with the theoretical motivations of new entrepreneurs. Rather than risk seeking, rural entrepreneurs are risk-averse, and instead of opportunities, the operators seek livelihood insurance. This finding indicates the value of insurance penetration in the rural areas.
Journal: Applied Economics Letters
Pages: 1726-1729
Issue: 21
Volume: 27
Year: 2020
Month: 12
X-DOI: 10.1080/13504851.2020.1716937
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1716937
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Template-Type: ReDIF-Article 1.0
Author-Name: Bebonchu Atems
Author-X-Name-First: Bebonchu
Author-X-Name-Last: Atems
Author-Name: Qingyang Liu
Author-X-Name-First: Qingyang
Author-X-Name-Last: Liu
Title: Public education expenditures, taxation and growth: a state-level analysis
Abstract: 
 In a 2007 paper, Blankenau, Simpson, and Tomljanovich (BST) find that public education expenditures have a positive impact on growth only after controlling for the government budget constraint. This note estimates a dynamic panel data model with U.S. state-level data over the period 1963–2015. Similar to BST, we find evidence of a positive relationship between public education expenditures and growth. Unlike BST, this relationship is not sensitive to the imposition of the government budget constraint.
Journal: Applied Economics Letters
Pages: 1730-1734
Issue: 21
Volume: 27
Year: 2020
Month: 12
X-DOI: 10.1080/13504851.2020.1717424
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1717424
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Template-Type: ReDIF-Article 1.0
Author-Name: Chee-Hong Law
Author-X-Name-First: Chee-Hong
Author-X-Name-Last: Law
Author-Name: Siew-Voon Soon
Author-X-Name-First: Siew-Voon
Author-X-Name-Last: Soon
Title: The impact of inflation on income inequality: the role of institutional quality
Abstract: 
 The inflation rate has ambiguous effects on income inequality, implying that the effects could be affected by another variable. This paper examines the implication of institutional quality on the relationship between inflation and income inequality. The two-step system generalized method of moment is applied to the unbalanced panel dataset which consists of 4-year non-overlapping average data from 1987 to 2014 for 65 developed and developing countries. The coefficients of inflation and institutional quality indicate that an increase in inflation will worsen income inequality, while better institutional quality will improve income inequality. Meanwhile, the effect of inflation will be mitigated by better institutional quality, suggesting the existence of a mediating effect from institutional quality. On the other hand, the marginal effects suggest that inflation and institutional quality will reduce income inequality. Thus, policymakers are advised to improve the institutional quality as it has a direct as well as an indirect impact on income inequality via its interaction with inflation.
Journal: Applied Economics Letters
Pages: 1735-1738
Issue: 21
Volume: 27
Year: 2020
Month: 12
X-DOI: 10.1080/13504851.2020.1717425
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1717425
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Template-Type: ReDIF-Article 1.0
Author-Name: Seyyed Ali Zeytoon Nejad Moosavian
Author-X-Name-First: Seyyed Ali
Author-X-Name-Last: Zeytoon Nejad Moosavian
Author-Name: Robert Hammond
Author-X-Name-First: Robert
Author-X-Name-Last: Hammond
Author-Name: Barry K. Goodwin
Author-X-Name-First: Barry K.
Author-X-Name-Last: Goodwin
Title: Risk aversion over price variability: experimental evidence
Abstract: 
 Eliciting risk attitudes is of crucial importance in economics. We test whether the degree of risk aversion that an individual exhibits in the context of the direct utility function is equivalent to that elicited in the context of the indirect utility function, as implied by duality theory. Our lab experiment uses payoff-based lottery choices (which are based on the direct utility function) and equivalent price-based lottery choices (which are based on the indirect utility function). We reject the equivalence of risk preferences from these two contexts. Subjects are more sensitive to price uncertainty than to equivalent payoff uncertainty.
Journal: Applied Economics Letters
Pages: 1739-1745
Issue: 21
Volume: 27
Year: 2020
Month: 12
X-DOI: 10.1080/13504851.2020.1717426
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1717426
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Template-Type: ReDIF-Article 1.0
Author-Name: Myongjin Kim
Author-X-Name-First: Myongjin
Author-X-Name-Last: Kim
Author-Name: Leilei Shen
Author-X-Name-First: Leilei
Author-X-Name-Last: Shen
Title: Help or hindrance? U.S. aid on growth
Abstract: 
 We distinguish between U.S. aid and non-U.S. aid and study the effects on growth in recipient countries. Our analysis exploits time variation in aid due to changes in the supply of U.S. aid and cross-sectional variation in a country’s tendency to receive any U.S. aid. We find that U.S. aid has a positive effect on growth. In particular, U.S. economic aid has a positive effect on growth while U.S. military and food aid have no effect on growth. There is also no evidence of U.S. aid crowding out aid from other countries. The effect of U.S. aid on growth is smaller for countries that are well endowed with natural resources, less ethnically polarized, and more aligned with the U.S.
Journal: Applied Economics Letters
Pages: 1746-1753
Issue: 21
Volume: 27
Year: 2020
Month: 12
X-DOI: 10.1080/13504851.2020.1720902
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1720902
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Gius
Author-X-Name-First: Mark
Author-X-Name-Last: Gius
Title: Using the synthetic control method to determine the effects of firearm seizure laws on state-level murder rates
Abstract: 
 The purpose of the present study is to determine the effects of firearm seizure laws on state-level murder rates. Using data for the period 1990–2017 and a synthetic control method, results of the present study suggest that firearm seizure laws resulted in a decline in murder and gun-related murder rates in Connecticut but an increase in gun-related murder rates in Indiana. The present study is significant because it is the first study that uses the synthetic control method to determine the effects of firearm seizure laws on murder rates.
Journal: Applied Economics Letters
Pages: 1754-1758
Issue: 21
Volume: 27
Year: 2020
Month: 12
X-DOI: 10.1080/13504851.2020.1720903
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1720903
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Template-Type: ReDIF-Article 1.0
Author-Name: Thierry Kangoye
Author-X-Name-First: Thierry
Author-X-Name-Last: Kangoye
Title: External financial flows and institutional building: the impact of remittances on civil liberties in aid dependent countries
Abstract: 
 We analyse the impact of both official development assistance and migrant transfers on civil liberties in developing countries, using a sample of 63 countries over the period 1984–2004. We found that while both larger migrant transfers and larger inflows of aid are associated with stronger civil liberties, workers remittances have a higher impact than aid with no interdependency between the two.
Journal: Applied Economics Letters
Pages: 1759-1763
Issue: 21
Volume: 27
Year: 2020
Month: 12
X-DOI: 10.1080/13504851.2020.1722788
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1722788
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Template-Type: ReDIF-Article 1.0
Author-Name: Başak Dalgıç
Author-X-Name-First: Başak
Author-X-Name-Last: Dalgıç
Author-Name: Burcu Fazlıoğlu
Author-X-Name-First: Burcu
Author-X-Name-Last: Fazlıoğlu
Title: The impact of broadband speed on productivity: findings from Turkish firms
Abstract: 
 This study utilizes Propensity Score Matching and Difference in Differences techniques to investigate whether the adoption of faster broadband generates higher productivity gains compared with broadband with normal speed. The empirical results confirm the significant role of higher speed broadband for better productivity performance of firms.
Journal: Applied Economics Letters
Pages: 1764-1767
Issue: 21
Volume: 27
Year: 2020
Month: 12
X-DOI: 10.1080/13504851.2020.1722789
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1722789
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Template-Type: ReDIF-Article 1.0
Author-Name: Joachim Wagner
Author-X-Name-First: Joachim
Author-X-Name-Last: Wagner
Author-Name: John P. Weche
Author-X-Name-First: John P.
Author-X-Name-Last: Weche
Title: On the granularity of the German economy – first evidence from the top 100 companies panel database
Abstract: 
 Applying the approach suggested by Gabaix (Econometrica 2011) this paper uses the newly available Top 100 Companies Panel Database for Germany to demonstrate that idiosyncratic shocks in the largest firms seem not to be important for an understanding of the aggregate volatility of the German economy. This evidence is in contrast with findings for other countries and it differs from earlier results for parts of the German economy.
Journal: Applied Economics Letters
Pages: 1768-1771
Issue: 21
Volume: 27
Year: 2020
Month: 12
X-DOI: 10.1080/13504851.2020.1722790
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1722790
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Template-Type: ReDIF-Article 1.0
Author-Name: Minghui Han
Author-X-Name-First: Minghui
Author-X-Name-Last: Han
Author-Name: Yong Li
Author-X-Name-First: Yong
Author-X-Name-Last: Li
Author-Name: Ning Wang
Author-X-Name-First: Ning
Author-X-Name-Last: Wang
Author-Name: Hao Zhang
Author-X-Name-First: Hao
Author-X-Name-Last: Zhang
Title: Cultural diversity in ownership and stock liquidity
Abstract: 
 In this study, we explore the relationship between cultural diversity in ownership and stock liquidity. We manually collect foreign investors’ countries of origin data from 2003 to 2017 to measure the cultural diversity in the ownership of Chinese listed firms. Our results show that cultural diversity in ownership reduces stock liquidity, and these results are robust to endogeneity examinations. In addition, market valuation uncertainty exaggerates the effect of cultural diversity in ownership on stock liquidity.
Journal: Applied Economics Letters
Pages: 1772-1777
Issue: 21
Volume: 27
Year: 2020
Month: 12
X-DOI: 10.1080/13504851.2020.1723785
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1723785
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Template-Type: ReDIF-Article 1.0
Author-Name: Freya Gassmann
Author-X-Name-First: Freya
Author-X-Name-Last: Gassmann
Author-Name: Jan Haut
Author-X-Name-First: Jan
Author-X-Name-Last: Haut
Author-Name: Eike Emrich
Author-X-Name-First: Eike
Author-X-Name-Last: Emrich
Title: The effect of the 2014 and 2018 FIFA World Cup tournaments on German national pride. A natural experiment
Abstract: 
 Recent studies have focused on the influence of major sporting events on different areas (e.g. well-being, life satisfaction, sport-related national pride), but their effect on national pride has been investigated insufficiently. A German cross-sectional dataset (ALLBUS) that was collected during spring and fall in 2014 and 2018 was used as time series data to measure national pride among the German population during the FIFA World Cup. To detect the relevant breaks during the observation period, an interrupted time-series analysis (Linden 2015) was performed. In 2014, when the German national team won the championship, there was a small but significant increase in national pride, and, in 2018, when the German national team was eliminated in the group stage, there was a small but significant decrease in national pride. However, in the case of Germany, these effects are temporary and, thus, are not sustainable.
Journal: Applied Economics Letters
Pages: 1541-1545
Issue: 19
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2019.1696448
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1696448
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Template-Type: ReDIF-Article 1.0
Author-Name: Oğuzhan Çepni
Author-X-Name-First: Oğuzhan
Author-X-Name-Last: Çepni
Author-Name: Rangan Gupta
Author-X-Name-First: Rangan
Author-X-Name-Last: Gupta
Author-Name: Zhihui Lv
Author-X-Name-First: Zhihui
Author-X-Name-Last: Lv
Title: Threshold effects of inequality on economic growth in the US states: the role of human capital to physical capital ratio
Abstract: 
 Theory suggests that the effect of inequality on growth varies with the level of economic development, as captured by the ratio of human capital to physical capital. In particular, the effect is shown to be positive at lower levels of this ratio, and turns negative beyond a threshold in such models. Using a comprehensive panel of annual data for the 48 contiguous US states over the period 1948 to 2014, we find overwhelming evidence in support of this theory, unlike prior work on this topic. Hence, our paper highlights the importance of accurately measuring the process of economic development using data on human capital and physical capital, instead of using proxies that are not theoretically consistent. Understandably, if not done so, policymakers would end up undertaking incorrect decisions.
Journal: Applied Economics Letters
Pages: 1546-1551
Issue: 19
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2019.1696449
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1696449
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaime Millán-Quijano
Author-X-Name-First: Jaime
Author-X-Name-Last: Millán-Quijano
Title: Fuzzy diﬀerence in discontinuities
Abstract: 
 This paper discusses the conditions needed to estimate the local average treatment effect (LATE) of a policy using the ‘difference-in-discontinuities’ method while considering imperfect compliance. I show that simple and plausible assumptions about the participation and effects of the confounding existing policies allow the identification of the causal effect of a new policy. Identification is feasible even when information about the participation in other confounding policies is not available.
Journal: Applied Economics Letters
Pages: 1552-1555
Issue: 19
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2019.1696930
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1696930
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Template-Type: ReDIF-Article 1.0
Author-Name: Pål Børing
Author-X-Name-First: Pål
Author-X-Name-Last: Børing
Author-Name: Arne Martin Fevolden
Author-X-Name-First: Arne Martin
Author-X-Name-Last: Fevolden
Author-Name: Michael Spjelkavik Mark
Author-X-Name-First: Michael Spjelkavik
Author-X-Name-Last: Mark
Author-Name: Fredrik Niclas Piro
Author-X-Name-First: Fredrik Niclas
Author-X-Name-Last: Piro
Title: Bringing home the bacon: the relationship between firm characteristics and participation in EU Horizon 2020 projects
Abstract: 
 Why some countries are more successful than others at securing European research and innovation grants is a question that has recently received significant attention in the research and policy communities. This article helps answer this question by investigating the role of firms in securing financial returns from EU Framework Programmes. More specifically, it explores how three firm characteristics – size, industrial sector, and country – can lead to increased participation in and larger grants from EU projects. The analysis is carried out using logistic and linear regressions on a combined data set consisting of data on Framework Programmes participation and firm characteristics. The analysis presents results for firms from four Nordic countries – Denmark, Finland, Norway, and Sweden – and their involvement in Horizon 2020.
Journal: Applied Economics Letters
Pages: 1556-1561
Issue: 19
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2019.1696932
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1696932
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Template-Type: ReDIF-Article 1.0
Author-Name: Yanele Nyamela
Author-X-Name-First: Yanele
Author-X-Name-Last: Nyamela
Author-Name: Vasilios Plakandaras
Author-X-Name-First: Vasilios
Author-X-Name-Last: Plakandaras
Author-Name: Rangan Gupta
Author-X-Name-First: Rangan
Author-X-Name-Last: Gupta
Title: Frequency-dependent real-time effects of uncertainty in the United States: evidence from daily data
Abstract: 
 In this paper, we analyse the impact of uncertainty shocks at the daily-frequency on key macroeconomic variables for the United States. In doing so, we use a vector autoregressive (VAR) model, including the inflation rate, a real-time measure of economic activity and a measure of monetary policy as endogenous variables and decompose uncertainty effects into short, medium and long-term based on a discrete-time Fourier transformation. Aggregate results (prior to decomposition) show that an increase in economic uncertainty has a significant expansionary impact on monetary policy. However, when we decompose uncertainty into its short-, medium- and long-run components, we find that economic activity is affected negatively in a statistically significant manner to shocks in low-frequency uncertainty, while, statistically significant monetary expansion is observed under shocks to relatively high frequencies of uncertainty.
Journal: Applied Economics Letters
Pages: 1562-1566
Issue: 19
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2019.1697419
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1697419
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Jakub Szczygielski
Author-X-Name-First: Jan Jakub
Author-X-Name-Last: Szczygielski
Author-Name: Andreas Karathanasopoulos
Author-X-Name-First: Andreas
Author-X-Name-Last: Karathanasopoulos
Author-Name: Adam Zaremba
Author-X-Name-First: Adam
Author-X-Name-Last: Zaremba
Title: One shape fits all? A comprehensive examination of cryptocurrency return distributions
Abstract: 
 We perform the most comprehensive test of cryptocurrency return distributions to date. We fit 58 hypothetical distributions to 15 major cryptocurrencies to establish which of these best describes cryptocurrency returns. The answer is: ‘It depends.’ A sharp-peaked Cauchy distribution is the most likely distribution for the majority of return series. Specific distributions are definitively identified for only a handful of cryptocurrencies. The best fitting distributions are peaked and thick-tailed, with some possessing variable shape parameters. Our findings have implications for financial modelling and its applications, such as risk measurement and risk management.
Journal: Applied Economics Letters
Pages: 1567-1573
Issue: 19
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2019.1697420
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1697420
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Template-Type: ReDIF-Article 1.0
Author-Name: Taehyun Ahn
Author-X-Name-First: Taehyun
Author-X-Name-Last: Ahn
Title: Employment and health among older people: self-employment vs. wage employment
Abstract: 
 This study examines the impacts of employment at older ages on individuals’ health using data from the Korean Longitudinal Study of Ageing (KLoSA). In assessing the health consequences of employment, a distinction is made between self-employment, which is predominant among the elderly working population, and wage employment. The results demonstrate that the effects on health differ by employment type: self-employment has a negative impact on general health and mental health, whereas wage work has a positive impact. In contrast to wage work, self-employment improves cognitive functioning.
Journal: Applied Economics Letters
Pages: 1574-1580
Issue: 19
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2019.1697795
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1697795
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Template-Type: ReDIF-Article 1.0
Author-Name: Gary A. Wagner
Author-X-Name-First: Gary A.
Author-X-Name-Last: Wagner
Author-Name: Erick M. Elder
Author-X-Name-First: Erick M.
Author-X-Name-Last: Elder
Title: A simple measure of pension generosity
Abstract: 
 Accurately assessing the generosity of government pensions is an important policy issue. This article proposes to measure generosity by the present value of benefits workers accrue per additional year of working net of their contributions. We show how a simple adjustment to standard pension metrics will approximate this measure. We conclude by documenting differences between our measure and other generosity metrics using data from Boston University’s Public Plans Database.
Journal: Applied Economics Letters
Pages: 1581-1586
Issue: 19
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2019.1697796
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1697796
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan De Lucio
Author-X-Name-First: Juan
Author-X-Name-Last: De Lucio
Author-Name: Raúl Mínguez
Author-X-Name-First: Raúl
Author-X-Name-Last: Mínguez
Author-Name: Asier Minondo
Author-X-Name-First: Asier
Author-X-Name-Last: Minondo
Author-Name: Francisco Requena
Author-X-Name-First: Francisco
Author-X-Name-Last: Requena
Title: New exporters benefit more from information spillovers
Abstract: 
 Using the universe of Spanish export transactions over 2000–2012, this paper explores empirically whether the choice of destinations among experienced and new exporters is affected by the number and performance of previous exporters in those destinations. The regression analysis shows that new exporters benefit more from information spillovers than experienced exporters. Results hold when spillovers are measured both at the regional and regional-industry level.
Journal: Applied Economics Letters
Pages: 1587-1591
Issue: 19
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2019.1698709
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1698709
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Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Bergh
Author-X-Name-First: Andreas
Author-X-Name-Last: Bergh
Author-Name: Alexander Funcke
Author-X-Name-First: Alexander
Author-X-Name-Last: Funcke
Title: Social trust and sharing economy size: country level evidence from home sharing services
Abstract: 
 The sharing economy (peer-to-peer based sharing or renting activities coordinated through community-based online services) is often said to be closely related to trust. This paper examines the association empirically. Using data collected from the two sharing economy companies Airbnb and Flipkey that exist in over 100 countries, we construct a measure of sharing economy penetration and examine its correlation with social trust and other potential explanations. Sharing economy penetration is promoted by ICT-infrastructure and economic openness. Conditional on ICT-infrastructure, countries with higher social trust have significantly lower sharing economy penetration. Our conclusion is that sharing economy services do not require high levels of social trust to succeed. Rather, they provide institutions that facilitate trust-intensive economic activities also where social trust is low.
Journal: Applied Economics Letters
Pages: 1592-1595
Issue: 19
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2019.1701180
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1701180
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiao Huang
Author-X-Name-First: Xiao
Author-X-Name-Last: Huang
Author-Name: Pengfei Sheng
Author-X-Name-First: Pengfei
Author-X-Name-Last: Sheng
Author-Name: Ailun Shui
Author-X-Name-First: Ailun
Author-X-Name-Last: Shui
Title: Labour market outcomes and migration: evidence from China
Abstract: 
 Migrants enter the labour market as self-employed with employees (as employers), self-employment without employees (as own-account workers), and paid-employment (as salaried employees). This study examines whether self-employment has higher earnings than the paid-employment for China’s migrants. Analysing a data set from the 2016 China Migrants Dynamic Survey, our results suggest that employers have the highest earnings potential on average, followed by own-account workers, and paid-employment. Moreover, marginal returns increase for an employer in higher-income quantiles. Thus, this study concludes that the rich are self-employed with higher returns, while the poor view it as a substitute for unemployment.
Journal: Applied Economics Letters
Pages: 1596-1601
Issue: 19
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2019.1705236
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1705236
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Template-Type: ReDIF-Article 1.0
Author-Name: Ahmad Hassan Ahmad
Author-X-Name-First: Ahmad Hassan
Author-X-Name-Last: Ahmad
Author-Name: Olalekan B. Aworinde
Author-X-Name-First: Olalekan B.
Author-X-Name-Last: Aworinde
Title: Revisiting the twin deficits hypothesis: new evidence from nonlinear tests
Abstract: 
 This article investigates linear and nonlinear causal linkages between fiscal deficits and current account deficits in a sample of 12 African countries using quarterly data for the period 1980:1–2018:4. The results indicate evidence of unidirectional causality from current account deficits to the fiscal deficits in four countries while a unidirectional causality from fiscal deficit to current account deficit is found in five countries. Results from panel causality test revealed evidence of bidirectional causality between the two deficits. These conclusions suggest that policy to tackle one of the deficits should also take the other into consideration.
Journal: Applied Economics Letters
Pages: 1602-1606
Issue: 19
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2019.1707473
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1707473
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Template-Type: ReDIF-Article 1.0
Author-Name: Nazlı Karamollaoglu
Author-X-Name-First: Nazlı
Author-X-Name-Last: Karamollaoglu
Author-Name: Bariş Soybilgen
Author-X-Name-First: Bariş
Author-X-Name-Last: Soybilgen
Title: Determinants of Turkish female labour force participation: an analysis with manufacturing firm-level data
Abstract: 
 Compared to other developing countries, Turkey has a very low female labour participation rate. Previous studies usually focus on the labour supply side of female employment. Unlike the previous literature, this paper investigates firm-level determinants of female employment in manufacturing firms using a unique micro data set constructed using different sources. After controlling for geographical variation, firm, and industry-specific factors, our results show that larger firms, exporter firms, firms with higher part-time worker ratio, and foreign-owned firms have higher female employment rate whereas younger firms, firms with higher labour productivity, and firms with long working hours have lower female employment rate.
Journal: Applied Economics Letters
Pages: 1607-1610
Issue: 19
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2019.1707757
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1707757
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Template-Type: ReDIF-Article 1.0
Author-Name: António Afonso
Author-X-Name-First: António
Author-X-Name-Last: Afonso
Author-Name: João Tovar Jalles
Author-X-Name-First: João Tovar
Author-X-Name-Last: Jalles
Title: Sovereign indebtedness and financial and fiscal conditions
Abstract: 
 We empirically assess the magnitudes of sovereign indebtedness responses for a sample of 123 Advanced and Emerging Market Economies, between 1980 and 2018, taking into account the changing characteristics of financial markets, notably the Global and Financial Crisis. Our results show that when the financial conditions are more stressful, for instance, higher yield spreads or a heightened degree of financial stress, fiscal authorities use more actively their primary balance to reduce sovereign indebtedness, which is not the case when financial market conditions are more benign. This is notably true for the case of Emerging Market Economies sovereigns, who most likely then struggle more to fund themselves.
Journal: Applied Economics Letters
Pages: 1611-1616
Issue: 19
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2019.1707758
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1707758
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Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Hauptmann
Author-X-Name-First: Andreas
Author-X-Name-Last: Hauptmann
Author-Name: Hans-Jörg Schmerer
Author-X-Name-First: Hans-Jörg
Author-X-Name-Last: Schmerer
Title: German plant closure and the China shock
Abstract: 
 This paper explores administrative plant data from Germany to study the role of import competition for plant closure. The data used in this study allow inferring a precise measure of plant closure by assessing co-worker movements across plants and time. Chinese imports can be associated with a higher propensity of the plant closure. We present a comparison between results based on a more common plant exit variable with regression outcomes that fit the model to the more precise plant closure information. The sign of the effect is independent of the choice of the outcome variable but the magnitude of the effect changes considerably. Moreover, we find that the effect is non-linear as newly established plants are better prepared for the import shock compared to older establishments.
Journal: Applied Economics Letters
Pages: 1617-1621
Issue: 19
Volume: 27
Year: 2020
Month: 11
X-DOI: 10.1080/13504851.2019.1707759
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1707759
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Template-Type: ReDIF-Article 1.0
Author-Name: Junxuan Zhu
Author-X-Name-First: Junxuan
Author-X-Name-Last: Zhu
Author-Name: Zhao Zhang
Author-X-Name-First: Zhao
Author-X-Name-Last: Zhang
Author-Name: Anyu Lee
Author-X-Name-First: Anyu
Author-X-Name-Last: Lee
Author-Name: Ying Hua
Author-X-Name-First: Ying
Author-X-Name-Last: Hua
Title: Measurement and analysis of corporate operating vitality in the age of digital business models
Abstract: 
 Digitalization is rapidly reshaping business models, especially the opportunities created by Internet access in business, which reflects the operating vitality in digital age. This paper constructs the Corporate Operating Vitality Index (CVI) Model to measure the activity of business corporations. We estimate CVI of Chinese firms during 2011 to 2013 by three dimensions of business, innovation and information-sharing, using data from China Enterprise Surveys (CES). The empirical results suggest that the CVIs of large-sized corporations is higher than which of SMEs and CVI of the manufacturing corporations is higher comparing to non-manufacturing corporations as the vitality cut-offs are at higher level. Additionally, CVI is sensitive to the change of the standard in identification of active corporations.
Journal: Applied Economics Letters
Pages: 511-517
Issue: 7
Volume: 27
Year: 2020
Month: 4
X-DOI: 10.1080/13504851.2019.1637511
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1637511
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Template-Type: ReDIF-Article 1.0
Author-Name: Shaen Corbet
Author-X-Name-First: Shaen
Author-X-Name-Last: Corbet
Author-Name: Charles Larkin
Author-X-Name-First: Charles
Author-X-Name-Last: Larkin
Author-Name: Brian Lucey
Author-X-Name-First: Brian
Author-X-Name-Last: Lucey
Author-Name: Larisa Yarovaya
Author-X-Name-First: Larisa
Author-X-Name-Last: Yarovaya
Title: KODAKCoin: a blockchain revolution or exploiting a potential cryptocurrency bubble?
Abstract: 
 Eastman Kodak is an American technology company that produces imaging products. In 2018, it announced its intentions to enter the crytpocurrency market, raising concerns that it could be taking advantage of a potential cryptocurrency bubble for short-term gains. We analyse the relationships between Kodak, crytocurrency and stock market index returns. We find evidence of a significant, sustained increase in both the share price and price volatility of Kodak after the KODAKCoin announcement, with an increased correlation between the price of Kodak shares and Bitcoin.
Journal: Applied Economics Letters
Pages: 518-524
Issue: 7
Volume: 27
Year: 2020
Month: 4
X-DOI: 10.1080/13504851.2019.1637512
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1637512
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Template-Type: ReDIF-Article 1.0
Author-Name: Xuan Fei
Author-X-Name-First: Xuan
Author-X-Name-Last: Fei
Title: Does where you are from affect how you land? Evidence from land transactions of Chinese manufacturers
Abstract: 
 Leveraging the unique matched land transaction and firm survey data, we empirically examine if firm ownership will affect the access to land factor for Chinese manufacturers. The state-owned firms display no advantage in paying less when acquiring land, while it is more costly for foreign-owned firms. Consistent with this finding, we find land acquisitions for foreign-owned firms are more likely to take place via the nonmarket-based transaction in the early stage of China’s land market reform with the goal of eliminating corruption. The research suggests that potential land miss-allocation (if any) could be resulted from ‘tax’ to the foreign firm rather than ‘subsidy’ to state-owned firms.
Journal: Applied Economics Letters
Pages: 525-532
Issue: 7
Volume: 27
Year: 2020
Month: 4
X-DOI: 10.1080/13504851.2019.1638492
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1638492
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Template-Type: ReDIF-Article 1.0
Author-Name: Junchao Zhang
Author-X-Name-First: Junchao
Author-X-Name-Last: Zhang
Title: Estimates of the returns to schooling in Taiwan: evidence from a regression discontinuity design
Abstract: 
 Using micro-data from the Manpower Utilization Survey 1995–2015 of Taiwan, this paper exploits exogenous variation in years of schooling caused by the 9-year compulsory education reform to estimate the economic returns to schooling. The results of fuzzy regression discontinuity design indicate that the causal effect of education on wage is approximately 5.6%, smaller than the corresponding ordinary least squares estimates. Our results are robust to various specifications and placebo tests.
Journal: Applied Economics Letters
Pages: 533-538
Issue: 7
Volume: 27
Year: 2020
Month: 4
X-DOI: 10.1080/13504851.2019.1638493
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1638493
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Template-Type: ReDIF-Article 1.0
Author-Name: Yifan Shen
Author-X-Name-First: Yifan
Author-X-Name-Last: Shen
Author-Name: Ye Yuan
Author-X-Name-First: Ye
Author-X-Name-Last: Yuan
Title: Regional integration and inequality comovement: evidence from Europe
Abstract: 
 We find strong patterns of income inequality comovement in the eurozone over the past 40 years. The acceleration of this comovement largely echoes with the development of the eurozone and the further economic and political integration among its member economies. Comparison between the eurozone and non-eurozone economies suggests that the economic and political integration may contribute to the synchronization of income inequality fluctuations.
Journal: Applied Economics Letters
Pages: 539-543
Issue: 7
Volume: 27
Year: 2020
Month: 4
X-DOI: 10.1080/13504851.2019.1638494
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1638494
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Template-Type: ReDIF-Article 1.0
Author-Name: Casilda Lasso De La Vega
Author-X-Name-First: Casilda
Author-X-Name-Last: Lasso De La Vega
Author-Name: Agurtzane Lekuona
Author-X-Name-First: Agurtzane
Author-X-Name-Last: Lekuona
Author-Name: Susan Orbe
Author-X-Name-First: Susan
Author-X-Name-Last: Orbe
Title: Reexamining the inequality of opportunity in education in some European countries
Abstract: 
 This paper analyzes inequality of opportunity in education in 20 European countries. We aim to examine to what extent students’ educational achievements are conditioned by circumstances such as their family background, school characteristics and peer effects, and by their own efforts. To that end, we propose a model that allows us to analyze the total effect of circumstances on overall education inequalities. Then, we propose a measure of inequality of opportunity that captures that effect.We find that, among the selected countries, Belgium, France, Germany, Switzerland and Luxembourg show the highest levels of inequality of opportunity, whereas Finland, Romania, Ireland, Spain and Norway get the lowest.
Journal: Applied Economics Letters
Pages: 544-548
Issue: 7
Volume: 27
Year: 2020
Month: 4
X-DOI: 10.1080/13504851.2019.1638495
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1638495
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Template-Type: ReDIF-Article 1.0
Author-Name: Kosei Fukuda
Author-X-Name-First: Kosei
Author-X-Name-Last: Fukuda
Title: Selecting between student and normal mixture distributions
Abstract: 
 It is widely recognized that financial data distributions have heavier tails than normal distributions. These tails can be modeled as Student distributions and normal mixture distributions. However, selecting between these distributions has not been previously studied. To this end, this study proposes an information-criterion approach. The efficacy of the proposed method for selecting the number of mixture components is examined via simulation studies that compare the conventional hypothesis test. Empirical results using Japanese stock returns data are also provided.
Journal: Applied Economics Letters
Pages: 549-554
Issue: 7
Volume: 27
Year: 2020
Month: 4
X-DOI: 10.1080/13504851.2019.1640855
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1640855
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Template-Type: ReDIF-Article 1.0
Author-Name: Camilo Sarmiento
Author-X-Name-First: Camilo
Author-X-Name-Last: Sarmiento
Title: Benchmarking collateral of triple-a rated securities
Abstract: 
 This paper presents a simple method to estimate the collateral associated with a Aaa tranche. The method is similar to historical simulation in the sense that there are no specific distributional assumptions, and the data fully determine the characteristics of the distribution. Both the transparency and simplicity of our method provide a valuable benchmark to existent tail of the distribution modelling. As a benchmark, our method also serves to validate collateral estimates for Aaa-rated securities as well as to validate capitalization models of financial institutions.
Journal: Applied Economics Letters
Pages: 555-558
Issue: 7
Volume: 27
Year: 2020
Month: 4
X-DOI: 10.1080/13504851.2019.1640856
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1640856
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin O’Brien
Author-X-Name-First: Martin
Author-X-Name-Last: O’Brien
Author-Name: Raymond Markey
Author-X-Name-First: Raymond
Author-X-Name-Last: Markey
Title: Labour regulation reform and sectoral employment outcomes: a case study of public holiday penalty rate reductions in Australia
Abstract: 
 In 2017 Australia’s central employment relations regulator determined a decrease to wage premiums (penalty rates) paid to minimum wage Retail and Hospitality industry employees on Sundays and public holidays. Employers claimed that these penalty rate cuts would stimulate greater employment levels and hours and reduce pressure on owner-managers to work on these days. In this paper, we test these claims for public holiday employment outcomes using a natural experiment setting, a unique survey of both employer and employee outcomes, and difference-in-differences modelling accounting for program non-compliance. Ultimately, we failed to establish any evidence for positive public holiday employment outcomes emanating from the penalty rate reduction. We discuss the potential reasons for this outcome, including the inadequate and flawed evidence presented in the penalty rate determination case, confounding factors associated with adjacent minimum wage rate determinations and weak income growth affecting consumer confidence and demand in Retail and Hospitality sectors.
Journal: Applied Economics Letters
Pages: 559-563
Issue: 7
Volume: 27
Year: 2020
Month: 4
X-DOI: 10.1080/13504851.2019.1640857
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1640857
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Template-Type: ReDIF-Article 1.0
Author-Name: Huijie Cui
Author-X-Name-First: Huijie
Author-X-Name-Last: Cui
Author-Name: Yanan Zhang
Author-X-Name-First: Yanan
Author-X-Name-Last: Zhang
Title: Does investor sentiment affect stock price crash risk?
Abstract: 
 This study investigates the effect of investor sentiment on future stock price crash risk. Using a large sample of U.S. firms for the period 1991–2014, we find that firms are associated with greater likelihood of stock price crashes in high-sentiment period. The impact of investor sentiment on crash risk is more pronounced in firms with higher leverage ratio, greater default risk and larger analyst forecast dispersion. Overall, the results suggest that firm-level negative information is more likely to be withheld during high investor sentiment period, thus leading to a larger stock price crash risk.
Journal: Applied Economics Letters
Pages: 564-568
Issue: 7
Volume: 27
Year: 2020
Month: 4
X-DOI: 10.1080/13504851.2019.1643448
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1643448
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Template-Type: ReDIF-Article 1.0
Author-Name: Usman Bashir
Author-X-Name-First: Usman
Author-X-Name-Last: Bashir
Author-Name: Yugang Yu
Author-X-Name-First: Yugang
Author-X-Name-Last: Yu
Title: Do confucianism and political connections affect stock price crash risk: evidence from Chinese economy?
Abstract: 
 Utilizing a large dataset on Chinese A-Share listed firms comprising 18763 firm-year observation for the period of 2001–2015, we examined whether Confucianism and political connections lessen the stock price crash risk of firms by using geographical-proximity-based Confucianism variables. Our findings point towards the evidence that firms situated in China with higher levels of Confucianism reveal low levels of stock price crash risk and this relationship is incrementally significant for politically connected firms while controlling for a battery of control variables. Our results are robust by using alternate proxies.
Journal: Applied Economics Letters
Pages: 569-575
Issue: 7
Volume: 27
Year: 2020
Month: 4
X-DOI: 10.1080/13504851.2019.1644418
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1644418
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:7:p:569-575




Template-Type: ReDIF-Article 1.0
Author-Name: Weixian Wei
Author-X-Name-First: Weixian
Author-X-Name-Last: Wei
Author-Name: Manru Zhang
Author-X-Name-First: Manru
Author-X-Name-Last: Zhang
Title: The non-linear impact of industrial structure on CO2 emissions in China
Abstract: 
 This paper employs panel smooth transition regression (PSTR) model to investigate the nonlinear effects of the upgrading of an industrial structure and CO2 emissions in China. The panel data set includes the 30 provinces and autonomous regions during the period 1997–2015. Empirical results show that the proportion of the tertiary industry increased the carbon emission effect was obvious, as the proportion of the secondary industry in the economic development increased, the trend of increasing carbon emissions slowed down, besides, the marginal effects of the explaining variables and selected optimal threshold variable on the CO2 emissions are non-linear and vary with time.
Journal: Applied Economics Letters
Pages: 576-579
Issue: 7
Volume: 27
Year: 2020
Month: 4
X-DOI: 10.1080/13504851.2019.1644419
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1644419
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Template-Type: ReDIF-Article 1.0
Author-Name: Pallab Ghosh
Author-X-Name-First: Pallab
Author-X-Name-Last: Ghosh
Author-Name: Zexuan Liu
Author-X-Name-First: Zexuan
Author-X-Name-Last: Liu
Title: Coauthorship and the gender gap in top economics journal publications
Abstract: 
 Coauthorship has become the new norm in academics since the early 1970s because it enhances productivity. However, the gender gap in economics journal publication continues to persist, which explains why there are fewer women than men in the economics profession. This study investigates the role of coauthorship in the gender gap in top economics journals for untenured faculty members in the US. We construct a unique dataset from the CVs of academic economists from the top 96 PhD-granting economics departments in the US. Our results suggest that, compared to men, women are matched with less productive unique coauthors because women begin their academic careers in lower-ranked economics departments than men, which is associated with institutional gender bias. This poor-quality matching can explain approximately 0.60 fewer publications in the top 20 economics journals during the untenured period.
Journal: Applied Economics Letters
Pages: 580-590
Issue: 7
Volume: 27
Year: 2020
Month: 4
X-DOI: 10.1080/13504851.2019.1644420
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1644420
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:7:p:580-590




Template-Type: ReDIF-Article 1.0
Author-Name: Takahiro Hattori
Author-X-Name-First: Takahiro
Author-X-Name-Last: Hattori
Title: A forecast comparison of volatility models using realized volatility: evidence from the Bitcoin market
Abstract: 
 This paper first evaluates the volatility modeling in the Bitcoin market in terms of its realized volatility, which is considered to be a reliable proxy of its true volatility. Based on the 5-minute return of Bitcoin, the proxy of its true volatility is computed as the sum of the squared intraday returns. To evaluate the performance of volatility modeling, this paper relies on MSE and QLIKE, which are the measures for making the forecast accuracy robust to noise in the imperfect volatility proxy, while different measures are also used for the robustness check. The empirically findings summarized as (1) the asymmetric volatility models such as EGARCH and APARCH have a higher predictability, and (2) the volatility model with normal distribution performs better than the fat-tailed distribution such as skewed t distribution.
Journal: Applied Economics Letters
Pages: 591-595
Issue: 7
Volume: 27
Year: 2020
Month: 4
X-DOI: 10.1080/13504851.2019.1644421
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1644421
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Template-Type: ReDIF-Article 1.0
Author-Name: Chor Foon Tang
Author-X-Name-First: Chor Foon
Author-X-Name-Last: Tang
Title: Transmission channels of oil and finance toward promoting growth in China: the role of industrialization
Abstract: 
 We trace the transmission channels of oil and finance to determine the extent of the energy-led and finance-led growth hypotheses in China from 1965 to 2016. We failed to find evidence that supports the energy-led growth and finance-led growth hypotheses. Instead, the results suggested that industrialization is the main factor that fuels economic growth. Oil consumption and financial development influence growth in China are pass-through the channels of industrialization. The key findings of this study are that energy and finance itself does not influence economic growth, while the impacts of energy and finance on economic growth being contingent upon industrialization.
Journal: Applied Economics Letters
Pages: 596-600
Issue: 7
Volume: 27
Year: 2020
Month: 4
X-DOI: 10.1080/13504851.2019.1644422
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1644422
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:7:p:596-600




Template-Type: ReDIF-Article 1.0
Author-Name: Jieun Choi
Author-X-Name-First: Jieun
Author-X-Name-Last: Choi
Author-Name: Asier Minondo
Author-X-Name-First: Asier
Author-X-Name-Last: Minondo
Title: A test of the Alchian–Allen conjecture with transaction-level trade data
Abstract: 
 We use Kosovo’s transaction-level import value, tariff duties and transport cost data for very finely disaggregated products to test the Alchian–Allen conjecture. First, we show that the elasticity of freight costs to import prices is much lower than the unitary elasticity predicted by the iceberg transport cost hypothesis. Second, we find that import unit values rise with transport costs and decline with ad valorem tariffs. Our results confirm the Alchian–Allen conjecture that per-unit transport costs reduce the price of high-quality varieties relative to low-quality varieties, raising their relative demand in high freight cost destinations.
Journal: Applied Economics Letters
Pages: 601-604
Issue: 8
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2020.1728219
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1728219
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Template-Type: ReDIF-Article 1.0
Author-Name: Ku-Hsieh Chen
Author-X-Name-First: Ku-Hsieh
Author-X-Name-Last: Chen
Author-Name: To-Yu Chen
Author-X-Name-First: To-Yu
Author-X-Name-Last: Chen
Author-Name: Hsin-Hui Lin
Author-X-Name-First: Hsin-Hui
Author-X-Name-Last: Lin
Title: A U-shaped curve phenomenon of international language on output growth: empirical evidence
Abstract: 
 The contribution of international language proficiency on output growth for an economy is generally considered to be monotonously positive, at least irrelevant or non-negative. Nonetheless, the inference seems suspicious if one ponders over this from an aggregate aspect. This study hypothesizes a U-shaped curve for the proposition and conducts an empirical analysis with 40 non-English-speaking countries based on the English Proficiency Index (EPI) from 2011 to 2016, developed by Education First. The outcome reveals that along with an increase in EPI, the effect on growth is shown initially to be negative and then turns positive. Accordingly, while plotting the relationship between the two variables on a two-dimensional graph, a U-shaped curve appears, and the lowest turning point is located at 57.42 of the EPI. It is further manifested that during the sample period, about 36% of the observations yielded a positive effect, but the others were non-positive. Finally, the empirical analysis also shows that two-way feedback causality exists between the international language proficiency and output growth.
Journal: Applied Economics Letters
Pages: 605-614
Issue: 8
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2020.1737313
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1737313
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:8:p:605-614




Template-Type: ReDIF-Article 1.0
Author-Name: Pilsun Choi
Author-X-Name-First: Pilsun
Author-X-Name-Last: Choi
Author-Name: Insik Min
Author-X-Name-First: Insik
Author-X-Name-Last: Min
Title: Measuring environmental inequality from air pollution and health conditions
Abstract: 
 This paper uses panel regression to examine the adverse health effects of fine particles moderated by household income. To identify the causal effect, we employ data from two sources, Korea Health Panel and AirKorea, during the period between 2014 and 2015. We first find that the negative effect of bad air quality is statistically significant for most income groups. Second, this adverse effect of air pollution is moderated by household income levels. This indicates that high-income families are more likely to decrease exposure to bad environmental conditions. This finding suggests that government action needs to consider environmental inequalities among social classes.
Journal: Applied Economics Letters
Pages: 615-619
Issue: 8
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2020.1726860
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1726860
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:8:p:615-619




Template-Type: ReDIF-Article 1.0
Author-Name: Timothy (Jun) Lu
Author-X-Name-First: Timothy (Jun)
Author-X-Name-Last: Lu
Author-Name: Jinjuan Ren
Author-X-Name-First: Jinjuan
Author-X-Name-Last: Ren
Author-Name: Elaine (Chang) Liu
Author-X-Name-First: Elaine (Chang)
Author-X-Name-Last: Liu
Title: Actual controller’s foreign residency and firm leverage: evidence from China
Abstract: 
 We investigate how the characteristics of firms’ actual controllers influence firms’ access to external finance. Using hand-collected data of actual controllers of Chinese firms, we find that firms have significantly lower leverage when the actual controllers have foreign residency. Whereas actual controllers’ political connection increases firm leverage, such effect is fully eroded when the actual controllers have foreign residency.
Journal: Applied Economics Letters
Pages: 620-623
Issue: 8
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2020.1728220
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1728220
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Template-Type: ReDIF-Article 1.0
Author-Name: Manoj Chandra Bayon
Author-X-Name-First: Manoj Chandra
Author-X-Name-Last: Bayon
Author-Name: Olivier Lamotte
Author-X-Name-First: Olivier
Author-X-Name-Last: Lamotte
Title: Age, labour market situation and the choice of risky innovative entrepreneurship
Abstract: 
 We examine the effect of age and the moderating effect of labour market situations on individuals’ decisions to enter into risky innovative entrepreneurship. Using population-level data from 94 countries from the Global Entrepreneurship Monitor database we find that although age is negatively related to the choice of innovative entrepreneurship, the age–innovative entrepreneurship choice relationship is moderated by the labour market status of the individual. More specifically, full-time employed older individuals, who are most likely to become successful entrepreneurs, are less likely to choose risky innovative entrepreneurship. Considering that innovative entrepreneurship is crucial for economic growth, our results point to the importance of facilitating employed middle-age and older individuals’ entries into innovative entrepreneurship especially in a context of ageing societies.
Journal: Applied Economics Letters
Pages: 624-628
Issue: 8
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2020.1728221
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1728221
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Template-Type: ReDIF-Article 1.0
Author-Name: Usamah F. Alfarhan
Author-X-Name-First: Usamah F.
Author-X-Name-Last: Alfarhan
Author-Name: Samir Al-Busaidi
Author-X-Name-First: Samir
Author-X-Name-Last: Al-Busaidi
Title: Women’s earnings between migration status and glass ceilings: a double penalty?
Abstract: 
 We investigate the gender earnings gap in the Gulf Cooperation Council (GCC), which comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. This paper implements conditional counterfactual decomposition analysis to assess the double impact of migration status and gender on skilled womens' relative earnings along earnings' distributions. We show that the earnings' gap declines by 31% between the higher and lower ends of earnings distributions. This decline is in part due to a falling effect of migration, which accounts for 100% of the total gap at the lower end of earnings, and for 50% at the higher end. Increasing effects of glass ceilings account for about 16% of the total gap around the median, and over 37% at the higher end of earnings distributions. Labour market policies that promote equal pay for equal work are recommended.
Journal: Applied Economics Letters
Pages: 629-632
Issue: 8
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2020.1728222
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1728222
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Template-Type: ReDIF-Article 1.0
Author-Name: Muhammad Tahir
Author-X-Name-First: Muhammad
Author-X-Name-Last: Tahir
Author-Name: Syed Sadaqat Ali Shah
Author-X-Name-First: Syed Sadaqat Ali
Author-X-Name-Last: Shah
Author-Name: Aziz Ullah Sayal
Author-X-Name-First: Aziz Ullah
Author-X-Name-Last: Sayal
Author-Name: Muhammad Asim Afridi
Author-X-Name-First: Muhammad Asim
Author-X-Name-Last: Afridi
Title: Loan quality: does bank corporate governance matter?
Abstract: 
 The influence of corporate governance on quality of loan has rarely been explored in banking sector of Pakistan. This study, therefore, aims to investigate the effect of corporate governance on loan quality by employing relevant econometric specification such as panel fixed effect and 2SLS regression models, for the period 2005–2015. The findings reveal lower proportion of block holder, lower debt level, low frequency of board meetings and high percentage of affiliated audit committee play pivotal role in improving loan quality of the banks. Our study has practical and policy implications which might be useful whilst policy makers devise and implement Code of Corporate Governance with the aim to reduce nonperforming loans in the country’s banking sector.
Journal: Applied Economics Letters
Pages: 633-636
Issue: 8
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2020.1728223
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1728223
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Template-Type: ReDIF-Article 1.0
Author-Name: Marislei Nishijima
Author-X-Name-First: Marislei
Author-X-Name-Last: Nishijima
Author-Name: Ticiana da Justa
Author-X-Name-First: Ticiana
Author-X-Name-Last: da Justa
Author-Name: Thais Souza
Author-X-Name-First: Thais
Author-X-Name-Last: Souza
Title: The effects of broadband on the consumption film at theatres in Brazil
Abstract: 
 We use a large emerging economy’s broadband adoption as a quasi-natural experiment to study the effects of Internet access the consumption of films at theaters. Based on individual-level large samples, available for 2002/3 and 2008/9, we find a negative effect, and we are not able to rule out the hypothesis of film piracy since neither DVD nor cable TV, the more important legal substitute goods, have their consumption increased due to broadband.
Journal: Applied Economics Letters
Pages: 637-641
Issue: 8
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2020.1728224
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1728224
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:8:p:637-641




Template-Type: ReDIF-Article 1.0
Author-Name: Manish K. Singh
Author-X-Name-First: Manish K.
Author-X-Name-Last: Singh
Author-Name: Marta Gómez-Puig
Author-X-Name-First: Marta
Author-X-Name-Last: Gómez-Puig
Author-Name: Simón Sosvilla-Rivero
Author-X-Name-First: Simón
Author-X-Name-Last: Sosvilla-Rivero
Title: Bank-sovereign risk spillovers in the Euro Area
Abstract: 
 We investigate cross-sectional connectedness between Euro Area banking and sovereign risk. Average ‘distance-to- default’ based on all publicly listed banks headquartered in a particular country is used as an indicator of banking risk, while 10-year sovereign yield as the measure of sovereign risk. We find evidence of clustering among banks and sovereigns in peripheral and central countries. Except for peripheral countries banks, rest of the clusters are well isolated from each other.
Journal: Applied Economics Letters
Pages: 642-646
Issue: 8
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2020.1728225
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1728225
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Template-Type: ReDIF-Article 1.0
Author-Name: Ryan H. Murphy
Author-X-Name-First: Ryan H.
Author-X-Name-Last: Murphy
Author-Name: Colin W. O’Reilly
Author-X-Name-First: Colin W.
Author-X-Name-Last: O’Reilly
Title: The champions of capitalism? National leaders and the institutional channel
Abstract: 
 Economic growth can be attributed to national leaders in only a limited set of cases. We compare two sets of leaders identified in the literature – those whose growth rates are statistically greater than zero and those whose growth rates are found to be statistically less than zero. We find that leaders who performed better in terms of economic growth presided over a change in economic freedom of roughly a half of a point more than those who performed poorly, suggesting the difference in economic performance may in part have been through the institutional channel. The effect is large, with many specifications corresponding to more than a half of a standard deviation across countries today.
Journal: Applied Economics Letters
Pages: 647-650
Issue: 8
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2020.1730745
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1730745
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Kirwin
Author-X-Name-First: Daniel
Author-X-Name-Last: Kirwin
Author-Name: Gabriel Mathy
Author-X-Name-First: Gabriel
Author-X-Name-Last: Mathy
Title: How did forecasters respond to the American growth slowdown of the mid-2000s?
Abstract: 
 Worldwide growth has slowed down in the mid-2000s. This paper both confirms this result for the United States and looks at how four major forecasting organizations responded to this slowdown in GDP growth. Real GDP is unambiguously and consistently below its forecasted level and so forecast errors are persistently positive for all forecasters, consistent with a growth slowdown that forecasters were slow to acknowledge. In response to this slowdown, all forecasters overestimated growth but eventually downgraded their forecasts. We also consider overall forecaster accuracy given this GDP growth slowdown.
Journal: Applied Economics Letters
Pages: 651-656
Issue: 8
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2020.1730746
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1730746
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Template-Type: ReDIF-Article 1.0
Author-Name: Salih Fendoğlu
Author-X-Name-First: Salih
Author-X-Name-Last: Fendoğlu
Author-Name: Mehmet Selman Çolak
Author-X-Name-First: Mehmet Selman
Author-X-Name-Last: Çolak
Author-Name: Yavuz Selim Hacıhasanoğlu
Author-X-Name-First: Yavuz Selim
Author-X-Name-Last: Hacıhasanoğlu
Title: Foreign-currency debt and the exchange rate pass-through
Abstract: 
 We show that higher foreign-currency indebtedness raises the degree of exchange rate pass-through to domestic producer prices. For identification, we use micro-level data from Turkey, an emerging market economy that has experienced large exchange rate movements over the last decade. Matching the Credit Register of Turkey with disaggregated manufacturing sector data on domestic prices and foreign-currency revenues from international trade, we show that sectors with higher ex-ante net foreign-currency liabilities raise their prices significantly more following domestic currency depreciation. The results are stronger if foreign-currency liabilities are short term.
Journal: Applied Economics Letters
Pages: 657-666
Issue: 8
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2019.1644423
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1644423
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:8:p:657-666




Template-Type: ReDIF-Article 1.0
Author-Name: Kunlun Zou
Author-X-Name-First: Kunlun
Author-X-Name-Last: Zou
Author-Name: Rong Wu
Author-X-Name-First: Rong
Author-X-Name-Last: Wu
Author-Name: Pu Chen
Author-X-Name-First: Pu
Author-X-Name-Last: Chen
Title: Does intergeneration succession influence stock prices of family businesses?
Abstract: 
 China’s A-shares family listed companies are facing a period of high intergenerational succession. This has attracted the attention and research of many scholars. The existing studies mainly focus on the motives, methods, and influencing factors of family business’ intergenerational succession, and there are few studies involving the reaction of the capital markets. This article takes 45 listed family businesses as samples and uses the synthetic control method to examine the impact and the degree of influence that intergenerational succession has on stock price movements. Thereafter, a difference-in-differences estimation is conducted to test for robustness. At the conclusion of our research, we find that intergenerational succession has a significant negative effect on the stock price of listed companies.
Journal: Applied Economics Letters
Pages: 667-672
Issue: 8
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2019.1644424
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1644424
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Template-Type: ReDIF-Article 1.0
Author-Name: Kang Ho Bong
Author-X-Name-First: Kang Ho
Author-X-Name-Last: Bong
Author-Name: Sunyoung Park
Author-X-Name-First: Sunyoung
Author-X-Name-Last: Park
Author-Name: Jaemin Park
Author-X-Name-First: Jaemin
Author-X-Name-Last: Park
Title: What types of public R&D support increase employment performance? Evidence from Korean firm-level data
Abstract: 
 If employment is the result of a series of decisions based on a firm’s performance at its growth phase, then an increase in firm employment should be the result of labor demand or optimal choices made in this process. The study aims to investigate the effects of the various forms of public support on employment decisions within a firm’s innovation process. For empirical analysis, an ordered logit model and a hurdle model were employed on a sample of 3,300 Korean firms. While non-financial support had a statistically significant positive effect on employment performance in both models, the results were mixed on other forms of policy support. Overall, the results of the empirical analysis clearly indicate that firms’ behavior can be better understood by approaching employment in a two-step decision-making process such as the hurdle model.
Journal: Applied Economics Letters
Pages: 673-678
Issue: 8
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2019.1644425
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1644425
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:8:p:673-678




Template-Type: ReDIF-Article 1.0
Author-Name: Minsung Kim
Author-X-Name-First: Minsung
Author-X-Name-Last: Kim
Title: Cross-industry distribution of R&D investments and economic growth
Abstract: 
 This study empirically investigates the relationship between the cross-industry distribution of R&D investments and economic growth across 14 countries for the period from 1996 to 2013. Although countries can invest disproportionately in a handful of industries hoping to use their limited resources efficiently and boost economic growth, complementarity between industries calls for balanced investments. Using the Herfindahl–Hirschman Index as the measure of R&D concentration, we find an inverted U-shaped relationship between the concentration of R&D investment and economic growth. Some level of concentration may be good for growth; however, beyond a certain point, concentration has a negative effect on growth. Moreover, heavy investment in high-technology manufacturing industry alleviates this negative effect of concentration. The opposite holds for much investment in the service industry. Lastly, we find that the importance of diversification increases when countries advance, while developing countries can benefit from strategic concentration.
Journal: Applied Economics Letters
Pages: 679-684
Issue: 8
Volume: 27
Year: 2020
Month: 5
X-DOI: 10.1080/13504851.2019.1644426
File-URL: http://hdl.handle.net/10.1080/13504851.2019.1644426
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Handle: RePEc:taf:apeclt:v:27:y:2020:i:8:p:679-684




Template-Type: ReDIF-Article 1.0
Author-Name: Raymundo M. Campos-Vazquez
Author-X-Name-First: Raymundo M.
Author-X-Name-Last: Campos-Vazquez
Title: The higher price of whiter skin: an analysis of escort services
Abstract: 
 How much are people willing to pay extra for sexual services with a white woman instead of one with darker skin? Skin colour assessed from photographs of women on escort websites in Mexico was compared with price information to answer this question. Women with darker skin were found to be underrepresented, consistent with self-selection into other occupations with an expectation of higher wages. Lighter-skinned escorts also charge more than darker women. Controlling for estimated age and physical measures like weight, hair colour, and body type, a one standard deviation increase in darkness reduces an escort’s price by approximately 10 percent.
Journal: Applied Economics Letters
Pages: 1-4
Issue: 1
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1725229
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1725229
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Template-Type: ReDIF-Article 1.0
Author-Name: Anna Agrapetidou
Author-X-Name-First: Anna
Author-X-Name-Last: Agrapetidou
Author-Name: Paulos Charonyktakis
Author-X-Name-First: Paulos
Author-X-Name-Last: Charonyktakis
Author-Name: Periklis Gogas
Author-X-Name-First: Periklis
Author-X-Name-Last: Gogas
Author-Name: Theophilos Papadimitriou
Author-X-Name-First: Theophilos
Author-X-Name-Last: Papadimitriou
Author-Name: Ioannis Tsamardinos
Author-X-Name-First: Ioannis
Author-X-Name-Last: Tsamardinos
Title: An AutoML application to forecasting bank failures
Abstract: 
 We investigate the performance of an automated machine learning (AutoML) methodology in forecasting bank failures, called Just Add Data (JAD). We include all failed U.S. banks for 2007–2013 and twice as many healthy ones. An automated feature selection procedure in JAD identifies the most significant forecasters and a bootstrapping methodology provides conservative estimates of performance generalization and confidence intervals. The best performing model yields an AUC 0.985. The current work provides evidence that JAD, and AutoML tools in general, could increase the productivity of financial data analysts, shield against methodological statistical errors, and provide models at par with state-of-the-art manual analysis.
Journal: Applied Economics Letters
Pages: 5-9
Issue: 1
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1725230
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1725230
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Template-Type: ReDIF-Article 1.0
Author-Name: Hong-Yun Jiang
Author-X-Name-First: Hong-Yun
Author-X-Name-Last: Jiang
Author-Name: Qing-Fei Yin
Author-X-Name-First: Qing-Fei
Author-X-Name-Last: Yin
Title: What effect the demand for homestays: evidence from Airbnb in China
Abstract: 
 Using multi-ordered logit models dealing with influence factors on the homestay demands under collaborative consumption, and crawling the dataset of Airbnb listings from provincial cities or municipal cities in China, this paper concludes that the economic factor, the characteristics and locations of homestays are the fundamental factors. To be specific, the rental prices have significant negative effects on homestays demand in developed regions in China, while positive effects in underdeveloped areas. Meanwhile, the characteristics such as the count of bedrooms and types of homestays have significant impacts on the demand for homestays in most regions, and family-travelling is very popular in China.
Journal: Applied Economics Letters
Pages: 10-14
Issue: 1
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1725231
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1725231
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Template-Type: ReDIF-Article 1.0
Author-Name: Meng Yan
Author-X-Name-First: Meng
Author-X-Name-Last: Yan
Author-Name: Zhen An
Author-X-Name-First: Zhen
Author-X-Name-Last: An
Title: The impacts of high-frequency US uncertainty shocks on China’s investment and bank loans: evidence from mixed-frequency VAR
Abstract: 
 This paper evaluates the effects of high-frequency US uncertainty shocks on China’s investment and bank loans through the mixed-frequency vector autoregression model. We find that time-stamped US uncertainty shocks generate partly heterogeneous impacts on China’s investment and bank loans. The responses of bank loans with different maturities and private-owned enterprise investment are consistent with the theoretical results and policy operations except for the pattern of state-owned enterprise investment in the face of uncertainty shocks. By further decomposing the state-owned enterprise investment, we reveal that the injection of government investment to state-owned enterprise biases the time-varying responses of state-owned enterprise investment to US uncertainty shocks. Compared to the single-frequency approach, the mixed frequency approach produces richer economic results and insights.
Journal: Applied Economics Letters
Pages: 15-22
Issue: 1
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1725232
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1725232
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:1:p:15-22




Template-Type: ReDIF-Article 1.0
Author-Name: Martin Nordström
Author-X-Name-First: Martin
Author-X-Name-Last: Nordström
Title: Credit spread and employment growth – a time-varying relationship?
Abstract: 
 In this article, I explore time variation in the relationship between the credit spread and employment growth. Using a Bayesian VAR framework and formal model selection, it is concluded that the relationship is best modelled with constant parameters, but that heteroscedasticity needs to be taken into account. An interesting change in the dynamics is uncovered, where volatility in employment shocks induces more of the dynamics earlier in the sample and the role of volatility in credit-spread shocks is more pronounced in the latter parts.
Journal: Applied Economics Letters
Pages: 23-31
Issue: 1
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1725416
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1725416
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:1:p:23-31




Template-Type: ReDIF-Article 1.0
Author-Name: Shawn J. Mccoy
Author-X-Name-First: Shawn J.
Author-X-Name-Last: Mccoy
Author-Name: Xiaoxi Zhao
Author-X-Name-First: Xiaoxi
Author-X-Name-Last: Zhao
Title: Wildfire and infant health: a geospatial approach to estimating the health impacts of wildfire smoke exposure
Abstract: 
 We estimate the effects of wildfire smoke exposure on infant health. Exposure to wildfire smoke is determined using the latitude and longitude coordinates corresponding to each infant’s home address and a fine-scaled spatial dataset of wildfire smoke plumes constructed in GIS from satellite images of the landscape. Using a difference-in-differences estimation strategy, model estimates show that exposure to wildfire smoke leads to a .034 increase in the probability of low birthweight.
Journal: Applied Economics Letters
Pages: 32-37
Issue: 1
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1730747
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1730747
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:1:p:32-37




Template-Type: ReDIF-Article 1.0
Author-Name: Hali Edison
Author-X-Name-First: Hali
Author-X-Name-Last: Edison
Author-Name: Hector Carcel
Author-X-Name-First: Hector
Author-X-Name-Last: Carcel
Title: Text data analysis using Latent Dirichlet Allocation: an application to FOMC transcripts
Abstract: 
 This paper applies Latent Dirichlet Allocation (LDA), a machine learning algorithm, to analyse the transcripts of the U.S. Federal Open Market Committee (FOMC) covering the period 2003–2012, including 45,346 passages. The goal is to detect the evolution of the different topics discussed by the members of the FOMC. The results of this exercise show that discussions on economic modelling were dominant during the Global Financial Crisis (GFC), with an increase in discussion of the banking system in the years following the GFC. Discussions on communication gained relevance towards the end of the sample as the Federal Reserve adopted a more transparent approach. The paper suggests that LDA analysis could be further exploited by researchers at central banks and institutions to identify topic priorities in relevant documents such as FOMC transcripts.
Journal: Applied Economics Letters
Pages: 38-42
Issue: 1
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1730748
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1730748
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Template-Type: ReDIF-Article 1.0
Author-Name: Mahama Samir Bandaogo
Author-X-Name-First: Mahama Samir
Author-X-Name-Last: Bandaogo
Author-Name: Emmanuel K.K. Lartey
Author-X-Name-First: Emmanuel K.K.
Author-X-Name-Last: Lartey
Title: Sudden surges and macroprudential policies
Abstract: 
 This paper estimates the unconditional probability of a sudden surge in private credit and investigates the extent to which macroprudential policies impact the duration of the period preceding such a surge. While we observe sudden surges of credit over periods in which macroprudential policies were enacted, we document that these policies were effective at lowering the probability of credit booms between 2000 and 2013.
Journal: Applied Economics Letters
Pages: 43-48
Issue: 1
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1730750
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1730750
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:1:p:43-48




Template-Type: ReDIF-Article 1.0
Author-Name: Constantin Bürgi
Author-X-Name-First: Constantin
Author-X-Name-Last: Bürgi
Author-Name: Tara M. Sinclair
Author-X-Name-First: Tara M.
Author-X-Name-Last: Sinclair
Title: What does forecaster disagreement tell us about the state of the economy?
Abstract: 
 This article shows in a simple model that the part of uncertainty measured by forecaster disagreement rises in advance of and during recessions. Subsequently, it is tested using the Survey of Professional Forecasters in a dynamic probit model. It is shown that increases in disagreement help predict recessions in an out-of-sample context for the US.
Journal: Applied Economics Letters
Pages: 49-53
Issue: 1
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1730751
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1730751
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:1:p:49-53




Template-Type: ReDIF-Article 1.0
Author-Name: Patrick M. Crowley
Author-X-Name-First: Patrick M.
Author-X-Name-Last: Crowley
Author-Name: David Hudgins
Author-X-Name-First: David
Author-X-Name-Last: Hudgins
Title: Is the Taylor rule optimal? Evaluation using a wavelet-based control model
Abstract: 
 This paper extends the wavelet-based control (WBC) model of Crowley and Hudgins (2015) to compare the simulated performance of jointly optimal fiscal and monetary policy, where the policymakers place emphasis on a variety of macroeconomic targets, with the case where monetary policy follows a modified Taylor rule. The results show that the Taylor rule is likely to render higher interest rates, diminished investment, and appreciated real exchange rates compared with an unconstrained baseline simulation. We therefore find that the Taylor rule is suboptimal since it results in higher fiscal deficits due to substitution by policy authorities, thus confirming recent research on the interaction of fiscal and monetary policies. The analysis also compares the baseline and Taylor rule simulated forecasts when the central bank adopts a ‘hawkish’ inflation policy compared to a more ‘dovish’ policy stance.
Journal: Applied Economics Letters
Pages: 54-60
Issue: 1
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1730752
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1730752
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Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Tommasetti
Author-X-Name-First: Roberto
Author-X-Name-Last: Tommasetti
Author-Name: Vinicius Mothé Maia
Author-X-Name-First: Vinicius
Author-X-Name-Last: Mothé Maia
Author-Name: Marcelo Álvaro da Silva Macedo
Author-X-Name-First: Marcelo Álvaro
Author-X-Name-Last: da Silva Macedo
Title: Twitter as ‘bully pulpit’: Brazilian banking sector case
Abstract: 
 This paper investigates whether Brazilian President Bolsonaro’s bank-related tweets are perceived by the market as genuine news and, thus, affecting the related shares’ price or, at least, the negotiated volumes (noise case). No significant impact was detected, possibly due to the fact that (i) his tweets’ content is more political than market related; (ii) he has been in charge for less than one year and, consequently, the market is still in a ‘wait and see’ position; (iii) the local banking sector is very concentrated, being ‘politically resistant’, even to presidential tweets.
Journal: Applied Economics Letters
Pages: 61-64
Issue: 1
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1730753
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1730753
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:1:p:61-64




Template-Type: ReDIF-Article 1.0
Author-Name: Nicolás Acosta-González
Author-X-Name-First: Nicolás
Author-X-Name-Last: Acosta-González
Author-Name: Sebastián Rodríguez-Raza
Author-X-Name-First: Sebastián
Author-X-Name-Last: Rodríguez-Raza
Author-Name: Rafaela Bastidas-Ripalda
Author-X-Name-First: Rafaela
Author-X-Name-Last: Bastidas-Ripalda
Title: The effect of increasing land value capture on the gross value added of the construction sector
Abstract: 
 This paper estimates the effect of an increase in land value tax related to capital gains on the gross value added (GVA) of the construction sector. Using synthetic control method, the results indicate that the GVA of the construction sector presented an average yearly decline of 7.1% between the trimesters in which the LOEVT was promoted until the trimester it was repealed. Placebo tests applied to other sectors, excluding the construction sector, validate our result.
Journal: Applied Economics Letters
Pages: 65-69
Issue: 1
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1733467
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1733467
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:1:p:65-69




Template-Type: ReDIF-Article 1.0
Author-Name: Yin-Siang Huang
Author-X-Name-First: Yin-Siang
Author-X-Name-Last: Huang
Author-Name: You-Xun Lu
Author-X-Name-First: You-Xun
Author-X-Name-Last: Lu
Author-Name: Yi-Chang Chen
Author-X-Name-First: Yi-Chang
Author-X-Name-Last: Chen
Title: Three types of fear play market uncertainty: evidence from bank loan
Abstract: 
 This research investigates whether the market sentiment influences firm stock returns with bank loan announcements. We find that CBOE Volatility Index (VIX) is positively related to cumulative abnormal returns, confirming VIX reflects the effect of loan announcements on the financial market. Results show that Financial and Economic Attitudes Revealed by Search (FEARS25) index without predictive power. Instead of that, the daily change of searching VIX (SVIX) of individual investors significantly capture the negative abnormal return before the loan announcements and cease as loan announcements occur. Our findings support that not only professional investors but also individual investors search on Google consider bank loan announcement as good news for borrowers.
Journal: Applied Economics Letters
Pages: 70-78
Issue: 1
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1733468
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1733468
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Ren
Author-X-Name-First: Yu
Author-X-Name-Last: Ren
Author-Name: Qin Wang
Author-X-Name-First: Qin
Author-X-Name-Last: Wang
Title: Decomposition of durable consumption and equity returns
Abstract: 
 In this paper, we investigate the risks of cash flow news and discount rate news exposed to durable consumption. When utility is nonseparable in nondurable and durable consumption, the optimal portfolio allocation implies a linear factor model in nondurable and durable consumption growth. Using 30 portfolios sorted by book-to-market, momentum and size, we find that the differences in these betas account for more than 70% of the cross-sectional variation in the risk premia.
Journal: Applied Economics Letters
Pages: 79-84
Issue: 1
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1733469
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1733469
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:1:p:79-84




Template-Type: ReDIF-Article 1.0
Author-Name: Ann Shawing Yang
Author-X-Name-First: Ann Shawing
Author-X-Name-Last: Yang
Author-Name: Giovanny Cyntia Susanto
Author-X-Name-First: Giovanny Cyntia
Author-X-Name-Last: Susanto
Title: Corporate social responsibility and cash holding: evidence from trucking firms
Abstract: 
 This study analyses the influence of corporate social responsibility (CSR) on the corporate cash management of trucking firms. The fixed-effects model of the panel data analysis is applied from 2007 to 2017. Capital expenditures, dividend payments, and retained earnings negatively influence cash holdings, whereas cash flow, market-to-book ratio, net working capital, and share repurchase for all CSR categories positively influence cash holdings. However, the changes in market leverage, dividends, book-to-market ratio, and firm size negatively and significantly influence excess stock returns. In summary, social and environmental participations positively influence cash holdings and excess stock returns, respectively.
Journal: Applied Economics Letters
Pages: 85-89
Issue: 1
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1733470
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1733470
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Template-Type: ReDIF-Article 1.0
Author-Name: Rae Yule Kim
Author-X-Name-First: Rae Yule
Author-X-Name-Last: Kim
Title: What makes people happy? An empirical investigation of panel data
Abstract: 
 Happiness is complicated. Extensive studies explored potential factors that might influence subjective well-being; however, one’s happiness should not be determined by a singular factor such as a certain life event. This study implements the system GMM and examines the multivariate effect of socio-economic factors that might influence happiness, based on panel data of happiness surveys in 165 countries over more than 10 years. The results suggest autonomy, social support, and generosity lead to greater subjective well-being. Social support and prosocial action such as donations are likely to improve social trust and one’s sense of social security, which can lead to greater subjective well-being. The effect of economic equality on subjective well-being might be heterogenous by individual context. National level inequality, such as GINI index, is not likely to influence happiness significantly.
Journal: Applied Economics Letters
Pages: 91-94
Issue: 2
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1733471
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1733471
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:2:p:91-94




Template-Type: ReDIF-Article 1.0
Author-Name: Yi-Chang Chen
Author-X-Name-First: Yi-Chang
Author-X-Name-Last: Chen
Author-Name: Shih-Ming Kuo
Author-X-Name-First: Shih-Ming
Author-X-Name-Last: Kuo
Author-Name: Yu-Wen Yang
Author-X-Name-First: Yu-Wen
Author-X-Name-Last: Yang
Title: Is herding a safe haven for investment?
Abstract: 
 This paper investigates whether herd behaviour followed by fad can be regarded as a safe haven for investment. We found that investors have anticipatory herd behaviour towards the Apple fad. Herding creates a safe zone and is adopted as a means to reduce the risk of irrational behaviour, especially for companies with poor profitability. On the whole, herding may lead to positive market returns and can be used as a short-term safe haven under uncertainty.
Journal: Applied Economics Letters
Pages: 95-99
Issue: 2
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1734180
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1734180
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:2:p:95-99




Template-Type: ReDIF-Article 1.0
Author-Name: Tomáš Želinský
Author-X-Name-First: Tomáš
Author-X-Name-Last: Želinský
Author-Name: Martina Mysíková
Author-X-Name-First: Martina
Author-X-Name-Last: Mysíková
Author-Name: Jason Wei Jian Ng
Author-X-Name-First: Jason Wei Jian
Author-X-Name-Last: Ng
Title: Choosing an optimal material deprivation indicator threshold
Abstract: 
 Severe material deprivation, a dimension of the poverty and social exclusion index, one of Europe 2020 Strategy headline indicators, is defined as enforced lack of at least four of nine specific items. Proposals for modifications in the indicator include the Material and Social Deprivation indicator which is based on an updated set of thirteen items, whereas the choice of the threshold was data-driven. This paper proposes a simple, yet a rigorous methodology based on the Youden index to set a threshold to classify individuals into ‘deprived’ and ‘non-deprived’ groups. Applying the Youden index to 2014–2018 EU-Statistics on Income and Living Conditions data suggests an optimal cut-off point of the value of 5. This is in line with the suggestions of the Indicators Sub-Group of the Social Protection Committee. The estimated rates of material deprivation based on the new indicator are 2.2-times higher on average than the current rate. Assuming that the newly proposed definition better reflects the true nature of deprivation in the EU, the aggregate measure of ‘at risk of poverty or social exclusion’ has been underestimated, as material deprivation is one of its three dimensions.
Journal: Applied Economics Letters
Pages: 100-104
Issue: 2
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1734181
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1734181
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Knowles
Author-X-Name-First: Stephen
Author-X-Name-Last: Knowles
Author-Name: Philip Stahlmann-Brown
Author-X-Name-First: Philip
Author-X-Name-Last: Stahlmann-Brown
Title: Cash is not king in incentivizing online surveys
Abstract: 
 We analyse the effect of different incentive structures on response rates for an online survey of New Zealand landowners who have previously not responded to an earlier wave of the survey. We find response rates are lowest for direct cash payment, lower even than for a control group with no incentive, which may be due to direct payment extinguishing any warm glow people receive from the charitable act of completing a survey. Lottery and charitable donation incentives do not increase response rates relative to a control group with no incentive.
Journal: Applied Economics Letters
Pages: 105-108
Issue: 2
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1734524
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1734524
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Template-Type: ReDIF-Article 1.0
Author-Name: Dong Huo
Author-X-Name-First: Dong
Author-X-Name-Last: Huo
Title: Knowledge production in the co-invention process: the influence of knowledge similarity on co-invention performance
Abstract: 
 I model the dynamics of the amount of knowledge being learnt and created in the co-invention process between two inventors, by highlighting interpersonal knowledge similarity. Further, I employ U.S. inventor-dyad-level patent data (including 250,546 inventor-dyads) to examine the relationship between knowledge similarity and co-invention performance of the two-inventor teams. The preliminary findings are consistent with the model that predicts a left-skewed inverted U-shaped relationship, suggesting that co-invention performance measured by number of patents is better in teams that consist of inventors with a medium level of similarity in technological knowledge prior to the co-invention process, and that the performance measured by weighted patents is better in teams with more technologically dissimilar members. The study enriches the literature on economics of innovation by explicating knowledge production of inventors in the co-invention process and revealing the left-skewed inverted U-shaped relationship between knowledge similarity and knowledge production performance. In practices, the study suggests assembling teams with technologically dissimilar members for optimal knowledge production performance, especially for the purpose of producing high-quality inventions.
Journal: Applied Economics Letters
Pages: 109-114
Issue: 2
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1734525
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1734525
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Template-Type: ReDIF-Article 1.0
Author-Name: Guanying Wang
Author-X-Name-First: Guanying
Author-X-Name-Last: Wang
Author-Name: Xingchun Wang
Author-X-Name-First: Xingchun
Author-X-Name-Last: Wang
Title: Valuing vulnerable options with bond collateral
Abstract: 
 This paper investigates vulnerable European options with bond collateral. Working with stochastic interest rate, we evaluate vulnerable options under four cases of collateral according to the length of time to maturity of the government bonds, including cash, short term bonds, medium term bonds, and long term bonds. The impacts of collateral and credit risk on vulnerable option prices are illustrated numerically.
Journal: Applied Economics Letters
Pages: 115-118
Issue: 2
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1736495
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1736495
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Template-Type: ReDIF-Article 1.0
Author-Name: Todd Gabe
Author-X-Name-First: Todd
Author-X-Name-Last: Gabe
Title: Yelp.com ratings and the businesses visited by cruise passengers in Bar Harbor, Maine
Abstract: 
 This study examines the effects of Yelp.com ratings on the businesses visited by cruise passengers that came to Bar Harbor, Maine. Results – based on survey data of where people report that they shop and eat – indicate that being a top-10 rated store or restaurant is associated with a large increase in the number of visits by cruise passengers. Furthermore, there’s a substantial drop-off in the impacts going from a ‘top-10’ to ‘second-10’ rated business.
Journal: Applied Economics Letters
Pages: 119-123
Issue: 2
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1736496
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1736496
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:2:p:119-123




Template-Type: ReDIF-Article 1.0
Author-Name: Jin Yuan
Author-X-Name-First: Jin
Author-X-Name-Last: Yuan
Author-Name: Xianghui Yuan
Author-X-Name-First: Xianghui
Author-X-Name-Last: Yuan
Title: A Monte Carlo synthetic sample based performance evaluation method for covariance matrix estimators
Abstract: 
 The evaluation of covariance matrix estimators is very important for portfolio analysis and risk management. The Monte Carlo synthetic sample based performance evaluation method proposed by this article can avoid the main shortcomings of statistical and economic methods which are widely used in the existing literature. The proposed method does not need the true covariance and does not need to introduce the performance of the out-of-sample portfolios. It is an intuitive, effective and robust measure for both simulation and empirical analysis.
Journal: Applied Economics Letters
Pages: 124-128
Issue: 2
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1738322
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1738322
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:2:p:124-128




Template-Type: ReDIF-Article 1.0
Author-Name: David Moroz
Author-X-Name-First: David
Author-X-Name-Last: Moroz
Author-Name: Bruno Pecchioli
Author-X-Name-First: Bruno
Author-X-Name-Last: Pecchioli
Title: Transaction price vs. ask price in hedonic regressions: evidence from the vintage scotch whisky market
Abstract: 
 This paper examines the impact that ask prices and transaction prices have on vintage whisky hedonic price estimates, following a recent paper by Moroz and Pecchioli, who focus solely on ask prices. In general, the results suggest that whisky price estimates are independent of prices employed, with the main differences relating to the economic impact of certain variables. More precisely, bottle owners tend to overestimate the effect of some whisky characteristics (bottle age, non-dilution of the whisky) on price, which may be explained by the youth of the whisky investor market.
Journal: Applied Economics Letters
Pages: 129-132
Issue: 2
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1738323
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1738323
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:2:p:129-132




Template-Type: ReDIF-Article 1.0
Author-Name: Hiroko Okajima
Author-X-Name-First: Hiroko
Author-X-Name-Last: Okajima
Author-Name: Kazufumi Yugami
Author-X-Name-First: Kazufumi
Author-X-Name-Last: Yugami
Author-Name: Atsushi Morimoto
Author-X-Name-First: Atsushi
Author-X-Name-Last: Morimoto
Author-Name: Shigeharu Okajima
Author-X-Name-First: Shigeharu
Author-X-Name-Last: Okajima
Author-Name: Kenta Nakamura
Author-X-Name-First: Kenta
Author-X-Name-Last: Nakamura
Title: Firm age and wage determination: evidence from matched employer–employee data in Japan
Abstract: 
 Firm age, a new factor underlying wage differentials, has been analysed in the emerging literature using matched employer–employee data, though its effect on wages remains inconclusive. This study adds to the literature by providing insights into different wage determinants between industries. We find firm age has a negative effect on wages and a positive effect on a slope of the wage–tenure profile, particularly in non-manufacturing industries. The industrial difference may be explained by the difference in firms’ survival rates and expectations on long-term training.
Journal: Applied Economics Letters
Pages: 133-136
Issue: 2
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1738324
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1738324
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Template-Type: ReDIF-Article 1.0
Author-Name: Laetitia Lepetit
Author-X-Name-First: Laetitia
Author-X-Name-Last: Lepetit
Author-Name: Frank Strobel
Author-X-Name-First: Frank
Author-X-Name-Last: Strobel
Author-Name: Thu Ha Tran
Author-X-Name-First: Thu Ha
Author-X-Name-Last: Tran
Title: An alternative Z-score measure for downside bank insolvency risk
Abstract: 
 We derive a Z-score measure reflecting downside bank insolvency risk, drawing on a Chebyshev inequality in terms of the lower semivariance. As then illustrated empirically for US banks, this may provide a useful alternative, or robustness check, to the more commonly used Z-score measure based on the standard Chebyshev inequality.
Journal: Applied Economics Letters
Pages: 137-142
Issue: 2
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1739222
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1739222
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:2:p:137-142




Template-Type: ReDIF-Article 1.0
Author-Name: Thang Ngoc Doan
Author-X-Name-First: Thang Ngoc
Author-X-Name-Last: Doan
Author-Name: Ha Thanh Le
Author-X-Name-First: Ha Thanh
Author-X-Name-Last: Le
Title: Upgrading the global value chain with regime-wide rules of origin
Abstract: 
 Participation in the global value chain (GVC) is defined as the value added contained in exports, looking both backward and forward from a reference nation. This article applies the gravity model to investigate the effects of the regime-wide rules of origin (RoO), including diagonal cumulation, de minimis, and self-certification requirements, on GVC participation with 40,568 observations covering 61 countries from 2005–2015. Our main finding is that the liberal RoO can help upgrade both types of GVC participation.
Journal: Applied Economics Letters
Pages: 143-147
Issue: 2
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1739223
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1739223
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:2:p:143-147




Template-Type: ReDIF-Article 1.0
Author-Name: Chanil Boo
Author-X-Name-First: Chanil
Author-X-Name-Last: Boo
Author-Name: Changhyun Kim
Author-X-Name-First: Changhyun
Author-X-Name-Last: Kim
Title: Institutional ownership and marketing myopic management
Abstract: 
 While marketing literature highlights both short- and long-term detrimental effects of marketing myopic management on firm performance, understanding of its antecedents is rather limited. This paper aims to determine if a certain level of transient institutional investor ownership influences a firm’s marketing as well as research and development (R&D) investment decisions. Drawing on agency theory, the effects of institutional investor are examined using a two-stage panel logit regression with instrument variables (IV). Empirical results show that a strong presence of short-term institutional investors leads to the practice of marketing myopic management. The transient institutional investors encourage managers to invest less in marketing and R&D as an effort to artificially inflate current-term performance. We propose some policy suggestions that might be used to reduce the practice of myopic management.
Journal: Applied Economics Letters
Pages: 148-152
Issue: 2
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1739608
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1739608
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:2:p:148-152




Template-Type: ReDIF-Article 1.0
Author-Name: Muhammad Abubakr Naeem
Author-X-Name-First: Muhammad Abubakr
Author-X-Name-Last: Naeem
Author-Name: Saqib Farid
Author-X-Name-First: Saqib
Author-X-Name-Last: Farid
Author-Name: Faruk Balli
Author-X-Name-First: Faruk
Author-X-Name-Last: Balli
Author-Name: Syed Jawad Hussain Shahzad
Author-X-Name-First: Syed Jawad
Author-X-Name-Last: Hussain Shahzad
Title: Hedging the downside risk of commodities through cryptocurrencies
Abstract: 
 Today, commodities are exposed to ever-increasing price volatilities due to extreme market uncertainties linked with financialization. The paper addresses a timely question of whether cryptocurrencies are hedge and safe-haven for commodities. We focus on this literature gap by using individual commodities from four groups, including metal, agriculture, precious metal, and energy. Further, we also consider four major cryptocurrencies, namely, Bitcoin, Ethereum, Litecoin, and Ripple for our analysis. Our findings show the functional role of cryptocurrencies as hedge and safe-haven for individual commodities. Moreover, the underlying properties are persistent during the crisis period.
Journal: Applied Economics Letters
Pages: 153-160
Issue: 2
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1739609
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1739609
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:2:p:153-160




Template-Type: ReDIF-Article 1.0
Author-Name: Prithviraj Guha
Author-X-Name-First: Prithviraj
Author-X-Name-Last: Guha
Author-Name: Arindam Mandal
Author-X-Name-First: Arindam
Author-X-Name-Last: Mandal
Author-Name: Aniruddha Mitra
Author-X-Name-First: Aniruddha
Author-X-Name-Last: Mitra
Title: Do labor rights help to protect human rights? An empirical exploration
Abstract: 
 We investigate the impact of de jure protection of labour rights on the de facto security of human rights in an unbalanced panel of 60 developing economies considered over the period 1981–2011. With the exception of the right to industrial action and the regulation of dismissal procedures which exhibit negative impacts, we find that all other aspects of labour rights significantly improve state protection of human rights.
Journal: Applied Economics Letters
Pages: 161-164
Issue: 2
Volume: 28
Year: 2021
Month: 01
X-DOI: 10.1080/13504851.2020.1739610
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1739610
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:2:p:161-164




Template-Type: ReDIF-Article 1.0
Author-Name: Mari Jose Aranguren
Author-X-Name-First: Mari Jose
Author-X-Name-Last: Aranguren
Author-Name: Juan De Lucio
Author-X-Name-First: Juan
Author-X-Name-Last: De Lucio
Author-Name: Raúl Mínguez
Author-X-Name-First: Raúl
Author-X-Name-Last: Mínguez
Author-Name: Asier Minondo
Author-X-Name-First: Asier
Author-X-Name-Last: Minondo
Author-Name: Francisco Requena
Author-X-Name-First: Francisco
Author-X-Name-Last: Requena
Title: Export markets: substitutes, complements, or independent?
Abstract: 
 Using a large sample of export transactions in Spain over the period 2010–2017, we explore whether firms treat export markets as substitutes, complements, or independent. We find that an exogenous change in revenue in a firm’s top export destination does not change its revenue in other destinations. A firm does not have either a larger probability to increase the number of export destinations when it experiences an exogenous drop in revenue in its top export destination. These results suggest that a shock in firms’ top export market does not affect their decisions in other export markets.
Journal: Applied Economics Letters
Pages: 165-169
Issue: 3
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1739611
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1739611
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Template-Type: ReDIF-Article 1.0
Author-Name: Shiwei Yu
Author-X-Name-First: Shiwei
Author-X-Name-Last: Yu
Author-Name: Xing Hu
Author-X-Name-First: Xing
Author-X-Name-Last: Hu
Author-Name: Juan Yang
Author-X-Name-First: Juan
Author-X-Name-Last: Yang
Title: Housing prices and carbon emissions: a dynamic panel threshold model of 60 Chinese cities
Abstract: 
 In the past two decades, both housing prices and carbon emissions have risen dramatically in China. However, it is unclear whether there is a nexus between them. This study employs a dynamic panel threshold regression model using residents' income levels as the threshold variable to investigate the relationship between housing prices and per capita carbon emissions. By considering 60 Chinese housing price-monitored cities, a threshold effect of income on carbon emissions was identified with a threshold value of 2.448, which divided the full sample into two regimes to further analyse the impacts of housing prices on per capita carbon emissions at each income level. The empirical results show that housing prices have a slight but positive effect on per capita carbon emissions both at two income levels. Specifically, a 10% change in housing prices can lead to a change in the same direction in per capita carbon emissions by 0.7% and 0.2% at lower and higher average income levels, respectively. However, in small cities, limited population may contribute to the negative impact of housing prices on carbon emissions. Furthermore, the results also confirm that the urbanization rate is an important factor of per capita carbon emissions.
Journal: Applied Economics Letters
Pages: 170-185
Issue: 3
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1739612
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1739612
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Template-Type: ReDIF-Article 1.0
Author-Name: Eunsuh Lee
Author-X-Name-First: Eunsuh
Author-X-Name-Last: Lee
Author-Name: Chaehyun Kim
Author-X-Name-First: Chaehyun
Author-X-Name-Last: Kim
Author-Name: Junyoup Lee
Author-X-Name-First: Junyoup
Author-X-Name-Last: Lee
Title: Substitutes or complements? Co-opted boards and antitakeover provisions
Abstract: 
 We examine the relationship between co-opted boards and the adoption of antitakeover provisions (ATPs). Prior studies suggest that co-opted directors appointed after the current CEO assumes office provide weak monitoring. Consistent with the substitution view, we find that firms with greater co-option on the board adopt fewer ATPs. This result suggests that co-opted boards enable CEOs to pursue less additional entrenchment, thereby reducing the adoption of ATPs. Importantly, we find that co-opted boards explain the degree of ATPs beyond the traditional measure of board monitoring effectiveness, and even independent directors are associated with fewer ATPs once they are captured by CEOs.
Journal: Applied Economics Letters
Pages: 186-190
Issue: 3
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1740153
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1740153
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:3:p:186-190




Template-Type: ReDIF-Article 1.0
Author-Name: Radosław Kurach
Author-X-Name-First: Radosław
Author-X-Name-Last: Kurach
Author-Name: Paweł Kuśmierczyk
Author-X-Name-First: Paweł
Author-X-Name-Last: Kuśmierczyk
Author-Name: Daniel Papla
Author-X-Name-First: Daniel
Author-X-Name-Last: Papla
Title: Risk reduction in two-pillar mandatory pension system under regulatory constraints: simulation-based evidence from Poland
Abstract: 
 The regulatory framework of the Polish pension system is far-removed from the optimal lifecycle portfolio approach, which recommends a time-varying asset mix to minimize portfolio risk. Nevertheless, a question emerges on how large diversification gains can grow under the existing rules. This study accounts for the current restrictions and estimates risk-reduction opportunities under the two-pillar pension system. We compare the outcomes with our previous results for optimal portfolio allocation and, as in the previous study, use a Monte Carlo approach with a copula function to simulate the distribution of replacement rates for the Polish pension system. We conclude that the regulations hinder, to a significant extent, the opportunity to minimize shortfall risks, an unsatisfactory outcome for Polish pensioners.
Journal: Applied Economics Letters
Pages: 191-195
Issue: 3
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1740154
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1740154
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:3:p:191-195




Template-Type: ReDIF-Article 1.0
Author-Name: Srikant Devaraj
Author-X-Name-First: Srikant
Author-X-Name-Last: Devaraj
Author-Name: Pankaj C. Patel
Author-X-Name-First: Pankaj C.
Author-X-Name-Last: Patel
Author-Name: Michael J. Hicks
Author-X-Name-First: Michael J.
Author-X-Name-Last: Hicks
Title: Must access laws for opioid prescription and county gross domestic product: evidence from the US
Abstract: 
 We estimate the impact of must access laws on county-level GDP. Specifically, we exploit the variation in must access law between neighbouring counties across state border during 2010 and 2016. To curb the misuse of opioids, states have implemented Prescription Drug Monitoring Programmes (PDMPs), a system accessible to authorized prescribers and/or dispensers to check a patient’s opioid prescription history. A stricter type of PDMP is the ‘must access’ law that requires access to the state’s PDMP system before prescribing or dispensing opioids. We find that a county with must access law had a 3.7% higher real GDP than the neighbouring county across state border without must access law. Extending recent studies on health and labour market impact of prescription opioids, and with opioid epidemic declared a public health emergency, the findings have implications for policymakers.
Journal: Applied Economics Letters
Pages: 196-200
Issue: 3
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1740155
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1740155
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:3:p:196-200




Template-Type: ReDIF-Article 1.0
Author-Name: Zhihua Zhao
Author-X-Name-First: Zhihua
Author-X-Name-Last: Zhao
Author-Name: Hao Wang
Author-X-Name-First: Hao
Author-X-Name-Last: Wang
Author-Name: Xiangyu Yang
Author-X-Name-First: Xiangyu
Author-X-Name-Last: Yang
Author-Name: Fengmin Xu
Author-X-Name-First: Fengmin
Author-X-Name-Last: Xu
Title: CVaR-cardinality enhanced indexation optimization with tunable short-selling constraints
Abstract: 
 Enhanced-index-funds have attracted considerable attention from investors over the last decade, which aims at outperforming a benchmark index while maintaining a similar risk level. In this article, we investigate an enhanced indexation methodology using Conditional Value-at-Risk (CVaR). In particular, we adopt CVaR of excess returns as risk measurement subject to cardinality constraint for controlling the tracking portfolio scale precisely and tunable short-selling constraints for adjusting the margin of each risky asset adaptively within the budget of short-selling. As the resulted model is a mixed 0–1 binary program, we propose an improved hybrid heuristic method, where a customized relax-round-polish is embedded to improve the quality of the iterative population. Computational results on five standard data sets from OR-library show that our proposed method is generally superior to the naive portfolio strategy and the CVaR-LASSO method in terms of the out-of-sample excess return, Sharpe ratio and maximum drawdown of the portfolio.
Journal: Applied Economics Letters
Pages: 201-207
Issue: 3
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1740156
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1740156
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhongmin Liu
Author-X-Name-First: Zhongmin
Author-X-Name-Last: Liu
Author-Name: Jia Lyu
Author-X-Name-First: Jia
Author-X-Name-Last: Lyu
Title: Public debt and economic growth: threshold effect and its influence factors
Abstract: 
 We investigate the effect of public debt on economic growth and its influencing factors by using a panel data of 102 countries over the period 1980–2016. Results show that there is a non-linear relationship between public debt and economic growth, this relationship exists in developing, emerging market and developed countries. However, the thresholds of public debt for different types of countries do not have uniqueness and determinacy, which vary with current account balance, gross savings, crisis and degrees of opening, these variable effects on the three groups of countries have significant difference. The findings suggest that policymakers should control the scale of public debt and its influence factors to support longer-term economic growth.
Journal: Applied Economics Letters
Pages: 208-212
Issue: 3
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1740157
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1740157
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:3:p:208-212




Template-Type: ReDIF-Article 1.0
Author-Name: Sungjun Huh
Author-X-Name-First: Sungjun
Author-X-Name-Last: Huh
Author-Name: Insu Kim
Author-X-Name-First: Insu
Author-X-Name-Last: Kim
Title: The housing risk premium in a production economy
Abstract: 
 This article studies how the housing risk premium is determined in a simple real business cycle model. We present a consumption-based asset pricing model for the housing risk premium and evaluate whether the model is able to explain the observed housing risk premium. Our findings show that a real business cycle model with generalized recursive preferences is able to match the observed housing risk premium. We also find that the volatility of the housing demand shock plays a crucial role in determining the risk–return relationship for housing.
Journal: Applied Economics Letters
Pages: 213-219
Issue: 3
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1740158
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1740158
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:3:p:213-219




Template-Type: ReDIF-Article 1.0
Author-Name: Athiphat Muthitacharoen
Author-X-Name-First: Athiphat
Author-X-Name-Last: Muthitacharoen
Title: Tax rate cut and firm investment: evidence from Thailand
Abstract: 
 How do firms’ investment respond to a large corporate tax rate cut in developing countries? This study uses a matched difference-in-difference approach to estimate the investment responses of Thailand’s 2012–13 corporate income tax cut. It finds that the tax cut has significantly boosted investment. The findings also underline the heterogeneity of the investment responses between local and foreign firms as well as the potential roles of policy uncertainty and market competition on investment response.
Journal: Applied Economics Letters
Pages: 220-224
Issue: 3
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1743813
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1743813
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:3:p:220-224




Template-Type: ReDIF-Article 1.0
Author-Name: Theodore Panagiotidis
Author-X-Name-First: Theodore
Author-X-Name-Last: Panagiotidis
Author-Name: Costas Roumanias
Author-X-Name-First: Costas
Author-X-Name-Last: Roumanias
Title: Far right, extreme left and unemployment: a European historical perspective
Abstract: 
 We examine the long-run relationship between European far right, radical left and unemployment. A unique dataset is compiled for 31 European countries that span from 1900 to 2013. We reveal the long-run relationship between extreme right and unemployment. An increase in unemployment and radical left increases the far-right vote share.
Journal: Applied Economics Letters
Pages: 225-230
Issue: 3
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1748560
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1748560
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:3:p:225-230




Template-Type: ReDIF-Article 1.0
Author-Name: Daniele Valenti
Author-X-Name-First: Daniele
Author-X-Name-Last: Valenti
Author-Name: Danilo Bertoni
Author-X-Name-First: Danilo
Author-X-Name-Last: Bertoni
Author-Name: Daniele Cavicchioli
Author-X-Name-First: Daniele
Author-X-Name-Last: Cavicchioli
Author-Name: Alessandro Olper
Author-X-Name-First: Alessandro
Author-X-Name-Last: Olper
Title: The capitalization of CAP payments into land rental prices: a grouped fixed-effects estimator
Abstract: 
 This article investigates the capitalization of farm subsidies in Italy by relying on a novel approach based on the Grouped Fixed Effect (GFE) estimator. This methodology allows us to account for the regional unobserved time-varying determinants of the Italian land values. Results show that the elasticity of land price with respect to coupled and decoupled subsidies is below one. Particularly, for the latter payments, the degree of capitalization declines with decreasing competition in farmland markets.
Journal: Applied Economics Letters
Pages: 231-236
Issue: 3
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1749227
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1749227
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:3:p:231-236




Template-Type: ReDIF-Article 1.0
Author-Name: Kang Hua Cao
Author-X-Name-First: Kang Hua
Author-X-Name-Last: Cao
Author-Name: Chi-Keung Woo
Author-X-Name-First: Chi-Keung
Author-X-Name-Last: Woo
Author-Name: Ling Zhang
Author-X-Name-First: Ling
Author-X-Name-Last: Zhang
Author-Name: Yuxin Zhang
Author-X-Name-First: Yuxin
Author-X-Name-Last: Zhang
Title: Willingness to pay for a message: personalized licence plate auctions in Hong Kong
Abstract: 
 We use a large sample of winning price data hand-collected from Hong Kong’s personalized licence plate auctions held from 2006 to 2018 to estimate hedonic price regressions that document the willingness to pay (WTP) for a message. A clear and concise message of emotion or humour tends to attract a high WTP. The estimated WTP effects of vanity, positive outlook and superstition are relatively small. These findings affirm that advertising messages should be clear and concise, preferably appealing to consumers’ emotion and humour.
Journal: Applied Economics Letters
Pages: 237-240
Issue: 3
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1749757
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1749757
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:3:p:237-240




Template-Type: ReDIF-Article 1.0
Author-Name: Daeyong Lee
Author-X-Name-First: Daeyong
Author-X-Name-Last: Lee
Title: Impact of employer-sponsored health insurance on firm capital structure: evidence from the Affordable Care Act
Abstract: 
 This article investigates how employer-sponsored health insurance (ESHI) expenses affect firm capital structure. Since 2015, the Affordable Care Act employer mandate has required firms with more than 100 full-time employees to provide health insurance benefits to their employees. We exploit the exogenous increase in ESHI expenses for large firms after the mandate to identify the causal effect of ESHI on firm capital structure. Using COMPUSTAT merged with the Form 5500 data, we find that firms with higher ESHI expenses have higher long-term but lower short-term leverage. That is, accounting for ESHI expenses provides important explanatory power for firm capital structure.
Journal: Applied Economics Letters
Pages: 241-245
Issue: 3
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1749758
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1749758
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:3:p:241-245




Template-Type: ReDIF-Article 1.0
Author-Name: Qian Li
Author-X-Name-First: Qian
Author-X-Name-Last: Li
Title: A comment on ‘the anti-paradox of cooperation: diversity may pay!’
Abstract: 
 A recent study analytically investigates the stability of a public good coalition assuming unlimited types of players that differ in benefits and costs of providing public goods. They show that, if there is a positive covariance between benefit and cost parameters of coalition members, the size of a stable coalition cannot be larger than three. This comment further proves that if the above assumption is made to all players, coalition members always have high abatement benefits and costs.
Journal: Applied Economics Letters
Pages: 246-248
Issue: 3
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1749759
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1749759
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:3:p:246-248




Template-Type: ReDIF-Article 1.0
Author-Name: Wenli Wang
Author-X-Name-First: Wenli
Author-X-Name-Last: Wang
Author-Name: C. James Hueng
Author-X-Name-First: C. James
Author-X-Name-Last: Hueng
Author-Name: Wan Wei
Author-X-Name-First: Wan
Author-X-Name-Last: Wei
Title: Government intervention in Chinese rural commercial banks – A helping hand or a grabbing hand?
Abstract: 
 We show that government intervention deteriorates the Chinese rural commercial banks’ capital efficiency when fiscal or political pressure is high, an evidence supporting the grabbing-hand view of government. On the other hand, government intervention does not improve bank capital efficiency when the banking market is more competitive, showing no significant helping hands.
Journal: Applied Economics Letters
Pages: 249-253
Issue: 3
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1749760
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1749760
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhipeng Yan
Author-X-Name-First: Zhipeng
Author-X-Name-Last: Yan
Author-Name: Shenghong Li
Author-X-Name-First: Shenghong
Author-X-Name-Last: Li
Author-Name: Gongmin Zhao
Author-X-Name-First: Gongmin
Author-X-Name-Last: Zhao
Author-Name: Juanmei Zhou
Author-X-Name-First: Juanmei
Author-X-Name-Last: Zhou
Title: Dynamic price discovery in China’s thermal coal future market
Abstract: 
 We derive a dynamic price discovery measure by extending Lien's MIS model to a dynamic one with BEKK-GARCH model and analyse the price discovery process of China’s thermal coal future market. Future plays a dominant role in the price discovery process, and its information share is negatively related to turnover and speculation, positively related to transaction fee and margin, suggesting there is speculation in the market.
Journal: Applied Economics Letters
Pages: 255-259
Issue: 4
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1751046
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1751046
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:4:p:255-259




Template-Type: ReDIF-Article 1.0
Author-Name: H. Young Baek
Author-X-Name-First: H. Young
Author-X-Name-Last: Baek
Author-Name: David D. Cho
Author-X-Name-First: David D.
Author-X-Name-Last: Cho
Title: Are there racial differences in loan approvals?
Abstract: 
 We examine the 2016 Survey of Consumer Finance, using weighted logit regressions and employing the repeated-imputation inference method. Loan denial differences across race disappear once credit history and loan types are controlled for as well as other financial and demographic variables used in the literature.
Journal: Applied Economics Letters
Pages: 260-263
Issue: 4
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1751047
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1751047
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:4:p:260-263




Template-Type: ReDIF-Article 1.0
Author-Name: Melisa Ozdamar
Author-X-Name-First: Melisa
Author-X-Name-Last: Ozdamar
Author-Name: Basak Tanyeri
Author-X-Name-First: Basak
Author-X-Name-Last: Tanyeri
Author-Name: Levent Akdeniz
Author-X-Name-First: Levent
Author-X-Name-Last: Akdeniz
Title: The effect of tax regulation on firm value: the Turkish case of Allowance for Corporate Equity (ACE) regulation
Abstract: 
 Investors ex-ante price the tax shield that Turkish firms would enjoy and react positively to the introduction of a legislation that provides a deduction for new equity issues. Not all firms are equally affected by the equity tax shield. Cumulative abnormal returns prove significantly higher for levered firms who may find it easier to switch from debt to equity financing and for firms that have income to shield from tax. Furthermore, the most levered firms and the firms with the highest income, whom investors ex-ante expect to benefit most from the regulation, do indeed issue more equity to take advantage of the tax benefits of the new regulation.
Journal: Applied Economics Letters
Pages: 264-268
Issue: 4
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1751797
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1751797
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:4:p:264-268




Template-Type: ReDIF-Article 1.0
Author-Name: Yongjia Lin
Author-X-Name-First: Yongjia
Author-X-Name-Last: Lin
Author-Name: Xuanyi Shi
Author-X-Name-First: Xuanyi
Author-X-Name-Last: Shi
Author-Name: Zhen Zheng
Author-X-Name-First: Zhen
Author-X-Name-Last: Zheng
Title: Diversification strategy and bank market power: does foreign ownership matter?
Abstract: 
 This paper examines whether bank diversification strategy enhances bank market power and how foreign ownership affects this relationship. Using data from Chinese commercial banks for the period 2007–2018, we find that diversification strategy has a positive impact on bank market power and foreign ownership reinforces this effect. Results hold for bank income, non-interest income and asset diversification strategies.
Journal: Applied Economics Letters
Pages: 269-273
Issue: 4
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1751798
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1751798
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:4:p:269-273




Template-Type: ReDIF-Article 1.0
Author-Name: Rachita Gulati
Author-X-Name-First: Rachita
Author-X-Name-Last: Gulati
Title: Assessing total factor productivity growth of the passenger-bus transit systems in Indian metropolitan cities using the sequential Malmquist-Luenberger productivity index approach
Abstract: 
 This article examines the patterns of total factor productivity (TFP) growth in eight state-owned passenger bus companies operating in major metropolitan cities of India. A state-of-the-art and innovative sequential Malmquist-Luenberger productivity index (SMLPI) approach is applied to compute unbiased estimates of TFP growth and its decomposed components. The empirical results based on the panel data set for the period 2011–2016 suggest that technical inefficiency is a common characteristic of bus companies providing passenger services in metropolitan cities. The analysis of TFP growth at the aggregate level reveals that the public bus transit system placed in Indian metropolitan cities experiences mild productivity regress, which is entirely attributable to efficiency loss. The disaggregated analysis provides that only four bus companies experience productivity gains throughout the sample period. Pune Mahamandal appears to be the most innovative bus company.
Journal: Applied Economics Letters
Pages: 274-280
Issue: 4
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1751799
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1751799
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:4:p:274-280




Template-Type: ReDIF-Article 1.0
Author-Name: Koangsung Choi
Author-X-Name-First: Koangsung
Author-X-Name-Last: Choi
Author-Name: Chung Choe
Author-X-Name-First: Chung
Author-X-Name-Last: Choe
Author-Name: Dongwoo Kang
Author-X-Name-First: Dongwoo
Author-X-Name-Last: Kang
Title: Impact of introducing one-stop employment service centres on local employment in South Korea
Abstract: 
 This paper evaluates whether the introduction of one-stop centres – providing integrated public employment and welfare services – contributes to the employability of local residents in Korea. Exploiting a quasi-experimental assignment of one-stop centres across 162 municipalities, we apply a spatial difference-in-difference model using the Regional Employment Survey 2013–2017. Our findings reveal that the introduction of the centres has a positive impact on the local employment rate of female residents but not that of their male counterparts.
Journal: Applied Economics Letters
Pages: 281-286
Issue: 4
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1752358
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1752358
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:4:p:281-286




Template-Type: ReDIF-Article 1.0
Author-Name: Jennifer Te Lai
Author-X-Name-First: Jennifer Te
Author-X-Name-Last: Lai
Author-Name: Mengqian Ye
Author-X-Name-First: Mengqian
Author-X-Name-Last: Ye
Author-Name: Hao Zhang
Author-X-Name-First: Hao
Author-X-Name-Last: Zhang
Title: Home ownership and life satisfaction of migrants in urban China
Abstract: 
 This article investigates the impact of homeownership on life satisfaction for urban migrants in China. By utilizing three waves of the China Labor-Force Dynamics Survey data from 2012 to 2016, we find that homeownership has a positive and significant effect on life satisfaction of urban migrants. This effect remains robust with different model specifications. In addition, this effect is mainly concentrated in those aged above 38, or at the top quartile of income distribution among migrants, or residing in the east coastal region. We also show that the positive effect of homeownership remains when the possibility of its endogeneity is tackled by instrumental variable estimation.
Journal: Applied Economics Letters
Pages: 287-293
Issue: 4
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1752359
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1752359
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:4:p:287-293




Template-Type: ReDIF-Article 1.0
Author-Name: Guanhua Li
Author-X-Name-First: Guanhua
Author-X-Name-Last: Li
Author-Name: Zhiyuan Li
Author-X-Name-First: Zhiyuan
Author-X-Name-Last: Li
Author-Name: Xue Lv
Author-X-Name-First: Xue
Author-X-Name-Last: Lv
Title: The ageing population, dependency burdens and household commercial insurance purchase: evidence from China
Abstract: 
 This paper presents evidence that dependency burdens play a key role in commercial insurance market in China. It is found that the child dependency ratio has a positive effect on the households’ demand for commercial insurance, whereas the old-age dependency ratio has the negative effect. Furthermore, child dependency ratio of the eastern and high-income households in China has a larger influence on commercial insurance purchase, while the old-age dependency ratio has the less impact. Our findings provide useful insights for the important issue of the ageing population and low birth-rate in China.
Journal: Applied Economics Letters
Pages: 294-298
Issue: 4
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1752360
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1752360
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:4:p:294-298




Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Moellman
Author-X-Name-First: Nicholas
Author-X-Name-Last: Moellman
Title: Fiscal structure and programme response over the business cycle: evidence from Medicaid and SCHIP
Abstract: 
 In this paper, I show that fiscal structure can have large effects on the ability of safety net programmes to provide benefits. I examine the response of child enrolment in Medicaid, which is funded through a matching grant, and enrolment in the State Children’s Health Insurance Program (SCHIP), which is funded through a block grant, to business cycle fluctuations. I find that while child Medicaid enrolment is relatively acyclical, a one percentage point increase in the unemployment rate decreases SCHIP enrolment per child by 6.3%, and a 1% decrease in gross state product (GSP) or GSP growth decreases enrolment in SCHIP by approximately 1%, suggesting block grant funding reduces the ability of safety net programmes to respond to macroeconomic fluctuations.
Journal: Applied Economics Letters
Pages: 299-304
Issue: 4
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1752891
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1752891
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:4:p:299-304




Template-Type: ReDIF-Article 1.0
Author-Name: Hiep Ngoc Luu
Author-X-Name-First: Hiep Ngoc
Author-X-Name-Last: Luu
Author-Name: Thang Ngoc Doan
Author-X-Name-First: Thang Ngoc
Author-X-Name-Last: Doan
Author-Name: Pham Thi Hoang Anh
Author-X-Name-First: Pham Thi Hoang
Author-X-Name-Last: Anh
Title: Managerial ability and bank failure
Abstract: 
 Bank failure is a major concern for the authoritative bodies and market participants because of the possible contagion across the financial sector and the subsequent collapse of the economic system. This paper investigates the impact of managerial ability on bank failure. We find that more ably managed banks experienced lower failure probability. Further analyses provide support to this finding and reveal that more ably managed banks are associated with more adequate capital, better asset quality, greater efficiency in the allocation of resources, higher liquidity and lower risk.
Journal: Applied Economics Letters
Pages: 305-309
Issue: 4
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1752892
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1752892
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:4:p:305-309




Template-Type: ReDIF-Article 1.0
Author-Name: Rudra P. Pradhan
Author-X-Name-First: Rudra P.
Author-X-Name-Last: Pradhan
Author-Name: Pragyan P. Sahoo
Author-X-Name-First: Pragyan P.
Author-X-Name-Last: Sahoo
Title: Are there links between financial inclusion, mobile telephony, and economic growth? Evidence from Indian states
Abstract: 
 We study the interactions between financial inclusion, mobile telephony, and economic growth in Indian States over 1991–2018. We establish whether there is temporal causality between these three variables. Our findings expose a network of short-run and long-run causal relationships between the variables, including long-run unidirectional causality from financial inclusion and economic growth to mobile telephony.
Journal: Applied Economics Letters
Pages: 310-314
Issue: 4
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1752893
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1752893
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:4:p:310-314




Template-Type: ReDIF-Article 1.0
Author-Name: Luisa Blanco
Author-X-Name-First: Luisa
Author-X-Name-Last: Blanco
Author-Name: Robin Grier
Author-X-Name-First: Robin
Author-X-Name-Last: Grier
Author-Name: Kevin Grier
Author-X-Name-First: Kevin
Author-X-Name-Last: Grier
Author-Name: Daniel Hicks
Author-X-Name-First: Daniel
Author-X-Name-Last: Hicks
Title: Household responses to escalating violence in Mexico
Abstract: 
 Despite catastrophic fallout from the Mexican drug war, headlines fail to capture the full cost to civilians. Using three waves of survey data on the same households, conducted between 2002 to 2012, we show that households adjusted both their consumption habits and altered their behaviour in response to increased homicide rates in their municipality. We demonstrate that higher murder rates are associated with households reducing expenditure on visible commodities and with individuals avoiding carrying valuables and going out at night. The spending changes occurred mainly for middle- and upper-income households, while the behavioural adjustments happened mainly in households that were poorer or headed by a female. Assuming that household behaviour was in equilibrium before the escalation in violence, these adjustments represent a non-obvious, but significant, welfare loss which should be considered in any account of the costs and benefits of the drug war.
Journal: Applied Economics Letters
Pages: 315-318
Issue: 4
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1752894
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1752894
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:4:p:315-318




Template-Type: ReDIF-Article 1.0
Author-Name: Manisha Chakrabarty
Author-X-Name-First: Manisha
Author-X-Name-Last: Chakrabarty
Author-Name: Ashutosh Jha
Author-X-Name-First: Ashutosh
Author-X-Name-Last: Jha
Author-Name: Partha Ray
Author-X-Name-First: Partha
Author-X-Name-Last: Ray
Title: Demonetization and digital payments in India: perception and reality
Abstract: 
 In the context of the demonetization experiment of November 2016 in the Indian economy, this paper aims at looking into its impact on digital payments. Using the major digital payment modes and following the methodology of time-series outlier detection proposed by Chen and Liu (1993), the impacts are found to be mostly transitory in nature.
Journal: Applied Economics Letters
Pages: 319-323
Issue: 4
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1752895
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1752895
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:4:p:319-323




Template-Type: ReDIF-Article 1.0
Author-Name: Guojun Wang
Author-X-Name-First: Guojun
Author-X-Name-Last: Wang
Author-Name: Yuetang Wang
Author-X-Name-First: Yuetang
Author-X-Name-Last: Wang
Author-Name: Dan Yang
Author-X-Name-First: Dan
Author-X-Name-Last: Yang
Author-Name: Lu Zhang
Author-X-Name-First: Lu
Author-X-Name-Last: Zhang
Author-Name: Qingjing Zhu
Author-X-Name-First: Qingjing
Author-X-Name-Last: Zhu
Title: Enhanced disclosure environment and stock dividend/split in China
Abstract: 
 This paper examines changes in firm behaviour around a regulatory change regarding stock dividend/split in China which mandates enhanced disclosure of such activities. Firms announce significantly fewer stock dividends/splits in the enhanced disclosure environment. The enhanced disclosure also improves the link of stock dividend/split activities with firm growth. Investors react less positively to stock dividend/split announcements in the enhanced disclosure environment. The findings suggest that more cautious announcement strategies and more rational investor reactions are consistent with a decline in false signalling.
Journal: Applied Economics Letters
Pages: 324-328
Issue: 4
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1752896
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1752896
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:4:p:324-328




Template-Type: ReDIF-Article 1.0
Author-Name: Tianheng Wang
Author-X-Name-First: Tianheng
Author-X-Name-Last: Wang
Author-Name: Dan Yang
Author-X-Name-First: Dan
Author-X-Name-Last: Yang
Title: Do homeroom teachers affect students’ academic achievement in China’s middle schools?
Abstract: 
 While the effect of teacher quality on students’ achievement is widely documented in the literature, relatively little is known about the impact of teachers’ non-instructional role. By exploiting the random assignment of students and homeroom teachers to classrooms within the same grade and school, the paper finds that students’ test scores for a subject can be improved if the subject is taught by a homeroom teacher. The mechanism analysis suggests that the impact could be driven by the better interaction between homeroom teachers and students.
Journal: Applied Economics Letters
Pages: 329-333
Issue: 4
Volume: 28
Year: 2021
Month: 02
X-DOI: 10.1080/13504851.2020.1752897
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1752897
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:4:p:329-333




Template-Type: ReDIF-Article 1.0
Author-Name: Yaeji Lim
Author-X-Name-First: Yaeji
Author-X-Name-Last: Lim
Author-Name: Hee-Seok Oh
Author-X-Name-First: Hee-Seok
Author-X-Name-Last: Oh
Title: Robust coherence analysis for long-memory processes
Abstract: 
 This paper investigates the linear relationships between two time-series in the frequency domain, termed coherence analysis. It is widely used in various fields, including signal processing, engineering, and meteorology. However, conventional coherence analysis tends to be sensitive to outliers. Laplace cross-periodogram and a corresponding robust coherence analysis based on the least-absolute deviation (LAD) regression have recently been developed to improve this shortcoming. In this paper, to extend the scope of Laplace cross-periodogram, we study a robust cross periodogram for long-memory processes and derive its asymptotic distribution. Through numerical studies, we demonstrate the usefulness of the proposed robust coherence analysis for long-memory processes.
Journal: Applied Economics Letters
Pages: 335-342
Issue: 5
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1730749
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1730749
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:5:p:335-342




Template-Type: ReDIF-Article 1.0
Author-Name: Tsuyoshi Goto
Author-X-Name-First: Tsuyoshi
Author-X-Name-Last: Goto
Author-Name: Sandra Sekgetle
Author-X-Name-First: Sandra
Author-X-Name-Last: Sekgetle
Author-Name: Takashi Kuramoto
Author-X-Name-First: Takashi
Author-X-Name-Last: Kuramoto
Title: Municipal merger and debt issuance in South African municipalities
Abstract: 
 Existing research reveals opportunistic free-riding behaviours by municipalities facing mergers; these behaviours include over-issuance of debt before mergers because their burden will be shared by newly constructed municipalities. Nevertheless, the literature presents few solutions to this problem. We therefore investigate whether South African municipalities that faced mergers engaged in free-riding behaviours before the mergers. In South Africa, the upper government of municipalities implemented the monitoring of borrowings before mergers. Using a difference-in-differences analysis and quarterly data of South African municipalities, we find that South African municipalities decreased the amount of borrowings before their mergers. This result contradicts previous research, indicating that proper policy for municipal mergers may prevent the fiscal common pool problem caused by free-riding behaviours. To the best of our knowledge, our study is the first to demonstrate a reduction in borrowings before municipal mergers.
Journal: Applied Economics Letters
Pages: 343-348
Issue: 5
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1753872
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1753872
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:5:p:343-348




Template-Type: ReDIF-Article 1.0
Author-Name: Alfonso Miranda
Author-X-Name-First: Alfonso
Author-X-Name-Last: Miranda
Author-Name: Yu Zhu
Author-X-Name-First: Yu
Author-X-Name-Last: Zhu
Title: The effect of deficiency at English on female immigrants’ wage in the UK: correcting for measurement error, endogenous treatment, and sample selection bias
Abstract: 
 We investigate how English as Additional Language (EAL) affects the wage gap among foreign-born female immigrants in the UK. To deal with endogeneity and measurement error of EAL and self-selection into employment we implement a 3-step estimation (TSE) procedure suggested by Wooldridge, which deliver consistent and asymptotically normal estimators. We find a large and statistically significant causal effect of EAL on the wage gap.
Journal: Applied Economics Letters
Pages: 349-353
Issue: 5
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1753873
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1753873
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:5:p:349-353




Template-Type: ReDIF-Article 1.0
Author-Name: Hilal Ok Ergün
Author-X-Name-First: Hilal Ok
Author-X-Name-Last: Ergün
Author-Name: Abdullah Yalaman
Author-X-Name-First: Abdullah
Author-X-Name-Last: Yalaman
Author-Name: Viktor Manahov
Author-X-Name-First: Viktor
Author-X-Name-Last: Manahov
Author-Name: Hanxiong Zhang
Author-X-Name-First: Hanxiong
Author-X-Name-Last: Zhang
Title: Stock market manipulation in an emerging market of Turkey: how do market participants select stocks for manipulation?
Abstract: 
 We obtained a unique dataset that covers all trade-based manipulation events identified by the Capital Market Board (CMB) for the period between 2005 and 2013 in order to investigate stock market manipulation and its implications on market quality. Moreover, we examine how manipulators decide which stocks to select for manipulation in an emerging market. We observe that the manipulators select illiquid, underperforming, and less volatile stocks to manipulate in an emerging market. We also demonstrate that stock liquidity, return, and volatility increase throughout the manipulation period and decrease in the post-manipulation period, leading to a deterioration of market quality.
Journal: Applied Economics Letters
Pages: 354-358
Issue: 5
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1753874
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1753874
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:5:p:354-358




Template-Type: ReDIF-Article 1.0
Author-Name: Massimo Filippini
Author-X-Name-First: Massimo
Author-X-Name-Last: Filippini
Author-Name: Nilkanth Kumar
Author-X-Name-First: Nilkanth
Author-X-Name-Last: Kumar
Title: Gas demand in the Swiss household sector
Abstract: 
 In this article, we analyse the gas demand of Swiss households and provide an estimate of the own price elasticity. We use household-level panel data from 2010 to 2014 for 958 Swiss households while controlling for several socioeconomic characteristics and dwelling attributes. The results report the own price elasticity of gas demand to be around – 0.73. An inelastic demand is expected as the gas demand among Swiss households originates primarily for space heating and water heating purposes. Policy implications are discussed.
Journal: Applied Economics Letters
Pages: 359-364
Issue: 5
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1753875
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1753875
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:5:p:359-364




Template-Type: ReDIF-Article 1.0
Author-Name: Zhe Li
Author-X-Name-First: Zhe
Author-X-Name-Last: Li
Author-Name: Wei-Guo Zhang
Author-X-Name-First: Wei-Guo
Author-X-Name-Last: Zhang
Author-Name: Yue Zhang
Author-X-Name-First: Yue
Author-X-Name-Last: Zhang
Title: The information content of Chinese volatility index for volatility forecasting
Abstract: 
 In this paper, we investigate whether the model-free implied volatility index iVX officially launched by the Shanghai Stock Exchange has incremental explanatory power for future volatility in the SSE 50 ETF. In particular, we concentrate on Heterogeneous Autoregressive model of realized volatility and iVX (HAR-RV-iVX). We use both in-sample and out-of-sample predictive regressions to empirically indicate that the iVX significantly improves the forecasting performance of the realized volatility of SSE 50 ETF.
Journal: Applied Economics Letters
Pages: 365-372
Issue: 5
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1753876
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1753876
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:5:p:365-372




Template-Type: ReDIF-Article 1.0
Author-Name: Zhengxun Tan
Author-X-Name-First: Zhengxun
Author-X-Name-Last: Tan
Author-Name: Juan Liu
Author-X-Name-First: Juan
Author-X-Name-Last: Liu
Title: Time-varying ARFIMA-GARCH model with symmetric thresholds: applications to inflation
Abstract: 
 This study suggests a structural modification of the basic ARFIMA-GARCH model by allowing for time-varying baseline mean and, especially, symmetric threshold GARCH. By applying it to the inflation of G7 countries, we find that past excessive positive or negative shocks have positive impacts on future volatility and GARCH persistence. Compared with the ARFIMA-GARCH model, the model in this study has superior performances in identifying and characterizing structural changes and excessive shocks.
Journal: Applied Economics Letters
Pages: 373-377
Issue: 5
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1753877
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1753877
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:5:p:373-377




Template-Type: ReDIF-Article 1.0
Author-Name: Chiradip Chatterjee
Author-X-Name-First: Chiradip
Author-X-Name-Last: Chatterjee
Author-Name: Chung-Ping A. Loh
Author-X-Name-First: Chung-Ping A.
Author-X-Name-Last: Loh
Title: Proposed reform of the H-1B programme under Trump administration and the adverse selection in Green Card applications
Abstract: 
 The dialogue of major reform in immigration laws along with increase in rejection of H-1B petitioners since the start of the Trump administration may make employers find H-1B renewal becoming more difficult and costly for low-end positions and less-educated employees. Using the Program Electronic Review Management (PERM) application data, this article examines the impact of the recent threat of immigration reform on the share of entry-level positions and petitioners with no college degree in Green Card applications. We found evidence that entry-level positions and applicants without a college degree became more heavily represented among new PERM applications after 2016, even when a trend and occupations were accounted for. The findings are consistent with the hypothesis that employers face stronger incentive to retain workers and sponsor their PERM applications since H-1B renewal will likely become more difficult and costly for low-end positions and less-educated workers.
Journal: Applied Economics Letters
Pages: 378-382
Issue: 5
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1753878
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1753878
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:5:p:378-382




Template-Type: ReDIF-Article 1.0
Author-Name: Maria Alessandra Antonelli
Author-X-Name-First: Maria Alessandra
Author-X-Name-Last: Antonelli
Author-Name: Valeria De Bonis
Author-X-Name-First: Valeria
Author-X-Name-Last: De Bonis
Title: How efficient is welfare for families? Evidence from European countries
Abstract: 
 Applying a two-stage Free Disposal Hull (FDH)/Tobit approach to a sample of 23 European countries, we find that the efficiency of social expenditure for families is positively correlated to per-capita GDP, population size, the education level of people, the weight and the ethics of the public sector.
Journal: Applied Economics Letters
Pages: 383-386
Issue: 5
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1757025
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1757025
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:5:p:383-386




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Korankye
Author-X-Name-First: Thomas
Author-X-Name-Last: Korankye
Author-Name: Michael Guillemette
Author-X-Name-First: Michael
Author-X-Name-Last: Guillemette
Title: Student debt and stock-ownership decisions of U.S. households
Abstract: 
 This study contributes to the literature on the stock-holding puzzle by examining the effects of student debt on the decision of U.S. households to own stocks in non-retirement accounts. The study uses longitudinal data from the 2011 to 2017 U.S. Panel Study of Income Dynamics for the analyses. The results show that households with student debt have a lower probability of owning stocks in a non-retirement account compared to households without student debt. The results also show that the amount of student debt is associated negatively to the decision to own stocks in a non-retirement account. The findings suggest that the financial constraints associated with student debt may influence stock ownership in a non-retirement account.
Journal: Applied Economics Letters
Pages: 387-390
Issue: 5
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1757026
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1757026
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:5:p:387-390




Template-Type: ReDIF-Article 1.0
Author-Name: Hoang Van Cuong
Author-X-Name-First: Hoang Van
Author-X-Name-Last: Cuong
Author-Name: Hiep Ngoc Luu
Author-X-Name-First: Hiep Ngoc
Author-X-Name-Last: Luu
Author-Name: Le Quoc Tuan
Author-X-Name-First: Le Quoc
Author-X-Name-Last: Tuan
Title: The impact of the shadow economy on foreign direct investment
Abstract: 
 This study investigates the impact of the shadow economy on foreign direct investment (FDI). The result shows that the shadow economy exhibits no clear impact on FDI inflow. However, examining FDI by its types of entry, we find that the shadow economy positively influences greenfield investments and negatively affects cross-border M&As. The results are robust to a number of sensitivity checks.
Journal: Applied Economics Letters
Pages: 391-396
Issue: 5
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1757027
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1757027
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:5:p:391-396




Template-Type: ReDIF-Article 1.0
Author-Name: Chengfeng Chen
Author-X-Name-First: Chengfeng
Author-X-Name-Last: Chen
Author-Name: Peiyuan Xu
Author-X-Name-First: Peiyuan
Author-X-Name-Last: Xu
Title: Did government R&D subsidies increase Chinese firms’ trade margins? Evidence from Innofund program
Abstract: 
 This study investigates the effects of government R&D subsidies on firms’ trade margins using a panel dataset for Chinese manufacturing firms during the period between 2001 ndto 2014. This study finds that an R&D subsidy increases Chinese firms’ propensity to begin exporting and increases existing exporters’ sales from export (across-firm trade margins). After disentangling firms’ export value at the product-country transaction level, this study further finds that government R&D subsidy increases firms’ both intensive margin and extensive margin (within-firm trade margins).
Journal: Applied Economics Letters
Pages: 397-401
Issue: 5
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1757608
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1757608
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Carlos Cuestas
Author-X-Name-First: Juan Carlos
Author-X-Name-Last: Cuestas
Author-Name: Mercedes Monfort
Author-X-Name-First: Mercedes
Author-X-Name-Last: Monfort
Title: Co-movement between residential and commercial housing prices: evidence from a new database
Abstract: 
 The aim of this paper is to shed some light on the issue of the co-movement between residential real estate and commercial real estate using a newly developed database by the Bank if International Settlements. Our results point for the existence of a unique common nonlinear trend in the five countries analysed.
Journal: Applied Economics Letters
Pages: 402-407
Issue: 5
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1757609
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1757609
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Template-Type: ReDIF-Article 1.0
Author-Name: Heshan Sameera Kankanam Pathiranage
Author-X-Name-First: Heshan Sameera
Author-X-Name-Last: Kankanam Pathiranage
Author-Name: Huilin Xiao
Author-X-Name-First: Huilin
Author-X-Name-Last: Xiao
Author-Name: Weifeng Li
Author-X-Name-First: Weifeng
Author-X-Name-Last: Li
Title: The inefficiencies of bitcoins in developing countries
Abstract: 
 Cryptocurrency is an emerging phenomenon set to revolutionize the financial industry. It utilizes blockchain technology, which ensures data is immutable, transparent and reliable. Cryptocurrency is present in different forms like Blockchain and is present in most parts of the world. Developed nations have a significant interest in technology and have put a measure to investigate while developing nations are also following suit. The global interest in cryptocurrency is associated with the fact that the movement of money will be traceable and it will minimize activities such as money laundering and corruption. The paper analyzes a selected period of six years to establish the efficiency of the Blockchain in the markets. A graph and tables are essential in generating more data for interpretation of the events. The tests used in the analysis are the Ljung-box, R/S Hurst, BDS, Runs, AVR test, and Bartels tests. All the tests demonstrated inefficiencies in the Bitcoin trend, especially in the full sample and slightly low inefficiency in the later subsample. The conclusion made is that bitcoin will improve its efficiency over time as it is an emerging industry that needs to grow. Developing countries experience higher inefficiency combined with the prevalent policy challenges and issues like corruption and unemployment.
Journal: Applied Economics Letters
Pages: 408-412
Issue: 5
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1757610
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1757610
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:5:p:408-412




Template-Type: ReDIF-Article 1.0
Author-Name: Jiabao Jing
Author-X-Name-First: Jiabao
Author-X-Name-Last: Jing
Author-Name: Wenwen Yan
Author-X-Name-First: Wenwen
Author-X-Name-Last: Yan
Author-Name: Xiaomei Deng
Author-X-Name-First: Xiaomei
Author-X-Name-Last: Deng
Title: A hybrid model to estimate corporate default probabilities in China based on zero-price probability model and long short-term memory
Abstract: 
 This article proposes a hybrid model by combining zero-price probability model with long short-term memory (ZPP-LSTM) to estimate corporate default probabilities. The ZPP-LSTM model enhances the time-series data forecast by introducing LSTM in ZPP model, which can better estimate the corporate default probabilities in the industry sensitive to an uncertain environment. The full samples of Chinese listed companies in construction and real estate industries are selected to evaluate the performance of ZPP-LSTM model. The results show that our proposed model outperforms other benchmark models in terms of the default probability estimation.
Journal: Applied Economics Letters
Pages: 413-420
Issue: 5
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1757611
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1757611
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:5:p:413-420




Template-Type: ReDIF-Article 1.0
Author-Name: Youngju Kim
Author-X-Name-First: Youngju
Author-X-Name-Last: Kim
Author-Name: Hyunjoon Lim
Author-X-Name-First: Hyunjoon
Author-X-Name-Last: Lim
Author-Name: Wook Sohn
Author-X-Name-First: Wook
Author-X-Name-Last: Sohn
Title: Bank competition and transmission of monetary policy
Abstract: 
 This study investigates whether the transmission of monetary policy depends on the degree of competition in the banking sector. Applying an interacted panel VAR methodology consisting of a panel of 23 advanced economies, we find that GDP and credit respond less strongly to monetary policy shocks in economies where the bank market is more concentrated. We use the Lerner Index as a measure of banking competition and find evidence – albeit less clear – that monetary policy transmission is stronger when the banking sector is more competitive.
Journal: Applied Economics Letters
Pages: 421-425
Issue: 5
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1758615
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1758615
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:5:p:421-425




Template-Type: ReDIF-Article 1.0
Author-Name: Liwen Chen
Author-X-Name-First: Liwen
Author-X-Name-Last: Chen
Title: Competitive impact of family background: the effects of cadre parents on the labour market outcomes of their offspring
Abstract: 
 This study investigates the impact of the cadre parent premium on wages and promotions for the experienced labour force in China. It also explores the underlying transmission channels. Approximately 50% of the cadre parent premium can be explained by the close relationship with government officials, managers, and people in publicly owned enterprises. For the offspring in the above-median income group, the cadre parent premium can be explained by the differences in quality of the human capital and the specific job characteristics.
Journal: Applied Economics Letters
Pages: 427-432
Issue: 6
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1758616
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1758616
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:6:p:427-432




Template-Type: ReDIF-Article 1.0
Author-Name: Akihiko Noda
Author-X-Name-First: Akihiko
Author-X-Name-Last: Noda
Title: On the evolution of cryptocurrency market efficiency
Abstract: 
 This study examines whether the efficiency of cryptocurrency markets (Bitcoin and Ethereum) evolve over time based on the adaptive market hypothesis (AMH). In particular, we measure the degree of market efficiency using a generalized least squares-based time-varying model that does not depend on sample size, unlike previous studies that used conventional methods. The empirical results show that (1) the degree of market efficiency varies with time in the markets, (2) Bitcoin’s market efficiency level is higher than that of Ethereum over most periods, and (3) a market with high market liquidity has been evolving. We conclude that the results support the AMH for the most established cryptocurrency market.
Journal: Applied Economics Letters
Pages: 433-439
Issue: 6
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1758617
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1758617
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:6:p:433-439




Template-Type: ReDIF-Article 1.0
Author-Name: Hajime Seya
Author-X-Name-First: Hajime
Author-X-Name-Last: Seya
Author-Name: Masashi Tomari
Author-X-Name-First: Masashi
Author-X-Name-Last: Tomari
Author-Name: Shohei Uno
Author-X-Name-First: Shohei
Author-X-Name-Last: Uno
Title: Parameter estimation in spatial econometric models with non-random missing data
Abstract: 
 This study examines the problem of parameter estimation in spatial econometric/social interaction models with non-random missing outcome data. First, we construct a sample selection model considering spatial lag (autoregressive) dependence. Then, we suggest a parameter estimation method for this model by slightly modifying the Bayesian Markov chain Monte Carlo algorithm proposed in an existing study. A simple illustration indicates that the proposed parameter estimation method performs well overall if the spatial autocorrelation is moderate (spatial parameter equals 0.5 or less), even under a relatively high missing data ratio (around 40%).
Journal: Applied Economics Letters
Pages: 440-446
Issue: 6
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1758618
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1758618
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:6:p:440-446




Template-Type: ReDIF-Article 1.0
Author-Name: Mehmet Celiktas
Author-X-Name-First: Mehmet
Author-X-Name-Last: Celiktas
Author-Name: Neslihan Yilmaz
Author-X-Name-First: Neslihan
Author-X-Name-Last: Yilmaz
Title: Money illusion, financial literacy and implications of self-perceptions
Abstract: 
 Understanding inflation is crucial in financial decision-making, however, lack of comprehension pertains to money illusion. Using a survey applied to university students, we study the determinants of money illusion including financial literacy and education. Moreover, we test the implications of individuals’ self-perception of interest and knowledge in financial matters. Our findings show that a higher level of financial knowledge results in lower money illusion levels and education improves financial knowledge. Moreover, there exist self-perception biases; self-perceived levels might not always be in line with the actual ones, and there is a gender effect on self-perceptions.
Journal: Applied Economics Letters
Pages: 447-450
Issue: 6
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1761520
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1761520
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:6:p:447-450




Template-Type: ReDIF-Article 1.0
Author-Name: Yongfen Shi
Author-X-Name-First: Yongfen
Author-X-Name-Last: Shi
Author-Name: Vighneswara Swamy
Author-X-Name-First: Vighneswara
Author-X-Name-Last: Swamy
Author-Name: Sudharshan Reddy Paramati
Author-X-Name-First: Sudharshan Reddy
Author-X-Name-Last: Paramati
Title: Does financial inclusion promote tourism development in advanced and emerging economies?
Abstract: 
 This research article is the first of its kind to consider the financial inclusion, which is constructed using the depth, access and efficiency of the financial institutions and markets, and various aspects of tourism development such as business tourism spending, direct tourism contribution, domestic tourism spending, total internal tourism expenses, leisure tourism spending and total tourism contribution. Given the growing importance of financial inclusion in the recent time, this article is designed to investigate the role of financial inclusion on various dimensions of tourism development across the panels of 24 advanced and 21 emerging economies around the world, using yearly data from 1995 to 2016. Given the presence of cross-sectional dependence in the data series, we employ Augmented Mean Group (AMG) estimator as it is a robust technique to handle this issue in the estimation. The evidences show that financial inclusion has a significant positive impact on various aspects of tourism development across the panels. The results also suggest that the impact is more in emerging economies than that of advanced economies. Hence, this article offers numerous policy and practical suggestions for sustainable tourism management.
Journal: Applied Economics Letters
Pages: 451-458
Issue: 6
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1761521
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1761521
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:6:p:451-458




Template-Type: ReDIF-Article 1.0
Author-Name: Marc Oliver Rieger
Author-X-Name-First: Marc Oliver
Author-X-Name-Last: Rieger
Author-Name: Trang Minh Nguyen
Author-X-Name-First: Trang Minh
Author-X-Name-Last: Nguyen
Author-Name: Benjamin Schnur
Author-X-Name-First: Benjamin
Author-X-Name-Last: Schnur
Author-Name: Mei Wang
Author-X-Name-First: Mei
Author-X-Name-Last: Wang
Title: Taking more risk tomorrow: time horizons and investment decisions
Abstract: 
 We conduct an online experiment with 96 participants to examine the effect of separation of time horizons on investment decisions. We find that when asked to invest in short and long-time horizons separately rather than simultaneously, participants tend to invest more in risky assets, especially for the long-time horizon. They also tend to revise their decisions less after obtaining feedback on their projected, suggesting that they are more satisfied with their initial decision. The findings offer financial advisors practical suggestions to help clients to improve their investment decisions.
Journal: Applied Economics Letters
Pages: 459-463
Issue: 6
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1761522
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1761522
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:6:p:459-463




Template-Type: ReDIF-Article 1.0
Author-Name: Huabing Wang
Author-X-Name-First: Huabing
Author-X-Name-Last: Wang
Author-Name: Anne Macy
Author-X-Name-First: Anne
Author-X-Name-Last: Macy
Title: Statutory corporate tax change and the stock market returns: the global experience
Abstract: 
 This study offers a global perspective on the relationship between statutory corporate tax changes and country equity index returns for 54 countries for 2002–2017. Using fixed-effect models for country-effect to account for possible omitted country characteristics, we report higher world-adjusted buy and hold abnormal returns (BHARs) for the country-years with higher corporate tax cuts. Noticeably, we document this outcome for not only the year before the actual tax change but also the year afterwards, indicating that investors might not fully or quickly integrate tax change information. The results hold after excluding the 2008 global financial crisis. Dividing the sample based on market development, we report similar results for emerging and frontier markets, but the tax cut effect becomes insignificant for the one-year window after the tax change in developed markets, indicating a lesser degree of market underreaction.
Journal: Applied Economics Letters
Pages: 464-469
Issue: 6
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1761523
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1761523
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:6:p:464-469




Template-Type: ReDIF-Article 1.0
Author-Name: Mauro Rodrigues
Author-X-Name-First: Mauro
Author-X-Name-Last: Rodrigues
Author-Name: Danilo Souza
Author-X-Name-First: Danilo
Author-X-Name-Last: Souza
Title: Education quality and the empirics of economic growth: reconciling Mankiw-Romer-Weil estimates with microeconometric evidence
Abstract: 
 We extend Mankiw, Romer and Weil’s classic paper by introducing differences in education quality (proxied by students’ performance on the PISA test). This substantially reduces the role of human capital investment rates in explaining cross-country income differences. More importantly, the coefficient on this variable is now consistent with microeconometric evidence on returns to education.
Journal: Applied Economics Letters
Pages: 470-476
Issue: 6
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1761524
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1761524
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:6:p:470-476




Template-Type: ReDIF-Article 1.0
Author-Name: Itai Agur
Author-X-Name-First: Itai
Author-X-Name-Last: Agur
Title: Central bank independence and low inflation: who leads the dance?
Abstract: 
 One strand of empirical literature finds that central bank independence (CBI) lowers inflation. Another strand of literature finds that low inflation is a key determinant of reform towards increased CBI. This paper investigates whether either variable can be identified as a first instigator. Using the largest CBI dataset to date, this paper applies rolling balanced-panel Granger causality tests between CBI reform and changes in inflation. For advanced economies, CBI reform is found to significantly lead disinflation, while there is no Granger causality in the opposite direction. Instead, among emerging and developing economies, CBI reforms tend to follow quickly upon disinflation episodes, while the lags from CBI reform to disinflation are long. An interpretation is that in emerging and developing economies CBI reform often followed on crises that involved high inflation, whereas in various advanced economies a shift in thinking about central banking first triggered CBI reform.
Journal: Applied Economics Letters
Pages: 477-481
Issue: 6
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1761525
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1761525
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:6:p:477-481




Template-Type: ReDIF-Article 1.0
Author-Name: Richard Olaolu Olayeni
Author-X-Name-First: Richard Olaolu
Author-X-Name-Last: Olayeni
Author-Name: Aviral Kumar Tiwari
Author-X-Name-First: Aviral Kumar
Author-X-Name-Last: Tiwari
Author-Name: Mark E. Wohar
Author-X-Name-First: Mark E.
Author-X-Name-Last: Wohar
Title: Fractional frequency flexible Fourier form (FFFFF) for panel cointegration test
Abstract: 
 In this article, we introduce a new panel cointegration test that is robust to nonlinearity, structural breaks and cross-sectional dependency. In an empirical illustration, we tested the Feldstein–Horioka paradox for 15 Asian countries, one of the most debated topics in international macroeconomics. We find that Indonesia, Philippine, Bangladesh, Japan, Thailand and China are not among the countries generating cointegration in the cross section.
Journal: Applied Economics Letters
Pages: 482-486
Issue: 6
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1761526
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1761526
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:6:p:482-486




Template-Type: ReDIF-Article 1.0
Author-Name: Zahra Tayebi
Author-X-Name-First: Zahra
Author-X-Name-Last: Tayebi
Author-Name: Gülcan Önel
Author-X-Name-First: Gülcan
Author-X-Name-Last: Önel
Author-Name: Charles B. Moss
Author-X-Name-First: Charles B.
Author-X-Name-Last: Moss
Title: Use of panel time-series data with cross-section dependence in evaluating farmland valuation: a cautionary note
Abstract: 
 The note highlights how misspecification of cross-section dependence structure in panel time-series data can lead to erroneous conclusions on farmland valuation. Combining the sample information from time-series and cross-section dimensions by using panel time-series data can improve inference on the net present value hypothesis for farmland. However, cross-section dependence must be addressed to take advantage of the additional information from this type of data. We consider three classes of panel unit root models that account for cross-section dependence through (1) common factor extraction, (2) block bootstrapping and (3) spatial dependence to explore whether farmland values can be explained by their economic fundamentals, given that the appropriate cross-section specification is implemented in testing. Results show that only spatial dependence approach accurately characterizes cross-section dependence in the Iowa panel time-series data, highlighting the importance of model selection when using data with cross-section dependence. Once the econometric model is specified with the underlying spatial cross-section dependence structure, the market valuation of Iowa farmland is mainly determined by fundamentals as predicted by the net present value model.
Journal: Applied Economics Letters
Pages: 487-492
Issue: 6
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1761527
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1761527
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:6:p:487-492




Template-Type: ReDIF-Article 1.0
Author-Name: Fumitaka Furuoka
Author-X-Name-First: Fumitaka
Author-X-Name-Last: Furuoka
Author-Name: Kiew Ling Pui
Author-X-Name-First: Kiew Ling
Author-X-Name-Last: Pui
Author-Name: Ma Tin Chomar
Author-X-Name-First: Ma Tin
Author-X-Name-Last: Chomar
Author-Name: Larisa Nikitina
Author-X-Name-First: Larisa
Author-X-Name-Last: Nikitina
Title: Is the Phillips curve disappearing? Evidence from a new test procedure
Abstract: 
 This paper proposes a four-step procedure to examine a disappearance of the Phillips curve. The procedure involves estimating an initial value, computing a potential output using the state–space model, calculating a static slope coefficient of the Phillips curve and estimating a time-varying slope coefficient. This analytical sequence was employed to examine data from ASEAN countries. The findings indicated a trend of a disappearing Phillips curve in the region.
Journal: Applied Economics Letters
Pages: 493-500
Issue: 6
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1761528
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1761528
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:6:p:493-500




Template-Type: ReDIF-Article 1.0
Author-Name: Thorsten Hens
Author-X-Name-First: Thorsten
Author-X-Name-Last: Hens
Author-Name: Fatemeh Naebi
Author-X-Name-First: Fatemeh
Author-X-Name-Last: Naebi
Title: Behavioural heterogeneity in the capital asset pricing model with an application to the low-beta anomaly
Abstract: 
 This study extends the capital asset pricing model (CAPM) to situations where a subset of investors is not the mean-variance optimizers. The security market line (SML) relationship of the CAPM is shown to hold when beta is suitably adjusted in the presence of such investors. The adjusted CAPM is then used to show which of the non-mean-variance behaviour is needed to explain the so-called CAPM anomalies. For instance, the adjusted CAPM explains the low-beta anomaly if the non-mean-variance investors overweight (underweight) the high-beta (low-beta) assets. Interestingly, the empirical analysis showed that two-thirds of the investors are needed to deviate from the mean-variance analysis in order to explain the low-beta anomaly.
Journal: Applied Economics Letters
Pages: 501-507
Issue: 6
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1761529
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1761529
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:6:p:501-507




Template-Type: ReDIF-Article 1.0
Author-Name: Yueqi Wang
Author-X-Name-First: Yueqi
Author-X-Name-Last: Wang
Author-Name: Jingjing Yao
Author-X-Name-First: Jingjing
Author-X-Name-Last: Yao
Title: Investor sentiment, issuance cost, and IPO underpricing: an empirical analysis of Shanghai Stock Exchange A-shares
Abstract: 
 As the Chinese financial market has recently opened to the world, the high initial public offering (IPO) underpricing rate in the stock market has generated significant concern. This study investigates the impact of investor sentiment and issuing cost on the IPO underpricing rate after listing in various periods. We use the Shanghai Stock Exchange (SSE) A-shares data from 2014 to 2018 and the ordinary least squares (OLS) method to conduct the analysis. The results indicate that, in the first phases, investor sentiment is positively correlated, while the issuance cost is negatively correlated to the IPO underpricing rate. After the company’s listing, investor sentiment gradually becomes the main factor affecting the IPO underpricing rate, and its positive impact increases, while the negative impact of the issuance cost weakens slightly.
Journal: Applied Economics Letters
Pages: 508-511
Issue: 6
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1761530
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1761530
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:6:p:508-511




Template-Type: ReDIF-Article 1.0
Author-Name: Junlong Chen
Author-X-Name-First: Junlong
Author-X-Name-Last: Chen
Author-Name: Xiaomeng Wang
Author-X-Name-First: Xiaomeng
Author-X-Name-Last: Wang
Author-Name: Jiali Liu
Author-X-Name-First: Jiali
Author-X-Name-Last: Liu
Title: Corporate social responsibility and capacity sharing in a duopoly model
Abstract: 
 This paper constructs a duopoly model that considers corporate social responsibility (CSR) and capacity sharing, analyzes the equilibrium results and examines the effects of CSR and capacity sharing in three scenarios. CSR has impacts on enterprise output, profits, consumer surplus and social welfare, which are affected by capacity constraints and capacity sharing. The precondition for the realization of capacity sharing is that both enterprises can make profits. At this point, either too high or too low of a capacity sharing price will prevent two enterprises from sharing capacity. Capacity constraints do not necessarily reduce social welfare due to the impacts of CSR.
Journal: Applied Economics Letters
Pages: 512-517
Issue: 6
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1761531
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1761531
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:6:p:512-517




Template-Type: ReDIF-Article 1.0
Author-Name: Yanhui Jiang
Author-X-Name-First: Yanhui
Author-X-Name-Last: Jiang
Author-Name: Liang Liu
Author-X-Name-First: Liang
Author-X-Name-Last: Liu
Author-Name: Yun Hong
Author-X-Name-First: Yun
Author-X-Name-Last: Hong
Title: Political uncertainty, realized volatility, and jumps in the Chinese stock market
Abstract: 
 This study investigates the impact of the local political uncertainty (LPU) on one-step-ahead volatility in the Chinese stock market using high-frequency data. The empirical findings indicate that the LPU generates a significant negative impact on future realized volatility and its continuous and jump components. Further tests show that the LPU’s impact is more pronounced in politically sensitive firms. The study finds that LPU’s negative impact could be explained by its inhibition effect on investors’ trading volume. We also find evidence of institutional investors’ secret buying behaviour during the LPU period.
Journal: Applied Economics Letters
Pages: 518-522
Issue: 6
Volume: 28
Year: 2021
Month: 03
X-DOI: 10.1080/13504851.2020.1761532
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1761532
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:6:p:518-522




Template-Type: ReDIF-Article 1.0
Author-Name: Aderaw Anteneh
Author-X-Name-First: Aderaw
Author-X-Name-Last: Anteneh
Author-Name: Kelly Bidwell
Author-X-Name-First: Kelly
Author-X-Name-Last: Bidwell
Author-Name: Woldemariam Girma
Author-X-Name-First: Woldemariam
Author-X-Name-Last: Girma
Author-Name: Kristen Little
Author-X-Name-First: Kristen
Author-X-Name-Last: Little
Author-Name: Nicholas Wilson
Author-X-Name-First: Nicholas
Author-X-Name-Last: Wilson
Author-Name: Endale Workalemahu
Author-X-Name-First: Endale
Author-X-Name-Last: Workalemahu
Title: Appraising praise: experimental evidence on positive framing and demand for health services
Abstract: 
 Standard economic models of human behaviour take the view that non-informative elements of communication (e.g. tone) do not affect behaviour. Casual observation of consumer and producer behaviour, as well as descriptive evidence, suggests this may be an overly strong assumption in many contexts, including healthcare. For example, 59% of female respondents in the 2011 Ethiopia Demographic and Health Survey reported that ‘rude attitude of health provider’ was a major problem that prevented them from seeking medical advice and treatment. Yet there is only a small body of evidence on the causal effects of non-informative elements of communication from real-world settings. We conducted a field experiment with over 800 HIV+ female sex workers (FSWs) in Ethiopia testing the effects of providing of Praise Message phone calls on retention in antiretroviral (ART) care and adherence to ART medication. We find mixed evidence on the effects of Praise Messages, suggesting further investigation into the effects of praise or other non-informative communication on health behaviour.
Journal: Applied Economics Letters
Pages: 523-530
Issue: 7
Volume: 28
Year: 2021
Month: 04
X-DOI: 10.1080/13504851.2020.1761939
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1761939
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:7:p:523-530




Template-Type: ReDIF-Article 1.0
Author-Name: Jyh-Horng Lin
Author-X-Name-First: Jyh-Horng
Author-X-Name-Last: Lin
Author-Name: Fu-Wei Huang
Author-X-Name-First: Fu-Wei
Author-X-Name-Last: Huang
Author-Name: Chuen-Ping Chang
Author-X-Name-First: Chuen-Ping
Author-X-Name-Last: Chang
Title: Borrower capital, shadow insurance, and life insurer performance
Abstract: 
 The paper develops a ‘capped’ call option model by calibrating Briys and de Varenne (1994) with integrating Dermine and Lajeri (2001) that the borrowing-firm credit risk is introduced to the lending function of the insurer. Results show that shadow banking entrusted loans enhance policyholder protection and help the insurer from the standpoint of survival at the cost of insurer profitability. We also suggest that shadow insurance and lending to high-quality borrowing firms captured by low leverage might increase policyholder protection and insurer survival, thereby contributing to insurance stability.
Journal: Applied Economics Letters
Pages: 531-534
Issue: 7
Volume: 28
Year: 2021
Month: 04
X-DOI: 10.1080/13504851.2020.1761940
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1761940
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:7:p:531-534




Template-Type: ReDIF-Article 1.0
Author-Name: Kei-Ichiro Inaba
Author-X-Name-First: Kei-Ichiro
Author-X-Name-Last: Inaba
Title: Inbound portfolio bond investments and domestic monetary policy effect in emerging countries
Abstract: 
 In emerging markets, regulating foreigners’ selling of a country’s local bonds has the potential to discourage them from investing in these bonds and to help the country’s domestic short-term interest rates affect the size of their investment flows. This finding is based upon an analysis of the determinants of foreigners’ portfolio bond investments in 20 emerging countries over the period 2001–2015. This analysis also supports a global financial cycle hypothesis stressing the dominant role played by global factors in international capital flows and examines one policy implication of that: a dilemma between international capital mobility and independent monetary policy effect.
Journal: Applied Economics Letters
Pages: 535-540
Issue: 7
Volume: 28
Year: 2021
Month: 04
X-DOI: 10.1080/13504851.2020.1761941
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1761941
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:7:p:535-540




Template-Type: ReDIF-Article 1.0
Author-Name: Tommaso Agasisti
Author-X-Name-First: Tommaso
Author-X-Name-Last: Agasisti
Author-Name: Veronica Minaya
Author-X-Name-First: Veronica
Author-X-Name-Last: Minaya
Title: Precision and stability of schools’ value-added estimates: evidence for Italian primary schools
Abstract: 
 Imprecision of school value-added estimates has some important implications, especially for policies that use school value-added estimates to predict future performance of schools based on their past and current performance. This note investigates how the precision and stability of a school’s value-added estimates relates to student characteristics. Using Italian administrative data provided by INVALSI (National Evaluation Committee for Education), we find that the stability of school value-added estimates across cohorts does not depend on students’ previous achievement and socio-economic background. This suggests that transitory changes, such as changes in teacher effectiveness, might be associated with the instability in school value-added estimates.
Journal: Applied Economics Letters
Pages: 541-545
Issue: 7
Volume: 28
Year: 2021
Month: 04
X-DOI: 10.1080/13504851.2020.1763242
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1763242
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:7:p:541-545




Template-Type: ReDIF-Article 1.0
Author-Name: Hanming Jiang
Author-X-Name-First: Hanming
Author-X-Name-Last: Jiang
Title: The role of panel data in organization of global value chain: evidence from a developing country
Abstract: 
 The model proposed by Antràs and Chor in 2013 predicted that the effect of upstreamness on the global outsourcing tendency of headquarters within global value chain differs qualitatively depending on the demand elasticity. Using data of Chinese processing exports at product level, this study empirically veriﬁes this theoretical prediction through supportive evidence using data from a developing country.
Journal: Applied Economics Letters
Pages: 546-550
Issue: 7
Volume: 28
Year: 2021
Month: 04
X-DOI: 10.1080/13504851.2020.1763243
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1763243
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:7:p:546-550




Template-Type: ReDIF-Article 1.0
Author-Name: Li Wang
Author-X-Name-First: Li
Author-X-Name-Last: Wang
Author-Name: Fei Xing
Author-X-Name-First: Fei
Author-X-Name-Last: Xing
Author-Name: Yishan Yu
Author-X-Name-First: Yishan
Author-X-Name-Last: Yu
Author-Name: Yunhao Dai
Author-X-Name-First: Yunhao
Author-X-Name-Last: Dai
Title: Does severe air pollution affect firm innovation: evidence from China
Abstract: 
 This study investigates the influence of air pollution on firm innovation by using Chinese listed firms. Our results indicate that firms headquartered in a city with severe air pollution tend to engage less in innovation activities. To more explicitly identify causality, we establish a 2SLS where the air quality is instrumented by the local thermal inversions. This negative effect is primarily driven by brain drain channels, specifically the migration of highly skilled employees. In addition, such a negative effect is more pronounced for firms with low employee salaries and those belonging to competitive industries. The results are robust to a variety of model specifications and alternative measures.
Journal: Applied Economics Letters
Pages: 551-558
Issue: 7
Volume: 28
Year: 2021
Month: 04
X-DOI: 10.1080/13504851.2020.1764474
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1764474
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:7:p:551-558




Template-Type: ReDIF-Article 1.0
Author-Name: Yihan Wu
Author-X-Name-First: Yihan
Author-X-Name-Last: Wu
Author-Name: Bin Dong
Author-X-Name-First: Bin
Author-X-Name-Last: Dong
Title: Independent director network and corporate innovation: evidence from a natural experiment in China
Abstract: 
 This paper empirically investigates the relationship between independent directors’ connectedness and corporate innovation in China. We utilize a novel natural experiment initiated by an anti-corruption campaign to find that independent directors’ centrality in the board network has a significant positive effect upon corporate patenting. Further evidence suggests that the influence on corporate innovation is induced by information transmission in the board network.
Journal: Applied Economics Letters
Pages: 559-564
Issue: 7
Volume: 28
Year: 2021
Month: 04
X-DOI: 10.1080/13504851.2020.1764475
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1764475
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:7:p:559-564




Template-Type: ReDIF-Article 1.0
Author-Name: Salman Bahoo
Author-X-Name-First: Salman
Author-X-Name-Last: Bahoo
Author-Name: Ilan Alon
Author-X-Name-First: Ilan
Author-X-Name-Last: Alon
Author-Name: Josanco Floreani
Author-X-Name-First: Josanco
Author-X-Name-Last: Floreani
Title: Corruption in economics: a bibliometric analysis and research agenda
Abstract: 
 We conducted a bibliometric analysis of the literature on corruption in the discipline of economics (4,488 articles) over the past 51 years between 1968–2019. Through this methodology, we identified seven research streams: (1) the economic framework of crime and corruption, (2) the legal institutions and corruption, (3) the effect of corruption on aspects of national economics, (4) the combating and monitoring of corruption, (5) the determinants of corruption, (6) political institutions and corruption, and (7) the effect of corruption on firms. In addition to these research clusters, we also identified the key journals, articles, countries, institutions, authors, data sources, measurements, theoretical frameworks, and networks dealing with this issue. Finally, we suggested 20 future research questions.
Journal: Applied Economics Letters
Pages: 565-578
Issue: 7
Volume: 28
Year: 2021
Month: 04
X-DOI: 10.1080/13504851.2020.1764476
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1764476
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:7:p:565-578




Template-Type: ReDIF-Article 1.0
Author-Name: Xiaoquan Wang
Author-X-Name-First: Xiaoquan
Author-X-Name-Last: Wang
Author-Name: Xinyue Wang
Author-X-Name-First: Xinyue
Author-X-Name-Last: Wang
Author-Name: Zheng Zhong
Author-X-Name-First: Zheng
Author-X-Name-Last: Zhong
Author-Name: Junnan Yao
Author-X-Name-First: Junnan
Author-X-Name-Last: Yao
Title: The impact of US–China trade war on Chinese firms: Evidence from stock market reactions
Abstract: 
 We study Chinese firms’ stock market reactions of US–China trade war. Using stock market returns of listed firms and corresponding firm-level export information from China Customs database, we find a negative effect of trade war that firms with higher proportion of prior export to US show more negative market reactions. This effect is strongest among firms with non-state ownership. Further evidences show that the negative impact largely comes from firms exposed directly to tariff increase.
Journal: Applied Economics Letters
Pages: 579-583
Issue: 7
Volume: 28
Year: 2021
Month: 04
X-DOI: 10.1080/13504851.2020.1764477
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1764477
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:7:p:579-583




Template-Type: ReDIF-Article 1.0
Author-Name: José Alberto Molina
Author-X-Name-First: José Alberto
Author-X-Name-Last: Molina
Author-Name: David Iñiguez
Author-X-Name-First: David
Author-X-Name-Last: Iñiguez
Author-Name: Gonzalo Ruiz
Author-X-Name-First: Gonzalo
Author-X-Name-Last: Ruiz
Author-Name: Alfonso Tarancón
Author-X-Name-First: Alfonso
Author-X-Name-Last: Tarancón
Title: Leaders among the leaders in Economics: a network analysis of the Nobel Prize laureates
Abstract: 
 We analyse the production and networks of Nobel laureates in Economics, employing the Normalized Impact Factor (NIF) of their publications in the Journal of Citation Report (Economics), to identify the academic leaders among those laureates awarded between 1969 and 2016. Our results indicate that direct collaborations among laureates are, in general, rare, but when we add all the co-authors of the laureates, there appears a very large component containing 70% of the nodes, so that more than two thirds of the laureates can be connected through only two steps. Deaton, Tirole, Arrow, and Stiglitz are identified as leaders according to the total production of their respective networks.
Journal: Applied Economics Letters
Pages: 584-589
Issue: 7
Volume: 28
Year: 2021
Month: 04
X-DOI: 10.1080/13504851.2020.1764478
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1764478
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:7:p:584-589




Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Q.M. Momani
Author-X-Name-First: Mohammad Q.M.
Author-X-Name-Last: Momani
Title: Cross-section and GMM/SDF tests of linear factor models
Abstract: 
 This study follows the appropriate Cochrane (2005) framework for comparing the estimates’ standard errors, $$t$$t-statistics and $${\chi ^2}$$χ2 statistics that pricing errors are jointly zero of the beta and the Generalized Method of Moments/Stochastic Discount Factor (GMM/SDF) methods in testing linear factor models. I extend his work by using the Fama-French three-factor model. The study finds that the GMM/SDF estimators’ standard errors and $$t$$t-statistics behave very similarly to those obtained by the beta method, and the methods give almost exactly the same $${\chi ^2}$$χ2 statistics. Unlike Rubio and Lozano (2011) conclusion, I find that Cochrane (2005) results are extensible to the Fama-French three-factor model. The results are robust using an extended sample period that ends in February 2020.
Journal: Applied Economics Letters
Pages: 590-593
Issue: 7
Volume: 28
Year: 2021
Month: 04
X-DOI: 10.1080/13504851.2020.1764479
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1764479
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:7:p:590-593




Template-Type: ReDIF-Article 1.0
Author-Name: Maria Candelaria Barrios
Author-X-Name-First: Maria Candelaria
Author-X-Name-Last: Barrios
Author-Name: Maja Jandrić
Author-X-Name-First: Maja
Author-X-Name-Last: Jandrić
Author-Name: Dejan Molnar
Author-X-Name-First: Dejan
Author-X-Name-Last: Molnar
Author-Name: Svetozar Tanasković
Author-X-Name-First: Svetozar
Author-X-Name-Last: Tanasković
Title: Convergence clubs in different regions of Serbia
Abstract: 
 This paper investigates the existence of club convergence on the NUTS (Nomenclaturedes Unités Territoriales Statistiques) 3 level in Serbia. While a common approach in investigating convergence is based on dividing units of observation a priori into individual groups based on some of their particular characteristics, we use a method developed by Phillips and Sul that allows identification of clusters of convergence on the basis of an algorithm that is data-driven and thereby avoids a priori classification of the data into subgroups. We use data on real gross valued added (GVA) per capita for the NUTS3 level in Serbia for the period 2001–2017. Our results show that there are two convergence clubs in Serbia, while the Belgrade district shows no signs of convergence with any of the other clubs.
Journal: Applied Economics Letters
Pages: 594-598
Issue: 7
Volume: 28
Year: 2021
Month: 04
X-DOI: 10.1080/13504851.2020.1765960
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1765960
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:7:p:594-598




Template-Type: ReDIF-Article 1.0
Author-Name: Chang Liu
Author-X-Name-First: Chang
Author-X-Name-Last: Liu
Author-Name: Jianping Li
Author-X-Name-First: Jianping
Author-X-Name-Last: Li
Author-Name: Xiaolei Sun
Author-X-Name-First: Xiaolei
Author-X-Name-Last: Sun
Author-Name: Jianming Chen
Author-X-Name-First: Jianming
Author-X-Name-Last: Chen
Title: Multi-scale interactions between Turkish lira exchange rates and sovereign CDS in Europe and Asia
Abstract: 
 This article examined the multi-scale correlations between Turkish lira exchange rates and sovereign credit default swap (CDS) in Turkey, Europe, and Asia by implementing a combined quantile regression (QR) and wavelet approach. The results showed that a severe depreciation of the lira will increase the sovereign risk in Turkey at different time scales. In addition, the results revealed stronger and quicker responses from Asia’s sovereign CDS than Europe’s to the shocks of the lira, which provides important implications for Asian countries and especially Asian emerging markets to prevent external risk contagion and guide the domestic monetary policy.
Journal: Applied Economics Letters
Pages: 599-607
Issue: 7
Volume: 28
Year: 2021
Month: 04
X-DOI: 10.1080/13504851.2020.1765961
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1765961
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:7:p:599-607




Template-Type: ReDIF-Article 1.0
Author-Name: John Vandivier
Author-X-Name-First: John
Author-X-Name-Last: Vandivier
Title: Preliminary attitudinal trends in alternative postsecondary learning
Abstract: 
 This paper explores a novel data set (n = 1190) to understand trends in public disposition towards alternative postsecondary learning, with a focus on employers. Results indicate that public favourability is positive and will remain flat over the next year. Employer attitudes are not meaningfully different from the general public.
Journal: Applied Economics Letters
Pages: 608-611
Issue: 7
Volume: 28
Year: 2021
Month: 04
X-DOI: 10.1080/13504851.2020.1767279
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1767279
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:7:p:608-611




Template-Type: ReDIF-Article 1.0
Author-Name: Lan Khanh Chu
Author-X-Name-First: Lan Khanh
Author-X-Name-Last: Chu
Title: Economic structure and environmental Kuznets curve hypothesis: new evidence from economic complexity
Abstract: 
 This paper sheds further lights on the environmental Kuznets curve literature by considering a new possible driving factor of environmental quality, the economic complexity. The results consistently show that there exists an inverted U-shaped relationship between economic complexity and CO2 emissions.
Journal: Applied Economics Letters
Pages: 612-616
Issue: 7
Volume: 28
Year: 2021
Month: 04
X-DOI: 10.1080/13504851.2020.1767280
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1767280
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:7:p:612-616




Template-Type: ReDIF-Article 1.0
Author-Name: Shuming Ren
Author-X-Name-First: Shuming
Author-X-Name-Last: Ren
Author-Name: Ziyu Song
Author-X-Name-First: Ziyu
Author-X-Name-Last: Song
Title: Intellectual capital and firm innovation: incentive effect and selection effect
Abstract: 
 We examine the relationship between intellectual capital (measured by manually constructed human capital and organizational capital) and firm innovation of Chinese listed firms. Empirical results show that human capital and organizational capital positively affect the R&D investment and the number of various patent applications. Moreover, the relationship between intellectual capital and innovation activities is influenced by macroeconomic factors, industry characteristics and firm heterogeneity. Therefore, intellectual capital has incentive effect and selection effect on firm innovation in typical developing countries, such as China.
Journal: Applied Economics Letters
Pages: 617-623
Issue: 7
Volume: 28
Year: 2021
Month: 04
X-DOI: 10.1080/13504851.2020.1767281
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1767281
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:7:p:617-623




Template-Type: ReDIF-Article 1.0
Author-Name: Garrett Glasgow
Author-X-Name-First: Garrett
Author-X-Name-Last: Glasgow
Author-Name: Sarah Butler
Author-X-Name-First: Sarah
Author-X-Name-Last: Butler
Author-Name: Samantha Iyengar
Author-X-Name-First: Samantha
Author-X-Name-Last: Iyengar
Title: Survey response bias and the ‘privacy paradox’: evidence from a discrete choice experiment
Abstract: 
 The discrepancy between the stated and revealed value of personal information is frequently referred to as the ‘privacy paradox.’ We test for evidence that survey response bias contributes to the privacy paradox through a discrete choice survey experiment based on hypothetical ride-hailing services, some of which track the rider’s location and share it with third parties. The value that respondents place on their personal location data is measured by the willingness to pay higher prices to avoid rides with location sharing. Our survey experiment compares a within-subjects design in which location sharing was presented as an attribute of the hypothetical rides within each choice scenario to a between-subjects design in which location sharing was not presented as an attribute – instead, the location-sharing practices of the hypothetical firms were presented to a treatment group before the respondents made their choices. On average, survey respondents placed a positive value on their personal location data under both survey designs. The difference in value between the survey designs was statistically insignificant, indicating there is no evidence that the within-subjects design led to the type of survey response bias that might contribute to the privacy paradox.
Journal: Applied Economics Letters
Pages: 625-629
Issue: 8
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1770183
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1770183
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Template-Type: ReDIF-Article 1.0
Author-Name: Ralf Fendel
Author-X-Name-First: Ralf
Author-X-Name-Last: Fendel
Author-Name: Frederik Neugebauer
Author-X-Name-First: Frederik
Author-X-Name-Last: Neugebauer
Author-Name: Mustafa Kilinc
Author-X-Name-First: Mustafa
Author-X-Name-Last: Kilinc
Title: ECB’s communication and the yield curve: core versus periphery effects
Abstract: 
 This paper shows peculiar reactions of sovereign yields to ECB announcements. The focus on different maturities reveals a diverse reaction within the euro area. While economies with a relatively low solvency rating are affected across the entire yield curve, economies with a relatively high solvency rating react significantly only at short maturities.
Journal: Applied Economics Letters
Pages: 630-634
Issue: 8
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1770184
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1770184
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:8:p:630-634




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Bossie
Author-X-Name-First: Andrew
Author-X-Name-Last: Bossie
Author-Name: Daniel Kuehn
Author-X-Name-First: Daniel
Author-X-Name-Last: Kuehn
Title: WWII contract spending and inequality
Abstract: 
 We find that the share of state-level income captured by the top 1% of income earners falls by 1.73pp in response to WWII contract spending. We also find a postwar permanent decline in top 1% income shares of 0.85pp attributable to wartime spending. This is half the average state-level decline in inequality during the war and one-fifth of the average postwar decline in inequality relative to 1940. We take this as evidence that WWII military spending induced permanent labour market changes in manufacturing that reduced inequality relative to its level in 1940.
Journal: Applied Economics Letters
Pages: 635-639
Issue: 8
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1770185
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1770185
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:8:p:635-639




Template-Type: ReDIF-Article 1.0
Author-Name: Yu Ling Tsai
Author-X-Name-First: Yu Ling
Author-X-Name-Last: Tsai
Author-Name: Hua-Wei Huang
Author-X-Name-First: Hua-Wei
Author-X-Name-Last: Huang
Title: Compensation committee characteristics and voluntary executive compensation disclosure
Abstract: 
 Using data from Taiwan listed firms required to voluntarily disclose not only executive but also non-executive compensation adjustments, this study reveals that a higher attendance rate of compensation committee relates to a higher possibility of voluntary disclosure. In addition, our result implies that a higher meeting frequency may represent more arguments among compensation committee members in terms of determining whether or not to make such disclosures. We also find evidence implying that busy members are likely to be ceremonial and unfavourable towards compensation adjustments for non-executive employees, which might have practical implications for policy makers.
Journal: Applied Economics Letters
Pages: 640-645
Issue: 8
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1770186
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1770186
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:8:p:640-645




Template-Type: ReDIF-Article 1.0
Author-Name: Donatella Saccone
Author-X-Name-First: Donatella
Author-X-Name-Last: Saccone
Title: Who gains from economic freedom? A panel analysis on decile income shares
Abstract: 
 By analysing a panel of 76 developed and developing countries for period 1980–2014, this paper provides new evidence about the relation between economic freedom and income distribution, measured through decile income shares. The results show that a higher degree of economic freedom has a negative impact on the first eight deciles; conversely, it favours the richest percentiles and, especially, the top 10% and 5%. While the results aim at reopening an old debate with new evidence, the paper calls for more accurate studies that estimate the effects that each subcomponent of economic freedom may have on income inequalities.
Journal: Applied Economics Letters
Pages: 646-649
Issue: 8
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1770187
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1770187
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Template-Type: ReDIF-Article 1.0
Author-Name: Sihao Li
Author-X-Name-First: Sihao
Author-X-Name-Last: Li
Author-Name: Yong Shi
Author-X-Name-First: Yong
Author-X-Name-Last: Shi
Author-Name: Wenjun Zou
Author-X-Name-First: Wenjun
Author-X-Name-Last: Zou
Title: Can Stock Exchange inquiry letters reduce stock price crash risk?
Abstract: 
 The inquiry letters of annual reports play an increasingly important role in performing the first-line supervision duties of Stock Exchange. Based on 2015–2017 annual report inquiry letters, this paper studies the impact of regulatory inquiry on stock price crash risk empirically. The results show that the Stock Exchange’s inquiry on the annual report of listed companies reduces the stock price crash risk significantly, and the more questions are inquired by the Stock Exchange, the stronger inhibitory impact will be played on the companies’ stock price crash risk . In addition, compared with companies replied to the inquiry letters in time, the inquiry has a stronger inhibitory effect on stock price crash risk of companies with delayed reply or no reply.
Journal: Applied Economics Letters
Pages: 650-654
Issue: 8
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1770188
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1770188
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:8:p:650-654




Template-Type: ReDIF-Article 1.0
Author-Name: Zaheer Anwer
Author-X-Name-First: Zaheer
Author-X-Name-Last: Anwer
Author-Name: Wajahat Azmi
Author-X-Name-First: Wajahat
Author-X-Name-Last: Azmi
Author-Name: Shamsher Mohamad
Author-X-Name-First: Shamsher
Author-X-Name-Last: Mohamad
Author-Name: Andrea Paltrinieri
Author-X-Name-First: Andrea
Author-X-Name-Last: Paltrinieri
Title: Why CEOs invest in Corporate Social Responsibility initiatives: evidence on Shariah compliant firms
Abstract: 
 The aim of this article is to investigate the motivation of CEOs to invest in Corporate Social Responsibility (CSR) activities. To carry out this analysis, we assess a sample of US conventional and Shariah Compliant (SC) firms, from Dow Jones Indices. As SC firms undergo business and financial screening, they are expected to follow different managerial styles and capital structures as compared to conventional firms. This comparison is important in view of the growing size of the Islamic Financial Services Industry that has surpassed total asset values of USD 2.00 Trillion. Existing literature argues that, for conventional firms, CEOs spend on CSR either to promote their private benefits (agency view) or to reduce conflicts among shareholders (conflict resolution view). Our results provide evidence that across both types of firms, CEOs do not invest in CSR initiatives to pursue selfish motives but to resolve conflicts among stakeholders to maximize firm value. The findings are also robust across different specifications and methods in order to address endogeneity issues. This article contributes to the growing literature on managerial styles, capital structure and Islamic Finance, carrying out important implications for the investment industry and for the long-term value of the firm.
Journal: Applied Economics Letters
Pages: 655-662
Issue: 8
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1770674
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1770674
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Template-Type: ReDIF-Article 1.0
Author-Name: Furong Guo
Author-X-Name-First: Furong
Author-X-Name-Last: Guo
Author-Name: Shengdao Gan
Author-X-Name-First: Shengdao
Author-X-Name-Last: Gan
Author-Name: Wei Yang
Author-X-Name-First: Wei
Author-X-Name-Last: Yang
Author-Name: Peiying Kuang
Author-X-Name-First: Peiying
Author-X-Name-Last: Kuang
Title: Are sales and taxes ‘sticky’? Empirical evidence of the impact of tax enforcement on tax revenue growth in China
Abstract: 
 Despite the global economic downturn, China’s taxation continues to grow rapidly. Although many scholars attribute this phenomenon to macro factors, in this study, we investigate this issue from the perspective of combining enterprises and tax enforcement. Through a regression analysis of data from Chinese listed firms over the 2008–2018 period, we find that tax enforcement can lead to the stickiness of corporate tax expenses, that is, the percentage decrease in tax expenses for a decrease in sales revenue is less than the percentage increase in tax expenses for an equivalent increase in sales revenue. Further analysis shows that tax stickiness exists in multiple taxes, with business tax stickiness being the highest. Tax stickiness provides a new explanation for China’s taxation to maintain rapid growth during economic downturns.
Journal: Applied Economics Letters
Pages: 663-667
Issue: 8
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1770675
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1770675
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:8:p:663-667




Template-Type: ReDIF-Article 1.0
Author-Name: Yanshuang Li
Author-X-Name-First: Yanshuang
Author-X-Name-Last: Li
Author-Name: Xintian Zhuang
Author-X-Name-First: Xintian
Author-X-Name-Last: Zhuang
Author-Name: Jian Wang
Author-X-Name-First: Jian
Author-X-Name-Last: Wang
Author-Name: Zibing Dong
Author-X-Name-First: Zibing
Author-X-Name-Last: Dong
Title: Spatial linkage of volatility spillovers and its explanation across China’s interregional stock markets: a network approach
Abstract: 
 This article investigates the spatial linkage of volatility spillovers across China’s interregional stock markets. For this purpose, we apply the GARCH–BEKK model to construct volatility network and use the QAP model to analyse the factors affecting volatility spillover linkage between regional stock markets. The results show that the volatility spillover network is highly connected, and each region’s spillover ability is related to its economic development background. Furthermore, the differences in network topological indicators, economic foundations and industrial structures between regions have a significant impact on the spatial linkage of volatility spillovers across China’s interregional stock markets.
Journal: Applied Economics Letters
Pages: 668-674
Issue: 8
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1770676
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1770676
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:8:p:668-674




Template-Type: ReDIF-Article 1.0
Author-Name: Weijie Luo
Author-X-Name-First: Weijie
Author-X-Name-Last: Luo
Author-Name: Jingci Zhu
Author-X-Name-First: Jingci
Author-X-Name-Last: Zhu
Title: Youthful dependents and economic growth: the effect of tax composition
Abstract: 
 Several theories document the positive effect of younger population on economic growth due to the larger size of the labour force. However, the evidence shows no such positive relationship. This paper argues that an increase in the youthful fraction of the population increases the demand for income taxes rather than expenditure taxes, as expenditure taxes are shared by three generations whilst income taxes are mainly afforded by the working-age population who increasingly dislikes being double-taxed at consumption when they raise their dependent children. This then reduces growth since the extent of distortionary relative to non-distortionary taxes rises and investment is constrained. International panel evidence supports this hypothesis.
Journal: Applied Economics Letters
Pages: 675-680
Issue: 8
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1770677
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1770677
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:8:p:675-680




Template-Type: ReDIF-Article 1.0
Author-Name: Andrey Polbin
Author-X-Name-First: Andrey
Author-X-Name-Last: Polbin
Title: Multivariate unobserved component model for an oil-exporting economy: the case of Russia
Abstract: 
 This paper presents an unobserved component model for real GDP, real household consumption, and real investment of an oil-exporting economy. The model decomposes domestic variables’ dynamics into permanent and transitory components, accounting for dependence on oil prices in the short and long-run, as well as for the common long-run economic growth and the common cyclical behaviour. Estimated on the Russian macroeconomic variables, the model exhibits a strong dependence on oil prices.
Journal: Applied Economics Letters
Pages: 681-685
Issue: 8
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1770678
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1770678
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:8:p:681-685




Template-Type: ReDIF-Article 1.0
Author-Name: Hongbing Ouyang
Author-X-Name-First: Hongbing
Author-X-Name-Last: Ouyang
Author-Name: Yong Zhi
Author-X-Name-First: Yong
Author-X-Name-Last: Zhi
Author-Name: Boyuan Wu
Author-X-Name-First: Boyuan
Author-X-Name-Last: Wu
Title: A study on default prediction of Chinese online lending: based on the analysis of mobile phone usage data
Abstract: 
 Information asymmetry between online financial lenders and borrowers may lead to a high risk of overdue repayment. To identify the influencing factors of the default rate in Chinese online lending, the presented study was conducted using a dataset constructed by 5108 borrowers in an online lending platform between July 1 and September 30 in the year of 2019. This research adopted a logistic regression approach to investigate the influencing factors of borrowers’ defaults based on loan application time and borrowers’ mobile phone usage. The results show that the default rate is relatively low when the loan application is made during the daytime. Meanwhile, the study indicates that the default rate is negatively correlated with the most of the investigated parameters, which include the number of loan applications, the number of contacts, the duration of the mobile phone using the internet, and the number of one person’s multiple phone numbers. Based on observations of the presented research, it could be found that mobile phone usage data possesses a significant impact on the default prediction, which is capable of providing constructive guidance to effectively reduce default risk for the borrowers and the online lending platform.
Journal: Applied Economics Letters
Pages: 686-690
Issue: 8
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1770679
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1770679
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:8:p:686-690




Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo de Souza Tavares
Author-X-Name-First: Ricardo de Souza
Author-X-Name-Last: Tavares
Author-Name: João Frois Caldeira
Author-X-Name-First: João Frois
Author-X-Name-Last: Caldeira
Author-Name: Gerson de Souza Raimundo Júnior
Author-X-Name-First: Gerson de Souza
Author-X-Name-Last: Raimundo Júnior
Title: Cryptocurrencies: formation of returns from the CRIX index
Abstract: 
 This paper examines the formation prices in the cryptocurrency market using the CAPM model based on OLS and Regime-Switching approaches. Following Baek & Elbeck’s argument that internal factors drove cryptocurrency returns, CAPM was built, taking the CRIX index as the market and ten cryptocurrencies as assets. The results suggest that the market risk factor can partially explain cryptocurrency returns. Moreover, the regime change estimation positively impacts the market risk determination power for cryptocurrencies.
Journal: Applied Economics Letters
Pages: 691-695
Issue: 8
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1770680
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1770680
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:8:p:691-695




Template-Type: ReDIF-Article 1.0
Author-Name: Rati Ram
Author-X-Name-First: Rati
Author-X-Name-Last: Ram
Title: Attainment of multidimensional poverty target of sustainable development goals: a preliminary study
Abstract: 
 Using recent data, this study compares observed rates of decline in multidimensional poverty headcount with the rates required to reduce the headcount by one-half as envisaged in SDG Target 1.2. It is found that in a majority of countries, that contain an overwhelming proportion of multidimensionally poor people, observed rates of headcount reduction are not enough to lower multidimensional poverty headcount by one-half during the SDG period.
Journal: Applied Economics Letters
Pages: 696-700
Issue: 8
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1771265
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1771265
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:8:p:696-700




Template-Type: ReDIF-Article 1.0
Author-Name: Imdad Ali Khowaja
Author-X-Name-First: Imdad Ali
Author-X-Name-Last: Khowaja
Author-Name: Urooj Talpur
Author-X-Name-First: Urooj
Author-X-Name-Last: Talpur
Author-Name: Sikander Hussain Soomro
Author-X-Name-First: Sikander Hussain
Author-X-Name-Last: Soomro
Author-Name: Muhammad Shoaib Khan
Author-X-Name-First: Muhammad Shoaib
Author-X-Name-Last: Khan
Title: The non-banking financial institutions in perspective of economic growth of Pakistan
Abstract: 
 Globally, Non-banking Financial Institutions (NBFIs) are considered as an important source of financing to the underserved markets such as micro, small and medium enterprises. The purpose of the study is to ascertain the contribution of the NBFIs sector of Pakistan for the micro, small and medium enterprises and agriculture sector growth with the perspective of economic development of the country. Regression and Pearson’s correlation techniques are adopted to analyse the financial performance of NBFIs extend the effective benefit to the shareholders and investors to expand business operations and NBFIs asset-based financing to the SME sector and the SMEs contribution to the GDP of Pakistan. Additionally, a sample independent t-test is conducted to find out the difference between the NBFIs total lease disbursement and SME lease financing to SMEs. However, there is a positive connection between NBFI’s asset-based financing to the SME sector and the SME’s contribution to the economic growth of Pakistan. The study recommends NBFI’s operational scale should be expanded to semi-urban and rural areas of Pakistan.
Journal: Applied Economics Letters
Pages: 701-706
Issue: 8
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1771266
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1771266
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:8:p:701-706




Template-Type: ReDIF-Article 1.0
Author-Name: Sangyeon Hwang
Author-X-Name-First: Sangyeon
Author-X-Name-Last: Hwang
Title: The channels of consumption risk-sharing in Korea
Abstract: 
 This study investigates intranational risk-sharing behaviour in Korea’s 16 province-level regions over the period 2001–2017. Korea’s degree of intranational risk-sharing is at an almost perfect level. However, the extent of risk-sharing declines in the period following the subprime crisis. We also find that risk-sharing through the factor markets works well for metropolitan cities while the degree of risk-sharing is much higher for provinces through the fiscal channel and the credit markets.
Journal: Applied Economics Letters
Pages: 707-711
Issue: 8
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1771267
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1771267
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:8:p:707-711




Template-Type: ReDIF-Article 1.0
Author-Name: Qingbin Zhao
Author-X-Name-First: Qingbin
Author-X-Name-Last: Zhao
Author-Name: Chun Kwok Lei
Author-X-Name-First: Chun Kwok
Author-X-Name-Last: Lei
Author-Name: Lei Peng
Author-X-Name-First: Lei
Author-X-Name-Last: Peng
Author-Name: Xinhua Gu
Author-X-Name-First: Xinhua
Author-X-Name-Last: Gu
Title: The U.S.-Sino different links between income and consumption inequality
Abstract: 
 This work shows that the U.S.-Sino diverse links between income and consumption inequality have to do with their different development levels and policy orientations. Foreign trade, financial markets, and capital flows are used for consumption smoothing in the U.S. but for economic growth in China. Other smoothing schemes are better developed in the U.S. than in China. As a result, income and consumption inequalities are linked loosely in the U.S. burdened with an external deficit but closely in China faced with a persist surplus.
Journal: Applied Economics Letters
Pages: 713-716
Issue: 9
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1771268
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1771268
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:9:p:713-716




Template-Type: ReDIF-Article 1.0
Author-Name: Ritika Khurana
Author-X-Name-First: Ritika
Author-X-Name-Last: Khurana
Author-Name: Levan Elbakidze
Author-X-Name-First: Levan
Author-X-Name-Last: Elbakidze
Author-Name: Joshua Hall
Author-X-Name-First: Joshua
Author-X-Name-Last: Hall
Title: The political economy of solar initiatives in the Sunshine state
Abstract: 
 This study empirically examines the outcomes of two solar energy amendments that were on the ballot in Florida in 2016. One amendment exempts solar energy devices from ad valorem taxation, effectively decreasing the cost of solar energy. The second amendment reaffirms the right of property owners to instal or lease solar photovoltaic panels for their personal use but allows for termination of net metering. Our results show that, depending on the amendment, per capita income and pro-environmental ideology are positively associated with voter support for pro-solar policies. County shares of employment in construction, agriculture and forestry, retail, transportation, warehousing and utilities are negatively associated with support of pro-solar policies. The policy implications of our findings for citizens and policymakers interested in passing pro-solar policies through referenda are straightforward. To the extent possible, amendments should be structured so as to ensure high voter turnout and engagement among voters most likely to be in favour of the solar initiatives. Structuring amendments to minimize any negative short-term effects on industries where solar energy may be viewed unfavourably is also likely to help move pro-solar initiatives closer to passage.
Journal: Applied Economics Letters
Pages: 717-720
Issue: 9
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1771269
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1771269
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:9:p:717-720




Template-Type: ReDIF-Article 1.0
Author-Name: Giovanni Melina
Author-X-Name-First: Giovanni
Author-X-Name-Last: Melina
Author-Name: Marcos Poplawski-Ribeiro
Author-X-Name-First: Marcos
Author-X-Name-Last: Poplawski-Ribeiro
Title: Macroeconomic impacts of non-resource revenue mobilization in CEMAC
Abstract: 
 This letter investigates main macroeconomic impacts of enhanced non-resource revenue mobilization in Africa’s CEMAC region. Model simulations indicate that non-oil revenue mobilization reduces debt and increases non-resource output in the long term. The mobilization, however, triggers an output decline in the short run and carries undesirable distributional effects. Cash transfers targeting the most vulnerable perform better than untargeted public investments to mitigate such increased inequality.
Journal: Applied Economics Letters
Pages: 721-726
Issue: 9
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1772456
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1772456
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:9:p:721-726




Template-Type: ReDIF-Article 1.0
Author-Name: Yuliu Peng
Author-X-Name-First: Yuliu
Author-X-Name-Last: Peng
Author-Name: Wenru Kang
Author-X-Name-First: Wenru
Author-X-Name-Last: Kang
Title: RMB currency risk management after China’s ‘8.11’ exchange rate reform
Abstract: 
 After ‘8.11’ RMB exchange rate reform in 2015 in China, RMB experienced two phases of irrational and pro-cyclical depreciation. The currency risk management of China’s central bank shifted from quantitative management to price management step by step. The article analyzes the efficiency of China’s central bank’ management, and finds that the management improved the imbalance between supply and demand and reduced irrational and procyclical expectation on RMB exchange rate.
Journal: Applied Economics Letters
Pages: 727-730
Issue: 9
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1772956
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1772956
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:9:p:727-730




Template-Type: ReDIF-Article 1.0
Author-Name: Stanley Peterburgsky
Author-X-Name-First: Stanley
Author-X-Name-Last: Peterburgsky
Author-Name: Seungho Baek
Author-X-Name-First: Seungho
Author-X-Name-Last: Baek
Title: Is average correlation related to expected returns: evidence from global markets
Abstract: 
 We examine whether average country-level stock market correlation is related to global equity returns. Previous research focusing on the U.S. suggests that average firm-level correlation captures some of the risk not accounted for by other variables and is positively related to returns on the broad stock market. In contrast, we find that average country-level correlation does not appear to be related to global returns, and that the Roll (1977) critique may not be responsible for this lack of relation. Additionally, average correlation does not help forecast returns out-of-sample.
Journal: Applied Economics Letters
Pages: 731-736
Issue: 9
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1773388
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1773388
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcus Dittrich
Author-X-Name-First: Marcus
Author-X-Name-Last: Dittrich
Author-Name: Silvio Städter
Author-X-Name-First: Silvio
Author-X-Name-Last: Städter
Title: Monitoring ’lemons’: why lower productivity workers are sometimes monitored more closely
Abstract: 
 We analyse workplace monitoring in a principal–agent model with two types of workers who differ in their productivity. The firm decides on the effort level, the wage and the monitoring intensity for both workers. We find that the elasticities of the workers’ effort-cost function and the firm’s monitoring-cost function affect the firm’s monitoring intensity. Our results imply that the firm might monitor the low-productive worker more closely than the high-productive worker.
Journal: Applied Economics Letters
Pages: 737-741
Issue: 9
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1776826
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1776826
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:9:p:737-741




Template-Type: ReDIF-Article 1.0
Author-Name: Xiaoou Man
Author-X-Name-First: Xiaoou
Author-X-Name-Last: Man
Author-Name: Haijun Cao
Author-X-Name-First: Haijun
Author-X-Name-Last: Cao
Title: Socio-economic inequality in early childhood health 2010-2016: evidence from China
Abstract: 
 Although health inequality issues caused by the differences in economic status gain much attention, specific information on early childhood health inequality is still scarce. This study aims to assess socioeconomic inequality in the distribution of early childhood health among Chinese children with concentration index (CI) decomposition method. Using national data from the China Family Panel Studies (CFPS), we find that the overall health level of children has increased and the health inequality has reduced to some extent from 2010 to 2016. However, health inequality still exists among children aged 0–5 with different economic statuses, and children from higher-income families have better health. The decomposition of inequality shows that family economic status, genetic factors related to parents’ health, and type of childcare all have a positive contribution to inequality.
Journal: Applied Economics Letters
Pages: 742-747
Issue: 9
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1776827
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1776827
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:9:p:742-747




Template-Type: ReDIF-Article 1.0
Author-Name: Mária Murray Svidroňová
Author-X-Name-First: Mária Murray
Author-X-Name-Last: Svidroňová
Author-Name: Gabriela Vaceková
Author-X-Name-First: Gabriela
Author-X-Name-Last: Vaceková
Author-Name: Michal Plaček
Author-X-Name-First: Michal
Author-X-Name-Last: Plaček
Author-Name: Markéta Matulová
Author-X-Name-First: Markéta
Author-X-Name-Last: Matulová
Author-Name: Lucia Hrůzová
Author-X-Name-First: Lucia
Author-X-Name-Last: Hrůzová
Author-Name: Lenka Harringová
Author-X-Name-First: Lenka
Author-X-Name-Last: Harringová
Title: Alternative non-profit funding methods: crowdfunding in the Czech Republic and Slovakia
Abstract: 
 The paper presents a view of the crowdfunding phenomenon in the Czech Republic and Slovakia, identifying factors that determine the success of non-profits on crowdfunding platforms operating in two (post-) Communist CEE countries in terms of the two-sided market theory. The main finding is that the status of a project creator does not significantly affect the probability of project overfunding, which implies that the projects created by non-profits do not have a higher likelihood of being overfunded, though this may differ between the studied countries.
Journal: Applied Economics Letters
Pages: 748-754
Issue: 9
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1776828
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1776828
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:9:p:748-754




Template-Type: ReDIF-Article 1.0
Author-Name: Tamás Kiss
Author-X-Name-First: Tamás
Author-X-Name-Last: Kiss
Author-Name: Pär Österholm
Author-X-Name-First: Pär
Author-X-Name-Last: Österholm
Title: Corona, crisis and conditional heteroscedasticity
Abstract: 
 In this paper, we illustrate the macroeconomic risk associated with the early stage of the corona-virus outbreak. Using monthly data ranging from July 1991 to March 2020 on a recently developed coincidence indicator of global output growth, we estimate an autoregressive model with GARCH effects and non-Gaussian disturbances. Our results indicate that i) accounting for conditional heteroscedasticity is important and ii) risk, measured as the volatility of the shocks to the process, is at a very high level – largely on par with that experienced around the financial crisis of 2008–2009.
Journal: Applied Economics Letters
Pages: 755-759
Issue: 9
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1776829
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1776829
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Template-Type: ReDIF-Article 1.0
Author-Name: Gene Ambrocio
Author-X-Name-First: Gene
Author-X-Name-Last: Ambrocio
Title: Fear, overconfidence, and fundamental uncertainty shocks
Abstract: 
 I study the effects of expected and realized uncertainty on Euro area macroeconomic conditions. I use a range of expected and realized uncertainty measures including those based on survey forecasts and find that the effects of expected uncertainty vanish once realized uncertainty is accounted for when using financial or news media-based measures. On the other hand, shocks to a survey-based measure of expected uncertainty do appear to have dampening effects.
Journal: Applied Economics Letters
Pages: 760-764
Issue: 9
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1776830
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1776830
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:9:p:760-764




Template-Type: ReDIF-Article 1.0
Author-Name: Heejin Jung
Author-X-Name-First: Heejin
Author-X-Name-Last: Jung
Author-Name: Sun Go
Author-X-Name-First: Sun
Author-X-Name-Last: Go
Title: The effect of the School-to-Work Programme on the employment of vocational high school graduates
Abstract: 
 We examine the effects of the 2011 Korean School-to-Work Programme on the career choices of vocational high school students. To identify the causal impacts, we utilize the difference-in-differences method, comparing vocational high school graduates to academic high school graduates between 2011 and 2012. The results show that the policy increased the employment rate of vocational high school graduates by 36%. The proportion of graduates advancing to postsecondary education decreased by a similar magnitude, implying that the policy indeed altered the career choices of a significant number of vocational high school students, leading them to pursue employment rather than attend college.
Journal: Applied Economics Letters
Pages: 765-768
Issue: 9
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1776831
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1776831
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Template-Type: ReDIF-Article 1.0
Author-Name: Rupika Khanna
Author-X-Name-First: Rupika
Author-X-Name-Last: Khanna
Author-Name: Chandan Sharma
Author-X-Name-First: Chandan
Author-X-Name-Last: Sharma
Title: The productivity effects of infrastructure: A cross-country comparison using manufacturing industry panels
Abstract: 
 Studies on the productivity effects of infrastructure have produced ambiguous results because of potential inter-sectoral dependencies, non-stationarity and endogeneity issues in estimation. Employing estimators that address these problems, we test the effects of a composite infrastructure index on a panel of industries for four major-Asian economies. Our results indicate positive and sizable long-run effects of infrastructure on productivity for India and China, but not for Japan and S. Korea.
Journal: Applied Economics Letters
Pages: 769-773
Issue: 9
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1781762
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1781762
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Sebastião Abreu
Author-X-Name-First: Daniel Sebastião
Author-X-Name-Last: Abreu
Author-Name: Artur Silva Lopes
Author-X-Name-First: Artur
Author-X-Name-Last: Silva Lopes
Title: How to disappear completely: nonlinearity and endogeneity in the New Keynesian Wage Phillips Curve
Abstract: 
 We use a three-regime threshold regression model to assess the ability of the New Keynesian Wage Phillips Curve (NKWPC) to describe wage inflation in the US over the 1965–2018 period. Nonlinearity is clearly supported by the data and it easily resists an endogeneity correction. However, this correction exposes more clearly the shortcomings of the NKWPC as a successful description of wage dynamics in the extreme phases of the business cycles, when unemployment is either low or high. In both cases, it becomes completely flat.
Journal: Applied Economics Letters
Pages: 774-778
Issue: 9
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1781763
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1781763
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Template-Type: ReDIF-Article 1.0
Author-Name: Jason Childs
Author-X-Name-First: Jason
Author-X-Name-Last: Childs
Author-Name: Jason Stevens
Author-X-Name-First: Jason
Author-X-Name-Last: Stevens
Title: A cannabis pricing mistake from California to Canada: government can’t tax cannabis optimally
Abstract: 
 We apply a simple three good general equilibrium model to examine the optimality of a Pigouvian tax on a legal cannabis market which faces competition from a well-established illicit market. Despite the widespread support for Pigouvian taxes on cannabis, the availability of untaxed illicit cannabis with comparable costs and higher externalities renders taxation of legal cannabis suboptimal. Our results, derived from a relatively simple model, show that the welfare improving properties of a Pigouvian tax can be undermined by illicit market competition. Based on this simple analysis, we conclude that it is impossible for the pricing policies implemented in multiple jurisdictions (including California and Canada) to achieve the optimal, welfare maximizing outcome.
Journal: Applied Economics Letters
Pages: 779-783
Issue: 9
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1781764
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1781764
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaesang Sung
Author-X-Name-First: Jaesang
Author-X-Name-Last: Sung
Author-Name: Qihua Qiu
Author-X-Name-First: Qihua
Author-X-Name-Last: Qiu
Author-Name: James Marton
Author-X-Name-First: James
Author-X-Name-Last: Marton
Title: Relative deprivation: a new derivation and application
Abstract: 
 We derive and express the Yitzhaki index of relative deprivation as a function of mean and median household income within a reference group and one’s income, under the assumption that individual income follows the log-normal distribution or the Pareto distribution. We also suggest a way to calculate annual US regional mean and median household income in each reference group using aggregate income and household size data. Therefore, unlike prior literature that utilizes Decennial Census data due to its big sample size, our suggested methodology allows annual calculation of relative deprivation at different levels of geography (state or county). In an application of the derived index presented to illustrate its feasibility, we analyse the relationship between relative deprivation and mental health, finding suggestive evidence that increases in relative deprivation negatively affect mental health in the United States.
Journal: Applied Economics Letters
Pages: 784-787
Issue: 9
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1781765
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1781765
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:9:p:784-787




Template-Type: ReDIF-Article 1.0
Author-Name: Wanglin Ma
Author-X-Name-First: Wanglin
Author-X-Name-Last: Ma
Author-Name: Zhongkun Zhu
Author-X-Name-First: Zhongkun
Author-X-Name-Last: Zhu
Title: Internet use and willingness to participate in garbage classification: an investigation of Chinese residents
Abstract: 
 This study contributes to the literature by investigating the factors factors affecting Chinese residents' willingness to participate (WTP) in garbage classification, paying particular attention to the role of Internet use. Data are drawn from the 2016 China Labour-force Dynamics Survey (N = 13,499) and analysed using a recursive bivariate probit model. The results show that Internet use can motivate people to classify the household garbage, and it increases Chinese residents’ WTP in garbage classification by 4.7 percentage points. The results also show that WTP in garbage classification of Chinese residents is largely influenced by their Internet use via smartphones. Our findings highlight the importance of distributing garbage classification information via Internet media, especially smartphones.
Journal: Applied Economics Letters
Pages: 788-793
Issue: 9
Volume: 28
Year: 2021
Month: 05
X-DOI: 10.1080/13504851.2020.1781766
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1781766
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Template-Type: ReDIF-Article 1.0
Author-Name: Klaus Grobys
Author-X-Name-First: Klaus
Author-X-Name-Last: Grobys
Title: When Bitcoin has the flu: on Bitcoin’s performance to hedge equity risk in the early wake of the COVID-19 outbreak
Abstract: 
 Using the coronavirus COVID-19 outbreak as a set-up for a quasi-experiment, this study derives novel insights on the dynamic correlation between Bitcoin and US stocks. Given the unprecedented scale of infections and the nature of the virus, the potential impact on the dynamic correlation was unpredictable and therefore uncertain. Using a difference-in-differences setting, the dynamic correlation between Bitcoin and stocks is controlled for the dynamic correlation between gold and stocks. This study finds that Bitcoin performed poorly in hedging this tail risk.
Journal: Applied Economics Letters
Pages: 860-865
Issue: 10
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1784380
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1784380
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:10:p:860-865




Template-Type: ReDIF-Article 1.0
Author-Name: Muhammad Asif Khan
Author-X-Name-First: Muhammad Asif
Author-X-Name-Last: Khan
Author-Name: Mollah Aminul Islam
Author-X-Name-First: Mollah Aminul
Author-X-Name-Last: Islam
Author-Name: Usman Akbar
Author-X-Name-First: Usman
Author-X-Name-Last: Akbar
Title: Do economic freedom matters for finance in developing economies: a panel threshold analysis
Abstract: 
 Economic freedom is an important determinant of economic development, yet little academic research has considered its financial perspectives. Using a relatively new measure of finance, we find that a high-freedom environment fosters finance in developing economies. Unlike prior literature, the advanced panel threshold estimator shows a single significant economic freedom threshold level of 4.282 as a benchmark, where the relationship turns positive. The findings are robust to alternative estimators and split-sample analysis. The findings are useful for policymakers to attain optimal financial benefits by assuring a high-freedom environment.
Journal: Applied Economics Letters
Pages: 840-843
Issue: 10
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1782335
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1782335
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:10:p:840-843




Template-Type: ReDIF-Article 1.0
Author-Name: Yao-Tung Chen
Author-X-Name-First: Yao-Tung
Author-X-Name-Last: Chen
Author-Name: Ai-Ju Shao
Author-X-Name-First: Ai-Ju
Author-X-Name-Last: Shao
Author-Name: Shih-Chung Chang
Author-X-Name-First: Shih-Chung
Author-X-Name-Last: Chang
Author-Name: Hsin-Fu Huang
Author-X-Name-First: Hsin-Fu
Author-X-Name-Last: Huang
Author-Name: Fang-Kuo Wang
Author-X-Name-First: Fang-Kuo
Author-X-Name-Last: Wang
Title: Universal pension scheme and job searching
Abstract: 
 This paper examines whether a change in the amount of universal pension fund has any effect on a typical individual’s propensity to accept a job offer in the first period. The pension system will give the individual who is assumed to live for three periods a fixed amount in the third period regardless of his choice in the previous two periods to accept a job offer or not. It is found: with a grant in place after retirement, if a typical individual places much emphasis on current consumption, a rise in the grant will lead to an increase in his propensity to accept a job offer in the first period; in contrast, if future consumption is emphasized much, the opposite result will be obtained. Finally, the empirical evidence based on a questionnaire survey is provided to support the above-mentioned theoretical results.
Journal: Applied Economics Letters
Pages: 802-806
Issue: 10
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1782329
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1782329
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:10:p:802-806




Template-Type: ReDIF-Article 1.0
Author-Name: René Böheim
Author-X-Name-First: René
Author-X-Name-Last: Böheim
Author-Name: Philipp Stöllinger
Author-X-Name-First: Philipp
Author-X-Name-Last: Stöllinger
Title: Decomposition of the gender wage gap using the LASSO estimator
Abstract: 
 We use the LASSO estimator to select among a large number of explanatory variables in wage regressions for a decomposition of the gender wage gap. The LASSO selection with a one standard error rule removes about a quarter of the regressors. We use the LASSO-selected regressors for OLS-based gender wage decompositions. This approach results in a smaller error variance than in OLS without LASSO-selection. The explained gender wage gap is 1%-point greater than in the conventional OLS model.
Journal: Applied Economics Letters
Pages: 817-828
Issue: 10
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1782332
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1782332
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:10:p:817-828




Template-Type: ReDIF-Article 1.0
Author-Name: Helmut M. Dietl
Author-X-Name-First: Helmut M.
Author-X-Name-Last: Dietl
Author-Name: Carlos Gomez-Gonzalez
Author-X-Name-First: Carlos
Author-X-Name-Last: Gomez-Gonzalez
Author-Name: Paolo Moretti
Author-X-Name-First: Paolo
Author-X-Name-Last: Moretti
Author-Name: Cornel Nesseler
Author-X-Name-First: Cornel
Author-X-Name-Last: Nesseler
Title: Does persistence pay off? Accessing social activities with a foreign-sounding name
Abstract: 
 In this paper, we examine if a slight behavioural modification has an influence on discrimination. Specifically, we use a field experiment based on emails to observe if persistence increases the chances of joining a social group. We find that native- or foreign-sounding names are equally successful when being persistent. However, non-persistent individuals with foreign-sounding names suffer from discrimination. The results show that persistent individuals can be especially interesting in the context of field experiments.
Journal: Applied Economics Letters
Pages: 881-885
Issue: 10
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1784381
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1784381
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:10:p:881-885




Template-Type: ReDIF-Article 1.0
Author-Name: Tugba Dayıoğlu
Author-X-Name-First: Tugba
Author-X-Name-Last: Dayıoğlu
Title: Financial ratios and non-payment risk factor with panel probit model: a case of Turkey
Abstract: 
 This study is based on the data of the companies traded on the BIST (Borsa İstanbul Stock Exchange) stock exchange with the panel probit method to obtain the risk of empirical non-payment risk with scores models. Non-Payment risk of companies will be used and compared with the Z-Score and O-Score models. In this study, the financial ratios were formed using BIST-100 data between the years January 2013 and December 2017. In the calculation of the ratios, some ratios were excluded from the analysis due to lack of data and explanation problem. The fact that the ratios do not grow is assumed to reduce the risk of non-repayment, thus causing some firms to generate a large positive number in the ratio of negative net profit and very small negative equity in their ratios and this leads to misinterpretation of the probability of non-payment. Therefore, some ratios have not been included in the analysis to eliminate this problem.
Journal: Applied Economics Letters
Pages: 844-849
Issue: 10
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1782336
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1782336
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Template-Type: ReDIF-Article 1.0
Author-Name: Tian Zhao
Author-X-Name-First: Tian
Author-X-Name-Last: Zhao
Title: National distance and China’s OFDI : Research based on the ‘Belt and Road’ countries
Abstract: 
 China’s outward foreign direct investment (OFDI) has made remarkable achievements under the ‘Belt and Road’ initiative. National distance has an important impact on China’s OFDI through the interaction of liability of foreignness (LOF) and advantages of foreignness (AOFs). After dividing the national distance into three aspects of geography, economy and humanity, its impact on China’s OFDI along the ‘Belt and Road’ is tested empirically. The results show that the influence of national distance on China’s OFDI is U-shaped. Before crossing the threshold, LOF plays a major role, and national distance shows a negative effect on OFDI. While after the specific threshold is surpassed, AOF will offset some adverse effect of LOF and contribute to the healthy development of China’s OFDI along the ‘Belt and Road’.
Journal: Applied Economics Letters
Pages: 835-839
Issue: 10
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1782334
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1782334
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Template-Type: ReDIF-Article 1.0
Author-Name: Felipe de Sousa Bastos
Author-X-Name-First: Felipe de Sousa
Author-X-Name-Last: Bastos
Author-Name: Roberto Tatiwa Ferreira
Author-X-Name-First: Roberto Tatiwa
Author-X-Name-Last: Ferreira
Title: Volatility of relative prices and transportation costs: evidence for Brazilian cities
Abstract: 
 This work estimates the effect of transport costs on relative price volatility in Brazilian cities. We use time-varying volatility measures and propose a new proxy for transportation costs. The results of the dynamic panel data models show (little) evidence of a positive impact of transport costs on relative price volatility, only in specifications without the relative wage volatility.
Journal: Applied Economics Letters
Pages: 872-875
Issue: 10
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1784383
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1784383
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:10:p:872-875




Template-Type: ReDIF-Article 1.0
Author-Name: Pinar Sener
Author-X-Name-First: Pinar
Author-X-Name-Last: Sener
Author-Name: Elif Akben-Selcuk
Author-X-Name-First: Elif
Author-X-Name-Last: Akben-Selcuk
Author-Name: Fatma Didin-Sonmez
Author-X-Name-First: Fatma
Author-X-Name-Last: Didin-Sonmez
Title: Does the institutional framework affect the relationship between debt financing and firm performance in emerging countries?
Abstract: 
 This paper investigates the impact of debt financing on firm performance and how this relationship is affected by the institutional framework in 14 emerging countries. The results show a negative relationship between debt financing and firm performance. However, this negative relationship is reversed in countries with better credit market regulations and more efficient legal systems.
Journal: Applied Economics Letters
Pages: 866-871
Issue: 10
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1784382
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1784382
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:10:p:866-871




Template-Type: ReDIF-Article 1.0
Author-Name: Zhiqi Zhao
Author-X-Name-First: Zhiqi
Author-X-Name-Last: Zhao
Author-Name: Guangyou Zhou
Author-X-Name-First: Guangyou
Author-X-Name-Last: Zhou
Title: Is risk aversion related to occupational choice: evidence from 1996 PSID
Abstract: 
 This paper investigates to what extent individuals’ risk aversion are correlated with the choice of occupation which differs from earnings risk by using 1996 PSID. Following Kimball et al. (2009), we first impute the individuals’ coefficient of relative risk aversion based on personal characteristics. Then, on the aggregate level, we find workers who are more risk averse will sort into occupations with low earnings risk. On the individual level, for one-unit increase in the coefficient of relative risk aversion, the probability of going to a more risky occupation decreases by 13.5%.
Journal: Applied Economics Letters
Pages: 850-855
Issue: 10
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1784378
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1784378
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:10:p:850-855




Template-Type: ReDIF-Article 1.0
Author-Name: Xiaoyun Zhang
Author-X-Name-First: Xiaoyun
Author-X-Name-Last: Zhang
Author-Name: Yiyang Luo
Author-X-Name-First: Yiyang
Author-X-Name-Last: Luo
Title: On welfare or in work: perspective from single motherhood and early childhood outcomes
Abstract: 
 This paper provides new evidence on the relationship between single mothers’ tax credit eligibility and early child development in Britain. Tax credit eligibility is considered as a form of family input in generating children’s production function to the extent that eligibility may induce changes in income, maternal time input and childcare usage. Using data from the UK Millennium Cohort Study (MCS), this study finds no relationship between mothers’ entitlements to tax credits and children’s cognitive and non-cognitive outcomes compared to the children of welfare mothers.
Journal: Applied Economics Letters
Pages: 876-880
Issue: 10
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1784829
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1784829
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:10:p:876-880




Template-Type: ReDIF-Article 1.0
Author-Name: Maretno Agus Harjoto
Author-X-Name-First: Maretno Agus
Author-X-Name-Last: Harjoto
Author-Name: Fabrizio Rossi
Author-X-Name-First: Fabrizio
Author-X-Name-Last: Rossi
Author-Name: John K. Paglia
Author-X-Name-First: John K.
Author-X-Name-Last: Paglia
Title: COVID-19: stock market reactions to the shock and the stimulus
Abstract: 
 Using the WHO announcement on 11 March 2020 and the Federal Reserve Bank announcement on 9 April 2020 as two events that represent the shock and the stimulus, this study finds that COVID-19 caused a negative shock to the global stock markets, especially in emerging markets and for small firms. We find that the US stock market experienced positive abnormal returns from the Fed stimulus compared to other developed countries and emerging markets. We find that the positive abnormal returns from the stimulus were garnered by the US large firms instead of the small firms.
Journal: Applied Economics Letters
Pages: 795-801
Issue: 10
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1781767
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1781767
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:10:p:795-801




Template-Type: ReDIF-Article 1.0
Author-Name: Oren Bar-Gill
Author-X-Name-First: Oren
Author-X-Name-Last: Bar-Gill
Title: Price discrimination with consumer misperception
Abstract: 
 The rise of big data and sophisticated, machine learning algorithms is increasing the prevalence of price discrimination and even personalized pricing. In traditional models, where consumers’ willingness-to-pay (WTP) is a function of preferences (and budget constraints), price discrimination is often celebrated for increasing efficiency albeit while reducing consumer surplus. This favourable view of price discrimination should be re-evaluated when WTP is a function of both preferences and misperceptions. With demand-inflating misperceptions, price discrimination is even more harmful to consumers and might reduce efficiency. These results are derived using a simple, linear demand model with different levels of price discrimination (or segmentation). In the many consumer markets where misperception is common, more careful scrutiny of price discrimination is warranted.
Journal: Applied Economics Letters
Pages: 829-834
Issue: 10
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1782333
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1782333
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:10:p:829-834




Template-Type: ReDIF-Article 1.0
Author-Name: Velma Zahirovic-Herbert
Author-X-Name-First: Velma
Author-X-Name-Last: Zahirovic-Herbert
Author-Name: Geoffrey K. Turnbull
Author-X-Name-First: Geoffrey K.
Author-X-Name-Last: Turnbull
Author-Name: Bennie D. Waller
Author-X-Name-First: Bennie D.
Author-X-Name-Last: Waller
Title: Do home sellers know their market? Evidence from neighbourhood sober-living houses
Abstract: 
 We use a listing price hedonic model coupled with a standard selling price model to identify seller beliefs about how the housing market responds to refurbished formerly substandard properties serving as group homes. Occupied houses benefit the most and vacant houses the least in the long run from a nearby group home. The listing price model indicates that sellers of owner-occupied and rental houses anticipate these price effects whereas sellers of vacant properties appear to systematically underestimate the discount associated with vacant houses per se but correctly anticipate the smaller long run group home premia for their properties.
Journal: Applied Economics Letters
Pages: 807-810
Issue: 10
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1782330
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1782330
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Template-Type: ReDIF-Article 1.0
Author-Name: Karam Kim
Author-X-Name-First: Karam
Author-X-Name-Last: Kim
Author-Name: Doojin Ryu
Author-X-Name-First: Doojin
Author-X-Name-Last: Ryu
Title: Does sentiment determine investor trading behaviour?
Abstract: 
 Sentiment is a determinant of investors’ trading decisions and behaviours. After a sentiment shock, investors’ net positions change differently across investor types. In response to a sentiment change, individual (institutional) investors follow a positive (negative) feedback strategy, reflecting their different trading and investment purposes.
Journal: Applied Economics Letters
Pages: 811-816
Issue: 10
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1782331
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1782331
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Template-Type: ReDIF-Article 1.0
Author-Name: Segundo Camino-Mogro
Author-X-Name-First: Segundo
Author-X-Name-Last: Camino-Mogro
Author-Name: Alberto López
Author-X-Name-First: Alberto
Author-X-Name-Last: López
Title: Two-way traders: searching for complementarities between exports and imports in a developing country
Abstract: 
 The international trade literature has extensively analysed the role of exports and imports as productivity shifters. However, most studies analyse one of these two activities in isolation, and empirical evidence on this matter to a large extent refers to developed countries. We analyse the relevance of the interaction between exports and imports to determine productivity by applying a test of complementarity between these activities for a developing country. Using firm-level data from Ecuador, we find evidence suggesting that there is complementarity between exports and imports in determining productivity.
Journal: Applied Economics Letters
Pages: 856-859
Issue: 10
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1784379
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1784379
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Template-Type: ReDIF-Article 1.0
Author-Name: Yoko Asuyama
Author-X-Name-First: Yoko
Author-X-Name-Last: Asuyama
Title: International trade and the beliefs in hard work
Abstract: 
 This is the first empirical study to investigate the effects of trade-exposure experiences on people’s beliefs in hard work (BHW). Using a more flexible experience function than that used in previous studies, I find that both earlier and recent experiences have strong effects on BHW. BHW is strengthened by experiences of export exposure and weakened by those of import exposure in low- and middle-income countries. By contrast, import-exposure experiences positively affect BHW in high-income countries. In the US, however, import exposure, particularly from low-income countries, tends to weaken BHW, consistent with the ‘China trade shock’ literature.
Journal: Applied Economics Letters
Pages: 921-925
Issue: 11
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1785618
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1785618
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Template-Type: ReDIF-Article 1.0
Author-Name: Yueming Zheng
Author-X-Name-First: Yueming
Author-X-Name-Last: Zheng
Author-Name: Cheng Zhang
Author-X-Name-First: Cheng
Author-X-Name-Last: Zhang
Author-Name: YingDong Wang
Author-X-Name-First: YingDong
Author-X-Name-Last: Wang
Title: Factors affecting employment quality in China: evidence based on spatial panel data model
Abstract: 
 China has given priority to the improvement of employment quality as a part of its strategy to make people enjoy a better life. This article aims to analyse factors affecting employment quality in China. Based on the comprehensive employment quality index which is derived by entropy, this article formulates a Spatial Durbin Model (SDM) model to evaluate factors affecting employment quality by using data ranging from 2011 to 2017. It is found that the economic growth is not the only determining factor, and it has different impact on different regions in both direct effect and indirect effect. Other factors such as labour market level, industrial upgrade and open-up policy also have positive and negative impact on employment quality.
Journal: Applied Economics Letters
Pages: 906-909
Issue: 11
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1784834
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1784834
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:11:p:906-909




Template-Type: ReDIF-Article 1.0
Author-Name: Ayesha Ashraf
Author-X-Name-First: Ayesha
Author-X-Name-Last: Ashraf
Title: Cross-border M&A outflows and government size
Abstract: 
 This article examines the effect of cross-border mergers and acquisitions (M&A) outflows on government size in home countries. We focus on up to 89 developed and developing economies during the period 1996–2018. The results show that cross-border M&A outflows decrease the government size in total sample as well as in sub-samples of developed and developing countries. The results are stable across different econometric specifications and provide support to the efficiency hypothesis.
Journal: Applied Economics Letters
Pages: 964-967
Issue: 11
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1789056
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1789056
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Template-Type: ReDIF-Article 1.0
Author-Name: Charlie Lindgren
Author-X-Name-First: Charlie
Author-X-Name-Last: Lindgren
Author-Name: Sven-Olov Daunfeldt
Author-X-Name-First: Sven-Olov
Author-X-Name-Last: Daunfeldt
Author-Name: Niklas Rudholm
Author-X-Name-First: Niklas
Author-X-Name-Last: Rudholm
Author-Name: Siril Yella
Author-X-Name-First: Siril
Author-X-Name-Last: Yella
Title: Is intertemporal price discrimination the cause of price dispersion in markets with low search costs?
Abstract: 
 Theories of intertemporal price discrimination imply that prices must be chosen using mixed strategies, with retailers changing their prices randomly over time. Otherwise, consumers will learn which retailer has the lowest price, and eventually, all customers will patronize the lowest price retailer, or all retailers will charge the same price. We test whether price dispersion is explained by intertemporal price discrimination strategies using a dataset of identical products sold through the PriceSpy price comparison website. Our results show that there are clusters of retailers with similar pricing within each cluster, but with different price levels between clusters even after controlling for retailer heterogeneity. Retailers also remain in the same price cluster over time, suggesting that consumers have ample opportunities to learn which retailers belong to which price cluster. Intertemporal price discrimination is thus unlikely to have caused the observed price dispersion.
Journal: Applied Economics Letters
Pages: 968-971
Issue: 11
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1789055
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1789055
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Template-Type: ReDIF-Article 1.0
Author-Name: Zuohui Zuo
Author-X-Name-First: Zuohui
Author-X-Name-Last: Zuo
Author-Name: Yan Zhou
Author-X-Name-First: Yan
Author-X-Name-Last: Zhou
Author-Name: Songsong li
Author-X-Name-First: Songsong
Author-X-Name-Last: li
Title: Assortative matching group formations and group representatives in a repeated public goods game
Abstract: 
 We study the role of group representatives cooperating under different assortative matching groups in a repeated public goods game. We find that the requested contribution proposals are an essential motivation factor for the individuals’ contribution. At the same time, cooperation is more likely to be strengthened by the role of the group representatives.
Journal: Applied Economics Letters
Pages: 910-914
Issue: 11
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1784835
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1784835
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Template-Type: ReDIF-Article 1.0
Author-Name: Cheolmin Kang
Author-X-Name-First: Cheolmin
Author-X-Name-Last: Kang
Author-Name: Akira Kawamura
Author-X-Name-First: Akira
Author-X-Name-Last: Kawamura
Author-Name: Haruko Noguchi
Author-X-Name-First: Haruko
Author-X-Name-Last: Noguchi
Title: Benefits of knowing own health status: effects of health check-ups on health behaviours and labour participation
Abstract: 
 Lifestyle-related diseases account for a large proportion of mortality rates and healthcare expenses. These diseases are largely preventable with behavioural changes, but people often do not have adequate information to change their risky health behaviours. This study, for the first time, examines the extent to which health check-ups, which provide relevant information, affect health behaviours and labour outcomes of people with lifestyle-related diseases. Using nationally representative data on health and socioeconomic status in Japan, this study employs propensity score matching to compare two samples with similar attributes who had or had not received health check-ups. The results show that people who had health check-ups exhibit healthier behaviours and longer working hours than people who had not. Considering their cost and the benefits derived from resultant increases in annual income, health check-ups can be regarded as cost-effective.
Journal: Applied Economics Letters
Pages: 926-931
Issue: 11
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1786001
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1786001
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:11:p:926-931




Template-Type: ReDIF-Article 1.0
Author-Name: Yannick Bineau
Author-X-Name-First: Yannick
Author-X-Name-Last: Bineau
Title: (A)Symmetric effects of changes in the saving rate on the investment rate in Norway: 1830–2017
Abstract: 
 In view of the Feldstein–Horioka (1980) puzzle, this study examines the relationship between the investment rate and the saving rate using annual data from Norway for 1830 to 2017. The nonlinear version of the autoregressive distributed lag (ARDL) cointegration methodology developed by Shin (2014), based on the linear ARDL bounds cointegration testing approach of Pesaran et al. (2001), is implemented. The findings show that there is a long-term cointegration relationship between the saving rate and investment rate. The nonlinear ARDL model indicates that there are short-run but no long-run asymmetric effects. It is concluded that Norway respects its intertemporal budget constraint and that international capital mobility is high.
Journal: Applied Economics Letters
Pages: 932-940
Issue: 11
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1786490
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1786490
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:11:p:932-940




Template-Type: ReDIF-Article 1.0
Author-Name: Steven E. Kozlowski
Author-X-Name-First: Steven E.
Author-X-Name-Last: Kozlowski
Author-Name: Michael R. Puleo
Author-X-Name-First: Michael R.
Author-X-Name-Last: Puleo
Author-Name: Jizhou Zhou
Author-X-Name-First: Jizhou
Author-X-Name-Last: Zhou
Title: Cryptocurrency return reversals
Abstract: 
 Analysing a set of 200 cryptocurrencies over the period from 2015 to 2019, we document a significant return reversal effect that holds at the daily, weekly, and monthly rebalancing frequencies and is robust to controls for differences in size, turnover, and illiquidity. Moreover, the reversal effect persists during both halves of our sample period and following periods of both high and low market implied volatility. Consistent with the effect being driven by a combination of market inefficiency and compensation for liquidity provision, we find reversals are most pronounced among smaller capitalization and less liquid cryptocurrencies.
Journal: Applied Economics Letters
Pages: 887-893
Issue: 11
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1784831
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1784831
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:11:p:887-893




Template-Type: ReDIF-Article 1.0
Author-Name: Susan L. Averett
Author-X-Name-First: Susan L.
Author-X-Name-Last: Averett
Author-Name: Julie K. Smith
Author-X-Name-First: Julie K.
Author-X-Name-Last: Smith
Author-Name: Yang Wang
Author-X-Name-First: Yang
Author-X-Name-Last: Wang
Title: Minimum wages and the health of immigrants’ children
Abstract: 
 States are increasingly resorting to raising the minimum wage to boost the earnings of those at the bottom of the income distribution. In this article, we examine the effects of minimum wage increases on the health of immigrants’ children. Their parents are disproportionately represented in minimum wage jobs and are a growing part of the US labour force. Using a difference-in-differences identification strategy and data from the National Health Interview Survey from 2000 to 2015, we examine whether children of low-educated immigrants experience any changes in their health when the minimum wage increases. We find no evidence that this is the case despite a number of robustness checks.
Journal: Applied Economics Letters
Pages: 894-901
Issue: 11
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1784832
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1784832
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:11:p:894-901




Template-Type: ReDIF-Article 1.0
Author-Name: Jian Wang
Author-X-Name-First: Jian
Author-X-Name-Last: Wang
Author-Name: Shangkun Yi
Author-X-Name-First: Shangkun
Author-X-Name-Last: Yi
Author-Name: Xiaoting Wang
Author-X-Name-First: Xiaoting
Author-X-Name-Last: Wang
Author-Name: Jun Yang
Author-X-Name-First: Jun
Author-X-Name-Last: Yang
Title: Fund sentiment beta and delegated investment
Abstract: 
 This study investigates the impact of fund sentiment beta (FSB) in delegated investment, which provides managed funds a novel grasp for formulating investment strategies. In a unified framework, it is shown that fund managers can exploit investors’ sentiment with strategic choice of FSB: when investors are optimistic (pessimistic), the catering (contrarian) strategy delights investors, who are thus willing to invest more and pay more to fund managers. Funds with high sentiment sensitivity tend to have elevated volatility, which warns against its excessive usage. These results provide theoretical support to many empirical findings in literature.
Journal: Applied Economics Letters
Pages: 902-905
Issue: 11
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1784833
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1784833
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:11:p:902-905




Template-Type: ReDIF-Article 1.0
Author-Name: Xinyu Wu
Author-X-Name-First: Xinyu
Author-X-Name-Last: Wu
Author-Name: Xiaona Wang
Author-X-Name-First: Xiaona
Author-X-Name-Last: Wang
Author-Name: Haiyun Wang
Author-X-Name-First: Haiyun
Author-X-Name-Last: Wang
Title: Forecasting stock market volatility using implied volatility: evidence from extended realized EGARCH-MIDAS model
Abstract: 
 This paper extends the realized EGARCH-MIDAS (REGARCH-MIDAS) model to incorporate implied volatility (IV) derived from option prices. The extension allows us to examine the incremental information content of IV for forecasting volatility. An empirical investigation with S&P 500 index shows that IV contains valuable information for forecasting volatility. Our proposed model provides more accurate out-of-sample volatility forecasts compared to the EGARCH, the REGARCH and the REGARCH-MIDAS models as well as the EGARCH-IV and the REGARCH-IV models.
Journal: Applied Economics Letters
Pages: 915-920
Issue: 11
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1785617
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1785617
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:11:p:915-920




Template-Type: ReDIF-Article 1.0
Author-Name: Xuan Zhang
Author-X-Name-First: Xuan
Author-X-Name-Last: Zhang
Author-Name: Ding Liu
Author-X-Name-First: Ding
Author-X-Name-Last: Liu
Author-Name: Yang Zhao
Author-X-Name-First: Yang
Author-X-Name-Last: Zhao
Author-Name: Zhekai Zhang
Author-X-Name-First: Zhekai
Author-X-Name-Last: Zhang
Title: Financial derivatives and default dependence: a time-varying copula approach
Abstract: 
 The fast development of financial derivatives links financial institutions more closely. In this paper, we investigate the joint default dependence among financial institutions and its association with the recent development of financial derivatives. Two interesting findings emerge. First, time-varying default risk dependencies of financial institutions are found during our sample period. Second, the fast growth of derivatives markets contributes to the rising correlated default risk among financial institutions and further leads to an increase in systemic risk. We show that the default correlation spike coincides with the boom in the US credit derivatives market.
Journal: Applied Economics Letters
Pages: 958-963
Issue: 11
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1788707
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1788707
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:11:p:958-963




Template-Type: ReDIF-Article 1.0
Author-Name: Tongwei Qiu
Author-X-Name-First: Tongwei
Author-X-Name-Last: Qiu
Author-Name: Biliang Luo
Author-X-Name-First: Biliang
Author-X-Name-Last: Luo
Author-Name: Pengpeng Geng
Author-X-Name-First: Pengpeng
Author-X-Name-Last: Geng
Author-Name: Mande Zhu
Author-X-Name-First: Mande
Author-X-Name-Last: Zhu
Title: Market-oriented land rentals in the less-developed regions of China
Abstract: 
 Using data from southwest China to investigate the marketization of land rentals, we find no difference in land rents for different types of transaction partners after accounting for endogeneity, even though relation-oriented rental transactions are popular in less-developed regions. Further analysis shows that oral contracts are more common in land rentals between kins or between farm households within the village. After excluding rent-free transactions, the land rents between kins are 677.143 yuan/mu per year on average. Our findings imply that both blood relation and regional relation do not impair the functioning of the market in today’s China.
Journal: Applied Economics Letters
Pages: 945-948
Issue: 11
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1786492
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1786492
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:11:p:945-948




Template-Type: ReDIF-Article 1.0
Author-Name: Jinhua Zhang
Author-X-Name-First: Jinhua
Author-X-Name-Last: Zhang
Author-Name: Zhenhuai Shi
Author-X-Name-First: Zhenhuai
Author-X-Name-Last: Shi
Author-Name: Xiaoping Chu
Author-X-Name-First: Xiaoping
Author-X-Name-Last: Chu
Author-Name: Yao Shen
Author-X-Name-First: Yao
Author-X-Name-Last: Shen
Title: The effect of the spatial misallocation of land supply on entrepreneurial activity
Abstract: 
 Drawing on a unique dataset combining the registration information of over 200 million firms and over 2.1 million land transaction records in China, this study empirically tests how the spatial misallocation of land supply affects entrepreneurial activity. The study shows that the ‘paradox’ of an increase in the government supply of land leading to a decrease in entrepreneurial activity is caused by the spatial misallocation of this land supply. We highlight the importance of the proper spatial allocation of land for promoting entrepreneurial activity.
Journal: Applied Economics Letters
Pages: 949-953
Issue: 11
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1788705
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1788705
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:11:p:949-953




Template-Type: ReDIF-Article 1.0
Author-Name: Yugyung Jung
Author-X-Name-First: Yugyung
Author-X-Name-Last: Jung
Author-Name: Sun Go
Author-X-Name-First: Sun
Author-X-Name-Last: Go
Title: The effect of Cram School attendance on study-alone time
Abstract: 
 What is the effect of private tutoring on study-alone time? Using a novel instrumental variable of provincial regulations on cram school curfew time, we show that private tutoring at cram school increased a student’s time spent on studying alone after school. Our IV analysis of the Korean Time Use Survey data for 2009 and 2014 shows that cram school attendance increased the student’s study-alone time by about an hour on the same day. We find no evidence that private tutoring at home substitutes for cram schooling.
Journal: Applied Economics Letters
Pages: 941-944
Issue: 11
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1786491
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1786491
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:11:p:941-944




Template-Type: ReDIF-Article 1.0
Author-Name: Pia M. Orrenius
Author-X-Name-First: Pia M.
Author-X-Name-Last: Orrenius
Author-Name: Madeline Zavodny
Author-X-Name-First: Madeline
Author-X-Name-Last: Zavodny
Title: The effect of employer enrolment in E-Verify on low-skilled U.S. workers
Abstract: 
 U.S. employers can check whether the workers they hire are legally eligible for employment using E-Verify, a free electronic system run by the federal government. We use confidential data from the U.S. Department of Homeland Security to provide the first examination of whether increases in employer enrolment in the E-Verify system affect employment and earnings among workers who are particularly likely to be unauthorized, namely Hispanic non-naturalized immigrants who have not completed high school, and their U.S.-citizen counterparts. We find evidence of negative effects on likely unauthorized immigrant men but positive effects on women. We find little evidence of effects on U.S. natives. These results are robust to instrumenting for endogenous employer enrolment with state laws that require some or all employers to use the E-Verify system. The results are consistent with a household model of labour supply among unauthorized immigrants.
Journal: Applied Economics Letters
Pages: 954-957
Issue: 11
Volume: 28
Year: 2021
Month: 06
X-DOI: 10.1080/13504851.2020.1788706
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1788706
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:11:p:954-957




Template-Type: ReDIF-Article 1.0
Author-Name: Pedro Jesús Cuadros-Solas
Author-X-Name-First: Pedro Jesús
Author-X-Name-Last: Cuadros-Solas
Author-Name: Carlos Salvador Muñoz
Author-X-Name-First: Carlos
Author-X-Name-Last: Salvador Muñoz
Title: Potential spillovers from the banking sector to sovereign credit ratings
Abstract: 
 The global financial crisis and European sovereign debt crisis underlined the links between the banking sector and sovereign risk. This paper uses a machine learning technique (random forest regression) to examine whether sovereign ratings account for the potential spillovers from the banking sector to sovereign risk. To do so, we use a panel of sovereign ratings issued by the three main credit rating agencies (CRAs) (Fitch, S&P and Moody’s) for 30 European countries from 2002 to 2016. We find that in addition to the main economic indicators (macroeconomic, government and institutional quality factors), the soundness of the banking system is relevant in determining the sovereign rating. In fact, with the outbreak of the crisis, the importance of these banking sector characteristics (namely, liquidity, concentration and volume of non-performing loans) for sovereign ratings increased substantially. These results suggest a change in CRAs’ policies since the onset of the crisis, involving a re-appraisal of the structure of the banking sector when assessing countries’ sovereign risk.
Journal: Applied Economics Letters
Pages: 1046-1052
Issue: 12
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1796910
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1796910
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:12:p:1046-1052




Template-Type: ReDIF-Article 1.0
Author-Name: Nguyen Minh Ha
Author-X-Name-First: Nguyen Minh
Author-X-Name-Last: Ha
Author-Name: Bui Hoang Ngoc
Author-X-Name-First: Bui Hoang
Author-X-Name-Last: Ngoc
Title: Revisiting the relationship between energy consumption and economic growth nexus in Vietnam: new evidence by asymmetric ARDL cointegration
Abstract: 
 Energy is an essential resource for economic development. The study employed the asymmetric ARDL cointegration approach to investigate the impact of energy consumption on economic growth for Vietnam during the period 1971-2017. The finding of the study is that the effects of electricity consumption on economic growth are asymmetric in both the short- and long-run, and the negative changes have a greater effect than the positive changes. At the same time, the impact of petroleum consumption on economic growth is asymmetric in the long-run, and the positive changes have a greater effect than the negative changes. The causality test also indicates the existence of bi-directional causality between energy consumption and economic growth, supported the Feedback hypothesis. Several policy implications are suggested from the obtained result findings.
Journal: Applied Economics Letters
Pages: 978-984
Issue: 12
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1789543
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1789543
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Template-Type: ReDIF-Article 1.0
Author-Name: Randall W. Bennett
Author-X-Name-First: Randall W.
Author-X-Name-Last: Bennett
Title: Next game reaction to mispriced betting lines in college football
Abstract: 
 Although studies show the point spread is a very good predictor of actual score differences in college football, there are a number of games each season where the betting line is not close to the actual spread. This article investigates the efficiency of the college football betting market for the game following one with a large difference between betting and actual point spreads for the 2006–2018 seasons. For the entire sample, the simple rule of betting for teams that greatly beat the spread and against teams that did very poorly against the spread in the previous game wins significantly more than half the time. When the results are analysed separately for the better known BCS/Power 5 schools and the lesser known non-BCS/Power 5 schools, efficiency cannot be rejected for games involving the BCS/Power 5 teams. For games involving two non-BCS/Power 5 teams, however, following the betting rule wins against the spread 54.23% of the time, which is significantly greater than 50%. This is consistent with an information gap scenario, where new information is more efficiently incorporated for games involving better-known participants.
Journal: Applied Economics Letters
Pages: 1006-1009
Issue: 12
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1795063
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1795063
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:12:p:1006-1009




Template-Type: ReDIF-Article 1.0
Author-Name: Marlon Ricardo Tracey
Author-X-Name-First: Marlon Ricardo
Author-X-Name-Last: Tracey
Author-Name: Chanita C. Holmes
Author-X-Name-First: Chanita C.
Author-X-Name-Last: Holmes
Title: Physical activity guidelines for Americans and their employment decisions
Abstract: 
 The Physical Activity Guidelines recommend Americans improve their health through sufficient aerobic exercise. Given the required energy and time commitment of the Guidelines, we consider its unintended consequence to market work in the US. Using 2011 Behavioural Risk Factor Surveillance System (BRFSS) data, we find adhering to the Guidelines actually raises the chance of employment by roughly 10 percentage points, not primarily because of health but likely greater socio-emotional skills.
Journal: Applied Economics Letters
Pages: 985-989
Issue: 12
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1791310
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1791310
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Template-Type: ReDIF-Article 1.0
Author-Name: Iuliana Mihai
Author-X-Name-First: Iuliana
Author-X-Name-Last: Mihai
Author-Name: Isabel Novo-Corti
Author-X-Name-First: Isabel
Author-X-Name-Last: Novo-Corti
Title: A new insight into the methodology of cultural economics
Abstract: 
 In the last decades, the topic regarding the relationship between culture and economics received increased interest. Given the fact that most of the research on this topic uses historical evidence and employs qualitative and mixed research methods, the present article aims at enriching its methodology by proposing a valuable quantitative instrument: a cultural matrix based on Hofstede's cultural dimensions theory. After analysing different computing methods of cultural distance, the most appropriate one seemed to be a weighted composite method. The applicability of the composite measures of cultural distance (unweighted and weighted) was compared in a model explaining Spanish migration flows to 35 OECD countries in the period 2005–2017. The results partially confirm the findings of other studies, indicating mixed results regarding the relationship between cultural distance and migration flows. The article provides new insights by recommending the use of weighted composite measures of cultural distance in economic analyses. In addition, the article highlights the importance of drawing appropriately each cultural dimension’ weights, given that inadequate estimations of cultural dimensions’ weights can significantly alter the research results and misrepresent the reality.
Journal: Applied Economics Letters
Pages: 1010-1016
Issue: 12
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1795064
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1795064
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:12:p:1010-1016




Template-Type: ReDIF-Article 1.0
Author-Name: Charles Braymen
Author-X-Name-First: Charles
Author-X-Name-Last: Braymen
Author-Name: Tirimba Obonyo
Author-X-Name-First: Tirimba
Author-X-Name-Last: Obonyo
Author-Name: Nicholas E. Woessner
Author-X-Name-First: Nicholas E.
Author-X-Name-Last: Woessner
Title: Dollar debt and equity returns
Abstract: 
 This article examines the relationship between US dollar-denominated debt and the correlations between the equity markets of 31 countries from 2007 to 2016. Our results indicate that the balance sheet mismatch imposed by the issuance of dollar-denominated debt by foreign firms leads to a common risk factor that extends across international boundaries. These results suggest that dollar-denominated debt should be considered in the design of internationally diversified equity portfolios alongside other factors of economic integration such as trade and foreign direct investment.
Journal: Applied Economics Letters
Pages: 1021-1025
Issue: 12
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1795066
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1795066
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:12:p:1021-1025




Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Handy
Author-X-Name-First: Christopher
Author-X-Name-Last: Handy
Title: A rank-based measure of educational assortative mating
Abstract: 
 Measures of educational assortative mating must contend with the fact that the marginal distributions of education differ by sex and change over time. I propose a new measure of assortative mating, which is based on Spearman’s rank correlation coefficient but instead uses sex-by-birth cohort education ranks. I show that this adjusted measure is more robust than other measures to changes over time in the underlying education distributions.
Journal: Applied Economics Letters
Pages: 1031-1035
Issue: 12
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1796907
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1796907
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Template-Type: ReDIF-Article 1.0
Author-Name: Anja Bauer
Author-X-Name-First: Anja
Author-X-Name-Last: Bauer
Author-Name: Enzo Weber
Author-X-Name-First: Enzo
Author-X-Name-Last: Weber
Title: COVID-19: how much unemployment was caused by the shutdown in Germany?
Abstract: 
 This paper evaluates the short-term labour market impact of the COVID-19 containment measures in Germany. By assessing the treatment effect on unemployment via difference-in-difference estimation, we find that 60% of the considerably increased inflows from employment into unemployment in April 2020 were due to the shutdown measures. Disentangling further, we find that the hiring margin accounted for additional 82% of the unemployment effect coming from the separations margin. In sum, the shutdown measures increased unemployment in the short run by 117,000 persons.
Journal: Applied Economics Letters
Pages: 1053-1058
Issue: 12
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1789544
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1789544
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Template-Type: ReDIF-Article 1.0
Author-Name: Greta Morando
Author-X-Name-First: Greta
Author-X-Name-Last: Morando
Title: Peer gender and STEM specialization
Abstract: 
 This paper shows that students are less likely to specialize in mathematics when exposed to a high share of male peers. I exploit a curricular reform that incentivized students to obtain a mathematics qualification post-16. I show that, for those students affected by the reform, the higher the share of same-gender classmates, the higher the likelihood of obtaining a mathematics qualification for boys, and the lower the likelihood for girls. I interpret this as suggestive evidence that one’s perceived ability in mathematics, a boy-dominated subject, decreases when the share of male classmates increases. This further affects STEM participation in higher education.
Journal: Applied Economics Letters
Pages: 1041-1045
Issue: 12
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1796909
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1796909
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Template-Type: ReDIF-Article 1.0
Author-Name: Sijia Zhang
Author-X-Name-First: Sijia
Author-X-Name-Last: Zhang
Author-Name: Andros Gregoriou
Author-X-Name-First: Andros
Author-X-Name-Last: Gregoriou
Title: Cryptocurrencies in portfolios: return–liquidity trade-off around China forbidding initial coin offerings
Abstract: 
 We examine diversification when cryptocurrencies are included in investment portfolios, around China prohibiting initial coin offerings on 4 September 2017. We discover, once we account for liquidity, that all portfolio diversification benefits of cryptocurrencies are eliminated.
Journal: Applied Economics Letters
Pages: 1036-1040
Issue: 12
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1796908
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1796908
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Template-Type: ReDIF-Article 1.0
Author-Name: João Manuel Pereira
Author-X-Name-First: João Manuel
Author-X-Name-Last: Pereira
Title: Did wage inequality increase in Portugal? Yes, and for good reasons
Abstract: 
 As in Anglo-Saxon countries, wage inequality increased in Portugal from the beginning of the 1980s to the end of the 2000s. Using data from a matched employer-employee data set and reweighting methods, we show that the increased wage inequality in Portugal is fundamentally explained by compositional changes in the employment structure related to the modernization of the labour market.
Journal: Applied Economics Letters
Pages: 973-977
Issue: 12
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1789057
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1789057
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:12:p:973-977




Template-Type: ReDIF-Article 1.0
Author-Name: Yoichi Tsuchiya
Author-X-Name-First: Yoichi
Author-X-Name-Last: Tsuchiya
Title: Multivariate asymmetric loss functions of the European Central Bank
Abstract: 
 This study investigates asymmetric loss functions in the forecasts of real output growth and inflation published by the European Central Bank (ECB). In contrast to previous studies that examined each variable independently, this study evaluates the ECB forecasts in a multivariate framework, which accommodates the interaction of forecast errors of different forecast variables. The empirical results indicate that ECB is likely to produce under-predicted real output growth and over-predicted inflation forecasts for the current year. For the next-year forecast, ECB produces unbiased inflation forecast by applying multivariate framework, while the forecast of real output growth is over-predicted. Those forecasts are rational under multivariate asymmetric loss functions. Our results suggest that ECB attempts to maintain its credibility by providing unbiased inflation forecasts, and thus, puts first priority on price stabilization for medium term.
Journal: Applied Economics Letters
Pages: 1026-1030
Issue: 12
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1795067
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1795067
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Template-Type: ReDIF-Article 1.0
Author-Name: Ceyhun Elgin
Author-X-Name-First: Ceyhun
Author-X-Name-Last: Elgin
Author-Name: Adem Yavuz Elveren
Author-X-Name-First: Adem Yavuz
Author-X-Name-Last: Elveren
Author-Name: Joseph Bourgeois
Author-X-Name-First: Joseph
Author-X-Name-Last: Bourgeois
Title: Informality, Inequality and Profit Rate
Abstract: 
 Using two novel datasets of the size of the informal economy and income inequality, this study examines the effect of informality on income and wage inequality with special attention to the rates of profit. Covering 86 countries for 1960–2016, the study shows that informality and the rates of profit are positively associated with income inequality; however, the positive impact of profit rate on income inequality decreases as the size of informal economy increases.
Journal: Applied Economics Letters
Pages: 1017-1020
Issue: 12
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1795065
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1795065
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:12:p:1017-1020




Template-Type: ReDIF-Article 1.0
Author-Name: Xue Ni Liu
Author-X-Name-First: Xue Ni
Author-X-Name-Last: Liu
Author-Name: Guo Cheng Liu
Author-X-Name-First: Guo Cheng
Author-X-Name-Last: Liu
Title: Does the market accept the perpetual bonds issued by commercial banks? Evidence from China
Abstract: 
 Despite the prevalence of the research on the issuance of perpetual bonds by non-financial enterprises, Chinese commercial banks only started using perpetual bonds for financing in 2019. Taking the first bank perpetual bond issued by the Bank of China (BOC) as an example, this study analyzes the economic consequences of commercial banks issuing perpetual bond financing using the event study method. Specifically, it analyzes the change in the excess return rate before and after the event and impact of the information disclosure behaviour of BOC’s perpetual bond financing on stock prices to determine the capital market reaction before and after the issue. The issuance of perpetual bonds had a short-term negative effect on stock prices but, overall, investors hold a positive attitude towards the perpetual bonds issued by the BOC, which may be related to the choice of market time for the issuance.
Journal: Applied Economics Letters
Pages: 990-994
Issue: 12
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1791311
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1791311
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:12:p:990-994




Template-Type: ReDIF-Article 1.0
Author-Name: Cristina Pita
Author-X-Name-First: Cristina
Author-X-Name-Last: Pita
Author-Name: Ramón José Torregrosa
Author-X-Name-First: Ramón José
Author-X-Name-Last: Torregrosa
Title: The gender-job satisfaction paradox through time and countries
Abstract: 
 Much has been written about the so-called gender-job satisfaction paradox, derived from the fact that a significant number of empirical studies found that women reported higher levels of job satisfaction than their male counterparts, although they had what were considered ‘worse’ jobs in terms of pay and other nonmonetary working conditions. In this article, we use a procedure to compare the relative performance of groups when their achievements are described by distributions of outcomes over an ordered set of categories, the Balanced Worth Vector (BWV), to analyse whether women consistently report to be more satisfied at work than men in different periods of time and countries. The BWV offers a cardinal, complete and transitive evaluation that is based in the likelihood of getting better results. In our setting, the BWV methodology provides a complete ranking of the countries covered by the European Working Conditions Survey according to the relative levels of job satisfaction with working conditions that women and men in each country report. Our results indicate a decreasing gender differential over time and substantial differences across countries, proving that the gender-gap paradox cannot be considered a widespread phenomenon.
Journal: Applied Economics Letters
Pages: 1000-1005
Issue: 12
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1792402
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1792402
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:12:p:1000-1005




Template-Type: ReDIF-Article 1.0
Author-Name: Xiang Li
Author-X-Name-First: Xiang
Author-X-Name-Last: Li
Author-Name: Xianghui Yuan
Author-X-Name-First: Xianghui
Author-X-Name-Last: Yuan
Author-Name: Jin Yuan
Author-X-Name-First: Jin
Author-X-Name-Last: Yuan
Author-Name: Hailun Xu
Author-X-Name-First: Hailun
Author-X-Name-Last: Xu
Title: Algorithms comparison on intraday index return prediction：evidence from China
Abstract: 
 We introduce the fading memory recursive least squares (FM-RLS) and rolling window ordinary least squares (RW-OLS) methods to predict CSI 300 intraday index return in Chinese stock market. Empirical results show that the performances are better than that of same sign method. The additional profit is mainly from two conflict signals, with one amplitude far greater than the other.
Journal: Applied Economics Letters
Pages: 995-999
Issue: 12
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1791793
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1791793
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:12:p:995-999




Template-Type: ReDIF-Article 1.0
Author-Name: Przemyslaw Brandt
Author-X-Name-First: Przemyslaw
Author-X-Name-Last: Brandt
Author-Name: Katrin Demmelhuber
Author-X-Name-First: Katrin
Author-X-Name-Last: Demmelhuber
Author-Name: Klaus Wohlrabe
Author-X-Name-First: Klaus
Author-X-Name-Last: Wohlrabe
Title: The effect of dispatch methods on a recruiting campaign for a business survey: evidence from Germany
Abstract: 
 The ifo Institute for Economic Research has been conducting the ifo business survey since its foundation in 1949. To ensure stability of participation rates, regular sample recruitment is indispensable. Does the dispatch method matter for response rates of a recruiting campaign? To answer this question, we conducted a controlled experiment involving invitation letters sent out to over 8,000 German industrial firms in May 2019. Our results show that standard mailing significantly increases the response rate compared to ‘Dialogpost’ (bulk mail). From a cost perspective, costs for standard mailing outweigh this effect.
Journal: Applied Economics Letters
Pages: 1141-1144
Issue: 13
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1813243
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1813243
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:13:p:1141-1144




Template-Type: ReDIF-Article 1.0
Author-Name: Shuangjin Wang
Author-X-Name-First: Shuangjin
Author-X-Name-Last: Wang
Author-Name: Richard J. Cebula
Author-X-Name-First: Richard J.
Author-X-Name-Last: Cebula
Author-Name: Xiaowei Liu
Author-X-Name-First: Xiaowei
Author-X-Name-Last: Liu
Author-Name: Maggie Foley
Author-X-Name-First: Maggie
Author-X-Name-Last: Foley
Title: Housing prices and urban land use efficiency
Abstract: 
 This study explores the impact of housing prices on urban land use efficiency based on data collected from 30 municipalities and provincial capitals in China over the 2007–2017 period. The empirical results show that there is a significantly negative association between the average housing price and urban land use efficiency. Furthermore, we find the weakest association when average housing prices lie in the range of 6,100 Yuan/m2 and 14,600 Yuan/m2. When housing prices fall outside this range, the impact of higher housing prices on land efficiency tends to be positive. One potential explanation for this phenomenon is that local governments are shortsighted in their focus on short run revenue generated from land expansion rather than on improving sustainable land management. Moreover, more limited housing price inflation promotes urban land use efficiency.
Journal: Applied Economics Letters
Pages: 1121-1124
Issue: 13
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1803476
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1803476
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:13:p:1121-1124




Template-Type: ReDIF-Article 1.0
Author-Name: Lei Lv
Author-X-Name-First: Lei
Author-X-Name-Last: Lv
Author-Name: Zhi-Xin Liu
Author-X-Name-First: Zhi-Xin
Author-X-Name-Last: Liu
Title: Low rates, zero lower bound and monetary policy black hole
Abstract: 
 This article provides an analytical characterization of the effects of supply shocks and demand shocks on the economy of long-term zero lower bound. We consider a tractable New Keynesian model with price stickiness and show that supply shocks will make the economy more tightening while demand shocks will make the economy more expansionary.
Journal: Applied Economics Letters
Pages: 1114-1120
Issue: 13
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1803475
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1803475
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:13:p:1114-1120




Template-Type: ReDIF-Article 1.0
Author-Name: Rangan Gupta
Author-X-Name-First: Rangan
Author-X-Name-Last: Gupta
Author-Name: Xin Sheng
Author-X-Name-First: Xin
Author-X-Name-Last: Sheng
Author-Name: Qiang Ji
Author-X-Name-First: Qiang
Author-X-Name-Last: Ji
Title: Movements in real estate uncertainty in the United States: the role of oil shocks
Abstract: 
 In this paper, we analyse the role played by disaggregated oil shocks in driving real estate uncertainty (REU) over the monthly period of 1975:02 to 2017:12, based on impulse response functions generated from the local projection method. We find that the oil-specific consumption demand shock is statistically the strongest predictor of higher future REU, followed by the significant negative impact from the aggregate supply shock, especially for long-run REU. While the oil inventory demand shock has a short-lived positive impact on REU, global economic activity shock virtually plays no role in driving the same. Our results have important implications for policymakers and investors.
Journal: Applied Economics Letters
Pages: 1059-1065
Issue: 13
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1796911
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1796911
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:13:p:1059-1065




Template-Type: ReDIF-Article 1.0
Author-Name: Yaping He
Author-X-Name-First: Yaping
Author-X-Name-Last: He
Author-Name: Kangning Xu
Author-X-Name-First: Kangning
Author-X-Name-Last: Xu
Title: Export bias related to its long-run equilibrium in China
Abstract: 
 This article investigated export bias related to its long-run equilibrium. By using the autoregressive distributed lag method, a dynamic econometric model was built to isolate export bias from its equilibrium. Using China’s dataset for 1982–2018, we found that export size deviated from its equilibrium level, and export bias accounted for a share of −22% to 35% of the equilibrium. Moreover, the results also confirmed that export size was cointegrated with the main explanatory variables, and export bias tended to fade in the long-run.
Journal: Applied Economics Letters
Pages: 1130-1136
Issue: 13
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1803478
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1803478
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:13:p:1130-1136




Template-Type: ReDIF-Article 1.0
Author-Name: Mateusz Tomal
Author-X-Name-First: Mateusz
Author-X-Name-Last: Tomal
Title: Analysing the coupling coordination degree of socio-economic-infrastructural development and its obstacles: the case study of Polish rural municipalities
Abstract: 
 This study examines the coordination level of socio-economic-infrastructural development and its obstacles in Polish rural municipalities. The research indicates that almost 90% of units are characterized by slightly unbalanced development. The main obstacles to local development in terms of social, economic and infrastructural aspects are low population density, the small number of large economic entities and the limited degree to which the municipalities are equipped with a gas network, respectively.
Journal: Applied Economics Letters
Pages: 1098-1103
Issue: 13
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1798341
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1798341
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:13:p:1098-1103




Template-Type: ReDIF-Article 1.0
Author-Name: David C. Kingsley
Author-X-Name-First: David C.
Author-X-Name-Last: Kingsley
Author-Name: Michael Ciuchta
Author-X-Name-First: Michael
Author-X-Name-Last: Ciuchta
Title: Self-serving bias across strategic and non-strategic dictator games with production
Abstract: 
 This paper investigates behaviour across strategic and non-strategic dictator games with a preceding production phase. In both treatments subjects remain paired and play a trust game immediately following the dictator game. In the strategic condition subjects are informed about the subsequent trust game, while in the non-strategic condition they are not. Dictators in our non-strategic condition display a self-serving bias. On the other hand, dictators in our strategic condition are more generous and display no self-serving bias. Despite the increased generosity, transfers and earnings in the trust game are lower in the strategic condition. Results suggest that generosity, perceived as having a strategic motivation, can undermine trust.
Journal: Applied Economics Letters
Pages: 1082-1086
Issue: 13
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1798338
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1798338
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:13:p:1082-1086




Template-Type: ReDIF-Article 1.0
Author-Name: Krzysztof Beck
Author-X-Name-First: Krzysztof
Author-X-Name-Last: Beck
Title: Migration and business cycles: testing the OCA theory predictions in the European union
Abstract: 
 The labour mobility is one of the main criteria of the optimum currency areas theory, that formed a basis for the business cycle synchronization research in the last 20 years. However, the link between migration and business cycle comovement has not been established previously due to the lack of data. Using the newly available database on bilateral migration flows, this article fills the gap in the existing literature. The results from the Bayesian model averaging of dynamic panels with weakly exogenous regressors show the existence of a strong link between bilateral migration and business cycle comovement. These results are in line with the predictions of the optimum currency areas theory. Moreover, the relative importance of migration flows is higher than others well-established determinants of business cycle synchronization. Consequently, the results show that the European Union is moving closer to becoming an optimum currency area.
Journal: Applied Economics Letters
Pages: 1087-1091
Issue: 13
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1798339
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1798339
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:13:p:1087-1091




Template-Type: ReDIF-Article 1.0
Author-Name: Weicheng Yang
Author-X-Name-First: Weicheng
Author-X-Name-Last: Yang
Author-Name: Wenjing Zhu
Author-X-Name-First: Wenjing
Author-X-Name-Last: Zhu
Author-Name: Xiao Yu
Author-X-Name-First: Xiao
Author-X-Name-Last: Yu
Title: Selling and buying rural lands after land titling? ——What factors lead to Chinese farmers’ wrong cognition
Abstract: 
 The article finds that a plenty of Chinese farmers hope to sell and buy rural lands freely after rural land titling, which does not accord with the current land policy and property rights law. The empirical model suggests that the individual’s view on land ownership, the situation of holding a land contract certificate, personal age, and health condition may lead to this wrong cognition.
Journal: Applied Economics Letters
Pages: 1137-1140
Issue: 13
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1803479
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1803479
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhicheng Xu
Author-X-Name-First: Zhicheng
Author-X-Name-Last: Xu
Author-Name: Tianshi Sun
Author-X-Name-First: Tianshi
Author-X-Name-Last: Sun
Title: The Siphon effects of transportation infrastructure on internal migration: evidence from China’s HSR network
Abstract: 
 This paper examines the impact of China’s High-Speed-Railway on internal migration. By exploiting the yearly variation in the city-pair connection, difference-in-differences estimation shows that HSR connection significantly promotes intercity migration. Furthermore, large cities have a huge siphon effect on small cities in terms of internal immigration after the HSR connection.
Journal: Applied Economics Letters
Pages: 1066-1070
Issue: 13
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1796913
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1796913
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:13:p:1066-1070




Template-Type: ReDIF-Article 1.0
Author-Name: Rajarshi Mitra
Author-X-Name-First: Rajarshi
Author-X-Name-Last: Mitra
Author-Name: Md. Thasinul Abedin
Author-X-Name-First: Md. Thasinul
Author-X-Name-Last: Abedin
Title: Population ageing and FDI inflows in OECD countries: a dynamic panel cointegration analysis
Abstract: 
 Although population ageing has been of major socio-economic concern in industrialized economies, hardly any attempt has been made to study the direct effects of a declining population on FDI inflows in OECD countries based on panel cointegration analysis. We investigate the short-run and long-run effects of population ageing on net FDI inflows (% of GDP) for 22 OECD countries over the period 1980–2017. The short-run effects are statistically insignificant; however, a significantly positive association between population ageing and net FDI inflows (% of GDP) is observed in the long-run. The results are robust across the two different measures of population ageing. The important policy implications are discussed.
Journal: Applied Economics Letters
Pages: 1071-1075
Issue: 13
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1796914
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1796914
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Template-Type: ReDIF-Article 1.0
Author-Name: Shichao Yang
Author-X-Name-First: Shichao
Author-X-Name-Last: Yang
Author-Name: Shancun Liu
Author-X-Name-First: Shancun
Author-X-Name-Last: Liu
Author-Name: Qingduo Zeng
Author-X-Name-First: Qingduo
Author-X-Name-Last: Zeng
Author-Name: Zhigang Zhang
Author-X-Name-First: Zhigang
Author-X-Name-Last: Zhang
Title: Following behaviour and predatory trading
Abstract: 
 We model the strategic interaction between the large investor and follower to explore the rationale of following behaviour and predatory trading. It is shown that the large investor behaves like a predator, and can prey on the follower with superior information. In addition, our study concludes that market liquidity and the informativeness of prices both increase with the precision of follower’s order signal.
Journal: Applied Economics Letters
Pages: 1125-1129
Issue: 13
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1803477
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1803477
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:13:p:1125-1129




Template-Type: ReDIF-Article 1.0
Author-Name: Alper Kara
Author-X-Name-First: Alper
Author-X-Name-Last: Kara
Author-Name: Nodirbek Karimov
Author-X-Name-First: Nodirbek
Author-X-Name-Last: Karimov
Author-Name: Anh Phuong Nguyen
Author-X-Name-First: Anh Phuong
Author-X-Name-Last: Nguyen
Title: Brexit referendum and the UK securitization market
Abstract: 
 We examined the perceived risk of Brexit referendum (BR) in the United Kingdom (UK) securitization market, using 1,021 securitized bonds issued between 2011 and 2018. We find an unexpected negative relationship between the BR outcome and the initial yield spreads of asset-backed securities (ABS), even after accounting for the downward-adjusted credit ratings in the post-BR period. We do not observe this effect on mortgage-backed securities (MBS). Our findings imply that investors diversified into ABS bonds under uncertainty in the post-BR period.
Journal: Applied Economics Letters
Pages: 1092-1097
Issue: 13
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1798340
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1798340
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:13:p:1092-1097




Template-Type: ReDIF-Article 1.0
Author-Name: Natércia Fortuna
Author-X-Name-First: Natércia
Author-X-Name-Last: Fortuna
Author-Name: António Neto
Author-X-Name-First: António
Author-X-Name-Last: Neto
Title: The impact of labour market institutions on income inequality: evidence from OECD countries
Abstract: 
 Using data from 35 OECD countries for the 1993–2017 period, this paper shows that stronger Labour Market Institutions (LMI), such as trade unions and bargaining coverage, contribute to a decrease in income inequality measured by the Gini coefficient. Additionally, there seems to be a positive interaction effect between unions and bargaining coverage. The marginal impact of trade unions (bargaining coverage) is enhanced by the presence of high levels of bargaining coverage (trade unions). Notwithstanding, this impact seems to be higher for bargaining coverage. On average, an increase in unions’ density (bargaining coverage) by 1% leads to an estimated decrease in inequality by 0.30% (0.35%), ceteris paribus.
Journal: Applied Economics Letters
Pages: 1110-1113
Issue: 13
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1803474
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1803474
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Template-Type: ReDIF-Article 1.0
Author-Name: Pejman Bahramian
Author-X-Name-First: Pejman
Author-X-Name-Last: Bahramian
Author-Name: Andisheh Saliminezhad
Author-X-Name-First: Andisheh
Author-X-Name-Last: Saliminezhad
Title: Revisiting purchasing power parity in the ASEAN-5 countries: evidence from the Fourier quantile unit root test
Abstract: 
 This study examines the long-run validity of purchasing power parity (PPP) through the Fourier quantile unit root test for a sample of ASEAN-5 countries. Using the aforementioned test, we can model structural breaks as a gradual and smooth process. The application of the conventional unit root tests provides conflicting results in support of the PPP hypothesis. However, the results of the Fourier quantile unit root test indicate that the real effective exchange rate series are stationary for Indonesia, the Philippines, Singapore, and Thailand.
Journal: Applied Economics Letters
Pages: 1104-1109
Issue: 13
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1803473
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1803473
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Template-Type: ReDIF-Article 1.0
Author-Name: Hamid NoghaniBehambari
Author-X-Name-First: Hamid
Author-X-Name-Last: NoghaniBehambari
Author-Name: Bitran Maden
Author-X-Name-First: Bitran
Author-X-Name-Last: Maden
Title: Unemployment insurance generosity and crime
Abstract: 
 Previous studies show that unemployment has a positive effect on crime rates; however, unemployment insurance (UI) benefits could mitigate these effects. Using county-level unemployment and crime data and taking advantage of the UI law changes across states and over time (1990–2016), we provide new evidence that the UI benefits act as a buffer against local labour market shocks. A one-standard-deviation increase in benefits is associated with 2.4% and 1.9% lower property and violent crime rates for a county at average unemployment.
Journal: Applied Economics Letters
Pages: 1076-1081
Issue: 13
Volume: 28
Year: 2021
Month: 07
X-DOI: 10.1080/13504851.2020.1798337
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1798337
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:13:p:1076-1081




Template-Type: ReDIF-Article 1.0
Author-Name: Lu Zhang
Author-X-Name-First: Lu
Author-X-Name-Last: Zhang
Author-Name: Jincai Li
Author-X-Name-First: Jincai
Author-X-Name-Last: Li
Author-Name: Huijuan Wang
Author-X-Name-First: Huijuan
Author-X-Name-Last: Wang
Title: Robin Hood or not: IPO overfunding and trade credit
Abstract: 
 This article studies the role of initial public offering (IPO) overfunding in the reallocation of resources from the view of trade credit. The results show that, in general, the degree of liquidity supplement from IPO overfunding is positively correlated with the trade credit provision. Trade credit acts as Robin Hood to help the reallocation of direct financing resources. In addition, this effect is more pronounced for companies with strong product-market power, or when economic uncertainty policy is higher.
Journal: Applied Economics Letters
Pages: 1152-1156
Issue: 14
Volume: 28
Year: 2021
Month: 08
X-DOI: 10.1080/13504851.2020.1803480
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1803480
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:14:p:1152-1156




Template-Type: ReDIF-Article 1.0
Author-Name: Todd Gabe
Author-X-Name-First: Todd
Author-X-Name-Last: Gabe
Title: Impacts of COVID-related capacity constraints on theme park attendance: evidence from Magic Kingdom wait times
Abstract: 
 This paper examines the impacts of COVID-related capacity constraints on attendance at the Magic Kingdom theme park. Results – based on analysis of about 325,000 attraction wait times recorded between 2014 and 2020 – show that operating at 25% of the park’s capacity would lead to a 54.1-percent reduction in estimated annual attendance, whereas a constraint of 50-percent capacity would lower annual attendance by 10.6%. COVID-related capacity constraints will likely decrease the revenue generated by theme parks and reduce visitation in regions where major theme parks are located.
Journal: Applied Economics Letters
Pages: 1222-1225
Issue: 14
Volume: 28
Year: 2021
Month: 08
X-DOI: 10.1080/13504851.2020.1804047
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1804047
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:14:p:1222-1225




Template-Type: ReDIF-Article 1.0
Author-Name: Halit Yanikkaya
Author-X-Name-First: Halit
Author-X-Name-Last: Yanikkaya
Author-Name: Hasan Karaboga
Author-X-Name-First: Hasan
Author-X-Name-Last: Karaboga
Author-Name: Abdullah Altun
Author-X-Name-First: Abdullah
Author-X-Name-Last: Altun
Title: Implications of participation in global value chains for international trade network
Abstract: 
 This paper investigates the relationship between participations of countries in Global Value Chains (GVCs) and their positions in the International Trade Network (ITN). Our estimates indicate that there is a strong relationship between the GVC participation and the network position of a country. We find that forward participation is associated with more clustered but fewer trade links, whereas backward participation is associated with less clustered but more trade links. We then interpret these results by expressing the background of value chains, and this provides us a clear understanding for the nexus between GVCs and ITN.
Journal: Applied Economics Letters
Pages: 1169-1173
Issue: 14
Volume: 28
Year: 2021
Month: 08
X-DOI: 10.1080/13504851.2020.1803483
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1803483
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:14:p:1169-1173




Template-Type: ReDIF-Article 1.0
Author-Name: Yi-Chen Lin
Author-X-Name-First: Yi-Chen
Author-X-Name-Last: Lin
Author-Name: Wen-Shuenn Deng
Author-X-Name-First: Wen-Shuenn
Author-X-Name-Last: Deng
Title: Does the Feldstein–Horioka relationship vary with economic policy uncertainty?
Abstract: 
 This research addresses the omitted-uncertainty bias and functional form misspecification problem when estimating the saving-investment relationship. We apply a semiparametric varying-coefficient cointegration approach to test for the presence of an ‘uncertainty-varying’ cointegrating relationship between savings and investment. Based on quarterly time series data for the U.S. from 1947Q1 to 2014Q4, we find that the saving-retention coefficient is a U-shaped function of economic policy uncertainty. This indicates that domestic investment is more constraint by domestic savings at very high and very low levels of uncertainty. Given the continued rise in economic policy uncertainty, our estimate predicts that domestic investment will become more constrained by domestic savings. Further sub-period analysis shows that the null hypothesis of the presence of an uncertainty-varying cointegrating relationship between savings and investment cannot be rejected in the recent sub-period of 1999Q1-2014Q4, suggesting that the U.S current account is sustainable.
Journal: Applied Economics Letters
Pages: 1187-1194
Issue: 14
Volume: 28
Year: 2021
Month: 08
X-DOI: 10.1080/13504851.2020.1804043
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1804043
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:14:p:1187-1194




Template-Type: ReDIF-Article 1.0
Author-Name: Arik Levinson
Author-X-Name-First: Arik
Author-X-Name-Last: Levinson
Title: America’s regressive wealth tax: state and local property taxes
Abstract: 
 Most taxes in the United States are levied on income flows, not capital stocks. One notable exception is state and local property taxes. This note documents their magnitude and regressivity. Property taxes account for more than 30% of state and local tax revenue, and amount to an effective wealth tax rate of 0.86% on the assets of the median US homeowner. The effective property-wealth tax rates are highest for younger, lower-income homeowners.
Journal: Applied Economics Letters
Pages: 1234-1238
Issue: 14
Volume: 28
Year: 2021
Month: 08
X-DOI: 10.1080/13504851.2020.1807458
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1807458
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:14:p:1234-1238




Template-Type: ReDIF-Article 1.0
Author-Name: Hao Chen
Author-X-Name-First: Hao
Author-X-Name-Last: Chen
Author-Name: Bo Yuan
Author-X-Name-First: Bo
Author-X-Name-Last: Yuan
Author-Name: Qi Cui
Author-X-Name-First: Qi
Author-X-Name-Last: Cui
Title: Does the pilot free trade zone policy attract the entering of foreign-invested enterprises? The evidence from China
Abstract: 
 As an essential policy experiment initiated by the Chinese government, the pilot free trade zone (FTZ) policy aims to attract foreign investment and accelerate China’s economic growth. However, its full effects on the entering of foreign-investment enterprises are still inadequately understood. This article, employing the panel data of China’s prefecture-level cities from 2009 to 2017, empirically examines the effects of the pilot FTZs on attracting the entering of foreign-invested enterprises with a difference-in-difference (DID) regression. With a parallel trend test, the results disclose that the pilot FTZs can significantly attract the entering of foreign-invested enterprises. The yearly number of newly-registered foreign-invested enterprises can increase by over 90% if the city enforces the pilot FTZ policy. Besides, the heterogeneous effects of pilot FTZs are analysed, unveiling that the cities with implementation of the Special Economic Zone policy in earlier years would have much larger effects. In particular, the recently established pilot FTZs appear to have insignificant effects on attracting the entering of foreign-invested enterprises, probably due to the time-lag effects on the implementation of the FTZ policy and the progressive perfecting of supportive policies.
Journal: Applied Economics Letters
Pages: 1162-1168
Issue: 14
Volume: 28
Year: 2021
Month: 08
X-DOI: 10.1080/13504851.2020.1803482
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1803482
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Template-Type: ReDIF-Article 1.0
Author-Name: Dong Cheng
Author-X-Name-First: Dong
Author-X-Name-Last: Cheng
Author-Name: Jian Yu
Author-X-Name-First: Jian
Author-X-Name-Last: Yu
Author-Name: Hanyuan Zhang
Author-X-Name-First: Hanyuan
Author-X-Name-Last: Zhang
Title: Exporting and electricity consumption: new microeconomic evidence from manufacturing firms in China
Abstract: 
 We investigate the relationship between firm exporting and energy consumption using newly matched manufacturing data from China. We reconfirm that exporting is negatively correlated with electricity consumption. Moreover, we document novel evidence that foreign exporters consume more electricity than domestic exporters, which supports the pollution haven hypothesis.
Journal: Applied Economics Letters
Pages: 1226-1233
Issue: 14
Volume: 28
Year: 2021
Month: 08
X-DOI: 10.1080/13504851.2020.1805098
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1805098
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Template-Type: ReDIF-Article 1.0
Author-Name: Hai-Yun Ren
Author-X-Name-First: Hai-Yun
Author-X-Name-Last: Ren
Author-Name: Ching-Chi Hsu
Author-X-Name-First: Ching-Chi
Author-X-Name-Last: Hsu
Author-Name: Gen-Fu Feng
Author-X-Name-First: Gen-Fu
Author-X-Name-Last: Feng
Author-Name: Jing Jia
Author-X-Name-First: Jing
Author-X-Name-Last: Jia
Author-Name: Wei-Che Tsai
Author-X-Name-First: Wei-Che
Author-X-Name-Last: Tsai
Title: The impacts of internal capital allocation efficiency on R&D investments: evidence from China
Abstract: 
 This research utilizes hand-collected data on business groups’ pyramidal equity structure to examine the impacts of internal capital markets on research and development (R&D) investments in China. Empirical findings show that the allocation efficiency of the internal capital market positively correlates with R&D investments. We further provide evidence of a U-shape relationship between pyramidal layers and R&D investments for state-owned business groups. For non-state-owned business groups, however, there is an opposite impact pattern on the relation between internal capital markets and R&D investments.
Journal: Applied Economics Letters
Pages: 1195-1201
Issue: 14
Volume: 28
Year: 2021
Month: 08
X-DOI: 10.1080/13504851.2020.1804044
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1804044
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:14:p:1195-1201




Template-Type: ReDIF-Article 1.0
Author-Name: Suraj Kumar
Author-X-Name-First: Suraj
Author-X-Name-Last: Kumar
Author-Name: Krishna Prasanna
Author-X-Name-First: Krishna
Author-X-Name-Last: Prasanna
Title: Liquidity commonality on National Stock Exchange: size and sector effect
Abstract: 
 This study investigates the sources of liquidity commonality in an emerging Asian market. Specifically, the demand side and supply side factors were tested in an order-driven Indian stock market. The results indicate that growth in the industrial production and bank credit reflecting the supply side variables are found to have significant influence on liquidity commonality. However, compare to the supply side, demand side factors reflecting the trading behaviour of domestic and foreign institutional investors exhibited higher influence. Study has further extended the literature by investigating the size and sectorial effects and found heterogeneous impact on commonality.
Journal: Applied Economics Letters
Pages: 1208-1221
Issue: 14
Volume: 28
Year: 2021
Month: 08
X-DOI: 10.1080/13504851.2020.1804046
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1804046
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:14:p:1208-1221




Template-Type: ReDIF-Article 1.0
Author-Name: Kang Hua Cao
Author-X-Name-First: Kang Hua
Author-X-Name-Last: Cao
Author-Name: Qiqi Li
Author-X-Name-First: Qiqi
Author-X-Name-Last: Li
Author-Name: Yun Liu
Author-X-Name-First: Yun
Author-X-Name-Last: Liu
Author-Name: Chi-Keung Woo
Author-X-Name-First: Chi-Keung
Author-X-Name-Last: Woo
Title: Covid-19’s adverse effects on a stock market index
Abstract: 
 We perform a panel data analysis of 14 daily stock market indices during 01/21/2020 – 06/30/2020 to document a stock market index’s negative responsiveness to Covid-19’s spread variations. We find that a stock market index’s elasticity estimate is −0.028 (p-value <0.01) for local cumulative confirmed cases. As a stock market index tends to move with Covid-19’s local and non-local spreads, international efforts of containment are expected to pare stock market losses.
Journal: Applied Economics Letters
Pages: 1157-1161
Issue: 14
Volume: 28
Year: 2021
Month: 08
X-DOI: 10.1080/13504851.2020.1803481
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1803481
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:14:p:1157-1161




Template-Type: ReDIF-Article 1.0
Author-Name: Jarle Aarstad
Author-X-Name-First: Jarle
Author-X-Name-Last: Aarstad
Author-Name: Olav Andreas Kvitastein
Author-X-Name-First: Olav Andreas
Author-X-Name-Last: Kvitastein
Title: An unexpected external shock and enterprises’ innovation performance
Abstract: 
 Previous research has shown that competition can affect innovation, but we do not know if an unexpected external economic shock, as it decreases demand that increases competition, also affects innovation. Responding to this knowledge gap, we study Norwegian enterprises before and after the sudden and unexpected price decline of crude oil by the midyear of 2014. In some regions, due to their dependency on the petroleum sector, it strongly affected enterprises operating across many industries, while other regions were practically unaffected. Among enterprises that were innovative before the decline, we find a borderline significant inverted U-relationship between regional oil dependency before the decline and enterprises’ product innovation performance after the decline. Among enterprises that were not innovative before the decline, we find a robust significant positive linear relationship. The results can be a function of increased competition but particularly concerning the latter finding also better access to resources released in affected regions.
Journal: Applied Economics Letters
Pages: 1245-1248
Issue: 14
Volume: 28
Year: 2021
Month: 08
X-DOI: 10.1080/13504851.2020.1814942
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1814942
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Template-Type: ReDIF-Article 1.0
Author-Name: Radoslav Delina
Author-X-Name-First: Radoslav
Author-X-Name-Last: Delina
Author-Name: Renata Olejarova
Author-X-Name-First: Renata
Author-X-Name-Last: Olejarova
Title: Evidence-based analysis: the success factors of a new competitor entering the negotiation in B2B e-procurement
Abstract: 
 The paper is providing a unique insight into the increased B2B competition answering the question what are the predictors of the new competitor´s success, using empirical research on large comprehensive real procurement data set, validating and enhancing the qualitative research within the mentioned studies. The research based on the logistic regression and CHAID decision tree showed the following outcomes: (1) competition environment with a successful new competitor does not generate higher competitive pressure and does not bring significant additional savings against the competition with an unsuccessful new competitor; (2) the most crucial factors determining the winning of the new competitor are the number of new competitors with its ratio and transparency of competition. This model reveals the importance of transparency in a competition where a higher transparent environment pushes frequent competitors to more intensive competition leading to their higher success rate. Low transparency in the competition within the B2B supply chain reduces the competitive behaviour of frequent competitors leading to a higher success rate of a new competitor to win the contract.
Journal: Applied Economics Letters
Pages: 1239-1244
Issue: 14
Volume: 28
Year: 2021
Month: 08
X-DOI: 10.1080/13504851.2020.1808164
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1808164
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Template-Type: ReDIF-Article 1.0
Author-Name: Leonardo J. Maldonado
Author-X-Name-First: Leonardo J.
Author-X-Name-Last: Maldonado
Title: Decomposing the gender pay gap in the formal sector in Venezuela: a microdata analysis 1985–2015
Abstract: 
 This note explores the presence of a gender pay gap in Venezuela. Using household surveys between 1985 and 2015, I test for gender disparity on wages in the formal sector. Firstly, I use a dummy variable technique in Ordinary Least Squares regression and quantile regressions. Secondly, I apply a two-fold decomposition approach following Blinder-Oaxaca, Cotton, and pooled model assumptions. Finally, I decompose the differences in distribution using quantile regressions. The main finding suggests a significant gender pay gap. On average, women earn about 21% less than men, and this inequality is more evident in 2015 for low quantiles.
Journal: Applied Economics Letters
Pages: 1145-1151
Issue: 14
Volume: 28
Year: 2021
Month: 08
X-DOI: 10.1080/13504851.2020.1784830
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1784830
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Template-Type: ReDIF-Article 1.0
Author-Name: Prasenjit Chakrabarti
Author-X-Name-First: Prasenjit
Author-X-Name-Last: Chakrabarti
Title: Co-movement of volatility risk premium: evidence from single stock options market in India
Abstract: 
 This study investigates the existence of commonality of volatility risk premium in the index and individual stock options. Using data from the National Stock Exchange (NSE) India, the study finds that the commonality relationship is both economically and statistically significant. The commonality relationship is robust, even after including the market-specific and stock-specific factors.
Journal: Applied Economics Letters
Pages: 1181-1186
Issue: 14
Volume: 28
Year: 2021
Month: 08
X-DOI: 10.1080/13504851.2020.1803485
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1803485
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Template-Type: ReDIF-Article 1.0
Author-Name: Bikramaditya Ghosh
Author-X-Name-First: Bikramaditya
Author-X-Name-Last: Ghosh
Author-Name: Dimitris Kenourgios
Author-X-Name-First: Dimitris
Author-X-Name-Last: Kenourgios
Author-Name: Antony Francis
Author-X-Name-First: Antony
Author-X-Name-Last: Francis
Author-Name: Suman Bhattacharyya
Author-X-Name-First: Suman
Author-X-Name-Last: Bhattacharyya
Title: How well the log periodic power law works in an emerging stock market?
Abstract: 
 A growing body of research work on Log Periodic Power Law (LPPL) tries to predict market bubbles and crashes. Mostly, the fitment parameters remain conﬁned within certain specific ranges. This paper examines these claims and the robustness of the reformulated LPPL model of Filimonov & Sornette (2013) for capturing large falls in the S&P BSE Sensex, an Indian heavyweight index over the period 2000–2019. Thirty-five mid to large-sized crashes are identified during this period, forming a clear LPPL signature. This confirms the possibility to predict the embedded risk of future uncertain events in the Indian stock market with the LPPL approach.
Journal: Applied Economics Letters
Pages: 1174-1180
Issue: 14
Volume: 28
Year: 2021
Month: 08
X-DOI: 10.1080/13504851.2020.1803484
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1803484
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Template-Type: ReDIF-Article 1.0
Author-Name: Kunal Saha
Author-X-Name-First: Kunal
Author-X-Name-Last: Saha
Author-Name: Vinodh Madhavan
Author-X-Name-First: Vinodh
Author-X-Name-Last: Madhavan
Author-Name: G. R. Chandrashekhar
Author-X-Name-First: G. R.
Author-X-Name-Last: Chandrashekhar
Title: Relative efficiency of equity ETFs: an adaptive market hypothesis perspective
Abstract: 
 In light of the growing prominence of passive investment schemes in general and Exchange Traded Funds (ETFs) in particular, this study examines the relative efficiency of domestic equity index ETFs across the globe from an Adaptive Market Hypothesis perspective. To be specific, we examine the relative efficiency of equity ETFs pertaining to Australia, Canada, China, Eurozone, France, Germany, India, Japan, UK and USA. We do so by employing rolling estimations of inherent long memory in these financial time series. Our findings indicate the presence of episodic long memory or anti-persistence in the first and second moments of these ETFs and their underlying indices. Put differently, the efficiency of ETFs and their underlying indices were found to be dynamic in nature. While our findings lend credence to Adaptive Market Hypothesis, they also (a) pinpoint the need for policy prescriptions geared towards diversifying investor base, and (b) call into question the past assertions that markets are becoming more efficient over time.
Journal: Applied Economics Letters
Pages: 1202-1207
Issue: 14
Volume: 28
Year: 2021
Month: 08
X-DOI: 10.1080/13504851.2020.1804045
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1804045
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Template-Type: ReDIF-Article 1.0
Author-Name: Shakil Quayes
Author-X-Name-First: Shakil
Author-X-Name-Last: Quayes
Title: An analysis of the mission drift in microfinance
Abstract: 
 With the expansion in the microfinance industry and an increase in the number of microfinance institutions (MFIs), there is some apprehension that MFIs may be deviating from their mission of catering to the poor, in an effort to augment their profitability. This mission drift would typically manifest in a reduction in allocation of credit to the poor (depth of outreach) and to women. Using a sample of 1591 MFIs over a sixteen-year period, this study shows empirical evidence of a general increase in depth of outreach and no reduction in outreach to women over time, refuting claims of mission drift.
Journal: Applied Economics Letters
Pages: 1310-1316
Issue: 15
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1813240
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1813240
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Template-Type: ReDIF-Article 1.0
Author-Name: Philip Hans Franses
Author-X-Name-First: Philip Hans
Author-X-Name-Last: Franses
Title: Testing for bias in forecasts for independent binary outcomes
Abstract: 
 This letter deals with a test on forecast bias in predicting independent binary outcomes, where the outcomes are either 1 or 0, and the predictions are probabilities. The test concerns two parameter restrictions in a simple logit model. Size-corrected power experiments show remarkable power.
Journal: Applied Economics Letters
Pages: 1336-1338
Issue: 15
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1838429
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1838429
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:15:p:1336-1338




Template-Type: ReDIF-Article 1.0
Author-Name: Anthony Murray
Author-X-Name-First: Anthony
Author-X-Name-Last: Murray
Title: Millennials and the alcohol industry: expenditure variations among generations
Abstract: 
 This paper explores the relationship age cohorts, or generations, have had with regards to alcohol expenditure over time. Articles from popular publications claim Millennials are ‘killing’ the alcohol industry due to their lack of consumption, but provide little empirical analysis of any academic rigour to make such claims. These claims do matter, as they have implications for the alcohol industry itself as well as investors and policymakers. This paper uses four cross-sectional decadal datasets spanning from 1986 to 2016 from the Bureau of Labour Statistics Consumer Expenditure Interview Survey (CEX) to determine the validity of these claims, while controlling for factors such as income, expenditures, and demographics. The question being explored is, ceteris paribus, does the Millennial generational expenditure on alcohol differ from previous generations? Left-censored Tobit I models indicate that Millennials spend more on alcohol than previous generations, contradicting the claims of these articles. Following the regression analysis is a discussion of the results and their implications.
Journal: Applied Economics Letters
Pages: 1277-1282
Issue: 15
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1808569
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1808569
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:15:p:1277-1282




Template-Type: ReDIF-Article 1.0
Author-Name: Huwei Wen
Author-X-Name-First: Huwei
Author-X-Name-Last: Wen
Author-Name: Yinghao Xu
Author-X-Name-First: Yinghao
Author-X-Name-Last: Xu
Author-Name: Kuashi Zou
Author-X-Name-First: Kuashi
Author-X-Name-Last: Zou
Title: Impact of industry association on the innovation of small and micro enterprises
Abstract: 
 Employing OLS, GIVE and propensity score-matching (PSM) methods, this study investigates the impact of industry association on the innovation of small and micro enterprises. Using a survey of China micro and small enterprises (CMES), we find that industry association significantly and positively affects the innovative behaviour of small and micro enterprises, and political connection can enhance the innovative effect of industry association. Enterprises with specific advantages and entrepreneurs with strong innovation awareness and high human capital are likely to be an industry association member. Despite certain discriminations for micro firms, industry association welcomes innovative entrepreneurs and promotes the innovation of its members.
Journal: Applied Economics Letters
Pages: 1259-1263
Issue: 15
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1808167
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1808167
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:15:p:1259-1263




Template-Type: ReDIF-Article 1.0
Author-Name: Yassine Bakkar
Author-X-Name-First: Yassine
Author-X-Name-Last: Bakkar
Author-Name: Rachatar Nilavongse
Author-X-Name-First: Rachatar
Author-X-Name-Last: Nilavongse
Author-Name: Anup Kumar Saha
Author-X-Name-First: Anup Kumar
Author-X-Name-Last: Saha
Title: Spillovers of the US real and financial uncertainty on the Euro area
Abstract: 
 We study the spillovers of US real uncertainty and financial uncertainty shocks on Euro area economic activity in an SVAR framework. We find that a rise in US real or financial uncertainty triggers a decline in industrial production and an increase in credit spreads in the Euro area. The adverse effects of financial uncertainty shocks on Euro area industrial production are larger than those stemming from real uncertainty shocks (−0.8% versus −0.4%) due to a larger extent of financial friction. The contribution of US financial uncertainty shocks, vis-à-vis US real uncertainty shocks, to the Euro area is quantitatively more important.
Journal: Applied Economics Letters
Pages: 1249-1258
Issue: 15
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1808166
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1808166
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:15:p:1249-1258




Template-Type: ReDIF-Article 1.0
Author-Name: Yongkil Ahn
Author-X-Name-First: Yongkil
Author-X-Name-Last: Ahn
Title: The default and liquidity premia of corporate bonds: evidence from the trade reporting and compliance engine
Abstract: 
 This study combines information in the Trade Reporting and Compliance Engine (TRACE), the most extensive bond database, with other fixed income data sets in order to quantify the default and liquidity premia in a reduced form framework at the bond level. The results show that the default premium is two to three times as large as the liquidity premium, and the liquidity term structure is not decreasing in the time to maturity.
Journal: Applied Economics Letters
Pages: 1271-1276
Issue: 15
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1808169
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1808169
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:15:p:1271-1276




Template-Type: ReDIF-Article 1.0
Author-Name: Fahd Boundi Chraki
Author-X-Name-First: Fahd
Author-X-Name-Last: Boundi Chraki
Title: Testing the relationship between real effective exchange rate and absolute cost advantage. A dynamic panel GMM analysis from NAFTA
Abstract: 
 This research aims to test the nexus between real effective exchange rates and absolute cost advantage for the North American Free Trade Agreement (NAFTA) between 1995 and 2014. By using the dynamic panel generalized method of moments (GMM), the findings show that the manufacturing sectors’ competitiveness is positively associated with the decrease in unit production costs and negatively related to the increase in the intrasectoral profitability gap.
Journal: Applied Economics Letters
Pages: 1332-1335
Issue: 15
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1814941
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1814941
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:15:p:1332-1335




Template-Type: ReDIF-Article 1.0
Author-Name: Zuobao Wang
Author-X-Name-First: Zuobao
Author-X-Name-Last: Wang
Author-Name: Jing Sun
Author-X-Name-First: Jing
Author-X-Name-Last: Sun
Title: Has recent economic growth/recession in Brazil been pro-poor?
Abstract: 
 This paper evaluates whether recent economic growth/recession in Brazil was pro-poor during the period of 2006–2016 and compares the boom and recession periods. The results show that in boom periods, the growth in Brazil is pro-poor but not pro-ultrapoor. While the recession is anti-poor especially anti-ultrapoor and such worsened inequality dominates the increasing trend of poverty in Brazil.
Journal: Applied Economics Letters
Pages: 1317-1320
Issue: 15
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1813241
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1813241
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Template-Type: ReDIF-Article 1.0
Author-Name: Edward Joseph Kelley
Author-X-Name-First: Edward Joseph
Author-X-Name-Last: Kelley
Title: Buying the hype? Assessing the impact of top-drafted rookies on spectator attendance in the NBA
Abstract: 
 Recent sports economics literature has focused on ‘superstar effects,’ or the independent impact of certain exceptional players on fan attendance at live events. This paper investigates the effect of top-drafted rookies on game attendance in the National Basketball Association from the 2012–13 through 2018–19 seasons. Hypothesizing that the nature of modern basketball could lend unique popularity to top draft picks during their rookie seasons, I find that the presence of top-ten draftees on both home and visiting teams is associated with average increases between 150 and 190 spectators per game throughout the second half of their rookie seasons. These marginal effects are statistically indistinguishable from the impact of an additional All-Star player on the visiting team. Unlike previous work, the censored regression model used in this paper accounts for teams’ use of standing room to generate attendance beyond their listed arena capacities, a relevant consideration in over a quarter of the 8,594-game sample.
Journal: Applied Economics Letters
Pages: 1306-1309
Issue: 15
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1809628
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1809628
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:15:p:1306-1309




Template-Type: ReDIF-Article 1.0
Author-Name: Mingyong Hong
Author-X-Name-First: Mingyong
Author-X-Name-Last: Hong
Author-Name: Wenjie Zhang
Author-X-Name-First: Wenjie
Author-X-Name-Last: Zhang
Title: Industrial structure upgrading, urbanization and urban-rural income disparity: evidence from China
Abstract: 
 This study examines the influence of industrial structure upgrading in China on urban-rural income disparity. Using panel data from 30 provinces with the empirical analysis methodology, we find that, during 2013 and 2018, industrial structure upgrading in China plays a significantly positive role in narrowing urban-rural income disparity. By the mechanism analysis, we find that urbanization rate is an intermediary variable which affects this causation. Further, urbanization in industrial structure upgrading for the influence of narrowing rural-urban income disparity existing in threshold effects, and threshold levels present a regional difference. Using the urban-rural consumption gap as the proxy variable of income gap, the result is still stable.
Journal: Applied Economics Letters
Pages: 1321-1326
Issue: 15
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1813244
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1813244
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:15:p:1321-1326




Template-Type: ReDIF-Article 1.0
Author-Name: Emmanuel Apergis
Author-X-Name-First: Emmanuel
Author-X-Name-Last: Apergis
Author-Name: Nicholas Apergis
Author-X-Name-First: Nicholas
Author-X-Name-Last: Apergis
Title: Inflation expectations, volatility and Covid-19: evidence from the US inflation swap rates
Abstract: 
 The goal of this work is to explore the role of the Covid-19 pandemic event in the course of inflation expectations and their volatility through US inflation swap rates. The findings document that inflation expectations and their volatility are positively affected by the Covid-19 pandemic. These results have real activity implications, while close monitoring of inflation expectations could signal inflation expectations un-anchoring risks.
Journal: Applied Economics Letters
Pages: 1327-1331
Issue: 15
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1813245
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1813245
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:15:p:1327-1331




Template-Type: ReDIF-Article 1.0
Author-Name: Lucas Marc Fuhrer
Author-X-Name-First: Lucas Marc
Author-X-Name-Last: Fuhrer
Author-Name: Thomas Nitschka
Author-X-Name-First: Thomas
Author-X-Name-Last: Nitschka
Author-Name: Dan Wunderli
Author-X-Name-First: Dan
Author-X-Name-Last: Wunderli
Title: Central bank reserves and bank lending spreads
Abstract: 
 Since the financial crisis, central bank reserves in the financial system have increased considerably and nowadays represent a significant part of banks’ total assets. We provide empirical evidence that an increase in reserves lowers banks’ lending spreads, i.e. interest rates relative to maturity-matched risk-free rates. Consequently, our analysis shows that central banks can affect bank lending conditions not only by changing the policy rate but also via the quantity of reserves.
Journal: Applied Economics Letters
Pages: 1301-1305
Issue: 15
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1809627
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1809627
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:15:p:1301-1305




Template-Type: ReDIF-Article 1.0
Author-Name: Dennis W. Jansen
Author-X-Name-First: Dennis W.
Author-X-Name-Last: Jansen
Author-Name: Liqun Liu
Author-X-Name-First: Liqun
Author-X-Name-Last: Liu
Author-Name: Andrew J. Rettenmaier
Author-X-Name-First: Andrew J.
Author-X-Name-Last: Rettenmaier
Title: Coronavirus economics: the impact of shutting down meatpacking plants
Abstract: 
 Motivated by the observed beef and livestock market impacts of coronavirus-caused meatpacking plant shutdowns, this paper constructs a theoretical model to study the effects of closures among downstream producers on both consumers and upstream producers. It analyzes the pre-shock long-run equilibrium, the effects of firm shutdowns among the downstream producers, the effects of government subsidies, and the new long-run equilibrium if the underlying cause for firm shutdowns persists.
Journal: Applied Economics Letters
Pages: 1264-1270
Issue: 15
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1808168
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1808168
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:15:p:1264-1270




Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Apergis
Author-X-Name-First: Nicholas
Author-X-Name-Last: Apergis
Title: The role of fiscal policy in the link between income inequality and banking crises
Abstract: 
 This paper explores the link between income inequality and banking crises, when inequality is affected by fiscal policy. Using a two-stage probit least squares method and a panel of 21 countries, spanning the period 1971–2017, the findings indicate that inequality impacts the probability of banking crises through budget deficits, followed by government expenses.
Journal: Applied Economics Letters
Pages: 1283-1287
Issue: 15
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1808570
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1808570
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:15:p:1283-1287




Template-Type: ReDIF-Article 1.0
Author-Name: Terrie Louise Walmsley
Author-X-Name-First: Terrie Louise
Author-X-Name-Last: Walmsley
Author-Name: Adam Rose
Author-X-Name-First: Adam
Author-X-Name-Last: Rose
Author-Name: Dan Wei
Author-X-Name-First: Dan
Author-X-Name-Last: Wei
Title: Impacts on the U.S. macroeconomy of mandatory business closures in response to the COVID-19 Pandemic
Abstract: 
 We estimate the macroeconomic impacts of mandatory business closures in the U.S. and many other countries in order to control the spread of the COVID-19. The analysis is based on the application of a modified version of the GTAP model. We simulate mandatory closures in all countries or parts of countries that had imposed them as of 7 April for three-month and six-month cases. For the three-month scenario, we estimate a 20.3% decline of U.S. GDP on an annual basis, or $4.3 trillion. The employment decline of 22.4% in the U.S. for the three-month closure represents 35.2 million workers for that period. If the mandatory closures are extended to six months because of a second wave, these negative impacts would slightly more than double. The employment impacts are slightly greater in percentage terms than the GDP impacts because most service sectors, which are generally more labour-intensive, are more negatively impacted by the closures than are ‘essential’ sectors. Our results should be considered upper-bound estimates given such assumptions as businesses laying off workers no longer paying them wages or salaries. Note also that the article examines the mandatory closures alone and does not factor in any countervailing fiscal or monetary policies.
Journal: Applied Economics Letters
Pages: 1293-1300
Issue: 15
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1809626
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1809626
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Silva
Author-X-Name-First: Andrew
Author-X-Name-Last: Silva
Title: Unpaid internships and equality of opportunity: a pseudo-panel analysis of UN data
Abstract: 
 One of the most pressing arguments against unpaid internships is that they impose a barrier to upward economic mobility. Intern experience leads to better employment outcomes, yet only individuals from relatively advantaged backgrounds can afford an unpaid stint of 3 to 6 months, resulting in unequal access for individuals of more modest means. This could be particularly relevant in an international organization context, where individuals from a broad spectrum of nationalities are employed. Using a unique intern dataset, I test this hypothesis in a pseudo-panel linear probability model of paid versus unpaid internships, conditional on two proxies for equality of opportunity: parents education and developing country origin. I find that having more highly educated parents leads to a 30% higher chance of taking an unpaid internship, confirming the unequal access hypothesis; however, more surprisingly, I find that individuals from developing countries are much more likely to take an unpaid internship (75% higher) than their developed country counterparts. These results are robust to several different specifications, yet contradict cross-section OLS estimates, suggesting that the influence of unobserved time-invariant heterogeneity is substantial.
Journal: Applied Economics Letters
Pages: 1288-1292
Issue: 15
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1808571
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1808571
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:15:p:1288-1292




Template-Type: ReDIF-Article 1.0
Author-Name: Wongi Kim
Author-X-Name-First: Wongi
Author-X-Name-Last: Kim
Author-Name: Yeo Joon Yoon
Author-X-Name-First: Yeo Joon
Author-X-Name-Last: Yoon
Title: Trump tariffs and firm relief: winners and losers from the steel tariff exclusion request
Abstract: 
 The Trump administration introduced 25% tariffs on steel imports in March 2018. To minimize the adverse effects of these tariffs on downstream US producers who import steel products, the administration simultaneously introduced exclusion requests for tariff exemptions. In this paper, we investigate whether companies from states where Trump won the 2016 presidential election were more likely to receive tariff exemptions than were firms that applied for exemptions in non-Trump states. Our estimation result suggests that firms located in Trump states were more likely to be granted exemptions. In addition, firms with lower sales-to-employment ratios, a signal of lower efficiency, were more likely to have exclusion requests approved if they were from states where Trump won the election.
Journal: Applied Economics Letters
Pages: 1357-1362
Issue: 16
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1817301
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1817301
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:16:p:1357-1362




Template-Type: ReDIF-Article 1.0
Author-Name: Yoichi Tsuchiya
Author-X-Name-First: Yoichi
Author-X-Name-Last: Tsuchiya
Title: The predictive power of ECB’s interval forecasts over point forecasts
Abstract: 
 This study examines interval forecasts released by the European Central Bank (ECB). To investigate whether these projections provide additional information over midpoint forecasts, we use a regression approach considering the interval nature of projections. The spread of a 3-month-ahead inflation forecast of the ECB has additional information for over midpoint forecasts while that of longer-term forecasts had no additional information. This indicates that the spread of a 3-month-ahead inflation forecast is a good indicator of uncertainty. Moreover, our finding suggests that the spread of a 3-month-ahead inflation forecast complements other measures of uncertainty that are often associated with declines in economic activity for longer term.
Journal: Applied Economics Letters
Pages: 1413-1418
Issue: 16
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1820439
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1820439
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Template-Type: ReDIF-Article 1.0
Author-Name: Gihyun Kwak
Author-X-Name-First: Gihyun
Author-X-Name-Last: Kwak
Title: Financing Decision of High-tech SMEs in Korea: A Revisitation to Pecking Order Theory
Abstract: 
 The purpose of this study is to revisit the pecking order theory, one of the major theories in explaining financing decision of a firm in terms of high-tech SMEs. In particular, based on the theory of the financial growth cycle, which extended the theory, I aim to confirm how characteristics of a firm change the prediction of the theory. To this end, I modelled simultaneous decision-making on internal financing, external debt and external equity financing that existing studies did not reflect by suitable data and method. According to the results, only the size is relevant for the prediction of pecking order theory, but R&D expenditures and intangible assets ratio which are main characteristics of high-tech SMEs are not consistent with the prediction. As a policy suggestion, since the unique characteristics of high-tech SMEs make external equity financing preferred the most and it has a smaller decreasing marginal utility for business than other financial instruments, it is needed to foster access to external equity financing.
Journal: Applied Economics Letters
Pages: 1400-1406
Issue: 16
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1820437
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1820437
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesús Miguel Lasarte-López
Author-X-Name-First: Jesús Miguel
Author-X-Name-Last: Lasarte-López
Author-Name: Mariano Carbonero-Ruz
Author-X-Name-First: Mariano
Author-X-Name-Last: Carbonero-Ruz
Author-Name: Olexandr Nekhay
Author-X-Name-First: Olexandr
Author-X-Name-Last: Nekhay
Author-Name: María Luisa Rodero-Cosano
Author-X-Name-First: María Luisa
Author-X-Name-Last: Rodero-Cosano
Title: Why do regional economies behave differently? A modelling approach to analyse region-specific dynamics along the business cycle
Abstract: 
 Even though the evolution of regional economic activity is substantially explained by national/common economic shocks, regional economies can still engage in significant differential or divergent behaviours with regard to the national average across business cycles. In this article, we describe a modelling approach based on factor models that estimates differences in quarterly regional GDP levels and allows for the evaluation of the variables that best explain these differentials. To provide an example of the application of this approach, two Spanish regions are used: Andalusia and Catalonia.
Journal: Applied Economics Letters
Pages: 1391-1399
Issue: 16
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1820436
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1820436
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Template-Type: ReDIF-Article 1.0
Author-Name: Giovanni Cerulli
Author-X-Name-First: Giovanni
Author-X-Name-Last: Cerulli
Title: Improving econometric prediction by machine learning
Abstract: 
 We present a Machine Learning (ML) toolbox to predict targeted econometric outcomes improving prediction in two directions: (i) by cross–validated optimal tuning, (ii) by comparing/combining results from different learners (meta–learning). In predicting woman wage class based on her characteristics, we show that all our ML methods’ predictions highly outperform standard multinomial logit ones, both in terms of mean accuracy and its standard deviation. In particular, we set out that a regularized multinomial regression obtains an average prediction accuracy almost 60% larger than that of an unregularized one. Finally, as different learners may behave differently, we show that combining them into one ensemble learner proves to preserve good predictive accuracy lowering the variance more than stand-alone approaches.
Journal: Applied Economics Letters
Pages: 1419-1425
Issue: 16
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1820939
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1820939
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Template-Type: ReDIF-Article 1.0
Author-Name: Friedhelm Pfeiffer
Author-X-Name-First: Friedhelm
Author-X-Name-Last: Pfeiffer
Author-Name: Holger Stichnoth
Author-X-Name-First: Holger
Author-X-Name-Last: Stichnoth
Title: Fiscal and individual rates of return to university education with and without graduation
Abstract: 
 Based on a detailed model of the German tax-benefit system, this paper simulates private and fiscal returns to education for college graduates and college dropouts.
Journal: Applied Economics Letters
Pages: 1432-1435
Issue: 16
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1855299
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1855299
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Template-Type: ReDIF-Article 1.0
Author-Name: Siti Nurazira Mohd Daud
Author-X-Name-First: Siti Nurazira
Author-X-Name-Last: Mohd Daud
Author-Name: Abd Halim Ahmad
Author-X-Name-First: Abd Halim
Author-X-Name-Last: Ahmad
Author-Name: Wan Azman Saini Wan Ngah
Author-X-Name-First: Wan Azman Saini Wan
Author-X-Name-Last: Ngah
Title: Financialization, digital technology and income inequality
Abstract: 
 This paper investigates the impact of digital technology on the relationship between financialization and income inequality of 54 countries from 2010 to 2015. The results show that financialization and digital technology widen the income inequality gap. Therefore, policies should be centred primarily on eliminating obstacles and developing innovative products that focus on solutions to the low-income consumer problem and those who have been marginalized.
Journal: Applied Economics Letters
Pages: 1339-1343
Issue: 16
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1808165
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1808165
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Template-Type: ReDIF-Article 1.0
Author-Name: Huabing Wang
Author-X-Name-First: Huabing
Author-X-Name-Last: Wang
Author-Name: Anne Macy
Author-X-Name-First: Anne
Author-X-Name-Last: Macy
Title: Oil price forecasts and security analysts: evidence from the oil industry
Abstract: 
 This study examines the relation between the U.S. Energy Information Administration (EIA) oil forecasts and analyst earnings forecasts for oil firms. Analyst forecast biases (revisions) are positively related to EIA oil forecast biases (revisions) but only for firms with greater analyst coverage. For these firms, we also document a positive association between analyst revisions and future oil prices. This association becomes insignificant after the introduction of concurrent EIA oil forecast revisions, suggesting that security analysts might not possess incremental information on future oil prices.
Journal: Applied Economics Letters
Pages: 1407-1412
Issue: 16
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1820438
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1820438
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Template-Type: ReDIF-Article 1.0
Author-Name: Dan Wang
Author-X-Name-First: Dan
Author-X-Name-Last: Wang
Author-Name: Wei-Qiang Huang
Author-X-Name-First: Wei-Qiang
Author-X-Name-Last: Huang
Title: Forecasting macroeconomy using Granger-causality network connectedness
Abstract: 
 The connectedness among financial institutions reflects potential channels for risk contagion and the amplification of risk to the financial system that can also propagate into the real economy. This study investigates the predictive power of financial network connectedness for macroeconomy. We highlight the connectedness by quantifying the effects of risk transmission among financial institutions in Granger-causality networks. The aggregate macroeconomy is viewed as a proxy for economic activity and is extracted from several monthly single macroeconomic variables by principal component analysis. We use the n-month-ahead multivariate predictive regressions to explore the predictive power of the connectedness and test whether the predictive ability is robust. The results show that after controlling for a number of factors, an increase in network connectedness among Chinese financial institutions strongly and stably predicts higher Chinese economic activity about four to twelve (except for five) months into the future.
Journal: Applied Economics Letters
Pages: 1363-1370
Issue: 16
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1817302
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1817302
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:16:p:1363-1370




Template-Type: ReDIF-Article 1.0
Author-Name: Nisreen Moosa
Author-X-Name-First: Nisreen
Author-X-Name-Last: Moosa
Author-Name: Vikash Ramiah
Author-X-Name-First: Vikash
Author-X-Name-Last: Ramiah
Author-Name: Vijay Pereira
Author-X-Name-First: Vijay
Author-X-Name-Last: Pereira
Title: A plausible explanation for the negative correlation between environmental degradation and healthcare expenditure
Abstract: 
 This article provides a plausible explanation for the seemingly counterintuitive observation that healthcare expenditure can be negatively correlated with environmental degradation, measured by CO2 emissions. A mathematical proof is presented to demonstrate that the relation between expenditure and degradation may be positive or negative, depending on the position of the underlying country or region on the environmental Kuznets curve. This proposition is confirmed by a diagrammatic exposition and a simulation exercise.
Journal: Applied Economics Letters
Pages: 1377-1381
Issue: 16
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1817843
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1817843
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:16:p:1377-1381




Template-Type: ReDIF-Article 1.0
Author-Name: Dweepobotee Brahma
Author-X-Name-First: Dweepobotee
Author-X-Name-Last: Brahma
Author-Name: Debasri Mukherjee
Author-X-Name-First: Debasri
Author-X-Name-Last: Mukherjee
Title: Infant malnutrition, clean-water access and government interventions in India: a machine learning approach towards causal inference
Abstract: 
 We use a debiased Machine Learning technique to explore causes behind infant malnutrition for households below-poverty-line in India and examine effectiveness of various government interventions along with other factors. Our analysis reveals that access to clean water is one of the most crucial issues to focus on.
Journal: Applied Economics Letters
Pages: 1426-1431
Issue: 16
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1822507
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1822507
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Template-Type: ReDIF-Article 1.0
Author-Name: Evgeny V. Popov
Author-X-Name-First: Evgeny V.
Author-X-Name-Last: Popov
Author-Name: Viktoria L. Simonova
Author-X-Name-First: Viktoria L.
Author-X-Name-Last: Simonova
Author-Name: Oxana V. Komarova
Author-X-Name-First: Oxana V.
Author-X-Name-Last: Komarova
Title: The regional and substantial differentiation of social media
Abstract: 
 Social media represent an integral part of the modern economy. They contribute to the generation of knowledge and help improve innovation, forming new markets and entrepreneurial systems. The aim of this paper is to analyse the social media market by identifying the features of its development. It also highlights the trends in the regional and substantial differentiation of social media. The regional differentiation of social media markets is manifested as the development of global markets represented by the largest companies such as Facebook, Instagram and YouTube, as well as the formation of local national markets formed by the social networks of VKontakte, Youku and others. Countries such as China and Russia are particularly interested in the development of social media and they are actively engaged in the development of national social networks and Internet resources. A significant trend in the development of social networks involves substantial differentiation due to the development of highly specialized social media websites. These trends have led to the formation of new entrepreneurial ecosystems, developmental strategies for Internet companies, as well as the use of social media as channels for the promotion of products and enhancing brands.
Journal: Applied Economics Letters
Pages: 1386-1390
Issue: 16
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1820435
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1820435
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Template-Type: ReDIF-Article 1.0
Author-Name: Demosthenes Tambakis
Author-X-Name-First: Demosthenes
Author-X-Name-Last: Tambakis
Title: A Markov chain measure of systemic banking crisis frequency
Abstract: 
 This study nests historical evidence for credit growth-fuelled financial instability in a two-state nonhomogeneous Markov chain with logistic crisis incidence. A long-run frequency measure is defined and calibrated for 17 advanced economies from 1870 to 2016. It is found that historical (implied) crisis frequencies display a V (J) pattern over time. A key implication is that policies strengthening capital adequacy contribute more to systemic stability than expanding deposit insurance or curbing sustained credit booms.
Journal: Applied Economics Letters
Pages: 1351-1356
Issue: 16
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1817300
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1817300
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:16:p:1351-1356




Template-Type: ReDIF-Article 1.0
Author-Name: Theofanis Papageorgiou
Author-X-Name-First: Theofanis
Author-X-Name-Last: Papageorgiou
Author-Name: Georgios Savvakis
Author-X-Name-First: Georgios
Author-X-Name-Last: Savvakis
Author-Name: Dimitris Kenourgios
Author-X-Name-First: Dimitris
Author-X-Name-Last: Kenourgios
Title: Is political risk a driver of listed SMEs leverage?
Abstract: 
 This paper employs econometric techniques in order to examine the role of political risk on the capital structure decisions of European listed SMEs, during a period which fully captures the Euro zone debt crisis and aspects of political risk due to the recession and its over-indebtedness. We find that political risk decreases significantly SMEs leverage via different and significant transmission channels. Very small (micro) enterprises are decreasing more significantly their leverage at times of political risk. The strength of the creditor’s rights acts as a proxy for the possible effects of the political risk. Political risk combined with corruption has a positive effect on firm leverage.
Journal: Applied Economics Letters
Pages: 1382-1385
Issue: 16
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1819949
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1819949
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Template-Type: ReDIF-Article 1.0
Author-Name: Chun-Chieh Yeh
Author-X-Name-First: Chun-Chieh
Author-X-Name-Last: Yeh
Author-Name: Chien-Liang Chiu
Author-X-Name-First: Chien-Liang
Author-X-Name-Last: Chiu
Author-Name: Tsangyao Chang
Author-X-Name-First: Tsangyao
Author-X-Name-Last: Chang
Title: Dynamic correlations in bond markets between US and emerging countries
Abstract: 
 We adopt the wavelet method to provide better measures of the dynamic correlations between the US and major emerging government bond yields, revealing the structural changes from a three-dimensional analysis. The study concludes two wavelet-based empirical results. First, there are significant positive correlations between the underlying three country pairs of government bonds, exhibiting the synchronicity in time-frequency basis. Second, US government bonds lead every emerging country government bond over the time scales. It shows that US government bonds, on behalf of the developed government bond markets, have an important role in leading and guiding emerging government bonds. The findings remind international investors of the reduced benefits of diversification on global bond investment portfolios and paying greater attention to the influences of US government bond market when managing investment portfolios.
Journal: Applied Economics Letters
Pages: 1371-1376
Issue: 16
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1817303
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1817303
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Template-Type: ReDIF-Article 1.0
Author-Name: Chuanmin Zhao
Author-X-Name-First: Chuanmin
Author-X-Name-Last: Zhao
Author-Name: Juncong Guo
Author-X-Name-First: Juncong
Author-X-Name-Last: Guo
Author-Name: Xi Qu
Author-X-Name-First: Xi
Author-X-Name-Last: Qu
Title: Stock market reaction to corporate philanthropic response and silence: does charity style matter?
Abstract: 
 In this study, we multi-dimensionally assess the stock market reaction to the corporate charitable giving for anti-epidemic of COVID-19. Through statistical comparison of giving data from Chinese listed firms, we find that the market reaction is positive and significant only for companies reported in-kind donations. Furthermore, this reaction is larger for firms that donate goods related to their main businesses and do not disclose the value of donations. Meanwhile, the non-contributing companies suffer negative market adjustments when press releases announcing donations of their peers. This new finding of the asymmetric impacts from different types of donations, namely monetary donations and in-kind donations, on firms’ stock performance contributes to the literature, as typical researches using only monetary donations, or the total reported contribution might not adequately evaluate the impact of charitable giving.
Journal: Applied Economics Letters
Pages: 1344-1350
Issue: 16
Volume: 28
Year: 2021
Month: 09
X-DOI: 10.1080/13504851.2020.1814943
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1814943
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:16:p:1344-1350




Template-Type: ReDIF-Article 1.0
Author-Name: Ilhang Shin
Author-X-Name-First: Ilhang
Author-X-Name-Last: Shin
Author-Name: Sanghyun Hwang
Author-X-Name-First: Sanghyun
Author-X-Name-Last: Hwang
Title: Do labour unions help or hurt firms to invest in the long run? Evidence from Korea
Abstract: 
 This paper empirically addresses how labour unions affect firms’ long-term investment decisions and, thus, performances by utilizing unique firm-level data on labour unions available in Korea. We find that labour unionization makes firms invest more in human resource but less in physical capital. In addition, we show that as labour unions engage in rent-seeking behaviour, this causes firms’ investment decisions to be so distorted that the firms with labour unions get less productive, and consequently, the capital market valuates them less. Our empirical findings suggest that the problem of deciding proper investment could become more serious in the long run, if the labour unions participate in management and exercise their collective bargaining power to accomplish their interests as rent-seekers.
Journal: Applied Economics Letters
Pages: 1499-1504
Issue: 17
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1828565
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1828565
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin (Min) Zhao
Author-X-Name-First: Kevin (Min)
Author-X-Name-Last: Zhao
Author-Name: Bichaka Fayissa
Author-X-Name-First: Bichaka
Author-X-Name-Last: Fayissa
Author-Name: Ghassem Homaifar
Author-X-Name-First: Ghassem
Author-X-Name-Last: Homaifar
Title: Investors’ regulatory concerns and the SEC’s regulation SHO pilot program on the NYSE
Abstract: 
 Examining the private-information content of short sales surrounding the implementation of the SEC’s Regulation SHO-pilot program, we that informativeness of short sales on the NYSE has disappeared in pilot stocks during the pilot program. Both the shorting efficiency hypothesis and the regulatory concern hypothesis are proposed to explain this anomaly. Empirical testing results support the regulatory concern hypothesis, suggesting that the SEC’s Regulation SHO-pilot program may be a problematic natural experiment because there is a propounding difference between the pilot and control samples concerning short-sellers’ trading behaviour.
Journal: Applied Economics Letters
Pages: 1458-1461
Issue: 17
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1826397
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1826397
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Template-Type: ReDIF-Article 1.0
Author-Name: Kyumin Cho
Author-X-Name-First: Kyumin
Author-X-Name-Last: Cho
Author-Name: Hyeong Joon Kim
Author-X-Name-First: Hyeong Joon
Author-X-Name-Last: Kim
Author-Name: Seongjae Mun
Author-X-Name-First: Seongjae
Author-X-Name-Last: Mun
Author-Name: Seung Hun Han
Author-X-Name-First: Seung Hun
Author-X-Name-Last: Han
Title: Do confident CEOs increase firm value under competitive pressure?
Abstract: 
 Traditional studies show that CEOs’ overconfidence can mitigate underinvestment problem that occurs due to risk-aversion. To extend this argument, we investigate whether investment by overconfident CEOs always increases firm value. Theoretically and empirically, we show that investment by overconfident CEOs and firm value is positively related for firms in more competitive industries. For firms in less competitive industries, the relation is insignificant. Our findings suggest that CEOs’ overconfidence can be a desirable managerial trait for shareholders under certain conditions.
Journal: Applied Economics Letters
Pages: 1491-1498
Issue: 17
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1827133
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1827133
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard C. K. Burdekin
Author-X-Name-First: Richard C. K.
Author-X-Name-Last: Burdekin
Title: Death and the stock market: international evidence from the Spanish Flu
Abstract: 
 The coronavirus pandemic in 2020 was the most devastating worldwide health threat since the 1918–1919 Spanish flu. Panel regression analysis for ten countries suggests that European and US stock markets reacted significantly, and negatively, to the surging death rates that were seen during the Spanish Flu. It is possible that the greater death rates for the Spanish Flu vis-a-vis the coronavirus account for stock market effects being more evident in 1918–1919 than in 2020.
Journal: Applied Economics Letters
Pages: 1512-1520
Issue: 17
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1828802
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1828802
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Template-Type: ReDIF-Article 1.0
Author-Name: Youngjin Woo
Author-X-Name-First: Youngjin
Author-X-Name-Last: Woo
Author-Name: Euijune Kim
Author-X-Name-First: Euijune
Author-X-Name-Last: Kim
Title: Analysing location choices of small and large enterprises of electronics-manufacturing industry in Korea
Abstract: 
 This paper measures regional economic and spatial effects on locations of small and large enterprises, by using binary logit models. The econometric results confirm that the location of small firm depends on the regional labour force availability and the population growth of its neighbouring regions. In addition, the large enterprise tends to agglomerate into regions to be less-regulated or to be near to high-speed railroad stations. Finally, industrial clusters of the small and large enterprises would be likely to be geographically close each other in order to share intermediate inputs as a co-agglomeration pattern.
Journal: Applied Economics Letters
Pages: 1462-1467
Issue: 17
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1827128
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1827128
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Template-Type: ReDIF-Article 1.0
Author-Name: Vijay Gondhalekar
Author-X-Name-First: Vijay
Author-X-Name-Last: Gondhalekar
Author-Name: Joerg Picard
Author-X-Name-First: Joerg
Author-X-Name-Last: Picard
Author-Name: Morgan Vannette
Author-X-Name-First: Morgan
Author-X-Name-Last: Vannette
Title: ESG impact of Michigan and Indiana right-to-work laws
Abstract: 
 We examine the Environmental, Social, and Governance (ESG) performance of Michigan and Indiana companies before and after they passed the Right-to-Work (RTW) laws in 2012 by referencing it against that of companies in states with and without RTW laws. Our findings indicate that after the laws were passed the Environmental and Social performance of companies in these two states declined on the compliance dimension and so did some of their Social performance on the proactive dimension. Outside of some of the common trends in the ESG performance of companies in states with and without RTW laws, the Social performance of companies in states without RTW laws declined on the proactive dimension as well after the laws were passed. Performance pertaining to Governance was unaffected for companies after the enactments.
Journal: Applied Economics Letters
Pages: 1441-1445
Issue: 17
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1822509
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1822509
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Template-Type: ReDIF-Article 1.0
Author-Name: Tobias Hiller
Author-X-Name-First: Tobias
Author-X-Name-Last: Hiller
Title: Job profiles: labour-law risks and grouping into wage categories
Abstract: 
 Job profiles are an important personnel management tool. This note provides an analysis of job profiles by applying cooperative game theory. In particular, job profiles are explored for two main purposes. First, are there labour-law risks that occur based on the tasks mentioned in the job profile? In a second step, what is the impact of a task to the grouping of the entire job profile into wage categories? With this analysis, it is possible to determine the share of the labour costs caused by the task. The new analytical framework helps to understand the interaction of the different tasks in job profiles from a new perspective.
Journal: Applied Economics Letters
Pages: 1478-1483
Issue: 17
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1827131
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1827131
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Template-Type: ReDIF-Article 1.0
Author-Name: Débora Meireles
Author-X-Name-First: Débora
Author-X-Name-Last: Meireles
Author-Name: Ricardo Da Silva Freguglia
Author-X-Name-First: Ricardo Da Silva
Author-X-Name-Last: Freguglia
Author-Name: Carlos Henrique Corseuil
Author-X-Name-First: Carlos Henrique
Author-X-Name-Last: Corseuil
Title: Gender employment discrimination and product market competition: evidence for Brazil
Abstract: 
 This paper aims to test empirical implications of the classical Beckerian theory on discrimination against women in Brazil. Specifically, we examine how the relationship between women’s relative employment and firm performance varies with its market power. Using a panel of longitudinal microdata linking information at firm level from a matched employer-employee data (RAIS) and a firm level survey with detailed information on firm performance (PIA-Empresa) from 2002 to 2013, we propose a new measure for women’s relative employment. In general, our results indicate a positive and significant relationship between relative employment of women and profitability for firms with high market power. We also find that the way the relationship between relative employment of women and profit depends on market power is strongly affected by how women relative employment is measured. This relationship is much more stable when this variable is measured by the index we propose.
Journal: Applied Economics Letters
Pages: 1437-1440
Issue: 17
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1822508
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1822508
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Template-Type: ReDIF-Article 1.0
Author-Name: Enhui Kou
Author-X-Name-First: Enhui
Author-X-Name-Last: Kou
Author-Name: Yukun Sun
Author-X-Name-First: Yukun
Author-X-Name-Last: Sun
Author-Name: Linfeng Yue
Author-X-Name-First: Linfeng
Author-X-Name-Last: Yue
Title: The response of small firms to VAT thresholds: evidence from China
Abstract: 
 This paper explores the response of small-scale value-added tax (VAT) taxpayers to the changes of VAT thresholds and VAT tax rates. Using firm-level tax administrative data for the period between 2005 and 2012, we find that firms tend to bunch around the VAT thresholds. We also find that commercial firms and firms with higher value-added ratios are less likely to register as general taxpayers. We provide an estimate of the elasticity of the VAT tax base in the range of 0.027 and 0.05.
Journal: Applied Economics Letters
Pages: 1526-1530
Issue: 17
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1830931
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1830931
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Template-Type: ReDIF-Article 1.0
Author-Name: Klaus Wohlrabe
Author-X-Name-First: Klaus
Author-X-Name-Last: Wohlrabe
Author-Name: Constantin Bürgi
Author-X-Name-First: Constantin
Author-X-Name-Last: Bürgi
Title: Do working papers increase journal citations? Evidence from the top 5 journals in economics
Abstract: 
 Does it pay off in terms of citations to issue an article as a working paper before it is published in a refereed journal? We show empirically that the answer is yes, using 3167 articles published in five of the top journals in economics between 2000 and 2010. The effect is an around 25% higher number of citations on average across the investigated journals.
Journal: Applied Economics Letters
Pages: 1531-1535
Issue: 17
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1855303
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1855303
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Template-Type: ReDIF-Article 1.0
Author-Name: Yujie Feng
Author-X-Name-First: Yujie
Author-X-Name-Last: Feng
Author-Name: Baran Han
Author-X-Name-First: Baran
Author-X-Name-Last: Han
Author-Name: Benjamin Ho
Author-X-Name-First: Benjamin
Author-X-Name-Last: Ho
Title: Non-profit overhead and efficiency from IRS administrative data
Abstract: 
 This paper investigates the efficiency of non-profit overhead spending by estimating its marginal returns on total revenue using IRS data. To explore whether using the overhead ratio as a heuristic for non-profit operational quality is justified, we compare it with administrative efficiency or the efficiency by which overhead is transformed into total revenues. We find that underinvestment on overhead may be explained by reputational concerns. Reputational concerns may be justified given a negative relationship between administrative efficiency and overhead ratio.
Journal: Applied Economics Letters
Pages: 1474-1477
Issue: 17
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1827130
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1827130
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Template-Type: ReDIF-Article 1.0
Author-Name: Emile Cammeraat
Author-X-Name-First: Emile
Author-X-Name-Last: Cammeraat
Author-Name: Ernesto Crivelli
Author-X-Name-First: Ernesto
Author-X-Name-Last: Crivelli
Title: Justifiably unpopular? The Italian property tax and inequality
Abstract: 
 This article simulates the distributional implications of a property tax reform for Italy that updates the cadastral valuation system to reflect market value. Simulations suggest that such a reform would significantly improve the progressivity of the tax, while correcting the unfairness of paying higher effective tax rates on properties with a lower market value. Updating the valuation system also makes the property tax less distortive, as the same revenue could be collected at about one-third of the current statutory tax rates.
Journal: Applied Economics Letters
Pages: 1468-1473
Issue: 17
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1827129
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1827129
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Avila-Cano
Author-X-Name-First: Antonio
Author-X-Name-Last: Avila-Cano
Author-Name: Francisco Triguero Ruiz
Author-X-Name-First: Francisco
Author-X-Name-Last: Triguero Ruiz
Title: The equivalent share of a dominant firm: an approach based on distances
Abstract: 
 The concept of concentration has been widely used in social sciences and applied to different areas, particularly industrial economics, business, sports economics or political science. We construct a new family of concentration indices, based on the mathematical concept of distance. By construction, its value is the monopoly ratio. It complies with the set of properties traditionally required at concentration indices. The index can be interpreted like the equivalent share of the dominant firm in a distribution with many elements in which all the others firms are of an equal size. Our index solves the problems linked to the limited cardinality of the majority of the existing indices. Cardinality property may be relevant in modelling and political economic decisions.
Journal: Applied Economics Letters
Pages: 1521-1525
Issue: 17
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1829534
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1829534
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Template-Type: ReDIF-Article 1.0
Author-Name: Kai Chang
Author-X-Name-First: Kai
Author-X-Name-Last: Chang
Author-Name: Yan Ling Feng
Author-X-Name-First: Yan Ling
Author-X-Name-Last: Feng
Author-Name: Wang Liu
Author-X-Name-First: Wang
Author-X-Name-Last: Liu
Author-Name: Ning Lu
Author-X-Name-First: Ning
Author-X-Name-Last: Lu
Author-Name: Sheng Ze Li
Author-X-Name-First: Sheng Ze
Author-X-Name-Last: Li
Title: The impacts of liquidity measures and credit rating on corporate bond yield spreads: evidence from China’s green bond market
Abstract: 
 This article investigates the nexus among the liquidity measures, credit ratings, and the yield spreads of green corporate bonds in China using panel data analysis and the generalized method of moments (GMM). Lower market liquidity, a lower credit rating level, and a shorter issued age are more significant for enlarging the yield spreads of ordinary corporate bonds than those of green corporate bonds. Compared with the AAA credit rating level, the illiquidity ratio, nontrade frequency ratio, zero-trade volume, yield volatility, interest rate margin and issued age have more significant influences on the yield spreads of ordinary corporate bonds than those of green corporate bonds. The liquidity and credit rating have greater differences in affecting the yield spreads of green corporate bonds with different issuance terms.
Journal: Applied Economics Letters
Pages: 1446-1457
Issue: 17
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1824062
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1824062
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiao Meng
Author-X-Name-First: Xiao
Author-X-Name-Last: Meng
Author-Name: Edward C. Jaenicke
Author-X-Name-First: Edward C.
Author-X-Name-Last: Jaenicke
Title: Price competition and private labels in the U.S. packaged salad market
Abstract: 
 We study the price competition in the U.S. packaged salads market by testing two price competition hypotheses: Bertrand competition versus sequential pricing model. The former is standard for oligopoly pricing in the IO literature. The latter provides a formal mechanism for second-mover, price-undercutting behaviour by private-label brands, owned by mainstream supermarkets, that grew their market share dramatically in the second half of the 2000s. Applying Vuong and Gasmi (1991)’s test, we show that observed market prices and market shares fit best to Bertrand competition.
Journal: Applied Economics Letters
Pages: 1484-1490
Issue: 17
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1827132
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1827132
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:17:p:1484-1490




Template-Type: ReDIF-Article 1.0
Author-Name: Jun Cai
Author-X-Name-First: Jun
Author-X-Name-Last: Cai
Author-Name: Yahong Zhou
Author-X-Name-First: Yahong
Author-X-Name-Last: Zhou
Title: A simple dynamic panel data approach for macro policy assessment
Abstract: 
 We propose a simple-to-implement dynamic panel difference-in-difference method to assess the impact of (place-based) macro policies. The idea is to exploit both serial correlation and cross-sectional dependence within a panel and implement a semi- difference-in-difference decomposition. Different from existing panel data methods, the proposed approach is easy to implement and conduct statistical inference and can incorporate multiple treated groups at different time thresholds. Monte Carlo simulations show the proposed estimator performs reasonably well with finite samples. An application to assess the general impact of a free trade zone policy is also provided.
Journal: Applied Economics Letters
Pages: 1505-1511
Issue: 17
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1828801
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1828801
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Template-Type: ReDIF-Article 1.0
Author-Name: Tingting Zhang
Author-X-Name-First: Tingting
Author-X-Name-Last: Zhang
Author-Name: Mengyao Song
Author-X-Name-First: Mengyao
Author-X-Name-Last: Song
Author-Name: Kaixin Li
Author-X-Name-First: Kaixin
Author-X-Name-Last: Li
Author-Name: Zhifeng Liu
Author-X-Name-First: Zhifeng
Author-X-Name-Last: Liu
Title: Lottery preference and stock market return: Chinese evidence using daily and provincial data
Abstract: 
 Using the abnormal search volume intensity for lottery-related keywords from the Baidu search engine, we construct a daily and provincial lottery preference index in China and re-examine the relationship between lottery preference and stock market return. Consistent with the previous studies, we find that when lottery preference is high, stocks will earn a positive return in the short-run, but this effect will reverse in the next few periods. We also have some new findings: (1) the total effect of lottery preference is mainly driven by the global preference but not the local preference; (2) the positive effects of the global part will last longer among regions with stronger lottery preference, and only in these regions, local lottery preference has a positive impact in the short-run. (3) there is an asymmetric effect that during the bull market, the short-term positive effect of lottery preference persists longer, and it delays the reversal process.
Journal: Applied Economics Letters
Pages: 1582-1588
Issue: 18
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1834496
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1834496
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Template-Type: ReDIF-Article 1.0
Author-Name: Charfeddine Lanouar
Author-X-Name-First: Charfeddine
Author-X-Name-Last: Lanouar
Author-Name: Umer Shahzad
Author-X-Name-First: Umer
Author-X-Name-Last: Shahzad
Title: Terrorism and capital flows: the missed impact of terrorism in big cities
Abstract: 
 This study investigates the effects of four types of terrorist attacks on three types of capital flow. We extend the literature by introducing a new measure of terrorist attacks, namely ‘attacks in big cities’ and empirically investigate its impact on capital flow. Drawing from a sample of seven South Asian countries over a time period of 27 years spanning 1990–2016, we found that terrorist attacks in big cities and capital flows are negatively related. In particular, the results show that terrorist attacks in big cities, in comparison to the other terrorist attacks forms, have the highest negative impact on the three types of capital flow.
Journal: Applied Economics Letters
Pages: 1626-1633
Issue: 18
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1861185
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1861185
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Template-Type: ReDIF-Article 1.0
Author-Name: J. James Reade
Author-X-Name-First: J. James
Author-X-Name-Last: Reade
Author-Name: Dominik Schreyer
Author-X-Name-First: Dominik
Author-X-Name-Last: Schreyer
Author-Name: Carl Singleton
Author-X-Name-First: Carl
Author-X-Name-Last: Singleton
Title: Stadium attendance demand during the COVID-19 crisis: early empirical evidence from Belarus
Abstract: 
 In this note, we consider early evidence regarding behavioural responses to an emerging public health emergency. We explore patterns in stadium attendance demand by exploiting match-level data from the Belarusian Premier League (BPL), a football competition that kept playing unrestricted in front of spectators throughout the global COVID-19 pandemic, unlike all other European professional sports leagues. We observe that stadium attendance demand in Belarus declined significantly in the initial period of maximum uncertainty. Surprisingly, demand then slowly recovered, despite the ongoing inherent risk to individuals from going to a match.
Journal: Applied Economics Letters
Pages: 1542-1547
Issue: 18
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1830933
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1830933
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhongqi Deng
Author-X-Name-First: Zhongqi
Author-X-Name-Last: Deng
Author-Name: Shunfeng Song
Author-X-Name-First: Shunfeng
Author-X-Name-Last: Song
Author-Name: Hongru Tan
Author-X-Name-First: Hongru
Author-X-Name-Last: Tan
Title: A new analytical framework for urban size and policies
Abstract: 
 This study develops a new comprehensive analytical framework for use in achieving optimal city size and conducting policy studies. The EE–EC framework simultaneously considers economic productivity, environmental pollution, and traffic congestion. We take Beijing as an example and perform a simulation analysis using this framework. We find that, in 2010, Beijing was 10% oversized and transportation and industrial policies were more effective than environmental policies for maximizing Beijing’s net urban agglomeration economies. The framework presented in this study is not only flexible in the sense that it can be easily applied to other cities, but also urgently needed by policy makers.
Journal: Applied Economics Letters
Pages: 1610-1619
Issue: 18
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1840504
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1840504
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:18:p:1610-1619




Template-Type: ReDIF-Article 1.0
Author-Name: Shuting Liu
Author-X-Name-First: Shuting
Author-X-Name-Last: Liu
Author-Name: Qifa Xu
Author-X-Name-First: Qifa
Author-X-Name-Last: Xu
Author-Name: Cuixia Jiang
Author-X-Name-First: Cuixia
Author-X-Name-Last: Jiang
Title: Systemic risk of China’s commercial banks during financial turmoils in 2010-2020: A MIDAS-QR based CoVaR approach
Abstract: 
 To evaluate the systemic risk of China’s commercial banks during financial turmoils in 2010–2020, we develop a MIDAS-QR-CoVaR approach. It can exploit rich information contained in high-frequency data and helps to pick up tail risk accurately and timely. The empirical results demonstrate the superiority of MIDAS-QR-CoVaR, which has smaller failure times and average errors than the commonly used DCC-GARCH-CoVaR and QR-CoVaR approaches. Moreover, we observe elevated systemic risk during the financial turmoils. Notably, there is a sharp increase corresponding to the outbreak of COVID-19 pandemic. While some signs of recovery can be observed at the end of sample, which proves the effectiveness of the Chinese governments response. In addition, the results highlight the importance of macroeconomic factors and bank-specific characteristics in determining systemic risk. These provide regulators with useful insights and guidelines for systemic risk management.
Journal: Applied Economics Letters
Pages: 1600-1609
Issue: 18
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1839629
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1839629
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Template-Type: ReDIF-Article 1.0
Author-Name: Tomi Ovaska
Author-X-Name-First: Tomi
Author-X-Name-Last: Ovaska
Author-Name: Ryo Takashima
Author-X-Name-First: Ryo
Author-X-Name-Last: Takashima
Title: The robustness of trust, institutions and entrepreneurship regressions, revisited
Abstract: 
 Several studies have shown the importance of trust and economic institutions to entrepreneurship. How trust works through institutions is still unknown. We examine the joint effect trust and institutions have on entrepreneurship and complement the regressions with three sophisticated robustness tests. We find trust and legal system/property rights to be complement and trust and access to sound money substitutes to each other. Trust’s effects on entrepreneurship are quite dependent on the sample data and model specifications. The results should lead to a re-evaluation of the relationship between trust, institutions and entrepreneurship.
Journal: Applied Economics Letters
Pages: 1578-1581
Issue: 18
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1834495
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1834495
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Williams
Author-X-Name-First: Kevin
Author-X-Name-Last: Williams
Title: Do remittances condition the relationship between trade and government consumption?
Abstract: 
 This paper used a panel model and 99 developing economies over the 1980–2018 period to investigate the effect that remittances had on the relationship between trade and government consumption. We showed that remittances mediate the relationship between trade and government consumption. We documented that in high remittance recipient countries, trade negatively affected government consumption. In low remittance recipient countries, by contrast, we found that trade positively affected government consumption. Our results suggested that remittances can reduce the fiscal cost on government budget associated with adverse trade shocks. We proposed two policy responses for remittance recipient countries.
Journal: Applied Economics Letters
Pages: 1571-1577
Issue: 18
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1834072
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1834072
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Template-Type: ReDIF-Article 1.0
Author-Name: Simona Lorena Comi
Author-X-Name-First: Simona Lorena
Author-X-Name-Last: Comi
Author-Name: Mara Grasseni
Author-X-Name-First: Mara
Author-X-Name-Last: Grasseni
Title: Employer learning during apprenticeship
Abstract: 
 In this letter, we study employer learning about worker ability during apprenticeship. We exploit an exogenous shock that increased the number of apprenticeship contracts in Italy, to analyse what type of workers were hired and which ones were trained more during the contract. We find that firms select workers according to their ability not upon recruiting them, but during the apprenticeships and the higher the revealed ability of the workers, the more training they receive.
Journal: Applied Economics Letters
Pages: 1548-1551
Issue: 18
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1830934
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1830934
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Template-Type: ReDIF-Article 1.0
Author-Name: Julio Acuna
Author-X-Name-First: Julio
Author-X-Name-Last: Acuna
Title: Non-classical measurement error with false positives and negatives
Abstract: 
 Non-classical measurement error caused by false positives and false negatives produces biased and inconsistent estimates in a regression. This is the case whether the mismeasured variable is a dependent or an explanatory variable, and having an IV does not always work. To tackle these limitations, this paper shows that proper adjustment of the mismeasured variable of interest produces consistent estimates. The paper also discusses alternatives when the key inputs to adjust the mismeasured variable are not known.
Journal: Applied Economics Letters
Pages: 1620-1625
Issue: 18
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1841080
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1841080
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Template-Type: ReDIF-Article 1.0
Author-Name: Fábio Augusto Reis Gomes
Author-X-Name-First: Fábio
Author-X-Name-Last: Augusto Reis Gomes
Author-Name: Gian Paulo Soave
Author-X-Name-First: Gian Paulo
Author-X-Name-Last: Soave
Title: The role of credit and housing shocks in emerging economies
Abstract: 
 This article investigates the role played by credit and housing shocks in emerging markets through a Bayesian panel vector autoregression for 15 countries. Identification is achieved by sign restrictions, and our findings suggest that credit and housing shocks have a similar contribution to the forecast error variance of the gross domestic product growth at the 25-quarter horizon. However, for the investment-to-GDP ratio, credit shocks seem to be more relevant.
Journal: Applied Economics Letters
Pages: 1552-1557
Issue: 18
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1830935
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1830935
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:18:p:1552-1557




Template-Type: ReDIF-Article 1.0
Author-Name: E. Frank Stephenson
Author-X-Name-First: E. Frank
Author-X-Name-Last: Stephenson
Title: The cost of losing a National Football League franchise: evidence from hotel occupancy data
Abstract: 
 In the past five years, San Diego and St. Louis lost National Football League franchises to Los Angeles. This paper uses daily data on hotel room rentals, average room rates, and hotel revenue to examine the effect that losing NFL franchises will have on those cities. For comparison, other events including professional baseball and hockey franchises, Major League Baseball’s All-Star Game, and two college football bowl games are considered.
Journal: Applied Economics Letters
Pages: 1558-1561
Issue: 18
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1832193
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1832193
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Template-Type: ReDIF-Article 1.0
Author-Name: Fabrizio Ferriani
Author-X-Name-First: Fabrizio
Author-X-Name-Last: Ferriani
Author-Name: Filippo Natoli
Author-X-Name-First: Filippo
Author-X-Name-Last: Natoli
Title: ESG risks in times of Covid-19
Abstract: 
 This study analyzes whether investors take risks related to environmental, social and governance (ESG) factors into account when making portfolio decisions. We exploit the new Morningstar’s ESG risk indicators – introduced at the end of 2019 – to estimate the effect of ESG risk perception on investment fund flows. Our exercise, related to the early phase of the Covid-19 crisis when uncertainty skyrocketed, shows that investors have preferred low-ESG-risk funds, with environmental risks remaining a top concern.
Journal: Applied Economics Letters
Pages: 1537-1541
Issue: 18
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1830932
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1830932
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Template-Type: ReDIF-Article 1.0
Author-Name: Ayşegül Aytaç Emin
Author-X-Name-First: Ayşegül
Author-X-Name-Last: Aytaç Emin
Author-Name: Başak Dalgıç
Author-X-Name-First: Başak
Author-X-Name-Last: Dalgıç
Author-Name: Tawfik Azrak
Author-X-Name-First: Tawfik
Author-X-Name-Last: Azrak
Title: Constructing a banking fragility index for Islamic banks: definition impact on the predictive power of an early warning system
Abstract: 
 This study aims to construct a banking sector fragility index for Islamic banks that gives substantial predictive power results. We develop various banking sector fragility indices using different combinations of proxies for credit, liquidity and market risk factors. Apart from the existing literature, we add profitability risk factor into fragility indices. Our results show that the predictive power of an Early Warning System (EWS) is highly sensitive to the proxies and combinations of the risk factors and, profitability risk has a positive impact on the predictive power results for Islamic banks.
Journal: Applied Economics Letters
Pages: 1589-1593
Issue: 18
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1834497
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1834497
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Template-Type: ReDIF-Article 1.0
Author-Name: Afees A. Salisu
Author-X-Name-First: Afees A.
Author-X-Name-Last: Salisu
Author-Name: Rangan Gupta
Author-X-Name-First: Rangan
Author-X-Name-Last: Gupta
Title: Dynamic effects of monetary policy shocks on macroeconomic volatility in the United Kingdom
Abstract: 
 We use constant and time-varying parameters vector autoregressive models that allow the estimation of the impact of monetary policy shocks on volatility of macroeconomic variables in the United Kingdom. Estimates suggest that an increase in the policy rate by 1% is associated with a rise in unemployment and inflation volatility of about 10% on average, with peaks observed during episodes of local and global crises.
Journal: Applied Economics Letters
Pages: 1594-1599
Issue: 18
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1834498
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1834498
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Template-Type: ReDIF-Article 1.0
Author-Name: Prasenjit Chakrabarti
Author-X-Name-First: Prasenjit
Author-X-Name-Last: Chakrabarti
Author-Name: Sudipta Sen
Author-X-Name-First: Sudipta
Author-X-Name-Last: Sen
Title: Transmission of funding liquidity shocks in the options market: evidence from India
Abstract: 
 The extant literature examines the interactions between funding liquidity and market volatility on the equity market. This paper extends the literature and investigates the interactions between funding liquidity and market volatility in the options market. The paper employs the Bayesian structural vector autoregression framework to examine the effects of funding liquidity shock to volatility demand, uncertainty, and risk aversion. We find that positive feedback exists between contraction in funding liquidity and volatility demand, uncertainty, and risk-aversion. Our results are robust to alternate specifications of uncertainty and risk-aversion measures, and alternative ordering of variables.
Journal: Applied Economics Letters
Pages: 1566-1570
Issue: 18
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1832195
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1832195
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Madeira
Author-X-Name-First: Carlos
Author-X-Name-Last: Madeira
Title: The impact of the COVID public policies on the Chilean households
Abstract: 
 This work uses survey data to study the immediate impact of the public policies implemented during the COVID crisis on the Chilean households. I show debt deferral initiatives only reach a few highly indebted agents, especially concentrated on richer families. Tax relief measures had a broad reach across the population, but with little financial impact. However, income and expenses support had both a wide reach and a strong impact on households, especially for poorer families. A broadening and scaling up of policy efforts should, therefore, focus on direct income support for families.
Journal: Applied Economics Letters
Pages: 1562-1565
Issue: 18
Volume: 28
Year: 2021
Month: 10
X-DOI: 10.1080/13504851.2020.1832194
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1832194
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Template-Type: ReDIF-Article 1.0
Author-Name: Fatma Zeren
Author-X-Name-First: Fatma
Author-X-Name-Last: Zeren
Author-Name: Fatma Kızılkaya
Author-X-Name-First: Fatma
Author-X-Name-Last: Kızılkaya
Title: A new combination of Fourier unit root tests: a PPP application for fragile economies
Abstract: 
 This study offers a new unit root test procedure that is based on the combination of Fourier ADF and Fourier KSS unit root tests by using Fisher’s statistics. The main advantage of this approach is that it is a useful method, especially in cases where the findings obtained from the two test methods differ. In this paper, we investigate the mean-reverting properties of the real exchange rate series for seven fragile economies. Fourier ADF and Fourier KSS tests results point to different findings. When the combination unit root test is applied, it is confirmed that the real exchange rate series are stationary for four fragile economies, namely Brazil, India, Indonesia, and Mexico.
Journal: Applied Economics Letters
Pages: 1707-1711
Issue: 19
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1851647
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1851647
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Template-Type: ReDIF-Article 1.0
Author-Name: Eric Le Fur
Author-X-Name-First: Eric
Author-X-Name-Last: Le Fur
Author-Name: Jean-François Outreville
Author-X-Name-First: Jean-François
Author-X-Name-Last: Outreville
Title: Hedonic approach to the determinants of the price of cider
Abstract: 
 In this article, we apply the hedonic approach to the determinants of the price of cider in Quebec province. We examine the impact of production characteristics, the indications provided on the bottle and the taste and visual characteristics. The degree of alcohol, cryofermentation, production area, newest varieties of apples, presence of a cork, perception of sweet sugar, dark and golden aspect have a significant positive impact. The choice of high-quality products is reflected in the premium associated to the price. The analysis has important industrial implications for producers and distributors.
Journal: Applied Economics Letters
Pages: 1712-1716
Issue: 19
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1852162
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1852162
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Template-Type: ReDIF-Article 1.0
Author-Name: Serdar Göcen
Author-X-Name-First: Serdar
Author-X-Name-Last: Göcen
Title: Is there a bidirectional relationship between female labour force participation and economic development in Middle Eastern countries? Evidence from a bootstrap panel Granger causality test
Abstract: 
 This study explores a bidirectional relationship between the female labour force participation rate and the economic development in fourteen Middle Eastern countries. The bootstrap panel Granger causality method, using seemingly unrelated regressions and Wald tests with country-specific bootstrap critical values, is employed to test causality. The empirical results indicate bidirectional causality in Turkey, a unidirectional causality from economic development to female labour force participation rate in Kuwait, Oman, Egypt, the United Arab Emirates, and Yemen, and a unidirectional causality from female labour force participation rates to economic development in Jordan. Economic development prompts female labour force participation in Egypt, Kuwait, Oman, and Turkey, and reduce in the United Arab Emirates and Yemen. Female labour force participation harms the economic development in Jordan and Turkey.
Journal: Applied Economics Letters
Pages: 1661-1665
Issue: 19
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1845292
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1845292
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Template-Type: ReDIF-Article 1.0
Author-Name: Maximilian Ambros
Author-X-Name-First: Maximilian
Author-X-Name-Last: Ambros
Author-Name: Michael Frenkel
Author-X-Name-First: Michael
Author-X-Name-Last: Frenkel
Author-Name: Toan Luu Duc Huynh
Author-X-Name-First: Toan Luu Duc
Author-X-Name-Last: Huynh
Author-Name: Mustafa Kilinc
Author-X-Name-First: Mustafa
Author-X-Name-Last: Kilinc
Title: COVID-19 pandemic news and stock market reaction during the onset of the crisis: evidence from high-frequency data
Abstract: 
 Using 30-minute tick returns, we examine the impact of changes in the number of COVID-19 news on eight different stock markets during the initial two months of the coronavirus crisis 2020. We do not find evidence that stock returns are sensitive to the changes in the number of COVID-19 news. However, there is strong evidence that changes in COVID-19 news increase stock market volatility in European markets. The findings also suggest that a substantial part of market uncertainty can be explained by changes in the number of COVID-19 news. Our results are also robust to changes in the time intervals.
Journal: Applied Economics Letters
Pages: 1686-1689
Issue: 19
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1851643
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1851643
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Template-Type: ReDIF-Article 1.0
Author-Name: Suganya Balakumar
Author-X-Name-First: Suganya
Author-X-Name-Last: Balakumar
Author-Name: Subhasankar Chattopadhyay
Author-X-Name-First: Subhasankar
Author-X-Name-Last: Chattopadhyay
Title: Skilled-unskilled wage gap without discrimination – the case of India
Abstract: 
 Both skilled and unskilled workers are employed formally and informally in developing economies. However, workers employed informally are often discriminated – they receive lower returns to their individual characteristics compared to those employed formally. What would be the skilled-unskilled wage gap if there were no such discrimination in the labour market? We show that the with-discrimination wage gap is more if the unskilled workers are discriminated more in their employment-share weighted terms. We propose a methodology based on Oaxaca-Blinder decomposition technique to estimate the without-discrimination wage gap, apply it to four rounds of Indian NSSO employment data and find that (i) both types of workers face discrimination, and (ii) the without-discrimination wage gap is significantly less. We also check for the possibility of female workers getting discriminated more in informal employment.
Journal: Applied Economics Letters
Pages: 1690-1697
Issue: 19
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1851644
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1851644
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio C. David
Author-X-Name-First: Antonio C.
Author-X-Name-Last: David
Author-Name: Samuel Pienknagura
Author-X-Name-First: Samuel
Author-X-Name-Last: Pienknagura
Title: On the effectiveness of containment measures in controlling the COVID-19 pandemic: the role of labour market characteristics and governance
Abstract: 
 This paper shows that countries where informality is commonplace, where a small share of jobs can be performed remotely, and where government effectiveness is low, experience smaller declines in COVID-19 cases after making containment measures more stringent. This appears to be related to the fact that in these countries mobility declines less after the implementation of containment policies, which facilitates the spread of the disease.
Journal: Applied Economics Letters
Pages: 1641-1647
Issue: 19
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1841082
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1841082
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:19:p:1641-1647




Template-Type: ReDIF-Article 1.0
Author-Name: Amir Rezaee
Author-X-Name-First: Amir
Author-X-Name-Last: Rezaee
Author-Name: Isabelle Sequeira
Author-X-Name-First: Isabelle
Author-X-Name-Last: Sequeira
Title: Is flight-to-safety in the art market real? Evidence from the 1929 financial crash
Abstract: 
 We study the impact of the 1929 stock market crash on the Paris art market by creating a high-frequency index of artwork sales to measure the arrival of new investors seeking safe-havens. The results show that following the financial crash, the previously volatile art market becomes suddenly stable, suggesting a flight-to-safety from financial markets to the art market.
Journal: Applied Economics Letters
Pages: 1671-1676
Issue: 19
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1849533
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1849533
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Template-Type: ReDIF-Article 1.0
Author-Name: David Koch
Author-X-Name-First: David
Author-X-Name-Last: Koch
Author-Name: Simon Thaler
Author-X-Name-First: Simon
Author-X-Name-Last: Thaler
Author-Name: Ronny Mayr
Author-X-Name-First: Ronny
Author-X-Name-Last: Mayr
Title: Order versus disorder – the impact on value estimates of durable consumption goods
Abstract: 
 The purpose of this article is to investigate if easily removable disorder (i.e. a negative externality displayed in pictures) influences value estimates of two durable goods (car and apartment). We examine the effect with a 2 × 2 experimental setup consisting of 137 estimates from students. While we assume an influence of the disorder in the case of the car, there must not be any value influence in the apartment task. The first estimate of the car decreases by 11.9% in the case of disorder, but the effect does not decrease in the second estimation. For the apartment, the disorder effect reduces the estimates by 13.3%. In a second estimate, the effect on value weakens but still is present. The study shows that (i) images lead to an incorrect assessment and (ii) disorder is perceived differently for the two goods.
Journal: Applied Economics Letters
Pages: 1635-1640
Issue: 19
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1841081
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1841081
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Template-Type: ReDIF-Article 1.0
Author-Name: Ahmad Bash
Author-X-Name-First: Ahmad
Author-X-Name-Last: Bash
Author-Name: Khaled Alsaifi
Author-X-Name-First: Khaled
Author-X-Name-Last: Alsaifi
Author-Name: Abdullah M. Al-Awadhi
Author-X-Name-First: Abdullah M.
Author-X-Name-Last: Al-Awadhi
Title: Failed terror attack and stock market returns: the case of Pakistan stock exchange
Abstract: 
 This study investigates the effect of a failed terror attack on stock market returns using an event study approach. The mean-adjusted returns and the market model are used to analyse the event. The results show that the failed attack on the Pakistan Stock Exchange building in Karachi generated positive cumulative returns for all the listed stocks, suggesting that such events have positive effects on stock market returns.
Journal: Applied Economics Letters
Pages: 1698-1702
Issue: 19
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1851645
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1851645
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Bentzen
Author-X-Name-First: Jan
Author-X-Name-Last: Bentzen
Author-Name: Le Thanh Tung
Author-X-Name-First: Le Thanh
Author-X-Name-Last: Tung
Title: A causality test between income, inequality and poverty – empirical evidence from South-East Asia
Abstract: 
 The income–inequality relationship is often addressed in the literature and studies also reporting significant effects between income and the various measures of inequality. An important question is whether there is not only correlation but also causality in the income–inequality nexus. For investigating the latter purpose, a Granger causality test based on out-of-sample forecast errors is applied with data from 2006 to 2018 for per capita real income, Gini coefficients and poverty rates for sixty-one provinces in Vietnam. In this case, there is not detected any significant effects from inequality (Gini) or the level of poverty rates to income – and likewise no evidence of the reverse causality.
Journal: Applied Economics Letters
Pages: 1682-1685
Issue: 19
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1851642
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1851642
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Template-Type: ReDIF-Article 1.0
Author-Name: Philip Hans Franses
Author-X-Name-First: Philip Hans
Author-X-Name-Last: Franses
Title: Inclusion of older annual data into time series models for recent quarterly data
Abstract: 
 This note proposes time series models for data where the frequency changes over time. As an example, for many countries, in the past, real GDP growth was observed annually and since a few years or decades, the data are available per quarter. Modifying the time series models allows for the incorporation of these older annual data, without a need for imputation. Illustrations for real GDP growth in China and the Netherlands show the merits of the method.
Journal: Applied Economics Letters
Pages: 1717-1721
Issue: 19
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1866152
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1866152
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Template-Type: ReDIF-Article 1.0
Author-Name: Can Sever
Author-X-Name-First: Can
Author-X-Name-Last: Sever
Title: Reserves and currency crises: the role of the exchange rate regime
Abstract: 
 Although it is widely accepted that more reserves are required to support a peg relative to a more flexible currency, there is lack of empirical evidence motivating this phenomenon. This paper shows evidence that international reserves help countries decrease the probability of a currency crisis. However, the alleviating effect of reserves on the likelihood of currency crises is lower under pegged exchange rate regimes. This result implies that countries with pegged regimes need to accumulate more reserves to avoid currency crises, relative to their peers with more flexible exchange rate regimes.
Journal: Applied Economics Letters
Pages: 1677-1681
Issue: 19
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1851019
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1851019
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Template-Type: ReDIF-Article 1.0
Author-Name: Maddalena Cavicchioli
Author-X-Name-First: Maddalena
Author-X-Name-Last: Cavicchioli
Title: A matrix approach to the Beveridge-Nelson decomposition of Markov-switching processes with applications to business cycle
Abstract: 
 We provide simple matrix formulas for calculation of the Beveridge–Nelson decomposition in the Markov-switching multivariate case, where series are generated by vector ARIMA models with Markov-switching intercept term. The treatment is immediately extended for regime changes in the mean, distributed lags in the regime and cointegrated models with Markov switching. We apply the method to real data from an example representative of recently industrialized economies and from a classical study on the US business cycle.
Journal: Applied Economics Letters
Pages: 1648-1655
Issue: 19
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1841882
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1841882
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Template-Type: ReDIF-Article 1.0
Author-Name: Radosław Kurach
Author-X-Name-First: Radosław
Author-X-Name-Last: Kurach
Author-Name: Marek Kośny
Author-X-Name-First: Marek
Author-X-Name-Last: Kośny
Author-Name: Paweł Kuśmierczyk
Author-X-Name-First: Paweł
Author-X-Name-Last: Kuśmierczyk
Author-Name: Walid Merouani
Author-X-Name-First: Walid
Author-X-Name-Last: Merouani
Title: What does ‘Big Three’ tell us about retirement planning skills?
Abstract: 
 In this paper, we present the results of financial knowledge assessment from a nationwide survey carried out in Poland in 2019. To measure this phenomenon, we use the well-grounded scale, the ‘Big Three’ financial literacy questions, proposed by Mitchell and Lusardi. The results are similar to those of studies in other countries. However, we find that financial literacy scores poorly predict reasonable answers to the retirement planning question. We present hypotheses to explain this finding and recommend potential solutions.
Journal: Applied Economics Letters
Pages: 1703-1706
Issue: 19
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1851646
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1851646
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Template-Type: ReDIF-Article 1.0
Author-Name: Hanming Jiang
Author-X-Name-First: Hanming
Author-X-Name-Last: Jiang
Author-Name: Renfei Xie
Author-X-Name-First: Renfei
Author-X-Name-Last: Xie
Title: Participation in global value chains and the US–China technology gap: an application of the generalized propensity score
Abstract: 
 In this study, using the generalized propensity score on a sample of 172,336 firms, we examine the technology gap between the US and China when Chinese enterprises participate in global value chains (GVC) at different potential continuous levels. We find an N-shaped relationship between the two key variables. To narrow the technology gap with the US, our empirical result also shows that it is suggested for Chinese firms to engage in GVC during the moderate interval (0.23 ~ 0.77).
Journal: Applied Economics Letters
Pages: 1656-1660
Issue: 19
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1845291
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1845291
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Template-Type: ReDIF-Article 1.0
Author-Name: Astrid Loretta Ayala
Author-X-Name-First: Astrid Loretta
Author-X-Name-Last: Ayala
Author-Name: Szabolcs Blazsek
Author-X-Name-First: Szabolcs
Author-X-Name-Last: Blazsek
Title: Score-driven panel data models of the capital structure of US firms
Abstract: 
 Capital structures of United States (US) firms may be influenced by changes in interest rate levels, which may be in relation to lower borrowing costs of firms in different periods of conventional and unconventional monetary policies (UMPs). The present article is the first comparative study of the capital structure of Standard & Poor’s 500 (S&P 500) firms for subperiods between 1997Q4 and 2019Q3. Subperiods are defined based on the evolution of the effective federal funds rate (EFFR), which include a period of decreasing EFFR in response to the Dotcom Bubble, and the near-zero EFFR for the period of UMP. The hypothesis of this article is that S&P 500 firms increase the proportion of debt financing in periods of decreasing or low interest rate levels, and the opposite is implemented in periods of increasing interest rates. To provide a robust test of the hypothesis, the new score-driven panel data model is introduced. The hypothesis is supported for debt-to-capital of S&P 500 firms by the empirical results.
Journal: Applied Economics Letters
Pages: 1666-1670
Issue: 19
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1845293
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1845293
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Template-Type: ReDIF-Article 1.0
Author-Name: Takeshi Aida
Author-X-Name-First: Takeshi
Author-X-Name-Last: Aida
Title: Cooperative norms and global deforestation
Abstract: 
 This study aims to explore the role of cooperative norms and discount factors in global deforestation. Previous studies have revealed that these preferences lead to the better management of common-pool resources. However, since these case studies focus on small geographical areas, external validity remains an important issue. By using high-resolution satellite data and a unified measure of cooperative norms and discount factors, this study demonstrates that higher levels of cooperative norms are associated with a lower level of deforestation across the world, whereas no significant association is found between discount factors and deforestation.
Journal: Applied Economics Letters
Pages: 1728-1731
Issue: 20
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1853661
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1853661
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Template-Type: ReDIF-Article 1.0
Author-Name: Fahim Al-Marhubi
Author-X-Name-First: Fahim
Author-X-Name-Last: Al-Marhubi
Title: Do natural resource rents reduce labour shares? Evidence from panel data
Abstract: 
 Using a panel dataset of 95 countries from 1980 to 2014, we find that natural resource rents have a causal negative effect on labour shares. This effect is robust to estimation methods and control variables.
Journal: Applied Economics Letters
Pages: 1754-1757
Issue: 20
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1853666
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1853666
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Benjamin Goodwin
Author-X-Name-First: Michael Benjamin
Author-X-Name-Last: Goodwin
Author-Name: Matias Fontenla
Author-X-Name-First: Matias
Author-X-Name-Last: Fontenla
Author-Name: Fidel Gonzalez
Author-X-Name-First: Fidel
Author-X-Name-Last: Gonzalez
Title: Estimating the impact of pollution on wages and housing prices using satellite imagery
Abstract: 
 Air pollution is a global concern. However, research and policy addressing the problem remains hampered by a lack of ground-level air quality data. We estimate the value residents of Mexico City place on clean air using aerosol optical depth (AOD) from satellite imagery as a proxy for air pollution. We employ a unique dataset that combines actual household-level data with AOD and rainfall within a hedonic model focusing on people’s decisions regarding where to work and live in a developing nation. We address endogeneity and simultaneity concerns by using a 3SLS-IV estimation. Results suggest that residents place significant value on clean air, with a 10% increase in AOD leading to a 1.3% decrease in home prices and a 2.3% increase in wages.
Journal: Applied Economics Letters
Pages: 1750-1753
Issue: 20
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1853665
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1853665
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Template-Type: ReDIF-Article 1.0
Author-Name: Jens J. Krüger
Author-X-Name-First: Jens J.
Author-X-Name-Last: Krüger
Author-Name: Michael Neugart
Author-X-Name-First: Michael
Author-X-Name-Last: Neugart
Title: Dissecting Okun’s law beyond time and frequency
Abstract: 
 The stability of Okun’s law mostly has been investigated over time. In this paper, we apply wavelet analysis to dissect the relationship between GDP growth and changes in the unemployment rate by time and frequency. Furthermore, we analyse whether changes in Okun’s law are related to changes in the underlying production function or are related to changes in the relationship between unemployment and employment. The results show that coherence of GDP growth and changes in the unemployment rates at lower frequencies vanished with the Great Moderation. Coherence at higher frequencies shows an on-off pattern with a re-emergence of Okun’s law during the Great Recession. These changes appear to be mainly driven by changes in the underlying production function.
Journal: Applied Economics Letters
Pages: 1744-1749
Issue: 20
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1853664
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1853664
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Template-Type: ReDIF-Article 1.0
Author-Name: Cinzia Carota
Author-X-Name-First: Cinzia
Author-X-Name-Last: Carota
Author-Name: Consuelo Rubina Nava
Author-X-Name-First: Consuelo Rubina
Author-X-Name-Last: Nava
Title: A Bayesian Mixed Multinomial Logit Model for choice-sets and decision-makers’ heterogeneity
Abstract: 
 We propose a Bayesian Mixed Multinomial Logit Model (MMLM) to deal with the critical issue of choice-set heterogeneity often present in policy evaluation studies enriched with microsimulated data. We also exploit the comparison of three clustering methods to capture decision-makers’ heterogeneity through a specific random effect. A case study, which aims to describe the determinants of labour choices of females in couples with microsimulated fiscal variables, is the test-bed for our methodological proposal. By virtue of this very flexible specification of the random components, the Bayesian MMLM proves to be more accurate, parsimonious and consistent in terms of point estimates with the research field than other models.
Journal: Applied Economics Letters
Pages: 1767-1771
Issue: 20
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1854430
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854430
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Template-Type: ReDIF-Article 1.0
Author-Name: Haixi Li
Author-X-Name-First: Haixi
Author-X-Name-Last: Li
Author-Name: Xuguang Simon Sheng
Author-X-Name-First: Xuguang Simon
Author-X-Name-Last: Sheng
Title: Dating COVID-Induced Recession in the U.S
Abstract: 
 The COVID-induced recession began in March 2020 for the United States. We identify this turning point by applying a Bayesian sequential quickest detection method to a real-time index of economic activity. Supporting evidence is also found from macroeconomic data releases and stock markets.
Journal: Applied Economics Letters
Pages: 1723-1727
Issue: 20
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1852163
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1852163
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhengwen Wang
Author-X-Name-First: Zhengwen
Author-X-Name-Last: Wang
Author-Name: Yunxiao Zong
Author-X-Name-First: Yunxiao
Author-X-Name-Last: Zong
Author-Name: Yuwan Dan
Author-X-Name-First: Yuwan
Author-X-Name-Last: Dan
Author-Name: Shi-Jie Jiang
Author-X-Name-First: Shi-Jie
Author-X-Name-Last: Jiang
Title: Country risk and international trade: evidence from the China-B&R countries
Abstract: 
 This study conducts a time-varying stochastic frontier gravity model to explore the interactions between country risk and foreign trade for the Belt and Road countries. By using the data of bilateral trades between 134 countries and China during 2003–2018, empirical results show that reduction of country risk will increase the bilateral trades between China and these countries. Based on these findings, the implementation of the Belt and Road initiative may effectively hedge the country risk of the trade partners and promotes their bilateral trades with China.
Journal: Applied Economics Letters
Pages: 1784-1788
Issue: 20
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1854433
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854433
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Template-Type: ReDIF-Article 1.0
Author-Name: Donghui Peng
Author-X-Name-First: Donghui
Author-X-Name-Last: Peng
Author-Name: Jingrong Li
Author-X-Name-First: Jingrong
Author-X-Name-Last: Li
Author-Name: Krishna Paudel
Author-X-Name-First: Krishna
Author-X-Name-Last: Paudel
Author-Name: Yunsheng Mi
Author-X-Name-First: Yunsheng
Author-X-Name-Last: Mi
Title: Land transfer and food crop planting decisions in China
Abstract: 
 This paper proposes a theoretical model to illustrate the relationship between the scale of land transfer-in and farmers’ crop selection behaviour. We use a semiparametric instrumental variable regression model to test this relationship. Data come from a face-to-face interview survey of 2,677 farmers located in nine provinces of China collected in 2014–2015. Results show that the size of land transfer-in has a U-shaped impact on the probability of planting food crops. To guarantee food crop self-sufficiency, the Chinese government should encourage land transfer, foster the mobility of agricultural labourers, and enhance the capacity of the rural financial market.
Journal: Applied Economics Letters
Pages: 1777-1783
Issue: 20
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1854432
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854432
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Template-Type: ReDIF-Article 1.0
Author-Name: Alain Naef
Author-X-Name-First: Alain
Author-X-Name-Last: Naef
Title: The investment portfolio of the Swiss National Bank and its carbon footprint
Abstract: 
 This paper details the nature of the equity holdings of the Swiss National Bank (SNB) and estimates its carbon footprint. By analysing SNB holdings in the 100 most polluting companies in the world, I find that the share of assets owned by the SNB is responsible for at least a quarter of Switzerland’s domestic CO2 emissions. This represents as much as the greenhouse gas emissions of all Swiss households combined or 0.05% of global greenhouse gas emissions. Using two different estimation methods, I find that the SNB’s portfolio generates between 12 and 20 million metric tons of CO2 per year. This could be reduced by 99.7% with an investment reallocation of just 2% of the equity portfolio of the SNB.
Journal: Applied Economics Letters
Pages: 1801-1806
Issue: 20
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1854436
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854436
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Template-Type: ReDIF-Article 1.0
Author-Name: Chen Li
Author-X-Name-First: Chen
Author-X-Name-Last: Li
Author-Name: Chunyan Liu
Author-X-Name-First: Chunyan
Author-X-Name-Last: Liu
Author-Name: Jun Zhao
Author-X-Name-First: Jun
Author-X-Name-Last: Zhao
Title: The effects of inward and outward foreign direct investment on manufacturing export sophistication in China
Abstract: 
 This article focuses on the effects of inward and outward FDI on manufacturing export sophistication in China by using the two-tier stochastic frontier model. The results show that inward and outward FDI has a stronger positive effect on China’s manufacturing export sophistication. Furthermore, the effects decomposition indicates that the net effect of inward and outward FDI on manufacturing export sophistication varies markedly across quantiles and regions. At the upper quartiles (Q3) and Eastern Zone, the positive net effect is more obvious than others. This illustrates that inward and outward FDI plays a significant role in driver export upgrading.
Journal: Applied Economics Letters
Pages: 1758-1766
Issue: 20
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1854429
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854429
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Floridi
Author-X-Name-First: Andrea
Author-X-Name-Last: Floridi
Author-Name: Binyam Afewerk Demena
Author-X-Name-First: Binyam Afewerk
Author-X-Name-Last: Demena
Author-Name: Natascha Wagner
Author-X-Name-First: Natascha
Author-X-Name-Last: Wagner
Title: The bright side of formalization policies! Meta-analysis of the benefits of policy-induced versus self-induced formalization
Abstract: 
 This paper provides a meta-analysis of the impact of business formalization on performance. We exploit a meta-dataset of 1,271 estimates derived from 20 studies available until October 2019. The analysis reveals that formalization is associated with fairly small benefits that take time to materialize. We then exploited the difference between policy-induced formalization and self-induced formalization investigating underlying effects, publication bias, and sources of heterogeneity. Policy-induced formalization brings large benefits, whereas self-induced formalization only results in medium benefits, suggesting that indeed formalization can be spurred by adequate policy actions. To be most effective, formalization policies should be implemented with information sessions, trainings/workshops, and business development services to unleash the growth potential of newly formalized firms in the most potent way.
Journal: Applied Economics Letters
Pages: 1807-1812
Issue: 20
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1870919
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1870919
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Brooks
Author-X-Name-First: Robert
Author-X-Name-Last: Brooks
Title: Superstars and “The Voice”
Abstract: 
 The previous literature has explored theories and models of the economics of superstars in the context of the music industry and in general finds mixed evidence for superstar effects and the data being close to the Yule distribution. The present article extends that literature by examining if the same patterns are present for near superstars, specifically contestants on the reality television show ‘The Voice’. Our results support the presence of the same features in the data for these near superstars.
Journal: Applied Economics Letters
Pages: 1797-1800
Issue: 20
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1854435
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854435
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:20:p:1797-1800




Template-Type: ReDIF-Article 1.0
Author-Name: Amine Ben Amar
Author-X-Name-First: Amine
Author-X-Name-Last: Ben Amar
Author-Name: Fateh Bélaïd
Author-X-Name-First: Fateh
Author-X-Name-Last: Bélaïd
Author-Name: Adel Ben Youssef
Author-X-Name-First: Adel
Author-X-Name-Last: Ben Youssef
Author-Name: Khaled Guesmi
Author-X-Name-First: Khaled
Author-X-Name-Last: Guesmi
Title: Connectedness among regional financial markets in the context of the COVID-19
Abstract: 
 In this paper, a spillover index measure is used to explore the extent of the connectedness among a set of six regional stock markets over nearly 8 years from 25 June 2012, to 11 May 2020. Results show that financial markets reacted in largely the same way to the significant economic uncertainty caused by COVID-19, and provide striking evidence of the disconnect between the American emerging market and the global financial markets.
Journal: Applied Economics Letters
Pages: 1789-1796
Issue: 20
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1854434
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854434
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Template-Type: ReDIF-Article 1.0
Author-Name: Hoyong Jung
Author-X-Name-First: Hoyong
Author-X-Name-Last: Jung
Title: Foreign acquisition and R&D activities: evidence from a small open economy
Abstract: 
 This paper examines the effect of the foreign acquisition on domestic firms’ R&D activities using a firm-level dataset. We exploit a rich dataset of South Korea, which is a representative small open economy. We find that foreign takeover leads to increased R&D expenditures, which are more outsourced. The effect stood out after the global financial crisis, for listed companies and companies that rely on trade.
Journal: Applied Economics Letters
Pages: 1732-1737
Issue: 20
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1853662
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1853662
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:20:p:1732-1737




Template-Type: ReDIF-Article 1.0
Author-Name: Yan Shen
Author-X-Name-First: Yan
Author-X-Name-Last: Shen
Author-Name: C. James Hueng
Author-X-Name-First: C. James
Author-X-Name-Last: Hueng
Author-Name: Wenxiu Hu
Author-X-Name-First: Wenxiu
Author-X-Name-Last: Hu
Title: Measurement and spillover effect of digital financial inclusion: a cross-country analysis
Abstract: 
 Measures of national financial inclusion mostly focus on traditional financial services and ignore the role of digital finance. We incorporate several digital elements of financial inclusion and construct a comprehensive index of digital financial inclusion for 101 countries in 2017. The spatial distribution of the index shows a strong geographical aggregation and a clustered pattern in national income groups. Regions with higher-income countries tend to have better digital financial inclusion. However, digital technology has helped several low-income countries to improve their financial inclusion. But this improvement does not spillover to other low-income countries in the region.
Journal: Applied Economics Letters
Pages: 1738-1743
Issue: 20
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1853663
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1853663
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Template-Type: ReDIF-Article 1.0
Author-Name: Yukio Fukumoto
Author-X-Name-First: Yukio
Author-X-Name-Last: Fukumoto
Author-Name: Tomoko Kinugasa
Author-X-Name-First: Tomoko
Author-X-Name-Last: Kinugasa
Title: Impact of demographic indicators on trade openness: evidence from different geographic regions
Abstract: 
 Trade openness and the share of the working-age population vary in different geographic regions of the world, and they tend to be especially high in Europe. Under the hypothesis that the share of the working-age population has a positive effect on trade openness, we clarify the difference in trade openness by region caused by age structure using panel data for the following four regions: Europe, Asia, America, and Africa. Based on fixed-effects models by region, we estimate equations that include trade openness as the dependent variable and the share of the working-age population as an independent variable. Blinder–Oaxaca decomposition is conducted setting Europe as the benchmark. Our empirical results reveal that the share of the working-age population has significantly positive effects on trade openness in all regions except Africa. Moreover, the high trade openness in Europe compared with Asia can be explained by the endowment effect of the age structure, and that compared with America or Africa can be explained by both the endowment and coefficient effects of the age structure.
Journal: Applied Economics Letters
Pages: 1772-1776
Issue: 20
Volume: 28
Year: 2021
Month: 11
X-DOI: 10.1080/13504851.2020.1854431
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854431
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Espinosa-Méndez
Author-X-Name-First: Christian
Author-X-Name-Last: Espinosa-Méndez
Author-Name: José Arias
Author-X-Name-First: José
Author-X-Name-Last: Arias
Title: Herding Behaviour in Asutralian stock market: Evidence on COVID-19 effect
Abstract: 
 This is the first article in investigating how COVID-19 affects Oceania’s financial markets. Specifically, we investigate if COVID-19 pandemic has an effect on herding behaviour in the Australian stock market. Using a sample of all firms listed over the period from 10 June 2008 to 19 June 2020, we find evidence that COVID-19 pandemic increases herding behaviour. The results report that herding behaviour manifests during crisis and extreme periods.
Journal: Applied Economics Letters
Pages: 1898-1901
Issue: 21
Volume: 28
Year: 2021
Month: 12
X-DOI: 10.1080/13504851.2020.1854659
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854659
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Template-Type: ReDIF-Article 1.0
Author-Name: Derek T. Tharp
Author-X-Name-First: Derek T.
Author-X-Name-Last: Tharp
Author-Name: Jeffrey Camarda
Author-X-Name-First: Jeffrey
Author-X-Name-Last: Camarda
Author-Name: Steven James Lee
Author-X-Name-First: Steven James
Author-X-Name-Last: Lee
Author-Name: Pieter J. de Jong
Author-X-Name-First: Pieter J.
Author-X-Name-Last: de Jong
Title: Do CFP® professionals engage in less misconduct? Exploring the importance of job classification when comparing misconduct rates among financial service professionals
Abstract: 
 Using a unique dataset of FINRA-licenced individuals in Florida in 2015 that was enriched to include job classification information generally not contained in publicly-available regulatory data, a series of binary logistic regressions illustrate how unobserved differences among financial service professional roles may bias results in misconduct analyses. When using CFP® status as the sole predictor of misconduct among the full sample of licenced individuals, CFP® professionals are found to have 1.86 times higher odds of having engaged in culpable advisory-related misconduct compared to non-CFP® professionals. However, after controlling for other relevant factors and limiting the sample to only individuals identified as financial advisors, CFP® professionals are found to have 0.84 times lower odds of having engaged in culpable advisory-related misconduct. Because job classifications are generally not available in the standard SEC and FINRA datasets, these findings illustrate how the inability to control for unobserved differences in job roles may bias misconduct analyses.
Journal: Applied Economics Letters
Pages: 1830-1835
Issue: 21
Volume: 28
Year: 2021
Month: 12
X-DOI: 10.1080/13504851.2020.1854441
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854441
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Template-Type: ReDIF-Article 1.0
Author-Name: Rangan Gupta
Author-X-Name-First: Rangan
Author-X-Name-Last: Gupta
Author-Name: Xin Sheng
Author-X-Name-First: Xin
Author-X-Name-Last: Sheng
Author-Name: Reneé van Eyden
Author-X-Name-First: Reneé
Author-X-Name-Last: van Eyden
Author-Name: Mark Wohar
Author-X-Name-First: Mark
Author-X-Name-Last: Wohar
Title: The impact of disaggregated oil shocks on state-level consumption of the United States
Abstract: 
 We analyse the impact of oil supply, global economic activity, oil-specific consumption demand and oil inventory demand shocks on state-level consumption of the United States (U.S.) over the period of 1975:Q1 to 2012:Q2. We find that positive economic activity shocks and oil production shocks (associated with increase and decrease in oil prices, respectively) increase consumption growth. At the same time, oil-specific consumption and inventory demand shocks raise oil prices and reduce the growth rate of state-level consumption. Across the shocks, the strongest effect originates from the global demand shock. In addition, our above observations are virtually invariant to the degree of oil dependency (oil consumed minus oil produced as a ratio of oil consumed) of the states. Our results have important policy implications.
Journal: Applied Economics Letters
Pages: 1818-1824
Issue: 21
Volume: 28
Year: 2021
Month: 12
X-DOI: 10.1080/13504851.2020.1854439
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854439
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Mladina
Author-X-Name-First: Peter
Author-X-Name-Last: Mladina
Title: The economic performance of socialism
Abstract: 
 Socialism is attracting renewed interest. But forced economic equality comes with significant economic costs. I conduct an empirical evaluation on the performance of major socialist economies in meeting living standards and show that socialism results in poverty.
Journal: Applied Economics Letters
Pages: 1842-1846
Issue: 21
Volume: 28
Year: 2021
Month: 12
X-DOI: 10.1080/13504851.2020.1854444
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854444
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Template-Type: ReDIF-Article 1.0
Author-Name: Per G. Fredriksson
Author-X-Name-First: Per G.
Author-X-Name-Last: Fredriksson
Author-Name: Satyendra Kumar Gupta
Author-X-Name-First: Satyendra Kumar
Author-X-Name-Last: Gupta
Title: Legal origins and government COVID-19 control measures
Abstract: 
 A speedy response made a significant difference to the number of infections and deaths due to COVID-19. Did legal philosophies matter for policy responses? We find that when 100 cases had been diagnosed (and 7–14 days thereafter), common law countries had implemented weaker measures than civil law countries. However, no significant difference is found for COVID-19 related deaths. Lower vulnerability is also associated with weaker policies.
Journal: Applied Economics Letters
Pages: 1865-1871
Issue: 21
Volume: 28
Year: 2021
Month: 12
X-DOI: 10.1080/13504851.2020.1854654
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854654
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Handle: RePEc:taf:apeclt:v:28:y:2021:i:21:p:1865-1871




Template-Type: ReDIF-Article 1.0
Author-Name: Riza Demirer
Author-X-Name-First: Riza
Author-X-Name-Last: Demirer
Author-Name: Rangan Gupta
Author-X-Name-First: Rangan
Author-X-Name-Last: Gupta
Author-Name: Christian Pierdzioch
Author-X-Name-First: Christian
Author-X-Name-Last: Pierdzioch
Author-Name: Syed Jawad Hussain Shahzad
Author-X-Name-First: Syed Jawad
Author-X-Name-Last: Hussain Shahzad
Title: A note on oil price shocks and the forecastability of gold realized volatility
Abstract: 
 We examine the predictive power of disentangled oil price shocks over gold market volatility via the heterogeneous autoregressive realized volatility (HAR-RV) model. Our in- and out-of-sample tests show that combining the information from both oil supply and demand shocks with the innovations associated with financial market risks improves the forecast accuracy of realized volatility of gold. While financial risk shocks are important on their own, including oil price shocks in the model provides additional forecasting power in out-of-sample tests. Compared to the benchmark HAR-RV model, the extended model with all the three shocks included outperforms, in a statistically significant manner, all other variants of the HAR-RV framework for short-, medium, and long-run forecasting horizons. The findings highlight the predictive power of cross-market information in commodities and suggest that dise
ntangling supply- and demand-related factors associated with price shocks could help improve the accuracy of forecasting models.
Journal: Applied Economics Letters
Pages: 1889-1897
Issue: 21
Volume: 28
Year: 2021
Month: 12
X-DOI: 10.1080/13504851.2020.1854658
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854658
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Template-Type: ReDIF-Article 1.0
Author-Name: Wojciech Starosta
Author-X-Name-First: Wojciech
Author-X-Name-Last: Starosta
Title: Forecast combination approach in the loss given default estimation
Abstract: 
 This paper examines a novel method of including macroeconomic variables into Loss Given Default models. The approach is transparent, and it easily translates changes in the overall credit environment into Expected Loss estimates, which is one of the crucial points that was recently introduced in the International Financial Reporting Standard 9. We propose a forecast combination procedure that separates the contract-based variables from the macroeconomic indicators. Two models are prepared and benchmarked to a single ordinary least-squares (OLS) model. To combine the forecasts we use three approaches: simple average, the Granger–Ramanathan Method, and Mallows Model Averaging. We tested our predictions on out-of-time data and found that the forecast combination outperforms the single OLS model in terms of the selected forecast quality metrics.
Journal: Applied Economics Letters
Pages: 1813-1817
Issue: 21
Volume: 28
Year: 2021
Month: 12
X-DOI: 10.1080/13504851.2020.1854438
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854438
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Template-Type: ReDIF-Article 1.0
Author-Name: Tong Fang
Author-X-Name-First: Tong
Author-X-Name-Last: Fang
Author-Name: Zhi Su
Author-X-Name-First: Zhi
Author-X-Name-Last: Su
Title: Does uncertainty matter for US financial market volatility spillovers? Empirical evidence from a nonlinear Granger causality network
Abstract: 
 We investigate the role of uncertainty in US financial market volatility spillovers by using a directional financial network determined by the nonlinear Granger causality test. We find that uncertainty is an essential volatility transmission channel for financial market volatility spillovers. Financial uncertainty is the most central node in the financial market network. A subsample analysis, excluding the pandemic period, confirms the robustness of our results.
Journal: Applied Economics Letters
Pages: 1877-1883
Issue: 21
Volume: 28
Year: 2021
Month: 12
X-DOI: 10.1080/13504851.2020.1854656
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854656
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Template-Type: ReDIF-Article 1.0
Author-Name: Sven Grüner
Author-X-Name-First: Sven
Author-X-Name-Last: Grüner
Author-Name: Felix Krüger
Author-X-Name-First: Felix
Author-X-Name-Last: Krüger
Title: The intention to be vaccinated against COVID-19: stated preferences before vaccines were available
Abstract: 
 The goal of this note is to better understand which determinants can explain the willingness to get vaccinated against COVID-19. For this purpose, we conduct a survey in Germany in which we ask ourselves whether this ‘time is different’ from the willingness to be vaccinated against infection by influenza viruses. Our sample does not only comprise students with and without healthcare background, we also analyse a notable amount of healthcare professionals. We find that healthcare professionals exhibit a considerably greater willingness to be vaccinated against flu than healthcare and non-healthcare students. In contrast, the willingness to be vaccinated against COVID-19 is quite similar among the populations. In both contexts, COVID-19 and flu, trust (e.g. media, activities of the government) seems to play a central role in the decision whether to be vaccinated or not.
Journal: Applied Economics Letters
Pages: 1847-1851
Issue: 21
Volume: 28
Year: 2021
Month: 12
X-DOI: 10.1080/13504851.2020.1854445
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854445
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Template-Type: ReDIF-Article 1.0
Author-Name: Po−Keng Cheng
Author-X-Name-First: Po−Keng
Author-X-Name-Last: Cheng
Title: Listen to the signals from an interactive agent‐based model
Abstract: 
 In this paper, we develop a trading strategy based on the estimated results of an interactive agent-based model. We examine our trading strategy in nine markets proxied by market indices. Our strategy is able to ride the rising trend and avoid declining periods. In addition, our strategy could outperform market index in some financial markets.
Journal: Applied Economics Letters
Pages: 1884-1888
Issue: 21
Volume: 28
Year: 2021
Month: 12
X-DOI: 10.1080/13504851.2020.1854657
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854657
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Template-Type: ReDIF-Article 1.0
Author-Name: Tim Friehe
Author-X-Name-First: Tim
Author-X-Name-Last: Friehe
Author-Name: Avraham Tabbach
Author-X-Name-First: Avraham
Author-X-Name-Last: Tabbach
Title: Liability rules can rationalize greater victim vulnerability
Abstract: 
 This paper shows that an imperfect strict liability rule can induce victims to increase the losses they incur in the event of an accident, and that similar incentives exist under the negligence rule. Using a simple model in which victims can influence their harm distribution, we identify two potential reasons why victims may benefit from greater ‘vulnerability’, namely strategic effects on own future and others’ behaviour.
Journal: Applied Economics Letters
Pages: 1825-1829
Issue: 21
Volume: 28
Year: 2021
Month: 12
X-DOI: 10.1080/13504851.2020.1854440
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854440
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Template-Type: ReDIF-Article 1.0
Author-Name: Sanghak Choi
Author-X-Name-First: Sanghak
Author-X-Name-Last: Choi
Author-Name: Hail Jung
Author-X-Name-First: Hail
Author-X-Name-Last: Jung
Title: Effects of the litigation risk coverage on corporate social responsibility
Abstract: 
 This study investigates the relationship between the law of director liability reduction (DLR) and the level of corporate social responsibility (CSR). Using unique Korean institutional data, we show that firms that do not employ liability reduction coverage engage more heavily in CSR-related activities. This is primarily to control the litigation risk. Firms that have not adopted the DLR are vulnerable to litigation risks, and therefore, they strategically use CSR to hedge such risks. We also employ the propensity score matching approach and show that endogeneity does not drive the result.
Journal: Applied Economics Letters
Pages: 1836-1841
Issue: 21
Volume: 28
Year: 2021
Month: 12
X-DOI: 10.1080/13504851.2020.1854443
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854443
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Template-Type: ReDIF-Article 1.0
Author-Name: Jyh-Horng Lin
Author-X-Name-First: Jyh-Horng
Author-X-Name-Last: Lin
Author-Name: Chuen-Ping Chang
Author-X-Name-First: Chuen-Ping
Author-X-Name-Last: Chang
Author-Name: Shi Chen
Author-X-Name-First: Shi
Author-X-Name-Last: Chen
Title: A simple model of financial grey rhino under insurer capital regulation: an extension
Abstract: 
 A recent study proposes a contingent claim model of financial grey rhino under capital regulation and suggests that stringent capital regulation enhances the insurer’s survival, thereby contributing to insurance stability. This note critically evaluates the relevant study’s objective setting and refines the comparative statics by developing a contingent claim utility model. We show that stringent capital regulation helps policyholder protections, but at the expense of the insurer’s equity return, thus adversely affecting insurer survival.
Journal: Applied Economics Letters
Pages: 1872-1876
Issue: 21
Volume: 28
Year: 2021
Month: 12
X-DOI: 10.1080/13504851.2020.1854655
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854655
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Buerger
Author-X-Name-First: Christian
Author-X-Name-Last: Buerger
Title: The effect of economic downturns on state budgets: a counterfactual analysis of the great recession
Abstract: 
 I propose a novel method to estimate the effect of recessions on government finances. Using the Great Recession and state budgets as an empirical example, I find large and prolonged budget cuts, but also increases in transfers to populations in need. The proposed method can be easily transferred to other recessions, different spending categories, and local governments receiving state transfers, such as school districts.
Journal: Applied Economics Letters
Pages: 1852-1859
Issue: 21
Volume: 28
Year: 2021
Month: 12
X-DOI: 10.1080/13504851.2020.1854652
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854652
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Vera-Gilces
Author-X-Name-First: Paul
Author-X-Name-Last: Vera-Gilces
Author-Name: Segundo Camino-Mogro
Author-X-Name-First: Segundo
Author-X-Name-Last: Camino-Mogro
Author-Name: Xavier Ordeñana
Author-X-Name-First: Xavier
Author-X-Name-Last: Ordeñana
Author-Name: Mary Armijos
Author-X-Name-First: Mary
Author-X-Name-Last: Armijos
Title: Revisiting market power and efficiency: the non-linearities over profitability
Abstract: 
 Market power and efficiency are known to affect baking profitability. However, they have been usually analysed separately and when jointly, under a linear approach. This letter proposes a non-linear assessment of these two variables over bank profitability. For this, we use a GMM approach and find diminishing returns of market power and increasing returns of efficiency over profitability gains. Our findings add evidence besides the traditional view which may have important implications for banking system.
Journal: Applied Economics Letters
Pages: 1860-1864
Issue: 21
Volume: 28
Year: 2021
Month: 12
X-DOI: 10.1080/13504851.2020.1854653
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854653
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Template-Type: ReDIF-Article 1.0
Author-Name: Tadgh Hegarty
Author-X-Name-First: Tadgh
Author-X-Name-Last: Hegarty
Title: Information and price efficiency in the absence of home crowd advantage
Abstract: 
 This paper evaluates the efficiency of betting market pricing for top league soccer matches played behind closed doors during the COVID-19 pandemic. The removal of the crowd component of home advantage results in substantial improvement in both the market predictions of goal difference and home team wins.
Journal: Applied Economics Letters
Pages: 1902-1907
Issue: 21
Volume: 28
Year: 2021
Month: 12
X-DOI: 10.1080/13504851.2021.1883525
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1883525
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Template-Type: ReDIF-Article 1.0
Author-Name: Pascal Stiefenhofer
Author-X-Name-First: Pascal
Author-X-Name-Last: Stiefenhofer
Author-Name: Wei Zhang
Author-X-Name-First: Wei
Author-X-Name-Last: Zhang
Title: Conspicuous ethics: a Veblen effect condition for ethical consumption goods
Abstract: 
 This paper considers a class of ethical consumers who are characterized by price dependent preferences. It is hypothesized that ethical consumers derive esteem from displaying moral considerations in their consumption choices. A class of additive price dependent power utility functions is introduced and a condition for ethical Veblen effects, suggesting a positive correlation between the demand of ethical conspicuous goods and their prices, is provided.
Journal: Applied Economics Letters
Pages: 72-74
Issue: 1
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1855306
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1855306
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Template-Type: ReDIF-Article 1.0
Author-Name: Yongwei Chen
Author-X-Name-First: Yongwei
Author-X-Name-Last: Chen
Author-Name: Dahai Fu
Author-X-Name-First: Dahai
Author-X-Name-Last: Fu
Author-Name: Ying Zhang
Author-X-Name-First: Ying
Author-X-Name-Last: Zhang
Title: How do households respond to economic policy uncertainty? Evidence from China
Abstract: 
 This article empirically examines the impacts of economic policy uncertainty (EPU) on household income and how they adjust their consumption expenditure and savings using a newly developed provincial EPU index in China. The findings show that the uncertainty shock lowers household income and households primarily responded by reducing their non-durable spending. The impacts of uncertainty shock are more pronounced in older, male-headed and urban households.
Journal: Applied Economics Letters
Pages: 80-83
Issue: 1
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2021.1971615
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1971615
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Template-Type: ReDIF-Article 1.0
Author-Name: Shishir Shakya
Author-X-Name-First: Shishir
Author-X-Name-Last: Shakya
Author-Name: Elham Erfanian
Author-X-Name-First: Elham
Author-X-Name-Last: Erfanian
Author-Name: Alexandre Scarcioffolo
Author-X-Name-First: Alexandre
Author-X-Name-Last: Scarcioffolo
Title: The political economy of Vermont’s abortion bill
Abstract: 
 Public choice literature divides the rationality of voting between instrumental and expressive. In this paper, we take the Vermont legislature in passing the H. 57 bill as a case to explain some of the determinants of expressive voting empirically. The H.57 bill declares that no government entity can interfere with, or restrict, a consenting individual’s right to abortion care across the entire gestation period. However, the bill has not changed the previously status quo of the state towards abortion rights. Thus, it creates a situation in which we can analyze the legislator’s voting behavior through the lens of an expressive voting framework. We utilize a high dimensional dataset and post-double-selection LASSO method to explain the channels that influence the expressive voting on the H. 57 bill. We web scrape the lower and upper chamber voting data on H.57 bill and use the 2017 American Community Survey 5-year estimates to retrieve 89 different socioeconomic, housing, and demographic characteristics of State Legislative Districts. Our results suggest channels of poverty, gender, and population diversity are some crucial mechanisms.
Journal: Applied Economics Letters
Pages: 17-21
Issue: 1
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1854663
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854663
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Template-Type: ReDIF-Article 1.0
Author-Name: Habitamu Asifawu Tonch
Author-X-Name-First: Habitamu Asifawu
Author-X-Name-Last: Tonch
Author-Name: Wook Sohn
Author-X-Name-First: Wook
Author-X-Name-Last: Sohn
Title: The impact of informal credit on household welfare: evidence from rural Ethiopia
Abstract: 
 This study focuses on a credit-related informal risk-sharing mechanism and analyzes the effect of informal credit on household welfare. We use two-stage least squares regression to avoid the endogeneity problem and the Heckman correction procedure to remove possible self-selection bias. We find that informal credit is positively associated with welfare; each thousand Ethiopian Birr (approximately US$ 28) received in the form of informal credit improves the welfare expenditure of a household by approximately 4.3%.
Journal: Applied Economics Letters
Pages: 12-16
Issue: 1
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1854662
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854662
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Template-Type: ReDIF-Article 1.0
Author-Name: Tomáš Želinský
Author-X-Name-First: Tomáš
Author-X-Name-Last: Želinský
Title: Stereotype threat among European Roma adults
Abstract: 
 Negative stereotypes associated with certain groups can lead to stereotype threat, a phenomenon that can negatively impact performance. The majority of existing studies that find negative effects of stereotype threat on performance are based on subpopulations such as students and older adults. This paper contributes by investigating the concept of stereotype threat in the context of adults at a range of ages of Roma ethnicity in Slovakia. The study is based on an incentivized lab-in-field experiment with 203 participants. Its main goal is to investigate whether reminding Roma adults of their ethnic identity affects their performance. The results suggest that making ethnicity salient reduces the performance of Roma adults by approximately 11%. These findings are consistent with the expectations of the stereotype threat hypothesis. The study further examines confidence as a potential channel, but the findings are ambiguous.
Journal: Applied Economics Letters
Pages: 49-52
Issue: 1
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1855301
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1855301
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Template-Type: ReDIF-Article 1.0
Author-Name: Tim Kovalenko
Author-X-Name-First: Tim
Author-X-Name-Last: Kovalenko
Author-Name: Claus Schnabel
Author-X-Name-First: Claus
Author-X-Name-Last: Schnabel
Author-Name: Heiko Stüber
Author-X-Name-First: Heiko
Author-X-Name-Last: Stüber
Title: Is the German labour market granular?
Abstract: 
 This paper is the first to investigate the relevance of the ‘granular hypothesis” proposed by Gabaix (Econometrica 2011) for employment growth. Using comprehensive data for Germany, we show that the establishment size distribution in terms of employment is indeed fat-tailed and that idiosyncratic shocks to large establishments explain a substantial portion of aggregate employment change. This relationship is more pronounced in the manufacturing than the service sector. Our findings may be an argument for stabilizing the largest establishments when hit by negative idiosyncratic shocks, since their employment fluctuations could spill over to aggregate employment growth.
Journal: Applied Economics Letters
Pages: 41-48
Issue: 1
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1855300
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1855300
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Template-Type: ReDIF-Article 1.0
Author-Name: Hanako Ohmura
Author-X-Name-First: Hanako
Author-X-Name-Last: Ohmura
Title: The connection between stock market prices and political support: evidence from Japan
Abstract: 
 This study analyzes the causality between stock market prices and political support, with a focus on Japan. Japan offers a critical setting to control for the causality of political connectedness, because electoral institutions proscribe corporate donations and politicians holding concurrent corporate executive positions and corporate donations. By narrowing the causality from stock market trends to political components, a vector autoregressive linear non-Gaussian acyclic model reveals that stock prices are the cause (parent) and ruling party support is the outcome (child).
Journal: Applied Economics Letters
Pages: 1-7
Issue: 1
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1854660
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854660
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Template-Type: ReDIF-Article 1.0
Author-Name: Ying Chen
Author-X-Name-First: Ying
Author-X-Name-Last: Chen
Author-Name: Chen Yang
Author-X-Name-First: Chen
Author-X-Name-Last: Yang
Author-Name: Chi Zhang
Author-X-Name-First: Chi
Author-X-Name-Last: Zhang
Title: Study on the influence of IFRS 9 on the impairment of commercial bank credit card
Abstract: 
 On 31 March 2017, China’s Ministry of Finance issued the ‘Chinese Version of IFRS 9’, making significant changes in the provision for impairment of financial assets. This article constructs a theoretical model of the impairment of financial assets in accordance with the new accounting standards and proposes the method system for the impairment of credit card business under the new accounting standards. Based on the credit card data of a large commercial bank, this article studies the influence of the IFRS 9 on the impairment of credit card business. The results show that, compared with the IAS 39, under the implementation of the IFRS 9, both the asset scale of credit card business needing to be impaired and the provision for impairment of assets significantly improves, but the reserve ratio of the impairment is reduced.
Journal: Applied Economics Letters
Pages: 35-40
Issue: 1
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1855298
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1855298
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Template-Type: ReDIF-Article 1.0
Author-Name: Mourad Mroua
Author-X-Name-First: Mourad
Author-X-Name-Last: Mroua
Author-Name: Slah Bahloul
Author-X-Name-First: Slah
Author-X-Name-Last: Bahloul
Author-Name: Nader Naifar
Author-X-Name-First: Nader
Author-X-Name-Last: Naifar
Title: Should investors include bitcoin in their portfolio? New evidence from a bootstrap-based stochastic dominance approach
Abstract: 
 This paper investigates the potential portfolio diversification benefits by introducing the Bitcoin to the traditional diversified financial portfolio. Using a bootstrap-based stochastic dominance (SD) test and daily prices of the commodity and stock market indices, we find that the introduction of Bitcoin improves the performance of the traditional financial portfolio and the optimal portfolio choice changes according to the market regime. Principally, results show that the optimal portfolio diversification combining Bitcoin, US stock market and commodities indices can be a good hedge, offering risk-averse, more performing portfolio investments during any financial crisis.
Journal: Applied Economics Letters
Pages: 53-62
Issue: 1
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1855302
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1855302
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Template-Type: ReDIF-Article 1.0
Author-Name: Fernando Barros
Author-X-Name-First: Fernando
Author-X-Name-Last: Barros
Author-Name: Luiz Brotherhood
Author-X-Name-First: Luiz
Author-X-Name-Last: Brotherhood
Author-Name: Victor Rodrigues
Author-X-Name-First: Victor
Author-X-Name-Last: Rodrigues
Title: Economic complexity and corporate governance
Abstract: 
 Using dynamic panel data techniques, we find that a country’s corporate governance practices have a positive effect on the sophistication of its exported products. We also find that higher dispersion of governance across firms leads to lower economic complexity.
Journal: Applied Economics Letters
Pages: 68-71
Issue: 1
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1855305
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1855305
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiaofei Du
Author-X-Name-First: Xiaofei
Author-X-Name-Last: Du
Author-Name: Weixin Luan
Author-X-Name-First: Weixin
Author-X-Name-Last: Luan
Author-Name: Yuduo Lu
Author-X-Name-First: Yuduo
Author-X-Name-Last: Lu
Title: Impact of economic policy uncertainty and financial constraints on firms’ markups: evidence from China
Abstract: 
 Economic policy uncertainty (EPU) hinders global economic recovery and is an important cause of economic recession. Additionally, EPU also hinders the development of firms. In this context, using firms’ markups as the breakthrough point, this study analyses how EPU and financial constraints affect firms’ markups with the assistance of an econometric model and using an index of EPU and data from Chinese Annual Survey of Industrial Firms. The conclusions are as follows: (1) EPU has a significantly negative impact on firms’ markups; (2) both the internal and external financial constraints have a significantly negative impact on firms’ markups; (3) the interaction between EPU and internal and external financial constraints has a significantly negative impact on the firms’ markups. This study also analyses the differences of firms’ heterogeneity. This study is helpful for firms to fully understand the different impacts of internal and external shocks on firms’ markups, and provide more targeted reference for policy-making departments, and thus improve the policies’ effectiveness.
Journal: Applied Economics Letters
Pages: 30-34
Issue: 1
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1854665
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854665
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Template-Type: ReDIF-Article 1.0
Author-Name: Oscar Afonso
Author-X-Name-First: Oscar
Author-X-Name-Last: Afonso
Title: The impact of institutions on economic growth in OECD countries
Abstract: 
 In the endogenous growth theory, the accumulation of knowledge is the main driver of growth. However, the mechanism for transforming knowledge into new goods and services depends on institutions. Using a growth accounting framework, we conclude that institutions contributed more than 0.3 percentage points to the estimated average annual growth rate of real output in 28 OECD countries between 2011 and 2017.
Journal: Applied Economics Letters
Pages: 63-67
Issue: 1
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1855304
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1855304
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiong Xiong
Author-X-Name-First: Xiong
Author-X-Name-Last: Xiong
Author-Name: Jiakou Liu
Author-X-Name-First: Jiakou
Author-X-Name-Last: Liu
Author-Name: Zhifeng Liu
Author-X-Name-First: Zhifeng
Author-X-Name-Last: Liu
Title: Can economic policy uncertainty predict financial stress? A MIDAS approach
Abstract: 
 In this article, by using the mixed-frequency data sampling (MIDAS) model, we investigate whether economic policy uncertainty (EPU) can predict financial stress. Our estimation results show that EPU has a significant positive effect on the future financial stress, indicating that EPU is a determinant of financial stress. Moreover, the out-of-sample prediction results show that the MIDAS model performs better than the traditional time-series OLS model.
Journal: Applied Economics Letters
Pages: 22-29
Issue: 1
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1854664
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854664
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Template-Type: ReDIF-Article 1.0
Author-Name: Hirokazu Mizobata
Author-X-Name-First: Hirokazu
Author-X-Name-Last: Mizobata
Title: Heterogeneous worker flows and Japan’s labour market
Abstract: 
 This study analyzes the roles of heterogeneous worker flows in Japan’s labour market. I divide workers into regular, non-regular, and self-employed and other workers and examine the effects of these different types of worker flows on Japan’s labour stocks. I find that the fluctuations in the job separation rate for non-regular workers and the participation margin are relatively important for the evolution of Japan’s unemployment rate. Further, the transitions between regular and non-regular jobs play a major role in the dynamics of Japan’s non-regular worker ratio.
Journal: Applied Economics Letters
Pages: 75-79
Issue: 1
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1855307
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1855307
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Rhoads
Author-X-Name-First: Thomas
Author-X-Name-Last: Rhoads
Author-Name: Yongchen Zhao
Author-X-Name-First: Yongchen
Author-X-Name-Last: Zhao
Title: Sports team performance and revenue of out-of-stadium vending operations
Abstract: 
 Using a novel data set on daily sales revenue, we examine how the Baltimore Orioles’ performance affects a street vendor operating outside Oriole Park at Camden Yards. While fans respond positively to good team performance throughout the season, a win for the home team generally means lower revenue for the vendors outside the stadium. We find that economic benefits accruing to street vendors – and by extension to nearby hotels, restaurants, and bars – may only be maximized when the sports teams are bad, but not that bad.
Journal: Applied Economics Letters
Pages: 8-11
Issue: 1
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1854661
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1854661
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Template-Type: ReDIF-Article 1.0
Author-Name: Shigeto Kitano
Author-X-Name-First: Shigeto
Author-X-Name-Last: Kitano
Title: How do world commodity prices affect Asian commodity exporting economies? The role of financial frictions
Abstract: 
 This note examines how recent volatile fluctuations of world commodity prices due to the COVID-19 shock affect Asian commodity exporting economies. Our analysis shows that a drop in world commodity prices has a significant negative impact on output, consumption, and investment of sample countries. However, the impact on trade balance is positive in some countries and negative in others. The difference between these two groups is attributable to whether world commodity prices affect each country’s interest rate spreads.
Journal: Applied Economics Letters
Pages: 84-90
Issue: 1
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2021.1887446
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1887446
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Template-Type: ReDIF-Article 1.0
Author-Name: Szabolcs Blazsek
Author-X-Name-First: Szabolcs
Author-X-Name-Last: Blazsek
Author-Name: Adrian Licht
Author-X-Name-First: Adrian
Author-X-Name-Last: Licht
Title: Prediction accuracy of volatility using the score-driven Meixner distribution: an application to the Dow Jones
Abstract: 
 The score-driven QAR-EGARCH-M (quasi-autoregressive, exponential generalized autoregressive conditional heteroscedasticity-in-mean) model using the Meixner distribution is introduced to improve the prediction accuracy of GARCH. QAR-EGARCH-M extends the recent EGARCH-M model in a statistically innovative way because a new score-driven filter is included in the risk premium. Volatility forecasts of QAR-EGARCH-M, EGARCH-M, and GARCH, all with leverage effects, are compared for the Dow Jones Industrial Average (DJIA). QAR-EGARCH-M is superior to EGARCH-M and GARCH, which is relevant for DJIA options investors at Chicago Mercantile Exchange Globex and Chicago Board Options Exchange.
Journal: Applied Economics Letters
Pages: 111-117
Issue: 2
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1859445
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1859445
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Template-Type: ReDIF-Article 1.0
Author-Name: Bill Hu
Author-X-Name-First: Bill
Author-X-Name-Last: Hu
Author-Name: Joon Ho Hwang
Author-X-Name-First: Joon Ho
Author-X-Name-Last: Hwang
Author-Name: Chinmay Jain
Author-X-Name-First: Chinmay
Author-X-Name-Last: Jain
Author-Name: Jim Washam
Author-X-Name-First: Jim
Author-X-Name-Last: Washam
Title: Bitcoin price manipulation: evidence from intraday orders and trades
Abstract: 
 We analyse 519.4 million Bitcoin orders placed on Gemini Exchange during January 2016-August 2019 and find limit orders dominate at 99.92%. We document order-based evidence of price manipulation during the Bitcoin bubble in late 2017, when the daily number of market orders during the bubble period more than triples the overall daily average. The changes in both prices and liquidity satisfy two criteria specified in Kyle and Viswanathan (2008) for the price manipulation definition. Moreover, we find a significant increase in market order imbalance associated with price manipulations modelled in Jarrow, Protter and Roch (2012).
Journal: Applied Economics Letters
Pages: 140-144
Issue: 2
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1861183
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1861183
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Template-Type: ReDIF-Article 1.0
Author-Name: Qingqing Fei
Author-X-Name-First: Qingqing
Author-X-Name-Last: Fei
Title: Independent directors’ dissent on boards and detection of firm violations: empirical evidence from China
Abstract: 
 Using a bivariate probit model that addresses partial observability, I find a positive relationship between independent directors’ dissent on boards and firm violation detection, implying the positive effect of dissent on triggering investigations that bring violations to light. The results provide evidence of a specific channel for independent directors to influence the detection of firm violations and, taking a broader view, to improve corporate governance.
Journal: Applied Economics Letters
Pages: 167-172
Issue: 2
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1861189
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1861189
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Template-Type: ReDIF-Article 1.0
Author-Name: Li Huang
Author-X-Name-First: Li
Author-X-Name-Last: Huang
Author-Name: Qianwei Ying
Author-X-Name-First: Qianwei
Author-X-Name-Last: Ying
Title: Does corporate online interaction activeness affect investors’ perceptions of earnings information? Evidence from China
Abstract: 
 This study investigates the effect of corporate online interaction activeness on investors’ perceptions of earnings information. Using a large sample of Chinese listed firms for the period 2010–2019, we find that investors’ perceptions of earnings information, measured by earnings response coefficients (ERCs), increase with the level of corporate online interaction activeness, and the effect is more pronounced in firms with a larger retail investor base and higher stock illiquidity. Our results suggest that social media interaction helps to improve stock price efficiency.
Journal: Applied Economics Letters
Pages: 97-101
Issue: 2
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1855309
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1855309
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Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo de Souza Tavares
Author-X-Name-First: Ricardo de Souza
Author-X-Name-Last: Tavares
Author-Name: João Frois Caldeira
Author-X-Name-First: João Frois
Author-X-Name-Last: Caldeira
Author-Name: Gerson de Souza Raimundo Júnior
Author-X-Name-First: Gerson de Souza
Author-X-Name-Last: Raimundo Júnior
Title: It’s all in the timing again: simple active portfolio strategies that outperform naïve diversification in the cryptocurrency market
Abstract: 
 This article analyzes whether cryptocurrencies’ inclusion improves stock portfolios’ performance and whether the application of portfolio selection methodologies would bring gains to investors in the digital currency market. Volatility Timing and Reward-to-Risk Timing methodologies were applied to a base containing only S&P 100 stocks, another containing only cryptocurrencies, and one mixing the previous two. The results suggest that the inclusion of cryptocurrencies has not brought performance gains to the stock portfolios and that the investor in the cryptocurrency market can benefit from the use of portfolio selection.
Journal: Applied Economics Letters
Pages: 118-122
Issue: 2
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1859446
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1859446
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Template-Type: ReDIF-Article 1.0
Author-Name: Huong Trang Kim
Author-X-Name-First: Huong Trang
Author-X-Name-Last: Kim
Author-Name: Quang Nguyen
Author-X-Name-First: Quang
Author-X-Name-Last: Nguyen
Title: An exploration on the nexus between managers’ present bias and corporate investment
Abstract: 
 This study aims to explore the role of top manager’s present bias as a main driver of corporate investment. For this purpose, we embed an experiment in a firm-level panel survey with a sample of top managers from 623 textile and garment firms in Vietnam. The experiment enables us to elicit present bias for each individual manager. We find that firms led by managers with a greater level of present bias are more likely to have a lower investment. There also exists evidence that the effect of managers’ present bias on corporate investment is stronger for SMEs than for large firms.
Journal: Applied Economics Letters
Pages: 150-154
Issue: 2
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1861186
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1861186
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Template-Type: ReDIF-Article 1.0
Author-Name: Hengrong Luo
Author-X-Name-First: Hengrong
Author-X-Name-Last: Luo
Author-Name: Xiaohua Yu
Author-X-Name-First: Xiaohua
Author-X-Name-Last: Yu
Title: National day holiday and Weight Gain in China: evidence from the CHNS surveys
Abstract: 
 We use the regression discontinuity model and CHNS (China Health and Nutrition Survey) data, to study the body weight-gain effect of the week-long National Day holiday in China. We find that Chinese adults tend to significantly gain 1.56 kg of body weight during the National Day holiday, and males have a larger effect. However, the effect will be smaller and insignificant in 2 weeks. It verifies the Chinese saying: People gain 1.5 kg body weight for a good holiday (mei feng jia jie pang san jin), only in the short-run.
Journal: Applied Economics Letters
Pages: 145-149
Issue: 2
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1861184
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1861184
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Template-Type: ReDIF-Article 1.0
Author-Name: Dongwoo Lee
Author-X-Name-First: Dongwoo
Author-X-Name-Last: Lee
Title: Misleading sales in salience markets
Abstract: 
 This paper studies misleading sales by the low-quality firm who competes against the high-quality firm. Misleading sales intentionally make consumers (mis-)believe that the current price is a limited-time discount price. It generates a decoy for the low-quality product that inflates the reference price in consumers’ minds. We show that the low-quality firm can benefit by offering aggressive discount rates when consumers are salient thinkers who place a higher weight on a standing-out attribute.
Journal: Applied Economics Letters
Pages: 159-166
Issue: 2
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1861188
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1861188
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Template-Type: ReDIF-Article 1.0
Author-Name: Markus Leibrecht
Author-X-Name-First: Markus
Author-X-Name-Last: Leibrecht
Author-Name: Johann Scharler
Author-X-Name-First: Johann
Author-X-Name-Last: Scharler
Title: Trust dynamics after financial distress: evidence from Euro member countries
Abstract: 
 We investigate the dynamic adjustment of trust in the European Central Bank and the European Commission to financial distress using aggregate data from the Eurobarometer surveys and the financial distress indicator of Romer and Romer (2017). Financial distress has a pronounced negative impact on trust and the dynamic adjustment of trust is similar to the response of real GDP to financial distress. Weak labour market conditions prior to financial distress prolong the adjustment process.
Journal: Applied Economics Letters
Pages: 91-96
Issue: 2
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1855308
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1855308
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Template-Type: ReDIF-Article 1.0
Author-Name: Kang Hua Cao
Author-X-Name-First: Kang Hua
Author-X-Name-Last: Cao
Author-Name: Chi-Keung Woo
Author-X-Name-First: Chi-Keung
Author-X-Name-Last: Woo
Author-Name: Ya Li
Author-X-Name-First: Ya
Author-X-Name-Last: Li
Author-Name: Yun Liu
Author-X-Name-First: Yun
Author-X-Name-Last: Liu
Title: Covid-19’s effect on the alpha and beta of a US stock Exchange Traded Fund
Abstract: 
 This paper is a first look of Covid-19’s effect on the alpha and beta of a US stock exchange traded fund. It uses the efficient market hypothesis and the J-test of non-nested hypotheses to identify a reasonable choice of Covid-19 data for estimating CAPM regressions. Obtained through the generalized method of moments in a panel data analysis, a reasonable choice is Covid-19 spread’s unanticipated severity. Rising unanticipated severity significantly reduces the alphas and betas of mid-cap and small-cap ETFs but not large-cap and sector & speciality ETFs. Hence, retail investors should not market time or panic liquidate, especially when successful vaccination development is likely in the near future.
Journal: Applied Economics Letters
Pages: 123-128
Issue: 2
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1859447
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1859447
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Template-Type: ReDIF-Article 1.0
Author-Name: Hirotaka Ito
Author-X-Name-First: Hirotaka
Author-X-Name-Last: Ito
Author-Name: Isamu Yamamoto
Author-X-Name-First: Isamu
Author-X-Name-Last: Yamamoto
Title: Do comprehensive and diverse childcare services affect women’s labour supply and well-being?
Abstract: 
 This paper estimates the effect of comprehensive and diverse regional childcare services on Japanese women’s labour participation and well-being. On the basis of a sequence of childcare policies introduced in the early 2000s in Japan, we apply the difference-in-differences method. Our empirical results show that these services had positive heterogeneous effects on women’s labour supply in terms of extensive and intensive margins, depending on their employment type. Furthermore, we find a mixed result that the availability of such childcare services deteriorated the subjective well-being of regular employees possibly due to the increased working hours, but improved that of nonregular employees possibly due to the increased participation in the labour market.
Journal: Applied Economics Letters
Pages: 173-178
Issue: 2
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2021.1887802
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1887802
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Template-Type: ReDIF-Article 1.0
Author-Name: Dervis Kirikkaleli
Author-X-Name-First: Dervis
Author-X-Name-Last: Kirikkaleli
Author-Name: Bugra Ozbeser
Author-X-Name-First: Bugra
Author-X-Name-Last: Ozbeser
Title: New insights into an old issue: exploring the nexus between government expenditures and economic growth in the United States
Abstract: 
 This study investigates the correlation between government expenditures and economic growth by applying the wavelet coherence approach for the period of 1960Q2 – 2019Q3 in the United States. Two main concepts regarding the correlation between government expenditures and economic growth are the renowned Keynesian approach, which argues that government expenditures lead economic growth, and Wagner’s Law, which advocates the opposite. Our results indicate that economic growth leads government expenditures in the long run, whereas government expenditures only enhance economic growth in the short run and in periods of recession.
Journal: Applied Economics Letters
Pages: 129-134
Issue: 2
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1859448
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1859448
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Lopez-Rodriguez
Author-X-Name-First: Jesus
Author-X-Name-Last: Lopez-Rodriguez
Author-Name: Julian S. Vasquez-Roldan
Author-X-Name-First: Julian S.
Author-X-Name-Last: Vasquez-Roldan
Title: Income disparities in Colombia: market potential and neighborhood effects
Abstract: 
 Market potential has been shown to have an important impact on the explanation of observed income disparities both across countries and across regions within countries. However, the importance of neighbourhood for ‘income levels-market potential’ regressions is largely neglected in the empirical studies on the subject. This paper tries to fill up this gap by estimating fixed effects spatial panel data models using Colombian regional data over the period 1990–2015. Our results reveal that around half of the impact of market potential on regional income disparities can be attributed to neighbouring regions.
Journal: Applied Economics Letters
Pages: 106-110
Issue: 2
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1856321
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1856321
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Template-Type: ReDIF-Article 1.0
Author-Name: Changmin Lee
Author-X-Name-First: Changmin
Author-X-Name-Last: Lee
Author-Name: Lingyu Wu
Author-X-Name-First: Lingyu
Author-X-Name-Last: Wu
Title: A comparison of CEO pay-Korean listed firms and U.S. listed firms
Abstract: 
 Using the first set of individual compensation and public data for senior executives in South Korea, we document direct evidence on the level, construction, and mechanisms of CEO remuneration in South Korea and perform a matched sample to comparisons between Korea and the United States. Our findings show that there are some differences between the Korean and the U.S. systems. In South Korea, chief executives are paid mainly in salary. Option grants and long-term incentives are less important. The pay-performance sensitivity of South Korean CEOs is not as high as in the United States.
Journal: Applied Economics Letters
Pages: 155-158
Issue: 2
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1861187
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1861187
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Template-Type: ReDIF-Article 1.0
Author-Name: Diego Víctor de Mingo-López
Author-X-Name-First: Diego Víctor
Author-X-Name-Last: de Mingo-López
Author-Name: Juan Carlos Matallín-Sáez
Author-X-Name-First: Juan Carlos
Author-X-Name-Last: Matallín-Sáez
Author-Name: Amparo Soler-Domínguez
Author-X-Name-First: Amparo
Author-X-Name-Last: Soler-Domínguez
Title: Addressing mutual fund performance across investment styles
Abstract: 
 The main objective of this study is to examine fund performance across different investment styles. Using a large sample of US mutual funds, we evaluate fund performance in relation to investment style. Our results show that fund performance differs across categories, with Value and SmallCap funds performing better than Growth and LargeCap funds, respectively. However, we observe notable differences in their performance distribution, since the alphas of Growth and SmallCap funds cover a range of broader intervals. Likewise, the best Growth funds and the best SmallCap funds in each month perform better than their comparable Value and LargeCap peers, respectively. In contrast, the worst Growth and SmallCap funds experience the worst performance during the sample period. These results are not driven by other performance indicators, such as fund size or portfolio expenses.
Journal: Applied Economics Letters
Pages: 135-139
Issue: 2
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1861182
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1861182
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Template-Type: ReDIF-Article 1.0
Author-Name: Kristine Beck
Author-X-Name-First: Kristine
Author-X-Name-Last: Beck
Author-Name: Hsin-Hui Chiu
Author-X-Name-First: Hsin-Hui
Author-X-Name-Last: Chiu
Author-Name: Inga Timmerman
Author-X-Name-First: Inga
Author-X-Name-Last: Timmerman
Title: ‘Lower-income college student adjustments to COVID-19’
Abstract: 
 Using a survey of mostly low-income upperclassmen at a large public institution, we focus on the perspective of young adults regarding financial decision-making during the COVID-19 pandemic. We find that lower-income college students are weathering the pandemic by decreasing discretionary spending and increasing savings. In addition, we find most upperclassmen intend to finish their academic degree in the online learning environment.
Journal: Applied Economics Letters
Pages: 102-105
Issue: 2
Volume: 29
Year: 2022
Month: 01
X-DOI: 10.1080/13504851.2020.1855310
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1855310
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Template-Type: ReDIF-Article 1.0
Author-Name: Franklin G. Mixon
Author-X-Name-First: Franklin G.
Author-X-Name-Last: Mixon
Author-Name: Kamal P. Upadhyaya
Author-X-Name-First: Kamal P.
Author-X-Name-Last: Upadhyaya
Title: Top to bottom: an expanded ranking of economics journals
Abstract: 
 In what we believe is the largest ranking of its kind in economics, this study extends the economics journal ranking literature by examining the impact of papers published in more than 550 economics journals. Based on Google Scholar citations per article to all articles published in the 15-year period from 2001 through 2015, we find that the top five journals are the American Economic Review, Quarterly Journal of Economics, Journal of Financial Economics, Journal of Political Economy and Journal of Economic Perspectives. Moreover, three of the American Economic Association’s newest journals – American Economic Journal: Applied Economics, American Economic Journal: Macroeconomics, and American Economic Journal: Economic Policy – are ranked among the top 30 economics journals. An expanded ranking such as that provided in this study is likely a useful tool for researchers, particularly the new ones, in navigating the field of economics.
Journal: Applied Economics Letters
Pages: 226-237
Issue: 3
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1861198
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1861198
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Template-Type: ReDIF-Article 1.0
Author-Name: Imed Chkir
Author-X-Name-First: Imed
Author-X-Name-Last: Chkir
Author-Name: Manara Toukabri
Author-X-Name-First: Manara
Author-X-Name-Last: Toukabri
Title: Do politically connected firms borrow cheaply? Evidence from two post U.S. election campaigns
Abstract: 
 We shed more light on the effect of corporate political connections on the cost of debt of US firms. Focusing on new public debt issuance and applying a two stages instrumental variable model, we show that despite carrying higher leverage, politically connected firms increased their debt financing at a lower cost than did unconnected firms. Connected firms took advantage of this benefit a short time after contributing to the 2008 and 2012 election campaigns. Further analyses show that the positive effect of leverage on the cost of debt is practically eliminated for politically connected firms, suggesting that these firms are perceived as less risky than unconnected ones.
Journal: Applied Economics Letters
Pages: 200-205
Issue: 3
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1861194
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1861194
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Template-Type: ReDIF-Article 1.0
Author-Name: Xingchun Wang
Author-X-Name-First: Xingchun
Author-X-Name-Last: Wang
Title: Pricing European basket warrants with default risk under stochastic volatility models
Abstract: 
 In this paper, we consider basket warrants with default risk in a stochastic volatility model, where the correlation between the underlying assets is stochastic. In addition, we take into account default risk of warrant issuers, and use a reduced form model to capture default risk. In the proposed framework, a closed-form approximation is provided and the effect of default risk is investigated numerically.
Journal: Applied Economics Letters
Pages: 253-260
Issue: 3
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1862745
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1862745
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Template-Type: ReDIF-Article 1.0
Author-Name: Yalin Jiang
Author-X-Name-First: Yalin
Author-X-Name-Last: Jiang
Author-Name: Chong Guo
Author-X-Name-First: Chong
Author-X-Name-Last: Guo
Author-Name: Yingyu Wu
Author-X-Name-First: Yingyu
Author-X-Name-Last: Wu
Title: Environmental information disclosure and Labour investment efficiency
Abstract: 
 This article examines the correlation between environmental information disclosure and labour investment efficiency (LIE) using a sample of 343 Chinese-listed companies from 2015 to 2019. Empirical results show that firms with a high level of environmental information disclosure (EID) have significantly higher LIE. Further analysis indicates that the higher LIE is achieved by resolving under-hiring problems rather than over-hiring problems. Our findings enrich the labour investment researches in the finance literature and the environment studies in corporate social responsibility (CSR) literature and provide additional evidence for firms to improve EID quality.
Journal: Applied Economics Letters
Pages: 238-244
Issue: 3
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1861199
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1861199
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Template-Type: ReDIF-Article 1.0
Author-Name: Shiwei Ye
Author-X-Name-First: Shiwei
Author-X-Name-Last: Ye
Author-Name: Guoxiong Zhang
Author-X-Name-First: Guoxiong
Author-X-Name-Last: Zhang
Title: Measuring social connectedness using air travel data
Abstract: 
 Previous research has proposed a novel way of using Facebook friendship data to measure on-line social connectedness between county pairs and country pairs. Meanwhile, in-person social connectedness is equally, if not more important. In this paper, we provide a seemly promising way to measure in-person social connectedness using air travel data. We find that counties tend to be more socially connected if they are closer to each other or have similar income per capita, share of white people, or share of Obama voters. We also find that counties with stronger social connectedness tend to have higher bilateral trade and immigration but do not tend to have more cross-county patent citations.
Journal: Applied Economics Letters
Pages: 188-194
Issue: 3
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1861192
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1861192
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Template-Type: ReDIF-Article 1.0
Author-Name: Paresh Kumar Narayan
Author-X-Name-First: Paresh Kumar
Author-X-Name-Last: Narayan
Author-Name: Qiang Gong
Author-X-Name-First: Qiang
Author-X-Name-Last: Gong
Author-Name: Huson Joher Ali Ahmed
Author-X-Name-First: Huson Joher Ali
Author-X-Name-Last: Ahmed
Title: Is there a pattern in how COVID-19 has affected Australia’s stock returns?
Abstract: 
 Coronavirus pandemic (COVID-19) has had a dramatic effect on global stock markets. In this article, we mount an investigation on how COVID-19 has impacted the Australian stock market returns. Using a quantile regression framework, the pattern of the effect we unravel is that COVID-19 has had a heterogeneous effect on sectors of the market, with health, information technology and consumer staples gaining.
Journal: Applied Economics Letters
Pages: 179-182
Issue: 3
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1861190
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1861190
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Template-Type: ReDIF-Article 1.0
Author-Name: Veysel Avsar
Author-X-Name-First: Veysel
Author-X-Name-Last: Avsar
Author-Name: David Hudgins
Author-X-Name-First: David
Author-X-Name-Last: Hudgins
Title: Measuring the effects of economic policy uncertainty on trade credit financing
Abstract: 
 This article provides an empirical investigation of the impacts of economic policy uncertainty on the methods of financing international transactions. Using regression, probit, and ordered logit model analyses, we find that an increase in the economic policy uncertainty index decreases the likelihood that a given import transaction will occur under trade financing. Thus, increased economic uncertainty raises the probability of using Cash in Advance, due to the importers’ desire for increased cash holding that results from the additional risk exposure.
Journal: Applied Economics Letters
Pages: 249-252
Issue: 3
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1861201
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1861201
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:3:p:249-252




Template-Type: ReDIF-Article 1.0
Author-Name: Edoardo Beretta
Author-X-Name-First: Edoardo
Author-X-Name-Last: Beretta
Author-Name: Stefano Peluso
Author-X-Name-First: Stefano
Author-X-Name-Last: Peluso
Title: Gold and bubbles: an impossible binomial? A review of historical and current evidence
Abstract: 
 Gold has a far-reaching history of ‘safe haven’ or ‘anchor of stability’. However, the epitome of precious metals has recently deviated from its historical price trend. Fluctuations and volatility have increased too. We argue that gold is not subject to bubbles (due to its scarcity in nature), although its price is. By means of a logical-analytical macroeconomic approach combined with statistical and empirical evidence, we prove that there is excess liquidity in the world economy as a whole, which has been increasingly invested in this precious metal. The paper also shows why the gold price could further rise and/or suddenly decrease. Both scenarios would be possible as soon as speculation kicks in.
Journal: Applied Economics Letters
Pages: 272-276
Issue: 3
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2021.1897070
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1897070
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Template-Type: ReDIF-Article 1.0
Author-Name: Huiwen Hu
Author-X-Name-First: Huiwen
Author-X-Name-Last: Hu
Author-Name: Greg Dowd
Author-X-Name-First: Greg
Author-X-Name-Last: Dowd
Author-Name: Dylan Bouchard
Author-X-Name-First: Dylan
Author-X-Name-Last: Bouchard
Title: When bargaining meets auctions: assessing the effect of best offer on eBay auctions
Abstract: 
 In this paper, we apply a recently popularized methodology called ‘matched listings’ to eBay API data to study the effect of enabling eBay’s bargaining feature on auction outcomes. Our results indicate that enabling the bargaining feature increases sale probability by 3.17%. In addition, hypothesis testing indicates this estimate is consistent with eBay’s claim where enabling bargaining increases sale probability by 5%. Finally, we find that enabling bargaining has no impact on transaction price. We provide an innovative evaluation of whether the matched listings methodology works well. We find that this methodology is prone to endogeneity with longer time windows, causing a downward bias when estimating the treatment effect of enabling bargaining.
Journal: Applied Economics Letters
Pages: 261-266
Issue: 3
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1862746
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1862746
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Template-Type: ReDIF-Article 1.0
Author-Name: Won Hyeok Kim
Author-X-Name-First: Won Hyeok
Author-X-Name-Last: Kim
Author-Name: Myungkyu Shim
Author-X-Name-First: Myungkyu
Author-X-Name-Last: Shim
Author-Name: Hee-Seung Yang
Author-X-Name-First: Hee-Seung
Author-X-Name-Last: Yang
Title: Labour supply elasticities in Korea: estimation with borrowing-constrained couples
Abstract: 
 This paper aims to provide reliable estimates for labour supply elasticities in Korea. Following Bredemeier et al. (2019), we exploit information on a worker’s relative contribution to household earnings when estimating the Frisch labour supply elasticity to mitigate the downward bias in the presence of borrowing constraints. Using the Korean Labour and Income Panel Study data (2000–2018), we find that the labour supply elasticity in Korea is 0.23. In addition, elasticities are estimated to be 0.27 for men and 0.21 for women, confirming a greater bias for men than for women when the borrowing constraint is ignored.
Journal: Applied Economics Letters
Pages: 183-187
Issue: 3
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1861191
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1861191
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Template-Type: ReDIF-Article 1.0
Author-Name: Geoffrey Propheter
Author-X-Name-First: Geoffrey
Author-X-Name-Last: Propheter
Title: Golf courses and property prices: Is it the golf or the open space?
Abstract: 
 Existing research finds price premiums for homes adjacent to golf courses, but this research fails to empirically examine if the premium is due to the presence of golf or non-golf-related benefits golf courses provide such as large open spaces free of noise and congestion. Using a difference-in-difference design on homes near a golf course that closed in Denver, Colorado, there is no evidence that losing a golf course results in lower sales prices for adjacent homes. Since prices do not fall when golf is taken away, the data support the hypothesis that non-golf benefits of courses command previously observed premiums.
Journal: Applied Economics Letters
Pages: 245-248
Issue: 3
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1861200
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1861200
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Template-Type: ReDIF-Article 1.0
Author-Name: Chien-Liang Chiu
Author-X-Name-First: Chien-Liang
Author-X-Name-Last: Chiu
Author-Name: Ke-Hsin Chou
Author-X-Name-First: Ke-Hsin
Author-X-Name-Last: Chou
Title: The soft commodities multiple bubbles tests: evidence from the New York Futures Markets
Abstract: 
 The soft commodity is a high-frequency trading market. We use the right-tailed unit root tests of Phillips et al. to investigate asset bubbles within and to detect explosive episodes on each soft commodity sample date set. Our empirical test uses weekly data from New York soft commodity market and finds bubbles existed in each of the soft commodities. The test model allows us to exam each bubble’s origination and termination dates using date-stamping in the recursive procedure. We found that the soft commodities bubble is more relevant to the man-made factor.
Journal: Applied Economics Letters
Pages: 206-211
Issue: 3
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1861195
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1861195
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Template-Type: ReDIF-Article 1.0
Author-Name: Hugo Nicolás Acosta-González
Author-X-Name-First: Hugo Nicolás
Author-X-Name-Last: Acosta-González
Author-Name: Oscar David Marcenaro-Gutiérrez
Author-X-Name-First: Oscar David
Author-X-Name-Last: Marcenaro-Gutiérrez
Title: What explains life satisfaction? Relative income or rank income? The case of Ecuador
Abstract: 
 We test whether various measures of relative income and rank income hypothesis explain life satisfaction in Ecuador. We found robust evidence that the rank position of the income within the reference group explains life satisfaction. In contrast, the effect of relative income measures on happiness is sensitive to the variables used to construct the reference group.
Journal: Applied Economics Letters
Pages: 195-199
Issue: 3
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1861193
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1861193
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Template-Type: ReDIF-Article 1.0
Author-Name: David Vidal-Tomás
Author-X-Name-First: David
Author-X-Name-Last: Vidal-Tomás
Title: All the frequencies matter in the Bitcoin market: an efficiency analysis
Abstract: 
 Most studies in the Bitcoin literature are focused on daily data without considering other options. Therefore, it is necessary to analyse Bitcoin features at different frequencies. In this letter, we examine Bitcoin efficiency from 1 min to weekly data using the generalized Hurst exponent. Our results show that Bitcoin is more efficient over time regardless of the frequency. In particular, we observe that, since 2016, daily data are generally the most efficient frequency while 1 min and weekly data are the most inefficient. These results are relevant for investors and scholars since we detect the most profitable frequencies and underline the relevance of analysing different frequencies than daily data.
Journal: Applied Economics Letters
Pages: 212-218
Issue: 3
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1861196
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1861196
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:3:p:212-218




Template-Type: ReDIF-Article 1.0
Author-Name: Adam Ayaita
Author-X-Name-First: Adam
Author-X-Name-Last: Ayaita
Author-Name: Kerstin Pull
Author-X-Name-First: Kerstin
Author-X-Name-Last: Pull
Title: Positional preferences and narcissism: evidence from ‘money burning’ dictator games
Abstract: 
 We study the relationship between positional preferences (i.e., preferences concerning the relative rank or position in comparison to others) and narcissism. We use six ‘money burning’ mini-dictator games to measure positional preferences. Two dimensions of narcissism are distinguished: narcissistic admiration (self-enhancement through searching for being admired) and narcissistic rivalry (self-defence through an antagonistic orientation towards others). Controlling for other relevant individual characteristics such as the Big Five personality traits and gender, we find evidence that narcissistic admiration is a negative predictor and narcissistic rivalry a positive predictor of positional preferences. We further find exploratory evidence that studying business or economics as a major (versus minor) subject is associated with less positional preferences and that the relationships between narcissism and positional preferences are mediated by decision makers’ expectations with regard to other players’ choices.
Journal: Applied Economics Letters
Pages: 267-271
Issue: 3
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1863320
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1863320
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:3:p:267-271




Template-Type: ReDIF-Article 1.0
Author-Name: Michael T. French
Author-X-Name-First: Michael T.
Author-X-Name-Last: French
Author-Name: Karoline Mortensen
Author-X-Name-First: Karoline
Author-X-Name-Last: Mortensen
Author-Name: Andrew R. Timming
Author-X-Name-First: Andrew R.
Author-X-Name-Last: Timming
Title: Changes in self-reported health, alcohol consumption, and sleep quality during the COVID-19 pandemic in the United States
Abstract: 
 When the novel coronavirus entered the US in early 2020, the initial response to protect the health-care system capacity, slow transmission, and associated morbidity and mortality has been stay-at-home orders, social distancing, and proper hygiene. However, extended social isolation can result in unintended consequences. To examine possible unintended consequences, we fielded a longitudinal survey with the same sample of respondents – the first at the end of March 2020 and the second one month later at the end of April 2020. We calculated changes over time in physical health status, mental health status, alcohol consumption, and sleep quality. Random-effects logit models were estimated to identify statistically significant predictors for each outcome. Results show that individuals reported significantly worse outcomes in all four areas as the pandemic progressed, especially for alcohol consumption and sleep quality. In general, age, non-White race, religiosity, and resiliency are protective factors while being female and having greater fear of the coronavirus are risk factors. If these trends continue as we enter future stages of the pandemic, then the full societal costs could become extreme.
Journal: Applied Economics Letters
Pages: 219-225
Issue: 3
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1861197
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1861197
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:3:p:219-225




Template-Type: ReDIF-Article 1.0
Author-Name: Piotr Bialowolski
Author-X-Name-First: Piotr
Author-X-Name-Last: Bialowolski
Author-Name: Andrzej Cwynar
Author-X-Name-First: Andrzej
Author-X-Name-Last: Cwynar
Author-Name: Dorota Weziak-Bialowolska
Author-X-Name-First: Dorota
Author-X-Name-Last: Weziak-Bialowolska
Title: Co-holding behaviour: unlocking the puzzle
Abstract: 
 This article seeks to explain why households decide to simultaneously hold both credit and savings products. Beyond the arguments of ignorance or behavioural biases commonly used in the literature, our analysis demonstrates that co-holders might be rationally seeking lower interest rates on their consumer credit products. Our analysis reveals that additional savings accumulated before credit uptake, even if not used as a down payment for a debt, reduce the interest rate on credit.
Journal: Applied Economics Letters
Pages: 333-337
Issue: 4
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1866742
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1866742
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Template-Type: ReDIF-Article 1.0
Author-Name: Christopher S. Brunt
Author-X-Name-First: Christopher S.
Author-X-Name-Last: Brunt
Author-Name: Joshua R. Hendrickson
Author-X-Name-First: Joshua R.
Author-X-Name-Last: Hendrickson
Title: An empirical evaluation of the physician offsetting response
Abstract: 
 Using data on office visits for Medicare-treating physicians, this study examines the effects of several policy changes that reduced real reimbursement for some, but not all physicians, from 2012 to 2017. Using genetic propensity score weighted Difference-in-Differences (DID) models that include individual physician and county fixed-effects, this study finds strong evidence that those who experienced a reimbursement reduction increased their service provision, indicative of a supplier-induced demand response. Our estimates imply that 27–33% of a reimbursement reduction will be offset through changes in provider behavior.
Journal: Applied Economics Letters
Pages: 316-324
Issue: 4
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1866154
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1866154
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:4:p:316-324




Template-Type: ReDIF-Article 1.0
Author-Name: Duc Bao Nguyen
Author-X-Name-First: Duc Bao
Author-X-Name-Last: Nguyen
Author-Name: Antoine Bouët
Author-X-Name-First: Antoine
Author-X-Name-Last: Bouët
Author-Name: Fousseini Traoré
Author-X-Name-First: Fousseini
Author-X-Name-Last: Traoré
Title: On the proper computation of Ad Valorem equivalent of non-tariff measures
Abstract: 
 In all the previous studies evaluating the Ad Valorem Equivalent (AVE) of Non-Tariff Measures (NTMs) based on a gravity equation, Jensen’s inequality is not considered. Yet the issue of estimating the impact of dummy or count variables in semi-log or related equations has been raised since the early eighties. In this article, we illustrate the bias associated with the omission of Jensen’s inequality and show that when it is not considered, the estimation of AVEs can be significantly biased. This omission leads to a significant underestimation of the restrictive impact of NTMs and can even change the sign of the AVE.
Journal: Applied Economics Letters
Pages: 298-302
Issue: 4
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1864273
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1864273
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:4:p:298-302




Template-Type: ReDIF-Article 1.0
Author-Name: Blake Thomas Gray
Author-X-Name-First: Blake Thomas
Author-X-Name-Last: Gray
Author-Name: Yi Liu
Author-X-Name-First: Yi
Author-X-Name-Last: Liu
Author-Name: Sarah Del Asebedo
Author-X-Name-First: Sarah Del
Author-X-Name-Last: Asebedo
Title: Household agreement and financial satisfaction: a bargaining perspective
Abstract: 
 This study investigates the relationship between married individuals’ financial satisfaction and their agreement about the investment of household savings and major life issues. Couples are categorized into two groups: (1) those who agree to share decision-making or assign a primary decision maker and (2) those who disagree. We then test for differences in individual financial satisfaction by female-headed, male-headed, equally shared and households in disagreement. Successful bargaining is expected to result in households that agree on a decision-making arrangement that maximizes financial satisfaction. The results suggest that spouses who agree on a decision-making arrangement when investing in household savings or making major life decisions are more likely to report higher levels of financial satisfaction than those who do not. These results align with the theory that states cooperative bargaining agreements result in higher utility than non-cooperating bargaining agreements.
Journal: Applied Economics Letters
Pages: 282-291
Issue: 4
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1864271
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1864271
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Sacht
Author-X-Name-First: Stephen
Author-X-Name-Last: Sacht
Title: The tale of the donkey and the elephant: an estimated optimal fiscal policy rule for the US
Abstract: 
 We derive an optimal fiscal policy rule that reflects the US government’s desire to reduce fluctuations in the output gap and the primary deficit in the post-World War II period. The results from Bayesian estimations show a lower weight on output gap stabilization under predominant democratic presidencies relative to republican ones. The opposite holds with respect to maintaining a zero primary deficit. Our time-consistent fiscal rule indicates a countercyclical government response to GDP fluctuations at all times.
Journal: Applied Economics Letters
Pages: 351-354
Issue: 4
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1869150
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1869150
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:4:p:351-354




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Schaub
Author-X-Name-First: Mark
Author-X-Name-Last: Schaub
Author-Name: Garland Simmons
Author-X-Name-First: Garland
Author-X-Name-Last: Simmons
Title: A note on the industry returns of NASDAQ-listed ADRs
Abstract: 
 In this paper NASDAQ-traded ADRs are formed into eight different portfolios. Each of these portfolios is of companies in the same industry, but not necessarily the same country. Each of these eight portfolios produces returns that are very different from one another. The news for the investor is this: while it may be true that country choice matters, it is certainly the case that industry choice matters. Investors that held portfolios in the right industry made a lot of money. Investors that held portfolios in the wrong industries did not do nearly as well as others. The variation of rate of return difference and excess rate of return between the eight different industry portfolios is enormous.
Journal: Applied Economics Letters
Pages: 360-365
Issue: 4
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1869152
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1869152
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:4:p:360-365




Template-Type: ReDIF-Article 1.0
Author-Name: Zaghum Umar
Author-X-Name-First: Zaghum
Author-X-Name-Last: Umar
Author-Name: Adam Zaremba
Author-X-Name-First: Adam
Author-X-Name-Last: Zaremba
Author-Name: Dennis Olson
Author-X-Name-First: Dennis
Author-X-Name-Last: Olson
Title: Seven centuries of commodity co-movement: a wavelet analysis approach
Abstract: 
 We examine interdependencies between agricultural, industrial, and energy commodity price indices suing data sets from more than seven centuries. To this end, we apply wavelet coherence and wavelet phase difference. There is a high coherence between prices for all three commodity-groups with energy prices now leading both agricultural and industrial commodity prices. Also, the role of energy as a leading series has increased over time.
Journal: Applied Economics Letters
Pages: 355-359
Issue: 4
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1869151
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1869151
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Template-Type: ReDIF-Article 1.0
Author-Name: Philip J. Atkins
Author-X-Name-First: Philip J.
Author-X-Name-Last: Atkins
Author-Name: Mark Cummins
Author-X-Name-First: Mark
Author-X-Name-Last: Cummins
Title: A dynamic Cholesky data imputation method for correlation structure consistency“
Abstract: 
 In the context of data that is missing completely at random, we propose a new data imputation method that exploits Cholesky decomposition. The data imputation method falls within the multiple imputation framework and is designed to ensure consistency with the correlation structure of the available data. The advantage is an accessible and computationally efficient approach to managing missing data that avoids the model risk associated with applying complex model-based data imputation methods. The non-recursive nature of our data imputation method further avoids the convergence issues associated with recursive approaches.
Journal: Applied Economics Letters
Pages: 311-315
Issue: 4
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1866153
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1866153
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:4:p:311-315




Template-Type: ReDIF-Article 1.0
Author-Name: John V. Duca
Author-X-Name-First: John V.
Author-X-Name-Last: Duca
Author-Name: Jason L. Saving
Author-X-Name-First: Jason L.
Author-X-Name-Last: Saving
Title: Media fragmentation and the polarization of the American public
Abstract: 
 The share of Americans having no opinion about the President’s job performance has fallen since 1950, a manifestation of the political polarization that has increasingly impeded U.S. policymaking. Time series analysis attributes this to greater media fragmentation, as tracked by trends in shifts towards cable TV and computer access to media. Results suggest that political polarization will likely persist at high levels absent structural shifts.
Journal: Applied Economics Letters
Pages: 277-281
Issue: 4
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1864270
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1864270
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Template-Type: ReDIF-Article 1.0
Author-Name: Chengcheng Liu
Author-X-Name-First: Chengcheng
Author-X-Name-Last: Liu
Author-Name: Peng Song
Author-X-Name-First: Peng
Author-X-Name-Last: Song
Author-Name: Bai Huang
Author-X-Name-First: Bai
Author-X-Name-Last: Huang
Title: Early-warning signals of risk contagion among global stock markets: evidence from community-level
Abstract: 
 In this article, we first identify the community-level structure of risk contagion among global stock markets and then provide the follow-up early-warning signals. The findings underscore the geographic nature of risk communities and their market composition heterogeneity. The core structure of risk contagion among global stock markets can be characterized by the relationship among a small number of communities that are highly coincided with geographic regions of Asia–Oceania, Europe and the Americas. Especially, we observe a more prominent role of emerging markets in communities of the Americas and Asia–Oceania. Moreover, our early-warning signals show that risk contagion within the European community and the outward spillovers to others are more pronounced. Risk spillovers from the community of Asia–Oceania to the Americas cannot be ignored either. The empirical findings may help develop the concept of top-down hierarchical real-time risk management. Risk contagion of markets in Europe and Asia–Oceania should also be attached more importance in the future early-warning system.
Journal: Applied Economics Letters
Pages: 338-345
Issue: 4
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1867308
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1867308
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:4:p:338-345




Template-Type: ReDIF-Article 1.0
Author-Name: Doojin Ryu
Author-X-Name-First: Doojin
Author-X-Name-Last: Ryu
Author-Name: Heejin Yang
Author-X-Name-First: Heejin
Author-X-Name-Last: Yang
Title: Intraday option price changes and net buying pressure
Abstract: 
 We re-examine the effect of net buying pressure on options-implied volatility changes by analysing ultra-high-frequency microstructure data. Intraday relationships between option price dynamics and investors’ net demand are explained by the direction-learning hypothesis.
Journal: Applied Economics Letters
Pages: 292-297
Issue: 4
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1864272
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1864272
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:4:p:292-297




Template-Type: ReDIF-Article 1.0
Author-Name: M. Ryan Haley
Author-X-Name-First: M. Ryan
Author-X-Name-Last: Haley
Title: Shortfall portfolio selection: a bootstrap and k-fold analysis
Abstract: 
 This paper empirically compares the sampling properties and out-of-sample performance of several reputed shortfall-based portfolio selection rules by applying the bootstrap and k-fold cross validation to two distinct data sets spanning five decades. The results suggest that a simple extension of the venerable Safety First rule offers the best overall performance, especially when methodological simplicity is desired.
Journal: Applied Economics Letters
Pages: 307-310
Issue: 4
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1866151
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1866151
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:4:p:307-310




Template-Type: ReDIF-Article 1.0
Author-Name: Marlon Williams
Author-X-Name-First: Marlon
Author-X-Name-Last: Williams
Title: Is there a gender gap in our responses to a gender pay gap? An experiment
Abstract: 
 A significant amount of academic work has gone into trying to identify and quantify the importance of the key sources of the significant and persistent gender pay gap that exists. However, far less attention has been devoted to testing whether the desire or willingness to pursue policies to reduce this gap differs across gender. Using a laboratory experiment, I find, perhaps unsurprisingly, that males are far less likely than females to support such a policy when males are the higher-earning gender. However, the results flip dramatically when the earning positions are reversed along gender lines.
Journal: Applied Economics Letters
Pages: 346-350
Issue: 4
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1869149
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1869149
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:4:p:346-350




Template-Type: ReDIF-Article 1.0
Author-Name: Yasuhiko Nakamura
Author-X-Name-First: Yasuhiko
Author-X-Name-Last: Nakamura
Title: Strategic delegation under rational and fulfilled expectations in quantity competition
Abstract: 
 In an asymmetric duopoly with quantity competition such that consumers form expectations about network sizes before and after the owners of both firms choose their incentive parameters (fulfilled and rational expectations, respectively), this paper reconsidered the level of their incentive parameters adopting the approach emplyed in two important existing works in this field. In quantity competition, we demonstrate that in such an asymmetric duopoly, the owners of both firms make their managers more aggressive than their sole profit maximizers, regardless of the strength of network effects.
Journal: Applied Economics Letters
Pages: 303-306
Issue: 4
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1866150
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1866150
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:4:p:303-306




Template-Type: ReDIF-Article 1.0
Author-Name: Jules Yimga
Author-X-Name-First: Jules
Author-X-Name-Last: Yimga
Title: To Pad or Not to Pad? A Note on the Schedule Padding Behavior of Airlines
Abstract: 
 This note provides a rationale for the current trend in airline schedule padding by studying the strategic behaviour of carriers that may decide whether or not to pad their flight beyond the optimal time necessary for flight completion. Using a structural demand and supply model for air travel, our results indicate that the positive price effects of schedule padding we observe are primarily driven by cost increases (inefficiency effect) rather than increases in markup (marketing effect).
Journal: Applied Economics Letters
Pages: 325-332
Issue: 4
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2020.1866155
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1866155
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:4:p:325-332




Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale
Author-X-Name-First: Guglielmo Maria
Author-X-Name-Last: Caporale
Author-Name: Luis Alberiko Gil-Alana
Author-X-Name-First: Luis Alberiko
Author-X-Name-Last: Gil-Alana
Author-Name: Miguel Ángel Martin-Valmayor
Author-X-Name-First: Miguel Ángel
Author-X-Name-Last: Martin-Valmayor
Title: Non-linearities and persistence in US long-run interest rates
Abstract: 
 This note examines the stochastic behaviour of US monthly 10-year government bond yields. Specifically, it estimates a fractional integration model suitable to capture both persistence and non-linearities, these being two important properties of interest rates. Two series are analysed, one from Bloomberg including end-of-the-month values over the period January 1962-August 2020, the other from the ECB reporting average monthly values over the period January 1900-August 2020. The estimation results indicate that both are highly persistent and exhibit non-linearities, the latter being more pronounced in the case of the ECB series. Also, there is no conclusive evidence of the presence of structural breaks.
Journal: Applied Economics Letters
Pages: 366-370
Issue: 4
Volume: 29
Year: 2022
Month: 02
X-DOI: 10.1080/13504851.2021.1897511
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1897511
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:4:p:366-370




Template-Type: ReDIF-Article 1.0
Author-Name: Harald Edquist
Author-X-Name-First: Harald
Author-X-Name-Last: Edquist
Author-Name: Peter Goodridge
Author-X-Name-First: Peter
Author-X-Name-Last: Goodridge
Author-Name: Jonathan Haskel
Author-X-Name-First: Jonathan
Author-X-Name-Last: Haskel
Title: The economic impact of streaming beyond GDP
Abstract: 
 This article finds that the shift from buying music as a physical product towards subscribing to music services implies an unmeasured decrease of 85% in the price paid per song. Traditionally, price indexes have focused on tangible prices on CDs. These price indexes have partly become obsolete as more of the consumption of music is streamed. However, the price indexes for streamed music still do not capture the price paid per song. We estimate that the shift from buying CDs to streaming music online generates a price decrease of 85% per song. This implies that in 2019 the global quality-adjusted value from streamed music was $76 billion compared to current revenues of $11 billion. Thus, the shift from consuming music in physical form towards subscribing to music services creates an enormous consumer surplus that is not recorded in GDP.
Journal: Applied Economics Letters
Pages: 403-408
Issue: 5
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2020.1869158
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1869158
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Template-Type: ReDIF-Article 1.0
Author-Name: Manuel Almagro
Author-X-Name-First: Manuel
Author-X-Name-Last: Almagro
Author-Name: Jan-Oliver Strych
Author-X-Name-First: Jan-Oliver
Author-X-Name-Last: Strych
Title: Margin trading shareholder activists
Abstract: 
 We examine margin trading activists that we define as shareholders that are identified by Schedule 13D filings and state therein that they may use margin borrowings to finance their holdings. We find that arrivals of margin trading activists are associated with positive target announcement returns compared to those of non-margin trading activists. This indicates that margin trading activists’ arrivals are perceived as signals of positive future target firm performance. Moreover, we find that their investment horizon is likely contingent on how long they have invested in the targets prior to their filings or whether markets react positively to their arrivals.
Journal: Applied Economics Letters
Pages: 437-441
Issue: 5
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2020.1869163
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1869163
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:5:p:437-441




Template-Type: ReDIF-Article 1.0
Author-Name: Vijay Kumar
Author-X-Name-First: Vijay
Author-X-Name-Last: Kumar
Author-Name: Ron Bird
Author-X-Name-First: Ron
Author-X-Name-Last: Bird
Title: Factors influencing the profitability of banks in India and China
Abstract: 
 The study investigates the factors influencing profitability of banks in India and China. Our results suggest that credit quality, bank size, and cost management are the key factors behind the profitability of banks in India and China. The loan to deposit ratio of the banks is also important. It has a positive impact on the profitability of banks in China but a negative impact on the profitability of banks in India.
Journal: Applied Economics Letters
Pages: 371-375
Issue: 5
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2020.1869153
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1869153
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:5:p:371-375




Template-Type: ReDIF-Article 1.0
Author-Name: Hong Mai Phan
Author-X-Name-First: Hong Mai
Author-X-Name-Last: Phan
Author-Name: Hang Vu Diem Pham
Author-X-Name-First: Hang Vu Diem
Author-X-Name-Last: Pham
Author-Name: Hung T. Nguyen
Author-X-Name-First: Hung T.
Author-X-Name-Last: Nguyen
Author-Name: Lan Thanh Nguyen
Author-X-Name-First: Lan Thanh
Author-X-Name-Last: Nguyen
Title: Bank performance during the credit crisis: evidence from Asia-Pacific countries
Abstract: 
 This paper investigates the determinants of the stock performance of small and medium banks across Asia-Pacific countries during the global financial crisis of 2007–2008. We find that small and medium banks with more Tier 1 capital, more deposits, more liquid assets, and less funding fragility performed better during the crisis. We also find differences in banking regulations across countries are generally uncorrelated with the performance of small and medium banks during the crisis. Furthermore, there is no systematic evidence that better bank governance is associated with better performance of small and medium banks during the crisis.
Journal: Applied Economics Letters
Pages: 413-426
Issue: 5
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2020.1869160
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1869160
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:5:p:413-426




Template-Type: ReDIF-Article 1.0
Author-Name: Rafi Hossain
Author-X-Name-First: Rafi
Author-X-Name-Last: Hossain
Title: The awkward truth about CEO pay
Abstract: 
 This paper is the first of its kind using the variation in state corporate tax rates to investigate if they have any explanatory power in predicting variations in CEO pay. Specifically, this paper allows us to shed light on whether corporate tax cuts boost CEO pay? This paper, by using a difference-in-difference (DID) set up over the period 1994 to 2015, finds that corporate tax cuts statistically affect CEO pay among all publicly traded firms in the US. The magnitude of the effect increases among the S&P 500 and S&P 100. The paper further presents some interesting findings using three different measures of executive compensation.
Journal: Applied Economics Letters
Pages: 376-379
Issue: 5
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2020.1869154
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1869154
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:5:p:376-379




Template-Type: ReDIF-Article 1.0
Author-Name: Haoyang Li
Author-X-Name-First: Haoyang
Author-X-Name-Last: Li
Author-Name: Kam C. Chan
Author-X-Name-First: Kam C.
Author-X-Name-Last: Chan
Title: Does high speed rail enhance financial development?
Abstract: 
 We investigate the impact of high-speed rail (HSR) opening on analysts information-gathering. Our findings suggest that the number of site visits by analysts and the number of analysts involved in the site visits increase significantly after the opening of HSR in the cities in which the listed firms are located. Additional analysis suggests that firms located in HSR cities experience increase in liquidity and decrease in earnings management. Hence, the spatiotemporal squeezing effect generated by HSR opening significantly improves the accessibility of the local firms, reduces the information-gathering costs of analysts, increases the willingness of analysts to conduct site visits, and accelerates the information flow of the listed firms.
Journal: Applied Economics Letters
Pages: 442-445
Issue: 5
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2020.1869164
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1869164
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:5:p:442-445




Template-Type: ReDIF-Article 1.0
Author-Name: Wei He
Author-X-Name-First: Wei
Author-X-Name-Last: He
Author-Name: Xuanyi Shi
Author-X-Name-First: Xuanyi
Author-X-Name-Last: Shi
Author-Name: Yue Chang
Author-X-Name-First: Yue
Author-X-Name-Last: Chang
Author-Name: Wenjun Wu
Author-X-Name-First: Wenjun
Author-X-Name-Last: Wu
Title: Pay disparity within top management teams, real earnings management, and firm value: destructive competition or value creation? A moderated mediating model
Abstract: 
 This article examines the impact of pay disparity within the top management team (TMT) on real earnings management. Using data from Chinese listed firms for the period 2007 to 2018, we find that pay disparity within TMT has a negative impact on real earnings management and this relationship further enhances firms’ value, which supports internal governance view. Moreover, the indirect effect is stronger when product market competition is high. Results hold for both accounting and market firm value measures.
Journal: Applied Economics Letters
Pages: 384-390
Issue: 5
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2020.1869156
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1869156
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:5:p:384-390




Template-Type: ReDIF-Article 1.0
Author-Name: Chenggang Wang
Author-X-Name-First: Chenggang
Author-X-Name-Last: Wang
Author-Name: Huixia Wang
Author-X-Name-First: Huixia
Author-X-Name-Last: Wang
Title: The long-term effects of the Chinese great famine on mental health
Abstract: 
 A growing body of studies examined the effects of health shocks during early childhood and in-utero in developing countries. However, the related research on mental health is limited. In this article, we contribute to the existing literature by providing evidence of the long-term effects of the Chinese Great Famine in 1959–1961 on self-reported mental health. Using CHARLS, we find that people who were exposed to the famine in early childhood are more likely to have mental problems. In addition, women are more likely to be impacted by the famine.
Journal: Applied Economics Letters
Pages: 455-461
Issue: 5
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2020.1870916
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1870916
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:5:p:455-461




Template-Type: ReDIF-Article 1.0
Author-Name: Cai-Xia Song
Author-X-Name-First: Cai-Xia
Author-X-Name-Last: Song
Author-Name: Cui-Xia Qiao
Author-X-Name-First: Cui-Xia
Author-X-Name-Last: Qiao
Author-Name: Chien-Chiang Lee
Author-X-Name-First: Chien-Chiang
Author-X-Name-Last: Lee
Title: Application of gravity model to explain the effects of diplomatic relations on China’s service trade
Abstract: 
 Using the data of China’s service trade and diplomatic events with 45 countries, this paper examines the effects of diplomatic relations on service trade based on the gravity model. Through an empirical analysis, the results proved that good diplomatic relations can significantly promote the export of China’s service trade and that the effects of diplomatic relations on trade have a clear distinction regarding different political positions. Our results support the view that diplomatic relation does an important role in international trade.
Journal: Applied Economics Letters
Pages: 431-436
Issue: 5
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2020.1869162
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1869162
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:5:p:431-436




Template-Type: ReDIF-Article 1.0
Author-Name: Meng Li
Author-X-Name-First: Meng
Author-X-Name-Last: Li
Author-Name: Lixin Qiao
Author-X-Name-First: Lixin
Author-X-Name-Last: Qiao
Author-Name: Fangfang Sun
Author-X-Name-First: Fangfang
Author-X-Name-Last: Sun
Title: Is market index autocorrelation attributable to price latency? Evidence from CSI500
Abstract: 
 This article discusses the autocorrelation in daily returns of the China Stock Index 500 (CSI500) from the perspective of price latency due to price limit mechanism. We propose limit-up/limit-down (LULD) indices to quantify the price latency in CSI500 as an aggregated number of component stocks closing with LULD in a given trading day. We found that the positive autocorrelation in the CSI500 market index during the data period disappeared after the price latency was controlled. This implies that the autocorrelation we observed may be attributable to the price latency measured by LULD indices. Our findings provide new insight into the dynamic features of market indices and may serve as a workable reference for practical usage of the market index.
Journal: Applied Economics Letters
Pages: 427-430
Issue: 5
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2020.1869161
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1869161
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:5:p:427-430




Template-Type: ReDIF-Article 1.0
Author-Name: Jung-Fa Tsai
Author-X-Name-First: Jung-Fa
Author-X-Name-Last: Tsai
Author-Name: Ngoc Thuy Mai
Author-X-Name-First: Ngoc Thuy
Author-X-Name-Last: Mai
Author-Name: Dien Giau Bui
Author-X-Name-First: Dien Giau
Author-X-Name-Last: Bui
Title: Managerial ability, financial constraints, and the value of cash holding
Abstract: 
 We find that a skilful CEO, who persistently performs well over several years, can reduce a firm’s financial constraints. Our finding is robust to an instrumental variable regression, different definitions of a skilful CEO, and alternative measures of financial constraints. Further, we provide evidence that skilful managers improve the value of their firms’ cash holdings. Thus, this study contributes to the literature by exploring a potential bright side of managerial ability.
Journal: Applied Economics Letters
Pages: 462-468
Issue: 5
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2020.1870917
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1870917
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:5:p:462-468




Template-Type: ReDIF-Article 1.0
Author-Name: Xueqing Geng
Author-X-Name-First: Xueqing
Author-X-Name-Last: Geng
Author-Name: Kun Guo
Author-X-Name-First: Kun
Author-X-Name-Last: Guo
Title: Research on dynamic structure of the exchange rate volatility network among the Belt and Road countries based on spillover effect
Abstract: 
 The countries taking part in China’s ‘The Belt and Road’ Initiative have achieved greatly increased trade volume and become more firmly interconnected since the initiative was launched in September 2013. This paper researches the exchange rate volatility features among 15 countries along the Belt and Road region with the network analysis based on spillover effect. A directed network is constructed to show not only the impact one currency having on and received from the other currencies, but also the net effect from one currency to another in the network. The importance of any currency in the network and the total interconnectedness of the whole network can also be obtained. Furthermore, a 200-day rolling window analysis is used to show the dynamic evolution trend of the network. The results show that after the launch of the Belt and Road Initiative, both the interconnectedness of the exchange rate volatility network and the importance of CNY increase. In addition, the importance of most currencies in the network has been quite volatile.
Journal: Applied Economics Letters
Pages: 446-454
Issue: 5
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2020.1870649
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1870649
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:5:p:446-454




Template-Type: ReDIF-Article 1.0
Author-Name: Hamid NoghaniBehambari
Author-X-Name-First: Hamid
Author-X-Name-Last: NoghaniBehambari
Author-Name: Farzaneh Noghani
Author-X-Name-First: Farzaneh
Author-X-Name-Last: Noghani
Author-Name: Nahid Tavassoli
Author-X-Name-First: Nahid
Author-X-Name-Last: Tavassoli
Title: Child Support Enforcement and Child Mortality
Abstract: 
 This paper explores the potential benefit of enforcements in Child Support policies to child mortality rates. Exploiting the sharp changes in Child Support laws across states and over the years 1975–1993, we find that adoption of a full set of policies reduces the child death rate by 23% relative to the mean. The results are robust across multiple subsamples and a variety of specifications. Three potential mechanisms of impact include better health utilization during the prenatal period, improved birth outcomes, and moving towards better-quality health insurance for children.
Journal: Applied Economics Letters
Pages: 391-402
Issue: 5
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2020.1869157
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1869157
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Template-Type: ReDIF-Article 1.0
Author-Name: Minhua Yang
Author-X-Name-First: Minhua
Author-X-Name-Last: Yang
Author-Name: Junni Zhou
Author-X-Name-First: Junni
Author-X-Name-Last: Zhou
Title: The impact of COVID-19 on the housing market: evidence from the Yangtze river delta region in China
Abstract: 
 We investigate the impacts of COVID-19 on the housing market in the Yangtze river delta region in China. We divide data into the groups of the municipality directly under the central government (first-tier city) and other provinces (second- and third-tier cities), and use average selling price of commercial housing to capture the performance of local housing market. The findings suggest significantly positive impacts of COVID-19 on housing price in this region, which implies the urgent needs of housing for families to stay together during the epidemic. The municipality directly under the central government (also the first-tier city) usually tends to have higher housing prices due to better economic and medical conditions and urban governance there, while such impacts shrink in the period of epidemic, implying the effective control of housing price there, which provides relevant policy guidance for other provinces and non-first-tier cities.
Journal: Applied Economics Letters
Pages: 409-412
Issue: 5
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2020.1869159
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1869159
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:5:p:409-412




Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Kohler
Author-X-Name-First: Andreas
Author-X-Name-Last: Kohler
Author-Name: Anne Wunderlich
Author-X-Name-First: Anne
Author-X-Name-Last: Wunderlich
Title: How migrants’ food tastes shape international agro-food trade
Abstract: 
 We identify and quantify the effect of food tastes on international trade flows. Based on a novel data set including all ingredients in the national dishes of 171 countries, we construct a measure for similarity in food tastes between countries. We identify the effect of tastes on bilateral food trade flows by exploiting that migrants’ tastes differ from the tastes of their host country. Our results show that the effect of migration on trade decreases the more similar tastes are between a migrant’s country of origin and her host country. Thus, we can show that tastes do matter for international trade flows, and are able to quantify their effect.
Journal: Applied Economics Letters
Pages: 469-476
Issue: 5
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2021.1912695
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1912695
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Template-Type: ReDIF-Article 1.0
Author-Name: Hongkyun Kim
Author-X-Name-First: Hongkyun
Author-X-Name-Last: Kim
Author-Name: Taeyoung Kim
Author-X-Name-First: Taeyoung
Author-X-Name-Last: Kim
Title: Estimation of the relative efficiency of 20 OECD countries for mitigation of greenhouse gases
Abstract: 
 In this study, we investigated which greenhouse gas (GHG) emission sources have contributed to worsening global warming and which GHG mitigation efforts have been effective and finally evaluated the relative efficiency of OECD 20 countries in reducing total GHG and CO2 emissions under the Kyoto Protocol regime. We applied the effect model of the stochastic frontier model. The main findings are as follows: First, it appears that the manufacturing, electricity and transportation sectors are mainly to blame for the worsening of global warming. Second, innovations in green technology are an effective method for mitigating global warming. Third, Germany is identified as the most efficient country in reducing CO2 as well as total GHG emissions, even though Germany emits the most GHG and CO2 among the target 20 OECD countries.
Journal: Applied Economics Letters
Pages: 380-383
Issue: 5
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2020.1869155
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1869155
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Template-Type: ReDIF-Article 1.0
Author-Name: Kyung Soon Kim
Author-X-Name-First: Kyung Soon
Author-X-Name-Last: Kim
Author-Name: Wonseok Choi
Author-X-Name-First: Wonseok
Author-X-Name-Last: Choi
Author-Name: Chune Young Chung
Author-X-Name-First: Chune Young
Author-X-Name-Last: Chung
Title: Managerial over-optimism and agency costs of debt: evidence from high-tech IPO firms in Korea
Abstract: 
 We examine whether the combination of agency costs of debt and managerial optimism in high-tech IPOs creates inefficient R&D investment, thus undermining corporate value. We find that high-tech IPO firms with a high debt ratio exhibit a positive relationship between discretionary and future R&D expenses at the IPO point. We also find a negative relationship between discretionary R&D expenses and the long-term cumulative abnormal return. Furthermore, managerial optimism and agency costs of debt can increase during an IPO, reducing future value. Thus, a stock return decrease after an IPO may be influenced by management’s psychological errors and shareholders’ preferences for risky investments.
Journal: Applied Economics Letters
Pages: 545-550
Issue: 6
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2021.1875116
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1875116
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Template-Type: ReDIF-Article 1.0
Author-Name: Fengyan Dai
Author-X-Name-First: Fengyan
Author-X-Name-Last: Dai
Author-Name: Fang Cai
Author-X-Name-First: Fang
Author-X-Name-Last: Cai
Author-Name: Yu Zhu
Author-X-Name-First: Yu
Author-X-Name-Last: Zhu
Title: Returns to higher education in China – evidence from the 1999 higher education expansion using a fuzzy regression discontinuity
Abstract: 
 China experienced a 47% expansion in higher education enrolment between 1998 and 1999 and a sixfold expansion in the decade to 2008. Using a fuzzy discontinuity in the months of births, we show that the 1999 expansion increased education by roughly 1 year around the cut-off point. Importantly, each additional year of university education induced by the expansion increases monthly earnings by 24%, whereas the corresponding OLS estimate is only 8%. Our findings are insensitive to alternative window widths, functional forms or the exclusion of the self-employed.
Journal: Applied Economics Letters
Pages: 489-494
Issue: 6
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2020.1871465
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1871465
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Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Garmon
Author-X-Name-First: Christopher
Author-X-Name-Last: Garmon
Title: Hospital concentration and bed capacity
Abstract: 
 The COVID-19 pandemic has highlighted the importance of hospital bed capacity. Some policy experts claim that hospital mergers and lax antitrust oversight contributed to hospital bed shortages in the United States. This paper investigates the relationship between hospital concentration and bed capacity using public data and panel data methods. No evidence is found that increasing hospital concentration leads to reduced capacity. If anything, the evidence suggests the opposite: a small positive association between concentration and hospital bed capacity. The evidence suggests that the antitrust agencies are correct to focus on price, cost, quality, and access to care instead of overall bed capacity in their evaluation of hospital mergers.
Journal: Applied Economics Letters
Pages: 551-554
Issue: 6
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2021.1875117
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1875117
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Template-Type: ReDIF-Article 1.0
Author-Name: Xinsheng Cui
Author-X-Name-First: Xinsheng
Author-X-Name-Last: Cui
Author-Name: Yining Yao
Author-X-Name-First: Yining
Author-X-Name-Last: Yao
Author-Name: Yuanyue Bian
Author-X-Name-First: Yuanyue
Author-X-Name-Last: Bian
Author-Name: Liwei Cui
Author-X-Name-First: Liwei
Author-X-Name-Last: Cui
Title: Can better business environments promote trade partners’ economic growth?
Abstract: 
 This study empirically examines the impact of business environments on trade partners’ economic growth using the Ease of Doing Business Score of the World Bank’s Doing Business project for 2004–2018. The results show that with a threshold level of economic development, business environments have a significant positive impact on trade partners’ economic growth, which is the spatial spillover effect of the business environment. Further, we find that this effect is heterogeneous, and it is much easier for a more developed country to drive the economic growth of less developed countries.
Journal: Applied Economics Letters
Pages: 540-544
Issue: 6
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2021.1875115
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1875115
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Template-Type: ReDIF-Article 1.0
Author-Name: Zerong Wang
Author-X-Name-First: Zerong
Author-X-Name-Last: Wang
Author-Name: Donghao Zhang
Author-X-Name-First: Donghao
Author-X-Name-Last: Zhang
Author-Name: Jiancheng Wang
Author-X-Name-First: Jiancheng
Author-X-Name-Last: Wang
Title: How does digital finance impact the leverage of Chinese households?
Abstract: 
 In this article, digital inclusive finance positively determines the debt ratio of Chinese households. Through mechanism analysis, we clarify that digital inclusive finance affects household debt ratio by increasing household consumption and relaxing liquidity constraints. Further analysis suggests that digital inclusive finance inhibits household over-indebtedness. These findings imply the tradeoff between deleverage and over-indebtedness of Chinese household sector.
Journal: Applied Economics Letters
Pages: 555-558
Issue: 6
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2021.1875118
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1875118
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthew C. Li
Author-X-Name-First: Matthew C.
Author-X-Name-Last: Li
Author-Name: Catherine C. Lai
Author-X-Name-First: Catherine C.
Author-X-Name-Last: Lai
Author-Name: Ling Xiao
Author-X-Name-First: Ling
Author-X-Name-Last: Xiao
Title: Did COVID-19 increase equity market risk exposure? Evidence from China, the UK, and the US
Abstract: 
 By studying equity market returns to China, the UK, and the US, we explore the key question of whether the COVID-19 pandemic changes the risk exposure of equity markets, which is fundamental to market stability and investor confidence. Using data from the World Health Organization and Bloomberg, our full sample covers the period 3 July 2019 to 15 December 2020 which facilities a subsample (Normal, Shock, Endurance) analysis. Utilizing Value-at-Risk (VaR) metrics as our risk exposure measure, we find that 1) There exists a sharp increase in equity market risk exposure across the three equity markets. 2) A stronger pandemic impact is found in different market capitalization segments – China, large-cap; the UK, small-cap; the US, mid-cap. 3) Generally, investors consider the number of new cases as a more worrying factor than deaths while UK investors are sensitive to both. Our observations suggest that given limited resources but rising demands from both businesses and households for government assistance, a one-size-fits-all policy to support market recovery would be sub-optimal.
Journal: Applied Economics Letters
Pages: 567-571
Issue: 6
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2021.1912696
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1912696
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Template-Type: ReDIF-Article 1.0
Author-Name: Francesco Grigoli
Author-X-Name-First: Francesco
Author-X-Name-Last: Grigoli
Author-Name: Zsoka Koczan
Author-X-Name-First: Zsoka
Author-X-Name-Last: Koczan
Author-Name: Petia Topalova
Author-X-Name-First: Petia
Author-X-Name-Last: Topalova
Title: Calling older workers back to work
Abstract: 
 Population ageing in advanced economies could have significant macroeconomic implications, unless more individuals choose to participate in labour markets. In this context, the steep increase in the share of older workers who remain economically active since the mid-1990s is an overlooked yet encouraging trend. We identify the drivers of the rise in participation of the elderly relying on cross-country and individual-level data from advanced economies over the past three decades. Our findings suggest that the bulk of the increase in their participation is driven by gains in educational attainment and changes in labour market policies, such as the tax benefit system, and pension reforms. Urbanization and the increasing role of services also contributed, while automation weighed on their participation.
Journal: Applied Economics Letters
Pages: 559-566
Issue: 6
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2021.1876205
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1876205
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Template-Type: ReDIF-Article 1.0
Author-Name: Meng-Ying Wang
Author-X-Name-First: Meng-Ying
Author-X-Name-Last: Wang
Author-Name: Li-Chen Chou
Author-X-Name-First: Li-Chen
Author-X-Name-Last: Chou
Title: Political cycle and the financial lending scale
Abstract: 
 We study the impact of the political cycle on financial lending. The change of party secretaries every several years in the Chinese cities provides a good setting for our analysis. Empirical results indicate the scale of lending by financial institutions increased one year before and after the congress of the Chinese Communist Party and decreased during the convening year, showing political cyclicality. In addition, the size of financial lending by the cities whose party secretary’s age is over 55 is smaller than others. The results reflect the incentive to achieve promotion by stimulating economic performance is smaller for the ageing secretary.
Journal: Applied Economics Letters
Pages: 534-539
Issue: 6
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2021.1875114
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1875114
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Template-Type: ReDIF-Article 1.0
Author-Name: Jing You
Author-X-Name-First: Jing
Author-X-Name-Last: You
Author-Name: Yupei Ma
Author-X-Name-First: Yupei
Author-X-Name-Last: Ma
Title: Becoming them or remaining us? The impact of communication on immigrant integration
Abstract: 
 We exploit an exogenous introduction of a mobile phone plan among rural-to-urban migrants in Beijing, China, to study the causal impact of communication on immigrant integration and assimilation. More contact via phone calls and social media over a year improves immigrants’ language alignment, enhances their perceived similarity with the natives, while attenuates self-identity of and adherence to original cultures. Migrants show stronger settlement intentions in capital cities of native provinces rather than in Beijing, because of more concerns about distant family members and perceived perpetuating discrimination under intervention. Long-term integration, indicated by a sense of belonging, attitudes on inter-group marriage and the importance of their children to learn original languages remains stable.
Journal: Applied Economics Letters
Pages: 514-519
Issue: 6
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2021.1874608
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1874608
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Template-Type: ReDIF-Article 1.0
Author-Name: Hanae Tamechika
Author-X-Name-First: Hanae
Author-X-Name-Last: Tamechika
Author-Name: Masaaki Fuse
Author-X-Name-First: Masaaki
Author-X-Name-Last: Fuse
Title: Japan’s intertemporal elasticity of substitution of consumption
Abstract: 
 This study estimates the intertemporal elasticity of substitution (IES) of consumption in Japan, using the latest available data and considering structural changes. Our findings suggest that the IES during the post-bubble economy was greater than what it was until the end of the bubble economy. As a result of an increase in savings as a waiting option in conjunction with a precautionary savings motive, elasticity of intertemporal substitution has increased considerably since the bubble period.
Journal: Applied Economics Letters
Pages: 508-513
Issue: 6
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2021.1873904
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1873904
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Template-Type: ReDIF-Article 1.0
Author-Name: Yong Zhi
Author-X-Name-First: Yong
Author-X-Name-Last: Zhi
Author-Name: Hongbing Ouyang
Author-X-Name-First: Hongbing
Author-X-Name-Last: Ouyang
Author-Name: Man Xue
Author-X-Name-First: Man
Author-X-Name-Last: Xue
Title: A research on driver nodes identification in Chinese interbank networks: based on the controllability theory of complex network
Abstract: 
 We propose a  method of network controllability to identify the driver nodes in Chinese interbank lending networks from 2008 to 2014, and analyse the role and influence of the driver nodes in the banking system. The results show that it is enough to control only nD (the fraction of minimum driver nodes) of the banks to steer the entire banking system. We find that the driver nodes are often not the most closely connected banks, nor the largest banks. We further introduce the concept of control centrality to quantify the ability of a single node to control a banking network, and we validate our results by showing that the driver nodes have larger control centrality. Our conclusions can help the regulatory authorities determine the institutions that should be supervised or controlled, and provide new ideas and theoretical basis for improving the macroprudential supervision policy.
Journal: Applied Economics Letters
Pages: 495-501
Issue: 6
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2020.1871466
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1871466
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyunjung Choi
Author-X-Name-First: Hyunjung
Author-X-Name-Last: Choi
Title: Effect of internal accounting control system on the value of cash holdings
Abstract: 
 This study investigates the relationship between the adequacy of internal control personnel and the value of cash holdings. The internal control personnel of firms have a responsibility to ensure the reliability of financial statements, prevent corruption, and protect assets, including cash. Investors value cash based on its use by the company. The value of cash holdings declines when managers use cash to maximize private utility, while it increases when cash is used to create corporate value. The internal control personnel contribute towards increasing the value of cash holdings. The results show that an inadequate number of internal control personnel negatively impacts the value of cash holdings. However, investors ignore the expertise of such personnel when evaluating the value of cash holdings. These findings suggest an increase in firms’ understanding of the significance of human resource investment in terms of internal control and its impact on investors’ decisions.
Journal: Applied Economics Letters
Pages: 484-488
Issue: 6
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2020.1871464
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1871464
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Template-Type: ReDIF-Article 1.0
Author-Name: Wanglin Ma
Author-X-Name-First: Wanglin
Author-X-Name-Last: Ma
Author-Name: Zhongkun Zhu
Author-X-Name-First: Zhongkun
Author-X-Name-Last: Zhu
Author-Name: Xiaoshi Zhou
Author-X-Name-First: Xiaoshi
Author-X-Name-Last: Zhou
Title: Agricultural mechanization and cropland abandonment in rural China
Abstract: 
 This study examines the impacts of the adoption of three mechanized farming strategies (no-mechanized, semi-mechanized, and full-mechanized farming) on cropland abandonment, using the 2016 China Labour-force Dynamics Survey data. An innovative multivalued treatment effects model is employed to address sample selection bias. The results show that relative to no-mechanized farming, the adoption of semi-mechanized farming increases the probability of cropland abandonment. However, relative to either no or semi-mechanized farming, the adoption of full-mechanized farming significantly decreases the likelihood of cropland abandonment. Thus, farmers’ decisions of cropland abandonment depend on whether mechanization can partially or fully substitute farm labour. Our findings suggest that promoting agricultural mechanization via scale and topography-appropriate farm machines and enhancing land transfer for consolidation can help alleviate cropland abandonment.
Journal: Applied Economics Letters
Pages: 526-533
Issue: 6
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2021.1875113
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1875113
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Template-Type: ReDIF-Article 1.0
Author-Name: Edmond Berisha
Author-X-Name-First: Edmond
Author-X-Name-Last: Berisha
Author-Name: Ram Sewak Dubey
Author-X-Name-First: Ram
Author-X-Name-Last: Sewak Dubey
Author-Name: Zaman Zamanian
Author-X-Name-First: Zaman
Author-X-Name-Last: Zamanian
Title: Recent dynamics in racial wage gap in the United States
Abstract: 
 Using weekly earnings data from Current Population Survey for Black and White Americans employed full time, we examine how disparities based on race stand relative to disparities between wage groups. We find that wage disparity between wage groups prevails significantly as compared to race wage gap on explaining overall wage inequality among Blacks and Whites in the United States.
Journal: Applied Economics Letters
Pages: 502-507
Issue: 6
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2021.1873233
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1873233
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Template-Type: ReDIF-Article 1.0
Author-Name: Avinash Kumar Singh
Author-X-Name-First: Avinash Kumar
Author-X-Name-Last: Singh
Author-Name: Kampan Mukherjee
Author-X-Name-First: Kampan
Author-X-Name-Last: Mukherjee
Title: A penalty-reward system for pro-environmental project execution
Abstract: 
 In this paper, an evolutionary game was developed and used to simulate interactions among the key stakeholders associated with the monitoring and control of environmental impact of the projects. The system dynamics simulation of the evolutionary game indicated problems in sustaining desired behaviour from the concerned stakeholders. Based on the observations from the simulation of the evolutionary game, a penalty – reward system was proposed to deal with these problems and to ensure that execution of projects is pro-environmental with minimum monitoring from the senior management.
Journal: Applied Economics Letters
Pages: 477-483
Issue: 6
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2020.1870918
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1870918
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Template-Type: ReDIF-Article 1.0
Author-Name: Tim Komarek
Author-X-Name-First: Tim
Author-X-Name-Last: Komarek
Author-Name: Jay K. Walker
Author-X-Name-First: Jay K.
Author-X-Name-Last: Walker
Title: Does starting school before labor day affect high school retention and graduation: evidence from Virginia’s kings dominion law
Abstract: 
 Several states have required K-12 public schools to start after Labour Day in an effort to aid the tourism and hospitality industry. However, little is known about how these policies impact educational outcomes. We examine the impact of Virginia’s post-Labour Day school start law on high school retention and graduation rates. We use a difference-in-differences model to exploit exogenous variation in school division start dates. Our results show small differences of up to three weeks have little effect on high school dropout and graduation rates. Our findings inform the debate on post-Labour Day school start laws and compulsory attendance age cut-off laws.
Journal: Applied Economics Letters
Pages: 520-525
Issue: 6
Volume: 29
Year: 2022
Month: 03
X-DOI: 10.1080/13504851.2021.1875112
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1875112
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Template-Type: ReDIF-Article 1.0
Author-Name: Young Eun Kim
Author-X-Name-First: Young Eun
Author-X-Name-Last: Kim
Author-Name: Norman V. Loayza
Author-X-Name-First: Norman V.
Author-X-Name-Last: Loayza
Title: Economic loss from COVID-19 fatalities across countries: a VSL approach
Abstract: 
 COVID-19 has quickly propagated throughout the globe and triggered the worst economic crisis the world has experienced in recent history. We estimate mortality rates and associated economic loss of fatalities for different contagion suppression scenarios in a worldwide group of countries. We adjust previous estimates of mortality rates by adjusting for lower healthcare capacity to treat critically ill patients in lower-income countries. Furthermore, we adjust previous estimates of the economic loss from fatalities by controlling for the age profile of victims. The results show significant economic gains in adopting mitigation strategies, but the marginal gains decrease when moving from mitigation to suppression strategies. Moreover, lower-income countries gain less in moving from no intervention to mitigation and still less in moving from mitigation to suppression than higher-income countries do.
Journal: Applied Economics Letters
Pages: 644-650
Issue: 7
Volume: 29
Year: 2022
Month: 04
X-DOI: 10.1080/13504851.2021.1883521
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1883521
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Template-Type: ReDIF-Article 1.0
Author-Name: Christos Agiakloglou
Author-X-Name-First: Christos
Author-X-Name-Last: Agiakloglou
Author-Name: Charalampos Agiropoulos
Author-X-Name-First: Charalampos
Author-X-Name-Last: Agiropoulos
Title: Dealing with serially correlated errors in the context of spurious regression for two independent stationary AR(1) processes
Abstract: 
 Serially correlated errors are most likely to appear in regression analysis when time-series data are used either as a true symptom of autocorrelation or as an indication of a false specification among variables. This study examines the problem of serially correlated errors in the context of spurious regression for two independent stationary AR(1) processes, showing evidence of removing the presence of both symptoms using a Monte Carlo analysis.
Journal: Applied Economics Letters
Pages: 619-625
Issue: 7
Volume: 29
Year: 2022
Month: 04
X-DOI: 10.1080/13504851.2021.1881427
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1881427
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Template-Type: ReDIF-Article 1.0
Author-Name: Yongle Li
Author-X-Name-First: Yongle
Author-X-Name-Last: Li
Author-Name: Xiaobo Hu
Author-X-Name-First: Xiaobo
Author-X-Name-Last: Hu
Title: Born leaders: China’s municipal party secretaries
Abstract: 
 Applying relative-age effect theory to China, we examine the political career development of municipal party secretaries. Our analysis presented in this paper provides substantial evidence in favour of those who were older in their cohort at school, i.e., those who were born in October and November are more likely than those who were born in June or July to be advanced to a party leadership position in an earlier time. This research fills in a gap in the field of RAE from a comparative perspective, and it also provides insights into long-term effects of relative age in China’s increasingly competitive political careers that challenge the conventional wisdom in political science literature.
Journal: Applied Economics Letters
Pages: 626-629
Issue: 7
Volume: 29
Year: 2022
Month: 04
X-DOI: 10.1080/13504851.2021.1881428
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1881428
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Template-Type: ReDIF-Article 1.0
Author-Name: Weijie Luo
Author-X-Name-First: Weijie
Author-X-Name-Last: Luo
Author-Name: Xiaoming Zhang
Author-X-Name-First: Xiaoming
Author-X-Name-Last: Zhang
Title: Political turnover and corporate research and development: evidence from China
Abstract: 
 This paper documents cycles in corporate research and development corresponding with the timing of political turnover. Utilising the data on local government officials and research and development activities at the firm level in China, firms’ intensity of research and development input is found to be negatively associated with a turnover in local political leaders. We investigate several potential explanations and find evidence supporting that political turnover reduces the incentives of firms to invest in research and development until the uncertainty is resolved.
Journal: Applied Economics Letters
Pages: 573-578
Issue: 7
Volume: 29
Year: 2022
Month: 04
X-DOI: 10.1080/13504851.2020.1813242
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1813242
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Template-Type: ReDIF-Article 1.0
Author-Name: Peng Li
Author-X-Name-First: Peng
Author-X-Name-Last: Li
Author-Name: Yaofu Ouyang
Author-X-Name-First: Yaofu
Author-X-Name-Last: Ouyang
Title: How oil price shocks affect investor sentiment: new evidence from China
Abstract: 
 This paper studies the effect of structural oil price shocks on China’s investor sentiment using the Bayesian inference structural vector autoregression (VAR) model by Baumeister and Hamilton (2019). We find that oil supply shocks followed by consumption demand shocks have positive and persistent effects on China’s investor sentiment, whereas aggregate and inventory demand shocks have only temporary effects. The effects of these shocks are transmitted mainly by affecting investor’s confidence in domestic economic fundamentals and the international economic environment. Furthermore, oil price shocks also induce different trading motivations in the stock market.
Journal: Applied Economics Letters
Pages: 584-592
Issue: 7
Volume: 29
Year: 2022
Month: 04
X-DOI: 10.1080/13504851.2021.1876207
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1876207
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Template-Type: ReDIF-Article 1.0
Author-Name: Haruhisa Nishino
Author-X-Name-First: Haruhisa
Author-X-Name-Last: Nishino
Title: Bayesian and decomposition analyses for health inequality in Japan
Abstract: 
 In this article, the author investigates the inequality of health conditions in Japan using self-reported health condition data collected during a Comprehensive Survey of Living Conditions in Japan. The used data is ordinal, and inequality measures for ordinal data are introduced. Bayesian and decomposition analyses for the inequality of health conditions show that the proportion of young people has decreased and that, from 1998 to 2016, health inequality also decreased. The decrease in the proportion of young people is responsible for the lower health inequality.
Journal: Applied Economics Letters
Pages: 657-664
Issue: 7
Volume: 29
Year: 2022
Month: 04
X-DOI: 10.1080/13504851.2021.1883523
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1883523
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Template-Type: ReDIF-Article 1.0
Author-Name: Kuang-Cheng Chai
Author-X-Name-First: Kuang-Cheng
Author-X-Name-Last: Chai
Author-Name: De-Cong Xie
Author-X-Name-First: De-Cong
Author-X-Name-Last: Xie
Author-Name: Chin-Piao Yeh
Author-X-Name-First: Chin-Piao
Author-X-Name-Last: Yeh
Author-Name: Hao-Ran Lan
Author-X-Name-First: Hao-Ran
Author-X-Name-Last: Lan
Author-Name: Zhen-Xin Cui
Author-X-Name-First: Zhen-Xin
Author-X-Name-Last: Cui
Title: Chinese national civilized city and corporate social responsibility: will civilized city promote corporate social responsibility?
Abstract: 
 The continuous improvement of China’s status in the world economy has also promoted China’s urban construction. The Chinese government proposes to build a more civilized and more sustainable city, and awards National Civilized City Award (NCCA) to cities that meet the standards. In order to obtain the title of NCCA, local governments use administrative power and formulate relevant laws to have a profound impact on local enterprises, such as assuming more corporate social responsibilities. Based on the data of listed enterprises in China from 2012 to 2018, the PSM-DID method is used to empirically test the impact of NCCA on corporate social responsibility (CSR). The result shows that the NCCA campaign has significantly improved the CSR of local enterprises; NCCA has a greater positive impact on CSR to customer and environmental. The research links the creation of a civilized city with CSR for the first time, reflecting the Chinese characteristics that policies have a significant impact on enterprises.
Journal: Applied Economics Letters
Pages: 593-596
Issue: 7
Volume: 29
Year: 2022
Month: 04
X-DOI: 10.1080/13504851.2021.1877250
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1877250
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:7:p:593-596




Template-Type: ReDIF-Article 1.0
Author-Name: Jihun Kwak
Author-X-Name-First: Jihun
Author-X-Name-Last: Kwak
Title: A new approach to the relative convergence test
Abstract: 
 This article proposes a new approach to the relative convergence test. The original relative convergence test proposed by Phillips and Sul (2007) recommends discarding the first 1/3 of the time-series data to achieve the best performance in terms of the size and power of the test. My new approach to the relative convergence test does not require discarding any time-series data by assuming the unobservable data are already discarded. In this article, I compare the new approach to the Phillips and Sul (2007)’s test and determine, through a Monte-Carlo simulation, at what fraction the new approach achieves the best performance in terms of size and power of the test. I confirm that the new approach performs better than the original approach when the fraction is set 1/10 of a penalty function. To compare my new method to the Phillips and Sul (2007) method, I provide an empirical example using the U.S. Per Capita Personal Income data and how the new approach affects the convergence club classification.
Journal: Applied Economics Letters
Pages: 597-603
Issue: 7
Volume: 29
Year: 2022
Month: 04
X-DOI: 10.1080/13504851.2021.1878090
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1878090
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:7:p:597-603




Template-Type: ReDIF-Article 1.0
Author-Name: Chanil Boo
Author-X-Name-First: Chanil
Author-X-Name-Last: Boo
Author-Name: Changhyun Kim
Author-X-Name-First: Changhyun
Author-X-Name-Last: Kim
Title: What drives acquirers’ myopic marketing management?
Abstract: 
 Acquiring firm managers should allocate marketing investments to maximize synergies from already announced mergers or acquisitions. However, managers may deliberately redistribute marketing capabilities and assets as a response to investor pressure formed by weak stock return around an announcement. We propose that stock returns that are below expectations may create investor pressure, which drives managers to practice myopic marketing management. We present evidence that acquirers are more likely to engage in myopic marketing management when they experience a negative stock market reaction around a merger announcement. Acquirers tend to report lower-than-normal advertising and R&D investments. Empirical results suggest that acquirers use marketing activities as an efficient tool to confront negative stock market evaluation. Our study contributes to the myopic management literature by showing when and how firms in mergers and acquisitions are more likely to exhibit opportunistic managerial behaviour. We provide some policy suggestions for both acquiring firm managers and investors.
Journal: Applied Economics Letters
Pages: 640-643
Issue: 7
Volume: 29
Year: 2022
Month: 04
X-DOI: 10.1080/13504851.2021.1883520
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1883520
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Template-Type: ReDIF-Article 1.0
Author-Name: Hiroshi Fujiki
Author-X-Name-First: Hiroshi
Author-X-Name-Last: Fujiki
Title: Household financial services, financial literacy, and COVID-19 pandemic
Abstract: 
 This paper analyzes the relationship between the spread of the COVID-19 infection and the changes in financial services for households in Japan. Respondents who chose to increase demand for non-face-to-face financial services and cashless payments tended to have more financial assets and to be more financially literate. This result suggests that financial literacy is important in helping households embrace financial services to comply with the demands of social distancing under the spread of COVID-19.
Journal: Applied Economics Letters
Pages: 615-618
Issue: 7
Volume: 29
Year: 2022
Month: 04
X-DOI: 10.1080/13504851.2021.1878092
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1878092
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:7:p:615-618




Template-Type: ReDIF-Article 1.0
Author-Name: Seong-Hoon Kim
Author-X-Name-First: Seong-Hoon
Author-X-Name-Last: Kim
Author-Name: Seongman Moon
Author-X-Name-First: Seongman
Author-X-Name-Last: Moon
Title: Can demographic structures help predict equity premiums?: Evidence from a panel with cross-section dependence
Abstract: 
 This paper re-examines the link between equity risk premiums and demographic changes using panel data of 17 advanced countries over the postwar period. Based on the method of Pesaran (2006) that takes into account cross-section dependence, we find little evidence that demographic structures predict excess stock returns. However, demographic variables appear to have strong predictability of the excess returns in pooled OLS regressions. These results suggest that the failure of controlling for the influence of the common factors would lead to spurious estimation results.
Journal: Applied Economics Letters
Pages: 635-639
Issue: 7
Volume: 29
Year: 2022
Month: 04
X-DOI: 10.1080/13504851.2021.1883519
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1883519
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Template-Type: ReDIF-Article 1.0
Author-Name: Fei Li
Author-X-Name-First: Fei
Author-X-Name-Last: Li
Author-Name: Bingqing Li
Author-X-Name-First: Bingqing
Author-X-Name-Last: Li
Author-Name: Jingfeng Xu
Author-X-Name-First: Jingfeng
Author-X-Name-Last: Xu
Title: Reinsurance strategy and network contagion: a macroprudential perspective
Abstract: 
 This article develops a network-based contagion model to investigate reinsurance strategy from a macroprudential perspective. We analyse the impact of reinsurance strategy on the spillovers from insurance sector to other economic sectors when a catastrophe such as a series of coronavirus-related claims occurs. The risk diversification level of the reinsurance strategy shows nonmonotonic effects on risk spillovers. When the diversified level is high enough relative to the actual magnitude of catastrophe, the spillover effect will not occur. However, when not sufficiently diversified, spillover effect is unavoidable and the diversified level shows a U-shaped relation with economic losses caused by risk spillovers. Our results thus reveal a new reinsurance insight for policymakers and regulators to develop macroprudential policy for managing systemic risk.
Journal: Applied Economics Letters
Pages: 651-656
Issue: 7
Volume: 29
Year: 2022
Month: 04
X-DOI: 10.1080/13504851.2021.1883522
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1883522
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:7:p:651-656




Template-Type: ReDIF-Article 1.0
Author-Name: Mariana Spatareanu
Author-X-Name-First: Mariana
Author-X-Name-Last: Spatareanu
Author-Name: Vlad Manole
Author-X-Name-First: Vlad
Author-X-Name-Last: Manole
Author-Name: Ali Kabiri
Author-X-Name-First: Ali
Author-X-Name-Last: Kabiri
Title: The real effects of banks nationalization – evidence from the UK
Abstract: 
 How did the nationalization of UK operating banks as a result of the 2008 banking crisis impact their client firms’ performance? We use unique firm-bank data and a propensity score matching technique and find that firms that borrowed from nationalized banks show a slight decrease in the growth of investment and innovation relative to firms that borrowed from non-nationalized banks. Interestingly, we find that firms that borrowed from nationalized banks slightly increase employment, short-term debt and cash holdings. Overall, these firms were able to maintain performance as a result of policy intervention.
Journal: Applied Economics Letters
Pages: 579-583
Issue: 7
Volume: 29
Year: 2022
Month: 04
X-DOI: 10.1080/13504851.2021.1876206
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1876206
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Template-Type: ReDIF-Article 1.0
Author-Name: Jikyoung Kim
Author-X-Name-First: Jikyoung
Author-X-Name-Last: Kim
Title: Which is the most effective innovation protection method for different types of product innovation?Evidence from South Korean manufacturing firms
Abstract: 
 Securing appropriation is crucial for firms to retain their competitive advantage. This article empirically examines the effects of different types of innovation protection methods on different types of product innovation. The study considers six types of innovation protection methods which can be used during product development: patents, a utility model, designs, confidentiality, complex designs, and market preoccupation. Four types of product innovation are considered: product quality improvements, product cost reductions, product diversification, and pioneering a new market. The main findings are as follows: (1) Patents have a positive effect on pioneering a new market compared to other product innovation types. This result means that patents are effective for product innovations with completely novel characteristics. (2) Market preoccupation is most effective for improving quality, reducing costs, and enhancing product diversification compared to other innovation protection methods.
Journal: Applied Economics Letters
Pages: 665-668
Issue: 7
Volume: 29
Year: 2022
Month: 04
X-DOI: 10.1080/13504851.2021.1922583
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1922583
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Template-Type: ReDIF-Article 1.0
Author-Name: Hieu Thanh Nguyen
Author-X-Name-First: Hieu Thanh
Author-X-Name-Last: Nguyen
Author-Name: Kieu Trang Vu
Author-X-Name-First: Kieu
Author-X-Name-Last: Trang Vu
Author-Name: Loan Quynh Thi Nguyen
Author-X-Name-First: Loan Quynh Thi
Author-X-Name-Last: Nguyen
Author-Name: Hiep Ngoc Luu
Author-X-Name-First: Hiep Ngoc
Author-X-Name-Last: Luu
Title: CEO culture, corruption and firm performance
Abstract: 
 This paper examines the impact of CEO culture on firm performance in a high-corruption environment. We find that corruption negatively affects firm performance. However, we also find that, in a business environment where corruption is prevalent, power distance culture leads to a beneficial impact on firm performance. On the other hand, individualism, masculinity and uncertainty avoidance culture have the opposite effect.
Journal: Applied Economics Letters
Pages: 630-634
Issue: 7
Volume: 29
Year: 2022
Month: 04
X-DOI: 10.1080/13504851.2021.1881429
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1881429
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:7:p:630-634




Template-Type: ReDIF-Article 1.0
Author-Name: Yiyun Yang
Author-X-Name-First: Yiyun
Author-X-Name-Last: Yang
Author-Name: Leyi Chen
Author-X-Name-First: Leyi
Author-X-Name-Last: Chen
Title: Is real estate considered a safe asset in East Asia?
Abstract: 
 The demand for safe assets has increased in recent years. However, the supply of safe assets has remained concentrated in a few Western developed countries, and it cannot meet the demand for safe assets in East Asia. For historical and cultural reasons, we believe that real estate serves as safe assets in East Asia. To verify this issue, this study employs two sets of data, which, respectively, include three East Asian countries and eight Western countries, from 1998 to 2019 to construct two panel vector autoregressive (PVAR) models that we use to determine the differences between the housing markets in East Asian and Western nations. The empirical results show that house prices in East Asia tend to increase with economic policy uncertainty (EPU), indicating that real estate is a good hedge against uncertainty. In Western countries, however, real estate does not hold its value well in times of uncertainty. Therefore, this study confirms that real estate is a safe asset in East Asia, but not in Western countries. To lower the excessive price of houses in East Asian countries, this study recommends increasing the supply of other safe assets.
Journal: Applied Economics Letters
Pages: 604-614
Issue: 7
Volume: 29
Year: 2022
Month: 04
X-DOI: 10.1080/13504851.2021.1878091
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1878091
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:7:p:604-614





Template-Type: ReDIF-Article 1.0
Author-Name: Akiyoshi Furukawa
Author-X-Name-First: Akiyoshi
Author-X-Name-Last: Furukawa
Title: Efficient municipal consolidation and local public spending: a theoretical approach
Abstract: 
 This paper analyses whether municipal consolidation decreases local public spending, using the local public goods model. First, the conditions under which municipal consolidation achieves efficient allocation are shown. Then, this paper shows that one effect of municipal consolidation is to expand local public services and not to reduce local public expenditure.
Journal: Applied Economics Letters
Pages: 746-749
Issue: 8
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1884836
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1884836
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Template-Type: ReDIF-Article 1.0
Author-Name: Jing Yan
Author-X-Name-First: Jing
Author-X-Name-Last: Yan
Author-Name: Feng Yu
Author-X-Name-First: Feng
Author-X-Name-Last: Yu
Title: An empirical study of the international co-production effect on trade: evidence from the Chinese movie industry
Abstract: 
 This article investigates thhe effect of international co-production on trade. Co-production, which allows a foreign producer to partner with domestic firms, has emerged as a way of promoting trade. Using the data on the Chinese movies, we find that international co production has a positive effect on both the extensive and intensive margins. We also show that the co-production effect is mainly explained by improvement in quality. Our research investigates international co production, a less explored topic in the literatures of international economics, which mainly focus on export and FDI.
Journal: Applied Economics Letters
Pages: 682-686
Issue: 8
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1884827
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1884827
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:8:p:682-686



Template-Type: ReDIF-Article 1.0
Author-Name: Saban Nazlioglu
Author-X-Name-First: Saban
Author-X-Name-Last: Nazlioglu
Author-Name: Mehmet Altuntas
Author-X-Name-First: Mehmet
Author-X-Name-Last: Altuntas
Author-Name: Emre Kilic
Author-X-Name-First: Emre
Author-X-Name-Last: Kilic
Title: PPP in emerging markets: evidence from Fourier non-linear quantile unit root analysis
Abstract: 
 We test PPP in 27 emerging markets by using new Fourier non-linear quantile unit root test. Conventional unit root tests support PPP at most in half of the countries. Fourier non-linear quantile unit root test reinforces PPP in 26 out 27 countries, providing a fresh evidence for solving the PPP puzzle in the case of emerging markets.
Journal: Applied Economics Letters
Pages: 731-737
Issue: 8
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1884834
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1884834
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:8:p:731-737



Template-Type: ReDIF-Article 1.0
Author-Name: Yang-Ming Chang
Author-X-Name-First: Yang-Ming
Author-X-Name-Last: Chang
Author-Name: Manaf Sellak
Author-X-Name-First: Manaf
Author-X-Name-Last: Sellak
Title: Endogenous IPR protection, commercial piracy, and welfare implications for anti-piracy laws
Abstract: 
 In the presence of commercial digital piracy, should the government provide costly protection for intellectual property rights (IPR)? Under what conditions will government protection and private protection be substitutes or complements? We show that a product’s original developer has an incentive to bear R&D costs for private protection when the quality of a pirated copy is moderate. We consider that the welfare-maximizing government determines its costly IPR protection and commits a fraction of the pirate’s monetary fines to the developer for compensation while striking a balance in the enforcement budget. In this case, the government will not launch costly IPR enforcement unless the pirated copy’s quality is sufficiently high. Otherwise, government IPR protection is socially undesirable. These results suggest that government protection and private protection are substitutes.
Journal: Applied Economics Letters
Pages: 718-722
Issue: 8
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1884832
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1884832
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:8:p:718-722



Template-Type: ReDIF-Article 1.0
Author-Name: Young Mok Choi
Author-X-Name-First: Young Mok
Author-X-Name-Last: Choi
Author-Name: Kunsu Park
Author-X-Name-First: Kunsu
Author-X-Name-Last: Park
Title: Debt maturity structure of private lodging firms
Abstract: 
 This study tests the signalling and liquidity risk hypotheses about the choice of debt maturity structure in the context of private lodging firms. We find a positive and significant relationship between the Z-score (as a proxy for firm quality) and the proportion of short-term debt. This finding supports the signalling hypothesis that low-quality firms prefer to issue long-term debt, while high-quality firms issue short-term debt. However, we find no evidence consistent with the liquidity risk hypothesis. We further find that the most influential factor affecting debt maturity is firm size, followed by Z-scores and then firm age. Our findings are robust to alternative estimation specifications and endogeneity concerns. Overall, our study contributes to expanding our understanding of the debt maturity structure in private firms.
Journal: Applied Economics Letters
Pages: 706-712
Issue: 8
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1884830
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1884830
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:8:p:706-712



Template-Type: ReDIF-Article 1.0
Author-Name: Jinyu Liu
Author-X-Name-First: Jinyu
Author-X-Name-Last: Liu
Author-Name: Yang Siqun
Author-X-Name-First: Yang
Author-X-Name-Last: Siqun
Author-Name: Zeeshan Khan
Author-X-Name-First: Zeeshan
Author-X-Name-Last: Khan
Title: The Demand For Money In China: A Housing Price Perspective
Abstract: 
 This paper studies the association between housing prices and the demand for money, and the effectiveness of non-monetary policies on the latter. With a simple model of the demand for money, we show that the demand for money is positively associated with both the prices of the consumption goods and housing prices. Such associations are verified by empirical analysis using Chinese data. However, we find that such correlation significantly dropped after China launched housing price regulations in 2010, suggesting that non-monetary policies can be effective in controlling the demand for money.
Journal: Applied Economics Letters
Pages: 676-681
Issue: 8
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1884826
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1884826
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Template-Type: ReDIF-Article 1.0
Author-Name: Youssef Mohammed Riahi
Author-X-Name-First: Youssef Mohammed
Author-X-Name-Last: Riahi
Title: The effect of oil prices on bank lending behaviour: evidence from the GCC region
Abstract: 
 Using the generalized method of moments technique (GMM), we examine whether extreme oil prices’ movements affect banks’ loans supply in the Gulf Cooperation Council (GCC) region. We find that banks tend to be canny in their lending decision during extreme upward moves in oil prices. Moreover, we find that banks continue to extend their lending supply during the economic slowdown. The current paper sheds light on the bank lending behaviour in the GCC region where oil is the main source of revenue.
Journal: Applied Economics Letters
Pages: 700-705
Issue: 8
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1884829
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1884829
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:8:p:700-705



Template-Type: ReDIF-Article 1.0
Author-Name: Shikun Qin
Author-X-Name-First: Shikun
Author-X-Name-Last: Qin
Author-Name: Weijie Luo
Author-X-Name-First: Weijie
Author-X-Name-Last: Luo
Author-Name: Yaling Wang
Author-X-Name-First: Yaling
Author-X-Name-Last: Wang
Title: Policy uncertainty and firm-level investment: evidence from public-private partnership market in China
Abstract: 
 This paper focuses on the subfield of Public–Private Partnership (PPP), and explores the relationship between policy uncertainty and firm-level investment. Based on the analysis of 905 central-level documents, one novel contribution of this paper is to construct an index of PPP policy uncertainty. We find evidence supporting that the gambling between central government departments is the main cause of policy uncertainty, which further leads to less investment by firms. Compared with other traditional indexes, the construction based upon policy text sheds light on risk management.
Journal: Applied Economics Letters
Pages: 669-675
Issue: 8
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1883524
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1883524
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Template-Type: ReDIF-Article 1.0
Author-Name: Sung Won Seo
Author-X-Name-First: Sung Won
Author-X-Name-Last: Seo
Author-Name: Jiseob Kim
Author-X-Name-First: Jiseob
Author-X-Name-Last: Kim
Author-Name: Jun Sik Kim
Author-X-Name-First: Jun Sik
Author-X-Name-Last: Kim
Title: Risk–return relationship and individualism
Abstract: 
 This paper investigates the impact of individualism on risk–return relationship across countries. In theory, return is expected to have a positive relation with risk. However, we find an insignificant relation between the stock market’s return and the market’s conditional variance. Our empirical evidence also suggests that higher individualism weakens the relationship between return and variance. These findings are consistent with the investors in highly individualistic countries who are overoptimism or overconfident with risk mis-estimations.
Journal: Applied Economics Letters
Pages: 760-766
Issue: 8
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1885604
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1885604
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Lopez-Rodriguez
Author-X-Name-First: Jesus
Author-X-Name-Last: Lopez-Rodriguez
Author-Name: Guillermo Manso-Fernandez
Author-X-Name-First: Guillermo
Author-X-Name-Last: Manso-Fernandez
Author-Name: Jose M. Barreiro-Viñan
Author-X-Name-First: Jose M.
Author-X-Name-Last: Barreiro-Viñan
Title: The ‘fractal dimension’ of the market potential–human capital relation
Abstract: 
 The empirical analysis of the impact of market potential on the spatial distribution of human capital has often taken the approach of using samples of large economic areas (world sample of countries, Europe, single countries). This paper proposes to strengthen the analysis of the potential ‘fractal dimension’ of the market potential–human capital relation by estimating econometric specifications which relate educational attainment levels to market potential for the 53 Galician counties using yearly data over the period 2005–2012 and census data for 2001 and 2011. We find evidence that market potential exerts a positive impact on the spatial distribution of human capital across the Galician counties, concluding therefore in favour of the fractal dimension. These results could also help to explain the (lack of) convergence in terms of income between the Western and Eastern parts of Galicia.
Journal: Applied Economics Letters
Pages: 723-730
Issue: 8
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1884833
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1884833
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Template-Type: ReDIF-Article 1.0
Author-Name: Karan Rai
Author-X-Name-First: Karan
Author-X-Name-Last: Rai
Author-Name: Bhavesh Garg
Author-X-Name-First: Bhavesh
Author-X-Name-Last: Garg
Title: Dynamic correlations and volatility spillovers between stock price and exchange rate in BRIICS economies: evidence from the COVID-19 outbreak period
Abstract: 
 This paper examines the impact of COVID-19 pandemic on dynamic correlations and volatility spillovers between stock prices and exchange rates in BRIICS economies. Using volatility modelling, we demonstrate significant negative dynamic correlations and volatility spillovers between stock and exchange returns in most of the BRIICS economies. Further, the relationship strengthened during the initial days of lockdowns. Our results pass the sensitivity analysis, and hence robust. Overall, our findings indicate that there have been significant risk transfers between the two markets, during the COVID-19 outbreak, which led to decline in domestic stock returns and subsequent capital outflows thereby increasing the exchange rates.
Journal: Applied Economics Letters
Pages: 738-745
Issue: 8
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1884835
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1884835
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Template-Type: ReDIF-Article 1.0
Author-Name: Chaohua He
Author-X-Name-First: Chaohua
Author-X-Name-Last: He
Author-Name: Hongyan Du
Author-X-Name-First: Hongyan
Author-X-Name-Last: Du
Title: Urbanization, inclusive finance and urban-rural income gap
Abstract: 
 By exploring the economic data in 31 Chinese provinces during 2006–2018, this paper discovers that: (1) inclusive finance narrows the urban-rural income gap mainly by improving financial quality; (2) urbanization outweighs inclusive finance in reducing the urban-rural income gap; (3) urbanization and inclusive finance (exclusive of financial quality) weaken each other in bridging the urban-rural income gap. The findings are robust to the endogeneity problem.
Journal: Applied Economics Letters
Pages: 755-759
Issue: 8
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1885603
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1885603
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Template-Type: ReDIF-Article 1.0
Author-Name: Jong-Min Kim
Author-X-Name-First: Jong-Min
Author-X-Name-Last: Kim
Author-Name: Hojin Jung
Author-X-Name-First: Hojin
Author-X-Name-Last: Jung
Author-Name: Brian Yang
Author-X-Name-First: Brian
Author-X-Name-Last: Yang
Title: A revisit to size anomalies in U.S. bank stock returns by panel copula
Abstract: 
 Most previous studies that have confirmed size anomalies in U.S. bank stock returns rely on a simple OLS regression. However, empirical evidence shows that all the financial variables used in their analyses are not normally distributed, which could cause inconsistent coefficient estimates. As a remedy for this possible issue, we introduce panel Gaussian copula marginal regression as an alternative approach because it does not require independent, identically distributed random variables in empirical analysis. In particular, we find that three Fama-French stock-risk factors have positive impacts on excess risk-adjusted bank returns, but no effects of bond risk factors. We also confirm that there exists the size effect on excess commercial bank stock returns in the U.S.
Journal: Applied Economics Letters
Pages: 750-754
Issue: 8
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1885602
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1885602
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Template-Type: ReDIF-Article 1.0
Author-Name: Hisashi Toku
Author-X-Name-First: Hisashi
Author-X-Name-Last: Toku
Author-Name: Tatsuhiro Shichijo
Author-X-Name-First: Tatsuhiro
Author-X-Name-Last: Shichijo
Author-Name: Kazuhito Ogawa
Author-X-Name-First: Kazuhito
Author-X-Name-Last: Ogawa
Title: The effect of continuous-time cheap talk in the experimental minimum effort game
Abstract: 
 We experimentally investigated whether continuous-time cheap talk improves the effort level in a minimal effort game with multiple Pareto-ranked Nash equilibria. In each round of the game, a player freely changes the message before he or she makes decisions, and constantly monitors other members’ messages. We have two results. First, continuous-time cheap talk realizes a higher effort level than does one-shot cheap talk. Second, the group in which every member chooses the maximum effort in the first two rounds eventually achieves an efficient outcome.
Journal: Applied Economics Letters
Pages: 687-699
Issue: 8
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1884828
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1884828
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:8:p:687-699



Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Apergis
Author-X-Name-First: Nicholas
Author-X-Name-Last: Apergis
Author-Name: Tasawar Hayat
Author-X-Name-First: Tasawar
Author-X-Name-Last: Hayat
Author-Name: Tareq Saeed
Author-X-Name-First: Tareq
Author-X-Name-Last: Saeed
Title: Financial frictions in the US: asymmetric effects per industry
Abstract: 
 The article explores the link between lending rates and real output asymmetries and bankruptcy costs across US industries. The results document that bankruptcy costs impact such asymmetries, indicating stronger financial frictions in those industries, which are expected to delay the recovery of firms in stressful events.
Journal: Applied Economics Letters
Pages: 767-771
Issue: 8
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1896665
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1896665
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Template-Type: ReDIF-Article 1.0
Author-Name: Qing Hu
Author-X-Name-First: Qing
Author-X-Name-Last: Hu
Author-Name: Tomomichi Mizuno
Author-X-Name-First: Tomomichi
Author-X-Name-Last: Mizuno
Author-Name: Junghyun Song
Author-X-Name-First: Junghyun
Author-X-Name-Last: Song
Title: Input price discrimination with passive partial ownership
Abstract: 
 Passive partial ownership (PPO) is commonly practised in many industries. When operating profits of stock-owned firms decrease, stock-holding firms will increase output to reduce capital gain through owned firms’ stocks. In a vertically related market with downstream PPO, consumer and total surpluses when input price discrimination is allowed may be larger than when it is banned because PPO mitigates effects of reduction in output caused by higher input price.
Journal: Applied Economics Letters
Pages: 713-717
Issue: 8
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1884831
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1884831
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu-Hsiang Yang
Author-X-Name-First: Yu-Hsiang
Author-X-Name-Last: Yang
Author-Name: Yao-Min Chiang
Author-X-Name-First: Yao-Min
Author-X-Name-Last: Chiang
Author-Name: Hai-Ming Liu
Author-X-Name-First: Hai-Ming
Author-X-Name-Last: Liu
Author-Name: Li Huang
Author-X-Name-First: Li
Author-X-Name-Last: Huang
Title: Negotiating or regulating executive compensation: application of Benford’s law
Abstract: 
 In this study, Benford’s law is used to examine whether the negotiation ability of executives can strongly influence the compensation level. In this paper, we analyse the executive compensation data of more than 3,000 Chinese listed companies from 1999 to 2017. The results indicated that Benford’s law can be used to distinguish performance-based compensations from basic salaries of executives. Some executives prefer to be paid in the form of integers. This study finds that violation of Benford’s law in private enterprises indicate that these executives have negotiating power or strong preferences. However, violation of Benford’s law in state-owned enterprises is due to restriction orders by the government to control the compensation of top executives. This result reveals the limitation of Benford’s law on manipulated numbers.
Journal: Applied Economics Letters
Pages: 785-789
Issue: 9
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1885607
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1885607
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Template-Type: ReDIF-Article 1.0
Author-Name: Hubert János Kiss
Author-X-Name-First: Hubert János
Author-X-Name-Last: Kiss
Author-Name: Tamás Keller
Author-X-Name-First: Tamás
Author-X-Name-Last: Keller
Title: The short-term effect of COVID-19 on schoolchildren's generosity
Abstract: 
 We conduct two waves (W1 and W2) of an unincentivized online survey to measure the change in altruism of primary school students (N = 983) towards classmates and schoolmates during the school closures due to COVID-19. The W1 responses arrived, on average, after 39 days of online education, while W2 responses arrived, on average, 31 days after W1. There was no significant change in generosity both towards classmates and schoolmates between waves. Students with better cognitive abilities are less likely to become selfish towards schoolmates.
Journal: Applied Economics Letters
Pages: 842-846
Issue: 9
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1893892
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1893892
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuhong Du
Author-X-Name-First: Yuhong
Author-X-Name-Last: Du
Author-Name: Xiahai Wei
Author-X-Name-First: Xiahai
Author-X-Name-Last: Wei
Title: Technological change and unemployment: evidence from China
Abstract: 
 This study investigates the impact of technological change on unemployment in China’s labour market based on a recent panel data of 283 prefectural-level cities from 2010 to 2017. The results obtained by the system Generalized Method of Moments (GMM-SYS) estimation show that massive adoption of robots is a significant driving force raising unemployment rate while there is a reverse change in the longer period; the insignificant estimates of utility patent and its lagged terms indicate the weak and non-persistent relationship between unemployment and patent-related innovation.
Journal: Applied Economics Letters
Pages: 851-854
Issue: 9
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1896666
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1896666
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuta Saito
Author-X-Name-First: Yuta
Author-X-Name-Last: Saito
Title: Parental transfers under ambiguity
Abstract: 
 This note introduces parental uncertainty into parent–child monetary transfers. A parent questions the probability distribution of a child’s future economic success. As a result, the parent endogenously tilts his/her subjective probability model away from an approximating probability model. In this case, parental transfers increase with model uncertainty, thereby reducing the child’s effort and probability of economic success. This theoretical result raises several empirical questions, of which two are as follows. For one thing, informed parents (e.g. those who hold the same job as their child) transfer less money, and their child exerts more effort. Another is that economic uncertainty (e.g. recessions or pandemics) prompts higher parental transfer payments and reduces the child’s effort.
Journal: Applied Economics Letters
Pages: 773-779
Issue: 9
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1885605
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1885605
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:9:p:773-779



Template-Type: ReDIF-Article 1.0
Author-Name: Huili Zhang
Author-X-Name-First: Huili
Author-X-Name-Last: Zhang
Author-Name: Zhonghui Hu
Author-X-Name-First: Zhonghui
Author-X-Name-Last: Hu
Title: How does COVID-19 affect firms’ short-term financial pressure? Evidence from China
Abstract: 
 In this paper, we investigate how the COVID-19 pandemic affected the short-term financial pressure of listed companies in China. Using a difference-in-difference methodology, we find that firms hit by pandemic shocks suffered significant declines in liquidity levels and increased bankruptcy risk. Non-state-owned enterprises and firms without prior banking relationships suffered more significant liquidity pressure during this crisis than state-owned enterprises and firms with a prior banking relationship.
Journal: Applied Economics Letters
Pages: 794-800
Issue: 9
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1886234
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1886234
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:9:p:794-800



Template-Type: ReDIF-Article 1.0
Author-Name: YuJan Shen
Author-X-Name-First: YuJan
Author-X-Name-Last: Shen
Author-Name: KuanFu Shen
Author-X-Name-First: KuanFu
Author-X-Name-Last: Shen
Title: Extreme market movements, the disposition effect, and subsequent return spreads: evidence from China
Abstract: 
 This study examines whether and how the interaction between extreme market movements and the disposition effect can affect subsequent return spreads between stocks with large paper losses and those with large paper gains for a sustained period of time. We study all the A-shares listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange. Based on the prospect theory, our results show that after extreme negative market movements, the disposition effect enhances significant subsequent return spreads; however, it generates insignificant subsequent return spreads when extreme market movements are positive.
Journal: Applied Economics Letters
Pages: 801-804
Issue: 9
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1886235
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1886235
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:9:p:801-804



Template-Type: ReDIF-Article 1.0
Author-Name: Sanghamitra Bandyopadhyay
Author-X-Name-First: Sanghamitra
Author-X-Name-Last: Bandyopadhyay
Author-Name: Abdullah Ijaz
Author-X-Name-First: Abdullah
Author-X-Name-Last: Ijaz
Title: Is there a relationship between inequality and terrorism? Evidence from a semi-parametric approach
Abstract: 
 Understanding links between income inequality and terrorism is crucially important for social scientists. The current empirical literature suggests that this relationship is positive but inconclusive. In this paper we use a semi-parametric approach to model the relationship between inequality and terrorism, in order to identify nonlinearities in the relationship. We use top income percentile shares as our measure of inequality in response to the inequality measurement literature identifying problems with the Gini. We find that after controlling for explanations of terrorism other than inequality, the positive relationship between inequality and terrorism discussed in the existing empirical literature is very weakly evident. We also find that the semi-parametric model crucially exposes the nonlinear nature of the relationship between inequality and terrorism. The results are different for developed and developing countries. We find that the relationship between inequality and terrorism is nonlinear and at most weakly positive for developed countries, with a slightly stronger positive relationship for developing and middle-income countries.
Journal: Applied Economics Letters
Pages: 855-860
Issue: 9
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1925625
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1925625
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:9:p:855-860



Template-Type: ReDIF-Article 1.0
Author-Name: Wei-Qiang Huang
Author-X-Name-First: Wei-Qiang
Author-X-Name-Last: Huang
Author-Name: Peipei Liu
Author-X-Name-First: Peipei
Author-X-Name-Last: Liu
Title: Asymmetric effects of economic policy uncertainty on stock returns under different market conditions: evidence from G7 stock markets
Abstract: 
 This article applies quantile regression approaches to investigate the asymmetric effects of economic policy uncertainty (EPU) on G7 stock returns by dividing EPU changes into EPU increases and EPU decreases. We observe that EPU increases have greater impacts on G7 stock returns than EPU decreases, which confirms that asymmetric effects do exist. Furthermore, our results show that EPU changes have asymmetric impacts on Japan, Canada, the UK, and the US stock returns in the bearish market but not in the bullish market. In addition, there are no asymmetric effects of EPU changes on Germany stock returns.
Journal: Applied Economics Letters
Pages: 780-784
Issue: 9
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1885606
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1885606
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:9:p:780-784



Template-Type: ReDIF-Article 1.0
Author-Name: Insook Lee
Author-X-Name-First: Insook
Author-X-Name-Last: Lee
Author-Name: Timothy Lu
Author-X-Name-First: Timothy
Author-X-Name-Last: Lu
Author-Name: Qian Chen
Author-X-Name-First: Qian
Author-X-Name-Last: Chen
Title: To cap or not to cap on public pension
Abstract: 
 Many countries actually put a cap on their public pension so that public pension contribution and benefit no longer increase above the cap, while others do not. Should the government remove the cap on the public pension? Using an overlapping-generations model, this article finds that putting a cap on the public pension is more socially desirable than removing it.
Journal: Applied Economics Letters
Pages: 812-816
Issue: 9
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1888860
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1888860
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:9:p:812-816



Template-Type: ReDIF-Article 1.0
Author-Name: Mateusz Tomal
Author-X-Name-First: Mateusz
Author-X-Name-Last: Tomal
Title: Exploring the meso-determinants of apartment prices in Polish counties using spatial autoregressive multiscale geographically weighted regression
Abstract: 
 The aim of this study is to identify the meso-determinants of apartment prices in Polish counties using recently developed spatial autoregressive multiscale geographically weighted regression (MGWR-SAR), which can simultaneously deal with spatial dependence, spatial heterogeneity, as well as different spatial scales of modelled processes. Estimation results indicate that MGWR-SAR outperforms other studied models, especially in terms of goodness-of-fit indicators. Moreover, estimates of the above model reveal that relationships between the dependent variable and covariates operate at different spatial scales. Furthermore, among the studied determinants only two, describing unemployment rate and standard of apartments, are significant in all counties.
Journal: Applied Economics Letters
Pages: 822-830
Issue: 9
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1891194
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1891194
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:9:p:822-830



Template-Type: ReDIF-Article 1.0
Author-Name: Eric Fina Kamani
Author-X-Name-First: Eric
Author-X-Name-Last: Fina Kamani
Title: Revisiting the effects of banks’ size on systemic risk: the role of banking sector concentration in the European Banking Union
Abstract: 
 In order to contribute to the literature on bank size as a determinant of systemic risk, this article assesses whether the banks’ size effects on banks’ systemic risk exposure in the European Banking Union could be mitigated/aggravated when the banking sector concentration is taken into account. The results indicate that the banking sector concentration lowers the banks’ size effects on banks’ systemic risk exposure in the European Banking Union. Thus, this article advocates for mergers and acquisitions between banks in the European Banking Union.
Journal: Applied Economics Letters
Pages: 817-821
Issue: 9
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1890684
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1890684
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Template-Type: ReDIF-Article 1.0
Author-Name: Farai Jena
Author-X-Name-First: Farai
Author-X-Name-Last: Jena
Author-Name: Barry Reilly
Author-X-Name-First: Barry
Author-X-Name-Last: Reilly
Title: Are spectator preferences weaker for cup compared to league competitions? Evidence from Irish soccer
Abstract: 
 This paper exploits data from eight recent playing seasons to examine the spectator appeal for League of Ireland fans of the national soccer challenge cup competition (the FAI cup). The study finds a sizable spectator attendance penalty for Premier Division clubs in FAI cup games for the earlier rounds of the tournament compared to league fixtures against the same opposition. However, this is reversed by the penultimate stage of the tournament. The policy implications of these findings are discussed.
Journal: Applied Economics Letters
Pages: 835-841
Issue: 9
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1893891
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1893891
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Template-Type: ReDIF-Article 1.0
Author-Name: Saejoon Kim
Author-X-Name-First: Saejoon
Author-X-Name-Last: Kim
Title: Tactical factor allocation for multifactor portfolios
Abstract: 
 Factor investing comprises selecting the set of factors and the right amount of each factor for investment. While past research provides a better guidance on which factors to invest, deciding the right factor allocation has remained relatively elusive. Motivated by the superior performance provided by the equal-weighted strategy compared to the more sophisticated ones, we choose the former as the baseline or the strategic allocation scheme for factor investing and investigate if improvements can be established. Specifically, exploiting the momentum property exhibited by the factors, we propose a simple tactical factor allocation scheme for the equity-based multifactor portfolios. Empirical results reveal that the proposed tactical factor allocation outperforms the strategic one persistently over time and pervasively across different markets.
Journal: Applied Economics Letters
Pages: 847-850
Issue: 9
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1893893
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1893893
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:9:p:847-850



Template-Type: ReDIF-Article 1.0
Author-Name: Claudiu Tiberiu Albulescu
Author-X-Name-First: Claudiu Tiberiu
Author-X-Name-Last: Albulescu
Author-Name: Serban Miclea
Author-X-Name-First: Serban
Author-X-Name-Last: Miclea
Author-Name: Eugenia Grecu
Author-X-Name-First: Eugenia
Author-X-Name-Last: Grecu
Title: Firm-level TFP convergence: an application to the German electricity and gas industry
Abstract: 
 This paper investigates the degree of total factor productivity (TFP) convergence for the German electricity and gas industry. We use different approaches to compute the productivity level and several classic and new second-generation panel unit root tests to check the existence of a convergence process. For robustness purposes, we compare the convergence between small- and medium-sized enterprises and large companies. Our findings show the existence of the TFP convergence process, a result confirmed by all categories of tests we use. Therefore, we show that an innovation transfer is recorded between German electricity and gas firms and it is slightly higher for small- and medium-sized enterprises.
Journal: Applied Economics Letters
Pages: 805-811
Issue: 9
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1887803
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1887803
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Gallice
Author-X-Name-First: Andrea
Author-X-Name-Last: Gallice
Author-Name: Giuseppe Sorrenti
Author-X-Name-First: Giuseppe
Author-X-Name-Last: Sorrenti
Title: Curious about the price? Consumers’ behavior in price reveal auctions
Abstract: 
 We exploit some specific features of a peculiar online selling mechanism, the so-called price reveal auctions, to empirically investigate how consumers’ behaviour changes in response to an item’s ‘social attributes.’ We document a significant effect of the item’s brand and portability in influencing consumers’ willingness to pay. We show that, although both characteristics have some explanatory power when considered in isolation, it is their interaction that really matters.
Journal: Applied Economics Letters
Pages: 831-834
Issue: 9
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1893263
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1893263
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:9:p:831-834



Template-Type: ReDIF-Article 1.0
Author-Name: Tongwei Qiu
Author-X-Name-First: Tongwei
Author-X-Name-Last: Qiu
Author-Name: Biliang Luo
Author-X-Name-First: Biliang
Author-X-Name-Last: Luo
Author-Name: Liang Tang
Author-X-Name-First: Liang
Author-X-Name-Last: Tang
Author-Name: Qinying He
Author-X-Name-First: Qinying
Author-X-Name-Last: He
Title: Does land tenure security increase the marketization of land rentals between acquaintances?
Abstract: 
 Using data from the 2015 China Household Finance Survey, we find that secure land tenure reduces informal land rentals between acquaintances. Additionally, secure land tenure increases land rent even when rental transactions are conducted between acquaintances. Our analysis suggests that although the land transfer rate in China is currently barely increasing, stabilizing land tenure can increase the marketization of rental transactions between acquaintances and activate land rental markets.
Journal: Applied Economics Letters
Pages: 790-793
Issue: 9
Volume: 29
Year: 2022
Month: 05
X-DOI: 10.1080/13504851.2021.1886233
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1886233
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:9:p:790-793

Template-Type: ReDIF-Article 1.0
Author-Name: Rodrigo da Silva Souza
Author-X-Name-First: Rodrigo da Silva
Author-X-Name-Last: Souza
Author-Name: Leonardo Bornacki de Mattos
Author-X-Name-First: Leonardo Bornacki
Author-X-Name-Last: de Mattos
Title: Oil price shocks, exchange rate and uncertainty: case of Latin American economies
Abstract: 
 This paper examines the effects of oil demand and supply shocks on emerging market economies in Latin America using a Bayesian vector autoregressive (VAR) model that combines zero and sign restrictions. Our results highlight the importance of separately identify the oil market shocks. The higher price of oil driven by increased global demand produces higher output growth in Brazil, Colombia, and Chile. The results are more persistent for Brazil and Colombia likely due to increased income from oil exports, as both economies are net oil exporters. The better times in the domestic economies result in lower uncertainty and appreciation of the exchange rate in all countries in the sample. Oil supply shocks and oil-specific demand shocks are not statistically significant for most variables. Our results provide important insights into the appropriate exchange rate policy in emerging market economies.
Journal: Applied Economics Letters
Pages: 880-886
Issue: 10
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1896670
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1896670
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:10:p:880-886



Template-Type: ReDIF-Article 1.0
Author-Name: Xin Sheng
Author-X-Name-First: Xin
Author-X-Name-Last: Sheng
Author-Name: Rangan Gupta
Author-X-Name-First: Rangan
Author-X-Name-Last: Gupta
Author-Name: Qiang Ji
Author-X-Name-First: Qiang
Author-X-Name-Last: Ji
Title: Forecasting charge-off rates with a panel Tobit model: the role of uncertainty
Abstract: 
 Based on a large panel dataset of small commercial banks in the United States, this paper employs a dynamic panel Tobit model to analyse the role of uncertainty in forecasting charge-off rates on loans for credit card (CC) and residential real estate (RRE). When compared to other standard predictors, such as house prices and unemployment rates, we find that the effect of uncertainty changes on charge-off rates is more pronounced. Furthermore, it is evident that including heteroscedasticity in the model specification leads to more accurate forecasts.
Journal: Applied Economics Letters
Pages: 927-931
Issue: 10
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1898532
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1898532
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Template-Type: ReDIF-Article 1.0
Author-Name: Seong D. Yun
Author-X-Name-First: Seong D.
Author-X-Name-Last: Yun
Author-Name: Ayoung Kim
Author-X-Name-First: Ayoung
Author-X-Name-Last: Kim
Title: Economic impact of natural disasters: a myth or mismeasurement?
Abstract: 
 This study sheds light on possible spatial aggregation bias and mismeasurement in natural disaster impacts on economic growth when adopting the synthetic control method. Using the impacted US areas of Hurricane Katrina in 2005 as a case study, we compared trends of real GRDP per capita, population, and GRDP at New Orleans-Metairie metropolitan statistical area and Louisiana State, 1992–2017. This study empirically demonstrates that improper spatial units of analysis could distort the causal inference in the synthetic control method. Additionally, per capita growth as indicators of recovery from natural disasters is likely to misinterpret economic growth when affected regions experience a sharp decrease in population. These biased results arouse special attention to possible underestimation of natural disaster impacts, particularly when analysing economically lagging regions. Also, seemingly increasing per capita indicators do not always support evidence of creative destruction after natural disasters.
Journal: Applied Economics Letters
Pages: 861-866
Issue: 10
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1896667
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1896667
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:10:p:861-866



Template-Type: ReDIF-Article 1.0
Author-Name: Ruud Gerards
Author-X-Name-First: Ruud
Author-X-Name-Last: Gerards
Author-Name: Riccardo Welters
Author-X-Name-First: Riccardo
Author-X-Name-Last: Welters
Title: Does eliminating benefit eligibility requirements improve unemployed job search and labour market outcomes?
Abstract: 
 Benefit eligibility requirements intend to incentivize the unemployed to find work more quickly. Our results, in an Australian context, suggest that those subjected to benefit eligibility requirements, despite searching at least as hard, take longer to find employment. Moreover, they spend less time in employment in the first twelve months and, if employed, have jobs with lower wages and fewer hours compared to otherwise similar unemployed without benefit eligibility requirements. Our findings are consistent with cognitive theories that emphasize that benefit eligibility requirements externalize job search motivation and increase stress, both of which reduce employment search effectiveness.
Journal: Applied Economics Letters
Pages: 955-958
Issue: 10
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1927960
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1927960
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:10:p:955-958



Template-Type: ReDIF-Article 1.0
Author-Name: Yuntaek Pae
Author-X-Name-First: Yuntaek
Author-X-Name-Last: Pae
Author-Name: Seungho Baek
Author-X-Name-First: Seungho
Author-X-Name-Last: Baek
Title: Does leveraged stock buyback improve firms’ profitability?
Abstract: 
 We provide a structural explanation about how and when leveraged stock buyback improves firms’ profitability. We find operating profit on equity and operating profit sensitivity on debt are crucial factors to consider when determining the source of stock repurchase. Our theoretical reasoning and empirical tests show that companies with high operating profit on equity and low operating profit sensitivity on debt have a higher chance of improving profit through leveraged buyback. We also suggest a structural form to estimate leveraged buyback and cash buyback based on financial variables instead of companies’ disclosure.
Journal: Applied Economics Letters
Pages: 939-946
Issue: 10
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1899114
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1899114
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:10:p:939-946



Template-Type: ReDIF-Article 1.0
Author-Name: Leo Kahane
Author-X-Name-First: Leo
Author-X-Name-Last: Kahane
Title: The impact of the Massachusetts 2012 right to repair law on small, independent auto repair shops
Abstract: 
 In 2012, the State of Massachusetts enacted a law known as the ‘Right to Repair’ requiring automakers to share vital vehicle information and data with consumers and small auto repair shops for maintenance and repair purposes. This paper assesses the impact of this law on the number and percentage of small repair shops in the state. The results of a synthetic control and a difference-in-differences analysis show that the law led to increases in the number and market share of small auto repair shops.
Journal: Applied Economics Letters
Pages: 873-879
Issue: 10
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1896669
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1896669
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:10:p:873-879



Template-Type: ReDIF-Article 1.0
Author-Name: Min-Yuh Day
Author-X-Name-First: Min-Yuh
Author-X-Name-Last: Day
Author-Name: Paoyu Huang
Author-X-Name-First: Paoyu
Author-X-Name-Last: Huang
Author-Name: Yirung Cheng
Author-X-Name-First: Yirung
Author-X-Name-Last: Cheng
Author-Name: Yin-Tzu Lin
Author-X-Name-First: Yin-Tzu
Author-X-Name-Last: Lin
Author-Name: Yensen Ni
Author-X-Name-First: Yensen
Author-X-Name-Last: Ni
Title: Profitable day trading Bitcoin futures following continuous bullish (bearish) candlesticks
Abstract: 
 We explore the profitability of day trading Bitcoin futures following diverse consecutive 3 bullish (bearish) one-minute candlesticks and then adopt stop-loss or take-profit only as exits. We reveal that different from our cognition, adopting take-profit strategies would have a notable average positive profit per trade (APPT), which is robust by employing the upward trend out-of-sample data different from the downward trend in-sample data. We infer that such impressive findings might result from temporary rising (falling) prices likely manipulated for appealing to investors pursuing long (short) positions. As a result, investors may realize profit instead of suffering loss frequently by adopting take-profit exits since mean reversion might often occur after such manipulation. Moreover, we argue that stop-loss might be redundant for day trading such futures because stop-loss seems enclosed in the mechanism of day trading.
Journal: Applied Economics Letters
Pages: 947-954
Issue: 10
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1899115
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1899115
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:10:p:947-954



Template-Type: ReDIF-Article 1.0
Author-Name: Ningyuan Fan
Author-X-Name-First: Ningyuan
Author-X-Name-Last: Fan
Author-Name: Zhi-Ping Fan
Author-X-Name-First: Zhi-Ping
Author-X-Name-Last: Fan
Author-Name: Yongli Li
Author-X-Name-First: Yongli
Author-X-Name-Last: Li
Author-Name: Meng Li
Author-X-Name-First: Meng
Author-X-Name-Last: Li
Title: Does the lead-lag effect exist in stock markets?
Abstract: 
 This paper investigates the lead-lag effect from a complex network perspective. We first detect the lead-lag effect between individual stocks based on CSI 300 index in Chinese stock market and then employed a stochastic actor-oriented model to investigate the interrelationship between the detected lead-lag network and stocks’ characteristics. The main result is that market capitalization, trading volume and financial performance are significant driving factors that form the lead-lag relationship.
Journal: Applied Economics Letters
Pages: 895-900
Issue: 10
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1897068
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1897068
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:10:p:895-900



Template-Type: ReDIF-Article 1.0
Author-Name: Eunsuh Lee
Author-X-Name-First: Eunsuh
Author-X-Name-Last: Lee
Author-Name: Chaehyun Kim
Author-X-Name-First: Chaehyun
Author-X-Name-Last: Kim
Author-Name: Junyoup Lee
Author-X-Name-First: Junyoup
Author-X-Name-Last: Lee
Title: How powerful CEOs adopt antitakeover provisions?
Abstract: 
 We investigate how powerful chief executive officers (CEOs) adopt antitakeover provisions (ATPs). Prior studies indicate that CEOs adopt ATPs to increase their private benefits and job security. However, our evidence reveals a nonmonotonic relationship between CEO power and ATPs. Specifically, relatively less powerful CEOs adopt more ATPs, supporting the managerial entrenchment hypothesis. However, when CEOs become sufficiently powerful, they adopt fewer ATPs, supporting the quiet life hypothesis. Overall, our findings support the notion that a simple linear relationship does not explain the effect of CEO power.
Journal: Applied Economics Letters
Pages: 910-914
Issue: 10
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1897510
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1897510
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:10:p:910-914



Template-Type: ReDIF-Article 1.0
Author-Name: Myeong Jun Kim
Author-X-Name-First: Myeong Jun
Author-X-Name-Last: Kim
Author-Name: Tram T. H. Nguyen
Author-X-Name-First: Tram T. H.
Author-X-Name-Last: Nguyen
Author-Name: Sung Y. Park
Author-X-Name-First: Sung Y.
Author-X-Name-Last: Park
Title: Relationship between household income and socio-political capital in rural Vietnam: a panel quantile regression approach
Abstract: 
 This study uses the Vietnam Access to Resources Household Survey (VARHS) data from 2008 to 2014 to analyse the relationship between socio-political capital and household income in rural Vietnam. We consider six types of socio-political capital (connections with others that create access to useful information and/or benefits) namely Communist Party membership, membership in mass organizations (MOs) and voluntary groups, connections with officials, financial assistance, and trust. Communist Party membership and financial assistance have significant positive effects on household income in the pooling, random, and fixed effects models and at all quantile levels. The effect of trust is also positive and significant in all models but only significant at high quantile levels. Whereas connections with officials show significantly positive effects in the pooling and random effects models and at most quantile levels, the effects of MOs and voluntary groups are negative and significant for some models.
Journal: Applied Economics Letters
Pages: 932-938
Issue: 10
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1898533
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1898533
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:10:p:932-938



Template-Type: ReDIF-Article 1.0
Author-Name: Alexander Foltas
Author-X-Name-First: Alexander
Author-X-Name-Last: Foltas
Author-Name: Christian Pierdzioch
Author-X-Name-First: Christian
Author-X-Name-Last: Pierdzioch
Title: Business-cycle reports and the efficiency of macroeconomic forecasts for Germany
Abstract: 
 We study the efficiency of growth and inflation forecasts published by three leading German economic research institutes during a period of time ranging from 1970 to 2017. To this end, we examine whether the information used by the research institutes when they formed their forecasts helps to explain the ex-post realized forecast errors. We identify the information that the research institutes used to set up their quantitative forecasts by applying computational-linguistics techniques to decompose the business-cycle reports published by the research institutes into various topics. Our results show that several topics have predictive value for the forecast errors.
Journal: Applied Economics Letters
Pages: 867-872
Issue: 10
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1896668
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1896668
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:10:p:867-872



Template-Type: ReDIF-Article 1.0
Author-Name: Yin-Siang Huang
Author-X-Name-First: Yin-Siang
Author-X-Name-Last: Huang
Author-Name: You-Xun Lu
Author-X-Name-First: You-Xun
Author-X-Name-Last: Lu
Author-Name: Ning Tang
Author-X-Name-First: Ning
Author-X-Name-Last: Tang
Title: World prospers China: Chinese private firms with lending before the China–United States trade war
Abstract: 
 This research investigates whether the National 13th Five-Year Plan of China and economic-political uncertainty affects Chinese private firms on bank loan spreads. First, we find that banks charge a significantly lower loan spreads during the period, and slightly reverse the effect with higher economic-political uncertainty. Second, the non-Chinese lenders during the period charge lower loan spreads than Chinese banks. Finally, for private firms with lending from non-Chinese banks, the borrowers without enough search record obtain a favoured bank loan spread, and facilitate Chinese firms for the loan purpose of capital expenditures during the period. Overall, global banks prosper Chinese private firms due to China’s stable national policies.
Journal: Applied Economics Letters
Pages: 920-926
Issue: 10
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1898531
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1898531
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:10:p:920-926



Template-Type: ReDIF-Article 1.0
Author-Name: José Ignacio Giménez-Nadal
Author-X-Name-First: José Ignacio
Author-X-Name-Last: Giménez-Nadal
Author-Name: Jorge Velilla
Author-X-Name-First: Jorge
Author-X-Name-Last: Velilla
Title: Modelling the location of self-employed workers in urban areas
Abstract: 
 In this article, we develop an urban model for self-employment where leisure and effort at work are complementary. Our model shows that unemployment tends to be concentrated far from business districts, in contrast to employment and self-employment. The self-employed tend to live closer to workplaces than do the employed, as commuting affects productivity and thus earnings. We use the American Time Use Survey to test the model and find that employment and self-employment are negatively related to commuting, in comparison to unemployment, while self-employment is associated with shorter commutes, giving support to the theoretical background.
Journal: Applied Economics Letters
Pages: 906-909
Issue: 10
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1897509
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1897509
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:10:p:906-909



Template-Type: ReDIF-Article 1.0
Author-Name: Vaseem Akram
Author-X-Name-First: Vaseem
Author-X-Name-Last: Akram
Author-Name: Badri Narayan Rath
Author-X-Name-First: Badri Narayan
Author-X-Name-Last: Rath
Title: Does government revenue converge across Indian states? Evidence from club convergence
Abstract: 
 While the bulk of the studies in India examine the convergence of per-capita income or expenditures, we investigate whether there is any evidence of convergence of government revenues and its various compositions by focusing a panel of 22 Indian states for the periods 1980–81 to 2014–15. To answer this question, the present study employs Phillips and Sul panel club convergence technique. The results find evidence of a single club convergence in the case of total revenues and revenues collected in the revenue account. Further, our results also reveal the presence of three-club convergence when we disaggregate the gross revenues into capital receipts and state-owned tax-revenue. From the policy perspective, it is important for the Central government to integrate all states in revenues collection through tax devolution formula and grants-in-aid.
Journal: Applied Economics Letters
Pages: 915-919
Issue: 10
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1897734
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1897734
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:10:p:915-919



Template-Type: ReDIF-Article 1.0
Author-Name: Mary Becker
Author-X-Name-First: Mary
Author-X-Name-Last: Becker
Author-Name: Zachary McGurk
Author-X-Name-First: Zachary
Author-X-Name-Last: McGurk
Author-Name: Michael Hale
Author-X-Name-First: Michael
Author-X-Name-Last: Hale
Title: Structural changes in sentiment and returns: evidence from the Trump election
Abstract: 
 Given that regime changes may induce new tendencies and behaviours of financial models, we analyse the impact of sentiment variables on stock market returns for time periods before and after Donald Trump’s election. Using the CAPM and Fama–French three-factor model augmented with sentiment measures, we find evidence of a structural break in the 2016 presidential election data. Our results suggest that the relationship between sentiment and abnormal returns is more negative for the periods following the election, and that researchers modelling sentiment and returns should account for structural breaks.
Journal: Applied Economics Letters
Pages: 901-905
Issue: 10
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1897069
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1897069
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:10:p:901-905



Template-Type: ReDIF-Article 1.0
Author-Name: Xingchun Wang
Author-X-Name-First: Xingchun
Author-X-Name-Last: Wang
Title: Pricing options on the maximum of two average prices under stochastic volatility models
Abstract: 
 In this paper, we work under a stochastic volatility model to value options on the maximum of two average prices. In the proposed framework, explicit pricing formulae of options on the maximum of two average prices are obtained. Finally, we perform numerical examples to illustrate the prices of options on the maximum of two average prices and those of options on the maximum of two underlying asset prices.
Journal: Applied Economics Letters
Pages: 887-894
Issue: 10
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1896671
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1896671
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Baumann
Author-X-Name-First: Robert
Author-X-Name-Last: Baumann
Author-Name: Olena Staveley-O’Carroll
Author-X-Name-First: Olena
Author-X-Name-Last: Staveley-O’Carroll
Author-Name: Gregory Violante
Author-X-Name-First: Gregory
Author-X-Name-Last: Violante
Title: Do sovereign credit ratings matter? The relationship between ratings and capital flows before and after the great recession
Abstract: 
 We examine the relationship between sovereign credit ratings and international equity and bond inflows pre- and post-Great Recession using 1996–2016 annual data for 53 countries. The ratings are statistically significant for both equity and debt inflows in the full sample. After splitting the data into pre- and post-crisis periods, we find that ratings go from being significant in the 1996–2007 subsample to insignificant in the 2010–2016 period. These results support the hypothesis that adverse reputational effects weakened the value of rating agencies in investors’ decision-making process after the Great Recession.
Journal: Applied Economics Letters
Pages: 966-973
Issue: 11
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1904098
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1904098
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Template-Type: ReDIF-Article 1.0
Author-Name: Achim D. Schmillen
Author-X-Name-First: Achim D.
Author-X-Name-Last: Schmillen
Title: Two-Tier Earnings Structures and labour Market Reform
Abstract: 
 Two-tier earnings structures have recently received renewed attention in the context of labour market reform, but relevant evidence for emerging economies is lacking. Relying on four waves of repeated cross-section individual-level micro data and Oaxaca-type earnings decompositions, this study investigates the interplay between the tightening of employment protection legislation in China through the introduction of the Labour Contract Law in 2008 and the earnings gap between covered and uncovered urban workers. It shows that in urban China average monthly earnings are significantly higher for workers with as compared to those without an employment contract and documents that labour market reform went hand in hand with a doubling in the log earnings gap. As there were no newly emerging differences in observable characteristics between the two groups of workers, this doubling was entirely due to reinforced impacts of differences in workers’ observable characteristics on earnings. Results are consistent with prominent theoretical models of a two-tier labour market, complement existing results for Europe and are robust to a wide range of alternative specifications, including those that addresses selection into labour force participation.
Journal: Applied Economics Letters
Pages: 993-1000
Issue: 11
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1904103
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1904103
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Template-Type: ReDIF-Article 1.0
Author-Name: Changkyu Choi
Author-X-Name-First: Changkyu
Author-X-Name-Last: Choi
Author-Name: Hojin Jung
Author-X-Name-First: Hojin
Author-X-Name-Last: Jung
Title: COVID-19’s impacts on the Korean stock market
Abstract: 
 In this article, we examine the short-term impact of COVID-19 on daily stock market performance in Korea. We find strong evidence of asymmetric effects: although an increase in the number of confirmed cases negatively affected stock returns, returns were unaffected by a decline in the number of cases. We also found that the pandemic’s second wave further decreased stock returns, particularly in the food & beverage sector. Finally, we confirm that a rising number of confirmed cases increases the volatility of the returns. As Korea entered the second and third waves of infection, however, such effects diminished. Policymakers may find our empirical findings useful in their efforts to bolster financial stability, especially when an outbreak of COVID-19 erupts or a COVID-19 style event reoccurs in the future.
Journal: Applied Economics Letters
Pages: 974-978
Issue: 11
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1904099
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1904099
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Template-Type: ReDIF-Article 1.0
Author-Name: Natividad Blasco
Author-X-Name-First: Natividad
Author-X-Name-Last: Blasco
Author-Name: Pilar Corredor
Author-X-Name-First: Pilar
Author-X-Name-Last: Corredor
Title: If the bitcoin market grows, size matters
Abstract: 
 This paper studies the herding behaviour among different exchanges trading bitcoin. The analysis allows us to conclude that the size of the exchange is an influencing parameter. Since 2018, when the significant growth in the number of exchanges became a reality, smaller exchanges have shown strong herding behaviour, whereas large exchanges seem to respond to their own information and beliefs and lead the process of price definition. This result may originate some temporary profitable strategies in the process of evolution towards efficiency according to the Adaptive Markets Hypothesis.
Journal: Applied Economics Letters
Pages: 983-987
Issue: 11
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1904101
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1904101
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesús Crespo Cuaresma
Author-X-Name-First: Jesús
Author-X-Name-Last: Crespo Cuaresma
Title: Uncertainty and business cycle synchronization in Europe
Abstract: 
 We assess empirically the role that uncertainty plays as a determinant of business cycle synchronization dynamics in the European Monetary Union. Using a time-varying measure of business cycle synchronization and Bayesian model averaging methods, we find that increase in uncertainty tends to robustly predict desynchronization, in particular for countries whose business cycles are not in line with those of the rest of the monetary union.
Journal: Applied Economics Letters
Pages: 1047-1053
Issue: 11
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1939854
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1939854
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Template-Type: ReDIF-Article 1.0
Author-Name: Vu Minh Ngo
Author-X-Name-First: Vu Minh
Author-X-Name-Last: Ngo
Author-Name: Huan Huu Nguyen
Author-X-Name-First: Huan Huu
Author-X-Name-Last: Nguyen
Title: Are fear and hope of the COVID-19 pandemic responsible for the V-shaped behaviour of global financial markets? A text-mining approach
Abstract: 
 This study found the recent global V-shaped behaviour in major stock and cryptocurrency markets to be attributed to the dramatic variance in public fears and hope regarding the COVID-19 pandemic. Using the Term Frequency-Inverse Document Frequency text-mining technique and a large dataset of tweets, we determined that the public sentiment on joint discourses of COVID-19 and financial topics was a strong driver of recent stock and cryptocurrency markets behaviour. Furthermore, error correction model estimations revealed that the reversal of public sentiment from fear to hope after the initial shock significantly contributed to financial markets’ recovery phase of the V-shaped behaviour, partially explaining their sudden turnaround beginning mid-March 2020.
Journal: Applied Economics Letters
Pages: 1005-1015
Issue: 11
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1904105
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1904105
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Template-Type: ReDIF-Article 1.0
Author-Name: José Ignacio Giménez-Nadal
Author-X-Name-First: José Ignacio
Author-X-Name-Last: Giménez-Nadal
Author-Name: José Alberto Molina
Author-X-Name-First: José Alberto
Author-X-Name-Last: Molina
Author-Name: Jorge Velilla
Author-X-Name-First: Jorge
Author-X-Name-Last: Velilla
Title: The intergenerational correlation of employment in Europe: a cross-country analysis
Abstract: 
 We analyse the long-run intergenerational correlation of employment in Europe, providing cross-country evidence. Using the 2011 special module on Intergenerational Transmission, from the European Union Statistics on Income and Living Conditions (EU-SILC), we analyse the correlation between the current employment status of respondents, and that of their parents when respondents were 14 years old, in nine European countries. Estimates show that the intergenerational correlation of employment varies across countries and by gender, and is, in most cases, small or non-statistically significant.
Journal: Applied Economics Letters
Pages: 1022-1026
Issue: 11
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1904107
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1904107
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Template-Type: ReDIF-Article 1.0
Author-Name: Liang Guo
Author-X-Name-First: Liang
Author-X-Name-Last: Guo
Author-Name: Feng Jiang
Author-X-Name-First: Feng
Author-X-Name-Last: Jiang
Title: Is cross border tourism an effective means to achieve political goals? Evidence from Mainland China and Taiwan
Abstract: 
 Since 2008, the number of Chinese tourists visiting Taiwan has increased rapidly. The Chinese government expects that the economic benefits brought to Taiwan by Chinese tourists could enable more Taiwanese to be willing to unify with mainland China. Our study focuses on whether such cross border tourism could help the Chinese government to achieve its political goal. Empirical results by Regression Discontinuity show that the independence–unification views that the majority of Taiwanese hold have not been influenced by the arrival of Chinese tourists. The increase in the number of Chinese tourists does not significantly affect the proportion of Taiwanese who support independence and who support maintaining the status quo. By contrast, it reduces the proportion of Taiwanese who support unification. It implies that cross border tourism may not be an effective means to achieve political goals.
Journal: Applied Economics Letters
Pages: 959-965
Issue: 11
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1899116
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1899116
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Template-Type: ReDIF-Article 1.0
Author-Name: Yahui Sun
Author-X-Name-First: Yahui
Author-X-Name-Last: Sun
Author-Name: Shougui Luo
Author-X-Name-First: Shougui
Author-X-Name-Last: Luo
Title: Selective R&D subsidies and firms’ application strategies
Abstract: 
 ‘Picking-the-winners’ selective R&D subsidies are provided to a few firms with high innovation capabilities. Thus, the applicants for subsidies might send misleading signals to stand out from others. This paper explores firms’ application strategies and finds that firms tend to increase the quantity of their R&D outputs as a signal of being highly innovative, even at the expense of reducing innovation quality.
Journal: Applied Economics Letters
Pages: 979-982
Issue: 11
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1904100
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1904100
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Template-Type: ReDIF-Article 1.0
Author-Name: Kangoh Lee
Author-X-Name-First: Kangoh
Author-X-Name-Last: Lee
Title: Political power of older voters, political alignment, and state responses to Covid-19
Abstract: 
 As older individuals are more vulnerable to the virus and are more likely to vote than younger individuals, a state with a higher share of the older population is expected to impose a more stringent measure. However, the analysis shows that political alignment between policymakers and older voters plays an important role in determining the stringency of a measure. Using data on statewide stay-at-home orders across 50 U.S. states, the analysis shows that political alignment affects the duration of orders for Republican-controlled states in a significant manner, but not for Democrat-controlled states.
Journal: Applied Economics Letters
Pages: 1027-1032
Issue: 11
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1904108
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1904108
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Template-Type: ReDIF-Article 1.0
Author-Name: Serda Selin Öztürk
Author-X-Name-First: Serda Selin
Author-X-Name-Last: Öztürk
Author-Name: M. Emre Bilgiç
Author-X-Name-First: M. Emre
Author-X-Name-Last: Bilgiç
Title: Twitter & bitcoin: are the most influential accounts really influential?
Abstract: 
 There is a vast amount of information flow in social media about bitcoin, which may affect investors’ decisions. This article investigates whether tweets may affect returns or trade volume changes of bitcoin and, more importantly, whether some Twitter accounts are more influential than other Twitter accounts. We conduct two separate analyses based first on all Twitter accounts and then on the most influential 50 Twitter accounts, which have been selected as such by Unitedtraders. We use the number of positive, negative and neutral tweets by Valence Aware Dictionary and Sentiment Reasoner (VADER) in a logistic model to analyse if tweets have any valuable information about the change in both return and trade volume of bitcoin. Our results indicate that tweets can be used to predict bitcoin returns. Notably, the most influential accounts are the drivers of returns, but all Twitter accounts simply introduce some noise in volatility. This result indicates that following only these 50 most influential accounts may provide the information needed for investors.
Journal: Applied Economics Letters
Pages: 1001-1004
Issue: 11
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1904104
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1904104
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Template-Type: ReDIF-Article 1.0
Author-Name: Adrian R. Fleissig
Author-X-Name-First: Adrian R.
Author-X-Name-Last: Fleissig
Title: Habit persistence in food purchases
Abstract: 
 Taxes are often imposed on sugary products to decrease consumption and thus lower obesity. Reducing purchases of food products may be difficult if they are habit forming and thus addictive. Food products may also be durable and provide service flows if individuals become satiated or stockpile goods. Estimates find sugar, sweets, cereals, and bakery products to be net habit forming and highly addictive. Meat and poultry are also highly habit-forming goods. Healthier substitutes like fresh fruits, vegetables, fish, and seafood have the lowest estimates of net habit formation and further highlight the difficulty of reducing obesity through encouraging a healthier diet.
Journal: Applied Economics Letters
Pages: 1033-1036
Issue: 11
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1907277
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1907277
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Template-Type: ReDIF-Article 1.0
Author-Name: Hiroyuki Ijiri
Author-X-Name-First: Hiroyuki
Author-X-Name-Last: Ijiri
Author-Name: Toshiki Jinushi
Author-X-Name-First: Toshiki
Author-X-Name-Last: Jinushi
Title: International Spillover Effects of Quantitative Easing Policy: A Case Study on the U.S. and Japan
Abstract: 
 This study analyses the influence of the changing nature of the U.S. quantitative easing (QE) policy’s international spillover on the Japanese economy following the global financial crisis. Based on existing studies, we construct a two-country vector autoregression model for the U.S. and Japan and estimate the time-varying parameters to comprehend the changing macroeconomic and financial structures of both countries. We not only confirmed the existence of spillover effects but also found significant changes in them over time. The spillover effects on Japan are larger for the real economy in the earlier phase and for financial markets in the later phase of the U.S. QE policy.
Journal: Applied Economics Letters
Pages: 1042-1046
Issue: 11
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1907279
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1907279
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Template-Type: ReDIF-Article 1.0
Author-Name: Kiyoon Shin
Author-X-Name-First: Kiyoon
Author-X-Name-Last: Shin
Author-Name: Jeong-Dong Lee
Author-X-Name-First: Jeong-Dong
Author-X-Name-Last: Lee
Title: Impact of public procurement for innovation on firm productivity
Abstract: 
 Recently, many governments have been trying to utilize public procurement for innovation as a measure of demand-side innovation policy, considering the limitation of supply-side innovation policy and an emphasis on the effective use of government budget. Some studies have assessed the impact of public procurement for innovation recently; however, no research has attempted to analyse the impact on productivity, which is one of the main policy targets of innovation policy. This study investigates the productivity enhancement effect of public procurement for innovation, using the propensity score matching methodology with differenced outcome variables. Results show that public procurement for innovation plays a positive role in the growth of value-added of the firm contracted, and that it is led by the positive connection between public procurement for innovation and total factor productivity.
Journal: Applied Economics Letters
Pages: 1016-1021
Issue: 11
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1904106
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1904106
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Template-Type: ReDIF-Article 1.0
Author-Name: Miaoning Tang
Author-X-Name-First: Miaoning
Author-X-Name-Last: Tang
Author-Name: Hanming Yang
Author-X-Name-First: Hanming
Author-X-Name-Last: Yang
Author-Name: Fangfang Liao
Author-X-Name-First: Fangfang
Author-X-Name-Last: Liao
Title: Determinants of the disclosure tone of poverty alleviation information: the case of A-share listed companies in China’s Shanghai and Shenzhen stock exchange
Abstract: 
 Companies’ disclosing information of targeted poverty alleviation in China has become a referee for investors to judge the morality of the corporate management and influenced the decision-making of investment. According to analysing the sample of A-share listed companies in China’s Shanghai and Shenzhen during 2016–2019, this article tests the effects on practices (Investment of Poverty Alleviation) via theories (Information Disclosure).The empirical result shows that: First, once companies invest more in targeted poverty alleviation, they will significantly increase their active tone, such as active participation and high involvements, to disclose the relevant information. Second, compared with private enterprises, state-owned enterprises will have more active tones in disclosing the information on targeted poverty alleviation. Nevertheless, with the non-profit feature and its social responsibility of state-owned enterprises, results reveal the negative correlations between increasing expenditures in poverty alleviation and its information disclosure.
Journal: Applied Economics Letters
Pages: 988-992
Issue: 11
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1904102
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1904102
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Fuleky
Author-X-Name-First: Peter
Author-X-Name-Last: Fuleky
Title: Nowcasting the trajectory of the COVID-19 recovery
Abstract: 
 I develop a weekly coincident index of economic activity in the State of Hawaii. The purpose of the index is to nowcast the recovery from the COVID-19 induced downturn. The index is the first principal component extracted from 18 daily and weekly state-level time series, it captures about 80% of the variation in the sample, it is available with a four-day lag, and it predicts the changes in nonfarm payrolls, the Philadelphia Fed coincident index, and excise tax revenues.
Journal: Applied Economics Letters
Pages: 1037-1041
Issue: 11
Volume: 29
Year: 2022
Month: 06
X-DOI: 10.1080/13504851.2021.1907278
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1907278
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Template-Type: ReDIF-Article 1.0
Author-Name: Nikolaos Charalampidis
Author-X-Name-First: Nikolaos
Author-X-Name-Last: Charalampidis
Author-Name: Justine Guillochon
Author-X-Name-First: Justine
Author-X-Name-Last: Guillochon
Title: The COVID-19 pandemic and the consumption of nondurables and services
Abstract: 
 Contrary to the Great and other past US Recessions, the reduction in services consumption exceeds the decline in nondurables consumption during the COVID-19 pandemic. We study the drivers of this unprecedented phenomenon through the lens of an estimated multi-sector Dynamic Stochastic General Equilibrium (DSGE) model that distinguishes between nondurables and services sectors. We find that economic uncertainty is once again important, but it does not generate sectoral heterogeneity. Demand-side factors reallocating consumption across sectors and proxying for voluntary and regulatory social distancing measures, as well as the lack of wage adjustments in services despite plummeting employment, became influential during the pandemic.
Journal: Applied Economics Letters
Pages: 1084-1095
Issue: 12
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1908515
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1908515
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Template-Type: ReDIF-Article 1.0
Author-Name: Mascia Bedendo
Author-X-Name-First: Mascia
Author-X-Name-Last: Bedendo
Author-Name: Valentina Febo
Author-X-Name-First: Valentina
Author-X-Name-Last: Febo
Author-Name: Linus Siming
Author-X-Name-First: Linus
Author-X-Name-Last: Siming
Title: The effect of cultural origin on COVID-19 infection rates
Abstract: 
 We examine whether a community’s cultural origin affects COVID-19 infection rates by exploiting cultural differences in the bilingual province of South Tyrol in Northern Italy. We find lower infection rates in municipalities with a relatively higher proportion of German speakers, even after controlling for widely used measures of social and civic capital. Our findings can be explained by a more future-oriented behaviour of German speakers in comparison with Italian speakers.
Journal: Applied Economics Letters
Pages: 1116-1120
Issue: 12
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1910129
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1910129
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:12:p:1116-1120



Template-Type: ReDIF-Article 1.0
Author-Name: Christer Ljungwall
Author-X-Name-First: Christer
Author-X-Name-Last: Ljungwall
Author-Name: Siyang Li
Author-X-Name-First: Siyang
Author-X-Name-Last: Li
Author-Name: Yunshang Wang
Author-X-Name-First: Yunshang
Author-X-Name-Last: Wang
Title: China’s IPR regime and provincial patenting activity
Abstract: 
 This paper examines whether regions in China with stronger IPR regimes have better patenting performance, and whether they exhibit positive spillovers on neighbouring regions’ patenting. The results affirm positive and significant effects on both regards. This is likely due to the fact that a stronger IPR regime with its accompanying hard and soft knowledge infrastructure facilitates knowledge sharing and exchange, hence promoting innovation efficiency. The negative spillover effect of neighbour’s patenting activity may reflect inter-regional R&D collaboration, where patents are appropriated only by some participants. The results are robust across specifications.
Journal: Applied Economics Letters
Pages: 1139-1144
Issue: 12
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1940078
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1940078
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Template-Type: ReDIF-Article 1.0
Author-Name: Fan Zhang
Author-X-Name-First: Fan
Author-X-Name-Last: Zhang
Author-Name: Xiuyan Liu
Author-X-Name-First: Xiuyan
Author-X-Name-Last: Liu
Author-Name: Songlin Li
Author-X-Name-First: Songlin
Author-X-Name-Last: Li
Title: How does urban renewal affect housing price? Evidence from Beijing shantytown renewal plan
Abstract: 
 In this paper, we use the shantytown renewal project data in Beijing, China, to explain how the renewal type as restrictions has aheterogeneous effect on housing prices. Using the time-varying difference-in-differences approach, we found that refurbishment is ineffective and the interrupted renewal projects will have significantly negative expected effect. Only rebuilding can make positive impact on housing price both within and surrounding shantytowns.
Journal: Applied Economics Letters
Pages: 1055-1059
Issue: 12
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1907280
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1907280
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Template-Type: ReDIF-Article 1.0
Author-Name: Kyoungwon Mo
Author-X-Name-First: Kyoungwon
Author-X-Name-Last: Mo
Author-Name: Kyung Yun (Kailey) Lee
Author-X-Name-First: Kyung Yun (Kailey)
Author-X-Name-Last: Lee
Author-Name: Seun-Young Park
Author-X-Name-First: Seun-Young
Author-X-Name-Last: Park
Title: Family ownership and Labour investment efficiency: Evidence from Korea
Abstract: 
 This paper examines whether founding-family ownership affects firms’ labour investment efficiency. By analysing public Korean companies from 2001 to 2018, we found that family firms are more efficient than non-family firms in regard to labour investment. The results show that family firms can achieve greater efficiency in labour investment by avoiding over-firing issues, thereby reducing underinvestment in employment problems. Additionally, we found that family firms make more efficient labour-related decisions with greater external financing. Overall, the results suggest that family firms’ long-term perspective enables them to maintain optimal labour levels.
Journal: Applied Economics Letters
Pages: 1073-1078
Issue: 12
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1908511
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1908511
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiang Gao
Author-X-Name-First: Xiang
Author-X-Name-Last: Gao
Author-Name: Zong-Han Lin
Author-X-Name-First: Zong-Han
Author-X-Name-Last: Lin
Author-Name: Li Sun
Author-X-Name-First: Li
Author-X-Name-Last: Sun
Title: CEO-director connectedness and firm’s operational risk
Abstract: 
 While internal controls are often carefully set by firm owners to manage risks, operational losses caused by errors in people and procedures could occur if board directors’ monitoring functions are weakened by having private connections with senior managers. This paper provides empirical evidence that the presence of social tie between a firm’s CEO and its board member is associated with a higher likelihood of operational risk events after other key determinants are controlled for. Our sample consists of 168 event and non-event firms that are publicly listed in the U.S. and spans over a historical period over 2000–2008 when the Basel II Accord is in full operation. Our results imply that existing provisions against operational risk should take CEO-director social ties as an additional factor that can undermine corporate governance and expose firms to a higher level of operational risk.
Journal: Applied Economics Letters
Pages: 1102-1106
Issue: 12
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1910126
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1910126
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Template-Type: ReDIF-Article 1.0
Author-Name: Pierre Nguimkeu
Author-X-Name-First: Pierre
Author-X-Name-Last: Nguimkeu
Author-Name: Cedric Okou
Author-X-Name-First: Cedric
Author-X-Name-Last: Okou
Title: Does informality increase the spread of COVID-19 in Africa? A cross-country examination
Abstract: 
 The informal economy absorbs a large share (more than 80%) of the labour force in sub-Saharan Africa (SSA). We examine whether a high level of informality tends to exacerbate the spread of the COVID-19. Using publicly available data for a cross-section of 46 SSA, we find evidence that confirms this hypothesis.
Journal: Applied Economics Letters
Pages: 1111-1115
Issue: 12
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1910128
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1910128
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Template-Type: ReDIF-Article 1.0
Author-Name: Pamela Wicker
Author-X-Name-First: Pamela
Author-X-Name-Last: Wicker
Author-Name: Daniel Weimar
Author-X-Name-First: Daniel
Author-X-Name-Last: Weimar
Author-Name: Johannes Orlowski
Author-X-Name-First: Johannes
Author-X-Name-Last: Orlowski
Title: The ‘real’ birthday effect: post-birthday running performance of Football Bundesliga players
Abstract: 
 While the birthday effect has been widely studied in the economics and sport literature, this study introduces the concept of the ‘real’ birthday effect. It holds that birthday celebrations yield fatigue, which negatively affect running performance. The purpose of this study is to examine the effect of players’ birthdays on post-birthday running performance using data from the German Football Bundesliga (2011–2018). The dataset includes 1,040 different field players who played in 2,142 matches (n= 49,233). Running performance was measured by the total distance covered during the game (in m per minute) and the number of intensive runs (>20 and <24 km/h; per minute). On average, players ran 123.68 m and performed 0.70 intensive runs per minute, which are equivalent to 11.1 km and 63 intensive runs during a 90-minute match. The results of fixed effects panel regression analyses, which also control for various player, game, and team characteristics, show that players perform significantly fewer intensive runs on the day following their birthday. This finding supports the concept of the ‘real’ birthday effect. Football coaches should reconsider fielding players on match days succeeding their birthday as these players perform significantly fewer intensive runs.
Journal: Applied Economics Letters
Pages: 1129-1133
Issue: 12
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1910132
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1910132
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Template-Type: ReDIF-Article 1.0
Author-Name: Xingchun Wang
Author-X-Name-First: Xingchun
Author-X-Name-Last: Wang
Title: Exchange options and spread options with stochastically correlated underlyings
Abstract: 
 This paper investigates the valuation of exchange options and spread options with stochastically correlated underlying assets. Specially, the correlation is determined by market betas of underlying assets and depends on the level of the variance of the market index. Based on the closed form of the moment generating function of the log-return vector, we obtain pricing formulae for exchange options and spread options. Finally, numerical analysis illustrates the impacts of the market risk factor on option prices.
Journal: Applied Economics Letters
Pages: 1060-1068
Issue: 12
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1907281
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1907281
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Template-Type: ReDIF-Article 1.0
Author-Name: Lunan Jiang
Author-X-Name-First: Lunan
Author-X-Name-Last: Jiang
Author-Name: Lin Zhang
Author-X-Name-First: Lin
Author-X-Name-Last: Zhang
Title: Measuring the dynamics of provincial real economies in China
Abstract: 
 This paper uses a set of provincial macroeconomic variables and the panel VAR method, which contains cross-sectional dynamic interdepence and time-varying coefficients, to measure the quarterly dynamics of the real economies of Chinese provinces. We find that provincial GDP and industrial value-added series may deliver limited business cycle information and that Chinese provinces have experienced overall divergence and sub-club convergence in recent years.
Journal: Applied Economics Letters
Pages: 1096-1101
Issue: 12
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1908947
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1908947
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Template-Type: ReDIF-Article 1.0
Author-Name: Tamilarasi Rajappa
Author-X-Name-First: Tamilarasi
Author-X-Name-Last: Rajappa
Author-Name: Sartaj Rasool Rather
Author-X-Name-First: Sartaj Rasool
Author-X-Name-Last: Rather
Title: Monetary shocks, output and inflation – evidence from asymmetric causality test
Abstract: 
 This study examines whether the positive and negative unanticipated monetary shocks have asymmetric causal impact on real output growth and inflation rate. In particular, we examine whether the asymmetry observed in the impact of these shocks on output is consistent with that of inflation as predicted by menu cost models. The empirical results indicate that the positive monetary shocks tend to cause an increase in price whereas the negative monetary shocks have no impact. On the other hand, the negative monetary shocks cause a fall in real output; however, the positive monetary shocks seem to have no impact. The crucial implication of these findings is that the positive monetary shocks tend to be inflationary with less or no impact on real output whereas the negative monetary shocks cause reductions in real output with no or less impact on inflation.
Journal: Applied Economics Letters
Pages: 1121-1124
Issue: 12
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1910130
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Template-Type: ReDIF-Article 1.0
Author-Name: Emmanuel Alanis
Author-X-Name-First: Emmanuel
Author-X-Name-Last: Alanis
Title: Forecasting betas with random forests
Abstract: 
 It is common to estimate equity betas for private firms or non-traded assets through a comparable company analysis, and we test if the Random Forest algorithm can provide superior forecasts. In out-of-sample tests from 1992 to 2018, we find that Random Forest forecasts produce substantially lower average errors and mean absolute errors every year.
Journal: Applied Economics Letters
Pages: 1134-1138
Issue: 12
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1912278
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1912278
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Template-Type: ReDIF-Article 1.0
Author-Name: Seungyeon Cho
Author-X-Name-First: Seungyeon
Author-X-Name-Last: Cho
Title: Food insecurity of households with sexual minorities
Abstract: 
 Households with a sexual minority adult may face material difficulties that can lead to an increased risk of food insecurity compared to those without a sexual minority adult. Using data from the 2013–2018 National Health Interview Survey, this study examines the relationship between household food insecurity and the sexual orientation of adult members. The results suggest that households with a male or a female sexual minority adult are more likely to be food insecure than households without a sexual minority adult. Moreover, an increased likelihood of food insecurity due to the presence of a female sexual minority adult is relatively greater than that of a male sexual minority adult.
Journal: Applied Economics Letters
Pages: 1125-1128
Issue: 12
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1910131
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1910131
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Template-Type: ReDIF-Article 1.0
Author-Name: Akira Yamaguchi
Author-X-Name-First: Akira
Author-X-Name-Last: Yamaguchi
Title: CEOs’ educational background and investments in software
Abstract: 
 In the latter half of Japan’s Two Lost Decades (1990–2010), Japanese firms failed to undergo a thorough information and communications technology (ICT) revolution. In this study, we investigate the most likely cause for this situation and find that chief executive officers (CEOs) in Japanese companies simply did not know how to utilize the new equipment including ICT capitals. We estimate the impact of CEOs’ educational backgrounds(assessed based on their alma mater’s fame) on investments in software by using a compiled dataset that included Japanese listed firms with panel fixed effects models and a generalized method of moments. We find significant evidence that an increase in CEOs’ educational background raises their investment in software. We also revealed that a lack in CEOs’ knowledge of new equipment could be an obstacle for introducing new equipment and, consequently, could lead to loss of competitiveness.
Journal: Applied Economics Letters
Pages: 1069-1072
Issue: 12
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1908510
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1908510
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Template-Type: ReDIF-Article 1.0
Author-Name: Bo Chen
Author-X-Name-First: Bo
Author-X-Name-Last: Chen
Author-Name: Xiaoheng Zhang
Author-X-Name-First: Xiaoheng
Author-X-Name-Last: Zhang
Author-Name: Ke Liu
Author-X-Name-First: Ke
Author-X-Name-Last: Liu
Title: Adolescent obesity and family environment in China
Abstract: 
 Numerous factors related to family environment contribute to adolescent obesity around the globe. Using the CHNS data, we estimate the total contribution of family environmental factors in explaining adolescent BMI in China. Our main finding is that 63.8% of adolescent weight variation can be attributed to family environment, and parents’ BMIs constitute a major component. Thus, policies aimed at containing adolescent obesity in China should give priorities to the family environment.
Journal: Applied Economics Letters
Pages: 1107-1110
Issue: 12
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1910127
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1910127
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Template-Type: ReDIF-Article 1.0
Author-Name: Weige Huang
Author-X-Name-First: Weige
Author-X-Name-Last: Huang
Author-Name: Xiang Gao
Author-X-Name-First: Xiang
Author-X-Name-Last: Gao
Title: LASSO-based high-frequency return predictors for profitable Bitcoin investment
Abstract: 
 This article explores the Bitcoin return predictability of variables constructed from one-minute high-frequency Bitcoin trading data. During the training period of 2012–2018, LASSO is used to pick out the most powerful predictors. We then use predictors selected by LASSO to predict the Bitcoin returns in the 2018–2019 test sample. An investment strategy based on the return predictions outperforms a simple buy-and-hold strategy and other strategies based on the prediction of Ordinary Least Squares and Neural Networks.
Journal: Applied Economics Letters
Pages: 1079-1083
Issue: 12
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1908512
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1908512
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Template-Type: ReDIF-Article 1.0
Author-Name: Betul Akar
Author-X-Name-First: Betul
Author-X-Name-Last: Akar
Author-Name: Cagla Okten
Author-X-Name-First: Cagla
Author-X-Name-Last: Okten
Title: The impact of education on time spent in religious activities: evidence from Turkey
Abstract: 
 This paper investigates the impact of increased education, due to an exogenous education reform, on time spent in religious activities by utilizing the Turkish Time Use Survey data. The education reform significantly rises individuals’ years of schooling. We also document that for women, increased education has a negative causal impact on the allocation of time to religious activities. However, there are no significant effects of education on men’s time spent in religious activities. As a result, we suggest that education plays an important role in altering individuals’ religious behaviour through its effects on preferences.
Journal: Applied Economics Letters
Pages: 1145-1151
Issue: 13
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1914316
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1914316
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiao Wang
Author-X-Name-First: Xiao
Author-X-Name-Last: Wang
Author-Name: Xiao Xie
Author-X-Name-First: Xiao
Author-X-Name-Last: Xie
Author-Name: Yihua Chen
Author-X-Name-First: Yihua
Author-X-Name-Last: Chen
Author-Name: Borui Zhao
Author-X-Name-First: Borui
Author-X-Name-Last: Zhao
Title: A machine learning approach to forecasting carry trade returns
Abstract: 
 Carry trade refers to a risky arbitrage in interest rate differentials between two currencies. Persistent excess carry trade returns pose a challenge to foreign exchange market efficiency. Using a data set of 10 currencies between 1990 and 2017, we find (i) a machine learning model, long short-term memory (LSTM) networks, forecast carry trade returns better than linear and threshold models and other machine learning models; and (ii) excess carry trade returns deteriorate after the 2007–2008 global financial crisis in all model forecasts, indicating that the uncovered interest rate parity may still hold in the long run.
Journal: Applied Economics Letters
Pages: 1199-1204
Issue: 13
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1918624
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1918624
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Template-Type: ReDIF-Article 1.0
Author-Name: Kurmaş Akdoğan
Author-X-Name-First: Kurmaş
Author-X-Name-Last: Akdoğan
Author-Name: Jamal G. Husein
Author-X-Name-First: Jamal G.
Author-X-Name-Last: Husein
Title: Current account sustainability and nonlinear adjustment
Abstract: 
 The existence of mean reversion in current account is examined for 28 countries, using linear and nonlinear unit root tests. The adjustment in current account to GDP ratio could take an asymmetric form depending on the size and sign of the deviation from the equilibrium. The results indicate mean-reversion for three-quarters of the sample. For nine countries, only non-linear tests suggest mean reversion. These results imply that the tests should take into account possible asymmetries in the adjustment behaviour.
Journal: Applied Economics Letters
Pages: 1182-1186
Issue: 13
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1917761
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1917761
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Template-Type: ReDIF-Article 1.0
Author-Name: Feng Jiang
Author-X-Name-First: Feng
Author-X-Name-Last: Jiang
Author-Name: Liang Guo
Author-X-Name-First: Liang
Author-X-Name-Last: Guo
Author-Name: Chao Chen
Author-X-Name-First: Chao
Author-X-Name-Last: Chen
Title: Pollution haven effect in North-South trade: a theoretical analysis under the mixed duopoly Cournot model
Abstract: 
 Utilizing the framework of the mixed duopoly Cournot model in North-South trade, this paper provides evidence that Pollution Haven Effect exists under optimal environmental regulations and discusses how it is affected by the production costs and environmental abatement costs in the developed and developing countries. We also find that under optimal environmental regulations, the heterogeneous impacts on the Pollution Haven Effect make developed countries motivated to reduce the environmental abatement costs and make developing countries more incentive to reduce the production costs.
Journal: Applied Economics Letters
Pages: 1205-1210
Issue: 13
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1922578
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1922578
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Template-Type: ReDIF-Article 1.0
Author-Name: Toru Fujiwara
Author-X-Name-First: Toru
Author-X-Name-Last: Fujiwara
Author-Name: Kazutaka Takechi
Author-X-Name-First: Kazutaka
Author-X-Name-Last: Takechi
Title: Making the world safer: autonomous emergency braking systems enhance safety for senior drivers
Abstract: 
 Active safety system components, such as autonomous emergency braking (AEB) systems, are designed to play a key role in preventing serious car accidents. We investigate the extent to which vehicles with an AEB system are safer than those without it. Empirical analysis shows that the relative risk of accident when driving a car equipped with AEB is not lower than driving one without AEB. However, when we focus on drivers aged 70 years or older, those driving with AEB are safer than they otherwise would be: their risk is approximately two-third lower. Thus, an AEB system is effective for drivers who need the most assistance.
Journal: Applied Economics Letters
Pages: 1177-1181
Issue: 13
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1917760
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1917760
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Alfredo Revollo-Fernández
Author-X-Name-First: Daniel Alfredo
Author-X-Name-Last: Revollo-Fernández
Author-Name: Lilia Rodríguez-Tapia
Author-X-Name-First: Lilia
Author-X-Name-Last: Rodríguez-Tapia
Title: Water scarcity reduces the efficiency of the manufacturing industry in the valley of Mexico Basin: DEA-based two-stage efficiency analysis
Abstract: 
 This study analysed the impact of a series of socioeconomic variables on the efficiency of production processes used by different economic units belonging to the manufacturing industry in a hydrological basin with water scarcity problems. The main finding is that the economic units that used water from overexploited aquifers had lower efficiency scores than those that used water from non-exploited aquifers. Thus, the design of public policies for this sector, which is highly dependent on this natural resource, should take into account that actions to conserve water supply sources greatly affect the efficiency of the manufacturing industry.
Journal: Applied Economics Letters
Pages: 1193-1198
Issue: 13
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1918623
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1918623
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Template-Type: ReDIF-Article 1.0
Author-Name: Martyna Marczak
Author-X-Name-First: Martyna
Author-X-Name-Last: Marczak
Author-Name: Thomas Beissinger
Author-X-Name-First: Thomas
Author-X-Name-Last: Beissinger
Title: A new sectoral unit labour cost indicator based on global value chains
Abstract: 
 We propose ‘embodied unit labour costs’ (EULC) at the country-sector level as a new cost-related competitiveness indicator. EULC are more comprehensive than standard unit labour cost measures as they incorporate unit labour costs of all domestic and foreign sectors contributing to the final goods production of a specific sector. The contribution is expressed in value-added terms and takes global supply chains into account. Using the World Input-Output Database (WIOD) the concept is illustrated by evaluating the cost competitiveness of German industries.
Journal: Applied Economics Letters
Pages: 1152-1157
Issue: 13
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1915461
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1915461
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:13:p:1152-1157



Template-Type: ReDIF-Article 1.0
Author-Name: Michael Berlemann
Author-X-Name-First: Michael
Author-X-Name-Last: Berlemann
Author-Name: Marina Eurich
Author-X-Name-First: Marina
Author-X-Name-Last: Eurich
Title: Does drought risk depress expected well-being?
Abstract: 
 The effect of natural hazard risk on individual well-being has so far largely been neglected in the empirical literature. We contribute to filling this gap by combining geo-referenced survey data with a time- and region-varying indicator of drought risk for the United States. We find that individuals living in regions with higher drought risk report significantly lower expected future life satisfaction, even after controlling for zip-code-specific, time-specific and individual-specific differences. This effect turns out to be much stronger for comparatively poor individuals.
Journal: Applied Economics Letters
Pages: 1229-1233
Issue: 13
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1922582
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1922582
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Template-Type: ReDIF-Article 1.0
Author-Name: Manuela Coromaldi
Author-X-Name-First: Manuela
Author-X-Name-Last: Coromaldi
Author-Name: Alessio D’Amato
Author-X-Name-First: Alessio
Author-X-Name-Last: D’Amato
Author-Name: Loredana Mirra
Author-X-Name-First: Loredana
Author-X-Name-Last: Mirra
Title: What forces children away from home? Evidence from Uganda
Abstract: 
 Child mobility is a significant phenomenon all over the world and is especially prominent in developing countries, where it is made worse by income conditions in rural households. The aim of this paper is to advance a step forward in the quantitative investigation of factors driving rural households’ decisions to send children away from home. Using Ugandan panel data to account for household unobserved heterogeneity, we find that the age of the household head as well as the presence of a female household head, the number of children, marital status, and the circumstance of mother not living in the household affect the likelihood of sending away children. On the other hand, other factors such as education and mobile phone ownership do not seem to play a role.
Journal: Applied Economics Letters
Pages: 1217-1223
Issue: 13
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1922580
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1922580
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Template-Type: ReDIF-Article 1.0
Author-Name: Haonan Lin
Author-X-Name-First: Haonan
Author-X-Name-Last: Lin
Author-Name: Xu Zheng
Author-X-Name-First: Xu
Author-X-Name-Last: Zheng
Title: DO shifts in regimes impact the disposition effect implied by prospect theory models?
Abstract: 
 We study how market regimes can influence investors’ behaviour under the framework of prospect theory. Two market regimes (bull and bear) are considered, which affect our investors’ reference points and their loss-averse behaviours. Using both theory and empirical evidence, the paper shows the disposition effect in a bull market is stronger than that in a bear market. Investors learn from both domains (gain and loss) in a bear market and more from the gain domain in a bull market. These results also provide an explanation for asymmetric learning regarding the disposition effect.
Journal: Applied Economics Letters
Pages: 1168-1176
Issue: 13
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1915947
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1915947
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Template-Type: ReDIF-Article 1.0
Author-Name: Tohru Naito
Author-X-Name-First: Tohru
Author-X-Name-Last: Naito
Author-Name: Hikaru Ogawa
Author-X-Name-First: Hikaru
Author-X-Name-Last: Ogawa
Title: COVID-19, self-restraint at home, and pregnancy: evidence from Japan
Abstract: 
 When the first wave of COVID-19 hit Japan, the number of pregnancies dropped significantly compared to the same month last year. This paper examines the impact of the government’s request to remain at home and identifies the following two points: (i) government’s request for self-restraint reduced the number of pregnancies by five to eight percent; and (ii) the number of pregnancies in areas legally designated as requiring special precautions was significantly two to three percent lower than in other areas.
Journal: Applied Economics Letters
Pages: 1234-1237
Issue: 13
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1922584
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1922584
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Template-Type: ReDIF-Article 1.0
Author-Name: Tobias Haepp
Author-X-Name-First: Tobias
Author-X-Name-Last: Haepp
Title: New technologies and employee well-being: the role of training provision
Abstract: 
 This paper contributes to the discussion about the impact of new technology on the labour market by analysing the impact of new workplace technologies on the well-being of employees in German establishments. We first show that there is no significant overall effect on different measures of employee well-being. We then introduce the role of skill gaps and workplace training and show that a negative effect exists for workers who do not possess sufficient skills in the use of the new technologies and that this negative impact can be completely offset by the provision of training in the use of the newly introduced technologies.
Journal: Applied Economics Letters
Pages: 1211-1216
Issue: 13
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1922579
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1922579
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Template-Type: ReDIF-Article 1.0
Author-Name: Zehai Zhou
Author-X-Name-First: Zehai
Author-X-Name-Last: Zhou
Author-Name: Wantao Sun
Author-X-Name-First: Wantao
Author-X-Name-Last: Sun
Author-Name: Huaxin Xiao
Author-X-Name-First: Huaxin
Author-X-Name-Last: Xiao
Author-Name: Wanhai You
Author-X-Name-First: Wanhai
Author-X-Name-Last: You
Title: Does partisan conflict affect US innovation?
Abstract: 
 This article explores the influence of partisan conflict on innovation using panel data of 48 mainland US states over the period from 1992 to 2013. A novel indicator of the US partisan conflict, first proposed by Professor Marina Azzimonti, is employed. The nonlinear nexus is tested by accommodating cubic polynomial functional forms. Results show that the relationship between partisan conflict and innovation presents an inverted N-shape with two turning points. That is, the effect might change with partisan conflict. To further study the heterogeneous impact of partisan conflict across different economic development levels, this article divides these states into high- and low-income groups. Subsample analysis concludes that the relationship between partisan conflict and innovation is inverted N-shaped in both high- and low-income groups. A comparative analysis of the turning points between these two groups is conducted. The findings contribute to previous studies in identifying the role of partisan conflict in innovation.
Journal: Applied Economics Letters
Pages: 1158-1167
Issue: 13
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1915462
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1915462
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Template-Type: ReDIF-Article 1.0
Author-Name: Wan-Ci Huang
Author-X-Name-First: Wan-Ci
Author-X-Name-Last: Huang
Author-Name: Wu-Po Liu
Author-X-Name-First: Wu-Po
Author-X-Name-Last: Liu
Title: The dilemma between ethics and reputation: evidence of earnings management following CEO pay cuts for women
Abstract: 
 Lobo, Manchiraju, and Sridharan (2018) find that CEOs manipulate discretionary accruals to mitigate damage to their reputation after they experience substantial pay cuts. Extending their study, we examine whether the gender of CEOs alleviates this problem following a drastic compensation reduction. Our sample is composed of 4,130 firm-year observations. We find that female CEOs, who are generally viewed to be more ethical and risk-averse than males, engage in less earnings management following extreme pay cuts as compared to their male counterparts. Our results provide implications for market participants and governance boards related to assessing the use of compensation tools.
Journal: Applied Economics Letters
Pages: 1224-1228
Issue: 13
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1922581
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1922581
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Template-Type: ReDIF-Article 1.0
Author-Name: Marislei Nishijima
Author-X-Name-First: Marislei
Author-X-Name-Last: Nishijima
Author-Name: Mauro Rodrigues
Author-X-Name-First: Mauro
Author-X-Name-Last: Rodrigues
Author-Name: Thaís Luiza Donega Souza
Author-X-Name-First: Thaís Luiza Donega
Author-X-Name-Last: Souza
Title: Is Rotten Tomatoes killing the movie industry? A regression discontinuity approach
Abstract: 
 We study the effect of expert reviews on consumer choice, focusing on the movie industry. Specifically, we estimate the impact of a popular movie review aggregator – Rotten Tomatoes (RT) – on box office revenue, using a sample of 1,239 movies widely-released in the U.S. between 1999 and 2019. RT’s rating system allows us to use regression discontinuity, thus avoiding problems associated with omitted unobservable characteristics of movies (such as quality and commercial appeal). We do not find evidence that RT ratings affect box office performance.
Journal: Applied Economics Letters
Pages: 1187-1192
Issue: 13
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1918324
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1918324
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Harris
Author-X-Name-First: Richard
Author-X-Name-Last: Harris
Author-Name: John Moffat
Author-X-Name-First: John
Author-X-Name-Last: Moffat
Title: The impact of the COVID-19 pandemic on the level and distribution of intangibles investment in the UK
Abstract: 
 This paper investigates trends in intangibles investment since the onset of the COVID-19 pandemic in the United Kingdom. Responses from an online survey show that investment in R&D has dropped substantially for many firms but that over 40% of firms increased their ICT investment, which is likely to reflect the need to facilitate remote working and customer engagement. Industry is a major predictor of the change in intangibles investment. This is consistent with expectations in light of the different effect that measures to contain the pandemic have had across industries.
Journal: Applied Economics Letters
Pages: 1238-1242
Issue: 13
Volume: 29
Year: 2022
Month: 07
X-DOI: 10.1080/13504851.2021.1954591
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1954591
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Template-Type: ReDIF-Article 1.0
Author-Name: Chaofan Chen
Author-X-Name-First: Chaofan
Author-X-Name-Last: Chen
Author-Name: Ze Wang
Author-X-Name-First: Ze
Author-X-Name-Last: Wang
Author-Name: Xueli Tang
Author-X-Name-First: Xueli
Author-X-Name-Last: Tang
Title: The impact of COVID-19 on employment expectations in the China’s service sector—evidence from online surveys of 1222 education enterprises
Abstract: 
 This paper uses data from 1,222 online survey questionnaires of education enterprises to estimate the impact of COVID-19 on the employment expectations of service enterprises. We found COVID-19 had a significant inhibitory effect on employment expectations, and if the shock of COVID-19 increased by one level, the probability that the expected labour demand of enterprises decreased by 30–50% would increase by 0.049 compared to the same prior-year period, and the probability of a reduction of more than 50% would increase by 0.115. The COVID-19 influenced employment expectations mainly through inhibiting two major channels – revenue and cash flow, and its impact on revenue was greater than the impact on cash flow. Specifically, the mediating effects of revenue and cash flow accounted for 42.78% and 14.07% of the total effect, respectively. In addition, the employment expectations of non-micro enterprises, offline enterprises, and enterprises in high-risk regions were more impacted by COVID-19.
Journal: Applied Economics Letters
Pages: 1261-1265
Issue: 14
Volume: 29
Year: 2022
Month: 08
X-DOI: 10.1080/13504851.2021.1926901
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Template-Type: ReDIF-Article 1.0
Author-Name: Saini Das
Author-X-Name-First: Saini
Author-X-Name-Last: Das
Title: Long-term Agricultural Productivity and Religious Conflict:Evidence from India
Abstract: 
 This paper studies the association between agricultural productivity and religious riots in a setting of an abrupt productivity increase in India. I find heterogeneity in the impacts of the gains across different crop regions. Crop cultivation methods determine the differential allocation of labour to the conflict and agricultural sectors. I show that in the labour-intensive rice growing regions there was a decline in conflict while in the capital-intensive wheat growing regions there was not.
Journal: Applied Economics Letters
Pages: 1336-1341
Issue: 14
Volume: 29
Year: 2022
Month: 08
X-DOI: 10.1080/13504851.2021.1929819
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1929819
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Template-Type: ReDIF-Article 1.0
Author-Name: Hongyun Zheng
Author-X-Name-First: Hongyun
Author-X-Name-Last: Zheng
Author-Name: Wanglin Ma
Author-X-Name-First: Wanglin
Author-X-Name-Last: Ma
Title: Impact of ICT adoption on cosmetic expenditure of Chinese residents: an exploration accounting for urban-rural differentials
Abstract: 
 This study explores the impact of the adoption of information and communication technologies (ICTs) on cosmetic expenditure, accounting for urban-rural differentials. We employ the inverse-probability weighted regression adjustment (IPWRA) estimator, which has double-robust property, to estimate the 2018 China Family Panel Studies data. Results show that ICT adoption exerts a positive and significant impact on the cosmetic expenditure of Chinese residents, and its impact on urban residents is larger than that on their rural counterparts. Further analysis reveals that the cosmetic expenditure gap between urban and rural residents is smaller among households at higher-income quantile (relative to those at lower-income quantile) and those residing in the Central and Western regions of China (relative to those in the Eastern).
Journal: Applied Economics Letters
Pages: 1286-1291
Issue: 14
Volume: 29
Year: 2022
Month: 08
X-DOI: 10.1080/13504851.2021.1927953
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Template-Type: ReDIF-Article 1.0
Author-Name: Subroto Rapih
Author-X-Name-First: Subroto
Author-X-Name-Last: Rapih
Title: The US vs. the EU: cross-border bank flows’ origin factor and shadow banking in emerging market economies
Abstract: 
 We explore the relationship between US bank claims and European bank claims on Emerging Market Economies (EMEs) and the level of shadow banking assets in 11 major EMEs over the 18-year period spanning 2002–2019. By using a fixed-effects panel model, we find that cross-border bank flows from US banks and European banks have different effects on shadow banking assets in EMEs. Whereas US bank claims on EMEs have a positive impact on the level of shadow banking assets in EMEs, European bank claims on EMEs are significantly negatively related to the level of shadow banking in EMEs.
Journal: Applied Economics Letters
Pages: 1266-1270
Issue: 14
Volume: 29
Year: 2022
Month: 08
X-DOI: 10.1080/13504851.2021.1926902
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1926902
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Template-Type: ReDIF-Article 1.0
Author-Name: Hideo Noda
Author-X-Name-First: Hideo
Author-X-Name-Last: Noda
Title: A note on life insurance, human capital accumulation and economic growth
Abstract: 
 The purpose of this paper is to identify the conditions necessary for the effective functioning of disability insurance in the framework of an overlapping-generations model. Unlike preceding studies, we focus on demographic trends and differences in productivity between young and old workers. Our model implies that the effects of a young or old population on economic growth vary depending on whether peer effects on the process of human capital formation are positive or negative. If a positive peer effect is dominant and either the young or old population is small, economic growth might be higher when disability insurance is available than when it is not. Our results provide important suggestions for governments of the least developed countries in which insurance markets are either non-existent or underdeveloped.
Journal: Applied Economics Letters
Pages: 1271-1280
Issue: 14
Volume: 29
Year: 2022
Month: 08
X-DOI: 10.1080/13504851.2021.1927951
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1927951
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Template-Type: ReDIF-Article 1.0
Author-Name: Sabine Gralka
Author-X-Name-First: Sabine
Author-X-Name-Last: Gralka
Author-Name: Klaus Wohlrabe
Author-X-Name-First: Klaus
Author-X-Name-Last: Wohlrabe
Title: Classifying top economists using archetypoid analysis
Abstract: 
 Updating the study by Seiler and Wohlrabe (2013) we use archetypoid analysis to classify top economists. The approach allows us to identify typical characteristics of extreme (archetypal) values in a multivariate data set. In contrast to its predecessor, the archetypal analysis, archetypoids always represent actual observed units in the data. Using bibliometric data from 776 top economists we identify four archetypoids. These types represent solid, low, top and diligent performer. Each economist is assigned to one or more of these archetypoids.
Journal: Applied Economics Letters
Pages: 1342-1346
Issue: 14
Volume: 29
Year: 2022
Month: 08
X-DOI: 10.1080/13504851.2021.1959890
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1959890
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:14:p:1342-1346



Template-Type: ReDIF-Article 1.0
Author-Name: Germà Bel
Author-X-Name-First: Germà
Author-X-Name-Last: Bel
Author-Name: Stephan Joseph
Author-X-Name-First: Stephan
Author-X-Name-Last: Joseph
Author-Name: Ferran A. Mazaira-Font
Author-X-Name-First: Ferran A.
Author-X-Name-Last: Mazaira-Font
Title: The effects of moratoriums on hotel building: an anti-tourism measure, or rather protection for local incumbents?
Abstract: 
 In July 2015, the newly elected City Council of Barcelona approved a moratorium on the building of hotels. This study empirically evaluates its effect on hotel prices, using 202,019 daily observations on hotel prices between 2011 and 2017. While the inflow of tourists continued to rise after the moratorium, our synthetic control method finds that hotel prices increased significantly above pre-intervention trends. This suggests that the actual outcome of the moratorium was the protection and promotion of the interests of local industry incumbents.
Journal: Applied Economics Letters
Pages: 1319-1324
Issue: 14
Volume: 29
Year: 2022
Month: 08
X-DOI: 10.1080/13504851.2021.1927958
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1927958
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Template-Type: ReDIF-Article 1.0
Author-Name: Liang Wang
Author-X-Name-First: Liang
Author-X-Name-Last: Wang
Author-Name: Xianyan Xiong
Author-X-Name-First: Xianyan
Author-X-Name-Last: Xiong
Title: The impact of herding behaviour of Chinese securities investment funds on firm value: the mediating effects of stock price informativeness and agency cost
Abstract: 
 This paper investigates the impact of herding behaviour of Chinese Securities Investment Funds (SIFs) on firm value by taking stock price informativeness and agency cost as intermediary variables. It constructs LSV model to measure herding behaviour of SIFs, and develops logarithmic conversion method of the goodness-of-fit to characterize stock price informativeness. The stepwise regression method is employed for empirical analysis and it is found that: (i) The herding behaviour of SIFs significantly negatively affects the stock price informativeness, and the former is ‘intentional herding’ that ignores personal private information. (ii) The stock price informativeness is positively related to firm value, while agency cost has a significant negative influence on firm value. (iii) The stock price informativeness and agency cost play significant partial mediating effects between the herding behaviour of SIFs and firm value, respectively.
Journal: Applied Economics Letters
Pages: 1248-1255
Issue: 14
Volume: 29
Year: 2022
Month: 08
X-DOI: 10.1080/13504851.2021.1923633
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1923633
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Template-Type: ReDIF-Article 1.0
Author-Name: Eric Le Fur
Author-X-Name-First: Eric
Author-X-Name-Last: Le Fur
Author-Name: J. François Outreville
Author-X-Name-First: J. François
Author-X-Name-Last: Outreville
Title: Do vintage scores by regions matters? The case of French wine regions
Abstract: 
 This article examines causal relationships among vintages scores in major French wine regions using cointegration procedures, Granger non-causality test, and the Error Correction Model. Vintage data are available from the French Guide Hachette over the period 1954–2015 and from a specialized wine website Idealwine.com for the period 1919–2015. Our approach provides new results on the causality links between different wine regions. The causal relationships among the vintage scores allow to assess the influential and influenced regions. The results are potentially important for various actors such as investors, merchants or consumers to better understand the quality effect in the different regional vintage scores.
Journal: Applied Economics Letters
Pages: 1243-1247
Issue: 14
Volume: 29
Year: 2022
Month: 08
X-DOI: 10.1080/13504851.2021.1923632
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1923632
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Template-Type: ReDIF-Article 1.0
Author-Name: Shih-Bin Wu
Author-X-Name-First: Shih-Bin
Author-X-Name-Last: Wu
Author-Name: Wu-Po Liu
Author-X-Name-First: Wu-Po
Author-X-Name-Last: Liu
Title: Economic consequences of unqualified chief accounting officer announcements
Abstract: 
 This study investigates market reactions to announcements of chief accounting officer (CAO) unqualifications. Using 61 Taiwanese observations from 2006 to 2020, we find negative market reactions prior to unqualified CAO announcements. Our results also show that markets react more negatively when unqualified CAOs are female. This study suggests potential information leakage and provides implications for regulators and market participants.
Journal: Applied Economics Letters
Pages: 1256-1260
Issue: 14
Volume: 29
Year: 2022
Month: 08
X-DOI: 10.1080/13504851.2021.1925214
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1925214
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Handle: RePEc:taf:apeclt:v:29:y:2022:i:14:p:1256-1260



Template-Type: ReDIF-Article 1.0
Author-Name: Yajie Liu
Author-X-Name-First: Yajie
Author-X-Name-Last: Liu
Author-Name: Mingzhi Mao
Author-X-Name-First: Mingzhi
Author-X-Name-Last: Mao
Author-Name: Haifeng Zhang
Author-X-Name-First: Haifeng
Author-X-Name-Last: Zhang
Title: The external effect of better-educated parents on student academic outcome
Abstract: 
 This paper exploits the random assignment rule embedded in Chinese education system to investigate the external effect of better-educated parents in a class on students’ academic outcomes. Using a representative sample of Chinese middle school students, our estimation results show that a higher share of classmates with college-educated parents helps improve test scores of the students in the class. We further show that such external effect may arise from positive interactions between parents.
Journal: Applied Economics Letters
Pages: 1281-1285
Issue: 14
Volume: 29
Year: 2022
Month: 08
X-DOI: 10.1080/13504851.2021.1927952
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1927952
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Template-Type: ReDIF-Article 1.0
Author-Name: Alessandra Cepparulo
Author-X-Name-First: Alessandra
Author-X-Name-Last: Cepparulo
Author-Name: Gilles Mourre
Author-X-Name-First: Gilles
Author-X-Name-Last: Mourre
Title: Fiscal policies-growth connection: which role for the budget composition?
Abstract: 
 We assess the growth friendliness, both for the short and long term, of the budget composition over the last 16 years (2001 − 2017) for EU countries based on the OECD taxonomy of budget items – growth connection. Budget composition is still far from its optimum, sizable gaps exist for almost all EU countries.
Journal: Applied Economics Letters
Pages: 1292-1299
Issue: 14
Volume: 29
Year: 2022
Month: 08
X-DOI: 10.1080/13504851.2021.1927954
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1927954
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Template-Type: ReDIF-Article 1.0
Author-Name: Kun Lang
Author-X-Name-First: Kun
Author-X-Name-Last: Lang
Author-Name: Alexander Xincheng Li
Author-X-Name-First: Alexander Xincheng
Author-X-Name-Last: Li
Title: Disapproval rating, VIX index, COVID-19 cases and Trump’s tweeting against China
Abstract: 
 The primary goal of this paper is to provide empirical evidence for how non-trade factors attribute to the China-US trade war. Trump’s tweets provide us with a unique perspective. After analysing 31,166 Trump’s tweets, we have the following findings: (1) It’s non-trade factors rather than trade-related factors that can significantly predict whether Trump posts negative tweets involving China’s economic and trade issues. For every 1$$\% $$% increase in Trump’s disapproval rating and VIX index, the likelihood of Trump posting negative tweets involving China’s economic and trade issues increases by 0.61$$\% $$% and 0.16$$\% $$% respectively. (2) Tweeting against China sometimes becomes a tool to divert domestic criticism. After the COVID-19 outbreak, the higher growth rate of cumulative COVID-19 confirmed cases, the higher likelihood of Trump tweeting against China. (3) Tweeting against China can win public support and attention. Holding everything else constant, the number of likes and retweets of negative tweets about China are 10.2$$\% $$% and 14.6$$\% $$% more than those of positive tweets about China.
Journal: Applied Economics Letters
Pages: 1306-1312
Issue: 14
Volume: 29
Year: 2022
Month: 08
X-DOI: 10.1080/13504851.2021.1927956
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1927956
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Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin A. Jones
Author-X-Name-First: Benjamin A.
Author-X-Name-Last: Jones
Author-Name: Shana McDermott
Author-X-Name-First: Shana
Author-X-Name-Last: McDermott
Title: Infant health outcomes in mega-fire affected communities
Abstract: 
 We undertake a nationwide US study to estimate how mega-fires (defined as wildfires >100,000 acres in size) affect short-term infant health outcomes in communities located within the flame zone. This is the first study to look exclusively at mega-fires, which have unique characteristics compared to smaller wildfire events and are becoming more frequent in the US. We find that pregnant mothers in affected counties experience 0.8 percentage point greater instances of low birth weight and 1.2 percentage point greater instances of prematurity. The low birth weight finding is equivalent to what would be expected if a mother smoked approximately 6.2 cigarettes per day during pregnancy. Importantly, impacts are potentially non-linearly increasing in mega-fire size. Improved benefit-cost analyses are needed to account for mega-fire indirect impacts when making wildfire control and suppression decisions.
Journal: Applied Economics Letters
Pages: 1325-1335
Issue: 14
Volume: 29
Year: 2022
Month: 08
X-DOI: 10.1080/13504851.2021.1927959
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1927959
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Template-Type: ReDIF-Article 1.0
Author-Name: Qinxin Guo
Author-X-Name-First: Qinxin
Author-X-Name-Last: Guo
Author-Name: Junyi Shen
Author-X-Name-First: Junyi
Author-X-Name-Last: Shen
Title: A comparison between mixed logit model and latent class logit model for multi-profile best-worst scaling: evidence from mobile payment choice dataset
Abstract: 
 This paper uses a multi-profile best-worst scaling dataset to compare the mixed logit model and the latent class logit model for mobile payment choice. Three non-nested tests are applied to show the comparison results. The results indicate that the mixed logit model is superior to the latent class logit model in all three tests.
Journal: Applied Economics Letters
Pages: 1300-1305
Issue: 14
Volume: 29
Year: 2022
Month: 08
X-DOI: 10.1080/13504851.2021.1927955
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1927955
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Author-Name: Kyoung Tae Kim
Author-X-Name-First: Kyoung Tae
Author-X-Name-Last: Kim
Author-Name: Sherman D. Hanna
Author-X-Name-First: Sherman D.
Author-X-Name-Last: Hanna
Author-Name: Jonghee Lee
Author-X-Name-First: Jonghee
Author-X-Name-Last: Lee
Title: The great expansion of 2019 and the delinquency rates of blacks and hispanics
Abstract: 
 During a period of increasing prosperity, the U.S. debt delinquency rate decreased between 2016 and 2019, with a relatively large decrease for Asians households and somewhat smaller decrease for Blacks and Whites, while the rate for Hispanics stayed constant. Blacks were more likely to be delinquent than Whites and Hispanics. Controlling for household characteristics, there was not a significant year effect for delinquency, suggesting that changes in household characteristics accounted for the overall decrease between 2016 and 2019. Additional analyses showed the Black delinquency rate in 2016 was not significantly different from the White rate, but was higher than the White rate in 2019. In both years, Hispanics had lower delinquency rates than Blacks. We discuss possible explanations for the differences between Hispanics and Blacks.
Journal: Applied Economics Letters
Pages: 1313-1318
Issue: 14
Volume: 29
Year: 2022
Month: 08
X-DOI: 10.1080/13504851.2021.1927957
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# input file: catalog-resolver4260838620556864211.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Yuan Feng
Author-X-Name-First: Yuan
Author-X-Name-Last: Feng
Author-Name: Changfei Nie
Author-X-Name-First: Changfei
Author-X-Name-Last: Nie
Title: The effect of housing price on health: new evidence from China
Abstract: 
 This paper examines the effect of housing price on health of China’s urban residents, and further explores the issue of health inequality. We find that the increase of housing price significantly improves people’s physical health, but hurts their mental health, and this effect is affected by residents’ housing wealth. Furthermore, the health inequality related to housing wealth exists in mental health rather than physical health.
Journal: Applied Economics Letters
Pages: 1439-1446
Issue: 15
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2022.2040726
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2040726
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# input file: catalog-resolver-4269691835182870724.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Muhammad Abubakr Naeem
Author-X-Name-First: Muhammad Abubakr
Author-X-Name-Last: Naeem
Author-Name: Mabruk Billah
Author-X-Name-First: Mabruk
Author-X-Name-Last: Billah
Author-Name: Mohamed Marei
Author-X-Name-First: Mohamed
Author-X-Name-Last: Marei
Author-Name: Faruk Balli
Author-X-Name-First: Faruk
Author-X-Name-Last: Balli
Title: Quantile connectedness between Sukuk bonds and the impact of COVID-19
Abstract: 
 The purpose of this study is to investigate the return connectedness in the median, left, and right tail, using the novel methodology of quantile-based connectedness proposed by Ando et al. (2018). We use daily data covering the period from 1 January 2013 to 27 October 2020, which includes different financial crises occurring in GCC, Turkey, Malaysia, and Indonesia. Furthermore, analysing the dynamic connectedness, the Sukuk market was significantly influenced by the COVID-19 pandemic. Our findings reveal that the spillover structures in both upper and lower tails differ from those observed in the middle quantile. Finally, we find that Bahrain, Malaysia, Oman, and Qatar transmitted more spillovers than they admitted during the COVID-19 outbreak. These findings offer vital implications for regulators and policymakers, investors, traders, and portfolio managers regarding whether diversification across Sukuk indices is achievable during turbulent periods like COVID-19.
Journal: Applied Economics Letters
Pages: 1378-1387
Issue: 15
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1934384
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1934384
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# input file: catalog-resolver705268281338676084.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Ilias Kostarakos
Author-X-Name-First: Ilias
Author-X-Name-Last: Kostarakos
Title: Public debt and aggregate investment in the EU
Abstract: 
 In this paper, I study the public debt-aggregate investment nexus in a panel of EU countries. The empirical approach is based on the common factor framework, which allows accounting for cross-country heterogeneity and cross-sectional dependence. The empirical results indicate that public debt has, on average, an adverse effect that is more pronounced in the public investment case. Moreover, there are evidence indicating the presence of a nonlinear relationship between debt and investment.
Journal: Applied Economics Letters
Pages: 1358-1364
Issue: 15
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1931655
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1931655
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# input file: catalog-resolver-9120573853380629626.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Zhitao Wang
Author-X-Name-First: Zhitao
Author-X-Name-Last: Wang
Author-Name: Qiuyan Wang
Author-X-Name-First: Qiuyan
Author-X-Name-Last: Wang
Author-Name: Zi Nie
Author-X-Name-First: Zi
Author-X-Name-Last: Nie
Author-Name: Bingcheng Li
Author-X-Name-First: Bingcheng
Author-X-Name-Last: Li
Title: Corporate financial distress prediction based on controlling shareholder’s equity pledge
Abstract: 
 In the past literature, the prediction model of financial distress mainly used the information of corporate finance and corporate governance, and less considered the predictive effect of controlling shareholder information. Based on the sample of A-share listed companies in China from 2014 to 2019, this paper empirically investigates the incremental effect of controlling shareholder’s equity pledge on improving the accuracy of financial distress prediction. It is found that the information of controlling shareholder’s equity pledge can significantly improve the accuracy of financial distress prediction. After changing the definition of the explained variable and the data source, the conclusion remains robust. This paper verifies the role of controlling shareholder’s equity pledge in predicting financial distress, extends the selection of financial distress prediction model variables to the controlling shareholder level, and enriches the research on the economic consequences of equity pledge.
Journal: Applied Economics Letters
Pages: 1365-1368
Issue: 15
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1931656
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1931656
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# input file: catalog-resolver8252692246591163833.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Yong Yang
Author-X-Name-First: Yong
Author-X-Name-Last: Yang
Author-Name: Youqing Fan
Author-X-Name-First: Youqing
Author-X-Name-Last: Fan
Author-Name: Hao Liu
Author-X-Name-First: Hao
Author-X-Name-Last: Liu
Title: The role of top leadership team’s cognitive framework in COVID-19 control and economic recovery in China
Abstract: 
 This study aims to discuss how China’s top leadership team’s (CTLT) cognitive framework helped them quickly minimize the impact of COVID-19 and enter economic recovery. We find that cognitive framework of CTLT based on Yin-Yang philosophy balancing exerted the following effects: (1) It helped CTLT determine the relative significance of COVID-19 control and economic recovery from a higher level goal of Chinese people’s life and health. (2) It helped CTLT determine opportunities conducive to economic recovery from COVID-19. (3) It helped Chinese leaders quickly identify the central paradox in COVID-19 and mobilize the available resources to address it.
Journal: Applied Economics Letters
Pages: 1420-1427
Issue: 15
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1937488
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1937488
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# input file: catalog-resolver8258702297063790443.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Claudia Prieto-Latorre
Author-X-Name-First: Claudia
Author-X-Name-Last: Prieto-Latorre
Author-Name: Oscar D. Marcenaro-Gutiérrez
Author-X-Name-First: Oscar D.
Author-X-Name-Last: Marcenaro-Gutiérrez
Title: Socioeconomic school segregation in Canary Islands
Abstract: 
 This study provides evidence about the degree of socioeconomic segregation in Spain’s primary schools. In particular, the analysis is based on data from Canary Islands, a Spanish region with low level of academic performance and high level of students enrolled in fully public schools. The approach used to study school segregation deepens on the contribution of the type of school funding to the overall school segregation, which is addressed using the Hutchens Index. Results suggest that differences between fully state-funded schools and private schools account for 20–30% of the total level of segregation.
Journal: Applied Economics Letters
Pages: 1347-1351
Issue: 15
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1929820
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1929820
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# input file: catalog-resolver1746999177776441768.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Stijn Baert
Author-X-Name-First: Stijn
Author-X-Name-Last: Baert
Title: What shifts did covid-19 year 2020 bring to the labour market in Europe?
Abstract: 
 This article discusses the evolution of key labour market indicators in the EU-27 countries between 2019 and 2020, i.e. between the year before the covid-19 crisis broke out and the year in which it impacted the economy heavily. Whereas earlier studies have dealt with the evolution of unemployment in 2020, often country by country, this article focuses on describing the evolution of unemployment as well as inactivity across European countries. It appears that the Southern European countries, in particular, recorded increases in inactivity, while the Baltic States experienced higher growth in unemployment. In many other countries, unemployment and inactivity remained remarkably stable despite covid-19. The country comparison bears many similarities to that in 2009, when the Great Recession knocked back the European economy.
Journal: Applied Economics Letters
Pages: 1447-1454
Issue: 15
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1959893
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1959893
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# input file: catalog-resolver-3024453205195231572.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Yanzhao Lv
Author-X-Name-First: Yanzhao
Author-X-Name-Last: Lv
Author-Name: Jingzhe Piao
Author-X-Name-First: Jingzhe
Author-X-Name-Last: Piao
Author-Name: Boning Li
Author-X-Name-First: Boning
Author-X-Name-Last: Li
Author-Name: Meijuan Yang
Author-X-Name-First: Meijuan
Author-X-Name-Last: Yang
Title: Does online investor sentiment impact stock returns? Evidence from the Chinese stock market
Abstract: 
 The authors use crawler software to capture the data of investor post content and reading volume from the stock bar of Eastmoney and then utilize textual analysis method to construct positive and negative investor sentiment indicators. The authors use VAR model to examine the Granger causality between investor sentiment and stock returns for the Chinese stock market. The results indicate that negative sentiment indicators have more explanatory power in determining stock returns than positive sentiment indicators. Evidence from impulse responses also shows that investor sentiment reacts to stock returns in short-term.
Journal: Applied Economics Letters
Pages: 1434-1438
Issue: 15
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1937490
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1937490
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# input file: catalog-resolver-351081303734040305.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Ayse Ozden Birkan
Author-X-Name-First: Ayse Ozden
Author-X-Name-Last: Birkan
Title: Testing the balance of payments constrained growth model in a VECM framework: the cases of Brazil, Korea, Mexico and Turkey
Abstract: 
 The aim of this study is to explore the empirical application of a previously unexplored procedure to systematically estimate and test the tenets of the balance of payments constrained growth (BOPCG) the model within a VECM framework. The three structural equations that constitute the BOPCG model are estimated as long run equilibrium relations using the Johansen cointegration analysis technique for Brazil, Korea, Mexico and Turkey over the 1980–2016 period. The BOPCG hypothesis is then tested in terms of non-linear coefficient restrictions on the cointegrating vectors. Hypotheses on the exogeneity of real exchange rate and the world income are also tested in terms of tests on the adjustment coefficients. Results provide evidence in favour of Thirlwall’s Law for the cases of Brazil and Korea.
Journal: Applied Economics Letters
Pages: 1414-1419
Issue: 15
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1937487
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1937487
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# input file: catalog-resolver-3309480196645473304.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Jianfeng Huang
Author-X-Name-First: Jianfeng
Author-X-Name-Last: Huang
Title: Triangular arbitrage across forex and cryptocurrency markets during the COVID-19 crisis: a MRS-AR approach
Abstract: 
 This article employs a Markovian regime-switching autoregressive approach to examine triangular arbitrage across forex and cryptocurrency markets during the coronavirus disease 2019 crisis. The findings suggest the following: (1) profitable triangular arbitrage tends to occur in the turbulent period during the crisis, significantly outperforming cryptocurrency investments; and (2) the persistent profitability of triangular arbitrage ensues from strong memory of high returns, low risk, and shock response to global quantitative monetary easing policy. Regulatory authorities should consolidate cryptocurrency supervision systems and establish cross-border coordination mechanisms to stabilize exchange rates and enhance market efficiency.
Journal: Applied Economics Letters
Pages: 1352-1357
Issue: 15
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1930998
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1930998
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# input file: catalog-resolver-8319994571983316995.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Roberto Ganau
Author-X-Name-First: Roberto
Author-X-Name-Last: Ganau
Author-Name: Andrés Rodríguez-Pose
Author-X-Name-First: Andrés
Author-X-Name-Last: Rodríguez-Pose
Title: Credit constraints in European SMEs: does regional institutional quality matter?
Abstract: 
 We analyse the investment-to-cash flow relationship in Europe using a sample of manufacturing small- and medium-sized enterprises (SME) over the period 2009–2016. We investigate the effect of regional institutional quality on the investment-to-cash flow sensitivity, finding that, although credit constraints remain a serious problem for European SMEs, high-quality regional institutions contribute to mitigate the dependency on internally-generated resources to finance new investments. Improvements in local institutional quality can therefore facilitate SMEs’ access to credit – e.g. through inter-firm trade credit relationships –, but are insufficient to overcome the credit restrictions faced by European SMEs.
Journal: Applied Economics Letters
Pages: 1388-1392
Issue: 15
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1934385
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1934385
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# input file: catalog-resolver2239603068230088268.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Uri Gneezy
Author-X-Name-First: Uri
Author-X-Name-Last: Gneezy
Author-Name: Katharina Laske
Author-X-Name-First: Katharina
Author-X-Name-Last: Laske
Author-Name: Marina Schröder
Author-X-Name-First: Marina
Author-X-Name-Last: Schröder
Title: Teams do not outperform individuals in a simple creative task
Abstract: 
 We compare the performance of teams with that of individuals in a simple creative task – generating a title for a short video. To measure performance, we assess the quality of titles using click rate as well as subjective assessment of the fit between the title and the video. Although teams are costlier to organizations, we find no significant differences in the performance of teams relative to that of individuals. As a result, in the task we use in this paper, allocating creative work to individuals is more efficient than allocating it to teams.
Journal: Applied Economics Letters
Pages: 1393-1398
Issue: 15
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1934386
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1934386
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# input file: catalog-resolver-3346682517751421888.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Zhong-Qiang Zhou
Author-X-Name-First: Zhong-Qiang
Author-X-Name-Last: Zhou
Author-Name: Ping Huang
Author-X-Name-First: Ping
Author-X-Name-Last: Huang
Author-Name: Desheng Fu
Author-X-Name-First: Desheng
Author-X-Name-Last: Fu
Author-Name: Wei Zhang
Author-X-Name-First: Wei
Author-X-Name-Last: Zhang
Title: Behavioural heterogeneity and equity premium volatility in China
Abstract: 
 This paper develops a simple heterogeneous agents model with fundamentalists and chartists. It examines whether investors’ behavioural heterogeneity is related to excess volatility of equity premium in the Chinese stock market. To calculate deviations between the realized and expected values of the equity premium, we use consumption growth model and dividend growth model to estimate the expected equity premiums of CSI 300 from January 2005 to December 2019. After estimating the heterogeneous agents model using the CSI 300 monthly data, we find that investors’ heterogeneity in price trends and trading strategies can significantly explain excess volatility of equity premium. Our analysis of two significant fluctuations, specifically the booms and busts of 2007–2008 and 2014–2015, further corroborates our key finding that investors’ behavioural heterogeneity plays an important role in explaining excess volatility of equity premium.
Journal: Applied Economics Letters
Pages: 1399-1404
Issue: 15
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1937033
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1937033
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# input file: catalog-resolver-4496506046830820898.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Wei Zhang
Author-X-Name-First: Wei
Author-X-Name-Last: Zhang
Author-Name: Haifeng Li
Author-X-Name-First: Haifeng
Author-X-Name-Last: Li
Author-Name: Shuang Cao
Author-X-Name-First: Shuang
Author-X-Name-Last: Cao
Title: Does the Shanghai-Hong Kong stock connect policy reduce China’s A-H share price premium?
Abstract: 
 The Shanghai-Hong Kong Stock Connect programme provides a perfect experimental setting to test cross-listing theories. Using daily panel data of 54 firms dually listed on the Shanghai A-share and Hong Kong H-share markets from 4 January 2011 to 29 November 2019, this paper investigates the effect of the programme on A-H premium. The results demonstrate that the programme did not narrow the A-H valuation gaps, but rather significantly promoted the premium. The results also confirm the conventional arguments of information asymmetry, demand differential, and investors’ risk preference differential, which are proposed to explain price disparities between dual-listed stocks, but challenge liquidity differential and market risk differential hypotheses.
Journal: Applied Economics Letters
Pages: 1428-1433
Issue: 15
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1937489
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1937489
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# input file: catalog-resolver4529532552304623723.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Khanh Hoang
Author-X-Name-First: Khanh
Author-X-Name-Last: Hoang
Author-Name: Thanh Tat Tran
Author-X-Name-First: Thanh Tat
Author-X-Name-Last: Tran
Title: Policy uncertainty and intellectual capital investment
Abstract: 
 This paper investigates the relationship between economic policy uncertainty (EPU) and corporate intellectual capital (IC) investment. The empirical results, which are based on a wide range of econometric tests, demonstrate a negative impact of EPU on IC investment, thus lending support to the notion that EPU hinders corporate IC investment. The analysis also indicates that the negative impact of EPU on IC investment varies cross-sectionally. It is prominent only in large firms and financially constrained firms, suggesting such firms reduce or delay IC investment during heightened EPU periods. EPU does not significantly affect the IC investment in small firms and firms with less financial constraints. Our findings are broadly consistent with existing studies in the literature and remain qualitatively unchanged after a battery of robustness and endogeneity tests.
Journal: Applied Economics Letters
Pages: 1369-1377
Issue: 15
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1934383
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1934383
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# input file: catalog-resolver-5589193506306393447.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Ştefan Cristian Gherghina
Author-X-Name-First: Ştefan Cristian
Author-X-Name-Last: Gherghina
Author-Name: Liliana Nicoleta Simionescu
Author-X-Name-First: Liliana Nicoleta
Author-X-Name-Last: Simionescu
Title: Exploring the co-movements between stock market returns and COVID‑19 pandemic: evidence from wavelet coherence analysis
Abstract: 
 This paper aims to explore the stock market returns-COVID-19 interdependence via wavelet coherence analysis. The sample comprises the top 15 affected countries by novel coronavirus outbreak, covering each continent over the period 1 January 2020 to 23 July 2020. Using daily stock index returns, COVID-19 new cases and new deaths, the empirical findings reveal that most of the stock market returns are in phase (cyclical effects) with pandemic variables, whereas a couple of stock index returns exhibit an out-of-phase behaviour (anti-cyclical effects).
Journal: Applied Economics Letters
Pages: 1405-1413
Issue: 15
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1937034
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1937034
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# input file: RAEL_A_1937494_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Yuyu Wu
Author-X-Name-First: Yuyu
Author-X-Name-Last: Wu
Author-Name: Sihao Li
Author-X-Name-First: Sihao
Author-X-Name-Last: Li
Author-Name: Zhi Cao
Author-X-Name-First: Zhi
Author-X-Name-Last: Cao
Title: The effect of financialization on management earnings forecasts
Abstract: 
 We examine the effect of financialization on management earnings forecasts. Using a sample of Chinese main board listed companies over 8 years, we find that financialization decreases the probability and frequency of issuing management earnings forecasts. The results imply that financialization impedes firms’ information disclosure and may negatively affect their long-term performance.
Journal: Applied Economics Letters
Pages: 1466-1469
Issue: 16
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1937494
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1937494
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# input file: RAEL_A_2097170_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Liang Wang
Author-X-Name-First: Liang
Author-X-Name-Last: Wang
Author-Name: Wenyan Cao
Author-X-Name-First: Wenyan
Author-X-Name-Last: Cao
Title: Separation of control and cash flow rights, ultimate controlling shareholders’ equity pledge ratio and risk of control transfer--evidence from Chinese A-share listed companies
Abstract: 
 Listed companies with a higher separation of two rights have less risk of control transfer of the ultimate controlling shareholder. The ultimate controlling shareholder’s equity pledge ratio plays a remarkable mediating role in this process. At different pledge rates, the ultimate controlling shareholder’s equity pledge exhibits an ‘encroachment’ or ‘incentive’ effect on corporate governance, respectively, resulting in an inverted U-shaped relationship between equity pledge rate and the risk of control transfer. Company size has a heterogeneous effect on the risk of control transfer, while shareholding concentration has heterogeneous and single threshold impacts on this risk.
Journal: Applied Economics Letters
Pages: 1533-1540
Issue: 16
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2022.2097170
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2097170
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# input file: RAEL_A_1942426_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Yongyou Nie
Author-X-Name-First: Yongyou
Author-X-Name-Last: Nie
Author-Name: Kai Wan
Author-X-Name-First: Kai
Author-X-Name-Last: Wan
Author-Name: Fan Wu
Author-X-Name-First: Fan
Author-X-Name-Last: Wu
Author-Name: Weiyong Zou
Author-X-Name-First: Weiyong
Author-X-Name-Last: Zou
Author-Name: Tsangyao Chang
Author-X-Name-First: Tsangyao
Author-X-Name-Last: Chang
Title: Local government competition, development zones and urban green innovation: an empirical study of Chinese cities
Abstract: 
 Improving the level of green innovation is indispensable for sustainable urban development. This article uses China’s city-level data from 2000 to 2018 as a sample to test the impact and mechanism of local government competition on urban green innovation. We find that local government competition on environment has an evidently positive impact on green innovation, and there is a significant spatial spillover effect. Further channel inspection results show that local government competition affects green innovation through the establishment of development zones. Our research will help improve the level of urban green innovation and provide a theoretical reference for local governments’ policy-making. Besides, our results show that the mechanism of building development zones through which local environmental competition affects green innovation is more effective in eastern China.
Journal: Applied Economics Letters
Pages: 1509-1514
Issue: 16
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1942426
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1942426
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# input file: RAEL_A_1937495_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Zhi-Long Dong
Author-X-Name-First: Zhi-Long
Author-X-Name-Last: Dong
Author-Name: Min-Xing Zhu
Author-X-Name-First: Min-Xing
Author-X-Name-Last: Zhu
Author-Name: Feng-Min Xu
Author-X-Name-First: Feng-Min
Author-X-Name-Last: Xu
Title: Robo-advisor using closed-form solutions for investors’ risk preferences
Abstract: 
 In this article, we design a robo-advisor which has a bi-level framework. The framework enables it to handle a large amount of assets using fast algorithms in the lower level. The proposed robo-advisor can utilize the closed-form solutions for investors’ risk preferences based on corresponding portfolio choices. A dynamic weight is applied to update investors’ risk preferences. Numerical results based on real data in Chinese stock market show that our proposed robo-advisor can accurately estimate the risk preferences of investors and outperform the benchmark formed by market indexes.
Journal: Applied Economics Letters
Pages: 1470-1477
Issue: 16
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1937495
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1937495
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# input file: RAEL_A_1946002_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Tianheng Wang
Author-X-Name-First: Tianheng
Author-X-Name-Last: Wang
Title: The impact of education on mental health: evidence from compulsory education law in China
Abstract: 
 This paper investigates the causal effect of education on mental health by using the exogenous variation in years of schooling arising from the compulsory schooling law implemented in China during the 1980s and 1990s. Using data from China Family Panel Studies, the paper finds evidence for significant protective effects of educational attainment on mental health. The results show that one extra year of schooling improves the mental health scale by 0.14 standard deviations. Furthermore, the mechanism analysis shows that education positively affects self-assessed income and social status and improves individuals’ cognitive ability.
Journal: Applied Economics Letters
Pages: 1515-1521
Issue: 16
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1946002
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1946002
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# input file: RAEL_A_1940081_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Songlin Zeng
Author-X-Name-First: Songlin
Author-X-Name-Last: Zeng
Author-Name: Zhenyi Wang
Author-X-Name-First: Zhenyi
Author-X-Name-Last: Wang
Author-Name: C. James Hueng
Author-X-Name-First: C. James
Author-X-Name-Last: Hueng
Author-Name: Sainan Huang
Author-X-Name-First: Sainan
Author-X-Name-Last: Huang
Title: Does too much finance suppress a country’s participation in the global value chains?
Abstract: 
 Using a dynamic panel threshold model, we find a nonlinear effect of financial development on participation in the global value chains for 92 countries. The effect is positive below a threshold and turns negative above it. We provide evidence supporting our explanation that when a country’s financial system develops to a certain level, it serves foreign buyers by engaging more in outward foreign direct investments instead of enhancing its participation in the global value chains.
Journal: Applied Economics Letters
Pages: 1504-1508
Issue: 16
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1940081
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1940081
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# input file: RAEL_A_1946470_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Harold Glenn Valera
Author-X-Name-First: Harold Glenn
Author-X-Name-Last: Valera
Author-Name: Jean Balié
Author-X-Name-First: Jean
Author-X-Name-Last: Balié
Author-Name: Emiliano Magrini
Author-X-Name-First: Emiliano
Author-X-Name-Last: Magrini
Title: Is rice price a major source of inflation in the Philippines? A panel data analysis
Abstract: 
 We estimate a panel vector auto-regression model using monthly prices for 17 regions in the Philippines from 2007 to 2019. Our results suggest that the effect of rice price on inflation is larger than the effect of fuel price and remittances. The results obtained are robust to various model specifications, different sub-periods, and inflation proxies. The impulse response functions for sub-samples of regions show two remarkable results. First, the response of inflation to a rice price shock varies according to poverty incidence by region. Second, the magnitude and persistence of this effect are larger for regions with high poverty rates. These results suggest that the Central Bank should keep alert in monitoring and assessing key developments in rice prices and supply.
Journal: Applied Economics Letters
Pages: 1528-1532
Issue: 16
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1946470
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1946470
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# input file: RAEL_A_1937492_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Tong Meng
Author-X-Name-First: Tong
Author-X-Name-Last: Meng
Author-Name: Shibin Lyu
Author-X-Name-First: Shibin
Author-X-Name-Last: Lyu
Title: The impact of the selective two-child policy on residents’ fertility intentions in China
Abstract: 
 The research uses CGSS, a family survey data, to study the impact of the second phase of the selective two-child policy (STCP II) on residents’ fertility intentions in China. It finds that the policy does improve residents’ two-child fertility intentions, which is more significant in the younger groups. The research results suggest that relaxing the family planning policies does increase the residents’ willingness to have more children in the short term.
Journal: Applied Economics Letters
Pages: 1455-1459
Issue: 16
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1937492
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1937492
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# input file: RAEL_A_1940079_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Alfred Greiner
Author-X-Name-First: Alfred
Author-X-Name-Last: Greiner
Author-Name: Benjamin Owusu
Author-X-Name-First: Benjamin
Author-X-Name-Last: Owusu
Title: Who is discriminated most in the EU? An analysis of the Covid-19 compensation fund
Abstract: 
 The European Union has set up a fund in order to compensate countries for damages resulting from Covid-19 that hit the economies in an asymmetric way. We argue that payments should be based only on relative damages, expressed as losses relative to GDP, and any distribution mechanism implying that damages in the countries are treated differently is discriminatory. Hence, we compute the compensation payments if the resources of the fund are spent according to the relative loss in GDP. Finally, we compare the compensations relative to the losses in GDP, resulting from the application of that principle, with those obtained by distributing the funds as suggested by the Council of the European Union. Our results provide evidence of discrimination by the EU Covid-19 compensation package.
Journal: Applied Economics Letters
Pages: 1493-1497
Issue: 16
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1940079
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1940079
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# input file: RAEL_A_1939853_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Minsoo Han
Author-X-Name-First: Minsoo
Author-X-Name-Last: Han
Title: Labour reallocation and total factor productivity losses from financial constraints in the Buera-Shin model
Abstract: 
 The previous study by Buera and Shin develop a dynamic general equilibrium model where financial constraints affect resource allocation across heterogeneous agents and therefore total factor productivity (TFP). The present article raises the issue that concerns their calibration approach. While the model allows for endogenous entry and exit of producers, its simulated moments on labour reallocation along the intensive and extensive margins are not consistent with the relevant data. Then a modified version of the model that is consistent with the data is proposed. The modified model predicts that TFP losses from financial constraints are smaller. Based on the findings, this article argues that statistics on labour reallocation along the intensive and extensive margins should be moments which help to discipline the model with endogenous entry and exit.
Journal: Applied Economics Letters
Pages: 1483-1488
Issue: 16
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1939853
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1939853
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# input file: RAEL_A_1937493_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Sha Wu
Author-X-Name-First: Sha
Author-X-Name-Last: Wu
Author-Name: Yuehua Jiao
Author-X-Name-First: Yuehua
Author-X-Name-Last: Jiao
Title: The belt and road initiative and the executive compensation contract: evidence from Chinese security market
Abstract: 
 Extant research mainly focus on the impact of the BRI on the macro-economy. More importantly, the BRI should also have a profound impact on the real economy, but this string of literature is still lacking. Our study will explore the governance effect of the BRI from the perspective of executive compensation. We found that the BRI has improved the effectiveness of executive compensation contract significantly and that this governance effect is more pronounced in enterprises where the power of management is lower and in those that face less intensive market competition. The BRI can also improve the effectiveness of executive compensation contract by strengthening supervision and optimizing remuneration contracts.
Journal: Applied Economics Letters
Pages: 1460-1465
Issue: 16
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1937493
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1937493
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# input file: RAEL_A_1946469_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Jose Cuesta
Author-X-Name-First: Jose
Author-X-Name-Last: Cuesta
Author-Name: Cristian Chagalj
Author-X-Name-First: Cristian
Author-X-Name-Last: Chagalj
Title: Do border policies reduce flows of Venezuelan migrants?
Abstract: 
 Conventional wisdom suggests that migration policy has a significant, unidirectional effect on migration, namely, that tough policies slash inflows, while the reverse is true for permissive policies. We do not find evidence for this in the current Venezuelan migration crisis. In reality, policies shift following large inflows as much as large inflows follow policy shifts. This finding brings into question the efficacy of unilateral and uncoordinated border policies.
Journal: Applied Economics Letters
Pages: 1522-1527
Issue: 16
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1946469
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1946469
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# input file: RAEL_A_1940080_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Claude Bergeron
Author-X-Name-First: Claude
Author-X-Name-Last: Bergeron
Title: Benchmark, relative return, and asset pricing
Abstract: 
 In this note, we develop a simple asset pricing model using the relative return to a benchmark. The model makes no assumption on free-risk securities, equilibrium conditions, utility functions, diffusion processes, probability distributions, or return generating processes. Our main result indicates that the asset’s expected return is equal to the expected return of the lowest-risk asset, plus a risk premium directly proportional to the covariance between the asset’s excess return and the benchmark factor. This suggests that an asset pricing model can be built without restrictive assumptions. This also suggests that the classic CAPM can be viewed as a special case of our benchmark model.
Journal: Applied Economics Letters
Pages: 1498-1503
Issue: 16
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1940080
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1940080
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# input file: RAEL_A_1963408_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Stephen Hall
Author-X-Name-First: Stephen
Author-X-Name-Last: Hall
Author-Name: Marisol Lopez
Author-X-Name-First: Marisol
Author-X-Name-Last: Lopez
Author-Name: Stuart Murray
Author-X-Name-First: Stuart
Author-X-Name-Last: Murray
Author-Name: Bernadette O’Hare
Author-X-Name-First: Bernadette
Author-X-Name-Last: O’Hare
Title: Government revenue, quality of governance and child and maternal survival
Abstract: 
 This paper considers the effect of government revenue and the quality of governance on the under-five and maternal survival rates. A non-linear panel data study was undertaken using annual data for every country in the world. The study’s broad conclusion is that while government resources, measured as total revenue received by a country’s government, is essential, the quality of governance is even more critical in determining a good outcome for both mother and child.
Journal: Applied Economics Letters
Pages: 1541-1546
Issue: 16
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1963408
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1963408
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# input file: RAEL_A_1939852_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Bui Hoang Ngoc
Author-X-Name-First: Bui Hoang
Author-X-Name-Last: Ngoc
Author-Name: Nguyen Huu Khoi
Author-X-Name-First: Nguyen Huu
Author-X-Name-Last: Khoi
Title: Exploring the convergence of per capita electricity consumption in ASEAN countries: a spatial econometric analysis
Abstract: 
 The convergence of per capita electricity consumption has attracted policy-makers because it provides many important suggestions for common regional policies. However, the convergence hypothesis has much less attention in the emerging country. The study aims to identify a potential absolute-convergence hypothesis of per capita electricity consumption in 10 ASEAN countries from 1980 to 2018. The empirical result by applying a spatial econometric analysis showed that the absolute beta convergence hypothesis of per capita electricity consumption is valid for the ASEAN community context. The findings would provide ASEAN members with more insights to plan sustainable energy development strategies.
Journal: Applied Economics Letters
Pages: 1478-1482
Issue: 16
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1939852
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1939852
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# input file: RAEL_A_1940077_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Soojoong Nam
Author-X-Name-First: Soojoong
Author-X-Name-Last: Nam
Author-Name: Weining Bi
Author-X-Name-First: Weining
Author-X-Name-Last: Bi
Author-Name: David Kim
Author-X-Name-First: David
Author-X-Name-Last: Kim
Title: The SDR and influences on the currency swap agreements for RMB
Abstract: 
 We analyse the determinants of RMB as an international reserve currency and the impact of joining the Special Drawing Rights (SDR) on the currency swap agreements between China and other countries. A panel logit model is estimated using annual data for China and 33 countries for the period from 2009 to 2018. The results show that the relative economic size, trade dependence, interest rate differential, and geopolitical relation are important for determining the likelihood of signing the RMB bilateral swap agreements between China and the partner countries. Our analysis also reveals that RMB’s inclusion in the SDR was an important factor raising the probability of concluding an RMB bilateral swap agreement.
Journal: Applied Economics Letters
Pages: 1489-1492
Issue: 16
Volume: 29
Year: 2022
Month: 09
X-DOI: 10.1080/13504851.2021.1940077
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# input file: RAEL_A_1949429_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Dominica Bartnik
Author-X-Name-First: Dominica
Author-X-Name-Last: Bartnik
Author-Name: Paul Edward Gabriel
Author-X-Name-First: Paul Edward
Author-X-Name-Last: Gabriel
Author-Name: Susanne Schmitz
Author-X-Name-First: Susanne
Author-X-Name-Last: Schmitz
Title: The impact of occupational feminization on the gender wage gap and estimates of wage discrimination
Abstract: 
 This study assesses the male-female wage gap across occupational categories ranked by gender density using data from the U.S. Current Population Survey. Our empirical findings suggest a consistent relationship between occupational feminization and the gender wage gap: female-dominated occupations have the lowest average earnings for men and women, whereas male-dominated occupations have the lowest gender wage gap. Gender-neutral occupations have the highest male and female wages, the largest gender wage gap, and the lowest estimated levels of wage discrimination.
Journal: Applied Economics Letters
Pages: 1605-1609
Issue: 17
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1949429
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1949429
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# input file: RAEL_A_1947956_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Chen-Yu Pan
Author-X-Name-First: Chen-Yu
Author-X-Name-Last: Pan
Author-Name: Pi-Han Tsai
Author-X-Name-First: Pi-Han
Author-X-Name-Last: Tsai
Title: The discontinuous effect of economic performance on political turnover
Abstract: 
 This paper re-examines the asymmetric marginal effect of economic variables on voting. By applying the comprehensive cross-country panel data of democracies from 1975 to 2016, the empirical results demonstrate that there is a striking discontinuity in the relationship between economic performance and political turnover, in the sense that voters are sensitive to incumbents’ economic performance when the countries are during the economic prosperity but are less sensitive during the economic recession. The results are robust no matter we use the absolute growth rate or relative growth rate of the country, and no matter voters’ reaction in response to political turnover is conditional on the institutional factor or not.
Journal: Applied Economics Letters
Pages: 1564-1570
Issue: 17
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1947956
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1947956
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# input file: RAEL_A_1946471_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Meng Wang
Author-X-Name-First: Meng
Author-X-Name-Last: Wang
Author-Name: Wanlong Zhao
Author-X-Name-First: Wanlong
Author-X-Name-Last: Zhao
Author-Name: Yunqing Tao
Author-X-Name-First: Yunqing
Author-X-Name-Last: Tao
Title: Does voluntary disclosure on an internet platform affect analyst forecast accuracy?
Abstract: 
 We explore how voluntary disclosure on an Internet platform affects analyst behaviour. We find that the higher the level of voluntary disclosure on the ‘hudongyi’ platform of China’s Shenzhen Stock Exchange, the greater the error in analyst forecasts. Voluntary disclosure on this platform provides analysts with heuristic clues, and heuristic cognitive biases increase analysts’ forecasting errors. In addition, social media has a partial mediation effect between voluntary disclosure and analyst forecast errors.
Journal: Applied Economics Letters
Pages: 1547-1555
Issue: 17
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1946471
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1946471
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# input file: RAEL_A_1950904_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Cem Okan Tuncel
Author-X-Name-First: Cem Okan
Author-X-Name-Last: Tuncel
Author-Name: Deniz Oktay
Author-X-Name-First: Deniz
Author-X-Name-Last: Oktay
Title: Innovation and productivity in Turkish manufacturing firms
Abstract: 
 This paper presents a CDM model to investigate the relationship between innovation and productivity for Turkey as a developing country. The results suggest that innovation expenditure increases the probability of innovation, and that innovation affects productivity positively, when other relevant variables are controlled for. As well as the industry-specific concentration ratio, we also investigated the role of firm-specific determinants of innovation such as human capital, exporting, and market share in the innovation – productivity link.
Journal: Applied Economics Letters
Pages: 1610-1614
Issue: 17
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1950904
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1950904
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# input file: RAEL_A_1965528_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Verónica Amarante
Author-X-Name-First: Verónica
Author-X-Name-Last: Amarante
Author-Name: Ronelle Burger
Author-X-Name-First: Ronelle
Author-X-Name-Last: Burger
Author-Name: Grieve Chelwa
Author-X-Name-First: Grieve
Author-X-Name-Last: Chelwa
Author-Name: John Cockburn
Author-X-Name-First: John
Author-X-Name-Last: Cockburn
Author-Name: Ana Kassouf
Author-X-Name-First: Ana
Author-X-Name-Last: Kassouf
Author-Name: Andrew McKay
Author-X-Name-First: Andrew
Author-X-Name-Last: McKay
Author-Name: Julieta Zurbrigg
Author-X-Name-First: Julieta
Author-X-Name-Last: Zurbrigg
Title: Underrepresentation of developing country researchers in development research
Abstract: 
 We present evidence of how researchers from developing countries are represented in three areas of research: conference presentations, articles in journals, and citations. We find that the bulk of research on development and development policies in the South is conducted by researchers from the North. Southern universities represents 9% of conference presenters, while 57% of conference presenters are from Northern universities. There has been no evidence of improvements over time. Fewer than one in six of the articles published in top 20 development journals from 1990 to 2019 were by Southern researchers, while close to three-quarters were by Northern researchers. The remaining 11% were collaborations by Southern and Northern researchers. Additionally, there are also fewer citations per article for Southern-authored articles than for Northern-authored articles.
Journal: Applied Economics Letters
Pages: 1659-1664
Issue: 17
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1965528
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# input file: RAEL_A_1954590_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Kabir Dasgupta
Author-X-Name-First: Kabir
Author-X-Name-Last: Dasgupta
Author-Name: Keshar Ghimire
Author-X-Name-First: Keshar
Author-X-Name-Last: Ghimire
Author-Name: Alexander Plum
Author-X-Name-First: Alexander
Author-X-Name-Last: Plum
Title: Impact of state children’s health insurance program on fertility of immigrant women
Abstract: 
 Between 1997 and 2000, all states in the United States (US) enacted the State Children’s Health Insurance Programme (SCHIP) to provide publicly funded health insurance coverage for children in low-income families. However, only 15 states including the District of Columbia initially chose to provide coverage for children of newly arrived immigrants in their SCHIP. We exploit the resulting state and time variation in the implementation of the programme in a diﬀerence-in-diﬀerences framework to estimate the eﬀect of a publicly funded children’s health insurance benefit on immigrant women’s fertility. While estimates from full samples show that the net effect of the programme was indistinguishable from zero, we find a significant positive effect on the fertility of unmarried immigrant women, both at the extensive and at the intensive margin. Our findings have important policy implications for societies experiencing a persistent decline in fertility.
Journal: Applied Economics Letters
Pages: 1631-1643
Issue: 17
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1954590
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1954590
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# input file: RAEL_A_1948500_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Yilin Shi
Author-X-Name-First: Yilin
Author-X-Name-Last: Shi
Title: Informal job search method and labour market outcomes: evidence from urban Chinese workers
Abstract: 
 Using a representative sample of Chinese urban employees, we empirically study the impact of the utilization of informal job search through social networks on wage. We find a premium of initial wage associated with job referral, but the wage premium diminishes over tenure. We also find that the effect of job referral on initial wage reduces when human capital plays a more important role, or the recruitment process and the economic system are more market-oriented. Our findings are consistent with the learning theory that job referral can reduce information asymmetry between employees and employers at the beginning they meet, but the informational advantage diminishes over time as the employers know non-referred workers gradually.
Journal: Applied Economics Letters
Pages: 1571-1585
Issue: 17
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1948500
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# input file: RAEL_A_1948959_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Anupam Das
Author-X-Name-First: Anupam
Author-X-Name-Last: Das
Title: On remittances and calorie intake in Bangladesh
Abstract: 
 We use a time-series dataset to examine the relationship between remittances and calorie intake in Bangladesh over the period between 1976 and 2013. We employ the Johansen cointegration and Toda-Yamamoto causality tests and arrive at two key results. First, we find evidence of long run cointegration between remittances, calorie consumption, and other control variables. Second, the Toda-Yamamoto test supports the finding of unidirectional causality, running from remittances to calorie intake. Our results have important policy implications for Bangladesh and other remittance-receiving developing countries.
Journal: Applied Economics Letters
Pages: 1594-1598
Issue: 17
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1948959
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1948959
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# input file: RAEL_A_1951440_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Timothy K. Chue
Author-X-Name-First: Timothy K.
Author-X-Name-Last: Chue
Author-Name: G. Mujtaba Mian
Author-X-Name-First: G. Mujtaba
Author-X-Name-Last: Mian
Title: Investor sentiment and mutual fund stock picking
Abstract: 
 The active share of mutual funds drops significantly when investor sentiment is high, indicating that fund managers reduce their active stock selection and stay closer to their benchmarks during such periods. Our evidence is consistent with fund managers being sentiment-prone – challenging the conventional view that it is only the preponderance of retail investors during high sentiment periods that allows sentiment to influence asset prices.
Journal: Applied Economics Letters
Pages: 1620-1625
Issue: 17
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1951440
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1951440
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# input file: RAEL_A_1948960_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Xuebing Yang
Author-X-Name-First: Xuebing
Author-X-Name-Last: Yang
Title: Value-added share and elasticity of trade to barriers
Abstract: 
 Trade flows, either measured as gross trade or flows of value-added, tend to be less sensitive to trade barriers in industries that feature a greater share of value-added in its product. Gross trade is, in general, more sensitive to trade barriers than the trade in value-added does. The differences between the elasticities of gross trade and value-added trade with respect to distance tend to be smaller for industries with a higher share of value-added in its product.
Journal: Applied Economics Letters
Pages: 1599-1604
Issue: 17
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1948960
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1948960
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# input file: RAEL_A_1954589_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Pu Chen
Author-X-Name-First: Pu
Author-X-Name-Last: Chen
Author-Name: Chunyang Wang
Author-X-Name-First: Chunyang
Author-X-Name-Last: Wang
Title: Favouritism to SOEs: institution quality or career concern?
Abstract: 
 SOE is often viewed as favoured by the government compared to other firms. This is in conflict with GDP tournament theory on China’s economic success. Using the Annual Census of Enterprises dataset from 1999 to 2008, this article reveals the surprising finding that SOEs did not obtain significantly more government subsidy. We find that regions with high-quality institutions significantly reduced SOE subsidy grants rather than the city party secretary’s career concern to promote GDP.
Journal: Applied Economics Letters
Pages: 1626-1630
Issue: 17
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1954589
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1954589
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# input file: RAEL_A_1948958_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Kai Lisa Lo
Author-X-Name-First: Kai Lisa
Author-X-Name-Last: Lo
Author-Name: Huizhu Liu
Author-X-Name-First: Huizhu
Author-X-Name-Last: Liu
Author-Name: Minhua Yang
Author-X-Name-First: Minhua
Author-X-Name-Last: Yang
Author-Name: Jackson Jinhong Mi
Author-X-Name-First: Jackson Jinhong
Author-X-Name-Last: Mi
Title: The relationship between public attention and COVID-19: evidence from the big data analysis of Google trends
Abstract: 
 We investigate the impacts of the public attention towards the COVID-19 on the situation of the epidemic worldwide and on public mobility with Google trends. We use the number of searches for two keywords ‘corona virus’ and ‘mask’ on the Google search index to show people’s public attention towards the epidemic. The findings show that confirmed cases and death rates are significantly positively (negatively) associated with the public attention paid to epidemic in the early (later) stage of the epidemic. The reason may be that in the early stage of the epidemic, public attention increased outpatient rates and therefore confirmed cases significantly, while in the later stage, public attention accordingly increased cure rates significantly. The epidemic significantly eases for people’s mobility trends when refraining from going outdoors. Such impacts are more profound for low-income countries.
Journal: Applied Economics Letters
Pages: 1586-1593
Issue: 17
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1948958
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1948958
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# input file: RAEL_A_1947469_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Alexander D. Binder
Author-X-Name-First: Alexander D.
Author-X-Name-Last: Binder
Author-Name: Paul W. Grimes
Author-X-Name-First: Paul W.
Author-X-Name-Last: Grimes
Title: Defying the odds: horseplayers and female jockeys
Abstract: 
 The effect of a jockey’s sex on both pari-mutuel betting odds and race outcomes is examined for a three-year sample of North American thoroughbred races. The results reveal that for all races in total, a jockey’s sex has no significant impact on the outcome of a race, holding all else constant, including horse quality. However, horseplayers assign a 1.5% higher probability of winning to female jockeys as reflected in their betting behaviour. For the subsample of stakes races, female jockeys are 2% less likely to win, ceteris paribus, but horseplayers do not consider jockey sex to be significant information for these premier races. Thus, the results indicate that horseplayers overestimate the performance of female jockeys in an industry where female jockeys often report significant hurdles to achievement and advancement. We conclude that pari-mutuel betting markets reflect an inefficiency with respect to a jockey’s sex and that additional research is needed to uncover the source of this anomaly.
Journal: Applied Economics Letters
Pages: 1556-1563
Issue: 17
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1947469
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1947469
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# input file: RAEL_A_2025996_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Rajarshi Mitra
Author-X-Name-First: Rajarshi
Author-X-Name-Last: Mitra
Author-Name: Md Thasinul Abedin
Author-X-Name-First: Md Thasinul
Author-X-Name-Last: Abedin
Title: Does a shrinking labor force reduce FDI inflows in OECD countries?
Abstract: 
 If the problem of population ageing persists and the working-age population in OECD countries shrinks, then according to the neoclassical theory of economic growth, capital inflows into the OECD countries will decrease. Based on this premise, we investigate the dynamic links between the working-age population (% of total population) and net FDI inflows (% of GDP), controlling for trade openness, domestic investment and market size for a panel of 22 OECD countries over the period of 1972–2019. Bidirectional causalities are identified between the working-age population (% of total population) and net FDI inflows (% of GDP). A decline in the working-age population (% of total population) is found to be associated with a significant decline in net FDI inflows (% of GDP).
Journal: Applied Economics Letters
Pages: 1654-1658
Issue: 17
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2022.2025996
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2025996
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# input file: RAEL_A_1954594_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Alexander Foltas
Author-X-Name-First: Alexander
Author-X-Name-Last: Foltas
Author-Name: Christian Pierdzioch
Author-X-Name-First: Christian
Author-X-Name-Last: Pierdzioch
Title: On the efficiency of German growth forecasts: an empirical analysis using quantile random forests and density forecasts
Abstract: 
 We use quantile random forests (QRF) to study the efficiency of the growth forecasts published by three leading German economic research institutes for the sample period from 1970 to 2017. To this end, we use a large array of predictors, including topics extracted by means of computational-linguistics tools from the business-cycle reports of the institutes, to model the information set of the institutes. We use this array of predictors to estimate the quantiles of the conditional distribution of the forecast errors made by the institutes, and then fit a skewed t-distribution to the estimated quantiles. We use the resulting density forecasts to compute the log probability score of the predicted forecast errors. Based on an extensive in-sample and out-of-sample analysis, we find evidence, particularly in the case of longer-term forecasts, against the null hypothesis of strongly efficient forecasts. We cannot reject weak efficiency of forecasts.
Journal: Applied Economics Letters
Pages: 1644-1653
Issue: 17
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1954594
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1954594
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# input file: RAEL_A_1951439_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: P. Beneito
Author-X-Name-First: P.
Author-X-Name-Last: Beneito
Author-Name: J. E. Boscá
Author-X-Name-First: J. E.
Author-X-Name-Last: Boscá
Author-Name: J. Ferri
Author-X-Name-First: J.
Author-X-Name-Last: Ferri
Title: Alternative tuition fees schemes: a simulation exercise
Abstract: 
 In this paper we use a theoretical model of effort optimization on the part of university students to simulate the effects of different tuition fees schemes. For each of such schemes, we present and discuss the trade-offs that appear among the three outcomes that every exercise of policy evaluation in this context should take into consideration, namely, efficiency – that is, student effort-, student welfare and university revenues. To this end, we depart from the tuition fees policy change that took place in the Spanish public university system in year 2012 and compare it with alternative tuition fees designs. Among other results we find that a design with very low entry fees and high penalty cost for failing the exams is the most suitable one in terms of efficiency and university revenues.
Journal: Applied Economics Letters
Pages: 1615-1619
Issue: 17
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1951439
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1951439
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# input file: RAEL_A_1959892_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Lizheng Ma
Author-X-Name-First: Lizheng
Author-X-Name-Last: Ma
Author-Name: Miao Li
Author-X-Name-First: Miao
Author-X-Name-Last: Li
Author-Name: Fei Xia
Author-X-Name-First: Fei
Author-X-Name-Last: Xia
Title: Can policy intervention induce a flight to quality: an analysis of the closing of the Chinese P2P market
Abstract: 
 In this letter, we study the P2P behavioural finance which addresses an effect of flight to quality under certain policy interventions. We apply the date of loan transactions from a Chinese peer-to-peer (P2P) lending platform and construct a regression discontinuity design to detect the effect of government policy intervention with the closing of the P2P market. We find that strict policy interventions have significant impacts on investors’ behaviours, which lead the investors to downgrade their expectations of the credit levels of the loan. Such impacts on investor behaviour induce a flight-to-quality scenario of the P2P market.
Journal: Applied Economics Letters
Pages: 1726-1729
Issue: 18
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1959892
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# input file: RAEL_A_1961118_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: James Bailey
Author-X-Name-First: James
Author-X-Name-Last: Bailey
Author-Name: Michael Mathes
Author-X-Name-First: Michael
Author-X-Name-Last: Mathes
Title: Continuous job lock: employer health insurance contributions and job tenure
Abstract: 
 We estimate the effect of employers providing health insurance and contributing towards health insurance premiums on employee job tenure. Using merged 2008–2018 data from the Job Tenure Supplement and Annual and Social Economic Supplement of the Current Population Survey, we find that employer health insurance is associated with one additional year of job tenure. We find that a thousand dollar increase in employer contributions to health insurance is associated with at least 83 additional days of job tenure, compared to less than 10 additional days for a thousand dollar increase in wages.
Journal: Applied Economics Letters
Pages: 1746-1751
Issue: 18
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1961118
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# input file: RAEL_A_1958137_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Hirofumi Fukuyama
Author-X-Name-First: Hirofumi
Author-X-Name-Last: Fukuyama
Title: Sports viewing behaviour with loss aversion and competition balance
Abstract: 
 We develop a model based on sports viewer with either uncertainty of outcome hypothesis (UOH) or loss aversion and investigate the level of loss aversion on the effect of league competition balance and team profit. We obtained the following two major results. Firstly, we showed that cases, where the spectators have loss aversion, have better league competition balance than cases when UOH applies. Moreover, we clarified that cases, where the preference for winning is different between the teams, have a poorer league competition balance. Secondly, it became clear that there is greater profit for both teams in cases where the spectators have loss aversion compared to cases where UOH is applied. Moreover, we showed that in cases where spectators have loss aversion, teams with a relatively strong preference for winning have greater profits, but for spectators where UOH is applied, teams with a relatively weaker preference for winning obtain greater profit.
Journal: Applied Economics Letters
Pages: 1680-1685
Issue: 18
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1958137
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1958137
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# input file: RAEL_A_1959514_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Nicholas Litsardopoulos
Author-X-Name-First: Nicholas
Author-X-Name-Last: Litsardopoulos
Author-Name: George Saridakis
Author-X-Name-First: George
Author-X-Name-Last: Saridakis
Title: The harmony and conflict arising from couples’ employment status
Abstract: 
 This paper investigates the effect of different employment statuses of partners/spouses, on eight metrics of harmony and conflict in the relationships of couples. We use longitudinal data from the United Kingdom covering the period 2009–2019 to examine the combination of a partner being self-employed or wage-employee, and their spouse being in either one of nine statuses (e.g. caring for family or home). We find that self-employment is more frequently observed in combinations of employment statuses which support harmony in couples, whereas wage-employment with combinations that offer security.
Journal: Applied Economics Letters
Pages: 1715-1718
Issue: 18
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1959514
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1959514
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# input file: RAEL_A_1959891_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Michał Paliński
Author-X-Name-First: Michał
Author-X-Name-Last: Paliński
Title: Paying with your data. Privacy tradeoffs in ride-hailing services
Abstract: 
 We carried out a discrete choice experiment to test users’ readiness to co-finance a ride-hailing service using their personal data. We designed an experiment in which respondents were asked to choose between a regular service and hypothetical app-based taxi rides offering discounts in exchange for respondents consenting to their personal data being shared. Our analysis compared how awareness of rights stemming from the GDPR affects respondents’ privacy preferences. Cross-group analysis indicated that reminding users about their rights stemming from the GDPR significantly increases the value they ascribe to protection of personal data. The results of WTA analysis suggest that there is a market for ‘pay with your data’ business models.
Journal: Applied Economics Letters
Pages: 1719-1725
Issue: 18
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1959891
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1959891
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# input file: RAEL_A_1959511_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Yutai Cheng
Author-X-Name-First: Yutai
Author-X-Name-Last: Cheng
Author-Name: Yao Xiao
Author-X-Name-First: Yao
Author-X-Name-Last: Xiao
Title: Factors of carbon emissions from Chinese urban and rural residents: a time-varying study
Abstract: 
 This study investigates the factors influencing the carbon emission of Chinese residents in urban and rural areas. Drawing on the Logarithmic Mean Divisia Index (LMDI), the results of this study identify the increasing demand for energy consumption from residential buildings and the strengthening of the volume effect as the primary causes for the surging carbon emission by residents. Rural areas feature a larger cumulative contribution to carbon emission due to energy demand from housing and transportation and a higher contribution to the volume effect of energy consumption. In contrast, urbanization, a key driver for residents’ energy consumption, shows a year-by-year decline.
Journal: Applied Economics Letters
Pages: 1696-1701
Issue: 18
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1959511
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1959511
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# input file: RAEL_A_1958138_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Dongwook Seo
Author-X-Name-First: Dongwook
Author-X-Name-Last: Seo
Author-Name: Seongjae Mun
Author-X-Name-First: Seongjae
Author-X-Name-Last: Mun
Title: Economic policy uncertainty, social capital, and corporate cash holdings
Abstract: 
 This study examines the moderating effect of social capital on the association between economic policy uncertainty (EPU) and cash holdings. Using a sample of US-listed firms from 1990 to 2018, social capital is found to have a positive moderating effect on the association between EPU and cash holdings. Our finding is robust even if we use alternative measures of cash, EPU, and social capital. Based on these outcomes, we suggest that firms located in a county with a high level of social capital endure high EPU by raising cash easily.
Journal: Applied Economics Letters
Pages: 1686-1689
Issue: 18
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1958138
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# input file: RAEL_A_1959510_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Taewon Kang
Author-X-Name-First: Taewon
Author-X-Name-Last: Kang
Title: Sources of variation in growth rate distribution: evidence from Korean, Japanese, and Chinese manufacturing firms
Abstract: 
 This study provides a detailed analysis of the growth rate distribution of firms and examines sources of variation in distributional properties. Exploring a large sample of manufacturing firms in Korea, Japan, and China over the period 2010–2017, this study observes heterogeneous properties in the growth rate distribution of groups of firms belonging to the same country, sector, year, and firm size class. Country effects are a major source of variation in distributional properties, particularly determining the growth rate variance and left width of the distribution. The central tendency and tail behaviour of the distribution mainly change over time. Size effects explain the right width of the distribution. However, inter-sectoral distributions do not differ significantly in terms of their distributional properties. This study contributes to understanding underlying growth dynamics of groups of firms, determined by a combination of various factors at different levels, and provides policy implications.
Journal: Applied Economics Letters
Pages: 1690-1695
Issue: 18
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1959510
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# input file: RAEL_A_1956677_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Yong Tian
Author-X-Name-First: Yong
Author-X-Name-Last: Tian
Author-Name: Wei Du
Author-X-Name-First: Wei
Author-X-Name-Last: Du
Author-Name: Yiwen Hua
Author-X-Name-First: Yiwen
Author-X-Name-Last: Hua
Author-Name: Lijun Fan
Author-X-Name-First: Lijun
Author-X-Name-Last: Fan
Title: Will infrastructure construction drive Chinese rural families to develop their own enterprises?
Abstract: 
 China’s infrastructure construction has continued its acceleration for the past decade. Such investment boosts the economic activities by introducing new products and new markets in rural China as well as other regions. And rural entrepreneurship augments the economic value of the rural areas by introducing new methods of production. Will the construction of rural infrastructure have an impact on rural families’ entrepreneurship? Using the 2018 China Family Panel Survey, we employed the binary choice model with instrumental variable method to empirically evaluate the impact of infrastructure construction on rural household entrepreneurship. We found the construction of post, and railway demonstrated a positive incentive effect on rural families’ entrepreneurship, in contrast with the lack of influence on rural families’ entrepreneurship by the construction of electricity and roadways. Further policies may encourage rural entrepreneurs to use the publically available electricity and roadways when diversifying their resources for non-agricultural use.
Journal: Applied Economics Letters
Pages: 1665-1669
Issue: 18
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1956677
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# input file: RAEL_A_1959513_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Zhi Yu
Author-X-Name-First: Zhi
Author-X-Name-Last: Yu
Author-Name: Yali Cao
Author-X-Name-First: Yali
Author-X-Name-Last: Cao
Author-Name: Mo Liu
Author-X-Name-First: Mo
Author-X-Name-Last: Liu
Title: Does carbon emission trading policy affect bank loans of firms? Evidence from China
Abstract: 
 Using a carbon emission trading pilot policy in China, we construct a DID method to investigate the effect of carbon emission trading on corporate financial behaviour. We find that enterprises in the pilot areas get less bank loans after the ‘pilot policy’, which indicates that carbon emissions trading has a negative impact on debt financing. Additional analysis shows that the negative influence is more significant in state-owned enterprises. Our study provides a more complete picture of the microeconomic impact of carbon emissions trading, and improves our understanding of the role and significance of corporate ‘carbon assets’ in the capital market.
Journal: Applied Economics Letters
Pages: 1709-1714
Issue: 18
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1959513
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1959513
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# input file: RAEL_A_1959512_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Yong Li
Author-X-Name-First: Yong
Author-X-Name-Last: Li
Author-Name: Zhusheng Lou
Author-X-Name-First: Zhusheng
Author-X-Name-Last: Lou
Author-Name: Qiaosen Zhang
Author-X-Name-First: Qiaosen
Author-X-Name-Last: Zhang
Author-Name: Mingzhi Zhang
Author-X-Name-First: Mingzhi
Author-X-Name-Last: Zhang
Title: Sequential Monte Carlo estimation for Present-Value model
Abstract: 
 Multi-modal likelihood function of Present-Value model makes traditional estimation approach sensitive to initial values. In this article, we apply Sequential Monte Carlo (SMC) approach in the estimation of Present-Value model, since it is robust to multi-modality. Simulation studies show that SMC approach is preferable than Simulated Annealing (SA) since the latter is sensitive to initial values. Finally, we find that stock market return in the U.S. is more persistent than dividend growth rate according to our empirical study.
Journal: Applied Economics Letters
Pages: 1702-1708
Issue: 18
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1959512
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1959512
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# input file: RAEL_A_1961116_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Khoa Huu Nguyen
Author-X-Name-First: Khoa Huu
Author-X-Name-Last: Nguyen
Title: A coronavirus outbreak and sector stock returns: a tale from the first ten weeks of 2020
Abstract: 
 This paper examines early impacts of the COVID-19 outbreak on stock returns of 11 sectors using the firm-level stock price data from 10 countries. Results show that investors across sectors and countries respond differently during the outbreak. Communication Services, Consumer Staples, Health Care, Information Technology, and Utilities sectors consistently perform relatively well, compared to other sectors, in all countries except Italy, Japan and U.S. Conversely, Energy sector suffers greatest abnormal negative returns, among all sectors, in countries including Canada, Italy, U.K. and U.S. Furthermore, Japan and U.S. have highest numbers of abnormally and negatively affected sectors.
Journal: Applied Economics Letters
Pages: 1730-1740
Issue: 18
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1961116
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1961116
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# input file: RAEL_A_1961117_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Ceyhun Elgin
Author-X-Name-First: Ceyhun
Author-X-Name-Last: Elgin
Author-Name: Ertan Iyidost
Author-X-Name-First: Ertan
Author-X-Name-Last: Iyidost
Title: Velocity of money and shadow economy
Abstract: 
 Using two novel datasets of the size of the shadow economy and the velocity of money, this study examines the effect of informality on money velocity. Using a novel annual cross-country panel dataset and covering 104 countries for the period between 1960–2017, the study shows that in countries where the shadow sector size is relatively larger, the velocity of money is also higher. Since the velocity of money has various effects on monetary policy outcomes (e.g. inflation) we believe that this would be crucial for the design of monetary policy as central banks, particularly in countries, where the shadow economy is larger, should take this relationship into account.
Journal: Applied Economics Letters
Pages: 1741-1745
Issue: 18
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1961117
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1961117
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# input file: RAEL_A_1958136_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Yanli Huo
Author-X-Name-First: Yanli
Author-X-Name-Last: Huo
Author-Name: Chunhui Xu
Author-X-Name-First: Chunhui
Author-X-Name-Last: Xu
Author-Name: Takayuki Shiina
Author-X-Name-First: Takayuki
Author-X-Name-Last: Shiina
Title: Period value at risk and its estimation by Monte Carlo simulation
Abstract: 
 Most risk indicators for an investment show the risk at a certain future time; they cannot reflect the risk over a time period, which may be more important than the risk at a certain time. We proposed Period Value at Risk (PVaR) for measuring market risk over a period of time, and a historical simulation method to estimate the PVaR of an investment. This paper suggests a method which uses Monte Carlo simulation to estimate PVaR. We can calculate the estimation error with this method, and determine the least number of simulations for getting a qualified estimation.
Journal: Applied Economics Letters
Pages: 1675-1679
Issue: 18
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1958136
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1958136
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# input file: RAEL_A_1957763_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Yulei Chen
Author-X-Name-First: Yulei
Author-X-Name-Last: Chen
Author-Name: Maosheng Ran
Author-X-Name-First: Maosheng
Author-X-Name-Last: Ran
Title: Supply-demand of financial asset and China’s economic development: from the perspective of financial assets shortage
Abstract: 
 Why China’s economy growing rapidly under the conditions of long-term financial asset shortage, and what’s the relationship between supply-demand of financial asset and economic development? This paper obtains some conclusions from mathematical model and empirical test analysis. Firstly, shortage of financial assets is the result of adjustment of financial supply and demand, rather than the direct cause of restricting economic development. Secondly, increasing financial assets supply will promote economic growth, and financial asset from China’s banking sector, such as Credit, Bonds, are more effective than capital markets. Thirdly, when financial asset shortages exist, increasing supply can achieve additional growth to enhance economic development.
Journal: Applied Economics Letters
Pages: 1670-1674
Issue: 18
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1957763
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1957763
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# input file: RAEL_A_1967275_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Jan C. van Ours
Author-X-Name-First: Jan C.
Author-X-Name-Last: van Ours
Title: The contribution of Johan Cruyff to success and stadium attendance at Feyenoord
Abstract: 
 In his last season as professional football player, Johan Cruyff played at Feyenoord. This paper shows that Cruyff improved the performance of his team and attracted more attendants to the home stadium. From this it is concluded that Cruyff made a superstar contribution to his club Feyenoord.
Journal: Applied Economics Letters
Pages: 1752-1755
Issue: 18
Volume: 29
Year: 2022
Month: 10
X-DOI: 10.1080/13504851.2021.1967275
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1967275
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# input file: RAEL_A_1962506_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Steve Loris Gui-Diby
Author-X-Name-First: Steve Loris
Author-X-Name-Last: Gui-Diby
Title: Public Financial Management and Fiscal Performance: Evidence from Panel Data Analyses
Abstract: 
 This paper attempts to assess the impact of the practical public financial management (PFM) dimensions on fiscal performance in 86 countries observed between 2005 and 2019. Based on augmented panel data models, we conclude that internal audit and the availability of information on resources received by service delivery units contribute to improve fiscal performance, proxied by the primary fiscal balance. These results are confirmed by instrumental variable (IV) estimations. Additional analyses show that an increase in the quality of the classification of the budget and the transparency of inter-governmental fiscal relations do significantly improve the overall fiscal balance. These findings strengthen the need for PFM reforms to restore fiscal sustainability.
Journal: Applied Economics Letters
Pages: 1784-1790
Issue: 19
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1962506
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# input file: RAEL_A_1962507_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Priti Kalsi
Author-X-Name-First: Priti
Author-X-Name-Last: Kalsi
Author-Name: Edward Kosack
Author-X-Name-First: Edward
Author-X-Name-Last: Kosack
Title: Deportation of criminals and immigration back to the United States: evidence from Central America and Mexico
Abstract: 
 We show that the deportation of criminals from the United States increased subsequent migration from Central America and Mexico. We focus on a time period in which U.S. policy led to significant increases in the deportation of criminals. Our findings are robust to tests that suggest the documented link is causal and not simply correlational. Finally, we argue that deportation policy shifts the selection of the migrant flow, which becomes skewed more heavily towards female children.
Journal: Applied Economics Letters
Pages: 1791-1798
Issue: 19
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1962507
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1962507
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# input file: RAEL_A_1963405_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Xin Yang
Author-X-Name-First: Xin
Author-X-Name-Last: Yang
Author-Name: Shan Chen
Author-X-Name-First: Shan
Author-X-Name-Last: Chen
Author-Name: Zhifeng Liu
Author-X-Name-First: Zhifeng
Author-X-Name-Last: Liu
Author-Name: Xiaoguang Yang
Author-X-Name-First: Xiaoguang
Author-X-Name-Last: Yang
Author-Name: Chuangxia Huang
Author-X-Name-First: Chuangxia
Author-X-Name-Last: Huang
Title: Systemically important financial institutions in China: from view of tail risk spillover network
Abstract: 
 The investigation of the systemically important financial institutions (SIFIs) plays a key role in coping with systemic risk. We first adopt the GARCH-Copula-CoVaR model to establish tail risk spillover networks of China’s financial institutions. We then employ the systemic risk emitters (SRE) and receivers (SRR) to measure the SIFIs. Finally, we utilize the panel data regression model to analyse the determinants of the rank of SRE and SRR. We find that state-owned banks and large insurance companies show systemic importance, while some commercial banks are also SIFIs due to their high value of SRR. Furthermore, the growth rate of total assets, leverage, nonperforming loans, price-earnings ratio and firm size are the common factors that affect the SIFIs.
Journal: Applied Economics Letters
Pages: 1833-1839
Issue: 19
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1963405
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1963405
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# input file: RAEL_A_1962502_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Hyuk Chung
Author-X-Name-First: Hyuk
Author-X-Name-Last: Chung
Title: Understanding firm-level intangible investment: a resource-based view on Korean firms
Abstract: 
 The impacts of intangible assets on economic performance have increased at various levels, and the positive impacts have been well documented. However, not all firms invest in intangible assets despite the assets’ positive contribution to performance, and it is relatively less clear what determines quantity and intensity of intangible investment at firm level. Therefore, this study investigates firm-level intangible investment to find that intangible investment is determined by firm-specific internal and external resources, consistent with the resource-based view of the firm. Quantity and intensity of intangible investment are positively associated with firm-specific internal resources as innovative capability (internal R&D), cumulative capability (intellectual property as patents and trademarks), organizational resources (employee incentives to reward good performance, affiliation), but also outside resources from external R&D and outsourcing. Additionally, firm-level factors such as listing status and exporting can significantly facilitate intangible investment. Therefore, this study contributes to the literature of intangible assets and the resource-based view by highlighting the effects of heterogeneous internal and external resources on intangible assets accumulation.
Journal: Applied Economics Letters
Pages: 1757-1764
Issue: 19
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1962502
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1962502
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# input file: RAEL_A_1963403_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Emmanouil Sofianos
Author-X-Name-First: Emmanouil
Author-X-Name-Last: Sofianos
Author-Name: Periklis Gogas
Author-X-Name-First: Periklis
Author-X-Name-Last: Gogas
Author-Name: Theophilos Papadimitriou
Author-X-Name-First: Theophilos
Author-X-Name-Last: Papadimitriou
Title: Mind the gap: forecasting euro-area output gaps with machine learning
Abstract: 
 In this paper, we use the Eurozone yield curve in an effort to forecast the deviations of the euro-area output (IPI) from its long-run trend. We use various short- and long-term interest rates spanning the period from 2004:9 to 2020:6 in monthly frequency. The interest rates are fed to three machine learning methodologies: Decision Trees, Random Forests, and Support Vector Machines (SVM). These Machine Learning methodologies are then compared to an Elastic-Net Logistic Regression (Logit) model from the area of Econometrics. According to the results, the optimal SVM model coupled with the RBF kernel outperforms the competition reaching an in-sample accuracy of 85.29% and an out-of-sample accuracy of 94.74%.
Journal: Applied Economics Letters
Pages: 1824-1828
Issue: 19
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1963403
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1963403
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# input file: RAEL_A_1962503_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Junyoung Hong
Author-X-Name-First: Junyoung
Author-X-Name-Last: Hong
Author-Name: Wonjoon Kim
Author-X-Name-First: Wonjoon
Author-X-Name-Last: Kim
Title: Measuring cross-country heterogeneity in the value of patents based on the patent-trade relationship
Abstract: 
 Because of the heterogeneity of the patent protection system and the business environment across countries, the private value of patents varies. Therefore, current approaches that mostly consider the level of patent protection have limitations in capturing the strategic value of patents. This paper suggests a new approach for estimating the perceived private value of a patent in a country by considering the scale of trade in the United States, Europe, China, Japan, Korea, Brazil, India, Canada, and Russia. The results indicate that the value of patents in a country changed over the sample period, regardless of the level of patent protection, suggesting that changes in the strategic business value of patents played a key role in the value of patents in those countries.
Journal: Applied Economics Letters
Pages: 1765-1770
Issue: 19
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1962503
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1962503
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# input file: RAEL_A_1962504_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Robert M. Feinberg
Author-X-Name-First: Robert M.
Author-X-Name-Last: Feinberg
Title: Determinants of self-employment by new PhDs
Abstract: 
 Using 16 years of NSF data, we explore determinants of self-employment by new PhDs in the US, considering the role of field of study, demographics, and a factor that has gotten much attention in recent years (though in different contexts) – the role of student debt. While a small share of the population, one would think that young doctoral recipients are an especially innovative group, and perhaps likely candidates for entrepreneurial activities. After controlling for field and demographics and quality of doctoral institution, we find some evidence consistent with an impact of student debt, especially the more exogenous undergraduate debt, in limiting the choice of self-employment as an immediate career path post-graduate school. This effect, however, is limited to graduates of schools below the most elite.
Journal: Applied Economics Letters
Pages: 1771-1775
Issue: 19
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1962504
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# input file: RAEL_A_1962508_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Ahmed Arif
Author-X-Name-First: Ahmed
Author-X-Name-Last: Arif
Author-Name: Asif Saeed
Author-X-Name-First: Asif
Author-X-Name-Last: Saeed
Author-Name: Umer Farooq
Author-X-Name-First: Umer
Author-X-Name-Last: Farooq
Title: The behaviour of forex market during the first and second wave of COVID-19: a wavelet analysis
Abstract: 
 This study evaluates the behaviour of the forex market during the first and the second wave of COVID-19. We have analysed the behaviour of exchange rates of CNY, JPY, CHF, and GBP in response to daily cases of COVID-19 and daily deaths, using Continuous Wavelet Transform and Wavelet Transform Coherence. The results show that the second wave has been more aggressive. The relationship of new cases and deaths has been more significant and negative with the exchange rates during the second wave of COVID-19. The currencies that are considered safe havens are severely affected by COVID-19 during the second wave.
Journal: Applied Economics Letters
Pages: 1799-1803
Issue: 19
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1962508
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# input file: RAEL_A_1963402_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Nikeel Nishkar Kumar
Author-X-Name-First: Nikeel Nishkar
Author-X-Name-Last: Kumar
Author-Name: Arvind Patel
Author-X-Name-First: Arvind
Author-X-Name-Last: Patel
Title: Income thresholds in the remittances-growth association? a case study of Fiji
Abstract: 
 Research indicates that remittances have mixed effects on growth. In this study, we investigate the role of income thresholds in this association for Fiji. Income thresholds are measured by thresholds in per-worker real GDP and are identified using the self-exciting threshold autoregression model over the period 1980 to 2017. A threshold autoregressive distributed lag model is subsequently developed. A single threshold in per-worker real GDP is estimated at US$5891. Remittances promote growth if income exceeds the threshold but is negative otherwise. Hence, remittances support growth-enhancing activities at high-income levels but may finance imports at the expense of domestic production at lower income levels.
Journal: Applied Economics Letters
Pages: 1815-1823
Issue: 19
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1963402
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# input file: RAEL_A_1963401_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Sangwoo Yang
Author-X-Name-First: Sangwoo
Author-X-Name-Last: Yang
Title: Media bias with asymmetric media quality
Abstract: 
 This paper develops a location model of media bias with asymmetric media quality. In the model, media quality is defined as an ability to reduce the boundedly rational consumers’ efforts in reasoning information. The model shows that an equilibrium bias exists unless the cost of a high-quality media outlet for adjusting bias is small enough. The size and location of the equilibrium bias gap between media outlets depend on the quality difference. The results may provide a comprehensive understanding of the existing views that competition increases or lessens the media bias.
Journal: Applied Economics Letters
Pages: 1810-1814
Issue: 19
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1963401
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# input file: RAEL_A_1963407_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Chi-Keung Woo
Author-X-Name-First: Chi-Keung
Author-X-Name-Last: Woo
Author-Name: Kang Hua Cao
Author-X-Name-First: Kang Hua
Author-X-Name-Last: Cao
Author-Name: Tsz Leung Yip
Author-X-Name-First: Tsz Leung
Author-X-Name-Last: Yip
Author-Name: Sin Yin Chow
Author-X-Name-First: Sin Yin
Author-X-Name-Last: Chow
Author-Name: Cho-Leung Chu
Author-X-Name-First: Cho-Leung
Author-X-Name-Last: Chu
Author-Name: Jay Zarnikau
Author-X-Name-First: Jay
Author-X-Name-Last: Zarnikau
Author-Name: Chloe Mow
Author-X-Name-First: Chloe
Author-X-Name-Last: Mow
Title: Performance-based regulation of train service delays: Hong Kong
Abstract: 
 This paper studies performance-based regulation of train service delays in Hong Kong. Motivated by the criticism that the Mass Transit Railway (MTR) offers fare rebates deemed too small for long service delays, our logit analysis of a stated choice experiment’s data collected from 1,559 MTR users in Q4:2020 yields the following findings: (1) the disaggregate willingness to pay (WTP) estimates that ignore passenger attributes are HK$21 to HK$37 for a 15- to 60-minute train service delay announced to occur in a 1-hour period; (2) increasing the period by one hour raises these estimates by ~HK$16; (3) accounting for passenger attributes magnifies these estimates by ~18%; and (4) the aggregate WTP estimates are 1.3 to 4.9 times MTR’s existing rebates for rush-hour delays and 0.5 to 1.9 times for non-rush-hour delays. Hence, aligning MTR’s rebates with the aggregate WTP estimates likely incentivizes MTR to reduce long service delays.
Journal: Applied Economics Letters
Pages: 1847-1854
Issue: 19
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1963407
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# input file: RAEL_A_1963400_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Sasidaran Gopalan
Author-X-Name-First: Sasidaran
Author-X-Name-Last: Gopalan
Author-Name: Ramkishen S. Rajan
Author-X-Name-First: Ramkishen S.
Author-X-Name-Last: Rajan
Title: Does digital financial inclusion moderate or exacerbate output volatility?
Abstract: 
 Fintech, broadly encompassing financial innovations enabled by digital technology, has seen phenomenal growth across emerging and developing economies (EMDEs) over the last few years. While the fintech revolution can facilitate broader financial inclusion and spur overall economic growth, concerns have been raised about the possible impact of fintech on growth volatility. Using a selected heterogeneous panel of 40 EMDEs spanning 2009 to 2017 we find that greater digital financial inclusion persistently exacerbates output volatility, although this result holds true only in countries with low banking concentration. Our results are robust to both different definitions of digital financial inclusion and alternative methodologies controlling for potential endogeneity.
Journal: Applied Economics Letters
Pages: 1804-1809
Issue: 19
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1963400
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# input file: RAEL_A_1962505_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Minchul Yum
Author-X-Name-First: Minchul
Author-X-Name-Last: Yum
Title: Model selection for panel data models with fixed effects: a simulation study
Abstract: 
 This study considers model selection criteria, such as the Akaike’s Information Criterion (AIC), the corrected Akaike’s Information Criterion (AIC$$_C$$ C) and the Bayesian Information Criterion (BIC), for panel data models with fixed effects. Applying these information criteria to fixed effects panel models is not a trivial matter due to the incidental parameter problem that might adversely affect their practical performance, especially when it comes to short panel data. Monte Carlo experiments suggest that the information criteria are quite successful in selecting the true model. In particular, the AIC$$_C$$ C and the AIC operate successfully unless a time dimension is extremely small.
Journal: Applied Economics Letters
Pages: 1776-1783
Issue: 19
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1962505
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# input file: RAEL_A_1967858_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Shahin Eidinejad
Author-X-Name-First: Shahin
Author-X-Name-Last: Eidinejad
Author-Name: Elena Dahlem
Author-X-Name-First: Elena
Author-X-Name-Last: Dahlem
Title: The existence and historical development of the holiday effect on the Swedish stock market
Abstract: 
 This paper examines the holiday effect on the Swedish stock market over a 40-year period. We use a regression-based approach on daily price data to ascertain if the holiday effect is present on the Swedish stock market, analyse its historical development using 10-year subsamples, and assess whether its effects vary for different holidays. We find evidence for a positive post-holiday effect using the full sample period. When looking at the subsamples, however, we only find evidence for its existence in the 1990s and 2000s. We do not find evidence for the existence of a pre-holiday effect for any period. No holiday, considered by itself, shows evidence of a pre-holiday effect over the full sample period. For the holidays included, we only find evidence of a post-holiday effect after New Year’s.
Journal: Applied Economics Letters
Pages: 1855-1858
Issue: 19
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1967858
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1967858
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# input file: RAEL_A_1963404_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Yuanyuan Li
Author-X-Name-First: Yuanyuan
Author-X-Name-Last: Li
Author-Name: Jing Tan
Author-X-Name-First: Jing
Author-X-Name-Last: Tan
Author-Name: Binyang Wu
Author-X-Name-First: Binyang
Author-X-Name-Last: Wu
Author-Name: Jingwen Yu
Author-X-Name-First: Jingwen
Author-X-Name-Last: Yu
Title: Does digital finance promote entrepreneurship of migrant? Evidence from China
Abstract: 
 We investigate the effects of digital finance on migrants’ entrepreneurship using the merged data of Digital Financial Inclusion Index and China Migrants Dynamic Survey. Our findings reveal that digital finance could help migrant to get rid of low-income survival-oriented entrepreneurship, and has no effect on entrepreneur-oriented entrepreneurship. We then interpret these results from two aspects. First, the digital finance has created a better business environment, which enables migrant to obtain more employment opportunities. Second, the low human capital of migrant suppresses the entrepreneur-oriented entrepreneurship.
Journal: Applied Economics Letters
Pages: 1829-1832
Issue: 19
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1963404
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1963404
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# input file: RAEL_A_1963406_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Songtao Yang
Author-X-Name-First: Songtao
Author-X-Name-Last: Yang
Title: More education, less prejudice against sexual minorities? Evidence from compulsory schooling reforms
Abstract: 
 Utilizing exogenous variation in educational attainment induced by compulsory schooling reforms in 15 European countries, this study estimates the causal effect of education on individuals’ attitudes towards sexual minorities with a regression discontinuity design. Using data from the World Values Survey and the European Values Study, this study finds more education reduces individuals’ prejudice against sexual minorities. The findings imply minimum schooling policies can help to build a culture that is more tolerant of sexual minorities, which is beneficial to the minorities’ wellbeing and social cohesion.
Journal: Applied Economics Letters
Pages: 1840-1846
Issue: 19
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1963406
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# input file: RAEL_A_1966361_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Hui Wen
Author-X-Name-First: Hui
Author-X-Name-Last: Wen
Author-Name: Yu You
Author-X-Name-First: Yu
Author-X-Name-Last: You
Author-Name: Yue Zhang
Author-X-Name-First: Yue
Author-X-Name-Last: Zhang
Title: Effects of tariff reduction by regional comprehensive economic partnership (RCEP) on global value chains based on simulation
Abstract: 
 We estimate the effects of tariff reduction by regional comprehensive economic partnership (RCEP) on global value chains based on simulation. We find that tariff reduction by RCEP has an effect of strengthening signatories’ GVC positions and participation both in the short run and long run. The long-run effects are larger than the short-run effects. Australia, New Zealand, ASEAN countries and Japan have a potential to move towards the top of GVCs in sectors with comparative advantages in the long run. Overall, Korea’s GVC positions improve more than Japan and China, and both Korea and Japan benefit more in GVC participation than China in the long run. In contrast, USA and Europe’s GVC positions and participation tend to slightly drop.
Journal: Applied Economics Letters
Pages: 1906-1920
Issue: 20
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1966361
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1966361
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# input file: RAEL_A_1963656_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Chinmaya Behera
Author-X-Name-First: Chinmaya
Author-X-Name-Last: Behera
Author-Name: Badri Narayan Rath
Author-X-Name-First: Badri Narayan
Author-X-Name-Last: Rath
Title: The connectedness between Twitter uncertainty index and stock return volatility in the G7 countries
Abstract: 
 Although a plethora of studies exists on economic uncertainty and stock market returns, our study contributes to the literature by examining the interconnectedness between Twitter uncertainty index and stock return volatility in the G7 countries. Using the dynamic connectedness approach, our results indicate volatility spillover among indices, where on average, 39.71% of a shock that occurs on one index spills over to all other indices. Further, we find the DAX index (Germany) to be a major transmitter of shocks, whereas the S&P 500 index (United States), Twitter market uncertainty, and G7 average returns are net receivers of shocks. Our findings will help investors select optimal portfolios, and policymakers frame stabilizing policy. Our findings are also robust in case of the alternate model.
Journal: Applied Economics Letters
Pages: 1876-1879
Issue: 20
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1963656
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1963656
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# input file: RAEL_A_1963409_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Kohei Aono
Author-X-Name-First: Kohei
Author-X-Name-Last: Aono
Author-Name: Hiroshi Gunji
Author-X-Name-First: Hiroshi
Author-X-Name-Last: Gunji
Author-Name: Hayato Nakata
Author-X-Name-First: Hayato
Author-X-Name-Last: Nakata
Title: Did the bank of Japan’s purchases of exchange-traded funds affect stock prices? A synthetic control approach
Abstract: 
 This study investigates the effect of the Bank of Japan’s large-scale exchange-traded fund purchasing programme since 2013 on stock prices using a synthetic control method. We use the stock price indexes of 27 OECD countries as a control group and estimate the time-series data of the synthetic stock price index of Japan. The index in Japan increased gradually relative to the synthetic Japanese index from 2013. This result suggests that the Bank of Japan’s intervention in the stock market is distorting stock prices and should be reconsidered.
Journal: Applied Economics Letters
Pages: 1859-1863
Issue: 20
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1963409
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1963409
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# input file: RAEL_A_1963655_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Zirong Chen
Author-X-Name-First: Zirong
Author-X-Name-Last: Chen
Author-Name: Haonan Lin
Author-X-Name-First: Haonan
Author-X-Name-Last: Lin
Author-Name: Xu Zheng
Author-X-Name-First: Xu
Author-X-Name-Last: Zheng
Title: Should (Co)jump variation be included in asset allocation?
Abstract: 
 This study explores whether to introduce jump variation into asset allocation. Using the high-frequency data of constituents of the Dow Jones Industrial(DJI) 30 index, we construct global minimum variance portfolios based on two different covariation estimators: pre-averaged and pre-averaged truncated Hayashi-Yoshida estimators (PAYHE and PATHYE, respectively). By comparing the performance of two different portfolios consider jump or not, we find that eliminating jump variation yields a significantly higher Sharpe ratio, and results in a lower turnover and superior positions compared to incorporating the jump variation. Thesve improvements are also reflected in economic gains, and the huge economic gain mainly comes from the reduction in turnover.
Journal: Applied Economics Letters
Pages: 1868-1875
Issue: 20
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1963655
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1963655
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# input file: RAEL_A_1965950_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Eiji Yamamura
Author-X-Name-First: Eiji
Author-X-Name-Last: Yamamura
Title: Long-term effects of female teachers on pupils’ smoking behaviour later in life
Abstract: 
 In Japan, teacher and student is randomly matched in the first year of elementary school. Under the quasi-natural experimental setting, I examine how learning in female teacher homeroom class in the elementary school influence pupils’ smoking behaviour after they become adult. I found that pupils are unlikely to smoke later in life if they belonged to female teacher homeroom class in pupil’s first year of school.
Journal: Applied Economics Letters
Pages: 1901-1905
Issue: 20
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1965950
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# input file: RAEL_A_1971612_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Mohammad S. Hasan
Author-X-Name-First: Mohammad S.
Author-X-Name-Last: Hasan
Author-Name: Robert Gausden
Author-X-Name-First: Robert
Author-X-Name-Last: Gausden
Author-Name: Ortenca Kume
Author-X-Name-First: Ortenca
Author-X-Name-Last: Kume
Title: An examination of higher-moment contagion during the South Sea Bubble
Abstract: 
 The objective of this paper is to investigate the nature and the direction of the contagion during the episode of the South Sea Bubble. Previous research in this area has adopted a correlation and cointegration approach. In preference, though, we place reliance upon four different tests of linear and higher-moment contagion. From using daily data on the share prices of six companies from December 1719 to January 1721, strong evidence is obtained of contagion when applying co-skewness, co-volatility, and co-kurtosis tests.
Journal: Applied Economics Letters
Pages: 1949-1953
Issue: 20
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1971612
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1971612
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# input file: RAEL_A_1965081_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Simiao Chen
Author-X-Name-First: Simiao
Author-X-Name-Last: Chen
Author-Name: Zhuang Hao
Author-X-Name-First: Zhuang
Author-X-Name-Last: Hao
Author-Name: Till Bärnighausen
Author-X-Name-First: Till
Author-X-Name-Last: Bärnighausen
Title: The effects of a wife’s retirement on her husband’s mental health among older adults in China
Abstract: 
 Previous studies indicate that the spillover effects of retirement on spousal health-related outcomes are likely to vary significantly by gender and social context. Using data from China Health and Retirement Longitudinal Study (CHARLS) and adopting a regression discontinuity design, we examine the causal effects of a wife’s retirement on her husband’s mental health in urban China. In contrast to findings in Europe and Japan, we provide evidence showing improvements in husbands’ mental health after wives’ retirement. These results, along with previous studies, highlight the different roles retirement can play in spouses’ health in different cultural and institutional settings and call for studies of such effects on a case-by-case basis.
Journal: Applied Economics Letters
Pages: 1891-1896
Issue: 20
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1965081
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1965081
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# input file: RAEL_A_1966366_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Ayesha Ashraf
Author-X-Name-First: Ayesha
Author-X-Name-Last: Ashraf
Author-Name: Muhammad Umar Chaudhry
Author-X-Name-First: Muhammad Umar
Author-X-Name-Last: Chaudhry
Title: Does FDI increase labour market volatility at home?
Abstract: 
 This article examines the effect of outbound FDI on labour market volatility and, thereby, on economic insecurity in home countries of FDI distinguishing between greenfield FDI (GFDI) and cross-border mergers and acquisitions (M&A). Using the data up to 94 countries during the period 2003–2019, we find that outward GFDI stimulate economic insecurity by increasing volatility of employment. Cross-border M&A purchases, however, decrease the labour market volatility measured both in terms of volatility of employment and hours worked.
Journal: Applied Economics Letters
Pages: 1944-1948
Issue: 20
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1966366
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1966366
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# input file: RAEL_A_1966365_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Tian Zhao
Author-X-Name-First: Tian
Author-X-Name-Last: Zhao
Title: Innovation performance convergence: evidence from Chinese listed OFDI companies
Abstract: 
 Targeting to investigate whether outward foreign direct investment (OFDI) companies act at higher level of innovation performance and their dynamic evolution, this paper applies micro data of Chinese listed OFDI companies to measure the innovation performance from innovation efficiency and innovation quality respectively. Empirical study reveals that the innovation performance of OFDI companies is significantly better than that of non-OFDI counterparties, and for SOEs with OFDI, innovation performance is significantly more efficient than that of non-SOEs. The convergence analysis fails to identify σ-convergence from the innovation performance of OFDI, but detects absolute β-convergence successfully although only conditional β-convergence from SOEs group. It supports assumption of catch-up effect of innovation performance among companies, and entities with low innovation performance actually enjoy faster innovation development speed than performance leaders. The conclusion has guiding significance for different types of enterprises to formulate foreign investment policies and for the government to formulate innovation and development policies.
Journal: Applied Economics Letters
Pages: 1939-1943
Issue: 20
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1966365
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1966365
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# input file: RAEL_A_1965529_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Zuobao Wang
Author-X-Name-First: Zuobao
Author-X-Name-Last: Wang
Author-Name: Yonggao Zhang
Author-X-Name-First: Yonggao
Author-X-Name-Last: Zhang
Author-Name: Yujie Rao
Author-X-Name-First: Yujie
Author-X-Name-Last: Rao
Title: Why poverty is higher in Spain: a comparison with the Czech Republic
Abstract: 
 This paper estimates the poverty level in Spain and the Czech Republic during 2013–2016 and analyzes the reason why poverty in Spain is higher. The contribution of this paper lies in decomposing horizontal poverty disparities between countries with similar development level. We find that in Spain inequality is higher, and the poor (especially the ultrapoor) are poorer than those in the Czech Republic, which offsets the poverty reduction effect of Spain’s higher mean income and renders its poverty level higher.
Journal: Applied Economics Letters
Pages: 1897-1900
Issue: 20
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1965529
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1965529
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# input file: RAEL_A_1966364_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Songtao Yang
Author-X-Name-First: Songtao
Author-X-Name-Last: Yang
Title: Education and social preferences: quasi-experimental evidence from compulsory schooling reforms
Abstract: 
 This study investigates the effect of education on individuals’ social preferences, using data from nine waves of the European Social Survey. To address the endogeneity of education, this study exploits compulsory schooling reforms in 15 European countries. Using a fuzzy regression discontinuity design, this study finds more education increases women’s preference for equality, whereas the effects on their altruism are insignificant. For men, the instrument does not have enough power to identify the effect of education. This study helps to understand the determinants of social preferences.
Journal: Applied Economics Letters
Pages: 1931-1938
Issue: 20
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1966364
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1966364
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# input file: RAEL_A_1966362_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Mustafa Çakır
Author-X-Name-First: Mustafa
Author-X-Name-Last: Çakır
Author-Name: Lokman Gunduz
Author-X-Name-First: Lokman
Author-X-Name-Last: Gunduz
Title: Price level convergence in Turkey
Abstract: 
 This paper examines price convergence among 26 regions of Turkey using general and disaggregated monthly consumer prices between 2005 and 2019. In contrast to previous studies, the results provide evidence for convergence clubs (multiple equilibria) and support the heterogeneity of consumer prices across Turkish regions. This finding is particularly valid for the disaggregated prices where there exist two to four clubs. There is also an increase in the number of convergence clubs in recent years. That is, market integration or the law of one price in Turkey does not appear to be achieved not only for the prices of nontradable goods but also for those of tradable goods either, most likely due to a combination of factors including higher exchange rate volatility, rising inflation and unrelenting regional socio-economic disparities. Our results show that the inflation-targeting regime does not help converge the consumer price levels across the regions.
Journal: Applied Economics Letters
Pages: 1921-1926
Issue: 20
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1966362
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1966362
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# input file: RAEL_A_1963654_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Xiaoping Li
Author-X-Name-First: Xiaoping
Author-X-Name-Last: Li
Author-Name: Chunyang Zhou
Author-X-Name-First: Chunyang
Author-X-Name-Last: Zhou
Author-Name: Wei Huang
Author-X-Name-First: Wei
Author-X-Name-Last: Huang
Title: Delta-hedged gains of SSE 50 ETF options
Abstract: 
 Using Chinese option market data, we construct a delta-neutral strategy for Shanghai Stock Exchange (SSE) 50ETF options and investigate the statistical properties of the strategy gains. The empirical results show that the delta-hedged gains are significantly negative, indicating that to hedge the volatility risk, the option buyer needs to pay a volatility risk premium to the option seller.
Journal: Applied Economics Letters
Pages: 1864-1867
Issue: 20
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1963654
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1963654
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# input file: RAEL_A_1966363_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Hokuto Ishii
Author-X-Name-First: Hokuto
Author-X-Name-Last: Ishii
Title: Extraction of proxy relative sovereign bond yield curve factors
Abstract: 
 This study analyses the relationship between sovereign yield factors and exchange rate changes. A new method is proposed to extract proxy relative yield factors from the yield curves of two countries. As previous studies showed (e.g. Chen and Tsang 2013; Wellmann and Trück 2018), the relative yield curve factors play an important role in explaining the variation in the foreign exchange rates. Especially, the proxy relative level and slope factors have explanatory power for exchange rate changes, especially for the JPY/USD pair.
Journal: Applied Economics Letters
Pages: 1927-1930
Issue: 20
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1966363
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1966363
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# input file: RAEL_A_1965080_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Zhu Yan
Author-X-Name-First: Zhu
Author-X-Name-Last: Yan
Author-Name: Aoran Wang
Author-X-Name-First: Aoran
Author-X-Name-Last: Wang
Author-Name: Weiwei Shao
Author-X-Name-First: Weiwei
Author-X-Name-Last: Shao
Author-Name: Yanni Zeng
Author-X-Name-First: Yanni
Author-X-Name-Last: Zeng
Title: Urbanization and financial literacy: the knowledge spillover effect
Abstract: 
 Using the dataset of the 2015 wave of the China Household Finance Survey (CHFS), this paper examines how urbanization influences individuals’ financial literacy. We demonstrate that the financial knowledge of urban natives spills to rural–urban migrants in the process of urbanization and urban agglomeration. We address the potential endogeneity issue by taking advantage of China’s land expropriation policy. Our results are robust to identification regressions and a series of robustness checks. Further mechanism analysis shows that the financial literacy spillover effect works mainly through social networks.
Journal: Applied Economics Letters
Pages: 1885-1890
Issue: 20
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1965080
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1965080
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# input file: RAEL_A_1965079_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Yumei He
Author-X-Name-First: Yumei
Author-X-Name-Last: He
Author-Name: Xinyi Xu
Author-X-Name-First: Xinyi
Author-X-Name-Last: Xu
Author-Name: Yuewen Cai
Author-X-Name-First: Yuewen
Author-X-Name-Last: Cai
Author-Name: Mengya Cheng
Author-X-Name-First: Mengya
Author-X-Name-Last: Cheng
Title: An evaluation of the effectiveness of three early-warning models on financial indexes
Abstract: 
 In this paper, we construct three financial early warning models, and evaluate and compare their early warning effects. These models are based on factor analysis, logistic regression, and Verhulst-BP neural network, taking Chinese listed mineral resource companies as samples. The results show that the model based on Verhulst-BP neural network has the best early warning effect among the three models, and the early warning model based on logistic regression is more accurate than the one based on factor analysis.
Journal: Applied Economics Letters
Pages: 1880-1884
Issue: 20
Volume: 29
Year: 2022
Month: 11
X-DOI: 10.1080/13504851.2021.1965079
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1965079
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# input file: RAEL_A_1967273_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Junlong Chen
Author-X-Name-First: Junlong
Author-X-Name-Last: Chen
Author-Name: Zhiruo Zhang
Author-X-Name-First: Zhiruo
Author-X-Name-Last: Zhang
Author-Name: Jiali Liu
Author-X-Name-First: Jiali
Author-X-Name-Last: Liu
Title: Cross-ownership and excess capacity in a differentiated duopoly
Abstract: 
 This paper constructs a duopoly model considering cross-ownership, excess capacity and product differentiation, analyzes the impacts of cross-ownership and product differentiation, and reveals whether there is excess capacity and the optimal cross-ownership decision. The results show that cross-ownership, product differentiation, duopoly type, and shareholding mode have impacts on equilibrium outcomes. Excess, insufficient, and equilibrium capacity may all exist. It is the optimal strategy to hold the shares of the competitor to the greatest extent. In a specific oligopoly market and shareholding mode, the government should regulate cross-ownership.
Journal: Applied Economics Letters
Pages: 1980-1990
Issue: 21
Volume: 29
Year: 2022
Month: 12
X-DOI: 10.1080/13504851.2021.1967273
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1967273
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# input file: RAEL_A_1967272_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Raymundo M. Campos-Vazquez
Author-X-Name-First: Raymundo M.
Author-X-Name-Last: Campos-Vazquez
Author-Name: Carolina Rivas-Herrera
Author-X-Name-First: Carolina
Author-X-Name-Last: Rivas-Herrera
Author-Name: Eduardo Alcaraz
Author-X-Name-First: Eduardo
Author-X-Name-Last: Alcaraz
Author-Name: Luis A. Martinez
Author-X-Name-First: Luis A.
Author-X-Name-Last: Martinez
Title: The effect of maternity on employment and wages in Mexico
Abstract: 
 We estimate child penalties in the Mexican formal labour market at the aggregate level and for specific population subgroups. We use longitudinal administrative data for formal workers. The child penalty begins immediately with pregnancy. Six years after childbirth, the average penalty is 24% on wages and 16% on the rate of formal employment for women who are mothers. The penalties are greater for mothers who are married, poor, or young. The wage penalty increases over time.
Journal: Applied Economics Letters
Pages: 1975-1979
Issue: 21
Volume: 29
Year: 2022
Month: 12
X-DOI: 10.1080/13504851.2021.1967272
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1967272
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# input file: RAEL_A_1967859_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Saban Nazlioglu
Author-X-Name-First: Saban
Author-X-Name-Last: Nazlioglu
Author-Name: SinemPinar Gurel
Author-X-Name-First: SinemPinar
Author-X-Name-Last: Gurel
Author-Name: Sevcan Gunes
Author-X-Name-First: Sevcan
Author-X-Name-Last: Gunes
Author-Name: Emre Kilic
Author-X-Name-First: Emre
Author-X-Name-Last: Kilic
Title: Asymmetric Fisher effect in inflation targeting emerging markets: evidence from quantile co-integration
Abstract: 
 We test Fisher hypothesis in 14 inflation targeting emerging countries by quantile co-integration approach allowing asymmetric behaviour of long-run co-integration relationship. While conventional co-integration methods do not support Fisher hypothesis for any country, quantile co-integration approach confirms Fisher hypothesis in nine countries with time-varying behaviour of Fisher coefficient. Our results thereby can shed light on Fisher puzzle in inflation targeting emerging markets and provide insightful implications. The findings suggest that inflation targeting in emerging markets would lead to an asymmetric adjustment, implying heterogeneous effects of negative and positive shocks. Monetary authorities, in particular, tend to increase short-term interest rates by a larger amount during high inflation period than low inflation period.
Journal: Applied Economics Letters
Pages: 2007-2014
Issue: 21
Volume: 29
Year: 2022
Month: 12
X-DOI: 10.1080/13504851.2021.1967859
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1967859
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# input file: RAEL_A_1967274_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Syungjin Han
Author-X-Name-First: Syungjin
Author-X-Name-Last: Han
Author-Name: Changhyun Kim
Author-X-Name-First: Changhyun
Author-X-Name-Last: Kim
Title: Employment stability and corporate cash holdings
Abstract: 
 This paper investigates how a firm’s employment stability affects the level of its cash holdings. We find that firms with high employment stability (as measured by one minus a firm’s employment elasticity with respect to its sales) maintain large cash holdings. The positive effect of employment stability on cash holdings is stronger for R&D intensive firms and firms with high firm-specific human capital. These results are consistent with theories predicting that firms hold cash to signal the credibility of their employment policies regarding job security.
Journal: Applied Economics Letters
Pages: 1991-1995
Issue: 21
Volume: 29
Year: 2022
Month: 12
X-DOI: 10.1080/13504851.2021.1967274
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1967274
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# input file: RAEL_A_1966367_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Yiling Chen
Author-X-Name-First: Yiling
Author-X-Name-Last: Chen
Title: Government intervention and firm innovation outputs: a heterogeneity of corporate governance of Chinese listed firms
Abstract: 
 Using twelve years data (2008–2019) of listed firms in high-end equipment manufacturing industry (HEMI), this study evaluates the impact of China’s high-and new-technology enterprise (HNTE) programme on firm innovation. It finds that HNTE certification boosts the number and growth rate of firms’ innovation outputs, and such effect is affected by corporate governance environment. Our findings reveal the effectiveness of government intervention in innovation under diverse corporate internal governance conditions.
Journal: Applied Economics Letters
Pages: 1960-1964
Issue: 21
Volume: 29
Year: 2022
Month: 12
X-DOI: 10.1080/13504851.2021.1966367
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1966367
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# input file: RAEL_A_1968999_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Parizad Dungore
Author-X-Name-First: Parizad
Author-X-Name-Last: Dungore
Title: Analysis of Investors’ Prediction Potential Using Holt Winters Model and Artificial Neural Networks
Abstract: 
 This study analyses the predictive power of six categories of investors who traded Nifty Index future contracts on the National Stock Exchange of India (NSE). Quality data were collected from The Securities and Exchange Board of India (SEBI). Investors’ predictive potential was estimated by analysing the effect of open interest and volume traded on volatility for each category. The Holt–Winters (HW) exponential smoothing model successfully captured seasonality and provided a satisfactory analytical model for linear forecast. Nonlinearity was captured by Artificial Neural Networks (ANN). A resilient backpropagation algorithm with backtracking was used to determine the weights triggered by a logistic activation function for smoothing neurons. The multilayer perceptron network was further trained for time series data on volatility considering volume and open interest as input neurons. Predictive powers were considered best for the method with the least Root Mean Square Error (RMSE). The results suggest that nonlinearity in the data was well captured by the ANN as the RMSE for the ANN was smaller compared to the RMSE for the HW model. The RMSE using ANN was least for Foreign Institutional Investors (FIIs) that suggests that FIIs have better prediction potential compared to other investors.
Journal: Applied Economics Letters
Pages: 2032-2039
Issue: 21
Volume: 29
Year: 2022
Month: 12
X-DOI: 10.1080/13504851.2021.1968999
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1968999
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# input file: RAEL_A_1967861_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Woon Wook Jang
Author-X-Name-First: Woon Wook
Author-X-Name-Last: Jang
Title: Monetary policy shocks identified using the entire yield curve: an alternative approach
Abstract: 
 Conventional monetary policy (MP) shocks are typically identified as unexpected changes in the short end of the yield curve. During the zero lower-bound period, central banks attempt to provide stimulus by operating on the long end of the yield curve with new tools, such as forward guidance and large-scale asset purchase. This implies that the identification of MP shocks should be done throughout the entire yield curve. This study proposes an alternative approach to analysing the effects of MP shocks, using factor-augmented vector autoregression (FAVAR) of monthly data. We therefore used information from large datasets and made changes over the entire yield curve as shocks to the VAR, which were identified using external high-frequency instruments. Furthermore, empirical analyses using economic and financial variables showed that contractionary yield curve changes decrease the inflation rate and increase risk aversion and uncertainty, which is consistent with conventional wisdom.
Journal: Applied Economics Letters
Pages: 2020-2031
Issue: 21
Volume: 29
Year: 2022
Month: 12
X-DOI: 10.1080/13504851.2021.1967861
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1967861
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# input file: RAEL_A_1966368_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Yasir Shahab
Author-X-Name-First: Yasir
Author-X-Name-Last: Shahab
Author-Name: Ammar Ali Gull
Author-X-Name-First: Ammar Ali
Author-X-Name-Last: Gull
Author-Name: Tanveer Ahsan
Author-X-Name-First: Tanveer
Author-X-Name-Last: Ahsan
Author-Name: Rizwan Mushtaq
Author-X-Name-First: Rizwan
Author-X-Name-Last: Mushtaq
Title: CEO power and corporate social responsibility decoupling
Abstract: 
 While extending the scarce literature on determinants of corporate social responsibility (CSR) decoupling, we examine the impact of CEO power on CSR decoupling. Using panel data of US firms for 2002–2017, we find that CEO power increases CSR decoupling. Our results remain consistent after controlling for the endogeneity problem. Aligned with the managerial power theory, our results suggest that firms with powerful CEOs are more likely to manage CSR performance through decoupling.
Journal: Applied Economics Letters
Pages: 1965-1969
Issue: 21
Volume: 29
Year: 2022
Month: 12
X-DOI: 10.1080/13504851.2021.1966368
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1966368
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# input file: RAEL_A_1967856_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Deokoh Lim
Author-X-Name-First: Deokoh
Author-X-Name-Last: Lim
Author-Name: Kihwan Kim
Author-X-Name-First: Kihwan
Author-X-Name-Last: Kim
Author-Name: Gil-Lim Yoon
Author-X-Name-First: Gil-Lim
Author-X-Name-Last: Yoon
Title: A probabilistic model of the LCOE for Korean offshore windfarms
Abstract: 
 A lack of data has been hindering studies of offshore wind generation in Korea. To overcome this deficiency, we use real data on seven countries and propose a probabilistic model for deriving representative estimates of input parameters and approximate the unit cost of offshore windfarms in Korea. By applying our model to two Korean offshore windfarms, we found that our approach can be used as a standard for estimating input parameters. Our results suggest that policymakers in Korea should implement energy policies to reduce the hard and soft costs of offshore wind turbine foundations.
Journal: Applied Economics Letters
Pages: 1996-2001
Issue: 21
Volume: 29
Year: 2022
Month: 12
X-DOI: 10.1080/13504851.2021.1967856
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1967856
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# input file: RAEL_A_1969000_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Xiuming Dong
Author-X-Name-First: Xiuming
Author-X-Name-Last: Dong
Author-Name: Ross Jestrab
Author-X-Name-First: Ross
Author-X-Name-Last: Jestrab
Title: Unemployment and workplace injuries: evidence from California
Abstract: 
 Workplace safety is an important determinant of workers’ welfare. Empirical evidence shows the workplace injury rate decreases during recessions. This paper uses detailed administrative Workers’ Compensation claims from California to study the relationship between unemployment and workplace injuries at a more disaggregated level. We find that between 2001 and 2012, a 1% increase in the unemployment rate is associated with a 0.2% decrease in the claim rate. In addition, when the unemployment rate increases, the claim rate experiences a significant drop for the subgroups: (i) cuts or struck, (ii) upper/lower extremities or head injuries, (iii) specific injuries, (iv) male workers, (v) young workers, and (vi) insured companies. While the pro-cyclical relationship is strongly persistent across many of the subgroups, the varying magnitudes yield interesting policy implications.
Journal: Applied Economics Letters
Pages: 2040-2043
Issue: 21
Volume: 29
Year: 2022
Month: 12
X-DOI: 10.1080/13504851.2021.1969000
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1969000
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# input file: RAEL_A_2084014_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Jeongsun Yun
Author-X-Name-First: Jeongsun
Author-X-Name-Last: Yun
Author-Name: Myung-Ho Park
Author-X-Name-First: Myung-Ho
Author-X-Name-Last: Park
Author-Name: Dae Keun Park
Author-X-Name-First: Dae Keun
Author-X-Name-Last: Park
Title: Effects of temporary earnings on dividends in Korea
Abstract: 
 We examine the effects of temporary earnings on dividends using cash dividend data of Korean firms over the period of 2001 to 2017. We find that firms using private debts exclusively increase dividends as temporary earnings increase while those with public debts do not change their dividends. We further find that the positive effects of temporary earnings on dividends in firms with only private debts is hampered by investment opportunity. These results are consistent with the precautionary savings hypothesis of firms under financing constraints as well as signalling hypothesis of public debts.
Journal: Applied Economics Letters
Pages: 2044-2046
Issue: 21
Volume: 29
Year: 2022
Month: 12
X-DOI: 10.1080/13504851.2022.2084014
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2084014
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# input file: RAEL_A_1971614_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Joël Floris
Author-X-Name-First: Joël
Author-X-Name-Last: Floris
Author-Name: Laurent Kaiser
Author-X-Name-First: Laurent
Author-X-Name-Last: Kaiser
Author-Name: Harald Mayr
Author-X-Name-First: Harald
Author-X-Name-Last: Mayr
Author-Name: Kaspar Staub
Author-X-Name-First: Kaspar
Author-X-Name-Last: Staub
Author-Name: Ulrich Woitek
Author-X-Name-First: Ulrich
Author-X-Name-Last: Woitek
Title: Investigating survivorship bias: the case of the 1918 flu pandemic
Abstract: 
 Estimates of the effect of foetal health shocks may suffer from survivorship bias. The foetal origins literature seemingly agrees that survivorship bias is innocuous in the sense that it induces a bias towards zero. Arguably, however, selective mortality can imply a bias away from zero. In the case of the 1918 flu pandemic, a suppressed immune system may have been protective against the most severe consequences of infection. We use historical birth records from the maternity hospital of Bern, Switzerland, to evaluate this possibility. Our results suggest that a careful consideration of survivorship bias is imperative for the evaluation of the 1918 flu pandemic and other foetal health shocks.
Journal: Applied Economics Letters
Pages: 2047-2052
Issue: 21
Volume: 29
Year: 2022
Month: 12
X-DOI: 10.1080/13504851.2021.1971614
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1971614
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# input file: RAEL_A_1890325_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Hong Zhang
Author-X-Name-First: Hong
Author-X-Name-Last: Zhang
Author-Name: Xiaoquan Wang
Author-X-Name-First: Xiaoquan
Author-X-Name-Last: Wang
Author-Name: James Liang
Author-X-Name-First: James
Author-X-Name-Last: Liang
Title: Cohort effects within the firm: new evidences from China
Abstract: 
 Using comprehensive personnel data from a Chinese firm, we confirm significant cohort effect in our sample. Complementary to the existing literature, we have two new findings: First, cohort effect only exists among workers with low initial job levels and it disappears in senior managers. Second, the job position upon entering the firm accounts for half of the cohort effects, supporting the task-specific human capital theory.
Journal: Applied Economics Letters
Pages: 1955-1959
Issue: 21
Volume: 29
Year: 2022
Month: 12
X-DOI: 10.1080/13504851.2021.1890325
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1890325
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# input file: RAEL_A_1967860_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: María Teresa Ballestar
Author-X-Name-First: María Teresa
Author-X-Name-Last: Ballestar
Author-Name: Jorge Sainz
Author-X-Name-First: Jorge
Author-X-Name-Last: Sainz
Author-Name: Ismael Sanz
Author-X-Name-First: Ismael
Author-X-Name-Last: Sanz
Title: Is the transposition of EU directives homogeneous? An AI counterfactual example
Abstract: 
 This research investigates homogeneity in the transposition of European Directives using as an example the EU policy on tobaccos regulated by Directive 2011/64. We analyse the effect of excise duties on tobacco consumption in Europe from 2002 to 2017 using an Artificial Intelligence counterfactual strategy. To our knowledge, this the first time that this AI strategie has been used in the economic analysis of law. Our results show that countries have different responses to changes in prices or taxation on tobacco. The lack of homogeneity across countries creates distortions and frontier effects and shows the need of harmonization.
Journal: Applied Economics Letters
Pages: 2015-2019
Issue: 21
Volume: 29
Year: 2022
Month: 12
X-DOI: 10.1080/13504851.2021.1967860
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1967860
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# input file: RAEL_A_1967271_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Sehoon Kwon
Author-X-Name-First: Sehoon
Author-X-Name-Last: Kwon
Title: A credit rationing model of the medium risk borrowers with low valued collateral
Abstract: 
 This paper investigates how the risk and the collateral values are jointly affecting the credit rationing. We propose a credit rationing model of continuous default risk and collateral values and show that the medium risk borrowers with low valued (or high transaction cost) collateral are most vulnerable to the credit rationing.
Journal: Applied Economics Letters
Pages: 1970-1974
Issue: 21
Volume: 29
Year: 2022
Month: 12
X-DOI: 10.1080/13504851.2021.1967271
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1967271
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# input file: RAEL_A_1967857_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Hsiu-Hsin Ko
Author-X-Name-First: Hsiu-Hsin
Author-X-Name-Last: Ko
Title: Revisiting real exchange rate misalignment and economic growth nexus: a Markov-switching approach
Abstract: 
 In this study, we examine whether the impact of the real exchange rate (RER) misalignment on the growth is consistent when the economic condition of the country is different. We use a Markov-switching regime model to, respectively, explore whether there are asymmetric effects of RER misalignments on the economic growth of 10 Asian countries. We find that the impact of the RER misalignment on the growth is mixed and asymmetric depending on the economic status of the country. An RER undervaluation does not necessarily help economic growth, and an overvaluation does not necessarily hamper economic growth. When economic conditions are volatile, the effect of the RER misalignment on economic growth is insignificant. However, the RER misalignment is more likely to have an impact on the economic growth when the economy is in a tranquil state.
Journal: Applied Economics Letters
Pages: 2002-2006
Issue: 21
Volume: 29
Year: 2022
Month: 12
X-DOI: 10.1080/13504851.2021.1967857
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1967857
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# input file: RAEL_A_1983127_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Hoang Nguyen
Author-X-Name-First: Hoang
Author-X-Name-Last: Nguyen
Author-Name: Trong-Nghia Nguyen
Author-X-Name-First: Trong-Nghia
Author-X-Name-Last: Nguyen
Author-Name: Minh-Ngoc Tran
Author-X-Name-First: Minh-Ngoc
Author-X-Name-Last: Tran
Title: A dynamic leverage stochastic volatility model
Abstract: 
 Stock returns are considered as a convolution of two random processes that are the return innovation and volatility innovation. The correlation of these two processes tends to be negative, which is the so-called leverage effect. In this study, we propose a dynamic leverage stochastic volatility (DLSV) model where the correlation structure between the return innovation and the volatility innovation is assumed to follow a generalized autoregressive score (GAS) process. We find that the leverage effect is reinforced in the market downturn period and weakened in the market upturn period.
Journal: Applied Economics Letters
Pages: 97-102
Issue: 1
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1983127
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1983127
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# input file: RAEL_A_1971611_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Masayuki Morikawa
Author-X-Name-First: Masayuki
Author-X-Name-Last: Morikawa
Title: Firms’ subjective uncertainty and forecast errors: survey evidence from Japan
Abstract: 
 Using original survey data linked with the financial statements of Japanese listed firms, this study presents an ex post evaluation of firms’ ex ante subjective uncertainty. Ex ante forecast uncertainty in terms of sales and employment growth is derived from firms’ subjective confidence interval around their point forecasts. Ex post forecast error is calculated as the deviation of the realized figures from the point forecasts. The results indicate that ex ante subjective uncertainty has a significant positive association with realized absolute forecast error. The subjective confidence interval for a firm’s own business forecast, in comparison with that for macroeconomic variables, is reliable as a measure of uncertainty. These findings indicate that the subjective probability distribution of business outlook captured by firm surveys contains valuable information for measuring economic uncertainty at the micro-level.
Journal: Applied Economics Letters
Pages: 33-36
Issue: 1
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1971611
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1971611
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# input file: RAEL_A_1971608_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Shaofu Zhou
Author-X-Name-First: Shaofu
Author-X-Name-Last: Zhou
Author-Name: Xueke Meng
Author-X-Name-First: Xueke
Author-X-Name-Last: Meng
Title: Are government bonds still safe havens in the context of COVID-19?
Abstract: 
 This study analyzes whether government bonds can act as safe havens in the context of COVID-19. Using a panel fixed effect model, data were collected for both advanced and emerging market economies from March 11, 2020, to June 30, 2021. Robustness tests were used to add to the credibility of the findings. Our evidence supports that government bonds maintained their safe haven status during the COVID-19 pandemic. Hence, investors can still use government bonds to hedge financial market risks in the uncertain environment associated with this pandemic. Additionally, the negative effects of the COVID-19 pandemic on government bond yields in emerging economies are larger than in advanced economies. Therefore, policymakers’ measures should focus on reducing COVID-19 cases to alleviate panic and diminish economic fluctuations, especially for emerging economies. Regulators can also use short-term interest rates to guide market capital flow to avoid a liquidity crisis, reducing financial stress and market uncertainty.
Journal: Applied Economics Letters
Pages: 14-18
Issue: 1
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1971608
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1971608
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# input file: RAEL_A_1971613_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Riza Demirer
Author-X-Name-First: Riza
Author-X-Name-Last: Demirer
Author-Name: Rangan Gupta
Author-X-Name-First: Rangan
Author-X-Name-Last: Gupta
Author-Name: He Li
Author-X-Name-First: He
Author-X-Name-Last: Li
Author-Name: Yu You
Author-X-Name-First: Yu
Author-X-Name-Last: You
Title: A note on financial vulnerability and volatility in emerging stock markets: evidence from GARCH-MIDAS models
Abstract: 
 This paper establishes a predictive relationship between financial vulnerability and volatility in emerging stock markets. Focusing on China and India and utilizing GARCH-MIDAS models, we show that incorporating financial vulnerability can substantially improve the forecasting power of standard macroeconomic fundamentals (output growth, inflation and monetary policy interest rate) for stock market volatility. The findings have significant implications for investors to improve the accuracy of volatility forecasts.
Journal: Applied Economics Letters
Pages: 37-42
Issue: 1
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1971613
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1971613
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# input file: RAEL_A_1971616_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Chujiang Xue
Author-X-Name-First: Chujiang
Author-X-Name-Last: Xue
Author-Name: Yi Zhao
Author-X-Name-First: Yi
Author-X-Name-Last: Zhao
Title: Peer effects in R&D investments: evidence from China’s science and technology parks programs
Abstract: 
 We investigate whether science and technology parks (STPs) can stimulate on-park firms’ R&D investments and subsequently spread out to off-park peer firms. We employ a novel setting derived from a place-based policy: level upgrading of STPs, which sharply increases the park scale and policy supports granted to STPs. We use a difference-in-differences approach and regard firms in the same city but outside the park as the control group. Empirical evidence shows that firms undergoing STPs’ promotion will significantly increase their R&D investments, which further leads to peer firms outside the parks to also increase their R&D input due to the competitive pressures. Furthermore, this causal effect is not driven by the demonstration effects of megacity and industrial leaders. Our findings enrich the literature on the effectiveness of STPs and their externalities.
Journal: Applied Economics Letters
Pages: 43-50
Issue: 1
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1971616
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1971616
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# input file: RAEL_A_1971617_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Isbat Ibn Hasnat
Author-X-Name-First: Isbat Ibn
Author-X-Name-Last: Hasnat
Author-Name: Adnan M. S. Fakir
Author-X-Name-First: Adnan M. S.
Author-X-Name-Last: Fakir
Title: Condemned in childhood: bully victimization and labour market outcomes
Abstract: 
 Bullying not only has immediate effects but also constitutes long-term impacts on a child’s life. We use the Young Lives dataset, spanning India, Peru, Vietnam, and Ethiopia, to understand the effects of adolescent bully victimization on adulthood labour market outcomes. Utilizing an instrumental variable approach, we find evidence that being bullied during adolescence reduces the likelihood of an individual’s enrolment into tertiary education while increasing the likelihood of labour market participation. Victims are also likely to work longer hours and days while earning less than their non-abused peers. This may be due to lower hourly wages. We propose the need for increased awareness and education policies designed to deter school-level bullying, which could result in significant human capital gain.
Journal: Applied Economics Letters
Pages: 51-55
Issue: 1
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1971617
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1971617
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# input file: RAEL_A_1971610_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Carl R. Chen
Author-X-Name-First: Carl R.
Author-X-Name-Last: Chen
Author-Name: Lenis Chen-Edinboro
Author-X-Name-First: Lenis
Author-X-Name-Last: Chen-Edinboro
Author-Name: Chenxin Xu
Author-X-Name-First: Chenxin
Author-X-Name-Last: Xu
Title: Does economic power or leadership matter? The difference between male and female world leaders in managing pandemics
Abstract: 
 Factors that are typically associated with better disease prevention and control, such as the health care expenses and the wealth of a nation, are no longer reliable predictors of disease parameters during the Covid-19 pandemic. In fact, we see many developed nations suffering from more widespread infection, a higher mortality rate, and longer pandemic duration. We analyse the performance outcomes of female-led vs. male-led countries in response to the Covid-19 pandemic. We employ regression analysis based on the full sample as well as a propensity score matched sample emphasizing women’s roles in society. In general, we provide some evidence that female-led countries exhibit lower numbers of total population-weighted cases and shorter pandemic duration.
Journal: Applied Economics Letters
Pages: 27-32
Issue: 1
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1971610
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1971610
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# input file: RAEL_A_1976379_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Aziz N. Berdiev
Author-X-Name-First: Aziz N.
Author-X-Name-Last: Berdiev
Title: Finding refuge underground: effects of refugee inflows on the shadow economy
Abstract: 
 This paper analyzes the effect of refugee inflows on the shadow, or underground, economy of host nations using panel data for 120 countries over the 1991–2017 period. The results show that refugee inflows increase the size of the shadow economy, particularly in low- and middle-income countries.
Journal: Applied Economics Letters
Pages: 84-91
Issue: 1
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1976379
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1976379
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# input file: RAEL_A_1976378_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Jifeng Zhang
Author-X-Name-First: Jifeng
Author-X-Name-Last: Zhang
Author-Name: Guanru Wang
Author-X-Name-First: Guanru
Author-X-Name-Last: Wang
Author-Name: Bing He
Author-X-Name-First: Bing
Author-X-Name-Last: He
Title: Does foreign direct investment affect wage inequality in Chinese manufacturing sector?
Abstract: 
 Using panel data from 26 industries in the Chinese manufacturing sector from 2002 to 2016, this study examines the impact of foreign direct investment (FDI) on wage inequality. We find that on average, 1% increment in FDI significantly increased wage inequality by 0.112%. Moreover, the study concludes that the relationship between FDI and wage inequality is nonlinear. Furthermore, in the subsample analysis, scale and R&D investment of the industries is strongly related to wage inequality.
Journal: Applied Economics Letters
Pages: 80-83
Issue: 1
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1976378
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1976378
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# input file: RAEL_A_2130861_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Ana Cuadros
Author-X-Name-First: Ana
Author-X-Name-Last: Cuadros
Author-Name: Juan Carlos Cuestas
Author-X-Name-First: Juan Carlos
Author-X-Name-Last: Cuestas
Author-Name: Estefanía Mourelle
Author-X-Name-First: Estefanía
Author-X-Name-Last: Mourelle
Title: Clusters in foreign-born vs. native self-employment in Europe: do we look alike?
Abstract: 
 In this paper, we analyse the existence of clusters in self-employment rates, segregating by place of birth, i.e. native vs foreign-born, in a group of 17 European countries. The analysis suggests that natives behave differently in peripheral and core countries, whereas their foreign-born self-employed counterparts show a similar behaviour irrespective of the characteristics of the recipient economy. These findings augment the scant available evidence about this topic in Europe (as most previous studies have focused on the United States) and confirm the existence of important differences in the entrepreneurial skills and mindset of native and migrant populations.
Journal: Applied Economics Letters
Pages: 92-96
Issue: 1
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2022.2130861
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2130861
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# input file: RAEL_A_1975025_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Aaron Mehrotra
Author-X-Name-First: Aaron
Author-X-Name-Last: Mehrotra
Author-Name: Richhild Moessner
Author-X-Name-First: Richhild
Author-X-Name-Last: Moessner
Title: Macroprudential policy and interest rate spillovers
Abstract: 
 We analyse how macroprudential policies in a panel of emerging economies affect spillovers from changes in long-term government bond yields in the United States. We show that a tightening in foreign exchange (FX) related macroprudential policy tools, in particular, limits to FX positions, helps to temporarily shield emerging economies from interest rate spillovers. No such effect is observed for non-FX related macroprudential actions.
Journal: Applied Economics Letters
Pages: 61-65
Issue: 1
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1975025
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1975025
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# input file: RAEL_A_1969333_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Dan Pang
Author-X-Name-First: Dan
Author-X-Name-Last: Pang
Author-Name: Feng Ma
Author-X-Name-First: Feng
Author-X-Name-Last: Ma
Author-Name: M. I. M. Wahab
Author-X-Name-First: M. I. M.
Author-X-Name-Last: Wahab
Author-Name: Bo Zhu
Author-X-Name-First: Bo
Author-X-Name-Last: Zhu
Title: Financial stress and oil market volatility: new evidence
Abstract: 
 This study investigates the effect of financial stress (financial stress index; FSI) on oil market realized volatility using Markov-regime switching MIDAS models. The empirical results show that FSI can remarkably improve the forecast accuracy of the oil market. Moreover, FSI measured by the United States can obtain more useful information than that measured by the world. Our findings are robust and reliable via alternative evaluation methods from both statistical and economic aspects.
Journal: Applied Economics Letters
Pages: 1-6
Issue: 1
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1969333
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1969333
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# input file: RAEL_A_1971609_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Yen-Yu Liu
Author-X-Name-First: Yen-Yu
Author-X-Name-Last: Liu
Author-Name: Chih-Hao Yang
Author-X-Name-First: Chih-Hao
Author-X-Name-Last: Yang
Author-Name: Min Hua Lee
Author-X-Name-First: Min Hua
Author-X-Name-Last: Lee
Title: Relationship among capital reserves cash dividends, dividend maintenance, and earnings management
Abstract: 
 This study aims to determine whether companies with surpluses are more capable of maintaining their dividend rate if they issue cash dividends from capital reserves. Further, it considers whether such issuance would suppress their earnings management. This study presents evidence from Taiwan, which acts as the global leader in terms of setting a precedent for allowing companies with surpluses to issue cash dividends from capital reserves. The empirical results show that (1) when the company pays cash dividends with capital reserves, the cash dividends can be maintained at a certain level, and (2) when the ratio of capital reserves to cash dividends is high, the accrual-based earnings management is low. The results obtained in this study are in line with that of previous studies and are expected to help other nations to consider making better use of capital reserves.
Journal: Applied Economics Letters
Pages: 19-26
Issue: 1
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1971609
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# input file: RAEL_A_1975026_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Sita Nataraj Slavov
Author-X-Name-First: Sita Nataraj
Author-X-Name-Last: Slavov
Author-Name: Chao Wei
Author-X-Name-First: Chao
Author-X-Name-Last: Wei
Title: Grey Divorce and labour Supply
Abstract: 
 We use data from the Health and Retirement Study (HRS) to examine how labour supply changes around divorces that occur later in life. We find that the probability of work and hours worked increase for women, but decline for men, with evidence of an anticipation effect for men. We find weak evidence of a post-divorce decline in per-capita wealth and stronger evidence of a decline in per-capita non-own-wage income for women, but not for men. While not causal, these findings are consistent with income and possibly wealth effects driving the post-divorce increase in women’s labour supply.
Journal: Applied Economics Letters
Pages: 66-79
Issue: 1
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1975026
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1975026
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# input file: RAEL_A_1971618_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Elham Erfanian
Author-X-Name-First: Elham
Author-X-Name-Last: Erfanian
Author-Name: Jing Chen
Author-X-Name-First: Jing
Author-X-Name-Last: Chen
Author-Name: Collin Hodges
Author-X-Name-First: Collin
Author-X-Name-Last: Hodges
Title: Long-term debt in water utilities: does ownership matter? Evidence from West Virginia’s utilities
Abstract: 
 Local governments provide a wide range of services and infrastructure to their residents including water, sewer, and storm water systems. In many jurisdictions, utilities are the most capital-intensive government function in addition to being the most visible one. In this paper, we examine the impact of utility ownership type on the long-term debt of water utilities in the state of West Virginia. Water utility ownership types include municipalities, public service districts, water associations and private utilities. Using a double hurdle model to examine 288 water utilities in the state, we find that public service districts and municipalities are more likely to carry long-term debt than privately owned utilities.
Journal: Applied Economics Letters
Pages: 56-60
Issue: 1
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1971618
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1971618
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# input file: RAEL_A_1971607_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Hakan Yilmazkuday
Author-X-Name-First: Hakan
Author-X-Name-Last: Yilmazkuday
Title: COVID-19 effects on the S&P 500 index
Abstract: 
 This paper investigates the effects of the coronavirus disease 2019 (COVID-19) cases in the US on the S&P 500 Index using daily data covering the period between 21st January, 2020 and 10th August, 2021. The investigation is achieved by using a structural vector autoregression model, where a measure of the global economic activity and the spread between 10-year treasury constant maturity and the federal funds rate are also included. The empirical results suggest that having $$1\% $$1% of an increase in cumulative daily COVID-19 cases in the US results in about $$0.01\% $$0.01% of a cumulative reduction in the S&P 500 Index after 1 day and about $$0.03\% $$0.03% of a reduction after 1 week. Historical decomposition of the S&P 500 Index further suggests that the negative effects of COVID-19 cases in the US on the S&P 500 Index have been mostly observed during March 2020.
Journal: Applied Economics Letters
Pages: 7-13
Issue: 1
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1971607
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# input file: RAEL_A_1982127_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Jihui Shi
Author-X-Name-First: Jihui
Author-X-Name-Last: Shi
Author-Name: Xiaolu Zhu
Author-X-Name-First: Xiaolu
Author-X-Name-Last: Zhu
Title: Potential impacts of foreign divestment on China’s high-tech manufacturing industry: a general equilibrium model-based analysis
Abstract: 
 This paper evaluates the potential impacts of foreign divestment on the growth of China’s High-tech Manufacturing industry by developing a dynamic computable general equilibrium (CGE) model that features foreign direct investment (FDI). Simulation results show that when FDI inflow stops, domestic firms substitute foreign firms rapidly, stimulating output relative to the baseline scenario. However, when foreign divestment is continuous or drastic, there are sizable adverse impacts on domestic firms’ output with the decreasing labour productivity relative to the baseline. The further decomposition of labour productivity growth suggests that larger foreign divestment results in a more substantial reduction in technological catch-up and technological change, implying the crucial role of FDI-related technology transfer and spillover in the growth of China’s high-tech manufacturing industry.
Journal: Applied Economics Letters
Pages: 205-209
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1982127
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1982127
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# input file: RAEL_A_1980487_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Carlos Henrique Corseuil
Author-X-Name-First: Carlos Henrique
Author-X-Name-Last: Corseuil
Author-Name: Miguel N. Foguel
Author-X-Name-First: Miguel N.
Author-X-Name-Last: Foguel
Author-Name: Ajax R. B. Moreira
Author-X-Name-First: Ajax R. B.
Author-X-Name-Last: Moreira
Title: Current unemployment variance decomposition and consequences of using proxies
Abstract: 
 We offer a decomposition for the variance of the current unemployment rate that not only measures the contributions of labour market flows but also of the approximation error embedded in other decompositions that use surrogates for the current rate. Using data for the United States and Brazil, the results for the latter show significant differences in the flows’ contributions and non-negligible distortions of approximation errors when the variance of the current (instead of the proxy) rate is decomposed; for the U.S., no substantial changes are detected.
Journal: Applied Economics Letters
Pages: 190-194
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1980487
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1980487
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# input file: RAEL_A_1980190_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Bernadette Power
Author-X-Name-First: Bernadette
Author-X-Name-Last: Power
Author-Name: Gavin C. Reid
Author-X-Name-First: Gavin C.
Author-X-Name-Last: Reid
Title: Adopting industrial designs: further IP protection for US start-ups?
Abstract: 
 This article examines the determinants of adoption of industrial designs, for intellectual property (IP) protection, in a large sample of US start-ups. While patents and copyrights are widely analysed as ways of protecting proprietary knowledge in large firms, they are expensive forms of IP protection, both to create and to protect. For start-ups, cheaper and simpler methods have greater attraction, of which industrial design protection is an example. The article builds and tests an applied econometric model of industrial design adoption, using the longitudinal Kauffman Firm Survey, 2008–2012. The model is based on a microeconomic managerial utility theory of the firm, implemented within a random utility framework, leading to an estimable econometric model which takes the form of a binary probit with random effects. This model is run on an unbalanced panel sample of nearly nine thousand observations. It finds that expenditure on R&D plays a powerful role in the design adoption process. Incorporation and owner-managers’ injection of equity also play a positive and significant part in design adoption. These three influences are all part of the commitment that owner-managers bring to their start-ups. Sales directed to products rather than services also have positive effects on industrial design adoption.
Journal: Applied Economics Letters
Pages: 136-140
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1980190
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1980190
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# input file: RAEL_A_1977231_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Huili Zhang
Author-X-Name-First: Huili
Author-X-Name-Last: Zhang
Author-Name: Rong Li
Author-X-Name-First: Rong
Author-X-Name-Last: Li
Author-Name: Zhengfei Lu
Author-X-Name-First: Zhengfei
Author-X-Name-Last: Lu
Title: Transparency and stock price informativeness: evidence from a natural experiment in China
Abstract: 
 We study the impact of transparency on stock price informativeness by using an exogenous change in China: the comply-or-explain dividend regulation. Employing a difference-in-difference (DID) design, we find that increased transparency arising from firm’s detailed disclosures regarding their use of funds significantly enhances their stock price informativeness. This effect is stronger for firms with higher information asymmetry and for firms with more-detailed explanations. Additionally, the cumulative abnormal return within a short window is positively related to the level of detail in the explanations.
Journal: Applied Economics Letters
Pages: 114-119
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1977231
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1977231
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# input file: RAEL_A_1980195_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Tristan Potter
Author-X-Name-First: Tristan
Author-X-Name-Last: Potter
Title: The discouragement rate: an index of discouragement-induced hardship
Abstract: 
 In 1979, the Levitan Commission identified discouragement as one of three main sources of economic hardship, and recommended the development of an index to measure the extent of the problem. Over 40 years later, no such index exists. This letter proposes an index of discouragement-induced hardship and documents its evolution over time and across demographic groups.
Journal: Applied Economics Letters
Pages: 162-166
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1980195
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1980195
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# input file: RAEL_A_1980485_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Xixiong Xu
Author-X-Name-First: Xixiong
Author-X-Name-Last: Xu
Author-Name: Cuiliang Lin
Author-X-Name-First: Cuiliang
Author-X-Name-Last: Lin
Author-Name: Youliang Yan
Author-X-Name-First: Youliang
Author-X-Name-Last: Yan
Title: Covid-19 crisis and corporate cash dividend policies: evidence from Chinese listed companies
Abstract: 
 Drawn on signalling theory, this paper investigates the impact of uncertainty caused by COVID-19 on corporate dividend policy. Using data from Chinese listed companies, the empirical results document a negative relationship between the COVID-19 crisis and corporate cash dividend payments. Moreover, the negative association between COVID-19 and cash dividend is more pronounced in large-scale firms and state-owned enterprises (SOEs). These findings imply that, compared with large-scale firms and SOEs, the competitive position of small enterprises and non-SOEs are more fragile and thus more dependent on cash dividends to release positive signals to outsiders, so as to deal with the uncertainty caused by COVID-19. In further analysis, this study also finds that those industries related to transportation and entertainment have a negative effect during the epidemic, and they are more likely to cut dividends to assure additional cash and flexibility.
Journal: Applied Economics Letters
Pages: 178-184
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1980485
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1980485
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# input file: RAEL_A_1980193_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Jaewook Byeon
Author-X-Name-First: Jaewook
Author-X-Name-Last: Byeon
Title: Suicide and divorce in South Korea: focusing on types of divorce
Abstract: 
 Using a panel of province-level data in South Korea over the last two decades, this paper examines the effect of divorce on female and male suicide rates. By focusing on the types of divorce and the reasons for divorce, I find that a higher mutual-consent divorce rate is associated with a decrease in female suicide rate, whereas the judicial divorce rate is positively associated with male suicide rate. For the reasons for divorce, I find that an increase in divorce rate caused by unfaithful acts, a representative reason for judicial divorce, raises female suicide rate, while divorce rates caused by main reasons for mutual-consent divorce are negatively associated with female suicide rate.
Journal: Applied Economics Letters
Pages: 153-156
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1980193
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1980193
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# input file: RAEL_A_1976385_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Xue Gao
Author-X-Name-First: Xue
Author-X-Name-Last: Gao
Author-Name: Yixin Ren
Author-X-Name-First: Yixin
Author-X-Name-Last: Ren
Title: Evolution of China’s inter-industry radiation: an application of multi-spatial convergent cross-mapping approach
Abstract: 
 This study constructs an industrial linkage network of China and investigates industries’ radiation dynamics. This is achieved by detecting the causation between industries, using a novel multi-spatial convergent cross-mapping approach. The main findings include: (i) during the years from 2000 to 2017, influential industries were time-varying. (ii) The overall radiation intensity of real estate was outstanding. (iii) The influence of manufacturing (the secondary industry), and finance and catering (the tertiary industry) was increasing, while the influence of the primary industry was declining. This article contributes to interpreting China’s economic changes from the perspective of inter-industry correlation, rather than industrial scale. The results also reveal evidence of China’s industrial structure upgrading.
Journal: Applied Economics Letters
Pages: 103-107
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1976385
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1976385
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# input file: RAEL_A_1983128_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Toru Fujiwara
Author-X-Name-First: Toru
Author-X-Name-Last: Fujiwara
Author-Name: Kazutaka Takechi
Author-X-Name-First: Kazutaka
Author-X-Name-Last: Takechi
Title: Drinking, texting, ageing, or youth: which attribute is the riskiest for driving?
Abstract: 
 Assessing the risk factors causing car accidents is a crucial first step in adopting appropriate public policies to achieve road safety. We measure the risk of four distinctive driver attributes, drinking, texting, ageing, and youth, using the Levitt and Porter, 2001 framework. We find that while drink-driving is the riskiest of the four attributes (2.9 times more dangerous than sober driving), drivers aged 70 years or older are similarly risky (2.75 times more dangerous than younger drivers). These results suggest that appropriate public policies, such as a strict driver’s licence system, stringent fines on drink-driving, regulations such as average speed limits, and subsidies for advanced safety vehicles, may reduce car crashes.
Journal: Applied Economics Letters
Pages: 239-243
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1983128
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1983128
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# input file: RAEL_A_1977230_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Xiaowei Huang
Author-X-Name-First: Xiaowei
Author-X-Name-Last: Huang
Author-Name: Li Yu
Author-X-Name-First: Li
Author-X-Name-Last: Yu
Title: The effects of government debt on banks’ risk-taking: international evidence
Abstract: 
 We empirically investigate the effects of government debt on banks’ risk-taking by using a dataset covering 10,122 banks located in 65 countries between 2009 and 2019. We find that a greater supply of government debt can increase risk-taking of banks. This positive relation is stronger for domestic government debt, or for banks with higher level of capitalization and loans to deposits.
Journal: Applied Economics Letters
Pages: 108-113
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1977230
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1977230
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# input file: RAEL_A_1983123_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Kwanghun Yeon
Author-X-Name-First: Kwanghun
Author-X-Name-Last: Yeon
Author-Name: Doo Bong Han
Author-X-Name-First: Doo Bong
Author-X-Name-Last: Han
Title: Effects of reducing food-away-from-home consumption on sodium intake
Abstract: 
 Despite the relationship between sodium intake and the occurrence of high blood pressure, the sodium intake of Korean people has reached approximately 1.83 times the 2,000 mg level recommended by the World Health Organization. This high sodium intake may be caused by increased food-away-from-home (FAFH) consumption. Thus, this study aimed to examine the relationship between the FAFH consumption and sodium intake. We used data from the sixth Korean National Health and Nutrition Examination Survey in 2014–2015 and Matching Frontier Method was applied to control the selection bias. The results suggest that people who consume FAFH less than four times per month would take in approximately 1,102 mg sodium less per day than people who consume FAFH at least five times per week.
Journal: Applied Economics Letters
Pages: 210-213
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1983123
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1983123
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# input file: RAEL_A_1980484_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Varun Yadav
Author-X-Name-First: Varun
Author-X-Name-Last: Yadav
Author-Name: Abhiman Das
Author-X-Name-First: Abhiman
Author-X-Name-Last: Das
Title: Nowcasting inflation in India with daily crowd-sourced prices using dynamic factors and mixed frequency models
Abstract: 
 In this paper, we forecast short-term monthly headline retail inflation in India using daily crowd-sourced food prices and high frequency market-based measures by employing dynamic factors and mixed frequency models. We demonstrate that the forecast using the proposed approach outperforms the forecasts using the conventional approaches. The retail inflation rate for the last month is usually released around the mid of the current month. Hence, there is a delay in the availability of this critical metric. In this context, we leverage the intra-period high frequency data as it becomes available to improve forecast (nowcast) performance, which can be made available much before the official data release.
Journal: Applied Economics Letters
Pages: 167-177
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1980484
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1980484
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# input file: RAEL_A_1980191_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Omer Unsal
Author-X-Name-First: Omer
Author-X-Name-Last: Unsal
Author-Name: Jennifer Brodmann
Author-X-Name-First: Jennifer
Author-X-Name-Last: Brodmann
Title: Corporate reputation and market reaction: evidence from FinTech industry
Abstract: 
 In this paper, we examine the impact of corporate reputation on FinTech firms. Using a unique hand-collected dataset of customer complaints, violations, hacks/data breaches, and lawsuits; we find that markets negatively react to violation announcements, especially for lawsuits. Our findings show that despite their popularity, corporate wrongdoing is skyrocketing and can negatively impact FinTech firms. These findings have implications for FinTech management, stakeholders, and investors.
Journal: Applied Economics Letters
Pages: 141-148
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1980191
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1980191
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# input file: RAEL_A_1982126_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Yu Li
Author-X-Name-First: Yu
Author-X-Name-Last: Li
Author-Name: Qiuling Chen
Author-X-Name-First: Qiuling
Author-X-Name-Last: Chen
Author-Name: Zhenhuai Shi
Author-X-Name-First: Zhenhuai
Author-X-Name-Last: Shi
Title: Distance still matters: digital communication technologies and innovation performance of innovative enterprises
Abstract: 
 The emergence of digital communication technologies (DCTs) has greatly changed the way of information transmission, reduced the cost of communication and expanded the space of information spread. A largely growing literature shows that the communication technologies development lead to ‘the death of distance’. To verify this assertion, this paper empirically test the effect of DCTs on agglomeration premium measured by the innovation performance advantage. By using a large number of firm-level patent data from China, we find that the spread of DCTs does not reduce the innovation premium of agglomeration. Conversely, innovative enterprises agglomerated benefit from the utilization of DCTs. This article highlights the importance of agglomeration for innovation activity.
Journal: Applied Economics Letters
Pages: 200-204
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1982126
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1982126
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# input file: RAEL_A_1979188_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Samuel N. Kirshner
Author-X-Name-First: Samuel N.
Author-X-Name-Last: Kirshner
Title: Detecting regime shifts: the role of construal levels on system neglect
Abstract: 
 Decision-makers overreact to noisy signals and underestimate base rates when predicting regime shift due to system neglect. Based on Construal Level (CL) Theory, I posit that a high CL reduces overreactions in stable and high-noise environments but exacerbates underreactions in unstable and low-noise environments relative to individuals with low CLs. My experimental results support this hypothesis, demonstrating that the interaction between individuals’ mindsets and signals’ properties systematically impact over and underreactions when detecting regime shifts.
Journal: Applied Economics Letters
Pages: 131-135
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1979188
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1979188
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Handle: RePEc:taf:apeclt:v:30:y:2023:i:2:p:131-135



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# input file: RAEL_A_1980488_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Dung Tran
Author-X-Name-First: Dung
Author-X-Name-Last: Tran
Author-Name: Cuong Nguyen
Author-X-Name-First: Cuong
Author-X-Name-Last: Nguyen
Author-Name: Huy Viet Hoang
Author-X-Name-First: Huy Viet
Author-X-Name-Last: Hoang
Title: How do banks manage their capital during uncertainty?
Abstract: 
 The paper investigates the impact of EPU on bank capital in the U.S. from 2001–2020. The empirical results show that banks hold more capital when encountering high EPU. This effect increases with the bank size, meaning that the larger banks hold more capital during increasing EPU. Interestingly, further analyses reveal that worst-capitalized banks decrease their capital ratio when EPU elevates. The results are robust under different econometric methods and alternative proxies of uncertainty and bank capital.
Journal: Applied Economics Letters
Pages: 195-199
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1980488
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1980488
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Handle: RePEc:taf:apeclt:v:30:y:2023:i:2:p:195-199



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# input file: RAEL_A_1977232_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Xinyu Wu
Author-X-Name-First: Xinyu
Author-X-Name-Last: Wu
Author-Name: Hao Cui
Author-X-Name-First: Hao
Author-X-Name-Last: Cui
Author-Name: Lu Wang
Author-X-Name-First: Lu
Author-X-Name-Last: Wang
Title: Forecasting oil futures price volatility with economic policy uncertainty: a CARR-MIDAS model
Abstract: 
 In this paper, we propose a conditional autoregressive range-mixed-data sampling (CARR-MIDAS) model that incorporates economic policy uncertainty (EPU) to predict the crude oil futures price volatility (range). We apply the proposed model to West Texas Intermediate (WTI) oil futures price ranges and four EPU indices, namely the Global EPU, US EPU, China EPU and Russia EPU. Empirical results show that all the four EPU indices have a significantly negative impact on the oil futures price volatility, and the EPU indices are informative for forecasting the oil futures price volatility. Moreover, the China EPU index outperforms the other EPU indices in forecasting the oil futures price volatility.
Journal: Applied Economics Letters
Pages: 120-125
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1977232
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1977232
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# input file: RAEL_A_1983125_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Peng Nie
Author-X-Name-First: Peng
Author-X-Name-Last: Nie
Author-Name: Lu Wang
Author-X-Name-First: Lu
Author-X-Name-Last: Wang
Author-Name: Alfonso Sousa-Poza
Author-X-Name-First: Alfonso
Author-X-Name-Last: Sousa-Poza
Title: Health perception biases and risky health behaviours in China
Abstract: 
 Using data from the 2011 and 2015 China Health and Retirement Longitudinal Study, this paper analyzes the relation between health perception biases and risky health behaviours among adults aged 45 and older. We compare objective health outcomes (including hypertension, dyslipidemia and diabetes) with perceived conditions to assess absolute health perception biases and hypothesize that the role of biased health perceptions is a potential predictor for risky health behaviours. We provide evidence for the existence of positive absolute health perception biases and further document clear associations between health overconfidence and higher probabilities of alcohol consumption, overweight, and obesity, with the notable exception of smoking.
Journal: Applied Economics Letters
Pages: 221-228
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1983125
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1983125
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# input file: RAEL_A_1980194_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Jijun Niu
Author-X-Name-First: Jijun
Author-X-Name-Last: Niu
Title: Bank size and liquidity creation
Abstract: 
 This paper examines the relation between bank size and liquidity creation. Using panel data on US banks between 2001:Q1 and 2016:Q4, we find that the relation is negative before and during the financial crisis of 2007–2009, but positive after the crisis. We also find that size is positively related to asset-side liquidity creation, but negatively related to liability-side liquidity creation. Overall, our results suggest that the relation between bank size and liquidity creation is influenced by the aggregate economic environment, and shed light on why previous researchers have found mixed results.
Journal: Applied Economics Letters
Pages: 157-161
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1980194
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1980194
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# input file: RAEL_A_1980486_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Alicia Plemmons
Author-X-Name-First: Alicia
Author-X-Name-Last: Plemmons
Author-Name: Agnitra Roy Choudhury
Author-X-Name-First: Agnitra
Author-X-Name-Last: Roy Choudhury
Title: Regional scope of practice and hospital readmission
Abstract: 
 One in six people who are hospitalized in the United States will be readmitted within 30-days of initial discharge. We investigate expanding the scope of practice for nurse practitioners and regional readmission rates. Using Census region data on readmission rates, we determine the effect of a member state expanding nurse practitioner job autonomy with the probability of an individual being readmitted to the hospital. We find that there is an approximate one percent reduction in readmissions within a Census region when a state expands scope of practice to allow for some or all tasks to be performed without a supervisory or collaborative agreement. We find no evidence of increasing readmissions when nurse practitioners’ scope of practice is expanded.
Journal: Applied Economics Letters
Pages: 185-189
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1980486
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1980486
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# input file: RAEL_A_1983124_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Daniel K.N. Johnson
Author-X-Name-First: Daniel K.N.
Author-X-Name-Last: Johnson
Author-Name: Claire Altieri
Author-X-Name-First: Claire
Author-X-Name-Last: Altieri
Author-Name: Siena Blelloch
Author-X-Name-First: Siena
Author-X-Name-Last: Blelloch
Title: A Deadly Triple Threat: Three Layers of U.S. Racial Inequity in COVID Infections and Deaths
Abstract: 
 COVID-19 infections and deaths in the United States have affected racial groups differentially. Until now, there has been no analysis of the role that structural racism plays in those health outcomes. We use three models of ascending complexity to quantify the state-level impact of reporting bias, socioeconomic difference, and endogenous policy choices in a treatment model. Even after controlling for confounding factors like Black Lives Matter and other public demonstrations, multivariate regressions conclude that all three explain the phenomenon. We estimate massive avoidable costs of over 870,000 infections and 39,000 deaths due to unequal health outcomes by race.
Journal: Applied Economics Letters
Pages: 214-220
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1983124
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1983124
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# input file: RAEL_A_1983129_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Burcu Duzgun Oncel
Author-X-Name-First: Burcu
Author-X-Name-Last: Duzgun Oncel
Author-Name: Bilge Eris Dereli
Author-X-Name-First: Bilge
Author-X-Name-Last: Eris Dereli
Title: Cyclical and structural determinants of involuntary part-time employment in Turkey
Abstract: 
 We examine the correlates of involuntary part-time employment in Turkey. We contribute to previous studies regarding Turkey on two aspects. First, we focus on the cyclical and structural components that capture both labour demand and supply conditions, respectively. Second, we control for sample selection bias by applying a recursive bivariate model. We find that involuntary part-time employment is more common among males and moves with unemployment rate. Estimation results present a strong association between involuntary part-time employment and structural factors.
Journal: Applied Economics Letters
Pages: 244-248
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1983129
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1983129
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# input file: RAEL_A_1979187_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Gonzalo Edwards
Author-X-Name-First: Gonzalo
Author-X-Name-Last: Edwards
Author-Name: Raimundo Soto
Author-X-Name-First: Raimundo
Author-X-Name-Last: Soto
Author-Name: Felipe Zurita
Author-X-Name-First: Felipe
Author-X-Name-Last: Zurita
Title: Life expectancy at retirement and income in Chile
Abstract: 
 Using a sample of over 579 thousand workers that retired under the annuity system in Chile, we find that, conditional on reaching retirement age, there is a three-year difference in life expectancy between the lower and higher income groups in both men and women.
Journal: Applied Economics Letters
Pages: 126-130
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1979187
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1979187
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# input file: RAEL_A_1983126_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Dongwoo Kim
Author-X-Name-First: Dongwoo
Author-X-Name-Last: Kim
Title: The effect of 31st year pension enhancement on mid- and late-career retirement decisions
Abstract: 
 A majority of career teachers in Missouri defined benefit pension plan reach their pension wealth peak before their 31st year of service. The 2002 pension enhancement in Missouri generates a local gain in pension wealth that is lower than the peak and also creates an eligibility milestone at the 31st service year. To test whether the 31st year enhancement affects retirement timing decisions for mid- to late-career teachers, I use administrative data of Missouri teachers and employ difference-in-differences models. I find that the 31st year enhancement reduces the likelihood of retirement at early and full retirement eligibilities, and helps retain experienced teachers.
Journal: Applied Economics Letters
Pages: 229-238
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1983126
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1983126
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# input file: RAEL_A_1980192_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Jeongmin Ha
Author-X-Name-First: Jeongmin
Author-X-Name-Last: Ha
Author-Name: Elizabeth Kayoon Hur
Author-X-Name-First: Elizabeth Kayoon
Author-X-Name-Last: Hur
Author-Name: Hee-Seung Yang
Author-X-Name-First: Hee-Seung
Author-X-Name-Last: Yang
Title: Do more educated people work for the government?
Abstract: 
 We investigate the effect of education on public job choice using quarter of birth as an instrumental variable. We find that an additional year of education increases the probability of public sector employment by 1.87 percentage points. However, this positive effect is driven by females, whites, and those with high school degrees or less. For those with college or higher degrees, we observe a decrease in public employment with more education. Our results imply that highly-educated individuals go into high-risk, high-return occupations.
Journal: Applied Economics Letters
Pages: 149-152
Issue: 2
Volume: 30
Year: 2023
Month: 01
X-DOI: 10.1080/13504851.2021.1980192
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1980192
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# input file: RAEL_A_1986205_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: James P. Dow
Author-X-Name-First: James P.
Author-X-Name-Last: Dow
Title: Household factors affecting confidence in financial institutions
Abstract: 
 This paper looks at household level data from the General Social Survey to examine the influence of demographic factors on household confidence in financial institutions. The paper finds that being female, Black, and satisfied financially predict increased confidence in financial institutions while greater education predicts reduced confidence. Significantly, confidence in financial institutions does not seem to be related to confidence in people in general, but does seem to be related to overall confidence in institutions.
Journal: Applied Economics Letters
Pages: 367-370
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1986205
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1986205
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# input file: RAEL_A_1983130_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Daniel Grodzicki
Author-X-Name-First: Daniel
Author-X-Name-Last: Grodzicki
Title: Credit cards and the floating rate channel of monetary policy
Abstract: 
 I quantify the impact of Federal Funds Rate (FFR) movements on consumers’ welfare via the floating, or variable, rate on their credit cards. I first newly document that 96% of card rates adjust to the FFR within 3 months of a change in the latter. Exploiting these rate changes, I construct a model of card use and estimate it using a national database of U.S. card accounts. Model estimates imply that a hypothetical 25 bp rise in the FFR lowers annual consumers’ surplus by 0.23% of personal consumption expenditures ($31.97 billion), and disproportionately more so in lower income areas.
Journal: Applied Economics Letters
Pages: 249-254
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1983130
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1983130
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# input file: RAEL_A_1989364_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Yingyi Liu
Author-X-Name-First: Yingyi
Author-X-Name-Last: Liu
Author-Name: Yu Zhang
Author-X-Name-First: Yu
Author-X-Name-Last: Zhang
Author-Name: Swarn Chatterjee
Author-X-Name-First: Swarn
Author-X-Name-Last: Chatterjee
Title: Financial hardship and depression experienced by pre-retirees during the COVID-19 pandemic: the mitigating role of stimulus payments
Abstract: 
 This study examines the association between financial hardship and depression among pre-retirees (ages 50 to 65) using the Health and Retirement Study (HRS) and its 2020 COVID-19 supplement. We find a negative association between the amount of stimulus received and financial hardship experienced by respondents during the pandemic. Additionally, the results indicate that African American households were less likely to increase spending, Hispanic households were more likely to increase savings, and households with lower educational attainment were more likely to pay down debt using their stimulus money. Financial wealth was negatively associated with the perception of feeling depressed. Overall, the findings from this study underscore the important role that the stimulus checks and other financial resources played in buffering the economic shock experienced by American households during the COVID-19 pandemic.
Journal: Applied Economics Letters
Pages: 391-396
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1989364
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1989364
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# input file: RAEL_A_1983131_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Xiao Dong
Author-X-Name-First: Xiao
Author-X-Name-Last: Dong
Title: Baby-cut carrots as convenience incentives – quality-based price discrimination on retail fresh-cut produce
Abstract: 
 Empirical evidence of quality-based price discrimination (second degree) is limited. I find consumers have positive and heterogenous valuations for the baby-cut attribute of carrots, and I model and establish evidence that retailers utilize this quality attribute to price discriminate. From a welfare perspective, I show the development and introduction of high-quality substitutes, pre-cut and pre-processed versions of fresh produce, increase retail profits with minimal impact on consumer surplus under quality-based price discrimination.
Journal: Applied Economics Letters
Pages: 255-258
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1983131
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1983131
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# input file: RAEL_A_1988886_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Vasileios Zisis
Author-X-Name-First: Vasileios
Author-X-Name-Last: Zisis
Author-Name: Vasilios-Christos Naoum
Author-X-Name-First: Vasilios-Christos
Author-X-Name-Last: Naoum
Title: Sticky cost theory and firm’s evolution
Abstract: 
 The present study investigates the cost behaviour across a firm’s life cycle. Following firms’ evolution, we incorporate a medium to long-term strategic frame on the examination of the association between costs and revenues examining different types of operating costs and controlling for evolution from growth to maturity life cycle stage.
Journal: Applied Economics Letters
Pages: 379-383
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1988886
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1988886
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# input file: RAEL_A_1983133_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Christian Espinosa-Méndez
Author-X-Name-First: Christian
Author-X-Name-Last: Espinosa-Méndez
Title: Integration of financial markets during COVID-19: a dynamic correlation analysis on Euronext
Abstract: 
 This article investigates the reaction of integrated financial markets to the COVID-19 pandemic. Using a dynamic conditional correlation model on Euronext Stock Exchange, I find that the integration of financial markets can act as a buffer against negative shocks such as COVID-19. However, this benefit begins to fade as the number of deaths from COVID-19 increases. In this case, a negative relationship with the dynamic correlation is found in some pairs of member countries.
Journal: Applied Economics Letters
Pages: 264-268
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1983133
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1983133
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# input file: RAEL_A_1985720_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Ruzhao Gao
Author-X-Name-First: Ruzhao
Author-X-Name-Last: Gao
Author-Name: Yueqiang Zhao
Author-X-Name-First: Yueqiang
Author-X-Name-Last: Zhao
Author-Name: Bing Zhang
Author-X-Name-First: Bing
Author-X-Name-Last: Zhang
Title: Baltic dry index and global economic policy uncertainty: evidence from the linear and nonlinear Granger causality tests
Abstract: 
 This study investigates the linear and nonlinear Granger causality relationship between the Baltic Dry Index (BDI) and global economic policy uncertainty (GEPU). There is a unidirectional linear Granger causality relationship running from GEPU to the BDI and no nonlinear Granger causality relationship between the BDI and GEPU. Hence, the Granger causality running from GEPU to the BDI is relatively direct, concise and swift but not very complicated. The linear Granger causality relationship between them is time-varying.
Journal: Applied Economics Letters
Pages: 360-366
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1985720
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1985720
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# input file: RAEL_A_1983915_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Ying Wu
Author-X-Name-First: Ying
Author-X-Name-Last: Wu
Author-Name: Yi Zhang
Author-X-Name-First: Yi
Author-X-Name-Last: Zhang
Author-Name: Lihui Tian
Author-X-Name-First: Lihui
Author-X-Name-Last: Tian
Title: Do Government R&D Subsidies Stimulate Corporate R&D Investment? Evidence from a Quasi-natural Experiment
Abstract: 
 This paper examines the impact of Guangdong provincial R&D subsidies policy on corporate R&D investment.11Guangdong has ranked first in terms of GDP in all Chinese provinces for many years. There are 643 Chinese A-share stock market listed firms in Guangdong in 2019. Using a large sample of Chinese firms for the 2011–2017 period and DID methodology, we find that government R&D subsidies have a negative and significant effect on corporate R&D investment. Our findings are robust to a battery of sensitivity tests. Our study supports the ‘crowd out effect’ of government R&D subsidies.
Journal: Applied Economics Letters
Pages: 280-284
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1983915
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1983915
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# input file: RAEL_A_1987378_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Vincent Fromentin
Author-X-Name-First: Vincent
Author-X-Name-Last: Fromentin
Title: Time-varying Granger causality between the stock market and unemployment in the United States
Abstract: 
 In this paper, we look at the connection between the stock market and the unemployment rate in the United States. Using a recent time-varying Granger causality framework covering the period from January 1960 to October 2020, tests reveal that lagged realizations of the stock market have predictive power regarding unemployment, and vice et versa, but that the predictive ability only occurs sporadically over time, particularly during ‘crash’ periods. These results are in line with the literature on the information spillover between finance markets and the real-life economy, with changes of causality across time.
Journal: Applied Economics Letters
Pages: 371-378
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1987378
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1987378
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# input file: RAEL_A_1983134_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Afees A. Salisu
Author-X-Name-First: Afees A.
Author-X-Name-Last: Salisu
Author-Name: Rangan Gupta
Author-X-Name-First: Rangan
Author-X-Name-Last: Gupta
Author-Name: Abeeb Olaniran
Author-X-Name-First: Abeeb
Author-X-Name-Last: Olaniran
Title: The effect of oil uncertainty shock on real GDP of 33 countries: a global VAR approach
Abstract: 
 In this paper, we investigate the effect of oil price uncertainty shock on real Gross Domestic Product (GDP) of 33 developed and emerging economies using the Global Vector Autoregressive (VAR) framework that allows us to capture the transmission of global shocks while simultaneously accounting for distinct characteristics of individual countries. Utilizing quarterly data over the period of 1980Q1 to 2019Q2, we show that, in general, oil price uncertainty shock has a statistically significant negative impact on GDP for 28 out of the 33 countries, but with varying magnitude and persistence. Overall though, we find the adverse effect on real GDP to be relatively stronger for the developed group of countries than the emerging ones. Hence, our results suggest that policymakers must be ready to undertake expansionary policies (of varying order) in the wake of an oil price uncertainty shock to prevent deep recessions, except in the cases of Norway, Philippines and Saudi Arabia, for which output tends to increase in a statistically significant manner.
Journal: Applied Economics Letters
Pages: 269-274
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1983134
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1983134
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# input file: RAEL_A_1989365_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Yanyan Shen
Author-X-Name-First: Yanyan
Author-X-Name-Last: Shen
Author-Name: Xiaotong Yang
Author-X-Name-First: Xiaotong
Author-X-Name-Last: Yang
Author-Name: Bing Zhu
Author-X-Name-First: Bing
Author-X-Name-Last: Zhu
Title: Multiple large shareholders and controlling shareholders’ related-party M&As
Abstract: 
 This paper examines the impact of a common ownership structure – multiple large shareholders (MLS) – on controlling shareholders’ related-party mergers and acquisitions (M&As). Using a sample of 2,923 Chinese listed firms from 2003 to 2018, we find that firms with MLS are less likely to initiate controlling shareholders’ related-party M&As and if they do, pay lower M&A premium. Further tests show that the impact of MLS on controlling shareholders’ related-party M&As is more prominent when the relative power of other blockholders is stronger, when MLS are of different identity, when corporate governance mechanism is weaker, and when the agency conflicts are more severe. We also find that the presence of MLS is associated with higher related-party M&A performance. Our results imply that MLS monitor the controlling shareholder and improve governance, and hence restrain related-party M&As.
Journal: Applied Economics Letters
Pages: 397-403
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1989365
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1989365
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# input file: RAEL_A_1985065_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Shehong Hou
Author-X-Name-First: Shehong
Author-X-Name-Last: Hou
Title: The nonlinear relationship between banks competition and financial stability in China
Abstract: 
 We use difference GMM method to investigate the influence of banks competition on financial stability in China. The result shows there is an optimal competition level for China’s banks system. The stock market disaster in 2015 does not have significant influence on the z scores of banks, but it caused the non-performance loans increase evidently. This may be the results of China’s separate supervision and separate operation of financial system. Appropriate competition level is essential for China’s banks system.
Journal: Applied Economics Letters
Pages: 331-335
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1985065
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1985065
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# input file: RAEL_A_1985062_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Ewa Cukrowska-Torzewska
Author-X-Name-First: Ewa
Author-X-Name-Last: Cukrowska-Torzewska
Title: Gender gap in reservation wages and the choice of education field
Abstract: 
 I examine the gap in reservation wages between men and women who enter the labour market for the first time and link it to the choice of education field by gender. Using data from 2006 to 2015 Labour Force Survey for Poland, I show that men and women with the same education value their qualifications differently, which points to behavioural differences by gender. The gender difference in returns to education fields is found to be the single most important predictor of the gender gap in reservation wages. Women educated in mathematics, IT and physics are found to report higher reservation wages than other women and there is no difference in pay expectations between them and men. The results contribute to the discussion on the importance of a higher presence of women in STEM fields as a way of achieving greater gender equality in the labour markets.
Journal: Applied Economics Letters
Pages: 319-323
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1985062
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1985062
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# input file: RAEL_A_1985059_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: McKinley L. Blackburn
Author-X-Name-First: McKinley L.
Author-X-Name-Last: Blackburn
Title: Testing for dummy-variable effects in semi-logarithmic regressions
Abstract: 
 Applied economists often use a non-linear function to estimate percentage-change effects of dummy variables in semi-logarithmic models. Delta-method-based inference on these marginal effects is questionable, especially as the dummy variable can be arbitrarily defined to increase the suggestion of evidence of an impact. Inference should instead be based on the untransformed coefficient.
Journal: Applied Economics Letters
Pages: 292-296
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1985059
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1985059
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# input file: RAEL_A_1985066_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Meng Yan
Author-X-Name-First: Meng
Author-X-Name-Last: Yan
Author-Name: Chaoxian Wang
Author-X-Name-First: Chaoxian
Author-X-Name-Last: Wang
Author-Name: Weidong Zhang
Author-X-Name-First: Weidong
Author-X-Name-Last: Zhang
Title: Nonlinear impacts of information and communications technology investment on industrial structure upgrading: the role of marketization
Abstract: 
 This paper employs the dynamic panel threshold model to estimate the industrial upgrading effect of information and communications technology (ICT) investment in view of the role of marketization. Based on provincial-level data from 2008 to 2016 in China, the empirical results show that under a better institutional environment of marketization, ICT investment has an increasing marginal effect on the upgrading of the industrial structure. This implies that the diminishing marginal effect of ICT investment is compensated by the promotion of marketization. Overall, with higher-quality development of the market economy, ICT investment will play a more active role in upgrading the industrial structure.
Journal: Applied Economics Letters
Pages: 336-342
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1985066
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1985066
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# input file: RAEL_A_1983135_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Athiphat Muthitacharoen
Author-X-Name-First: Athiphat
Author-X-Name-Last: Muthitacharoen
Title: Investment tax incentives and firm productivity: evidence from Thailand
Abstract: 
 Developing countries often employ tax incentives to promote investment; however, evidence on their productivity impact is scarce. I use a matched difference-in-difference approach and a panel dataset of Thai firms to investigate the impact of investment tax incentives on firms’ productivity and illustrate how it varies across firms in different competition environments. I find that the incentives significantly raise productivity for the treated firms relative to the control firms. I also show that the incentives could boost productivity to a larger extent when targeted towards higher-competition sectors.
Journal: Applied Economics Letters
Pages: 275-279
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1983135
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1983135
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# input file: RAEL_A_1985068_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Rui Li
Author-X-Name-First: Rui
Author-X-Name-Last: Li
Author-Name: Ruozhou Liu
Author-X-Name-First: Ruozhou
Author-X-Name-Last: Liu
Author-Name: Zili Zhang
Author-X-Name-First: Zili
Author-X-Name-Last: Zhang
Author-Name: Xuejun Zhao
Author-X-Name-First: Xuejun
Author-X-Name-Last: Zhao
Title: Junk Stocks vs Quality Stocks, A Perspective from Mood Seasonality
Abstract: 
 Based on their own quality measure, Asness et al. (2019) document that quality stocks significantly outperform junk stocks. In this article, we attempt to explore the quality-based return patterns from behavioural perspective. The empirical findings demonstrate that the relative performance of quality stocks exhibits significant mood seasonality, i.e. the return spreads of quality and junk stocks decrease (increase) during high (low)-mood months. Furthermore, we also find that the return spreads exhibit significant mood recurrence and reversal effects proposed by Hirshleifer et al. (2020). All of these findings support the argument that mood would be an important source for the outperformance of quality stocks.
Journal: Applied Economics Letters
Pages: 349-354
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1985068
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1985068
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# input file: RAEL_A_1985060_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Xiaojing Cai
Author-X-Name-First: Xiaojing
Author-X-Name-Last: Cai
Author-Name: Yingnan Cong
Author-X-Name-First: Yingnan
Author-X-Name-Last: Cong
Author-Name: Ryuta Sakemoto
Author-X-Name-First: Ryuta
Author-X-Name-Last: Sakemoto
Title: COVID-19 and the forward-looking stock-bond return relationship
Abstract: 
 The COVID-19 pandemic has caused stock market crashes and collapse of economic activities in many countries. As a result, many investors changed their stock and bond market expectations. This study investigates whether the number of COVID-19 confirmed cases influences the forward-looking stock-bond correlations. We apply a quantile approach that is beneficial to explore non-linear relationships between the forward-looking stock-bond return correlations and the COVID-19 cases. The correlations are estimated using the DCC-GARCH model for 21 financial markets from three regions (North American, Asia-Pacific, and Europe). We present empirical evidence that there are heterogeneous responses across regions and countries. Specifically, the negative stock-bond correlations weaken as the number of COVID-19 cases in the regions of North America (the U.S. and Canada) and Asia-Pacific (Australia and Japan) increases. Our results suggest that the number of COVID-19 cases is not important. Investors sell risky stocks and buy safe Treasury bonds at the beginning of the pandemic, while they adjust their portfolios risk levels when they obtain more information. Our result also highlights that this pattern is not observed in European countries.
Journal: Applied Economics Letters
Pages: 297-301
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1985060
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1985060
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# input file: RAEL_A_1983916_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Moonkyoung Jang
Author-X-Name-First: Moonkyoung
Author-X-Name-Last: Jang
Author-Name: Dokyung Kim
Author-X-Name-First: Dokyung
Author-X-Name-Last: Kim
Author-Name: Hyunmi Baek
Author-X-Name-First: Hyunmi
Author-X-Name-Last: Baek
Title: How do global audiences of TV shows take shape?: Evidence from Netflix
Abstract: 
 With the rapid growth of OTT platforms, consumption of TV shows is transcending national boundaries. In the vein, this study investigates the similarities between countries in TV show consumption and the role of cultural factors in determining the similarities. We collected data of daily Top 10 TV shows from 80 countries between January 1 and 20 June 2021, on Netflix, provided by Flixpatrol. We applied a two-step approach: First, social network analysis was conducted for estimating similarities between countries in TV show consumption. Second, a regression model was employed using ordinary least squares to investigate the impact of cultural factors that shape TV show audiences. We found that linguistic proximity, geographical distance, and cultural difference are important factors in determining the global audiences of TV shows.
Journal: Applied Economics Letters
Pages: 285-291
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1983916
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1983916
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# input file: RAEL_A_1985064_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: J. James Reade
Author-X-Name-First: J. James
Author-X-Name-Last: Reade
Author-Name: Jan C. Van Ours
Author-X-Name-First: Jan C.
Author-X-Name-Last: Van Ours
Title: How sensitive are sports fans to unemployment?
Abstract: 
 We analyse the attendance of professional football matches in England finding that it is related to unemployment over a very long period of time. More unemployment leads to lower attendances. Distinguishing between leagues, we find that the relationship is larger for lower leagues, i.e. attendances of lower quality football events are more sensitive to fluctuations in unemployment.
Journal: Applied Economics Letters
Pages: 324-330
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1985064
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1985064
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# input file: RAEL_A_1985719_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Marcin Wroński
Author-X-Name-First: Marcin
Author-X-Name-Last: Wroński
Title: The impact of the public pension system on wealth inequality. The distribution of augmented wealth in Poland
Abstract: 
 Public pension wealth is an important component of a household’s wealth portfolio. However, due to data scarcity, it is usually omitted in the research on household wealth. The literature on augmented wealth is limited to developed economies. We use a novel data source to estimate the distribution of public pension wealth and augmented wealth in Poland. We assess the impact of education-related mortality differential on the value of public pension wealth. Our research sample includes pensioners and workers near retirement. Therefore, we measure the impact of public pension wealth on wealth distribution among those who already profit from their public pension wealth, or will profit from it soon. Moreover, the value of their public pension wealth is stable and robust, while the value of public pension entitlements of the working-age population may change rapidly due to pension system reforms. The public pension system significantly decreases wealth inequality. The Gini index equals 0.5007 for private wealth distribution and 0.3472 for augmented wealth distribution. Decomposition techniques confirm an equalizing impact of public pension wealth on the pension system. The impact of education-related mortality differential on the value of public pension wealth exists at the individual level, but it diminishes at the household level.
Journal: Applied Economics Letters
Pages: 355-359
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1985719
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1985719
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# input file: RAEL_A_1985061_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Salvador Cruz-Aké
Author-X-Name-First: Salvador
Author-X-Name-Last: Cruz-Aké
Author-Name: Reyna Susana García-Ruiz
Author-X-Name-First: Reyna Susana
Author-X-Name-Last: García-Ruiz
Author-Name: Francisco Venegas-Martínez
Author-X-Name-First: Francisco
Author-X-Name-Last: Venegas-Martínez
Title: Climate derivatives strategies as an alternative to set up guaranteed prices for agricultural producers in México
Abstract: 
 This article proposes climate derivative strategies as an alternative to set up guaranteed prices for agricultural producers with the idea that this market mechanism replaces direct government intervention and traditional insurance. To do that, we apply a bivariate time-varying copula to model temperature behaviour as a shadow price of each degree Celsius above or below a given temperature band. We apply the methodology to a wheat-producing region of Apan Hidalgo in México, where the temperatures may vary from −8 to 33°C in a 7-year sample. The proposed time-varying copula uses the minimum and maximum temperature as risk factors in a normal copula with logistic marginals. This copula acceptably fits the original data with a slight delay to the seasonal regime change, but on average, it acceptably mimics the extreme temperature behaviour. The design of the derivative strategies (long American-Parisian-instalment strangles) with underlying temperatures is carried out through a Monte Carlo simulation valuation. Our proposal is more cost efficient than the current programme, a guaranteed price system, broadening its scope and benefiting more farmers.
Journal: Applied Economics Letters
Pages: 302-318
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1985061
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1985061
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# input file: RAEL_A_1985067_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Thomas Patten Krumel
Author-X-Name-First: Thomas Patten
Author-X-Name-Last: Krumel
Author-Name: Corey Goodrich
Author-X-Name-First: Corey
Author-X-Name-Last: Goodrich
Author-Name: Nathan Fiala
Author-X-Name-First: Nathan
Author-X-Name-Last: Fiala
Title: Labour demand in the time of post-COVID-19
Abstract: 
 The COVID-19 pandemic disrupted the labour market in ways that have proved difficult for economists to predict. Early studies suggested that labour demand ‘collapsed’. This initial forecast proved to be overly alarmist, due to the short-run view. We find that labour demand has rebounded sharply, though an aberration has appeared in recent months. Using what is believed to be a near-universe of online jobs postings, we demonstrate that while total job postings are up 43% from pre-pandemic levels, only one-tenth of that increase is driven by increases in new postings. This suggests that the growth in job postings in the labour market is being driven by jobs that are remaining unfilled. Labour force participation has dropped to levels not seen since the 1970s, while unemployment claims have mirrored other recent economic downturns. Combined, these two measures account for almost all the remaining jobs shed during the recent economic downturn. Analysing the characteristics of these job postings, we find a decrease in required skills and salary compared to the pre-pandemic periods. Individuals appear unwilling to re-enter the labour market, likely because of the quality of jobs currently available, leading to an overall labour shortage.
Journal: Applied Economics Letters
Pages: 343-348
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1985067
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1985067
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# input file: RAEL_A_1988887_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Huan Huu Nguyen
Author-X-Name-First: Huan Huu
Author-X-Name-Last: Nguyen
Author-Name: Vu Minh Ngo
Author-X-Name-First: Vu Minh
Author-X-Name-Last: Ngo
Author-Name: Uyen Dinh Hoang Nguyen
Author-X-Name-First: Uyen Dinh Hoang
Author-X-Name-Last: Nguyen
Title: The foreign investors’ behaviours during the COVID-19 pandemic in emerging market
Abstract: 
 International capital inflows contribute a critical part to macroeconomic stability and financial market growth for an emerging economy. As the COVID-19 pandemic has triggered unprecedented chaos in the financial markets recently, this study attempts to explore the current foreign investors’ behaviours and their impacts on the stock market performance in an emerging market. This study found long-term relationships between foreign investors’ trading behaviours and stock market returns. However, the COVID-19 pandemic is distinctive from previous financial crises regarding its impacts on foreign investors’ trading behaviours. Responding to shocks of the COVID-19 pandemic, foreign investors have changed their trading behaviours dramatically and somehow lost their role as a trend leader to domestic retail investors in the market.
Journal: Applied Economics Letters
Pages: 384-390
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1988887
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1988887
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# input file: RAEL_A_1983132_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Chao Zhong
Author-X-Name-First: Chao
Author-X-Name-Last: Zhong
Author-Name: Hongbo Cai
Author-X-Name-First: Hongbo
Author-X-Name-Last: Cai
Author-Name: Qiaoling Shi
Author-X-Name-First: Qiaoling
Author-X-Name-Last: Shi
Title: Will high-speed rail bring cleaning effect to the cities? Evidence from China
Abstract: 
 Will high-speed rail improve air quality, or make it worse? We use data of 270 cities in China from 2000 to 2018 to study the impact of high-speed rail (HSR) on air pollution. Based on the difference-in-difference (DID) model, the regression results show that high-speed rail has reduced air pollution. But the results also show geographic differences. In underdeveloped areas, HSR will increase urban air pollution. The main mechanism is that HSR has affected the industrialization level and the entry of polluting enterprises. Especially in underdeveloped cities, HSR will increase industrial output and attract more polluting companies, which is not conducive to environmental governance.
Journal: Applied Economics Letters
Pages: 259-263
Issue: 3
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1983132
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1983132
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# input file: RAEL_A_1991563_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Xiaolin Yu
Author-X-Name-First: Xiaolin
Author-X-Name-Last: Yu
Author-Name: Fan Wu
Author-X-Name-First: Fan
Author-X-Name-Last: Wu
Author-Name: Kai Wan
Author-X-Name-First: Kai
Author-X-Name-Last: Wan
Author-Name: Tsangyao Chang
Author-X-Name-First: Tsangyao
Author-X-Name-Last: Chang
Title: Zombie firms and corporate innovation: a double distortion effect—empirical evidence from China
Abstract: 
 With China’s entering into the era of high-quality development, we have studied in this paper whether and how the so-called ‘zombie firms’ have inhibitory impact on the quantity and quality of corporate innovation in normal enterprises. Using the 1998–2013 Chinese industrial database as the empirical evidence, we find that the inhibitory impact is significant, and particularly imminent for those normal enterprises with high innovation intensity under further inspection of heterogeneity test. Impact mechanism test indicates two major channels through which the inhibitory impact manifests: competition distortion and financing constraints. Our study not only clarifies the impact of zombie firms on the quantity and quality of corporate innovation, but also provides both theoretical and empirical reference for policymakers in China to properly address the problems of zombie firms and promote high-quality corporate innovation.
Journal: Applied Economics Letters
Pages: 456-461
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1991563
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1991563
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# input file: RAEL_A_1994914_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Dennis L. Weisman
Author-X-Name-First: Dennis L.
Author-X-Name-Last: Weisman
Title: A note on Schumpeter’s innovation hypothesis
Abstract: 
 This note reveals that while the monopolist has ideal incentives to innovate, consistent with Schumpeter’s original hypothesis, the oligopolist’s incentive to innovate is non-monotonic in its market share and approaches that of the monopolist in the limit as the number of identical firms grows large. Numerical simulations indicate that the incentive to innovate for the relatively efficient oligopolist exceeds 83% of that of the monopolist. These findings may help explain why the purported relationship between innovation and firm size has defied consistent empirical validation.
Journal: Applied Economics Letters
Pages: 496-500
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1994914
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1994914
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# input file: RAEL_A_1990203_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Luisa Martínez-Nieto
Author-X-Name-First: Luisa
Author-X-Name-Last: Martínez-Nieto
Author-Name: Francisco Fernández-Navarro
Author-X-Name-First: Francisco
Author-X-Name-Last: Fernández-Navarro
Author-Name: Teresa Montero-Romero
Author-X-Name-First: Teresa
Author-X-Name-Last: Montero-Romero
Author-Name: Mariano Carbonero-Ruz
Author-X-Name-First: Mariano
Author-X-Name-Last: Carbonero-Ruz
Title: COVID-19 impact on the Spanish stock exchange with mean-variance and diversification-based portfolios
Abstract: 
 This paper examines the out-of-sample performance of thirteen portfolio strategies in the Spanish financial market (Ibex 35) during the COVID-19 pandemic (considering four different periods) by using three standard financial metrics. The main findings of the study are as follows: (i) the only methods outperforming Ibex 35 are those based on risk parity or diversification; (ii) unstable period data caused underperformance of strategies that require a previous estimation of certain hyper-parameters in their formulations.
Journal: Applied Economics Letters
Pages: 416-422
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1990203
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1990203
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# input file: RAEL_A_1990837_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Marcelo J. Villena
Author-X-Name-First: Marcelo J.
Author-X-Name-Last: Villena
Author-Name: Hugo Osorio
Author-X-Name-First: Hugo
Author-X-Name-Last: Osorio
Title: On the social discount rate for South American Countries
Abstract: 
 In this paper, the social discount rate (SDR) is calculated for nine South American countries. We use the social time preference methodology, and as opposed to previous studies for the region, the elasticity of marginal utility of consumption is estimated econometrically using a panel data approach. In particular, a fixed effect panel data model was used to estimate the income elasticity of demand for food. The time-series data used come from the same sources for every country under consideration and correspond to the period 1990–2020.
Journal: Applied Economics Letters
Pages: 429-434
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1990837
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# input file: RAEL_A_1994123_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Jui-Chuan Della Chang
Author-X-Name-First: Jui-Chuan Della
Author-X-Name-Last: Chang
Author-Name: Kuang-Liang Chang
Author-X-Name-First: Kuang-Liang
Author-X-Name-Last: Chang
Title: The asymmetric impacts of international portfolio flows on Australian dollar returns
Abstract: 
 This study investigates how equity portfolio flows affect the transition processes of exchange rate returns in Australia by employing a Markov-switching AR-GARCH-Jump model with time-varying transition probabilities. Three interesting findings are observed. Firstly, both GARCH and jump effects are totally different in the high-volatility and low-volatility states. Secondly, the net equity portfolio inflows increase exchange rate market fluctuations. Thirdly, the marginal effect of net equity flows is stronger in low-volatility state than in high-volatile state.
Journal: Applied Economics Letters
Pages: 478-483
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1994123
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1994123
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# input file: RAEL_A_1992340_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Yajie Qiao
Author-X-Name-First: Yajie
Author-X-Name-Last: Qiao
Author-Name: Yunchao Cai
Author-X-Name-First: Yunchao
Author-X-Name-Last: Cai
Title: Financial assets and happiness: evidence from the China Household Finance Survey
Abstract: 
 Using the China Household Finance Survey Data, this article studies the effect of financial assets on happiness. The empirical results based on a series of regression models show that (1) household financial assets have a significant impact on individual’s happiness; (2) the effect of different types of financial assets on happiness is heterogeneous and having certificates of deposit has a positive impact on happiness whilst holding stocks will significantly reduce individual’s happiness; (3) the value of certificates of deposit has certainly improved happiness, whilst the value of holding stocks, funds, has no significant effect and (4) the relationship between the value of certificates of deposit and happiness varies with a household income level, but not risk attitude.
Journal: Applied Economics Letters
Pages: 466-471
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1992340
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1992340
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# input file: RAEL_A_1994518_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Sébastien Fontenay
Author-X-Name-First: Sébastien
Author-X-Name-Last: Fontenay
Author-Name: Thomas Murphy
Author-X-Name-First: Thomas
Author-X-Name-Last: Murphy
Author-Name: Ilan Tojerow
Author-X-Name-First: Ilan
Author-X-Name-Last: Tojerow
Title: Child penalties across industries: why job characteristics matter
Abstract: 
 This article investigates the impact of parenthood on women’s labour market outcomes in Belgium. Using administrative data and an event study design, we show that mothers lose 32% of their labour earnings relative to fathers, up to eight years after the birth of their first child. Furthermore, we find a strong positive correlation between the size of the child penalty for a given sector and the share of its workers who report working atypical work schedules or irregular hours, suggesting that job characteristics matter in determining the size of the child penalty.
Journal: Applied Economics Letters
Pages: 488-495
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1994518
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1994518
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# input file: RAEL_A_1998318_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Mu Fan
Author-X-Name-First: Mu
Author-X-Name-Last: Fan
Author-Name: Fei Liu
Author-X-Name-First: Fei
Author-X-Name-Last: Liu
Author-Name: Qing Yi
Author-X-Name-First: Qing
Author-X-Name-Last: Yi
Author-Name: Bo Gong
Author-X-Name-First: Bo
Author-X-Name-Last: Gong
Title: Does high investment lead to high efficiency in Chinese Super League clubs?
Abstract: 
 The cost of operating Chinese football clubs has increased, prompting the need to examine their operating efficiency. Hence, this study proposes an integrated approach to analyse the efficiency of Chinese Super League (CSL) football clubs from 2014 to 2019. We used data envelopment analysis (DEA) model with three dimensions of output indicators and a bootstrap DEA model to find that CSL clubs, particularly high-input clubs, have low efficiency. These results are robust to other alternative estimation methods. Further research revealed that the scale of CSL club inputs is negatively correlated with operating efficiency, with low scale efficiency acting as a major impediment to the growth of CSL clubs. The comprehensive evaluation model proposed in this study provides an in-depth analysis of the overall efficiency of football clubs and helps managers evaluate and provide feedback based on the realities of the market.
Journal: Applied Economics Letters
Pages: 548-552
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1998318
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1998318
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# input file: RAEL_A_1990836_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Lingaraj Mallick
Author-X-Name-First: Lingaraj
Author-X-Name-Last: Mallick
Author-Name: Smruti Ranjan Behera
Author-X-Name-First: Smruti
Author-X-Name-Last: Ranjan Behera
Author-Name: RV Ramana Murthy
Author-X-Name-First: RV Ramana
Author-X-Name-Last: Murthy
Title: Dynamics of capital account and current account in India: Evidence from threshold cointegration with asymmetric error correction
Abstract: 
 This study investigates the nexus between India’s current and capital accounts using threshold cointegration and asymmetric error-correction approaches. The results validate the threshold cointegration between the current account (CA) and India’s capital account (KA). The asymmetric error correction-based results support the unidirectional Granger causality from KA to CA. Further, results reveal that KA’s cumulative sum of positive and negative deviation substantially impacts the CA. Finally, results of equilibrium adjustment path asymmetric effect from CA to KA suggest that KA reverts to equilibrium in the short run when CA decreases.
Journal: Applied Economics Letters
Pages: 423-428
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1990836
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1990836
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# input file: RAEL_A_1996527_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Kai Chang
Author-X-Name-First: Kai
Author-X-Name-Last: Chang
Author-Name: Xiaochang Cheng
Author-X-Name-First: Xiaochang
Author-X-Name-Last: Cheng
Author-Name: Yiran Wang
Author-X-Name-First: Yiran
Author-X-Name-Last: Wang
Author-Name: Qiming Liu
Author-X-Name-First: Qiming
Author-X-Name-Last: Liu
Author-Name: Jie Hu
Author-X-Name-First: Jie
Author-X-Name-Last: Hu
Title: The impacts of ESG performance and digital finance on corporate financing efficiency in China
Abstract: 
 This article explores the interactive effects of digital finance and environmental, social responsibility, and corporate governance (ESG) performance on corporate financing efficiency using data envelopment analysis (DEA) and panel data analysis. Our empirical results demonstrate that higher ESG performance and digital finance enhance corporate financing efficiency at the 1% significance level, and digital finance alleviates the positive marginal effect of ESG performance on corporate financing efficiency.
Journal: Applied Economics Letters
Pages: 516-523
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1996527
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1996527
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# input file: RAEL_A_1998315_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Tobias Alexander Jopp
Author-X-Name-First: Tobias Alexander
Author-X-Name-Last: Jopp
Author-Name: Mark Spoerer
Author-X-Name-First: Mark
Author-X-Name-Last: Spoerer
Title: On the political determinants of wide-body aircraft sales, 1974–89
Abstract: 
 This article contributes to the ongoing discussion on unfair government support for the world’s major civil aircraft producers, Airbus and Boeing. In a logit setting, we identify political (and economic) determinants of airlines’ decision to buy either Airbus or American brand-new wide-bodies in the market’s formative period. We find evidence for political determinants at work not only for Airbus, but – to an even greater extent – also for the American manufacturers, such as home bias.
Journal: Applied Economics Letters
Pages: 531-535
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1998315
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1998315
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# input file: RAEL_A_1991562_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Zhida Zhang
Author-X-Name-First: Zhida
Author-X-Name-Last: Zhang
Author-Name: Runqiu Chen
Author-X-Name-First: Runqiu
Author-X-Name-Last: Chen
Author-Name: Qi Luo
Author-X-Name-First: Qi
Author-X-Name-Last: Luo
Title: Firm-specific investor sentiment, stock price synchronicity, and crash risk
Abstract: 
 This article investigates the impact of firm-specific investor sentiment on stock price synchronicity and further examines the relationship between stock price synchronicity and crash risk. By analysing the dataset of the Chinese stock market, we find that higher firm-specific investor sentiment induces lower stock price synchronicity, which is inconsistent with the argument supported by a majority of previous studies that low price synchronicity represents high price informativeness. We also find a negative relationship between price synchronicity and future crash risk, supporting the view that in an irrational market, less return comovement is not associated with more firm-specific information but noise.
Journal: Applied Economics Letters
Pages: 450-455
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1991562
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1991562
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# input file: RAEL_A_1996528_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Nobuyuki Takashima
Author-X-Name-First: Nobuyuki
Author-X-Name-Last: Takashima
Title: International environmental agreements with the formation of multiple coalitions
Abstract: 
 This paper examines the formation of multiple coalitions under the umbrella of an international environmental agreement. Using a repeated game, we demonstrate that in any coalition structure consisting of only two or three countries, cooperation can be sustained through punishments inflicted on the deviating country from agreement rules by fellow coalition members if the discount factor is greater than $$1/2$$1/2. Furthermore, our rules of agreement can be effective even in the case of heterogeneous countries if coalitions are formed among the same type of countries. With this method, a coalition consisting of two or three countries is sustained whenever the discount factor is greater than $$1/2$$1/2, as is the case with symmetric countries.
Journal: Applied Economics Letters
Pages: 524-530
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1996528
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1996528
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# input file: RAEL_A_1996526_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Jong-Min Kim
Author-X-Name-First: Jong-Min
Author-X-Name-Last: Kim
Author-Name: Hojin Jung
Author-X-Name-First: Hojin
Author-X-Name-Last: Jung
Title: The impacts of COVID-19 on the dependence structure of the stock market
Abstract: 
 This article uses Gaussian copula marginal regression and tail dependence estimation by copula to explore COVID-19’s effects on the dependence structure of the US stock market. Specifically, we investigate the dependence between S&P 500 returns and returns in eleven sectors at the mean and the tails of the joint distribution prior to and during the pandemic. We uncover strong evidence of the pandemic’s heterogeneous effects on dependence structures across sectors. Certain sectors, including information technology and health care, increase in importance as return determinants of the composite index during the pandemic. We also find that COVID-19 increases tail dependence, specifically lower tail dependence more than upper tail dependence. These findings will be useful to investors interested in managing risk, particularly during pandemics.
Journal: Applied Economics Letters
Pages: 510-515
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1996526
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1996526
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# input file: RAEL_A_1989367_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Minghuan Shou
Author-X-Name-First: Minghuan
Author-X-Name-Last: Shou
Author-Name: Xueqi Bao
Author-X-Name-First: Xueqi
Author-X-Name-Last: Bao
Author-Name: Jie Yu
Author-X-Name-First: Jie
Author-X-Name-Last: Yu
Title: An optimal weighted machine learning model for detecting financial fraud
Abstract: 
 The purpose of this study is to predict enterprises’ financial fraud. After collecting financial data and employing feature selection methods, totally eight features are selected. We select two best-performance machine learning models according to five indicators including accuracy, recall, specificity, AUC and the misclassification cost. Besides, an optimal weighted machine learning model, based on the two best-performance models, is proposed and the results confirm its good performance in forecasting enterprises’ financial fraud.
Journal: Applied Economics Letters
Pages: 410-415
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1989367
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1989367
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# input file: RAEL_A_1994122_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Carlos Poza
Author-X-Name-First: Carlos
Author-X-Name-Last: Poza
Author-Name: Manuel Monge
Author-X-Name-First: Manuel
Author-X-Name-Last: Monge
Title: Forecasting Spanish economic activity in times of COVID-19 by means of the RT-LEI and machine learning techniques
Abstract: 
 The main aim of this paper is to analyse and estimate the behaviour of the Spanish economic activity in the next 12 months, by means of a Real-Time Leading Economic Indicator (RT-LEI), based on Google Trends, and the real GDP. We apply methodologies based on fractional integration and cointegration to measure the degree of persistence and to examine the long-term relationship. Finally, we carry out a forecast using a Machine Learning model based on an Artificial Neural Network. Our results indicate that the Spanish economy will experience a contraction in 1Q-21 and will require strong measures to reverse the situation and recover the original trend.
Journal: Applied Economics Letters
Pages: 472-477
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1994122
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1994122
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# input file: RAEL_A_1991560_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Cody Orr
Author-X-Name-First: Cody
Author-X-Name-Last: Orr
Title: Peer gender composition and non-cognitive factors
Abstract: 
 This note studies the relationship between the gender composition of a student’s peers and two of their non-cognitive factors: sense of belonging and self-worth. Using data from Add Health and exploiting idiosyncratic variation in the share of female peers across grades within schools, I find positive but small effects of a higher share of female peers for male students. I do not find statistically significant effects for female students, but I can rule out large positive effects.
Journal: Applied Economics Letters
Pages: 441-444
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1991560
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1991560
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# input file: RAEL_A_1994124_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Fabio Pizzutilo
Author-X-Name-First: Fabio
Author-X-Name-Last: Pizzutilo
Title: Is ESG-ness the vaccine?
Abstract: 
 In an attempt to foster debate on whether firms’ commitment to ESG policies affects stocks risk-adjusted performance, we analysed the blue-chips of the European countries most affected by COVID-19. We found statistical evidence that companies that follow high ESG standards outperformed low ESG-ranked firms during Phase 1 of COVID-19. In particular, the dampening effect on the downside stock market movement was more evident during the first part of Phase 1 characterized by the sudden crash of stock prices.
Journal: Applied Economics Letters
Pages: 484-487
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1994124
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1994124
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# input file: RAEL_A_1998317_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Dwi Krisnanto
Author-X-Name-First: Dwi
Author-X-Name-Last: Krisnanto
Author-Name: Endra Iraman
Author-X-Name-First: Endra
Author-X-Name-Last: Iraman
Author-Name: Yoshikuni Ono
Author-X-Name-First: Yoshikuni
Author-X-Name-Last: Ono
Author-Name: Makoto Kakinaka
Author-X-Name-First: Makoto
Author-X-Name-Last: Kakinaka
Title: Quality of public governance and voluntary tax payment: experimental evidence from Indonesia
Abstract: 
 Taxpayers tend to have an aversion to taxes because they often feel that they lack information about how their taxes are being spent. By conducting a vignette survey experiment with the Indonesian taxpayers, we demonstrate that citizens are more likely to perceive their tax obligations favourably if they are exposed to information that the government is acting in a trustworthy manner. This result suggests that a government’s commitment to establishing good governance in tax revenue management can increase public confidence, which can be an important determinant of people’s tax attitudes. Our study provides new empirical evidence on the impact of psychological ties between citizens and the government on citizens’ willingness to pay taxes.
Journal: Applied Economics Letters
Pages: 543-547
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1998317
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1998317
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# input file: RAEL_A_1996525_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Jaywon Lee
Author-X-Name-First: Jaywon
Author-X-Name-Last: Lee
Author-Name: Hyung Tae Kim
Author-X-Name-First: Hyung Tae
Author-X-Name-Last: Kim
Author-Name: Sangshin Pae
Author-X-Name-First: Sangshin
Author-X-Name-Last: Pae
Title: Does cash conversion cycle affect cost of equity capital?
Abstract: 
 This study examines the impact of cash conversion cycle (CCC) on cost of equity (COE). A CCC measures the time it takes for a firm to convert its inventory into cash flows from sales. A CCC is one of several metrics that evaluates a firm’s operational risk, and this paper investigates whether CCC affects COE. Using 29,248 firm-year observations that span 1984–2018, we find that firms with longer CCC have higher equity financing costs. Furthermore, we observe significant moderating effects of product market conditions and information asymmetry. The positive relationship becomes weaker (stronger) with greater competition and demand uncertainty (information asymmetry). Our findings provide useful insights for managers as our results reveal that investors recognize CCC as a value-relevant signal in determining COE.
Journal: Applied Economics Letters
Pages: 501-509
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1996525
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1996525
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# input file: RAEL_A_1989366_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Tong Fu
Author-X-Name-First: Tong
Author-X-Name-Last: Fu
Author-Name: Yuanyuan Li
Author-X-Name-First: Yuanyuan
Author-X-Name-Last: Li
Author-Name: Dawei Feng
Author-X-Name-First: Dawei
Author-X-Name-Last: Feng
Title: Culture of Social Integration: How Extractive Colonialism Promotes Contemporary Individual Income
Abstract: 
 By exploring the history of northeastern China in 1898–1911, this paper documents that extractive colonialism spurs a culture of social integration that generates a positive effect on contemporary individual income, with robustness to potential endogeneity bias. Given that the existing literature has emphasized the long-run negative economic impacts of extractive colonialism, this paper helps explain the following institutional puzzle: Why does extractive colonialism spur development in the long run? We thereby deepen understanding of colonialism and institutions from a cultural perspective.
Journal: Applied Economics Letters
Pages: 405-409
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1989366
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1989366
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# input file: RAEL_A_1992339_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Reynaldo Senra Hodelin
Author-X-Name-First: Reynaldo
Author-X-Name-Last: Senra Hodelin
Title: Money, financial depth and economic growth in orthodox communist nations: the case of Cuba
Abstract: 
 The empirical literature on the nexus between finance and economic growth is vast, but two issues have been almost absent from it. One is the role of financial depth in communist countries with minimal market-oriented reforms. The other is the role of currency in circulation not only in these kinds of nations but also in underdeveloped countries, in general. This article investigates the nexus of banking deposits and currency in circulation with long-run economic growth in Cuba. We find a negative overall causality of deposits for economic growth. However, the currency was boosting growth. Our findings point at the relevance of currency for the private sector, and at multidimensional problems in the state-owned sector of Cuba.
Journal: Applied Economics Letters
Pages: 462-465
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1992339
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1992339
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# input file: RAEL_A_1998316_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Elwin Tobing
Author-X-Name-First: Elwin
Author-X-Name-Last: Tobing
Title: Unemployment and obesity during the great recession: evidence from US county panel data
Abstract: 
 This article investigates the effect of unemployment on obesity during the Great Recession. Previous studies using mainly individual data surveys find that the relationship is inconclusive. Motivated by the current economic crisis due to the coronavirus pandemic, we revisit the debate and exploit cross county US data, a relatively unexplored dataset in the study on obesity. We find a pro-cyclical relationship between unemployment and obesity. We further explore whether the positive relationship may relate to lack of recreation and physical exercises during the great economic downturn due to the scarcity of public recreational and fitness facility (RFF). Our findings show that the effect of unemployment on obesity is significant in both counties with scarce and abundant RFF. Hence, the limited access to public RFF during the COVID pandemic may, by itself, not contribute to weight gain among adult Americans.
Journal: Applied Economics Letters
Pages: 536-542
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1998316
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1998316
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# input file: RAEL_A_1991561_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Rudra P. Pradhan
Author-X-Name-First: Rudra P.
Author-X-Name-Last: Pradhan
Author-Name: Sahar Bahmani
Author-X-Name-First: Sahar
Author-X-Name-Last: Bahmani
Author-Name: Rebecca Abraham
Author-X-Name-First: Rebecca
Author-X-Name-Last: Abraham
Title: Institutional quality, insurance markets, and economic growth: evidence from pooled mean group estimation
Abstract: 
 We study the role of institutional quality and insurance markets in the economic growth of middle-income countries between 2005 and 2019. Insurance market development consistently explains long- and short-run growth. Institutional quality is a better predictor of long-run growth, but is more erratic regarding sign and significance for short-run growth.
Journal: Applied Economics Letters
Pages: 445-449
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1991561
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1991561
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# input file: RAEL_A_1990838_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Jingbing Feng
Author-X-Name-First: Jingbing
Author-X-Name-Last: Feng
Author-Name: Tao Zhang
Author-X-Name-First: Tao
Author-X-Name-Last: Zhang
Title: Effect of private capital in rival projects on public-private partnership adoption in China
Abstract: 
 This study analysed how local governments react to intergovernmental competition for private capital in the public goods market. Using microlevel data for public-private partnership (PPP) projects in China from 2012 to 2018, we found that the more private capital rival cities have attracted, the more likely local governments start to introduce PPP projects, especially those whose future returns are paid by governments. The results are robust to an instrumental variable estimation using the financing demand of rival cities. The effect of rival projects was found to be related to information disclosure, financing facilitation, and governors’ responsibility. The results suggest that local governments tend to promise future obligations for payment to decrease advanced capital expenditures. This study also provides implications for political and economic research by shedding light on local competition in the progress of marketization.
Journal: Applied Economics Letters
Pages: 435-440
Issue: 4
Volume: 30
Year: 2023
Month: 02
X-DOI: 10.1080/13504851.2021.1990838
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1990838
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# input file: RAEL_A_2011101_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Xi Lin
Author-X-Name-First: Xi
Author-X-Name-Last: Lin
Author-Name: Langping Leng
Author-X-Name-First: Langping
Author-X-Name-Last: Leng
Author-Name: Ying Qiu
Author-X-Name-First: Ying
Author-X-Name-Last: Qiu
Title: Research on the policy effect of Free Trade Zone on regional innovation capability: evidence from China
Abstract: 
 Free Trade Zone Policy is one of China’ s new opening-up strategies developed in response to the changed domestic and international circumstances. This paper identifies the Free Trade Zone Policy not only has an impact on regional innovation, but also has spatial spillover effect. Based on the data of listed companies and the data of 268 prefecture-level cities in China from 2010 to 2019, the paper uses the Spatial Differences-in-Differences (SDID) model to prove that FTZ policy can promote regional innovation of local area and will also promote the growth of innovation in surrounding areas.
Journal: Applied Economics Letters
Pages: 689-694
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2011101
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2011101
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# input file: RAEL_A_2000927_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Xiaohui Shu
Author-X-Name-First: Xiaohui
Author-X-Name-Last: Shu
Author-Name: Yangkuo Li
Author-X-Name-First: Yangkuo
Author-X-Name-Last: Li
Author-Name: Guang Tian
Author-X-Name-First: Guang
Author-X-Name-Last: Tian
Title: Endogenous consumption driving and sustainability of macroeconomic development in post-coronavirus China
Abstract: 
 The outbreak of Covid-19 has generated a significant impact on China’s national economies. In Post-Coronavirus China, the macro-economic development situation must be undergone new and substantial changes with a trend from a production-driven economy to a consumption-driven economy. With the proposal of China’s strategy of expanding domestic demand, endogenous consumption has become the main driving force of current economic growth. With the transformation and upgrading of the consumption structure and the continuous promotion of structural reforms on the supply side, the essential role of consumption in economic development will be more sustainable. The new model for China’s economic and social development is to cultivate new consumer markets, continuously increase people’s income level and consumption capacity, and accelerate the construction and growth of crucial consumptions. It should become a new and long-term policy for China’s macro-economic development.
Journal: Applied Economics Letters
Pages: 582-595
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2000927
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2000927
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# input file: RAEL_A_2001419_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Tea Gamtkitsulashvili
Author-X-Name-First: Tea
Author-X-Name-Last: Gamtkitsulashvili
Author-Name: Alexander Plekhanov
Author-X-Name-First: Alexander
Author-X-Name-Last: Plekhanov
Title: Mobility and economic activity around the world during the Covid-19 crisis
Abstract: 
 This paper traces the relationship between quarterly estimates of economic activity and people’s mobility during the Covid-19 crisis in a sample of 53 economies. Over time, the estimates of elasticity of value added with respect to mobility have been declining, to below 0.2 at the start of 2021, attesting to the gradual adjustment of global economic activity to social distancing. Yet this adjustment appears to be modest, with economic recovery driven primarily by greater mobility. The study highlights the limit to the extent to which economic costs of restricted movement of people can be reduced, with implications for public policy. The estimated relationships can also be effectively applied to economic forecasting during periods of reduced mobility.
Journal: Applied Economics Letters
Pages: 608-614
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2001419
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2001419
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# input file: RAEL_A_2005764_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Francesco Aiello
Author-X-Name-First: Francesco
Author-X-Name-Last: Aiello
Author-Name: Paola Cardamone
Author-X-Name-First: Paola
Author-X-Name-Last: Cardamone
Author-Name: Lidia Mannarino
Author-X-Name-First: Lidia
Author-X-Name-Last: Mannarino
Author-Name: Valeria Pupo
Author-X-Name-First: Valeria
Author-X-Name-Last: Pupo
Title: Networks and family firm performance: some evidence from Italy
Abstract: 
 Using a large sample of Italian small-medium sized firms, this study analyses the effects of formal inter-firm cooperation on the performance of family firms (FFs). The study is based on the network contract (‘Contratto di rete’) implemented in Italy in 2009. The results show that networks have a positive effect on FFs’ performance, while no conclusive evidence is found for non-FFs. Additionally, the advantages for southern family firms and for small firms are considerable.
Journal: Applied Economics Letters
Pages: 620-625
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2005764
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2005764
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# input file: RAEL_A_1998319_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Xuejing Ma
Author-X-Name-First: Xuejing
Author-X-Name-Last: Ma
Title: Can working hard make one rich? Evidence from online content contributors
Abstract: 
 In traditional working situations, it is generally accepted that working hard can result in better performance and higher income levels. However, research on whether this holds in the context of online content contribution is scant. This study examines the effect of working hard on the rate of earnings of content contributors on an online platform. The empirical results of a panel vector autoregression (PVAR) model show that longer hours of performance cannot induce more hourly monetary earnings, which suggests that working hard does not make online contributors rich. Furthermore, our investigations show that although working hard is not effective in increasing the earnings rate of individuals who have above-average earnings, it does have a positive effect on the earnings of those with below-average hourly revenue.
Journal: Applied Economics Letters
Pages: 553-561
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.1998319
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1998319
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# input file: RAEL_A_2009110_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Joshua J. Lewer
Author-X-Name-First: Joshua J.
Author-X-Name-Last: Lewer
Author-Name: Colin Corbett
Author-X-Name-First: Colin
Author-X-Name-Last: Corbett
Author-Name: Tanya M. Marcum
Author-X-Name-First: Tanya M.
Author-X-Name-Last: Marcum
Author-Name: Jannett Highfill
Author-X-Name-First: Jannett
Author-X-Name-Last: Highfill
Title: Offering makeup exams: do teachers care ‘what happened’?
Abstract: 
 This paper develops a model of student effort that examines how student effort adjusts when the probability of a missed exam or being allowed to take a makeup exam changes. A survey of 251 college instructors provides several key insights including that instructors’ attitudes towards giving a makeup exam depend on the reason a makeup is needed. Also, in an ‘oversleeping’ scenario, factors that significantly affect instructor willingness to offer a makeup depend on experience, method of course delivery, part-time instructor status, weight of exam in course grade, and attitude towards grade flexibility.
Journal: Applied Economics Letters
Pages: 645-648
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2009110
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2009110
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# input file: RAEL_A_2011097_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Hui Zhou
Author-X-Name-First: Hui
Author-X-Name-Last: Zhou
Title: Inquiry letter supervision and stock price informativeness-research based on the stock price non-synchronicity
Abstract: 
 Based on the sample of listed companies in China, this paper discusses the impact of the annual report inquiry letter sent by stock exchanges on stock price informativeness. Research results show that the inquiry letter increases the stock price non-synchronicity, indicating a positive impact of the inquiry letter on stock price informativeness. This effect is more pronounced for companies with low information transparency and poor corporate governance, suggesting that inquiry letter increases stock price informativeness through the information channel and governance channel. The positive impact of inquiry letter on stock price informativeness is affected by the frequency of receiving inquires, whether accounting firms are required to express verification opinions and the number of questions in the inquiry. Results of this paper support the positive role of inquiry letter in improving market information efficiency.
Journal: Applied Economics Letters
Pages: 683-688
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2011097
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2011097
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# input file: RAEL_A_2009757_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Shuxin Li
Author-X-Name-First: Shuxin
Author-X-Name-Last: Li
Author-Name: Nobuya Takezawa
Author-X-Name-First: Nobuya
Author-X-Name-Last: Takezawa
Author-Name: Jiaxi Zhou
Author-X-Name-First: Jiaxi
Author-X-Name-Last: Zhou
Title: Does On-stage Performance of Esports Teams Impact Stock Prices: Evidence From the Astralis Group
Abstract: 
 The recent establishment and popularity of professional esports leagues, coupled with the public listing of the Denmark-based esports team Astralis Group, presents an opportunity to assess whether wins and losses impact a team`s stock price in nontraditional sports. We provide empirical evidence that wins in championship matches impact stock returns for Astralis in a regression-based event study. This suggests that investors perceive championship wins as an indicator of future earnings growth of the group.
Journal: Applied Economics Letters
Pages: 674-677
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2009757
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2009757
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# input file: RAEL_A_2009756_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Xiaoyang Yao
Author-X-Name-First: Xiaoyang
Author-X-Name-Last: Yao
Author-Name: Jianfeng Li
Author-X-Name-First: Jianfeng
Author-X-Name-Last: Li
Author-Name: Zezhong Shang
Author-X-Name-First: Zezhong
Author-X-Name-Last: Shang
Author-Name: Wei Le
Author-X-Name-First: Wei
Author-X-Name-Last: Le
Author-Name: Jianping Li
Author-X-Name-First: Jianping
Author-X-Name-Last: Li
Title: Impacts of COVID-19 on financial markets: from the perspective of financial stress
Abstract: 
 This research analyzes the impacts of COVID-19 on financial markets from the perspective of financial stress. Effects on financial stress and its cross-border spillovers are investigated, respectively. The results show that the stress of a country’s financial system is positively correlated with the severity of COVID-19 pandemic the country experiences. Although the volatilities of financial stress increased slightly, the cross-border spillovers have increased significantly after the COVID-19 outbreak. We provide a new insight to the impacts of the COVID-19 and suggest a more prudent look at financial risk management.
Journal: Applied Economics Letters
Pages: 669-673
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2009756
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2009756
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# input file: RAEL_A_1999895_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Mercedes Alda
Author-X-Name-First: Mercedes
Author-X-Name-Last: Alda
Author-Name: Ruth Vicente
Author-X-Name-First: Ruth
Author-X-Name-Last: Vicente
Title: Are socially responsible investment funds seasonal?
Abstract: 
 We study the existence of seasonality effects in USA SRI mutual funds from November 1990 to April 2019. We analyse whether SRI funds focus on non-financial aspects and reduce the importance of changing their behaviour in certain calendar periods with the purpose of achieving better performance in these seasons. Considering several investment areas (Asia, Europe, Japan, USA and global), we study the season patterns on monthly, quarterly, and second-half yearly basis. In general, our results do not show seasonality behaviour. Consequently, SRI mutual funds do not vary their behaviour in certain calendar periods, revealing a more stable investment conduct, consistent with non-financial preferences
Journal: Applied Economics Letters
Pages: 562-565
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.1999895
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1999895
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# input file: RAEL_A_1999897_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Hiroshi Ono
Author-X-Name-First: Hiroshi
Author-X-Name-Last: Ono
Title: The causal relationship between economic policy uncertainty and stock indices in OECD and non-OECD countries: evidence from time-varying Granger causality tests on a lag-augmented VAR model
Abstract: 
 This study re-examined the causal relationship between economic policy uncertainty (EPU) and stock indices for Organization for Economic Co-operation and Development (OECD) and non-OECD countries. To this aim, it applied the lag-augmented vector autoregression model with a time-varying Granger causality test . Based on the standard Granger causality test results, only afew countries demonstrated acausal relationship between two variables. However, the empirical findings using of time-varying Granger causality test indicate that the causal relationship between the two variables is not present for the entire period, but it is present for some sub-periods in many countries. Additionally, the results found that causality running from stock indices to EPU (stock price-leading hypothesis) for many periods and countries. The results indicate that the relationship between two variables is not constant, meaning that it changes from one period to the next in many countries.
Journal: Applied Economics Letters
Pages: 572-576
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.1999897
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1999897
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# input file: RAEL_A_1999896_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Jyh-Horng Lin
Author-X-Name-First: Jyh-Horng
Author-X-Name-Last: Lin
Author-Name: Shi Chen
Author-X-Name-First: Shi
Author-X-Name-Last: Chen
Author-Name: Chuen-Ping Chang
Author-X-Name-First: Chuen-Ping
Author-X-Name-Last: Chang
Title: Insurer capital, technology choices, and performance during a trade war
Abstract: 
 This paper develops a duopolistic contingent claim model to evaluate the equity values of life insurers during a trade war. Choosing advanced (technology-oriented) relative to backward (human capital-oriented) technology is crucial for insurance management. A result shows that holding more capital would enhance insurer survival. The enhancement becomes more significant when the trade war becomes more severe and when the technology chosen by the insurers is more backward. Capital, as such, contributes to insurance stability but discourages advanced technology development for insurers during the trade war.
Journal: Applied Economics Letters
Pages: 566-571
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.1999896
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1999896
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# input file: RAEL_A_2014393_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Xiaoye Qian
Author-X-Name-First: Xiaoye
Author-X-Name-Last: Qian
Author-Name: Haiqian Wang
Author-X-Name-First: Haiqian
Author-X-Name-Last: Wang
Title: The effects of temporary workers on firms’ financial performance: evidence from China
Abstract: 
 This study investigates the relationship between temporary employment and firms’ financial performance in Chinese manufacturing firms. Using two waves of large social survey data, the empirical results reveal (1) the proportion of temporary workers has a significant inverted-U-shaped relationship with a firm’s financial performance, (2) a firm’s human resource treatment disparity between permanent and temporary workers (HR treatment disparity) strengthens the negative relationship between temporary employment and performance, and (3) the innovation-oriented firm strategy in conjunction with a higher proportion of temporary workers is associated with poorer firm performance.
Journal: Applied Economics Letters
Pages: 695-699
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2014393
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2014393
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# input file: RAEL_A_2009435_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Milan Dźogan
Author-X-Name-First: Milan
Author-X-Name-Last: Dźogan
Author-Name: Roman Lacko
Author-X-Name-First: Roman
Author-X-Name-Last: Lacko
Author-Name: Zuzana Hajduová
Author-X-Name-First: Zuzana
Author-X-Name-Last: Hajduová
Title: Is it better to support tourism after pandemic regionally or globally? Case of European Union from the socio-economic perspective
Abstract: 
 The study is devoted to examining the tourism efficiency of European Union countries in the years after the financial crisis and before the pandemic crisis to understand the processes that can be instrumental in post-pandemic crisis measures. The DEA CCR and BCC models and truncated regression analysis were implemented to reach the study’s goal. Double bootstrapped efficiency values were detailed to cluster analysis. Our findings confirmed that measures following the Coronavirus pandemic must be directed regionally with regards to socio-economic convergence. Some tourism-oriented countries, which were more affected by the previous crisis, tend to be less efficient. And more vulnerable. Also, the convergence of countries, which joined the European Union in the last decades, is insufficient, so the efficiencies tend to be lower. We have also shown that various socio-economic factories impact efficiency, and their improvement can also mean improving the state of tourist efficiency in European Union countries.
Journal: Applied Economics Letters
Pages: 657-662
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2009435
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2009435
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# input file: RAEL_A_2009111_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Grant Allan
Author-X-Name-First: Grant
Author-X-Name-Last: Allan
Author-Name: Rhona Lochhead
Author-X-Name-First: Rhona
Author-X-Name-Last: Lochhead
Author-Name: Scott McGrane
Author-X-Name-First: Scott
Author-X-Name-Last: McGrane
Title: A water stress perspective on the UK’s water footprint
Abstract: 
 The global water requirements of economic activities have been studied through the concept of the water footprint, which can be captured in multinational Input–Output (IO) frameworks. While useful for looking at aggregate requirements, this paper links the UK’s blue and green water footprint with a country-level water stress index. We show that more than half of the UK’s blue water footprint was in areas of high water stress, while its green water footprint is more concentrated in areas of lower water stress. These findings show how water stress can be incorporated alongside measures of water footprint. This can be critical in evaluating the success of policies aimed to improve national and international water security and reduce water stress.
Journal: Applied Economics Letters
Pages: 649-656
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2009111
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2009111
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# input file: RAEL_A_2000930_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Jia Ji
Author-X-Name-First: Jia
Author-X-Name-Last: Ji
Title: The time-varying dynamics of systematic fiscal policy
Abstract: 
 Against the background of deepening public finance reforms in China, this paper applies the time-varying parameter techniques to investigate the underlying structural variation in the systematic part of fiscal policy. Although the degree of activism of systematic fiscal policy to inflation is estimated to remain in a mostly stable regime, the findings reveal a trend towards a less systematic and predictable policy behaviour to output stabilization over the past few years. The dynamic relationship implies that the counter-cyclical policy capacity has been attenuated, and systematic fiscal policy becomes less effective at restraining uncertainties about the functioning of the economy.
Journal: Applied Economics Letters
Pages: 602-607
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2000930
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2000930
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# input file: RAEL_A_2011094_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Hayoung Kim
Author-X-Name-First: Hayoung
Author-X-Name-Last: Kim
Title: Racial segregation in urban consumption
Abstract: 
 This study presents empirical evidence that demographic aspects of locations have a significant effect on diners’ restaurant choices. Exploiting New York Times restaurant reviews, I find that black diners have stronger preferences for demographic similarities; in response to a review, a larger share of black residents near a restaurant location leads to an increase in the share of black diners. This result implies that the marginal utility of location varies as a function of diner race.
Journal: Applied Economics Letters
Pages: 678-682
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2011094
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2011094
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# input file: RAEL_A_2000574_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Pu Liao
Author-X-Name-First: Pu
Author-X-Name-Last: Liao
Author-Name: Fei Li
Author-X-Name-First: Fei
Author-X-Name-Last: Li
Author-Name: Bingqing Li
Author-X-Name-First: Bingqing
Author-X-Name-Last: Li
Author-Name: Xun Zhang
Author-X-Name-First: Xun
Author-X-Name-Last: Zhang
Title: COVID-19, social distancing, and economic growth
Abstract: 
 Social distancing restrictions have become a primary measure in curbing the spread of the COVID-19 pandemic. Given the fact that the survival probability of infected individuals and labour supply will decline during the pandemic, this study extends the overlapping generations (OLG) model to include the effects of COVID-19 on individuals’ health and investigates the optimal social distancing policy from an economic perspective. Our results show that the pandemic can cause economic contraction, and a strict social distancing policy generally benefits economic growth. Nevertheless, absolute zero socializing may not be an optimal strategy.
Journal: Applied Economics Letters
Pages: 577-581
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2000574
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2000574
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# input file: RAEL_A_2005236_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Kyle Butts
Author-X-Name-First: Kyle
Author-X-Name-Last: Butts
Title: Geographic difference-in-discontinuities
Abstract: 
 A recent econometric literature has critiqued the use of regression discontinuities where administrative borders serve as the ‘cutoff’. Identification in this context is difficult since multiple treatments can change at the cut-off and individuals can easily sort on either side of the border. This note extends the difference-in-discontinuities framework discussed in Grembi et al. (2016) to a geographic setting. This paper formalizes the identifying assumptions in this context, which will allow for the removal of time-invariant sorting and multiple treatments similar to the difference-in-differences methodology.
Journal: Applied Economics Letters
Pages: 615-619
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2005236
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2005236
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# input file: RAEL_A_2005766_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Ronald Bachmann
Author-X-Name-First: Ronald
Author-X-Name-Last: Bachmann
Author-Name: Myrielle Gonschor
Author-X-Name-First: Myrielle
Author-X-Name-Last: Gonschor
Author-Name: Thorben Korfhage
Author-X-Name-First: Thorben
Author-X-Name-Last: Korfhage
Author-Name: Ansgar Wübker
Author-X-Name-First: Ansgar
Author-X-Name-Last: Wübker
Title: Covid-19 and life satisfaction across Europe
Abstract: 
 We analyse the importance of the spread of Covid-19 and related policy measures for individual life satisfaction in a sample of 15 European countries. We find that life satisfaction is negatively correlated with the spread of Covid-19 in Northern Europe, whereas this correlation is insignificant in Southern and Western Europe. This result is mitigated by the stringency of policy measures in the North. By contrast, the stringency of policy measures is negatively correlated with life satisfaction in the West. These results indicate that while policy measures can reassure the population and increase life satisfaction, beyond a certain threshold these policy measures may decrease life satisfaction.
Journal: Applied Economics Letters
Pages: 635-639
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2005766
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2005766
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# input file: RAEL_A_2008297_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Lubica Stiblarova
Author-X-Name-First: Lubica
Author-X-Name-Last: Stiblarova
Title: Business cycle synchronization within the Euro area: disentangling the effects of FDI
Abstract: 
 In this paper, we contribute to the business cycle synchronization literature by investigating a disaggregated level of foreign direct investment (FDI) that has been systematically overlooked by previous empirical studies. We disentangle FDI into two layers – extensive and intensive FDI margins – and examine their effects on the synchronization of the European Union member states with the euro area (EA) in the period 2000–2019. Our analysis, performed using the simultaneous equations methodology, confirms the over-aggregation bias, as more intense existing FDI (the intensive FDI margin) boosts synchronization, whereas new FDI (the extensive FDI margin) seems to compete with the creation of an optimum currency area within the EA. Furthermore, our results suggest that new investment promotes specialization, whereas more intense FDI reduces it, because the deepening of already existing FDI occurs in countries with similar business cycles and industrial structures.
Journal: Applied Economics Letters
Pages: 640-644
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2008297
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2008297
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# input file: RAEL_A_2009755_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Ayse Sevencan
Author-X-Name-First: Ayse
Author-X-Name-Last: Sevencan
Title: Remittances, unemployment, growth and development: a panel cointegration approach
Abstract: 
 This paper analyses the short-run and long-run dynamics of the relationship between remittances, unemployment, economic growth and human development in developing countries. Vector Autoregressive Model methodology (VECM) was used to examine the short-run dynamics and direction of causality in three separate panels of 23 low-income, 42 lower middle-income and 48 upper middle-income countries for the 1990 and 2019 period. For the estimation of long-run elasticities of remittance flows, Fully Modified (FMOLS) and Dynamic Ordinary Least Squares (DOLS) estimation techniques were used. According to the findings of this study, in low-income economies, the direction of causality is from GDP to remittances in the short run. The unemployment rate has a positive long-run effect on HDI in low-income countries, indicating the importance of underutilized labour force in low-income countries. Although remittances affect human development more in low-income economies compared to other developing countries, unemployment in the country of origin has no significant relationship between remittances and development in low-income countries.
Journal: Applied Economics Letters
Pages: 663-668
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2009755
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2009755
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# input file: RAEL_A_2000928_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Wenyu Zhou
Author-X-Name-First: Wenyu
Author-X-Name-Last: Zhou
Title: A social interaction model with both in-group and out-group effects
Abstract: 
 This paper studies social interaction models with both in-group and out-group effects. The in-group effect follows the standard setup in the literature, while the out-group effect is introduced by assuming the economic outcome also depends on its out-group average value. We present a network game with limited information of outside groups that rationalizes the econometric model. We show that both effects are identified under a set of mild regularity conditions. We propose to estimate the model using the two-stage least squares (2SLS) method and establish the asymptotic normality of the estimators. The finite sample performance of the estimators is investigated through Monte Carlo simulations.
Journal: Applied Economics Letters
Pages: 596-601
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2000928
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2000928
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# input file: RAEL_A_2005765_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Donggyu Yi
Author-X-Name-First: Donggyu
Author-X-Name-Last: Yi
Author-Name: Jae-Hoon Sung
Author-X-Name-First: Jae-Hoon
Author-X-Name-Last: Sung
Title: An environmentally related policy impact analysis considering wind effect: evidence from suspending old coal-fired generators in South Korea
Abstract: 
 This study measures the causal effect of an individual, aged coal-fired generator on PM2.5 concentration. For this, the policy of shutting down old coal-fired power plants in Korea as a quasi-natural experiment was examined. This study adopts the difference-in-differences technique and controls both for wind effects and overseas pollutant effects. The results show that the shut-down policy reduces daily PM2.5 concentration by 2.04–3.65 μg/m3 across the number of generators suspended, and the share of wind effects in the total policy effects is estimated as about 50%. In addition, overseas effects account for about 20% (5.64 μg/m3) of regional PM2.5 concentration on average. These results imply that although the closure of old coal-fired power plants can reduce average PM2.5 concentration, the policy alone is not enough to expect a remarkable improvement in air quality when PM2.5 concentration is high. Thus, these findings suggest that the Korean government must consider domestic policies and cross-border cooperative policies to resolve the high PM2.5 concentration issue.
Journal: Applied Economics Letters
Pages: 626-634
Issue: 5
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2005765
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2005765
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# input file: RAEL_A_2018125_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jose Arreola Hernandez
Author-X-Name-First: Jose Arreola
Author-X-Name-Last: Hernandez
Author-Name: Mohammad Zahid Hasan
Author-X-Name-First: Mohammad Zahid
Author-X-Name-Last: Hasan
Author-Name: Ron P. McIver
Author-X-Name-First: Ron P.
Author-X-Name-Last: McIver
Title: Bitcoin, gold, and the VIX: short- and long-term effects of economic policy uncertainty
Abstract: 
 We investigate short- and long-term effects of U.S. economic policy uncertainty (EPU) on bitcoin, gold, and the implied US stock market volatility (VIX). We apply an autoregressive distributed lag model (ARDL) to monthly data. Our results suggest EPU significantly negatively (positively) impacts bitcoin over short (long) horizons. In contrast to the extant literature we find the magnitude of the effect of EPU on bitcoin returns weakens over longer horizons. Our empirical results provide a cautionary note for holders of asset portfolios that include bitcoin in their mix as a hedge against uncertainty.
Journal: Applied Economics Letters
Pages: 761-765
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2018125
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2018125
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# input file: RAEL_A_2018398_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Dan Lupu
Author-X-Name-First: Dan
Author-X-Name-Last: Lupu
Author-Name: Dumitru-Nicușor Cărăusu
Author-X-Name-First: Dumitru-Nicușor
Author-X-Name-Last: Cărăusu
Author-Name: Mihaela Ifrim
Author-X-Name-First: Mihaela
Author-X-Name-Last: Ifrim
Title: Wage share and economic growth: evidence from Eastern Europe
Abstract: 
 In this article, we explore the causal relationship between wage share and economic growth for 11 Eastern European countries. The methodology used was wavelet coherency for the period between 1995Q1 and 2020Q4. Our results reveal that economic growth acts as the leading role for wage share increase for most Eastern European countries, and only for certain periods, wages can determine economic growth. Furthermore, we find that GDP increases cause wages to increase at different frequencies; there is a positive correlation between GDP growth and wage growth; the effects of wage-led growth policies were weak and only on short periods. Our estimations cast a high degree of uncertainty on the effectiveness of wage increase policies promoted by some national authorities to achieve economic growth.
Journal: Applied Economics Letters
Pages: 772-779
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2018398
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2018398
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# input file: RAEL_A_2026868_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Quang Khai Nguyen
Author-X-Name-First: Quang Khai
Author-X-Name-Last: Nguyen
Author-Name: Van Cuong Dang
Author-X-Name-First: Van Cuong
Author-X-Name-Last: Dang
Title: Does the country’s institutional quality enhance the role of risk governance in preventing bank risk?
Abstract: 
 This study investigates the relationship between risk governance effectiveness and bank risk at different levels of institutional quality. We find that risk governance effectiveness negatively affects bank risk and this relationship is stronger in countries with higher institutional quality. This indicates that risk governance can prevent bank risk more effectively in countries with greater institutional quality.
Journal: Applied Economics Letters
Pages: 850-853
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2022.2026868
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2026868
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# input file: RAEL_A_2016587_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Haiping Wang
Author-X-Name-First: Haiping
Author-X-Name-Last: Wang
Author-Name: Sining Xu
Author-X-Name-First: Sining
Author-X-Name-Last: Xu
Title: Income allocation of ‘insurance + futures’ with risk modified Shapley value method
Abstract: 
 ‘Insurance + futures’, a new agricultural cooperation mode in China, fails to guarantee a fair and reasonable income allocation among core stakeholders which hinders the rapid promotion of this pilot project. By using Shapley value method based on the idea of ‘income allocation matches contribution’, this article suggests an income allocation scheme for farmers, insurance institutions and futures institutions. After using AHP and fuzzy mathematics evaluation method to calculate risk sharing coefficients for three parties to get modified parameters, a risk modified income allocation scheme is developed. Compared with the income allocation scheme based on equal risk sharing, this scheme can fully meet the interest demands of three parties and provide reference for the sustainable development of the mode.
Journal: Applied Economics Letters
Pages: 740-750
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2016587
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2016587
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# input file: RAEL_A_2016582_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Craig A. Depken
Author-X-Name-First: Craig A.
Author-X-Name-Last: Depken
Author-Name: John M. Gandar
Author-X-Name-First: John M.
Author-X-Name-Last: Gandar
Author-Name: Dmitry A. Shapiro
Author-X-Name-First: Dmitry A.
Author-X-Name-Last: Shapiro
Title: Set-level strategic and psychological momentum in best-of-five matches in professional tennis
Abstract: 
 We provide a theoretical and empirical analysis of set-level strategic and psychological momentums in a sample of 8,193 ATP best-of-five-set tennis matches where players have asymmetric abilities. Theoretical predictions match observed Set 1 outcomes, the only set with no set-level psychological momentum, but do not match any other sets. We find evidence of psychological reversal: in every set following a non-tie net score, the winner of the previous set underperforms compared to theoretical predictions.
Journal: Applied Economics Letters
Pages: 735-739
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2016582
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2016582
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# input file: RAEL_A_2016580_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Sanguk Kwon
Author-X-Name-First: Sanguk
Author-X-Name-Last: Kwon
Author-Name: Shawn Ni
Author-X-Name-First: Shawn
Author-X-Name-Last: Ni
Title: Has consumption inequality mirrored income inequality: new evidence from a Korean household panel
Abstract: 
 We examine how consumption inequality tracks income inequality in a Korean household panel. To adjust for measurement errors in consumption, we employ the double-differencing correction of Aguiar and Bils (2015) (AB hereafter). In the first stage of the double-differencing, AB used current income as an instrument for unobserved true total expenditure, and we use permanent income as the instrument instead. For the U.S. Consumer Expenditure Survey data, AB found that after correcting for measurement errors, consumption inequality tracks income inequality more closely. We find that the same conclusion holds for the Korean panel data and the estimate of consumption inequality is robust to the choice of instrument for the total expenditure in the first stage regression.
Journal: Applied Economics Letters
Pages: 719-723
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2016580
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2016580
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# input file: RAEL_A_2019181_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jikyoung Kim
Author-X-Name-First: Jikyoung
Author-X-Name-Last: Kim
Title: Relationship between protecting innovation and R&D partners: focusing on moderation effect
Abstract: 
 This article empirically examines how institutional protection methods and non-institutional protection methods for innovation have a moderating effect on relationships among partners (suppliers, customers, competitors, universities, public research institutes) and product innovation performance (product quality improvement, technology standardization). Based on a Korea Innovation Survey of the manufacturing sector, the results are that institutional protection methods have positive moderating effects on the relationship between cooperation with public research institutes and industrial technology standardization. On the other hand, non-institutional innovation protection methods have negative moderating effects on the relationship between cooperation with customers and product quality improvement. The contribution of our research is that it introduces a comparative model to deal with moderating effects of appropriability between each R&D partner and different types of product innovations.
Journal: Applied Economics Letters
Pages: 780-785
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2019181
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2019181
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# input file: RAEL_A_2019182_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Azzeddine Azzam
Author-X-Name-First: Azzeddine
Author-X-Name-Last: Azzam
Title: Restructuring U.S. meatpacking as a resilience strategy against capacity disruptions: will it work?
Abstract: 
 To guard against future COVID-19 type capacity disruptions in the highly concentrated meatpacking industry, the U.S. government is embarking on a resilience strategy that expands the processing capacity of smaller meat processing establishments. Using a dominant-oligopoly competitive-fringe (DO/CF) model, and defining resilience as an equilibrium in which meat production continues undisrupted, I show that, in theory, resilience is achievable if DO prices meat competitively and shares the market equally with CF. Since the two conditions are unlikely to occur in practice, the resilience strategy is unlikely to work.
Journal: Applied Economics Letters
Pages: 786-789
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2019182
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2019182
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# input file: RAEL_A_2025994_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Ed Wilson
Author-X-Name-First: Ed
Author-X-Name-Last: Wilson
Author-Name: Reetu Verma
Author-X-Name-First: Reetu
Author-X-Name-Last: Verma
Author-Name: Kankesu Jayanthakumaran
Author-X-Name-First: Kankesu
Author-X-Name-Last: Jayanthakumaran
Title: Can reducing inequality reduce the disutility of the poor?
Abstract: 
 Using World Bank (2020), this paper estimates microeconomic utility-based elasticity measure of poverty-loss and provides better understanding of the distress of poverty and possible policy directions in rural and urban areas for India and the People’s Republic of China (PRC). This paper deviates from the conventional use of overly simple head counting. Utility-based welfare point elasticity estimates show substantial welfare gains for both countries, dominated by growth contributing 90%, relative to inequality reductions contributing 10%. Rural India deviates, showing a welfare gain with balanced growth-inequality promotion. Subsequent poverty-loss estimates show potentially declining disutility of poverty in both countries and sectors, with reducing inequality contributing 70%, relative to growth’s 30%. The elasticity estimates presented here show that reducing rural and urban inequality can best reduce the distress of the poor. By realigning priorities from promoting future urban growth to reducing urban and rural inequality can lead to substantial reductions in poverty-induced disutility.
Journal: Applied Economics Letters
Pages: 834-837
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2022.2025994
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2025994
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# input file: RAEL_A_2022088_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Juan S. Blyde
Author-X-Name-First: Juan S.
Author-X-Name-Last: Blyde
Title: Your assessment is welcome here: the trade impacts of mutual recognition agreements
Abstract: 
 As tariffs and transportation costs have progressively declined over time, trade obstacles such as technical regulations have become relatively more important, but their impacts remain under-studied. In this analysis we measure the trade impacts of a mutual recognition arrangement established by Mexico with Canada and the United States in the electronics sector. We found that the arrangement induced a positive impact on trade flows, increasing the exports of the products associated with the agreement by around 23%. The finding is important because unlike tariffs, technical regulations cannot simply be eliminated as they are often aimed at legitimate objectives, but their negative effects on trade could potentially be reduced with approaches such as mutual recognition agreements, as shown in this analysis.
Journal: Applied Economics Letters
Pages: 796-802
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2022088
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2022088
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# input file: RAEL_A_2016578_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Takeshi Miyazaki
Author-X-Name-First: Takeshi
Author-X-Name-Last: Miyazaki
Title: Ethnic diversity and natural disaster mortality: evidence from the 2011 Tohoku tsunami
Abstract: 
 This study uses community-level mortality data on the 2011 Tohoku tsunami to explore the relationship between ethnic diversity and disaster mortality. The results show that ethnic fragmentation has little impact on tsunami mortality. An examination of fatalities categorized by 10-year age group, however, demonstrates that fragmentation is negatively correlated with mortality in extremely vulnerable populations, specifically those aged 9 years old or under and 80 years old or over. This result suggests that development of community-based evacuation measures may protect extremely vulnerable age groups in ethnically diversified communities.
Journal: Applied Economics Letters
Pages: 706-709
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2016578
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2016578
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# input file: RAEL_A_2024129_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Giacomo Damioli
Author-X-Name-First: Giacomo
Author-X-Name-Last: Damioli
Author-Name: Vincent Van Roy
Author-X-Name-First: Vincent
Author-X-Name-Last: Van Roy
Author-Name: Daniel Vertesy
Author-X-Name-First: Daniel
Author-X-Name-Last: Vertesy
Author-Name: Marco Vivarelli
Author-X-Name-First: Marco
Author-X-Name-Last: Vivarelli
Title: AI technologies and employment: micro evidence from the supply side
Abstract: 
 In this work we investigate the possible job-creation impact of artificial intelligence (AI) technologies, focusing on the supply side, where the development of these technologies can be conceived as product innovations in upstream sectors. The empirical analysis is based on a worldwide longitudinal sample (obtained by merging the EPO PATSTAT and BvD-ORBIS databases) of more than 3,500 front-runner companies that patented AI-related inventions over the period 2000–2016. Based on system GMM estimates of dynamic panel models, our results show a positive and significant impact of AI patent families on employment, supporting the labour-friendly nature of AI product innovation.
Journal: Applied Economics Letters
Pages: 816-821
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2024129
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2024129
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# input file: RAEL_A_2016579_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Ping Zhang
Author-X-Name-First: Ping
Author-X-Name-Last: Zhang
Author-Name: Cuicui Hong
Author-X-Name-First: Cuicui
Author-X-Name-Last: Hong
Author-Name: Jia Yan
Author-X-Name-First: Jia
Author-X-Name-Last: Yan
Author-Name: Qiong Li
Author-X-Name-First: Qiong
Author-X-Name-Last: Li
Author-Name: Hongyu Guan
Author-X-Name-First: Hongyu
Author-X-Name-Last: Guan
Title: The effects of dialect distance on the migrant population’s settlement intentions: evidence from the china migrants dynamic survey
Abstract: 
 Based on the China Migrants Dynamic Survey (2017), this paper investigates whether the different linguistic environments effect migrant happiness and identity, and therefore further affect their settlement intentions. The empirical results show that dialect distance significantly dampens the settlement intentions of the migrant population through inhibiting their sense of urban identity and the social network renewal. This effect is contingent on migrant job types, the degree of Mandarin penetration, and the level of market-orientation in the specific region.
Journal: Applied Economics Letters
Pages: 710-718
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2016579
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2016579
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# input file: RAEL_A_2025995_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Cheng Li
Author-X-Name-First: Cheng
Author-X-Name-Last: Li
Title: Financial leverage interactions: evidence from US households and government sectors
Abstract: 
 Applying VAR/SVAR analysis to the national balance sheet data of the US, this paper provides evidence that the households markedly interact with those of government sectors through the channel of financial leverage, which is defined as the liabilities-to-assets ratio. In particular, the impulse-response and forecasting error decomposition analysis further show that the federal government plays an important role in absorbing the leverage shocks in households. Nevertheless, it should be emphasized that this role of the federal government as somewhat of a macroeconomic stabilizer also costs it heavily in view of its escalating leverage over time. Among other concerns, this highly leveraged financial position renders the federal balance sheet more vulnerable to macro-financial risks, thus reducing the room for manoeuvre for countercyclical policies. Finally, with a relatively low and stable leverage ratio, the state/local governments seem to be less involved in such interactions. However, their prudent balance sheet position also implies that they play a minor role in fiscal measures supporting households during economic downturns.
Journal: Applied Economics Letters
Pages: 838-842
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2022.2025995
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2025995
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# input file: RAEL_A_2016581_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Thi Thuy Anh Vo
Author-X-Name-First: Thi Thuy Anh
Author-X-Name-Last: Vo
Author-Name: Mieszko Mazur
Author-X-Name-First: Mieszko
Author-X-Name-Last: Mazur
Title: The effect of investor protection on firm riskiness and performance during the COVID-19 economic crisis
Abstract: 
 This paper examines whether differences in the quality of investor protection between countries affect firm riskiness and firm performance during the COVID-19 economic downturn. Using a large cross-country dataset and a broad variety of controls measured at the state and firm level, we find that jurisdictions that offer stronger investor protection experience significantly lower volatility and better performance during the pandemic. This effect is amplified in countries strongly affected by COVID-19. Our results contribute to the ongoing debate in the finance literature about the impact of the quality of investor protection on corporate behaviour and performance.
Journal: Applied Economics Letters
Pages: 724-734
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2016581
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2016581
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# input file: RAEL_A_2017399_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Vijay Gondhalekar
Author-X-Name-First: Vijay
Author-X-Name-Last: Gondhalekar
Author-Name: Landon Klausing
Author-X-Name-First: Landon
Author-X-Name-Last: Klausing
Author-Name: Christopher Harper
Author-X-Name-First: Christopher
Author-X-Name-Last: Harper
Title: Do right-to-work laws reduce financial constraints of firms? Evidence from Michigan and Indiana companies
Abstract: 
 This study examines financial constraints of Michigan and Indiana firms before and after the two states enacted Right-to-Work laws in 2012 relative to those in states with and without RTW laws as separate control groups. Findings based on difference-in-difference regressions indicate that, on average, financial constraints of Michigan and Indiana firms were significantly higher than those in both the control groups before the RTW laws were enacted, but the constraints declined significantly after the laws were enacted not only relative to the pre-enactment levels but also relative to those of companies in both the control groups.
Journal: Applied Economics Letters
Pages: 757-760
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2017399
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2017399
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# input file: RAEL_A_2018126_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: José Cristi
Author-X-Name-First: José
Author-X-Name-Last: Cristi
Author-Name: Carlos Madeira
Author-X-Name-First: Carlos
Author-X-Name-Last: Madeira
Title: The effects of the job retention programme during the Covid pandemic on the Chilean firms and households
Abstract: 
 During the pandemic, several countries implemented job retention programmeswith the goal of preserving human capital and supporting a quick recovery. This work uses administrative records to show the impact of the job retention programme in Chile across firms of different industries and sizes. Using a calibrated model based on survey data of households and our administrative register of workers-firms, we then show that the Chilean Employment Protection Law increase aggregate consumption by 0.3% and helped to smooth household consumption during the period between March of 2020 and March of 2021.
Journal: Applied Economics Letters
Pages: 766-771
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2018126
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2018126
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# input file: RAEL_A_2020209_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Ruslan Kuchakov
Author-X-Name-First: Ruslan
Author-X-Name-Last: Kuchakov
Author-Name: Dmitriy Skougarevskiy
Author-X-Name-First: Dmitriy
Author-X-Name-Last: Skougarevskiy
Title: COVID-19 wage subsidies and SME performance: evidence from Russia
Abstract: 
 We study the effects of COVID-19 wage subsidies offered to Russian SMEs. This programme disbursed over USD400m of monthly grants to cover wage bills to firms in COVID-affected industries under the condition of retaining employment in 2020. In a triple difference design we find no effects of such grants on survival, employment, or profitability of firms in the affected industries by early 2021.
Journal: Applied Economics Letters
Pages: 790-795
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2020209
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2020209
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# input file: RAEL_A_2026867_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Qianhua Lei
Author-X-Name-First: Qianhua
Author-X-Name-Last: Lei
Author-Name: Yue Yang
Author-X-Name-First: Yue
Author-X-Name-Last: Yang
Author-Name: Saisai Li
Author-X-Name-First: Saisai
Author-X-Name-Last: Li
Author-Name: Huili Chen
Author-X-Name-First: Huili
Author-X-Name-Last: Chen
Title: Do funds prefer longitudinal persistence for high and low earnings?
Abstract: 
 This study examines whether securities investment fund ownership correlates with longitudinal persistence for high and low earnings. Using longitudinal data analysis methods, including a Cox proportional hazards regression model and a hierarchical linear regression model, we obtain two main findings: (1) For a low level of earnings, fund ownership not only reduces the likelihood of earnings decline but also increases the likelihood of an upward trend in earnings; (2) For a high level of earnings, fund ownership reduces not only the likelihood of earnings decline but also the likelihood of a downward trend in earnings. Our study provides evidence that funds emphasize firms’ long-term earnings persistence when they choose stocks.
Journal: Applied Economics Letters
Pages: 843-849
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2022.2026867
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2026867
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# input file: RAEL_A_2017398_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yee-Ee Chia
Author-X-Name-First: Yee-Ee
Author-X-Name-Last: Chia
Author-Name: Ricky Chee-Jiun Chia
Author-X-Name-First: Ricky Chee-Jiun
Author-X-Name-Last: Chia
Author-Name: Jude W. Taunson
Author-X-Name-First: Jude W.
Author-X-Name-Last: Taunson
Title: Stock liquidity and activist blockholders: friend or foe?
Abstract: 
 This paper investigates the effect of stock liquidity on blockholders for Malaysian public listed companies over a 19-year period from 2000 to 2018. Using five liquidity proxies, our results show a negative relationship between liquidity and blockholders. The negative effect of liquidity on blockholders is stemming from governance theory implies that greater stock liquidity decreases the cost of exit, and hence magnifies blockholders threat of exit when they are dissatisfied with company performance. Our results are robust to a battery of sensitivity tests, including endogeneity and disaggregate types of blockholders.
Journal: Applied Economics Letters
Pages: 751-756
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2017398
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2017398
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# input file: RAEL_A_2023088_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Eduardo Cebrián
Author-X-Name-First: Eduardo
Author-X-Name-Last: Cebrián
Author-Name: Josep Domenech
Author-X-Name-First: Josep
Author-X-Name-Last: Domenech
Title: Is Google Trends a quality data source?
Abstract: 
 Google Trends (GT) has become a popular data source among researchers in a wide variety of fields. In economics, its main use has been to forecast other economic variables such as tourism demand, unemployment or sales. This paper questions the quality of these data by discussing the main data quality aspects according to the literature. Our analysis evidences some non-negligible issues related to the measurement accuracy of GT, which potentially affects the results obtained with GT data and therefore the decisions made with this information. These issues are illustrated with an example in which some queries to GT are repeated on six different days.
Journal: Applied Economics Letters
Pages: 811-815
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2023088
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2023088
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# input file: RAEL_A_2024492_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: He Song
Author-X-Name-First: He
Author-X-Name-Last: Song
Author-Name: Shan Wan
Author-X-Name-First: Shan
Author-X-Name-Last: Wan
Title: The role of venture capital in merger and acquisition performance
Abstract: 
 We examine the effects of venture capital (VC) backing on the market responses to M&A events among a group of Chinese firms listed on ChiNext. We find a positive market response to M&A carried out by the companies backed by venture capital and this effect is robust after we address the endogeneity by employing Heckman two-stage approach. Our results support the notion that the involvement of VCs in their portfolio companies alleviates the information asymmetry problem.
Journal: Applied Economics Letters
Pages: 822-826
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2024492
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2024492
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# input file: RAEL_A_2022592_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Hohyun Kim
Author-X-Name-First: Hohyun
Author-X-Name-Last: Kim
Author-Name: Kyoung Tae Kim
Author-X-Name-First: Kyoung Tae
Author-X-Name-Last: Kim
Title: How do retail investors react to a market crash? The role of investment literacy
Abstract: 
 This study investigates retail investors’ behaviour when the US stock market dropped precipitously by 10% in early February 2018. Results show that investors with higher investment literacy were more likely to buy additional stocks and less likely to sell their stocks, which indicates that they expected a quick recovery of the market. We also find that older investors and investors with greater risk aversion were more likely to hold their positions without buying or selling stocks. Similar evidence is found in reactions to a 20% hypothetical market drop. This study sheds light on the meagre literature on retail investors’ behaviour during market crash.
Journal: Applied Economics Letters
Pages: 803-810
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2022592
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2022592
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# input file: RAEL_A_2025200_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Dan-Dan Li
Author-X-Name-First: Dan-Dan
Author-X-Name-Last: Li
Author-Name: Zheng-Xin Wang
Author-X-Name-First: Zheng-Xin
Author-X-Name-Last: Wang
Title: Measurement Methods for Relative Index of Financial Inclusion
Abstract: 
 Improved measurement methods for relative index of financial inclusion (IFI) based on Euclidean distance and Mahalanobis distance (hereinafter referred to as Ed-R-IFI and Md-R-IFI) are proposed. The levels of financial inclusion of 55 countries in 2004 are evaluated by using the traditional and improved measurement methods for the IFI. The results indicate that, owing to consideration of the existence of correlations among the various dimensions, the Md-R-IFI method reduces the overall level of financial inclusion and keeps the IFI within a small range of fluctuation compared with the traditional measurement method and the Ed-R-IFI method. The results are more in line with the actual IFIs in various countries, and the method has better applicability and practicality in the measurement of the IFI.
Journal: Applied Economics Letters
Pages: 827-833
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.2025200
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2025200
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# input file: RAEL_A_1977229_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Seungrae Lee
Author-X-Name-First: Seungrae
Author-X-Name-Last: Lee
Author-Name: Seongman Moon
Author-X-Name-First: Seongman
Author-X-Name-Last: Moon
Title: The relationship between foreign and domestic employment of multinationals: evidence on the role of factor substitution
Abstract: 
 This paper examines the relationship between foreign and domestic employment of multinationals using foreign affiliate-level and parent-level data of Korean firms. We consider the log difference in labour intensity between foreign affiliates and their parents within multinationals for the estimation of the domestic employment effects. For multinationals whose foreign operations are more labour-intensive than their parents, foreign affiliate employment is negatively associated with parent production employment and positively with nonproduction employment. We also find that the negative (positive) relation between foreign affiliate employment and its parent production (nonproduction) employment occurs strongly for multinationals that operate in a labour-intensive manner in low-income countries and in a capital-intensive manner at home.
Journal: Applied Economics Letters
Pages: 701-705
Issue: 6
Volume: 30
Year: 2023
Month: 03
X-DOI: 10.1080/13504851.2021.1977229
File-URL: http://hdl.handle.net/10.1080/13504851.2021.1977229
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# input file: RAEL_A_2035665_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Hongbo Cai
Author-X-Name-First: Hongbo
Author-X-Name-Last: Cai
Author-Name: Siyu Huang
Author-X-Name-First: Siyu
Author-X-Name-Last: Huang
Author-Name: Zongning Wu
Author-X-Name-First: Zongning
Author-X-Name-Last: Wu
Title: The impact of COVID-19 on the international energy trade network centrality and community structures
Abstract: 
 Global trade including energy trade is expected to suffer a significant contraction as a result of the COVID-19 pandemic. In this paper, we try to measure the impact of the COVID-19 pandemic on the national status and international energy trade patterns. We apply the networks theory to quantify the dynamic process of the international energy trade network in the year 2018–2020, deriving the $${\rm{\Omega }}$$Ω centrality to capture both national economic status and its topologic characteristics. Under the COVID-19, multilateral energy trade was blocked, thereby some resource-exporting countries show a downward rank of the $${\rm{\Omega }}$$Ω centrality, and the opposite situation is in higher levels of economic development. By using the community detection method, we also found that new small communities detached from communities that formed before the COVID-19, but geographical related patterns of international energy trade network communities were not affected by the COVID-19 pandemic.
Journal: Applied Economics Letters
Pages: 1042-1046
Issue: 8
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2035665
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2035665
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# input file: RAEL_A_2036677_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Hui-Bo Sun
Author-X-Name-First: Hui-Bo
Author-X-Name-Last: Sun
Author-Name: Peng Li
Author-X-Name-First: Peng
Author-X-Name-Last: Li
Author-Name: Yaofu Ouyang
Author-X-Name-First: Yaofu
Author-X-Name-Last: Ouyang
Title: Standardization and international competitiveness: evidence from China’s agricultural products
Abstract: 
 This paper studies the effect of standardization on the international competitiveness of China’s agricultural products using panel data of 89 countries from 1995 to 2018. We find that standardization has a significantly positive effect on the international competitiveness of China’s agricultural products. The effect of standardization is more significant in the market where the competitiveness of China’s agricultural products is low. Technological innovation and agricultural product quality are two important channels through which standardization affects the international competitiveness of agricultural products.
Journal: Applied Economics Letters
Pages: 1090-1096
Issue: 8
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2036677
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2036677
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# input file: RAEL_A_2039361_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Rebecca Kamb
Author-X-Name-First: Rebecca
Author-X-Name-Last: Kamb
Author-Name: Marcus Tamm
Author-X-Name-First: Marcus
Author-X-Name-Last: Tamm
Title: The fertility effects of school entry decisions
Abstract: 
 School entry regulations lead to differences in the age when children start school. While previous literature estimated the effects of age at school entry for compliers with school entry regulations, we look at non-compliers, namely those who enter school one year before the official entry date. Based on an instrumental variable approach, the results show that early enrolment increases the number of children by 0.1 (which is significant at the 10%-level), whereas we find no significant impact on rates of childlessness.
Journal: Applied Economics Letters
Pages: 1145-1149
Issue: 8
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2039361
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2039361
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# input file: RAEL_A_2031857_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Kei-Ichiro Inaba
Author-X-Name-First: Kei-Ichiro
Author-X-Name-Last: Inaba
Author-Name: Tomoki Matsuo
Author-X-Name-First: Tomoki
Author-X-Name-Last: Matsuo
Title: Japan’s unemployment rate hike amid the COVID-19 pandemic – why was it so mild?
Abstract: 
 This essay is a flash report on the impact of the COVID-19 pandemic on Japan’s labour market in the fiscal year 2020 wherein Japan’s unemployment rate increase was much milder than in other G7 countries. How was such a favourable outcome achieved? To answer this question, this essay analyses primary statistics to show that the main contributing factors were the swift cut of labour hours and the rapid increase in coronavirus-related paid leave. The latter factor is due primarily to an expanded labour policy measure. Generous policy measures to support corporate finance were also effective in maintaining general financial stability and preventing an increase in failures in the fiscal year 2020.
Journal: Applied Economics Letters
Pages: 1001-1009
Issue: 8
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2031857
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2031857
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# input file: RAEL_A_2036678_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Matt Parrett
Author-X-Name-First: Matt
Author-X-Name-Last: Parrett
Title: Gender differences in altruism and the price of altruism: evidence from restaurant tips
Abstract: 
 This paper examines gender differences in altruism using restaurant tipping data. More specifically, we investigate how male and female customer percentage tips vary as the price of altruism (bill size) varies and find that females tip more than males when altruism is cheap, males tip more than females when altruism is expensive, and that females are more responsive to the price of altruism.
Journal: Applied Economics Letters
Pages: 1097-1100
Issue: 8
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2036678
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2036678
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# input file: RAEL_A_2035666_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Smaranda Cimpoeru
Author-X-Name-First: Smaranda
Author-X-Name-Last: Cimpoeru
Title: Impact of income and unemployment on happiness: panel data evidence for European countries
Abstract: 
 This study examines the short-run and long-run relationships between happiness and two economic variables, namely income and unemployment. Drawing from a sample of eleven European countries over a time period of 36 years spanning 1985–2020, we find that both income and unemployment have a significant impact on happiness levels. In particular, the results show that higher income leads to higher happiness in the long-run, but the short-run impact is rather weak. Moreover, unemployment decreases people’s happiness levels both in the short and in the long-run, emphasizing the need for European policies directed to job creation.
Journal: Applied Economics Letters
Pages: 1047-1051
Issue: 8
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2035666
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2035666
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# input file: RAEL_A_2036680_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yaya Shi
Author-X-Name-First: Yaya
Author-X-Name-Last: Shi
Author-Name: Yonggen Luo
Author-X-Name-First: Yonggen
Author-X-Name-Last: Luo
Author-Name: Zhimin Wang
Author-X-Name-First: Zhimin
Author-X-Name-Last: Wang
Title: Redemption of original sin? Charitable donations of privatized enterprises in China
Abstract: 
 We explore unethical behaviours involving original sin during the privatized process and their influence on corporate donations in China. We find that enterprises are more actively and deeply engaging in donations when they are guilty of being involved in certain types of misconduct during the privatization process, including downward earnings management, insider trading, and tunnelling, and this phenomenon has particularly significance in regions with lower levels of non-state economic development.
Journal: Applied Economics Letters
Pages: 1107-1111
Issue: 8
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2036680
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2036680
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# input file: RAEL_A_2036317_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Mohamed Yacine Si Tayeb
Author-X-Name-First: Mohamed Yacine
Author-X-Name-Last: Si Tayeb
Author-Name: Chen Gang Ye
Author-X-Name-First: Chen Gang
Author-X-Name-Last: Ye
Author-Name: Jiang Ming
Author-X-Name-First: Jiang
Author-X-Name-Last: Ming
Title: Corporate governance, firm performance and innovation: The Case of China’s listed firms engaging in OFDI
Abstract: 
 We examine the corporate governance and innovation relationship of China’s listed firms engaging in OFDI activity. Relying on mainstream corporate governance theories, Tobin’s Q as a measure of firm performance, and patents granted as a measure of successful corporate innovation, this study leverages data collected from the State Intellectual Property Office of China, the Chinese Research Data Services Platform as well as the China Stock Market & Accounting Database. Our sample includes 3,337 firms with a total 13,182 firm-year observations from the year 2010 to 2019, divided in two panel datasets including 6,581 firm-year observations for China listed firms engaging in OFDI, and 6,601 firm-year observations for China listed firms not engaging in OFDI.We find that board independence is the corporate governance component with the highest predictive significance on innovation, followed by board size, and that CEO duality is not a significant innovation predictor for China listed firms. We also find high incidence of CEO duality among China listed firms, although less frequent for firms engaging in OFDI, and that China listed firms that engage in OFDI activity are more innovative.
Journal: Applied Economics Letters
Pages: 1052-1059
Issue: 8
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2036317
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2036317
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# input file: RAEL_A_2038773_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Dong-Hee Joe
Author-X-Name-First: Dong-Hee
Author-X-Name-Last: Joe
Title: Turnout in the time of corona: evidence from the legislative elections in Korea
Abstract: 
 This paper reports empirical evidence on the impact of the prevalence of COVID-19 on voter turnout, using the data from the legislative elections in Korea. To control for the time-invariant constituency-specific factors, I regress the first-difference in turnout, i.e. the change from the previous election, on the cumulative number of COVID-19 cases per resident. The results show a substantially negative impact. The share of old-age voters, who are known to face worse health risks of COVID-19 infection, amplifies this impact. These findings raise the question whether it is more democratic to hold elections as scheduled, as opposed to postponing them, during a pandemic.
Journal: Applied Economics Letters
Pages: 1124-1129
Issue: 8
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2038773
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2038773
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# input file: RAEL_A_2036681_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: İbrahim Bozkurt
Author-X-Name-First: İbrahim
Author-X-Name-Last: Bozkurt
Author-Name: Muhammed Veysel Kaya
Author-X-Name-First: Muhammed Veysel
Author-X-Name-Last: Kaya
Title: Foremost features affecting financial distress and Bankruptcy in the acute stage of COVID-19 crisis
Abstract: 
 This paper investigates the foremost firm-specific factors having an impact on financial distress and bankruptcy in the acute stage of the Covid-19 crisis based on data from approximately 9,000 enterprises in 25 countries. Empirical results of a random forest algorithm with SHAP values show increased odds of both bankruptcy and financial distress for firms that have problems in accessing finance, younger firms and more indebted firms. In addition, the size of the firm and the years of experience of its managers also have an impact on financial failure. However, country features are more important than firm features in predicting bankruptcy and financial distress in the Covid-19 crisis.
Journal: Applied Economics Letters
Pages: 1112-1123
Issue: 8
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2036681
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2036681
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# input file: RAEL_A_2036675_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jungho Kim
Author-X-Name-First: Jungho
Author-X-Name-Last: Kim
Title: Subcontracting and firm growth: disentangling the effects of innovation type, level, and appropriability
Abstract: 
 This article investigates how innovation matters for the growth of subcontracting and non-subcontracting firms. In particular, it explores whether the effects of innovation type, level, and appropriability on firm growth differ between subcontractors and non-subcontractors. Data on Korean firms in the manufacturing sector are analysed. The impact of subcontracting on firm growth is found to be insignificant. In addition, the positive effect of the process innovation level on firm growth is found to be relatively greater for subcontractors, while the positive effect of the product innovation level on firm growth is found to be relatively greater for non-subcontractors. Innovation appropriability significantly increases firm growth for subcontractors only, not for non-subcontractors. These findings imply that firm-level heterogeneities in the suppler-buyer relationship, innovation goals and novelty, and the effectiveness of innovation protection jointly influence the impact of innovation on firm growth.
Journal: Applied Economics Letters
Pages: 1077-1081
Issue: 8
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2036675
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2036675
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# input file: RAEL_A_2032577_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Giovanni Cerulli
Author-X-Name-First: Giovanni
Author-X-Name-Last: Cerulli
Title: Optimal treatment assignment of a threshold-based policy: empirical protocol and related issues
Abstract: 
 In the footsteps of the recent literature on empirical welfare maximization, this article wants to contribute by stressing the policy-maker empirical perspective and related issues arising when carrying out optimal policy assignment in practice. By focusing on the class of threshold-based policies, we first set out the theoretical underpinnings of the policy-maker selection problem, to then offer a solution to this via an implementation protocol applied to the popular LaLonde training programme database. This article traces a general application procedure and discusses, in particular, problems of angle solution typically arising in real applications of optimal policy assignment.
Journal: Applied Economics Letters
Pages: 1010-1017
Issue: 8
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2032577
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2032577
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# input file: RAEL_A_2033677_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Chun Tang
Author-X-Name-First: Chun
Author-X-Name-Last: Tang
Author-Name: Xiaoxing Liu
Author-X-Name-First: Xiaoxing
Author-X-Name-Last: Liu
Title: Bitcoin speculation, investor attention and major events. Are they connected?
Abstract: 
 We use a time-varying vector autoregressive model to investigate the dynamic effect of investor attention on Bitcoin speculation and then examine the association of this effect with five types of events in the Bitcoin market. The results indicate that investor attention has a positive effect on Bitcoin speculation and this effect changes with time and decays as lag phases increase. Policy-related events are the key factors that make this effect time-varying, while safety events have no obvious impact. Besides, our results find the existence of contrarian strategy in the Bitcoin market.
Journal: Applied Economics Letters
Pages: 1033-1041
Issue: 8
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2033677
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2033677
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# input file: RAEL_A_2036319_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Minoru Higa
Author-X-Name-First: Minoru
Author-X-Name-Last: Higa
Author-Name: Carlos Ospino
Author-X-Name-First: Carlos
Author-X-Name-Last: Ospino
Author-Name: Fernando Aragon
Author-X-Name-First: Fernando
Author-X-Name-Last: Aragon
Title: The persistent effects of COVID-19 on labour outcomes: evidence from Peru
Abstract: 
 This paper takes a new look at the impact of COVID-19 on labour outcomes more than a year after the beginning of the pandemic. We use a labour survey from Lima, Peru, with monthly data from January 2019 up to June 2021. We corroborate the early dramatic impact of the pandemic documented in other countries. These initial effects attenuate over time, but persist and remain sizable: even by mid-2021, there is a reduction of almost 20% in hours worked and labour income. Our findings highlight the limitation of policy changes and societal adaptations to ameliorate the economic impact of COVID-19.
Journal: Applied Economics Letters
Pages: 1065-1076
Issue: 8
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2036319
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2036319
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# input file: RAEL_A_2032578_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Long Thanh Giang
Author-X-Name-First: Long Thanh
Author-X-Name-Last: Giang
Author-Name: Mai Tuyet Ngo
Author-X-Name-First: Mai Tuyet
Author-X-Name-Last: Ngo
Author-Name: Cuong Viet Nguyen
Author-X-Name-First: Cuong Viet
Author-X-Name-Last: Nguyen
Author-Name: Ngoc Bich Nguyen
Author-X-Name-First: Ngoc Bich
Author-X-Name-Last: Nguyen
Author-Name: Uyen To Phan
Author-X-Name-First: Uyen To
Author-X-Name-Last: Phan
Title: Students’ gender stereotypes about lecturers: evidence from an experimental study
Abstract: 
 We examine student gender stereotypes about lecturers at a Vietnamese university by asking students to choose between male and female lecturers for different courses. The gender stereotype ‘math-male’, ‘language-female’ is the consistent finding concerning gender stereotypes. More than 70% of students prefer a male lecturer for a mathematics course, while about 30% of students prefer a male lecturer for an English course. We find that students prefer a male lecturer for mathematics partly because they believe that male lecturers are more knowledgeable in mathematics than their female colleagues. On the other hand, students prefer female lecturers for English, not because they believe women have greater knowledge than men but because they are convinced that women have better language teaching skills. In gender stereotypes about lecturers, we do not find significant differences between male and female students.
Journal: Applied Economics Letters
Pages: 1018-1027
Issue: 8
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2032578
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2032578
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# input file: RAEL_A_2039359_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Costas Karfakis
Author-X-Name-First: Costas
Author-X-Name-Last: Karfakis
Author-Name: Ioannis Karfakis
Author-X-Name-First: Ioannis
Author-X-Name-Last: Karfakis
Title: Quantitative easing and systemic risk in the post-Lehman era
Abstract: 
 This paper tests the likely efficacy of the Fed’s unconventional monetary policies adopted in the post-Lehman era to affect market optimism by examining the response of systemic risk in the U.S. financial system, measured by the St. Louis Fed’s Financial Stress index, to changes in the Fed’s total assets and the monetary base. In the context of a state-space VAR model, this research reveals that the growth rates of total assets and monetary base have predictive content for the financial stress index with a negative sign, implying that quantitative easing policies have contributed significantly to lower systemic risk, by affecting market optimism.
Journal: Applied Economics Letters
Pages: 1134-1138
Issue: 8
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2039359
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2039359
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# input file: RAEL_A_2036676_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Kyung Yun (Kailey) Lee
Author-X-Name-First: Kyung Yun (Kailey)
Author-X-Name-Last: Lee
Author-Name: Kyoungwon Mo
Author-X-Name-First: Kyoungwon
Author-X-Name-Last: Mo
Author-Name: Eunju Yang
Author-X-Name-First: Eunju
Author-X-Name-Last: Yang
Title: Mutual fund investment and corporate social responsibility: evidence from Korea
Abstract: 
 This paper examines the monitoring role of mutual funds by empirically testing whether mutual fund investment enhances firms’ corporate social responsibility (CSR) performance. Using Korean public companies as a sample, we find that firms’ CSR performance, measured by Korea Economic Justice Institute (KEJI) index scores, increases as they receive investments from mutual funds. Further analysis also shows that there exists a strong association between mutual fund investments and their contribution to society. We confirm that these results are robust to different specifications of research design and after controlling for chaebol affiliation.
Journal: Applied Economics Letters
Pages: 1082-1089
Issue: 8
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2036676
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2036676
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# input file: RAEL_A_2036679_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yan Xie
Author-X-Name-First: Yan
Author-X-Name-Last: Xie
Author-Name: Xin Wang
Author-X-Name-First: Xin
Author-X-Name-Last: Wang
Author-Name: Kam C. Chan
Author-X-Name-First: Kam C.
Author-X-Name-Last: Chan
Title: Does local gambling culture affect bond yield spread? Evidence from China
Abstract: 
 We study the effect of gambling culture in the province where a firm is located on its bond yield spread. Our findings suggest that a high gambling culture translates into a high bond yield spread. In addition, the impact is more salient for firms with high operating volatility and increased default risk. Overall, the results are consistent with the notion that when firms are located in high gambling culture provinces, they are riskier, and thus bond investors ask for a high bond yield.
Journal: Applied Economics Letters
Pages: 1101-1106
Issue: 8
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2036679
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2036679
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# input file: RAEL_A_2039360_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Cosmin-Octavian Cepoi
Author-X-Name-First: Cosmin-Octavian
Author-X-Name-Last: Cepoi
Author-Name: Bogdan Andrei Dumitrescu
Author-X-Name-First: Bogdan Andrei
Author-X-Name-Last: Dumitrescu
Author-Name: Georgiana-Camelia Georgescu (Crețan)
Author-X-Name-First: Georgiana-Camelia
Author-X-Name-Last: Georgescu (Crețan)
Author-Name: Rodica Gherghina
Author-X-Name-First: Rodica
Author-X-Name-Last: Gherghina
Author-Name: Mihaela Iacob
Author-X-Name-First: Mihaela
Author-X-Name-Last: Iacob
Title: Investigating the impact of monetary policy on foreign exchange market in Europe during COVID-19 pandemic
Abstract: 
 In this paper, we investigated how policy rate modifications – the main instrument used by central banks to provide liquidity during the current health crisis – influenced the evolution of the exchange rate, which is a key element within macro-stabilization policies. We documented that foreign exchange markets in European countries responded asymmetrically to monetary policy interventions devoted to the encouragement of spending and the stimulation of the economy. However, this only occurred during extreme events, which is a side-effect of the monetary policy on the foreign exchange market. These results contribute to the assessment of the space for manoeuvres by monetary policymakers regarding key policy rate modifications as a response to pandemic shocks.
Journal: Applied Economics Letters
Pages: 1139-1144
Issue: 8
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2039360
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2039360
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# input file: RAEL_A_2038774_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Viktoria Kahui
Author-X-Name-First: Viktoria
Author-X-Name-Last: Kahui
Author-Name: Murat Genç
Author-X-Name-First: Murat
Author-X-Name-Last: Genç
Author-Name: Neha Agarwal
Author-X-Name-First: Neha
Author-X-Name-Last: Agarwal
Author-Name: Aleisha Lord
Author-X-Name-First: Aleisha
Author-X-Name-Last: Lord
Title: Zoom lecture attendance patterns during the 2020 lockdown in New Zealand
Abstract: 
 We use a dataset on student attendance of live zoom tutorials, lectures, recordings and student characteristics, drawn from 3 tertiary, second-year economics courses during the COVID-19 lockdown in 2020 in New Zealand, to analyse lecture attendance patterns. Our analysis shows a relatively homogeneous student population who attended less than half of their (unrecorded) zoom tutorials and less than a third of live zoom lectures, with disproportionate more females present in the 2 largest courses. Up to 34% of students, with males approximately 3 time more likely, attended none of their lectures and tutorials in the two largest courses. Irrespective of gender, students utilized recordings nearly 3 times as much as zoom lectures, and largely as a substitute. Our estimations consistently show ability to be a strong predictor of utilizing lectures and recordings; as well as of the proportion of unattended lectures viewed.
Journal: Applied Economics Letters
Pages: 1130-1133
Issue: 8
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2038774
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2038774
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# input file: RAEL_A_2032579_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Krzysztof Beck
Author-X-Name-First: Krzysztof
Author-X-Name-Last: Beck
Title: Synchronization without similarity. The effects of COVID-19 pandemic on GDP growth and inflation in the Eurozone
Abstract: 
 As the European Central Bank implements a common monetary policy for all member states, the effectiveness of the policy hinges upon the synchronization and similarity of inflation and GDP growth between them. We examine the consequences of COVID-19 outbreak for GDP growth and inflation of the Eurozone countries. We find that business cycles have been diverging since the aftermath of the Financial Crisis; however, the outbreak of COVID-19 brought about synchronization on a record scale. However, this increase in comovement is accompanied by an increase in the dissimilarity in the rates of GDP growth. Ergo, synchronization without similarity.
Journal: Applied Economics Letters
Pages: 1028-1032
Issue: 8
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2032579
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2032579
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# input file: RAEL_A_2036318_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Xinglin Liu
Author-X-Name-First: Xinglin
Author-X-Name-Last: Liu
Title: The investment strategies of fund managers without business or IT background. evidence from China
Abstract: 
 This study examines the investment strategies of fund managers without business or IT background. The non-professional managers are inclined to pursue higher returns but with greater volatility. They are aggressive in the bull market while cautious in the bear market. With their participation, the funds could gain significantly higher abnormal returns even in economic downturns. The superior performance can be attributed to their management style. The non-professional managers would avoid being multi-tasked unless the financial market is thriving, while the professional ones would simultaneously operate several funds in general.
Journal: Applied Economics Letters
Pages: 1060-1064
Issue: 8
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2036318
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2036318
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# input file: RAEL_A_2030852_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Xiafei Li
Author-X-Name-First: Xiafei
Author-X-Name-Last: Li
Author-Name: Chao Liang
Author-X-Name-First: Chao
Author-X-Name-Last: Liang
Author-Name: Feng Ma
Author-X-Name-First: Feng
Author-X-Name-Last: Ma
Title: Financial stress spillover network across Asian countries in the context of COVID-19
Abstract: 
 Using the dynamic connectedness framework of Antonakakis et al. (2020), this paper explores the financial stress spillover characteristic across nine Asian countries during major economic, political and public health emergency events, especially during COVID-19. We first find a substantial increase in the intensity of total financial stress spillover across nine Asian countries during COVID-19. Second, there are clear differences in the financial stress spillover networks across Asian countries during different economic and political events. In particular, in the first three months after the outbreak of COVID-19, there was considerable month-to-month variation in the financial stress spillover network. Singapore and Japan are the major net transmitter and receiver of financial stress shocks, respectively, during all considered events. During COVID-19, China, as the first country to detect and contain COVID-19, is the strongest net financial stress shock receiver in March 2020, but transmitted net financial stress shocks in February 2020, when the epidemic in China is serious.
Journal: Applied Economics Letters
Pages: 965-974
Issue: 7
Volume: 30
Year: 2023
Month: 04
X-DOI: 10.1080/13504851.2022.2030852
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2030852
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# input file: RAEL_A_2027860_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Nader Naifar
Author-X-Name-First: Nader
Author-X-Name-Last: Naifar
Title: Sukuk returns dynamics under bullish and bearish market conditions: do COVID-19 related news and government measures matter?
Abstract: 
 The rapid and far-reaching spread of COVID-19 related news can alter investors’ perceptions and investment behaviour and affect security returns. We investigate this hypothesis by studying the impact of COVID-19 related news (panic news, media-hype new, fake news, infodemic, and Stringency measures) and alternative measures of COVID-19 developed by Narayan et al. (2021) on Sukuk returns during different market conditions. Empirical results show asymmetric comovement between global Sukuk returns, panic news, travel bans, and the percentage of information about the novel COVID-19 pandemic. Moreover, the COVID-19 news affects the Sukuk returns only when the sukuk markets are bearish. The Sukuk returns are not affected by medical and vaccine information, and the aggregate COVID-19 index that captures the pandemic sentiment.
Journal: Applied Economics Letters
Pages: 875-883
Issue: 7
Volume: 30
Year: 2023
Month: 04
X-DOI: 10.1080/13504851.2022.2027860
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2027860
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# input file: RAEL_A_2027328_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jorge Fernández-Ruiz
Author-X-Name-First: Jorge
Author-X-Name-Last: Fernández-Ruiz
Title: Bargaining power in bilateral monopoly and cooperative choice of corporate social responsibility
Abstract: 
 We analyse the cooperative choice of corporate social responsibility when a manufacturer and a retailer in a bilateral monopoly may hold different bargaining powers. We find that an increase in the bargaining power of one of the firms leads to an increase in the degree of social concern of the other firm in the bilateral monopoly and a reduction in its own degree of social concern. It also leads to an increase in the firm´s own profits and a reduction in the other firm’s profits, but it has no effect on the quantity sold, its price, total profits, consumer surplus or social surplus. Just as in the symmetric case, both the manufacturer and the retailer cooperatively choose higher degrees of social concern than under a non-cooperative framework and these choices completely solve the double-marginalization problem.
Journal: Applied Economics Letters
Pages: 859-864
Issue: 7
Volume: 30
Year: 2023
Month: 04
X-DOI: 10.1080/13504851.2022.2027328
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2027328
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# input file: RAEL_A_2030037_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Lin Zhang
Author-X-Name-First: Lin
Author-X-Name-Last: Zhang
Title: One-child policy, economic sector, and female labor supply: evidence from urban China
Abstract: 
 This study hypothesizes that the one-child policy could affect female labour supply through fertility behaviour. Employing a difference-in-difference strategy, this study examines the hypotheses from the perspective of the economic sector in urban China. Consistent with the hypotheses, it is found that relative to families whose first child is a son, the public-sector families (husband works in the public sector) whose first child is a daughter has fewer children, and the wife has more labour supply than the non-public-sector families. The findings provide new evidence for the literature on fertility restriction policy and maternal labour supply.
Journal: Applied Economics Letters
Pages: 944-949
Issue: 7
Volume: 30
Year: 2023
Month: 04
X-DOI: 10.1080/13504851.2022.2030037
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2030037
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# input file: RAEL_A_2030854_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Lei Zhu
Author-X-Name-First: Lei
Author-X-Name-Last: Zhu
Author-Name: Yuyu Liu
Author-X-Name-First: Yuyu
Author-X-Name-Last: Liu
Author-Name: Chun Cai
Author-X-Name-First: Chun
Author-X-Name-Last: Cai
Title: Natural resources and assets accountability audit of local officials and government subsidies: evidence from China
Abstract: 
 In 2014, the Chinese central government required implementing natural resource and asset accountability audit for local officials to promote environmental governance. From the perspective of government subsidy allocation, this paper examines whether and how the new government audit policy influences the strategy of local governments to high-polluting firms. We adopt a multi-period difference-in-difference research design and find that after the policy implementation, local officials pay more attention to local ecological performance, thus, reducing the government subsidies to high-polluting enterprises. They also reduce support for high-polluting by reducing tax incentives. These findings document that the implementation of government audit policy weakens the collusion between local officials and high-polluting firms, which enriches the intercross investigation between government audit and environmental governance.
Journal: Applied Economics Letters
Pages: 981-985
Issue: 7
Volume: 30
Year: 2023
Month: 04
X-DOI: 10.1080/13504851.2022.2030854
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2030854
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# input file: RAEL_A_2031856_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Feipeng Zhang
Author-X-Name-First: Feipeng
Author-X-Name-Last: Zhang
Author-Name: Zhao Zhang
Author-X-Name-First: Zhao
Author-X-Name-Last: Zhang
Title: Forecasting exchange rate markets' volatility of G7 countries: will stock market volatility help?
Abstract: 
 In this paper, we consider the prediction accuracy of the realized volatility of exchange rate market fluctuations of G7 countries, using daily data spanning from 1 January 2000 to 31 October 2020. Our empirical results show that the realized volatility of the stock market is an important factor for predicting the realized volatility of the exchange rate market in all the G7 countries. Our findings also reveal stable differences in the performances of predictability from stock market volatility to exchange rate volatility amongst the G7 countries.
Journal: Applied Economics Letters
Pages: 991-999
Issue: 7
Volume: 30
Year: 2023
Month: 04
X-DOI: 10.1080/13504851.2022.2031856
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2031856
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# input file: RAEL_A_2030455_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yuyi Zhang
Author-X-Name-First: Yuyi
Author-X-Name-Last: Zhang
Author-Name: Pu. Gong
Author-X-Name-First: Pu.
Author-X-Name-Last: Gong
Title: Leverage bias and risk-return trade-off, evidence from China
Abstract: 
 This study examines whether the difference between firms’ actual and expected target leverage rAtios affects the cross-sectional risk-return trade-off in the stock market. It uses the financial data of all A-share firms listed and traded on the Shanghai and Shenzhen Stock Exchange from 2000 to 2018 in the CSMAR database. We find that the risk-return relationship is negative when the actual leverage is lower than the target leverage. Conversely, the risk-return relation is positive when the actual leverage is higher than the target leverage. This is contrary to the basic principle that the greater the risk, the higher the return in the traditional financial field.
Journal: Applied Economics Letters
Pages: 950-954
Issue: 7
Volume: 30
Year: 2023
Month: 04
X-DOI: 10.1080/13504851.2022.2030455
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2030455
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# input file: RAEL_A_2000929_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jungho Cho
Author-X-Name-First: Jungho
Author-X-Name-Last: Cho
Author-Name: Daecheon Yang
Author-X-Name-First: Daecheon
Author-X-Name-Last: Yang
Title: Impact of minimum wage legislation on gender differentials in sticky wages: evidence from Korea
Abstract: 
 This study adds to a growing body of studies on gender inequality, centred on the role of the minimum wage. The unprecedented increases of the minimum wage in Korea during the 2010s allow us to directly observe the social and economic impacts of these changes. This study explores the minimum wage role in mitigating the gender gap in sticky wages where firm performance worsened. Using a sample of 7,514 firm-year observations between 2010 and 2020 in the Korean KOSPI and KOSDAQ markets, we find that men’s wage stickiness in times of poor performance was greater than that of women, and the minimum wage reduces the gap in sticky wages between genders, alleviating gender inequality problems in wage determination.
Journal: Applied Economics Letters
Pages: 855-858
Issue: 7
Volume: 30
Year: 2023
Month: 04
X-DOI: 10.1080/13504851.2021.2000929
File-URL: http://hdl.handle.net/10.1080/13504851.2021.2000929
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# input file: RAEL_A_2027330_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Caiyun Chen
Author-X-Name-First: Caiyun
Author-X-Name-Last: Chen
Author-Name: Minghuan Li
Author-X-Name-First: Minghuan
Author-X-Name-Last: Li
Title: Does digital finance impact debt concentration of Chinese firms?
Abstract: 
 We investigate the relation between digital finance and debt concentration in capital structures of firms. Measuring digital finance with a comprehensive index, we show that digital finance is indeed related to more concentrated debt structures of firms. Turning to the sub-indices of digital finance, coverage breadth and usage depth of digital finance increase firms’ debt concentration, while digitization degree is not a central concern for firms. The link between digital finance and debt concentration is stronger for companies with high level of information asymmetry and high default risk.
Journal: Applied Economics Letters
Pages: 871-874
Issue: 7
Volume: 30
Year: 2023
Month: 04
X-DOI: 10.1080/13504851.2022.2027330
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2027330
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# input file: RAEL_A_2030033_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Roger Bandick
Author-X-Name-First: Roger
Author-X-Name-Last: Bandick
Author-Name: Michael Koch
Author-X-Name-First: Michael
Author-X-Name-Last: Koch
Title: Domestic and foreign acquisitions, plant survival and employment effects
Abstract: 
 We estimate causal treatment effects of domestic and foreign acquisitions on plant survival, employment (growth) and the skill composition within acquired plants. To do so, we look at takeovers of private firms in Danish manufacturing and service sectors during the period 2002–2015. We use plant-, firm-, and industry-level information to control for the non-random selection of the acquisition targets, differentiated for domestic and foreign acquirers, by combining a difference-in-differences approach with a propensity score weighting estimator. Our results reveal positive effects on plant survival, employment (growth) and the skill intensity for domestic targets, while foreign targets reduce their skill intensity following an acquisition.
Journal: Applied Economics Letters
Pages: 923-926
Issue: 7
Volume: 30
Year: 2023
Month: 04
X-DOI: 10.1080/13504851.2022.2030033
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2030033
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# input file: RAEL_A_2030035_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Timothy R. Hodge
Author-X-Name-First: Timothy R.
Author-X-Name-Last: Hodge
Author-Name: Ram Orzach
Author-X-Name-First: Ram
Author-X-Name-Last: Orzach
Author-Name: Jonathan Silberman
Author-X-Name-First: Jonathan
Author-X-Name-Last: Silberman
Title: Higher education decision on covid-19 vaccine mandate
Abstract: 
 Higher education institutions (HEIs) had a public health decision to make in fall 2021, whether or not to mandate a Covid-19 vaccine for all students. The aim of this paper is to study the factors that influence the student vaccine mandate decision. We employ a logistic regression with the dependent variable equal 1 if a HEI has a student mandate; 0 otherwise. We hypothesize that the student vaccine mandate decision is influenced by an institution’s ranking, type, enrolment, competition, and political landscape. The results are consistent with expectations. Our significant finding is that top-ranked HEIs are more likely to have a vaccine mandate, with the probability of a vaccine mandate declining as the ranking declines. HEIs below those top-ranked are concerned about the financial implications of mandating vaccines, and this concern is heightened when students have alternatives. A national standard for a higher education vaccine mandate will internalize the positive externalities associated with a Covid-19 vaccine mandate, and overcome the reluctance of some HEIs to implement a vaccine mandate.
Journal: Applied Economics Letters
Pages: 932-936
Issue: 7
Volume: 30
Year: 2023
Month: 04
X-DOI: 10.1080/13504851.2022.2030035
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2030035
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# input file: RAEL_A_2027861_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jhon James Mora
Author-X-Name-First: Jhon James
Author-X-Name-Last: Mora
Author-Name: Andres Cuadros-Menaca
Author-X-Name-First: Andres
Author-X-Name-Last: Cuadros-Menaca
Author-Name: Juan Tomas Sayago
Author-X-Name-First: Juan Tomas
Author-X-Name-Last: Sayago
Title: South-South migration: the impact of the Venezuelan diaspora on Colombian natives’ wages and hours worked
Abstract: 
 Evidence of international migration impacts on developing countries is scarce. Hence, this article analyzes the effect of Venezuelan refugees to Colombia. We use the synthetic control method and find limited evidence that the Venezuelan exodus impacts natives’ real wages in most Colombian municipalities. However, our analysis indicates that the biggest shock occurs on the hours worked, which highlights a quantity over price impact.
Journal: Applied Economics Letters
Pages: 884-891
Issue: 7
Volume: 30
Year: 2023
Month: 04
X-DOI: 10.1080/13504851.2022.2027861
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2027861
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# input file: RAEL_A_2027329_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Chao Tan
Author-X-Name-First: Chao
Author-X-Name-Last: Tan
Author-Name: Wenying Yang
Author-X-Name-First: Wenying
Author-X-Name-Last: Yang
Title: The different impacts of heterogeneous lease assets on the costs of debt: a risk-sharing perspective
Abstract: 
 We examine whether the credit market participants price operating lease differently from finance lease in the perspective of risk sharing. Using a unique setting that the new lease standard is enforced in China since 2019, we find that operating (finance) lease asset shares are negatively (positively) related to lessees’ costs of debt, the risk-sharing role of operating lease assets is a mechanism of reducing COD, and this effect is more significant at firms with more financial constraints and insufficient cash flow. We fill the gap in the literature with a contribution to separate the risk-sharing effect from the accounting treatment effect in the association between two kinds of lease and costs of debt. These findings have important implications for policymakers and companies.
Journal: Applied Economics Letters
Pages: 865-870
Issue: 7
Volume: 30
Year: 2023
Month: 04
X-DOI: 10.1080/13504851.2022.2027329
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2027329
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# input file: RAEL_A_2030030_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Robert Tucker Omberg
Author-X-Name-First: Robert Tucker
Author-X-Name-Last: Omberg
Title: Estimating the elasticity of labor supply to a firm: results from a field experiment
Abstract: 
 ‘New Monopsony’ models imply that firms can possess wage-setting power even in competitive markets so long as they face an upward-sloping labour supply curve due to labour market frictions. However, previous research has yielded wildly different estimates of the elasticity of labour supply to a firm. Using a field experiment where identical job offers were posted with varying wages in statistically matched areas, I estimate that the elasticity of labour supply to a restaurant to be quite high, between 11.6 and 20.9, implying that workers are hired at wages between 92% and 95% of their marginal products. These results provide evidence for a model where firms only possess wage-setting power over incumbent employees, while new employees are hired at wages close to their marginal products. The policy implications of such a model are discussed.
Journal: Applied Economics Letters
Pages: 913-918
Issue: 7
Volume: 30
Year: 2023
Month: 04
X-DOI: 10.1080/13504851.2022.2030030
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2030030
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# input file: RAEL_A_2030853_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Hongliang Li
Author-X-Name-First: Hongliang
Author-X-Name-Last: Li
Author-Name: Gaoxiu Qiao
Author-X-Name-First: Gaoxiu
Author-X-Name-Last: Qiao
Title: Realized volatility forecasting based on rolling SW-SVR method: evidence from CSI 300 index
Abstract: 
 In this article, we examine realized volatility forecasting based on a new data-driven method, named rolling SW-SVR method. The empirical evidences from the high frequency data of CSI 300 index show that this new method has stronger out-of-sample forecasting ability than the OLS and SVR methods. Its forecasts ability is stable among different forecast horizons, which is confirmed by the out-of-sample $${{\bf{\it{R}}}^2}$$R2 and the MCS test.
Journal: Applied Economics Letters
Pages: 975-980
Issue: 7
Volume: 30
Year: 2023
Month: 04
X-DOI: 10.1080/13504851.2022.2030853
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2030853
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# input file: RAEL_A_2030031_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Selda Dudu
Author-X-Name-First: Selda
Author-X-Name-Last: Dudu
Author-Name: Teresa Rojo
Author-X-Name-First: Teresa
Author-X-Name-Last: Rojo
Title: Turkish returned immigrants’ income by gender perspective
Abstract: 
 Thousands of Turkish returnees (re)join the labour force of Turkey each year. Despite the gender pay gap, women return with new skills, which increase the chance of earning higher wages before the migration. Adopting a gender perspective, this paper investigates the effects of migration experience on labour income. The findings show that the positive effect of migration experience weakens the negative effect of gender on labour income, and marriage positively affects women’s labour income.
Journal: Applied Economics Letters
Pages: 919-922
Issue: 7
Volume: 30
Year: 2023
Month: 04
X-DOI: 10.1080/13504851.2022.2030031
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2030031
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# input file: RAEL_A_2030459_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Xinjie Lu
Author-X-Name-First: Xinjie
Author-X-Name-Last: Lu
Author-Name: Feng Ma
Author-X-Name-First: Feng
Author-X-Name-Last: Ma
Author-Name: Pan Li
Author-X-Name-First: Pan
Author-X-Name-Last: Li
Author-Name: Tao Li
Author-X-Name-First: Tao
Author-X-Name-Last: Li
Title: Newspaper-based equity uncertainty or implied volatility index: new evidence from oil market volatility predictability
Abstract: 
 This article investigates two equity-oriented market volatility measures, newspaper-based equity market volatility (EMV) index and COBE-implied volatility index (VIX), which contain more predictive contents for the oil futures market based on a Markov regime-switching method. We find that both EMV and VIX contain valuable content for the oil market. Interestingly, the predictive performance of the model containing both EMV and regime switching is better than that of the model containing VIX and regime switching, further showing that EMV can be more powerful than VIX for oil futures volatility when considering regime switching. Our study tries to provide new insight into the oil futures market.
Journal: Applied Economics Letters
Pages: 960-964
Issue: 7
Volume: 30
Year: 2023
Month: 04
X-DOI: 10.1080/13504851.2022.2030459
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2030459
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# input file: RAEL_A_2030034_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Heng Liang
Author-X-Name-First: Heng
Author-X-Name-Last: Liang
Author-Name: Zhitao Wang
Author-X-Name-First: Zhitao
Author-X-Name-Last: Wang
Author-Name: Runkai Niu
Author-X-Name-First: Runkai
Author-X-Name-Last: Niu
Title: Does environmental regulations promote the green transformation of high polluters?
Abstract: 
 In light of the implementation of the Environmental Protection Tax Law (the EPT Law) in China on 1 January 2018, this paper employs the difference-in-difference model (DID) to empirically investigates how the environmental regulations affects the green transformation of highly polluting firms. The results indicate that the EPT Law has significantly aided in the green transformation of highly polluting firms, with the increasing pressure of environmental legality acting as a partial mediating effect. This paper adds to the research on the economic effects of the environmental regulations and provides new evidence to support the incentive perspective on environmental regulations.
Journal: Applied Economics Letters
Pages: 927-931
Issue: 7
Volume: 30
Year: 2023
Month: 04
X-DOI: 10.1080/13504851.2022.2030034
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# input file: RAEL_A_2030036_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Lan Bo
Author-X-Name-First: Lan
Author-X-Name-Last: Bo
Author-Name: Haixin Yao
Author-X-Name-First: Haixin
Author-X-Name-Last: Yao
Author-Name: Fred C. J. Mear
Author-X-Name-First: Fred C. J.
Author-X-Name-Last: Mear
Author-Name: Weiwei Zhang
Author-X-Name-First: Weiwei
Author-X-Name-Last: Zhang
Title: How does China’s new budget law affect the pricing of local government bonds?
Abstract: 
 This article examines the impact of China’s New Budget Law implementation on the pricing of Local Government Bonds (LGBs). We collect 5,442 province-year LGBs observations from 2009 to 2019 and estimate the Simultaneous Equation Models that consider the endogeneity of fiscal transparency. Our results show that the enforcement of the New Budget Law unexpectedly leads to a rise in the interest rates of LGBs overall while enhancing the fiscal transparency of local governments. The findings in this paper suggest that the marketization level of LGBs’ pricing in China needs to be further improved.
Journal: Applied Economics Letters
Pages: 937-943
Issue: 7
Volume: 30
Year: 2023
Month: 04
X-DOI: 10.1080/13504851.2022.2030036
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2030036
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# input file: RAEL_A_2031855_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yasuo Nishiyama
Author-X-Name-First: Yasuo
Author-X-Name-Last: Nishiyama
Title: Wine quality and pricing in the global wine export market: the case of Chilean wines
Abstract: 
 This paper hypothesizes that, from 1985 to 1999, Chilean export wine producers achieved significant quality improvements, which led to successful product differentiation in the global export market. Concomitantly – as the monopolistic competition theory predicts – they increased their wine prices, which represent the value wine consumers attach to the wine attributes (including the quality). Using the wine rating score as an approximation of quality, the paper tests this hypothesis using the nonparametric Wilcoxon rank-sum test. The results strongly support the hypothesis.
Journal: Applied Economics Letters
Pages: 986-990
Issue: 7
Volume: 30
Year: 2023
Month: 04
X-DOI: 10.1080/13504851.2022.2031855
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2031855
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# input file: RAEL_A_2030458_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Hamid Baghestani
Author-X-Name-First: Hamid
Author-X-Name-Last: Baghestani
Title: Forecasts of US housing starts: assessing the usefulness of nowcast data
Abstract: 
 This study focuses on the current-quarter and one – through four-quarter-ahead Federal Reserve forecasts of housing starts. The aim is to assess the usefulness of nowcast data (measured by the current-quarter forecasts) for predicting housing starts one through four quarters ahead. Specifically, we use the nowcast data to generate the one – through four-quarter-ahead nowcast-based forecasts. For 1985–2016, the Federal Reserve and nowcast-based forecasts (while outperforming the naïve forecasts) contain useful and distinct predictive information. Combining these forecasts yields reductions in forecast errors that are larger at longer horizons. In addition, the Federal Reserve (nowcast-based) forecasts imply symmetric (asymmetric) loss. The nowcast-based forecasts, in particular, are of value to a user who assigns high (low) cost to incorrect downward (upward) moves and, thus, offer useful information for policymaking, when downward moves in housing starts are considered as early-warning signs of overall economic downturns.
Journal: Applied Economics Letters
Pages: 955-959
Issue: 7
Volume: 30
Year: 2023
Month: 04
X-DOI: 10.1080/13504851.2022.2030458
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2030458
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# input file: RAEL_A_2030029_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Xiaolan Yang
Author-X-Name-First: Xiaolan
Author-X-Name-Last: Yang
Author-Name: Yidong Huang
Author-X-Name-First: Yidong
Author-X-Name-Last: Huang
Author-Name: Wenchao Li
Author-X-Name-First: Wenchao
Author-X-Name-Last: Li
Title: Economic preferences and state-level corruption: global evidence and mechanism
Abstract: 
 Using newly published data from the Global Preference Survey which cover 76 countries (Falk et al., 2018), we document robust evidence that economic preferences are partly responsible for state-level corruption. Specifically, fixed effects estimation results show that patience, trust, and altruism discourage corruption, while negative reciprocity encourages corruption. We examine the role of economic freedom and government effectiveness as the mechanisms underlying the effect of negative reciprocity. We also find that the effects of patience and negative reciprocity are greater in a more stable political environment, and smaller in a society with faster economic growth.
Journal: Applied Economics Letters
Pages: 892-912
Issue: 7
Volume: 30
Year: 2023
Month: 04
X-DOI: 10.1080/13504851.2022.2030029
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2030029
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# input file: RAEL_A_2053650_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Kaibo Gao
Author-X-Name-First: Kaibo
Author-X-Name-Last: Gao
Author-Name: Zhongjing Tian
Author-X-Name-First: Zhongjing
Author-X-Name-Last: Tian
Title: How ageing affects manufacturing transformation: empirical evidence from China
Abstract: 
 This article explores the impact of population ageing on China’s manufacturing transformation, and considers the mediating role of government fiscal burden. The development of China’s manufacturing industry has long relied on low-cost labour, and ageing challenges this model. The results show that population ageing promotes manufacturing transformation. Through the mediation effect analysis, we find that ageing will reduce government tax revenue, thereby hindering the manufacturing transformation. However, increased healthcare spending due to ageing has a positive effect on the manufacturing transformation. Our research provides useful insights for the government to adjust fiscal revenue and expenditure.
Journal: Applied Economics Letters
Pages: 1358-1362
Issue: 10
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2053650
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2053650
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# input file: RAEL_A_2052007_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Martien Lamers
Author-X-Name-First: Martien
Author-X-Name-Last: Lamers
Author-Name: Thomas Present
Author-X-Name-First: Thomas
Author-X-Name-Last: Present
Author-Name: Nicolas Soenen
Author-X-Name-First: Nicolas
Author-X-Name-Last: Soenen
Author-Name: Rudi Vander Vennet
Author-X-Name-First: Rudi
Author-X-Name-Last: Vander Vennet
Title: BRRD credibility and the bank-sovereign nexus
Abstract: 
 We investigate the effectiveness of the Bank Recovery and Resolution Directive (BRRD) in mitigating the bank-sovereign nexus in the Euro Area. Using CDS spreads to measure bank and sovereign credit risk and a DCC-MIDAS model capturing the long-term component of bank-sovereign interconnectedness, we document that the dynamic correlation between banks and sovereigns has decreased in Euro Area countries since the introduction of the BRRD. Panel data analysis reveals that the decline in interconnectedness is not driven by the banks’ capital adequacy, size or holdings of domestic sovereign securities.
Journal: Applied Economics Letters
Pages: 1308-1313
Issue: 10
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2052007
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2052007
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# input file: RAEL_A_2055736_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Markos Tselekounis
Author-X-Name-First: Markos
Author-X-Name-Last: Tselekounis
Title: Input price discrimination under passive partial cross ownership
Abstract: 
 Hu, Mizuno, and Song (Applied Economics Letters, 2021) compare the welfare effects of input price discrimination (IPD) and uniform input pricing (UIP) under passive partial ownership (PPO) where one downstream firm holds equity shares of its rival. This paper extends their setup to accommodate passive partial cross ownership (PCO) where each downstream firm holds equity shares of its rival. A common conclusion is that IPD improves welfare if the cost asymmetry is sufficiently low. Interestingly, this finding holds regardless of whether the more efficient firm is also the dominant partial shareholder. Indeed, it is found that the likelihood that IPD is welfare enhancing increases as firms become more asymmetric in terms of equity shares. However, the critical level of cost asymmetry differs under PPO and PCO, meaning that there are cases where IPD performs better in terms of social welfare under PCO but not under PPO, and vice versa. The main conclusion of this paper is that, compared to the PPO structure, PCO reduces the likelihood that IPD results in better welfare outcomes than UIP.
Journal: Applied Economics Letters
Pages: 1363-1368
Issue: 10
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2055736
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2055736
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# input file: RAEL_A_2053045_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Da-Kai Wu
Author-X-Name-First: Da-Kai
Author-X-Name-Last: Wu
Author-Name: Joe Chen
Author-X-Name-First: Joe
Author-X-Name-Last: Chen
Author-Name: Shih-Chang Huang
Author-X-Name-First: Shih-Chang
Author-X-Name-Last: Huang
Title: VAT thresholds and tax assessment: evidence from Taiwan
Abstract: 
 Based on a dataset from the unique two-tier VAT (value-added tax) thresholds in Taiwan, this paper suggests that poor assessment of the sales of business entities by the competent tax authority has brought about severe underestimates of the amount of sales. It has resulted in a shortfall of tax revenue from small business entities and underscores the importance of tax enforcement.
Journal: Applied Economics Letters
Pages: 1314-1317
Issue: 10
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2053045
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2053045
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# input file: RAEL_A_2045249_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: JiWen Chai
Author-X-Name-First: JiWen
Author-X-Name-Last: Chai
Title: The impact of green innovation on export quality
Abstract: 
 It has been confirmed in many studies that the corporate green innovation has numerous benefits, such as the effects on resource allocation, business performance and corporate image, but it is less involved than the effect on export quality. This paper uses the data of Chinese listed manufacturing corporations over the period 2008–2015, and takes PSM-DID method to empirically test the quality effect of green innovation. The implementation of green innovation shows a positive effect on the export quality, which differs apparently by the degree of green innovation. The clean productivity and waste treatment efficiency play a vital importance in the influence path. These findings provide novel evidence for the follow-up research on green innovation.
Journal: Applied Economics Letters
Pages: 1279-1286
Issue: 10
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2045249
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2045249
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# input file: RAEL_A_2053649_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Kajal Lahiri
Author-X-Name-First: Kajal
Author-X-Name-Last: Lahiri
Author-Name: Junyan Zhang
Author-X-Name-First: Junyan
Author-X-Name-Last: Zhang
Author-Name: Yongchen Zhao
Author-X-Name-First: Yongchen
Author-X-Name-Last: Zhao
Title: Inefficiency in social security trust funds forecasts
Abstract: 
 We examine forecast accuracy and efficiency of the Social Security Administration’s projections for cost rate, trust fund balance, trust fund ratio made during 1980–2020 with horizons up to 95 years. We find that the deterioration in the accuracy of the forecasts during 2010’s has reversed in recent years. The level of informational inefficiency has been pervasive during 1990–2009, although it shows signs of improvement after 2010.
Journal: Applied Economics Letters
Pages: 1353-1357
Issue: 10
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2053649
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2053649
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# input file: RAEL_A_2053050_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Naiqian Wu
Author-X-Name-First: Naiqian
Author-X-Name-Last: Wu
Author-Name: Weiguo Xiao
Author-X-Name-First: Weiguo
Author-X-Name-Last: Xiao
Author-Name: Wei Liu
Author-X-Name-First: Wei
Author-X-Name-Last: Liu
Author-Name: Zhihui Zhao
Author-X-Name-First: Zhihui
Author-X-Name-Last: Zhao
Title: Social media discussion and the market reaction to earnings announcements: evidence from China
Abstract: 
 This study investigates the influence of earnings-related social media discussion on stock returns surrounding the earnings announcement. By using deep learning approach to develop a new measure of market-wide earnings expectations based on Chinese Sina Weibo, we find that the constructed Weibo optimism index is positively related to the upcoming earnings announcement returns within a short window. This positive effect is more pronounced for firms with lower-quality earnings and firms with no traditional media coverage. Additionally, we also find that an increase in our Weibo optimism index indicates stronger post-announcement return reversals over a longer window. These results imply that earnings-related social media discussion is largely driven by sentiments, leading investors to overreact to earnings announcements. Our evidence supports the view that social media impedes stock price efficiency in financial markets.
Journal: Applied Economics Letters
Pages: 1338-1346
Issue: 10
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2053050
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# input file: RAEL_A_2055737_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Cipriano Quirós
Author-X-Name-First: Cipriano
Author-X-Name-Last: Quirós
Author-Name: Katherine Riveros
Author-X-Name-First: Katherine
Author-X-Name-Last: Riveros
Author-Name: Roberto-Felipe Erazo
Author-X-Name-First: Roberto-Felipe
Author-X-Name-Last: Erazo
Title: Airbnb vs booking: determinants of the use of collaborative and traditional online accommodations
Abstract: 
 The collaborative economy has grown exponentially, significantly transforming certain economic sectors such as Hospitality. New collaborative platforms now compete with other digital platforms already established through hospitality services. But, are they the same types of users on both types of platforms? The objective of this study is to contribute to the sharing economy by studying consumer patterns and identifying differences between the users of sharing platforms as compared to traditional accommodation online platforms, where Airbnb and Booking are the respective world leaders. In this work, we emphasize the role of digital skills as well as trust in the digital environment, along with socio-demographic variables thought to be determinants of use of these platforms. Our results indicate that some variables including gender and income level increase the likelihood of use of Airbnb and Booking platforms in different ways. Digital skills appear to be crucial predictors of using both platforms, while greater digital trust increases the likelihood of use of Booking over that of Airbnb.
Journal: Applied Economics Letters
Pages: 1369-1373
Issue: 10
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2055737
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# input file: RAEL_A_2047588_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yoichi Tsuchiya
Author-X-Name-First: Yoichi
Author-X-Name-Last: Tsuchiya
Title: Asymmetric loss and the rationality of consumers’ inflation forecasts: evidence from the US
Abstract: 
 This study investigates asymmetric loss functions for 12-month-ahead inflation forecasts by consumers in the Survey of Consumer Expectations by the Federal Reserve Bank of New York. This study finds that older households are likely to produce higher inflation forecasts. Households with highest income and educational levels are likely to produce lower inflation forecasts. In contrast, households in various regions produce similar inflation forecasts. Further, inflation forecasts are generally over-predicted even they are evaluated against the regional inflation. These expectations are broadly rational with respect to households’ prospects of their earnings, income, and unemployment, and economy-wide stock prices and unemployment under asymmetric loss. However, they are not likely to be rational with respect to the past performances of inflation and their forecasts, and regional unemployment. The results suggest that demographic characteristics play an important role in expectations formation and macroeconomic consequences. These indicate that consumers are forward-looking that is consistent with standard macroeconomic models. However, difference in regional inflation is likely to play a minor role.
Journal: Applied Economics Letters
Pages: 1298-1307
Issue: 10
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2047588
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2047588
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Handle: RePEc:taf:apeclt:v:30:y:2023:i:10:p:1298-1307



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# input file: RAEL_A_2053049_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Usman Bashir
Author-X-Name-First: Usman
Author-X-Name-Last: Bashir
Title: Shadow banking, political connections and financial stability of Chinese banks: an empirical investigation
Abstract: 
 This study examines the effects of shadow banking activities on the financial stability of the Chinese banking system. Moreover, it assesses whether the relation between financial stability and shadow banking activities changes for banks having political connections. The findings suggest a significant positive effect of shadow banking on the credit risk as well as the financial stability of Chinese banks. The growth of shadow banking activities has a significantly positive effect on Chinese commercial banks lowering the default risk and this relationship is incrementally significant for financial institutions having political connections. These findings are robust by controlling for various bank-specific and macroeconomic conditions.
Journal: Applied Economics Letters
Pages: 1333-1337
Issue: 10
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2053049
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2053049
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Handle: RePEc:taf:apeclt:v:30:y:2023:i:10:p:1333-1337



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# input file: RAEL_A_2044993_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Athina Raftopoulou
Author-X-Name-First: Athina
Author-X-Name-Last: Raftopoulou
Author-Name: Nicholas Giannakopoulos
Author-X-Name-First: Nicholas
Author-X-Name-Last: Giannakopoulos
Title: Unemployment and health: a panel event study
Abstract: 
 Adopting a panel event study framework, we estimate the effect of unemployment on health outcomes by exploiting the variation in the timing of entering unemployment using longitudinal data for Greece. We find that in the periods ahead of an unemployment event, health outcomes decline and unmet needs for medical care increase. These findings are valid only for men and are robust to alternative definitions of health outcomes, unemployment events and model specifications. Our findings have important implications for research-based policies aimed to promote individuals’ well-being, especially in periods of high unemployment rates and economic distress.
Journal: Applied Economics Letters
Pages: 1275-1278
Issue: 10
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2044993
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2044993
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Handle: RePEc:taf:apeclt:v:30:y:2023:i:10:p:1275-1278



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# input file: RAEL_A_2053051_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jiawei Zhang
Author-X-Name-First: Jiawei
Author-X-Name-Last: Zhang
Author-Name: Yiying Wang
Author-X-Name-First: Yiying
Author-X-Name-Last: Wang
Author-Name: Dangdang Cui
Author-X-Name-First: Dangdang
Author-X-Name-Last: Cui
Author-Name: Gongjin Hu
Author-X-Name-First: Gongjin
Author-X-Name-Last: Hu
Title: Soft tax administration and company investment
Abstract: 
 How can investment be stimulated under the premise of stable taxation? Based on some Chinese listed companies, we examine the impact of soft taxation on corporate investment. Companies that obtain an A tax credit rating have more actual investment now and in the future under soft tax administration, and this policy also effectively mitigates companies’ underinvestment problem. This paper shows that incentive tax policies can achieve a win–win situation between national tax revenues and company investment expenditures.
Journal: Applied Economics Letters
Pages: 1347-1352
Issue: 10
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2053051
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2053051
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Handle: RePEc:taf:apeclt:v:30:y:2023:i:10:p:1347-1352



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# input file: RAEL_A_2056122_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Itai Agur
Author-X-Name-First: Itai
Author-X-Name-Last: Agur
Title: Measuring the speed of currency substitution
Abstract: 
 Financial dollarization is a prevalent and persistent phenomenon among emerging and developing economies. This paper uses data on deposit dollarization in 173 countries between 1975 and 2018 to present stylized facts on the speed of currency substitution, which has not previously been systematically measured. In doing so, the paper casts a wide net in defining what constitutes a currency substitution episode. Overall, when currency substitution happens, it happens fast: the share of total deposits that is denominated in foreign currency rises by 6.5 percentage points per year during an average episode.
Journal: Applied Economics Letters
Pages: 1385-1389
Issue: 10
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2056122
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2056122
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# input file: RAEL_A_2053046_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Wei-Qiang Huang
Author-X-Name-First: Wei-Qiang
Author-X-Name-Last: Huang
Author-Name: Jing Zhang
Author-X-Name-First: Jing
Author-X-Name-Last: Zhang
Author-Name: Peipei Liu
Author-X-Name-First: Peipei
Author-X-Name-Last: Liu
Title: Is idiosyncratic tail risk priced in the cross-section of bond returns? –Evidence from Chinese bond markets
Abstract: 
 This article investigates for the first time the role of idiosyncratic tail risk in the cross-sectional pricing of bond returns. We use the idiosyncratic return of the bond to measure the idiosyncratic tail risk based on the extreme value theory. The results show that bonds in the highest idiosyncratic tail risk quintile generate 3.5% more annual return compared to bonds in the lowest idiosyncratic tail risk quintile. In addition, we found that idiosyncratic tail risk is cross-sectionally positive correlated with bond expected returns in Chinese bond market, even when the downside risk, bond rating, liquidity, size, maturity, bond market beta, short-term reversals, and coupon rate are controlled. The positive correlation is in line with the traditional risk-return tradeoff theory. Because of their aversion to extreme losses, investors are willing to accept the low returns from low idiosyncratic tail risk bonds.
Journal: Applied Economics Letters
Pages: 1318-1326
Issue: 10
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2053046
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2053046
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# input file: RAEL_A_2056120_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Hong Zhao
Author-X-Name-First: Hong
Author-X-Name-Last: Zhao
Author-Name: Yiqing Lei
Author-X-Name-First: Yiqing
Author-X-Name-Last: Lei
Author-Name: Ying Zhang
Author-X-Name-First: Ying
Author-X-Name-Last: Zhang
Author-Name: Lingxiang Li
Author-X-Name-First: Lingxiang
Author-X-Name-Last: Li
Title: Risk contagion among banks: evidence from Chinese data
Abstract: 
 This study investigates risk contagion in the financial system using a sample of 140 Chinese banks. We create the risk contagion index, with and without bank WMPs (Wealth Management Products), and bank’s lending matrix. Based on the index, we find Industrial and Commercial Bank of China (ICBC), Industrial Bank, and Bank of Shanghai to have the highest contagion risk among, respectively, state-owned, joint-stock and city commercial banks. We simulate risk contagion with these three banks as the initial bankrupt banks and at a wide range of default loss rates. We find that their hypothetic bankruptcies do not cause other banks to follow suit, but smaller banks are more subject to the contagion effect of systemic risk. Further results show that banks with WMPs cause greater risk contagion than those without.
Journal: Applied Economics Letters
Pages: 1374-1380
Issue: 10
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2056120
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2056120
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Handle: RePEc:taf:apeclt:v:30:y:2023:i:10:p:1374-1380



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# input file: RAEL_A_2056121_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Zhi-Yuan Xu
Author-X-Name-First: Zhi-Yuan
Author-X-Name-Last: Xu
Author-Name: Miao-Hua Zhan
Author-X-Name-First: Miao-Hua
Author-X-Name-Last: Zhan
Title: Technology innovation and the duration of export competitiveness
Abstract: 
 On the basis of CEPII-BACI trade data from 2001 to 2018, this study examined the impact of technology innovation on the duration of China’s manufacturing export competitiveness by using the discrete time model. Results showed that the innovation behaviour can effectively improve the duration of export competitiveness of the manufacturing industry. An increase in the innovation input by 1% can reduce the risk of decline in manufacturing export competitiveness by 9.3%, and an increase in innovation intensity by 1% can increase the duration of manufacturing export competitiveness by 6.4%. Evidence on innovation output also supports this conclusion.
Journal: Applied Economics Letters
Pages: 1381-1384
Issue: 10
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2056121
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2056121
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# input file: RAEL_A_2047587_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Akihiro Kubo
Author-X-Name-First: Akihiro
Author-X-Name-Last: Kubo
Title: Has the yen depreciation of recent years improved Japan’s trade balance? Testing the J-curve effect
Abstract: 
 This study investigates the existence of the J-curve effect in Japan for the most recent sample period, for which there is a continuation of the weak trend in the yen. The results failed to confirm the existence of the J-curve effect in national Japanese data. However, the J-curve effect explains the time lag between yen depreciation from the end of 2012 and improvement in the trade balance in 2015 in the Kansai region, in which only a relatively small proportion of exports can be attributed to the automotive industry with using the pricing strategies. Specifically, the empirical result suggested that the period from August 2013 to July 2014 formed the dip in the J-curve, and it matches actual relevant movements.
Journal: Applied Economics Letters
Pages: 1293-1297
Issue: 10
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2047587
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2047587
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# input file: RAEL_A_2053047_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yanze Zhang
Author-X-Name-First: Yanze
Author-X-Name-Last: Zhang
Author-Name: Ji Zhang
Author-X-Name-First: Ji
Author-X-Name-Last: Zhang
Title: How does competition for funds in the wealth management market impact Chinese households’ risky financial investment?
Abstract: 
 This paper analyzes the relationship between the competition for funds in the wealth management market and Chinese households’ risky financial investment. Through mechanism analysis, we find that the competition for funds in the wealth management market reduces Chinese households’ risky financial investment by increasing the interest rate of financial products and making break-even commitments. Further analysis suggests that medium and high solvency households have more expectations for break-even and are more affected by the competition for funds in the wealth management market.
Journal: Applied Economics Letters
Pages: 1327-1332
Issue: 10
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2053047
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2053047
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Handle: RePEc:taf:apeclt:v:30:y:2023:i:10:p:1327-1332



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# input file: RAEL_A_2056566_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Emmanouil Kitsios
Author-X-Name-First: Emmanouil
Author-X-Name-Last: Kitsios
Author-Name: João Tovar Jalles
Author-X-Name-First: João Tovar
Author-X-Name-Last: Jalles
Author-Name: Geneviève Verdier
Author-X-Name-First: Geneviève
Author-X-Name-Last: Verdier
Title: Tax evasion from cross-border fraud: does digitalization make a difference?
Abstract: 
 How can governments reduce the prevalence of cross-border tax fraud? This paper argues that the use of digital technologies offers an opportunity to reduce fraud and increase government revenue. Using data on intra-EU and world trade transactions, we present evidence that (i) cross-border trade tax fraud is non-trivial and prevalent in many countries; (ii) such fraud can be alleviated by the use of digital technologies at the border; and (iii) potential revenue gains of digitalization from reducing trade fraud could be substantial. Halving the distance to the digitalization frontier could raise revenues by over 1.5% of GDP in low-income developing countries.
Journal: Applied Economics Letters
Pages: 1400-1406
Issue: 10
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2056566
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2056566
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# input file: RAEL_A_2056124_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Muhammad Asali
Author-X-Name-First: Muhammad
Author-X-Name-Last: Asali
Title: Civil rights experiments versus enrichment experiments in wage gap analysis
Abstract: 
 The choice of the non-discriminatory vector of returns in Oaxaca-Blinder wage gap decompositions affects the results. Rather than being arbitrary, that choice should depend on the nature of the intended policy to address wage differentials in the labour market. The effectiveness of policies at the extensive margin, such as those offering greater access to higher education, is better estimated by the explained part of the wage gap, when choosing the lower-wage group’s vector of returns as non-discriminatory (the ‘enrichment experiment’). Alternatively, the effectiveness of affirmative action policies is better estimated by the unexplained part of the wage gap, when choosing the higher-wage group’s vector of returns as non-discriminatory (the ‘civil rights experiment’). We provide an example of applying this methodology for ethnic and gender wage differentials in the Georgian labour market.
Journal: Applied Economics Letters
Pages: 1395-1399
Issue: 10
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2056124
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2056124
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# input file: RAEL_A_2056123_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jisheng Yang
Author-X-Name-First: Jisheng
Author-X-Name-Last: Yang
Author-Name: Yanjun Cao
Author-X-Name-First: Yanjun
Author-X-Name-Last: Cao
Author-Name: Jiaolong Li
Author-X-Name-First: Jiaolong
Author-X-Name-Last: Li
Title: Peer effects on consumption in rural China
Abstract: 
 This study empirically examines the peer effects of household spending on human affairs, clothing, food, and education in rural China, where villages are often characterized by clan clustering. We employ an iterative algorithm that combines the least square dummy variables regression and instrumental variable estimators to measure the peer effects and their heterogeneity. The results provide compelling evidence for the existence of peer effects on human affairs, clothing, and food expenditures, while the peer effects on education investment come from aligning with high-level spending rather than converging to the average. Furthermore, high- and low-spending households are affected differently by peers and play different roles in the peer group.
Journal: Applied Economics Letters
Pages: 1390-1394
Issue: 10
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2056123
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2056123
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# input file: RAEL_A_2047586_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Andreea Stoian
Author-X-Name-First: Andreea
Author-X-Name-Last: Stoian
Author-Name: Bettina Bokemeier
Author-X-Name-First: Bettina
Author-X-Name-Last: Bokemeier
Author-Name: Bogdan Andrei Dumitrescu
Author-X-Name-First: Bogdan Andrei
Author-X-Name-Last: Dumitrescu
Author-Name: Cosmin Octavian Cepoi
Author-X-Name-First: Cosmin Octavian
Author-X-Name-Last: Cepoi
Title: For better and worse: heterogeneity in the fiscal response in EU countries
Abstract: 
 In this paper, using a panel of annual observations ranging from 2005 to 2018, we employ the novel unconditional quantile regression by resorting to an augmented fiscal reaction function model to examine the distribution-varying fiscal response for 26 European Union countries. The results point to significant asymmetries regarding the fiscal response measured in terms of the cyclically adjusted primary balance to different covariates. More specifically, we report a U-shaped fiscal reaction to debt changes suggesting more explicit debt stabilization concerns during high-deficit periods. We also show a varying response when debt exceeds the 60% threshold, which is conditioned by the size of the fiscal position. In addition, we reveal a procyclical fiscal behaviour when balance is highly deteriorated.
Journal: Applied Economics Letters
Pages: 1287-1292
Issue: 10
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2047586
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2047586
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# input file: RAEL_A_2064417_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Seungwon Lee
Author-X-Name-First: Seungwon
Author-X-Name-Last: Lee
Author-Name: Changryong Baek
Author-X-Name-First: Changryong
Author-X-Name-Last: Baek
Title: Volatility changes in cryptocurrencies: evidence from sparse VHAR-MGARCH model
Abstract: 
 This study examines the volatility changes of 20 cryptocurrencies from January 2018 to May 2021 using sparse VHAR-MGARCH model. Our proposed model incorporates the high-dimensionality and time-varying conditional heterogeneity of cryptocurrency markets. We examined the time-varying spillover index, dynamic correlation structure, and connectivity between cryptocurrencies. Our empirical analysis clearly shows that there was a volatility shift on 13 March 2020, due to a market crash caused by COVID-19. This naturally divides the data into three periods: pre-crisis, during the crisis, and post-crisis regimes. The pre-crisis regime exhibited long-term cyclic fluctuations in the spillover index. However, after the market crash, the spillover index remained at a very high level with almost no interconnections between cryptocurrencies. The post-crisis regime showed quite a few irregular and sharp spikes in the spillover index, together with record-breaking prices and volumes.
Journal: Applied Economics Letters
Pages: 1496-1504
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2064417
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2064417
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# input file: RAEL_A_2056569_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Geyao Yang
Author-X-Name-First: Geyao
Author-X-Name-Last: Yang
Author-Name: Changchun Zhou
Author-X-Name-First: Changchun
Author-X-Name-Last: Zhou
Author-Name: Jiekuan Zhang
Author-X-Name-First: Jiekuan
Author-X-Name-Last: Zhang
Title: Does the synergy among agriculture, industry, and the service industry alleviate rural poverty? Evidence from China
Abstract: 
 This paper provides empirical evidence that strengthening the synergy among agriculture, industry, and the service industry is an effective rural poverty reduction strategy. Using China’s provincial panel data from 2010 to 2019, we employ a coupling model to measure this synergy and to apply an empirical analysis methodology to examine its impact on rural poverty. The results indicate that the synergy among agriculture, industry, and the service industry results in a significant decrease in rural poverty. The poverty reduction effect is greatest in western China. The growth of the rural economy and the increase in rural households’ business income are the main channels by which synergy plays its role in reducing poverty.
Journal: Applied Economics Letters
Pages: 1417-1421
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2056569
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2056569
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# input file: RAEL_A_2056568_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: E-Ping Liu
Author-X-Name-First: E-Ping
Author-X-Name-Last: Liu
Author-Name: Fan Mo
Author-X-Name-First: Fan
Author-X-Name-Last: Mo
Title: Do firms actively manage media coverage when issuing convertible bonds? Evidence from China
Abstract: 
 This article investigates whether, when and how firms actively manage media coverage when they plan to issue convertible bonds. Using a sample of listed firms that issued convertible bonds between 2010 and 2020 in China, we find that both firms’ media coverage and positive slant increase one month before issuances and active media management has a positive impact on conversion prices. Overall, our results support the active media management hypothesis and verify that firms actively manage media coverage prior to convertible bond issuances.
Journal: Applied Economics Letters
Pages: 1411-1416
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2056568
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# input file: RAEL_A_2061703_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Zheng Li
Author-X-Name-First: Zheng
Author-X-Name-Last: Li
Title: Can environmental tax curb air pollution: evidence from China
Abstract: 
 Using the environmental tax reform implemented in 2018 in China as a quasi-experiment, this paper employs PSM, DID, and DDD methods to investigate the causal impact of environmental tax on air pollution. Viewing those provinces that choose to set a higher tax rate than the original pollution fee rate as the treatment group and provinces that do not increase the tax rate as the control group, this paper provides robust evidence that the environmental tax reform is effective in reducing PM2.5 and SO2 concentration level, while the effect is smaller and inconsistent for NO2. A back-of-the-envelope welfare analysis suggests that a 1-unit increase in the environmental tax rate is associated with a reduction of 5,616 in total deaths and a welfare gain of $28.256 billion in 2005 USD for all Chinese households.
Journal: Applied Economics Letters
Pages: 1449-1452
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2061703
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# input file: RAEL_A_2061704_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Erik Alda
Author-X-Name-First: Erik
Author-X-Name-Last: Alda
Author-Name: Ljubinka Andonoska
Author-X-Name-First: Ljubinka
Author-X-Name-Last: Andonoska
Title: Variation in spending efficiency: the effects of exogenous factors on municipal efficiency in a recently decentralized country
Abstract: 
 Research suggests that external factors influence municipal spending efficiency. We tested this assumption using a conditional order-m efficiency model on an eight-year panel of 79 Macedonian municipalities. The findings suggest that factors outside the control of municipal managers affect efficiency differently. Understanding how each factor influences municipal efficiency can help municipal governments improve their overall performance.
Journal: Applied Economics Letters
Pages: 1453-1456
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2061704
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2061704
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# input file: RAEL_A_2057909_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Zile Wang
Author-X-Name-First: Zile
Author-X-Name-Last: Wang
Author-Name: Meichen Chen
Author-X-Name-First: Meichen
Author-X-Name-Last: Chen
Author-Name: Xiangdong Qin
Author-X-Name-First: Xiangdong
Author-X-Name-Last: Qin
Author-Name: Yufeng Shi
Author-X-Name-First: Yufeng
Author-X-Name-Last: Shi
Title: Ambiguity and contractual incompleteness
Abstract: 
 We introduce ambiguous states into an experimental investigation of a tradeoff between contractual rigidity and flexibility. Ambiguity magnifies both parties’ pessimism in an incomplete context. Ambiguity aversion is revealed in their choice. More complex interactions emerge in ambiguous environments.
Journal: Applied Economics Letters
Pages: 1422-1427
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2057909
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2057909
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# input file: RAEL_A_2069668_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Michel Candido de Souza
Author-X-Name-First: Michel Candido
Author-X-Name-Last: de Souza
Author-Name: Mauro Sayar Ferreira
Author-X-Name-First: Mauro Sayar
Author-X-Name-Last: Ferreira
Author-Name: Lízia de Figueiredo
Author-X-Name-First: Lízia
Author-X-Name-Last: de Figueiredo
Title: The asymmetric evolution of economic institutions: evidence from dynamic panel quantile regression with IV and fixed effects
Abstract: 
 Conditional mean regressions show that economic institutions (insteco) correlate positively to regime durability, the quality of political institutions, human capital and GDP per capita. However, using dynamic panel quantile regressions with fixed effects and instrumental variables, we detect that insteco evolves asymmetrically. Adverse shocks worsen insteco of countries with better political institutions and more durable regimes, while positive innovations cause insteco of countries with better political institutions and longer political regime to improve even further. Among advanced economies, negative shocks cause a stronger effort to ameliorate insteco the higher the human capital and GDP per capita. Our exercises include 129countries.
Journal: Applied Economics Letters
Pages: 1531-1539
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2069668
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2069668
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# input file: RAEL_A_2063788_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Melike Betül Tavşanlı
Author-X-Name-First: Melike Betül
Author-X-Name-Last: Tavşanlı
Author-Name: Murat Tiniç
Author-X-Name-First: Murat
Author-X-Name-Last: Tiniç
Title: A note on stock market response to elections in the post-communist countries of the European Union
Abstract: 
 We examine the stock market response to parliamentary elections in post-communist countries of the European Union. We document that the long-term market response to an election is −200 basis points (bps). The response is symmetric across the ideology of the winner party. Moreover, we show that aggregate responses are driven by elections with policy uncertainty due to the transition of power across ideologies. The long-term market response to right (left) victories after left (right) governments is −500 bps (−600bps).
Journal: Applied Economics Letters
Pages: 1483-1487
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2063788
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2063788
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# input file: RAEL_A_2066617_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Hiroshi Morita
Author-X-Name-First: Hiroshi
Author-X-Name-Last: Morita
Author-Name: Shota Araki
Author-X-Name-First: Shota
Author-X-Name-Last: Araki
Title: Social pressure in football matches: an event study of ‘Remote Matches’ in Japan
Abstract: 
 Sports matches during the COVID-19 pandemic have been held without spectators. Exploiting this unprecedented situation as a natural experiment, we examine the impacts of social pressure on the match outcomes in Japan’s professional football league. As a result of the difference-in-difference estimation, we find that the number of fouls awarded to home team significantly decreases by about 1.05 in the matches with spectators, supporting the referee bias due to social pressure by the home-team’s supporters. In addition, the results indicate that the absolute number of the home-team’s supporters is more dominant in the source of referee bias than their share in the stadium.
Journal: Applied Economics Letters
Pages: 1522-1525
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2066617
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2066617
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# input file: RAEL_A_2061702_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Taekyun Kim
Author-X-Name-First: Taekyun
Author-X-Name-Last: Kim
Author-Name: Wonjoon Kim
Author-X-Name-First: Wonjoon
Author-X-Name-Last: Kim
Title: How does competition in the development of artificial intelligence affect a firm’s technology search strategy? Evidence from the U.S. pharmaceutical industry
Abstract: 
 During technological shifts in which new technology threatens to substitute for existing technology, how do firms search for such new technology? Although several studies have demonstrated the benefits of collaboration among firms in the development of new technologies, research in this stream has largely overlooked the potential roles of competition. Our empirical analysis of U.S. pharmaceutical firms’ adoption of artificial intelligence in 2000–2019 shows that early and late entrants learn from each other. Specifically, late entrants learn basic technology from early entrants, and early entrants learn applied technology from late entrants.
Journal: Applied Economics Letters
Pages: 1444-1448
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2061702
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2061702
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# input file: RAEL_A_2061897_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Richard Grabowski
Author-X-Name-First: Richard
Author-X-Name-Last: Grabowski
Author-Name: Sharmistha Self
Author-X-Name-First: Sharmistha
Author-X-Name-Last: Self
Title: Structural change in Africa: role of agriculture
Abstract: 
 This paper argues that rapid agricultural productivity growth is necessary for the expansion of manufacturing employment as a share of total employment. This hypothesis is tested utilizing data from 15 African nations. The estimation technique utilized is dynamic ordinary least squares and represents the first use of this technique to study the hypothesis that agricultural productivity growth is an important factor in the growth of manufacturing employment. The results indicate that agricultural productivity growth is a significant positive factor in the expansion of manufacturing employment. This is important in that productivity growth in agriculture in Sub-Saharan Africa has until recently been very sluggish. Thus, if manufacturing is to play an important role in this region, then significant investment in raising agricultural productivity needs to occur.
Journal: Applied Economics Letters
Pages: 1467-1470
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2061897
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2061897
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# input file: RAEL_A_2071826_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Lea Bernhardt
Author-X-Name-First: Lea
Author-X-Name-Last: Bernhardt
Author-Name: Ralf Dewenter
Author-X-Name-First: Ralf
Author-X-Name-Last: Dewenter
Title: Does the tonality of US newscasts indicate race and gender discrimination?
Abstract: 
 We analyse possible discrimination regarding gender and race in the tonality of media coverage of four US newscasts. In particular, we estimate the tonality of news reports from ABC, CBS, NBC and FOX News and distinguish between four distinct combinations of race and gender of public officials. Our results indicate that media reporting on black men (and possibly on black women) is biased in comparison to coverage on white men. Moreover, the coverage of FOX News tends to be more negative on non-white people in general, whereas, for ABC, NBC and CBS, the average reporting on non-white female individuals is more negative than on white males and also more negative than on female whites.
Journal: Applied Economics Letters
Pages: 1566-1569
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2071826
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2071826
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# input file: RAEL_A_2064418_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Zhihao Wang
Author-X-Name-First: Zhihao
Author-X-Name-Last: Wang
Author-Name: Kezhi Liao
Author-X-Name-First: Kezhi
Author-X-Name-Last: Liao
Author-Name: Weidong An
Author-X-Name-First: Weidong
Author-X-Name-Last: An
Title: Institutional investment horizon, state ownership, and earnings management: evidence from China
Abstract: 
 This article examines the effect of the institutional investment horizon on firms’ earnings management and the moderating effect of state ownership. Using a sample of Chinese listed companies from 2010 to 2018, we find that a shorter institutional horizon leads to significantly more earnings management. Focusing on the interaction between the institutional horizon and state ownership, we find that the negative effect of short-term institutional shareholdings is weaker in state-owned firms. This article contributes to the existing literature by addressing the relationship between institutional investment horizon, state ownership, and earnings management in emerging capital markets.
Journal: Applied Economics Letters
Pages: 1505-1521
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2064418
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2064418
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# input file: RAEL_A_2061895_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Wenbohao Zhu
Author-X-Name-First: Wenbohao
Author-X-Name-Last: Zhu
Author-Name: Xiaofeng Li
Author-X-Name-First: Xiaofeng
Author-X-Name-Last: Li
Author-Name: Hao Wang
Author-X-Name-First: Hao
Author-X-Name-Last: Wang
Author-Name: Bo Sun
Author-X-Name-First: Bo
Author-X-Name-Last: Sun
Title: Digital service trade and income inequality: a panel data analysis for 100 countries
Abstract: 
 This paper investigates the impact of digital service trade on within-country income inequality based on a panel dataset covering 100 countries from 2005 to 2019. We find consistent evidence that digital service trade has a negative effect on income inequality in general. This effect is shown to be statistically significant in high-income and middle-income countries while it is insignificant in low-income countries.
Journal: Applied Economics Letters
Pages: 1457-1461
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2061895
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2061895
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# input file: RAEL_A_2061898_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Justin Ehrlich
Author-X-Name-First: Justin
Author-X-Name-Last: Ehrlich
Author-Name: Joel Potter
Author-X-Name-First: Joel
Author-X-Name-Last: Potter
Title: Estimating the effect of attendance on home advantage in the National Basketball Association
Abstract: 
 Using COVID-19 safety protocols as a natural experiment, we are able to delineate three distinct attendance categories in the NBA: 1) unrestricted games played prior to the pandemic, 2) attendance-restricted games played with socially distanced fans, and 3) ‘ghost games’ played without fans. Further, since attendance at restricted games was exogenously determined by local COVID-19 protocols that were in turn driven by changes in COVID-19 case counts, we are able to estimate whether the ‘marginal fan’ contributes to home advantage. Taken together, our results indicate that the presence of fans matters to home team performance; in fact, ‘ghost games’ eliminated home advantage in totality. With a relatively small number of socially distanced fans, however, the entirety of home advantage was retained. Interestingly, since the size of socially distanced crowds had a statistically insignificant impact on home advantage, we find no evidence of a ‘marginal fan’ effect. Finally, since researchers have found that officiating is influenced by fans in international soccer (e.g. Anders and Rotthoff, 2014), we explore whether NBA officiating behaviour was altered due to changes in attendance conditions. Our results indicate that NBA officials were not measurably influenced by the presence or quantity of fans.
Journal: Applied Economics Letters
Pages: 1471-1482
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2061898
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2061898
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# input file: RAEL_A_2058695_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Sheena Murray
Author-X-Name-First: Sheena
Author-X-Name-Last: Murray
Title: Threats to ACA associated with temporary increase in Long-Acting Reversible Contraception
Abstract: 
 Long-Acting Reversible Contraception methods (LARCs) have a lower uptake rate than oral contraception, despite being more reliable and potentially cheaper in the long run. Historically, high insertion costs have stunted their uptake. The Affordable Care Act eradicated these costs by classifying contraception as preventative care that insurers must offer at no charge as of late 2012. Additionally, the ACA required that all employer-provided insurance plans have contraceptive coverage. After four years of coverage, the 2016 national election represented a credible threat to the ACA and contraceptive coverage and access. Utilizing the National Survey of Family Growth, I estimate how LARC uptake changed during and after 2016 using data from 2011 to 2019. I find that use of LARCs spiked in 2016 and 2017 for Medicaid users and 2017 and 2019 for women with private insurance.
Journal: Applied Economics Letters
Pages: 1428-1436
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2058695
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2058695
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# input file: RAEL_A_2056567_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Elissaios Papyrakis
Author-X-Name-First: Elissaios
Author-X-Name-Last: Papyrakis
Author-Name: Lorenzo Pellegrini
Author-X-Name-First: Lorenzo
Author-X-Name-Last: Pellegrini
Author-Name: Luca Tasciotti
Author-X-Name-First: Luca
Author-X-Name-Last: Tasciotti
Title: Impacts of the Brexit referendum on UK employment: a synthetic control method approach
Abstract: 
 We estimate the impact of the 2016 Brexit referendum on the UK (un-)employment rate up to January 2020 by comparing the observed performance of the indicators in the UK with those of a synthetic control. The decline in the UK unemployment rate recorded after the referendum mimics the trend of the synthetic indicator and, similarly, the increase in UK employment follows the trend of the synthetic control. Overall, we find that the Brexit referendum has had little effect on the UK (un-)employment rate.
Journal: Applied Economics Letters
Pages: 1407-1410
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2056567
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2056567
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# input file: RAEL_A_2066618_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Monique Löwe
Author-X-Name-First: Monique
Author-X-Name-Last: Löwe
Author-Name: Ulf Rinne
Author-X-Name-First: Ulf
Author-X-Name-Last: Rinne
Author-Name: Hendrik Sonnabend
Author-X-Name-First: Hendrik
Author-X-Name-Last: Sonnabend
Title: Gender role models and early-career decisions
Abstract: 
 This paper analyzes the link between the subject choices of German students in upper secondary school and teacher gender when these choices are taken. Our results corroborate the hypothesis that teacher gender matters in this regard, and they indicate that girls respond more strongly than boys to same-sex role models. This is in particular the case in maths: Girls who have a female maths teacher in grade 10 are significantly more likely to choose maths as an advanced course in upper secondary school than girls who are taught by a male teacher. We do not find a corresponding same-sex teacher effect in maths for boys. In contrast, both girls’ and boys’ choices of German as an advanced course in upper secondary school are, at least to some extent, influenced by teacher gender in grade 10. However, also this same-sex teacher effect tends to be smaller for boys than for girls.
Journal: Applied Economics Letters
Pages: 1526-1530
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2066618
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# input file: RAEL_A_2070593_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Young Bin Ahn
Author-X-Name-First: Young Bin
Author-X-Name-Last: Ahn
Author-Name: Yoichi Tsuchiya
Author-X-Name-First: Yoichi
Author-X-Name-Last: Tsuchiya
Title: Consumers’ perceived and expected inflation in South Korea
Abstract: 
 Household inflation expectations act as an important input in a central bank’s inflation-targeting monetary policy formulation. This study investigates the formation of households’ inflation expectations in South Korea based on a consumer survey conducted by the Bank of Korea. We use epidemiological models and find that households’ inflation expectations display strong and persistent overestimation bias. Furthermore, Bank of Korea’s inflation forecasts influence households’ inflation expectations. The findings suggest that the strong upward bias in households’ inflation expectations is consistent with the perceived inflation. The Bank of Korea needs to enhance its communication strategy to guide households’ inflation expectations based on its inflation targeting.
Journal: Applied Economics Letters
Pages: 1561-1565
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2070593
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2070593
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# input file: RAEL_A_2060494_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Min-Yuh Day
Author-X-Name-First: Min-Yuh
Author-X-Name-Last: Day
Author-Name: Yirung Cheng
Author-X-Name-First: Yirung
Author-X-Name-Last: Cheng
Author-Name: Paoyu Huang
Author-X-Name-First: Paoyu
Author-X-Name-Last: Huang
Author-Name: Yensen Ni
Author-X-Name-First: Yensen
Author-X-Name-Last: Ni
Title: The profitability of Bollinger Bands trading bitcoin futures
Abstract: 
 We explore whether investors would receive excess profits by round-turn trading (hereafter referred to as trading) Bitcoin futures based on Bollinger Bands trading strategy (BBTS). Since investors are suggested to first buy (then sell) Bitcoin futures as oversold (overbought) signals emitted by the BBTS (i.e. penetrating lower (upper) Bollinger Bands regarded as a buying (selling) signal), we aim to explore whether investors would have better returns by trading such futures according to the BBTS. Results show that the average holding period return (AHPR) is over 20% for trading Bitcoin futures following the BBTS. Furthermore, after we adjust the 60-day moving average (MA) instead of the 20-day MA for the BBTS, the AHPR is above 50%. It is noted that if the margin could be deemed as an investment amount, its rate of return would be much higher than the 50% for trading Bitcoin futures.
Journal: Applied Economics Letters
Pages: 1437-1443
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2060494
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2060494
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# input file: RAEL_A_2064416_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Aqib Mujtaba
Author-X-Name-First: Aqib
Author-X-Name-Last: Mujtaba
Author-Name: Shyamli Pawar
Author-X-Name-First: Shyamli
Author-X-Name-Last: Pawar
Author-Name: D P Priyadarshi Joshi
Author-X-Name-First: D P Priyadarshi
Author-X-Name-Last: Joshi
Author-Name: R. Gopinathan
Author-X-Name-First: R.
Author-X-Name-Last: Gopinathan
Title: Examining asymmetric impact of climatic factors on crop yields in India
Abstract: 
 The study examined the dynamic impact of climate such as Carbon dioxide (CO2) emissions, temperature, and rainfall on agricultural yield in India from 1980 to 2017 by applying the nonlinear autoregressive distributed lag (NARDL) model. The empirical evidence supports a long- and short-run asymmetry effect, implying that the positive impact of the climatic variables on agricultural yield is distinct from the adverse effects on both the long- and short-run equilibrium. In addition, CO2 emissions and average atmospheric temperature have diverse impacts on agriculture yield.
Journal: Applied Economics Letters
Pages: 1488-1495
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2064416
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2064416
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# input file: RAEL_A_2069669_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Junlin Mu
Author-X-Name-First: Junlin
Author-X-Name-Last: Mu
Author-Name: Lipeng Yan
Author-X-Name-First: Lipeng
Author-X-Name-Last: Yan
Title: How to Predict the Economic Growth Rates of a Country？ A DSGE Model with the Accumulation of Human Capital
Abstract: 
 We propose an endogenous economic growth DSGE model based on human capital accumulation theory. Then we estimate the DSGE model by the Bayesian method, using the economic data of China, the USA, and Japan from 1996: Q1 to 2018: Q4. It is shown that the estimated models can accurately predict the economic growth rates of the three countries and can tightly fit the economic data of the three countries. Therefore, the model proposed can be employed to predict the economic growth of a typical country and to analyse the determinants of its economic growth in the short and long term. We find that levelling up technology in all fields is helpful for economic growth in the short term, and stimulating labour supply, mitigating monopoly in the goods market and labour market, and increasing the contribution of physical capital in goods production are helpful for economic growth in the long term.
Journal: Applied Economics Letters
Pages: 1540-1560
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2069669
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2069669
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# input file: RAEL_A_2061896_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Brigham Walker
Author-X-Name-First: Brigham
Author-X-Name-Last: Walker
Author-Name: Kevin Callison
Author-X-Name-First: Kevin
Author-X-Name-Last: Callison
Title: Employee income, premium pricing, and high deductible health plan enrollment
Abstract: 
 Employer health plan premiums are often subsidized at different levels according to enrollee income. When enrollees cross an income threshold, they lose some of the income-based subsidy resulting in higher premium prices for their plan choices. We use these discontinuous subsidy reductions, which induce relative price changes across plans, to assess the relationship between premium price and plan choice for workers in a large, national firm. We segmented individuals by income into $100 bins surrounding a $40,000 subsidy threshold and $200 bins surrounding a $110,000 subsidy threshold. We plotted these bins to visualize potential discontinuities and then estimated regression models that fit linear trends to the binned data at each subsidy threshold. Higher income workers were more likely to enrol in high deductible health plans (HDHPs) when those plans became relatively cheaper compared to traditional plans (estimate = −0.057, standard error = 0.027; p-value = 0.02). In contrast, lower income workers were less likely to enrol in a HDHP when the relative price fell (estimate = 0.065, standard error = 0.029, p-value = 0.03). Our findings indicate that responses to relative price distortions between insurance plan options differ by income and that benefit design should account for such heterogeneity.
Journal: Applied Economics Letters
Pages: 1462-1466
Issue: 11
Volume: 30
Year: 2023
Month: 06
X-DOI: 10.1080/13504851.2022.2061896
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2061896
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# input file: RAEL_A_2044010_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Ruolan Ouyang
Author-X-Name-First: Ruolan
Author-X-Name-Last: Ouyang
Author-Name: Jinming Ma
Author-X-Name-First: Jinming
Author-X-Name-Last: Ma
Author-Name: Xiaoxia Xiao
Author-X-Name-First: Xiaoxia
Author-X-Name-Last: Xiao
Title: Dependence structure and risk spillover among nonferrous metal futures: a vine copula approach
Abstract: 
 Nonferrous metals play an indispensable role in industrial production and are of great significance for economic development, which makes it essential to understand the dependence structure and risk transmission among them. Given the fact that London Metal Exchange (LME) and Shanghai Futures Exchange (SHFE) are the most important metal futures markets in the world, this paper aims to analyse the feature and relationships between these two markets. We first identify the core assets of each market via the C-Vine copula approach and then examine the spillover effects among the dominant assets. Overall, three key findings emerged. Firstly, the core assets detected in both LME and SHFE are copper and zinc, and the central node in the C-Vine structure of each market rotates among these two. Second, the rotation of core assets traded on SHFE lags behind that of LME. Third, LME acts as the risk transmitter most of the time, and copper is recognized as the major risk source of the market. Our results have important implications for improving the efficiency of risk management, hedging strategy and asset allocation.
Journal: Applied Economics Letters
Pages: 1253-1260
Issue: 9
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2044010
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2044010
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# input file: RAEL_A_2042464_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Vegard Sjurseike Wiborg
Author-X-Name-First: Vegard Sjurseike
Author-X-Name-Last: Wiborg
Title: Risk preferences and sibling sex composition
Abstract: 
 This article presents evidence on the malleability of preferences over monetary risk of men and women in the context of the family. I focus on sibling sex composition by estimating the causal effect of having a younger brother compared to a sister on the risk attitudes of the first-born child. Results show that women with a younger brother are significantly less risk averse than women with younger sisters. The effect wears off as the age difference increases. The sex of the second-born has a similar but smaller effect on men’s preferences, however, the effect is not statistically significant. The findings provide new causal evidence on how risk preferences are shaped by social environmental factors.
Journal: Applied Economics Letters
Pages: 1228-1234
Issue: 9
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2042464
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# input file: RAEL_A_2044007_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Toshiki Matsuoka
Author-X-Name-First: Toshiki
Author-X-Name-Last: Matsuoka
Title: Quantity versus price competition in a vertically related market with sequential contracts
Abstract: 
 The study aims to re-examine the results of quantity and price competition. I consider a vertically related market where one upstream firm sequentially contracts with two downstream firms. I find that consumer surplus and social welfare under quantity competition can be higher than those under price competition. Under price competition with sequential contracting, an upstream firm offers a high wholesale price to a downstream firm contracted later, to help a downstream firm contracted earlier. The downstream firm contracted earlier anticipates this and sets a high retail price. Because prices are strategic complements, the downstream firm contracted later also sets a high retail price. Hence, competition in the downstream sector is softer under price competition, and the rankings of consumer surplus and social welfare can be reversed.
Journal: Applied Economics Letters
Pages: 1239-1243
Issue: 9
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2044007
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2044007
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# input file: RAEL_A_2044009_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Ryoma Kitamura
Author-X-Name-First: Ryoma
Author-X-Name-Last: Kitamura
Title: The choice of network compatibility in two-sided markets
Abstract: 
 I consider a duopolistic platform competition in which (i) platforms are viewed as heterogeneous by both groups of agents, and sellers can choose multiple platforms; (ii) buyers have a network benefit from their own platform, and a partial network benefit from platform compatibility; and (iii) platforms determine the degree of network compatibility by Nash bargaining. In symmetric equilibrium, the degree of network compatibility increases when the degree of network effect increases or the degree of differentiation of the platform for sellers decreases. Moreover, it is excessive from a social planner’s viewpoint, and incompatibility is desirable for consumers.
Journal: Applied Economics Letters
Pages: 1248-1252
Issue: 9
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2044009
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2044009
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# input file: RAEL_A_2041173_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Christopher J. Elias
Author-X-Name-First: Christopher J.
Author-X-Name-Last: Elias
Title: Bayesian forecasting of U.S. recessions using new Keynesian models with heterogeneous expectations
Abstract: 
 In this paper, the Bayesian point forecasting performances of small-scale and medium-scale New Keynesian models, each augmented to include heterogeneous expectations via the Euler equation adaptive learning method, are compared to their homogeneous expectations counterparts during the three most recent U.S. recessions. Forecasting performance is assessed based on root mean squared error. Results show that, in general, the models with heterogeneous expectations forecast recessions better than their homogeneous expectations counterparts.
Journal: Applied Economics Letters
Pages: 1218-1221
Issue: 9
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2041173
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2041173
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# input file: RAEL_A_2039364_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Mugabil Isayev
Author-X-Name-First: Mugabil
Author-X-Name-Last: Isayev
Author-Name: Eralp Bektas
Author-X-Name-First: Eralp
Author-X-Name-Last: Bektas
Title: The nexus between commercial bank lending and shadow banking assets: do bank risks and profitability moderate? Evidence from emerging markets
Abstract: 
 This study constitutes an initial attempt to examine bank risks and profitability effects on commercial bank lending-shadow banking nexus in emerging economies (EMEs). One-step and two-step system GMM results suggest that commercial banks’ credit risk, capital risk and profitability have a key role in the bank lending-shadow banking nexus. Findings also reveal that shadow banking can act as both substitutes and complements to traditional banking. Moreover, high institutional demand and lower restrictions on bank activities are found to be among the main drivers of shadow banking expansion.
Journal: Applied Economics Letters
Pages: 1162-1167
Issue: 9
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2039364
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2039364
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# input file: RAEL_A_2039362_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Omid Zamani
Author-X-Name-First: Omid
Author-X-Name-Last: Zamani
Author-Name: Thomas Bittmann
Author-X-Name-First: Thomas
Author-X-Name-Last: Bittmann
Author-Name: Jens-Peter Loy
Author-X-Name-First: Jens-Peter
Author-X-Name-Last: Loy
Title: Food markets performance under the COVID-19 pandemic: a case study of meat industry in Iran
Abstract: 
 This paper presents empirical evidence of the potential impact of the COVID-19 pandemic on the price structure and dynamics within two food value chains. Different proxies are applied to high-frequency panel data of beef and poultry prices in Iran. Results show that during the COVID-19 pandemic increased markups are associated with reduced cost pass-through along the value chains of beef and poultry in Iran. The results indicate that the COVID-19 pandemic induces market frictions on the supply and demand side, which decreases market performance.
Journal: Applied Economics Letters
Pages: 1151-1156
Issue: 9
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2039362
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# input file: RAEL_A_2041166_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Pontus Braunerhjelm
Author-X-Name-First: Pontus
Author-X-Name-Last: Braunerhjelm
Author-Name: Per Thulin
Author-X-Name-First: Per
Author-X-Name-Last: Thulin
Title: Does Innovation Lead to Firm Growth? Explorative versus Exploitative Innovations
Abstract: 
 In this article, we examine the relationship between innovation and firm growth. Drawing on previous research, we implement a classification of innovations based on whether they are explorative or exploitative. Access to Swedish register data comprising the entire private sector from 1997 to 2012 allows us to construct innovation patterns for more than 480,000 firms. GMM-estimations confirm a significant and positive effect of both exploitative and explorative innovation on firms’ employment growth. More radical explorative innovations are shown to have a more persistent growth effect, while exploitative innovation increases labour demand in the short run.
Journal: Applied Economics Letters
Pages: 1179-1182
Issue: 9
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2041166
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2041166
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# input file: RAEL_A_2044006_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Abel Ghekiere
Author-X-Name-First: Abel
Author-X-Name-Last: Ghekiere
Author-Name: Louis Lippens
Author-X-Name-First: Louis
Author-X-Name-Last: Lippens
Author-Name: Stijn Baert
Author-X-Name-First: Stijn
Author-X-Name-Last: Baert
Author-Name: Pieter-Paul Verhaeghe
Author-X-Name-First: Pieter-Paul
Author-X-Name-Last: Verhaeghe
Title: Ethnic discrimination on paper: uncovering realtors’ willingness to discriminate with mystery mails
Abstract: 
 Introducing a new method, we measure real estate agents’ intentions to act upon a discriminatory request on the housing market. Our results show that realtors are willing to discriminate on request and that the method of mystery mails allows scholars to measure and contextualize these discriminatory intentions in a detailed and elaborate way.
Journal: Applied Economics Letters
Pages: 1235-1238
Issue: 9
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2044006
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2044006
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# input file: RAEL_A_2041171_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Xinru Pang
Author-X-Name-First: Xinru
Author-X-Name-Last: Pang
Author-Name: Song Kang
Author-X-Name-First: Song
Author-X-Name-Last: Kang
Author-Name: Fei Chen
Author-X-Name-First: Fei
Author-X-Name-Last: Chen
Title: The extent of the shock to economic growth by the epidemic and the recovery effect: evidence from China since 2020
Abstract: 
 The Covid-19 pandemic has exerted significant downward pressure on economic activity. In this paper, we examine the extent of the epidemic shock and recovery effects on economic growth by province in China since 2020. We find that the extent of the epidemic shock on economic growth in China has been gradually weakening. Still, the economy has not yet fully recovered from the shock. Also, there is some heterogeneity across provinces in the extent to the economic growth shocked by epidemic and the recovery effects.
Journal: Applied Economics Letters
Pages: 1205-1212
Issue: 9
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2041171
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2041171
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# input file: RAEL_A_2044992_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Liping Fu
Author-X-Name-First: Liping
Author-X-Name-Last: Fu
Author-Name: Shan Zhang
Author-X-Name-First: Shan
Author-X-Name-Last: Zhang
Author-Name: Fan Wu
Author-X-Name-First: Fan
Author-X-Name-Last: Wu
Title: Executives’ overseas experience and corporate pay gap
Abstract: 
 The increasing number of migrants returning from developed countries has become a global trend. This study examined the impact of executives’ overseas experience on the corporate pay gap from the perspective of cultural differences. Using publicly available data collected manually from listed Chinese firms concerning executives’ overseas experience from 2011 to 2018, we found that executives’ overseas experience was positively associated with both internal and external pay gaps. Additionally, the higher the number of executives with overseas experience, the higher the pay gap. These findings highlight the effects of cultural differences on corporate governance.
Journal: Applied Economics Letters
Pages: 1267-1273
Issue: 9
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2044992
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2044992
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# input file: RAEL_A_2041174_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Tanweer Akram
Author-X-Name-First: Tanweer
Author-X-Name-Last: Akram
Title: Multifactor Keynesian models of the long-term interest rate
Abstract: 
 This paper presents multifactor Keynesian models of the long-term interest rate. In recent years, there have been a proliferation of empirical studies based on the Keynesian approach to interest rate modelling. These studies evince the connection between the long-term interest rate and the short-term interest rate. However, standard multifactor models of the long-term interest rate in quantitative finance have not been yet incorporated Keynes’s insights about interest rate dynamics. Keynes’s insights are introduced in two different multifactor models of the long-term interest rate to illustrate how the long-term interest rate relates to the short-term interest rate, after controlling for the central bank’s policy rate, expected inflation, the central bank’s inflation target, volatility in financial markets, and Wiener processes.
Journal: Applied Economics Letters
Pages: 1222-1227
Issue: 9
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2041174
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2041174
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# input file: RAEL_A_2044008_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Desu Liu
Author-X-Name-First: Desu
Author-X-Name-Last: Liu
Author-Name: Ziqiao Fang
Author-X-Name-First: Ziqiao
Author-X-Name-Last: Fang
Title: Share pledging for seasoned equity offerings? Evidence from China
Abstract: 
 We investigate an unexplored channel through which pledged loans are exploited by the most influential firm insiders in China. Specifically, we document a significant and positive relationship between net pledging by the largest shareholder before a seasoned equity offering and her cash subscription to that very offering.
Journal: Applied Economics Letters
Pages: 1244-1247
Issue: 9
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2044008
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2044008
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# input file: RAEL_A_2039363_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Zhaoxue Ci
Author-X-Name-First: Zhaoxue
Author-X-Name-Last: Ci
Title: The externality of her retirement – evidence from China
Abstract: 
 While women are more active in the labour force than ever, they are still doing most of the housework. Despite the important roles that women play in both the workplace and family life, limited literature has examined the health impact of women’s labour force status on their spouses. Using data from the China Household Finance Survey (CHFS), this paper estimates how women’s retirement affects their spouses’ subjective health. To this end, we implement a regression discontinuity design. The results indicate that the retirement of women imposes a negative externality on their husbands’ health.
Journal: Applied Economics Letters
Pages: 1157-1161
Issue: 9
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2039363
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# input file: RAEL_A_2041168_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Katrin Heinrichs
Author-X-Name-First: Katrin
Author-X-Name-Last: Heinrichs
Author-Name: Hendrik Sonnabend
Author-X-Name-First: Hendrik
Author-X-Name-Last: Sonnabend
Title: Leaky pipeline or glass ceiling? Empirical evidence from the German academic career ladder
Abstract: 
 Women are underrepresented in leadership positions – academia is no exception. Using data on careers of doctoral graduates in Germany, we study gender differences in the decision to stay at university as a postdoctoral researcher and in the intention to become a professor. We find that gender gaps related to aiming for a professorship can be fully explained by observable characteristics other than gender. On the contrary, even after adding controls for an array of characteristics relevant to academic careers, we find female graduates to be 5.9 percentage points less likely to hold a postdoctoral position which allows them to qualify for professorship.
Journal: Applied Economics Letters
Pages: 1189-1193
Issue: 9
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2041168
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# input file: RAEL_A_2041172_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: David Burden
Author-X-Name-First: David
Author-X-Name-Last: Burden
Author-Name: Ralf Fendel
Author-X-Name-First: Ralf
Author-X-Name-Last: Fendel
Author-Name: Lilli Zimmermann
Author-X-Name-First: Lilli
Author-X-Name-Last: Zimmermann
Title: Does forward guidance of the ECB matter for the accuracy of private sector inflation forecasts?
Abstract: 
 Data from the Consensus Economics Forecast Poll is used to analyse whether Forward Guidance of the ECB affected the accuracy of private sector inflation forecasts. Using more than 4,000 data points our results indicate an improvement of private sector inflation forecasts in terms of accuracy after the change in ECB communication towards Forward Guidance.
Journal: Applied Economics Letters
Pages: 1213-1217
Issue: 9
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2041172
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# input file: RAEL_A_2041165_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Min-Yuh Day
Author-X-Name-First: Min-Yuh
Author-X-Name-Last: Day
Author-Name: Yirung Cheng
Author-X-Name-First: Yirung
Author-X-Name-Last: Cheng
Author-Name: Paoyu Huang
Author-X-Name-First: Paoyu
Author-X-Name-Last: Huang
Author-Name: Yensen Ni
Author-X-Name-First: Yensen
Author-X-Name-Last: Ni
Title: The profitability of trading US stocks in Quarter 4 - evidence from trading signals emitted by SOI and RSI
Abstract: 
 Since the yields of trading stocks are affected by numerous elements, this study aims to explore whether the profitability of trading stock with the use of technical trading rules, such as Stochastic Oscillator Indicators (SOI) and Relative Strength Index (RSI), would matter in the fourth quarter of the year. By employing the data of Dow Jones 30 (DJI 30) and NASDAQ 100 (NDX100) from 2011 to 2020 and from 1991 to 2020, this study reports that investors applying SOI and RSI would have higher cumulative abnormal returns (CARs) in Quarter 4 as compared with those in Quarters 1–3, respectively. The revealed findings indicate that the quarterly effect should be taken into account by investors when trading DJI 30 and NDX100, the representative indices for US stock markets. More importantly, this study may contribute to the existing literature due to the rare discussion of this interesting issue in the past research.
Journal: Applied Economics Letters
Pages: 1173-1178
Issue: 9
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2041165
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# input file: RAEL_A_2041167_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Antonio Rodriguez Andrés
Author-X-Name-First: Antonio Rodriguez
Author-X-Name-Last: Andrés
Author-Name: Voxi Heinrich S. Amavilah
Author-X-Name-First: Voxi Heinrich S.
Author-X-Name-Last: Amavilah
Title: Convergence in suicide rates in FSU countries: a clustering approach
Abstract: 
 This paper aims at identifying convergence clubs in suicide rates for a sample of 20 of FSU countries during the 1994–2016 period. A novel machine learning approach revels that while the null hypothesis of overall convergence has been rejected at the 5% significance level, there are four convergence clubs in the region. Within these clubs, different countries are on different transition paths and speeds of convergence, suggesting different policy interventions.
Journal: Applied Economics Letters
Pages: 1183-1188
Issue: 9
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2041167
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# input file: RAEL_A_2041169_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Saibal Ghosh
Author-X-Name-First: Saibal
Author-X-Name-Last: Ghosh
Title: Creditor rights and lending relationships
Abstract: 
 We assess the impact of the Insolvency and Bankruptcy Code (IBC) enacted in India in 2016 on corporate behaviour. Using firm-level data for 2009–2018, we find that IBC lowered debt and borrowing costs. The impact was pronounced for firms with multiple banking relationships, although it was firms with single banking relationships that experienced significant cutbacks in investment.
Journal: Applied Economics Letters
Pages: 1194-1198
Issue: 9
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2041169
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# input file: RAEL_A_2039365_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Akira Fukuda
Author-X-Name-First: Akira
Author-X-Name-Last: Fukuda
Title: The impacts of policy measures on Japanese SMEs during the pandemic
Abstract: 
 Using monthly firm-level survey data, this study examines the effects of the three major government support measures on labour costs of Japanese SMEs during the COVID-19 pandemic. Policy measures were useful for supporting troubled SMEs to mitigate the effects of the economic downturn. However, they may have supported not just otherwise viable corporations, but also unprofitable but still operating corporations – often referred to as ‘zombies’. Our empirical results suggest that policy measures have heterogeneous effects on corporate activities. ‘Employment adjustment subsidies’ and ‘COVID19 subsidies’ had persistently mitigated the decline of labour costs, suggesting that employment and wage adjustments might have been inappropriate for improving labour productivity. On the other hand, ‘funding supports’ by banks, which were accompanied by the obligation to repay the principal in the future, had a negative and persistent impact on labour costs. The results suggest that, unlike the other support measures, funding supports were policies that may have improved labour productivity by reducing labour costs during the pandemic.
Journal: Applied Economics Letters
Pages: 1168-1172
Issue: 9
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2039365
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# input file: RAEL_A_2044991_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Tyler C. Schipper
Author-X-Name-First: Tyler C.
Author-X-Name-Last: Schipper
Author-Name: Anthony Vecchia
Author-X-Name-First: Anthony
Author-X-Name-Last: Vecchia
Title: Bus ridership and the minimum wage: Evidence from bus stops near fast-food restaurants
Abstract: 
 This paper examines the impact of Minneapolis’ local minimum wage ordinance on bus ridership. We use a difference-in-differences (DD) strategy to compare changes in ridership at bus stops in Minneapolis near fast-food restaurants to similarly situated stops around the metro area where the minimum wage was unchanged. We find that the minimum wage increase caused bus ridership to increase by 1,828 rides per day or 3.5% of post-treatment daily boardings in Minneapolis. We show that the treatment effect is highly concentrated at bus stops near fast-food restaurants. An increase in the intensive margin of labour, or weekly hours, is consistent with our results and available labour market indicators.
Journal: Applied Economics Letters
Pages: 1261-1266
Issue: 9
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2044991
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# input file: RAEL_A_2041170_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Dilan Teber
Author-X-Name-First: Dilan
Author-X-Name-Last: Teber
Author-Name: Saygın Çevik
Author-X-Name-First: Saygın
Author-X-Name-Last: Çevik
Title: Convenient prices and cash usage
Abstract: 
 In the decision to use cash instead of an alternative payment method, quite a few factors influence consumers’ choice and the driving forces behind the cash payment preference are associated with two main topics: the socio-demographical factors of consumers and the characteristics of the payment method. However, beyond these factors pricing behaviour is also a crucial factor that affects the consumers’ cash payment preference. This study aims to examine the impact of convenient prices on cash usage behaviour in Turkey by using the micro-level data of the Methods of Payment Survey carried out in 2020 by the Central Bank of the Republic of Turkey (CBRT). Results show that the likelihood of cash usage increases in convenient prices, and it decreases for the amounts for which the individual receives a coin change. The results also show that the consumers’ cash usage decreases with the transaction amount, which shows that cash is preferred mostly in low-value transactions. Alongside the low-value payments primarily paid in cash, an important finding of the study shows that the likelihood of consumers’ cash usage increases with the amounts that match the currency denomination.
Journal: Applied Economics Letters
Pages: 1199-1204
Issue: 9
Volume: 30
Year: 2023
Month: 05
X-DOI: 10.1080/13504851.2022.2041170
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# input file: RAEL_A_2073329_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: El Mostafa Bentour
Author-X-Name-First: El Mostafa
Author-X-Name-Last: Bentour
Title: On the government consumption multipliers evolvement over time: an SVAR analysis
Abstract: 
 We display and discuss general government consumption multipliers from a bivariate SVAR for a sample of 18 OECD countries. Our results support relatively the tendency of weak government consumption multipliers – particularly for the short-term multipliers – for the recent periods compared to previous ones, as suggested by some authors.
Journal: Applied Economics Letters
Pages: 1612-1617
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2073329
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# input file: RAEL_A_2071828_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Hiroshi Gunji
Author-X-Name-First: Hiroshi
Author-X-Name-Last: Gunji
Title: Does inflation targeting really matter? Doubly robust estimation
Abstract: 
 This study examines the performance stability of firms in inflation-targeting countries before and after the 2008 global financial crisis. We use the propensity score method to analyse and compare firms in inflation-targeting and non-inflation-targeting countries. The estimation results show that firms in inflation-targeting countries underperform in response to shocks. Our results suggest that inflation targeting does not necessarily mitigate an economy’s response to business cycle fluctuations.
Journal: Applied Economics Letters
Pages: 1578-1581
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2071828
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# input file: RAEL_A_2081657_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Lixiong Yang
Author-X-Name-First: Lixiong
Author-X-Name-Last: Yang
Author-Name: Chunli Zhang
Author-X-Name-First: Chunli
Author-X-Name-Last: Zhang
Title: Threshold mixed data sampling models with a covariate-dependent threshold
Abstract: 
 This paper introduces a threshold mixed data sampling model with a covariate-dependent threshold (TMIDAS-CDT), which allows for a threshold effect in the relationship between dependent and independent variables sampled at different frequencies, and allows for threshold regimes depending on a time-varying threshold being modelled as a linear function of informative covariates. We develop the estimation procedure for the model, and suggest test statistics for threshold effect, threshold constancy and the equal weighting scheme in aggregating high-frequency data. We conduct Monte Carlo simulations to investigate the performance of the estimation and testing procedures. The simulation results support that the estimation procedure works well in finite samples, and the test statistics have good size and power properties.
Journal: Applied Economics Letters
Pages: 1708-1716
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2081657
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# input file: RAEL_A_2081656_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Marigee Bacolod
Author-X-Name-First: Marigee
Author-X-Name-Last: Bacolod
Author-Name: Jennifer Heissel
Author-X-Name-First: Jennifer
Author-X-Name-Last: Heissel
Author-Name: Ansley White
Author-X-Name-First: Ansley
Author-X-Name-Last: White
Title: Job performance when workers work in locations they prefer
Abstract: 
 We estimate the relationship between working in a preferred job location and worker productivity. Using a difference-in-differences approach and data from the U.S. Marine Corps, we find that subsequent job performance improves among top performers assigned to their preferred job locations relative to average and bottom performers. In addition, the job performance of those whose preferred locations enhance firm-specific human capital also increases. Our findings have implications that extend beyond the military case and provide useful insights into post-pandemic workplaces offering more flexibility for location-based preferences.
Journal: Applied Economics Letters
Pages: 1700-1707
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2081656
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2081656
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# input file: RAEL_A_2078776_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Matteo Balliauw
Author-X-Name-First: Matteo
Author-X-Name-Last: Balliauw
Author-Name: Marco Verheuge
Author-X-Name-First: Marco
Author-X-Name-Last: Verheuge
Author-Name: Stijn Baert
Author-X-Name-First: Stijn
Author-X-Name-Last: Baert
Title: Which former professional football players become successful professional head coaches?
Abstract: 
 One of the potential avenues for former professional football players to pursue their career is to become a head coach of a club’s first team. An important question is how to best prepare for such a reconversion. This letter is the first in the academic literature quantifying the association between success as a professional head coach and prior experience of former professional players as a youth coach, player-coach, head coach at a lower division, assistant coach, in other staff positions and in club management positions. Our regression analyses, based on unique coach career data, show a significant positive association for the jobs of assistant or youth coach.
Journal: Applied Economics Letters
Pages: 1692-1695
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2078776
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# input file: RAEL_A_2078777_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Mai-Shou Li
Author-X-Name-First: Mai-Shou
Author-X-Name-Last: Li
Author-Name: Xiao-Fei Si
Author-X-Name-First: Xiao-Fei
Author-X-Name-Last: Si
Title: A case study on data from the China family panel studies: the impact of Internet use on informal employment
Abstract: 
 This paper explores the impact of Internet use on informal employment, and the study found that Internet use can reduce the probability of labourers choosing informal employment. Such an impact is heterogeneous for different groups of labourers, especially significant for the group of labourers from rural regions aged between 21 to 30 years old with a bachelor’s degree or above.
Journal: Applied Economics Letters
Pages: 1696-1699
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2078777
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2078777
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# input file: RAEL_A_2074354_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: José Ignacio Giménez-Nadal
Author-X-Name-First: José Ignacio
Author-X-Name-Last: Giménez-Nadal
Author-Name: José Alberto Molina
Author-X-Name-First: José Alberto
Author-X-Name-Last: Molina
Author-Name: Jorge Velilla
Author-X-Name-First: Jorge
Author-X-Name-Last: Velilla
Title: Occupational sorting and the transmission of self-employment between generations
Abstract: 
 Existing research has focused on factors explaining self-employment decisions, and the intergenerational transmission of self-employment has been posited as one explanatory factor. However, findings differ across countries, and the channels for such transmission remain unclear. Using data from the European Union Statistics on Income and Living Conditions, we analyse whether working in the same occupation as parents, conditional on parents’ self-employment, is related to being self-employed. Results show that working in the same occupation as parents is statistically and significantly related to being self-employed, which may indicate the existence of intergenerational transmission of self-employment. Furthermore, this relationship is especially significant between fathers and sons.
Journal: Applied Economics Letters
Pages: 1631-1634
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2074354
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# input file: RAEL_A_2074352_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Ivilina Popova
Author-X-Name-First: Ivilina
Author-X-Name-Last: Popova
Author-Name: Jot K Yau
Author-X-Name-First: Jot K
Author-X-Name-Last: Yau
Title: Computing optimal portfolios of multi-assets with tail risk: the case of bitcoin
Abstract: 
 Assets with tail risk may produce a suboptimal portfolio under mean-variance optimization when asset returns are not normally distributed. We provide a new Monte Carlo simulation method for computing and attaching tails to observed empirical return distributions. We find that a combination of stochastic optimization and the new method for simulating tails in returns with expected shortfall utility function produces optimal portfolios that have better return and risk characteristics than those of mean-variance optimal portfolios. Results from this study suggest that bitcoin can be a diversifier in a multi-asset portfolio when optimization takes all moments of return into consideration.
Journal: Applied Economics Letters
Pages: 1618-1626
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2074352
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# input file: RAEL_A_2074356_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Zuzana Janko
Author-X-Name-First: Zuzana
Author-X-Name-Last: Janko
Title: Unemployment and labor force participation in Canada
Abstract: 
 We examine the long run relationship between labour force participation and unemployment rate in Canada using data from 1975M01 to 2019M12. A cointegration analysis is conducted at the aggregate, across gender, and by age. Support is found for an added worker affect for males and a discouraged worker effect for females. Findings by age reveal that the working age females exhibits the discouraged effect. However, we cannot confirm the added worker effect for any male age groups.
Journal: Applied Economics Letters
Pages: 1647-1651
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2074356
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# input file: RAEL_A_2074353_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Birsen Nacar
Author-X-Name-First: Birsen
Author-X-Name-Last: Nacar
Author-Name: Yakup Karabacak
Author-X-Name-First: Yakup
Author-X-Name-Last: Karabacak
Title: Does globalization affect taxation policies? Evidence from Turkey
Abstract: 
 This study examines the possible effects of globalization on taxation policies in Turkey from 1998 to 2020. The results reveal that globalization has asymmetrical effects on taxation policies. Globalization positively affects taxation on capital income, whereas it negatively affects taxation on labour income. In addition, in the analysis conducted, no statistically significant relationship is found between globalization and taxation on consumption.
Journal: Applied Economics Letters
Pages: 1627-1630
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2074353
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# input file: RAEL_A_2078772_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yi Zhao
Author-X-Name-First: Yi
Author-X-Name-Last: Zhao
Author-Name: Fangyi Lin
Author-X-Name-First: Fangyi
Author-X-Name-Last: Lin
Title: Peer effects in management forecast precision decision: evidence from a novel text-based network
Abstract: 
 This paper examines the peer effects in strategic disclosure decisions. We exploit the heterogeneous and intransitive nature of peer networks by mapping out peers using MD&A textual comparability to identify such effects. Using recent developed spatial econometric techniques, we find a strong positive peer effect in the forecast precision decisions, which is consistent with social learning assumption. After mitigating the endogenous problems with two instrumental variables and excluding the geographic factors, our conclusion is still valid. Overall, our result shed light on the role of peer effects in the formation of voluntary disclosure.
Journal: Applied Economics Letters
Pages: 1671-1675
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2078772
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# input file: RAEL_A_2073327_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Maqsood Aslam
Author-X-Name-First: Maqsood
Author-X-Name-Last: Aslam
Author-Name: Etienne Farvaque
Author-X-Name-First: Etienne
Author-X-Name-Last: Farvaque
Author-Name: Franck Adonis Malan
Author-X-Name-First: Franck Adonis
Author-X-Name-Last: Malan
Title: Dragging a heavy load to the central bank:influence of experienced natural and man-made disasters on central bankers’ behaviour
Abstract: 
 How do natural and man-made disasters faced by central bankers in their impressionable years influence their decision-making? Using data on a large panel of central bankers from developing and developed countries, we find that central bankers who have experienced a larger number of natural as well as man-made disasters tend to act in a more conservative way. In particular, the experience of famines is the most traumatizing and influential. The results are robust to the inclusion of control variables and alternative measures of disasters, and reveal strong behavioural differences when comparing before and after the 2008 financial crisis. JEL codes: E02; E58; E71; 01
Journal: Applied Economics Letters
Pages: 1597-1605
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2073327
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2073327
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# input file: RAEL_A_2071827_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jiangjing Que
Author-X-Name-First: Jiangjing
Author-X-Name-Last: Que
Author-Name: Xiuting Qin
Author-X-Name-First: Xiuting
Author-X-Name-Last: Qin
Author-Name: Qiuyue Zhang
Author-X-Name-First: Qiuyue
Author-X-Name-Last: Zhang
Title: Institutional investor attention and venture capital valuation: evidence from China
Abstract: 
 This paper analyzes how institutional investor attention affects firm valuations in the venture capital market. Relying on research reports of financial institutions in China, we propose a direct measure of abnormal institutional attention to industries (AIA) after eliminating industry differences and heteroscedasticity. We find that firm valuation is positively associated with institutional investor attention. Our conclusion continues to hold after controlling for selection bias and validating different measures of AIA. In addition, we find a negative relationship between AIA and the performance of VC investments measured by the likelihood of successful exits. Our findings support the notion that an increase in venture valuations is overpricing caused by institutional attention rather than a fundamental premium.
Journal: Applied Economics Letters
Pages: 1571-1577
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2071827
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# input file: RAEL_A_2073328_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Dong-Hyuk Kim
Author-X-Name-First: Dong-Hyuk
Author-X-Name-Last: Kim
Author-Name: Anusha L. Samarasekara
Author-X-Name-First: Anusha L.
Author-X-Name-Last: Samarasekara
Title: The effect of government expenditure on income inequality in Sri Lanka
Abstract: 
 The government of Sri Lanka has constantly allocated a substantial budget to provide free health care, education, and other community services, intending to reduce income inequality. To see whether government spending has reduced inequality, we analyse data from Sri Lanka. We find that public expenditure is ineffective for the policy objective; instead, it increases inequality.
Journal: Applied Economics Letters
Pages: 1606-1611
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2073328
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2073328
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# input file: RAEL_A_2078773_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Huiran Pan
Author-X-Name-First: Huiran
Author-X-Name-Last: Pan
Author-Name: Chun Wang
Author-X-Name-First: Chun
Author-X-Name-Last: Wang
Title: Determinants of bank lending: is there a threshold effect?
Abstract: 
 This study uses a dynamic panel threshold model to explore how the relationship between bank lending and its main determinants depends on various threshold variables. Using a novel instrument to address endogeneity, we find strong evidence for the threshold effects of bank characteristics on loan growth.
Journal: Applied Economics Letters
Pages: 1676-1679
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2078773
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# input file: RAEL_A_2078774_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Muna Sharma
Author-X-Name-First: Muna
Author-X-Name-Last: Sharma
Author-Name: Patryk Babiarz
Author-X-Name-First: Patryk
Author-X-Name-Last: Babiarz
Title: Spending behavior and stimulus transfer use in response to income shocks among older Americans: evidence from the COVID-19 pandemic
Abstract: 
 This study examines household behavioural responses to the pandemic-induced income shocks regarding their overall spending and spending out of 2020 CARES stimulus payments. Using data from the 2020 Health and Retirement Study COVID-19 project and restricting our sample to older adults (51 years old and above), we show that the negative income shocks experienced during the COVID-19 pandemic put downward pressure on household spending. Results also reveal that, relative to those who did not experience an income shock, stimulus recipients who experienced income losses were more likely to use the stimulus transfer to increase spending, pay off debt, or for other purposes rather than to save.
Journal: Applied Economics Letters
Pages: 1680-1684
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2078774
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2078774
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# input file: RAEL_A_2074355_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Daniela Grieco
Author-X-Name-First: Daniela
Author-X-Name-Last: Grieco
Title: In-group bias and social identification: a lab-in-the-field experiment
Abstract: 
 We recruit naturally-existing groups of people living in a slum and experimentally test whether they contribute more in favour of their group as compared to another group (‘in-group bias’). We find that the in-group bias decreases the higher the heterogeneity among group members, and when a more inclusive identity is activated.
Journal: Applied Economics Letters
Pages: 1635-1646
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2074355
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2074355
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# input file: RAEL_A_2072464_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Mitali Das
Author-X-Name-First: Mitali
Author-X-Name-Last: Das
Title: The term structure of uncovered interest parity in emerging markets
Abstract: 
 This note examines uncovered interest parity (UIP) at both short and longer horizons in emerging markets. In part due to currency market intervention, the duration of risk premium shocks, and more easily verified medium term trends, the UIP term structure in these economies may differ from that in advanced economies. Analysing ten major emerging markets between 2000 and 2020, the evidence indicates that the validity of UIP increases with the investment horizon, corroborating a similar finding for advanced economies.
Journal: Applied Economics Letters
Pages: 1589-1596
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2072464
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2072464
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# input file: RAEL_A_2072463_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Salih Fendoğlu
Author-X-Name-First: Salih
Author-X-Name-Last: Fendoğlu
Author-Name: Can Kadırgan
Author-X-Name-First: Can
Author-X-Name-Last: Kadırgan
Title: Foreign exchange rate shocks and stabilizing role of interbank markets: evidence from Turkey
Abstract: 
 We study the transmission of exchange rate shocks in the Turkish interbank loan market using high-frequency bank-level data. Our results suggest that interbank market plays a stabilizing role: following large domestic currency depreciations, banks with a higher share of foreign currency liabilities borrow more in the interbank market, with a higher but insignificant effect on borrowing costs. The results are stronger the larger the exchange rate shock is and the lower the capital adequacy or liquidity ratios of borrower banks. Interbank markets play a weaker stabilizing role for banks with higher short-term rollover risks.
Journal: Applied Economics Letters
Pages: 1582-1588
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2072463
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2072463
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# input file: RAEL_A_2075822_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Kenichi Suzuki
Author-X-Name-First: Kenichi
Author-X-Name-Last: Suzuki
Author-Name: Tatsuyoshi Miyakoshi
Author-X-Name-First: Tatsuyoshi
Author-X-Name-Last: Miyakoshi
Author-Name: Jun-ichi Itaya
Author-X-Name-First: Jun-ichi
Author-X-Name-Last: Itaya
Author-Name: Akitomo Yamanashi
Author-X-Name-First: Akitomo
Author-X-Name-Last: Yamanashi
Title: Search for a unique Nash equilibrium in two public goods games: mixed integer programming technique
Abstract: 
 We provide the methods for searching for the unique Nash equilibrium using mixed integer programming techniques. We also simulate the model parameters using this technique and derive the numerical solution to show the characteristics of a key player providing both public goods as suggested by Bergstrom et al. (1986). We present two key results. First, when the number of players decreases, the appearance rate of the unique equilibrium accompanying a key player increases. Second, when the variance of the preference or price parameters decreases, the appearance rate of the unique equilibrium accompanying a key player increases.
Journal: Applied Economics Letters
Pages: 1656-1660
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2075822
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2075822
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# input file: RAEL_A_2075538_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Tien Manh Vu
Author-X-Name-First: Tien Manh
Author-X-Name-Last: Vu
Author-Name: Hiroyuki Yamada
Author-X-Name-First: Hiroyuki
Author-X-Name-Last: Yamada
Title: Returns in wage and employment from test scores: evidence from Vietnamese National University entrance exams 2009 and household data 2018–2020
Abstract: 
 We examine the returns to test scores from the 2009 Vietnamese National Entrance Examination to University (NEEU) of individuals born in 1991. We investigate their labour outcomes in terms of hourly wage and employment measured in 2018 or 2020. We find that a one standard deviation increase in the standardized test score on the NEEU is associated with a 9% increase in wage rate 9–11 years later. The results also suggest that mathematics test scores have a significant correlation with labour outcomes in the long run.
Journal: Applied Economics Letters
Pages: 1652-1655
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2075538
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2075538
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# input file: RAEL_A_2078775_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Tianquan Liu
Author-X-Name-First: Tianquan
Author-X-Name-Last: Liu
Author-Name: Yiming Wang
Author-X-Name-First: Yiming
Author-X-Name-Last: Wang
Author-Name: Yu Yan
Author-X-Name-First: Yu
Author-X-Name-Last: Yan
Title: Underreaction and overreaction in Bitcoin market
Abstract: 
 Bitcoin market had a significant momentum phenomenon before the launch of Futures, and then it turned into an insignificant reversal effect. After Covid-19 appeared, the momentum effect and reversal effect disappeared. The advent of bitcoin futures has increased how investors respond to information. With the outbreak of COVID-19, investor interest in Bitcoin as a safe-haven asset has increased the effectiveness of the price. We estimate the speed of signal diffusion in the bitcoin market, and the results support that effective response to information is the essential mechanism for the disappearance of momentum effect.
Journal: Applied Economics Letters
Pages: 1685-1691
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2078775
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2078775
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# input file: RAEL_A_2078771_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Francisco Parro
Author-X-Name-First: Francisco
Author-X-Name-Last: Parro
Title: The hidden compliance zone of fiscal rules
Abstract: 
 This paper studies fiscal rule compliance under uncertainty and irreversibility. I show that a broad class of fiscal rule designs contain a state space in which the government optimally complies with the rule in place, a compliance zone. Outside the compliance zone, the government exerts control on the path committed by the rule. I also show that the size of the rule’s compliance zone depends on two elements: first, how the rule copes with the uncertainty regarding the macro variable that underlies it; and second, how the fiscal spending path committed by the rule accommodates the demand for public goods.
Journal: Applied Economics Letters
Pages: 1661-1670
Issue: 12
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2078771
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2078771
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# input file: RAEL_A_2083551_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Marjan Petreski
Author-X-Name-First: Marjan
Author-X-Name-Last: Petreski
Title: Labor share in transition economies: brief firm-level investigation
Abstract: 
 In this paper, we examine the role of the globalization factors for the labour share in transition economies. We rely on firm-level data from the Enterprise Surveys of the World Bank and EBRD. We base the analysis on the predictions of the classic trade and efficient bargaining models, which under globalization suggests that factors that work to increase or attenuate the bargaining power of workers, affect the share of income that goes in their hands. We find some role of globalization for labour share in transition economies. Labour productivity and the fixed cost of the capital to relocate contribute to increasing labour share, while the alternative returns of capital work in the opposite direction. Labour-related costs and alternative returns were found irrelevant. For transition economies, policies focused on labour productivity and on cooperation, instead of competition, in the policies to attract FDIs may improve the outcomes for workers and their incomes.
Journal: Applied Economics Letters
Pages: 1838-1842
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2083551
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2083551
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# input file: RAEL_A_2081658_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Qiubin Huang
Author-X-Name-First: Qiubin
Author-X-Name-Last: Huang
Author-Name: Mengyuan Xiong
Author-X-Name-First: Mengyuan
Author-X-Name-Last: Xiong
Title: Does managerial ability increase or decrease firm value?
Abstract: 
 Recent studies have revealed the bright side and dark side of managerial ability, while its effect on firm value remains unclear. We find that managerial ability is positively associated with firm value, and the association is positively (negatively) moderated by ownership concentration (firm size and board independence). Moreover, the positive effect of managerial ability on firm value is greater with increased economic policy uncertainty. Overall, our findings highlight the importance of superior managers in enhancing firm value, especially in challenging environment.
Journal: Applied Economics Letters
Pages: 1717-1722
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2081658
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2081658
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# input file: RAEL_A_2083061_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Weina Huang
Author-X-Name-First: Weina
Author-X-Name-Last: Huang
Author-Name: Tianrong Yuan
Author-X-Name-First: Tianrong
Author-X-Name-Last: Yuan
Title: Green innovation of Chinese industrial enterprises to achieve the ‘dual carbon’ goal–based on the perspective of green M&A
Abstract: 
 This study explores the impact of green mergers and acquisitions (M&A) on corporate green innovation and its impact mechanism under the goal of achieving ‘carbon emission peak and carbon neutrality’. Through the analysis of M&A data of China’s Shanghai and Shenzhen A-share industrial listed companies, the results show that green M&A can significantly improve the corporate green innovation capabilities. External stakeholder’s support has played an intermediary role, as enterprises can obtain more government subsidies and commercial credit through green M&A, which reduces financing constraints and enhances the corporates’ green innovation capabilities.
Journal: Applied Economics Letters
Pages: 1809-1813
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2083061
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2083061
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# input file: RAEL_A_2083550_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Haeyoung Ryu
Author-X-Name-First: Haeyoung
Author-X-Name-Last: Ryu
Author-Name: Hyunjung Choi
Author-X-Name-First: Hyunjung
Author-X-Name-Last: Choi
Title: Financial distress and value of cash holdings: evidence from the Korean stock market
Abstract: 
 This study examines how investors in capital markets evaluate the levels of cash held by financially distressed companies. Facing financial hardship, managers first lower the bankruptcy risk by reducing internal capital outflows and securing liquidity. This increases the value of the business, as investors place a higher value on financially distressed companies that hold cash than on those that do not. Empirical results using the Korean stock market show that the higher the level of financial risk, the higher the value of cash holdings. The results of this study suggest that when in financial risk, a company must have sufficient cash for a high corporate valuation.
Journal: Applied Economics Letters
Pages: 1833-1837
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2083550
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2083550
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# input file: RAEL_A_2083058_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Thang Ngoc Doan
Author-X-Name-First: Thang Ngoc
Author-X-Name-Last: Doan
Author-Name: Le Thanh Ha
Author-X-Name-First: Le Thanh
Author-X-Name-Last: Ha
Title: Is religiosity distance a driver of trade in environmental goods?
Abstract: 
 This paper investigates the effects of religiosity distance on trade in environmental goods (EGs) using 5,297 pairs of 88 countries during the 1996–2019 period. Religiosity reflects the level of personal trust in God and the values and ideals of his religion. Environmental goods consist of environmental products and services with production, usage, or disposal features that escape from devastating the environment. We use the APEC List of Environmental Goods to define the EGs. We measure religiosity by using a combined index covering three components, including members of a religion, the importance of religion, and religious service attendance. Our empirical results show that countries with religious proximity are more likely to trade EGs. Among three dimensions, only the member of religion and importance of religion play a role while attendance to religion service has no effect on the export of green goods.
Journal: Applied Economics Letters
Pages: 1793-1797
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2083058
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2083058
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# input file: RAEL_A_2083062_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Omid M. Ardakani
Author-X-Name-First: Omid M.
Author-X-Name-Last: Ardakani
Title: The dynamics of money velocity
Abstract: 
 The dynamic of money velocity has changed gradually, influencing how macroeconomic shocks affect money velocity. This paper examines the response of money velocity to the external shocks in a system of equations, where money velocity, real output growth, money growth volatility, expected inflation, and risk premium are jointly determined. The regime-switching behaviour of money velocity is then examined through a Bayesian threshold approach. The main finding suggests that money velocity drops significantly after negative output and expected inflation shocks, followed by a sudden increase. In addition, the regime-switching process distinguishes the deterministic and stochastic behaviour of money velocity.
Journal: Applied Economics Letters
Pages: 1814-1822
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2083062
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2083062
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# input file: RAEL_A_2083059_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Liya Hau
Author-X-Name-First: Liya
Author-X-Name-Last: Hau
Author-Name: Huiming Zhu
Author-X-Name-First: Huiming
Author-X-Name-Last: Zhu
Author-Name: Wuqin Sun
Author-X-Name-First: Wuqin
Author-X-Name-Last: Sun
Author-Name: Keming Yu
Author-X-Name-First: Keming
Author-X-Name-Last: Yu
Title: Flight-to-quality or not? Evidence from China’s green bond and green equity markets during COVID-19 crisis
Abstract: 
 This study investigates the time-varying interdependence relationships between green bonds and green equity returns in China before and during the COVID-19 period. The rolling-window Copula Quantile-on-Quantile regression method has been employed to capture the dynamic dependence structure of the asset returns. The empirical results are as follows: First, the green bond-green equity correlations have increased significantly during the COVID-19 pandemic era. Second, the heterogeneous dependencies across different quantiles show the time-varying information transmission mechanism between green financial markets depending on the market conditions. Specifically, the correlations have increased around median level given pandemic shocks and an opposite correlation movement can be found in extreme quantiles, supporting the ‘flight-to-quality’ effect.
Journal: Applied Economics Letters
Pages: 1798-1804
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2083059
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# input file: RAEL_A_2081660_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Imad A. Moosa
Author-X-Name-First: Imad A.
Author-X-Name-Last: Moosa
Author-Name: Ebrahim Merza
Author-X-Name-First: Ebrahim
Author-X-Name-Last: Merza
Author-Name: Duaij Alsabah
Author-X-Name-First: Duaij
Author-X-Name-Last: Alsabah
Title: The effectiveness of Covid-19 vaccination: time series evidence from the UK
Abstract: 
 Some claims have been made that that Covid vaccination is effective against both infection and mortality, even though the WHO is seeking more evidence to determine how well vaccines stop infection and transmission. On the basis of UK daily data over the period 10 January 2021–6 January 2022, evidence is presented indicating that vaccination is not effective against infection but it is highly effective against mortality. This makes scientific sense because the function of vaccination is to stimulate the production of antibodies that fight off the virus, which does not imply the ability to stop infection.
Journal: Applied Economics Letters
Pages: 1728-1733
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2081660
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# input file: RAEL_A_2083057_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: David Matthäus
Author-X-Name-First: David
Author-X-Name-Last: Matthäus
Author-Name: Peter Schäfer
Author-X-Name-First: Peter
Author-X-Name-Last: Schäfer
Title: Where did you get that from? Gender differences in bargaining for gifts and bought goods
Abstract: 
 Do men or women bargain more successfully? Existing evidence suggests that men achieve higher economic outcomes from bargaining than women – but the gap is context-specific. The literature predominantly studies one-shot bargaining games in the laboratory, situations in which communication is impossible, or situations in which persons follow a bargaining protocol. In this study, we use data from a TV show to study whether men or women bargain more successfully for trade deals in the field, without a strict protocol, and with free communication. We find that men and women bargain, on average, equally successfully. However, we find that the bargaining outcomes achieved by female sellers depend on the origin of an object. Specifically, women realize higher outcomes for bought objects than for objects they obtained for free, whereas men realize similar outcomes for bought and free objects. In sum, we find evidence that gender differences observed in the laboratory do not necessarily persist in bargaining situations in other settings and can even be inverted, dependent on the framing of the bargaining situation.
Journal: Applied Economics Letters
Pages: 1784-1792
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2083057
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2083057
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# input file: RAEL_A_2082368_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Lingbo Tan
Author-X-Name-First: Lingbo
Author-X-Name-Last: Tan
Author-Name: Yuan Zhou
Author-X-Name-First: Yuan
Author-X-Name-Last: Zhou
Author-Name: Yuan Yuan
Author-X-Name-First: Yuan
Author-X-Name-Last: Yuan
Author-Name: Jiapeng Liu
Author-X-Name-First: Jiapeng
Author-X-Name-Last: Liu
Title: A dynamic game model for the study of food safety regulation based on sampling probability and penalty intensity
Abstract: 
 By constructing a dynamic game model, this article explores the ‘optimal regulation’ and the food safety regulatory mechanism to be adopted when the food safety regulatory authority has to implement a certain level of regulation. In the short term, the actual quality of food can be improved by increasing the probability of sampling or the intensity of punishment. However, in the long term, the optimal path is to improve the production technology of sellers. A moderate level of supervision makes regulation more effective, while a threshold level of regulation can reduce welfare.
Journal: Applied Economics Letters
Pages: 1780-1783
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2082368
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2082368
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# input file: RAEL_A_2082363_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: George Dotsis
Author-X-Name-First: George
Author-X-Name-Last: Dotsis
Author-Name: Dimitris Psychoyios
Author-X-Name-First: Dimitris
Author-X-Name-Last: Psychoyios
Title: The great divergence between the USO fund and WTI spot prices
Abstract: 
 This paper discusses the concept of the ‘roll yield’ and its impact on the performance of ETFs that invest in futures contracts of storable commodities. It argues that comparing the returns of a futures position to the returns of a spot position can be quite misleading. As a case study, it examines the returns of the USO exchange traded fund whose investment objective is to mimic the performance of WTI prices using futures contracts. A simple regression model shows that the significant underperformance of the USO fund relative to WTI spot prices has been caused by the prolonged contango market and the steep WTI futures curve in the post-2009 period.
Journal: Applied Economics Letters
Pages: 1749-1753
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2082363
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2082363
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# input file: RAEL_A_2083063_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Kwanghun Yeon
Author-X-Name-First: Kwanghun
Author-X-Name-Last: Yeon
Title: Health threats of new social media trends: the effects of frequent mukbang watching on overweight and obesity
Abstract: 
 Mukbang is defined as a show that can be pre-recorded or live streamed in which an individual eats a large quantity of food for the viewer. The trend began in South Korea in 2008 and has become a global phenomenon. Some argue that watching mukbang can lead to overweight and obesity, however there are few studies that have fully investigated this. This study estimates the effects of frequent mukbang watching on overweight and obesity among Korean adults using individual-level quasi-panel data from the 2018, 2019, and 2020 Consumer Behaviour Survey for Food conducted by the Korea Rural Economic Institute. The instrumental variable is used to address the endogeneity problem. The results show that frequent mukbang watching increases the likelihood of being overweight by 7.4–7.6%. As a result, the government should consider informational campaigns for awareness and/or introduce regulations on mukbang to prevent and reduce the associated risks leading to overweight.
Journal: Applied Economics Letters
Pages: 1823-1826
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2083063
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2083063
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# input file: RAEL_A_2108539_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Xiao Qin
Author-X-Name-First: Xiao
Author-X-Name-Last: Qin
Author-Name: Yuwen Wang
Author-X-Name-First: Yuwen
Author-X-Name-Last: Wang
Title: Asymmetric ambiguity spillover among international equity markets
Abstract: 
 We investigate the ambiguity spillover among international equity markets. We follow Brennan and Izhakian (2018) and develop monthly ambiguity measures using high-frequency trading data of equity indices. The ambiguity spillover demonstrates noticeable asymmetry. The US equity market is the largest ambiguity transmitter to the other markets, while the French equity market is the largest recipient. China has small ambiguity connectedness with the remaining markets. The risk, however, has similarly symmetric spillover effects among different markets.
Journal: Applied Economics Letters
Pages: 1843-1849
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2108539
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2108539
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# input file: RAEL_A_2082366_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Marta Escalonilla
Author-X-Name-First: Marta
Author-X-Name-Last: Escalonilla
Title: After finishing compulsory education, what path do I choose: academic-related or vocational training-related studies?
Abstract: 
 The professional trajectory of population with vocational education and training (VET) continues to be a central issue. Despite the fact that firms more and more demand workers with medium qualification, a low share of population follows this educational path. This paper shows evidence of possible reasons by analysing the differences in terms of earnings that distinguish these individuals from others with different education within the labour market.
Journal: Applied Economics Letters
Pages: 1772-1775
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2082366
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2082366
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# input file: RAEL_A_2082364_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Xiao Li
Author-X-Name-First: Xiao
Author-X-Name-Last: Li
Author-Name: Gang Liu
Author-X-Name-First: Gang
Author-X-Name-Last: Liu
Title: Fund shareholding and corporate inefficiency investment
Abstract: 
 This study explains the effect of Securities investment funds shareholding (fund shareholding) on corporate inefficient investment. The results show that fund shareholding has an inverted U-shaped effect on inefficient investment, which is reflected on over-investment, but not on under-investment. Moreover, the results are mainly presented with lower corporate information transparency. Finally, it is suggested that fund shareholding proportion should be appropriately raised to promote the healthy development of the capital market. This study is of reference significance for guiding fund shareholding to play a role of ‘market stabilizer’.
Journal: Applied Economics Letters
Pages: 1754-1762
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2082364
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2082364
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# input file: RAEL_A_2083060_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Ganglei Li
Author-X-Name-First: Ganglei
Author-X-Name-Last: Li
Author-Name: Yunfei Shao
Author-X-Name-First: Yunfei
Author-X-Name-Last: Shao
Author-Name: Weijia Kong
Author-X-Name-First: Weijia
Author-X-Name-Last: Kong
Title: Could State-owned shareholders promote the performance of private firms? Evidence from China
Abstract: 
 In recent years, the Chinese government has continued to increase investment in private firms. However, could State-owned shareholders promote the performance of private firms? There is also a lack of direct evidence. This paper serves a useful supplement to this problem. Based on the large sample data of Chinese listed private companies, the empirical results of this paper confirm the U-shaped relationship between the shareholding ratio of State-owned shareholders and firm performance, and the U-shaped relationship will be more significant when the degree of marketization of private firms is low.
Journal: Applied Economics Letters
Pages: 1805-1808
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2083060
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2083060
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# input file: RAEL_A_2082367_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Alpay Arı
Author-X-Name-First: Alpay
Author-X-Name-Last: Arı
Author-Name: Hülya Özkan Özdemir
Author-X-Name-First: Hülya
Author-X-Name-Last: Özkan Özdemir
Author-Name: Fatmanur Karaman Kabadurmuş
Author-X-Name-First: Fatmanur Karaman
Author-X-Name-Last: Kabadurmuş
Author-Name: Selma Tosun
Author-X-Name-First: Selma
Author-X-Name-Last: Tosun
Author-Name: Durmuş Özdemir
Author-X-Name-First: Durmuş
Author-X-Name-Last: Özdemir
Title: Do socioeconomic inequalities increase the spread of COVID-19 in Turkey?
Abstract: 
 This paper clarifies the medical and socio-economic factors affecting the prevalence of COVID-19 by using clinical and survey data in a binary probit model. Socio-economic factors are associated with risk of infection and can increase exposure to and mortality from COVID-19. Inequalities in socio-economic variables affect the prevalence to different degrees. Disparities in education and poverty are more important than being employed or being a smoker for the spread of COVID-19, we find evidence that confirms the hypothesis.
Journal: Applied Economics Letters
Pages: 1776-1779
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2082367
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# input file: RAEL_A_2082361_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Hiroyuki Kuwahata
Author-X-Name-First: Hiroyuki
Author-X-Name-Last: Kuwahata
Title: The impact of foreign direct investment on executive compensation: evidence from the Great Recession
Abstract: 
 This study examines the causal effect of outward foreign direct investment (FDI) on executive compensation using compensation data of 2,391 Japanese multinational enterprises (MNEs). A negative demand shock caused by the Great Recession in 2008 is applied to identify the impact of FDI on annual payments to corporate executives. We find that firms engaged in FDI tended to decrease executive compensation in response to the crisis to a greater degree than firms with no foreign investment. The result is consistent with the view that FDI activities may explain the recent increase in executive compensation.
Journal: Applied Economics Letters
Pages: 1738-1743
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2082361
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2082361
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# input file: RAEL_A_2082365_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Cheng King
Author-X-Name-First: Cheng
Author-X-Name-Last: King
Author-Name: Jane Du
Author-X-Name-First: Jane
Author-X-Name-Last: Du
Title: Profiting from growth: Trade, investment and the ASEAN-China technology gap
Abstract: 
 While outward FDI inflows have increased since 2008, the volume of Southeast Asia’s exports to China has slowed down, prompting discussion about whether this will affect Southeast Asia’s growth. This article empirically tests China’s impact on Southeast Asia’s growth using a nonlinear framework, and finds that economic linkages between Southeast Asia and China have been changing since the mid-1990s, especially during the 1997 and 2008 financial crises and the 2012 bilateral diplomatic change; that FDI is more important to economic growth than exports across Southeast Asia; and that there is no industrial technology gap between Southeast Asia and China.
Journal: Applied Economics Letters
Pages: 1763-1771
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2082365
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2082365
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# input file: RAEL_A_2083064_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Pu-Yan Nie
Author-X-Name-First: Pu-Yan
Author-X-Name-Last: Nie
Author-Name: Chan Wang
Author-X-Name-First: Chan
Author-X-Name-Last: Wang
Author-Name: Hong-Xing Wen
Author-X-Name-First: Hong-Xing
Author-X-Name-Last: Wen
Title: Effects of artificial intelligence on duopoly competition
Abstract: 
 This article highlights duopoly competition with artificial intelligence (AI) technology. With game theory model, some interesting conclusions are obtained. On one hand, high-cost firms have more intention to invest AI. On the other hand, AI reduces output difference while promotes consumer surplus.
Journal: Applied Economics Letters
Pages: 1827-1832
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2083064
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2083064
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# input file: RAEL_A_2081661_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Guanyu Su
Author-X-Name-First: Guanyu
Author-X-Name-Last: Su
Author-Name: Junhui Qian
Author-X-Name-First: Junhui
Author-X-Name-Last: Qian
Title: Does the offshore market matter to China’s exchange rate policy?
Abstract: 
 The central parity rate (CPR) is a key instrument for the People’s Bank of China (PBC) to manage the Renminbi (RMB) exchange rate. The current method of CPR formation rests on a gauge of the ‘demand and supply conditions’ in the foreign exchange market. But there are two markets for RMB, the onshore market for CNY and the offshore market for CNH. In this article, we study the role of the offshore market in the CPR formation mechanism and find that changes in CNH have statistically significant predictive power on CPR, especially after the ‘8.11’ reform of 2015. This suggests that PBC does consider the conditions in the offshore market as well as those in the onshore market.
Journal: Applied Economics Letters
Pages: 1734-1737
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2081661
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2081661
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# input file: RAEL_A_2081659_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Kun Wang
Author-X-Name-First: Kun
Author-X-Name-Last: Wang
Author-Name: Jianqiang Chen
Author-X-Name-First: Jianqiang
Author-X-Name-Last: Chen
Title: How does the deterrence of fraud affect firms’ innovation outputs?
Abstract: 
 This paper examines how the deterrence of fraud affects firms’ innovation outputs, based on a quasi-experiment of the Whistleblower Program. We find that the deterrence of fraud is positively related to firms’ innovation outputs, both quantitatively and qualitatively. Moreover, its impact is more pronounced when a firm has more information asymmetry or higher employee turnover.
Journal: Applied Economics Letters
Pages: 1723-1727
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2081659
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2081659
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# input file: RAEL_A_2082362_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Ji-Hung (Ryan) Choi
Author-X-Name-First: Ji-Hung (Ryan)
Author-X-Name-Last: Choi
Author-Name: Taewan Kim
Author-X-Name-First: Taewan
Author-X-Name-Last: Kim
Title: Menus of multi-part tariffs under asymmetric information
Abstract: 
 We investigate how a firm strategically manages the characteristics of a menu of three-part tariff to maximize its profit while consumers self-select the products. As the unit price designed for low-type segments and fixed fee as a function of free allowance increases, the firm can make a higher profit by offering more quantity units to its low segment customers. These two dynamic forces also shape the information rent, which is generated due to an information asymmetry, and hence reduced. Thus, this condition will eventually mitigate the issue of cannibalization.
Journal: Applied Economics Letters
Pages: 1744-1748
Issue: 13
Volume: 30
Year: 2023
Month: 07
X-DOI: 10.1080/13504851.2022.2082362
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2082362
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# input file: RAEL_A_2083765_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Juan Carlos Cuestas
Author-X-Name-First: Juan Carlos
Author-X-Name-Last: Cuestas
Author-Name: Mercedes Monfort
Author-X-Name-First: Mercedes
Author-X-Name-Last: Monfort
Title: Fiscal consumption and private consumption in Europe: what have we learned?
Abstract: 
 In this paper we contribute to the long literature on how fiscal policy affects the real economy. In particular, we focus on how government consumption affects private consumption for a pool of European economies. We estimate panel vector error correction models between the two consumption variables for the EU 28 + Norway and Switzerland, for the two periods before and after 2008. The results show that government consumption affects private consumption differently in the periods before and after 2008. This means an increase in government consumption could have a positive impact on private consumption.
Journal: Applied Economics Letters
Pages: 1930-1935
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2083765
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2083765
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# input file: RAEL_A_2086680_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jens Mohrenweiser
Author-X-Name-First: Jens
Author-X-Name-Last: Mohrenweiser
Author-Name: Christian Pfeifer
Author-X-Name-First: Christian
Author-X-Name-Last: Pfeifer
Title: Reference wages and turnover intentions: evidence from linked employer-employee data
Abstract: 
 This research note analyzes the nexus between workers’ turnover intentions and workers’ own wages, internal and external reference wages. Worker and establishment surveys are linked with administrative social security data for all workers in surveyed establishments. Approximately half a million worker-year observations are used to predict conditional internal and external reference wages. Results show that higher external and internal reference wages are correlated with higher turnover intentions. Thus, external reference wages seem to serve as outside options and higher reference wages of co-workers seem rather to reduce own social status than to signal better future prospects at the current employer.
Journal: Applied Economics Letters
Pages: 1955-1959
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2086680
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2086680
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# input file: RAEL_A_2083562_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Xin Han
Author-X-Name-First: Xin
Author-X-Name-Last: Han
Title: Fiscal transfer under tax and infrastructure competition
Abstract: 
 Interjurisdictional fiscal transfer is generally divided into special transfer payments and general transfer payments. We analyse the welfare implications of these two types of transfer within the framework of tax and infrastructure competition for capital among jurisdictions. The results show that when the decline rate of marginal productivity of capital is low, special transfer payments generate a higher level of social welfare than the general transfer regime if the fiscal transfer is sufficiently large. However, when the decline rate of marginal productivity is high, general transfer payments always dominate the special transfer regime in terms of welfare.
Journal: Applied Economics Letters
Pages: 1904-1908
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2083562
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# input file: RAEL_A_2083566_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Arthur Le Pargneux
Author-X-Name-First: Arthur
Author-X-Name-Last: Le Pargneux
Author-Name: Hossam Zeitoun
Author-X-Name-First: Hossam
Author-X-Name-Last: Zeitoun
Title: Patience and subjective well-being
Abstract: 
 We show that patience is a key determinant of subjective well-being differences between countries. To address potential endogeneity bias, we apply an instrumental variable approach using the share of Protestants in the country, which prior literature has associated with patience and used as an instrument. While tentative, our findings are consistent with a sizable causal effect of patience on subjective well-being. They are robust across several specifications and hold for three different measures of subjective well-being: life satisfaction, positive affect, and negative affect.
Journal: Applied Economics Letters
Pages: 1923-1929
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2083566
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# input file: RAEL_A_2086681_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Constant L. Yayi
Author-X-Name-First: Constant L.
Author-X-Name-Last: Yayi
Title: The lag effect of economic policy uncertainty on remittances
Abstract: 
 We examine the effects of economic policy uncertainty (EPU) on remittances paid by international migrants using a sample of 14 developed countries over the period spanning from 1997 to 2020. Contrary to the intuition, our results indicate that EPU has no contemporaneous effect but rather a lagged positive and significant effect on remittances paid. More specifically, we find that remittances paid per capita increase by 0.11–0.13% in the year following the period of uncertainty. These findings confirm the resiliency of remittances sent by international migrants from developed to developing countries during times of uncertainties.
Journal: Applied Economics Letters
Pages: 1960-1965
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2086681
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2086681
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# input file: RAEL_A_2083554_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Faheem Ur Rehman
Author-X-Name-First: Faheem Ur
Author-X-Name-Last: Rehman
Author-Name: Kazi Sohag
Author-X-Name-First: Kazi
Author-X-Name-Last: Sohag
Title: Does transport infrastructure spur export diversification and sophistication in the G-20 economies? An application of CS-ARDL
Abstract: 
 This study investigates the effect of transport infrastructure on export sophistication and diversification in the G-20 economies by applying the cross-sectional dependency autoregressive distributed lag (ARDL) approach. The empirical findings demonstrate that transport infrastructure spurs export sophistication and diversification in the short and long run. Besides, outward foreign direct investment, institutional quality and human capital contribute to exporting sophistication and diversification. Our results are robust in the common correlation effect, homogeneity and heterogeneity restrictions in the short- and long-run parameters, respectively.
Journal: Applied Economics Letters
Pages: 1861-1865
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2083554
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# input file: RAEL_A_2084015_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Nicholas Apergis
Author-X-Name-First: Nicholas
Author-X-Name-Last: Apergis
Title: Do weather disasters affect banks’ systemic risks? Two channels that confirm it
Abstract: 
 This study investigates whether weather disasters affect financial stability through the channels of the deposit-to-loans ratio and non-performing loans. The results document that the disaster channel is a source of financial instability for US banks. They recommend the urgent prevention of natural disasters by improving pollution treatment technology, leading to reduced greenhouse gases emissions.
Journal: Applied Economics Letters
Pages: 1936-1939
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2084015
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2084015
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# input file: RAEL_A_2186343_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Liang Wang
Author-X-Name-First: Liang
Author-X-Name-Last: Wang
Author-Name: Meiqi Liang
Author-X-Name-First: Meiqi
Author-X-Name-Last: Liang
Author-Name: Wenyan Cao
Author-X-Name-First: Wenyan
Author-X-Name-Last: Cao
Author-Name: Handi Jing
Author-X-Name-First: Handi
Author-X-Name-Last: Jing
Title: The influence of SIFs managers’ characteristics on fund performance: an empirical study in China
Abstract: 
 This paper adopts principal component analysis to assign weights to three fund performances obtained independently by the Sharpe index, Jensen index, and Treynor index. Therefore, a comprehensive model for the performance of Chinese securities investment funds (SIFs) is derived by combining these three indexes. The empirical study shows that the regression between SIFs managers’ characteristics and fund performance is better when using this comprehensive measurement model. Moreover, SIFs managers’ experience and tenure have negative and positive effects on fund performance, respectively. However, their gender, education level, professional qualification holdings, research experience, and abroad experience, do not significantly influence the fund performance.
Journal: Applied Economics Letters
Pages: 1978-1985
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2023.2186343
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2186343
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# input file: RAEL_A_2086678_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yong Qi
Author-X-Name-First: Yong
Author-X-Name-Last: Qi
Author-Name: Simeng Lyu
Author-X-Name-First: Simeng
Author-X-Name-Last: Lyu
Author-Name: Shuo Yang
Author-X-Name-First: Shuo
Author-X-Name-Last: Yang
Author-Name: Shaoyu Dong
Author-X-Name-First: Shaoyu
Author-X-Name-Last: Dong
Title: How do zombie firms affect the financialization of normal firms?
Abstract: 
 This study examines the relationship between zombie firms and the financialization of normal firms in the context of ‘from real to virtual’. Using data of Chinese listed firms from 2008 to 2019, we find that zombie firms increase the financialization of normal firms. Further, mediating mechanism tests show that total factor productivity and bank loans are two major channels. Moreover, we find that the motivation of corporate financialization is ‘capital arbitrage’, rather than ‘capital reserve’. This study explains the motivation and impact of the financialization of Chinese non-financial companies, elucidates the necessity of disposing of zombie firms, and promotes high-quality economic development.
Journal: Applied Economics Letters
Pages: 1940-1945
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2086678
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2086678
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# input file: RAEL_A_2083552_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Caiyun Chen
Author-X-Name-First: Caiyun
Author-X-Name-Last: Chen
Author-Name: Xiangyan Dai
Author-X-Name-First: Xiangyan
Author-X-Name-Last: Dai
Author-Name: Jiannan Zhou
Author-X-Name-First: Jiannan
Author-X-Name-Last: Zhou
Author-Name: Chenli Fang
Author-X-Name-First: Chenli
Author-X-Name-Last: Fang
Title: Can environmental regulations improve the investment efficiency of heavily polluting firms? A quasi-natural experiment in China
Abstract: 
 In light of China’s implementation of the Environmental Protection Tax Law (EPT Law) on 1 January 2018, this paper empirically investigates the influence of environmental regulations on the investment behaviour of heavily polluting firms using a difference-in-differences (DID) model. The EPT Law is found to improve the investment efficiency of heavily polluting firms by restraining overinvestment, an effect that applies mainly to private firms, particularly those with no political affiliations. This paper enriches the existing research on the economic consequences of the EPT Law by integrating environmental regulations, property rights, political affiliation and investment efficiency into a unified framework. This study’s findings are instructive for understanding the economic effects of environmental regulations.
Journal: Applied Economics Letters
Pages: 1851-1855
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2083552
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2083552
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# input file: RAEL_A_2083556_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jiancheng Wang
Author-X-Name-First: Jiancheng
Author-X-Name-Last: Wang
Author-Name: Donghao Zhang
Author-X-Name-First: Donghao
Author-X-Name-Last: Zhang
Author-Name: Zerong Wang
Author-X-Name-First: Zerong
Author-X-Name-Last: Wang
Title: Digital finance, stock market participation and asset allocation of Chinese households
Abstract: 
 In this paper, we analyse the relation between the development of digital inclusive finance (DIF) and household stock market participation, as well as asset allocation. Using the digital financial inclusion index developed by Peking University and data from the 2019 China Household Finance Survey, we find that DIF significantly facilitates the probability of stock market participation and the proportion of assets allocating to equities of Chinese households. We use an instrumental variable approach to alleviate the endogeneity problem and find that the benchmark findings remain robust.
Journal: Applied Economics Letters
Pages: 1870-1873
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2083556
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# input file: RAEL_A_2083555_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Khaled Alsaifi
Author-X-Name-First: Khaled
Author-X-Name-Last: Alsaifi
Author-Name: Abdullah A. Aljughaiman
Author-X-Name-First: Abdullah A.
Author-X-Name-Last: Aljughaiman
Author-Name: Husain Aboualhasan
Author-X-Name-First: Husain
Author-X-Name-Last: Aboualhasan
Author-Name: Ibraheem Alaskar
Author-X-Name-First: Ibraheem
Author-X-Name-Last: Alaskar
Title: As a first-ever of cancelling the whole session’s trades and returns of listed banks
Abstract: 
 We examine the effect of the Capital Market Authority’s decision to cancel an entire day’s trades on the returns of listed banks. To investigate the impact of this event, we use the event-study method and apply it over a defined period. Our results provide evidence of a significant negative effect from the cancellation of a day’s trading on banks’ returns over the examined period. However, further analysis indicates that this effect turned insignificant once additional announcements that found favour with investors were made. These findings confirm the harmful cost of cancellation decision that first-ever happened in the financial markets.
Journal: Applied Economics Letters
Pages: 1866-1869
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2083555
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2083555
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# input file: RAEL_A_2083561_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Kangyu Ren
Author-X-Name-First: Kangyu
Author-X-Name-Last: Ren
Author-Name: Tianyu Qin
Author-X-Name-First: Tianyu
Author-X-Name-Last: Qin
Author-Name: Yuandong Mu
Author-X-Name-First: Yuandong
Author-X-Name-Last: Mu
Title: The role of aggregate risk aversion in the pricing of economic uncertainty
Abstract: 
 We find that time-varying aggregate risk aversion is a vital state variable to the pricing of economic uncertainty documented by Bali et al. (2017). Economic uncertainty is priced only during periods with a high aggregate risk aversion level. Risk aversion-related component in economic uncertainty contributes the major proportion of uncertainty premium. This proportion fluctuates with real economy, whereas the remaining varies with market sentiment. Uncertainty premium is most prominent following periods simultaneously having high aggregate risk aversion and high economic uncertainty.
Journal: Applied Economics Letters
Pages: 1896-1903
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2083561
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# input file: RAEL_A_2083560_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Léonard Moulin
Author-X-Name-First: Léonard
Author-X-Name-Last: Moulin
Title: Private schooling and unhealthy lifestyle in France
Abstract: 
 Using data which follow the educational trajectories of students during secondary education and measure health status during adulthood, this paper analyzes the effects of private schooling on a range of unhealthy lifestyle outcomes. To account for the non-random selection of students in French private schools I use propensity score matching. I find a positive effect of private schooling on the self-reported health status of girls and a negative effect for boys. These results are related to those on risky behaviours: I find that enrolment in a private school reduces the likelihood of daily smoking for girls, but increases the likelihood of drinking multiple times a week for boys, twelve years after sixth grade. A set of robustness checks confirms the robustness of my results.
Journal: Applied Economics Letters
Pages: 1891-1895
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2083560
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2083560
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# input file: RAEL_A_2083559_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Dejan Glavas
Author-X-Name-First: Dejan
Author-X-Name-Last: Glavas
Title: Do green bond issuers suffer from financial constraints?
Abstract: 
 We find that green bond issuers are more financially constrained. We use three measures of financial constraint, which are the FCP index, the SA index, and the Altman’s Z score. We test the link between green bond issuance and financial constraints using difference in means, regression analyses and a matching procedure. We finally document that these constraints increase after the first green bond issuance.
Journal: Applied Economics Letters
Pages: 1887-1890
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2083559
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2083559
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# input file: RAEL_A_2083565_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yu Haizong
Author-X-Name-First: Yu
Author-X-Name-Last: Haizong
Author-Name: Zhu Huijuan
Author-X-Name-First: Zhu
Author-X-Name-Last: Huijuan
Author-Name: Xia Changyuan
Author-X-Name-First: Xia
Author-X-Name-Last: Changyuan
Title: Social security contributions, financing constraints and demand for higher audit quality-evidence from China
Abstract: 
 This paper discusses the impact and mechanism of corporate social security contributions on the demand for higher audit quality. The study finds that social security contributions increase high-quality audit demand of firms. The mechanism is found to be that social security contributions motivate firms to raise capital by increasing financing constraints, and then firms choose high-quality audit services to strive for financing. Heterogeneity analysis shows that the impact of social security contributions on the demand for higher audit quality is more significant in non-state-owned firms and firms with higher labour intensity. The above findings respond to audit demand signalling theory in terms of theoretical and empirical data and provide thinking for better understanding the effects of social security contributions.
Journal: Applied Economics Letters
Pages: 1918-1922
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2083565
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2083565
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# input file: RAEL_A_2087855_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Zixie Zhang
Author-X-Name-First: Zixie
Author-X-Name-Last: Zhang
Title: The economic costs of terrorism: evidence from the Xinjiang Uygur Autonomous Region in China
Abstract: 
 I investigate the economic influence of terrorism in China using the synthetic control method pioneered by Abadie and Gardeazabal (2003). Organized terrorist attacks began in 1996 in China’s Xinjiang Uygur Autonomous Region. Comparing actual Xinjiang with a synthetic control without terrorism, I find that terrorist attacks have a pernicious effect on Xinjiang’s economic growth, leading to a loss of 38% of Xinjiang’s GDP per capita in 2018. My result challenges the traditional view that economic growth is not significantly affected by terrorism.
Journal: Applied Economics Letters
Pages: 1966-1972
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2087855
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2087855
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# input file: RAEL_A_2083558_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Thorsten Janus
Author-X-Name-First: Thorsten
Author-X-Name-Last: Janus
Title: Democracy and statistical capacity
Abstract: 
 This paper addresses two questions. First, how is democracy related to statistical capacity? Second, do statistical capacity problems limit economic impact estimates? The results show that, first, democracy in 2004 is strongly associated with the World Bank’s overall statistical capacity index from 2004–18, even controlling for income and region effects. Second, when we regress the change in net export revenues on global commodity prices, we find that the (measured) net-export response to price shocks is 40–100% greater in countries with high statistical capacity. The measured growth response to export prices is at least 90% greater. The results suggest that it is important for researchers and policymakers to address statistical-capacity limitations.
Journal: Applied Economics Letters
Pages: 1882-1886
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2083558
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2083558
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Handle: RePEc:taf:apeclt:v:30:y:2023:i:14:p:1882-1886



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# input file: RAEL_A_2086679_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Adriana AnaMaria Davidescu
Author-X-Name-First: Adriana AnaMaria
Author-X-Name-Last: Davidescu
Author-Name: Monica Aureliana Petcu
Author-X-Name-First: Monica Aureliana
Author-X-Name-Last: Petcu
Author-Name: Stefania Cristina Curea
Author-X-Name-First: Stefania Cristina
Author-X-Name-Last: Curea
Author-Name: Eduard Mihai Manta
Author-X-Name-First: Eduard Mihai
Author-X-Name-Last: Manta
Title: The relationship between informality and sustainable development goals through text analysis
Abstract: 
 This study analysed the relationship between informality and sustainable development goals using the bibliometric analysis. The empirical results emphasized that urban development, women’s agenda, and decent work are the main areas of informality circumscribed in the issue of sustainable development, guiding the priorities in research and for decision makers by conclusive and relevant information.
Journal: Applied Economics Letters
Pages: 1946-1954
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2086679
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2086679
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# input file: RAEL_A_2083564_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yiding Tang
Author-X-Name-First: Yiding
Author-X-Name-Last: Tang
Author-Name: Xingzhi Qiao
Author-X-Name-First: Xingzhi
Author-X-Name-Last: Qiao
Author-Name: Yuke Zhu
Author-X-Name-First: Yuke
Author-X-Name-Last: Zhu
Title: Global Value Chains and the Environmental Kuznets Curve: Promotion or Hindrance?
Abstract: 
 Using two country panel datasets with two different magnitudes, we attempt to explore whether global value chain (GVC) participation affects the environmental Kuznets curve (EKC) turning point. Our analysis suggests that countries more deeply involved in GVCs are associated with lower EKC turning points. Moreover, based on an exploration of division heterogeneity, this finding may be potentially dominated by forward GVC division.
Journal: Applied Economics Letters
Pages: 1913-1917
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2083564
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# input file: RAEL_A_2094873_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yi Chi
Author-X-Name-First: Yi
Author-X-Name-Last: Chi
Author-Name: Yang Yang
Author-X-Name-First: Yang
Author-X-Name-Last: Yang
Author-Name: Dong Lu
Author-X-Name-First: Dong
Author-X-Name-Last: Lu
Author-Name: Yuejiao Bao
Author-X-Name-First: Yuejiao
Author-X-Name-Last: Bao
Title: Corporate strategic deviance and stock price volatility: from the perspective of information asymmetry
Abstract: 
 This study investigates the effect of corporate strategic deviance on stock price volatility based on the perspective of information asymmetry. We find that corporate strategy deviance significantly increases stock price volatility, and information asymmetry is the leading cause of this increasing effect. Furthermore, analyst coverage has played a role in alleviating information asymmetry which reduces the positive effect of strategic deviance on stock price volatility.
Journal: Applied Economics Letters
Pages: 1973-1977
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2094873
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2094873
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# input file: RAEL_A_2083557_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Mathieu Mercadier
Author-X-Name-First: Mathieu
Author-X-Name-Last: Mercadier
Author-Name: Frank Strobel
Author-X-Name-First: Frank
Author-X-Name-Last: Strobel
Title: (Simple) ΔCoVaR bounds
Abstract: 
 We develop simple versions of upper bounds of the widely used systemic risk measure of ΔCoVaR that are straightforward to calculate, and may prove useful as (conservative) benchmarks in an applied context.
Journal: Applied Economics Letters
Pages: 1874-1881
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2083557
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# input file: RAEL_A_2083553_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Insa Diop
Author-X-Name-First: Insa
Author-X-Name-Last: Diop
Author-Name: Fousseini Traoré
Author-X-Name-First: Fousseini
Author-X-Name-Last: Traoré
Title: The paradox of the supply elasticity of cotton in Mali
Abstract: 
 Many previous studies highlight that the supply elasticity of agricultural products is not always symmetric. Indeed, the main finding from the literature is that the supply of agricultural products responds more to rising prices than falling prices. However, in the context of Mali, producers seem to be particularly more sensitive to price falls and prefer to grow other crops such as maize. In this paper, we test whether the supply elasticity of cotton in Mali is asymmetric or not, and if so, characterizes the nature of the asymmetry. We apply a nonlinear Autoregressive Distributed Lag approach to the Nerlove model. Our results show that the supply elasticity of cotton is symmetric in the short-run and asymmetric in the long-run, and that cotton supply responds more to price falls than price rises in the long-run. The key finding is a paradox in the opposite direction of the asymmetry found in the literature. In the context of falling price, producers are more flexible in substituting another competitive crop for cotton, while in the case of rising prices, producers deal with insufficient access to credit and acreage, poor quality of soil and lack of equipment.
Journal: Applied Economics Letters
Pages: 1856-1860
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2083553
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2083553
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# input file: RAEL_A_2083563_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Lucas W. Davis
Author-X-Name-First: Lucas W.
Author-X-Name-Last: Davis
Title: Electric vehicles in multi-vehicle households
Abstract: 
 This paper uses U.S. nationally representative data from the 2017 National Household Travel Survey to present a series of facts about electric vehicles (EVs) in multi-vehicle households. First, as of the time of the survey, 89% of households with an EV also had a non-electric vehicle in addition to the EV. Second, 60% of households with an EV also had a non-electric SUV, truck, or minivan. Third, 66% of households with an EV also had a non-electric vehicle that was driven more miles per year. The paper argues that these patterns have significant implications for the environmental impact of EVs and underscore the importance of better understanding how multi-vehicle households substitute between vehicles.
Journal: Applied Economics Letters
Pages: 1909-1912
Issue: 14
Volume: 30
Year: 2023
Month: 08
X-DOI: 10.1080/13504851.2022.2083563
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# input file: RAEL_A_2093827_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Kohei Okada
Author-X-Name-First: Kohei
Author-X-Name-Last: Okada
Title: Education policy and R&D-based growth in an overlapping-generations model
Abstract: 
 We employ a research and development (R&D) based growth overlapping-generations model with endogenous education decision-making and the government’s education policy to examine how education policy and human capital accumulation influence R&D activities. According to our study, an increase in the government’s public education expenditure has an inverted U-shaped effect on the steady-state growth rate. Moreover, a tax rate level that maximizes the steady-state growth rate exists. At this tax rate level, the steady-state welfare level is also maximized.
Journal: Applied Economics Letters
Pages: 2091-2097
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2093827
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2093827
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# input file: RAEL_A_2094314_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Zi Nie
Author-X-Name-First: Zi
Author-X-Name-Last: Nie
Author-Name: Lina Yan
Author-X-Name-First: Lina
Author-X-Name-Last: Yan
Author-Name: Zhitao Wang
Author-X-Name-First: Zhitao
Author-X-Name-Last: Wang
Author-Name: Bingcheng Li
Author-X-Name-First: Bingcheng
Author-X-Name-Last: Li
Title: Disclosure delay and financial distress prediction: based on Chinese annual reports disclosure system
Abstract: 
 Based on the data of Shanghai and Shenzhen A-share listed companies from 2009 to 2018, we explore the impact of delayed disclosure of annual report on the accuracy of financial distress prediction. We find that the information of disclosure delay can significantly improve the accuracy of financial distress prediction. After using alternative measurement of the disclosure delay and considering the endogeneity problem, our conclusions are robust. Our study provides reference for regulatory authorities to standardize the companies’ disclosure behaviours and prevent and resolve their major risks.
Journal: Applied Economics Letters
Pages: 2098-2101
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2094314
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2094314
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# input file: RAEL_A_2089341_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Gopikumar V
Author-X-Name-First: Gopikumar
Author-X-Name-Last: V
Author-Name: Smitha Nair
Author-X-Name-First: Smitha
Author-X-Name-Last: Nair
Author-Name: Gyanendra Singh Sisodia
Author-X-Name-First: Gyanendra Singh
Author-X-Name-Last: Sisodia
Title: The effect of financial reporting quality on institutional ownership
Abstract: 
 We examined the sophisticated institutional investors’ preference for sustainable investing. Precisely, we examine the link between financial reporting quality and investment behaviour of institutional investors in the context of relatively high level of information asymmetry. The results suggest that sophisticated (i.e. institutional) investors tend to shy away from firms with poor quality of information in financial statements. Our analysis also suggest that an aggregate institutional ownership reduces by 1.2% for every unit decrease in financial reporting quality, and foreign institutional ownership decreases by 1%. Foreign ownership in firms with influential block holders decreases by 3% for every unit decrease in financial reporting quality. Overall, we find that institutional investors avoid relying on trading strategies that enhance returns based on information discovery in markets with high information acquisition costs and liquidity constraints, such as emerging markets.
Journal: Applied Economics Letters
Pages: 2020-2023
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2089341
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2089341
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# input file: RAEL_A_2089620_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Xianhai Huang
Author-X-Name-First: Xianhai
Author-X-Name-Last: Huang
Author-Name: Sirui Hou
Author-X-Name-First: Sirui
Author-X-Name-Last: Hou
Author-Name: Handi Wang
Author-X-Name-First: Handi
Author-X-Name-Last: Wang
Title: Information infrastructure and knowledge diffusion: a quasi-natural experiment based on the ‘Broadband China’ strategy
Abstract: 
 ‘Broadband China’ strategy launched in 2014 aimed to expand information infrastructure coverage of Chinese cities. This study shows that the information infrastructure facilitates knowledge diffusion among pilot cities of ‘Broadband China’, using this as a quasi-natural experiment. Further analysis reveals a positive interaction effect between information and transportation infrastructure on intercity knowledge diffusion. These findings imply that developing information infrastructure is vital for technological innovation.
Journal: Applied Economics Letters
Pages: 2046-2051
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2089620
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2089620
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# input file: RAEL_A_2094317_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jingjing Yang
Author-X-Name-First: Jingjing
Author-X-Name-Last: Yang
Author-Name: Caifu Li
Author-X-Name-First: Caifu
Author-X-Name-Last: Li
Author-Name: Kaiqian Wu
Author-X-Name-First: Kaiqian
Author-X-Name-Last: Wu
Title: Does risk disclosure influence mergers and acquisitions? A textual analysis
Abstract: 
 Using textual analysis and the data of China’s A-share listed companies from 2010 to 2020, this study examines how risk disclosure in annual reports influences subsequent mergers and acquisitions (M&A). The empirical results show that the risk disclosure tone of annual reports is positively associated with the probability of engaging in M&A deals and bid premium, but is negatively associated with long-term stock returns. Furthermore, the level of risk disclosure in annual reports exerts a negative impact on the probability of all-cash bids and bid premium, but positively associated with the long-term M&A performance, indicating that risk disclosure helps alleviate the information asymmetry between acquirers and targets. The empirical evidence highlights the value relevance of risk disclosure content in annual reports, and the importance in strengthening the supervision of qualitative information disclosure.
Journal: Applied Economics Letters
Pages: 2113-2121
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2094317
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# input file: RAEL_A_2089343_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Xiaoou Man
Author-X-Name-First: Xiaoou
Author-X-Name-Last: Man
Author-Name: Zengxin Xue
Author-X-Name-First: Zengxin
Author-X-Name-Last: Xue
Author-Name: Jiatong Liu
Author-X-Name-First: Jiatong
Author-X-Name-Last: Liu
Title: The impact of long-term and short-term health shock on the labour supply and labour income of migrant workers in China: the mediating role of medical insurance
Abstract: 
 Using national data from China Labour-force Dynamics Survey (CLDS), we apply Heckman two-step model and instrumental variable method to analyse the impact of long-term and short-term health shock on the labour supply and labour income of migrant workers as well as the mediating effect of medical insurance. Results indicate that both long-term and short-term health shock significantly reduce the labour supply and labour income of migrant workers. In particular, the negative effect of short-term health shock on labour supply proves greater than that of long-term health shock, and the negative effect of long-term health shock on labour income proves greater than that of short-term health shock. Medical insurance mitigates the negative effect of short-term health shock on the labour supply and labour income of migrant workers, yet produces no remarkable mediating effect on migrant workers who suffer from long-term health shock.
Journal: Applied Economics Letters
Pages: 2030-2034
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2089343
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2089343
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# input file: RAEL_A_2089338_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Kun Wang
Author-X-Name-First: Kun
Author-X-Name-Last: Wang
Author-Name: Chuan-Hsiang Han
Author-X-Name-First: Chuan-Hsiang
Author-X-Name-Last: Han
Title: The VolCo index: a measure of the transition from pandemic to equity market
Abstract: 
 The COVID-19 has serious impacts on the economy and contaminates the equity market because its spread leads to enormous uncertainty, which can be measured by various volatilities from backward and forward information contents. We find that the pandemic-related data are significant for regressing various volatilities. Hence, we construct the index termed the Volatility of COVID-19 pandemic (VolCo) as a proxy of equity market volatility, including GJR-GARCH volatility, instantaneous volatility, VIX index and their combination. This VolCo index provides an explanation for the volatility of equity market in the period of COVID-19 spreads.
Journal: Applied Economics Letters
Pages: 2004-2008
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2089338
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2089338
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# input file: RAEL_A_2094316_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Qiubin Huang
Author-X-Name-First: Qiubin
Author-X-Name-Last: Huang
Title: Ownership concentration and bank stability in China
Abstract: 
 Ownership concentration (OC) is important for improving bank stability, but its effect is arguable. Based on a sample of Chinese listed banks, we uncover a positive effect of OC on bank stability captured by Z-score, where the effect can be attributed to higher returns and capital levels of banks with more concentrated ownership. We also find that such banks have higher return volatilities and asset risks. These findings are more pronounced for smaller banks. An important policy implication is that bankers and regulators need to weigh the favourable and adverse effects of OC.
Journal: Applied Economics Letters
Pages: 2108-2112
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2094316
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2094316
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# input file: RAEL_A_2094318_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Hui-Chun Peng
Author-X-Name-First: Hui-Chun
Author-X-Name-Last: Peng
Title: The whistleblowing mechanism and tax evasion: an experimental study with private income-level information
Abstract: 
 This paper uses the laboratory experiment to examine the effect of whistleblowing in the context of tax evasion when individual income level is private information. According to the experimental result, it shows that the whistleblowing mechanism effectively mitigates tax evasion.
Journal: Applied Economics Letters
Pages: 2122-2127
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2094318
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2094318
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# input file: RAEL_A_2091104_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: George Pantelopoulos
Author-X-Name-First: George
Author-X-Name-Last: Pantelopoulos
Title: Foreign direct investment vs. Foreign portfolio investment with respect to human capital: the impact of education on the host OECD Countries
Abstract: 
 This paper describes an empirical investigation to provide a more accurate and detailed picture of the relationship between education and the two core forms of international investment: foreign direct investment (FDI) and foreign portfolio investment (FPI). We found that human capital related to education can lay a foundation with policy and strategy implications for host country governments and multinational corporations. The analysis focused on developed countries belonging to the OECD, from 1960 to 2010, and employed a series of education variables across the main educational levels. The empirical findings suggest that FDI is affected by the secondary and tertiary levels while FPI is affected only by the tertiary. Also, the Schooling and Completion Ratios appear to have a major impact on the flow of both FDI and FPI.
Journal: Applied Economics Letters
Pages: 2060-2068
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2091104
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2091104
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# input file: RAEL_A_2092590_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Carlos Francisco Alves
Author-X-Name-First: Carlos Francisco
Author-X-Name-Last: Alves
Author-Name: Bernardo P. Marques
Author-X-Name-First: Bernardo P.
Author-X-Name-Last: Marques
Author-Name: Joana C. Silva
Author-X-Name-First: Joana C.
Author-X-Name-Last: Silva
Title: Transnational Banking Supervision, Distance-to-Distress and Credit Risk: the SSM Case
Abstract: 
 We assess the impact of adopting a transnational supervisor on the distance-to-distress and credit risk of large and complex banks, exploring the establishment of the Single Supervisory Mechanism (SSM) in 2014 as a quasi-natural experiment. Using a differences-in-differences approach, we compare SSM banks vis-à-vis banks with a similar size and complexity operating in European countries outside the SSM. Our results suggest that adopting a transnational supervisor increases the distance-to-distress, particularly for banks operating in countries with larger banking sectors, higher market concentration and greater supervisory discretion. We also show that SSM banks reduced loan loss reserves and NPLs significantly more than non-SSM banks, but only among the most capitalized banks – which is consistent with the notion that well-capitalized banks are better able to weather haircuts induced by credit risk reduction initiatives. Interestingly, we find that SSM banks from countries with greater supervisory discretion saw their NPLs increase in the first years of the SSM, which could reflect the elimination of national idiosyncrasies in credit risk accounting. In general, the evidence presented in our paper suggests that transnational supervision bears a superior ability to increase the distance-to-distress, reduce credit risk, and harmonize supervisory practices among large and complex banks.
Journal: Applied Economics Letters
Pages: 2079-2085
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2092590
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2092590
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# input file: RAEL_A_2094315_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Z. Eylem Gevrek
Author-X-Name-First: Z. Eylem
Author-X-Name-Last: Gevrek
Author-Name: Deniz Gevrek
Author-X-Name-First: Deniz
Author-X-Name-Last: Gevrek
Title: Social norms and the gender gap in labor force participation: Evidence from Turkey
Abstract: 
 We use a novel two-step empirical strategy to examine the relationship between social norms and the gender gap in labour force participation (LFP) across provinces of Turkey. In the first step, we identify the unexplained part of the gender gap in LFP that remains after accounting for differences in observed characteristics between women and men for each province by implementing a decomposition method. In the second step, we investigate the role of social norms in explaining cross-province variation in the unexplained part. The results reveal that more egalitarian gender role attitudes, smaller gender gap in tertiary education, lower fertility and consanguineous marriage rates, and lower level of religiosity significantly predict a smaller unexplained part of the gender gap in LFP favouring males.
Journal: Applied Economics Letters
Pages: 2102-2107
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2094315
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2094315
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# input file: RAEL_A_2089339_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Matthew F. Larsen
Author-X-Name-First: Matthew F.
Author-X-Name-Last: Larsen
Author-Name: Jon Valant
Author-X-Name-First: Jon
Author-X-Name-Last: Valant
Title: Fuzzy difference-in-discontinuities when the confounding variation is sharp: evidence from grade retention policies
Abstract: 
 This letter examines a fuzzy difference-in-discontinuity design where the primary policy of interest has imperfect compliance but confounding variation has perfect compliance. After proposing the estimator, we examine an application in education policy where test score cut-offs are used to determine grade assignment with imperfect compliance but performance labels with perfect compliance. We find that students who are not retained in 8th grade are more likely to graduate high school and attend college. Furthermore, after accounting for the effect of confounding performance labels, estimates are even more positive. Notably, we also find that our fuzzy difference-in-discontinuity estimates are quite noisy, suggesting that applications of the estimator may be limited to settings with many observations near the threshold. This estimator may be useful in education research and other settings where scores are used to both assign treatment and label individuals.
Journal: Applied Economics Letters
Pages: 2009-2013
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2089339
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2089339
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# input file: RAEL_A_2089618_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Takeshi Niizeki
Author-X-Name-First: Takeshi
Author-X-Name-Last: Niizeki
Title: How does household expenditure respond to inflation expectations? Evidence from randomized information treatments in Japan
Abstract: 
 Exploiting an exogenous variation in inflation expectations driven by randomized information treatments, I examined the extent to which the inflation expectations influence the current household expenditure in Japan. The findings are as follows. First, those who received the information on the latest inflation rate (‒0.6%) revised their inflation expectations downward. Second, a rise in inflation expectations has a positive impact on the current household expenditure. Third, the estimated intertemporal elasticity of substitution is large (about unity), suggesting that the intertemporal substitution played an important role in the current analysis.
Journal: Applied Economics Letters
Pages: 2035-2039
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2089618
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2089618
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# input file: RAEL_A_2087857_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jungtaek Lee
Author-X-Name-First: Jungtaek
Author-X-Name-Last: Lee
Title: The effect of vaccination on social isolation during the COVID-19 pandemic
Abstract: 
 The objective of this study is to investigate the effect of vaccination on social isolation and loneliness. Data from 6,049 individuals were collected from the Understanding America Study (UAS). I use the fixed effect model with the panel data to control time-constant unobserved characteristics which affect vaccination status as well as social isolation. Vaccination was related to about 2 percentage points increase in the proportion of those who met family or friends in person. Days in the past week interacting with family or friends increased. Vaccination was also associated with about 1 percentage point decrease in the proportion of those who felt lonely for more than one day in the past week. The degree of loneliness measured by how often respondents felt lonely in the past week decreased by 2 percentage points for the vaccinated respondents. I found that vaccination decreased subjective social isolation (loneliness) and objective social isolation (interaction with people in person). I also consider the dynamic effect of vaccination status on social isolation. Results suggest that the effect of vaccination became bigger with increasing duration of vaccination.
Journal: Applied Economics Letters
Pages: 1987-1994
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2087857
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2087857
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# input file: RAEL_A_2089342_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Hiep Ngoc Luu
Author-X-Name-First: Hiep Ngoc
Author-X-Name-Last: Luu
Author-Name: Dinh Dinh Do
Author-X-Name-First: Dinh Dinh
Author-X-Name-Last: Do
Author-Name: Thanh Pham
Author-X-Name-First: Thanh
Author-X-Name-Last: Pham
Author-Name: Viet Xuan Ho
Author-X-Name-First: Viet Xuan
Author-X-Name-Last: Ho
Author-Name: Quynh-Anh Dinh
Author-X-Name-First: Quynh-Anh
Author-X-Name-Last: Dinh
Title: Cultural values and the adoption of central bank digital currency
Abstract: 
 This paper examines the impact of national culture on the decision of countries to adopt a central bank digital currency (CBDC). Using Hofstede’s cultural framework (i.e. Power Distance, Individualism, Masculinity, Uncertainty Avoidance and Long-term Orientation) to measure different cultural values, we find that countries with more power distance, masculinity and long-term orientation cultures are more eager to adopt a CBDC. By contrast, countries with a cultural value leaning towards uncertainty avoidance are less involved in the adoption of a CBDC. These results hold more for retail CBDC than for wholesale CBDC.
Journal: Applied Economics Letters
Pages: 2024-2029
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2089342
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2089342
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# input file: RAEL_A_2091743_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Zuobao Wang
Author-X-Name-First: Zuobao
Author-X-Name-Last: Wang
Author-Name: Lin Dong
Author-X-Name-First: Lin
Author-X-Name-Last: Dong
Author-Name: Dongxue Li
Author-X-Name-First: Dongxue
Author-X-Name-Last: Li
Title: Accounting for wealth inequality and its change: decomposition analyses for the US, 1995-2019
Abstract: 
 This paper decomposes the components of wealth inequality and its change in the United States during the period 2006–2016. The results show that wealth inequality in the US is extremely high. Real estate, non-housing assets and financial investments are the first three important components of equivalent wealth and overall inequality. Financial investments, real estate liabilities and non-housing liabilities have positive marginal impacts on overall inequality, while other assets’ marginal impacts are negative. Financial investments changes had the largest impact on the aggregate trends of wealth inequality.
Journal: Applied Economics Letters
Pages: 2074-2078
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2091743
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2091743
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# input file: RAEL_A_2089337_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Kei Hosoya
Author-X-Name-First: Kei
Author-X-Name-Last: Hosoya
Title: Environmental endogenous discounting and multiple equilibria: A comment
Abstract: 
 The purpose of this paper is to supplement the study of Dioikitopoulos et al. (2020), which introduces an endogenous time preference and presents a model for the comprehensive investigation of economic growth and environmental issues. In particular, this paper explores some aspects of the numerical analysis in the original paper and presents important numerical examples regarding multiplicity and local stability of equilibria.
Journal: Applied Economics Letters
Pages: 1995-2003
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2089337
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2089337
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# input file: RAEL_A_2091105_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Gary van Vuuren
Author-X-Name-First: Gary
Author-X-Name-Last: van Vuuren
Author-Name: Max van der Lecq
Author-X-Name-First: Max
Author-X-Name-Last: van der Lecq
Title: Global maximal Sharpe ratios for active portfolios
Abstract: 
 Active fund performance is assessed relative to specified benchmarks. Fund managers aim to generate portfolio returns higher than the benchmarks while adhering to constraints such as tracking errors (TE) and asset weight restrictions. For each TE, the maximum active portfolio return and associated absolute portfolio risk traces out a hyperbolic TE frontier in risk/return space. The locus of all possible active portfolio coordinates for a given level of TE traces out a closed, distorted ellipse in risk/return space. Attempts to optimize active portfolio performance at a given TE include the maximum active return portfolio, the maximum active return portfolio with the same absolute risk as the benchmark and the tangent portfolio (maximal risk adjusted return or Sharpe ratio (SR)). Using the maximum SR approach, the locus of maximal, active portfolio SRs for different TEs is roughly parabolic with a clearly defined maximum at a unique TE. We derive a solution for identifying these global maximum SR portfolios and find that these occur at feasible TEs (i.e. $$ \le 15\% $$≤15% – within the range of most active portfolios) but only if inter-asset correlations are relatively low ($$ \lt 0.30$$<0.30). For asset correlations $$ \gt 0.35$$>0.35, maximal SRs occur at unrealistically high TEs ($$ \gt 15\% $$>15%).
Journal: Applied Economics Letters
Pages: 2069-2073
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2091105
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2091105
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# input file: RAEL_A_2092591_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Vidya Atal
Author-X-Name-First: Vidya
Author-X-Name-Last: Atal
Author-Name: Orkideh Gharehgozli
Author-X-Name-First: Orkideh
Author-X-Name-Last: Gharehgozli
Author-Name: Luis San Vicente Portes
Author-X-Name-First: Luis
Author-X-Name-Last: San Vicente Portes
Title: Higher labour market bargaining power, higher unemployment in recessions
Abstract: 
 A well-known stylized fact about the US labour market is the behaviour of the female-to-male unemployment gap over the business cycle – in downturns, female unemployment rises at a slower pace than male unemployment, which reduces the gap between the genders; in upturns, the reverse is observed: men’s unemployment falls faster than women’s, thus rendering the gap pro-cyclical. In this paper, we model the labour market under a Diamond-Mortensen-Pissarides framework where the labour supply consists of women and men, who differ in their equilibrium (Nash) bargaining agreement over the match’s surplus. We show that, in the presence of such asymmetry, a negative aggregate productivity shock leads to a pro-cyclical female-to-male unemployment rate gap.
Journal: Applied Economics Letters
Pages: 2086-2090
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2092591
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2092591
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# input file: RAEL_A_2089619_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Robert J. Sonora
Author-X-Name-First: Robert J.
Author-X-Name-Last: Sonora
Title: Estimates of a ‘Pandemic Taylor rule’ loss function
Abstract: 
 This article applies a central bank-style loss function to policymaker decision-making during the Covid-19 pandemic. An empirical Taylor rule-style model is used to estimate preference weights associated with lost economic activity and Covid-19 cases and deaths for the four largest US states. Results demonstrate that there are preference differences across states with Republican-led states placing greater weight on economic loss than do those with Democrat governors. Moreover, all states in the sample responded to changes in Covid over the sample period.
Journal: Applied Economics Letters
Pages: 2040-2045
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2089619
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2089619
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# input file: RAEL_A_2089621_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Zhi Su
Author-X-Name-First: Zhi
Author-X-Name-Last: Su
Author-Name: Xuanye Cai
Author-X-Name-First: Xuanye
Author-X-Name-Last: Cai
Author-Name: You Wu
Author-X-Name-First: You
Author-X-Name-Last: Wu
Title: Exchange rates forecasting and trend analysis after the COVID-19 outbreak: new evidence from interpretable machine learning
Abstract: 
 We investigate the predictability of 12 exchange rates with machine learning, Deep Learning and interpretable machine learning (IML) models, based on a daily dataset from December 2019 to August 2021. We find that the appreciation and depreciation of exchange rates can be partly captured by Light Gradient Boosting Machine (LightGBM) and Long Short-Term Memory, especially for the developed currencies. Inconsistent with general perception, the LightGBM model performs the best in exchange rates forecasting since its short-term information extracting mode and great robustness on small datasets. Furthermore, by employing a representative global IML method, the Accumulated Local Effect algorithm, we find that the 1 ~ 3 lags of exchange rates provide more useful information for forecasting, which can help investors improve their models’ predictive ability.
Journal: Applied Economics Letters
Pages: 2052-2059
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2089621
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2089621
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# input file: RAEL_A_2089340_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jiajun Zhu
Author-X-Name-First: Jiajun
Author-X-Name-Last: Zhu
Author-Name: Jing Gao
Author-X-Name-First: Jing
Author-X-Name-Last: Gao
Author-Name: Hongping Tan
Author-X-Name-First: Hongping
Author-X-Name-Last: Tan
Title: Mind the chair-CEO age dissimilarity: an implicit internal monitoring mechanism
Abstract: 
 Age dissimilarity is an important indicator of executives’ heterogeneity and cognitive conflict. Using Chinese-listed firms between 2005 and 2020 as sample, this paper finds that greater chair–CEO age dissimilarity results in more board monitoring and higher firm value. In addition, the board monitoring plays a mediating role in explaining the relationship between age dissimilarity and firm value. However, the effect of age dissimilarity may be opposite when the chairman is younger than the CEO.
Journal: Applied Economics Letters
Pages: 2014-2019
Issue: 15
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2089340
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2089340
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# input file: RAEL_A_2096847_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Mobing Jiang
Author-X-Name-First: Mobing
Author-X-Name-Last: Jiang
Author-Name: Xiaohui Xu
Author-X-Name-First: Xiaohui
Author-X-Name-Last: Xu
Author-Name: Jun Yang
Author-X-Name-First: Jun
Author-X-Name-Last: Yang
Title: Opportunity for whom: economic policy uncertainty, managerial ability and firm value
Abstract: 
 Different from the overwhelming evidence in support of the negative effect of economic policy uncertainty on firm value, our findings show that economic policy uncertainty has positive impact on firm value in firms with high managerial ability using the firm-level data from China over the time period 2003 to 2020. Moreover, our mechanism analyses reveal that firms with high managerial ability differ from those with low managerial ability by conducting more acquisitions and innovation activities and improving cost efficiency when faced with high economic policy uncertainty.
Journal: Applied Economics Letters
Pages: 2220-2223
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2096847
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2096847
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# input file: RAEL_A_2094320_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Tomson Ogwang
Author-X-Name-First: Tomson
Author-X-Name-Last: Ogwang
Author-Name: Jean Francois Lamarche
Author-X-Name-First: Jean Francois
Author-X-Name-Last: Lamarche
Title: The regression approach to the estimation and additive decomposition of the Foster-Greer-Thorbecke poverty measures
Abstract: 
 We propose a new regression-based approach to the estimation and additive decomposition of the Foster-Greer-Thorbecke (FGT) poverty measures. Unlike the original additive decomposition for which subgroup population shares are used as weights, the new additive decomposition uses subgroup poor population shares as weights. Our simulation results reveal low biases of the regression-based estimators of the FGT poverty measures even for moderate sample sizes.
Journal: Applied Economics Letters
Pages: 2136-2140
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2094320
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2094320
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# input file: RAEL_A_2094871_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Chinonso Ezenwa Etumnu
Author-X-Name-First: Chinonso Ezenwa
Author-X-Name-Last: Etumnu
Title: Free shipping
Abstract: 
 A recent study (Gil et. al., 2020) found that free shipping can hurt an online retailer if their optimal strategy is to charge shipping fees. But does this observation apply to Amazon? To ascertain this, I estimate the effect of free shipping on grocery sales using data from Amazon Canada. I find that freely shipped products receive more sales on average. Specifically, being eligible for free shipping is associated with an average increase of 435 in the best sellers rank of ground coffee products on amazon.ca. The increased sales are likely because Amazon’s customers are hesitant to pay shipping fees, and freely shipped products have lower prices and a higher average rating, and these product attributes drive demand.
Journal: Applied Economics Letters
Pages: 2161-2164
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2094871
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2094871
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# input file: RAEL_A_2096855_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Alban Moura
Author-X-Name-First: Alban
Author-X-Name-Last: Moura
Title: Trend breaks and the long-run implications of investment-specific technological progress
Abstract: 
 I update the Greenwood, Hercowitz, and Krusell (1997, GHK) decomposition of U.S. growth into contributions from neutral and investment-specific (IS) technological progress. I allow the decomposition to vary across sub-samples, reflecting the presence of trend breaks in the data. The estimates show strong heterogeneity across periods: while neutral technological progress explained virtually all growth between 1950 and the mid-1970s, IS technological progress accounts for 75% of growth since the 1980s. These results paint a more complex picture of postwar U.S. growth than GHK’s original decomposition and call for a better understanding of the 1970s productivity shifts.
Journal: Applied Economics Letters
Pages: 2270-2275
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2096855
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2096855
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# input file: RAEL_A_2096846_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Shujie Yao
Author-X-Name-First: Shujie
Author-X-Name-Last: Yao
Author-Name: Xuanyue Zhang
Author-X-Name-First: Xuanyue
Author-X-Name-Last: Zhang
Author-Name: Fan Zhang
Author-X-Name-First: Fan
Author-X-Name-Last: Zhang
Title: How high-speed rail reduces haze pollution in China
Abstract: 
 This article examines the effect of high-speed rail (HSR) on haze pollution using a panel data set covering 276 Chinese cities in 2010–2019 using the GS2SLS approach. It is found that HSR accessibility can significantly reduce haze pollution in China, which has important policy implications on HSR development.
Journal: Applied Economics Letters
Pages: 2216-2219
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2096846
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2096846
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# input file: RAEL_A_2096849_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yingying Xin
Author-X-Name-First: Yingying
Author-X-Name-Last: Xin
Author-Name: Xiao Zeng
Author-X-Name-First: Xiao
Author-X-Name-Last: Zeng
Author-Name: Zhengying Luo
Author-X-Name-First: Zhengying
Author-X-Name-Last: Luo
Title: Suppliers’ annual report tone and enterprise inventory efficiency
Abstract: 
 Using the data from disclosed information on the top 5 suppliers and annual report tone by Chinese A-share listed firms, this article examines the impact of supplier’s annual report tone on enterprise inventory efficiency. We find that the more positive the tone of the supplier’s annual report, the more efficient the company’s inventory. That is, the more positive the tone of the supplier’s annual report, the less inventory the enterprise holds and the shorter the inventory holding time. It shows that the tone of suppliers’ annual reports has a positive spillover effect on the efficiency of firms’ inventory. Our results still hold after a battery of additional tests.
Journal: Applied Economics Letters
Pages: 2230-2236
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2096849
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2096849
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# input file: RAEL_A_2187029_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Qianbin Feng
Author-X-Name-First: Qianbin
Author-X-Name-Last: Feng
Author-Name: Lexin Zhao
Author-X-Name-First: Lexin
Author-X-Name-Last: Zhao
Author-Name: Yanhui Xu
Author-X-Name-First: Yanhui
Author-X-Name-Last: Xu
Title: Tax incentives and corporate internationalization performance: evidence from China’s accelerated depreciation policy
Abstract: 
 Using data of China’s listed companies from 2010 to 2018, we investigate the effects of China’s accelerated depreciation (CACD) policy on corporate internationalization performance. The results show that CACD policy increases corporate incomes in foreign markets by 16.15% through the market expansion channel and the innovation incentive channel. The policy effect is more pronounced for firms with better corporate governance, more serious financial constraints, and weaker financial risks.
Journal: Applied Economics Letters
Pages: 2299-2305
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2023.2187029
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2187029
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# input file: RAEL_A_2094874_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Wen Zhou
Author-X-Name-First: Wen
Author-X-Name-Last: Zhou
Author-Name: Huichao Zhang
Author-X-Name-First: Huichao
Author-X-Name-Last: Zhang
Author-Name: Yihua Wei
Author-X-Name-First: Yihua
Author-X-Name-Last: Wei
Title: The threshold effect of urban–rural income gap on economic growth in urbanization: evidence from China
Abstract: 
 Using a panel data set covering 31 provinces, autonomous regions and municipalities directly under the Central government in China over the period from 2005 to 2018, this article investigates the impact of urban–rural income gap on economic growth under the background of urbanization. This article employs a threshold panel regression model that allows for urbanization-level thresholds and find strong evidence of the second half of the n-shaped relationship between urban–rural income gap and economic growth in our sample. Then, this article concludes the theoretical hypothesis that there is an N-shaped relationship between the urban–rural income gap and economic growth in the process of urbanization.
Journal: Applied Economics Letters
Pages: 2170-2173
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2094874
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2094874
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# input file: RAEL_A_2096856_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yujuan Zhang
Author-X-Name-First: Yujuan
Author-X-Name-Last: Zhang
Author-Name: Xuan Ling
Author-X-Name-First: Xuan
Author-X-Name-Last: Ling
Title: Does the development of digital finance have environmental governance effect? – empirical evidence from China
Abstract: 
 Based on panel data of 285 cities in China, we carry out an empirical test for the impact of digital finance development on urban environmental governance with a fixed-effects model. The results show that digital finance can significantly reduce urban pollutant emissions, suggesting a positive environmental governance effect. After using an instrumental variable and a lagged response variable to test the robustness of the results, the conclusion still holds. Through further analysis, we find that for cities in the central and western regions and cities with a higher degree of green finance development, the environmental governance effect of digital finance is more significant. This paper enriches research on the economic consequences of digital finance and provides empirical evidence for the positive environmental effect of digital finance.
Journal: Applied Economics Letters
Pages: 2276-2281
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2096856
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2096856
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# input file: RAEL_A_2094319_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Nobuya Fukugawa
Author-X-Name-First: Nobuya
Author-X-Name-Last: Fukugawa
Title: Effects of the quality of science and innovation on venture financing: evidence from university spinoffs in Japan
Abstract: 
 University spinoffs build on strong science, which renders them a significant source of radical innovation. Radical innovation entails uncertainty as there is no market to target, which calls for individuals and organizations that bridge the gap between embryonic inventions and opportunity yet to exist. Recognizing that the commercial success of university spinoffs hinges on the entrepreneurial ecosystems they are embedded in, this study establishes an unbalanced panel (2015–2020) to analyse interrelationships among the key factors in the university spinoff ecosystem: science, innovation, and venture financing. Estimation results reveal that, first, the quality of science increases the probability of university spinoffs acquiring risk money from venture capitalists and business angels. Second, the quality of innovation has a positive effect on venture capital funding. Third, venture capital funding positively affects sales growth of university spinoffs, which corroborates the coach function of entrepreneurial intermediaries that offer startups hands-on support.
Journal: Applied Economics Letters
Pages: 2129-2135
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2094319
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2094319
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# input file: RAEL_A_2094877_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Kuang-Liang Chang
Author-X-Name-First: Kuang-Liang
Author-X-Name-Last: Chang
Author-Name: Chingnun Lee
Author-X-Name-First: Chingnun
Author-X-Name-Last: Lee
Author-Name: Chi-Wei He
Author-X-Name-First: Chi-Wei
Author-X-Name-Last: He
Title: Four types of tail dependence structures between U.S. dollar index and S&P 500 stock returns:1990-2019
Abstract: 
 This research investigates four tail relationships between the U.S. dollar and S&P 500 returns by a dynamic mixture copula model with a link between the dependence structure and dependence intensity. The empirical results find that four tail relationships are evident and time-varying. Regarding the negative dependence, the tail relationship is prominently stronger in the situation where the U.S. dollar depreciates and the stock index increases than in the situation where the U.S. dollar appreciates and the stock index declines. Regarding the positive dependence, the situation of two returns increase occurs slightly more frequently than the situation of two returns decrease.
Journal: Applied Economics Letters
Pages: 2189-2194
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2094877
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2094877
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# input file: RAEL_A_2096850_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Chaohua Cai
Author-X-Name-First: Chaohua
Author-X-Name-Last: Cai
Author-Name: Qinying He
Author-X-Name-First: Qinying
Author-X-Name-Last: He
Author-Name: Jeffrey Alwang
Author-X-Name-First: Jeffrey
Author-X-Name-Last: Alwang
Title: An inverted ‘U-shaped’ pattern: the residence distance of adult children and the mental health of elderly in rural China
Abstract: 
 Using data from three waves of the China Health and Retirement Longitudinal Study, this study identifies a causal effect of the distance adult children reside from their parents on the mental health of the rural elderly. We use panel correlated random effect methods with instrumental variables to address potential confounding effects of reverse causality and unobserved omitted variables. We find that the impact of the distance adult children live from their parents on parental mental health exhibits an inverted ‘U-shaped’ pattern that first increases (good) and then slowly decreases (poor). 80 kilometers is a threshold of residence distance for the mental health of the rural elderly. Further analysis finds that the effect of the residence distance on the mental health of rural elderly has statistically significant differences by gender of the elderly.
Journal: Applied Economics Letters
Pages: 2237-2244
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2096850
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2096850
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# input file: RAEL_A_2099791_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Georg Stadtmann
Author-X-Name-First: Georg
Author-X-Name-Last: Stadtmann
Author-Name: Aynur Dilan Tosun
Author-X-Name-First: Aynur Dilan
Author-X-Name-Last: Tosun
Author-Name: Christian Pierdzioch
Author-X-Name-First: Christian
Author-X-Name-Last: Pierdzioch
Title: Are female skins sold at a lower price? Evidence from the Fortnite game
Abstract: 
 Much significant research has been done to shed light on discrimination of females in, for example, labour markets. Less is known, in contrast, about the amount of discrimination in the virtual world of online gaming. In an early study, Castronova (2004), using data for the EverQuest game, finds that female avatars receive about 10% lower prices in online auctions. In this research note, we re-examine the pricing of avatars using data for the Fortnite game and find small and statistically insignificant price difference between female and male avatars.
Journal: Applied Economics Letters
Pages: 2282-2287
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2099791
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2099791
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# input file: RAEL_A_2095336_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Seiwoong Hong
Author-X-Name-First: Seiwoong
Author-X-Name-Last: Hong
Author-Name: Wonkyun Kim
Author-X-Name-First: Wonkyun
Author-X-Name-Last: Kim
Author-Name: Junyong Lee
Author-X-Name-First: Junyong
Author-X-Name-Last: Lee
Author-Name: Frederick Dongchuhl Oh
Author-X-Name-First: Frederick Dongchuhl
Author-X-Name-Last: Oh
Title: Credit ratings and corporate risk-taking behavior: evidence from Korea
Abstract: 
 We study the period following the 1997 Asian financial crisis to show that the credit rating downgrades affect corporate risk-taking behaviour. We treat the crisis as an exogenous shock that led to improvements in the informativeness of Korea’s credit rating system, and we determine that firms that have experienced credit rating downgrades reduce their risk-taking following the crisis. However, we show that this impact is less pronounced for chaebol-affiliated firms. Furthermore, we present chaebol firms’ characteristics that mitigate the negative impact of credit rating downgrades on their risk-taking behaviour – high net internal capital flow and large ownership concentration. (JEL G24, G32)
Journal: Applied Economics Letters
Pages: 2200-2207
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2095336
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# input file: RAEL_A_2096851_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Myeong Jun Kim
Author-X-Name-First: Myeong Jun
Author-X-Name-Last: Kim
Author-Name: Sung Y. Park
Author-X-Name-First: Sung Y.
Author-X-Name-Last: Park
Title: Testing for market efficiency in cryptocurrencies: evidence from a non-linear conditional quantile framework
Abstract: 
 This study tests for the weak-form market efficiency of 15 cryptocurrency prices. The conventional unit root tests and stationary test results reveal that most cryptocurrency markets are efficient markets. However, the non-linear quantile unit root test proposed by Li and Park (2018) rejects the unit root null hypothesis over the whole quantile level. To derive more informative ideas, we split the whole quantile interval to several sub-intervals and find asymmetric behaviour of the market efficiency across the lower and upper sub-intervals in several cryptocurrency markets. Moreover, non-linear quantile unit root tests for Chainlink, Bitcoin Cash, Binance Coin, EOS, Tron, and Stellar indicate that markets for these cryptocurrencies are efficient at the upper sub-intervals.
Journal: Applied Economics Letters
Pages: 2245-2251
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2096851
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2096851
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# input file: RAEL_A_2095337_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Zeina Alsalman
Author-X-Name-First: Zeina
Author-X-Name-Last: Alsalman
Title: Oil price shocks and U.S. unemployment rate: a robustness check
Abstract: 
 This study investigates the sensitivity of the responses of the real price of oil and the U.S. unemployment rate to several real economic activity (REA) measures proposed in the literature. It then estimates the responses of the above macroeconomic variables to a set of alternative exogenous oil supply shock series driven by different modelling strategies. While the results are qualitatively robust across the REA measures, they are sensitive to the exogenous oil supply shock series selected.
Journal: Applied Economics Letters
Pages: 2208-2215
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2095337
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# input file: RAEL_A_2094870_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Carla Blázquez-Fernández
Author-X-Name-First: Carla
Author-X-Name-Last: Blázquez-Fernández
Author-Name: David Cantarero-Prieto
Author-X-Name-First: David
Author-X-Name-Last: Cantarero-Prieto
Title: Do we get fat because of air pollution? A new socio-economic approach
Abstract: 
 Air pollution and obesity are two of the main challenges that need to be addressed in developed countries. This paper analyses the relationship between obesity/overweight rates and outdoor (ambient) air quality in Spain. The results confirm, through logistic regressions, that the typical profile of an obese/overweight person is that of an older man. Air pollution does not have a clear negative effect on obesity/overweight for our sample selection (OR: 0.99; N = 23,089, men and women aged 15 and over). Similarly, there does not appear to be an urban pollution/obesity pattern. However, we find a detrimental effect for the group of elderly people, perhaps linked to a negative exposure duration effect (OR: 1.11; for those aged ≥55 years, N = 10,932). In our study we argue that public policies should address lifestyles and at the same time reduce specific air pollutants to enhance population health and wellbeing.
Journal: Applied Economics Letters
Pages: 2156-2160
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2094870
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# input file: RAEL_A_2094872_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jiafeng Gu
Author-X-Name-First: Jiafeng
Author-X-Name-Last: Gu
Title: How commercializing academic patents promote economic growth: mediating effect and spatial spill over
Abstract: 
 Governmental investment in commercializing academic patents has spurred economic growth. This study explores the mechanism underlying the impact of academic patent commercialization on regional economic development based on holistic view of the integration of local and neighbourhood hierarchies. The empirical analysis of a sample of 31 Chinese provinces from 2010 to 2019 shows that fiscal expenditures on science and technology mediate the relationship between academic patent commercialization and economic development. Moreover, there is a positive spatial spill over effect between developing economies of neighbouring provinces. In the knowledge economy era, academic patent commercialization, supported by fiscal expenditure, plays an increasingly important role in regional economic growth.
Journal: Applied Economics Letters
Pages: 2165-2169
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2094872
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# input file: RAEL_A_2094876_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Monica Violeta Achim
Author-X-Name-First: Monica Violeta
Author-X-Name-Last: Achim
Author-Name: Nawazish Mirza
Author-X-Name-First: Nawazish
Author-X-Name-Last: Mirza
Author-Name: Viorela Ligia Văidean
Author-X-Name-First: Viorela Ligia
Author-X-Name-Last: Văidean
Title: The asymmetric impact of tax burden structures on the shadow economy: a panel analysis of old and new European Union countries
Abstract: 
 This study tests the asymmetric impact of the tax burden structures under the forms of direct, indirect, and social contributions, upon the shadow economy. For this purpose, a panel dataset analysis of the 27 European Union (EU) Member States is conducted over the 2005–2018 time period. Our study supports the existence of a U-shaped relationship between tax burden and shadow economy only for the case of direct taxes, while for indirect taxes and social contributions, an inverted U-shaped relationship is validated. We also highlight different values of the resilience thresholds for all categories of taxes and contributions among the new EU members compared to the old ones. For direct taxes, the threshold beyond which the level of shadow economy increases is 2.61 times lower for new EU countries than for the old countries. In addition, both for the new and old EU countries, a level of indirect taxes beyond a threshold of 15.04% and 16.52%, respectively, would determine a decrease in the level of the shadow economy. The robustness checks performed using many control variables consolidate our results. Our findings are important for policy-makers to find the level of resilience of various states under different types of tax burden structures.
Journal: Applied Economics Letters
Pages: 2179-2188
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2094876
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2094876
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# input file: RAEL_A_2096853_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Saibal Ghosh
Author-X-Name-First: Saibal
Author-X-Name-Last: Ghosh
Title: Financial inclusion and linguistic diversity
Abstract: 
 The study analyses the relevance of linguistic diversity on financial inclusion in India. The findings show that linguistic polarization leads to a significant decline in bank account ownership and its use. In case of the latter, the impact is much higher on savings than borrowings.
Journal: Applied Economics Letters
Pages: 2259-2263
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2096853
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2096853
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# input file: RAEL_A_2094875_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Hengxu Liu
Author-X-Name-First: Hengxu
Author-X-Name-Last: Liu
Author-Name: Wenxi Zhao
Author-X-Name-First: Wenxi
Author-X-Name-Last: Zhao
Title: The influence of state-owned enterprise reform on enterprise innovation: new evidence from China
Abstract: 
 The leading group of the State-owned Enterprise Reform of the State Council of China launched a three-year Double Hundred Action for state-owned enterprises in 2018. This study empirically examines the effect of the Double Hundred Action from the perspective of innovation investment using a sample of state-owned listed enterprises from 2013 to 2020. The study finds that the Double Hundred Action significantly improves the innovation investment of state-owned listed enterprises. Furthermore, our main results are more pronounced for firms with competitive industries, a low ratio of independent directors, and auditors not belonging to the ‘Big Four’. This study explores the factors influencing corporate innovation from the new perspective of the Double Hundred Action, and also enriches the study of the economic consequences of SOE reforms. This study provides empirical evidence of the positive effects of SOE reforms in emerging markets and has important policy implications for deepening the governance of SOEs.
Journal: Applied Economics Letters
Pages: 2174-2178
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2094875
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2094875
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# input file: RAEL_A_2096848_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jingtao Zhao
Author-X-Name-First: Jingtao
Author-X-Name-Last: Zhao
Author-Name: Kewei Cheng
Author-X-Name-First: Kewei
Author-X-Name-Last: Cheng
Title: Economic growth target management and the quality of economic development: evidences from China
Abstract: 
 By analyzing the data of Chinese industrial firms, we explore the association between governments’ economic growth target management behaviour and the quality of local economic development. We find that the rise of economic growth pressure can decrease the total factor productivity (TFP) of local enterprises and has a negative impact on the quality of local economic development. Besides, the effect of economic growth pressure on local firms’ productivity is more pronounced when firm is stated owned, when firm is located in cities with newly appointed officials, during the period of Communist Party of China National Congress (CPCNC), but would be attenuated if municipal party secretary has achieved a Ph.D. degree. Further mechanism analysis verifies that higher economic growth pressure could demolish the TFP of enterprises by distorting marginal revenue productivity of capital ($$MRPK$$MRPK).
Journal: Applied Economics Letters
Pages: 2224-2229
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2096848
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2096848
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# input file: RAEL_A_2096854_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jinyong Kim
Author-X-Name-First: Jinyong
Author-X-Name-Last: Kim
Author-Name: Yongsik Kim
Author-X-Name-First: Yongsik
Author-X-Name-Last: Kim
Title: Price informativeness: a potential explanation for the idiosyncratic volatility puzzle
Abstract: 
 Price informativeness is the amount of private information incorporated into stock prices and measured by $${R^2}$$R2 from regressions of stock returns on systematic risk factors. While $${R^2}$$R2 is closely related with idiosyncratic volatility, it is not interchangeable because magnitude of systematic volatility simultaneously changes. By controlling for the systematic volatility using the double-sorting portfolio approach, we suggest a potential involvement of price informativeness with the idiosyncratic volatility puzzle. Both cross-sectional evidence of monotonic and inverse relationship between idiosyncratic volatility and $${R^2}$$R2 and time-series evidence of disappearing alphas of the low-minus-high idiosyncratic volatility portfolios during recessions support an explanation of the idiosyncratic volatility puzzle in association with price informativeness.
Journal: Applied Economics Letters
Pages: 2264-2269
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2096854
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2096854
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# input file: RAEL_A_2094321_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Hui-Wen Hsu
Author-X-Name-First: Hui-Wen
Author-X-Name-Last: Hsu
Title: CEO excess compensation: the impact of compensation committee quality and corporate social responsibility
Abstract: 
 This study examines whether compensation committee quality and corporate social responsibility are related to CEO excess compensation. Using a U.S. sample from 2008 to 2013, this study finds that high-quality compensation committees can design compensation arrangements that limit CEOs’ ability to extract excessive compensation. Furthermore, according to this study, CEOs tend to overinvest in corporate social responsibility in order to extract extra compensation.
Journal: Applied Economics Letters
Pages: 2141-2148
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2094321
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2094321
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# input file: RAEL_A_2095335_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Dimitrios Kourouklis
Author-X-Name-First: Dimitrios
Author-X-Name-Last: Kourouklis
Author-Name: Mikel Berdud
Author-X-Name-First: Mikel
Author-X-Name-Last: Berdud
Author-Name: Mireia Jofre-Bonet
Author-X-Name-First: Mireia
Author-X-Name-Last: Jofre-Bonet
Author-Name: Adrian Towse
Author-X-Name-First: Adrian
Author-X-Name-Last: Towse
Title: Alternative funding models for medical innovation: the role of product development partnerships in product innovation for infectious diseases
Abstract: 
 Over the past years, there has been an increasing trend in the number of product development partnerships (PDPs), primarily seeking to discover and produce new products in response to the global health threat posed by infectious diseases. This research exploits public and subscription-based databases to examine PDPs’ attributes and their impact on medical innovation in infectious diseases. We find that i) non-private funding is beneficial in the early stages of drug development by PDPs, ii) specific funder and product types are essential for the success of products developed by PDPs, iii) public sector funding is more common in products with lower chances of being approved, and iv) the lower the scientific advances in a sub-disease area are, the lower the likelihood of a product in that area of succeeding.
Journal: Applied Economics Letters
Pages: 2195-2199
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2095335
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2095335
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# input file: RAEL_A_2096852_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Sang Joon Kim
Author-X-Name-First: Sang Joon
Author-X-Name-Last: Kim
Author-Name: Hohyun Kim
Author-X-Name-First: Hohyun
Author-X-Name-Last: Kim
Title: Corporate risk and greenhouse gas emissions: evidence from Korea
Abstract: 
 Concerns regarding climate changes and greenhouse gas (GHG) emissions have been growing in recent years. Nonetheless, firms are claiming their business burdens in GHG reduction. This study examines whether and how corporate risk is associated with GHG emissions. The previous literature suggests two opposing hypotheses regarding the association. Firms may invest in environmental issues only when firms do not face severe risks in the market. In contrast, environmental efforts could be made strategically to win market competition. By using a firm-level GHG emission dataset in Korea, we find that firm- and market-level risks are positively associated with GHG emissions, supporting the former hypothesis. This result is robust to several measures of corporate risks and GHG emissions. This study provides policy implications related to GHG emissions reduction.
Journal: Applied Economics Letters
Pages: 2252-2258
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2096852
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2096852
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# input file: RAEL_A_2139800_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Chaohai Shen
Author-X-Name-First: Chaohai
Author-X-Name-Last: Shen
Author-Name: Xiaolan Zhou
Author-X-Name-First: Xiaolan
Author-X-Name-Last: Zhou
Title: How does industry association impact micro and small enterprises’ innovation decisions? Evidence from China
Abstract: 
 Innovation is an important recovery strategy for Micro and small Enterprises (SMEs), which are expected to play an important role in the economic recovery and redevelopment in the post-epidemic era. We empirically explore how industry associations impact SMEs’ innovation decisions using China Micro and Small Enterprise Survey data. We find that industry associations’ information sharing support is possibly weakly dominant in promoting SMEs’ innovation decisions in general. The information-sharing support and institutional support are almost equally important for hard product or technical innovation, while industry associations’ information-sharing support weakly dominates institutional support for soft innovation. The most important channel for soft innovation in organization, services, marketing or culture is likely to introduce potential customers. We provide policy suggestions on how to guide industry associations to effectively help SMEs’ innovations.
Journal: Applied Economics Letters
Pages: 2288-2298
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2139800
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# input file: RAEL_A_2094322_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Juerong Huang
Author-X-Name-First: Juerong
Author-X-Name-Last: Huang
Author-Name: Qihui Chen
Author-X-Name-First: Qihui
Author-X-Name-Last: Chen
Title: Should myopic students wear eyeglasses?―A regression-discontinuity analysis
Abstract: 
 Despite the high prevalence of myopia among school-age children in China, many myopic students are reluctant to wear eyeglasses. This study estimates the effects of wearing eyeglasses on myopic students’ academic performance, using data from a large-scale survey of middle-school students, the China Education Panel Survey. Our fuzzy regression discontinuity (RD) design, which exploits the jump in the probability of wearing eyeglasses at the threshold for myopia diagnosis, reveals that wearing eyeglasses improves myopic students’ Chinese and maths test scores by 0.27 and 0.24 standard deviations, respectively.
Journal: Applied Economics Letters
Pages: 2149-2155
Issue: 16
Volume: 30
Year: 2023
Month: 09
X-DOI: 10.1080/13504851.2022.2094322
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2094322
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# input file: RAEL_A_2097173_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Rishav Bista
Author-X-Name-First: Rishav
Author-X-Name-Last: Bista
Author-Name: Monika Islam Khan
Author-X-Name-First: Monika Islam
Author-X-Name-Last: Khan
Title: Financial development and the distribution of trade flows
Abstract: 
 A strong and positive correlation between financial development (FD from hereon) and total aggregate exports across country pairs has been well established. Recent studies also suggest of heterogeneity in trade cost elasticity across country-pairs and across the distribution of trade flows. The average FD–exports relationship, which studies mostly examine, can therefore mask heterogeneous impact of FD across different levels of exports. To examine this possibility, we utilize the methods of moment quantile regression (MMQR), a novel approach proposed by Machado and Santos Silva (2019) in a panel data context with fixed effects. We find that countries that export the least benefit the most from increases in FD. In fact, the positive FD–exports relationship is driven primarily by country-pairs that trade at the median or lower end of the export distribution. Interestingly, the positive association of the FD–exports relationship breaks down for countries that trade at the highest end of the export distribution (90th percentile). Our results reinforce the argument that FD alleviates fixed costs to exports, but more importantly so, for country-pairs that trade the least.
Journal: Applied Economics Letters
Pages: 2370-2376
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2097173
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2097173
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# input file: RAEL_A_2097628_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Xuhui Peng
Author-X-Name-First: Xuhui
Author-X-Name-Last: Peng
Author-Name: Xinjian Cui
Author-X-Name-First: Xinjian
Author-X-Name-Last: Cui
Author-Name: Yunqian Bai
Author-X-Name-First: Yunqian
Author-X-Name-Last: Bai
Author-Name: Yanjing Xu
Author-X-Name-First: Yanjing
Author-X-Name-Last: Xu
Title: Institutional isomorphism pressure and multinational corporations’ environmental and social performance
Abstract: 
 The influence of institutional isomorphism pressure (IIP) on multinational corporations’ (MNCs) environmental and social responsibility has attracted considerable attention from academics. Therefore, this study uses data from MNCs on the 2019 Forbes Global 2000 list to investigate the relationship between IIP (coercive, normative, and mimetic) and MNCs’ environmental and social performance. Our results show that (1) IIP effectively enhances MNCs’ environmental and social performance; (2) compared with other institutional factors, the current coercive-related institutional factors (e.g. regulations) fail to promote environmental performance, and (3) normative related institutional factors (e.g. social norms) do not improve MNCs’ environmental performance in China and Japan. Our study reveals the relationship between IIP and MNCs’ environmental and social performance and provides a more comprehensive description approach of IIP measurement. Moreover, suggestions on enhancing MNCs’ environmental responsibility by strengthening IIP also provide policymakers and MNCs.
Journal: Applied Economics Letters
Pages: 2424-2434
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2097628
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2097628
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# input file: RAEL_A_2097178_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Ruonan Cheng
Author-X-Name-First: Ruonan
Author-X-Name-Last: Cheng
Author-Name: Chun-Yu Ho
Author-X-Name-First: Chun-Yu
Author-X-Name-Last: Ho
Author-Name: Shaoqing Huang
Author-X-Name-First: Shaoqing
Author-X-Name-Last: Huang
Title: Digitalization and firm performance: channels and heterogeneities
Abstract: 
 In this paper we develop a text-based measure of digitalization using firms’ annual reports with which we examine the effects of digitalization on firm performance using a dataset covering manufacturing and service firms. Our findings show that digitalization increases profitability in manufacturing firms by improving the efficiency of asset utilization to generate sales, yet it has no significant effects on overall profitability in service firms. It is because, on the one hand, digitalization improves asset utilization in these service firms while, on the other hand, cutting into their profits from sales. We also find evidence suggesting that digitalization enhances performance more for firms operating in highly competitive industries, smaller firms and firms with fewer skilled workers. Finally, our main results are robust to the use of instrumental variable estimation, the inclusion of R&D expenses or spatial autocorrelation term as a confounder, the use of mediating model, and the use of alternative fixed effects.
Journal: Applied Economics Letters
Pages: 2401-2406
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2097178
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2097178
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# input file: RAEL_A_2097627_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jason Beck
Author-X-Name-First: Jason
Author-X-Name-Last: Beck
Title: The effect of health insurance status on treatment intensity in heart attack patients: an IV approach
Abstract: 
 The purpose of this exercise is to determine if patients suffering from heart attacks receive different levels of treatment intensity based on insurance status, accounting for possible endogeneity between insurance status and treatment intensity. This possible endogeneity is addressed through an instrumental variables approach and results suggest that insurance status is not as impactful on treatment intensity once endogeneity is accounted for.
Journal: Applied Economics Letters
Pages: 2420-2423
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2097627
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2097627
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# input file: RAEL_A_2098233_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Hang (Robin) Luo
Author-X-Name-First: Hang (Robin)
Author-X-Name-Last: Luo
Author-Name: Dawei Yan
Author-X-Name-First: Dawei
Author-X-Name-Last: Yan
Title: Impact of price and regional factors on the word-of-mouth in the food delivery sector
Abstract: 
 This paper investigates price and regional effects on the word-of-mouth (WOM) valence and sales in the food delivery sector. Using 56,939 food delivery merchants’ data from a food delivery giant in China, our results show that the impact of price on WOM valence is significantly positive, while the regional effect is negative. And the price effect varies according to consumers’ preferences. Price threshold is determined as 53 Yuan and 100 Yuan to examine the impact on valence and sales, respectively. This suggests that in the food delivery sector, price and regional factors have different effects on merchants’ WOM valence and sales.
Journal: Applied Economics Letters
Pages: 2469-2472
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2098233
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2098233
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# input file: RAEL_A_2178617_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jianhong Fan
Author-X-Name-First: Jianhong
Author-X-Name-Last: Fan
Author-Name: Huichao Wu
Author-X-Name-First: Huichao
Author-X-Name-Last: Wu
Author-Name: Jing Ma
Author-X-Name-First: Jing
Author-X-Name-Last: Ma
Title: The impact of institutional difference on scientific collaboration: Empirical evidence from six provinces in central China
Abstract: 
 Based on dividing institutional difference into formal institutional difference and informal institutional difference, this study explores the impact of institutional difference on scientific collaboration of six provinces in central China and analyses the moderating effect of provincial innovation environment and provincial research and development capacity using panel data from 2010 to 2019. The study finds that both formal institutional difference and informal institutional difference negatively affect scientific collaboration of six provinces in central China. Moreover, provincial innovation environment and provincial research and development capacity moderate the relationship between institutional difference and scientific collaboration of six provinces in central China. That is, in the context of good provincial innovation environment or high research and development capacity, the negative impact of institutional difference on scientific collaboration of six provinces in central China is stronger.
Journal: Applied Economics Letters
Pages: 2488-2493
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2023.2178617
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2178617
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# input file: RAEL_A_2097165_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Khine Kyaw
Author-X-Name-First: Khine
Author-X-Name-Last: Kyaw
Author-Name: Mojisola Olugbode
Author-X-Name-First: Mojisola
Author-X-Name-Last: Olugbode
Author-Name: Barbara Petracci
Author-X-Name-First: Barbara
Author-X-Name-Last: Petracci
Title: Investors’ reaction under uncertainty
Abstract: 
 This study investigates investors’ reaction to good/bad earnings news when faced with market- and industry-wide uncertainties. Our results provide little support for the discount rate explanation that investors’ reaction to good news is dampened during high market volatility. However, the results strongly support the learning hypothesis that earnings news provides value-relevant information for investors during periods of high-market volatility, but that investors cannot learn as much from earnings news under industry-wide uncertainty. These findings also support the conservation hypothesis that investors react more strongly to bad earnings news when faced with market-wide uncertainty.
Journal: Applied Economics Letters
Pages: 2332-2336
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2097165
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2097165
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# input file: RAEL_A_2097636_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Xiaohua Lu
Author-X-Name-First: Xiaohua
Author-X-Name-Last: Lu
Author-Name: Yonghong Hu
Author-X-Name-First: Yonghong
Author-X-Name-Last: Hu
Title: Generalized disappointment aversion and the cross-section of stock returns
Abstract: 
 Based on Epstein and Zin’s recursive utility function, this paper integrates generalized disappointment aversion preferences to derive an intertemporal equilibrium asset pricing model (ICAPM). We show that in addition to discount-rate news, cash-flow news, and news about future risk, four factors related to disappointment are priced. These four factors are a downstate factor, discount-rate downside news, cash-flow downside news, and downside news about future risk. We find that our seven-factor model can explain the cross-section of expected returns across portfolios sorted by size, book-to-market, investment, operating profitability, and momentum. Both the seven-beta ICAPM and the restricted seven-beta ICAPM suggest that disappointment-averse investors are more sensitive to cash-flow news and cash-flow downside news than other news terms and therefore demand higher premiums. Our results show that the seven-beta ICAPM has better performance for most portfolios and provides empirical support for investors’ asymmetric preferences.
Journal: Applied Economics Letters
Pages: 2455-2463
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2097636
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2097636
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# input file: RAEL_A_2097169_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Bastien Dufau
Author-X-Name-First: Bastien
Author-X-Name-Last: Dufau
Author-Name: Mickael Terrien
Author-X-Name-First: Mickael
Author-X-Name-Last: Terrien
Author-Name: Yann Carin
Author-X-Name-First: Yann
Author-X-Name-Last: Carin
Author-Name: Wladimir Andreff
Author-X-Name-First: Wladimir
Author-X-Name-Last: Andreff
Title: French amateur football clubs’ finance and revenue volatility: the determinants of demand shocks
Abstract: 
 The article addresses financial troubles in French amateur football clubs and their origins. Previous literature has demonstrated that – in particular in French football – club bankruptcies are triggered by demand shocks. The present research intends highlighting the determinants of demand shocks on those clubs playing French amateur football top two tiers with a longitudinal analysis (2009/2010-2019/2020). Various exogenous elements that influence club demand (i.e. revenues) are taken on board, namely, macroeconomic variables, such as the variation of GDP growth rate between two football seasons, a dummy for the Covid-19 sanitary crisis, and a sport dummy for the effect of the French national team winning the 2018 male football World Cup. The latter is used to check a potential trickle-down effect on amateur elite football. None of these variables do explain demand shocks except if the heterogeneity of clubs’ economic models is taken into account. The determinants of shock demands appear to be clubs’ strategic orientations (towards win maximization vs. a stable economic organization).
Journal: Applied Economics Letters
Pages: 2355-2359
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2097169
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2097169
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# input file: RAEL_A_2098232_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yanan Chen
Author-X-Name-First: Yanan
Author-X-Name-Last: Chen
Author-Name: Kyle A. Kelly
Author-X-Name-First: Kyle A.
Author-X-Name-Last: Kelly
Title: Explaining the gender difference in college attendance
Abstract: 
 This paper explains why college attendance increased faster for women than for men in the United States by examining the effect of expected lifetime work hours on college attendance. Using U.S. census data 1950–2000 and the American Community Survey 2010, we show that expected lifetime work hours has a significant effect on college attendance for both men and women, with a larger effect for women than for men. A larger gender difference in expected lifetime work hours leads to a larger gender difference in college attendance.
Journal: Applied Economics Letters
Pages: 2464-2468
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2098232
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2098232
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# input file: RAEL_A_2097630_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Sitong Yang
Author-X-Name-First: Sitong
Author-X-Name-Last: Yang
Author-Name: Shouwei Li
Author-X-Name-First: Shouwei
Author-X-Name-Last: Li
Author-Name: Zhilei Pan
Author-X-Name-First: Zhilei
Author-X-Name-Last: Pan
Title: Climate transition risk of financial institutions: measurement and response
Abstract: 
 Climate risk significantly impacts financial institutions’ stability, and it is critical to quantify the climate risk of financial institutions. This paper proposes a climate transition risk measure for Chinese financial institutions from the perspective of credit assets and carbon emissions. Based on panel data of 30 regions from 2011 to 2018, we use the system GMM model to assess the response of financial institutions to climate transition risk. We find that the climate transition risk for Chinese financial institutions shows steady growth over the sample period. Second, there is significant regional heterogeneity in climate transition risk, with high levels in the eastern regions and low levels in the central-western regions. Third, Chinese financial institutions have not generally responded positively to climate transition risk, but the eastern regions’ financial institutions responded positively. In addition, the green credit policy does not positively affect the response of financial institutions to climate transition risk. Therefore, the decision-making framework of financial institutions should fully incorporate the increasing effects of climate transition risk, consider regional heterogeneity, rely on green policy, and strengthen the assessment and monitoring of the climate action progress to optimize the climate risk management strategy of financial institutions.
Journal: Applied Economics Letters
Pages: 2439-2449
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2097630
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2097630
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# input file: RAEL_A_2097176_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jennifer T. Lai
Author-X-Name-First: Jennifer T.
Author-X-Name-Last: Lai
Author-Name: Dongxiao Zheng
Author-X-Name-First: Dongxiao
Author-X-Name-Last: Zheng
Author-Name: Jinxing Zhang
Author-X-Name-First: Jinxing
Author-X-Name-Last: Zhang
Title: The effect of industrial robots’ adoption on urban income inequality in China
Abstract: 
 This paper empirically investigates the effect of the utilization of industrial robots on income inequality in urban China. By employing the data of imports of industrial robots and income inequality at the city level in China, we find that the adoption of robots has a positive effect on urban income inequality. This positive effect remains robust when we use instrumental variable estimation to tackle the potential endogeneity problem. In addition, this positive effect is more salient in cities with below average national income per capita. The results have important policy implications for achieving common prosperity in China.
Journal: Applied Economics Letters
Pages: 2388-2395
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2097176
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2097176
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# input file: RAEL_A_2096858_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Leandro Elia
Author-X-Name-First: Leandro
Author-X-Name-Last: Elia
Author-Name: Fabio Fiorillo
Author-X-Name-First: Fabio
Author-X-Name-Last: Fiorillo
Author-Name: Elvina Merkaj
Author-X-Name-First: Elvina
Author-X-Name-Last: Merkaj
Author-Name: Antonio Palestrini
Author-X-Name-First: Antonio
Author-X-Name-Last: Palestrini
Title: Income expectations during the lockdown: evidence from a student survey
Abstract: 
 We investigate the effect of the COVID-19 pandemic on students’ perception of future economic conditions. Our results show that students’ perception of the current situation is a strong predictor of future expectations. Moreover, students whose parents are self-employed seem to be more concerned about the future. We also detect that an increase in anxiety due to the pandemic and lockdown leads to negative expectations. We find that students seem to anticipate the long run effects of the pandemic by having increasingly pessimistic expectations about the future. This appears to be in line with both rational expectation theory, in which they consider the current situation as a signal for long-run decrease of future expectations, and at the same time, with adaptive expectation schemes anchored by their knowledge on historical pandemic situations.
Journal: Applied Economics Letters
Pages: 2315-2319
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2096858
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2096858
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# input file: RAEL_A_2097166_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Angela-Maria Filip
Author-X-Name-First: Angela-Maria
Author-X-Name-Last: Filip
Author-Name: Balint Zsolt Nagy
Author-X-Name-First: Balint Zsolt
Author-X-Name-Last: Nagy
Title: Measuring The Myopic Loss Aversion Premium: An Experimental Approach
Abstract: 
 This paper proposes new methods to assess the myopic loss aversion premium (the expected return-differential) based on an experimental design by eliciting both willingness-to-pay and allocation percentage figures and also by inferring and comparing absolute risk aversion coefficients. Our results indicate a high level of loss aversion and support the existence of the myopic loss aversion bias.
Journal: Applied Economics Letters
Pages: 2337-2341
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2097166
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2097166
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# input file: RAEL_A_2097626_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Gudrun Svavarsdottir
Author-X-Name-First: Gudrun
Author-X-Name-Last: Svavarsdottir
Author-Name: Tinna Laufey Asgeirsdottir
Author-X-Name-First: Tinna Laufey
Author-X-Name-Last: Asgeirsdottir
Title: The relationship between perceived economic standing and happiness
Abstract: 
 We examine the importance of perception in the relationship between income and happiness. Using Icelandic data, we show that people’s perception of their economic standing is more telling of their happiness than their actual income. We find a stronger association between happiness and a negative perception of one’s economic standing than happiness and a positive perception.
Journal: Applied Economics Letters
Pages: 2413-2419
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2097626
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2097626
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# input file: RAEL_A_2098235_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: SeungOh Han
Author-X-Name-First: SeungOh
Author-X-Name-Last: Han
Title: Is liquidity risk priced in cryptocurrency markets?
Abstract: 
 This paper investigates the pricing of liquidity risk in the cross-section of cryptocurrencies from January 2017 to December 2020. The cryptocurrencies with high liquidity risk (beta) earned a risk-adjusted return of 4.4% higher weekly than those with low liquidity risk after controlling for the market, size, and reversal factors. Furthermore, the positive relation between expected cryptocurrency returns and liquidity risk is robust when I use cross-sectional regression tests for individual cryptocurrencies and alternative liquidity measures. The results suggest that liquidity risk is an important determinant of expected cryptocurrency returns.
Journal: Applied Economics Letters
Pages: 2481-2487
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2098235
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2098235
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# input file: RAEL_A_2096857_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Kei Hosoya
Author-X-Name-First: Kei
Author-X-Name-Last: Hosoya
Author-Name: Hiroaki Masuhara
Author-X-Name-First: Hiroaki
Author-X-Name-Last: Masuhara
Title: Stringent regulatory policies for COVID-19 and economic rationality
Abstract: 
 In this paper, we present an investigation of the effectiveness of the G7 countries’ COVID-19 responses as assessed by the stringency index and provide insights for the future. By observing trends in people’s mobility, a factor affected by stringency, we can find some interesting features in the course of the pandemic. Specifically, as the period of infection control measures is prolonged, there are indications that the effectiveness of such policies may diminish unless they are consistent with economic rationality. Furthermore, even when considering only developed countries, the situation in Japan is found to be unique.
Journal: Applied Economics Letters
Pages: 2307-2314
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2096857
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2096857
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# input file: RAEL_A_2096859_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Gaurav Gairola
Author-X-Name-First: Gaurav
Author-X-Name-Last: Gairola
Author-Name: Kushankur Dey
Author-X-Name-First: Kushankur
Author-X-Name-Last: Dey
Title: Price discovery and risk management in asset class: a bibliometric analysis and research agenda
Abstract: 
 This paper presents a bibliometric review of 2,391 publications on price discovery and hedging in financial assets and commodities. The discipline-wise contribution of publications and journal distribution based on the frequency of relevant research articles are reported. Five overarching themes have emerged from the content analysis, namely: (1) price discovery, (2) hedging in commodities, financial assets, and cryptocurrency, (3) market interconnectedness and volatility spillover, (4) market microstructure in pre- and post-financial crisis, and (5) asset allocation, diversification, and portfolio management. We propose three future research streams, namely predictability in uncertainty, short-term portfolio adjustment, and dynamic trading strategies, with nine research questions that can help investors and stock/commodity exchanges in an active portfolio and derivative contract management.
Journal: Applied Economics Letters
Pages: 2320-2331
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2096859
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2096859
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# input file: RAEL_A_2097171_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Carlos Galnares
Author-X-Name-First: Carlos
Author-X-Name-Last: Galnares
Author-Name: Alfonso Carlos Martínez-Estudillo
Author-X-Name-First: Alfonso Carlos
Author-X-Name-Last: Martínez-Estudillo
Author-Name: Mariano Carbonero-Ruz
Author-X-Name-First: Mariano
Author-X-Name-Last: Carbonero-Ruz
Author-Name: Pilar Campoy-Muñoz
Author-X-Name-First: Pilar
Author-X-Name-Last: Campoy-Muñoz
Title: Revisiting the determinants of sovereign debt ratings in Europe through artificial intelligence techniques
Abstract: 
 In papers using artificial intelligence (AI) techniques, little attention has been paid to the determinants of sovereign debt ratings. We propose a reduced set of variables regarding the economic performance of a country that are consistent with the idea of debt sustainability. The robustness of this set is supported by the results obtained with different well-known AI techniques using data from EU-15 countries during the 2002–2017 period as the experimental setting. The variables are publicly available, allowing a quick and reliable assessment of the creditworthiness of a sovereign and providing useful information for decision-makers and investors.
Journal: Applied Economics Letters
Pages: 2360-2363
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2097171
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2097171
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# input file: RAEL_A_2097631_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yifei Cai
Author-X-Name-First: Yifei
Author-X-Name-Last: Cai
Author-Name: Tsangyao Chang
Author-X-Name-First: Tsangyao
Author-X-Name-Last: Chang
Title: On the convergence of metals price – a series of Fourier DF unit root tests
Abstract: 
 We examine unit root hypothesis of industrial and precious metal prices through a battery of Fourier Dicky-Fuller unit root tests. By allowing double and fractional frequencies in trig functions, we find that 8 out of 10 metal prices are trend stationary. Policy implications are signified at last.
Journal: Applied Economics Letters
Pages: 2450-2454
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2097631
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2097631
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# input file: RAEL_A_2097180_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Wu-Po Liu
Author-X-Name-First: Wu-Po
Author-X-Name-Last: Liu
Author-Name: Mengyu Ma
Author-X-Name-First: Mengyu
Author-X-Name-Last: Ma
Title: Economic consequences of tax director departure
Abstract: 
 This study investigates the economic consequences of the departure of a tax director. In addition, we examine whether the market reactions to such a departure are associated with the director’s gender. Using a sample of 471 U.S. firms, we find positive market reactions to the announcement of tax director departures. Our results further show lower cumulative abnormal returns for female tax directors than for male tax directors. Our findings suggest that the market values tax directors’ departure and gender. Our study has implications for practitioners in terms of the selection of tax directors.
Journal: Applied Economics Letters
Pages: 2407-2412
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2097180
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2097180
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# input file: RAEL_A_2097175_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Gianni Carvelli
Author-X-Name-First: Gianni
Author-X-Name-Last: Carvelli
Title: Do the components of government expenditure affect the long-run dynamics of private investments? A heterogeneous panel analysis with a multifactor error structure
Abstract: 
 Using data on 30 OECD countries over 1993–2019, this paper examines the ties between the components of government expenditure and the supply side of the private sector. We employ an ECM version of the novel dynamic common correlated effects estimator (DCCE) in order to account for nonstationarity, country-heterogeneity, and cross-sectional dependence. The estimates suggest that allocating public resources toward general public services and health positively affects the long-run dynamics of private investments. Conversely, rises in the expenditure on housing and social protection are associated with significant crowding-out effects.
Journal: Applied Economics Letters
Pages: 2382-2387
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2097175
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2097175
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# input file: RAEL_A_2097167_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Seojin Lee
Author-X-Name-First: Seojin
Author-X-Name-Last: Lee
Author-Name: Young Min Kim
Author-X-Name-First: Young Min
Author-X-Name-Last: Kim
Title: Volatility spillovers across financial markets: the role of oil price uncertainty
Abstract: 
 This paper analyzes the state-dependent volatility transmission mechanism between oil, stock, dollar, and bond prices to further examine the role of oil price uncertainty in financial markets. To this end, we extend the Diebold and Yilmaz (2014) spillover framework by incorporating a Markov-switching model and a Bayesian MCMC algorithm. We find that oil prices spills the highest degree of volatility to other markets during crises. The interdependence between the stock and oil markets is solid and stable, regardless of the regime shift. In contrast, the effect of oil price uncertainty on the foreign exchange or bond market during crises is double that during non-crisis periods. This suggests that oil price is closely related to other asset classes and reinforces its role as a risk transmitter during a crisis.
Journal: Applied Economics Letters
Pages: 2342-2347
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2097167
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2097167
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# input file: RAEL_A_2098234_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Julián P. Díaz
Author-X-Name-First: Julián P.
Author-X-Name-Last: Díaz
Author-Name: Juan Francisco Rumbea Pavisic
Author-X-Name-First: Juan Francisco
Author-X-Name-Last: Rumbea Pavisic
Title: The determinants of interest rate spreads in dollarized economies
Abstract: 
 Twenty years after dollarizing, interest rate spreads remain considerably high in El Salvador and even higher in Ecuador, despite decreased deposit rates. Using panels covering the 2005–2019 period, we explore the determinants of interest rate spreads in these two dollarized countries. We find that bank-specific characteristics, such as market share and liquidity, play a significant role at accounting for the differences in spreads. Dollarization is also expected to promote the entry of international banks due to the elimination of depreciation risk. We find that the low degree of foreign bank participation in Ecuador also contributes to explaining spread differences. These findings point out to complementary reforms to extract the full benefits of dollarization.
Journal: Applied Economics Letters
Pages: 2473-2480
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2098234
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2098234
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# input file: RAEL_A_2097172_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Julián Andrada-Félix
Author-X-Name-First: Julián
Author-X-Name-Last: Andrada-Félix
Author-Name: Fernando Fernández-Rodríguez
Author-X-Name-First: Fernando
Author-X-Name-Last: Fernández-Rodríguez
Author-Name: Simón Sosvilla-Rivero
Author-X-Name-First: Simón
Author-X-Name-Last: Sosvilla-Rivero
Title: Financial market analogies of the COVID-19 pandemic: evidence from the Dow Jones Industrial Average Index
Abstract: 
 This article tries to shed light on the historical analogies of the ongoing COVID-19 pandemic. To that end, we compare the sample distribution of Dow Jones Industrial Average Index returns for a 420-day period (from 2 January 2020 to 31 August 2021), with all historical sample distributions of returns computed using a moving window of 420 days in the 2 January 1900 to 1 May 2018 period. We find that the stock market return distribution during the pandemic would be similar to several past sub-periods of severe financial crises that evolved into intense recessions, being the sub-sample from 3 June 1986 to 28 January 1988 the most analogous episode to the present situation. Furthermore, we also identify a period from 23 June 1931 to 24 February 1933 where the severity of the crisis overcomes the pandemic situation having sharper tail events. Finally, we find that the current stock market CVaR risk is not higher than that observed during the 1930s.
Journal: Applied Economics Letters
Pages: 2364-2369
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2097172
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2097172
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# input file: RAEL_A_2097629_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yiding Han
Author-X-Name-First: Yiding
Author-X-Name-Last: Han
Author-Name: Ning Fu
Author-X-Name-First: Ning
Author-X-Name-Last: Fu
Title: Cluster commercial credit, financing constraint, and firm innovation
Abstract: 
 This paper attempts to explain the continuous growth of firm innovation of Chinese enterprises from a new perspective of cluster commercial credit. Using data from the China Industrial Enterprise Database, this paper finds that cluster commercial credit can promote firm innovation by relaxing financing constraints, and this result is very robust and does not vary with the estimated model. The mechanism is further validated by the analysis after dividing the subsample according to ownership structure. This paper shows that although the capital market is not yet developed in China, firms can use cluster commercial credit to obtain financing for innovation.
Journal: Applied Economics Letters
Pages: 2435-2438
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2097629
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2097629
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# input file: RAEL_A_2097174_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Artyom Jelnov
Author-X-Name-First: Artyom
Author-X-Name-Last: Jelnov
Title: ‘A plague on both your houses’: why to preserve your rival reputation
Abstract: 
 Two firms produce a product that can be of high or low quality, which is not known to customers. One of the firms accuses another that it produces a low-quality product, while this information (or rumour) can be either true or not. Consumers believe rumours with some probability, but if they believe, they may also conclude that general quality in the market is low. I show that, as long as both firms stay in the market, the firm that spreads rumours is worse off relative to the case without rumours. Surprisingly, this holds even if consumers believe that this firm produces a high-quality product with certainty.
Journal: Applied Economics Letters
Pages: 2377-2381
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2097174
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2097174
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# input file: RAEL_A_2097168_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jianxun Shi
Author-X-Name-First: Jianxun
Author-X-Name-Last: Shi
Author-Name: Ling Xu
Author-X-Name-First: Ling
Author-X-Name-Last: Xu
Author-Name: Jing Yang
Author-X-Name-First: Jing
Author-X-Name-Last: Yang
Title: Economic globalization and fiscal performance
Abstract: 
 This study attempts to assess the heterogeneous impact of economic globalization on fiscal performance in 77 countries over the period 1995–2017. We find that for high-income countries, trade globalization will increase their government expenditure, but financial globalization is conducive to increasing their revenue. For low-income countries, economic globalization will help to save their government expenditure, thereby improving their fiscal performance. For emerging countries, while economic globalization increases both government expenditure and revenue, the combined effect is not conducive to their good fiscal performance.
Journal: Applied Economics Letters
Pages: 2348-2354
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2097168
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2097168
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# input file: RAEL_A_2097177_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Kai Zhao
Author-X-Name-First: Kai
Author-X-Name-Last: Zhao
Author-Name: Bintong Yu
Author-X-Name-First: Bintong
Author-X-Name-Last: Yu
Author-Name: Hui Du
Author-X-Name-First: Hui
Author-X-Name-Last: Du
Author-Name: Yu Zhang
Author-X-Name-First: Yu
Author-X-Name-Last: Zhang
Title: Will air pollution affect entrepreneurial activity? Evidence from China
Abstract: 
 This is the first study to examine the empirical evidence on the effect of air pollution on entrepreneurial activity, which fills the research gaps in the relevant literature and provides perspectives on both pollution avoidance behaviour and influence on entrepreneurial activity. Moreover, we explored the innovative and unconventional big data of entrepreneurial activity, which was measured at the county level from 2000 to 2019, and used thermal inversion as an instrumental variable to reduce endogenous bias. Based on the regression analysis, haze pollution inhibits entrepreneurial activity. Meanwhile, the results also show geographic differences. In underdeveloped and non-resource-based regions, the inhibiting effect is more severe. Therefore, air pollution management is an adequate assurance of increasing entrepreneurial activity.
Journal: Applied Economics Letters
Pages: 2396-2400
Issue: 17
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2097177
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2097177
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# input file: RAEL_A_2102125_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Pan Sang Kang
Author-X-Name-First: Pan Sang
Author-X-Name-Last: Kang
Title: Contests with delegation and initial probabilities of winning
Abstract: 
 We study a two-player contest in which each player is endowed with an initial probability of winning the prize and hires a delegate who expends effort on each player’s behalf. We show that (i) the players’ equilibrium delegation contracts are monotonic in the initial probabilities of winning and the impact parameter; (ii) the delegates’ equilibrium effort levels are monotonic in the impact parameter but not in the initial probabilities of winning; and (iii) a contest designer may attain various objectives of contest design by choosing a proper value of the impact parameter.
Journal: Applied Economics Letters
Pages: 2631-2636
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2102125
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2102125
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# input file: RAEL_A_2103074_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jean-Joseph Minviel
Author-X-Name-First: Jean-Joseph
Author-X-Name-Last: Minviel
Author-Name: M’Hand Fares
Author-X-Name-First: M’Hand
Author-X-Name-Last: Fares
Author-Name: Jean-Marc Blazy
Author-X-Name-First: Jean-Marc
Author-X-Name-Last: Blazy
Author-Name: Alban Thomas
Author-X-Name-First: Alban
Author-X-Name-Last: Thomas
Title: Technical efficiency and complementarity of agroecological innovations in French West Indies banana production
Abstract: 
 In context of global challenges facing agriculture, our article addresses the extent to which the synergistic nature of agroecological innovations may reconcile environmental and technical efficiency of farms. We develop an empirical model, namely conditional efficiency framework, which explicitly accounts for context-dependent drivers like synergy and complementarity of innovations. Using a sample of 567 banana farms in the French West Indies, our estimates confirm the complementarity effect since the joint adoption of agroecological innovations increases the technical efficiency scores much more than other drivers and each of the innovations taken in isolation. We also show that advice and extension services as well as human capital variables are key adoption levers for public policy since they reduce the variability of production and thus the risk associated with the joint adoption of the agroecological innovations.
Journal: Applied Economics Letters
Pages: 2652-2656
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2103074
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2103074
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# input file: RAEL_A_2099792_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Chuangxia Huang
Author-X-Name-First: Chuangxia
Author-X-Name-Last: Huang
Author-Name: Shijie Liu
Author-X-Name-First: Shijie
Author-X-Name-Last: Liu
Author-Name: Xiaoguang Yang
Author-X-Name-First: Xiaoguang
Author-X-Name-Last: Yang
Author-Name: Xin Yang
Author-X-Name-First: Xin
Author-X-Name-Last: Yang
Title: Identification of crisis in the Chinese stock market based on complex network
Abstract: 
 In this article, we construct a Laplacian energy indicator to identify the financial crisis. Firstly, we use the Chinese A-shares market over the period from 2006 to 2017 to build complex networks year by year. Then, a network characteristic indicator based on Laplacian energy is built up to discern the subprime crisis, the European debt crisis and the Chinese stock market crash. The advantage of the proposed indicator lies in the fact that it has higher accuracy, less processing time, and better applicability, compared with the classical indicators such as average degree, modularity, average clustering coefficient, and characteristic path length.
Journal: Applied Economics Letters
Pages: 2536-2542
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2099792
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2099792
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# input file: RAEL_A_2099517_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Neil Metz
Author-X-Name-First: Neil
Author-X-Name-Last: Metz
Author-Name: Chintamani Jog
Author-X-Name-First: Chintamani
Author-X-Name-Last: Jog
Title: High stakes, experts, and recency bias: evidence from a sports gambling contest
Abstract: 
 Sports betting markets provide a unique opportunity to test market efficiency and, in this case, study the presence of recency bias and experts in forecasting sports outcomes. This paper uses a panel data set of individual NFL sports gamblers in a season-long contest known as the SuperContest. The contest is used to track the picks of individual gamblers against the spread on games throughout the 2013–18 NFL regular seasons. We find that overall, the SuperContest entrants are no better at picking winners than a coin flip and exhibit a recency bias. However, more skilled contestants are less susceptible to the recency bias and their skill advantage forecasting outcomes may be their avoidance of a recency bias trap.
Journal: Applied Economics Letters
Pages: 2525-2529
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2099517
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2099517
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# input file: RAEL_A_2099790_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Eda Bozkurt
Author-X-Name-First: Eda
Author-X-Name-Last: Bozkurt
Author-Name: Ali Altiner
Author-X-Name-First: Ali
Author-X-Name-Last: Altiner
Author-Name: Özlem Topçuoğlu
Author-X-Name-First: Özlem
Author-X-Name-Last: Topçuoğlu
Title: A panel hidden cointegration analysis on the political stability and tourism receipts
Abstract: 
 In the present study, the asymmetric relationships between political stability and tourism receipts in 14 MENA countries were investigated using panel data analysis with annual data of the period between 2002 and 2018. For this purpose, the panel hidden cointegration test developed by Hatemi-J (2011) and allowing the determination of asymmetric relationships between the variables was used. The obtained results confirmed that there were hidden cointegration relationships between the positive and negative components of tourism receipts and political stability variables. In light of these findings, it was determined that, according to the coefficient estimations made using FMOLS and DOLS methods, the level of political stability had significant effects on the tourism receipts. A positive shock in the political stability would positively affect the tourism receipts, whereas a negative shock would have a negative effect.
Journal: Applied Economics Letters
Pages: 2530-2535
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2099790
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2099790
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# input file: RAEL_A_2103075_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Daniel Sungyeon Kim
Author-X-Name-First: Daniel Sungyeon
Author-X-Name-Last: Kim
Author-Name: Chune Young Chung
Author-X-Name-First: Chune Young
Author-X-Name-Last: Chung
Author-Name: Amirhossein Fard
Author-X-Name-First: Amirhossein
Author-X-Name-Last: Fard
Title: Effects of 10-K readability on institutional blockholder monitoring of risk management
Abstract: 
 Using the Plain Writing Act (PWA) of October 2010 as a source of exogenous variation in 10-K readability, we examine whether improvements in 10-K reports enhance institutional investors’ monitoring of firm risk management. The results indicate that the negative association between monitoring institutional ownership and systematic risk is stronger when firms provide more readable 10-K reports. The impact of readability improvement on the relation between institutional monitoring and risk is more pronounced after the PWA. This finding confirms our hypothesis that improved readability provides institutional investors with more complete firm information with which to conduct their monitoring efforts, thus inducing more effective risk management.
Journal: Applied Economics Letters
Pages: 2657-2666
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2103075
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2103075
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# input file: RAEL_A_2098237_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Leanora Brown
Author-X-Name-First: Leanora
Author-X-Name-Last: Brown
Author-Name: Anupam Das
Author-X-Name-First: Anupam
Author-X-Name-Last: Das
Title: Unionization and income inequality in Canada
Abstract: 
 We examine the long run association between unionization and income inequality in Canada from 1969 to 2019. We apply the autoregressive distributed lag technique. Our results suggest a negative impact of unionizationon income inequality.
Journal: Applied Economics Letters
Pages: 2500-2503
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2098237
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2098237
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# input file: RAEL_A_2099795_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Furong Guo
Author-X-Name-First: Furong
Author-X-Name-Last: Guo
Author-Name: Niannian Wu
Author-X-Name-First: Niannian
Author-X-Name-Last: Wu
Author-Name: Lei Zhu
Author-X-Name-First: Lei
Author-X-Name-Last: Zhu
Title: Performance feedback and strategic R&D classification: a further study of R&D tax credit
Abstract: 
 Tax incentives are an important measure in most industrial countries to support firms R&D. However, R&D tax credit leads firms to engage in strategic R&D classification that classifies indirect costs as eligible R&D inputs in order to reduce tax liability. Based on the behavioural theory of the firm, we investigate the impact of performance feedback on firm’s strategic R&D classification. The results show that when performance falls below aspirations, the pressure to achieve aspirations forces firms to reduce strategic R&D classification; when performance is above aspirations, in order to reduce tax liabilities, firms are more willing to engage in strategic R&D classification due to the lack of performance pressure. Our study helps to understand horizontal differences in R&D investment in the context of tax incentives.
Journal: Applied Economics Letters
Pages: 2560-2564
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2099795
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2099795
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# input file: RAEL_A_2099797_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Mateusz Tomal
Author-X-Name-First: Mateusz
Author-X-Name-Last: Tomal
Author-Name: Justyna Brzezicka
Author-X-Name-First: Justyna
Author-X-Name-Last: Brzezicka
Title: Certainty equivalent, risk attitudes and housing
Abstract: 
 The aim of this study was to explore risk attitudes towards gambles involving housing and money in gain and loss domains for different payoff values. The analysis relied on the main tenets of the prospect theory, and risk behaviours were inferred from certainty equivalents. The study included a lab-in-the-field experiment conducted on a sample of 250 residents of Warsaw (Poland). The respondents were risk-averse in the gain domain and risk-seeking in the loss domain. The estimates for money and housing differed significantly due to the higher utility of the latter.
Journal: Applied Economics Letters
Pages: 2576-2580
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2099797
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2099797
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# input file: RAEL_A_2103077_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Meihong Sun
Author-X-Name-First: Meihong
Author-X-Name-Last: Sun
Author-Name: Chao Zhang
Author-X-Name-First: Chao
Author-X-Name-Last: Zhang
Title: Comprehensive analysis of global stock market reactions to the Russia-Ukraine war
Abstract: 
 Since the explosion of the Russia-Ukraine war, the global stock markets have experienced considerable oscillation. Using data for 86 countries, this paper provides a comprehensive analysis to identify the roles of geopolitical, economic, institutional, humanitarian, industrial, and firm-related factors in explaining the heterogeneous abnormal returns for listed firms around the explosion of the war.
Journal: Applied Economics Letters
Pages: 2673-2680
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2103077
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2103077
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# input file: RAEL_A_2099793_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Walid M.A. Ahmed
Author-X-Name-First: Walid M.A.
Author-X-Name-Last: Ahmed
Title: What determines bitcoin liquidity? A penalized regression approach
Abstract: 
 We investigate which factors contribute most to the liquidity of Bitcoin, using a diverse universe of candidate factors reflecting key developments in the crypto market and the global economy. The empirical analysis relies on three regularized linear regression methods, viz. LASSO, adaptive LASSO, and elastic net. We also apply a cross-fit partialing-out LASSO instrumental-variables regression model, as a supplementary approach to handle endogeneity. Findings reveal that trading volume and realized volatility of Bitcoin, cryptocurrency hacks, Ethereum liquidity, and public attention are the most common drivers of liquidity, irrespective of the penalized regression approach and liquidity proxy adopted. Our evidence confirms the paramountcy of cryptocurrency-specific factors over global economic and financial ones in influencing Bitcoin liquidity.
Journal: Applied Economics Letters
Pages: 2543-2554
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2099793
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2099793
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# input file: RAEL_A_2100312_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jingjing Li
Author-X-Name-First: Jingjing
Author-X-Name-Last: Li
Author-Name: Xianming Wu
Author-X-Name-First: Xianming
Author-X-Name-Last: Wu
Title: The effect of CSR on acquirer returns of cross-border M&As in an emerging market – a bane or a boom?
Abstract: 
 The enterprise in emerging markets attaches increasing importance to social responsibility with economic development. However, literature still lacks study on the relationship between corporate social responsibility (CSR) and acquirer returns of cross-border mergers and acquisitions (M&As). Taking 214 cross-border M&As in China from 2010 to 2019; this paper divides CSR into four parts. The results find that the supplier and consumer responsibility, and the social contribution of enterprises could significantly promote the acquirer returns of cross-border M&As. In contrast, shareholder responsibility and environmental responsibility have negative effects. This conclusion may be related to the particular situation of cross-border M&As in China.
Journal: Applied Economics Letters
Pages: 2607-2612
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2100312
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2100312
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# input file: RAEL_A_2099799_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Puneet Arora
Author-X-Name-First: Puneet
Author-X-Name-Last: Arora
Author-Name: Ishtiaque Fazlul
Author-X-Name-First: Ishtiaque
Author-X-Name-Last: Fazlul
Author-Name: Tareena Musaddiq
Author-X-Name-First: Tareena
Author-X-Name-Last: Musaddiq
Author-Name: Abhinav Vats
Author-X-Name-First: Abhinav
Author-X-Name-Last: Vats
Title: Can social recognition for teachers and principals improve student performance? Evidence from India
Abstract: 
 Empirical evidence on the effectiveness of performance-based rewards for teachers is primarily based on the evaluation of monetary reward schemes. We present results from a randomized evaluation of a teacher and principal incentive programme in India that offered a non-pecuniary recognition reward based on students’ test scores on standardized assessments. We find a positive (0.16 SD) yet statistically insignificant effect on student performance when both teachers and principals are incentivized. In schools where only teachers are incentivized, the estimates remain statistically insignificant but are also much smaller in magnitude (0.012 SD). Our findings provide suggestive evidence that recognition rewards may have the potential as a low-cost tool to improve student achievement when both teachers and principals are incentivized. However, further research is required to substantiate the findings and investigate the mechanisms at play.
Journal: Applied Economics Letters
Pages: 2589-2596
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2099799
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2099799
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# input file: RAEL_A_2098236_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Young Jin Park
Author-X-Name-First: Young Jin
Author-X-Name-Last: Park
Author-Name: Myungkyu Shim
Author-X-Name-First: Myungkyu
Author-X-Name-Last: Shim
Author-Name: Hee-Seung Yang
Author-X-Name-First: Hee-Seung
Author-X-Name-Last: Yang
Author-Name: Seung Yong Yoo
Author-X-Name-First: Seung Yong
Author-X-Name-Last: Yoo
Title: Is job polarization path-dependent? Evidence from Korea
Abstract: 
 What is the source of job polarization in Korea? In this paper, we empirically examine if two competing hypotheses, a path-dependency hypothesis and an ageing hypothesis, can explain patterns of job polarization in Korea. By exploiting regional variations, we find that between 2008 and 2019, job polarization was more evident in regions in which routine workers were historically more important than non-routine workers (path-dependency) while ageing is not associated with the structural change in the labour market. We further show that job polarization is mainly driven by female workers.
Journal: Applied Economics Letters
Pages: 2495-2499
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2098236
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2098236
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# input file: RAEL_A_2099794_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jennifer C Min
Author-X-Name-First: Jennifer C
Author-X-Name-Last: Min
Author-Name: Mei-Chih Wang
Author-X-Name-First: Mei-Chih
Author-X-Name-Last: Wang
Author-Name: Tsangyao Chang
Author-X-Name-First: Tsangyao
Author-X-Name-Last: Chang
Title: Revisiting the Taiwan tourism and economic growth nexus: The role of the impact of COVID-19 using Quantile on Quantile approach
Abstract: 
 In this paper, we analyse the tourism-led growth hypothesis in Taiwan’s economy. To this end, we consider three tourism markets––China, Japan and the US––and apply quantile-on-quantile regression. Our results indicate that (i) high quantiles of the Chinese tourist market have the most growth effects, while moderate quantiles of Japan and the US markets accelerate economic growth in Taiwan; (ii) recessions in these three markets during the COVID-19 pandemic negatively affected the economic growth of Taiwan and (iii) development of these three tourism markets acts as an engine of economic growth during downturn periods.
Journal: Applied Economics Letters
Pages: 2555-2559
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2099794
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2099794
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# input file: RAEL_A_2103073_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jialin Guo
Author-X-Name-First: Jialin
Author-X-Name-Last: Guo
Author-Name: Desheng Wu
Author-X-Name-First: Desheng
Author-X-Name-Last: Wu
Author-Name: Kaiming Zhang
Author-X-Name-First: Kaiming
Author-X-Name-Last: Zhang
Author-Name: Cuicui Luo
Author-X-Name-First: Cuicui
Author-X-Name-Last: Luo
Title: Linkage relationship between China and US futures market during trade friction: the case of soybean, soybean oil and soybean meal
Abstract: 
 Bean futures are an essential part of the futures market, and changes in the trading environment will influence their cross-boundary relationship. This paper examines the linkage relationship between soybean, soybean oil, and soybean meal futures in China and the United States under the influence of trade frictions based on the Error Correction model, which considers the long-term co-integration relationship and short-term price fluctuations. The findings indicate that before 2018, China and the United States had a two-way impact on soybean and soybean meal futures prices. While after 2018, China’s soybean futures prices are unilaterally affected by the US market. Sino-US trade friction has increased the independence of China’s soybean oil and soybean meal futures prices but left China’s soybean futures prices in a passive position.
Journal: Applied Economics Letters
Pages: 2647-2651
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2103073
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2103073
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# input file: RAEL_A_2099796_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Xixiong Xu
Author-X-Name-First: Xixiong
Author-X-Name-Last: Xu
Author-Name: Zhenyuan Xu
Author-X-Name-First: Zhenyuan
Author-X-Name-Last: Xu
Author-Name: Cuiliang Lin
Author-X-Name-First: Cuiliang
Author-X-Name-Last: Lin
Author-Name: Yue Hu
Author-X-Name-First: Yue
Author-X-Name-Last: Hu
Title: Confucian Culture, Gender Stereotype and Female Entrepreneur: Evidence from China
Abstract: 
 Female entrepreneurship activities in China encounter a unique informal institutional situation – Confucian culture favouring masculinity. Drawing on Social Role Theory and Gender Role Congruity Theory, we explore whether and how Confucian culture affects female entrepreneurship. Using 20,531 entrepreneurs’ data from Chinese Private Enterprise Survey over the period of 2002–2014, we find that Confucian culture is negatively associated with female entrepreneurship. In addition, gender stereotypes based on Confucian patriarchal ideology have a partial mediation effect in this relationship. Further analysis demonstrates that managerial experience might be a potential way for women to achieve entrepreneurial breakthroughs in these adverse conditions.
Journal: Applied Economics Letters
Pages: 2565-2575
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2099796
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2099796
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# input file: RAEL_A_2099516_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Elena Bassoli
Author-X-Name-First: Elena
Author-X-Name-Last: Bassoli
Author-Name: Eric Bonsang
Author-X-Name-First: Eric
Author-X-Name-Last: Bonsang
Author-Name: Agar Brugiavini
Author-X-Name-First: Agar
Author-X-Name-Last: Brugiavini
Author-Name: Giacomo Pasini
Author-X-Name-First: Giacomo
Author-X-Name-Last: Pasini
Title: End-of-life care and depression
Abstract: 
 The time around the death of a parent may be particularly stressful. The existing literature provides mixed evidence on the effects of the death of a parent on the caring effort and mental health conditions of adult children. By exploiting longitudinal data from the Survey of Health, Ageing and Retirement in Europe (SHARE), we study adult children’s provision of care and mental health before and after the death of their mother. We pinpoint the time of death of the mother and estimate its impact by following an event study approach, accounting for differences in Long Term Care (LTC) systems and social norms across Europe. Our findings show that caregiving increases before mother’s death, and especially for women and in low LTC spending countries. Depression symptoms increase significantly in the pooled sample and more so for women. Our interpretation is that adult children (typically daughters) must step in to guarantee care when this is scarcely provided by the public welfare system. The combination of care burden and grief for the loss of the mother negatively affects daughters’ mental health.
Journal: Applied Economics Letters
Pages: 2515-2524
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2099516
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2099516
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# input file: RAEL_A_2100867_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jose A. Carrasco
Author-X-Name-First: Jose A.
Author-X-Name-Last: Carrasco
Author-Name: Martin Carrasco
Author-X-Name-First: Martin
Author-X-Name-Last: Carrasco
Author-Name: Rodrigo Yañez
Author-X-Name-First: Rodrigo
Author-X-Name-Last: Yañez
Title: An inexpert expert
Abstract: 
 We explore strategic information transmission when there is noise at the observation stage, when an expert observes signals, before he advises a policymaker. That is, the expert might be inexpert. We account for the fact that his signals might be totally uninformative, which is commonly known by players. We find that this inexpertise translates into a greater preference misalignment between players and that this yields a less informative equilibrium. We show that our results follow from the fact that the strategic effect of noise – the welfare change exclusive due to changes in the equilibrium partition – is always negative. Numerical simulations show that noise might be beneficial if the policymaker openly disagrees about noise chances. This makes the point that whether noise is beneficial or not crucially depends on how early in the game it arises, and also whether noise chances are commonly known by players or not.
Journal: Applied Economics Letters
Pages: 2613-2618
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2100867
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2100867
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# input file: RAEL_A_2099798_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Syed Abul Basher
Author-X-Name-First: Syed Abul
Author-X-Name-Last: Basher
Author-Name: Salim Rashid
Author-X-Name-First: Salim
Author-X-Name-Last: Rashid
Author-Name: Mohammad Riad Uddin
Author-X-Name-First: Mohammad Riad
Author-X-Name-Last: Uddin
Title: Regional convergence in Bangladesh using night lights
Abstract: 
 We analyse economic convergence across 64 districts of Bangladesh using newly harmonized satellite night light data over 1992–2018. The growth in night lights – taken as a proxy for regional economic activity – reveals overwhelming evidence of absolute convergence. Regional differences in night light (or income) growth have been shrinking at an annual convergence rate of 4.57%, corresponding to a half-life of 15 years. Net migration plays a relatively prominent role in the regional convergence process.
Journal: Applied Economics Letters
Pages: 2581-2588
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2099798
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2099798
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# input file: RAEL_A_2098238_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Kai Lisa Lo
Author-X-Name-First: Kai Lisa
Author-X-Name-Last: Lo
Author-Name: Jiaojiao Zhang
Author-X-Name-First: Jiaojiao
Author-X-Name-Last: Zhang
Author-Name: Fei Xia
Author-X-Name-First: Fei
Author-X-Name-Last: Xia
Title: Does digital technology innovation work better for industrial upgrading? An empirical analysis of listed Chinese manufacturing firms
Abstract: 
 Using the panel data of Chinese-listed manufacturing firms from 2008 to 2019, in this paper we apply the patent data and econometric models to identify digital technology innovation and to explore the mechanism for the digital technology innovation on industrial upgrading of the manufacturing firms. We also use the total factor productivity of firms to measure industrial upgrading of manufacturing firms. Our empirical results show that digital technology innovation is conducive to industrial upgrading of manufacturing firms. We find that the total factor productivity of firms with digital technology patents is significantly higher than that of firms without digital technology patents, and more importantly, the total factor productivity increases on higher scales of digital technology patents at an increasing rate. In addition, owning digital technology patents generates boosts to the total factor productivity of manufacturing firms through reducing the operating costs, improving the efficiency of resource allocation and enhancing the innovation capability.
Journal: Applied Economics Letters
Pages: 2504-2509
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2098238
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2098238
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# input file: RAEL_A_2102568_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Feng Hu
Author-X-Name-First: Feng
Author-X-Name-Last: Hu
Title: Technology seeking, R&D localization and comparative advantage: evidence from Chinese R&D-oriented OFDI
Abstract: 
 Using the logit model of discrete explained variable, this article explores the theoretical logic and underlying mechanism of Chinese outward foreign direct investment (OFDI) in developed countries. It finds that Chinese enterprises conduct R&D-oriented OFDI in countries with advanced technologies and rich R&D resources. These enterprises seek to learn applied rather than cutting edge technologies. Furthermore, Chinese R&D-oriented OFDI, which focuses on technology seeking and R&D localization, follows the principle of comparative advantage. The research provides new evidence for OFDI from China and a theoretical explanation of its underlying logic.
Journal: Applied Economics Letters
Pages: 2641-2646
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2102568
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2102568
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# input file: RAEL_A_2098239_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Darja Reuschke
Author-X-Name-First: Darja
Author-X-Name-Last: Reuschke
Author-Name: Donald Houston
Author-X-Name-First: Donald
Author-X-Name-Last: Houston
Title: The impact of Long COVID on the UK workforce
Abstract: 
 COVID-19 is more likely to lead to Long COVID among persons of working age. We outline the first estimates of the impact of Long Covid on employment in the UK. Using estimates of cumulative prevalence of Long COVID, activity-limiting Long COVID in the working-age population and of economic inactivity and job loss resulting from Long COVID, we provide evidence of the profound impact of Long COVID on national labour supply. Since the start of the pandemic, cumulatively 2.9 million people of working age (7% of the total) in the UK have had, or still have, Long COVID. This figure will continue to rise due to very high infection rates in the Omicron wave. Since the beginning of the pandemic, economic inactivity due to long-term sickness has risen by 120,900 among the working-age population, fuelling the UK’s current labour shortage. An estimated 80,000 people have left employment due to Long COVID. We argue that governments need to tackle the twin challenges to public health and labour supply and provide employment protection and financial support for individuals and firms affected by Long COVID.
Journal: Applied Economics Letters
Pages: 2510-2514
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2098239
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2098239
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# input file: RAEL_A_2102122_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Chi-Wei He
Author-X-Name-First: Chi-Wei
Author-X-Name-Last: He
Author-Name: Yung-Jang Wang
Author-X-Name-First: Yung-Jang
Author-X-Name-Last: Wang
Title: Bitcoin price jumps and investor sentiment indicators
Abstract: 
 Bitcoin has attracted significant attention from investors over recent years. Due to infrequent jumps in Bitcoin prices, this paper employs the ARJI model of Chan and Maheu (2002) to describe jump risks of Bitcoin prices, and to examine the possible influencing factors of jump risks. Empirical results find that the jump component is the most important driving force of the volatility of Bitcoin returns, and that two investor sentiment indicators (the Bitcoin trading volumes and the number of Bitcoin unique addresses) are positive related to the jump risk of Bitcoin returns. These findings provide an important insight into the investment risk of Bitcoin prices.
Journal: Applied Economics Letters
Pages: 2626-2630
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2102122
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2102122
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# input file: RAEL_A_2100048_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yimeng Du
Author-X-Name-First: Yimeng
Author-X-Name-Last: Du
Author-Name: Teng Ma
Author-X-Name-First: Teng
Author-X-Name-Last: Ma
Title: From FIT to FIP: assessing the impact of feed-in policies on renewable development in Germany
Abstract: 
 By adopting the autoregressive-distributed lag error correction model, we examine both the short- and long-term impacts of feed-in policies on renewable energy deployment. The estimation results show that the feed-in premium scheme achieved its objective of encouraging the market integration of wind energy but discouraged and retarded investment in solar power technologies. Compared to the market mechanism, fixed price feed-in policy creates greater investment security for solar power projects.
Journal: Applied Economics Letters
Pages: 2597-2606
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2100048
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2100048
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# input file: RAEL_A_2103076_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Shuo Yang
Author-X-Name-First: Shuo
Author-X-Name-Last: Yang
Author-Name: Yong Qi
Author-X-Name-First: Yong
Author-X-Name-Last: Qi
Author-Name: Yudi Yang
Author-X-Name-First: Yudi
Author-X-Name-Last: Yang
Title: Tax incentives and the formation of zombie firms
Abstract: 
 Due to the serious problem of overcapacity in China, we empirically analyse the impact of tax incentives on the formation of zombie firms. Using a sample of Chinese A-share listed firms from 2009 to 2019, we demonstrate that tax incentives can significantly inhibit the formation of zombie firms through innovation investments. Furthermore, heterogeneity analysis shows that this inhibitory effect is stronger for non-state-owned firms and firms in the eastern region than for other firms.
Journal: Applied Economics Letters
Pages: 2667-2672
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2103076
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2103076
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# input file: RAEL_A_2102566_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Nanyang Bu
Author-X-Name-First: Nanyang
Author-X-Name-Last: Bu
Author-Name: Jian Wang
Author-X-Name-First: Jian
Author-X-Name-Last: Wang
Title: Economic geography and cross-region fertility revisited
Abstract: 
 This paper reinvestigates cross-region variation of fertility rates within a country. We develop a simple model where households with heterogeneous preferences make locational and reproductive choices. Considering the congestion diseconomy associated with reproduction, we show that the greater the population size, the lower the fertility rate. Using data from Japan, we find that a doubling of population size decreases the total fertility rate by around 6.4%.
Journal: Applied Economics Letters
Pages: 2637-2640
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2102566
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2102566
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Handle: RePEc:taf:apeclt:v:30:y:2023:i:18:p:2637-2640



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# input file: RAEL_A_2101604_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Wenhui Lv
Author-X-Name-First: Wenhui
Author-X-Name-Last: Lv
Author-Name: Linxiang Ye
Author-X-Name-First: Linxiang
Author-X-Name-Last: Ye
Author-Name: Ling Wang
Author-X-Name-First: Ling
Author-X-Name-Last: Wang
Title: Changes of China’s soybean import market power and influencing factors
Abstract: 
 Whether Chinese soybean importers can keenly grasp the changes of different source countries’ market power, will directly affects the safety and cost of soybean import. Based on the analysis of changes in China’s soybean import trade structure, this paper utilizes monthly data from January 2009 to December 2021, combines with the residual demand elasticity model, to compare and analyse the market power of the three major source countries. The results show that although the United States is no longer China’s largest soybean import country, its market power in China’s soybean import market has not been affected, while Argentina’s market power is gradually increasing. Although Brazil has grown into the first source of China’s soybean imports, it has only weak market influence. In addition, China, as the world’s largest buyer, doesn’t have market power. China’s soybean import price is mainly affected by futures prices, domestic soybean prices, international crude oil prices, Sino-US trade frictions and COVID-19 epidemic.
Journal: Applied Economics Letters
Pages: 2619-2625
Issue: 18
Volume: 30
Year: 2023
Month: 10
X-DOI: 10.1080/13504851.2022.2101604
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2101604
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# input file: RAEL_A_2109571_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Xuejing Xing
Author-X-Name-First: Xuejing
Author-X-Name-Last: Xing
Author-Name: Shan Yan
Author-X-Name-First: Shan
Author-X-Name-Last: Yan
Author-Name: Ali Zadeh
Author-X-Name-First: Ali
Author-X-Name-Last: Zadeh
Title: Are unionized firms more likely to use nonbank loans?
Abstract: 
 We investigate whether and how unionization affects a firm’s use of nonbank loans. Based on a comprehensive sample, we find that unionization is significantly and positively related to a firm’s likelihood of using nonbank loans. We also find that the effect is more pronounced in firms with lower information asymmetry. Overall, the results are consistent with the notion that unionized firms are more likely to use nonbank loans to reduce the proprietary costs of information disclosure. The findings also contribute to a better understanding of why firms choose expensive nonbank loans.
Journal: Applied Economics Letters
Pages: 2819-2824
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2109571
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2109571
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# input file: RAEL_A_2110560_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Guanhua Li
Author-X-Name-First: Guanhua
Author-X-Name-Last: Li
Author-Name: Xue Lv
Author-X-Name-First: Xue
Author-X-Name-Last: Lv
Author-Name: Xu Han
Author-X-Name-First: Xu
Author-X-Name-Last: Han
Title: Digital financial inclusion and household debt in China
Abstract: 
 This study investigates the impact of digital financial inclusion (DFI) on household debt in China. The development of DFI positively affects the total household debt, especially for short-term debt and long-term debt from banks. This indicates that DFI promotes more Chinese households to borrow through formal channels. Furthermore, the development of DFI stimulates more loans from Chinese urban households. Our findings provide useful insights into the important issue of Chinese household debt risk.
Journal: Applied Economics Letters
Pages: 2862-2866
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2110560
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2110560
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# input file: RAEL_A_2107159_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Nicos Koussis
Author-X-Name-First: Nicos
Author-X-Name-Last: Koussis
Author-Name: Florina Silaghi
Author-X-Name-First: Florina
Author-X-Name-Last: Silaghi
Title: Vertical integration: a real options approach
Abstract: 
 We develop a theoretical real options model and explore the trade-off between vertical integration and external procurement. In contrast to transaction cost theory, we show that higher volatility in the downstream market reduces the likelihood to switch to internal production. We also analyse the decision to acquire the supplier and provide novel predictions on the acquisition likelihood and premium contributing to studies relating to vertical M&As.
Journal: Applied Economics Letters
Pages: 2758-2764
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2107159
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2107159
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# input file: RAEL_A_2107608_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Delia Elena Diaconaşu
Author-X-Name-First: Delia Elena
Author-X-Name-Last: Diaconaşu
Author-Name: Seyed M. Mehdian
Author-X-Name-First: Seyed M.
Author-X-Name-Last: Mehdian
Author-Name: Ovidiu Stoica
Author-X-Name-First: Ovidiu
Author-X-Name-Last: Stoica
Title: The reaction of financial markets to Russia’s invasion of Ukraine: evidence from gold, oil, bitcoin, and major stock markets
Abstract: 
 Political observers predicted the Ukraine invasion by Russia for many days, but they could not precisely anticipate the scheme and timing of the invasion. This paper investigates the effects of the Russian invasion of Ukraine on the global commodity and stock markets using an event study methodology. The empirical results of this study suggest that this invasion unevenly affected the financial markets. More precisely, our results suggest that the onset of war has put pressure on global gold and stock markets. Furthermore, it seems that the only asset that could be considered a safe haven for investors after the outbreak of the invasion was oil.
Journal: Applied Economics Letters
Pages: 2792-2796
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2107608
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2107608
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# input file: RAEL_A_2106030_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Azhar Mohamad
Author-X-Name-First: Azhar
Author-X-Name-Last: Mohamad
Author-Name: Sarveshwar Kumar Inani
Author-X-Name-First: Sarveshwar Kumar
Author-X-Name-Last: Inani
Title: Price discovery in bitcoin spot or futures during the Covid-19 pandemic? Evidence from the time-varying parameter vector autoregressive model with stochastic volatility
Abstract: 
 This paper examines price discovery between bitcoin spot and futures using static measures, namely information share (IS), component share (CS), modified information share (MIS), information leadership share (ILS), impulse response, and a time-varying parameter vector autoregressive (TVP-VAR) model with stochastic volatility and Markov Chain Monte Carlo (MCMC) sampling algorithm. Our one-minute and daily datasets cover 16 months before and 16 months during the Covid-19 pandemic (November 2018 to June 2021). Our IS, CS, MIS and impulse response results indicate a stronger bitcoin spot leadership, whereas our ILS results point to a weaker bitcoin futures dominance, during the Covid-19 pandemic. We construe this, as far as microstructure noise is concerned, as meaning that the bitcoin price is discovered in the spot market, and its dominance appears to have strengthened during the pandemic. However, as far as ‘pure speed’ is concerned, price discovery takes place in the bitcoin futures market, and its leadership seems to have weakened during the Covid-19 pandemic. The results of the time-varying measure (TVP-VAR) imply that, before the pandemic, price discovery took place within bitcoin futures but, during the pandemic, price discovery leadership has changed course, to occur within bitcoin spot.
Journal: Applied Economics Letters
Pages: 2749-2757
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2106030
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2106030
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# input file: RAEL_A_2110209_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Evangelos Mourelatos
Author-X-Name-First: Evangelos
Author-X-Name-Last: Mourelatos
Author-Name: Haris Mourelatos
Author-X-Name-First: Haris
Author-X-Name-Last: Mourelatos
Title: Online video sharing and revenues during the pandemic. Evidence from musical stream data
Abstract: 
 This study examines how instant online video sharing affects artists’ musical streams during the pandemic. On average, the use of the TikTok app significantly increases artists’ streams, by approximately 5%. This increase is even higher for male, European and dj Mag 2020 new entry artists.
Journal: Applied Economics Letters
Pages: 2841-2847
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2110209
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2110209
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# input file: RAEL_A_2103499_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Linyan Wang
Author-X-Name-First: Linyan
Author-X-Name-Last: Wang
Author-Name: Haiqing Hu
Author-X-Name-First: Haiqing
Author-X-Name-Last: Hu
Author-Name: Xianzhu Wang
Author-X-Name-First: Xianzhu
Author-X-Name-Last: Wang
Author-Name: Xincheng Zhang
Author-X-Name-First: Xincheng
Author-X-Name-Last: Zhang
Author-Name: Yanbo Wu
Author-X-Name-First: Yanbo
Author-X-Name-Last: Wu
Title: Synergistic evolution of resilience and efficiency in the real estate industry: evidence from 35 large and medium-sized cities in China
Abstract: 
 This study measures the resilience and efficiency of the real estate industry in 35 large and medium-sized cities in China through the core variable method and the slacks-based measure of super-efficiency. The Haken model identifies the advantages of synergistic evolutionary states between systems and describes the synergistic evolution of resilience and efficiency in the real estate industry. The results show that (1) the evolution of the synergy in the real estate industry can be divided into three major cycles caused by the alternating effects of resilience and efficiency; (2) there are significant spatial and temporal differences in the evolution of the synergy between real estate resilience and efficiency, with the distribution of the synergy values being highly polarized; and (3) policy regulations tend to have short-term direct effects on the resilience of the real estate system, while for efficiency, the effects tend to be long-term and result in cross-cycle adjustments. This study enriches the literature on the robust and sustainable development of the real estate industry.
Journal: Applied Economics Letters
Pages: 2702-2710
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2103499
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2103499
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# input file: RAEL_A_2103498_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Junlong Chen
Author-X-Name-First: Junlong
Author-X-Name-Last: Chen
Author-Name: Yuan Ge
Author-X-Name-First: Yuan
Author-X-Name-Last: Ge
Author-Name: Chaoqun Sun
Author-X-Name-First: Chaoqun
Author-X-Name-Last: Sun
Author-Name: Zhenglin Sun
Author-X-Name-First: Zhenglin
Author-X-Name-Last: Sun
Title: Labour sharing in a duopoly model
Abstract: 
 This paper constructed a duopoly model of labour sharing, analysed the equilibrium results of four scenarios, and made a comparative analysis. The results show that neither a labour gap nor a labour surplus is conducive to increased profits. Enterprises are positively inclined towards labour sharing if it would result in higher profits – a prerequisite for sharing. The cost of labour sharing affects the equilibrium results. Hence, the cost should be controlled within a reasonable range. Labour sharing has different effects on social welfare in different scenarios.
Journal: Applied Economics Letters
Pages: 2697-2701
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2103498
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2103498
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# input file: RAEL_A_2107984_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Ignacio Belloc
Author-X-Name-First: Ignacio
Author-X-Name-Last: Belloc
Author-Name: José Alberto Molina
Author-X-Name-First: José Alberto
Author-X-Name-Last: Molina
Title: The ecological footprint in Africa: identifying convergence clubs from 1970 to 2018
Abstract: 
 Understanding the dynamics of air emissions is important in implementing efficient policies to combat climate change, and the convergence of air pollutants is a major concern for planners. Nevertheless, most of the existing evidence focuses on developed regions. In this paper, we analyse the evolution of the ecological footprint for the African continent, during 1970–2018. The Phillips and Sul (2007, 2009) panel club convergence approach is carried out. This framework allows us to test the null hypothesis of absolute convergence for a pool of data and to identify groups of countries that converge to the same steady state. Our results offer important insights into the emissions catch-up exhibited by these countries, but do not support the hypothesis that all countries of the African region converge to a single equilibrium. The empirical results strongly support the existence of two convergence clubs. Our empirical findings have important implications for African policymakers in terms of mitigation policies, as the results suggest that a common environmental policy across the entire African continent is sub-optimal, since these regions have heterogeneous behaviours and move towards different equilibriums.
Journal: Applied Economics Letters
Pages: 2808-2813
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2107984
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2107984
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# input file: RAEL_A_2106029_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Saesin Oh
Author-X-Name-First: Saesin
Author-X-Name-Last: Oh
Author-Name: Dongwoo Lee
Author-X-Name-First: Dongwoo
Author-X-Name-Last: Lee
Author-Name: Sang-Kee Kim
Author-X-Name-First: Sang-Kee
Author-X-Name-Last: Kim
Title: How does non-market economy structure work as a trade barrier?
Abstract: 
 This study investigates the effect of a non-market economy structure on the duopoly competition in which a foreign private firm competes with a state-owned enterprise in a non-market economy. By comparing with Singh and Vives (1984) and Matsumura and Ogawa (2012), we find that the non-market economic structure can function as a trade barrier and cause foreign firms to face discriminatory competition. The transition from a non-market economy to a market economy may sacrifice social welfare, which implies no more Pareto improvement.
Journal: Applied Economics Letters
Pages: 2743-2748
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2106029
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2106029
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# input file: RAEL_A_2109570_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Junshi Chen
Author-X-Name-First: Junshi
Author-X-Name-Last: Chen
Author-Name: Jing Chi
Author-X-Name-First: Jing
Author-X-Name-Last: Chi
Author-Name: Hamish Anderson
Author-X-Name-First: Hamish
Author-X-Name-Last: Anderson
Title: CEO happiness curve and firm innovation: evidence from China
Abstract: 
 We investigate the impact of CEO’s happiness on firm innovation in China. As happiness is difficult to measure, we use CEO’s age based on the Happiness Curve theory. We find that when CEOs are in their less happy midlife stage, they more actively promote higher reward and risk innovation strategies, and that employee wellbeing represents a channel through which CEO unhappiness promotes innovation. The non-linear relationship between CEO age and risk-taking behaviour helps settle prior conflicting evidence which assumes a linear relationship.
Journal: Applied Economics Letters
Pages: 2814-2818
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2109570
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2109570
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# input file: RAEL_A_2103497_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Lingyue Qiu
Author-X-Name-First: Lingyue
Author-X-Name-Last: Qiu
Title: Does the construction of smart cities promote urban green innovation? Evidence from China
Abstract: 
 Based on panel data of 152 cities in China from 2005 to 2019, this study employs the difference-in-difference model (DID) to empirically study the policy effect, mechanism, and heterogeneity of smart city construction on urban green innovation. The empirical results indicate that smart city construction promotes the quantity and quality of urban green innovation. The results also show regional heterogeneity, which depends on the underlying mechanisms, including the fiscal expenditure, personnel input, and information infrastructure. Furthermore, the impact of smart city construction on urban green innovation is more positive in cities with higher initial innovation conditions. This study provides new evidence for the innovation effects of smart infrastructure construction.
Journal: Applied Economics Letters
Pages: 2688-2696
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2103497
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2103497
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# input file: RAEL_A_2103078_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Can Sever
Author-X-Name-First: Can
Author-X-Name-Last: Sever
Title: Gendered laws and labour force participation
Abstract: 
 The laws that discriminate against women represent one of the most prevalent forms of gender inequality, hindering women’s empowerment and economic outcomes. In this regard, this paper sheds light on the relationship between legal constraints on women and various labour force outcomes. Based on a global sample of countries over 1970–2019, the results show that legal gender equality helps countries bridge the gender gap in labour force participation. More-gender equal laws (i) translate into a larger share of women in the workforce, and (ii) do not have a negative effect on that of men. As a result, legal gender equality also boosts labour force participation on aggregate. These patterns are long-lasting for upwards of 10 years. The findings point to a win-win situation: As countries repeal the laws that discriminate against women, which could be achievable in the shorter term, they can attain more inclusive and higher economic growth. This is even more important in the post-Covid-19 period, considering the adverse effects of the pandemic on gender inequality and economic growth.
Journal: Applied Economics Letters
Pages: 2681-2687
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2103078
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2103078
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# input file: RAEL_A_2103500_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Paul Egan
Author-X-Name-First: Paul
Author-X-Name-Last: Egan
Title: Nowcasting domestic demand using a dynamic factor model: the case of Ireland
Abstract: 
 The COVID-19 pandemic highlighted the need for timely information on the evolving economic impacts of such a crisis. During these periods, there is an increased need to understand the current state of the economy to guide the effective implementation of policy. This is made difficult by the fact that official estimates of economic indicators, such as those published by national statistical agencies, are released with a substantial lag. Using the case of Ireland, this article shows that the information contained in a panel of monthly economic indicators can be related to Quarterly National Accounts under the methodological framework of a dynamic factor model (DFM). The article also suggests that accounting for structural breaks improves the nowcasting performance of domestic demand.
Journal: Applied Economics Letters
Pages: 2711-2716
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2103500
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2103500
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# input file: RAEL_A_2107607_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Wanting Xu
Author-X-Name-First: Wanting
Author-X-Name-Last: Xu
Author-Name: Peijin Yang
Author-X-Name-First: Peijin
Author-X-Name-Last: Yang
Author-Name: Yao Xiao
Author-X-Name-First: Yao
Author-X-Name-Last: Xiao
Title: Will the Special Economic Zone contribute to carbon neutrality? Quasi-natural experimental evidence from China
Abstract: 
 Many studies have explored the impact of China Special Economic Zone (SEZ) on economic growth, but few have paid attention to its impact on environmental pollution. Taking the establishment of SEZ as a quasi-natural experiment in China, this paper used the time-varying difference-in-difference method to explore the impact of industrial agglomeration caused by SEZ on CO2 emission from 1998 to 2011. The results showed that the industrial agglomeration would aggravate CO2 emissions, while effective regulatory measures in SEZ can reduce CO2 emissions. The policy emission reduction effect was significant in non-urban agglomerations and before 2006. To reduce CO2 emissions and achieve the goal of carbon neutrality, the local government should supervise and manage industrial agglomeration effectively.
Journal: Applied Economics Letters
Pages: 2779-2791
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2107607
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# input file: RAEL_A_2107161_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Lingyun Ni
Author-X-Name-First: Lingyun
Author-X-Name-Last: Ni
Title: Does the higher education expansion policy affect the entrepreneurship of urban college students in China?
Abstract: 
 The impact of education on entrepreneurial choice is ambiguous in both theory and empirics. Based on the data from the 2016 China Labour-Force Dynamics Survey, this paper studies the impact of China’s Higher Education Expansion (HEE) policy initiated in 1999 on the entrepreneurial behaviour of urban college students and its transmission mechanism by employing the difference-in-difference approach. The results show that the implementation of the HEE policy has significantly promoted the entrepreneurship of urban college students and the HEE policy stimulates urban college students’ entrepreneurship by decreasing the rate of return to urban college students’ education.
Journal: Applied Economics Letters
Pages: 2769-2773
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2107161
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2107161
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# input file: RAEL_A_2107162_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: HaiYue Zhao
Author-X-Name-First: HaiYue
Author-X-Name-Last: Zhao
Author-Name: Tannista Banerjee
Author-X-Name-First: Tannista
Author-X-Name-Last: Banerjee
Title: Unhealthy eating and health awareness: evidence from restaurant visitors using consumers’ cell phone geo-location data
Abstract: 
 Unhealthy eating is a serious public health issue that continues to burden the U.S. health system. But, due to data limitations, most extant research lacks a direct explanation of unhealthy eating behaviour. Using data compiled from the Robert Wood Johnson Foundation, the Census’ American Community Survey, SafeGraph mobile device ping data, and web-scraped restaurant characteristics, we examine the relationships between restaurant characteristics, socioeconomic characteristics, health awareness, and the number of patrons at unhealthy eating establishments in the United States. Results obtained through various alternative empirical models confirm the effect of health awareness on unhealthy eating habits. This study adds to a growing literature which study people’s eating behaviour related to weight gain along with other chronic diseases. The results point to important policy implications for mitigating obesity and reducing unhealthy eating.
Journal: Applied Economics Letters
Pages: 2774-2778
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2107162
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2107162
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# input file: RAEL_A_2109573_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Ce Guo
Author-X-Name-First: Ce
Author-X-Name-Last: Guo
Author-Name: Mengfan Zhao
Author-X-Name-First: Mengfan
Author-X-Name-Last: Zhao
Author-Name: Jingyu Li
Author-X-Name-First: Jingyu
Author-X-Name-Last: Li
Author-Name: Qiwei Xie
Author-X-Name-First: Qiwei
Author-X-Name-Last: Xie
Title: Gold spot and futures market cross-correlation and time-frequency volatility: an application of MF-ADCCA-AFD
Abstract: 
 This study employs the MF-ADCCA-AFD method to investigate the multiple fractal characteristics of the interrelationship between the gold spot and futures, and to explore the time-frequency distribution of gold prices. The price decline is found to have a more persistent impact on the relationship between gold futures and spot prices, and its cross-correlations are asymmetric. Compared to gold spot prices, gold futures prices have more volatile phases, and their ranges are larger. By performing time-frequency analysis, investors can predict when a price is about to fluctuate, thereby providing them with valuable investment advice.
Journal: Applied Economics Letters
Pages: 2832-2840
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2109573
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2109573
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# input file: RAEL_A_2110211_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Hao Liu
Author-X-Name-First: Hao
Author-X-Name-Last: Liu
Author-Name: Hao Zhang
Author-X-Name-First: Hao
Author-X-Name-Last: Zhang
Author-Name: Jyun-Ying Fu
Author-X-Name-First: Jyun-Ying
Author-X-Name-Last: Fu
Title: Cultural distance, foreign ownership, and corporate innovation in China
Abstract: 
 This study examines the impact of heterogeneous foreign institutional investors on innovation in Chinese listed firms from 2009 to 2020. Empirical results indicate that foreign institutional investors from regions with high cultural distance are associated with a significant increase in corporate innovation of Chinese firms. Moreover, the results remain robust to alternative cultural distance measures and methods that address endogeneity. This research provides novel evidence regarding the role of foreign institutional investors in China.
Journal: Applied Economics Letters
Pages: 2854-2861
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2110211
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2110211
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# input file: RAEL_A_2106027_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Hoyong Jung
Author-X-Name-First: Hoyong
Author-X-Name-Last: Jung
Title: Don’t stop me now! Effects of CEO turnover on the performance of public institutions
Abstract: 
 This study explored the impact of CEO turnover during the term of office on public institutions’ performance. We examined the unique situation of South Korea – using an exogenously generated remaining term of office due to former President Park Geun-hye’s impeachment in 2017 as an instrumental variable (IV) for the event of CEO turnover – to identify causal relations. The results showed that public institutions’ performance declined when the CEO was replaced after failing to serve the three-year term. Our findings suggest that safeguarding CEOs’ stable positions from political influences is crucial to enhancing public institutions’ performance.
Journal: Applied Economics Letters
Pages: 2725-2731
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2106027
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2106027
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# input file: RAEL_A_2110561_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Vitor Hugo Miro Couto Silva
Author-X-Name-First: Vitor Hugo Miro Couto
Author-X-Name-Last: Silva
Author-Name: Francisca Zilania Mariano
Author-X-Name-First: Francisca Zilania
Author-X-Name-Last: Mariano
Author-Name: João Mário Santos de França
Author-X-Name-First: João Mário
Author-X-Name-Last: Santos de França
Author-Name: Marília Rodrigues Firmiano
Author-X-Name-First: Marília
Author-X-Name-Last: Rodrigues Firmiano
Title: Evaluating the impact of an innovative anti-poverty program: evidence using the generalized synthetic control method
Abstract: 
 This article estimates the causal effect of an anti-poverty mechanism dating to early this century called ‘Funds to Combat Poverty’ (Fundos de Combate à Pobreza - FCP) on the proportion of households below the poverty line in the states of Brazil’s Northeast region. We applied the generalized synthetic control method to evaluate this policy, not yet widely examined in the literature on strategies to counteract poverty. The results provide evidence of a positive impact of the policy on reducing poverty.
Journal: Applied Economics Letters
Pages: 2867-2871
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2110561
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# input file: RAEL_A_2106028_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Zahid Jumah
Author-X-Name-First: Zahid
Author-X-Name-Last: Jumah
Author-Name: Zahid Irshad Younas
Author-X-Name-First: Zahid Irshad
Author-X-Name-Last: Younas
Author-Name: Mamdouh Abdulaziz Saleh Al-Faryan
Author-X-Name-First: Mamdouh Abdulaziz Saleh
Author-X-Name-Last: Al-Faryan
Title: Economic policy uncertainty, corporate diversification, and corporate investment
Abstract: 
 This study explores the moderating role of corporate diversification between economic policy uncertainty (EPU) and corporate investment relationship. Using firm-level panel data of US firms over the period 2000–2020, we show that corporate diversification positively moderates the negative impact of EPU on corporate investment by reducing financial constraints. The analysis indicates that diversification mitigates the adverse impact of EPU on US firms’ investment. Furthermore, our results are robust to alternative proxies, subsample tests, selection bias, and endogeneity concerns. The findings are helpful from a managerial perspective, suggesting that diversification alleviates financial constraints, enabling firms to-- mitigate the negative impact of EPU on investment.
Journal: Applied Economics Letters
Pages: 2732-2742
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2106028
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2106028
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# input file: RAEL_A_2107160_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Sungmun Choi
Author-X-Name-First: Sungmun
Author-X-Name-Last: Choi
Title: Do high-income individuals respond to the change in the marginal tax rate? Evidence from Major League Baseball
Abstract: 
 Income taxation affects individuals’ incentives to work, save, and take risks. These behavioural responses to taxation is key to evaluating efficiency cost of taxation. Especially, the response of rich individuals to taxation is important because of their impact on the tax revenue and on the economy. In this paper, I analyse the response of Major League Baseball players to the increase in the top tax rate due to the American Taxpayer Relief Act of 2012. Using difference-in-differences estimation applied to the players with different years of free agent contracts, I do not find any negative effect of the tax increase on the players’ performance.
Journal: Applied Economics Letters
Pages: 2765-2768
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2107160
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2107160
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# input file: RAEL_A_2109572_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yasin Acar
Author-X-Name-First: Yasin
Author-X-Name-Last: Acar
Title: The economic impact of universities: empirical evidence from Turkish provinces
Abstract: 
 Twenty-three new state universities were established in different provinces in Turkey in 1992. This study investigates universities’ possible economic impacts on local economies in provinces in Turkey by comparing per capita GDP before and after the establishment of new universities. To do so, we employ difference-in-difference and matching based on entropy balancing to provide robustness against observable and time-invariant unobservable heterogeneity. Using the provincial level data between 1987 and 2000 in Turkey, we find that increases in the number of universities are positively associated with GDP per capita at the province level. Empirical results also show that unemployment rates in provinces fall with the establishment of new universities in Turkey.
Journal: Applied Economics Letters
Pages: 2825-2831
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2109572
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2109572
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# input file: RAEL_A_2110210_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Haiyun Liu
Author-X-Name-First: Haiyun
Author-X-Name-Last: Liu
Author-Name: Xuefeng Wang
Author-X-Name-First: Xuefeng
Author-X-Name-Last: Wang
Title: Foreign direct investment in services and manufacturing export sophistication in China
Abstract: 
 This study investigates the impacts of FDI in services on the sophistication of the total export and the domestic added components of manufacturing firms in China, utilizing the policy of FDI access relaxation in services as an exogenous shock. The results show that FDI in services increases the sophistication of firms’ total export, but decreases the sophistication of domestic added components. Increasing the use of imported sophisticated inputs is a potential influencing mechanism of FDI in services.
Journal: Applied Economics Letters
Pages: 2848-2853
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2110210
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2110210
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# input file: RAEL_A_2107983_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Fernando Barros Jr
Author-X-Name-First: Fernando
Author-X-Name-Last: Barros Jr
Author-Name: Fábio Augusto Reis Gomes
Author-X-Name-First: Fábio
Author-X-Name-Last: Augusto Reis Gomes
Author-Name: Gian Paulo Soave
Author-X-Name-First: Gian Paulo
Author-X-Name-Last: Soave
Title: Geopolitical risk shocks and the Brazilian economy
Abstract: 
 This paper investigates the impacts of international geopolitical risk shocks (GPR) on the Brazilian economy. The dynamic relation between Brazil and GPR is modelled using a Bayesian vector autoregressive model that accounts for large economic shocks with heavy tails and stochastic volatility. The study analyses quarterly data from Brazil, as well as the indices that account for GPR related to the US, Russia, and a global GPR index. The results indicate that real economic activity reacts more intensely to Russian risk than to global or US risk, whereas the responses of prices and financial indicators appear more sensitive to global risk.
Journal: Applied Economics Letters
Pages: 2803-2807
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2107983
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2107983
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# input file: RAEL_A_2107982_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Sven Grüner
Author-X-Name-First: Sven
Author-X-Name-Last: Grüner
Author-Name: Norbert Hirschauer
Author-X-Name-First: Norbert
Author-X-Name-Last: Hirschauer
Title: Experienced survey participants, biased responses? – The example of cognitive reflection
Abstract: 
 The Cognitive Reflection Test (CRT) is used in behavioural studies to describe individuals as intuitive or reflective. In recent years, behavioural scientists have increasingly recruited participants on online platforms. Besides convenience, apt platform recruitment is believed to increase validity and facilitate more meaningful inferences towards the population of interest compared to studies based on students. But particularly with regard to CRT, there is an often-underestimated drawback: ‘experienced clickers’ might systematically distort findings.
Journal: Applied Economics Letters
Pages: 2797-2802
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2107982
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2107982
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# input file: RAEL_A_2104800_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Renyu Li
Author-X-Name-First: Renyu
Author-X-Name-Last: Li
Author-Name: Yan Luo
Author-X-Name-First: Yan
Author-X-Name-Last: Luo
Author-Name: Tenglong Zhong
Author-X-Name-First: Tenglong
Author-X-Name-Last: Zhong
Title: The impact of trade policy uncertainty on labour demand elasticity: evidence from China
Abstract: 
 Research on the effect of trade on labour demand elasticity is rich, but lacks studies on the effect of trade policy uncertainty. Using firm-level labour demand elasticity data from China, this paper supplements current research by presenting evidence for the impact of trade policy uncertainty on labour demand elasticity. Using the granting Permanent Normal Trade Relations (PNTR) status by the US to China as a quasi-natural experiment, this paper constructs a difference-in-differences model. The empirical results show that a reduction in trade policy uncertainty following the grant of PNTR status significantly reduces labour demand elasticity in China. The decrease in trade policy uncertainty thereby improves employment stability. This paper reveals the importance of cultivating a stable international trade policy environment for stabilizing the domestic job market.
Journal: Applied Economics Letters
Pages: 2717-2724
Issue: 19
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2104800
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2104800
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# input file: RAEL_A_2114988_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Chaofan Chen
Author-X-Name-First: Chaofan
Author-X-Name-Last: Chen
Author-Name: Lijuan Zheng
Author-X-Name-First: Lijuan
Author-X-Name-Last: Zheng
Author-Name: Yongsheng Lin
Author-X-Name-First: Yongsheng
Author-X-Name-Last: Lin
Author-Name: Chenghua Guan
Author-X-Name-First: Chenghua
Author-X-Name-Last: Guan
Title: Can comprehensive environmental regulation trigger green innovation? evidence from the low-carbon city pilot policy and green patents of listed industrial enterprises
Abstract: 
 Using the gradual promotion of China’s low-carbon city pilot policy (LCCPP) as a quasi-natural experiment, this study investigates the impact of comprehensive environmental regulation on green innovation represented by green patents of listed industrial enterprises. Our results revealed that enterprises located in cities with LCCPP produced a high intensity and volume of green patents. LCCPP increased the proportion of green invention, green utility model, and total green patents by 1.26%, 0.72%, and 0.84%, respectively. Moreover, we found that enterprises located in eastern cities and those with high research and development intensity and productivity were likely to benefit most from LCCPP, and LCCPP also triggered green innovation in high-emission and high-energy-consuming industrial sectors. Our results suggest that, for developing economies, a flexible and comprehensive environmental regulation that combines command-and-control and market-based regulations would be preferable for promoting enterprises’ green innovation.
Journal: Applied Economics Letters
Pages: 2886-2893
Issue: 20
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2114988
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2114988
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# input file: RAEL_A_2115448_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Zorica Mladenovic
Author-X-Name-First: Zorica
Author-X-Name-Last: Mladenovic
Title: Economic policy uncertainty in US and Europe: time-varying Granger causality
Abstract: 
 This study provides insights into the linkage between the policy uncertainty index of the United States (US) and Europe based on the time-varying causality approach. We also consider the variability of these indices derived from the ARFIMA-GARCH models. Our findings indicate a prevailing causality running from US uncertainty to both European and European variability of uncertainty. The results are in line with some theoretical models that associate macroeconomic uncertainty and international spillover effects.
Journal: Applied Economics Letters
Pages: 2913-2920
Issue: 20
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2115448
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# input file: RAEL_A_2116387_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Tami Gurley
Author-X-Name-First: Tami
Author-X-Name-Last: Gurley
Author-Name: Brian Hill
Author-X-Name-First: Brian
Author-X-Name-Last: Hill
Title: The effects of increasing income for vulnerable families: better birth outcomes, continued disparities
Abstract: 
 Evidence suggests that cash transfers through the Earned Income Tax Credit (EITC) programme induce better birth outcomes. We use US Vital Statistics data for all births in Maryland from 1995–2004 to capture the casual effects of implementing a local EITC programme across households. Alternative difference-in-differences (DD) comparison groups compare treatment households with like households in non-EITC counties and ineligible households in the same county. We find that the implementation of the local EITC reduced the probability of low birth weight by as much as 3.5 percentage points for births to White and Black mothers with little evidence of an effect for Hispanic mothers. This reduction represents a 46% decrease for White mothers and 26% decrease for Black mothers. Despite improving average birth outcomes, EITC cash transfers did not reduce disparities in birth outcomes.
Journal: Applied Economics Letters
Pages: 2965-2970
Issue: 20
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2116387
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# input file: RAEL_A_2116385_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Zhiyang Lin
Author-X-Name-First: Zhiyang
Author-X-Name-Last: Lin
Author-Name: Yan Sheng
Author-X-Name-First: Yan
Author-X-Name-Last: Sheng
Title: Climate change and firm productivity: the case of drought
Abstract: 
 This paper evaluates the causal effects of climate change on firm productivity from the perspective of drought, which is a complicated climate phenomenon. Based on the panel data of agriculture-related firms in China, we present strong evidence that drought significantly reduces firm’ total factor productivity. Mechanism analysis shows that the negative effect is rooting from higher costs of equity capital, higher operation costs, and lower investment efficiency. Finally, we find that government subsidy and policy stimulating corporate innovation can help firms adapt to climate change.
Journal: Applied Economics Letters
Pages: 2947-2957
Issue: 20
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2116385
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2116385
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# input file: RAEL_A_2117773_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Sudharshan Reddy Paramati
Author-X-Name-First: Sudharshan Reddy
Author-X-Name-Last: Paramati
Author-Name: Hussein Abedi Shamsabadi
Author-X-Name-First: Hussein
Author-X-Name-Last: Abedi Shamsabadi
Author-Name: Harshavardhan Reddy Kummitha
Author-X-Name-First: Harshavardhan
Author-X-Name-Last: Reddy Kummitha
Title: How did gold prices respond to the COVID-19 pandemic?
Abstract: 
 This paper investigates the asymmetric impact of COVID-19 on gold prices by making use of high frequency data and a recently developed nonlinear estimation approach. The analysis considers three main dimensions of COVID-19: daily new cases, recoveries and deaths. The findings reveal that decreases in COVID-19 new cases and increases in recoveries cause an upswing in gold prices. These evidences imply that the reduction in new COVID-19 cases or more recoveries from COVID-19 improves both investors’ and consumers’ psychological confidence. In other words, the investors and consumers become more optimistic about their future and tend to demand more gold. On the other hand, the increases (decreases) in policy uncertainty, oil prices, and world stock index performance elevate (reduce) gold prices. The study also establishes a positive nexus between equity market uncertainty and gold prices.
Journal: Applied Economics Letters
Pages: 2987-2993
Issue: 20
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2117773
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# input file: RAEL_A_2114987_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Gerardo Ruiz Sánchez
Author-X-Name-First: Gerardo
Author-X-Name-Last: Ruiz Sánchez
Title: COVID-19 and the rise of maternal deaths: evidence from Mexico
Abstract: 
 I use 2013–2020 state-month-year data from official maternal death records to quantify the effect of the pandemic on maternal deaths in Mexico. Using a Poisson count regression model that accounts for seasonal trends and unobserved differences across states, I show maternal deaths started increasing meaningfully in April-May 2020. More specifically, I find that the expected number of maternal deaths increased by a factor of 2 during May-August 2020. Moreover, this increase factor remained above 1.6 after September 2020, indicating that the effect of the pandemic on maternal deaths continued to be meaningful at the end of year. I also provide evidence of the key mechanism that could plausibly explain this increase: COVID-19 was the main underlying cause of 26.5% of maternal deaths in 2020. This accounts for nearly all of the increase in maternal deaths from 2019 to 2020.
Journal: Applied Economics Letters
Pages: 2881-2885
Issue: 20
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2114987
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2114987
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# input file: RAEL_A_2115445_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Lu Jiang
Author-X-Name-First: Lu
Author-X-Name-Last: Jiang
Author-Name: Lanjun Lao
Author-X-Name-First: Lanjun
Author-X-Name-Last: Lao
Title: Identifying inconsistency in short-term reversal: evidence from the Chinese stock market
Abstract: 
 We study the inconsistency between past return and profitability growth to explore the mispricing explanation for short-term reversal. Our empirical results indicate that reversal profits are more concentrated in stocks where past returns are inconsistent with profitability growth. Based on our finding, we develop a growth-anchored reversal (GAR) strategy defined as buying past losers with high profitability growth and selling past winners with low growth. This refined short-term reversal strategy turns out to be more profitable than conventional reversal strategy in the Chinese stock market. Our results remain robust under different sample periods, different market situations and alternative profitability measures.
Journal: Applied Economics Letters
Pages: 2894-2901
Issue: 20
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2115445
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2115445
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# input file: RAEL_A_2116388_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Zhijie Han
Author-X-Name-First: Zhijie
Author-X-Name-Last: Han
Author-Name: Yuwei Wang
Author-X-Name-First: Yuwei
Author-X-Name-Last: Wang
Title: Does high-speed rail promote corporate green innovation?
Abstract: 
 This paper employs the difference-in-difference model (DID) to empirically investigate how high-speed rail affects the green innovation of corporate. We find that high-speed rail significantly promotes corporate green innovation, and the result differed between regions. The mechanism is that high-speed rail has increased the regional environmental awareness, corporate environmental costs, labour supply, and the firm’s external financial support, providing more innovation resources for enterprises.
Journal: Applied Economics Letters
Pages: 2971-2977
Issue: 20
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2116388
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2116388
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# input file: RAEL_A_2115966_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Lijuan Cui
Author-X-Name-First: Lijuan
Author-X-Name-Last: Cui
Author-Name: Yanyan Xiong
Author-X-Name-First: Yanyan
Author-X-Name-Last: Xiong
Title: Efficiency gains from reallocating human capital between China’s state and non-state sectors
Abstract: 
 This study is among the first to use household survey data from 1988 to 2019 to demonstrate how human capital misallocation between China’s state and non-state sectors has evolved and to estimate efficiency gains from reallocation over time. Our results show that human capital allocation between sectors has been converging to, diverging from, and re-converging to an optimal level, implying that the Chinese labour market has been gradually approaching efficiency during its market-oriented transition. Lower-educated labours had been more misallocated between the two sectors than higher-educated ones. Efficiency gains from reallocating human capital between sectors depend on the degree of misallocation at each stage and the gains are comparable to contemporaneous domestic gross research and development expenditures.
Journal: Applied Economics Letters
Pages: 2921-2925
Issue: 20
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2115966
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2115966
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# input file: RAEL_A_2117269_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Chaohua He
Author-X-Name-First: Chaohua
Author-X-Name-Last: He
Author-Name: Hanwei Chen
Author-X-Name-First: Hanwei
Author-X-Name-Last: Chen
Title: Performance compensation commitment and long-term M&A performance
Abstract: 
 The article stresses the significance of performance compensation commitment (PCC) in merger and acquisition (M&A) transactions. By exploring manually collected PCCs peculiar to China’s M&A market, we find that: (i) acquirer’s post-M&A long-term performance relates positively to absolute compensation but negatively to relative compensation (scaled by target size); (ii) an inverted U-shaped relationship exists between M&A synergism and compensation amount; (iii) PCC effects are persistent and unrelated to commitment duration. The results suggest that an appropriately designed PCC may enhance acquirer’s performance and M&A synergism through channels of motivating the target and boosting bilateral collaboration.
Journal: Applied Economics Letters
Pages: 2978-2982
Issue: 20
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2117269
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2117269
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# input file: RAEL_A_2115446_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Conglong Fang
Author-X-Name-First: Conglong
Author-X-Name-Last: Fang
Author-Name: Qinghua Shi
Author-X-Name-First: Qinghua
Author-X-Name-Last: Shi
Title: Expenditure elasticity and consumption inequality in rural China
Abstract: 
 Consumption inequality is a matter of great concern. However, measurement error always appears when doing so. To handle this, this paper uses a method based on Engel expenditure elasticity proposed by Aguiar and Bils. The results show that consumption inequality in rural China based on Engel expenditure elasticity is smaller than the income inequality and consumption inequality calculated by the ratio of high-income to low-income households.
Journal: Applied Economics Letters
Pages: 2902-2906
Issue: 20
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2115446
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2115446
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# input file: RAEL_A_2115967_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Md Zakaria Siddiqui
Author-X-Name-First: Md Zakaria
Author-X-Name-Last: Siddiqui
Author-Name: Subrata Mukherjee
Author-X-Name-First: Subrata
Author-X-Name-Last: Mukherjee
Author-Name: Ronald Donato
Author-X-Name-First: Ronald
Author-X-Name-Last: Donato
Title: Does public intervention in dealing with problems of mosquitoes/flies in India crowd out private initiatives?
Abstract: 
 The spread of vector-borne diseases poses considerable public health challenges in India, such that both government and private households engage in initiatives to tackle the problem. This study utilises two nationally representative datasets (2018 and 2012) to determine if action undertaken by state/local government(s) in India in tackling the problems of mosquitoes/flies is associated with a crowding out of private efforts in addressing the problem; or instead is associated with greater private action. Study findings reveal that local/state government action is associated with an increase in household effort in dealing with the problem of mosquitoes/flies. Action by state/local governments in India may convey information to households which may alter their decision-making calculus regarding returns on investments triggering an increase in private effort complementing the public effort. Accordingly, simple government-sponsored advertising campaigns may not be efficacious in promulgating desired behavioural responses. This study finds that direct government action aimed at mitigating the transmission of vector-borne diseases, together with investment in education, social infrastructure and health system interaction may provide positive information signals to households thus enhancing private investment in health-related activity.
Journal: Applied Economics Letters
Pages: 2926-2933
Issue: 20
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2115967
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2115967
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# input file: RAEL_A_2115447_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Ilanit Avioz
Author-X-Name-First: Ilanit
Author-X-Name-Last: Avioz
Author-Name: Haim Kedar-Levy
Author-X-Name-First: Haim
Author-X-Name-Last: Kedar-Levy
Author-Name: Crina Pungulescu
Author-X-Name-First: Crina
Author-X-Name-Last: Pungulescu
Author-Name: David Stolin
Author-X-Name-First: David
Author-X-Name-Last: Stolin
Title: Linking asset prices to news without direct asset mentions
Abstract: 
 Advances in Natural Language Processing (NLP), computing power and data availability are driving an explosion in research about the impact of news on asset prices. However, when relating news to individual assets, this research is based on mentions of specific assets or related terms in the news stories. Such an approach has two shortcomings. First, it requires a substantial time investment in a specific NLP technology. Second, and more importantly, it ignores news articles that do not directly mention a given asset or a pre-defined asset-related term, even if these articles are logically related to the asset in question. Our approach relies instead on a novel NLP technology called ‘semantic fingerprinting’, which projects any text onto a binary vector representing its meaning. The greater the overlap between the semantic fingerprint of a news article and a given asset description, the more relevant we expect the article to be, whether or not the given asset is mentioned in the news directly. We show that this approach successfully picks up the positive impact of news on prices of commonly traded commodities using a dataset of general news published by The Guardian. We include the needed data and instructions for implementing this approach.
Journal: Applied Economics Letters
Pages: 2907-2912
Issue: 20
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2115447
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2115447
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# input file: RAEL_A_2111022_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Thomas F. P. Wiesen
Author-X-Name-First: Thomas F. P.
Author-X-Name-Last: Wiesen
Author-Name: Lakshya Bharadwaj
Author-X-Name-First: Lakshya
Author-X-Name-Last: Bharadwaj
Title: Cryptocurrency Connectedness: Does Controlling for the Cross-Correlations Matter?
Abstract: 
 A growing literature has employed the existing generalized spillover measures to measure the connectedness – or market integration – of cryptocurrencies. This method, while useful, does not properly control for the cross-correlations of the cryptocurrencies when computing aggregate spillovers from all others to any given cryptocurrency, whereas the joint spillover method of Lastrapes and Wiesen (2021) does. This paper further describes the novel multivariate conditioning sets employed by the joint spillover method. By employing these two techniques and evaluating the differences in the results, we demonstrate that controlling for the cross-correlations of cryptocurrencies matters for measuring aggregate spillovers and the overall connectedness of the cryptocurrency market. Using data on ten of the most traded cryptocurrencies, we find that the generalized spillover index overestimates overall connectedness by over nine percentage points relative to the new joint spillover index. This difference varies temporally and across cryptocurrencies.
Journal: Applied Economics Letters
Pages: 2873-2880
Issue: 20
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2111022
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2111022
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# input file: RAEL_A_2117774_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Mariya Pominova
Author-X-Name-First: Mariya
Author-X-Name-Last: Pominova
Author-Name: Todd Gabe
Author-X-Name-First: Todd
Author-X-Name-Last: Gabe
Title: Population size and the job matching of college graduates
Abstract: 
 This paper examines the relationship between a region’s population size and the match of college-educated workers to jobs that require a degree. Results show a positive relationship between degree match and county population size in the United States, with a 100,000-person increase in population associated with a 1.3-percentage point increase in the likelihood of a match. The analysis uses a person’s grade point average in college to account for the potential sorting of higher-skilled workers into larger urban areas and the dataset has individuals across a wide range of regions from small rural areas to big cities.
Journal: Applied Economics Letters
Pages: 2994-2997
Issue: 20
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2117774
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2117774
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# input file: RAEL_A_2117270_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Xiaohui Xu
Author-X-Name-First: Xiaohui
Author-X-Name-Last: Xu
Author-Name: Mobing Jiang
Author-X-Name-First: Mobing
Author-X-Name-Last: Jiang
Author-Name: Zhengrong Zhang
Author-X-Name-First: Zhengrong
Author-X-Name-Last: Zhang
Author-Name: Jun Yang
Author-X-Name-First: Jun
Author-X-Name-Last: Yang
Title: Does digital finance facilitate improvement in export product quality? Evidence from China
Abstract: 
 Inefficiency and resource misallocation in the financial system, coupled with a shortage of traditional financial services, have hindered export product quality improvement in China. Against this backdrop, there is an evident need to examine the dynamics between digital finance and export product quality. Hence, this study focuses on the impact of digital finance on export product quality upgrades in China. The examination draws on panel data of 39,387 firm-level samples from 2011 to 2014. Empirical results show that digital finance helps upgrade export product quality by enhancing enterprises’ financial stability. Moreover, the positive effect of the depth of digital finance usage is more pronounced than that of the breadth of digital finance coverage. Our findings imply that China must continue deepening the digital financial market and expand and improve the scope and efficiency of financial services.
Journal: Applied Economics Letters
Pages: 2983-2986
Issue: 20
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2117270
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2117270
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# input file: RAEL_A_2115968_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Hengzhen Lu
Author-X-Name-First: Hengzhen
Author-X-Name-Last: Lu
Author-Name: Qiujin Gao
Author-X-Name-First: Qiujin
Author-X-Name-Last: Gao
Author-Name: Ho Yin Yick
Author-X-Name-First: Ho Yin
Author-X-Name-Last: Yick
Title: Economic policy uncertainty and its mediating effect on leverage on the adjustment speed of corporate investment– evidence from China
Abstract: 
 Using the data of 677 listed manufacturing companies in China from 2008 to 2020, we construct an empirical model to study the adjustment speed of investment level and leverage change under economic policy uncertainty (EPU). Our empirical results show that: (1) EPU hinders the adjustment speed of firm investment level. (2) EPU is negatively associated with leverage and hinders the adjustment speed of leverage level. (3) Corporate leverage has a negative mediation effect on the adjustment speed of firm investment level. The response of firms and markets to economic policies always lags behind. In particular, the EPU effect is significant in long term, up to 3 years, and the negative mediating effect is lasted for 10 quarters. A robust check has been done to verify the results. It is suggested that policymakers should help to improve the information efficiency, smooth the market reaction and take the dominant position of market regulation, to avoid the large-scale shock from EPU.
Journal: Applied Economics Letters
Pages: 2934-2946
Issue: 20
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2115968
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2115968
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# input file: RAEL_A_2116386_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Christopher R. McIntosh
Author-X-Name-First: Christopher R.
Author-X-Name-Last: McIntosh
Author-Name: Neil A. Wilmot
Author-X-Name-First: Neil A.
Author-X-Name-Last: Wilmot
Author-Name: Sichao Wei
Author-X-Name-First: Sichao
Author-X-Name-Last: Wei
Author-Name: David Aadland
Author-X-Name-First: David
Author-X-Name-Last: Aadland
Title: The effects of terrorism events and changes in the US Homeland Security Advisory System on national park visitation
Abstract: 
 The impacts of terrorism events and the subsequent Homeland Security Advisory System (HSAS) on visitation to US National Park Service (NPS) sites are examined. A spatial random effects model, using a panel of monthly site visitation (1979–2013), spanning the period between two major terrorism events, is applied. Results show increased visitation after the 1995 Oklahoma City bombing, but a decrease in visitation after 9/11. The decline in park visitation diminishes the farther the park site is from the twin towers, and the more time has passed since 9/11. Elevated terrorism threat levels under HSAS have a negative impact on visitation, but the impact of the warning decays over time. The interaction effect indicates that large visitation sites close to the Twin Towers may experience more visitation after the HSAS level increases. We suggest that the negative HSAS time effect may be due to some potential visitors choosing to stay home, while the positive interaction effect may indicate substitution towards visiting NPS sites.
Journal: Applied Economics Letters
Pages: 2958-2964
Issue: 20
Volume: 30
Year: 2023
Month: 11
X-DOI: 10.1080/13504851.2022.2116386
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2116386
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# input file: RAEL_A_2118219_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Joo Hyung Lee
Author-X-Name-First: Joo Hyung
Author-X-Name-Last: Lee
Author-Name: Seung Jae Lee
Author-X-Name-First: Seung Jae
Author-X-Name-Last: Lee
Title: Efficient access to qualitative data: a case of MD&A analysis from 10-K with Python via SEC’s API
Abstract: 
 A distinction between quantitative and qualitative data has been regarded as an inviolable separation for a long time, resulting in a significant restriction in setting research designs and methods. In this study, we propose a way to pull this stereotype down and to open more choices for upcoming studies: using Python with 10-K filings via the U.S. Securities and Exchange Commission’s application programming interface, we show how to broaden the source of data available for research. In particular, we focus on management’s discussion and analysis (MD&A) of 10-K filing. This part has not been fully incorporated due to considerable requirements for an access – substantial time and effort in case of hand collecting. The new perspective approach described in this paper provides significant implications for business practice as well as research in relation to the higher level of utilization of existing data than before.
Journal: Applied Economics Letters
Pages: 3021-3025
Issue: 21
Volume: 30
Year: 2023
Month: 12
X-DOI: 10.1080/13504851.2022.2118219
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2118219
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# input file: RAEL_A_2120950_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Nurullah Gür
Author-X-Name-First: Nurullah
Author-X-Name-Last: Gür
Author-Name: Elmas Yaldız Hanedar
Author-X-Name-First: Elmas
Author-X-Name-Last: Yaldız Hanedar
Author-Name: Avni Önder Hanedar
Author-X-Name-First: Avni Önder
Author-X-Name-Last: Hanedar
Title: Democracy and fiscal support during the COVID-19 pandemic: an empirical investigation
Abstract: 
 Democracies are expected to implement expansionary fiscal policies to accelerate economic recovery in crisis times. However, as experienced in the 2008 global financial crisis, democratic countries sometimes tend to adopt austerity measures during crises. This paper examines the relationship between democracy and fiscal support during the COVID-19 pandemic. The empirical findings confirm the positive impact of democracy on fiscal support. As we unbundle the effects, democracy has a significant effect for the non-health sector, but the effect is insignificant for the health sector.
Journal: Applied Economics Letters
Pages: 3068-3074
Issue: 21
Volume: 30
Year: 2023
Month: 12
X-DOI: 10.1080/13504851.2022.2120950
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2120950
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# input file: RAEL_A_2118217_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Weijia Hu
Author-X-Name-First: Weijia
Author-X-Name-Last: Hu
Author-Name: Shi Teng
Author-X-Name-First: Shi
Author-X-Name-Last: Teng
Author-Name: Yu-En Lin
Author-X-Name-First: Yu-En
Author-X-Name-Last: Lin
Author-Name: Yuan Li
Author-X-Name-First: Yuan
Author-X-Name-Last: Li
Title: Share pledging, social trust and cash dividend payout: evidence from China
Abstract: 
 Paying less cash dividend is one type of pledging shareholders’ opportunistic behaviour. Previous literature leaves unclear evidence about the impacts of share pledging on such firm-level decisions. Using the data of listed firms between 2014 and 2020 in China, we fill this void by examining the relationship between share pledging and cash dividend payouts from the perspective of social trust. Using a Heckman two-stage model, we find that share-pledging firms are less likely to pay cash dividend and the cash dividend payout is negatively related to pledged shares. We employ a hierarchical linear model and find that the level of social trust positively moderates the relationship between share pledging and cash dividend payout. Further, we find the effect is more pronounced for firms with higher free cash flows. The results indicate that social trust reduces the moral risk of pledging shareholders of listed firms in emerging market.
Journal: Applied Economics Letters
Pages: 3006-3012
Issue: 21
Volume: 30
Year: 2023
Month: 12
X-DOI: 10.1080/13504851.2022.2118217
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2118217
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# input file: RAEL_A_2118218_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Betul Akar
Author-X-Name-First: Betul
Author-X-Name-Last: Akar
Title: Does education affect leisure-time reading? Evidence from time use survey
Abstract: 
 Utilizing the data from Turkish Time Use Survey and exploiting Turkish compulsory schooling reform as a source of exogenous variation in education, this paper shows that education reduces employed men’s leisure-time reading. For women, on the other hand, we do not find any causal impact of increased education on time spent in reading. We conclude that education may affect men’s reading habits by altering preferences towards other leisure activities.
Journal: Applied Economics Letters
Pages: 3013-3020
Issue: 21
Volume: 30
Year: 2023
Month: 12
X-DOI: 10.1080/13504851.2022.2118218
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2118218
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# input file: RAEL_A_2120177_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yulin Hou
Author-X-Name-First: Yulin
Author-X-Name-Last: Hou
Author-Name: Shaomeng Jia
Author-X-Name-First: Shaomeng
Author-X-Name-Last: Jia
Title: Commodity exports and educational inequality
Abstract: 
 This paper studies the impact of commodity exports on educational inequality. Using data from 33 Latin America and the Caribbean countries over the period 1965 to 2010, the empirical analysis shows that export expansion of commodities leads to higher levels of educational inequality. The results are shown to be robust to the consideration of many control variables, different measures of commodity exports, and endogeneity of export expansion in commodities. Given the importance of educational inequality for economic growth, our results suggest a potential role for policy intervention in balancing the trade-off between promoting the aggregation production of education and increasing export growth in low-skill sectors.
Journal: Applied Economics Letters
Pages: 3061-3067
Issue: 21
Volume: 30
Year: 2023
Month: 12
X-DOI: 10.1080/13504851.2022.2120177
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# input file: RAEL_A_2137453_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Seungyeon Cho
Author-X-Name-First: Seungyeon
Author-X-Name-Last: Cho
Title: Trends in children’s food insufficiency in the United States during the COVID-19 pandemic
Abstract: 
 Children’s food insufficiency is a severe form of food-related hardship that may have intensified during the COVID-19 pandemic. Using near real-time data from the Household Pulse Survey, this study analyzes trends in children’s food insufficiency in the United States during the pandemic period from June 2020 to December 2021. The results indicate that children’s low food sufficiency sharply increased in mid-July and early December 2020 and decreased with the third Economic Impact Payments rollout in early January 2021. This decrease suggests the payments’ potential to improve children’s food sufficiency. Comparatively, the status of children with very low food sufficiency has remained stable throughout the pandemic.
Journal: Applied Economics Letters
Pages: 3088-3093
Issue: 21
Volume: 30
Year: 2023
Month: 12
X-DOI: 10.1080/13504851.2022.2137453
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2137453
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# input file: RAEL_A_2118220_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Deming Luo
Author-X-Name-First: Deming
Author-X-Name-Last: Luo
Author-Name: Kai Qu
Author-X-Name-First: Kai
Author-X-Name-Last: Qu
Title: Does Income Inequality Matter for Structural Transformation?
Abstract: 
 This study revisits the effect of income inequality on economic development from the perspective of structural change. Using an international panel dataset of 90 economies from 1996 to 2015, we empirically assess the impact of income inequality on labour transformation across sectors. We use the ‘wheat – sugar ratio’ as an instrument for endogenous variation. The results suggest that income inequality positively and significantly impacts agricultural labour.
Journal: Applied Economics Letters
Pages: 3026-3033
Issue: 21
Volume: 30
Year: 2023
Month: 12
X-DOI: 10.1080/13504851.2022.2118220
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2118220
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# input file: RAEL_A_2120952_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Seongwan Park
Author-X-Name-First: Seongwan
Author-X-Name-Last: Park
Author-Name: Seungju Lee
Author-X-Name-First: Seungju
Author-X-Name-Last: Lee
Author-Name: Yunyoung Lee
Author-X-Name-First: Yunyoung
Author-X-Name-Last: Lee
Author-Name: Hyungjin Ko
Author-X-Name-First: Hyungjin
Author-X-Name-Last: Ko
Author-Name: Bumho Son
Author-X-Name-First: Bumho
Author-X-Name-Last: Son
Author-Name: Jaewook Lee
Author-X-Name-First: Jaewook
Author-X-Name-Last: Lee
Author-Name: Huisu Jang
Author-X-Name-First: Huisu
Author-X-Name-Last: Jang
Title: Price co-movements in decentralized financial markets
Abstract: 
 In decentralized finance (Defi), market participants are allowed to have the right to manage their own funds as opposed to centralized finance (Cefi) with a central custodian, centralized exchanges (CEX). Most Defi projects provide their own service and simultaneously issue a unique token that can be traded in decentralized exchanges (DEX). However, the values of these tokens have rarely been studied. We confirm that the prices of tokens in the Defi market have a persistent tendency to move together. We also demonstrate that the correlation gradually increased from the Defi market’s inception and the price co-movement increased in a bear market, and conversely, decreased in a bull market. Specifically, we find a notable difference in the level of price co-movement between CEX cryptocurrencies and DEX tokens.
Journal: Applied Economics Letters
Pages: 3075-3082
Issue: 21
Volume: 30
Year: 2023
Month: 12
X-DOI: 10.1080/13504851.2022.2120952
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2120952
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# input file: RAEL_A_2118216_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: John Gibson
Author-X-Name-First: John
Author-X-Name-Last: Gibson
Title: Jabbing the economy back to life?
Abstract: 
 The pace and scope of Covid-19 vaccination has varied greatly across OECD countries. In this paper, monthly data on vaccination rates for the 32 OECD countries with high-frequency all-cause mortality rates available are related to seven monthly economic activity indicators: night-time lights and Google Mobility reports for six types of locations. Vaccination rates are also related to Covid response stringency, to Covid cases and deaths, and to all-cause mortality. A standard deviation higher fully vaccinated rate is associated with up to an 0.5 standard deviation larger rise in economic activity over the same month in 2020; an effect due to relaxed response stringency. The partial vaccination rate has no relationship with the economic rebound. These associations with changes in economic activity occur despite no apparent relationship between vaccination rates and changes in Covid-19 cases or changes in mortality.
Journal: Applied Economics Letters
Pages: 2999-3005
Issue: 21
Volume: 30
Year: 2023
Month: 12
X-DOI: 10.1080/13504851.2022.2118216
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2118216
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# input file: RAEL_A_2118958_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Mauro Vigani
Author-X-Name-First: Mauro
Author-X-Name-Last: Vigani
Author-Name: Hasan Dudu
Author-X-Name-First: Hasan
Author-X-Name-Last: Dudu
Title: Testing an IV method for reducing quality bias in demand systems estimations
Abstract: 
 Price elasticities of substitution estimated with demand systems and household survey data might suffer of an endogeneity bias due to measurement errors and unobserved quality substitution. The paper compares Deaton’s and Cox and Wohlgenant’s approaches commonly used to reduce this bias with a method based on instrumental variables. The test is conducted on selected food and beverage goods inVietnam. Price elasticities not corrected for quality substitution obtained with standard market prices are used as a benchmark. Results show that the instrumental variable method significantly reduces the endogeneity bias and performs better than the compared methods. Moreover, it is based on fewer assumptions and controls for measurement errors. Its main limitations are that it still implicitly assumes that price changes have no impact on quality and that it relies on identifying suitable instruments.
Journal: Applied Economics Letters
Pages: 3034-3038
Issue: 21
Volume: 30
Year: 2023
Month: 12
X-DOI: 10.1080/13504851.2022.2118958
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2118958
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# input file: RAEL_A_2118961_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Omid M Ardakani
Author-X-Name-First: Omid M
Author-X-Name-Last: Ardakani
Author-Name: Mariana Saenz
Author-X-Name-First: Mariana
Author-X-Name-Last: Saenz
Title: On the comparison of inequality measures: evidence from the world values survey
Abstract: 
 This paper overviews the well-known inequality measures and applies information-theoretic tools to compare inequality between income levels among nations. Specifically, we use the World Values Survey data on households’ income levels in 57 countries to rank inequality. We then examine the effects of macroeconomic outcomes on inequality. Our findings suggest that the Gini coefficient with $$J$$J-divergence provides further insight into inequality rankings. In addition, the results indicate that higher inflation and GDP growth lead to lower inequality. Finally, we find a positive relationship between income inequality and money growth.
Journal: Applied Economics Letters
Pages: 3051-3060
Issue: 21
Volume: 30
Year: 2023
Month: 12
X-DOI: 10.1080/13504851.2022.2118961
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2118961
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# input file: RAEL_A_2118960_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yating Fu
Author-X-Name-First: Yating
Author-X-Name-Last: Fu
Author-Name: Yufei Xia
Author-X-Name-First: Yufei
Author-X-Name-Last: Xia
Title: Blockchain adoption: value creation or insider selling?
Abstract: 
 Using a sample of listed firms in China, we aim to examine the motivation of blockchain adoption and propose two opposite hypotheses, namely value creation hypothesis and insider selling hypothesis. The empirical results demonstrate that initial blockchain adoption announcement leads to approximately 2% CAAR over the three-day interval around the release, whereas the abnormal return quickly reverses after the announcement, implying that the blockchain adoption can only provide short-term value and against the value creation hypothesis. The finding remains robust for largest industries (manufacturing and information technology) and release channels. On the contrary, we observe a significant positive effect of insider selling on the blockchain adoption announcement, which supports the insider selling hypothesis. Our findings can provide a better understanding on firms’ motivation of blockchain adoption, warn the investors to keep a rational attitude to ‘blockchain hysteria’ when making investment decisions, and motivate the regulators to propose strict information disclosure mechanism and prevent insider selling behaviours.
Journal: Applied Economics Letters
Pages: 3045-3050
Issue: 21
Volume: 30
Year: 2023
Month: 12
X-DOI: 10.1080/13504851.2022.2118960
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2118960
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# input file: RAEL_A_2120953_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Lin Han
Author-X-Name-First: Lin
Author-X-Name-Last: Han
Author-Name: Xingchan Li
Author-X-Name-First: Xingchan
Author-X-Name-Last: Li
Author-Name: Qian Sun
Author-X-Name-First: Qian
Author-X-Name-Last: Sun
Title: Does a high-speed railway increase offsite subsidiaries’ innovation output?
Abstract: 
 This study investigates the impact of opening a high-speed railway (HSR) on the innovation output of offsite subsidiaries in China. Our findings suggest that the innovation output of offsite subsidiaries increases significantly after the opening of HSR between the cities in which the listed firms and their subsidiaries are located, and the results are robust after a series of robustness checks. Hence, the spatiotemporal squeezing effect generated by opening HSR significantly improves the efficiency of information exchange and resource sharing between parent and subsidiary companies, which greatly promotes the innovation output of offsite subsidiaries.
Journal: Applied Economics Letters
Pages: 3083-3087
Issue: 21
Volume: 30
Year: 2023
Month: 12
X-DOI: 10.1080/13504851.2022.2120953
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2120953
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# input file: RAEL_A_2159007_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: İ̇lhan Eroglu
Author-X-Name-First: İ̇lhan
Author-X-Name-Last: Eroglu
Author-Name: Fatih Yeter
Author-X-Name-First: Fatih
Author-X-Name-Last: Yeter
Title: Time-varying causality between money supply growth and inflation: new evidence from Turkey
Abstract: 
 This research investigates the causal links between money supply growth and inflation in Turkey. Unlike previous literature, In the investigation of causality, time-varying causality tests were applied. The results indicate that there is causality from money supply growth to inflation. However, it emphasizes that when time-varying causality is considered, causality is not homogeneous throughout the sample, but heterogeneous, more sensitive to structural breaks.
Journal: Applied Economics Letters
Pages: 3094-3098
Issue: 21
Volume: 30
Year: 2023
Month: 12
X-DOI: 10.1080/13504851.2022.2159007
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2159007
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# input file: RAEL_A_2118959_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Van Cuong Dang
Author-X-Name-First: Van Cuong
Author-X-Name-Last: Dang
Author-Name: Quang Khai Nguyen
Author-X-Name-First: Quang Khai
Author-X-Name-Last: Nguyen
Author-Name: Xuan Hang Tran
Author-X-Name-First: Xuan Hang
Author-X-Name-Last: Tran
Title: Corruption, institutional quality and shadow economy in Asian countries
Abstract: 
 This study analyzes the effects of corruption and institutional quality on shadow economy to test the hypothesis of greasing and sanding the wheels of corruption. After empirically studying 29 Asian countries, our results indicate that corruption and institutional quality have a positive and negative impact on shadow economy, respectively. Furthermore, the interaction of corruption and economic freedom has a negative impact on shadow economy, whereas corruption and democracy have a positive impact on shadow economy, confirming that corruption works better to ‘grease of the wheels’ in weak economic institutions conditions and in strong political institutions conditions.
Journal: Applied Economics Letters
Pages: 3039-3044
Issue: 21
Volume: 30
Year: 2023
Month: 12
X-DOI: 10.1080/13504851.2022.2118959
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2118959
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# input file: RAEL_A_2121376_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Christos Pierros
Author-X-Name-First: Christos
Author-X-Name-Last: Pierros
Author-Name: Nikolaos Rodousakis
Author-X-Name-First: Nikolaos
Author-X-Name-Last: Rodousakis
Author-Name: George Soklis
Author-X-Name-First: George
Author-X-Name-Last: Soklis
Title: Exchange-rate pass-through in Turkey with a supply and use model
Abstract: 
 Using a multisectoral model and data from the supply and use tables, this article estimates the exchange-rate pass-through to the domestic price level of the Turkish economy. The results indicate that a unit change in the exchange rate leads to 0.61 units of change in the overall price level. This effect comes out mostly through the industry, and the primary sector; while in terms of products, the energy sector is the major actor for the changes in the domestic price level.
Journal: Applied Economics Letters
Pages: 24-30
Issue: 1
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2121376
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2121376
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# input file: RAEL_A_1722791_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Petyo Bonev
Author-X-Name-First: Petyo
Author-X-Name-Last: Bonev
Title: Projection properties of constrained nonparametric instrumental variable estimators
Abstract: 
 I show that a broad class of constrained nonparametric instrumental variable estimators are projections of the corresponding unconstrained estimators on the constrained set with respect to some norm. In addition, for estimators based on Tikhonov regularization, constrained estimation can be viewed as two-step projection: first project the data on the unconstrained set, and then project this projection on the constrained set. As an application, I use the projection property to establish sufficient conditions for the consistency of a sieve-based and a kernel-based constrained estimator.
Journal: Applied Economics Letters
Pages: 1-4
Issue: 1
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2020.1722791
File-URL: http://hdl.handle.net/10.1080/13504851.2020.1722791
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# input file: RAEL_A_2124227_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Qianni Peng
Author-X-Name-First: Qianni
Author-X-Name-Last: Peng
Author-Name: Kai Du
Author-X-Name-First: Kai
Author-X-Name-Last: Du
Author-Name: Chuan Wang
Author-X-Name-First: Chuan
Author-X-Name-Last: Wang
Title: How mitigation efforts moderate the impact of climate change on agricultural efficiency: a preliminary analysis from China
Abstract: 
 In this paper, we empirically evaluate the effect of climate change on agricultural technical efficiency, considering the moderating effect of mitigation efforts based on emission reduction in China. In particular, we directly measure the intensity of mitigation efforts using the climate change mitigation index. We then apply the two-stage double bootstrap DEA method to build up the empirical model, effectively avoiding biased estimation using the traditional two-stage DEA method. Our results show that the intensity of mitigation measures moderates the impacts of global warming on efficiency and mild mitigation measures are better than drastic ones.
Journal: Applied Economics Letters
Pages: 56-60
Issue: 1
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2124227
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2124227
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# input file: RAEL_A_2126816_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Lu Shen
Author-X-Name-First: Lu
Author-X-Name-Last: Shen
Title: Research on the impact of technological finance on high-quality economic growth
Abstract: 
 This paper investigates the impact of technological finance on high-quality economic growth. Based on data of 30 provinces (including autonomous regions and municipalities) collected between 2004 and 2018, this paper adopts the method of factor analysis to construct comprehensive indexes of technological finance, before calculating green total factor productivity as the index of high-quality development, using the CRS Multiplicative Model. Then it constructs the spatial SAC model, for analyses of the just-mentioned relationship based on the total sample of the nation as well as regional samples in eastern, middle and western China respectively. The results reveal that all samples, whether it be the total national samples or regional samples of eastern, middle and western China, demonstrate the positive influence of technological finance on high-quality economic development, with an obvious spatial spillover effect. The impact factor is the highest in the eastern region, while the western region holds the lowest factor among the three.
Journal: Applied Economics Letters
Pages: 71-74
Issue: 1
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2126816
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2126816
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# input file: RAEL_A_2121377_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Sedjro Aaron Alovokpinhou
Author-X-Name-First: Sedjro Aaron
Author-X-Name-Last: Alovokpinhou
Author-Name: Pholile Dladla
Author-X-Name-First: Pholile
Author-X-Name-Last: Dladla
Author-Name: Christopher Malikane
Author-X-Name-First: Christopher
Author-X-Name-Last: Malikane
Title: Financial accelerator, household portfolio, stock prices, and monetary policy shocks
Abstract: 
 We investigate the impact of the financial accelerator on the reaction of asset prices to monetary policy shocks but from the demand side of the economy. In response to a 100-basis point increase in the monetary policy rate, the baseline model shows a stock price reaction of approximately 4.81% without the financial accelerator and of 5.60% with the financial accelerator. This finding is consistent with the financial accelerator literature and the literature on asset prices and monetary policy shocks.
Journal: Applied Economics Letters
Pages: 31-39
Issue: 1
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2121377
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2121377
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# input file: RAEL_A_2128164_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Matondang Elsa Siburian
Author-X-Name-First: Matondang Elsa
Author-X-Name-Last: Siburian
Title: Fiscal decentralization and corruption: a case of indonesia
Abstract: 
 This paper aims to explain the relationship between decentralization and corruption in Indonesia. In doing so, this paper employs Indonesian provincial-level data from 2003 to 2018 using a Poisson model with an endogenous covariates model. The estimation result concludes that decentralization is associated with higher corruption incidence. The result remains robust using an alternative measure of decentralization. Indonesian decentralization is designed to authorize a substantial decision to the local government in prioritizing expenditures, but the primary taxing right remains with the central government. The significant power of the local government is associated with a higher incidence of corruption in the local region. Bribery and over-invoicing of public goods/services are the main cases of local government corruption in Indonesia.
Journal: Applied Economics Letters
Pages: 87-90
Issue: 1
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2128164
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2128164
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# input file: RAEL_A_2120956_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Zhongtian Li
Author-X-Name-First: Zhongtian
Author-X-Name-Last: Li
Author-Name: Jing Jia
Author-X-Name-First: Jing
Author-X-Name-Last: Jia
Title: Influenza and labour investment efficiency
Abstract: 
 This study investigates the relationship between the spread of influenza and labour investment efficiency using a sample of United States (US) firms from 2004–2019. The spread of influenza is found to be positively associated with an inefficient investment in labour. Further analyses show that the impact of the spread of influenza on labour investment inefficiency is less pronounced for firms in states mandating paid sick leave, for firms operating in the industries where a higher share of jobs can be done at home, and for firms in the industries where there is a lower level of interpersonal contact. Given the raising awareness of public health and firm outcomes, our findings should be of great interest to investors, directors, managers, and public policymakers.
Journal: Applied Economics Letters
Pages: 17-23
Issue: 1
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2120956
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2120956
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# input file: RAEL_A_2125492_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Kyounghun Lee
Author-X-Name-First: Kyounghun
Author-X-Name-Last: Lee
Author-Name: Frederick Dongchuhl Oh
Author-X-Name-First: Frederick Dongchuhl
Author-X-Name-Last: Oh
Title: Freeze-out mergers: the case of shareholders with multiple shares
Abstract: 
 This paper investigates the role of freeze-out mergers in mitigating the free-rider problem in tender offers. In contrast to a framework in which each shareholder owns exactly one share, our model allows shareholders to have multiple shares. We find that a more aggressive freeze-out clause forces shareholders to tender more shares. Therefore, raiders capture a greater amount of surplus when the requirement for freeze-out mergers becomes easier to satisfy.
Journal: Applied Economics Letters
Pages: 65-70
Issue: 1
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2125492
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2125492
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# input file: RAEL_A_2120954_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Shuoli Zhao
Author-X-Name-First: Shuoli
Author-X-Name-Last: Zhao
Author-Name: Yufeng Lai
Author-X-Name-First: Yufeng
Author-X-Name-Last: Lai
Author-Name: Chenglong Ye
Author-X-Name-First: Chenglong
Author-X-Name-Last: Ye
Author-Name: Keehyun Lee
Author-X-Name-First: Keehyun
Author-X-Name-Last: Lee
Title: Machine learning applications in household-level demand prediction
Abstract: 
 Machine learning (ML) is becoming one of the most anticipated methods in predicting consumer demand. However, it is still uncertain how ML methods perform relative to traditional econometric methods under different dataset scales. This study estimates and compares the out-of-sample predictive accuracy of household budget share for organic fresh produce using two parametric models and six ML methods under regular and large sample sizes. Results show that ML method, particularly Logistic Elastic Net, performs better than econometric models under regular sample size. Contrarily, when dealing with big data, econometric models reach to same accuracy level as ML methods whereas random forest presents a possible overfitting problem. This study illustrates the competence of ML methods in demand prediction, but choosing the optimal method needs to consider product specifics, sample sizes, and observable features.
Journal: Applied Economics Letters
Pages: 5-11
Issue: 1
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2120954
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2120954
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# input file: RAEL_A_2125491_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Shifeng Du
Author-X-Name-First: Shifeng
Author-X-Name-Last: Du
Author-Name: Guohua Cao
Author-X-Name-First: Guohua
Author-X-Name-Last: Cao
Author-Name: Yanmin Huang
Author-X-Name-First: Yanmin
Author-X-Name-Last: Huang
Title: The effect of income satisfaction on the relationship between income class and pro-environment behavior
Abstract: 
 This study investigates the linkage from income class to pro-environmental behaviour among people with different income levels. By setting a hierarchical regression model and using data from the World Value Survey (WVS), this study finds that higher income reinforces pro-environmental behaviour. In addition, income satisfaction significantly strengthen the relationship between income class and pro-environmental behaviour, such that the link between them gets stronger when the individuals are satisfied with their income. The findings show that income level and income satisfaction go hand-in-hand in bringing about pro-environmental engagement.
Journal: Applied Economics Letters
Pages: 61-64
Issue: 1
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2125491
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2125491
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# input file: RAEL_A_2123101_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Olga Dodd
Author-X-Name-First: Olga
Author-X-Name-Last: Dodd
Author-Name: Adrian Fernández-Pérez
Author-X-Name-First: Adrian
Author-X-Name-Last: Fernández-Pérez
Author-Name: Simon Sosvilla-Rivero
Author-X-Name-First: Simon
Author-X-Name-Last: Sosvilla-Rivero
Title: Currency and commodity return relationship under extreme geopolitical risks: evidence from the invasion of Ukraine
Abstract: 
 We examine the relationship between currency and commodity returns around the invasion of Ukraine in February 2022. We find that the expected positive contemporaneous relationship between currency and commodity returns reverses and becomes negative during this period of extreme geopolitical risks. In addition to commodity returns, currency returns around the invasion of Ukraine are significantly affected by geopolitical factors, particularly geographic distance to the war. Our results indicate that a war between two major commodity-exporting countries significantly affects global currency pricing.
Journal: Applied Economics Letters
Pages: 46-55
Issue: 1
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2123101
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2123101
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# input file: RAEL_A_2128162_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Yingwei Xu
Author-X-Name-First: Yingwei
Author-X-Name-Last: Xu
Author-Name: Haibo Wu
Author-X-Name-First: Haibo
Author-X-Name-Last: Wu
Author-Name: Rui Li
Author-X-Name-First: Rui
Author-X-Name-Last: Li
Title: How the competitors’ online reviews affect product performance in the dynamic competitive market: an empirical analysis of the movie industry
Abstract: 
 Online consumer reviews have been shown to have a significant impact on the market performance of products. Yet little is known about the role of competing products’ online reviews in a dynamic competitive environment. Using field data, we investigate the impacts of online reviews of contemporaneous competing movies on the box office and attendance of a focal movie. The empirical results suggest that the competitor’s review rating, which displayed on the same ticketing page with a focal movie, has a negative impact on the economic performance of the focal movie. Interestingly, the competitor’s review volume has a negative impact only if its review rating is high. We further examine the heterogeneous effect in focal movies (sequels vs. non-sequels), and find the impacts of competitors’ reviews are stronger for non-sequels. Our research can help movie stakeholders optimize their market entry strategies, and provides theoretical implications for the research on online reviews.
Journal: Applied Economics Letters
Pages: 75-80
Issue: 1
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2128162
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2128162
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# input file: RAEL_A_2128163_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Haibo Wu
Author-X-Name-First: Haibo
Author-X-Name-Last: Wu
Author-Name: Chongfeng Wu
Author-X-Name-First: Chongfeng
Author-X-Name-Last: Wu
Author-Name: Yingwei Xu
Author-X-Name-First: Yingwei
Author-X-Name-Last: Xu
Title: The impact of mobile device usage on lottery behavior: evidence from China
Abstract: 
 This paper examines how mobile device usage affect retail investors’ lottery behaviour. Using data from the Chinese stock market, which is dominated by retail investors, we observe a structural change in mobile investing trends in 2015. By employing a structural shift model, we find that higher mobile device usage in the market disproportionately increases the trading volume of lottery stocks and amplifies the lottery-related pricing anomaly. Our results suggest that the use of mobile devices increases retail investors’ demand for lottery stocks by attention-induced trading, but fail to find evidence that mobile devices influence retail investors’ inherent skewness preferences.
Journal: Applied Economics Letters
Pages: 81-86
Issue: 1
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2128163
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2128163
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# input file: RAEL_A_2123100_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Yaoshan Ma
Author-X-Name-First: Yaoshan
Author-X-Name-Last: Ma
Author-Name: Ping Miao
Author-X-Name-First: Ping
Author-X-Name-Last: Miao
Title: Does China’s CAFTA strategy threaten or promote the development of high-tech industries in ASEAN countries?
Abstract: 
 With the continuous advancement of the CAFTA strategy, the relationship between China and ASEAN countries have gradually strengthened, and the trade exchanges between the two sides have developed rapidly, thereby promoting the economic growth of ASEAN countries in the region. This paper uses differences-in-differences method and HS-6 customs statistical code to study the development of China-ASEAN high-tech industries from 1998 to 2017. It turns out that the establishment of the CAFTA has played a positive role in promoting the development of high-tech industries in ASEAN countries. The specific performance is that China and ASEAN countries have closer trade exchanges, and the trade in computer communication technology and electronic technology has become the fastest developing foreign trade sector. In addition, it is found that low economic level and low education level countries will be affected more significantly by the establishment of CAFTA.
Journal: Applied Economics Letters
Pages: 40-45
Issue: 1
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2123100
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2123100
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# input file: RAEL_A_2120955_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Zhaoxue Ci
Author-X-Name-First: Zhaoxue
Author-X-Name-Last: Ci
Title: Revisiting income-related health inequality in China: changes before and after the 2009 healthcare reform
Abstract: 
 In 2009, the Chinese government launched a systemic healthcare reform. Despite the massive investment in the health sector, little is known about how health inequality across economic classes has changed after the reform. Using data from the China Health and Nutrition Survey (CHNS), this study traces the income-related health inequality (IRHI) before and after the reform with the corrected concentration index (CCI). Furthermore, the inequality change is decomposed into income and non-income factors.
Journal: Applied Economics Letters
Pages: 12-16
Issue: 1
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2120955
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2120955
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# input file: RAEL_A_2128169_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Itai Agur
Author-X-Name-First: Itai
Author-X-Name-Last: Agur
Title: Government finance by central banks and inflation expectations at the onset of the COVID pandemic
Abstract: 
 At the COVID pandemic’s onset, many central banks responded with unconventional monetary policy (UMP) programmes. In emerging and developing economies, various programmes included components of direct government financing (DGF). This article collects data on UMPs announced during 2020 and investigates how inflation expectations responded to different types of programmes, providing a measure of real-time public perceptions of the inflation risks associated with them. Programme announcements, including DGFs, did not lead to significant increases in inflation expectations. Possibly, the one-off nature of central banks’ COVID response was seen as credible in many countries, preventing an immediate de-anchoring of expectations.
Journal: Applied Economics Letters
Pages: 107-112
Issue: 2
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2128169
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2128169
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# input file: RAEL_A_2128288_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Pankaj C. Patel
Author-X-Name-First: Pankaj C.
Author-X-Name-Last: Patel
Author-Name: Pejvak Oghazi
Author-X-Name-First: Pejvak
Author-X-Name-Last: Oghazi
Author-Name: Rana Mostaghel
Author-X-Name-First: Rana
Author-X-Name-Last: Mostaghel
Title: Rugged individualism, natural disasters, and inter-county variation in entrepreneurial activity
Abstract: 
 Building on the negative to mixed effects of natural disasters on entrepreneurial activity, we posit that regional rugged individualism attenuates the decline in business activity following natural disasters. We find that greater property damage from natural disasters in the presence of greater rugged individualism does not affect the establishment entry rate. However, it lowers the decline in establishment exit rates and the job reallocation rate decline by small effect sizes (0.3%). The findings show that regional individualism in the face of natural disasters does not increase entrepreneurial activity but abates the decline in entrepreneurial activity.
Journal: Applied Economics Letters
Pages: 132-138
Issue: 2
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2128288
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2128288
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# input file: RAEL_A_2129040_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Mahmoud El-Gamal
Author-X-Name-First: Mahmoud
Author-X-Name-Last: El-Gamal
Title: Inflation Is Still A Monetary Phenomenon: A Wavelet Analysis of Inflation, Oil Prices and Money Supply
Abstract: 
 I revisit the old debate on the role of ‘oil price shocks’ in stoking inflation using wavelet coherency of oil and overall price inflation as well as partial coherency of the same given changes in real money supply. While exogenous shocks can influence the nature of short-term inflation fluctuations, I find support for inflation in early 2022 being a lagged demand-driven response to massive monetary growth in 2020.
Journal: Applied Economics Letters
Pages: 164-169
Issue: 2
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2129040
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2129040
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# input file: RAEL_A_2129563_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Xingyu Fan
Author-X-Name-First: Xingyu
Author-X-Name-Last: Fan
Author-Name: Zhisheng Peng
Author-X-Name-First: Zhisheng
Author-X-Name-Last: Peng
Title: A comparative analysis of the outliers influence using GMM estimation based on dynamic panel data model
Abstract: 
 This study proposes a novel approach by combining the first differenced generalized method of moments method (DIF-GMM) to remove the estimates bias in the dynamic panel data model and the least trimmed squares (LTS) to control outlier influence. The combination of these two methods is referred to as DIF-GMM+LTS. We apply this approach to examine the influence of outliers on the effect of financial development on economic growth. Our results show a counter-intuitive evidence that the bank development negatively affects economic growth when the outlier influence is ignored. However, the bank development exhibits a positive influence on economic growth once the proposed approach DIF-GMM+LTS is adopted. Also, stock market development shows a positive effect on economic growth regardless of the outliers.
Journal: Applied Economics Letters
Pages: 170-175
Issue: 2
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2129563
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2129563
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# input file: RAEL_A_2128174_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Nicolas Huck
Author-X-Name-First: Nicolas
Author-X-Name-Last: Huck
Author-Name: Olivier Mesly
Author-X-Name-First: Olivier
Author-X-Name-Last: Mesly
Author-Name: Komivi Afawubo
Author-X-Name-First: Komivi
Author-X-Name-Last: Afawubo
Title: Who understands the US housing market?
Abstract: 
 We perform econometrics analyses on a database retrieved from the Federal Reserve Bank of New York, named the “Survey of Consumers’ Expectations” (SCE), for the period 2013–19, by which 12,857 respondents gave their impressions of the US real estate market. We add to the common list of drivers of market predictions an analysis of the extent to which the respondents misjudged the housing market for the following year. We include state-level macro-economic data, such as state income and growth, to reinforce the understanding of this phenomenon. Heterogeneous profiles emerge based on market information available to consumers.
Journal: Applied Economics Letters
Pages: 128-131
Issue: 2
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2128174
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2128174
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# input file: RAEL_A_2128170_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Mengting Ruan
Author-X-Name-First: Mengting
Author-X-Name-Last: Ruan
Author-Name: Xiaolu Zhao
Author-X-Name-First: Xiaolu
Author-X-Name-Last: Zhao
Title: Regional income redistribution and stabilization: evidence from China
Abstract: 
 We estimate the effect of vertical fiscal flows in China using Bayoumi and Masson method. The results show that vertical fiscal flows have a redistribution effect on regional economy and reduce regional differences for about 30.8%. But there is no evidence shows that fiscal flows automatically stabilize the inter-regional economy. Both effects increase in recent years. Compared with other fiscal-federal countries, China has a stronger redistribution effect and weaker stability effect.
Journal: Applied Economics Letters
Pages: 113-117
Issue: 2
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2128170
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2128170
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# input file: RAEL_A_2128166_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Júlio Vicente Cateia
Author-X-Name-First: Júlio
Author-X-Name-Last: Vicente Cateia
Title: Cultural impacts on aid allocation and gender gap investment in education: evidence from matrilineal and patrilineal societies
Abstract: 
 This study aims to analyse the impacts of culture on the aid allocation to (dis)investment in the education in terms of boys and girls school dropout probability (SDP) across different kinship systems in Guinea-Bissau. Using a multi-person choice model of culturally rooted decisions, we found that allocating aid to couples facing income shock decreases schoolboys (schoolgirls)’ SDP in patrilineal (matrilineal) kinship setting the most, suggesting that aid effects at household level depend on cultural norms existing in each society.
Journal: Applied Economics Letters
Pages: 91-95
Issue: 2
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2128166
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2128166
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# input file: RAEL_A_2128290_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Shenshen Zhang
Author-X-Name-First: Shenshen
Author-X-Name-Last: Zhang
Author-Name: Paul Zhang
Author-X-Name-First: Paul
Author-X-Name-Last: Zhang
Title: A new approach on measuring the knowledge complexity in the view of the bipartite network
Abstract: 
 Developed countries are guaranteed to have the ownership of higher knowledge complexity, which is naturally accepted and universally acknowledged. However, the reality may tell a different story. In this article, a brand-new approach is utilized to quantify the knowledge complexity. Within the bipartite network model, based on the Fitness and Complexity algorithm and the matrix-estimation exercise, a couple of indicators are constructed to measure generalized knowledge complexities of countries and technologies. Results illuminate that admittedly knowledge complexities of countries and those of technologies are interrelated, and those established and developed countries, compared with developing ones, do not necessarily own higher knowledge complexity. To be more specific, an increasing number of facts demonstrate that some less-developed countries with less-advanced technologies are progressing in leaps and bounds, for they attach great importance to investing in high-knowledge-complexity technologies.
Journal: Applied Economics Letters
Pages: 146-151
Issue: 2
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2128290
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2128290
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# input file: RAEL_A_2128173_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Jürg Fausch
Author-X-Name-First: Jürg
Author-X-Name-Last: Fausch
Author-Name: Daniel Sutter
Author-X-Name-First: Daniel
Author-X-Name-Last: Sutter
Title: Monetary policy spillovers: the impact of ECB conventional and unconventional monetary policies on the Swiss stock market
Abstract: 
 We examine the impact of conventional and unconventional ECB monetary policies on the Swiss stock market. Our results show that Swiss stock returns respond significantly to conventional and unconventional monetary policy measures, with conventional monetary policy having an impact only before the financial crisis. The response to unconventional policy shocks is less strong after the introduction of a minimum exchange rate regime by the Swiss National Bank (SNB). Our results are robust to simultaneity and endogeneity problems.
Journal: Applied Economics Letters
Pages: 122-127
Issue: 2
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2128173
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2128173
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# input file: RAEL_A_2128289_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Kangsheng Tao
Author-X-Name-First: Kangsheng
Author-X-Name-Last: Tao
Author-Name: Bin Liu
Author-X-Name-First: Bin
Author-X-Name-Last: Liu
Author-Name: Can Wang
Author-X-Name-First: Can
Author-X-Name-Last: Wang
Title: Estimating stock pledge rate using VaR and modified ES model
Abstract: 
 This study mainly focuses on the reasonable determination of the stock pledge rate in the A-share market. Based on the Value-at-Risk (VaR) and modified Expected Shortfall (ES) models, 137 sample stocks were used to measure the pledge rate of stocks. The breakdown times and breakdown probability were used to verify the validity of the two models. Firstly, the results indicate that the adjusted breakdown probability calculated by the two models is less than 5%, the two models are highly reliable in measuring the stock pledge rate. Secondly, the stock pledge rate measured by the modified ES model is more effective compared with the VaR model. Finally, the prediction results of modified ES are still robust under different warning lines and liquidation lines.
Journal: Applied Economics Letters
Pages: 139-145
Issue: 2
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2128289
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2128289
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# input file: RAEL_A_2129039_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Manh-Duc Le
Author-X-Name-First: Manh-Duc
Author-X-Name-Last: Le
Title: Does Gibrat’s law hold for knowledge size of high-tech firms?
Abstract: 
 In this paper, we extend the literature on Gibrat’s law of firm growth by testing Gibrat’s law for knowledge size of high-tech firms. Two measures of a firm’s knowledge size which represent its knowledge stock and diversity are developed from its portfolio of patents. Using non-parametric regressions, specifically local polynominal estimators, we find that Gibrat’s law applies to knowledge size of high tech firms, specifically when their knowledge surpasses a certain threshold in size.
Journal: Applied Economics Letters
Pages: 158-163
Issue: 2
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2129039
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2129039
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# input file: RAEL_A_2128168_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Bebonchu Atems
Author-X-Name-First: Bebonchu
Author-X-Name-Last: Atems
Author-Name: Jehu Mette
Author-X-Name-First: Jehu
Author-X-Name-Last: Mette
Title: The propagation of public health spending shocks
Abstract: 
 We study the dynamic response of output to a shock to government health spending. The shock (i) leads to an immediate and persistent rise in output and (ii) has a sizable explanatory power for the long-run variation in output. These findings suggest that the output effects of health spending are propagated in a ‘time-release’ fashion.
Journal: Applied Economics Letters
Pages: 102-106
Issue: 2
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2128168
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2128168
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# input file: RAEL_A_2128167_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Paula Villegas
Author-X-Name-First: Paula
Author-X-Name-Last: Villegas
Author-Name: María Del Carmen Delgado
Author-X-Name-First: María
Author-X-Name-Last: Del Carmen Delgado
Author-Name: Manuel Alejandro Cardenete
Author-X-Name-First: Manuel Alejandro
Author-X-Name-Last: Cardenete
Title: The economic impact of a tourist tax in Andalusia examined through a price effect model
Abstract: 
 The tourism industry is a key sector in the Andalusian economy; it accounts for 13% of the regional GDP and 14% of the employment. In 2019, 32.5 million tourists visited Andalusia, and the tourism sector generated 22.6 billion euros. In 2020, the year in which COVID-19 paralysed the world, 13.4 million tourists visited Andalusia, which translated into 8,500 million euros of income. After this decrease in tourism in 2020, the total number of tourists for the year 2021 was 20 million, and the forecast for the year 2022 is 28 million tourists. This article analyzes how to use a social accounting matrix (SAM) to empirically study the effects of such a price burden on the regional economy of Andalusia. The methodology that we use consists of a specific model of price effects, which analyzes the impact of introducing a tourist tax in Andalusia. The database used in the analysis is the Andalusian SAM, which was built using data from 2016. This study will enable us to better understand and reflect on the existing structural interdependence between the productive sectors and to evaluate the implicit weights and price elasticities of different tourist items.
Journal: Applied Economics Letters
Pages: 96-101
Issue: 2
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2128167
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2128167
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# input file: RAEL_A_2129038_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Moonkyoung Jang
Author-X-Name-First: Moonkyoung
Author-X-Name-Last: Jang
Author-Name: Dokyung Kim
Author-X-Name-First: Dokyung
Author-X-Name-Last: Kim
Author-Name: Hyunmi Baek
Author-X-Name-First: Hyunmi
Author-X-Name-Last: Baek
Title: More than just a fan: the influence of K-pop fandom on the popularity of K-drama on a global OTT platform
Abstract: 
 This study examines the factors that influence the popularity of Korean TV drama (K-drama), which has recently become popular worldwide through global over-the-top (OTT) platforms. Economic and cultural factors are generally used to explain international media flows, but these factors are insufficient to clarify the global popularity of K-dramas. Many scholars have tried to link the recent popularity of K-dramas with Korean pop (K-pop). In particular, the fandom of K-pop represented by BTS was considered one of the main factors influencing the popularity of K-drama; however, few empirical studies investigate this perspective by analysing viewing data on global OTT platforms. Thus, we collected the daily Top 10 dramas dataset from Netflix in 80 countries between January 1 and 4 November 2021 provided by Flixpatrol. This study examines this data to investigate the geographical distribution of the popularity and flow of K-dramas between countries. Furthermore, this study finds that the higher the K-pop fandom, the higher the popularity of K-dramas.
Journal: Applied Economics Letters
Pages: 152-157
Issue: 2
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2129038
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2129038
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# input file: RAEL_A_2128172_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Mehmet Sinan Celik
Author-X-Name-First: Mehmet Sinan
Author-X-Name-Last: Celik
Author-Name: Mutlu Basaran Ozturk
Author-X-Name-First: Mutlu Basaran
Author-X-Name-Last: Ozturk
Author-Name: Ozkan Haykir
Author-X-Name-First: Ozkan
Author-X-Name-Last: Haykir
Title: The effect of technological developments on the stock market: evidence from emerging market
Abstract: 
 This study investigates the effect of High-Frequency Trading on stock liquidity and volatility in Borsa Istanbul, Turkey which is one of the largest emerging markets where high-frequency trading is newly developed. We employ a fixed effect panel estimation model with Driscoll and Kraay correction between January 2016 and December 2020. The finding shows that an increase in high-frequency trading increases the liquidity and volatility. Moreover, the results are similar before the pandemic period and rising market period, whereas the impact of high-frequency trading on liquidity disappears during the pandemic period.
Journal: Applied Economics Letters
Pages: 118-121
Issue: 2
Volume: 31
Year: 2024
Month: 01
X-DOI: 10.1080/13504851.2022.2128172
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2128172
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# input file: RAEL_A_2130862_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Chao Wang
Author-X-Name-First: Chao
Author-X-Name-Last: Wang
Title: Inequality measures based on log power function-lognormal composite distribution
Abstract: 
 In this paper, we examine trends in inequality of Chinese rural household income from 1989 through 2015 using log power function lognormal composite distribution. Six inequality measures, Gini coefficient, Generalized entropy index, Theil’s entropy index, Atkinson index, Bonferroni index, and Zenga index, were computed by numerical methods. The results show that the all the inequality measures exhibit a similar pattern, and a steadily increased tendency through a slight slowdown for some in the time period of our analysis.
Journal: Applied Economics Letters
Pages: 236-241
Issue: 3
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2130862
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2130862
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# input file: RAEL_A_2130137_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Chenwei Li
Author-X-Name-First: Chenwei
Author-X-Name-Last: Li
Author-Name: Hongjie Yuan
Author-X-Name-First: Hongjie
Author-X-Name-Last: Yuan
Title: Air pollution, cognitive capacity, and borrowing behaviours: evidence from an online peer-to-peer platform
Abstract: 
 Borrowing decisions typically involve processing large amounts of financial information. However, it has been understudied whether cognitive capacity factors such as air pollution affect borrowing behaviours. In this paper, we estimate the causal impact of air pollution on borrowing behaviours by using the universe of borrowing application data on an online peer-to-peer platform and a thermal inversion instrument. We find that a 1% increase in air pollution reduces the number of borrowing applications and the total amount requested by 0.05% and 0.31% respectively. The impact is stronger when the borrowing is for more complex and less necessary purposes, and when we examine the areas with lower educational attainment. The results suggest that the adverse effect of air pollution on cognitive capacity prevents people from borrowing.
Journal: Applied Economics Letters
Pages: 207-210
Issue: 3
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2130137
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2130137
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# input file: RAEL_A_2130135_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Junhua Chen
Author-X-Name-First: Junhua
Author-X-Name-Last: Chen
Author-Name: Na Liu
Author-X-Name-First: Na
Author-X-Name-Last: Liu
Title: Does land mortgage financing spur urban economic development? A fresh insight from spatial spillovers
Abstract: 
 This empirical study explores the relationship between land mortgage financing and urban economic development from the perspective of spatial spillovers. We develop a spatial Durbin model (SDM) using a dataset for 83 Chinese cities over the period 2007–2015, and find that land mortgage financing not only promotes local economic development, but also has a positive spatial spillover effect on economic development in other cities. Urban fixed assets investment plays a partial mediation role. However, compared with that of other cities, this positive spatial spillover is significantly weaker for the economic development of megacities and industrial cities.
Journal: Applied Economics Letters
Pages: 198-201
Issue: 3
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2130135
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2130135
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# input file: RAEL_A_2129564_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Tista Mukherjee
Author-X-Name-First: Tista
Author-X-Name-Last: Mukherjee
Title: Crime and trust in institutions: evidence from India
Abstract: 
 The article presents empirical evidence on the impact of crime on household’s trust in institutions in India. Employing fixed effect panel regressions, the study finds that crime victimization significantly undermines trust in major public bodies, including politicians, justice-related institutions and governments. The study also documents a negative spillover effect of local crimes on public perception of institutions. Such crime-led distrust can cause persistence of weak institutions through curtailing reporting of crimes as well as support for democracy. Combating crime is thus crucial to restore citizen’s trust in institutions and enhance the quality of governance in India.
Journal: Applied Economics Letters
Pages: 177-181
Issue: 3
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2129564
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2129564
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# input file: RAEL_A_2130863_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Marcel Tkáčik
Author-X-Name-First: Marcel
Author-X-Name-Last: Tkáčik
Author-Name: Petr Houdek
Author-X-Name-First: Petr
Author-X-Name-Last: Houdek
Title: Born on the first of April: the changes in the birth grant and its effect on the duration of the pregnancy
Abstract: 
 On the 1st of April 2006, an amendment to the Act on State Social Support came into force in the Czech Republic. This amendment more than doubled the value of the one-off birth grant. The increase was announced less than nine months ahead of implementation and only mothers from low-income households were eligible. We explored whether the change of the birth grant provided enough financial incentive to affect the timing of childbirths. We utilized time fixed-effects regression models to capture the effect of the intervention on the number of births using an official dataset which covers daily births between the years of 2000 and 2018. The 1st of April saw the largest value of the adjusted relative number of births for the entire year 2006 and our findings show that between 100 and 244 births were postponed to the first week of April. We found evidence that part of the shift was caused by postponing C-section deliveries, which were overrepresented in the first week of April, and accounted for 40% of the birth-shifts.
Journal: Applied Economics Letters
Pages: 242-246
Issue: 3
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2130863
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2130863
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# input file: RAEL_A_2129567_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Hsiu-I Ting
Author-X-Name-First: Hsiu-I
Author-X-Name-Last: Ting
Author-Name: Yi-Ning Lin
Author-X-Name-First: Yi-Ning
Author-X-Name-Last: Lin
Title: CEOs’ foreign experience and corporate litigation: evidence from China
Abstract: 
 We study the relationship between CEOs’ foreign experience and corporate litigation with Chinese listed companies over the period from 2008 to 2018. We find a negative association between the CEO’s foreign experience and corporate litigation. The foreign experience of the CEO rather than the Chairman is more relevant to company litigation. The negative correlation comes from the CEO’s foreign working experience rather than foreign study experience. Our results are robust to different estimation methods.
Journal: Applied Economics Letters
Pages: 187-190
Issue: 3
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2129567
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2129567
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# input file: RAEL_A_2129566_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Christopher M. Hannum
Author-X-Name-First: Christopher M.
Author-X-Name-Last: Hannum
Title: The middle income trap: look closer and you’ll find it, but maybe not where you expected
Abstract: 
 The phenomenon of the middle-income trap or growth slowdowns at any range is analysed using non-parametric local regression with the relative change in per capita GNI as a function of per capita GNI relative to the high-income country average. The existence of a middle-income trap or range of relative GNI at which convergence halts is found to be determined by the degree of smoothing in the model. Support is found for the existence of ‘traps’ for lower-(middle)-income countries up to 10–13% of the high-income country average per capita GNI as well as for countries above 54%.
Journal: Applied Economics Letters
Pages: 182-186
Issue: 3
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2129566
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2129566
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# input file: RAEL_A_2130138_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Tong Su
Author-X-Name-First: Tong
Author-X-Name-Last: Su
Author-Name: Yinghong Huang
Author-X-Name-First: Yinghong
Author-X-Name-Last: Huang
Author-Name: Rafidah Othman Hjh
Author-X-Name-First: Rafidah Othman
Author-X-Name-Last: Hjh
Author-Name: Rui Chen
Author-X-Name-First: Rui
Author-X-Name-Last: Chen
Title: The impact of housing prices on government debt: a new vision based on the intermediary effect of land finance in China
Abstract: 
 This article presents evidence that land finance has a significant intermediary effect on housing price and local government debt in China. It is found that the mediating effect accounted for 88.06% of the total effect. Due to the mismatch between their discretionary fiscal resources and mandatory expenditures, local governments have a strong incentive to borrow with land-related fiscal revenue as the collateral for repayment, making land finance an intermediate mechanism in which the real estate boom eventually leads to the expansion of local government debt. And this conclusion is steady, and intermediary role of land finance is still significant in different areas and different periods. This provides a new perspective on the risks in China’s local government debt and property markets.
Journal: Applied Economics Letters
Pages: 211-215
Issue: 3
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2130138
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2130138
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# input file: RAEL_A_2130140_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Imran Ramzan
Author-X-Name-First: Imran
Author-X-Name-Last: Ramzan
Title: Leverage, corporate governance, and export intensity of heterogeneous firms: micro-level evidence for Pakistan
Abstract: 
 This study attempts to analyse the impact of leverage and corporate governance on export intensity of manufacturing firms quoted on Pakistan stock exchange for period 2013–2019. The results of a two-step system GMM method show that leverage has a negative relationship to export intensity. We find evidence that a firm’s age negatively impacts the export sales to total sales ratio, while profitability has a positive connection with it. Finally, we note that board size exhibits a negative relationship with export intensity. These findings suggest important policy implications for export promotion, specifically for a small-open economy.
Journal: Applied Economics Letters
Pages: 220-225
Issue: 3
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2130140
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2130140
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# input file: RAEL_A_2130133_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Chengxin Jiang
Author-X-Name-First: Chengxin
Author-X-Name-Last: Jiang
Author-Name: Kun Huang
Author-X-Name-First: Kun
Author-X-Name-Last: Huang
Author-Name: Youliang Yan
Author-X-Name-First: Youliang
Author-X-Name-Last: Yan
Title: Mortality salience and corporate environmental investment: evidence from Chinese heavily polluting listed firms
Abstract: 
 Terror management theory argues that mortality salience can engender greater prosocial behaviour. We extend this theory to corporate environmental practice. Using a sample of Chinese listed firms in heavily polluting industries, the results of difference-in-differences model show that firms significantly increase their environmental investment after the top executives experience mortality salience triggered by their colleague death. Moreover, we further show that the core relationship is amplified in situations where the death is sudden and firm is located in areas with strong public environmental awareness.
Journal: Applied Economics Letters
Pages: 191-197
Issue: 3
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2130133
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2130133
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# input file: RAEL_A_2130141_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Tingting Wu
Author-X-Name-First: Tingting
Author-X-Name-Last: Wu
Author-Name: Bifei Tian
Author-X-Name-First: Bifei
Author-X-Name-Last: Tian
Author-Name: Xueqing Yuan
Author-X-Name-First: Xueqing
Author-X-Name-Last: Yuan
Title: The impact of China’s “streamlining administration and delegating power” policy on entrepreneurship: an application of Hsiao et al.’s panel data method
Abstract: 
 Using pandel data from 2006-2020 and 91 countries, this paper estimates the impact of China’s policy of ‘streamlining administration and delegating power’ (SADP) on entrepreneurship. By adopting Hsiao et al’s panel data method, this paper constructs a counterfactual treatment group and evaluate the impact effectively. The results indicate that the policy of SADP significantly promotes entrepreneurship in China. Furthermore, we find that this result persists across three robustness checks: a placebo test, a leave-one-out test, and the rescreening of potential control countries. Our results suggest that other countries may find beneficial effects on entrepreneurial activity by adopting similar policies.
Journal: Applied Economics Letters
Pages: 226-231
Issue: 3
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2130141
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2130141
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# input file: RAEL_A_2130136_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Yukari Fukuda
Author-X-Name-First: Yukari
Author-X-Name-Last: Fukuda
Title: Urban exodus in Tokyo during the COVID-19 pandemic
Abstract: 
 This study aimed to explore why urban exodus occurred in Tokyo during the COVID-19 pandemic. Using panel-level data from 203 municipalities, we estimated the impact of epidemic, medical, economic, and industrial factors on the movement of people across cities in the Tokyo metropolitan area during the pandemic. We found that fear of infection was one of the main factors driving the urban exodus in Tokyo and that people chose to live in reasonably priced habitable areas during the pandemic. We also found that the population increased when the municipality had an essential sector in which remote work was difficult but decreased when it had an industry in which remote work was relatively feasible. However, medical factors had contrasting effects on out-migration and in-migration in each municipality. Increases in hospitals and medical doctors may not have increased the attractiveness of the city because of the malfunctioning of the healthcare system during the pandemic.
Journal: Applied Economics Letters
Pages: 202-206
Issue: 3
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2130136
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2130136
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# input file: RAEL_A_2130142_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Christos Chrysanthakopoulos
Author-X-Name-First: Christos
Author-X-Name-Last: Chrysanthakopoulos
Author-Name: Athanasios Tagkalakis
Author-X-Name-First: Athanasios
Author-X-Name-Last: Tagkalakis
Title: Do fiscal councils reduce fiscal policy procyclicality?
Abstract: 
 Using a panel of 35 advanced economies over the period 1990–2020, we investigate the effect of fiscal councils and their individual characteristics on fiscal policy. We find that the response of fiscal policy was procyclical; however, fiscal councils with enhanced remit, strong independence and accountability, and sufficient resources can mitigate procyclicality. A series of robustness checks revealed that the ability of fiscal councils to mitigate fiscal policy procyclicality is particularly relevant in the EU and euro area countries, in countries with weak governance and in particular in the period after the Global Financial Crisis. The results are robust when accounting for the likely endogeneity between fiscal councils and fiscal procyclicality.
Journal: Applied Economics Letters
Pages: 232-235
Issue: 3
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2130142
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2130142
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# input file: RAEL_A_2130139_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Xin Li
Author-X-Name-First: Xin
Author-X-Name-Last: Li
Title: Digital inclusive finance and Zipf’s law for firms of China: an investigation based on the full-sample data
Abstract: 
 This paper tests how digital inclusive finance affects the scale distribution of firms in China. The full-sample registration information of approximately 30 million firms in China is utilized for this investigation. The main findings suggest that, as a developing country, the scale distribution of China’s firms significantly deviates from Zipf’s law. However, digital inclusive finance helps to correct this deviation. A nonlinear test shows that the above positive effect is rising, meaning it is necessary to further develop digital inclusive finance. The impact of digital inclusive finance is better in the relatively backward central and western regions. Also, no obvious heterogeneity exists among industries, highlighting the due meaning of the word ‘inclusive’.
Journal: Applied Economics Letters
Pages: 216-219
Issue: 3
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2130139
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2130139
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# input file: RAEL_A_2130864_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Yuanhong Ma
Author-X-Name-First: Yuanhong
Author-X-Name-Last: Ma
Author-Name: Zhong Yao
Author-X-Name-First: Zhong
Author-X-Name-Last: Yao
Author-Name: Zhuang Hao
Author-X-Name-First: Zhuang
Author-X-Name-Last: Hao
Title: The lasting effects of Covid-19 lockdowns on mental health
Abstract: 
 Using the Baidu search index of mental health keywords and a difference-in-differences identification strategy, we study the lasting effects of Covid-19 lockdown measures implemented among cities in the Hubei province of China on the mental health of Hubei residents. We find that the lockdowns lead to an immediate surge in internet searches of mental health keywords including anxiety, depression, and insomnia. These effects remain at high levels after the lifting of lockdown measures and only come down to the pre-lockdown levels after 3 to 6 months. The effect on the keyword search of suicide lasts even longer. These results suggest that previous research that only focuses on the immediate effects may have underestimated the detrimental effects of lockdowns on mental health. Our findings help to understand the comprehensive effects of Covid-19 lockdowns and offer practical guidance on the withdrawal timing of psychological aid for residents under and post lockdowns.
Journal: Applied Economics Letters
Pages: 247-258
Issue: 3
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2130864
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2130864
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# input file: RAEL_A_2131712_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Xuemei Qiu
Author-X-Name-First: Xuemei
Author-X-Name-Last: Qiu
Author-Name: Xuehua Zhang
Author-X-Name-First: Xuehua
Author-X-Name-Last: Zhang
Title: Economic policy uncertainty, social network, and the cost of corporate debt
Abstract: 
 This paper is the first to construct social network indicators that bring together the individual and organizational levels to examine how social networks can moderate the adverse effects of EPU on corporate finance. An empirical study of Chinese A-share listed firms from 2007–2018 shows that the corporate debt costs of firms with a better social network are less exposed to a poor economic policy uncertainty environment relative to firms with a poor social network, and the results pass a series of robustness tests.
Journal: Applied Economics Letters
Pages: 288-299
Issue: 4
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2131712
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2131712
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# input file: RAEL_A_2132203_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Mengran Duan
Author-X-Name-First: Mengran
Author-X-Name-Last: Duan
Author-Name: Tianyi Dong
Author-X-Name-First: Tianyi
Author-X-Name-Last: Dong
Title: Leadership structure and firm performance: evidence from China
Abstract: 
 This study compares the unity-of-command principle with the shared-command principle based on China’s unique institutional background. Our findings show firms with higher power gap between chairman and CEO exhibit better performance, implying the unity-of-command principle is more effective for most organizations. However, the empirical results also show there is an optimal value for the power gap, as it becomes harmful for the firm performance after exceeding the threshold value. The results remain consistent after solving the endogeneity problem. Overall, our findings provide solid evidence for the debate on the unity-of-command principle and the shared-command principle.
Journal: Applied Economics Letters
Pages: 300-306
Issue: 4
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2132203
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2132203
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# input file: RAEL_A_2131710_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Tiziano Ropele
Author-X-Name-First: Tiziano
Author-X-Name-Last: Ropele
Author-Name: Alex Tagliabracci
Author-X-Name-First: Alex
Author-X-Name-Last: Tagliabracci
Title: Perceived economic effects of the war in Ukraine: survey-based evidence from Italian firms
Abstract: 
 Using data from an Italian business survey and a quasi-experimental analysis, we document the effects of the Russian invasion of Ukraine on firms’ expectations. The conflict led firms to revise upward their inflation expectations and their own expected prices changes and made them more pessimistic about the general macroeconomic outlook and their business conditions. These effects did not materialize immediately after the Russian invasion but built up in the second and third weeks thereafter.
Journal: Applied Economics Letters
Pages: 275-280
Issue: 4
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2131710
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2131710
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# input file: RAEL_A_2132204_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Hui Hou
Author-X-Name-First: Hui
Author-X-Name-Last: Hou
Author-Name: Sen Wu
Author-X-Name-First: Sen
Author-X-Name-Last: Wu
Author-Name: Minghao Zhang
Author-X-Name-First: Minghao
Author-X-Name-Last: Zhang
Author-Name: Shilin Hou
Author-X-Name-First: Shilin
Author-X-Name-Last: Hou
Title: Spatial effect of industrial policy on regional energy efficiency in China
Abstract: 
 Puppeteer crawler technology is used to obtain regional industrial policy documents, and we make classification and assignment from the perspective of the legal effect of industrial policy documents to quantify industrial policy variable. At the same time, Super-SBM model is used to measure energy efficiency in different areas, and spatial Durbin model is constructed according to the panel data of 30 provinces in China from 2006 to 2018. The main conclusions are as follows : (1) The spatial distribution of China’s energy efficiency has a remarkable positive correlation from the global perspective. (2) The local industrial policy has a significant positive effect on its energy efficiency, while a negative spatial effect on energy efficiency in neighbouring regions.
Journal: Applied Economics Letters
Pages: 307-311
Issue: 4
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2132204
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2132204
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# input file: RAEL_A_2131711_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Xin Liu
Author-X-Name-First: Xin
Author-X-Name-Last: Liu
Author-Name: Bowen Li
Author-X-Name-First: Bowen
Author-X-Name-Last: Li
Title: Safe-haven or speculation? Research on price and risk dynamics of Bitcoin
Abstract: 
 This paper investigates the price and risk dynamics of Bitcoin. Applying SVAR to study Bitcoin, gold and U.S. dollar in one system, we find that neither the gold nor U.S. dollar can explain Bitcoin pricing dynamics in the short-run. We further apply the DCC-MGARCH model to study the risk correlations. The results show that there exists volatility spillover effect and dynamic correlation between three markets, which is magnified with the advent of COVID-19. We can thus draw a conclusion that the boom of Bitcoin is just a hype and speculative bubble.
Journal: Applied Economics Letters
Pages: 281-287
Issue: 4
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2131711
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2131711
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# input file: RAEL_A_2167913_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Hansol Lee
Author-X-Name-First: Hansol
Author-X-Name-Last: Lee
Author-Name: Dongjoon Choi
Author-X-Name-First: Dongjoon
Author-X-Name-Last: Choi
Author-Name: Ho-Young Lee
Author-X-Name-First: Ho-Young
Author-X-Name-Last: Lee
Title: The impact of COVID-19 on earnings management: an international investigation
Abstract: 
 This study examines the impact of severe COVID-19 outbreaks on corporate earnings management behaviour in a sample of 38,046 firm-quarter observations from 46 countries for the period of 2020Q1–2020Q4. Given that economic crises significantly affect corporate earnings management behaviour, and that real earnings management is preferable because it is less subject to external monitoring and scrutiny, we hypothesize that firms in countries with more severe COVID-19 outbreaks are more likely to manage earnings through real earnings management than firms in countries with less severe COVID-19 outbreaks. We find a positive association between the severity of COVID-19 and real earnings management in the firms included in this study.
Journal: Applied Economics Letters
Pages: 353-361
Issue: 4
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2023.2167913
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2167913
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# input file: RAEL_A_2133891_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Antonio De Vito
Author-X-Name-First: Antonio
Author-X-Name-Last: De Vito
Title: Labor protection, tax planning, and capital investment: evidence from small-sized enterprises
Abstract: 
 This paper examines the effect of labour protection laws on tax planning and capital investment. Exploiting a major reform that introduced firing costs in Italy for firms with fewer than 15 employees but left firing costs unchanged for larger firms combined with matched employer-employee data, I show that the rise in firing costs led small firms to increase tax avoidance and capital investment relative to larger firms. Robustness and placebo tests suggest that the results are causal. Overall, the findings indicate that tax avoidance allows small firms to generate internal funds to substitute labour for capital when employment protection becomes stronger.
Journal: Applied Economics Letters
Pages: 330-337
Issue: 4
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2133891
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2133891
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# input file: RAEL_A_2132205_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Gour Gobinda Goswami
Author-X-Name-First: Gour Gobinda
Author-X-Name-Last: Goswami
Author-Name: Tapas Kumar Saha
Author-X-Name-First: Tapas Kumar
Author-X-Name-Last: Saha
Title: Fourier Nonlinear Quantile Unit Root Test of Purchasing Power Parity in cryptocurrencies
Abstract: 
 The primary purpose of this article is to conduct the Fourier Nonlinear Unit Root Test to check Purchasing Power Parity (PPP) for seven cryptocurrencies traded in seventeen countries from 2010 to 2021. The unit root test supports the PPP hypothesis when we use each cryptocurrency separately for all the countries. However, the PPP hypothesis is strongly supported when we pool them together by countries and cryptocurrencies. This finding is in line with the power of the test issue of the PPP for regular PPP testing, which also holds good in cryptocurrencies.
Journal: Applied Economics Letters
Pages: 312-322
Issue: 4
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2132205
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2132205
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# input file: RAEL_A_2298405_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Yuanhong Hu
Author-X-Name-First: Yuanhong
Author-X-Name-Last: Hu
Author-Name: Shuyu Zhang
Author-X-Name-First: Shuyu
Author-X-Name-Last: Zhang
Author-Name: Jingjing Wan
Author-X-Name-First: Jingjing
Author-X-Name-Last: Wan
Author-Name: Pengling Liu
Author-X-Name-First: Pengling
Author-X-Name-Last: Liu
Title: Measurement of green development and influencing factors in emerging economies: the empirical evidence from BRICS
Abstract: 
 This paper aims to construct a Green Development Index for emerging economies, focusing on the BRICS nations as the research subjects. The study measures the index of various indicators and explores the influencing factors from 2012 to 2021 using the entropy value method. The trend analysis indicates that the global level of green development is gradually increasing, albeit with significant fluctuations. China and Brazil lead with the highest levels of green development, while Russia consistently maintains a lower level. Regression results, in terms of estimated coefficients and statistical significance, suggest the greatest impact comes from industrial structure, followed by technological R&D, with human capital having the least impact. Implications are policy changes in emerging economies to enhance industrial structures, human capital, and sci-tech research.
Journal: Applied Economics Letters
Pages: 362-366
Issue: 4
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2023.2298405
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2298405
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# input file: RAEL_A_2133892_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Rodrigo Caputo
Author-X-Name-First: Rodrigo
Author-X-Name-Last: Caputo
Author-Name: Félix Ordóñez
Author-X-Name-First: Félix
Author-X-Name-Last: Ordóñez
Title: Wars, cartels and COVID-19: regime switching in commodity prices
Abstract: 
 Commodity prices are extremely volatile, and volatility itself fluctuates over time. Using data from 1959 to 2022, we estimate a 3-state Markov-switching model to identify expansions and contractions in oil and copper price volatility. We found a transition from a low to a medium variance regime for the oil price, in 1979, reflecting changes in the oil market structure. In addition, we identify infrequent and short-lived episodes of unusually high oil price volatility. For copper, there is no transition across regimes, and episodes of high volatility are not synchronized with the periods of high volatility in oil prices. We found that oil prices are much more volatile than copper prices in all states. Oil prices react more strongly to market cartelization, war episodes, and global demand shifts, like the 2008 Great Recession and the COVID-19.
Journal: Applied Economics Letters
Pages: 338-345
Issue: 4
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2133892
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2133892
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# input file: RAEL_A_2131708_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Guang Zhuang Yu
Author-X-Name-First: Guang Zhuang
Author-X-Name-Last: Yu
Author-Name: Chun Chu Liu
Author-X-Name-First: Chun Chu
Author-X-Name-Last: Liu
Author-Name: Meilan Piao
Author-X-Name-First: Meilan
Author-X-Name-Last: Piao
Author-Name: Donglin Li
Author-X-Name-First: Donglin
Author-X-Name-Last: Li
Title: Teaching quality evaluation of China’s network music education APP
Abstract: 
 With the advent of the Internet era in recent years, social music education has gradually shifted from the original entity education mode to the mode of entity plus network teaching. No matter for school music education, professional music education or social music education, the teaching quality is the most important evaluation index. This research firstly found out the basic dimensions that accord with the teaching quality required by the three parties, constructing the quality evaluation index system; and then, on the basis of expounding the connotation of each index, it determined the weight of each index by using method of fuzzy analytic hierarchy process, providing ideas and methods for scientific, objective and comprehensive evaluation of the teaching quality of network education APP.
Journal: Applied Economics Letters
Pages: 265-269
Issue: 4
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2131708
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2131708
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# input file: RAEL_A_2130865_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Bui Hoang Ngoc
Author-X-Name-First: Bui Hoang
Author-X-Name-Last: Ngoc
Author-Name: Le Mai Hai
Author-X-Name-First: Le Mai
Author-X-Name-Last: Hai
Title: Time-frequency nexus between tourism development, economic growth, human capital, and income inequality in Singapore
Abstract: 
 Eliminating inequality is one of the United Nations’ 2030 sustainable development goals. However, quick growth and tourism development may increase the income gap between the higher- and lower-income classes. This study is conducted to analyse the lead-lag connectedness between three vital macroeconomic variables and income inequality from 1978 to 2019 in Singapore, a top-visited country. By adopting wavelet techniques, the outcomes reveal that tourism development (TO) positively drives income inequality (IE) at medium- and high-frequency, while economic growth (GDP) strongly impacts IE at medium frequency. Similarly, human capital (HDI) negatively influences IE during the same period. Based on these findings, the research suggests helpful lessons for Singapore and emerging countries in reducing income inequality.
Journal: Applied Economics Letters
Pages: 259-264
Issue: 4
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2130865
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2130865
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# input file: RAEL_A_2133890_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Désiré Avom
Author-X-Name-First: Désiré
Author-X-Name-Last: Avom
Author-Name: Hermann Ndoya
Author-X-Name-First: Hermann
Author-X-Name-Last: Ndoya
Title: Does country stability spur economic complexity? Evidence from panel data
Abstract: 
 This paper empirically examines the effect of country stability on economic complexity. Using a panel dataset of 118 countries from 1995 to 2018 and system generalized method of moments estimation, we find that country stability spurs economic complexity. Additionally, we find that foreign direct investment, financial development and human capital are the channels through which country stability affects economic complexity.
Journal: Applied Economics Letters
Pages: 323-329
Issue: 4
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2133890
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2133890
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# input file: RAEL_A_2131709_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Zhifang He
Author-X-Name-First: Zhifang
Author-X-Name-Last: He
Author-Name: Jie Zheng
Author-X-Name-First: Jie
Author-X-Name-Last: Zheng
Title: Impacts of economic policy uncertainty on the time-varying risk–return relationship: evidence from G7 countries
Abstract: 
 This paper examines the impact of country-specific and global economic policy uncertainty (EPU) on the time-varying risk – return relationship in G7 stock markets and explores whether this impact is significantly different during the 2008 Global Financial Crisis (GFC). Empirical results suggest that the risk – return trade-off varies with many factors. More importantly, we find that both the national and global EPU shocks have significant and negative impacts on the time-varying risk – return relationship in all G7 countries, and these negative impacts increase and intensify during the GFC.
Journal: Applied Economics Letters
Pages: 270-274
Issue: 4
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2131709
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2131709
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# input file: RAEL_A_2136352_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Luis Felipe Oliveira
Author-X-Name-First: Luis Felipe
Author-X-Name-Last: Oliveira
Author-Name: Ana Carolina Zoghbi
Author-X-Name-First: Ana Carolina
Author-X-Name-Last: Zoghbi
Author-Name: Caio Resende
Author-X-Name-First: Caio
Author-X-Name-Last: Resende
Author-Name: Rafael Terra
Author-X-Name-First: Rafael
Author-X-Name-Last: Terra
Title: The effects of extended school-days on Brazilian students’ outcome
Abstract: 
 This study estimates the effects of the main extended school-day program in Brazil – Mais Educação – on primary and secondary students’ outcomes. The Ministry of Education defined those schools with over 50% of their students participating in the conditional cash transfer program Bolsa Família as priority targets – the schools that should receive financial support first – for Mais Educação. That criterion allows us to utilize a fuzzy regression discontinuity design. The estimates suggest that participation in Mais Educação increased by between 18 and 30 percentage points at the threshold. We observe probability changes within small bandwidths, i.e. when treatment and control schools are very similar. On the other hand, the estimates suggest that the program was not effective at improving student outcomes. We conclude that the failure of the program is due to its design. A lack of resources, underpaid and underprepared tutors with high rates of turnover, excessive recreational activities, a lack of guidance in the choice of tutoring subject, and a failure to integrate after-hours activities into the regular curriculum are some explanations for the poor results of the program.
Journal: Applied Economics Letters
Pages: 346-352
Issue: 4
Volume: 31
Year: 2024
Month: 02
X-DOI: 10.1080/13504851.2022.2136352
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2136352
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# input file: RAEL_A_2136354_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: I-Cheng Yeh
Author-X-Name-First: I-Cheng
Author-X-Name-Last: Yeh
Author-Name: Che-Hui Lien
Author-X-Name-First: Che-Hui
Author-X-Name-Last: Lien
Title: Multi-factor style rotation – an empirical study in the US stock market
Abstract: 
 To evaluate the rotation characteristics of different styles, this study employs the design of experiments (DOE) to systematically combine factor weights to generate stock selection models that express various stock selection styles. This study uses the S&P 500 constituent stocks as the stock pool. At the beginning of each month, we select the highest-scoring 4% stocks with a weighted scoring method and hold them until the end of the month. The back-test period goes from 1999/Jan to 2020/June, a total of 21.5 years (258 months). The results show that (1) many stock selection models mixing value style with growth style have high synergy effect. (2) many models have positive autocorrelations according to the Durbin–Watson (DW) statistics of each model’s time series of monthly excess rate of return. (3) the candidate models of the style timing strategy should include a value style factor, a growth style factor, and a two-factor model with them.
Journal: Applied Economics Letters
Pages: 375-383
Issue: 5
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2136354
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2136354
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# input file: RAEL_A_2128171_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Jishun Zhou
Author-X-Name-First: Jishun
Author-X-Name-Last: Zhou
Author-Name: Yanxi Song
Author-X-Name-First: Yanxi
Author-X-Name-Last: Song
Title: The temporal-spatial evolution of China’s urban high-tech complexity
Abstract: 
 In this paper, a new index is constructed to measure the regional distribution of high-tech industries. Based on the product space theory and the fitness method, we creatively construct the urban high-tech complexity index, which reflects the diversity and universality of urban high-tech industries. Using urban data from Chinese industrial enterprise database, we find the difference in China’s urban high-tech complexity between cities shows a downward trend from 1996 to 2013, and the strong positive spatial correlation of this index. These conclusions reflect the diffusion and spillover effects of China’s high-tech industries across regions. Our paper is helpful to understand the innovation drivers at the city level, and promotes the synergy and spillover of high-tech industries.
Journal: Applied Economics Letters
Pages: 367-374
Issue: 5
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2128171
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2128171
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Handle: RePEc:taf:apeclt:v:31:y:2024:i:5:p:367-374



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# input file: RAEL_A_2138254_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Yi-Ting Peng
Author-X-Name-First: Yi-Ting
Author-X-Name-Last: Peng
Author-Name: Tsangyao Chang
Author-X-Name-First: Tsangyao
Author-X-Name-Last: Chang
Author-Name: Omid Ranjbar
Author-X-Name-First: Omid
Author-X-Name-Last: Ranjbar
Author-Name: Fangjhy Li
Author-X-Name-First: Fangjhy
Author-X-Name-Last: Li
Title: Measuring the persistence degree of shocks to the US tourism markets: new evidence for COVID-19 pandemic period
Abstract: 
 Regarding the huge negative effects of the COVID-19 pandemic on the tourism market of the US, we investigate the persistent degree of the shocks to three markets: overseas, Canada, and Mexico. To measure persistence degree and its dynamics, we apply the Fourier quantile unit root test and rolling-window indirect inference estimators. Overall results indicate (i) negative shocks to the US’ tourist markets have more long-lasting effects than positive ones, (ii) degree of persistence of all three markets increased due to the COVID-19 pandemic, and (iii) Canada tourist marker displays more persistence behaviour than the other two markets.
Journal: Applied Economics Letters
Pages: 422-431
Issue: 5
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2138254
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2138254
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Handle: RePEc:taf:apeclt:v:31:y:2024:i:5:p:422-431



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# input file: RAEL_A_2138810_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Alejandro López-Feldman
Author-X-Name-First: Alejandro
Author-X-Name-Last: López-Feldman
Author-Name: Emilio González
Author-X-Name-First: Emilio
Author-X-Name-Last: González
Title: Extreme weather events and pro-environmental behavior: evidence from a climate change vulnerable country
Abstract: 
 Experiencing an extreme weather event and its consequences might make the risks associated with climate change more tangible, easier to evaluate, and more salient. Consequently, those experiences might translate into the adoption of pro-environmental behaviours. Understanding this relationship is fundamental for the successful design of policies aimed towards promoting the adoption of climate change adaptation and mitigation measures. This work contributes to the literature by showing that there is in fact a positive relation between experiencing an extreme weather event and willingness to take pro-environmental actions. The prevailing available evidence is for developed countries. Our empirical analysis is based on a nationally representative sample of households from Mexico, a developing country that is highly vulnerable to the effects of extreme weather events.
Journal: Applied Economics Letters
Pages: 465-469
Issue: 5
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2138810
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2138810
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# input file: RAEL_A_2138814_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Junghwan Hyun
Author-X-Name-First: Junghwan
Author-X-Name-Last: Hyun
Title: Heterogeneous corporate borrowing behaviours during the COVID-19 pandemic: evidence from Korea
Abstract: 
 This study investigates the loan financing behaviours of Korean firms during the COVID-19 pandemic. I find that financially unhealthy firms and firms with insufficient collateral capacity borrowed less during the pandemic, suggesting that lenders consider credit risk in their lending decisions. Meanwhile, the results provide evidence of credit misallocation. Particularly, zombie firms were able to increase their borrowings and firms increased their borrowings irrespective of their profitability and uncertainty. These results suggest that, without careful monitoring, lenders will suffer loan loss problems to the extent that they misallocated bank credit.
Journal: Applied Economics Letters
Pages: 484-488
Issue: 5
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2138814
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2138814
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Handle: RePEc:taf:apeclt:v:31:y:2024:i:5:p:484-488



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# input file: RAEL_A_2136356_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Jun Shen
Author-X-Name-First: Jun
Author-X-Name-Last: Shen
Author-Name: Bin Wang
Author-X-Name-First: Bin
Author-X-Name-Last: Wang
Author-Name: Kai Zhao
Author-X-Name-First: Kai
Author-X-Name-Last: Zhao
Title: Financial development and FDI inflows: amplifying effect of bilateral political relations
Abstract: 
 This study investigates the effects of financial development of foreign direct investment (FDI) target countries on FDI inflows, with a focus on how bilateral political relations change the effects through evidence from China. Results show that (1) FDI target countries’ financial development significantly increases FDI inflows from China; (2) Bilateral political relations significantly amplify the effects of destination countries’ financial development on FDI inflows from China.
Journal: Applied Economics Letters
Pages: 390-394
Issue: 5
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2136356
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2136356
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Handle: RePEc:taf:apeclt:v:31:y:2024:i:5:p:390-394



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# input file: RAEL_A_2138806_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Tianjiao Zhao
Author-X-Name-First: Tianjiao
Author-X-Name-Last: Zhao
Author-Name: Cheng Li
Author-X-Name-First: Cheng
Author-X-Name-Last: Li
Author-Name: Bingshi Zhang
Author-X-Name-First: Bingshi
Author-X-Name-Last: Zhang
Title: The effect of the industrial networks within business groups on the quality of accounting information: evidence from China
Abstract: 
 We construct the parent-subsidiary industrial network within listed business groups in China. The results show that the higher the density of parent-subsidiary industrial network, the lower the quality of accounting information of listed companies. The more the parent company is in the centre of the industrial network, the higher the quality of accounting information of the listed company is. Geographical diversification of subsidiaries will intensify the adverse impact of industrial network density on the accounting information quality, and will restrain the parent-subsidiary industrial network governance effect in terms of the centrality of the listed parent company’s industrial network. Based on agency theory and the empirical results of our research, it can be inferred that the parent-subsidiary relationship in the accounting information manipulation of listed business groups is more inclined to a parent company’s supervision of its subsidiaries rather than the ‘collusion’ manipulation of the parent-subsidiary companies.
Journal: Applied Economics Letters
Pages: 432-449
Issue: 5
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2138806
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2138806
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# input file: RAEL_A_2137293_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Manuel Verdú
Author-X-Name-First: Manuel
Author-X-Name-Last: Verdú
Author-Name: Óscar Carchano
Author-X-Name-First: Óscar
Author-X-Name-Last: Carchano
Author-Name: José Emilio Farinós
Author-X-Name-First: José Emilio
Author-X-Name-Last: Farinós
Title: Arbitrage opportunities and event impacts on Spanish rights issues
Abstract: 
 In equity offerings in which pre-emptive subscription rights are issued, there are two ways of acquiring the company’s shares: either by buying them directly on the market, or by subscribing to the new shares using the subscription rights. This could lead to the existence of arbitrage opportunities. In addition, the announcement of these processes incorporates very relevant information to the market, which could generate abnormal returns for the shares. This paper analyses both hypotheses simultaneously on the same sample and concludes that there are indeed arbitrage opportunities and also abnormal returns can be detected. Furthermore, it is also concluded that these effects are especially significant in companies with low liquidity or for which short positions in the market are not available.
Journal: Applied Economics Letters
Pages: 401-421
Issue: 5
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2137293
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2137293
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Handle: RePEc:taf:apeclt:v:31:y:2024:i:5:p:401-421



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# input file: RAEL_A_2136355_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Hojyun Wong
Author-X-Name-First: Hojyun
Author-X-Name-Last: Wong
Title: Urbanization and industrial energy intensity in Canton China
Abstract: 
 Using data from Canton (Guangdong), China, from 2008 to 2018, this study shows that the urbanization level is negatively correlated with industrial energy intensity and has a significant spatial spillover effect. The urbanization level significantly reduces industrial energy intensity with or without considering the spatial spillover effect; If the spatial spillover effects are considered in the assumptions of the model, using the geographic neighbour matrix, the inverse distance matrix and the GDP gravitational model matrix as the spatial weight matrix respectively, the results were all close: the urbanization level in one region has a significant negative correlation with the industrial energy intensity of this region and the surrounding areas. The results show that, for developing countries in the industrialization phase, higher urbanization rates tend to lead to more efficient use of resources. By ignoring the impact of spatial spillover effects, previous studies on urbanization may have underestimated the actual impact of urbanization on economic efficiency.
Journal: Applied Economics Letters
Pages: 384-389
Issue: 5
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2136355
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2136355
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# input file: RAEL_A_2138811_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Yanran Wu
Author-X-Name-First: Yanran
Author-X-Name-Last: Wu
Author-Name: Zhongtai Li
Author-X-Name-First: Zhongtai
Author-X-Name-Last: Li
Title: Who are the momentum chasers? New evidence from mutual funds in China
Abstract: 
 Regarding the effect of past returns on the trading behaviour of individual investors, earlier studies focused on stocks, and we employ unique account-level data from 2005 to 2011 to analyse this effect in mutual funds. After considering both market, fund and personal characteristics, we find that mutual funds investors are momentum chasers. Furthermore, we find that the group of largest size individuals tends to behave like institutions, and do not chase near-term price performance. Finally, we discuss this behavioural difference between the fund and stock investors from the perspective of bounded rationality. Those results show that most individual investors in China’s fund market are not rational and prefer to chase funds with rising prices.
Journal: Applied Economics Letters
Pages: 470-476
Issue: 5
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2138811
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2138811
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Handle: RePEc:taf:apeclt:v:31:y:2024:i:5:p:470-476



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# input file: RAEL_A_2138809_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Lihao Yao
Author-X-Name-First: Lihao
Author-X-Name-Last: Yao
Author-Name: Famin Yi
Author-X-Name-First: Famin
Author-X-Name-Last: Yi
Author-Name: Yi Cai
Author-X-Name-First: Yi
Author-X-Name-Last: Cai
Title: The impact of e-commerce activities on rural household leverage
Abstract: 
 This article provides new evidence on the connection between e-commerce and rural household leverage in China. We find that e-commerce activities increase the leverage ratio of Chinese rural households significantly, especially in the west region, households headed by men, and households that have not experienced borrowing denials. The results are still robust when using an instrumental variable approach to solve endogenous problems. The findings suggest that participation in e-commerce may relieve the constraint of formal credit, which will boost the household leverage.
Journal: Applied Economics Letters
Pages: 461-464
Issue: 5
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2138809
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2138809
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# input file: RAEL_A_2138812_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Han Zhang
Author-X-Name-First: Han
Author-X-Name-Last: Zhang
Author-Name: Jixian Meng
Author-X-Name-First: Jixian
Author-X-Name-Last: Meng
Author-Name: King Ning Yau
Author-X-Name-First: King Ning
Author-X-Name-Last: Yau
Title: Carbon pricing or non-pricing for developing countries? A dual-track strategy for decarbonization in China
Abstract: 
 Unlike the decarbonization trajectories adopted by developed countries, some research suggests that non-pricing policies should be prioritized over pricing policies to mitigate carbon emissions in developing economies. This paper enriches the current literature on carbon pricing by empirically linking China’s carbon pricing and non-pricing policies, using a difference-in-differences approach. The results indicate the effectiveness of the carbon pricing strategy. Furthermore, by introducing an interaction effect model, we find that a higher carbon price will significantly increase the carbon emission abatement effects. In conclusion, the findings highlight the necessity of carbon pricing instruments for decarbonization in developing countries.
Journal: Applied Economics Letters
Pages: 477-483
Issue: 5
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2138812
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2138812
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# input file: RAEL_A_2138807_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Ismail H. Genc
Author-X-Name-First: Ismail H.
Author-X-Name-Last: Genc
Author-Name: Lokman Gunduz
Author-X-Name-First: Lokman
Author-X-Name-Last: Gunduz
Author-Name: Mete Han Yagmur
Author-X-Name-First: Mete Han
Author-X-Name-Last: Yagmur
Title: Impact of Syrian refugees on house prices in Istanbul
Abstract: 
 Turkey is the world’s biggest refugee hosting nation, and Istanbul, Turkey’s commercial capital and Europe’s largest metropolitan city by population, is home to almost 1,500,000 Syrians. We investigate the short-run impact of refugees on house prices in Istanbul’s districts. We find a negative impact of massive immigration on house prices.
Journal: Applied Economics Letters
Pages: 450-454
Issue: 5
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2138807
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2138807
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# input file: RAEL_A_2138808_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Najid Ahmad
Author-X-Name-First: Najid
Author-X-Name-Last: Ahmad
Author-Name: Muhammad Luqman
Author-X-Name-First: Muhammad
Author-X-Name-Last: Luqman
Author-Name: Maxim Kotsemir
Author-X-Name-First: Maxim
Author-X-Name-Last: Kotsemir
Title: On the nexus of pandemic, environment, and health
Abstract: 
 This study estimates the impacts of pandemic uncertainty on environmental quality in the United States (U.S.). To do so, we introduce a pandemic uncertainty dataset from 1985 to 2021 that will be helpful for a single country, a group of countries, and firm-level analyses. Our baseline models confirm that pandemic uncertainty improves environmental quality, however, it reduces labour force participation. In addition, the income level helps to improve environmental quality.
Journal: Applied Economics Letters
Pages: 455-460
Issue: 5
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2138808
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2138808
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# input file: RAEL_A_2136615_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Xi Chen
Author-X-Name-First: Xi
Author-X-Name-Last: Chen
Author-Name: Xiang Wen Cai
Author-X-Name-First: Xiang Wen
Author-X-Name-Last: Cai
Author-Name: Xu Ding
Author-X-Name-First: Xu
Author-X-Name-Last: Ding
Author-Name: Le Song
Author-X-Name-First: Le
Author-X-Name-Last: Song
Author-Name: Cheng Chen
Author-X-Name-First: Cheng
Author-X-Name-Last: Chen
Title: Intellectualization and substitution elasticity of capital on the labour force in logistics enterprises: evidence from China and the United States
Abstract: 
 This paper addresses the substitution elasticity of capital on the labour force in the context of the development of intellectualization. Given the substitution of capital for labour, China’s benchmark listed logistics companies are compared with an American company to discuss the evolution of capital – labour substitution. A large-scale intellectualization process began in 2017, and based on a variable elasticity of substitution, this paper creates an econometric model of substitution elasticity between capital and labour and its evolution between 2017 and 2021. The American logistics company UPS maintains a relatively high level of substitution elasticity, and Chinese logistics companies are quickly catching up. The substitution elasticity of capital on labour in Chinese enterprises trends upward year after year. In 2021, the capital – labour substitution elasticity of logistics enterprises in both countries showed considerable growth. The calculation model of substitution elasticity presented in this paper can be extended to different regions and industries to measure intelligent development levels and the relationship between capital and the labour force.
Journal: Applied Economics Letters
Pages: 395-400
Issue: 5
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2136615
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2136615
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# input file: RAEL_A_2138815_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Alessandro Lucini-Paioni
Author-X-Name-First: Alessandro
Author-X-Name-Last: Lucini-Paioni
Author-Name: Fabio Busicchia
Author-X-Name-First: Fabio
Author-X-Name-Last: Busicchia
Author-Name: Cristina Rossi-Lamastra
Author-X-Name-First: Cristina
Author-X-Name-Last: Rossi-Lamastra
Title: What do people want? An analysis of citizens’ willingness to use Advanced Air Mobility in Italy
Abstract: 
 This paper investigates the drivers of citizens’ willingness to use Advanced Air Mobility (AAM) systems, focusing on individual and regional features. We analyse Italian data using a multinomial logit model. Our results show that individuals’ job positions, flying habits, and prior experience with drones positively influence such willingness. We also find that regional features matter, with respondents living in poorly-connected and less innovative regions being more willing than others to use AAM.
Journal: Applied Economics Letters
Pages: 489-496
Issue: 6
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2138815
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2138815
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# input file: RAEL_A_2139798_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Yunyi Hu
Author-X-Name-First: Yunyi
Author-X-Name-Last: Hu
Author-Name: Haitao Yin
Author-X-Name-First: Haitao
Author-X-Name-Last: Yin
Author-Name: Li Zhao
Author-X-Name-First: Li
Author-X-Name-Last: Zhao
Author-Name: Xiaodi Luo
Author-X-Name-First: Xiaodi
Author-X-Name-Last: Luo
Title: How has Tesla’s entry affected China’s electric vehicle market?
Abstract: 
 We study the impact of Tesla’s entry on China’s electric vehicle (EV) market. We find that Tesla’s entry has substantially increased the demand for EVs in China, and therefore has benefited Chinese EV producers. However, we also find that this positive impact was nullified for local EV producers that compete with Tesla in a more head-to-head manner, and those that compete in markets that host Tesla Galleries and have a higher annual income per capita. Moreover, local manufacturers lowered their EV prices when faced with competition from domestically produced Tesla vehicles, and the magnitude of such price reductions was larger for battery electric vehicle (BEV) models.
Journal: Applied Economics Letters
Pages: 503-507
Issue: 6
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2139798
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2139798
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# input file: RAEL_A_2140751_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Keiichi Goshima
Author-X-Name-First: Keiichi
Author-X-Name-Last: Goshima
Author-Name: Hiroshi Ishijima
Author-X-Name-First: Hiroshi
Author-X-Name-Last: Ishijima
Author-Name: Mototsugu Shintani
Author-X-Name-First: Mototsugu
Author-X-Name-Last: Shintani
Title: News implied volatility and aggregate economic activity: evidence from the Japanese government bond market
Abstract: 
 Because options on 10-year Japanese government bond (JGB) futures are relatively new in the market, their implied volatility, JGB-VIX, is not available before 2007. For the period when JGB-VIX is available, we conduct supervised learning by using the daily newspaper articles as input and JGB-VIX as output. We then construct a new JGB market uncertainty measure, which we called JGB-NU, based on the predicted values of JGB-VIX from the estimated model and contents of the newspaper articles from 1981 to 2021. In the VAR analysis with JGB-NU, we confirm that JGB market uncertainty shocks have a negative impact on real economic activities in Japan.
Journal: Applied Economics Letters
Pages: 568-573
Issue: 6
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2140751
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2140751
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# input file: RAEL_A_2140752_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Marlene Kionka
Author-X-Name-First: Marlene
Author-X-Name-Last: Kionka
Author-Name: Oliver Mußhoff
Author-X-Name-First: Oliver
Author-X-Name-Last: Mußhoff
Author-Name: Matthias Ritter
Author-X-Name-First: Matthias
Author-X-Name-Last: Ritter
Author-Name: Jan-Philip Rado Uhlemann
Author-X-Name-First: Jan-Philip Rado
Author-X-Name-Last: Uhlemann
Author-Name: Martin Odening
Author-X-Name-First: Martin
Author-X-Name-Last: Odening
Title: Optimal reserve prices for land auctions in Eastern Germany
Abstract: 
 Privatization auctions are seen as culprit for rising prices in eastern Germany. This study aims to analyse whether privatization auctions could have earned even higher revenues by setting optimal reserve prices. For this purpose, a structural estimation approach is applied to determine reserve prices and to compare the resulting expected revenues with actual revenues. The data set includes land auctions in eastern Germany from 2005–2019. The empirical results illustrate that room for increasing revenues exists, but reserve prices would be required to be higher than actual land prices. A potential consequence of high reserve prices is the risk of delays in the privatization process.
Journal: Applied Economics Letters
Pages: 574-578
Issue: 6
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2140752
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2140752
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# input file: RAEL_A_2140100_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Daisuke Nogata
Author-X-Name-First: Daisuke
Author-X-Name-Last: Nogata
Author-Name: Yuriko Hayabuchi
Author-X-Name-First: Yuriko
Author-X-Name-Last: Hayabuchi
Author-Name: Shiro Hori
Author-X-Name-First: Shiro
Author-X-Name-Last: Hori
Title: Does diversity among directors affect corporate climate change behaviour? Evidence from Japan
Abstract: 
 This paper examines how female and foreign corporate directors influence their corporation’s climate change behaviour. This study found that female directors contribute to the formulation of their company’s climate change vision, and foreign directors contribute to the formulation of a climate change mission. Japan has set a long-term goal of reducing greenhouse gas emissions to net zero by 2050, an extremely difficult goal to achieve. Our results suggest that it is important to appoint female and foreign directors to achieve net zero emissions. Our results also suggest that diversity among company directors needs to be further expanded.
Journal: Applied Economics Letters
Pages: 518-523
Issue: 6
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2140100
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2140100
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# input file: RAEL_A_2140750_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Yonghyun Kwon
Author-X-Name-First: Yonghyun
Author-X-Name-Last: Kwon
Author-Name: Namil Kim
Author-X-Name-First: Namil
Author-X-Name-Last: Kim
Title: Do political events have an impact on stock indices? Empirical research on emerging countries
Abstract: 
 Using synthetic control methods, we examined the economic effects of political uncertainty. We show that political uncertainty resulting from certain political events is negatively related to major stock indices. Particularly in emerging countries, political turmoil involving the president enormously increases the difficulty of doing business due to increased uncertainty in economic policy. Our results suggest that the beginning of the impeachment process and successful military coup could positively influence the stock market, while a military coup failure and an aircraft accident negatively influence the stock market. Therefore, market investors and business owners in emerging countries must be prepared for significant changes in the progress of a company, industry or sector after the event occurs.
Journal: Applied Economics Letters
Pages: 561-567
Issue: 6
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2140750
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2140750
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# input file: RAEL_A_2140104_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Po-Keng Cheng
Author-X-Name-First: Po-Keng
Author-X-Name-Last: Cheng
Author-Name: Chinho Lin
Author-X-Name-First: Chinho
Author-X-Name-Last: Lin
Title: Fundamentalists in the cryptocurrency markets
Abstract: 
 In this study, we apply an interactive agent‐based model to investigate fundamentalists and positive-feedback traders behaviours in cryptocurrency markets. Our results suggested that fundamentalists pushed up cryptocurrency prices in some past periods. In addition, the cryptocurrency markets are unstable and agitated.
Journal: Applied Economics Letters
Pages: 535-544
Issue: 6
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2140104
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# input file: RAEL_A_2140105_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Wenbin Yang
Author-X-Name-First: Wenbin
Author-X-Name-Last: Yang
Author-Name: Yahao Dong
Author-X-Name-First: Yahao
Author-X-Name-Last: Dong
Title: Outsourcing and the variability of corporate performance
Abstract: 
 This paper investigates the impact of outsourcing on the variability of corporate performance, based on manually collected outsourcing data of Chinese companies from 2012 to 2020. The results show that outsourcing significantly reduces the variability of corporate performance, and the negative correlation between outsourcing and the variability of corporate performance is more significant in companies with high quality of information disclosure, low degree of asset specificity, and low production efficiency. It shows that outsourcing is an effective management decision to disperse corporate risks.
Journal: Applied Economics Letters
Pages: 545-549
Issue: 6
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2140105
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# input file: RAEL_A_2140101_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Tomomichi Mizuno
Author-X-Name-First: Tomomichi
Author-X-Name-Last: Mizuno
Author-Name: Kazuhiro Takauchi
Author-X-Name-First: Kazuhiro
Author-X-Name-Last: Takauchi
Title: Bertrand competition in vertically related markets
Abstract: 
 We build a successive Bertrand model with a homogenous good. We show that increasing the production efficiency of an industry can reduce firms’ profits. We also show that this result holds in the successive Cournot model. Hence, an industrial policy aimed at improving production efficiency may be undesirable for firms.
Journal: Applied Economics Letters
Pages: 524-529
Issue: 6
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2140101
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2140101
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# input file: RAEL_A_2140107_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Andrew L. Goodkind
Author-X-Name-First: Andrew L.
Author-X-Name-Last: Goodkind
Author-Name: Robert P. Berrens
Author-X-Name-First: Robert P.
Author-X-Name-Last: Berrens
Author-Name: Benjamin A. Jones
Author-X-Name-First: Benjamin A.
Author-X-Name-Last: Jones
Title: Estimating the climate and health damages of Bitcoin mining in the US: Is Bitcoin underwater?
Abstract: 
 Cryptocurrencies, such as Bitcoin (BTC), based on the proof-of-work mining production scheme create significant social costs. This analysis monetarily estimates the health and climate damages of BTC mining in the United States (US) from September 2019 to December 2021, and then compares these damages to BTC’s market price. We further show the spatial dispersion of BTC’s ‘social damage-to-market price’ ratio across US states. If this benchmark ratio is >1, then it is a clear indicator of an unsustainable technology. Results indicate significant geographic hotspots and periods when BTC mining generates social costs that exceed the market price—i.e. instances where BTC is underwater. On average, for the US, damages represented 49% of the value of the coins generated and BTC was underwater on approximately one-quarter of days between September 2019 and December 2021. Several US states have average damages that exceed the value of each BTC mined.
Journal: Applied Economics Letters
Pages: 555-560
Issue: 6
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2140107
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# input file: RAEL_A_2140106_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Ángela Castillo-Murciego
Author-X-Name-First: Ángela
Author-X-Name-Last: Castillo-Murciego
Author-Name: Julio López-Laborda
Author-X-Name-First: Julio
Author-X-Name-Last: López-Laborda
Title: Which multinationals can escape high Statutory Tax Rates? The Profit-Shifting strategy to reduce taxes
Abstract: 
 Multinationals can escape high Statutory Tax Rates (STRs) by way of Profit-Shifting (P-S) and in this form, reduce the Effective Tax Rate (ETR) they ultimately pay. In this article, we find evidence for Spain consistent with P-S, since the relationship between STRs and ETRs becomes negative for multinationals with characteristics that may facilitate P-S, i.e. being very large, having at least one tax haven affiliate, and owning Intellectual Property.
Journal: Applied Economics Letters
Pages: 550-554
Issue: 6
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2140106
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2140106
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# input file: RAEL_A_2139799_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Christoph Bauner
Author-X-Name-First: Christoph
Author-X-Name-Last: Bauner
Author-Name: Nathalie Lavoie
Author-X-Name-First: Nathalie
Author-X-Name-Last: Lavoie
Title: The costs of eating gluten-free
Abstract: 
 We leverage a large dataset of U.S. bakery products to comprehensively study price and nutritional composition of gluten-free products in comparison with gluten-containing items. Using data from 2013 to 2022, and controlling for time and manufacturer fixed effects as well as other product claims such as ‘all natural’, our findings suggest that gluten-free products are up to 85% more expensive than gluten-containing ones. In addition, gluten-free products have a different nutrient profile. Across product subcategories, they contain more total fat than gluten-containing products – as much as 113% more in the bread subcategory. However, compared to their gluten-containing counterparts, gluten-free breads contain less sodium, gluten-free cookies contain more fibre and gluten-free pastries contain more fibre and less sugar. We conclude that unless gluten-free products are medically prescribed, consumers should carefully weigh all product characteristics when choosing between gluten-free and gluten-containing versions of the same product.
Journal: Applied Economics Letters
Pages: 508-512
Issue: 6
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2139799
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2139799
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# input file: RAEL_A_2139801_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Masataka Harada
Author-X-Name-First: Masataka
Author-X-Name-Last: Harada
Author-Name: Tetsuya Matsubayashi
Author-X-Name-First: Tetsuya
Author-X-Name-Last: Matsubayashi
Title: Intergovernmental transfers as magnets for low-income people
Abstract: 
 We demonstrate that intergovernmental transfers affect migration decisions. If local governments with large distributive allocations offer greater government employment, public works projects, and assistance to (small) businesses, they attract low-skilled or unemployed residents to move or stay in. We find that more allocations increase not only the share of low-income residents but also the economic disparity in the city. We exploit the major electoral reform in Japan as an instrumental variable.
Journal: Applied Economics Letters
Pages: 513-517
Issue: 6
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2139801
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2139801
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# input file: RAEL_A_2139797_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Qing Sophie Wang
Author-X-Name-First: Qing Sophie
Author-X-Name-Last: Wang
Author-Name: Shaojie Lai
Author-X-Name-First: Shaojie
Author-X-Name-Last: Lai
Title: Social insurance payments and labour investment efficiency: A quasi-natural experiment
Abstract: 
 This study exploits the passage of the 2011 Social Insurance (SI) Law in China to investigate how a labour protection regulation affects corporate labour investment efficiency (LIE). We find that labour-intensive firms invest more efficiently in labour after the SI Law. Our findings are robust to alternative measures, selection bias and endogeneity concerns. Overall, our findings show that labour protection regulations have a profound impact on corporate employment decision-making.
Journal: Applied Economics Letters
Pages: 497-502
Issue: 6
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2139797
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2139797
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# input file: RAEL_A_2140102_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Cecilia Ciocirlan
Author-X-Name-First: Cecilia
Author-X-Name-Last: Ciocirlan
Author-Name: Mihai Nițoi
Author-X-Name-First: Mihai
Author-X-Name-Last: Nițoi
Title: Policy complementarity: major fiscal and monetary announcements during the pandemic
Abstract: 
 This paper evaluates the impact of major European fiscal and monetary policy announcements during the pandemic. Applying an event study methodology, we find that the fiscal-monetary policy-mix announcements are associated with more stable bond markets across the entire EU. Proof of positive spillover transmission, policy announcements tend to stabilize spreads even in CEE countries without EMU membership. The results indicate a high degree of complementarity between fiscal and monetary policy: well-timed fiscal policy announcements complemented ECB’s monetary programs, protecting sovereign bond market from risk aversion.
Journal: Applied Economics Letters
Pages: 530-534
Issue: 6
Volume: 31
Year: 2024
Month: 03
X-DOI: 10.1080/13504851.2022.2140102
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2140102
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# input file: RAEL_A_2141438_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Abhradeep Maiti
Author-X-Name-First: Abhradeep
Author-X-Name-Last: Maiti
Title: Heterogeneous impact of COVID-19 pandemic on individual income across industries
Abstract: 
 I use a nationally representative data-set from India to estimate the heterogeneous impact of the COVID-19 pandemic on individual income in different industries. The difference-in-differences estimates show that the impact varies across industries, and in the case of some industries there is no statistically significant impact of the pandemic on individual income.
Journal: Applied Economics Letters
Pages: 646-653
Issue: 7
Volume: 31
Year: 2024
Month: 04
X-DOI: 10.1080/13504851.2022.2141438
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2141438
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# input file: RAEL_A_2141443_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Muneer M. Alshater
Author-X-Name-First: Muneer M.
Author-X-Name-Last: Alshater
Author-Name: Onur Polat
Author-X-Name-First: Onur
Author-X-Name-Last: Polat
Author-Name: Rim El Khoury
Author-X-Name-First: Rim
Author-X-Name-Last: El Khoury
Author-Name: Seong-Min Yoon
Author-X-Name-First: Seong-Min
Author-X-Name-Last: Yoon
Title: Dynamic connectedness among regional FinTech indices in times of turbulences
Abstract: 
 This study examines the connectedness among several regional FinTech indices and analyses the impact of Russia’s invasion of Ukraine on the dynamic spillovers. We employ the time-varying parameter vector autoregression and time-frequency connectedness network approach using data spanning from 2 September 2021 until 4 April 2022. We find that the returns and volatility spillovers among FinTech indices burst with the outbreak of the invasion. During this invasion, Asia-Pacific and Japan FinTech appeared to be the largest recipients of the spillovers. In contrast, Europe and North America FinTech appeared to be the largest transmitters of spillovers. The short-term effect among regional FinTech indices is stronger than the long-term relationship.
Journal: Applied Economics Letters
Pages: 670-675
Issue: 7
Volume: 31
Year: 2024
Month: 04
X-DOI: 10.1080/13504851.2022.2141443
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# input file: RAEL_A_2140758_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Junkai Ma
Author-X-Name-First: Junkai
Author-X-Name-Last: Ma
Author-Name: Guangsi Li
Author-X-Name-First: Guangsi
Author-X-Name-Last: Li
Author-Name: Xintong Liang
Author-X-Name-First: Xintong
Author-X-Name-Last: Liang
Title: Impact of farmland property rights security on public security in rural areas of China
Abstract: 
 This paper contributes to the literature by investigating the effects of farmland property rights on public security using the China Labor-force Dynamics Survey data. The results indicate that farmland property rights positively impact public security. This study uses the instrumental variable to solve the endogenous problem. Based on the results, farmland property rights have a positive and significant effect on public security due to the reduction of land acquisition conflicts and social poverty. Hence, this research suggests that the protection of farmland property rights plays a crucial role in ensuring the harmonious development of rural society.
Journal: Applied Economics Letters
Pages: 618-622
Issue: 7
Volume: 31
Year: 2024
Month: 04
X-DOI: 10.1080/13504851.2022.2140758
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# input file: RAEL_A_2140753_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Emmanuel Asafo-Adjei
Author-X-Name-First: Emmanuel
Author-X-Name-Last: Asafo-Adjei
Author-Name: Samuel Kwaku Agyei
Author-X-Name-First: Samuel Kwaku
Author-X-Name-Last: Agyei
Author-Name: Anokye Mohammed Adam
Author-X-Name-First: Anokye Mohammed
Author-X-Name-Last: Adam
Author-Name: Ahmed Bossman
Author-X-Name-First: Ahmed
Author-X-Name-Last: Bossman
Author-Name: Ştefan Cristian Gherghina
Author-X-Name-First: Ştefan Cristian
Author-X-Name-Last: Gherghina
Title: On the nexus between constituents and global energy commodities: an asymmetric analysis
Abstract: 
 The study examines the nexus between global energy commodity and its constituent across market conditions using the quantile regression approaches. We found that the positive effect of global energy commodity on its constituents was stronger relative to the feedback effect from the constituents. It is pertinent to hedge against fluctuations in the energy commodities using the global energy commodity as an appropriate hedged asset with the required hedging instrument.
Journal: Applied Economics Letters
Pages: 579-587
Issue: 7
Volume: 31
Year: 2024
Month: 04
X-DOI: 10.1080/13504851.2022.2140753
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# input file: RAEL_A_2140759_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Duy Tan Do
Author-X-Name-First: Duy Tan
Author-X-Name-Last: Do
Author-Name: Phuong Lan Le
Author-X-Name-First: Phuong Lan
Author-X-Name-Last: Le
Title: Trading behaviours during stock market bubbles: evidence from Vietnam
Abstract: 
 We study investors’ trading behaviours during bubbles on the Vietnam stock market. Vietnam offers a great setting due to its high susceptibility to bubbles and large heterogeneity among various groups of investors. We document evidence of trading explosions during two bubbles identified in our sample period, followed by reversions in the aftermath. Financial sectors make a significant contribution to this phenomenon in both episodes. We also find that foreign and sophisticated investors increase their holdings when the bubbles form and start selling well before the bursts, suggesting their superior ability to local individuals in timing the market.
Journal: Applied Economics Letters
Pages: 623-629
Issue: 7
Volume: 31
Year: 2024
Month: 04
X-DOI: 10.1080/13504851.2022.2140759
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# input file: RAEL_A_2141442_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Sefa Takmaz
Author-X-Name-First: Sefa
Author-X-Name-Last: Takmaz
Author-Name: Erkam Sarı
Author-X-Name-First: Erkam
Author-X-Name-Last: Sarı
Author-Name: Sedat Alataş
Author-X-Name-First: Sedat
Author-X-Name-Last: Alataş
Title: Financial inclusion in Turkey: unpacking the provincial inequality and its determinants
Abstract: 
 This paper investigates the regional disparity of financial inclusion (FI) and its determinants in Turkey from 2004 to 2020. To this end, we first construct an FI index using the principal component analysis. Then, based on the club convergence approach, we test the existence of convergence to show regional disparities in FI. Finally, we examine the main determinants of provincial disparity using ordered logit models. The convergence results strongly reject the full-panel convergence, indicating a regional disparity in FI. Furthermore, our analyses reveal that financial inclusion positively correlates with population, income, and income inequality, while unemployment hinders inclusion. Overall, our results imply that policies focusing on digital financial services, increasing financial literacy, and reducing unemployment should significantly diminish regional disparities and improve FI.
Journal: Applied Economics Letters
Pages: 661-669
Issue: 7
Volume: 31
Year: 2024
Month: 04
X-DOI: 10.1080/13504851.2022.2141442
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# input file: RAEL_A_2142502_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Jamel Saadaoui
Author-X-Name-First: Jamel
Author-X-Name-Last: Saadaoui
Author-Name: Chi Keung Marco Lau
Author-X-Name-First: Chi Keung Marco
Author-X-Name-Last: Lau
Author-Name: Yifei Cai
Author-X-Name-First: Yifei
Author-X-Name-Last: Cai
Title: Testing fiscal sustainability in OECD countries: new evidence from the past centuries
Abstract: 
 Using three complementary approaches that examine the fulfilment of the intertemporal budget constraint while avoiding explosive behaviour, this study examines the stationarity and the sustainability of public finance for six industrial countries over the period spanning from 1870 to 2017. According to Fourier DF unit root tests, time-varying fiscal reaction functions and threshold reaction functions, we find that longer-run debt sustainability is not rejected for the UK, Sweden, and for the US. The evidence is somewhat equivocal for Canada, Italy and Portugal.
Journal: Applied Economics Letters
Pages: 676-682
Issue: 7
Volume: 31
Year: 2024
Month: 04
X-DOI: 10.1080/13504851.2022.2142502
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# input file: RAEL_A_2140754_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Max Resende
Author-X-Name-First: Max
Author-X-Name-Last: Resende
Title: Volatility assessment of US trucking spot freight market
Abstract: 
 This research created an estimator for a near-real-time US truckload spot market price index. This work applied an ARX-GARCH model to assess freight volatility by incorporating explanatory variables in the mean-equation to address the sector-specific behavioural patterns. The results suggest that daily rate volatility can be better specified with such an extended version of standard GARCH. It was also observed the reduction of immediate shock effects in freight rate variation, especially when controlling for fuel surcharge and truck capacity.
Journal: Applied Economics Letters
Pages: 588-593
Issue: 7
Volume: 31
Year: 2024
Month: 04
X-DOI: 10.1080/13504851.2022.2140754
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2140754
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# input file: RAEL_A_2140756_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Shuo Wang
Author-X-Name-First: Shuo
Author-X-Name-Last: Wang
Author-Name: Feng Yin
Author-X-Name-First: Feng
Author-X-Name-Last: Yin
Title: The effect of service FDI on carbon productivity in China: a multidimensional heterogeneity perspective
Abstract: 
 Effect of foreign direct investment (FDI) in services on carbon productivity is examined based on Chinese province-level panel data from 2007 to 2019. We control for income level, technical level and sectoral differences and find (ⅰ) in the full sample, service FDI has no significant effect on carbon productivity; (ⅱ) the effect of income inequality: service FDI flowing into high-income regions benefits the environment, while flows to low-income regions do not support the pollution-halo effect; (ⅲ) the effect of technology inequality: service FDI in regions with high technology levels reduces the carbon emission, while the environmental effect of service FDI is insignificant in low-technology regions; (ⅳ) industrial heterogeneity: FDI inflows to different sectors show different sensitivities to income level and have different impacts on carbon productivity. The result has a strong policy implication which will be helpful for the local governments to make policies with the aim to maximize the benefit from the pollution-halo effect of service FDI.
Journal: Applied Economics Letters
Pages: 603-607
Issue: 7
Volume: 31
Year: 2024
Month: 04
X-DOI: 10.1080/13504851.2022.2140756
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2140756
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# input file: RAEL_A_2140757_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Jianhua Li
Author-X-Name-First: Jianhua
Author-X-Name-Last: Li
Author-Name: Jianxiang Xu
Author-X-Name-First: Jianxiang
Author-X-Name-Last: Xu
Title: The effect of the registration-based IPO reform on price efficiency: evidence from China
Abstract: 
 Based on the event-study methodology, this study investigates the effect of China’s milestone registration-based initial public offering (IPO) system reform on stock price efficiency and price discovery. Our findings indicate that the reform improves price efficiency in the short and long term. Price discovery under the registration-based IPO system is stronger than under the approval system. Additionally, the reform’s effect on investor sentiment and institutional transaction costs can affect price efficiency and price discovery.
Journal: Applied Economics Letters
Pages: 608-617
Issue: 7
Volume: 31
Year: 2024
Month: 04
X-DOI: 10.1080/13504851.2022.2140757
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# input file: RAEL_A_2141440_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Cong Yu
Author-X-Name-First: Cong
Author-X-Name-Last: Yu
Author-Name: Yun Chen
Author-X-Name-First: Yun
Author-X-Name-Last: Chen
Title: The impact of regulatory ban on connectedness of cryptocurrency market
Abstract: 
 This article employs the DCC-GARCH-based approach proposed by Gabauer (2020) to measure the connectedness of the cryptocurrency market, and whether the connectedness indexes became significantly different after China issued the regulatory ban in May 2021. The empirical finding suggests that the cryptocurrency market became significantly more interconnected after the ban was issued. Furthermore, we find that the net connectedness indexes of the majority of cryptocurrencies in the sample changed significantly after the ban. Among all the studied cryptocurrencies, Bitcoin is the largest net volatility receiver and Solana is the largest net volatility transmitter.
Journal: Applied Economics Letters
Pages: 654-660
Issue: 7
Volume: 31
Year: 2024
Month: 04
X-DOI: 10.1080/13504851.2022.2141440
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# input file: RAEL_A_2141437_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Yuxiang Wang
Author-X-Name-First: Yuxiang
Author-X-Name-Last: Wang
Author-Name: Yanzhou Liu
Author-X-Name-First: Yanzhou
Author-X-Name-Last: Liu
Title: Value-added tax, product innovation and export quality: evidence from China
Abstract: 
 In this study, we examine the relationship between value-added tax burden and export quality. Our results show that the increase of VAT burden leads to lower export quality. We also find that the decline in export quality may be caused by the decrease of product innovation. Moreover, the empirical evidence on patent application shows that VAT burden mainly reduces invention and utility model patents, instead of design patents.
Journal: Applied Economics Letters
Pages: 640-645
Issue: 7
Volume: 31
Year: 2024
Month: 04
X-DOI: 10.1080/13504851.2022.2141437
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# input file: RAEL_A_2299244_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Byeung-Kuk Oh
Author-X-Name-First: Byeung-Kuk
Author-X-Name-Last: Oh
Title: The impact of teacher gender on students’ class rank
Abstract: 
 Using the random assignment of students to subject teachers in South Korean middle schools, this study investigates the causal impact of teacher – student gender matches on students’ academic rankings within their classes. The findings show that having female teachers improves female students’ rank relative to that of male students. This effect is likely to be driven by changes in teacher behaviours.
Journal: Applied Economics Letters
Pages: 683-687
Issue: 7
Volume: 31
Year: 2024
Month: 04
X-DOI: 10.1080/13504851.2023.2299244
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# input file: RAEL_A_2141436_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Wei Yin
Author-X-Name-First: Wei
Author-X-Name-Last: Yin
Author-Name: Ziling Chen
Author-X-Name-First: Ziling
Author-X-Name-Last: Chen
Author-Name: Xinxin Luo
Author-X-Name-First: Xinxin
Author-X-Name-Last: Luo
Author-Name: Berna Kirkulak-Uludag
Author-X-Name-First: Berna
Author-X-Name-Last: Kirkulak-Uludag
Title: Forecasting cryptocurrencies’ price with the financial stress index: a graph neural network prediction strategy
Abstract: 
 This article proposes a graph neural network strategy (GNN), in which the long short-term memory (LSTM) and graph convolution network (GCN) are applied to capture both temporal and spatial features to forecast the price of Bitcoin, Litecoin, Ethereum, and Dash Coin with the ‘stable-coin’ Tether (USDT) and financial stress index (FSI). The main results show that the GNN strategy has better performance than univariate LSTM and multivariate LSTM in all of the seven steps forward forecasting. A sensitivity check shows that USDT and FSI/sub-FSI are important factors in the construction of the graphs and they verify the validity of the results.
Journal: Applied Economics Letters
Pages: 630-639
Issue: 7
Volume: 31
Year: 2024
Month: 04
X-DOI: 10.1080/13504851.2022.2141436
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# input file: RAEL_A_2140755_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Pin Guo
Author-X-Name-First: Pin
Author-X-Name-Last: Guo
Author-Name: Maoyong Cheng
Author-X-Name-First: Maoyong
Author-X-Name-Last: Cheng
Author-Name: Yue Shen
Author-X-Name-First: Yue
Author-X-Name-Last: Shen
Title: FinTech adoption and bank risk-taking: evidence from China
Abstract: 
 We examine the impact of FinTech adoption on bank risk-taking. Applying the instrumental variable panel quantile regression (IV-QRPD) approach to the data of 160 Chinese commercial banks over the period of 2011–2020, we provide fresh evidence on the quantile-varying relation between FinTech adoption and bank risk-taking. We show that FinTech adoption increases bank risk-taking in low and middle quantiles but reduces bank risk-taking in high quantiles. We further find that this quantile-varying impact works through the efficiency-enhancing, gamble for resurrection, and credit expansion channels.
Journal: Applied Economics Letters
Pages: 594-602
Issue: 7
Volume: 31
Year: 2024
Month: 04
X-DOI: 10.1080/13504851.2022.2140755
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# input file: RAEL_A_2146644_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Daniel Taylor
Author-X-Name-First: Daniel
Author-X-Name-Last: Taylor
Author-Name: Bernard Sarpong
Author-X-Name-First: Bernard
Author-X-Name-Last: Sarpong
Author-Name: Eunice Yaa Cudjoe
Author-X-Name-First: Eunice Yaa
Author-X-Name-Last: Cudjoe
Title: Cost-efficiency and bank profitability during health crisis
Abstract: 
 
This paper examines the impact of cost-efficiency on bank profitability in the context of the Covid-19 pandemic using quarterly data from a panel of banks operating in five (5) Sub-Saharan African countries. The findings show that cost-efficient banks are more profitable amid the pandemic. Additionally, we found that revenue diversification is associated with strong financial performance. Our findings contribute to literature by proposing the adoption of aggressive cost control and revenue diversification strategies by the management of banks to ensure sustainable and resilient financial performance in times of crises when interest incomes are sticky.
Journal: Applied Economics Letters
Pages: 732-737
Issue: 8
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2146644
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2146644
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# input file: RAEL_A_2145010_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Imre Fertő
Author-X-Name-First: Imre
Author-X-Name-Last: Fertő
Author-Name: Mahammad Kheyirkhabarli
Author-X-Name-First: Mahammad
Author-X-Name-Last: Kheyirkhabarli
Author-Name: Magdolna Sass
Author-X-Name-First: Magdolna
Author-X-Name-Last: Sass
Title: Gravity models with TiVA data: do they bring new results?
Abstract: 
 Using Trade in Value Added (TiVA) data in gravity models may result in new insights into international trade. The aim of this article is to compare whether for a large set of OECD and non-OECD countries, relying on ‘traditional’ foreign trade data and TiVA data results in differences in gravity model estimations. According to our results, these differences are minor, which can be explained by the fact that the inclination of countries to trade gross and value added may be similar.
Journal: Applied Economics Letters
Pages: 702-705
Issue: 8
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2145010
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2145010
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# input file: RAEL_A_2146640_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Rong Zhou
Author-X-Name-First: Rong
Author-X-Name-Last: Zhou
Author-Name: Zhengxi Zheng
Author-X-Name-First: Zhengxi
Author-X-Name-Last: Zheng
Title: Characteristics and trends of regional inequality in China: a multidimensional perspective
Abstract: 
 We conduct an empirical study on regional inequality, one of the main factors of the principal contradiction in China, using the provincial data from 2011 to 2019, from a multidimensional perspective. Inequalities are measured based on an approach that improves the applicability of inequality measures in multidimensional case. From the results, we find a continuous downward trend in overall regional inequality, but the performance of regional inequality differs across dimensions. Among four dimensions, regional inequality in the dimension of economy has been increasing and is substantially higher than others, and the sharp drop of inequality in ecology has greatly contributed to the decline in overall regional inequality since 2014. For sub-dimensions, we find that regional inequality in sub-dimensions including economic performance, economic innovation, economic infrastructure, ecological governance, and housing is at a relatively high level and on the rise, which should be Chinese government’s focus at the present stage.
Journal: Applied Economics Letters
Pages: 706-711
Issue: 8
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2146640
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2146640
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# input file: RAEL_A_2146647_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Joaquín Paseyro Mayol
Author-X-Name-First: Joaquín
Author-X-Name-Last: Paseyro Mayol
Author-Name: Tiziano Razzolini
Author-X-Name-First: Tiziano
Author-X-Name-Last: Razzolini
Title: Covid-19 vaccine uptake: the role of civic capital to overcome the free rider problem
Abstract: 
 
Vaccination rates are likely to reflect the expected benefits and drawbacks for individuals. As a larger share of the population gets vaccinated, individuals have more incentives to free ride and benefit from the positive externalities of a high vaccination rate, while not being affected by the potential harms of receiving vaccination. Using Covid-19 vaccination data at the municipality level in the Italian region of Lombardy, we show that communities with a higher level of civic capital were able to overcome this collective action problem. An indirect measure of the willingness to contribute to a public good (i.e. the share of residents paying the TV licence) proves to be particularly useful to predict the success of vaccination campaigns.
Journal: Applied Economics Letters
Pages: 750-756
Issue: 8
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2146647
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2146647
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# input file: RAEL_A_2146651_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Steven Salaga
Author-X-Name-First: Steven
Author-X-Name-Last: Salaga
Author-Name: William Howley
Author-X-Name-First: William
Author-X-Name-Last: Howley
Title: The impact of weather on betting outcomes and market behaviour in the NCAA football totals market
Abstract: 
 
Sports betting markets are an attractive setting to evaluate the degree to which publicly available information is efficiently incorporated into asset prices. Weather information represents one category of potentially undervalued public data, and we assess its impact on wagering outcomes and market behaviour in American college football. We uncover statistically significant effects of weather characteristics on totals market outcomes, indicating that the market does not appropriately assimilate this data into its forecasts. We also demonstrate that weather characteristics are not statistically significant predictors of totals market line movement magnitude. Together, these results suggest the market systematically undervalues weather data. We then develop simple wagering strategies utilizing only three weather characteristics and illustrate the ability to profit.
Journal: Applied Economics Letters
Pages: 779-782
Issue: 8
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2146651
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2146651
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# input file: RAEL_A_2146641_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Ilias Livanos
Author-X-Name-First: Ilias
Author-X-Name-Last: Livanos
Author-Name: Panagiotis Ravanos
Author-X-Name-First: Panagiotis
Author-X-Name-Last: Ravanos
Title: Job loss and Covid-19: an analysis on the impacts of remote work and automation
Abstract: 
 Using a unique dataset from a dedicated Cedefop Skills Forecast scenario on the impacts of COVID-19, this paper explores two possible determinants of expected job loss in the European Union (EU) due to the pandemic, namely the potential of work from home and the impacts of automation. Our findings suggest that less remote work and more automation are both related to future job losses across countries and occupations. These links are stronger in 2020–2021 at the country level, while becoming significant at the occupation level after 2022 when several protective measures taken by EU governments are expected to have been lifted.
Journal: Applied Economics Letters
Pages: 712-723
Issue: 8
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2146641
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2146641
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# input file: RAEL_A_2146650_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Suria Dauod
Author-X-Name-First: Suria
Author-X-Name-Last: Dauod
Author-Name: Carlos D. Ramirez
Author-X-Name-First: Carlos D.
Author-X-Name-Last: Ramirez
Title: Do remittances affect output? Evidence from Lebanon
Abstract: 
 
This paper examines the effects of remittances on output for Lebanon, a case with a unique setting: remittances to Lebanon are primarily from workers located in oil-producing Gulf States and thus influenced by oil prices. This setting enables us to estimate a structural VAR model using the price of oil as an instrument. We estimate the model with and without the instrument and compare the impulse response of remittances. Our key results are as follows: without the instrument, we find that a one-standard deviation shock in remittances increases industrial production by about 0.10% to 0.20%, a small and weakly estimated effect. In the instrumental variable setting, the magnitude increases by a factor of at least 5.8: the increase in output ranges from 0.72% to 1.11%. Our results imply that remittance effects on output computed using standard VARs are likely underestimated. Moreover, they suggest that the adoption of policies that facilitate remittance flows should be encouraged as they likely stimulate economic growth by more than previously detected.
Journal: Applied Economics Letters
Pages: 774-778
Issue: 8
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2146650
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2146650
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# input file: RAEL_A_2146646_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Arzu Alvan Bozdereli
Author-X-Name-First: Arzu
Author-X-Name-Last: Alvan Bozdereli
Author-Name: Qais Rahmatzada
Author-X-Name-First: Qais
Author-X-Name-Last: Rahmatzada
Title: Relationship between residential property prices and macroeconomıc variables in Turkey
Abstract: 
 
The aim of this study is to analyse the existence of a long-term relationship between residential property prices and indicators such as gross domestic product growth rate, inflation rate, foreign direct investment as percentage of GDP, household income, population, exchange rate, total credits to households as percentage of GDP, employment rate and gold price index in Turkey. For this, annual data covering the years 1971–2019 were used in the relevant variables. Cointegration analyzes were performed to determine the long-term balance between residential property prices and variables. Vector error correction model (VECM) is applied to see the possible imbalances in the long run. Granger causality analysis was used to determine causality from variables to residential property prices and vice versa. According to the empirical findings of the study, it has been observed that there is a long-term positive relationship between residential property prices and gold price index, inflation rate, foreign direct investment, household income and population in Turkey. It has been found that there is a negative relationship between the gross domestic product growth rate, exchange rate, employment rate, total credits to households and residential property prices in the long run.
Journal: Applied Economics Letters
Pages: 743-749
Issue: 8
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2146646
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2146646
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# input file: RAEL_A_2146648_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Xinyu Wu
Author-X-Name-First: Xinyu
Author-X-Name-Last: Wu
Author-Name: Xueting Mei
Author-X-Name-First: Xueting
Author-X-Name-Last: Mei
Author-Name: Li Liu
Author-X-Name-First: Li
Author-X-Name-Last: Liu
Title: Forecasting RMB exchange rate volatility: do time-varying higher moments and time-varying risk aversion help?
Abstract: 
 
In this paper, we investigate the predictive value of time-varying higher moments and time-varying risk aversion (RA) for the RMB exchange rate volatility. To do so, we develop a threshold GARCH-MIDAS model with skewness and kurtosis (henceforth TGARCH-MIDAS-SK model). Our empirical results indicate the presence of significant reverse leverage effect and time-varying skewness and kurtosis in the RMB exchange rate returns. The RA has a significant negative impact on the RMB exchange rate volatility. Moreover, we observe that incorporating leverage effect, time-varying higher moments and RA improves the in-sample fitting and out-of-sample forecasting performance of the model.
Journal: Applied Economics Letters
Pages: 757-767
Issue: 8
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2146648
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2146648
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# input file: RAEL_A_2142504_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Taehyeon Kang
Author-X-Name-First: Taehyeon
Author-X-Name-Last: Kang
Author-Name: Eunyoung Cho
Author-X-Name-First: Eunyoung
Author-X-Name-Last: Cho
Title: The day-of-the-week effect on global stock market volatility after a market shock
Abstract: 
 This paper suggests new evidence for the recent surge of the day-of-the-week effect on market volatility after a stock market shock. Using global market indices, this study revisits the day-of-the-week effect on market volatility and provides the first evidence of Tuesday’s low volatility after the COVID-19 shock. We also find no evidence of a day-of-the-week volatility effect from the analysis of the pre-COVID-19 period. Overall, our results provide implications for the investment decision-making and risk management of portfolio managers after a market shock.
Journal: Applied Economics Letters
Pages: 696-701
Issue: 8
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2142504
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2142504
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# input file: RAEL_A_2142503_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Xiaoyu Xie
Author-X-Name-First: Xiaoyu
Author-X-Name-Last: Xie
Author-Name: Kaige Guo
Author-X-Name-First: Kaige
Author-X-Name-Last: Guo
Title: Does financial industry agglomeration affect the upgrading of manufacturing servitization in the digital economy era?
Abstract: 
 This paper explains how financial industry agglomeration promotes the upgrading of manufacturing servitization in the digital economy era. Then, it measures both the level of financial industry agglomeration and manufacturing servitization from the supply side and the relationship among financial industry agglomeration, digital finance, and manufacturing servitization for empirical testing. The research results show that financial industry agglomeration promotes the development of manufacturing servitization; financial industry agglomeration reduces digital finance, but digital finance promotes manufacturing servitization. Although there is a game at play between financial agglomeration and digital finance, the gaining effect of digital finance on the servitization of manufacturing is greater than the cutting effect of financial agglomeration on digital finance, so digital finance has a facilitating effect on the agglomeration of productive services for the servitization of manufacturing.
Journal: Applied Economics Letters
Pages: 689-695
Issue: 8
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2142503
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2142503
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# input file: RAEL_A_2146642_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Chen Zhu
Author-X-Name-First: Chen
Author-X-Name-Last: Zhu
Author-Name: Zhuo Jin
Author-X-Name-First: Zhuo
Author-X-Name-Last: Jin
Author-Name: Chien-Chiang Lee
Author-X-Name-First: Chien-Chiang
Author-X-Name-Last: Lee
Title: The effect of cultural distance on rural-to-urban migrants’ self-employment in China: evidence from eight industries
Abstract: 
 
This study offers additional evidence on the self-employment of rural-to-urban migrants from the perspective of cultural barriers in China. By employing seven waves of the China Migrants Dynamic Survey data from 2010 to 2016, we find that cultural distance has a negative and significant effect on the self-employment of rural-to-urban migrants in eight subdivision industries. In particular, such negative effect is greater in the service sectors.
Journal: Applied Economics Letters
Pages: 724-727
Issue: 8
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2146642
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2146642
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# input file: RAEL_A_2146643_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Akitoshi Ito
Author-X-Name-First: Akitoshi
Author-X-Name-Last: Ito
Author-Name: Kenichi Nagasawa
Author-X-Name-First: Kenichi
Author-X-Name-Last: Nagasawa
Title: Impact of the corporate response to climate risk on financial leverage and systematic risk
Abstract: 
 
This study examines how firms’ responses to climate risk affect the financial leverage through an impact on the asset beta. Considering the 2015 Paris Agreement about greenhouse gas reduction as a natural experiment on Japanese manufacturing firms, we observe that the asset beta increased and financial leverage decreased for high emission firms after the agreement was signed. Further, a significant decline was observed for the leverage of high emission firms experiencing a sharp rise in the asset beta.
Journal: Applied Economics Letters
Pages: 728-731
Issue: 8
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2146643
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2146643
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# input file: RAEL_A_2146649_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Meiling Kang
Author-X-Name-First: Meiling
Author-X-Name-Last: Kang
Author-Name: Luyao Liu
Author-X-Name-First: Luyao
Author-X-Name-Last: Liu
Author-Name: Yucheng Li
Author-X-Name-First: Yucheng
Author-X-Name-Last: Li
Title: Do temporary trade barriers substitute tariff reductions in China?
Abstract: 
 
Starting from the trade policy substitution hypothesis, this paper uses detailed product-level data from 1997 to 2015 to supplement empirical evidence in China. We find that to the extent permitted by the WTO, there is a substitution relationship between temporary trade barriers and tariff reductions in China. Among the three types of temporary trade barriers, antidumping is the most frequent tool and presents a remarkably negative relationship with tariff reductions. After a set of robustness tests, the relationship still holds. Therefore, this paper verifies the trade policy substitution hypothesis and provides theoretical support for trade policy practice in the context of trade liberalization.
Journal: Applied Economics Letters
Pages: 768-773
Issue: 8
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2146649
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2146649
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# input file: RAEL_A_2146645_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Yasuo Nishiyama
Author-X-Name-First: Yasuo
Author-X-Name-Last: Nishiyama
Title: Risk transfer and value for money by infrastructure project type
Abstract: 
 
In deciding whether an infrastructure project should be delivered using traditional procurement or a public-private partnership (PPP), the public sector estimates the project’s value for money (VFM), which serves as the principal justification for adopting PPP. It is well known that VFM arises primarily from risk transfer, that is, the risk of (for example) potential cost overruns is transferred from the public sector to the private sector under PPP, thereby creating cost savings to the public sector. Using a unique source of PPP data, Infrastructure Ontario, Canada, this paper investigates an issue not examined systematically and quantitatively in the literature: how the contribution to VFM arising from risk transfer varies from project type to project type, and why.
Journal: Applied Economics Letters
Pages: 738-742
Issue: 8
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2146645
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# input file: RAEL_A_2152420_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Guoyu Wang
Author-X-Name-First: Guoyu
Author-X-Name-Last: Wang
Author-Name: Jinsheng Zhou
Author-X-Name-First: Jinsheng
Author-X-Name-Last: Zhou
Title: Regional financial development, spatial spillover and capitalization of pig breeding
Abstract: 
 
Based on the relevant statistical data of 30 Chinese provinces from 2007 to 2020, the spatial spillover effect of the impact of financial development on the capitalization of hog farming was analysed by establishing a spatial Durbin model based on the capitalization of hog farming in China.The results show that the level of regional financial development has a facilitating effect on the capitalization of hog farming.Meanwhile, the results of decomposition effects show that the regional financial development level has a negative spillover effect on capitalized farming of hogs.The reason for this negative externality may be the siphoning effect of the developed financial industry areas on the capital and non-fixed farming factors in the surrounding areas.
Journal: Applied Economics Letters
Pages: 840-844
Issue: 9
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2152420
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2152420
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# input file: RAEL_A_2151972_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Jing Wang
Author-X-Name-First: Jing
Author-X-Name-Last: Wang
Author-Name: Jie Li
Author-X-Name-First: Jie
Author-X-Name-Last: Li
Title: Political relations and service trade: evidence from a panel threshold model
Abstract: 
 
This paper investigates linear and nonlinear impacts of political relations on China’s service trade import and export to 8 countries from 2005 to 2019. The result shows that positive effect of political relations on both service trade import and export can be obtained. Using a threshold model, it is found that when the trading country’s economy level reaches the first threshold, the role of political relations will change.
Journal: Applied Economics Letters
Pages: 794-799
Issue: 9
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2151972
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2151972
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# input file: RAEL_A_2151973_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Chryssanthi Filippopoulou
Author-X-Name-First: Chryssanthi
Author-X-Name-Last: Filippopoulou
Title: Multinomial logit as an early warning model for predicting banking crises
Abstract: 
 
Since the Global Financial Crisis in 2007, a domino of banking distress episodes took place around the world, both at individual and systemic level. The bailout cost of these banking crises was extreme, especially in USA and EU countries, which were mostly affected. In recent years, there are many empirical studies, which attempt to develop a new mechanism of Early Warnings. As a result, more integrated and accurate systems are developed. Concerning the selection of the appropriate method, multivariate logit analysis is arguably one of the most popular models for EWSs. An important methodological issue, regarding the application of binary logit models, is how to deal with the observations following the onset of a banking crisis. One can either treat years after crisis as tranquil periods or remove them from the sample. In this paper, a multinomial logit model is applied to include all the crisis observations in the sample, treating them as a different outcome. Subsequently, this paper compares the predictive ability of binomial and multinomial logit models as EWSs for systemic banking crises in Eurozone, and, contrary to previous results, multinomial logit model does not seem to perform well to signal systemic banking crises.
Journal: Applied Economics Letters
Pages: 800-806
Issue: 9
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2151973
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2151973
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# input file: RAEL_A_2151971_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Patroklos Patsoulis
Author-X-Name-First: Patroklos
Author-X-Name-Last: Patsoulis
Title: Abnormal stock returns of Greek banks during COVID-19: an event study
Abstract: 
 
This paper aims to disentangle the impact of the COVID-19 crisis on four major Greek bank stocks that were traded in the Athens Stock Exchange during the period the pandemic begun. To this end we employ an event study methodology and estimate Cumulative Abnormal Returns (CARs) that stem from three key announcement dates. These dates include two monetary policy and a major health news announcement. The four banks we focus on are the National Bank of Greece, Eurobank, Alpha Bank and Piraeus Bank. We calculate abnormal stock returns in windows of ±10, ±5, ±2, ±1 and day of the announcements, and report that monetary policy announcements either do not affect stock performance or their effect is only mild, while health news have a positive impact on stock returns.
Journal: Applied Economics Letters
Pages: 788-793
Issue: 9
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2151971
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2151971
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# input file: RAEL_A_2152422_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Feng Cao
Author-X-Name-First: Feng
Author-X-Name-Last: Cao
Author-Name: Sifei Li
Author-X-Name-First: Sifei
Author-X-Name-Last: Li
Author-Name: Hao Jian
Author-X-Name-First: Hao
Author-X-Name-Last: Jian
Author-Name: Yang Lu
Author-X-Name-First: Yang
Author-X-Name-Last: Lu
Title: Do local CEOs commit less fraud? Evidence from Chinese listed firms
Abstract: 
 
This paper investigates whether CEOs working near their birthplace (i.e. local CEOs) commit less fraud. Using data of Chinese listed firms, where local social network is important for business, we find that local CEOs are associated with less fraud commitment. Cross-sectional analyses show that the inhibitory effect is weakened when the CEOs have poverty or oversea experiences. Such impact is more pronounced when the firms are owned by non-state owners or have weaker internal control.
Journal: Applied Economics Letters
Pages: 849-853
Issue: 9
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2152422
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2152422
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# input file: RAEL_A_2152418_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Darkhan Nurakhmet
Author-X-Name-First: Darkhan
Author-X-Name-Last: Nurakhmet
Author-Name: Kunsu Park
Author-X-Name-First: Kunsu
Author-X-Name-Last: Park
Title: Are CEO characteristics associated with income smoothing?
Abstract: 
 
This study examines whether CEO characteristics are potentially linked to firms’ financial reporting behaviour, i.e. income smoothing behaviour. Using a unique hand-collected data set on CEO characteristics between 2008 and 2017 from U.K. firms, we find that firms with longer CEO tenure, run by CEOs with accounting or finance educational backgrounds, and those with female CEOs tend to engage in more income smoothing. Our results are robust to alternative measures of income smoothing and different estimation specifications. Our empirical evidence suggests that certain types of CEO characteristics play an important role in determining a firm’s income-smoothing activities. Our study sheds light on how CEO characteristics extend to other aspects of corporate behaviour, in this case, firms’ income smoothing behaviours.
Journal: Applied Economics Letters
Pages: 824-831
Issue: 9
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2152418
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2152418
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# input file: RAEL_A_2152416_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Xuejie Yu
Author-X-Name-First: Xuejie
Author-X-Name-Last: Yu
Author-Name: Jing Liao
Author-X-Name-First: Jing
Author-X-Name-Last: Liao
Author-Name: David Smith
Author-X-Name-First: David
Author-X-Name-Last: Smith
Title: How does regional religiosity influence corporate innovation? New evidence from China
Abstract: 
 
This study examines the impact of regional religiosity on corporate innovation. We find that religiosity has a significantly positive influence on innovation performance of Chinese listed firms. The mechanism analysis indicates that regional religiosity enhances the level of regional social fairness, which explains the positive relation between religiosity and innovation of firms headquartered in the region. However, regional religiosity, an informal institutional factor, only promotes innovation in privately-owned corporations, not in state-owned enterprises in which political objectives are prevalent and which are therefore less likely to be affected by informal institutional factors.
Journal: Applied Economics Letters
Pages: 811-818
Issue: 9
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2152416
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2152416
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# input file: RAEL_A_2153788_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Lucía Echeverría
Author-X-Name-First: Lucía
Author-X-Name-Last: Echeverría
Author-Name: Jose Alberto Molina
Author-X-Name-First: Jose Alberto
Author-X-Name-Last: Molina
Title: How does household welfare vary in response to changes in food prices? Poor vs. non-poor households
Abstract: 
 
In this paper, we focus on poor households vs. non-poor households, using objective and subjective definitions of poverty. We evaluate the various responses of these households to changes in food expenditures, income, and prices, and simulate the welfare losses of food price changes across poverty definitions. We use the QUAIDS model to estimate food elasticities and rely on the National Survey of Expenditure and Household Income, from Uruguay 2016/2017, because it contains novel information on the subjective poverty status of each household. Our results show important differences across poverty definitions. In addition, we find that price increases may lead to larger welfare losses in poor households. On average, the percentage of income needed to avoid a loss in the economic welfare of poor households, defined by the objective method, is twice that required by the non-poor households, for all price changes. Differences are much smaller when using the subjective approach. Our main contribution is the first evidence of consumption behaviour and welfare analysis under different poverty measures. Our findings highlight the need for policies that mitigate the negative effects of price shocks.
Journal: Applied Economics Letters
Pages: 854-862
Issue: 9
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2153788
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2153788
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# input file: RAEL_A_2152415_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Vijay Kumar
Author-X-Name-First: Vijay
Author-X-Name-Last: Kumar
Author-Name: Yangyuyu Luo
Author-X-Name-First: Yangyuyu
Author-X-Name-Last: Luo
Title: Timber harvesting in New Zealand
Abstract: 
 
Sustainable forest management is important to maintain the ability of forests to grow and provide a range of products and environmental services while retaining their natural features. We find that income, radiata pine prices, trade, agricultural expansion, and environmental policies have a significant impact on timber harvesting in New Zealand. Increase in income, radiata pine prices, number of farms, horticulture plantation and bank loans lead to an increase in timber harvesting. On the other hand, environmental policies, especially those to mitigate climate change, decrease timber harvesting.
Journal: Applied Economics Letters
Pages: 807-810
Issue: 9
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2152415
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2152415
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# input file: RAEL_A_2154310_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Zheng Shi
Author-X-Name-First: Zheng
Author-X-Name-Last: Shi
Title: How does ICT use affect job satisfaction? Evidence from China
Abstract: 
 
Based on the balanced panel data of the China Family Panel Studies (CFPS) covering the period 2016–2018, this paper investigates the effect of ICT use on job satisfaction of employees. The results show that ICT use improves job satisfaction and has an indirect effect on job satisfaction through income status. Further research shows that ICT use has more significant effect on job satisfaction among male, younger, and unmarried employees; the effect of ICT use on job satisfaction of different skilled employees is in descending order: low-skilled employees, medium-skilled employees, and high-skilled employees. Moreover, there are evidence indicating the presence of a nonlinear relationship between education level and job satisfaction.
Journal: Applied Economics Letters
Pages: 863-867
Issue: 9
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2154310
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2154310
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# input file: RAEL_A_2152419_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Ken C. Ho
Author-X-Name-First: Ken C.
Author-X-Name-Last: Ho
Author-Name: Chunhui Chen
Author-X-Name-First: Chunhui
Author-X-Name-Last: Chen
Author-Name: Da Yang
Author-X-Name-First: Da
Author-X-Name-Last: Yang
Author-Name: Yibo Gao
Author-X-Name-First: Yibo
Author-X-Name-Last: Gao
Title: Medical reform, Covid-19 vaccine and stock returns: the case of Chinese listed pharmaceutical and healthcare companies
Abstract: 
 
This article analyses the stock returns of Chinese pharmaceutical and healthcare companies in response to the announcements of medical reform and Covid-19 vaccines, which are underexplored in the literature. Medical reform in China removes all drug markups of public hospitals; we find that the announcement of medical reform might not negatively impact the overall stock returns but only negatively impact young firms and small firms. Meanwhile, Covid-19 vaccines are deemed to be important weapons against the virus; we find that the announcements of Covid-19 vaccine approvals positively impacted the overall stock returns but did not benefit young firms and small firms. Our results imply that investors of the pharmaceutical and healthcare industries generally favour old firms and large firms when important medical news emerges.
Journal: Applied Economics Letters
Pages: 832-839
Issue: 9
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2152419
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2152419
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# input file: RAEL_A_2150140_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Adam Jakubik
Author-X-Name-First: Adam
Author-X-Name-Last: Jakubik
Author-Name: Alexander Keck
Author-X-Name-First: Alexander
Author-X-Name-Last: Keck
Author-Name: Roberta Piermartini
Author-X-Name-First: Roberta
Author-X-Name-Last: Piermartini
Title: Trade Policy Implications of a Changing World: Tariffs and Market Power
Abstract: 
 
A major economic rationale for trade agreements is limiting mutually harmful terms-of-trade externalities. We analyse the impact of market power on tariff commitments of original and acceded WTO members. As countries grow, their market power in different sectors can change in unforeseen ways. To quantify the economic significance of our estimates, we compare actual and predicted tariff commitments under current market power. We find that tariff cuts required to reflect current economic conditions would amount to up to $26.4 billion – nearly 10% of global tariff costs. In the past, the GATT/WTO system has updated tariff commitments through periodic ‘rounds’, and our findings support the long-overdue revival of the WTO’s negotiation function.
Journal: Applied Economics Letters
Pages: 783-787
Issue: 9
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2150140
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2150140
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# input file: RAEL_A_2152421_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Madeleine A. Drost
Author-X-Name-First: Madeleine A.
Author-X-Name-Last: Drost
Author-Name: Anastasia R. Snyder
Author-X-Name-First: Anastasia R.
Author-X-Name-Last: Snyder
Author-Name: Michael Betz
Author-X-Name-First: Michael
Author-X-Name-Last: Betz
Author-Name: Cäzilia Loibl
Author-X-Name-First: Cäzilia
Author-X-Name-Last: Loibl
Title: Financial strain and loneliness in older adults
Abstract: 
 
This study assesses whether changes in older adults’ financial situation after an economic shock are associated with feelings of loneliness. Data come from the 2006 and 2010 waves of the Health and Retirement Study (N = 2,510) which span the 2008 Great Recession. We conduct first-differencing and formal mediation analyses to determine whether change in financial situation is related to change in loneliness in older age and test potential mediation of personal and social resources. Results show that a higher level of loneliness in 2010 is associated with a higher level of subjective financial strain but not with changes in household income and net assets. The findings hold when accounting for personal and social resources. Knowledge of the direct link between financial strain and loneliness in older age provides an important insight for programmes and initiatives aimed at relieving widespread loneliness in later life.
Journal: Applied Economics Letters
Pages: 845-848
Issue: 9
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2152421
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2152421
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# input file: RAEL_A_2152417_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: George Myron Agiomirgianakis
Author-X-Name-First: George Myron
Author-X-Name-Last: Agiomirgianakis
Author-Name: Konstantinos Gkillas
Author-X-Name-First: Konstantinos
Author-X-Name-Last: Gkillas
Author-Name: Anastasia Pseiridis
Author-X-Name-First: Anastasia
Author-X-Name-Last: Pseiridis
Author-Name: Nicholas Tsounis
Author-X-Name-First: Nicholas
Author-X-Name-Last: Tsounis
Title: Will you marry my degree? An exploratory quantile regression with many covariates
Abstract: 
 
Which and how many covariates are relevant to educational hypergamy in the matching market? We address these questions using a Lasso quantile regression framework applied on a unique survey containing information with respect to education or other characteristics associated with economic well-being. Our findings provide evidence for the end of hypergamy as we show that females tend to reduce the educational gap in their preferences for selecting a partner.
Journal: Applied Economics Letters
Pages: 819-823
Issue: 9
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2152417
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2152417
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# input file: RAEL_A_2155605_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Wei-Qiang Huang
Author-X-Name-First: Wei-Qiang
Author-X-Name-Last: Huang
Author-Name: Xia Li
Author-X-Name-First: Xia
Author-X-Name-Last: Li
Title: International spillover of economic policy uncertainty and its transmission channels: a spatial econometrics method
Abstract: 
 
This paper employs a spatial econometrics method to study the international spillovers of economic policy uncertainty (EPU), and contributes to the literature by exploring the transmission channels. We comprehensively consider bilateral trade, financial investment, and information channels (government liability, trade imbalance, fiscal imbalance, business cycle). Based on a large sample of 21 countries from 2001Q1 to 2021Q4, our analysis indicates that the channels proposed are all significantly effective, and bilateral trade contributes the most. We also investigate the dominant channels during five crisis and non-crisis periods: in the global financial crisis, financial investment and government liability similarity are of utmost importance; in European debt crisis, bilateral trade and information channels of government liability and business cycle are the main channels; before these crises, the dominant channel is financial investment, which turned to be bilateral trade in the post-crises period; in COVID-19 pandemic, financial investment is the most important.
Journal: Applied Economics Letters
Pages: 868-873
Issue: 9
Volume: 31
Year: 2024
Month: 05
X-DOI: 10.1080/13504851.2022.2155605
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2155605
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# input file: RAEL_A_2156466_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Moonsoo Kang
Author-X-Name-First: Moonsoo
Author-X-Name-Last: Kang
Title: The effect of corporate investment on market frictions: implication for the stock price delay premium
Abstract: 
 
We demonstrate the effect of corporate investment on market frictions by exploring the stock liquidity channel. Using the stock price delay premium as a proxy for market frictions, we find that higher corporate investment leads to lower premium for stocks whose price responds slowly to information. Moreover, this cross-sectional phenomenon is more pronounced during the low sentiment/liquidity period, which experiences lack of liquidity. We obtain qualitatively the same results in a battery of robustness checks. Overall, this study suggests that corporate investment alleviates market frictions by altering stock liquidity.
Journal: Applied Economics Letters
Pages: 940-947
Issue: 10
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2022.2156466
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2156466
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# input file: RAEL_A_2156462_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Danny Cyra Yangchen
Author-X-Name-First: Danny Cyra
Author-X-Name-Last: Yangchen
Author-Name: Qisong Yang
Author-X-Name-First: Qisong
Author-X-Name-Last: Yang
Author-Name: Mingyong Hong
Author-X-Name-First: Mingyong
Author-X-Name-Last: Hong
Author-Name: Lijuan Gong
Author-X-Name-First: Lijuan
Author-X-Name-Last: Gong
Title: Natural disasters and risky financial assets investment (RFAI): Evidence from Chinese urban households
Abstract: 
 
Based on CFPS2014 and CFPS2018 data, this study investigates the impact of natural disasters on risky financial assets investment (RFAI) of Chinese urban households. The results show that natural disasters can significantly reduce the decision and intensity of household RFAI. Families with permanent jobs, higher education level and property income tend to adopt RFAI. The household population size negatively affects the household RFAI decision.
Journal: Applied Economics Letters
Pages: 913-918
Issue: 10
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2022.2156462
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2156462
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# input file: RAEL_A_2156455_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Mingjie Fang
Author-X-Name-First: Mingjie
Author-X-Name-Last: Fang
Author-Name: Feng Liu
Author-X-Name-First: Feng
Author-X-Name-Last: Liu
Author-Name: Kwangtae Park
Author-X-Name-First: Kwangtae
Author-X-Name-Last: Park
Title: Is inventory performance helping to improve SME credit ratings? The moderating role of supply chain concentration
Abstract: 
 
This study examines the relationship between inventory performance and credit ratings and explores how this relationship is affected by supply chain concentration in the context of small- and medium-sized enterprises (SMEs). Financial indicators and bond rating data for SMEs in China’s manufacturing sector are obtained from two large public data sources, and hierarchical ordered logistic regression analysis is used to investigate our research questions. The findings show that inventory performance is positively associated with SME credit ratings and that this relationship is positively moderated by customer concentration but negatively moderated by supplier concentration. This study provides valuable theoretical contributions to the interface of supply chain and finance research and offers important managerial implications that SMEs can follow to increase their credit ratings.
Journal: Applied Economics Letters
Pages: 880-884
Issue: 10
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2022.2156455
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2156455
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# input file: RAEL_A_2156465_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Mohammed Armah
Author-X-Name-First: Mohammed
Author-X-Name-Last: Armah
Author-Name: Godfred Amewu
Author-X-Name-First: Godfred
Author-X-Name-Last: Amewu
Title: Time-frequency dynamics of financial market stress and global economic uncertainties: evidence from the COVID-19 pandemic
Abstract: 
 
Given the negative effects of the COVID-19 pandemic on world economies, uncertainties are expected to increase during this period. To this end, we examine the time-frequency dynamics of financial market stress and economic uncertainties. We apply in-sample and out-sample namely; bivariate wavelet and quantile causality to accentuate the importance of economic uncertainties and market stress during COVID-19. We find that both in-sample and out-sample for economic uncertainty drive and pose a high risk to the financial market during COVID-19.
Journal: Applied Economics Letters
Pages: 934-939
Issue: 10
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2022.2156465
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2156465
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# input file: RAEL_A_2156463_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Seul-Ki Kim
Author-X-Name-First: Seul-Ki
Author-X-Name-Last: Kim
Author-Name: Young-Chul Kim
Author-X-Name-First: Young-Chul
Author-X-Name-Last: Kim
Title: Single-sex vs. coed education: can schooling type affect over- and underweight health risks?
Abstract: 
 
This study shows that adolescents’ weight-related health risks can depend on the type of school attended: single-sex vs. coed. Our analyses of a 14-year survey of over 478,000 middle school students in South Korea, conducted from 2005 to 2019, indicate that while single-sex school attendance may increase the risk of being overweight, it also decreases the risk of being underweight compared to coed school attendance. We further confirmed that non-overweight girls in single-sex schools are less likely to engage in weight-loss efforts or participate in the unhealthy weight-loss methods such as having fewer meals and monotrophic diet. These findings imply that the coed and single-sex schools should adopt different approaches to improving their students’ weight-related health conditions.
Journal: Applied Economics Letters
Pages: 919-926
Issue: 10
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2022.2156463
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2156463
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# input file: RAEL_A_2156467_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Carolina Pagliacci
Author-X-Name-First: Carolina
Author-X-Name-Last: Pagliacci
Title: Cash shortages and consumption during Venezuela’s hyperinflation
Abstract: 
 
This paper tests whether cash shortages observed during the hyperinflation in Venezuela reduced consumption. Volumetric consumption indices are constructed for two types of goods: basic and non-basic goods, using data from Nielsen Venezuela at the national level. We find that cash shortages did reduce basic goods consumption but did not affect non-basic goods. The greatest consumption losses occurred between the forced demonetization of December 2016 and the peak of hyperinflation (September 2018). Those losses range between 3 and 10% points (p.p.) of the monthly consumption that would have been observed without the monetary restrictions.
Journal: Applied Economics Letters
Pages: 948-952
Issue: 10
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2022.2156467
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2156467
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# input file: RAEL_A_2156458_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: David C. Kingsley
Author-X-Name-First: David C.
Author-X-Name-Last: Kingsley
Author-Name: Aaron Smith-Walter
Author-X-Name-First: Aaron
Author-X-Name-Last: Smith-Walter
Title: Grid-group cultural theory and behaviour in a public good experiment
Abstract: 
 
This paper investigates the interaction between one’s cultural orientation, as derived from Grid-Group Cultural Theory (GGCT), and behaviour in a public good (PG) experiment with and without the opportunity to monitor and punish. We observe that high-group individuals contribute more than low-group individuals and that high-grid individuals are more likely to monitor and punish than low-grid individuals. Results confirm that one’s culture interacts in predictable ways with economic institutions. Future research is warranted to determine whether such institutions can be designed to appeal to specific cultures in order to achieve public policy goals more effectively.
Journal: Applied Economics Letters
Pages: 893-900
Issue: 10
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2022.2156458
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2156458
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# input file: RAEL_A_2159004_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Kyoungwon Mo
Author-X-Name-First: Kyoungwon
Author-X-Name-Last: Mo
Author-Name: Kyung Yun (Kailey) Lee
Author-X-Name-First: Kyung Yun (Kailey)
Author-X-Name-Last: Lee
Title: Mutual fund investments, group affiliation, and SG&A cost stickiness: evidence from Korea
Abstract: 
 This paper examines the effect of mutual fund investments on the cost stickiness of the firms they follow. Using a sample of public Korean firms, we find that mutual fund investments reduce cost stickiness. Additional analyses further show that the positive influence of mutual funds monitoring becomes stronger for mutual funds that are in the same business group with the firms. Overall, the results suggest that mutual funds prevent suboptimal changes in costs when sales are declining, thus reducing cost stickiness, and this association is stronger when the transfer of information and knowledge is feasible.
Journal: Applied Economics Letters
Pages: 967-973
Issue: 10
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2022.2159004
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2159004
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# input file: RAEL_A_2156460_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Joaquín Prieto
Author-X-Name-First: Joaquín
Author-X-Name-Last: Prieto
Author-Name: Kirsten Sehnbruch
Author-X-Name-First: Kirsten
Author-X-Name-Last: Sehnbruch
Author-Name: Diego Vidal
Author-X-Name-First: Diego
Author-X-Name-Last: Vidal
Title: A dynamic counting approach to measure multidimensional deprivations in jobs
Abstract: 
 
The adjusted headcount ratio from the multidimensional poverty measures has been used in cross-sectional research on the labour market to study the cumulative aspects of multiple job deprivations. This article takes advantage of the decomposition property of this method to develop a dynamic model for examining and understanding the transitions between precarious employment dimensions and index changes from a longitudinal perspective using panel data from Chile. Evidence produced by this method shows multidimensional precarious employment traps in women, while men suffer greater deprivations in the social protection dimension despite economic growth and the overall decrease in the multidimensional deprivation index. Both results would not be evident if only a cross-sectional analysis were used.
Journal: Applied Economics Letters
Pages: 907-912
Issue: 10
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2022.2156460
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2156460
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# input file: RAEL_A_2159002_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: James Yae
Author-X-Name-First: James
Author-X-Name-Last: Yae
Title: Unintended look-ahead bias in out-of-sample forecasting
Abstract: 
 This article shows that out-of-sample tests are susceptible to look-ahead bias not only to multiple testing problem that is emphasized in the literature. A forecaster often constructs a well-performing model without trial and error but with an intuition that is derived from observed empirical patterns in the test sample. Such an intuition, however, is unavailable in the beginning of the test sample. Therefore, the reported forecasting performance in an out-of-sample test is possibly exaggerated, although a forecaster simply utilizes her expertise without any intended p-hacking or fishing. A stylized forecasting model with an example of stock market return predictability quantitatively demonstrates this unintended look-ahead bias in out-of-sample tests.
Journal: Applied Economics Letters
Pages: 953-957
Issue: 10
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2022.2159002
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2159002
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# input file: RAEL_A_2156459_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Paul Cheung
Author-X-Name-First: Paul
Author-X-Name-Last: Cheung
Author-Name: Ammu George
Author-X-Name-First: Ammu
Author-X-Name-Last: George
Author-Name: Taojun Xie
Author-X-Name-First: Taojun
Author-X-Name-Last: Xie
Author-Name: Yan Zhu
Author-X-Name-First: Yan
Author-X-Name-Last: Zhu
Title: Pandemic arbitrage in foreign direct investments: A perspective on the modes of entry
Abstract: 
 
Foreign direct investments (FDI) are considered long-term and less sensitive to global shocks as they involve large amounts of capital investment that are costly to reverse. This study examines whether there was a reallocation of FDI flows from destination markets more affected by the pandemic, resulting in a pandemic arbitrage. Using bilateral FDI inflows data from January 2019 to December 2020, we show that FDI flows declined to destination markets that performed worse than source markets in COVID-19 infection rates, with the effect more evident in greenfield FDI. Our results also show that bilateral colonial ties and destination market COVID-19 policy stringency impact the pandemic arbitrage in FDI flows, especially for M&As.
Journal: Applied Economics Letters
Pages: 901-906
Issue: 10
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2022.2156459
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2156459
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# input file: RAEL_A_2159003_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Zhao Zhang
Author-X-Name-First: Zhao
Author-X-Name-Last: Zhang
Title: Do agricultural subsidies raise the income of rural households effectively? Evidence from rural China
Abstract: 
 This paper constructs a difference-in-difference (DID) model and uses the survey data of the China Family Panel Studies (CFPS) to examine the impact of agricultural subsidies on the income of rural households. The empirical results although capture a significant increase of the income of rural households after the expansion policy of the agricultural subsidies, this improvement of income only can be confirmed in the low income rural households. In addition, two possible mechanisms can provide interpretations for the influence of agricultural subsidies on the income of rural households: (ⅰ) the support by agricultural subsidies increases the transfer income of rural households (transfer effect); (ⅱ) agricultural subsidies encourage farmers to invest their surplus labour in non-agricultural markets to obtain wage income (productivity effect).
Journal: Applied Economics Letters
Pages: 958-966
Issue: 10
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2022.2159003
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2159003
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# input file: RAEL_A_2156456_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Massimo Filippini
Author-X-Name-First: Massimo
Author-X-Name-Last: Filippini
Author-Name: Nilkanth Kumar
Author-X-Name-First: Nilkanth
Author-X-Name-Last: Kumar
Title: Determinants to the adoption of energy-efficient retrofits and the role of policy measures
Abstract: 
 
Buildings are responsible for around 45% of total energy consumption and one-third of CO2 emissions annually in Switzerland. Policymakers have argued that an increased rate of energy-saving retrofits in existing buildings will play a critical role in meeting the energy and climate policy goals. This article examines the determinants for the households’ investment decisions to undertake energy-efficient retrofits and investigates the role of policy measures. We estimate random effects probit models using a rich data for 1663 owned single-family Swiss households for retrofits undertaken during 2010 to 2014. Results suggest that while the building vintage appears to be a relevant determinant; energy-related attitudes of decision makers and policy instruments are also likely to play an important role. In particular, we find a suggestive evidence of tax deduction policy in supporting households’ decisions to undertake energy-saving retrofits as well as the intensity of renovation. Direct monetary policies such as tax deductions should be focused particularly upon poorly insulated old buildings and those that rely on non-renewable energy sources for heating purposes.
Journal: Applied Economics Letters
Pages: 885-892
Issue: 10
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2022.2156456
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2156456
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# input file: RAEL_A_2156464_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Ai-Yee Ooi
Author-X-Name-First: Ai-Yee
Author-X-Name-Last: Ooi
Author-Name: Kian-Ping Lim
Author-X-Name-First: Kian-Ping
Author-X-Name-Last: Lim
Author-Name: Kim-Leng Goh
Author-X-Name-First: Kim-Leng
Author-X-Name-Last: Goh
Title: Shareholding sizes and stock price informativeness
Abstract: 
 
This study examines the relationship between shareholding sizes and stock price informativeness, grounded on the costly acquisition of private firm-specific information. Using data for all non-financial Malaysian public listed companies over the period of 2002–2019, we confirm that the positive relationship between blockholdings and stock price informativeness only holds at the threshold level of 5% and above. Our results provide new evidence that the relationship turns negative for small shareholding sizes, which can be ascribed to the high acquisition costs of private information deterring small shareholders from informed trading. Therefore, regulators and corporate managers should capitalize on modern information technologies to reduce the costs of information acquisition by small investors.
Journal: Applied Economics Letters
Pages: 927-933
Issue: 10
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2022.2156464
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2156464
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# input file: RAEL_A_2156454_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Yitong Liu
Author-X-Name-First: Yitong
Author-X-Name-Last: Liu
Author-Name: Yunbiao Ma
Author-X-Name-First: Yunbiao
Author-X-Name-Last: Ma
Author-Name: Beibei Shi
Author-X-Name-First: Beibei
Author-X-Name-Last: Shi
Title: Market reactions to political uncertainty: evidence from Taiwan accidentally fires Missile towards Mainland China
Abstract: 
 
This letter examines the impact of political uncertainty on stock prices by utilizing a quasi-experiment, i.e. Taiwan accidentally fires a missile towards mainland China. As this missile accident was entirely unforeseen by investors in the market, it provided a complete exogenous shock causing political uncertainty. We find that the political uncertainty caused by the events has significant negative effects on stock prices, especially for firms that have economic and geographical connections with Taiwan or are adjacent to Taiwan.
Journal: Applied Economics Letters
Pages: 875-879
Issue: 10
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2022.2156454
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2156454
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# input file: RAEL_A_2174491_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: B. Jay Coleman
Author-X-Name-First: B. Jay
Author-X-Name-Last: Coleman
Author-Name: Andres Gallo
Author-X-Name-First: Andres
Author-X-Name-Last: Gallo
Author-Name: Paul M. Mason
Author-X-Name-First: Paul M.
Author-X-Name-Last: Mason
Author-Name: Jeffrey W. Steagall
Author-X-Name-First: Jeffrey W.
Author-X-Name-Last: Steagall
Author-Name: Eric J. Steagall
Author-X-Name-First: Eric J.
Author-X-Name-Last: Steagall
Title: Changes in voter bias in the associated press college football poll
Abstract: 
 We evaluate whether biases found in the 2007 Associated Press poll have persisted. Data from the 2018 and 2019 pre-COVID Football Bowl Subdivision seasons show that geographic and recency biases have diminished. However, AP pollsters during 2018–19 appear to have favoured even more disproportionately Notre Dame and the teams from the five so-called Power-5 conferences than they did in 2007.
Journal: Applied Economics Letters
Pages: 1045-1048
Issue: 11
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2023.2174491
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2174491
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# input file: RAEL_A_2161984_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Jeffrey Prince
Author-X-Name-First: Jeffrey
Author-X-Name-Last: Prince
Author-Name: Daniel H. Simon
Author-X-Name-First: Daniel H.
Author-X-Name-Last: Simon
Title: The Effect of Domestic Air Travel on the Spread of COVID-19 in the U.S.
Abstract: 
 We examine the relationship between passengers arriving from COVID-19 hotspots during the early period of the pandemic and the number of COVID-19 cases or deaths in a MSA during the first wave of the pandemic in the U.S. To do so, we link airline passenger flows with COVID-19 infection and mortality data. We control for MSA-level population and demographic data. We examine infection and mortality rates in MSAs receiving more versus fewer airline passengers from four early COVID-19 hotspots: New York City, Boston, Detroit, and New Orleans. We then compare the effect of airline passengers from these four hotspots with the effect of airline passengers from a set of eight cities with similar numbers of departing airline passengers. We find no evidence that passengers arriving from four early COVID-19 hotspots are positively correlated with local COVID-19 infection and death rates. More broadly, we find no evidence that passenger arrivals from COVID-19 hotspots increased the early spread of COVID-19 in the U.S. Our results indicate that banning domestic air travel may do little to slow the spread of infections.
Journal: Applied Economics Letters
Pages: 992-995
Issue: 11
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2022.2161984
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2161984
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# input file: RAEL_A_2167914_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Chunfei Weng
Author-X-Name-First: Chunfei
Author-X-Name-Last: Weng
Author-Name: Jingong Huang
Author-X-Name-First: Jingong
Author-X-Name-Last: Huang
Author-Name: Chew Lian Chua
Author-X-Name-First: Chew Lian
Author-X-Name-Last: Chua
Title: Asymmetric adjustment of clean energy demand in the OECD countries
Abstract: 
 This paper investigates the asymmetric demand for clean energy for a panel of OECD countries. We construct a price index for clean energy based on information on the energy composition of electricity generation, and focus on the possibility of non-symmetric clean and dirty clean consumption due to rising and falling energy prices, and to positive income growth and negative income growth. Using an Autoregressive Distributed Lag (ARDL) model that encapsulates both long-run equilibrium among energy demands, energy prices and income, and short-run dynamics. We find evidence that clean energy demand adjusts more aggressively to a price decline than a price rise. In addition, we find that clean energy consumption is more responsive to negative income changes than to positive income changes. A climate policy implication is that policy should account for reversal effect of clean energy consumption during periods of economic downturn.
Journal: Applied Economics Letters
Pages: 1000-1013
Issue: 11
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2023.2167914
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2167914
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# input file: RAEL_A_2168605_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Zhuo Cheng
Author-X-Name-First: Zhuo
Author-X-Name-Last: Cheng
Author-Name: Tajul Ariffin Masron
Author-X-Name-First: Tajul Ariffin
Author-X-Name-Last: Masron
Title: Does economic policy uncertainty exacerbate corporate financialization? Evidence from China
Abstract: 
 Nowadays, academics and governments are increasingly concerned about the growing size of non-financial enterprises’ ownership of financial products. Taking corporations listed in the Chinese stock market as the research sample, this study investigates the impact of Economic Policy Uncertainty on corporate financialization. We find that EPU will exacerbate corporate financialization, which is robust after conducting a series of estimation tests. Further investigation reveals that financing constraints may be the primary channel by which EPU motivates corporate booming financial product holdings. The exacerbation effects are particularly prominent in firms with small size, non-SOEs, weak corporate governance, and firms at a low growth stage. Overall, our results provide a novel explanation for the behaviour of corporate financialization in emerging capital markets.
Journal: Applied Economics Letters
Pages: 1028-1036
Issue: 11
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2023.2168605
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# input file: RAEL_A_2161983_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Selcuk Gul
Author-X-Name-First: Selcuk
Author-X-Name-Last: Gul
Author-Name: Yavuz Selim Hacihasanoglu
Author-X-Name-First: Yavuz Selim
Author-X-Name-Last: Hacihasanoglu
Author-Name: Abdullah Kazdal
Author-X-Name-First: Abdullah
Author-X-Name-Last: Kazdal
Author-Name: Muhammed Hasan Yilmaz
Author-X-Name-First: Muhammed Hasan
Author-X-Name-Last: Yilmaz
Title: COVID-19 pandemic, vaccination and household expenditures: regional evidence from Turkish credit card data
Abstract: 
 The COVID-19 pandemic induced a volatile pattern in household expenditures on a global scale. In this study, we analyse the mitigating effect of vaccination trends on pandemic-related depression in expenditures by exploiting province-level high-frequency credit and debit card data from a large emerging market, Türkiye. The baseline analysis confirms the moderating role of widespread vaccination with respect to consumption tendencies. Our baseline findings are validated by a myriad of robustness checks. Moreover, we show that this effect on pandemic-household expenditures nexus is stronger for provinces with a higher share of services industries in total value-added.
Journal: Applied Economics Letters
Pages: 988-991
Issue: 11
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2022.2161983
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2161983
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# input file: RAEL_A_2159005_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Óscar Afonso
Author-X-Name-First: Óscar
Author-X-Name-Last: Afonso
Title: Growth in the European Union: the role of FDI in factor efficiency
Abstract: 
 The impact of foreign-direct-investment (FDI) on economic-growth has been studied extensively. The results are, however, inconclusive due to the use of inappropriate methodology and/or the disregard of the absorptive capacity of the receiving country, which is particularly affected by the existence of FDI. Starting from an analytical growth-accounting framework to deduce the estimated specifications, an econometric analysis with panel data was conducted for 27 European Union countries over the period 2000–2019 to highlight the importance of FDI in improving factor efficiency and hence economic growth. The results also highlight the relevance of openness to international trade, imports of machinery and transport equipment, and domestic investment in R&D as facilitators of the process of technology absorption and knowledge diffusion from FDI.
Journal: Applied Economics Letters
Pages: 975-983
Issue: 11
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2022.2159005
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# input file: RAEL_A_2159006_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Madeline Zavodny
Author-X-Name-First: Madeline
Author-X-Name-Last: Zavodny
Title: Waiting to work: employment among dependent spouses of H-1B visa holders in the U.S.
Abstract: 
 In 2015, the Obama administration eased the rules regarding employment for accompanying spouses of some temporary foreign workers who hold an H-1B visa. The policy change allowed some spouses of H-1B visa holders who were in the queue for a permanent resident visa to work. This study uses data from the National Survey of College Graduates to examine the impact of the policy change on employment rates among dependent spouses of temporary visa holders. The results indicate that the policy change increased their employment rate substantially.
Journal: Applied Economics Letters
Pages: 984-987
Issue: 11
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2022.2159006
File-URL: http://hdl.handle.net/10.1080/13504851.2022.2159006
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# input file: RAEL_A_2167915_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Defeng Meng
Author-X-Name-First: Defeng
Author-X-Name-Last: Meng
Title: Digital financial capability and household consumption: evidence from China
Abstract: 
 Utilizing the 2017 China Household Finance Survey (CHFS) data, we design a novel multidimensional index of consumers’ digital financial capability (DFC) and find that consumers’ DFC significantly and positively influences their total household consumption and the proportion of online consumption. Our analysis reveals consumers’ DFC impacts household consumption through mediating channels, i.e. easing credit constraints and promoting online shopping, information search, and social interaction. Overall, it is beneficial for consumers to enhance their DFC, not only their financial literacy, to better use digital financial services to improve their financial well-being in the digital era.
Journal: Applied Economics Letters
Pages: 1014-1018
Issue: 11
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2023.2167915
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2167915
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# input file: RAEL_A_2174494_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Maryam Dilmaghani
Author-X-Name-First: Maryam
Author-X-Name-Last: Dilmaghani
Author-Name: Min Hu
Author-X-Name-First: Min
Author-X-Name-Last: Hu
Title: Gender earnings gap in Canadian economics departments
Abstract: 
 The status of women in economics is increasingly researched. However, the gender earnings gap among economics faculty is rarely examined due to data limitations. Relying on Canadian Public Sector Salary Disclosure lists, we construct a unique dataset of earnings, credentials, and research productivity of economics faculty members. We find a ceteris paribus gender earnings gap, which is driven by full professors.
Journal: Applied Economics Letters
Pages: 1059-1066
Issue: 11
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2023.2174494
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2174494
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# input file: RAEL_A_2174492_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Tommaso Tempesti
Author-X-Name-First: Tommaso
Author-X-Name-Last: Tempesti
Title: Covid-19 health risk, ability to work from home and establishment size
Abstract: 
 In December 2021, with COVID-19 cases about to reach their peak, US employment still remained below its pre-pandemic level, with data indicating a strong labour demand and a weak labour supply. Many US individuals did not work, out of a concern about Covid-19. At the same time, the pandemic affected businesses of different sizes differently. At first, the pandemic hit especially hard small businesses. But later in 2020 the recovery was stronger at smaller businesses than at larger ones. These developments call for a renewed attention to how the labour supply varies across employers of different sizes. I focus on two important determinants of labour supply during a pandemic: the vulnerability to the severe effects of the virus because of pre-existing health conditions and the ability to work from home. I study how these two factors vary across establishments of different sizes. I find that the ability to work from home is higher at larger establishments, for both workers with and without COVID-19 health risk. However, the difference in ability to work from home across these two types of workers does not decrease at larger employers.
Journal: Applied Economics Letters
Pages: 1049-1054
Issue: 11
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2023.2174492
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2174492
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# input file: RAEL_A_2168604_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Gabriel Heller-Sahlgren
Author-X-Name-First: Gabriel
Author-X-Name-Last: Heller-Sahlgren
Author-Name: Henrik Jordahl
Author-X-Name-First: Henrik
Author-X-Name-Last: Jordahl
Title: Test scores and economic growth: update and extension
Abstract: 
 Research indicates that education quality – measured by test scores in international student surveys – predicts economic growth. In this paper, we extend previous findings up to 2016 and analyse test scores of upper-secondary school students only. We find that the positive relationship between growth and test scores holds in both cases. The share of top-performing students exhibits a stronger correlation with economic growth than does the share of students who meet basic requirements.
Journal: Applied Economics Letters
Pages: 1024-1027
Issue: 11
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2023.2168604
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2168604
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# input file: RAEL_A_2168603_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Naiping Zhu
Author-X-Name-First: Naiping
Author-X-Name-Last: Zhu
Author-Name: Jinyu Qian
Author-X-Name-First: Jinyu
Author-X-Name-Last: Qian
Author-Name: Jinlan Yang
Author-X-Name-First: Jinlan
Author-X-Name-Last: Yang
Title: Corporate social responsibility, financing capacity and innovation investment -- an empirical analysis based on a-share listed high tech enterprises
Abstract: 
 Over the past few years, China’s economy has been on a rapid upswing, and corporate R&D and innovation performance, the first driver of high-quality development, has been considered the key to achieving a breakthrough in China’s economic development. At the same time, the ability of companies to assume social responsibility while operating has been the focus of public attention. This study examines the impact of taking social responsibility on the ability of enterprises to invest in innovation. This study uses A-share high-tech enterprises in China from 2017–2019 as the research sample and uses ordinary least squares (OLS) to conduct the analysis. The results illustrate that shouldering social responsibility is a facilitator of innovation investment, and external financing can enhance the facilitation effect of CSR on innovation investment.
Journal: Applied Economics Letters
Pages: 1019-1023
Issue: 11
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2023.2168603
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# input file: RAEL_A_2174493_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Fatma Guneri
Author-X-Name-First: Fatma
Author-X-Name-Last: Guneri
Author-Name: David Newlands
Author-X-Name-First: David
Author-X-Name-Last: Newlands
Title: Flexible workspace and coworking pricing over time in NYC
Abstract: 
 This study examines price data for coworking spaces in the City of New York, between September and October 2020. The data were released by an online source (Datarade 2022). The results and data can be used in future research to examine reasons behind frequent price changes at coworking spaces.
Journal: Applied Economics Letters
Pages: 1055-1058
Issue: 11
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2023.2174493
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# input file: RAEL_A_2169239_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Ibrahim Fatnassi
Author-X-Name-First: Ibrahim
Author-X-Name-Last: Fatnassi
Author-Name: Yacine Hammami
Author-X-Name-First: Yacine
Author-X-Name-Last: Hammami
Title: Assessing systemic risk of Islamic banks during the COVID-19 pandemic crisis
Abstract: 
 We examine the systemic risk (SR) of listed Islamic banks (IB) around the world for the 2005–2020 period. Our research hypothesis states that if IB are resilient to economic crises, we expect a stable pattern of SR for IB across pre- and during international crises. Our empirical results do not confirm this hypothesis. We find evidence that the SR of IB has increased sharply during the subprime and COVID-19 crises. Furthermore, we identify the presence of systematically important Islamic banks (SIIB). These results are robust to different measures of SR and do not depend on a specific region. These findings suggest that the Islamic banking system is vulnerable to downside risk and to the failure of SIIB.
Journal: Applied Economics Letters
Pages: 1037-1044
Issue: 11
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2023.2169239
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# input file: RAEL_A_2166658_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Xinyun Yin
Author-X-Name-First: Xinyun
Author-X-Name-Last: Yin
Author-Name: Rui Wang
Author-X-Name-First: Rui
Author-X-Name-Last: Wang
Author-Name: Menglu Zhao
Author-X-Name-First: Menglu
Author-X-Name-Last: Zhao
Title: How household debt impacts residents’ health: evidence from China
Abstract: 
 This paper explores the relationship between household debt and residents’ health. Using the China Family Panel Studies (CFPS) database, we find that household debt has a negative effect, which shows asymmetry and persistence on residents’ health. Further heterogeneity analysis reveals that an increase in the debt level of non-over-indebted households has a more significant negative impact on residents’ health, and, therefore, households need to consider the possible impact on health welfare of increases in their debt level.
Journal: Applied Economics Letters
Pages: 996-999
Issue: 11
Volume: 31
Year: 2024
Month: 06
X-DOI: 10.1080/13504851.2023.2166658
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# input file: RAEL_A_2176434_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Bohdan Horak
Author-X-Name-First: Bohdan
Author-X-Name-Last: Horak
Author-Name: Christoph Frei
Author-X-Name-First: Christoph
Author-X-Name-Last: Frei
Title: Cannabis legalization: do banking transactions reflect a shift away from the illegal market?
Abstract: 
 Using data on banking transactions, we analyse how people changed their spending behaviour when recreational cannabis became legal in Canada. In the data set, we identify people with purchases in a cannabis store after legalization. We apply a difference-in-difference approach to compare their spending before and after legalization. People with cannabis purchases after legalization reduced significantly and persistently their cash spending and electronic transfers, indicating a shift from the black to the legal cannabis market.
Journal: Applied Economics Letters
Pages: 1104-1111
Issue: 12
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2176434
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2176434
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# input file: RAEL_A_2174929_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Jesse Groenewegen
Author-X-Name-First: Jesse
Author-X-Name-Last: Groenewegen
Author-Name: Sjoerd Hardeman
Author-X-Name-First: Sjoerd
Author-X-Name-Last: Hardeman
Title: Beyond digitalization: the role of structured management practices in the uptake of working from home after COVID-19
Abstract: 
 The COVID-19 pandemic led to an increase in working from home (WFH). Part of this increase in WFH is likely to stick post-COVID. One question is: in which firms will it? Using survey data covering over 1,500 firms across industries in the Netherlands, we find that WFH is more likely to stick in firms with structured management practices. This finding holds even whilst controlling for firms’ level of digitalization.
Journal: Applied Economics Letters
Pages: 1072-1075
Issue: 12
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2174929
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# input file: RAEL_A_2176436_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Hao Zhou
Author-X-Name-First: Hao
Author-X-Name-Last: Zhou
Author-Name: Xinyi Li
Author-X-Name-First: Xinyi
Author-X-Name-Last: Li
Author-Name: Xiaoli Li
Author-X-Name-First: Xiaoli
Author-X-Name-Last: Li
Title: Global textile and apparel value-added exports network structure and China’s network position
Abstract: 
 By taking the textile and apparel value-added exports data of 43 economies as the research sample, the social network analysis method is used to measure the global textile and apparel value-added exports network structure. The results show that the world textile and apparel value-added trade network is uneven, China has the widest range of trading partners, and the breadth of trading partners is growing over time. Germany and Italy have a stronger ability to control trade among other economies, and China’s ability to control trade with other economies is generally average, but the gap between China and Germany or Italy has narrowed significantly. China’s core degree has risen sharply. The trade networks are concentrated in a small number of core zone countries. The small group located in China is characterized by contraction.
Journal: Applied Economics Letters
Pages: 1119-1124
Issue: 12
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2176436
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2176436
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# input file: RAEL_A_2176435_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Mark E. Lokanan
Author-X-Name-First: Mark E.
Author-X-Name-Last: Lokanan
Title: Predicting money laundering sanctions using machine learning algorithms and artificial neural networks
Abstract: 
 This article used machine learning (ML) and artificial neural network (ANN) algorithms to predict the likelihood of a country being sanctioned by the Basel Institute on Governance for not adhering to anti-money laundering (AML) standards. Data for this paper came from the Basel AML Index and the World Bank. The results showed that the logistic regression and support vector machine (SVM) classifiers had the highest performance and balanced accuracy scores in sanction prediction. Additionally, these two algorithms also had the highest precision, specificity, and F1 scores, indicating that they were robust in their predictions of money laundering sanctions. In contrast to the ML classifiers, the ANN model had the highest sensitivity and receiver operating characteristic scores for money laundering sanctions. The strongest predictors of sanctions are financial transparency, political and legal risks, unemployment rate, and money laundering and terrorist financing risks. These findings reinforce the potential practical applications of ML and ANN models in predicting sanctions.
Journal: Applied Economics Letters
Pages: 1112-1118
Issue: 12
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2176435
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2176435
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# input file: RAEL_A_2176438_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Sun Ho Hwang
Author-X-Name-First: Sun Ho
Author-X-Name-Last: Hwang
Author-Name: Dohyoung Kwon
Author-X-Name-First: Dohyoung
Author-X-Name-Last: Kwon
Title: Sources of emerging market business cycles: an open-economy factor-augmented VAR approach
Abstract: 
 This paper constructs an open-economy factor-augmented VAR model to assess the dynamic effects of global shocks on emerging market economies and to quantify their relative importance in explaining macroeconomic fluctuations in emerging countries. An unexpected favourable shock to global demand and supply has a strong and positive effect on emerging markets, whereas an unanticipated rise in global interest rates and commodity prices leads to a significant decline in aggregate activity. Variance decomposition analysis implies that more than 80% of the variation in emerging market output growth can be attributed to the global shocks. In particular, the global demand shock is the most critical, explaining roughly 30% of the fluctuation in output growth. The global supply shock is closely associated with the medium-to-long-term variation in output growth, explaining about 17%, whereas the monetary policy and commodity price shocks are relatively relevant for the short-term variation, explaining about 20% respectively.
Journal: Applied Economics Letters
Pages: 1129-1135
Issue: 12
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2176438
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2176438
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# input file: RAEL_A_2176440_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Jong-Min Kim
Author-X-Name-First: Jong-Min
Author-X-Name-Last: Kim
Author-Name: Sun Young Hwang
Author-X-Name-First: Sun Young
Author-X-Name-Last: Hwang
Title: Finding hidden structure of sparse longitudinal data via functional Eigenfunctions
Abstract: 
 In this research, we are interested in finding the hidden dependence structure of sparse longitudinal data. Finding the hidden dependence structure of sparse longitudinal data is difficult due to the starting and end times being different. We propose that finding the directional dependence structure of the eigenfunctions by sparse functional principal component analysis (FPCA) may be a good alternative solution to find the hidden dependence structure of sparse longitudinal data. To verify this idea, we apply sparse FPCA to simulated data and two real datasets, wage sparse longitudinal data and Korea composite stock price index (KOSPI) high-frequency minute tick data and then apply vine copula and copula dynamic conditional correlation with asymmetric GARCH model to the functional eigenfunctions from FPCA.
Journal: Applied Economics Letters
Pages: 1142-1149
Issue: 12
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2176440
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# input file: RAEL_A_2176432_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Carlo Bellavite Pellegrini
Author-X-Name-First: Carlo
Author-X-Name-Last: Bellavite Pellegrini
Author-Name: Raul Caruso
Author-X-Name-First: Raul
Author-X-Name-Last: Caruso
Author-Name: Marco Di Domizio
Author-X-Name-First: Marco
Author-X-Name-Last: Di Domizio
Title: Becoming a benefit company in Italy: a firm-level investigation
Abstract: 
 This paper investigates the correlates of transformation of firms into a Benefit Company (BC) which is a hybrid form of business, introduced in Italy in 2016. We exploit a firm-level analysis based on a dataset of 748 firms, of which 185 have been transformed in BC between 2009 and 2019. The empirical analysis highlights that the probability of converting an existing firm into a BC is associated with prior performance. In particular, it is: (i) positively associated with profitability; (ii) negatively associated with indebtedness. In addition, it appears to be (iii) positively associated with longevity of the firm and (iv) positively associated with the size of the firm.
Journal: Applied Economics Letters
Pages: 1096-1099
Issue: 12
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2176432
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2176432
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# input file: RAEL_A_2176430_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Jackson Jinhong Mi
Author-X-Name-First: Jackson Jinhong
Author-X-Name-Last: Mi
Author-Name: Yicheng Wang
Author-X-Name-First: Yicheng
Author-X-Name-Last: Wang
Title: How do industries recover through Covid-19 pandemic? An empirical investigation on Chinese online recruitment data
Abstract: 
 We investigate the recovery of domestic industries following the effective control of the COVID-19 pandemic in China, which has implications for future trends in global economic recovery. We employ online firm recruitment data from a major Chinese online job listing website to reflect the recovery in employment and a regression discontinuity design. The results show that after the COVID-19 pandemic was effectively controlled in China from March 2020, the Chinese economy in terms of employment experienced an overall V-shaped recovery. From an industry perspective, some industries underwent the same rapid recovery, whereas others exhibited a U-shaped recovery path. In addition, we found that industries in the information technology industry were not negatively affected by COVID-19 and continued to perform well during the domestic epidemic.
Journal: Applied Economics Letters
Pages: 1083-1089
Issue: 12
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2176430
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2176430
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# input file: RAEL_A_2176439_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Yudong Deng
Author-X-Name-First: Yudong
Author-X-Name-Last: Deng
Author-Name: Huixia Wang
Author-X-Name-First: Huixia
Author-X-Name-Last: Wang
Author-Name: Chenggang Wang
Author-X-Name-First: Chenggang
Author-X-Name-Last: Wang
Title: Economic crises and obesity: evidence and mechanism from the United States
Abstract: 
 Existing studies that explore the relationship between business cycles and health remain debated. This study investigates the effects of economic fluctuation on obesity in the United States. Using the county-level unemployment rates from the Panel Study of Income Dynamics (PSID), we find that people are less likely to be obese during economic downturns. Particularly, a one percentage points increase in unemployment rates would lead to the chances of being obese reduced by 0.45% points. We further explore the underlying mechanisms of how business fluctuations affect obesity. We find that people tend to do more exercise and spend less on food expenditure during the economic downturns.
Journal: Applied Economics Letters
Pages: 1136-1141
Issue: 12
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2176439
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2176439
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# input file: RAEL_A_2176437_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Michael Frenkel
Author-X-Name-First: Michael
Author-X-Name-Last: Frenkel
Author-Name: Haiko Stefan
Author-X-Name-First: Haiko
Author-X-Name-Last: Stefan
Title: The impact of the brexit referendum on greenfield foreign direct investments from countries within and outside the European single market
Abstract: 
 We use a Poisson Pseudo Maximum Likelihood (PPML) specification to investigate whether the number of greenfield foreign direct investments (GFDIs) announcements in the UK decreased from the referendum year and, if so, whether the decrease is more pronounced for announcements made by investors outside the European Single Market (ESM) than for those by investors within the ESM. In this context, we argue that increased uncertainty about the UK’s future economic relationship with EU began early in the referendum year and affected investors outside the ESM more than investors inside the ESM. One possible reason for this heterogeneity could be, among others, that not following the ‘Norwegian Model’ after the implementation of the withdrawal agreement poses a greater threat to them, since they tend to use the UK more often as an export platform. For the analysis, we use data from fDi Markets, the World Bank and the Tax Foundation, which contain information on 185 countries from 2005 to 2019. The results obtained support our hypotheses and are robust to model specifications.
Journal: Applied Economics Letters
Pages: 1125-1128
Issue: 12
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2176437
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# input file: RAEL_A_2176429_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Markus Hummel
Author-X-Name-First: Markus
Author-X-Name-Last: Hummel
Author-Name: Christian Hutter
Author-X-Name-First: Christian
Author-X-Name-Last: Hutter
Author-Name: Enzo Weber
Author-X-Name-First: Enzo
Author-X-Name-Last: Weber
Title: A note on labour market effects of supply chain bottlenecks
Abstract: 
 During the COVID-19 pandemic there were supply chain bottlenecks all over the world with regard to raw materials and intermediate products. In this article, we examine how these constraints affected labour market development. For an empirical panel analysis, we combine survey data and administrative labour market data for economic sectors in Germany. We find effects on unemployment that are noticeable but still relatively limited. The effect on short-time work, on the other hand, is revealed to be considerable. Whilst short-time work is traditionally imposed where there are slumps in demand, our results show that it is also used in the case of adverse supply shocks. While inflation is rising, this explains why the Phillips curve does not shift outward.
Journal: Applied Economics Letters
Pages: 1076-1082
Issue: 12
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2176429
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2176429
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# input file: RAEL_A_2176433_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Qingbin Meng
Author-X-Name-First: Qingbin
Author-X-Name-Last: Meng
Author-Name: Ziya Zhong
Author-X-Name-First: Ziya
Author-X-Name-Last: Zhong
Author-Name: Ruijun Zhang
Author-X-Name-First: Ruijun
Author-X-Name-Last: Zhang
Title: Local governments’ debt risk and enterprise innovation
Abstract: 
 This paper applies KMV modified model to construct a local governments’ debt risk index by using the local governments’ financial revenue and expenditure data and the data of Chinese A-share listed companies, and studies the relationship between local government debt risk and enterprise innovation. The results show that the increased risk of local government debt can encourage enterprises to increase R&D investment, which is more significant when the enterprises are politically connected, the provincial officers have a longer tenure, the provinces are more market-oriented, and the enterprises get more refunds of taxes. This paper provides empirical evidence for the state theory, which suggests that competition for political promotion among local officials can make the goal of personal political promotion of officials agree to intend to maximize social welfare.
Journal: Applied Economics Letters
Pages: 1100-1103
Issue: 12
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2176433
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2176433
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# input file: RAEL_A_2176431_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Yuanchuang Shan
Author-X-Name-First: Yuanchuang
Author-X-Name-Last: Shan
Author-Name: Huisheng Shu
Author-X-Name-First: Huisheng
Author-X-Name-Last: Shu
Author-Name: Xuekang Zhang
Author-X-Name-First: Xuekang
Author-X-Name-Last: Zhang
Author-Name: Haoran Yi
Author-X-Name-First: Haoran
Author-X-Name-Last: Yi
Title: The valuation of options on discrete dividend-paying stocks
Abstract: 
 In this paper, the valuation of European options in which the underlying stock pays a discrete dividend is investigated. A specific value is set in advance, and a dividend is paid when the underlying share price reaches it. The risk-neutral price of the associated European call option is derived. Numerical simulations are presented to illustrate the effects of model parameters on the option prices.
Journal: Applied Economics Letters
Pages: 1090-1095
Issue: 12
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2176431
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2176431
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# input file: RAEL_A_2174495_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Kelvin Mulungu
Author-X-Name-First: Kelvin
Author-X-Name-Last: Mulungu
Title: Contribution of non-timber forest products to national employment following weather shocks: evidence from 24 countries
Abstract: 
 Non-timber forest products (NTFPs) have been shown to play an important role in the livelihoods of rural communities, especially when experiencing an economic shock. However, their role at the macro-level is less understood. This paper assembled unique data from 24 countries and determined the contribution of NTFPs to employment and the effect of weather shocks on employment in NTFPs. Results show that NTFPs contribute about 0.03% to national employment and make up about 2% of the total agriculture sector labour force. Weather shocks (droughts and floods) increase the number of people employed in NTFPs by more than 16,000 workers per year, which is about 0.8% of the total agriculture labour force, and this effect is increasing in forest size. We contribute to the literature on the role of forests and NTFPs in employment creation at the national level.
Journal: Applied Economics Letters
Pages: 1067-1071
Issue: 12
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2174495
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2174495
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# input file: RAEL_A_2176441_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Xiaojia Zheng
Author-X-Name-First: Xiaojia
Author-X-Name-Last: Zheng
Author-Name: Xuebin Zhang
Author-X-Name-First: Xuebin
Author-X-Name-Last: Zhang
Author-Name: Ge Yang
Author-X-Name-First: Ge
Author-X-Name-Last: Yang
Author-Name: Liqing Wang
Author-X-Name-First: Liqing
Author-X-Name-Last: Wang
Title: Product market competition, corporate governance and stock price crash risk: Evidence from China
Abstract: 
 We investigate the relationship between product market competition and internal corporate governance from the perspective of stock price crash risk using a sample of Chinese A-share listed firms from 2003 to 2014. We find that product market competition significantly decreases stock price crash risk and this effect is more pronounced for firms with poor corporate governance (i.e. state-owned enterprises (SOEs), firms with remote independent directors, and firms with lower managerial ownership). This pattern of evidence suggests that product market competition, as an external governance mechanism can substitute poor internal corporate governance by disciplining insiders’ information hoarding and thus lead to lower stock price crash risk. The further finding that market competition improves information quality supports the information hoarding channel. Our findings hold up to a battery of robustness checks and endogeneity tests.
Journal: Applied Economics Letters
Pages: 1150-1158
Issue: 12
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2176441
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# input file: RAEL_A_2177585_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Hyunjung Choi
Author-X-Name-First: Hyunjung
Author-X-Name-Last: Choi
Title: Do internal control personnel affect post-earnings announcement drift? Evidence from the Korean stock market
Abstract: 
 This study investigates the relationship between a firm with a sufficient number of personnel in charge of its internal controls and post-earnings announcement drift (PEAD). Having enough internal control personnel is expected to increase the transparency and reliability of accounting information, reduce the delay in investors’ decision-making, and ultimately reduce PEAD. The empirical results show that PEAD is reduced when the size of a firm’s internal control workforce is adequate. This study contributes to the literature by finding that having a sufficient number of internal personnel responsible for a company’s accounting information is an additional factor that influences PEAD.
Journal: Applied Economics Letters
Pages: 1172-1177
Issue: 13
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2177585
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2177585
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# input file: RAEL_A_2177588_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Chune Young Chung
Author-X-Name-First: Chune Young
Author-X-Name-Last: Chung
Author-Name: Amirhossein Fard
Author-X-Name-First: Amirhossein
Author-X-Name-Last: Fard
Title: The equity premium puzzle and two assets: GMM estimation
Abstract: 
 We quantify a production-based asset pricing model with fixed and variable capitals based on the GMM structural estimation. The estimation results match the stylized characteristics of the U.S. stock market return and help enlighten the equity premium puzzle. In addition, the model performance is reliable throughout the business cycle.
Journal: Applied Economics Letters
Pages: 1188-1194
Issue: 13
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2177588
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# input file: RAEL_A_2257029_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Zhen Chen
Author-X-Name-First: Zhen
Author-X-Name-Last: Chen
Author-Name: LinRui Huang
Author-X-Name-First: LinRui
Author-X-Name-Last: Huang
Author-Name: Niannian Wu
Author-X-Name-First: Niannian
Author-X-Name-Last: Wu
Title: The positive impact of green bond issuance on corporate ESG performance: from the perspective of environmental behavior
Abstract: 
 Green bonds have become a vital financial instrument to promote green development globally in the face of various environmental challenges. This paper investigates the impact of China’s A-share listed companies’ green bond issuance on ESG performance and the potential mechanisms from 2011–2021, using propensity score matching and double difference method (PSM-DID). The study finds that green bonds improve corporate ESG performance by enhancing environmental information disclosure, encouraging green innovation, and improving green reputation. Moreover, heavily polluting industries benefit more from green bond issuance in terms of ESG performance improvement. These findings contribute to understanding the benefits of green bond market in developing countries.
Journal: Applied Economics Letters
Pages: 1247-1252
Issue: 13
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2257029
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# input file: RAEL_A_2177587_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Corey A. Shank
Author-X-Name-First: Corey A.
Author-X-Name-Last: Shank
Title: Close but no cigar: does winning the game moderate or amplify failing to cover the spread in future NFL games
Abstract: 
 In this paper, I examine the joint role of the previous game’s outcome with and without the spread on wagers’ preferences and outcomes in the NFL gambling market. The results show that gamblers are more likely to wager on the home team if they covered the spread in their previous game, while they are less likely to bet on the home team if the visiting team won their last game (not considering the spread). Further results show that teams are more likely to cover the spread if they covered the spread but lost their previous game. Profitable betting strategies are then put forward based on this information.
Journal: Applied Economics Letters
Pages: 1184-1187
Issue: 13
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2177587
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# input file: RAEL_A_2177590_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Vijay Gondhalekar
Author-X-Name-First: Vijay
Author-X-Name-Last: Gondhalekar
Author-Name: Dawn Brackmann
Author-X-Name-First: Dawn
Author-X-Name-Last: Brackmann
Title: The impact of Right-to-Work laws on the financials of hospitals: evidence based on Michigan and Indiana laws
Abstract: 
 This study examines the impact of Michigan and Indiana Right-to-Work (RTW) laws passed in 2012 on the financials (assets, revenue, operating expenses, and profitability) of their hospitals. Difference-in-difference regressions indicate that, on average, RTW enactments by the two states is associated with significant increase in assets (buildings and fixed equipment), net income, operating margin, and ROA of their hospitals compared to those in states with RTW laws or without RTW laws as the control group.
Journal: Applied Economics Letters
Pages: 1201-1206
Issue: 13
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2177590
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# input file: RAEL_A_2178621_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Barnabé Walheer
Author-X-Name-First: Barnabé
Author-X-Name-Last: Walheer
Title: One world several technologies ? A nonparametric test of club technology convergence
Abstract: 
 Empirical macroeconomics has highlighted the existence of technology clubs in the world. Are such clubs converging in terms of technological progress, and if so, at what speed? And, what is the role of technology convergence in output convergence? To answer these research questions, we here propose a pragmatic nonparametric test. Using a sample of 81 countries over the 1965–2014 period, we find that the ‘Advanced’ technology club defines the best practice technology in the world, and that the club of the ‘Followers’ but not the ‘Marginalized’ one shows technology convergence. Only in the ‘Followers’ indeed is technology convergence related to output convergence.
Journal: Applied Economics Letters
Pages: 1234-1242
Issue: 13
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2178621
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2178621
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# input file: RAEL_A_2178618_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Zhiqiang Dong
Author-X-Name-First: Zhiqiang
Author-X-Name-Last: Dong
Author-Name: Yuchen Guo
Author-X-Name-First: Yuchen
Author-X-Name-Last: Guo
Author-Name: Jun Zhao
Author-X-Name-First: Jun
Author-X-Name-Last: Zhao
Title: Higher risk exposure in gains brings more risk-taking in losses: an experimental study
Abstract: 
 Past experiences play a key role in shaping risk preferences. Several experimental studies have found that the impact of antecedent risk exposure on subsequent risk-taking behaviour varies across domains, but a gap still exists in the literature with respect to how this dynamic is shaped by gains and losses. This paper experimentally reveals that exposure to a higher level of risk in the gain domain makes individuals more risk-taking in the subsequent loss domain and vice versa.
Journal: Applied Economics Letters
Pages: 1212-1219
Issue: 13
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2178618
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2178618
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# input file: RAEL_A_2176442_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Jae-Hyun Cho
Author-X-Name-First: Jae-Hyun
Author-X-Name-Last: Cho
Title: The effect of geopolitical risk on corporate cash holdings: evidence from Korea
Abstract: 
 This study investigates the effect of geopolitical risk (GPR) on cash holdings of Korean firms. Korea’s export orientation, relationship with North Korea, and weak corporate governance together form the basis for studying the relationship between GPR and Korean firms’ cash holdings. Using samples of non-financial firms from 2001 to 2021, I find the GPR positively affects corporate cash holdings. This effect is more pronounced in firms with financial constraints, listed in the KOSDAQ (smaller and less regulated) market, and during cold market periods. My finding withstands various robustness tests including fixed effects, an instrument-variable analysis, and alternative measures of GPR. Overall, this study adds to the existing literature on corporate cash holdings by confirming that firms increase cash holdings with a precautionary motive to create a buffer against GPR-generated uncertainty.
Journal: Applied Economics Letters
Pages: 1159-1165
Issue: 13
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2176442
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2176442
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# input file: RAEL_A_2178619_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Xiaodong Zheng
Author-X-Name-First: Xiaodong
Author-X-Name-Last: Zheng
Author-Name: Yinglin Wang
Author-X-Name-First: Yinglin
Author-X-Name-Last: Wang
Title: Internal migration experience and innovation: evidence from entrepreneurs of small and medium enterprises in China
Abstract: 
 This study examined the impact of returnee entrepreneurs’ internal migration experience on enterprise innovation and explored possible mechanisms. Using data from the 2018 Enterprise Survey for Innovation and Entrepreneurship in China (ESIEC), which collected a large sample of entrepreneurs from small and medium enterprises, the results of our study showed that entrepreneurs’ internal migration experience positively affected enterprise innovation activities and expenditure. Further, the effects were larger for the entrepreneurs who had the first migration at a younger age and had a longer duration of migration exposure. The mechanism analysis suggested that human capital accumulation was a potential channel underlying the innovation consequences of entrepreneurs’ internal migration experience.
Journal: Applied Economics Letters
Pages: 1220-1226
Issue: 13
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2178619
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2178619
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# input file: RAEL_A_2178622_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Shujie Liang
Author-X-Name-First: Shujie
Author-X-Name-Last: Liang
Title: International trade and urban-rural income inequality in China
Abstract: 
 The issue of income inequality has persisted for decades in China, rendering it one of the world’s most unequal countries. Given the increasing significance of international trade in China, it is important to understand whether it widens urban-rural income inequality. This paper aims to investigate the causality between international trade and the urban-rural income gap in China through the Granger causality test. We found that variables including foreign direct investment, dependence on exports, and GDP can cause urban-rural income inequality, while urban-rural income inequality causes rural income growth. Our results contribute to the controversial literature on income inequality with a focus on the urban-rural difference.
Journal: Applied Economics Letters
Pages: 1243-1246
Issue: 13
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2178622
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2178622
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# input file: RAEL_A_2177586_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Sumit Agarwal
Author-X-Name-First: Sumit
Author-X-Name-Last: Agarwal
Author-Name: Poh Lin Tan
Author-X-Name-First: Poh Lin
Author-X-Name-Last: Tan
Author-Name: Jie-Sheng Tan-Soo
Author-X-Name-First: Jie-Sheng
Author-X-Name-Last: Tan-Soo
Title: Long-term effects of air pollution on Singapore’s national university admissions
Abstract: 
 We investigate long-term impacts of exposure to four episodes of haze pollution on national university admission outcomes in Singapore. We find that compared to the unexposed groups, those who were exposed in-utero during the haze episodes of April 1977 and October 1983 obtained significantly lower admission scores and faced lower admission rates to university, with more severe effects for females. However, we do not detect negative effects among those who were exposed in the haze episodes of October 1991, August to October 1994 and August to October 1997 – which were arguably more severe pollution events. These findings present a more nuanced view of the long-term effects of exposure air pollution: while results from the first two episodes show that the long-term impacts are persistent over time, results from the latter three episodes suggest that negative impacts can possibly be mitigated due to economic development and protective measures.
Journal: Applied Economics Letters
Pages: 1178-1183
Issue: 13
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2177586
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2177586
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# input file: RAEL_A_2177589_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Ingul Baek
Author-X-Name-First: Ingul
Author-X-Name-Last: Baek
Author-Name: Sanha Noh
Author-X-Name-First: Sanha
Author-X-Name-Last: Noh
Author-Name: Joonhong Ahn
Author-X-Name-First: Joonhong
Author-X-Name-Last: Ahn
Title: Does income inequality move together across the world?
Abstract: 
 This study investigates the relative importance of synchronization of income inequality, measured by the Gini coefficient, using a dynamic factor model. This study finds that global factors are relatively stable, whereas regional factors have heterogeneous effects on income inequality fluctuations. Additionally, regional factors account more significantly for the future variance of income inequality than global factors, which is evidence of convergence within each continent.
Journal: Applied Economics Letters
Pages: 1195-1200
Issue: 13
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2177589
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2177589
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# input file: RAEL_A_2178620_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Xian-Ji Kuang
Author-X-Name-First: Xian-Ji
Author-X-Name-Last: Kuang
Author-Name: Yueh-Hua Hsu
Author-X-Name-First: Yueh-Hua
Author-X-Name-Last: Hsu
Author-Name: Alan Chang
Author-X-Name-First: Alan
Author-X-Name-Last: Chang
Author-Name: Shih-Kuei Lin
Author-X-Name-First: Shih-Kuei
Author-X-Name-Last: Lin
Title: Does variance risk premium predict expected returns?
Abstract: 
 The variance risk premium is a critical predictor of expected returns. However, numerous studies indicate that expected returns depend strongly on the state of the economy. Herein, we examine the effect of the variance risk premium in different market states by using cross – sectional regression and predictability of returns. Our empirical results show that the variance risk premium is a significantly priced factor in bull markets. Additionally, predicted return horizons are shorter in bear markets than in bull markets. Compared with that in bull markets, the predictive ability of the variance risk premium diminishes more rapidly in bear markets when the horizon period is lengthened.
Journal: Applied Economics Letters
Pages: 1227-1233
Issue: 13
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2178620
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2178620
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# input file: RAEL_A_2178616_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Ana Paula Matias Gama
Author-X-Name-First: Ana Paula Matias
Author-X-Name-Last: Gama
Author-Name: Ricardo Emanuel-Correia
Author-X-Name-First: Ricardo
Author-X-Name-Last: Emanuel-Correia
Author-Name: Fábio Dias Duarte
Author-X-Name-First: Fábio Dias
Author-X-Name-Last: Duarte
Author-Name: Mário Augusto
Author-X-Name-First: Mário
Author-X-Name-Last: Augusto
Title: The COVID-19 impact on crowdfunding performance: evidence from a peer to-peer lending platform
Abstract: 
 The COVID-19 impact on global poverty dragged another 97 million people into poverty in 2020. Nonetheless, there is scant evidence reporting on the impacts on alternative means of financing designed to enable the poor during this global health crisis. This paper addresses this gap of funding impoverished entrepreneurs by studying the changes in their successfully funded campaigns on the largest crowdfunding microfinance platform prior and during COVID-19. After collecting data from January 2018 to November 2021 for a total of 767,112 campaigns, we report that the COVID-19 pandemic positively impacts on the funding success of the crowdfunding campaigns. However, rises in the daily number of COVID-19 cases negatively associate with campaigns getting fully funded. The odds of campaigns being fully funded decrease by 4.4% for a one thousand increase in new cases.
Journal: Applied Economics Letters
Pages: 1207-1211
Issue: 13
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2178616
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2178616
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# input file: RAEL_A_2176443_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Xuanhui Wang
Author-X-Name-First: Xuanhui
Author-X-Name-Last: Wang
Author-Name: Xishu Zhang
Author-X-Name-First: Xishu
Author-X-Name-Last: Zhang
Author-Name: Azhong Ye
Author-X-Name-First: Azhong
Author-X-Name-Last: Ye
Title: Dynamic spatial Durbin threshold with two-way fixed effects: model, method, and test
Abstract: 
 This study introduces a dynamic spatial Durbin threshold (DSDT) model with two-way fixed effects. The method of spatial 2SLS, threshold effects test, and confidence intervals for the DSDT model are suggested after fixed effects transformation. Simulation results show that the estimation and test perform well in finite samples.
Journal: Applied Economics Letters
Pages: 1166-1171
Issue: 13
Volume: 31
Year: 2024
Month: 07
X-DOI: 10.1080/13504851.2023.2176443
File-URL: http://hdl.handle.net/10.1080/13504851.2023.2176443
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Handle: RePEc:taf:apeclt:v:31:y:2024:i:13:p:1166-1171